# EDGAR Filing Document

**Accession Number:** 0001452937
**File Stem:** 0001213900-23-007184
**Filing Date:** 2023-2
**Character Count:** 115104
**Document Hash:** f2e74e71eb55c5364cf50b80a38cb730
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-007184.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001213900-23-007184

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 11

**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:** 23580040

**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

### Hull Tactical US ETF (Series ID: S000042584)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000131678 | Hull Tactical US ETF | HTUS            |

**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.

![](thull_logo.jpg)

EXCHANGE TRADED CONCEPTS TRUST

#### Hull Tactical US ETF
 **Annual Report**

November 30, 2022

![](tetc_logo.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  [Management Discussion of Fund Performance](#T111) | 1 |
|  [Schedule of Investments](#T112) | 3 |
|  [Statement of Assets and Liabilities](#T113) | 4 |
|  [Statement of Operations](#T114) | 5 |
|  [Statements of Changes in Net Assets](#T115) | 6 |
|  [Financial Highlights](#T116) | 7 |
|  [Notes to the Financial Statements](#T117) | 8 |
|  [Report of Independent Registered Public Accounting Firm](#T118) | 18 |
|  [Trustees and Officers of the Trust](#T119) | 19 |
|  [Disclosure of Fund Expenses](#T120) | 21 |
|  [Notice to Shareholders](#T121) | 22 |
|  [Supplemental Information](#T122) | 23 |
|  [Board Considerations of Continuance of Advisory and Sub-Advisory Agreements](#T123) | 24 |

---

The Fund files its 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 its reports on Form N-PORT within sixty days after the end of the period. The 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 Fund's Statement of Additional Information (the "SAI"). The SAI, as well as information relating to how the Fund voted proxies relating to the Fund's securities during the most recent 12-month period ended June 30, is available without charge, upon request, by calling 1-844-485-5383 and on the Commission's website at https://www.sec.gov.

------

### Management Discussion of Fund Performance

### November 30, 2022 (Unaudited)
Dear Shareholders,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Hull Tactical US 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 realize long-term appreciation from investments in the U.S. equity, derivative and Treasury markets, independent of market direction. The target position is updated daily, with a maximum long position of 200% invested and maximum short position of -100% invested. Short positions are implemented through the use of derivatives, which allows for a desired exposure without owning the underlying security. This typically creates positive performance when the broad market is declining and negative performance when the market is rising.

The short-term models utilized by HTAA, LLC, the Fund's sub-adviser, forecasted single day equity risk premiums and was able to capture relevant market indicators related to volatility and investor sentiment. As a result, the Fund was able to outperform its benchmark thanks to its ability to adjust its exposure to the broad market on a daily basis.

The Fund experienced negative performance during the fiscal year ended November 30, 2022. The market price for the Fund decreased 4.28% and the net asset value decreased 3.07% while the S&P 500® Index, a broad market index, decreased 9.21% over the same period.

The Fund commenced operations on June 24, 2015 and had 800,000 shares outstanding as of November 30, 2022.

We appreciate your investment in the Hull Tactical US ETF.

Sincerely,

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

*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.*

### Hull Tactical US ETF

### Management Discussion of Fund Performance

### November 30, 2022 (Unaudited) (Concluded)

#### Definition of comparative index
*The S&P 500*® *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® Index proportionate to its market value.*

*FTSE 3-Month Treasury Bill Index is an unmanaged index composed of three-month Treasury bills.*

*60/40 Hybrid Index consists of the S&P 500® Index (60%) and Citigroup 3-Month Treasury Bill Index (40%).*

#### Growth of a $10,000 Investment‡
(at Net Asset Value)‡

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED NOVEMBER 30, 2022** | **AVERAGE ANNUAL TOTAL RETURN <br>FOR THE YEAR ENDED NOVEMBER 30, 2022** |
|  | **One Year Return** | **One Year Return** | **Three Year Return** | **Three Year Return** | **Five Year Return** | **Five Year 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** | **Net Asset <br>Value** | **Market <br>Price** | **Net Asset <br>Value** | **Market <br>Price** |
|  Hull Tactical US ETF | -3.07% | -4.28% | 9.63% | 9.30% | 7.93% | 7.64% | 7.80% | 7.61% |
|  60/40 Hybrid Index | -4.62% | -4.62% | 7.24% | 7.24% | 7.40% | 7.40% | 7.41% | 7.41% |
|  S&P 500<sup>®</sup> Index | -9.21% | -9.21% | 10.91% | 10.91% | 10.98% | 10.98% | 11.35% | 11.35% |
|  FTSE 3-Month Treasury Bill Index | 1.16% | 1.16% | 0.64% | 0.64% | 1.20% | 1.20% | 0.94% | 0.94% |

---

*\*Fund commenced operations on June 24, 2015.*

*‡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 a 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. Please visit www.hulltacticalfunds.com or call (844) Hull ETF ((844) 485*-5383*) for most recent month end performance and expenses.*

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

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

*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.*

### Hull Tactical US ETF

### Schedule of Investments

### November 30, 2022

---

| | | |
|:---|:---|:---|
|  **Description** | **Shares/<br>Face<br>Amount** | **Fair Value** |
|  **EXCHANGE-TRADED FUND — 41.8%** | **EXCHANGE-TRADED FUND — 41.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust‡ | 25230 | $10285767 |
|  Total Exchange-Traded Fund <br>(Cost $7,556,554) |  | 10285767 |
|  **SHORT-TERM INVESTMENTS — 11.3%** | **SHORT-TERM INVESTMENTS — 11.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS — 11.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS — 11.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills<sup>(A)(B)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 03/30/2023 | 600000 | 591694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 01/31/2023 | 550000 | 546191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 02/09/2023 | 550000 | 545602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 01/24/2023 | 550000 | 546682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/29/2022 | 550000 | 548377 |
|  Total U.S. Treasury Obligations<br> (Cost $2,781,144) |  | 2778546 |
|  Total Investments — 53.1% <br>(Cost $10,337,698) |  | $13064313 |

---

A list of the open futures contracts held by the Fund at November 30, 2022, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Type of Contract** | **Number of <br>Contracts Long** | **Expiration <br>Date** | **Notional <br>Amount** | **Value** | **Unrealized <br>Appreciation** |
|  S&P 500 Index E-MINI | 31 | 12/16/2022 | $6147754 | $6325937 | $178183 |

---

Percentages based on Net Assets of $24,612,384.

‡ The Fund's investment in the SPDR S&P 500 ETF Trust represents greater than 25% of the Fund's total investments. The SPDR S&P 500 ETF Trust seeks to track as closely as possible, before fees and expenses, the total return of the S&P 500<sup>®</sup> Index. For further financial information, available upon request at no charge, on the SPDR S&P 500 ETF Trust, please go to the Securities Exchange Commission's website at https://www.sec.gov.

<sup>(A)</sup>The rate reported is the effective yield at the time of purchase.

<sup>(B)</sup>Security, or a portion thereof, has been pledged as collateral on open futures contracts.

ETF – Exchange-Traded Fund

S&P – Standard & Poor's

SPDR – Standard & Poor's Depositary Receipts

U.S. – United States

The following is a summary of the inputs used as of November 30, 2022 when valuing the Fund's investments and other financial instruments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Fund | $10285767 | $— | $— | $10285767 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 2778546 |  | 2778546 |
|  Total Investments in Securities | $10285767 | $2778546 | $— | $13064313 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appreciation | $178183 | $— | $— | $178183 |
|  Total Other Financial Instruments | $178183 | $— | $— | $178183 |

---

\* Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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

### Hull Tactical US ETF

### Statement of Assets and Liabilities

### November 30, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at Fair Value (Cost $10,337,698) | $13064313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and Cash Equivalents | 7405234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit at Broker for Futures Contracts | 3917718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation Margin on Futures Contracts | 242247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 24630037 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees Payable | 17653 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 17653 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $24612384 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $22715920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | 1896464 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $24612384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest <br>(unlimited authorization – no par value) | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $30.77 |

---

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

### Hull Tactical US ETF

### Statement of Operations

### For the year ended November 30, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Income | $174313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Income | 79735 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 254048 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | 223426 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 223426 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | 30622 |
|  **Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 268161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Sold Short | (159060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 599981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Option Contracts | (25576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Option Contracts | (88086) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain** | 595420 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (1558627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 173806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Option Contracts | 16111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Option Contracts | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | (1368686) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | (773266) |
|  **Net Decrease in Net Assets Resulting from Operations** | $(742644) |

---

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

### Hull Tactical US ETF

### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br>November 30, <br>2022** | **Year Ended <br>November 30,<br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $30622 | $(7180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 595420 | 3382732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (1368686) | 2147386 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (742644) | 5522938 |
|  **Distributions** | (2241364) | (1064110) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (3073511) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Decrease in Net Assets from Capital Share Transactions** |  | (3073511) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (2984008) | 1385317 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 27596392 | 26211075 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $24612384 | $27596392 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (100000) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Shares Outstanding from Share Transactions** |  | (100000) |

---

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

### Hull Tactical US ETF

### Financial Highlights
Selected Per Share Data & Ratios

For the Years Ended November 30

For a Share Outstanding Throughout the Year

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset <br>Value, <br>Beginning <br>of Year** | **Net <br>Investment <br>Income <br>(Loss)\*** | **Net <br>Realized <br>and <br>Unrealized <br>Gain <br>(Loss) on <br>Investments** | **Total from <br>Operations** | **Distributions <br>from <br>Investment <br>Income** | **Distributions <br>from Net <br>Realized <br>Capital Gains** | **Total <br>Distributions** | **Net <br>Asset <br>Value, <br>End of <br>Year** | **Net <br>Asset <br>Value <br>Total <br>Return**<sup>(1)</sup> | **Net <br>Assets <br>End of <br>Year <br>(000)** | **Ratio of <br>Expenses <br>to Average <br>Net <br>Assets**<sup>(2)</sup> | **Ratio of <br>Net <br>Investment <br>Income <br>(Loss) to <br>Average <br>Net <br>Assets**<sup>(2)</sup> | **Portfolio <br>Turnover**<sup>(3)</sup> |
| 2022 | $34.50 | $0.04 | $(0.97) | $(0.93) | $— | $(2.80) | $(2.80)  | $30.77 | (3.07)% | $24612 | 0.91% | 0.12% | 215% |
| 2021 | 29.12 | (0.01) | 6.65 | 6.64 |  | (1.26) | &nbsp;&nbsp;&nbsp;&nbsp;(1.26) | 34.50 | 23.60 | 27596 | 0.96<br><sup>(4)</sup> | (0.03) | 393 |
| 2020 | 26.72 | 0.08 | 2.57 | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | 29.12 | 9.99 | 26211 | 0.91 | 0.31 | 833 |
| 2019 | 27.35 | 0.28 | 1.25<sup>(5)</sup> | 1.53 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | (1.93) | &nbsp;&nbsp;&nbsp;&nbsp;(2.16) | 26.72 | 7.91 | 45424 | 0.91 | 1.13 | 560 |
| 2018 | 28.73 | 0.23 | 0.60 | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | (2.05) | &nbsp;&nbsp;&nbsp;&nbsp;(2.21) | 27.35 | 3.01 | 62916 | 0.91 | 0.83 | 1320 |

---

\* Per share data calculated using average shares method.

<sup>(1)</sup> Total return is for the period indicated. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of Fund shares.

<sup>(2)</sup> These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange-traded funds in which the Fund invests.

<sup>(3)</sup> Portfolio turnover rate is for the period indicated. Excludes effect of securities received or delivered from processing in-kind creations or redemptions.

<sup>(4)</sup> The expense ratio includes security sold short fees on securities sold short. Had this expense been excluded, the ratio would have been 0.91%.

<sup>(5)</sup> The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for that period because the sales and repurchase of Fund shares in relation to fluctuating market value of the investments of the Fund.

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

### Hull Tactical US ETF
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 Hull Tactical US ETF (the "Fund"). The Fund seeks long-term capital appreciation by taking long and short positions in one or more exchange-traded funds ("ETFs") that seek to track the performance of the S&P 500<sup>®</sup> Index (the "S&P 500 Index"), by entering into futures contracts on the S&P 500 Index and by entering into S&P 500<sup>®</sup>Index-related options, and options on S&P 500<sup>®</sup> -related ETFs ("S&P 500<sup>®</sup> Options"). Exchange Traded Concepts, LLC (the "Adviser"), an Oklahoma limited liability company, serves as the investment adviser for the Fund. HTAA, LLC (the "Sub-Adviser") serves as the sub-adviser to the Fund. The Fund commenced operations on June 24, 2015. The Fund is classified as "diversified" under the 1940 Act.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. (the "Exchange"). Market prices for shares of the Fund may be different from their net asset value ("NAV"). The Fund issues and redeems shares on a continuous basis to certain institutional investors (typically market makers or other broker-dealers) at NAV only in large blocks of shares, typically at least 50,000 shares, called "Creation Units." Transactions for the Fund are generally conducted in exchange for the deposit or delivery 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 Fund meets the criteria of an "investment company," and therefore, the Fund prepares its financial statements in accordance with investment company accounting as outlined in ASC 946.

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

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

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

Notes to the Financial Statements

November 30, 2022 (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Futures are valued at the final settled price or in lieu of a settled price at the last sale price on the day of valuation. 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.

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.

Prices for most securities held in the Fund are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain a bid price from at least one independent broker.

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 Fund through a Fair Value Committee (the "Committee") established by the Adviser and approved new Adviser Fair Value Procedures for the Fund. 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, the Fund may fair value its securities if an event that may materially affect the value of the Fund's securities that traded outside of the United States (a ''Significant Event'') has occurred between the time of the security's last close and the time that the Fund calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include, but are not limited to: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

Notes to the Financial Statements

November 30, 2022 (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement 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 Fund has 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 Fund 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 the Fund's intention to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

The Fund's policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. As of November 30, 2022, the Fund did not have any interest or penalties associated with the underpayment of any income taxes. Current tax years remain open and subject to examination by tax jurisdictions. The Fund has reviewed all major jurisdictions and concluded that there is no impact on the Fund's net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on its tax returns.

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

**Counterparty Risk and Collateral** — The Fund 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.

Notes to the Financial Statements

November 30, 2022 (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

**Futures Contracts** — The Fund utilized futures contracts during the year ended November 30, 2022. The Fund used futures contracts to seek the desired long or short exposure to the S&P 500 Index. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

Under the Futures Agreement the Future commission Merchant ("FCM") generally has the right, in the event that the Fund defaults, to liquidate the Fund's open positions and to use those proceeds and any related collateral posted by the Fund to satisfy the Fund's obligations to the FCM. Such setup provisions are considered "one-sided" or "asymmetrical" in that, although the FCM has the corresponding right to offset its assets and liabilities with the FCM in the event of a default by FCM. A Futures Agreement with "one-sided" setoff provision does not meet the definition of an enforceable master netting (or similar) agreement in that the reporting entity has no right of set off.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate a futures transaction. The Fund invested in futures contracts during the year ended November 30, 2022 that had equity risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. As of November 30, 2022, the Fund has open futures contracts. The amount of realized gain (loss) on futures contracts is presented on the Statement of Operations as "Net Realized Gain on Futures Contracts." The change in the net fair value of the futures contracts is included in the Statement of Operations as "Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts".

For the year ended November 30, 2022, the daily average notional value of long futures contracts held was $11,592,009.

**Options** — The Fund 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 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 Fund did not hold option contracts as of November 30, 2022.

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 Written Option Contracts is presented on the Statement of Operations as "Net Realized Gain on Purchased and Written Option Contracts." The change in the net fair value of the option contracts is included in the Statement of Operations as "Net Change in Unrealized Appreciation (Depreciation) on Purchased and Written Option Contracts".

Notes to the Financial Statements

November 30, 2022 (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

For the year ended November 30, 2022, the quarterly average notional value of Long Purchased and Short Written Option Contracts held was $1,530,879 and ($3,280,455), respectively.

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

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

**Creation Units** — The Fund issues and redeems shares at NAV and only in Creation Units, or multiples thereof. Purchasers of Creation Units ("Authorized Participants") at NAV must pay a standard creation transaction fee of $500 per transaction, regardless of the number of Creation Units created in a given transaction. The fee is a single charge and will be the same regardless of the number of Creation Units created in a given transaction. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard minimum redemption transaction fee of $500 per transaction to the custodian on the date of such redemption, regardless of the number of Creation Units redeemed in a given transaction. The Fund may charge, either in lieu of or in addition to the fixed creation transaction fee, a variable fee for creations and redemptions in order to cover certain non-standard brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from such transactions. In all cases, such fees will be limited in accordance with the requirements of the Commission applicable to management investment companies offering redeemable securities.

The Adviser may retain all or a portion of the transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the purchase or redemption of a Creation Unit, which the transaction fee is designed to cover.

Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed an Authorized Participant Agreement with the Fund's distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase 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:

---

| | | | |
|:---|:---|:---|:---|
|  **Creation<br>Unit Shares** | **Creation<br>Transaction Fee** | **Value** | **Redemption Transaction<br>Fee** |
| 50000 | $500 | $1538500 | $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 the Fund, by the time as set forth in the Authorized Participant Agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as

Notes to the Financial Statements

November 30, 2022 (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

possible, which undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral equal to a percentage of the value of the missing shares as specified in the Authorized Participant Agreement. An Authorized Participant Agreement may permit the Fund to use such collateral to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of the Fund acquiring such shares and the value of the collateral. Amounts are disclosed as Segregated Cash Balance from Authorized Participants for Deposit Securities and Collateral Payable upon Return of Deposit Securities on the Statement of Assets and Liabilities, when applicable.

**3. OFFSETTING ASSETS AND LIABILITIES**

The Fund is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of setoff criteria: the amounts owed by the Fund to another party are determinable, the Fund has the right to set off the amounts owed with the amounts owed by the other party, the Fund intends to set off, and the Fund's right of setoff is enforceable at law.

As of November 30, 2022, the Fund did not hold any financial instruments or derivative instruments that are subject to a master netting arrangement.

**4. 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 Fund pursuant to an investment advisory agreement with the Trust (the "Advisory Agreement"). Under the Advisory Agreement, the Adviser provides investment advisory services to the Fund and is responsible for, among other things, overseeing the Sub-Adviser, including regular review of the Sub-Adviser's performance. The Adviser also arranges for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate. The Adviser administers the Fund's 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.

For the services it provides, the Fund pays the Adviser a fee calculated daily and paid monthly at an annual rate of 0.91% of the average daily net assets of the Fund.

Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Fund except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act ("Excluded Expenses"). As part of an arrangement between the Sub-Adviser and the Adviser, the Sub-Adviser has agreed to pay all expenses of the Fund (except Excluded Expenses) and, to the extent applicable, 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.

Notes to the Financial Statements

November 30, 2022 (Continued)

 **4. SERVICE PROVIDERS** (continued)

*Sub-Advisory Agreement*

The Sub-Adviser is a Delaware limited liability company located at 141 W. Jackson Blvd., Suite 1650, Chicago, Illinois 60604. The Sub-Adviser is a wholly-owned subsidiary of Hull Investments, LLC. The Sub-Adviser is responsible for the day-to-day management of the Fund, including trading portfolio securities on behalf of the Fund and selecting broker-dealers to execute purchase and sale transactions. The Sub-Adviser makes investment decisions for the Fund and continuously reviews, supervises and administers the investment program of the Fund, subject to the supervision of the Adviser and oversight of the Board. Under a sub-advisory agreement, the Adviser pays the Sub-Adviser a fee calculated daily and paid monthly at an annual rate of 0.81% on the average daily net assets of the Fund.

*Distribution Arrangement*

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

The Fund has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. For the 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 Fund's administrator pursuant to an administration agreement. Brown Brothers Harriman & Co. serves as the Fund's custodian and transfer agent pursuant to a custodian agreement and transfer agency services agreement. The Adviser pays these fees.

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

**5. 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:

---

| | | |
|:---|:---|:---|
|  **Purchases** | **Purchases** | **Sales and <br>Maturities** |
|  $ | 25174866 | $34452668 |

---

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

For the year ended November 30, 2022, there were no in-kind transactions with creation and redemptions.

Notes to the Financial Statements

November 30, 2022 (Continued)

**6. TAX INFORMATION**

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to paid-in capital or distributable earnings (accumulated losses), as appropriate, in the year that the differences arise. During the year ended November 30, 2022, there were no permanent differences.

The tax character of dividends and distributions declared during the last two fiscal periods were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Totals** |
| 2022 | $&nbsp;&nbsp; 1780978 | $&nbsp;&nbsp; 460386 | $2241364 |
| 2021 | $&nbsp;&nbsp; 975959 | $&nbsp;&nbsp; 88151 | $1064110 |

---

As of November 30, 2022, the components of distributable (accumulated losses) earnings on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed Ordinary Income | $&nbsp;&nbsp; 796289 |
|  Undistributed Long-Term Capital Gain | &nbsp;&nbsp; 408915 |
|  Post-October Losses | &nbsp;&nbsp; (72273) |
|  Unrealized Appreciation | &nbsp;&nbsp; 763533 |
|  Total Distributable Earnings | $&nbsp;&nbsp; 1896464 |

---

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.

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 year and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Fund at November 30, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Federal <br>Tax Cost** | **Federal <br>Tax Cost** | **Aggregated <br>Gross <br>Unrealized <br>Appreciation** | **Aggregated <br>Gross <br>Unrealized <br>Depreciation** | **Net Unrealized <br>Appreciation** |
|  $ | 12300780 | $763533 | $— | $763533 |

---

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

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

*Futures Contracts Risk:* There may be an imperfect correlation between the changes in market value of the securities or other underlying assets held by the Fund and the prices of futures contracts. When the Fund has an open futures contract position, it is subject to daily variation margin calls that could be substantial in the event of adverse price movements. If the Fund has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a time when such sales are disadvantageous.

Notes to the Financial Statements

November 30, 2022 (Continued)

 **7. RISKS OF INVESTING IN THE FUND** (continued)

*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.

*Options Risk:* Selling (writing) and buying options are speculative activities and entail greater than ordinary investment risks. The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option's underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset. The Fund's use of options may reduce the Fund's ability to profit from increases in the value of the underlying asset. If the price of the underlying asset of an option is above the strike price of a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. While the Fund will segregate liquid assets at least equal in value to the maximum potential loss for the Fund, the Fund could still lose a significant amount or nearly all of its value if the price of an underlying asset changes significantly enough.

The Fund's use of put options can lead to losses because of adverse movements in the price or value of the underlying asset, which may be magnified by certain features of the options. When selling a put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is below the strike price by an amount equal to or greater than the premium. Purchasing of put options involves the payment of premiums, which may adversely affect the Fund's performance. Purchasing a put option gives the purchaser of the option the right to sell a specified quantity of an underlying asset at a fixed exercise price over a defined period of time. Purchased put options may expire worthless resulting in the Fund's loss of the premium it paid for the option.

*Short Sales Risk:* Short sales are transactions in which the Fund sells a security it does not own. To complete the transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Fund. If the underlying security goes down in price between the time the Fund sells the security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Fund will realize a loss on the transaction. Any such loss is increased by the amount of premium or interest the Fund must pay to the lender of the security. Likewise, any gain will be decreased by the amount of premium or interest the Fund must pay to the lender of the security. Because a short position loses value as the security's price increases and the market price of the security sold short could increase without limit, the loss on a short sale is theoretically unlimited. Short sales involve leverage because the Fund borrows securities and then sells them, effectively leveraging its assets. The use of leverage may magnify gains or losses for the Fund.

Notes to the Financial Statements

November 30, 2022 (Concluded)

**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 Fund invests depends on future developments, including the duration and spread of the outbreak, and such developments may in turn impact the value of the Fund's investments. The ultimate impact of the pandemic on the financial performance of the Fund's 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. OTHER**

At November 30, 2022, the records of the Trust reflected that 100% of the Fund's total shares outstanding were held by one Authorized Participant, in the form of Creation Units. However, the individual shares comprising such Creation Units are listed and traded on the Exchange and have been purchased and sold by persons other than Authorized Participants.

**10. SUBSEQUENT EVENTS**

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

![](tcohen_logo.jpg)

### Report of Independent Registered Public Accounting Firm
To the Shareholders of Hull Tactical US ETF and

Board of Trustees of Exchange Traded Concepts Trust

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hull Tactical US ETF (the "Fund"), a series of Exchange Traded Concepts Trust, as of November 30, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 audit 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

![](tfooter_001.jpg)

[THIS PAGE INTENTIONALLY LEFT BLANK.]

------

### Hull Tactical US ETF

### Trustees and Officers of the Trust
(Unaudited)

Certain officers and/or interested trustees of the Fund are also officers of the Adviser or the Administrator.

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 (844) 485-5383 ((844) Hull ETF).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name and <br>Year of Birth** | **Position(s)<br>Held with<br>the Trust** | **Term of Office <br>and Length of <br>Time Served**<sup>(1)</sup> | **Principal <br>Occupation(s)<br>During 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 During<br>the Past 5 Years** |
|  **Interested Trustee**<sup>(3)</sup> | **Interested Trustee**<sup>(3)</sup> | **Interested Trustee**<sup>(3)</sup> | **Interested Trustee**<sup>(3)</sup> | **Interested Trustee**<sup>(3)</sup> | **Interested Trustee**<sup>(3)</sup> |
|  J. Garrett Stevens <br>(1979) | Trustee and President | Trustee <br>(Since 2009); President <br>(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 | None. |
|  **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Timothy J. Jacoby <br>(1952) | Trustee | Since 2014 | None. | 38 | Independent Trustee, Bridge Builder Trust (16 portfolios)<br>(since 2022); <br>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 (since 2012). | 38 | None. |
|  Stuart Strauss <br>(1953) | Trustee | Since 2021 | Partner, Dechert LLP (2009 to 2020). | 38 | None. |
|  Mark Zurack <br>(1957) | Trustee | Since 2011 | Professor, Columbia Business School (since 2002). | 20 | Independent Trustee, AQR Funds (34 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.*

### Hull Tactical US ETF

### Trustees and Officers of the Trust
(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, Richard Malinowski, James J. Baker, 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 the Trust** | **Term of Office and<br>Length of Time Served**<sup>(1)</sup> | **Principal Occupation(s)<br>During Past 5 Years** |
|  **Officers** |  |  |  |
|  J. Garrett Stevens <br>(1979) | Trustee and President | Trustee Since 2009; <br>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). |
|  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). |
|  James J. Baker Jr.<br>(1951) | Vice President | Since 2015 | Managing Partner, Exchange Traded Concepts, LLC (since 2011). |
|  Christopher 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 Listed Funds Trust (since 2021); Vice President, Compliance, Goldman Sachs Group, Inc., Goldman Sachs Asset Management Funds (2017 to 2021); Associate Counsel, Ameriprise Financial, Columbia Threadneedle Funds (2015 to 2017). |

---

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

### Hull Tactical US ETF

### Disclosure of Fund Expenses
(Unaudited)

All ETFs have operating expenses. As a shareholder of the 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 Fund 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 the 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 Fund, 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 the 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 Fund 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br> Account Value <br>6/1/2022** | **Ending<br>Account Value <br>11/30/22** | **Annualized<br> Expense<br> Ratios** | **Expenses<br>Paid During<br>Period**<sup>(1)</sup> |
|  Actual Fund Return | $1000.00 | $1020.30 | 0.91% | $4.61 |
|  Hypothetical 5% Return | $1000.00 | $1020.51 | 0.91% | $4.61 |

---

<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.*

### Hull Tactical US ETF

### 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 Fund is designating the following items with regard to distributions paid during the year.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Long-Term<br>Capital Gain<br>Distributions** | **Ordinary<br>Income<br>Distributions** | **Total<br>Distributions** | **Qualifying <br>For 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> | **Short-Term<br>Capital Gain<br>Dividends**<sup>(5)</sup> |
|  20.54% | 79.46% | 100.00% | 11.15% | 11.75% | 0.67% | 0.01% | 100.00% |

---

<sup>(1)</sup> Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and are reflected as a percentage of 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 direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders of the Hull Tactical US ETF who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

<sup>(4)</sup> The percentage in this column represents the amount of "Qualifying Interest Income" and is reflected as a percentage of ordinary distribution. Interest related dividends are exempted from U.S. withholding tax when paid to foreign investors.

<sup>(5)</sup> The percentage in this column represents the amount of "Qualifying Short-Term Capital Gain" and is reflected as a percentage of short-term capital gain distributions that is exempted from U.S. withholding tax when paid to foreign investors.

### Hull Tactical US ETF

### Supplemental Information
(Unaudited)

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

Further information regarding premiums and discounts is available on the Fund's website at www.hulltacticalfunds.com.

### Hull Tactical US ETF

### Board Considerations of Continuance of Advisory<br>and Sub-Advisory Agreements

### November 30, 2022 (Unaudited)
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 Hull Tactical US ETF (the "Fund"):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sub-advisory agreement between ETC and HTAA, LLC ("HTAA") pursuant to which HTAA provides sub-advisory services to the Fund.

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 Fund 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 HTAA 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 Fund to disclose in its 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 HTAA 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 HTAA'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 HTAA. 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 HTAA to the Fund; (ii) the Fund's performance; (iii) ETC's and HTAA's costs of and profits realized from providing advisory and sub-advisory services to the Fund, including any fall-out benefits enjoyed by ETC and HTAA or their respective affiliates; (iv) comparative fee and expense data; (v) the extent to which the advisory fee for the Fund 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 the Fund, the Board considered ETC's and HTAA's specific responsibilities in all aspects of day-to-day management of the Fund. The Board noted that (i) ETC's responsibilities include overseeing the activities of HTAA, including regular review of HTAA's performance and monitoring the purchase and sale of securities by HTAA; 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 Fund; and (ii) subject to the supervision of ETC and oversight of the Board, HTAA's responsibilities include developing, implementing, and maintaining the Fund's investment program; portfolio management; trading portfolio securities and other investment instruments on behalf of the Fund; selecting broker-dealers to execute purchase and sale transactions; determining the cash amount for creation units of the Fund; executing portfolio securities trades for purchases and redemptions of Fund shares; overseeing general portfolio compliance with relevant law; quarterly reporting to the Board; and implementing Board directives as they relate to the Fund. The Board noted that it had been provided with ETC's and HTAA's

### Hull Tactical US ETF
Board Considerations of Continuance of Advisory<br>and Sub-Advisory Agreements

November 30, 2022 (Unaudited) (Continued)

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 HTAA's investment personnel, the quality of ETC's and HTAA'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 HTAA's experience working with ETFs, including the Fund, 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 Fund by ETC, such as arranging for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate; administering the 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 the Fund's business activities; supervising the 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 the 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 the Fund by ETC and HTAA.

*Performance.* The Board reviewed the Fund's performance in light of its stated investment objective, noting that the Fund is actively managed. The Board was provided reports regarding the Fund'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 the Fund's performance was lower than the peer group median and average for the year-to-date period, but higher than the peer group median and average for the 1-, 3-, and 5-year periods. In reviewing the Fund's performance, the Board considered that the nature and type of tactical strategies varied from fund to fund in the peer group. The Board further noted that it received regular reports regarding the Fund's performance at its quarterly meetings.

*Cost of Advisory Services and Profitability.* The Board reviewed the advisory fee paid by the Fund to ETC and the sub-advisory fee paid by ETC to HTAA under the Agreements. The Board reviewed a report prepared by ISS, an independent third party, comparing the Fund's advisory fee to those paid by a group of peer funds. The Board noted that the 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 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 Fund's advisory fee was in line with the median of the peer group range. The Board took into account that due to the specialized nature of the Fund's strategy, there are limitations in comparing the 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 Fund. The Board noted that HTAA's sub-advisory fee reflected the uniqueness of the Fund and the fact that the Fund provides shareholders with access to HTAA's proprietary tactical asset allocation model, which other actively managed ETFs would not necessarily be able to offer. The Board took into consideration that the advisory fee for the Fund is a "unitary fee," meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as underlying investment company fees, brokerage commissions, taxes, and interest. The Board noted that, under the Agreements, ETC is responsible for compensating the Fund's other service providers and paying the Fund's other expenses out of its own fee and resources and that, while HTAA has assumed such responsibility, ETC is ultimately

### Board Considerations of Continuance of Advisory<br>and Sub-Advisory Agreements

### November 30, 2022 (Unaudited) (Concluded)
responsible for ensuring the obligation is satisfied. The Board considered that the sub-advisory fee is paid by ETC, not the Fund, and that the fee reflects an arm's length negotiation between ETC and HTAA. The Board further found that the fee reflected a reasonable allocation of the advisory fee between ETC and HTAA given the work performed by each firm. The Board considered information provided about the costs and expenses incurred by ETC and HTAA in providing advisory and sub-advisory services, evaluated the compensation and benefits received by each of ETC and HTAA from its relationship with the Fund, and reviewed profitability information from ETC and HTAA with respect to the Fund. The Board considered the risks borne by ETC associated with providing services to the Fund, including the entrepreneurial risk associated with sponsoring new funds, as well as the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund. 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 the Fund. 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 the 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 the Fund. The Board, including the Independent Trustees, therefore, determined that the approval of the continuance of the Agreements was in the best interests of the Fund and its shareholders.

[THIS PAGE INTENTIONALLY LEFT BLANK.]

------

[THIS PAGE INTENTIONALLY LEFT BLANK.]

------

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

**Investment Adviser:**<br> Exchange Traded Concepts, LLC<br>10900 Hefner Pointe Drive, Suite 400<br>Oklahoma City, OK 73120

**Sub**-Adviser**:**<br> HTAA, LLC<br>141 W. Jackson Blvd., Suite 1650<br>Chicago, IL 60604

**Distributor:**<br> SEI Investments Distribution Co.<br>One Freedom Valley Drive<br>Oaks, PA 19456

**Administrator:**<br> SEI Investments Global Funds Services<br>One Freedom Valley Drive<br>Oaks, PA 19456

**Legal Counsel:**<br> Morgan, Lewis & Bockius LLP<br>1111 Pennsylvania Avenue, NW<br>Washington, DC 20004

**Independent Registered Public Accounting Firm:**<br> Cohen & Company, Ltd.<br>1350 Euclid Avenue <br>Suite 800<br>Cleveland, OH 44115

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

HTU-AR-001-0800

(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.](s148416_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.](s148416_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.](s148416_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 |

---