# EDGAR Filing Document

**Accession Number:** 0001452937
**File Stem:** 0001213900-23-007206
**Filing Date:** 2023-2
**Character Count:** 218992
**Document Hash:** ac3c11efc5e3028e3d103d3bf779c36e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-007206.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001213900-23-007206

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**EFFECTIVENESS DATE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EXCHANGE TRADED CONCEPTS TRUST
- **CENTRAL INDEX KEY:** 0001452937
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22263
- **FILM NUMBER:** 23580109

**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

### ETC 6 Meridian Low Beta Equity Strategy ETF (Series ID: S000068543)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000219253 | ETC 6 Meridian Low Beta Equity Strategy ETF | SIXL            |

### ETC 6 Meridian Mega Cap Equity ETF (Series ID: S000068544)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000219254 | ETC 6 Meridian Mega Cap Equity ETF | SIXA            |

### ETC 6 Meridian Small Cap Equity ETF (Series ID: S000068545)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000219255 | ETC 6 Meridian Small Cap Equity ETF | SIXS            |

### ETC 6 Meridian Hedged Equity-Index Option Strategy ETF (Series ID: S000068546)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000219256 | ETC 6 Meridian Hedged Equity-Index Option Strategy ETF | SIXH            |

### ETC 6 Meridian Quality Growth ETF (Series ID: S000071535)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000226842 | ETC 6 Meridian Quality Growth ETF | SXQG            |

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

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

**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)

J. Garrett Stevens

Exchange Traded Concepts Trust

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Name and address of agent for service)

Copy to:

Christopher Menconi

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue NW

Washington, DC 20004

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

**Date of fiscal year end: November 30, 2022**

**Date of reporting period: November 30, 2022**

Item 1. Reports to Stockholders.

(a) 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.

![](tetf_logo.jpg)

EXCHANGE TRADED CONCEPTS TRUST

**ETC 6 Meridian Hedged Equity**-Index **Option Strategy ETF**

**ETC 6 Meridian Low Beta Equity Strategy ETF**

**ETC 6 Meridian Mega Cap Equity ETF**

**ETC 6 Meridian Small Cap Equity ETF**

**ETC 6 Meridian Quality Growth ETF**

 **Annual Report**

**November 30, 2022**

------

### ETC 6 Meridian
**Table of Contents**

---

| | |
|:---|:---|
|  [Management Discussion of Fund Performance](#T781) | 1 |
|  [Schedules of Investments](#T782) | 11 |
|  [Statements of Assets and Liabilities](#T783) | 23 |
|  [Statements of Operations](#T784) | 25 |
|  [Statements of Changes in Net Assets](#T785) | 27 |
|  [Financial Highlights](#T786) | 32 |
|  [Notes to the Financial Statements](#T787) | 33 |
|  [Report of Independent Registered Public Accounting Firm](#T789) | 44 |
|  [Trustee and Officers of the Trust](#T790) | 45 |
|  [Disclosure of Fund Expenses](#T791) | 47 |
|  [Approval of Investment Advisory Agreements](#T792) | 48 |
|  [Notice to Shareholders](#T793) | 54 |
|  [Supplemental Information](#T794) | 55 |

---

The Funds file their complete schedule of holdings with the U.S. Securities and Exchange Commission (the "Commission") for the first and third quarters of each fiscal year as an exhibit to each Fund's report on Form N-PORT within sixty days after the end of the period. Each Fund's Form N-PORT reports are available on the Commission's website at https://www.sec.gov.

Exchange Traded Concepts, LLC's proxy voting policies and procedures are attached to the Funds' Statement of Additional Information (the "SAI"). The SAI, as well as information relating to how each Fund voted proxies relating to each Fund's securities during the most recent 12-month period ended June 30, is available without charge, upon request, by calling 866-SIXM-ETF (749-6383) and on the Commission's website at https://www.sec.gov.

------

### Hedged Equity-Index Option Strategy ETF
Management Discussion of Fund Performance

(Unaudited)

Dear Shareholders,

Thank you for your investment in the ETC 6 Meridian Hedged Equity-Index Option Strategy ETF (the "Fund"). The following information pertains to the fiscal year December 1, 2021 through November 30, 2022.

The Fund is an actively managed exchange-traded fund that seeks to provide capital appreciation by investing in a portfolio of equity securities, mostly common stocks, while selling call options against market indices or funds. The Fund may invest in securities of companies of any capitalization. The Fund's sub-adviser, Madison Avenue Financial Solutions, LLC (the "Sub-Adviser"), employs a strategy pairing a portfolio of equity securities with an index call option writing overlay designed to reduce the exposure of the Fund to broad equity market risk with the goal of providing good risk-adjusted returns. Pursuant to this investment strategy, the Sub-Adviser will sell (or write) call options on broad equity market indices or funds. In constructing the equity portfolio, the Sub-Adviser uses quantitatively-driven methods emphasizing high quality large-capitalization stocks.

Utilizing the same underlying holdings as the ETC 6 Meridian Mega Cap Equity ETF, which saw strong performance from positioning in the top quintile of low beta (low exposure to market risk) and high yield (high dividends or income paid) factors, the Fund was also able to provide positive relative performance from its option writing overlay. The options reduced the overall beta of the portfolio relative to the S&P 500<sup>®</sup> Index, and, in the tough and volatile equity environment that occurred over the fiscal year, the options proved to be a positive aspect of the Fund's strategy.

For the fiscal year ended November 30, 2022, the Fund's market price increased 11.95%, and the net asset value increased 11.44%, while the Cboe S&P 500<sup>®</sup> BuyWrite Index, a broad market index that also writes options against its portfolio, decreased 6.82% over the same period.

The Fund commenced operations on May 8, 2020, with 9,775,000 shares outstanding as of November 30, 2022.

We appreciate your investment in the ETC 6 Meridian Hedged Equity-Index Option Strategy ETF.

Sincerely,

J. Garrett Stevens,<br>Chief Executive Officer<br>Exchange Traded Concepts, Adviser to the Fund

*The Cboe S&P 500*<sup>®</sup> *BuyWrite Index is a benchmark index designed to show the hypothetical performance of a portfolio that engages in a buy*-write *strategy using S&P 500*<sup>®</sup> *index call options.*

*This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.*

### ETC 6 Meridian

### Hedged Equity-Index Option Strategy ETF
Management Discussion of Fund Performance

(Unaudited) (Concluded)

**Growth of a $10,000 Investment**<sup>‡</sup>

(at Net Asset Value)<sup>‡</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** |
|  | **One Year <br>Return** | **One Year <br>Return** | **Annualized <br>Inception To Date\*** | **Annualized <br>Inception To Date\*** |
|  | **Net Asset Value** | **Market Price** | **Net Asset Value** | **Market Price** |
|  ETC 6 Meridian Hedged Equity-Index Option Strategy ETF | 11.44% | 11.95% | 11.89% | 12.12% |
|  Cboe S&P 500<sup>®</sup> BuyWrite Index | -6.82% | -6.82% | 10.01% | 10.01% |

---

*\* Fund commenced operations on May 8, 2020.*

*‡ Unaudited*

*The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.*

*Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus, containing this and other information, is available at www.6meridianfunds.com. Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal.*

*Current performance may be lower or higher than the performance data shown above.*

*Performance data current to the most recent month*-end *is available at www.6meridianfunds.com.*

*There are no assurances that the Fund will meet its stated objective.*

*The Fund's holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.*

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

### ETC 6 Meridian

### Low Beta Equity Strategy ETF
Management Discussion of Fund Performance

(Unaudited)

Dear Shareholders,

Thank you for your investment in the ETC 6 Meridian Low Beta Equity Strategy ETF (the "Fund"). The following information pertains to the fiscal year of December 1, 2021 through November 30, 2022.

The Fund is an actively managed exchange-traded fund that seeks to provide capital appreciation by investing in equity securities, mainly common stocks. The Fund may invest in equity securities of companies of any capitalization. The Fund may also invest in real estate investment trusts. The Fund's Sub-Adviser, Madison Avenue Financial Solutions, LLC (the "Sub-Adviser"), uses a quantitatively driven strategy designed to emphasize high quality securities with a relatively low exposure to broad equity market risk. The Sub-Adviser believes that, when held over a full market cycle, high quality securities with lower relative exposure to broad market risk may produce higher risk-adjusted returns than securities of lower quality with higher relative exposure to broad market risk.

Beta is intended to measure the exposure of a security to broad market risk and is defined here as the co-movement of the return of a security with the return of the securities included in the investable universe scaled by the volatility of the investable universe's returns. Low beta stocks outperformed high beta stocks for most of the fiscal year as volatility across all assets was heightened from inflationary pressures and geopolitical conflict. The Fund saw its largest benefits from its overweighting of stocks in the Consumer Staples Sector and Utilities Sector, and large underweighting of stocks in the Consumer Discretionary Sector and Information Technology Sector, which are more sensitive to interest rates and discretionary spending.

For the fiscal year ended November 30, 2022, the Fund's market price increased 2.65% and the net asset value increased 2.80%, while the S&P 500<sup>®</sup> Index, a broad market index, decreased 9.21% over the same period.

The Fund commenced operations on May 8, 2020, with 4,600,000 shares outstanding as of November 30, 2022.

We appreciate your investment in the ETC 6 Meridian Low Beta Equity Strategy ETF.

Sincerely,

J. Garrett Stevens,<br>Chief Executive Officer<br>Exchange Traded Concepts, Adviser to the Fund

*The Equal Blend is an equal blend of the S&P 500*<sup>®</sup> *Index, S&P SmallCap 600*<sup>®</sup> *Index and S&P Midcap 400*<sup>®</sup> *Index.*

*The S&P 500*<sup>®</sup> *Index is a market*-value *weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the S&P 500*<sup>®</sup> *Index proportionate to its market value.*

*The S&P SmallCap 600*<sup>®</sup> *Index seeks to measure the small*-cap *segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable.*

*The S&P Midcap 400*<sup>®</sup> *Index tracks the performance of companies considered to be in the mid*-range *of market capitalization of market value.*

*This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.*

### ETC 6 Meridian

### Low Beta Equity Strategy ETF
Management Discussion of Fund Performance

(Unaudited) (Concluded)

**Growth of a $10,000 Investment**<sup>‡</sup>

(at Net Asset Value)<sup>‡</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** |
|  | **One Year <br>Return** | **One Year <br>Return** | **Annualized <br>Inception To Date\*** | **Annualized <br>Inception To Date\*** |
|  | **Net Asset Value** | **Market Price** | **Net Asset Value** | **Market Price** |
|  ETC 6 Meridian Low Beta Equity Strategy ETF | 2.80% | 2.65% | 12.97% | 12.94% |
|  Equal Blend of the following 3 Indices: | -6.14% | -6.14% | 19.37% | 19.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | -9.21% | -9.21% | 15.59% | 15.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P SmallCap 600<sup>®</sup> Index | -5.99% | -5.99% | 22.19% | 22.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Index | -3.29% | -3.29% | 20.01% | 20.01% |

---

*\* Fund commenced operations on May 8, 2020.*

*‡ Unaudited*

*The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.*

*Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus, containing this and other information, is available at www.6meridianfunds.com. Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal.*

*Current performance may be lower or higher than the performance data shown above.*

*Performance data current to the most recent month*-end *is available at www.6meridianfunds.com.*

*There are no assurances that the Fund will meet its stated objective.*

*The Fund's holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.*

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

### ETC 6 Meridian

### Mega Cap Equity ETF
Management Discussion of Fund Performance

(Unaudited)

Dear Shareholders,

Thank you for your investment in the ETC 6 Meridian Mega Cap Equity ETF (the "Fund"). The following information pertains to the fiscal year December 1, 2021, through November 30, 2022.

The Fund is an actively managed exchange traded fund that seeks to provide capital appreciation by investing in mega capitalization equity securities, mainly common stocks. The Fund's sub-adviser, Madison Avenue Financial Solutions, LLC (the "Sub-Adviser"), considers mega capitalization companies to be the largest 10% of stocks included in the Russell 3000 Index by market capitalization. In selecting investments for the Fund, the Sub-Adviser uses a quantitatively driven strategy designed to emphasize high quality large-capitalization stocks.

The Fund's positive performance during the period relative to its benchmark, the S&P 500<sup>®</sup> Index, was heavily influenced by the Fund's tilt towards 1<sup>st</sup> quintile securities across both low beta (low exposure to market risk) and high yield (high dividends or income paid) factors within its investable universe. The portfolio also benefitted from having overweight positions in the Consumer Staples Sector, Energy Sector, and Healthcare Sector, each of which performed well relative to the overall market.

For the fiscal year ended November 30, 2022, the Fund's market price increased 2.58% and the net asset value increased 2.73%, while the S&P 500<sup>®</sup> Index, a broad market index, decreased 9.21% over the same period.

The Fund commenced operations on May 8, 2020, with 5,125,000 shares outstanding as of November 30, 2022.

We appreciate your investment in the ETC 6 Meridian Mega Cap Equity ETF.

Sincerely,

J. Garrett Stevens,<br>Chief Executive Officer<br>Exchange Traded Concepts, Adviser to the Fund

*The S&P 500*<sup>®</sup> *Index is a market*-value *weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the S&P 500*<sup>®</sup> *Index proportionate to its market value.*

*This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.*

### ETC 6 Meridian

### Mega Cap Equity ETF
Management Discussion of Fund Performance

(Unaudited) (Concluded)

**Growth of a $10,000 Investment**<sup>‡</sup>

(at Net Asset Value)<sup>‡</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** |
|  | **One Year <br>Return** | **One Year <br>Return** | **Annualized <br>Inception To Date\*** | **Annualized <br>Inception To Date\*** |
|  | **Net Asset <br>Value** | **Market <br>Price** | **Net Asset <br>Value** | **Market <br>Price** |
|  ETC 6 Meridian Mega Cap Equity ETF | 2.73% | 2.58% | 15.14% | 15.05% |
|  S&P 500<sup>®</sup> Index | -9.21% | -9.21% | 15.59% | 15.59% |

---

*\* Fund commenced operations on May 8, 2020.*

*‡ Unaudited*

*The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.*

*Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus, containing this and other information, is available at www.6meridianfunds.com. Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal.*

*Current performance may be lower or higher than the performance data shown above.*

*Performance data current to the most recent month*-end *is available at www.6meridianfunds.com.*

*There are no assurances that the Fund will meet its stated objective.*

*The Fund's holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.*

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

### ETC 6 Meridian

### Small Cap Equity ETF
Management Discussion of Fund Performance

(Unaudited)

Dear Shareholders,

Thank you for your investment in the ETC 6 Meridian Small Cap Equity ETF (the "Fund"). The following information pertains to the fiscal year December 1, 2021 through November 30, 2022.

The Fund is an actively managed exchange-traded fund that seeks to provide capital appreciation by investing primarily in small-capitalization equity securities, mainly common stocks. The Fund also may invest in equity securities of companies of any capitalization and in real estate investment trusts. The Fund's sub-adviser, Madison Avenue Financial Solutions, LLC (the "Sub-Adviser"), considers small-capitalization securities to be those with market capitalizations within the range of the market capitalization of companies included in the S&P SmallCap 600<sup>®</sup> Index. In selecting investments for the Fund, the Sub-Adviser uses a quantitatively-driven strategy designed to emphasize high quality small-capitalization securities.

After strong performance period the prior fiscal year, the Fund was negatively affected by being underweight in the Energy Sector, which was up 56% over the period. The Fund did, however, see a relative benefit from being overweight in the Utilities Sector and the low beta factor, as low beta stocks were less correlated to the broader market's decline than were high beta stocks

For the fiscal year ended November 30, 2022, the Fund's market price decreased 8.94% and the net asset value decreased 8.58% while the S&P SmallCap 600<sup>®</sup> Index, a broad market index, decreased 5.99% over the same period.

The Fund commenced operations on May 8, 2020, with 1,475,000 shares outstanding as of November 30, 2022.

We appreciate your investment in the ETC 6 Meridian Small Cap Equity ETF.

Sincerely,

J. Garrett Stevens,<br>Chief Executive Officer<br>Exchange Traded Concepts, Adviser to the Fund

*The S&P SmallCap 600*<sup>®</sup> *Index seeks to measure the small*-cap *segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable.*

*This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.*

### ETC 6 Meridian

### Small Cap Equity ETF
Management Discussion of Fund Performance

(Unaudited) (Concluded)

**Growth of a $10,000 Investment**<sup>‡</sup>

(at Net Asset Value)<sup>‡</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** |
|  | **One Year <br>Return** | **One Year <br>Return** | **Annualized <br>Inception To Date\*** | **Annualized <br>Inception To Date\*** |
|  | **Net Asset <br>Value** | **Market <br>Price** | **Net Asset <br>Value** | **Market <br>Price** |
|  ETC 6 Meridian Small Cap Equity ETF | -8.58% | -8.94% | 23.50% | 23.44% |
|  S&P SmallCap 600<sup>®</sup> Index | -5.99% | -5.99% | 22.19% | 22.19% |

---

*\* Fund commenced operations on May 8, 2020.*

*‡ Unaudited*

*The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.*

*Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus, containing this and other information, is available at www.6meridianfunds.com. Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal.*

*Current performance may be lower or higher than the performance data shown above.*

*Performance data current to the most recent month*-end *is available at www.6meridianfunds.com.*

*There are no assurances that the Fund will meet its stated objective.*

*The Fund's holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.*

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

### ETC 6 Meridian

### Quality Growth ETF
Management Discussion of Fund Performance

(Unaudited)

Dear Shareholders,

Thank you for your investment in the ETC 6 Meridian Quality Growth ETF (the "Fund"). The following information relates to the fiscal year December 1, 2021 through November 30, 2022.

The Fund is an actively managed exchange-traded fund that seeks capital appreciation by investing in equity securities. The Fund invests mainly in common stocks and may invest in the securities of companies of any capitalization. In selecting investments for the Fund, the Fund's sub-adviser, Madison Avenue Financial Solutions, LLC (the "Sub-Adviser"), uses a quantitatively-driven strategy designed to emphasize securities of companies that exhibit high quality and growth characteristics relative to their peers. Quality is defined as high and improving profitability, low leverage and low default probability, and low net equity and debt issuance relative to dividends and net buybacks. From an initial universe consisting of companies in the broad U.S. equity market, the Sub-Adviser excludes micro-cap companies (i.e., companies with a market capitalization of less than $500 million) and securities of companies that exhibit poor liquidity and momentum characteristics.

Exposure to growth equities during the past fiscal year was difficult due to the Federal Reserve's monetary policy actions in raising interest rates. Increasing rates at this speed is unfavorable to longer duration assets such as the stocks that the Fund holds. While the Fund invests in high quality growth stocks, sentiment to growth names in general was not strong during the past fiscal year. The Fund's performance lagged the Russell 1000 Growth Index at the start of 2022, but subsequently outperformed the index in 5 of the last 6 months of the Fund's fiscal year, benefitting the most from being overweight in Health Care Sector stocks and underweight in Consumer Discretionary Sector stocks.

The Fund had negative performance during the fiscal year ended November 30, 2022. The market price for the Fund decreased 18.67% and the net asset value decreased 18.23% while the Russell 1000 Growth Index and S&P 500<sup>®</sup> Index, returned negative 21.64% and negative 9.21% respectively, over the same period.

The Fund commenced operations on May 10, 2021, with 1,325,000 shares outstanding as of November 30, 2022.

We appreciate your investment in the ETC 6 Meridian Quality Growth ETF.

Sincerely,

J. Garrett Stevens,<br>Chief Executive Officer<br>Exchange Traded Concepts, Adviser to the Fund

*The Russell 1000*<sup>®</sup> *Growth Index seeks to track the investment results of an index composed of large- and mid*-capitalization *U.S. equities that exhibit growth characteristics.*

*The S&P 500*<sup>®</sup> *Index is a market*-value *weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock's weight in the S&P 500*<sup>®</sup> *Index proportionate to its market value.*

*This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.*

### ETC 6 Meridian

### Quality Growth ETF
Management Discussion of Fund Performance

(Unaudited) (Concluded)

**Growth of a $10,000 Investment**<sup>‡</sup>

(at Net Asset Value)<sup>‡</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED <br>NOVEMBER 30, 2022** |
|  | **One Year <br>Return** | **One Year <br>Return** | **Annualized <br>Inception To Date\*** | **Annualized <br>Inception To Date\*** |
|  | **Net Asset Value** | **Market Price** | **Net Asset Value** | **Market Price** |
|  ETC 6 Meridian Quality Growth ETF | -18.23% | -18.67% | -6.41% | -6.60% |
|  Russell 1000<sup>®</sup> Growth Index | -21.64% | -21.64% | -4.11% | -4.11% |
|  S&P 500<sup>®</sup> Index | -9.21% | -9.21% | -0.13% | -0.13% |

---

*\* Fund commenced operations on May 10, 2021.*

*‡ Unaudited*

*The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.*

*Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus, containing this and other information, is available at www.6meridianfunds.com. Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal.*

*Current performance may be lower or higher than the performance data shown above.*

*Performance data current to the most recent month*-end *is available at www.6meridianfunds.com.*

*There are no assurances that the Fund will meet its stated objective.*

*The Fund's holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.*

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

### ETC 6 Meridian

### Hedged Equity-Index Option Strategy ETF
Schedule of Investments

November 30, 2022

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK — 97.0%** | **COMMON STOCK — 97.0%** |  |
|  **Communication Services — 7.7%** | **Communication Services — 7.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl A\* | 40968 | $4137358 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T | 424863 | 8191359 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US\* | 25548 | 3869500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications | 207261 | 8079034 |
|  |  | 24277251 |
|  **Consumer Discretionary — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot<sup>(A)</sup> | 13074 | 4235845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's<sup>(A</sup>) | 19858 | 4220818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target | 23575 | 3938675 |
|  |  | 12395338 |
|  **Consumer Staples — 20.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group<sup>(A)</sup> | 251094 | 11695959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive | 104892 | 8127032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale | 7716 | 4160853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz<sup>(A)</sup> | 201327 | 7922217 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo | 42655 | 7912929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International<sup>(A)</sup> | 126487 | 12606960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble | 28751 | 4288499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart | 54417 | 8294239 |
|  |  | 65008688 |
|  **Energy — 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron<sup>(A)</sup> | 42812 | 7847868 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips<sup>(A)</sup> | 92137 | 11379841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil<sup>(A)</sup> | 69891 | 7781664 |
|  |  | 27009373 |
|  **Financials — 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express | 26081 | 4110104 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group | 67933 | 4287252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon | 91960 | 4220964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial | 36523 | 3770635 |

---

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup<sup>(A)</sup> | 168884 | $8175674 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 30758 | 4250140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 47124 | 4385831 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp<sup>(A)</sup> | 182453 | 8281542 |
|  |  | 41482142 |
|  **Health Care — 23.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie<sup>(A)</sup> | 79351 | 12789794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen<sup>(A)</sup> | 28647 | 8204501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb<sup>(A)</sup> | 99973 | 8025832 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health<sup>(A)</sup> | 40888 | 4165670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly | 21385 | 7935546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences<sup>(A)</sup> | 49355 | 4334850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson<sup>(A)</sup> | 22252 | 3960856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck<sup>(A)</sup> | 76529 | 8427373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer<sup>(A)</sup> | 249582 | 12511546 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group | 6969 | 3817339 |
|  |  | 74173307 |
|  **Industrials — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M | 30780 | 3877357 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics | 15497 | 3911288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin<sup>(A)</sup> | 15909 | 7718887 |
|  |  | 15507532 |
|  **Information Technology — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Cl A | 13633 | 4102579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple | 25250 | 3737758 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines<sup>(A)</sup> | 56006 | 8339293 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM | 32911 | 4162912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments<sup>(A)</sup> | 24103 | 4349627 |
|  |  | 24692169 |
|  **Materials — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow<sup>(A)</sup> | 165705 | 8445984 |
|  **Real Estate — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group<sup>‡</sup> | 35527 | 4243345 |
|  **Utilities — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy | 83118 | 8305982 |
|  Total Common Stock <br>(Cost $291,066,535) |  | 305541111 |

---

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

### ETC 6 Meridian

### Hedged Equity-Index Option Strategy ETF
Schedule of Investments

November 30, 2022 (Concluded)

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **SHORT-TERM INVESTMENT — 6.1%** | **SHORT-TERM INVESTMENT — 6.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, CI Institutional, 3.73%<sup>(B)</sup> | 19157908 | $19157908 |
|  Total Short-Term Investment (Cost $19,157,908) |  | 19157908 |
|  Total Investments — 103.1%<br>(Cost $310,224,443) |  | $324699019 |
|  **WRITTEN OPTIONS — -2.9%** | **WRITTEN OPTIONS — -2.9%** |  |
|  Total Written Options<br>(Premiums Received $4,518,664) |  | $(9214936) |

---

A list of the Exchange Traded Option Contracts held by the Fund at November 30, 2022, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Description** | **Number of <br>Contracts** | **Notional <br>Amount** | **Exercise <br>Price** | **Expiration <br>Date** | **Value** |
|  **WRITTEN OPTIONS — (2.9)%** |  |  |  |  |  |
|  **Call Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index\* | (575) | $230000000 | $4000 | 12/17/22 | $(7291000) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index\* | (196) | 78988000 | 4030 | 12/17/22 | (1923936) |
|  |  |  |  |  | (9214936) |
|  Total Written Options<br>(Premiums Received $4,518,664) |  |  |  |  | $(9214936) |

---

Percentages are based on Net Assets of $314,875,394.

‡ Real Estate Investment Trust

\* Non-income producing security.

<sup>(A)</sup>All or a portion of these securities has been pledged as collateral on written options with a fair value of $34,696,910.

<sup>(B)</sup>The rate reported is the 7-day effective yield as of November 30, 2022.

Cl — Class

PLC — Public Limited Company

As of November 30, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance under U.S. GAAP.

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

### ETC 6 Meridian

### Low Beta Equity Strategy ETF
Schedule of Investments

November 30, 2022

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK — 99.5%** |  |  |
|  **Communication Services — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Activision Blizzard | 8073 | $596998 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T | 34903 | 672930 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATN International | 13890 | 672415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One | 455 | 329552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, <br>Cl A\* | 1457 | 570110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts | 4972 | 650238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholastic | 13821 | 568320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenandoah Telecommunications | 29059 | 565779 |
| &nbsp;&nbsp;&nbsp;&nbsp; TEGNA | 30591 | 603866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telephone and Data Systems | 40430 | 426132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications | 14129 | 550748 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Wrestling Entertainment, Cl A | 9059 | 723633 |
|  |  | 6930721 |
|  **Consumer Discretionary — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings, Cl B | 1059 | 681657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education\* | 6666 | 753726 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block | 16303 | 712604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helen of Troy\* | 4884 | 481269 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's | 2452 | 668881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA | 2198 | 650190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service International | 8694 | 621186 |
|  |  | 4569513 |
|  **Consumer Staples — 20.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group | 14619 | 680953 |
| &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods | 24990 | 331867 |

---

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **Consumer Staples (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman, Cl B | 8612 | $628848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calavo Growers | 15603 | 545481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods | 12313 | 717602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell Soup | 13020 | 698783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores | 3144 | 764055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight | 7362 | 602727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox | 4456 | 662384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola | 10065 | 640235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive | 7982 | 618445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands | 18783 | 713378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Cl A | 2614 | 672713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care | 16177 | 699008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods | 23036 | 692232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce | 21349 | 590940 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills | 8469 | 722406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Holding\* | 15125 | 457834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey | 2795 | 657300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods | 12972 | 609684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hostess Brands, Cl A\* | 28346 | 748334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion | 7057 | 691374 |
| &nbsp;&nbsp;&nbsp;&nbsp; J & J Snack Foods | 4751 | 779259 |
| &nbsp;&nbsp;&nbsp;&nbsp; J M Smucker | 4784 | 736784 |
| &nbsp;&nbsp;&nbsp;&nbsp; John B Sanfilippo & Son | 8505 | 720288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellogg | 8675 | 632841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper | 16619 | 642657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark | 4817 | 653330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz | 17273 | 679693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger | 13697 | 673755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster Colony | 4809 | 996137 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick | 7249 | 617470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage, Cl B | 11992 | 660879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Cl A | 9891 | 668731 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo | 3645 | 676184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International | 6494 | 647257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride\* | 20653 | 540282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings\* | 7245 | 678204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble | 4511 | 672861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seneca Foods, Cl A\* | 11815 | 759468 |
| &nbsp;&nbsp;&nbsp;&nbsp; SpartanNash | 19567 | 642776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market\* | 23738 | 814926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries | 17943 | 806538 |
| &nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods\* | 14340 | 708826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Cl A | 7317 | 484971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal | 11632 | 661977 |
| &nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences\* | 9223 | 507634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart | 4829 | 736036 |
| &nbsp;&nbsp;&nbsp;&nbsp; WD-40 | 3569 | 597808 |
|  |  | 32544155 |

---

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

### ETC 6 Meridian

### Low Beta Equity Strategy ETF
Schedule of Investments

November 30, 2022 (Continued)

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **Energy — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron | 4020 | $736906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG\* | 38191 | 743579 |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream | 11804 | 712135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil | 6813 | 758560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams | 19504 | 676789 |
|  |  | 3627969 |
|  **Financials — 15.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate | 5539 | 741672 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group | 4916 | 699154 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMERISAFE | 14132 | 839017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant | 3733 | 478645 |
| &nbsp;&nbsp;&nbsp;&nbsp; BancFirst | 5818 | 593087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitol Federal Financial | 66482 | 556454 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Holding | 7467 | 761037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares | 9159 | 686192 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVB Financial | 24419 | 700337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employers Holdings | 17045 | 792081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group\* | 9286 | 468014 |
| &nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Cl A\* | 77028 | 771821 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon | 28092 | 698086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanover Insurance Group | 4863 | 716320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial | 23166 | 762161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators | 19143 | 738728 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Real Estate Finance<br> Trust<sup>‡</sup> | 33747 | 558513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakeland Financial | 8549 | 675029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury General | 16034 | 581714 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBT Bancorp | 15912 | 734498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northfield Bancorp | 43415 | 692469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Bancshares | 45034 | 688570 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRA Group\* | 16447 | 565448 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProAssurance | 30005 | 599800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive | 5656 | 747440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Services | 26643 | 600267 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings | 5156 | 974021 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI | 5806 | 755186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safety Insurance Group | 7483 | 686490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group | 8484 | 815482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares | 16126 | 586019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellar Bancorp | 20931 | 707688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers | 4088 | 775943 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrustCo Bank NY | 19209 | 746078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings | 52571 | 577755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westamerica BanCorp | 10813 | 667703 |
|  |  | 24738919 |

---

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **Health Care — 15.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie | 4559 | $734820 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmerisourceBergen, Cl A | 4485 | 765544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen | 2625 | 751800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals\* | 17145 | 505606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International | 10884 | 615273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson | 2635 | 657010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb | 8742 | 701808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed | 1349 | 701480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical\* | 36106 | 789638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computer Programs and Systems\* | 19075 | 564620 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health | 6716 | 684226 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita\* | 7411 | 546413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Pharmaceuticals\* | 15563 | 565248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health | 12586 | 736029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis\* | 29823 | 509377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences | 10760 | 945050 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity\* | 8481 | 538374 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthStream\* | 25948 | 659079 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical\* | 3572 | 568770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innoviva\* | 45486 | 597231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals\* | 4189 | 657296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 3705 | 659490 |
| &nbsp;&nbsp;&nbsp;&nbsp; LHC Group\* | 3942 | 644162 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson | 1910 | 729009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck | 7309 | 804868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridian Bioscience\* | 20379 | 652128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesa Laboratories | 2997 | 507002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences\* | 6911 | 878112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicell\* | 5833 | 301041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo PLC | 15073 | 485803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer | 12898 | 646577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare\* | 10653 | 654733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics | 4685 | 711324 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho\* | 6352 | 556499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals\* | 20046 | 736089 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics\* | 2848 | 797127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vir Biotechnology\* | 22949 | 647621 |
|  |  | 24206277 |
|  **Industrials — 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M | 4517 | 569006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerojet Rocketdyne Holdings\* | 15746 | 818793 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Cl A\* | 2186 | 682688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright | 4530 | 800225 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTI Consulting\* | 3964 | 685058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartland Express | 41082 | 687713 |

---

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

### ETC 6 Meridian

### Low Beta Equity Strategy ETF
Schedule of Investments

November 30, 2022 (Continued)

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **Industrials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries | 2947 | $683586 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR | 12225 | 631666 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies | 2625 | 596085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System | 4211 | 728419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings | 6373 | 696760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin | 1494 | 724874 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group | 22926 | 721939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems\* | 11145 | 566389 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct, Cl A | 7858 | 674452 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Presto Industries | 9034 | 624430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman | 1330 | 709276 |
| &nbsp;&nbsp;&nbsp;&nbsp; NV5 Global\* | 4725 | 682810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Aerospace | 52489 | 694429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International | 6774 | 745885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stericycle\* | 13444 | 700836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management | 3921 | 657630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Werner Enterprises | 15281 | 672058 |
|  |  | 15755007 |
|  **Information Technology — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSG Systems International | 9861 | 609804 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business <br>Machines | 4859 | 723505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knowles\* | 33603 | 524207 |
| &nbsp;&nbsp;&nbsp;&nbsp; MAXIMUS | 9636 | 677411 |
| &nbsp;&nbsp;&nbsp;&nbsp; OSI Systems\* | 6713 | 593966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers\* | 2400 | 261696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union | 38212 | 560188 |
|  |  | 3950777 |
|  **Materials — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup | 6007 | 637583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper\* | 18416 | 718776 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewMarket | 2072 | 654793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont | 14288 | 678251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Gold | 6140 | 689707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings | 14699 | 777578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products | 10236 | 628183 |
|  |  | 4784871 |
|  **Real Estate — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Income<sup>‡</sup> | 14673 | 558308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Healthcare Trust<sup>‡</sup> | 16232 | 572340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Office Properties Trust<sup>‡</sup> | 23505 | 652733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Cl A<sup>‡</sup> | 33000 | 522720 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust<sup>‡</sup> | 12350 | 624293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust<sup>‡</sup> | 22464 | 609673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Realty<sup>‡</sup> | 21882 | 722543 |

---

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **Real Estate (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Cl A<sup>‡</sup> | 24934 | $511895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lexington Realty Trust<sup>‡</sup> | 59780 | 643233 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTC Properties<sup>‡</sup> | 14995 | 589154 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Retail Properties<sup>‡</sup> | 13697 | 634993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors<sup>‡</sup> | 20299 | 614654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Physicians Realty Trust<sup>‡</sup> | 36536 | 545482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier<sup>‡</sup> | 16967 | 608776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care<sup>‡</sup> | 41694 | 538270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust<sup>‡</sup> | 11869 | 623004 |
|  |  | 9572071 |
|  **Utilities — 16.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ALLETE | 10309 | 682456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy | 10541 | 593458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren | 6921 | 618184 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power | 6506 | 629781 |
| &nbsp;&nbsp;&nbsp;&nbsp; American States Water | 7252 | 710624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista | 14918 | 615815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills | 8464 | 606276 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 10581 | 687024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities | 4702 | 562970 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy | 9298 | 567829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison | 6532 | 640397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy | 7798 | 476536 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy | 5927 | 687592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy | 5841 | 583691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities | 12419 | 599093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy | 9423 | 557936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 7098 | 588140 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy | 16146 | 665861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries | 15063 | 618788 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP | 5814 | 642621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water | 7065 | 660224 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas | 9077 | 601170 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources | 14020 | 697495 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource | 21287 | 594759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding | 11947 | 598664 |
| &nbsp;&nbsp;&nbsp;&nbsp; NorthWestern | 11757 | 686726 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy | 15829 | 640441 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Gas | 7717 | 670993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital | 8686 | 680288 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNM Resources | 13329 | 653121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric | 12493 | 615030 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL | 22019 | 650001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy | 3913 | 650301 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Industries | 18624 | 646253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern | 8434 | 570476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings | 7333 | 502017 |

---

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

### ETC 6 Meridian

### Low Beta Equity Strategy ETF
Schedule of Investments

November 30, 2022 (Concluded)

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **Utilities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire | 8638 | $640076 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI | 14918 | 576581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitil | 11532 | 632184 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group | 6179 | 612586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy | 8723 | 612529 |
|  |  | 25526987 |
|  Total Common Stock<br>(Cost $148,518,784) |  | 156207267 |

---

---

| | | |
|:---|:---|:---|
|  **SHORT-TERM INVESTMENT — 0.5%** | **SHORT-TERM INVESTMENT — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, CI Institutional, 3.73%<sup>(A)</sup> | 722247 | $722247 |
|  Total Short-Term Investment <br>(Cost $722,247) |  | 722247 |
|  Total Investments — 100.0% <br>(Cost $149,241,031) |  | $156929514 |

---

Percentages are based on Net Assets of $156,898,879.

‡ Real Estate Investment Trust

\* Non-income producing security.

<sup>(A)</sup>The rate reported is the 7-day effective yield as of November 30, 2022.

Cl — Class

PLC — Public Limited Company

As of November 30, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance under U.S. GAAP.

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

### ETC 6 Meridian

### Mega Cap Equity ETF
Schedule of Investments

November 30, 2022

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK — 99.8%** | **COMMON STOCK — 99.8%** |  |
|  **Communication Services — 7.9%** | **Communication Services — 7.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl A\* | 23774 | $2400936 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T | 246544 | 4753368 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US\* | 14826 | 2245546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications | 120269 | 4688086 |
|  |  | 14087936 |
|  **Consumer Discretionary — 4.0%** | **Consumer Discretionary — 4.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot | 7588 | 2458436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's | 11526 | 2449851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target | 13679 | 2285351 |
|  |  | 7193638 |
|  **Consumer Staples — 21.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group | 145702 | 6786799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive | 60866 | 4715897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale | 4478 | 2414762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz | 116829 | 4597221 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo | 24750 | 4591373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International | 73399 | 7315679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble | 16685 | 2488735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart | 31578 | 4813118 |
|  |  | 37723584 |
|  **Energy — 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron | 24845 | 4554337 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 53465 | 6603462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil | 40558 | 4515728 |
|  |  | 15673527 |

---

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **Financials — 13.5%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express | 15135 | $2385124 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group | 39423 | 2487986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon | 53364 | 2449408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial | 21195 | 2188172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup | 98005 | 4744422 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 17852 | 2466789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 27347 | 2545185 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp | 105877 | 4805757 |
|  |  | 24072843 |
|  **Health Care — 24.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie | 46048 | 7422017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen | 16625 | 4761400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb | 58016 | 4657524 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health | 23727 | 2417307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly | 12411 | 4605474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences | 28639 | 2515363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 12917 | 2299226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck | 44410 | 4890429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer | 144826 | 7260127 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group | 4046 | 2216237 |
|  |  | 43045104 |
|  **Industrials — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M | 17864 | 2250328 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics | 8993 | 2269743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin | 9235 | 4480730 |
|  |  | 9000801 |
|  **Information Technology — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Cl A | 7914 | 2381560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple | 14653 | 2169084 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business <br>Machines | 32499 | 4839101 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM | 19098 | 2415706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments | 13989 | 2524455 |
|  |  | 14329906 |
|  **Materials — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow | 96160 | 4901275 |
|  **Real Estate — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group<sup>‡</sup> | 20618 | 2462614 |
|  **Utilities — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy | 48234 | 4820024 |
|  Total Common Stock (Cost $168,036,797) |  | 177311252 |

---

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

### ETC 6 Meridian

### Mega Cap Equity ETF
Schedule of Investments

November 30, 2022 (Concluded)

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **SHORT-TERM INVESTMENT — 0.2%** | **SHORT-TERM INVESTMENT — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, CI Institutional, 3.73%<sup>(A)</sup> | 414266 | $414266 |
|  Total Short-Term Investment <br>(Cost $414,266) |  | 414266 |
|  Total Investments — 100.0%<br>(Cost $168,451,063) |  | $177725518 |

---

Percentages are based on Net Assets of $177,680,465.

‡ Real Estate Investment Trust

\* Non-income producing security.

<sup>(A)</sup>The rate reported is the 7-day effective yield as of November 30, 2022.

Cl — Class

PLC — Public Limited Company

As of November 30, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance under U.S. GAAP.

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

### ETC 6 Meridian

### Small Cap Equity ETF
Schedule of Investments

November 30, 2022

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK**<sup>††</sup> **— 99.6%** |  |  |
|  **Communication Services — 1.2%** | **Communication Services — 1.2%** | **Communication Services — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ATN International | 15853 | $767444 |
|  **Consumer Discretionary — 18.6%** | **Consumer Discretionary — 18.6%** | **Consumer Discretionary — 18.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group\* | 4128 | 774495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buckle | 24117 | 1059943 |
| &nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group\* | 32496 | 702889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive | 4157 | 803714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haverty Furniture | 25609 | 807452 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDC Holdings | 21338 | 691991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes\* | 8664 | 748656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Movado Group | 20627 | 663983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries | 12471 | 697503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education\* | 54153 | 777096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoe Carnival | 31920 | 843007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Cl A | 17100 | 908694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sturm Ruger | 11100 | 609723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes\* | 42115 | 776601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vista Outdoor\* | 24633 | 688985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zumiez\* | 26733 | 621542 |
|  |  | 12176274 |
|  **Consumer Staples — 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods | 29120 | 386714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calavo Growers | 17802 | 622358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods | 14211 | 828217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hostess Brands, Cl A\* | 31961 | 843770 |
| &nbsp;&nbsp;&nbsp;&nbsp; J & J Snack Foods | 5380 | 882428 |

---

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **Consumer Staples (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; John B Sanfilippo & Son | 9754 | $826066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries | 20553 | 923857 |
| &nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods\* | 16558 | 818462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal | 13600 | 773976 |
| &nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences\* | 10405 | 572691 |
| &nbsp;&nbsp;&nbsp;&nbsp; WD-40 | 4056 | 679380 |
|  |  | 8157919 |
|  **Energy — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG | 45467 | 885242 |
|  **Financials — 25.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambac Financial Group\* | 62673 | 1019064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 15595 | 824663 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited | 19168 | 703849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitol Federal Financial | 76535 | 640598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp\* | 19839 | 640205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employers Holdings | 19173 | 890969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group\* | 21214 | 1069186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enova International\* | 21494 | 867068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings | 25942 | 773072 |
| &nbsp;&nbsp;&nbsp;&nbsp; HomeStreet | 20365 | 555965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators | 22112 | 853302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakeland Financial | 9450 | 746172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury General | 25628 | 929784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mr Cooper Group\* | 16558 | 747759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial | 21696 | 944426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler | 5919 | 850324 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRA Group\* | 18840 | 647719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safety Insurance Group | 8733 | 801165 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrustCo Bank NY | 21832 | 847955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings | 59295 | 651652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westamerica BanCorp | 12475 | 770331 |
|  |  | 16775228 |
|  **Health Care — 12.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals\* | 19765 | 582870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcus Biosciences\* | 27971 | 983741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical\* | 40833 | 893018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Pharmaceuticals\* | 17482 | 634946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulgent Genetics\* | 11711 | 424758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innoviva\* | 103912 | 1364364 |
| &nbsp;&nbsp;&nbsp;&nbsp; iTeos Therapeutics\* | 28056 | 565328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridian Bioscience\* | 22839 | 730848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare\* | 12378 | 760752 |
| &nbsp;&nbsp;&nbsp;&nbsp; uniQure\* | 29973 | 793086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vir Biotechnology\* | 25406 | 716957 |
|  |  | 8450668 |

---

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

### ETC 6 Meridian

### Small Cap Equity ETF
Schedule of Investments

November 30, 2022 (Concluded)

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **Industrials — 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerojet Rocketdyne Holdings\* | 17946 | $933193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade | 10659 | 789192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Wire | 6041 | 882651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartland Express | 47488 | 794949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidrick & Struggles <br>International | 23442 | 696227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries | 25327 | 746893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matson | 8948 | 570524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries | 10990 | 755782 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Presto Industries | 10174 | 703227 |
|  |  | 6872638 |
|  **Information Technology — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries | 15297 | 733491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers\* | 2752 | 300078 |
|  |  | 1033569 |
|  **Materials — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AdvanSix | 19129 | 787350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercer International | 49465 | 682617 |
| &nbsp;&nbsp;&nbsp;&nbsp; TimkenSteel\* | 43202 | 807877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinseo | 21302 | 525094 |
|  |  | 2802938 |
|  **Real Estate — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Cl A<sup>‡</sup> | 38507 | 609951 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTC Properties<sup>‡</sup> | 17498 | 687496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust<sup>‡</sup> | 13971 | 733338 |
|  |  | 2030785 |
|  **Utilities — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American States Water | 8161 | 799697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista | 17518 | 723143 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 12015 | 780134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities | 5402 | 646781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water | 7981 | 745824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding | 13823 | 692671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitil | 13366 | 732724 |
|  |  | 5120974 |
|  Total Common Stock <br>(Cost $64,862,708) |  | 65073679 |

---

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **SHORT-TERM INVESTMENT — 0.4%** | **SHORT-TERM INVESTMENT — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, CI Institutional, 3.73%<sup>(A)</sup> | 252250 | $252250 |
|  Total Short-Term Investment <br>(Cost $252,250) |  | 252250 |
|  Total Investments — 100.0% <br>(Cost $65,114,958) |  | $65325929 |

---

Percentages are based on Net Assets of $65,314,393.

†† Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

‡ Real Estate Investment Trust

\* Non-income producing security.

<sup>(A)</sup>The rate reported is the 7-day effective yield as of November 30, 2022.

Cl — Class

As of November 30, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance under U.S. GAAP.

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

### ETC 6 Meridian

### Quality Growth ETF
Schedule of Investments

November 30, 2022

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK**<sup>††</sup>**— 99.6%** |  |  |
|  **Communication Services — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl A\* | 11811 | $1192793 |
|  **Consumer Discretionary — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International | 578 | 71221 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block | 2216 | 96861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica\* | 1708 | 649569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malibu Boats, Cl A\* | 284 | 16390 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR\* | 42 | 194839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyline Champion\* | 687 | 35717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma | 941 | 110003 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPEL\* | 270 | 18509 |
|  |  | 1193109 |
|  **Consumer Staples — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive | 11870 | 919688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medifast | 188 | 23697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage\* | 5604 | 576427 |
|  |  | 1519812 |
|  **Energy — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy | 11141 | 310945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas, Cl A | 2833 | 73885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources | 1594 | 105778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources | 3237 | 763900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land | 91 | 235921 |
|  |  | 1490429 |
|  **Financials — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group\* | 4980 | 298352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers | 345 | 22856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Re Group | 538 | 181812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Cl A | 974 | 95793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group | 288 | 88764 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings | 520 | 139318 |

---

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis, Cl A | 1090 | $47110 |
| &nbsp;&nbsp;&nbsp;&nbsp; PJT Partners | 518 | 39891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Cl A | 3242 | 199254 |
|  |  | 1113150 |
|  **Health Care — 29.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABIOMED\* | 649 | 245186 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmerisourceBergen, Cl A | 2131 | 363740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed | 204 | 106080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics\* | 1285 | 32485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences\* | 8440 | 651989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis\* | 4396 | 75084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Cl A\* | 1345 | 99382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics\* | 2022 | 115780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Therapeutics\* | 3091 | 309996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte\* | 2601 | 207222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck | 14286 | 1573174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridian Bioscience\* | 602 | 19264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International\* | 314 | 461442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna\* | 4791 | 842785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences\* | 1201 | 152599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals\* | 1474 | 1108006 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical\* | 678 | 38721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care\* | 1042 | 43816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Cl A\* | 2169 | 412891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals\* | 3223 | 1019757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters\* | 848 | 293917 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services | 1043 | 244750 |
|  |  | 8418066 |
|  **Industrials — 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atkore\* | 586 | 71580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart\* | 6080 | 404685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington | 2315 | 268679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exponent | 717 | 74145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System | 503 | 87009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin | 2635 | 1278476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries | 779 | 53572 |
| &nbsp;&nbsp;&nbsp;&nbsp; NV5 Global\* | 192 | 27746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line | 1359 | 411247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half International | 1526 | 120218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins | 3413 | 138022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex\* | 1560 | 71588 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriNet Group\* | 509 | 36887 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Industries | 843 | 69008 |
|  |  | 3112862 |

---

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

### ETC 6 Meridian

### Quality Growth ETF

### Schedule of Investments
November 30, 2022 (Concluded)

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **Information Technology — 35.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Cl A | 3199 | $962675 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide\* | 1735 | 36262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe\* | 2284 | 787820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple | 8391 | 1242120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Badger Meter | 415 | 48065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems\* | 3716 | 639301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Cl A\* | 3971 | 300922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet\* | 11311 | 601293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil | 1754 | 126622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates | 1005 | 190297 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA | 2093 | 822863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries | 773 | 37065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lightwave Logic\* | 1655 | 13124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates\* | 871 | 109694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Cl A | 2769 | 986871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 3887 | 991728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems | 612 | 233760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Integrations | 819 | 65913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualys\* | 495 | 61043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories\* | 469 | 68211 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce\* | 496 | 70561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys\* | 2122 | 720504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments | 6775 | 1222616 |
|  |  | 10339330 |
|  **Materials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings | 2705 | 292654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana-Pacific | 1148 | 73242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Gold | 913 | 102557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal | 779 | 28683 |
|  |  | 497136 |
|  Total Common Stock <br>(Cost $29,349,477) |  | 28876687 |

---

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares** | **Fair Value** |
|  **SHORT-TERM INVESTMENT — 0.5%** | **SHORT-TERM INVESTMENT — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, CI Institutional, 3.73%<sup>(A)</sup> | 151450 | $151450 |
|  Total Short-Term Investment <br>(Cost $151,450) |  | 151450 |
|  Total Investments — 100.1% <br>(Cost $29,500,927) |  | $29028137 |

---

Percentages are based on Net Assets of $29,005,465.

†† Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

\* Non-income producing security.

<sup>(A)</sup>The rate reported is the 7-day effective yield as of November 30, 2022.

Cl — Class

PLC — Public Limited Company

As of November 30, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance under U.S. GAAP.

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

### ETC 6 Meridian
Statements of Assets and Liabilities

November 30, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **ETC <br>6 Meridian <br>Hedged <br>Equity-Index <br>Option <br>Strategy ETF** | **ETC <br>6 Meridian <br>Low Beta <br>Equity <br>Strategy ETF** | **ETC <br>6 Meridian <br>Mega Cap <br>Equity ETF** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $310224443 | $149241031 | $168451063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Fair Value | $324699019 | $156929514 | $177725518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold | 2516250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends Receivable | 949894 | 343666 | 530422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits at Broker for Options | 9968 |  |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 328175131 | 157273180 | 178255940 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written, at Value (Premiums Received $4,518,664, $— and $—, respectively) | 9214936 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 3081367 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Distributions Payable | 714768 | 229595 | 412762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees Payable | 154332 | 76301 | 86264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable due to Administrator | 17710 | 8756 | 9899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Trustees' Fee | 17516 | 8327 | 9811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Expenses | 17000 | 17000 | 17000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees Payable | 2707 | 1287 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 79401 | 33035 | 38223 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 13299737 | 374301 | 575475 |
|  **Net Assets** | $314875394 | $156898879 | $177680465 |
|  **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $352689323 | $161261218 | $195298945 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | (37813929) | (4362339) | (17618480) |
|  **Net Assets** | $314875394 | $156898879 | $177680465 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 9775000 | 4600000 | 5125000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $32.21 | $34.11 | $34.67 |

---

Amounts designated as "—" are $0.

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

Statements of Assets and Liabilities

November 30, 2022 (Concluded)

---

| | | |
|:---|:---|:---|
|  | **ETC <br>6 Meridian <br>Small Cap <br>Equity ETF** | **ETC <br>6 Meridian <br>Quality <br>Growth ETF** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $65114958 | $29500927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Fair Value | $65325929 | $29028137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends Receivable | 151706 | 38651 |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 65477635 | 29066788 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Distributions Payable | 85484 | 10465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees Payable | 31443 | 13851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Expenses | 17000 | 17000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 12425 | 12424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable due to Administrator | 3608 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Trustees' Fee | 3310 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees Payable | 511 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 9461 | 4278 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 163242 | 61323 |
|  **Net Assets** | $65314393 | $29005465 |
|  **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $73176650 | $34846091 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | (7862257) | (5840626) |
|  **Net Assets** | $65314393 | $29005465 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest <br>(unlimited authorization — no par value) | 1475000 | 1325000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $44.28 | $21.89 |

---

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

Statements of Operations

For the year ended November 30, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **ETC <br>6 Meridian <br>Hedged <br>Equity-Index <br>Option <br>Strategy ETF** | **ETC <br>6 Meridian <br>Low <br>Beta Equity <br>Strategy ETF** | **ETC <br>6 Meridian <br>Mega <br>Cap Equity <br>ETF** |
|  **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Income | $8302708 | $3058224 | $4964687 |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | 8302708 | 3058224 | 4964687 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees | 1669025 | 881001 | 987537 |
| &nbsp;&nbsp;&nbsp; Interest Expense on Broker Account | 110027 |  |  |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | 15272 | 8152 | 9038 |
| &nbsp;&nbsp;&nbsp; Administration Fees | 191527 | 101098 | 113324 |
| &nbsp;&nbsp;&nbsp; Trustees' Fees | 64467 | 33882 | 37781 |
| &nbsp;&nbsp;&nbsp; Transfer Agent Fees | 31135 | 36897 | 42132 |
| &nbsp;&nbsp;&nbsp; Printing Fees | 9201 | 4836 | 5149 |
| &nbsp;&nbsp;&nbsp; Custodian Fees | 30757 | 15760 | 19886 |
| &nbsp;&nbsp;&nbsp; Pricing Fees | 851 | 2527 | 682 |
| &nbsp;&nbsp;&nbsp; Legal Fees | 34176 | 18080 | 20555 |
| &nbsp;&nbsp;&nbsp; Audit Fees | 16750 | 16750 | 16750 |
| &nbsp;&nbsp;&nbsp; Registration Fees | 17201 | 13867 | 13226 |
| &nbsp;&nbsp;&nbsp; Other Fees | 44998 | 23514 | 24786 |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | 2235387 | 1156364 | 1290846 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | 6067321 | 1901860 | 3673841 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(1)</sup> | 452372 | 3032518 | (810644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | 27389078 |  |  |
| &nbsp;&nbsp;&nbsp; **Net Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 4425957 | (373123) | 3270271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | (6272736) |  |  |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss) on Investments** | 25994671 | 2659395 | 2459627 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $32061992 | $4561255 | $6133468 |

---

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

Amounts designated as "—" are $0.

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

Statements of Operations

For the year ended November 30, 2022 (Concluded)

---

| | | |
|:---|:---|:---|
|  | **ETC <br>6 Meridian <br>Small <br>Cap Equity <br>ETF** | **ETC <br>6 Meridian <br>Quality <br>Growth ETF** |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Income | $1328361 | $289562 |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | 1328361 | 289562 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees | 380802 | 165098 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | 3518 | 1521 |
| &nbsp;&nbsp;&nbsp; Administration Fees | 43699 | 18946 |
| &nbsp;&nbsp;&nbsp; Trustees' Fees | 14459 | 6284 |
| &nbsp;&nbsp;&nbsp; Transfer Agent Fees | 37883 | 34412 |
| &nbsp;&nbsp;&nbsp; Printing Fees | 2003 | 933 |
| &nbsp;&nbsp;&nbsp; Custodian Fees | 6016 | 2852 |
| &nbsp;&nbsp;&nbsp; Pricing Fees | 925 | 1011 |
| &nbsp;&nbsp;&nbsp; Offering Cost Fees |  | 21061 |
| &nbsp;&nbsp;&nbsp; Legal Fees | 8028 | 3504 |
| &nbsp;&nbsp;&nbsp; Audit Fees | 16750 | 16750 |
| &nbsp;&nbsp;&nbsp; Registration Fees | 11985 | 10640 |
| &nbsp;&nbsp;&nbsp; Other Fees | 13474 | 10096 |
| &nbsp;&nbsp;&nbsp; Advisory Waiver Recapture (Note 3) | 13217 |  |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | 552759 | 293108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Advisory Fee Waiver (Note 3) |  | (22457) |
| &nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | 775602 | 18911 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(1)</sup> | (200396) | (4010417) |
| &nbsp;&nbsp;&nbsp; **Net Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (6437296) | (1389798) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss) on Investments** | (6637692) | (5400215) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(5862090) | $(5381304) |

---

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

Amounts designated as "—" are $0.

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

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **ETC 6 Meridian Hedged <br>Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged <br>Equity-Index Option Strategy ETF** |
|  | **Year ended <br>November 30, <br>2022** | **Year ended <br>November 30, <br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $6067321 | $3987999 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 27841450 | 26544433 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (1846779) | (3640144) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 32061992 | 26892288 |
|  **Distributions:** | (6013160) | (3938003) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 275960830 | 368553550 |
| &nbsp;&nbsp;&nbsp; Redeemed | (233753485) | (347412571) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 42207345 | 21140979 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 68256177 | 44095264 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 246619217 | 202523953 |
| &nbsp;&nbsp;&nbsp; End of Year | $314875394 | $246619217 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 9100000 | 12725000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (7675000) | (11975000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 1425000 | 750000 |

---

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

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

### Statements of Changes in Net Assets <br> (Continued)

---

| | | |
|:---|:---|:---|
|  | **ETC 6 Meridian Low Beta <br>Equity Strategy ETF** | **ETC 6 Meridian Low Beta <br>Equity Strategy ETF** |
|  | **Year ended <br>November 30, <br>2022** | **Year ended <br>November 30, <br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $1901860 | $787029 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 3032518 | 18088315 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (373123) | (1643112) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 4561255 | 17232232 |
|  **Distributions:** | (1949810) | (812365) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 78183774 | 93154294 |
| &nbsp;&nbsp;&nbsp; Redeemed | (60945391) | (65807713) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 17238383 | 27346581 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 19849828 | 43766448 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 137049051 | 93282603 |
| &nbsp;&nbsp;&nbsp; End of Year | $156898879 | $137049051 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 2350000 | 2775000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (1825000) | (1950000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 525000 | 825000 |

---

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

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

### ETC 6 Meridian

### Statements of Changes in Net Assets <br> (Continued)

---

| | | |
|:---|:---|:---|
|  | **ETC 6 Meridian Mega Cap <br>Equity ETF** | **ETC 6 Meridian Mega Cap <br>Equity ETF** |
|  | **Year ended <br>November 30, <br>2022** | **Year ended <br>November 30, <br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $3673841 | $2565082 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | (810644) | 30886423 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 3270271 | (7036859) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 6133468 | 26414646 |
|  **Distributions:** | (3543151) | (2635002) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 166757012 | 225065126 |
| &nbsp;&nbsp;&nbsp; Redeemed | (150347117) | (205991448) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 16409895 | 19073678 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 19000212 | 42853322 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 158680253 | 115826931 |
| &nbsp;&nbsp;&nbsp; End of Year | $177680465 | $158680253 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 4900000 | 6850000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (4375000) | (6225000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 525000 | 625000 |

---

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

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

### ETC 6 Meridian

### Statements of Changes in Net Assets <br> (Continued)

---

| | | |
|:---|:---|:---|
|  | **ETC 6 Meridian Small Cap <br>Equity ETF** | **ETC 6 Meridian Small Cap <br>Equity ETF** |
|  | **Year ended <br>November 30, <br>2022** | **Year ended <br>November 30, <br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $775602 | $457264 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | (200396) | 14570660 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (6437296) | 248109 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (5862090) | 15276033 |
|  **Distributions:** | (834121) | (415999) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 41576787 | 58895529 |
| &nbsp;&nbsp;&nbsp; Redeemed | (32138306) | (43606590) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 9438481 | 15288939 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 2742270 | 30148973 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 62572123 | 32423150 |
| &nbsp;&nbsp;&nbsp; End of Year | $65314393 | $62572123 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 900000 | 1325000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (700000) | (975000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 200000 | 350000 |

---

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

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

### ETC 6 Meridian

### Statements of Changes in Net Assets <br> (Concluded)

---

| | | |
|:---|:---|:---|
|  | **ETC 6 Meridian Quality <br>Growth ETF** | **ETC 6 Meridian Quality <br>Growth ETF** |
|  | **Year ended <br>November 30, <br>2022** | **Period Ended <br>November 30, <br>2021<sup>(1)</sup>** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $18911 | $(15182) |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(2)</sup> | (4010417) | 333599 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (1389798) | 917008 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (5381304) | 1235425 |
|  **Distributions:** | (10465) | (222) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 19776131 | 28170071 |
| &nbsp;&nbsp;&nbsp; Redeemed | (10821406) | (3962765) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 8954725 | 24207306 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 3562956 | 25442509 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year/Period | 25442509 |  |
| &nbsp;&nbsp;&nbsp; End of Year/Period | $29005465 | $25442509 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 850000 | 1100000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (475000) | (150000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 375000 | 950000 |

---

<sup>(1)</sup> Commenced operations on May 10, 2021.

<sup>(2)</sup> Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.)

Amounts designated as "—" are $0.

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

### ETC 6 Meridian
Financial Highlights

*Selected Per Share Data & Ratios*

*Year or Period Ended November 30.*

*For a Share Outstanding Throughout the Year or Period*

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset <br>Value, <br>Beginning <br>of <br>Year/Period** | **Net <br>Investment <br>Income <br>(Loss)\*** | **Net Realized <br>and <br>Unrealized <br>Gain <br>(Loss) on <br>Investments** | **Total <br>from <br>Operations** | **Distributions <br>from Net <br>Investment <br>Income** | **Distributions <br>from Net <br>Realized <br>Capital Gains** | **Return <br>of <br>Capital** | **Return <br>of <br>Capital** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of <br>Year/<br>Period** | **Net Asset <br>Value, <br>Total <br>Return<sup>(1)</sup>** | **Net <br>Assets <br>End of <br>Year/<br>Period <br>(000)**  | **Ratio of <br>Expenses <br>to Average <br>Net Assets <br>(Including <br>Waivers)** | **Ratio of <br>Expenses <br>to Average <br>Net Assets <br>(Excluding <br>Waivers)** | **Ratio of <br>Net <br>Investment Income <br>(Loss) to <br>Average <br>Net Assets** | **Portfolio <br>Turnover<sup>(2)</sup>** |
|  **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** |
| 2022 | $29.54 | $0.67 | $2.66 | $3.33 | $(0.66) | $— | $— |  | $(0.66) | $32.21 | 11.44% | $314875 | 0.82%<sup>(8)</sup> | 0.82%<sup>(8)</sup> | 2.22%<sup>(8)</sup> | 164% |
| 2021 | 26.65 | 0.50 | 2.88 | 3.38 | (0.49) |  |  |  | (0.49) | 29.54 | 12.76 | 246619 | 0.84<br><sup>(7)</sup> | 0.84<br><sup>(7)</sup> | 1.72<br><sup>(7)</sup> | 171 |
| 2020<sup>(3)</sup> | 25.34 | 0.25 | 1.30 | 1.55 | (0.24) |  |  |  | (0.24) | 26.65 | 6.14 | 202524 | 0.87<br><sup>(4)(5)</sup> | 0.87<br><sup>(4)(5)</sup> | 1.71<br><sup>(4)(5)</sup> | 49 |
|  **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **ETC 6 Meridian Low Beta Equity Strategy ETF** |
| 2022 | $33.63 | $0.44 | $0.49 | $0.93 | $(0.45) | $— | $— |  | $(0.45) | $34.11 | 2.80% | $156899 | 0.80% | 0.80% | 1.32% | 73% |
| 2021 | 28.70 | 0.21 | 4.94 | 5.15 | (0.22) |  |  |  | (0.22) | 33.63 | 17.96 | 137049 | 0.82 | 0.82 | 0.64 | 70 |
| 2020<sup>(3)</sup> | 25.54 | 0.10 | 3.15 | 3.25 | (0.09) |  |  |  | (0.09) | 28.70 | 12.72 | 93283 | 0.88<br><sup>(4)</sup> | 0.88<br><sup>(4)</sup> | 0.65<br><sup>(4)</sup> | 13 |
|  **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** | **ETC 6 Meridian Mega Cap Equity ETF** |
| 2022 | $34.50 | $0.77 | $0.14 | $0.91 | $(0.74) | $— | $— |  | $(0.74) | $34.67 | 2.73% | $177680 | 0.80% | 0.80% | 2.27% | 160% |
| 2021 | 29.14 | 0.58 | 5.39 | 5.97 | (0.58) | (0.03) |  |  | (0.61) | 34.50 | 20.59 | 158680 | 0.82 | 0.82 | 1.76 | 166 |
| 2020<sup>(3)</sup> | 25.38 | 0.27 | 3.74 | 4.01 | (0.25) |  |  |  | (0.25) | 29.14 | 15.88 | 115827 | 0.86<br><sup>(4)</sup> | 0.86<br><sup>(4)</sup> | 1.72<br><sup>(4)</sup> | 38 |
|  **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** | **ETC 6 Meridian Small Cap Equity ETF** |
| 2022 | $49.08 | $0.56 | $(4.76) | $(4.20) | $(0.60) | $— | $— |  | $(0.60) | $44.28 | (8.58)% | $65314 | 0.89% | 0.89% | 1.24% | 91% |
| 2021 | 35.05 | 0.40 | 14.00 | 14.40 | (0.37) |  |  |  | (0.37) | 49.08 | 41.20 | 62572 | 0.88 | 0.88 | 0.87 | 104 |
| 2020<sup>(3)</sup> | 26.43 | 0.13 | 8.60 | 8.73 | (0.11) |  |  |  | (0.11) | 35.05 | 33.11 | 32423 | 1.00<br><sup>(4)</sup> | 1.10<br><sup>(4)</sup> | 0.76<br><sup>(4)</sup> | 29 |
|  **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** | **ETC 6 Meridian Quality Growth ETF** |
| 2022 | $26.78 | $0.02 | $(4.90) | $(4.88) | $(0.01) | $— | $— |  | $(0.01) | $21.89 | (18.23)% | $29005 | 1.00% | 1.08% | 0.07% | 84% |
| 2021<sup>(6)</sup> | 24.28 | (0.03) | 2.53 | 2.50 |  |  |  | \*\* |  | 26.78 | 10.30 | 25443 | 1.00<br><sup>(4)</sup> | 1.52<br><sup>(4)</sup> | (0.18)<sup>(4)</sup> | 40 |

---

\* Per share data calculated using average shares method.

\*\* Amount represents less than $0.01.

<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> Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of securities received or delivered from processing in-kind creations or redemptions.

<sup>(3)</sup> Commenced operations on May 8, 2020.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> The expense ratio includes interest expense. Had this expense been excluded the ratio's would have been 0.83%, 0.83% and 1.75%.

<sup>(6)</sup> Commenced operations on May 10, 2021.

<sup>(7)</sup> The expense and investment income ratio includes interest expense. Had this expense been excluded the ratio's would have been 0.80%, 0.80% and 1.76%.

<sup>(8)</sup> The expense and investment income ratio includes interest expense. Had this expense been excluded the ratio's would have been 0.78%, 0.78% and 2.26%.

Amounts designated as "—" are $0.

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

Notes to the Financial Statements

November 30, 2022

**1. ORGANIZATION**

Exchange Traded Concepts Trust (the "Trust") is a Delaware statutory trust formed on July 17, 2009. The Trust is registered with 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 the ETC 6 Meridian Hedged Equity-Index Option Strategy ETF, ETC 6 Meridian Low Beta Equity Strategy ETF, ETC 6 Meridian Mega Cap Equity ETF, ETC 6 Meridian Small Cap Equity ETF and ETC 6 Meridian Quality Growth ETF (each, a "Fund" and collectively, the "Funds"). Each Fund seeks to provide capital appreciation. The ETC 6 Meridian Low Beta Equity Strategy ETF and ETC 6 Meridian Small Equity ETF are classified as "diversified" under the 1940 Act. The ETC 6 Meridian Hedged Equity-Index Option Strategy ETF, ETC 6 Meridian Mega Cap Equity ETF and ETC 6 Meridian Quality Growth ETF are classified as "non-diversified" under the 1940 Act (see "Non-Diversification Risk" under Note 6). Exchange Traded Concepts, LLC (the "Adviser"), an Oklahoma limited liability company, serves as the investment adviser for the Funds. The Funds, other than the ETC 6 Meridian Quality Growth ETF, commenced operations on May 8, 2020. The ETC 6 Meridian Quality Growth ETF commenced operations on May 10, 2021.

Shares of the Funds are listed and traded on the NYSE Arca, Inc. (the "Exchange"). Market prices for shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares on a continuous basis to certain institutional investors (typically market makers or other broker-dealers) at NAV only in large blocks of shares, typically 25,000 shares, called "Creation Units". Transactions for each Fund are generally conducted in exchange for the deposit or delivery of a portfolio of in-kind securities constituting a substantial replication, or a representation, of the securities closely approximating the holdings of that Fund and a specified amount of cash. 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 Funds meet the criteria of an "investment company," and therefore, the Funds prepare their financial statements in accordance with investment company accounting as outlined in ASC 946.

**Use of Estimates and Indemnifications** — Each Fund is an investment company in conformity with U.S. GAAP. Therefore, the Funds 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 Funds, enters into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements cannot be known; however, the Funds expect any risk of loss to be remote.

**Security Valuation** — The Funds record their 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

Notes to the Financial Statements

November 30, 2022 (Continued)

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

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 Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair-value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Trust's Board of Trustees (the "Board") designated the Adviser as the Board's valuation designee to perform fair-value determinations for the Funds through a Fair Value Committee (the "Committee") established by the Adviser and approved new Adviser Fair Value Procedures for the Funds. Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust's Fair Value Procedures established by the Trust's Board and were implemented through a Fair Value Committee designated by the Board.

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, a 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 Funds disclose 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

Notes to the Financial Statements

November 30, 2022 (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;• Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

&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;• Level 3 – Prices, inputs or exotic 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 Funds to measure fair value during the year ended November 30, 2022 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 each 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 Funds' policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on their Statements of Operations. As of November 30, 2022, the Funds 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 Funds have reviewed all major jurisdictions and concluded that there is no impact on the Funds' 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.

**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 and expenses are recognized on the accrual basis. Withholding taxes and reclaims on foreign dividends, if any, have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**Counterparty Risk and Collateral** — The ETC 6 Meridian Hedged Equity-Index Option Strategy ETF invests in exchange-traded derivatives, such as futures and exchange-traded options. Counterparty risk on these derivatives is minimal because the clearinghouse provides protection against counterparty defaults. For futures, the Fund is required to deposit collateral in the amount specified by the clearinghouse and the clearing firm ("margin requirement"), and the margin requirement must be maintained over the life of the contract. Collateral for exchange-traded derivatives may be in the form of cash or debt securities issued by the U.S. government or related agencies, although other securities may be used. Cash posted by the Fund, if any, is reflected as cash deposits in the accompanying financial statements and generally is restricted from withdrawal by the Fund. Securities posted by the Fund, if any, are noted in the accompanying schedule of investments. Both forms of collateral remain in the Fund's assets. Exchange-traded derivatives may only be closed out on the exchange or clearinghouse where the contracts were cleared. This ability is subject to the liquidity of underlying positions.

**Options** — The ETC 6 Meridian Hedged Equity-Index Option Strategy ETF may purchase and sell put and call options. A call option gives a holder the right to purchase a specific security or an index at a specified price ("exercise price") within a specified period of time. A put option gives a holder the right to sell a specific security or an index at a specified price within a specified period of time. The initial purchaser of a call option pays the "writer," i.e., the party selling the option, a premium which is paid at the time of purchase and is retained by the writer whether or not such option is exercised. The Fund may purchase put options to hedge its portfolio against the risk of a decline in the market value of securities held and may purchase call options to hedge against an increase in the price of

Notes to the Financial Statements

November 30, 2022 (Continued)

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

securities it is committed to purchase. The Fund may write put and call options along with a long position in options to increase its ability to hedge against a change in the market value of the securities it holds or is committed to purchase. The ETC 6 Meridian Hedge Equity-Index Option Strategy ETF entered into written and purchased options during the year ended November 30, 2022. These options were index options composed entirely of equity risk.

Options may relate to particular securities and may or may not be listed on a national securities exchange and issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options on particular securities may be more volatile than the underlying securities, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying securities themselves. Refer to the Fund's Schedule of Investments for details regarding open option contracts as of November 30, 2022, if applicable. The amount of realized gain (loss) on Purchased and/or Written Options is presented on the Statements of Operations as "Net Realized Gain (Loss) on Purchased and Written Options". The change in the net fair value of the Purchased and/or Written Options is included in the Statement of Operations as "Net Change in Unrealized Appreciation (Depreciation) on Purchased and Written Options".

For the year ended November 30, 2022, the average quarterly notional amount of options held in the ETC 6 Meridian Hedged Equity-Index Option Strategy ETF were as follows:

---

| | |
|:---|:---|
|  Average Quarterly Notional Balance Long | $— |
|  Average Quarterly Notional Balance Short | (197058206) |

---

**Cash and Cash Equivalents —** Idle cash may be swept into various overnight demand deposits and is classified as Cash and Cash equivalents on the Statements of Assets and Liabilities. The Funds maintain 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 —** Each Fund pays out dividends from its net investment income monthly and distributes its net capital gains, if any, to investors at least annually. All distributions are recorded on ex-dividend date.

**Offering costs** — Offering costs, including costs of printing initial prospectus, legal and registration fees, are expensed monthly from inception for each Fund. During the year ended November 30, 2022, the ETC 6 Meridian Quality Growth ETF expensed $21,061 of offering costs.

**Creation Units** — The Funds issue and redeem 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 of $500, $1,000, $500, $500 and $500 per transaction, regardless of the number of Creation Units created in a given transaction for ETC 6 Meridian Hedged Equity-Index Option Strategy ETF, ETC 6 Meridian Low Beta Equity Strategy ETF, ETC 6 Meridian Mega Cap Equity ETF, ETC 6 Meridian Small Cap Equity ETF and ETC 6 Meridian Quality Growth ETF, respectively. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard minimum redemption transaction fee of $500, $1,000, $500, $500 and $500 per transaction to the custodian on the date of such redemption, regardless of the number of Creation Units redeemed in a given transaction for ETC 6 Meridian Hedged Equity-Index Option Strategy ETF, ETC 6 Meridian Low Beta Equity Strategy ETF, ETC 6 Meridian Mega Cap Equity ETF, ETC 6 Meridian Small Cap Equity ETF and ETC 6 Meridian Quality Growth ETF, respectively. The Funds 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.

Notes to the Financial Statements

November 30, 2022 (Continued)

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

Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds 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 Funds' 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 Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

The following table discloses the Creation Unit breakdown based on the NAV as of November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Fund Name** | **Creation <br>Unit Shares** | **Creation <br>Transaction <br>Fee** | **Value** | **Redemption <br>Transaction <br>Fee** |
|  ETC 6 Meridian Hedged Equity-Index Option Strategy ETF | 25000 | $500 | $805250 | $500 |
|  ETC 6 Meridian Low Beta Equity Strategy ETF | 25000 | 1000 | 852750 | 1000 |
|  ETC 6 Meridian Mega Cap Equity ETF | 25000 | 500 | 866750 | 500 |
|  ETC 6 Meridian Small Cap Equity ETF | 25000 | 500 | 1107000 | 500 |
|  ETC 6 Meridian Quality Growth ETF | 25000 | 500 | 547250 | 500 |

---

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 a 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 a 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 a 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 Statements of Assets and Liabilities, when applicable.

**3. SERVICE PROVIDERS**

*Investment Advisory Agreement*

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 Funds, pursuant to an investment advisory agreement with the Trust (the "Advisory Agreement"). Under the Advisory Agreement, the Adviser provides investment advisory services to each Fund and is responsible for, among other things, overseeing the Sub-Adviser (as defined below), including regular review of the Sub-Adviser's performance, and trading portfolio securities on behalf of each Fund, and selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board. The Adviser also arranges for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate. The Adviser administers the Funds business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services, and provides its officers and employees to serve as officers or Trustees of the Trust.

Notes to the Financial Statements

November 30, 2022 (Continued)

 **3. SERVICE PROVIDERS (continued)**

For the services it provides, each Fund pays the Adviser a fee calculated daily and paid monthly at an annual rate of 0.61% of the average daily net assets of each Fund.

The Adviser has contractually agreed to waive its fees and reimburse expenses to the extent necessary to keep total annual operating expenses of each Fund (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) (the "Excluded Expenses) from exceeding 1.00% of each Fund's average daily net assets until at least April 1, 2023. The expense limitation agreement may be terminated, without payment of any penalty: (i) by the Trust for any reason and at any time and (ii) by the Adviser, for any reason, upon ninety (90) days' prior written notice to the Trust, such termination to be effective as of the close of business on the last day of the then-current one-year period. If it becomes unnecessary for the Adviser to waive fees or reimburse expenses, the Board may permit the Adviser to retain the difference between the Funds' total annual operating expenses and the expense limitation currently in effect, or, if lower, the expense limitation that was in effect at the time of the waiver and/or reimbursement, to recapture all or a portion of its prior fee waivers or expense reimbursements within three years of the date they were waived or reimbursed. The fees which were waived and/or reimbursed to a Fund by the Adviser, which may be subject to possible future reimbursement, up to the expense cap in place at the time the expenses were waived and reimbursed to the Adviser are as follows:

---

| | | |
|:---|:---|:---|
|  **Fund Name** | **Reimbursement <br>Amount** | **Expiration Date** |
|  ETC 6 Meridian Quality Growth ETF | $42622 | November 30, 2024 |
|  ETC 6 Meridian Quality Growth ETF | 22457 | November 30, 2025 |

---

During the year ended November 30, 2022, the Adviser recaptured previously waived fees of $13,217 for ETC 6 Meridian Small Cap Equity ETF, which were due to expire on November 30, 2023.

Pursuant to an arrangement between the Adviser and the Sub-Adviser (defined below), the Sub-Adviser has agreed to assume the Adviser's obligation to pay Fund expenses (except for Excluded Expenses) and has agreed, to the extent applicable, to pay the Adviser a minimum fee.

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.

*Sub-Advisory Agreement*

Madison Avenue Financial Solutions, LLC\* (the "Sub-Adviser"), a Delaware limited liability company, serves as the Funds' sub-adviser pursuant to a sub-advisory agreement ("Sub-Advisory Agreement"). Under the Sub-Advisory Agreement, the Sub-Adviser makes investment decisions for the Funds and continuously reviewing and administering the investment program of the Funds, subject to the supervision of the Adviser and the oversight of the Board.

Under the Sub-Advisory Agreement, with respect to each Fund, the Adviser pays the Sub-Adviser a fee out of the fee the Adviser receives from the Funds, calculated daily and paid monthly at an annual rate of 0.49% of the Funds' average daily net assets.

\*Effective November 1, 2022, the sub-advisory services provided to the Funds by Hightower 6M Holding, LLC ("Hightower 6M") transitioned to the Sub-Adviser as part of an internal reorganization by Hightower Holding, LLC, which wholly owns both Hightower 6M and the Sub-Adviser.

Notes to the Financial Statements

November 30, 2022 (Continued)

 **3. SERVICE PROVIDERS (continued)**

*Distribution Arrangement*

The Distributor serves as each Funds underwriter and distributor of each Fund's 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 a Fund's 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 any Fund's shares.

The Funds have adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. For the year ended November 30, 2022, 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 Funds' administrator pursuant to an administration agreement. Bank of New York Mellon serves as the Funds' custodian and transfer agent pursuant to a custodian agreement and transfer agency services agreement.

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

**4. INVESTMENT TRANSACTIONS**

For the year ended November 30, 2022, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

---

| | | |
|:---|:---|:---|
|  **Fund Name** | **Purchases** | **Sales and <br>Maturities** |
|  ETC 6 Meridian Hedged Equity-Index Option Strategy ETF | $449049013 | $441307185 |
|  ETC 6 Meridian Low Beta Equity Strategy ETF | 104714696 | 105111248 |
|  ETC 6 Meridian Mega Cap Equity ETF | 257232241 | 262137281 |
|  ETC 6 Meridian Small Cap Equity ETF | 56645806 | 58144411 |
|  ETC 6 Meridian Quality Growth ETF | 23153162 | 22706781 |

---

There were no purchases or sales of long-term U.S. Government securities by any of the Funds.

For the year ended November 30, 2022, in-kind transactions associated with creations and redemptions were:

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Name** | **Purchases** | **Sales** | **Net Realized <br>Gain (Loss)** |
|  ETC 6 Meridian Hedged Equity-Index Option Strategy ETF | $271353995 | $229516177 | $32721576 |
|  ETC 6 Meridian Low Beta Equity Strategy ETF | 76721826 | 59287059 | 12031278 |
|  ETC 6 Meridian Mega Cap Equity ETF | 165212499 | 143764820 | 20638414 |
|  ETC 6 Meridian Small Cap Equity ETF | 41323875 | 30471366 | 6485592 |
|  ETC 6 Meridian Quality Growth ETF | 18899447 | 10207997 | 1197938 |

---

Notes to the Financial Statements

November 30, 2022 (Continued)

**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 total distributable earnings (accumulated losses) as appropriate, in the period that the differences arise.

Accordingly, the following permanent differences primarily attributable to redemptions in-kind and net operating losses have been reclassified within the components of net assets for the period ended November 30, 2022:

---

| | | |
|:---|:---|:---|
|  **Fund Name** | **Total <br>Distributable <br>Earnings <br>(Accumulated <br>Losses)** | **Paid-in <br>Capital** |
|  ETC 6 Meridian Hedged Equity-Index Option Strategy ETF | $(31826654) | $31826654 |
|  ETC 6 Meridian Low Beta Equity Strategy ETF | (11977016) | 11977016 |
|  ETC 6 Meridian Mega Cap Equity ETF | (19979261) | 19979261 |
|  ETC 6 Meridian Small Cap Equity ETF | (6369500) | 6369500 |
|  ETC 6 Meridian Quality Growth ETF | (1185141) | 1185141 |

---

The tax character of dividends and distributions paid during the year/period ended November 30, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Name** | **Ordinary <br>Income** | **Return of <br>Capital** | **Totals** |
|  ETC 6 Meridian Hedged Equity-Index Option Strategy ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $6013160 | $— | $6013160 |
| &nbsp;&nbsp;&nbsp; 2021 | 3938003 |  | 3938003 |
|  ETC 6 Meridian Low Beta Equity Strategy ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $1949810 | $— | $1949810 |
| &nbsp;&nbsp;&nbsp; 2021 | 812365 |  | 812365 |
|  ETC 6 Meridian Mega Cap Equity ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $3543151 | $— | $3543151 |
| &nbsp;&nbsp;&nbsp; 2021 | 2635002 |  | 2635002 |
|  ETC 6 Meridian Small Cap Equity ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $834121 | $— | $834121 |
| &nbsp;&nbsp;&nbsp; 2021 | 415999 |  | 415999 |
|  ETC 6 Meridian Quality Growth ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $10465 | $— | $10465 |
| &nbsp;&nbsp;&nbsp; 2021 |  | 222 | 222 |

---

Notes to the Financial Statements

November 30, 2022 (Continued)

 **5. TAX INFORMATION (continued)**

As of November 30, 2022, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ETC <br>6 Meridian <br>Hedged <br>Equity-Index <br>Option <br>Strategy ETF** | **ETC <br>6 Meridian <br>Low Beta <br>Equity <br>Strategy ETF** | **ETC <br>6 Meridian <br>Mega Cap <br>Equity ETF** | **ETC <br>6 Meridian <br>Small Cap <br>Equity ETF** | **ETC <br>6 Meridian <br>Quality <br>Growth ETF** |
|  Undistributed Ordinary Income | $805025 | $262378 | $465171 | $105690 | $18911 |
|  Post-October Losses | (8939002) |  |  |  |  |
|  Capital Loss Carryforwards | (36889843) | (10747430) | (22505058) | (7395412) | (4832038) |
|  Unrealized Appreciation (Depreciation) | 7924660 | 6352308 | 4834169 | (487050) | (1017035) |
|  Other Temporary Differences | (714769) | (229595) | (412762) | (85485) | (10464) |
|  Total Distributable Earnings (Accumulated Losses) | $(37813929) | $(4362339) | $(17618480) | $(7862257) | $(5840626) |

---

Post-October capital losses represent capital losses realized on investment transactions from November 1, 2022 through November 30, 2022, that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

The Funds are permitted to utilize capital losses that are carried forward and will retain their character as either short-term or long-term capital losses. As of November 30, 2022, the following Funds have capital loss carryforwards to offset capital gains for an unlimited period:

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Name** | **Non Expiring <br>Short-Term** | **Non Expiring <br>Long-Term** | **Total <br>Capital Loss <br>Carryforwards** |
|  ETC 6 Meridian Hedged Equity-Index Option Strategy ETF | $29630458 | $7259385 | $36889843 |
|  ETC 6 Meridian Low Beta Equity Strategy ETF | 8673213 | 2074217 | 10747430 |
|  ETC 6 Meridian Mega Cap Equity ETF | 19972263 | 2532795 | 22505058 |
|  ETC 6 Meridian Small Cap Equity ETF | 7005001 | 390411 | 7395412 |
|  ETC 6 Meridian Quality Growth ETF | 3837946 | 994092 | 4832038 |

---

For Federal income tax purposes, the cost of securities owned at November 30, 2022, and the net realized gains or losses on securities sold for the period, were different from amounts reported for financial reporting purposes primarily due to wash sales which cannot be used for Federal income tax purposes in the current period and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments and foreign currency transactions held by the Funds at November 30, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Fund Name** | **Federal Tax <br>Cost** | **Aggregated <br>Gross <br>Unrealized <br>Appreciation** | **Aggregated <br>Gross <br>Unrealized <br>Depreciation** | **Net <br>Unrealized <br>Appreciation <br>(Depreciation)** |
|  ETC 6 Meridian Hedged Equity-Index Option Strategy ETF | $316774359 | $20887467 | $(12962807) | $7924660 |
|  ETC 6 Meridian Low Beta Equity Strategy ETF | 150577206 | 16235155 | (9882847) | 6352308 |
|  ETC 6 Meridian Mega Cap Equity ETF | 172891349 | 12808649 | (7974480) | 4834169 |
|  ETC 6 Meridian Small Cap Equity ETF | 65812979 | 5983761 | (6470811) | (487050) |
|  ETC 6 Meridian Quality Growth ETF | 30045172 | 1984350 | (3001385) | (1017035) |

---

Notes to the Financial Statements

November 30, 2022 (Continued)

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

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

*Limited Authorized Participants, Market Makers and Liquidity Providers Risk.* Because the Funds is an ETF, only a limited number of institutional investors (known as "Authorized Participants") are authorized to purchase and redeem shares directly from the Funds. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occurs, the risk of which is higher during periods of market stress, shares of the Funds may trade at a material discount to their NAV per share and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

*Market Risk.* The market price of a security or instrument could decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. 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. The market value of a security may also decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

*Models and Data Risk.* The Sub-Adviser relies heavily on quantitative models as well as data and information supplied by third parties that are utilized by the models. To the extent the models do not perform as designed or as intended, the Funds' strategy may not be successfully implemented and the Funds may lose value. If the models or data are incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities that would have been excluded or included had the models or data been correct and complete.

*Non*-Diversification *Risk* (ETC 6 Meridian Mega Cap Equity ETF, ETC 6 Meridian Hedged Equity-Index Option Strategy ETF and ETC 6 Meridian Quality Growth ETF only). The Funds are a non-diversified investment company under the 1940 Act, meaning that, as compared to a diversified fund, it can invest a greater percentage of its assets in securities issued by or representing a small number of issuers. As a result, the performance of these issuers can have a substantial impact on the Funds' performance.

*Options Risk* (ETC 6 Meridian Hedged Equity-Index Strategy ETF only). Options give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Sub-Adviser's ability to correctly predict future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Sub-Adviser, thus limiting the ability to implement the Fund's strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.

Notes to the Financial Statements

November 30, 2022 (Concluded)

**7. OTHER**

At November 30, 2022, the records of the Trust, reflected in the table below, shows the total shares outstanding held by 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 Authorized Participants.

---

| | |
|:---|:---|
|  **Fund Name** | **Number of Authorized Participants** |
|  ETC 6 Meridian Hedged Equity-Index Option Strategy ETF | 3 |
|  ETC 6 Meridian Low Beta Equity Strategy ETF | 4 |
|  ETC 6 Meridian Mega Cap Equity ETF | 4 |
|  ETC 6 Meridian Small Cap Equity ETF | 4 |
|  ETC 6 Meridian Quality Growth ETF | 3 |

---

**8. RECENT MARKET EVENTS**

The spread of COVID-19 around the world has caused significant volatility in U.S. and international markets. There is significant uncertainty around the breadth and duration of business disruptions related to the COVID-19 pandemic, as well as its impact on the U.S. and international economies. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such developments may in turn impact the value of the Funds' investments. The ultimate impact of the pandemic on the financial performance of the Funds' investments is not reasonably able to be approximated at this time.

On February 24, 2022, Russia engaged in military actions in the sovereign territory of Ukraine. The current political and financial uncertainty surrounding Russia and Ukraine may increase market volatility and the economic risk of investing in securities in these countries and may also cause uncertainty for the global economy and broader financial markets. The ultimate fallout and long-term impact from these events are not known.

**9. SUBSEQUENT EVENTS**

The Funds have 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 disclosure and/or adjustments were required to the financial statements.

![](tcohen_logo.jpg)

**ETC 6 Meridian**

Report of Independent Registered Public Accounting Firm

To the Shareholders of ETC 6 Meridian Hedged Equity-Index Option Strategy ETF, ETC 6 Meridian Low Beta Equity Strategy ETF, ETC 6 Meridian Mega Cap Equity ETF, ETC 6 Meridian Small Cap Equity ETF, and ETC 6 Meridian Quality Growth ETF and

Board of Trustees of Exchange Traded Concepts Trust

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of ETC 6 Meridian Hedged Equity-Index Option Strategy ETF, ETC 6 Meridian Low Beta Equity Strategy ETF, ETC 6 Meridian Mega Cap Equity ETF, ETC 6 Meridian Small Cap Equity ETF, and ETC 6 Meridian Quality Growth ETF (the "Funds"), each a series of Exchange Traded Concepts Trust, as of November 30, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Name** | **Statements of <br>Operations** | **Statements of <br>Changes in <br>Net Assets** | **Financial <br>Highlights** |
| ETC 6 Meridian Hedged Equity-Index Option Strategy <br> ETF ETC 6 Meridian Low Beta Equity Strategy ETF <br> ETC 6 Meridian Mega Cap Equity ETF <br> ETC 6 Meridian Small Cap Equity ETF | For the year ended November 30, 2022 | For the years ended November 30, 2022, and 2021 | For the years ended November 30, 2022, and 2021 and for the period from May 8, 2020 (commencement of operations) through November 30, 2020 |
| ETC 6 Meridian Quality Growth ETF | For the year ended November 30, 2022 | For the year ended November 30, 2022, and for the period from May 10, 2021 (commencement of operations) through November 30, 2021 | For the year ended November 30, 2022, and for the period from May 10, 2021 (commencement of operations) through November 30, 2021 |

---

<u><u>Basis for Opinion</u></u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Exchange Traded Concepts, LLC since 2012.

![](tcohen_sig.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

January 24, 2023

Trustees and Officers of the Trust

(Unaudited)

Set forth below is information about the Trustees of the Trust. The address of each Trustee of the Trust is c/o Exchange Traded Concepts Trust, 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120. The Fund's Statement of Additional Information ("SAI") includes additional information about the Trustees. The SAI may be obtained without charge by calling 833-466-6383.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name and <br>Year of Birth** | **Position(s) <br>Held with <br>Trust** | **Term of <br>Office <br>and Length of <br>Time <br>Served<sup>(1)</sup>** | **Principal <br>Occupation(s) <br>During the Past 5 Years** | **Number of <br>Portfolios in <br>Fund Complex <br>Overseen By <br>Trustee<sup>(2)</sup>** | **Other <br>Directorships <br>Held by <br>Trustee <br>During <br>Past 5 Years** |
| **Interested Trustee**<sup>(3)</sup> | **Interested Trustee**<sup>(3)</sup> |  |  |  |  |
| J. Garrett Stevens<br>(1979) | Trustee and President | Trustee (Since 2009); President (Since 2011) | Investment Adviser/Vice President, T.S. Phillips Investments, Inc. (since 2000); Chief Executive Officer, Exchange Traded Concepts, LLC (since 2009); President, Exchange Traded Concepts Trust (since 2011); President, Exchange Listed Funds Trust (since 2012). | 20 |  |
| **Independent Trustees** | **Independent Trustees** |  |  |  |  |
| Timothy Jacoby<br>(1952) | Trustee | Since 2014 | None. | 38 | Independent Trustee, Bridge Builder Trust (14 portfolios); Independent Trustee, Edward Jones Money Market Fund (since 2017); Audit Committee Chair, Perth Mint Physical Gold ETF (2018 to 2020). |
| Linda Petrone<br>(1962) | Trustee | Since 2019 | Founding Partner, Sage Search Advisors <br>(since 2012). | 38 | None. |
| Stuart Strauss<br>(1953) | Trustee | Since 2021 | Partner, Dechert, LLP <br>(2009 to 2020). | 38 | None. |
| Mark Zurack<br>(1957) | Trustee | Since 2011 | Professor, Columbia Business School <br>(since 2002). | 20 | Independent Trustee, AQR Funds (35 portfolios) (since 2014); Independent Trustee, Exchange Listed Funds Trust (2019). |

---

<sup>(1)</sup> *Each Trustee shall serve during the continued life of the Trust until he or she dies, resigns, is declared bankrupt or incompetent by a court of competent jurisdiction, or is removed.*

<sup>(2)</sup> *The fund complex includes each series of the Trust and of Exchange Listed Funds Trust.*

<sup>(3)</sup> *Mr. Stevens is an "interested person"of the Trust, as that term is defined in the 1940 Act, by virtue of his employment with, and ownership interest in, the Adviser.*

Trustees and Officers of the Trust <br>(Unaudited) (Concluded)

Set forth below is information about each of the persons currently serving as officers of the Trust. The address of J. Garrett Stevens, James J. Baker Jr., Richard Malinowski, Christopher W. Roleke and Matthew Fleischer is c/o Exchange Traded Concepts Trust, 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120; and the address of Eric Olsen is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456.

---

| | | | |
|:---|:---|:---|:---|
|  **Name and Year of Birth** | **Position(s) Held <br>with Trust** | **Term of Office and Length <br>of Time Served<sup>(1)</sup>** | **Principal Occupation(s) <br>During Past 5 Years** |
| **Officers** | **Officers** | **Officers** | **Officers** |
| J. Garrett Stevens<br>(1979) | Trustee and President | Trustee (Since 2009); President (Since 2011) | Investment Adviser/Vice President, T.S. Phillips Investments, Inc. (since 2000); Chief Executive Officer, Exchange Traded Concepts, LLC (since 2009); President, Exchange Listed Funds Trust (since 2012). |
| James J. Baker Jr.<br>(1951) | Vice President | Since 2015 | Managing Partner, Exchange Traded Concepts, LLC (since 2011); Managing Partner |
| Richard Malinowski<br>(1983) | Vice President and Secretary | Since 2022 | General Counsel, Exchange Traded Concepts, LLC (since 2022); Senior Vice President and Senior Managing Counsel, Ultimus Fund Solutions LLC, (2020 to 2022); Senior Vice President, Ultimus Fund Solutions LLC (2017 to 2020). |
| Christopher W. Roleke<br>(1972) | Treasurer | Since 2022 | Controller, Exchange Traded Concepts, LLC (since 2022); Managing Director/Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to 2022). |
| Eric Olsen<br>(1970) | Assistant Treasurer | Since 2021 | Director, Fund Accounting, SEI Investments Global Funds Services (since 2021); Deputy Head of Fund Operations, Traditional Assets, Aberdeen Standard Investments (2013 to 2021). |
| Matthew Fleischer<br>(1983) | Chief Compliance Officer | Since 2021 | Chief Compliance Officer, Exchange Traded Concepts Trust (since 2021); Chief Compliance Officer, Exchange Listed Funds Trust (since 2021); Vice President, Compliance, Goldman Sachs Asset Management Funds (2017 to 2021); Associate Counsel, Ameriprise Financial, Columbia Threadneedle Funds (2015 to 2017). |

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<sup>(1)</sup> Each officer serves at the pleasure of the Board.

Disclosure of Fund Expenses

(Unaudited)

All ETFs have operating expenses. As a shareholder of a Fund you incur an advisory fee. In addition to the advisory fee, a shareholder may pay brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses (including acquired fund fees and expenses), if any. It is important for you to understand the impact of these ongoing costs on your investment returns. Shareholders may incur brokerage commissions on their purchases and sales of a Fund's shares, which are not reflected in these examples.

The following examples use the annualized expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (June 1, 2022 to November 30, 2022) (unless otherwise noted below). The table below illustrates the Fund's cost in two ways:

**Actual Fund Return.** This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The "Expenses Paid During Period" column shows the actual dollar expense cost incurred by a $1,000 investment in the Funds, and the "Ending Account Value" number is derived from deducting that expense cost from the Fund's gross investment return.

You can use this information, together with the actual amount you invested in a Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under "Expenses Paid During Period."

**Hypothetical 5% Return.** This section helps you compare your Fund's costs with those of other funds. It assumes that the Funds had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Commission requires all funds to make this 5% calculation. You can assess your Fund's comparative cost by comparing the hypothetical result for your Fund in the "Expenses Paid During Period" column with those that appear in the same charts in the shareholder reports for other funds.

**NOTE:** Because the return is set at 5% for comparison purposes — NOT your Fund's actual return — the account values shown may not apply to your specific investment.

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Fund Name**  | **Beginning <br>Account <br>Value <br>6/1/2022** | **Ending <br>Account <br>Value <br>11/30/22** | **Annualized <br>Expense <br>Ratios** | **Expenses <br>Paid <br>During <br>Period<sup>(1)</sup>** |
|  *ETC 6 Meridian Hedged Equity-Index Option Strategy ETF* | *ETC 6 Meridian Hedged Equity-Index Option Strategy ETF* | *ETC 6 Meridian Hedged Equity-Index Option Strategy ETF* | *ETC 6 Meridian Hedged Equity-Index Option Strategy ETF* | *ETC 6 Meridian Hedged Equity-Index Option Strategy ETF* |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1038.80 | 0.85% | $4.34 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | $1000.00 | $1020.81 | 0.85% | $4.31 |
|  *ETC 6 Meridian Low Beta Equity Strategy ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1021.40 | 0.81% | $4.10 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | $1000.00 | $1021.01 | 0.81% | $4.10 |
|  *ETC 6 Meridian Mega Cap Equity ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1017.70 | 0.81% | $4.10 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | $1000.00 | $1021.01 | 0.81% | $4.10 |
|  *ETC 6 Meridian Small Cap Equity ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1000.50 | 0.93% | $4.66 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | $1000.00 | $1020.41 | 0.93% | $4.71 |
|  *ETC 6 Meridian Quality Growth ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1046.70 | 1.00% | $5.13 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | $1000.00 | $1020.05 | 1.00% | $5.06 |

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<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Approval of Investment Advisory Agreements

(Unaudited)

At a meeting held on June 22, 2022 (the "Meeting"), the Board of Trustees (the "Board") of Exchange Traded Concepts Trust (the "Trust") considered and approved the following agreements (the "Agreements") with respect to the 6 Meridian Mega Cap Equity ETF ("SIXA"), ETC 6 Meridian Hedged Equity-Index Option ETF ("SIXH"), ETC 6 Meridian Low Beta Equity ETF ("SIXL"), and ETC 6 Meridian Small Cap Equity ETF ("SIXS" and, with SIXA, SIXH, and SIXL, the "Funds"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a new investment advisory agreement between the Trust, on behalf of the Funds, and Exchange Traded Concepts, LLC ("ETC"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a new sub-advisory agreement between ETC and Hightower 6M Holding, LLC ("6M")\* with respect to the Funds.

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Agreements must be approved by a vote of (i) the Trustees or the shareholders of the Funds and (ii) a majority of the Trustees who are not parties to the Agreements 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 and 6M are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreements. In addition, rules under the 1940 Act require the Funds to disclose in their shareholder reports the material factors and the conclusions with respect thereto that formed the basis for the Board's approval of the Agreements.

Although the 1940 Act requires that the Agreement be approved by the in-person vote of a majority of the Independent Trustees, the Meeting was held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and possible restrictions on gatherings. The Meeting was held in reliance on an order issued by the Securities and Exchange Commission that provides temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a fund's advisory agreement in response to the challenges arising in connection with the COVID-19 pandemic.

As previously disclosed in the semi-annual report for the period ended May 31, 2022, due to an administrative error, the Board did not timely approve the continuance of the investment advisory agreement between the Trust and ETC with respect to the Funds. The Board, therefore, considered and approved the Agreements at the Meeting. In considering whether to approve the Agreements, the Board took into account the materials provided for the Meeting, the extensive discussion before and during the Meeting, including the discussion the Independent Trustees had during executive session with independent legal counsel, and its past consideration of the prior advisory agreement with ETC and prior sub-advisory agreement between ETC and 6M. The Board discussed the lapse of the prior advisory agreement and the steps being taken to address the situation. The Board noted that ETC and 6M have continued to provide uninterrupted services to the Funds. In particular, the Board noted the representation by ETC that it will continue to provide services to the Funds that are of a nature and quality at least equivalent to those provided under the prior advisory agreement and that are consistent with the terms and conditions of the prior advisory agreement. The Board further noted that the material terms of the new advisory agreement, including the compensation payable to ETC, are identical to the terms of the prior advisory agreement and that the material terms of the new sub-advisory agreement, including the compensation payable to 6M, are identical to the terms of the prior sub-advisory agreement. The Board also took into consideration (i) the nature, extent, and quality of the services provided by ETC and 6M to the Funds; (ii) each Fund's performance; (iii) ETC's and 6M's costs of and profits from providing such services, including any fall-out benefits enjoyed by ETC and 6M or their respective affiliates; (iv) comparative fee and expense data for each Fund; (v) the extent to which the advisory fee for each Fund reflects economies of scale shared with shareholders; and (vi) certain other factors the Board deemed to be relevant.

\* Effective November 1, 2022, the sub-advisory services provided to the Funds by 6M transitioned to Madison Avenue Financial Solutions, LLC ("Madison Avenue") as part of an internal reorganization by Hightower Holding, LLC, which wholly owns both 6M and Madison Avenue.

Approval of Investment Advisory Agreements

(Unaudited) (Continued)

*Nature, Extent and Quality of Services.* With respect to the nature, extent and quality of the services to be provided to the Funds, the Board considered ETC's and 6M's specific responsibilities in its allocated aspects of the day-to-day management of the Funds. The Board noted that ETC's responsibilities include overseeing the activities of 6M, while 6M is responsible for developing, implementing, and maintaining an investment program for the Funds. The Board further noted that ETC's responsibilities also include, among other things, trading portfolio securities and other investment instruments on behalf of each Fund, selecting broker-dealers to execute purchase and sale transactions, determining the daily baskets of deposit securities and cash components, executing portfolio securities trades for purchases and redemptions of shares, monitoring compliance with various policies and procedures and applicable securities regulations, overseeing general portfolio compliance with relevant law, quarterly reporting to the Board, and implementing Board directives as they relate to the Funds. The Board noted that it had been provided with ETC's and 6M's registration forms on Form ADV as well as their responses to a detailed series of questions, which included a description of their respective operations, services, personnel, compliance programs, risk management programs, and financial conditions, and whether there had been any material changes to such information since it was last presented to the Board. The Board considered the qualifications, experience and responsibilities of ETC's and 6M's investment personnel, the quality of each of ETC's and 6M's compliance infrastructure, and the determination of the Trust's Chief Compliance Officer that each 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 other services provided to the Funds by ETC, such as arranging for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate; administering the Funds' business affairs; 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 the Funds' business activities; supervising each Fund's registration as an investment company and the offering of shares to the public, including 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 each Fund's shares; and providing its officers and employees to serve as officers or Trustees of the Trust.

Based on the factors discussed above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent, and quality of the services provided to the Funds by ETC and 6M.

*Performance.* The Board reviewed each Fund's performance in light of its stated investment objective, noting that each Fund is actively managed. The Board was provided with reports regarding the past performance of each Fund, including a report prepared by an independent third party comparing each Fund's performance with the performance of a group of peer funds for various time periods. The Board noted that each Fund's performance was within the range of the peer group for the time periods measured, though some Funds' performance was at the higher end of their peer group while others were at the lower end. In reviewing each Fund's performance, the Board took into account that each Fund has had a relatively short operating history over which to consider performance. The Board further noted that it received regular reports regarding each Fund's performance at its quarterly meetings.

*Cost of Advisory Services and Profitability.* The Board reviewed the advisory fee and the sub-advisory fee to be paid by each Fund to ETC and 6M under the Agreements, noting that the advisory fee and sub-advisory fee are the same as the respective fee that was payable under the Prior Advisory Agreement and Prior Sub-Advisory Agreement. The Board reviewed a report prepared by ISS, an independent third party, comparing each Fund's advisory fee to those paid by a group of peer funds. The Board noted that the ISS report included mutual funds in the peer group, which were intended to enhance the Board's ability to evaluate the quality of fees and expenses on a broader scale. The Board took into account the differences in operations and fee structures between ETFs and mutual funds, noting that the Funds' advisory fee was not structured as a unitary fee, and gave such weight to the mutual fund data as it deemed appropriate. The Board noted that ISS selected the particular mutual funds that were included in its report. The Board noted that the advisory fee for ETC 6 Meridian Hedged Equity-Index Option Strategy ETF was on the low end of its peer group range while its total expense ratio was on the high end of its peer group range; the

Approval of Investment Advisory Agreements

(Unaudited) (Continued)

advisory fee for ETC 6 Meridian Low Beta Equity Strategy ETF was in the middle of its peer group range while its total expense ratio was on the high end of its peer group range; the advisory fee and total expense ratio for ETC 6 Meridian Mega Cap Equity ETF were on the high end of its peer group range; and the advisory fee for ETC 6 Meridian Small Cap Equity ETF was in the middle of its peer group range while its total expense ratio was on the high end of its peer group range. The Board considered that ETC is responsible for paying 6M the sub-advisory fee out of the advisory fee it receives from each Fund and that the sub-advisory fee reflects an arm's length negotiation between ETC and 6M. The Board further found that the sub-advisory fee reflected a reasonable allocation of the advisory fee paid to ETC given the work performed by each firm. The Board considered information provided about the costs and expenses incurred by ETC and 6M in providing advisory and sub-advisory services, evaluated the compensation and benefits to be received by each of ETC and 6M from its relationship with the Funds, and reviewed profitability analysis from ETC and 6M with respect to the Funds. In light of this information, the Board concluded that the advisory fee and the sub-advisory fee appeared reasonable in light of the services rendered.

*Economies of Scale.* The Board considered whether economies of scale have been realized with respect to the Funds. The Board concluded that no significant economies of scale have been realized by the Funds and that the Board will have the opportunity to periodically reexamine whether such economies have been achieved.

*Conclusion.* No single factor was determinative of the Board's decision to approve the Agreements; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, determined that the Agreements, including the compensation payable thereunder, was fair and reasonable to each Fund. The Board, including the Independent Trustees, therefore, determined that the approval of the Agreements was in the best interests of each Fund and its shareholders.

Approval of Investment Advisory Agreements

(Unaudited) (Continued)

At a meeting held on September 21, 2022 (the "Meeting"), the Board of Trustees (the "Board") of Exchange Traded Concepts Trust (the "Trust") considered and approved the continuance of the following agreements (the "Agreements") with respect to the ETC 6 Meridian Quality Dividend Yield ETF ("SXQY"), ETC 6 Meridian Quality Growth ETF ("SXQG"), and ETC 6 Meridian Quality Value ETF ("SXQV" and, with SXQY and SXQG, the "Funds"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment advisory agreement between the Trust, on behalf of the Funds, and Exchange Traded Concepts, LLC ("ETC") pursuant to which ETC provides advisory services to the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sub-advisory agreement between ETC and Hightower 6M Holding, LLC ("6M")\* pursuant to which 6M provides sub-advisory services to the Funds.

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Agreements must be approved by a vote of (i) the Trustees or the shareholders of the Funds and (ii) a majority of the Trustees who are not parties to the Agreements 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 and 6M are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreements. In addition, rules under the 1940 Act require the Funds to disclose in their shareholder reports the material factors and the conclusions with respect thereto that formed the basis for the Board's approval of the Agreements.

Consistent with these responsibilities, prior to the Meeting, the Board reviewed materials from ETC and 6M and, at the Meeting, representatives from ETC presented additional information to help the Board evaluate the Agreements. Among other things, the Board was provided an overview of ETC's and 6M's advisory business, including investment personnel and investment processes. Prior to the Meeting, the Trustees met to review and discuss certain information provided. 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 presentations, and deliberated on the approval of the Agreements in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of and request additional materials from ETC and 6M. 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 continuance of the Agreements, the Board took into consideration (i) the nature, extent, and quality of the services provided by ETC and 6M to each Fund; (ii) SXQG's performance; (iii) ETC's and 6M's costs of and profits realized from providing advisory and sub-advisory services to each Fund, including any fall-out benefits enjoyed by ETC and 6M or their respective affiliates; (iv) comparative fee and expense data; (v) the extent to which the advisory fee for SXQG reflects economies of scale shared with Fund shareholders; and (vi) other factors the Board deemed to be relevant.

*Nature, Extent, and Quality of Services.* With respect to the nature, extent, and quality of the services provided to each Fund, the Board considered ETC's and 6M's specific responsibilities in all aspects of day-to-day management of each Fund. The Board noted that (i) ETC's responsibilities include overseeing the activities of 6M, including regular review of 6M's performance; trading portfolio securities and other investment instruments on behalf of each Fund; selecting broker-dealers to execute purchase and sale transactions; determining the daily baskets of deposit securities and cash components; executing portfolio securities trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis; monitoring compliance with various policies and procedures and applicable securities regulations; quarterly reporting to the Board; and implementing Board directives as they relate to the Funds, and (ii) subject to the supervision of ETC and oversight of the Board, 6M's responsibilities include developing, implementing, and maintaining each Fund's investment program; portfolio management; overseeing

\* Effective November 1, 2022, the sub-advisory services provided to the Funds by Hightower 6M Holding, LLC transitioned to Madison Avenue Financial Solutions, LLC ("Madison Avenue") as part of an internal reorganization by Hightower Holding, LLC, which wholly owns both 6M and Madison Avenue.

Approval of Investment Advisory Agreements

(Unaudited) (Continued)

general portfolio compliance with relevant law; quarterly reporting to the Board; and implementing Board directives as they relate to the Funds. The Board noted that it had been provided with ETC's and 6M's registration forms on Form ADV as well as their responses to a detailed series of questions, which included a description of their operations, services, personnel, compliance programs, risk management programs, and financial conditions, 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 and 6M's investment personnel, the quality of ETC's and 6M's compliance infrastructures, and the determination of the Trust's Chief Compliance Officer that each has appropriate compliance policies and procedures in place. The Board considered ETC's and 6M's experience working with ETFs, including the Funds, and noted ETC's experience managing other series of the Trust and other ETFs outside of the Trust.

The Board also considered other services provided to the Funds by ETC, such as arranging for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate; administering each Fund's business affairs; 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 each Fund's business activities; supervising each Fund's registration as an investment company and the offering of Fund shares to the public, including 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 each Fund's shares; and providing its officers and employees to serve as officers or Trustees of the Trust.

Based on the factors discussed above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent, and quality of services provided to each Fund by ETC and 6M.

*Performance.* The Board noted that performance information was available for only SXQG because SXQY and SXQV had not yet commenced operation. The Board reviewed SXQG's performance in light of its stated investment objective, noting that the Fund is actively managed. The Board was provided reports regarding SXQG's past performance, including a report prepared by ISS, an independent third party, comparing the Fund's performance to the performance of a group of peer funds for various time periods ended June 30, 2022. The Board noted that SXQG's performance was lower than the median and average for the peer group. In absolute performance terms, the Board noted that SXGQ is a growth fund and that growth stocks generally had underperformed during the review period. In reviewing SXQG's performance, the Board took into account that the Fund has had a relatively short operating history over which to consider performance. The Board further noted that it received regular reports regarding SXQG's performance at its quarterly meetings.

*Cost of Advisory Services and Profitability.* The Board reviewed the advisory fee paid or to be paid by each Fund to ETC and the sub-advisory fee paid or to be paid by ETC to 6M under the Agreements. The Board reviewed a report prepared by ISS, an independent third party, comparing each Fund's advisory fee to those paid by a group of peer funds. The Board noted that the report included mutual funds in each Fund's peer group, which were intended to enhance the Board's ability to evaluate the quality of fees and expenses on a broader scale. The Board took into account the differences in operations and fee structures between ETFs and mutual funds, noting that, unlike most ETFs, the Funds' advisory fee was not structured as a unitary fee, and gave such weight to the mutual fund data as it deemed appropriate. The Board noted that ISS selected the particular mutual funds that were included in its report. The Board noted that each Fund's advisory fee was at the high end of its respective peer group range, and that SXQG's net total expenses was the highest among its peer ETFs and second highest among its peer ETFs and mutual funds, and that each of SXQY's and SXQV's estimated net total expenses were the highest of its peer group. The Board took into account that due to the specialized nature of each Fund's strategy, there are limitations in comparing each Fund's advisory fee to those of other funds and the information provided by the peer group report may not provide meaningful direct comparisons to the Funds. The Board also considered that ETC has contractually agreed to waive its fees and reimburse expenses for the Funds to ensure that the total operating expenses of each Fund do not exceed a certain amount. The Board considered that the sub-advisory fee is paid by ETC, not the Funds, and that the sub-advisory fee reflects an arm's length negotiation between ETC and 6M.

Approval of Investment Advisory Agreements

(Unaudited) (Concluded)

The Board further found that the sub-advisory fee reflected a reasonable allocation of the advisory fee between ETC and 6M given the work performed by each firm. The Board considered information provided about the costs and expenses incurred by ETC and 6M in providing advisory and sub-advisory services, evaluated the compensation and benefits received by each of ETC and 6M from its relationship with the Funds, and reviewed profitability information from ETC and 6M with respect to each Fund. The Board considered the risks borne by ETC associated with providing services to the Funds, 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 Funds. Based on the foregoing information, the Board concluded that the advisory and sub-advisory fees appeared reasonable in light of the services rendered.

*Economies of Scale.* The Board considered whether economies of scale have been realized with respect to SXQG. The Board concluded that no significant economies of scale have been realized and that the Board will have the opportunity to periodically reexamine whether such economies have been achieved.

*Conclusion.* No single factor was determinative of the Board's decision to approve the continuance of the Agreements on behalf of each Fund; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, determined that the Agreements, including the compensation payable thereunder, were fair and reasonable to each Fund. The Board, including the Independent Trustees, therefore, determined that the approval of the continuance of the Agreements was in the best interests of each Fund and its shareholders.

Notice to Shareholders

(Unaudited)

For shareholders that do not have a November 30, 2022 tax year end, this notice is for informational purposes only. For shareholders with a November 30, 2022 tax year end, please consult your tax advisor as to the pertinence of this notice.

For the fiscal year ended November 30, 2022, the Funds is designating the following items with regard to distributions paid during the year.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Fund Name** | **Return of <br>Capital** | **Ordinary <br>Income <br>Distributions** | **Total <br>Distributions** | **Qualifying <br>For <br>Corporate <br>Dividend <br>Received <br>Deduction<sup>(1)</sup>** | **Qualifying <br>Dividend <br>Income<sup>(2)</sup>** | **U.S. <br>Government <br>Interest<sup>(3)</sup>** | **Interest <br>Related <br>Dividends<sup>(4)</sup>** | **Qualified <br>Short-<br>Term <br>Capital <br>Gain<sup>(5)</sup>** | **Foreign <br>Tax <br>Credit** |
|  ETC 6 Meridian Hedged Equity-Index Option Strategy ETF | 0.00% | 100.00% | 100.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  ETC 6 Meridian Low Beta Equity Strategy ETF | 0.00% | 100.00% | 100.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  ETC 6 Meridian Mega Cap Equity ETF | 0.00% | 100.00% | 100.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  ETC 6 Meridian Small Cap Equity ETF | 0.00% | 100.00% | 100.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  ETC 6 Meridian Quality Growth ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |

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____________

<sup>(1)</sup> Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and are reflected as a percentage ordinary Income distributions (the total of short-term capital gain and net investment income distributions).

<sup>(3)</sup> U.S. Government Interest represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax.

Supplemental Information

(Unaudited)

NAV is the price per share at which a Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The "Market Price" of a Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the shares of a Fund are listed for trading, as of the time that such Fund's NAV is calculated. A Fund's Market Price may be at, above or below its NAV. The NAV of each Fund will fluctuate with changes in the market value of such Fund's holdings. The Market Price of a Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a percentage of the NAV.

Further information regarding premiums and discounts is available on the Funds' website at www.6meridianfunds.com.

Supplemental Information

(Unaudited) (Concluded)

#### Shareholder Voting Results
A Special Meeting (the "Meeting") of Shareholders of ETC 6 Meridian Hedged Equity-Index Option Strategy ETF ("SIXH"), ETC 6 Meridian Low Beta Equity Strategy ETF ("SIXL"), ETC 6 Meridian Mega Cap Equity ETF ("SIXA"), and ETC 6 Meridian Small Cap Equity ETF ("SIXS" and, together with SIXH, SIXL, and SIXA, the "Funds") was held on August 24, 2022, as adjourned and reconvened on September 15, 2022 with respect to SIXH and SIXL only.

The matters considered at the Meeting were:

Proposal 1: To approve a new investment advisory agreement between the Exchange Traded Concepts Trust, on behalf of the Funds, and Exchange Traded Concepts, LLC (the "Adviser").

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares Voted in** |  |  |
|  **Fund** | **Favor** | **Against** | **Abstain** |
|  SIXH | 4,810,649 | 0 | 45,308 |
|  SIXL | 2,407,044 | 0 | 17,991 |
|  SIXA | 2,264,251 | 0 | 16,529 |
|  SIXS | 754,596 | 250 | 26 |

---

Proposal 2: To approve payment of accrued advisory fees to the Adviser for its service to each Fund from May 7, 2022 until the new investment advisory agreement is approved by shareholders and effective.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares Voted in** |  |  |
|  **Fund** | **Favor** | **Against** | **Abstain** |
|  SIXH | 4,810,649 | 0 | 45,308 |
|  SIXL | 2,407,044 | 0 | 17,991 |
|  SIXA | 2,264,211 | 0 | 16,529 |
|  SIXS | 754,596 | 250 | 26 |

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![](etc_logo.jpg)

10900 Hefner Pointe Drive, Suite 400<br>Oklahoma City, OK 73120

**Investment Adviser:**

Exchange Traded Concepts, LLC

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, OK 73120

**Sub**-Adviser**:**

Madison Avenue Financial Solutions, LLC

8301 E 21<sup>st</sup> St. North

Suite 150

Wichita, KS 67206

**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:**

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue NW

Washington, DC 20004

**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 Funds.

MER-AR-001-0200

(b) Not applicable

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

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, controller or principal accounting officer or any person who performs a similar function.

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

(a) (1) The Registrant's Board of Trustees has determined that the Registrant has an audit committee financial expert serving on the audit committee.

(a) (2) The audit committee financial expert Timothy Jacoby is an independent trustee as defined in Form N-CSR Item 3 (a) (2).

Item 4. Principal Accountant Fees and Services.

Fees billed by Cohen & Company, Ltd (Cohen) related to the Registrant.

Cohen billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2021** |
|  |  | &nbsp;&nbsp;All fees and<br> services to<br> the Trust<br> that were<br> pre-<br> approved | &nbsp;&nbsp;All fees and<br> services to<br> service<br> affiliates<br> that were<br> pre-<br> approved | &nbsp;&nbsp;All other <br> fees and<br> services to<br> service<br> affiliates <br> that did not<br> require pre-<br> approval | &nbsp;&nbsp;All fees and<br> services to <br> the Trust <br> that were<br> pre-<br> approved | &nbsp;&nbsp;All fees and<br> services to<br> service<br> affiliates <br> that were<br> pre-<br> approved | &nbsp;&nbsp;All other <br> fees and<br> services to<br> service<br> affiliates<br> that did not<br> require pre-<br> approval |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;Audit Fees<br>| &nbsp;&nbsp;$130900 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$109750 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;Audit-Related Fees<br>| &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) | &nbsp;&nbsp;Tax Fees<br>| &nbsp;&nbsp;$30500<sup>(1)</sup> | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$27000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;All Other Fees<br>| &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Tax
 fees include review of Federal Form 1120 RIC, State returns (if requested), and excise tax
 returns and review of dividend calculation, if requested.

(e)(1) The Trust's Audit Committee has adopted, and the Board of Trustees has ratified, an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Trust may be pre-approved.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |

---

(f) Not Applicable.

(g) The aggregate non-audit fees and services billed by Cohen for the fiscal years 2022 and 2021 were $30,500 and $27,000, respectively.

(h) During the past fiscal year, Registrant's principal accountant provided certain non-audit services to Registrant's investment adviser or to entities controlling, controlled by, or under common control with Registrant's investment adviser that provide ongoing services to Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of Registrant's Board of Trustees reviewed and considered these non-audit services provided by Registrant's principal accountant to Registrant's affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not applicable. The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

---

| | |
|:---|:---|
| **Item** 5. | Audit Committee of Listed Registrants. |

---

The Registrant has a separately-designated standing Audit Committee, which is composed of the Registrant's Independent Trustees: Timothy Jacoby, Stuart Strauss, Linda Petrone and Mark Zurack.

**Item 6.** **Investments.**

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

---

| | |
|:---|:---|
| **Item** **8.** | Portfolio Managers of Closed-End Management Investment Companies. |

---

Not applicable to open-end management investment companies.

**Item 9.** Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

**Item 10.** 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 11.** 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 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) 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.

Item 12. Disclosure of Securities Lending Activities for the Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 13. Exhibits.

[(a)(1) Code of Ethics attached hereto.](s148415_ex99-codeeth.htm)

[(a)(2) 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 Investment Company Act of 1940 Act, as amended (17 CFR 270.30a-2(a)), are filed herewith.](s148415_ex99cert.htm)

[(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as exhibits.](s148415_ex99-906cert.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.

---

| | |
|:---|:---|
|  | Exchange Traded Concepts Trust |
| By | /s/ J. Garrett Stevens |
|  | J. Garrett Stevens, Trustee and President |
| Date: February 2, 2023 |  |

---

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 | /s/ J. Garrett Stevens |
|  | J. Garrett Stevens, Trustee and President |
| Date: February 2, 2023 |  |

---

---

| | |
|:---|:---|
| By | /s/ Christopher W. Roleke |
|  | Christopher W. Roleke, Treasurer |
| Date: February 2, 2023 |  |

---

## Ex-99.Code

**EX.99.CODE ETH**

**EXCHANGE TRADED CONCEPTS TRUST**

**FINANCIAL OFFICER CODE OF ETHICS**

<u>Purposes of the Code</u>

The reputation and integrity of Exchange Traded Concepts Trust (the "Trust") are valuable assets that are vital to the Trust's success. Each officer and employee of the Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a code of ethics pursuant Rule 17j-1 under the Investment Company Act of 1940, as amended ("Code of Ethics"). The Trust's Rule 17j-1 Code of Ethics is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a senior financial officer code of ethics ("SFO Code") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust
files with, or submits to, the U.S. Securities and Exchange Commission, and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· The prompt internal reporting of violations of the SFO Code to an appropriate person or persons identified
in the SFO Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· Accountability for adherence to the SFO Code.

This SFO Code should be read in conjunction with the Trust's other policy statements, including its Code of Ethics and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u>

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust's financial statements. Specifically, persons subject to this SFO Code shall:

• Act with honesty and integrity

• Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships

• Provide information to the Trust's employees and service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable

• Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports

• Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code

• Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end

• Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

• Record (or participate in the recording of) entries in the Trust's books and records that are accurate

• Refrain from using confidential information for personal advantage

<u>Violations of the SFO Code</u>

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this SFO Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this SFO Code, regardless of whether this Code refers to that particular conduct.

A violation of this SFO Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

<u>Enforcement of the SFO Code</u>

Violations

All persons subject to this SFO Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the SFO Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust's senior management, or to the Audit Committee of the Board. An example of a possible SFO Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this SFO Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the compliance officer, or if it is not possible to disclose the matter to the compliance officer, then the Disclosure Letter shall be submitted to another member of the Trust's senior management or to the Audit Committee of the Board of Trustees.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the compliance officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the administrator, outside accounting firm, and custodian, provide much of the work relating to the Trust's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the compliance officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this SFO Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the SFO Code and any related policy statements.

<u>Questions about the Code</u>

The Trust's Board of Trustees has designated the Trust's Chief Compliance Officer to be the compliance officer for purposes of implementing and administering this SFO Code. Any questions about this SFO Code should be directed to the compliance officer.

## Ex-99.Cert

**EX.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, J. Garrett Stevens, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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: February 2, 2023

---

| |
|:---|
| /s/ J. Garrett Stevens |
| J. Garrett Stevens |
| President |

---

**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:

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

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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: February 2, 2023

---

| |
|:---|
| /s/ Christopher W. Roleke |
| Christopher W. Roleke |
| Treasurer |

---

## Exhibit 99.906

**EX.99.906CERT**

**CERTIFICATION**

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

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

The undersigned, J. Garrett Stevens, the President of the Exchange Traded Concepts Trust (the "Fund"), with respect to the Fund's Form N-CSR for the period ended November 30, 2022, 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-CSR 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-CSR fairly presents, in all material respects,
the financial condition and results of operations of the Fund.

Dated: February 2, 2023

---

| |
|:---|
| /s/ J. Garrett Stevens |
| J. Garrett Stevens |
| President |

---

**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 Treasurer of the Exchange Traded Concepts Trust (the "Fund"), with respect to the Fund's Form N-CSR for the period ended November 30, 2022, 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-CSR 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-CSR fairly presents, in all material respects,
the financial condition and results of operations of the Fund.

Dated: February 2, 2023

---

| |
|:---|
| /s/ Christopher W. Roleke |
| Christopher W. Roleke |
| Treasurer |

---