# EDGAR Filing Document

**Accession Number:** 0001452937
**File Stem:** 0001213900-25-067531
**Filing Date:** 2025-7
**Character Count:** 163438
**Document Hash:** db53a10332127b36f7543867755a5c76
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-067531.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001213900-25-067531

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**EFFECTIVENESS DATE**: 20250725

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22263
- **FILM NUMBER:** 251149553

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

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

**Exchange Traded Concepts Trust**

(Exact name of registrant as specified in charter)

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Address of principal executive offices) (Zip code)

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:

Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

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

**Date of fiscal year end: November 30, 2025**

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

**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.

# Exchange Traded Concepts Trust
![Image](ib4aef33934b0899b74a2c1d1.jpg)

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

## Ticker: SIXH

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the ETC 6 Meridian Hedged Equity-Index Option Strategy ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://6meridianfunds.com/investor-materials. You can also request this information by contacting us at 866-SIXM-ETF (749-6383).

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| ETC 6 Meridian Hedged Equity-Index Option Strategy ETF | $38 | 0.75% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $568936142 | 53 | $898838 | 116% |

---

# What did the Fund invest in?

# Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ia8890143568a4face9ff1143.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Written Option | -2.1% |
| Short-Term Investment | 0.1% |
| Exchange-Traded Fund | 1.1% |
| Industrials | 1.3% |
| Real Estate | 2.6% |
| Utilities | 3.8% |
| Consumer Discretionary | 4.3% |
| Energy | 5.2% |
| Information Technology | 12.9% |
| Financials | 13.7% |
| Communication Services | 17.6% |
| Health Care | 19.3% |
| Consumer Staples | 20.1% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Altria Group | 6.7% |
| Bristol-Myers Squibb | 5.1% |
| Verizon Communications | 4.0% |
| AT&T | 3.9% |
| Palantir Technologies, Cl A | 3.0% |
| Meta Platforms, Cl A | 3.0% |
| US Bancorp | 2.8% |
| QUALCOMM | 2.8% |
| Gilead Sciences | 2.8% |
| Philip Morris International | 2.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

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

* 866-SIXM-ETF (749-6383) 

* https://6meridianfunds.com/investor-materials 

# Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-SIXM-ETF (749-6383) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i632a421e21df4d409ac3b1d0.jpg)

#### SIXH-SAR-2025

# Exchange Traded Concepts Trust
![Image](ib4aef33934b0899b74a2c1d1.jpg)

## ETC 6 Meridian Low Beta Equity Strategy ETF

## Ticker: SIXL

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the ETC 6 Meridian Low Beta Equity Strategy ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://6meridianfunds.com/investor-materials. You can also request this information by contacting us at 866-SIXM-ETF (749-6383).

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| ETC 6 Meridian Low Beta Equity Strategy ETF | $25 | 0.51% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $189111196 | 241 | $338308 | 33% |

---

# What did the Fund invest in?

# Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](if51e5f53a0eda2a30c57e8a6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment | 0.3% |
| Materials | 1.4% |
| Energy | 1.7% |
| Consumer Discretionary | 3.0% |
| Communication Services | 3.3% |
| Information Technology | 4.0% |
| Industrials | 6.7% |
| Real Estate | 13.6% |
| Financials | 14.1% |
| Health Care | 16.6% |
| Utilities | 17.2% |
| Consumer Staples | 18.1% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Premier, Cl A | 0.6% |
| HCI Group | 0.5% |
| Tetra Tech | 0.5% |
| Universal | 0.5% |
| Encompass Health | 0.5% |
| New York Times, Cl A | 0.5% |
| WR Berkley | 0.5% |
| CACI International, Cl A | 0.5% |
| Royal Gold | 0.5% |
| HCA Healthcare | 0.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

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

* 866-SIXM-ETF (749-6383) 

* https://6meridianfunds.com/investor-materials 

# Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-SIXM-ETF (749-6383) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i632a421e21df4d409ac3b1d0.jpg)

#### SIXL-SAR-2025

# Exchange Traded Concepts Trust
![Image](ib4aef33934b0899b74a2c1d1.jpg)

## ETC 6 Meridian Mega Cap Equity ETF

## Ticker: SIXA

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the ETC 6 Meridian Mega Cap Equity ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://6meridianfunds.com/investor-materials. You can also request this information by contacting us at 866-SIXM-ETF (749-6383).

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| ETC 6 Meridian Mega Cap Equity ETF | $25 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $439293139 | 51 | $625119 | 95% |

---

# What did the Fund invest in?

# Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i2a34b27ed6536da89666e758.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment | 0.2% |
| Industrials | 1.3% |
| Real Estate | 2.6% |
| Utilities | 3.8% |
| Consumer Discretionary | 4.2% |
| Energy | 5.1% |
| Information Technology | 12.8% |
| Financials | 13.6% |
| Communication Services | 17.4% |
| Health Care | 19.1% |
| Consumer Staples | 19.9% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Altria Group | 6.6% |
| Bristol-Myers Squibb | 5.0% |
| Verizon Communications | 3.9% |
| AT&T | 3.9% |
| Palantir Technologies, Cl A | 2.9% |
| Meta Platforms, Cl A | 2.9% |
| US Bancorp | 2.8% |
| QUALCOMM | 2.8% |
| Gilead Sciences | 2.8% |
| Philip Morris International | 2.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

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

* 866-SIXM-ETF (749-6383) 

* https://6meridianfunds.com/investor-materials 

# Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-SIXM-ETF (749-6383) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i632a421e21df4d409ac3b1d0.jpg)

#### SIXA-SAR-2025

# Exchange Traded Concepts Trust
![Image](ib4aef33934b0899b74a2c1d1.jpg)

## ETC 6 Meridian Small Cap Equity ETF

## Ticker: SIXS

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the ETC 6 Meridian Small Cap Equity ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://6meridianfunds.com/investor-materials. You can also request this information by contacting us at 866-SIXM-ETF (749-6383).

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| ETC 6 Meridian Small Cap Equity ETF | $26 | 0.55% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $93343354 | 82 | $167994 | 39% |

---

# What did the Fund invest in?

# Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i09c79357dc771c0d179b61bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment | 0.2% |
| Materials | 1.9% |
| Communication Services | 2.2% |
| Industrials | 3.7% |
| Real Estate | 5.4% |
| Utilities | 5.8% |
| Energy | 9.2% |
| Information Technology | 9.3% |
| Consumer Discretionary | 10.4% |
| Health Care | 13.6% |
| Consumer Staples | 17.7% |
| Financials | 20.4% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| HCI Group | 2.8% |
| Cal-Maine Foods | 2.6% |
| Innoviva | 2.5% |
| International Seaways | 2.5% |
| Dorian LPG | 2.4% |
| EZCORP, Cl A | 2.3% |
| Assured Guaranty | 2.2% |
| Perdoceo Education | 1.5% |
| Premier, Cl A | 1.5% |
| Brightsphere Investment Group | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

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

* 866-SIXM-ETF (749-6383) 

* https://6meridianfunds.com/investor-materials 

# Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-SIXM-ETF (749-6383) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i632a421e21df4d409ac3b1d0.jpg)

#### SIXS-SAR-2025

# Exchange Traded Concepts Trust
![Image](ib4aef33934b0899b74a2c1d1.jpg)

## ETC 6 Meridian Quality Growth ETF

## Ticker: SXQG

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the ETC 6 Meridian Quality Growth ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://6meridianfunds.com/investor-materials. You can also request this information by contacting us at 866-SIXM-ETF (749-6383).

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| ETC 6 Meridian Quality Growth ETF | $33 | 0.67% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $58376675 | 87 | $112488 | 27% |

---

# What did the Fund invest in?

# Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i1394bc35baae53e7fbef2d13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment | 0.4% |
| Energy | 0.5% |
| Consumer Staples | 8.5% |
| Communication Services | 10.0% |
| Consumer Discretionary | 10.1% |
| Industrials | 12.8% |
| Financials | 13.6% |
| Health Care | 15.2% |
| Information Technology | 28.9% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| NVIDIA | 5.6% |
| Microsoft | 5.4% |
| Meta Platforms, Cl A | 4.8% |
| Alphabet, Cl A | 4.6% |
| Mastercard, Cl A | 4.5% |
| ServiceNow | 4.5% |
| Visa, Cl A | 4.4% |
| Booking Holdings | 4.3% |
| Procter & Gamble | 4.0% |
| Intuitive Surgical | 4.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

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

* 866-SIXM-ETF (749-6383) 

* https://6meridianfunds.com/investor-materials 

# Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-SIXM-ETF (749-6383) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i632a421e21df4d409ac3b1d0.jpg)

#### SXQG-SAR-2025
(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

**Item 4. Principal Accountant Fees and Services.**

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

**Item 6. Schedule of Investments.**

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

(b) Not applicable.

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

Financial statements and financial highlights are filed herein.

![](tmeridian_logo.jpg)

EXCHANGE TRADED CONCEPTS TRUST

**ETC 6 Meridian Hedged Equity-Index Option Strategy ETF (SIXH)**

**ETC 6 Meridian Low Beta Equity Strategy ETF (SIXL)**

**ETC 6 Meridian Mega Cap Equity ETF (SIXA)**

**ETC 6 Meridian Small Cap Equity ETF (SIXS)**

**ETC 6 Meridian Quality Growth ETF (SXQG)**

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

**May 31, 2025**

(Unaudited)

------

 **ETC 6 Meridian**

**Table of Contents**

**&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | |
|:---|:---|
|  Financial Statements (Form N-CSRS Item 7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Investments](#T001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#T002) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#T003) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#T004) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#T005) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#T006) | 27 |
|  [Other Information (Form N-CSRS 8-11)](#T007) | 38 |

---

&nbsp;&nbsp;&nbsp;&nbsp; For additional information about the Funds; including each Fund's prospectus, financial information, holdings, and proxy voting information, call or visit:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 866-SIXM-ETF (749-6383) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• https://6meridianfunds.com/investor-materials<br>

------

 **ETC 6 Meridian**

**Hedged Equity-Index Option Strategy ETF**

**Schedule of Investments**

**May 31, 2025 (Unaudited)**

![](tbarchart_001.jpg)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK — 100.8%** |  |  |
|  **Communication Services — 17.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A<sup>(A)</sup> | 46035 | $7906051 |
| &nbsp;&nbsp;&nbsp; AT&T<sup>(A)</sup> | 805983 | 22406327 |
| &nbsp;&nbsp;&nbsp; Comcast, Cl A | 439130 | 15180724 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Cl A<sup>(A)</sup> | 25953 | 16804308 |
| &nbsp;&nbsp;&nbsp; Netflix\* | 6551 | 7908564 |
| &nbsp;&nbsp;&nbsp; T-Mobile US | 30061 | 7280774 |
| &nbsp;&nbsp;&nbsp; Verizon Communications<sup>(A)</sup> | 514489 | 22616937 |
|  |  | 100103685 |
|  **Consumer Discretionary — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Amazon.com<sup>(A)</sup>\* | 39040 | 8003591 |
| &nbsp;&nbsp;&nbsp; Booking Holdings | 1455 | 8030043 |
| &nbsp;&nbsp;&nbsp; General Motors | 164825 | 8176968 |
|  |  | 24210602 |
|  **Consumer Staples — 20.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Altria Group<sup>(A)</sup> | 626012 | 37942587 |
| &nbsp;&nbsp;&nbsp; Coca-Cola<sup>(A)</sup> | 104157 | 7509720 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive<sup>(A)</sup> | 163759 | 15219762 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale<sup>(A)</sup> | 7432 | 7730618 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Cl A | 109406 | 7383811 |
| &nbsp;&nbsp;&nbsp; Philip Morris International<sup>(A)</sup> | 87335 | 15771828 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble | 46414 | 7885274 |
| &nbsp;&nbsp;&nbsp; Walmart<sup>(A)</sup> | 152462 | 15051048 |
|  |  | 114494648 |
|  **Energy — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Chevron<sup>(A)</sup> | 108992 | 14899207 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil<sup>(A)</sup> | 140398 | 14362715 |
|  |  | 29261922 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Financials — 13.7%** |  |  |
| &nbsp;&nbsp;&nbsp; American Express<sup>(A)</sup> | 27650 | $8130483 |
| &nbsp;&nbsp;&nbsp; American International Group | 91852 | 7774353 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon | 91773 | 8132005 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Cl B\* | 28009 | 14115416 |
| &nbsp;&nbsp;&nbsp; Capital One Financial<sup>(A)</sup> | 41201 | 7793169 |
| &nbsp;&nbsp;&nbsp; Citigroup | 108972 | 8207771 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings<sup>(A)</sup>\* | 113520 | 7978186 |
| &nbsp;&nbsp;&nbsp; US Bancorp | 366700 | 15984453 |
|  |  | 78115836 |
|  **Health Care — 19.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 56734 | 7578528 |
| &nbsp;&nbsp;&nbsp; AbbVie<sup>(A)</sup> | 38406 | 7147740 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb | 598725 | 28906443 |
| &nbsp;&nbsp;&nbsp; Eli Lilly | 9350 | 6897215 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences<sup>(A)</sup> | 143838 | 15833687 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical\* | 14357 | 7929945 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson<sup>(A)</sup> | 96149 | 14923286 |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | 88862 | 7373769 |
| &nbsp;&nbsp;&nbsp; Pfizer | 310296 | 7288853 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group | 18532 | 5594996 |
|  |  | 109474462 |
|  **Industrials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Lockheed Martin | 15543 | 7497632 |
|  **Information Technology — 12.9%** |  |  |
| &nbsp;&nbsp;&nbsp; Apple<sup>(A)</sup> | 34809 | 6991388 |
| &nbsp;&nbsp;&nbsp; International Business Machines | 30983 | 8026456 |
| &nbsp;&nbsp;&nbsp; Intuit | 11915 | 8977595 |
| &nbsp;&nbsp;&nbsp; NVIDIA<sup>(A)</sup> | 66529 | 8990063 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Cl A\* | 127808 | 16842538 |
| &nbsp;&nbsp;&nbsp; QUALCOMM<sup>(A)</sup> | 109839 | 15948623 |
| &nbsp;&nbsp;&nbsp; ServiceNow\* | 7751 | 7836959 |
|  |  | 73613622 |
|  **Real Estate — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp; American Tower, Cl A<sup>‡</sup> | 33144 | 7114359 |
| &nbsp;&nbsp;&nbsp; Simon Property Group<sup>‡(A)</sup> | 46739 | 7621729 |
|  |  | 14736088 |
|  **Utilities — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Duke Energy<sup>(A)</sup> | 122404 | 14409399 |
| &nbsp;&nbsp;&nbsp; Southern<sup>(A)</sup> | 81187 | 7306830 |
|  |  | 21716229 |
|  Total Common Stock<br>(Cost $538,025,863) |  | 573224726 |

---

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

 **ETC 6 Meridian**

**Hedged Equity-Index Option Strategy ETF**

**Schedule of Investments**

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **EXCHANGE-TRADED FUND — 1.1%** | **EXCHANGE-TRADED FUND — 1.1%** | **EXCHANGE-TRADED FUND — 1.1%** |
|  **Domestic Fixed Income — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg 1-3 Month T-Bill ETF | 67948 | $6233550 |
|  Total Exchange-Traded Fund<br>(Cost $6,214,785) |  | 6233550 |
|  **SHORT-TERM INVESTMENT — 0.1%** | **SHORT-TERM INVESTMENT — 0.1%** | **SHORT-TERM INVESTMENT — 0.1%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class, 4.24%<sup>(B)</sup> | 617979 | 617979 |
|  Total Short-Term Investment<br>(Cost $617,979) |  | 617979 |
|  Total Investments — 102.0%<br>(Cost $544,858,627) |  | $580076255 |
|  **WRITTEN OPTION — -2.1%** |  |  |
|  Total Written Option<br>(Premiums Received $12,099,521) |  | $(11883080) |

---

A list of the Exchange Traded Option Contracts held by the Fund at May 31, 2025, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **<br>Value** |
|  **WRITTEN OPTION — (2.1)%** |  |  |  |  |  |
|  Call Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index\* | (956) | 565157564 | 5950 | 07/18/25 | $(11883080) |
|  **TOTAL WRITTEN OPTION**<br> (Premiums Received $12,099,521) |  |  |  |  | $(11883080) |

---

Percentages are based on Net Assets of $568,936,142.

‡&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trust

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

(A) All or a portion of these securities has been pledged as collateral on written options with a fair value of $109,216,830.

(B) The rate shown is the 7-day effective yield as of May 31, 2025.

Cl&nbsp;&nbsp;&nbsp;&nbsp; — Class

ETF — Exchange Traded Fund

S&P — Standard & Poor's

SPDR — Standard & Poor's Depositary Receipts

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

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

 **ETC 6 Meridian**

**Low Beta Equity Strategy ETF**

**Schedule of Investments**

**May 31, 2025 (Unaudited)**

![](tbarchart_002.jpg)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK — 99.7%** |  |  |
|  **Communication Services — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp; AT&T | 29910 | $831498 |
| &nbsp;&nbsp;&nbsp; DoubleVerify Holdings\* | 53194 | 730885 |
| &nbsp;&nbsp;&nbsp; Madison Square Garden Sports\* | 4029 | 765067 |
| &nbsp;&nbsp;&nbsp; New York Times, Cl A | 16875 | 963900 |
| &nbsp;&nbsp;&nbsp; TKO Group Holdings, Cl A | 5438 | 858171 |
| &nbsp;&nbsp;&nbsp; T-Mobile US | 3038 | 735804 |
| &nbsp;&nbsp;&nbsp; Verizon Communications | 18074 | 794533 |
| &nbsp;&nbsp;&nbsp; Warner Music Group, Cl A | 23638 | 622152 |
|  |  | 6302010 |
|  **Consumer Discretionary — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Columbia Sportswear | 9543 | 608653 |
| &nbsp;&nbsp;&nbsp; Mattel\* | 38677 | 732542 |
| &nbsp;&nbsp;&nbsp; McDonald's | 2574 | 807850 |
| &nbsp;&nbsp;&nbsp; Monarch Casino & Resort | 9111 | 762955 |
| &nbsp;&nbsp;&nbsp; Murphy USA | 1781 | 760113 |
| &nbsp;&nbsp;&nbsp; Service Corp International | 10007 | 780546 |
| &nbsp;&nbsp;&nbsp; Sturm Ruger | 19970 | 722914 |
| &nbsp;&nbsp;&nbsp; Wendy's | 52738 | 601213 |
|  |  | 5776786 |
|  **Consumer Staples — 18.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Altria Group | 14024 | 849995 |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland | 16633 | 802875 |
| &nbsp;&nbsp;&nbsp; BellRing Brands\* | 11685 | 735571 |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings\* | 7116 | 805602 |
| &nbsp;&nbsp;&nbsp; Boston Beer, Cl A\* | 3426 | 787466 |
| &nbsp;&nbsp;&nbsp; Bunge Global | 10707 | 836752 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Consumer Staples (continued)** |  |  |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods | 9671 | $927739 |
| &nbsp;&nbsp;&nbsp; Church & Dwight | 7210 | 708815 |
| &nbsp;&nbsp;&nbsp; Coca-Cola | 11347 | 818119 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated | 5950 | 682167 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive | 8568 | 796310 |
| &nbsp;&nbsp;&nbsp; Conagra Brands | 30773 | 704394 |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care | 25460 | 703205 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings | 26412 | 615135 |
| &nbsp;&nbsp;&nbsp; Flowers Foods | 42892 | 724875 |
| &nbsp;&nbsp;&nbsp; Fresh Del Monte Produce | 26204 | 925525 |
| &nbsp;&nbsp;&nbsp; General Mills | 12849 | 697187 |
| &nbsp;&nbsp;&nbsp; Hormel Foods | 27567 | 845755 |
| &nbsp;&nbsp;&nbsp; Ingredion | 6099 | 848493 |
| &nbsp;&nbsp;&nbsp; J & J Snack Foods | 5795 | 667410 |
| &nbsp;&nbsp;&nbsp; John B Sanfilippo & Son | 10888 | 676580 |
| &nbsp;&nbsp;&nbsp; Kenvue | 34490 | 823276 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper | 23842 | 802760 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark | 5613 | 806925 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz | 25560 | 683219 |
| &nbsp;&nbsp;&nbsp; Kroger | 12533 | 855127 |
| &nbsp;&nbsp;&nbsp; Lancaster Colony | 4164 | 697054 |
| &nbsp;&nbsp;&nbsp; McCormick | 9767 | 710354 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Cl A | 11975 | 808193 |
| &nbsp;&nbsp;&nbsp; National Beverage | 19351 | 875246 |
| &nbsp;&nbsp;&nbsp; PepsiCo | 5171 | 679728 |
| &nbsp;&nbsp;&nbsp; Philip Morris International | 5206 | 940151 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride | 15197 | 747084 |
| &nbsp;&nbsp;&nbsp; Post Holdings\* | 6988 | 772803 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble | 4577 | 777587 |
| &nbsp;&nbsp;&nbsp; Simply Good Foods\* | 22381 | 772368 |
| &nbsp;&nbsp;&nbsp; SpartanNash | 40236 | 782992 |
| &nbsp;&nbsp;&nbsp; Sysco | 10645 | 777085 |
| &nbsp;&nbsp;&nbsp; Tootsie Roll Industries | 25640 | 914070 |
| &nbsp;&nbsp;&nbsp; TreeHouse Foods\* | 26067 | 585465 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Cl A | 13208 | 741761 |
| &nbsp;&nbsp;&nbsp; Universal | 14871 | 972415 |
| &nbsp;&nbsp;&nbsp; WD-40 | 3301 | 804223 |
| &nbsp;&nbsp;&nbsp; WK Kellogg | 41967 | 710082 |
|  |  | 34199938 |
|  **Energy — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Dorian LPG | 38087 | 815442 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil | 7429 | 759987 |
| &nbsp;&nbsp;&nbsp; International Seaways | 23064 | 854521 |
| &nbsp;&nbsp;&nbsp; World Kinect | 28271 | 774343 |
|  |  | 3204293 |

---

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

 **ETC 6 Meridian**

**Low Beta Equity Strategy ETF**

**Schedule of Investments**

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Financials — 14.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Aflac | 7403 | $766507 |
| &nbsp;&nbsp;&nbsp; Allstate | 4048 | 849554 |
| &nbsp;&nbsp;&nbsp; American Financial Group | 6246 | 774379 |
| &nbsp;&nbsp;&nbsp; AMERISAFE | 15698 | 745184 |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management<sup>‡</sup> | 37518 | 710966 |
| &nbsp;&nbsp;&nbsp; Assured Guaranty | 9436 | 797814 |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets | 3753 | 859887 |
| &nbsp;&nbsp;&nbsp; Chubb | 2791 | 829485 |
| &nbsp;&nbsp;&nbsp; CME Group, Cl A | 3146 | 909194 |
| &nbsp;&nbsp;&nbsp; Employers Holdings | 16167 | 786848 |
| &nbsp;&nbsp;&nbsp; EVERTEC | 21347 | 773402 |
| &nbsp;&nbsp;&nbsp; EZCORP, Cl A\* | 59931 | 806072 |
| &nbsp;&nbsp;&nbsp; Federated Hermes, Cl B | 20514 | 865691 |
| &nbsp;&nbsp;&nbsp; Hanover Insurance Group | 4721 | 830802 |
| &nbsp;&nbsp;&nbsp; HCI Group | 5926 | 1000131 |
| &nbsp;&nbsp;&nbsp; Horace Mann Educators | 19346 | 840197 |
| &nbsp;&nbsp;&nbsp; Kemper | 12122 | 772535 |
| &nbsp;&nbsp;&nbsp; MarketAxess Holdings | 3876 | 838805 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan | 3381 | 790004 |
| &nbsp;&nbsp;&nbsp; Old Republic International | 21171 | 800264 |
| &nbsp;&nbsp;&nbsp; Payoneer Global\* | 102367 | 697119 |
| &nbsp;&nbsp;&nbsp; Progressive | 2841 | 809486 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings | 3285 | 819345 |
| &nbsp;&nbsp;&nbsp; RLI | 10569 | 812439 |
| &nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Cl A | 11550 | 826633 |
| &nbsp;&nbsp;&nbsp; Safety Insurance Group | 10546 | 866248 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group | 9307 | 819202 |
| &nbsp;&nbsp;&nbsp; Two Harbors Investment<sup>‡</sup> | 57641 | 610419 |
| &nbsp;&nbsp;&nbsp; Unum Group | 10059 | 821921 |
| &nbsp;&nbsp;&nbsp; Virtu Financial, Cl A | 21862 | 878634 |
| &nbsp;&nbsp;&nbsp; Western Union | 72286 | 670814 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 2417 | 765101 |
| &nbsp;&nbsp;&nbsp; WR Berkley | 12859 | 960439 |
|  |  | 26705521 |
|  **Health Care — 16.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 5917 | 790393 |
| &nbsp;&nbsp;&nbsp; AbbVie | 3792 | 705729 |
| &nbsp;&nbsp;&nbsp; Addus HomeCare\* | 8388 | 930313 |
| &nbsp;&nbsp;&nbsp; Alkermes PLC\* | 23074 | 706295 |
| &nbsp;&nbsp;&nbsp; Amedisys\* | 8674 | 815963 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson | 3547 | 612177 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical\* | 11226 | 651894 |
| &nbsp;&nbsp;&nbsp; Centene\* | 13448 | 759005 |
| &nbsp;&nbsp;&nbsp; Chemed | 1344 | 772585 |
| &nbsp;&nbsp;&nbsp; Cigna Group | 2532 | 801732 |
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical\* | 26829 | 781797 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Health Care (continued)** |  |  |
| &nbsp;&nbsp;&nbsp; Doximity, Cl A\* | 12119 | $631279 |
| &nbsp;&nbsp;&nbsp; Dynavax Technologies\* | 55752 | 545812 |
| &nbsp;&nbsp;&nbsp; Encompass Health | 8019 | 969497 |
| &nbsp;&nbsp;&nbsp; Ensign Group | 6199 | 912865 |
| &nbsp;&nbsp;&nbsp; Exelixis\* | 20922 | 900483 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences | 6889 | 758341 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare | 2485 | 947754 |
| &nbsp;&nbsp;&nbsp; HealthStream | 24291 | 680634 |
| &nbsp;&nbsp;&nbsp; Hologic\* | 12792 | 795279 |
| &nbsp;&nbsp;&nbsp; Innoviva\* | 45451 | 889476 |
| &nbsp;&nbsp;&nbsp; Inspire Medical Systems\* | 4566 | 631021 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 5858 | 633074 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 4820 | 748112 |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings\* | 7975 | 602591 |
| &nbsp;&nbsp;&nbsp; McKesson | 1246 | 896509 |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | 8583 | 712217 |
| &nbsp;&nbsp;&nbsp; Merit Medical Systems\* | 7859 | 746841 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare\* | 2466 | 752229 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences\* | 7095 | 872827 |
| &nbsp;&nbsp;&nbsp; Omnicell\* | 21468 | 651983 |
| &nbsp;&nbsp;&nbsp; Organon | 53802 | 496055 |
| &nbsp;&nbsp;&nbsp; Penumbra\* | 2876 | 767806 |
| &nbsp;&nbsp;&nbsp; Pfizer | 30466 | 715646 |
| &nbsp;&nbsp;&nbsp; Premier, Cl A | 45556 | 1046877 |
| &nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare\* | 9179 | 786365 |
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics\* | 18133 | 860774 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics | 4655 | 806898 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics\* | 7572 | 284707 |
| &nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals\* | 25123 | 796399 |
| &nbsp;&nbsp;&nbsp; United Therapeutics\* | 2597 | 828053 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group | 1636 | 493925 |
|  |  | 31490212 |
|  **Industrials — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Brady, Cl A | 11464 | 799843 |
| &nbsp;&nbsp;&nbsp; CACI International, Cl A\* | 2225 | 952300 |
| &nbsp;&nbsp;&nbsp; CSG Systems International | 12681 | 837707 |
| &nbsp;&nbsp;&nbsp; FTI Consulting\* | 4738 | 777790 |
| &nbsp;&nbsp;&nbsp; Genpact | 15673 | 674723 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies | 3739 | 913587 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin | 1731 | 835000 |
| &nbsp;&nbsp;&nbsp; MAXIMUS | 11756 | 852427 |
| &nbsp;&nbsp;&nbsp; National Presto Industries | 8651 | 740958 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman | 1682 | 815383 |
| &nbsp;&nbsp;&nbsp; RB Global | 8020 | 844506 |
| &nbsp;&nbsp;&nbsp; RTX | 6232 | 850544 |
| &nbsp;&nbsp;&nbsp; Tetra Tech | 27982 | 977691 |

---

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

 **ETC 6 Meridian**

**Low Beta Equity Strategy ETF**

**Schedule of Investments**

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Industrials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Cl A | 2706 | $850063 |
| &nbsp;&nbsp;&nbsp; Verra Mobility, Cl A\* | 37640 | 890186 |
|  |  | 12612708 |
|  **Information Technology — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Box, Cl A\* | 24858 | 940129 |
| &nbsp;&nbsp;&nbsp; Dolby Laboratories, Cl A | 9691 | 719654 |
| &nbsp;&nbsp;&nbsp; Dynatrace\* | 14921 | 805883 |
| &nbsp;&nbsp;&nbsp; InterDigital | 3814 | 828630 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates | 4356 | 789177 |
| &nbsp;&nbsp;&nbsp; Juniper Networks | 22170 | 796568 |
| &nbsp;&nbsp;&nbsp; LiveRamp Holdings\* | 28140 | 916801 |
| &nbsp;&nbsp;&nbsp; N-able\* | 107172 | 834870 |
| &nbsp;&nbsp;&nbsp; Progress Software | 14375 | 884925 |
|  |  | 7516637 |
|  **Materials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp; AptarGroup | 5287 | 837461 |
| &nbsp;&nbsp;&nbsp; Crown Holdings | 8941 | 880688 |
| &nbsp;&nbsp;&nbsp; Royal Gold | 5321 | 947777 |
|  |  | 2665926 |
|  **Real Estate — 13.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Agree Realty<sup>‡</sup> | 10666 | 803150 |
| &nbsp;&nbsp;&nbsp; Alexander & Baldwin<sup>‡</sup> | 45041 | 806684 |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Cl A<sup>‡</sup> | 22164 | 838907 |
| &nbsp;&nbsp;&nbsp; American Tower, Cl A<sup>‡</sup> | 3861 | 828764 |
| &nbsp;&nbsp;&nbsp; Armada Hoffler Properties<sup>‡</sup> | 90339 | 628759 |
| &nbsp;&nbsp;&nbsp; Brixmor Property Group<sup>‡</sup> | 29910 | 760013 |
| &nbsp;&nbsp;&nbsp; Centerspace<sup>‡</sup> | 12345 | 786994 |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties<sup>‡</sup> | 29976 | 822841 |
| &nbsp;&nbsp;&nbsp; CubeSmart<sup>‡</sup> | 18916 | 808848 |
| &nbsp;&nbsp;&nbsp; Easterly Government Properties, Cl A<sup>‡</sup> | 28967 | 629449 |
| &nbsp;&nbsp;&nbsp; Elme Communities<sup>‡</sup> | 46698 | 749970 |
| &nbsp;&nbsp;&nbsp; EPR Properties<sup>‡</sup> | 15141 | 843202 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties<sup>‡</sup> | 11798 | 749999 |
| &nbsp;&nbsp;&nbsp; First Industrial Realty Trust<sup>‡</sup> | 13870 | 685594 |
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust<sup>‡</sup> | 27759 | 766426 |
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties<sup>‡</sup> | 15979 | 746219 |
| &nbsp;&nbsp;&nbsp; Getty Realty<sup>‡</sup> | 25749 | 753416 |
| &nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Cl A<sup>‡</sup> | 48426 | 702177 |
| &nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Cl A<sup>‡</sup> | 10989 | 606813 |
| &nbsp;&nbsp;&nbsp; LTC Properties<sup>‡</sup> | 22356 | 791179 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities<sup>‡</sup> | 4793 | 750823 |
| &nbsp;&nbsp;&nbsp; National Storage Affiliates Trust<sup>‡</sup> | 20627 | 709569 |
| &nbsp;&nbsp;&nbsp; NNN REIT<sup>‡</sup> | 18691 | 780536 |
| &nbsp;&nbsp;&nbsp; Rayonier<sup>‡</sup> | 29732 | 704649 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Real Estate (continued)** |  |  |
| &nbsp;&nbsp;&nbsp; Regency Centers<sup>‡</sup> | 10739 | $774819 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT<sup>‡</sup> | 48250 | 843410 |
| &nbsp;&nbsp;&nbsp; Saul Centers<sup>‡</sup> | 22158 | 746282 |
| &nbsp;&nbsp;&nbsp; Tanger<sup>‡</sup> | 23423 | 698005 |
| &nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust<sup>‡</sup> | 19470 | 773153 |
| &nbsp;&nbsp;&nbsp; Urban Edge Properties<sup>‡</sup> | 39874 | 724112 |
| &nbsp;&nbsp;&nbsp; Veris Residential<sup>‡</sup> | 48365 | 735148 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Cl A<sup>‡</sup> | 25007 | 792972 |
| &nbsp;&nbsp;&nbsp; Whitestone REIT, Cl B<sup>‡</sup> | 58229 | 717381 |
| &nbsp;&nbsp;&nbsp; WP Carey<sup>‡</sup> | 12498 | 784375 |
|  |  | 25644638 |
|  **Utilities — 17.2%** |  |  |
| &nbsp;&nbsp;&nbsp; ALLETE | 12241 | 796155 |
| &nbsp;&nbsp;&nbsp; Alliant Energy | 12853 | 799842 |
| &nbsp;&nbsp;&nbsp; Ameren | 8228 | 797129 |
| &nbsp;&nbsp;&nbsp; American Electric Power | 7791 | 806291 |
| &nbsp;&nbsp;&nbsp; American States Water | 10249 | 808339 |
| &nbsp;&nbsp;&nbsp; American Water Works | 5786 | 827224 |
| &nbsp;&nbsp;&nbsp; Atmos Energy | 5461 | 844707 |
| &nbsp;&nbsp;&nbsp; Avista | 20468 | 788223 |
| &nbsp;&nbsp;&nbsp; Black Hills | 13448 | 786305 |
| &nbsp;&nbsp;&nbsp; California Water Service Group | 17098 | 807880 |
| &nbsp;&nbsp;&nbsp; Chesapeake Utilities | 6284 | 767842 |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Cl C | 29254 | 900145 |
| &nbsp;&nbsp;&nbsp; CMS Energy | 11160 | 783767 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison | 7922 | 827770 |
| &nbsp;&nbsp;&nbsp; DTE Energy | 6122 | 836571 |
| &nbsp;&nbsp;&nbsp; Duke Energy | 6960 | 819331 |
| &nbsp;&nbsp;&nbsp; Entergy | 9846 | 819975 |
| &nbsp;&nbsp;&nbsp; Essential Utilities | 20791 | 801077 |
| &nbsp;&nbsp;&nbsp; Evergy | 12163 | 807745 |
| &nbsp;&nbsp;&nbsp; Exelon | 18644 | 816980 |
| &nbsp;&nbsp;&nbsp; FirstEnergy | 20890 | 876127 |
| &nbsp;&nbsp;&nbsp; IDACORP | 7110 | 845734 |
| &nbsp;&nbsp;&nbsp; MGE Energy | 8996 | 812519 |
| &nbsp;&nbsp;&nbsp; Middlesex Water | 13086 | 758334 |
| &nbsp;&nbsp;&nbsp; National Fuel Gas | 10867 | 896962 |
| &nbsp;&nbsp;&nbsp; New Jersey Resources | 16865 | 773935 |
| &nbsp;&nbsp;&nbsp; NiSource | 20716 | 819111 |
| &nbsp;&nbsp;&nbsp; Northwest Natural Holding | 19300 | 790721 |
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group | 14519 | 803336 |
| &nbsp;&nbsp;&nbsp; OGE Energy | 18150 | 807130 |
| &nbsp;&nbsp;&nbsp; ONE Gas | 11004 | 822659 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital | 8807 | 803463 |
| &nbsp;&nbsp;&nbsp; PPL | 23590 | 819752 |

---

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

 **ETC 6 Meridian**

**Low Beta Equity Strategy ETF**

**Schedule of Investments**

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Utilities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp; SJW Group | 14691 | $770984 |
| &nbsp;&nbsp;&nbsp; Southern | 9009 | 810810 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings | 10980 | 788693 |
| &nbsp;&nbsp;&nbsp; Spire | 10527 | 792473 |
| &nbsp;&nbsp;&nbsp; UGI | 24345 | 877881 |
| &nbsp;&nbsp;&nbsp; Unitil | 14645 | 802985 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group | 7701 | 827395 |
|  |  | 32544302 |
|  Total Common Stock (Cost $181,506,253) |  | 188662971 |
|  **SHORT-TERM INVESTMENT — 0.**3%** | **SHORT-TERM INVESTMENT — 0.**3%** |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class, 4.24%<sup>(A)</sup> | 529737 | 529737 |
|  Total Short-Term Investment (Cost $529,737) |  | 529737 |
|  Total Investments — 100.0% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $182,035,990) |  | $189192708 |

---

Percentages are based on Net Assets $189,111,196.

‡&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trust

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

(A) The rate shown is the 7-day effective yield as of May 31, 2025.

Cl&nbsp;&nbsp;&nbsp;&nbsp; — Class

PLC — Public Limited Company

REIT — Real Estate Investment Trust

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

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

 **ETC 6 Meridian**

**Mega Cap Equity ETF**

**Schedule of Investments**

**May 31, 2025 (Unaudited)**

![](tbarchart_003.jpg)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK — 99.8%** |  |  |
|  **Communication Services — 17.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A | 35217 | $6048167 |
| &nbsp;&nbsp;&nbsp; AT&T | 616575 | 17140785 |
| &nbsp;&nbsp;&nbsp; Comcast, Cl A | 335940 | 11613446 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Cl A | 19853 | 12854619 |
| &nbsp;&nbsp;&nbsp; Netflix\* | 5009 | 6047015 |
| &nbsp;&nbsp;&nbsp; T-Mobile US | 22998 | 5570116 |
| &nbsp;&nbsp;&nbsp; Verizon Communications | 393581 | 17301821 |
|  |  | 76575969 |
|  **Consumer Discretionary — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Amazon.com\* | 29864 | 6122419 |
| &nbsp;&nbsp;&nbsp; Booking Holdings | 1113 | 6142569 |
| &nbsp;&nbsp;&nbsp; General Motors | 126092 | 6255424 |
|  |  | 18520412 |
|  **Consumer Staples — 19.9%** |  |  |
| &nbsp;&nbsp;&nbsp; Altria Group | 478903 | 29026311 |
| &nbsp;&nbsp;&nbsp; Coca-Cola | 79681 | 5745000 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive | 125277 | 11643244 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale | 5685 | 5913423 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Cl A | 83697 | 5648711 |
| &nbsp;&nbsp;&nbsp; Philip Morris International | 66811 | 12065398 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble | 35504 | 6031775 |
| &nbsp;&nbsp;&nbsp; Walmart | 116636 | 11514306 |
|  |  | 87588168 |
|  **Energy — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Chevron | 83380 | 11398046 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil | 107407 | 10987736 |
|  |  | 22385782 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Financials — 13.6%** |  |  |
| &nbsp;&nbsp;&nbsp; American Express | 21153 | $6220040 |
| &nbsp;&nbsp;&nbsp; American International Group | 70266 | 5947314 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon | 70206 | 6220954 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Cl B\* | 21424 | 10796839 |
| &nbsp;&nbsp;&nbsp; Capital One Financial | 31520 | 5962008 |
| &nbsp;&nbsp;&nbsp; Citigroup | 83365 | 6279052 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings\* | 86843 | 6103326 |
| &nbsp;&nbsp;&nbsp; US Bancorp | 280533 | 12228433 |
|  |  | 59757966 |
|  **Health Care — 19.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 43402 | 5797639 |
| &nbsp;&nbsp;&nbsp; AbbVie | 29380 | 5467912 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb | 458025 | 22113447 |
| &nbsp;&nbsp;&nbsp; Eli Lilly | 7152 | 5275816 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences | 110038 | 12112983 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical\* | 10981 | 6065246 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 73554 | 11416316 |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | 67979 | 5640897 |
| &nbsp;&nbsp;&nbsp; Pfizer | 237381 | 5576080 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group | 14176 | 4279876 |
|  |  | 83746212 |
|  **Industrials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Lockheed Martin | 11890 | 5735498 |
|  **Information Technology — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Apple | 26626 | 5347832 |
| &nbsp;&nbsp;&nbsp; International Business Machines | 23702 | 6140240 |
| &nbsp;&nbsp;&nbsp; Intuit | 9113 | 6866372 |
| &nbsp;&nbsp;&nbsp; NVIDIA | 50895 | 6877441 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Cl A\* | 97775 | 12884790 |
| &nbsp;&nbsp;&nbsp; QUALCOMM | 84029 | 12201011 |
| &nbsp;&nbsp;&nbsp; ServiceNow\* | 5930 | 5995764 |
|  |  | 56313450 |
|  **Real Estate — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp; American Tower, Cl A<sup>‡</sup> | 25354 | 5442236 |
| &nbsp;&nbsp;&nbsp; Simon Property Group<sup>‡</sup> | 35754 | 5830405 |
|  |  | 11272641 |
|  **Utilities — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Duke Energy | 93642 | 11023536 |
| &nbsp;&nbsp;&nbsp; Southern | 62107 | 5589630 |
|  |  | 16613166 |
|  Total Common Stock <br>(Cost $413,935,406) |  | 438509264 |

---

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

 **ETC 6 Meridian**

**Mega Cap Equity ETF**

**Schedule of Investments**

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **SHORT-TERM INVESTMENT — 0.2%** | **SHORT-TERM INVESTMENT — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class, 4.24%<sup>(A)</sup> | 903060 | $903060 |
|  Total Short-Term Investment <br>(Cost $903,060) |  | 903060 |
|  Total Investments — 100.0% <br>(Cost $414,838,466) |  | $439412324 |

---

Percentages are based on Net Assets of $439,293,139.

‡&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trust

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

(A) The rate shown is the 7-day effective yield as of May 31, 2025.

Cl&nbsp;&nbsp;&nbsp;&nbsp; – Class

PLC – Public Limited Company

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

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

 **ETC 6 Meridian**

**Small Cap Equity ETF**

**Schedule of Investments**

**May 31, 2025 (Unaudited)**

![](tbarchart_004.jpg)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK — 99.6%** |  |  |
|  **Communication Services — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Madison Square Garden Sports\* | 5277 | $1002050 |
| &nbsp;&nbsp;&nbsp; TEGNA | 61134 | 1022160 |
|  |  | 2024210 |
|  **Consumer Discretionary — 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Holdings\* | 226340 | 993632 |
| &nbsp;&nbsp;&nbsp; Buckle | 27985 | 1192441 |
| &nbsp;&nbsp;&nbsp; G-III Apparel Group\* | 41193 | 1196657 |
| &nbsp;&nbsp;&nbsp; M\* | 8872 | 945844 |
| &nbsp;&nbsp;&nbsp; Perdoceo Education | 41193 | 1402210 |
| &nbsp;&nbsp;&nbsp; Sally Beauty Holdings\* | 119436 | 1040287 |
| &nbsp;&nbsp;&nbsp; Shoe Carnival | 49578 | 952889 |
| &nbsp;&nbsp;&nbsp; Sturm Ruger | 26773 | 969183 |
| &nbsp;&nbsp;&nbsp; Tri Pointe Homes\* | 33208 | 978972 |
|  |  | 9672115 |
|  **Consumer Staples — 17.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Andersons | 25532 | 906641 |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods | 25225 | 2419834 |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet, Cl A\* | 29534 | 1064996 |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care | 34130 | 942671 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings | 35494 | 826656 |
| &nbsp;&nbsp;&nbsp; Fresh Del Monte Produce | 35245 | 1244853 |
| &nbsp;&nbsp;&nbsp; J & J Snack Foods | 7854 | 904545 |
| &nbsp;&nbsp;&nbsp; John B Sanfilippo & Son | 14798 | 919548 |
| &nbsp;&nbsp;&nbsp; National Beverage | 26054 | 1178422 |
| &nbsp;&nbsp;&nbsp; Simply Good Foods\* | 29842 | 1029848 |
| &nbsp;&nbsp;&nbsp; SpartanNash | 54122 | 1053214 |
| &nbsp;&nbsp;&nbsp; Tootsie Roll Industries | 33824 | 1205837 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Consumer Staples (continued)** |  |  |
| &nbsp;&nbsp;&nbsp; TreeHouse Foods\* | 34850 | $782731 |
| &nbsp;&nbsp;&nbsp; WD-40 | 4394 | 1070510 |
| &nbsp;&nbsp;&nbsp; WK Kellogg | 55283 | 935388 |
|  |  | 16485694 |
|  **Energy — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Dorian LPG | 106344 | 2276825 |
| &nbsp;&nbsp;&nbsp; International Seaways | 63130 | 2338967 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas, Cl A | 46832 | 1006888 |
| &nbsp;&nbsp;&nbsp; REX American Resources\* | 28817 | 1214348 |
| &nbsp;&nbsp;&nbsp; RPC | 204056 | 906008 |
| &nbsp;&nbsp;&nbsp; SM Energy | 38409 | 899539 |
|  |  | 8642575 |
|  **Financials — 20.4%** |  |  |
| &nbsp;&nbsp;&nbsp; AMERISAFE | 20803 | 987519 |
| &nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, Cl A | 25179 | 1014714 |
| &nbsp;&nbsp;&nbsp; Assured Guaranty | 24489 | 2070545 |
| &nbsp;&nbsp;&nbsp; Axos Financial\* | 16406 | 1140873 |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings | 20758 | 1063640 |
| &nbsp;&nbsp;&nbsp; Brightsphere Investment Group | 44637 | 1344020 |
| &nbsp;&nbsp;&nbsp; Employers Holdings | 21048 | 1024406 |
| &nbsp;&nbsp;&nbsp; Enova International\* | 10964 | 1016034 |
| &nbsp;&nbsp;&nbsp; EZCORP, Cl A\* | 159797 | 2149269 |
| &nbsp;&nbsp;&nbsp; HCI Group | 15473 | 2611378 |
| &nbsp;&nbsp;&nbsp; PROG Holdings | 39294 | 1132846 |
| &nbsp;&nbsp;&nbsp; Virtu Financial, Cl A | 29143 | 1171257 |
| &nbsp;&nbsp;&nbsp; Virtus Investment Partners | 5840 | 996888 |
| &nbsp;&nbsp;&nbsp; World Acceptance\* | 8333 | 1287282 |
|  |  | 19010671 |
|  **Health Care — 13.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Addus HomeCare\* | 10989 | 1218790 |
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical\* | 37127 | 1081881 |
| &nbsp;&nbsp;&nbsp; Dynavax Technologies\* | 75447 | 738626 |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings\* | 31328 | 1080816 |
| &nbsp;&nbsp;&nbsp; Innoviva\* | 120596 | 2360064 |
| &nbsp;&nbsp;&nbsp; Inspire Medical Systems\* | 5999 | 829062 |
| &nbsp;&nbsp;&nbsp; Merit Medical Systems\* | 10081 | 957997 |
| &nbsp;&nbsp;&nbsp; Organon | 73149 | 674434 |
| &nbsp;&nbsp;&nbsp; Premier, Cl A | 60539 | 1391186 |
| &nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare\* | 12366 | 1059395 |
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics\* | 27490 | 1304950 |
|  |  | 12697201 |
|  **Industrials — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp; DNOW\* | 69862 | 1007410 |
| &nbsp;&nbsp;&nbsp; Heidrick & Struggles <br>International | 23421 | 1022561 |

---

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

 **ETC 6 Meridian**

**Small Cap Equity ETF**

**Schedule of Investments**

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Industrials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp; Matson | 7683 | $867026 |
| &nbsp;&nbsp;&nbsp; Vestis | 93623 | 576718 |
|  |  | 3473715 |
|  **Information Technology — 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Box, Cl A\* | 32634 | 1234218 |
| &nbsp;&nbsp;&nbsp; DXC Technology\* | 58014 | 881813 |
| &nbsp;&nbsp;&nbsp; ePlus\* | 16431 | 1172680 |
| &nbsp;&nbsp;&nbsp; InterDigital | 5177 | 1124755 |
| &nbsp;&nbsp;&nbsp; N-able\* | 142839 | 1112716 |
| &nbsp;&nbsp;&nbsp; Photronics\* | 50550 | 844691 |
| &nbsp;&nbsp;&nbsp; Progress Software | 18909 | 1164038 |
| &nbsp;&nbsp;&nbsp; ScanSource\* | 29792 | 1203001 |
|  |  | 8737912 |
|  **Materials — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp; SunCoke Energy | 117707 | 958135 |
| &nbsp;&nbsp;&nbsp; Sylvamo | 15277 | 809223 |
|  |  | 1767358 |
|  **Real Estate — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Centerspace<sup>‡</sup> | 16324 | 1040655 |
| &nbsp;&nbsp;&nbsp; Elme Communities<sup>‡</sup> | 60958 | 978986 |
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust<sup>‡</sup> | 36499 | 1007737 |
| &nbsp;&nbsp;&nbsp; Getty Realty<sup>‡</sup> | 33944 | 993202 |
| &nbsp;&nbsp;&nbsp; LTC Properties<sup>‡</sup> | 29419 | 1041138 |
|  |  | 5061718 |
|  **Utilities — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp; American States Water | 13635 | 1075392 |
| &nbsp;&nbsp;&nbsp; Avista | 26767 | 1030797 |
| &nbsp;&nbsp;&nbsp; California Water Service Group | 22658 | 1070591 |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Cl C | 38832 | 1194861 |
| &nbsp;&nbsp;&nbsp; SJW Group | 19509 | 1023832 |
|  |  | 5395473 |
|  Total Common Stock <br>(Cost $92,970,916) |  | 92968642 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **SHORT-TERM INVESTMENT — 0.2%** | **SHORT-TERM INVESTMENT — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class, 4.24%<sup>(A)</sup> | 206415 | $206415 |
|  Total Short-Term Investment <br>(Cost $206,415) |  | 206415 |
|  Total Investments — 99.8% <br>(Cost $93,177,331) |  | $93175057 |

---

Percentages are based on Net Assets of $93,343,354.

‡&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trust

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

(A) The rate shown is the 7-day effective yield as of May 31, 2025.

Cl – Class

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

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

 **ETC 6 Meridian**

**Quality Growth ETF**

**Schedule of Investments**

**May 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK**<sup>††</sup> **— 99.6%** | **COMMON STOCK**<sup>††</sup> **— 99.6%** | **COMMON STOCK**<sup>††</sup> **— 99.6%** |
|  **Communication Services — 10.0%** | **Communication Services — 10.0%** | **Communication Services — 10.0%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A | 15596 | $2678457 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Cl A | 4333 | 2805574 |
| &nbsp;&nbsp;&nbsp; Pinterest, Cl A\* | 9813 | 305283 |
| &nbsp;&nbsp;&nbsp; Yelp, Cl A\* | 849 | 32406 |
|  |  | 5821720 |
|  **Consumer Discretionary — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Booking Holdings | 455 | 2511113 |
| &nbsp;&nbsp;&nbsp; Deckers Outdoor\* | 2341 | 247022 |
| &nbsp;&nbsp;&nbsp; Grand Canyon Education\* | 427 | 84480 |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica\* | 1699 | 538022 |
| &nbsp;&nbsp;&nbsp; Steven Madden | 995 | 24527 |
| &nbsp;&nbsp;&nbsp; TJX | 16477 | 2090931 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty\* | 658 | 310221 |
| &nbsp;&nbsp;&nbsp; Urban Outfitters\* | 1028 | 71857 |
| &nbsp;&nbsp;&nbsp; YETI Holdings\* | 1130 | 34533 |
|  |  | 5912706 |
|  **Consumer Staples — 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Andersons | 447 | 15873 |
| &nbsp;&nbsp;&nbsp; Boston Beer, Cl A\* | 147 | 33788 |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods | 622 | 59668 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive | 11172 | 1038326 |
| &nbsp;&nbsp;&nbsp; J & J Snack Foods | 169 | 19464 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark | 4722 | 678835 |
| &nbsp;&nbsp;&nbsp; Lancaster Colony | 285 | 47709 |
| &nbsp;&nbsp;&nbsp; Monster Beverage\* | 10061 | 643401 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble | 13873 | 2356884 |
| &nbsp;&nbsp;&nbsp; Vita Coco\* | 555 | 19752 |
| &nbsp;&nbsp;&nbsp; WD-40 | 186 | 45315 |
|  |  | 4959015 |
|  **Energy — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Texas Pacific Land | 267 | 297446 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Financials — 13.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Mastercard, Cl A | 4464 | $2614118 |
| &nbsp;&nbsp;&nbsp; Progressive | 7804 | 2223594 |
| &nbsp;&nbsp;&nbsp; Remitly Global\* | 2291 | 48936 |
| &nbsp;&nbsp;&nbsp; Tradeweb Markets, Cl A | 3182 | 459640 |
| &nbsp;&nbsp;&nbsp; Visa, Cl A | 7064 | 2579702 |
|  |  | 7925990 |
|  **Health Care — 15.2%** |  |  |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals\* | 1851 | 39926 |
| &nbsp;&nbsp;&nbsp; Alkermes PLC\* | 2395 | 73311 |
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals\* | 1655 | 41309 |
| &nbsp;&nbsp;&nbsp; CG oncology\* | 876 | 22443 |
| &nbsp;&nbsp;&nbsp; Chemed | 204 | 117267 |
| &nbsp;&nbsp;&nbsp; CorVel\* | 413 | 45955 |
| &nbsp;&nbsp;&nbsp; Doximity, Cl A\* | 2605 | 135695 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences\* | 8767 | 685755 |
| &nbsp;&nbsp;&nbsp; Exelixis\* | 3921 | 168760 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories\* | 1189 | 610385 |
| &nbsp;&nbsp;&nbsp; Incyte\* | 2282 | 148467 |
| &nbsp;&nbsp;&nbsp; Inspire Medical Systems\* | 405 | 55971 |
| &nbsp;&nbsp;&nbsp; Insulet\* | 1085 | 352657 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical\* | 4239 | 2341369 |
| &nbsp;&nbsp;&nbsp; Medpace Holdings\* | 352 | 103805 |
| &nbsp;&nbsp;&nbsp; Merck | 24905 | 1913700 |
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics\* | 878 | 41678 |
| &nbsp;&nbsp;&nbsp; ResMed | 2033 | 497658 |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Cl A\* | 1899 | 531150 |
| &nbsp;&nbsp;&nbsp; Zoetis, Cl A | 5860 | 988172 |
|  |  | 8915433 |
|  **Industrials — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding, Cl A | 1682 | 178713 |
| &nbsp;&nbsp;&nbsp; Cintas | 5065 | 1147222 |
| &nbsp;&nbsp;&nbsp; Copart\* | 13031 | 670836 |
| &nbsp;&nbsp;&nbsp; Enerpac Tool Group, Cl A | 749 | 32117 |
| &nbsp;&nbsp;&nbsp; ExlService Holdings\* | 2252 | 103569 |
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington | 1865 | 210241 |
| &nbsp;&nbsp;&nbsp; Fastenal | 15560 | 643250 |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works | 3842 | 941598 |
| &nbsp;&nbsp;&nbsp; Lennox International | 451 | 254567 |
| &nbsp;&nbsp;&nbsp; Mueller Industries | 1568 | 122100 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line | 2718 | 435342 |
| &nbsp;&nbsp;&nbsp; Paychex | 4654 | 734913 |
| &nbsp;&nbsp;&nbsp; Rollins | 4341 | 248522 |
| &nbsp;&nbsp;&nbsp; Veralto | 3417 | 345220 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Cl A | 2011 | 631736 |

---

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

 **ETC 6 Meridian**

**Quality Growth ETF**

**Schedule of Investments**

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| &nbsp;&nbsp;&nbsp; Watts Water Technologies, Cl A | 461 | $111617 |
| &nbsp;&nbsp;&nbsp; WW Grainger | 628 | 682988 |
|  |  | 7494551 |
|  **Information Technology — 28.9%** |  |  |
| &nbsp;&nbsp;&nbsp; Adobe\* | 4883 | 2026884 |
| &nbsp;&nbsp;&nbsp; Appfolio, Cl A\* | 482 | 101784 |
| &nbsp;&nbsp;&nbsp; Apple | 11343 | 2278242 |
| &nbsp;&nbsp;&nbsp; Arista Networks\* | 15142 | 1311903 |
| &nbsp;&nbsp;&nbsp; Badger Meter | 416 | 103259 |
| &nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Cl A\* | 3667 | 84708 |
| &nbsp;&nbsp;&nbsp; CommVault Systems\* | 674 | 123443 |
| &nbsp;&nbsp;&nbsp; DocuSign, Cl A\* | 2967 | 262906 |
| &nbsp;&nbsp;&nbsp; Dynatrace\* | 4512 | 243693 |
| &nbsp;&nbsp;&nbsp; HubSpot\* | 783 | 461892 |
| &nbsp;&nbsp;&nbsp; LiveRamp Holdings\* | 1015 | 33069 |
| &nbsp;&nbsp;&nbsp; Manhattan Associates\* | 882 | 166504 |
| &nbsp;&nbsp;&nbsp; Microsoft | 6893 | 3173261 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems | 678 | 448768 |
| &nbsp;&nbsp;&nbsp; NVIDIA | 24064 | 3251769 |
| &nbsp;&nbsp;&nbsp; Qualys\* | 535 | 74124 |
| &nbsp;&nbsp;&nbsp; ServiceNow\* | 2580 | 2608612 |
| &nbsp;&nbsp;&nbsp; SPS Commerce\* | 555 | 78122 |
| &nbsp;&nbsp;&nbsp; Ubiquiti | 58 | 22927 |
|  |  | 16855870 |
|  Total Common Stock <br>(Cost $51,009,484) |  | 58182731 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **SHORT-TERM INVESTMENT — 0.4%** | **SHORT-TERM INVESTMENT — 0.4%** | **SHORT-TERM INVESTMENT — 0.4%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class, 4.24%<sup>(A)</sup> | 216173 | $216173 |
|  Total Short-Term Investment <br>(Cost $216,173) |  | 216173 |
|  Total Investments — 100.0% <br>(Cost $51,225,657) |  | $58398904 |

---

Percentages are based on Net Assets of $58,376,675.

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

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

(A) The rate shown is the 7-day effective yield as of May 31, 2025.

Cl&nbsp;&nbsp;&nbsp;&nbsp; — Class

PLC — Public Limited Company

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

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

 **ETC 6 Meridian**

Statements of Assets and Liabilities

May 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **ETC <br>6 Meridian <br>Hedged <br>Equity-Index <br>Option <br>Strategy ETF** | **ETC <br>6 Meridian <br>Low Beta <br>Equity <br>Strategy ETF** | **ETC <br>6 Meridian <br>Mega Cap <br>Equity ETF** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at Cost | $544858627 | $182035990 | $414838466 |
| &nbsp;&nbsp;&nbsp; Investments, at Fair Value | $580076255 | $189192708 | $439412324 |
| &nbsp;&nbsp;&nbsp; Cash and Cash Equivalents | 288991 |  |  |
| &nbsp;&nbsp;&nbsp; Dividends Receivable | 901619 | 308269 | 679422 |
| &nbsp;&nbsp;&nbsp; Deposits at Broker for Options | 8634 |  |  |
| &nbsp;&nbsp;&nbsp; Tax Reclaims Receivable |  | 2258 |  |
| &nbsp;&nbsp;&nbsp; Prepaid Expenses | 4512 | 4512 | 4512 |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 581280011 | 189507747 | 440096258 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Options Written, at Value (Premiums Received $12,099,521, $— and $—, respectively) | 11883080 |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees Payable – Net | 149952 | 49666 | 114450 |
| &nbsp;&nbsp;&nbsp; Payable due to Administrator | 31633 | 10470 | 24177 |
| &nbsp;&nbsp;&nbsp; Payable for Trustees' Fee | 13467 | 4080 | 9589 |
| &nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 10937 | 12577 | 16329 |
| &nbsp;&nbsp;&nbsp; Audit Fees Payable – Net | 8726 | 8726 | 8726 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees Payable | 4161 | 1249 | 2972 |
| &nbsp;&nbsp;&nbsp; Payable to Custodian – Overdraft |  | 297836 | 595395 |
| &nbsp;&nbsp;&nbsp; Other Accrued Expenses | 241913 | 11947 | 31481 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 12343869 | 396551 | 803119 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $568936142 | $189111196 | $439293139 |
|  **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $649920904 | $203470502 | $441083778 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | (80984762) | (14359306) | (1790639) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $568936142 | $189111196 | $439293139 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest <br>(unlimited authorization – no par value) | 14750000 | 5150000 | 9250000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $38.57 | $36.72 | $47.49 |

---

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

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

 **ETC 6 Meridian**

Statements of Assets and Liabilities

May 31, 2025 (Unaudited) (Concluded)

---

| | | |
|:---|:---|:---|
|  | **ETC <br>6 Meridian <br>Small Cap <br>Equity ETF** | **ETC <br>6 Meridian <br>Quality <br>Growth ETF** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at Cost | $93177331 | $51225657 |
| &nbsp;&nbsp;&nbsp; Investments, at Fair Value | $93175057 | $58398904 |
| &nbsp;&nbsp;&nbsp; Cash and Cash Equivalents | 89551 |  |
| &nbsp;&nbsp;&nbsp; Dividends Receivable | 132925 | 26118 |
| &nbsp;&nbsp;&nbsp; Prepaid Expenses | 4512 | 4512 |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 93402045 | 58429534 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees Payable – Net | 24483 | 15008 |
| &nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 12158 | 12451 |
| &nbsp;&nbsp;&nbsp; Audit Fees Payable – Net | 8726 | 8726 |
| &nbsp;&nbsp;&nbsp; Payable due to Administrator | 5166 | 3172 |
| &nbsp;&nbsp;&nbsp; Payable for Trustees' Fee | 1992 | 1144 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees Payable | 610 | 351 |
| &nbsp;&nbsp;&nbsp; Payable to Custodian – Overdraft |  | 9443 |
| &nbsp;&nbsp;&nbsp; Other Accrued Expenses | 5556 | 2564 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 58691 | 52859 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $93343354 | $58376675 |
|  **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $116395744 | $57958311 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | (23052390) | 418364 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $93343354 | $58376675 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest <br>(unlimited authorization – no par value) | 2025000 | 1825000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $46.10 | $31.99 |

---

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

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

 **ETC 6 Meridian**

Statements of Operations

For the Six Months Ended May 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **ETC <br>6 Meridian <br>Hedged <br>Equity-Index <br>Option <br>Strategy ETF** | **ETC <br>6 Meridian <br>Low Beta <br>Equity <br>Strategy ETF** | **ETC <br>6 Meridian <br>Mega Cap <br>Equity ETF** |
|  **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividend Income | $7350740 | $2326946 | $4931102 |
| &nbsp;&nbsp;&nbsp; Less: Reclaims Withheld |  | (1218) |  |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | 7350740 | 2325728 | 4931102 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees | 898838 | 338308 | 625119 |
| &nbsp;&nbsp;&nbsp; Interest Expense on Broker Account | 660306 |  |  |
| &nbsp;&nbsp;&nbsp; Administration Fees | 171819 | 64291 | 120257 |
| &nbsp;&nbsp;&nbsp; Trustees' Fees | 38668 | 14294 | 26691 |
| &nbsp;&nbsp;&nbsp; Custodian Fees | 24667 | 10220 | 16504 |
| &nbsp;&nbsp;&nbsp; Transfer Agent Fees | 17381 | 20325 | 26889 |
| &nbsp;&nbsp;&nbsp; Legal Fees | 14334 | 5257 | 9957 |
| &nbsp;&nbsp;&nbsp; Registration Fees | 12360 | 5263 | 12038 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | 12354 | 4569 | 8522 |
| &nbsp;&nbsp;&nbsp; Audit Fees | 8726 | 8726 | 8726 |
| &nbsp;&nbsp;&nbsp; Printing Fees | 5329 | 1907 | 3742 |
| &nbsp;&nbsp;&nbsp; Pricing Fees | 1109 | 455 | 735 |
| &nbsp;&nbsp;&nbsp; Other Fees | 23347 | 8414 | 15657 |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | 1889238 | 482029 | 874837 |
|  **Net Investment Income (Loss)** | 5461502 | 1843699 | 4056265 |
|  **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments<sup>(1)</sup> | 36717895 | 9584718 | 23458710 |
| &nbsp;&nbsp;&nbsp; Written Options | (9281864) |  |  |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | 27436031 | 9584718 | 23458710 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (24132923) | (22094140) | (13170200) |
| &nbsp;&nbsp;&nbsp; Written Options | 1825298 |  |  |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | (22307625) | (22094140) | (13170200) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | 5128406 | (12509422) | 10288510 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $10589908 | $(10665723) | $14344775 |

---

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

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

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

 **ETC 6 Meridian**

Statements of Operations

For the Six Months Ended May 31, 2025 (Unaudited) (Concluded)

---

| | | |
|:---|:---|:---|
|  | **ETC <br>6 Meridian <br>Small Cap <br>Equity ETF** | **ETC <br>6 Meridian <br>Quality <br>Growth ETF** |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend Income | $1059204 | $219544 |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | 1059204 | 219544 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees | 167994 | 93769 |
| &nbsp;&nbsp;&nbsp; Administration Fees | 31769 | 17878 |
| &nbsp;&nbsp;&nbsp; Transfer Agent Fees | 19105 | 19191 |
| &nbsp;&nbsp;&nbsp; Audit Fees | 8726 | 8726 |
| &nbsp;&nbsp;&nbsp; Trustees' Fees | 7141 | 3933 |
| &nbsp;&nbsp;&nbsp; Custodian Fees | 6101 | 3070 |
| &nbsp;&nbsp;&nbsp; Registration Fees | 5212 | 4909 |
| &nbsp;&nbsp;&nbsp; Legal Fees | 2637 | 1453 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | 2281 | 1257 |
| &nbsp;&nbsp;&nbsp; Printing Fees | 957 | 531 |
| &nbsp;&nbsp;&nbsp; Pricing Fees | 244 | 125 |
| &nbsp;&nbsp;&nbsp; Other Fees | 4491 | 2743 |
| &nbsp;&nbsp;&nbsp; Advisory Waiver Recapture (Note 3) |  | 18719 |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | 256658 | 176304 |
|  **Net Investment Income (Loss)** | 802546 | 43240 |
|  **Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments<sup>(1)</sup> | (271068) | 1217412 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | (271068) | 1217412 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (11745996) | (2468712) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | (11745996) | (2468712) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | (12017064) | (1251300) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(11214518) | $(1208060) |

---

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

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

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

 **ETC 6 Meridian**

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **ETC 6 Meridian Hedged Equity-Index <br>Option Strategy ETF** | **ETC 6 Meridian Hedged Equity-Index <br>Option Strategy ETF** |
|  | **For the <br>Six Months <br>Ended <br>May 31, 2025 <br>(Unaudited)** | **Year Ended <br>November 30, <br>2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $5461502 | $6509608 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 27436031 | 8041593 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (22307625) | 47511854 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 10589908 | 62063055 |
|  **Distributions:** | (5686569) | (6609357) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 462550992 | 534744248 |
| &nbsp;&nbsp;&nbsp; Redeemed | (345994540) | (505706320) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 116556452 | 29037928 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 121459791 | 84491626 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year/Period | 447476351 | 362984725 |
| &nbsp;&nbsp;&nbsp; End of Year/Period | $568936142 | $447476351 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 12025000 | 15050000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (9050000) | (14250000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 2975000 | 800000 |

---

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

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

 **ETC 6 Meridian**

Statements of Changes in Net Assets

(Continued)

---

| | | |
|:---|:---|:---|
|  | **ETC 6 Meridian Low Beta Equity <br>Strategy ETF** | **ETC 6 Meridian Low Beta Equity <br>Strategy ETF** |
|  | **For the <br>Six Months <br>Ended <br>May 31, 2025 <br>(Unaudited)** | **Year Ended <br>November 30, <br>2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $1843699 | $2115320 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 9584718 | 5348393 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (22094140) | 29941041 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (10665723) | 37404754 |
|  **Distributions:** | (1903626) | (2172352) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 59193834 | 85327684 |
| &nbsp;&nbsp;&nbsp; Redeemed | (48211123) | (69631940) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 10982711 | 15695744 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (1586638) | 50928146 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year/Period | 190697834 | 139769688 |
| &nbsp;&nbsp;&nbsp; End of Year/Period | $189111196 | $190697834 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 1575000 | 2425000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (1275000) | (1975000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 300000 | 450000 |

---

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

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

 **ETC 6 Meridian**

Statements of Changes in Net Assets

(Continued)

---

| | | |
|:---|:---|:---|
|  | **ETC 6 Meridian Mega Cap <br>Equity ETF** | **ETC 6 Meridian Mega Cap <br>Equity ETF** |
|  | **For the <br>Six Months <br>Ended <br>May 31, 2025 <br>(Unaudited)** | **Year Ended <br>November 30, <br>2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $4056265 | $4245598 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 23458710 | 38033297 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (13170200) | 27873938 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 14344775 | 70152833 |
|  **Distributions:** | (4206281) | (4297958) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 379488609 | 326599050 |
| &nbsp;&nbsp;&nbsp; Redeemed | (242418686) | (291211869) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 137069923 | 35387181 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 147208417 | 101242056 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year/Period | 292084722 | 190842666 |
| &nbsp;&nbsp;&nbsp; End of Year/Period | $439293139 | $292084722 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 8225000 | 7975000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (5250000) | (7125000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 2975000 | 850000 |

---

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

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

 **ETC 6 Meridian**

Statements of Changes in Net Assets

(Continued)

---

| | | |
|:---|:---|:---|
|  | **ETC 6 Meridian Small Cap <br>Equity ETF** | **ETC 6 Meridian Small Cap <br>Equity ETF** |
|  | **For the <br>Six Months <br>Ended <br>May 31, 2025 <br>(Unaudited)** | **Year Ended <br>November 30, <br>2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $802546 | $840964 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | (271068) | 3283513 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (11745996) | 11659855 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (11214518) | 15784332 |
|  **Distributions:** | (794316) | (955142) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 31614818 | 65928828 |
| &nbsp;&nbsp;&nbsp; Redeemed | (24412137) | (46494189) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 7202681 | 19434639 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (4806153) | 34263829 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year/Period | 98149507 | 63885678 |
| &nbsp;&nbsp;&nbsp; End of Year/Period | $93343354 | $98149507 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 675000 | 1400000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (525000) | (1000000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 150000 | 400000 |

---

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

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

 **ETC 6 Meridian**

Statements of Changes in Net Assets

(Concluded)

---

| | | |
|:---|:---|:---|
|  | **ETC 6 Meridian Quality <br>Growth ETF** | **ETC 6 Meridian Quality <br>Growth ETF** |
|  | **For the <br>Six Months <br>Ended <br>May 31, 2025 <br>(Unaudited)** | **Year Ended<br>November 30,<br>2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $43240 | $(170468) |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 1217412 | 4894015 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (2468712) | 6004224 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (1208060) | 10727771 |
|  **Distributions:** | (45931) |  |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 19421545 | 33844556 |
| &nbsp;&nbsp;&nbsp; Redeemed | (10576702) | (24743931) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 8844843 | 9100625 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 7590852 | 19828396 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year/Period | 50785823 | 30957427 |
| &nbsp;&nbsp;&nbsp; End of Year/Period | $58376675 | $50785823 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 625000 | 1175000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (350000) | (850000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 275000 | 325000 |

---

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

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

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

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

**Financial Highlights**

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Year/Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br>Six Months<br>Ended<br>May 31, 2025<br>(Unaudited)** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Period Ended <br>November 30, <br>2020<sup>†</sup>** |
| | **For the<br>Six Months<br>Ended<br>May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **<br>Period Ended <br>November 30, <br>2020<sup>†</sup>** |
|  Net Asset Value, beginning of <br>year/period | $38.00 | $33.07 | $32.21 | $29.54 | $26.65 | $25.34 |
|  **Investment Activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment income\* | 0.41 | 0.57 | 0.69 | 0.67 | 0.50 | 0.25 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.59 | 4.95 | 0.84 | 2.66 | 2.88 | 1.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.00 | 5.52 | 1.53 | 3.33 | 3.38 | 1.55 |
|  **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.43) | (0.59) | (0.67) | (0.66) | (0.49) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.43) | (0.59) | (0.67) | (0.66) | (0.49) | (0.24) |
|  Net Asset Value, end of year/period | $38.57 | $38.00 | $33.07 | $32.21 | $29.54 | $26.65 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 2.64 | 16.81 | 4.86 | 11.44 | 12.76 | 6.14 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.75<br><sup>(2)(3)</sup> | 1.03<br><sup>(4)</sup> | 1.01<br><sup>(5)</sup> | 0.82<br><sup>(6)</sup> | 0.84<br><sup>(7)</sup> | 0.87<br><sup>(2)(8)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.75<br><sup>(2)(3)</sup> | 1.03<br><sup>(4)</sup> | 1.01<br><sup>(5)</sup> | 0.82<br><sup>(6)</sup> | 0.84<br><sup>(7)</sup> | 0.87<br><sup>(2)(8)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 2.17<br><sup>(2)(3)</sup> | 1.61<br><sup>(4)</sup> | 2.15<br><sup>(5)</sup> | 2.22<br><sup>(6)</sup> | 1.72<br><sup>(7)</sup> | 1.71<br><sup>(2)(8)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $568936 | $447476 | $362985 | $314875 | $246619 | $202524 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(9)</sup> | 116 | 159 | 160 | 164 | 171 | 49 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; Per share data calculated using average shares method.

<sup>†&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Commenced operations on May 8, 2020.

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

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Annualized.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The expense and investment income ratio includes interest expense. Had this expense been excluded the ratio's would have been 0.49%, 0.49% and 2.43%.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The expense and investment income ratio includes interest expense. Had this expense been excluded the ratio's would have been 0.75%, 0.75% and 1.89%.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The expense and investment income ratio includes interest expense. Had this expense been excluded the ratio's would have been 0.76%, 0.76% and 2.40%.

<sup>(6)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The expense and investment income ratio includes interest expense. Had this expense been excluded the ratio's would have been 0.78%, 0.78% and 2.26%.

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

<sup>(8)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The expense and investment income ratio includes interest expense. Had this expense been excluded the ratio's would have been 0.83%, 0.83% and 1.75%.

<sup>(9)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Portfolio turnover is for the period indicated and periods of less than one year have not been annualized. Excludes the effect of securities received or delivered from processing in-kind creations or redemptions, if any.

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

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

**Financial Highlights**

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Year/Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br>Six Months<br>Ended<br>May 31, 2025<br>(Unaudited)** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Period Ended <br>November 30, <br>2020<sup>†</sup>** |
| | **For the<br>Six Months<br>Ended<br>May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **<br>Period Ended <br>November 30, <br>2020<sup>†</sup>** |
|  Net Asset Value, beginning of <br>year/period | $39.32 | $31.77 | $34.11 | $33.63 | $28.70 | $25.54 |
|  **Investment Activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment income\* | 0.36 | 0.46 | 0.53 | 0.44 | 0.21 | 0.10 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.58) | 7.56 | (2.36) | 0.49 | 4.94 | 3.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | (2.22) | 8.02 | (1.83) | 0.93 | 5.15 | 3.25 |
|  **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.38) | (0.47) | (0.51) | (0.45) | (0.22) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.38) | (0.47) | (0.51) | (0.45) | (0.22) | (0.09) |
|  Net Asset Value, end of year/period | $36.72 | $39.32 | $31.77 | $34.11 | $33.63 | $28.70 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | (5.66) | 25.43 | (5.35) | 2.80 | 17.96 | 12.72 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.51<br><sup>(2)</sup> | 0.77 | 0.79 | 0.80 | 0.82 | 0.88<br><sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.51<br><sup>(2)</sup> | 0.77 | 0.79 | 0.80 | 0.82 | 0.88<br><sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 1.96<br><sup>(2)</sup> | 1.31 | 1.64 | 1.32 | 0.64 | 0.65<br><sup>(2)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $189111 | $190698 | $139770 | $156899 | $137049 | $93283 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(3)</sup> | 33 | 56 | 59 | 73 | 70 | 13 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; Per share data calculated using average shares method.

<sup>†&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Commenced operations on May 8, 2020.

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

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Annualized.

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

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

 **ETC 6 Meridian ETC 6 Meridian Mega Cap Equity ETF**

**Financial Highlights**

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Year/Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br>Six Months<br>Ended<br>May 31, 2025<br>(Unaudited)** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Period Ended <br>November 30, <br>2020<sup>†</sup>** |
| | **For the<br>Six Months<br>Ended<br>May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **<br>Period Ended <br>November 30, <br>2020<sup>†</sup>** |
|  Net Asset Value, beginning of <br>year/period | $46.55 | $35.18 | $34.67 | $34.50 | $29.14 | $25.38 |
|  **Investment Activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment income\* | 0.53 | 0.72 | 0.77 | 0.77 | 0.58 | 0.27 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.95 | 11.38 | 0.48 | 0.14 | 5.39 | 3.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.48 | 12.10 | 1.25 | 0.91 | 5.97 | 4.01 |
|  **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.54) | (0.73) | (0.74) | (0.74) | (0.58) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net realized capital gains |  |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.54) | (0.73) | (0.74) | (0.74) | (0.61) | (0.25) |
|  Net Asset Value, end of year/period | $47.49 | $46.55 | $35.18 | $34.67 | $34.50 | $29.14 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 3.23 | 34.68 | 3.74 | 2.73 | 20.59 | 15.88 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.50<br><sup>(2)</sup> | 0.77 | 0.78 | 0.80 | 0.82 | 0.86<br><sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.50<br><sup>(2)</sup> | 0.77 | 0.78 | 0.80 | 0.82 | 0.86<br><sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 2.31<br><sup>(2)</sup> | 1.75 | 2.26 | 2.27 | 1.76 | 1.72<br><sup>(2)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $439293 | $292085 | $190843 | $177680 | $158680 | $115827 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(3)</sup> | 95 | 153 | 144 | 160 | 166 | 38 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; Per share data calculated using average shares method.

<sup>†&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Commenced operations on May 8, 2020.

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

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Annualized.

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

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

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

 **ETC 6 Meridian ETC 6 Meridian Small Cap Equity ETF**

**Financial Highlights**

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Year/Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br>Six Months<br>Ended<br>May 31, 2025<br>(Unaudited)** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Period Ended <br>November 30, <br>2020<sup>†</sup>** |
| | **For the<br>Six Months<br>Ended<br>May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **<br>Period Ended <br>November 30, <br>2020<sup>†</sup>** |
|  Net Asset Value, beginning of <br>year/period | $52.35 | $43.31 | $44.28 | $49.08 | $35.05 | $26.43 |
|  **Investment Activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment income\* | 0.41 | 0.50 | 0.83 | 0.56 | 0.40 | 0.13 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (6.26) | 9.12 | (1.02) | (4.76) | 14.00 | 8.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | (5.85) | 9.62 | (0.19) | (4.20) | 14.40 | 8.73 |
|  **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.40) | (0.58) | (0.78) | (0.60) | (0.37) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.40) | (0.58) | (0.78) | (0.60) | (0.37) | (0.11) |
|  Net Asset Value, end of year/period | $46.10 | $52.35 | $43.31 | $44.28 | $49.08 | $35.05 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | (11.19) | 22.35 | (0.37) | (8.58) | 41.20 | 33.11 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.55<br><sup>(2)</sup> | 0.82 | 0.85 | 0.89 | 0.88 | 1.00<br><sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.55<br><sup>(2)</sup> | 0.82 | 0.85 | 0.89 | 0.88 | 1.10<br><sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 1.73<br><sup>(2)</sup> | 1.07 | 1.96 | 1.24 | 0.87 | 0.76<br><sup>(2)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $93343 | $98150 | $63886 | $65314 | $62572 | $32423 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(3)</sup> | 39 | 86 | 98 | 91 | 104 | 29 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; Per share data calculated using average shares method.

<sup>†&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Commenced operations on May 8, 2020.

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

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Annualized.

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

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

 **ETC 6 Meridian ETC 6 Meridian Quality Growth ETF**

**Financial Highlights**

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Year/Period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br>Six Months<br>Ended<br>May 31, 2025<br>(Unaudited)** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Period Ended <br>November 30, <br>2021<sup>†</sup>** |
|  | **For the<br>Six Months<br>Ended<br>May 31, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **<br>Period Ended <br>November 30, <br>2021<sup>†</sup>** |
|  Net Asset Value, beginning of year/period | $32.77 | $25.27 | $21.89 | $26.78 | $24.28 |
|  **Investment Activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment income (loss)\* | 0.03 | (0.12) | (0.06) | 0.02 | (0.03) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.78) | 7.62 | 3.46 | (4.90) | 2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | (0.75) | 7.50 | 3.40 | (4.88) | 2.50 |
|  **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.03) |  | (0.01) | (0.01) |  |
| &nbsp;&nbsp;&nbsp; Return of Capital |  |  | (0.01) |  | —<br><sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.03) |  | (0.02) | (0.01) |  |
|  Net Asset Value, end of year/period | $31.99 | $32.77 | $25.27 | $21.89 | $26.78 |
|  **Net Asset Value, Total Return (%)**<sup>(2)</sup> | (2.30) | 29.68 | 15.52 | (18.23) | 10.30 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.67<br><sup>(3)</sup> | 1.00 | 1.00 | 1.00 | 1.00<br><sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.67<br><sup>(3)</sup> | 1.00 | 1.01 | 1.08 | 1.52<br><sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 0.17<br><sup>(3)</sup> | (0.42) | (0.26) | 0.07 | (0.18)<sup>(3)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $58377 | $50786 | $30957 | $29005 | $25443 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(4)</sup> | 27 | 74 | 59 | 84 | 40 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; Per share data calculated using average shares method.

<sup>†&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Commenced operations on May 10, 2021.

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Amount represents less than $0.01.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Total return is for the period indicated and has not been annualized for periods less than one year. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemption of Fund shares.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Annualized.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Portfolio turnover is for the period indicated and periods of less than one year have not been annualized. Excludes the effect of securities received or delivered from processing in-kind creations or redemptions, if any.

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

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

 **ETC 6 Meridian**

**Notes to Financial Statements**

May 31, 2025 (Unaudited)

**1. ORGANIZATION**

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

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

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

**Security Valuation** — The Funds record their investments at fair value. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market ("NASDAQ")), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security's primary exchange is normally open at that time), or, if there is

 **ETC 6 Meridian**

**Notes to Financial Statements**

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

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

no such reported sale, at the most recent quoted bid price for long positions and at the most recent quoted ask price for short positions. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded.

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

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

Rule 2a-5 under the 1940 Act, establishes requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available.

Pursuant to the requirements of Rule 2a-5, the Trust's Board of Trustees (the "Board") (i) has designated the Adviser as the Board's valuation designee to perform fair-value determinations for a Fund through the Adviser's Valuation Committee and (ii) approved the Adviser's Valuation Procedures.

Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time, when under normal conditions, it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, a Fund may fair value its securities if an event that may materially affect the value of the Fund's securities that traded outside of the United States (a ''Significant Event'') has occurred between the time of the security's last close and the time that the Fund calculates its NAV. 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 NAV, it may request that a Committee meeting be called. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

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

 **ETC 6 Meridian**

**Notes to Financial Statements**

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

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

The three levels of the fair value hierarchy are described below:

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

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

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

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

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

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

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

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

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

 **ETC 6 Meridian**

**Notes to Financial Statements**

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

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

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 ETC 6 Meridian Hedge Equity-Index Option Strategy ETF entered into written and purchased options during the six months ended May 31, 2025. These options were index options composed entirely of equity risk.

Options may relate to particular securities and may or may not be listed on a national securities exchange and issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options on particular securities may be more volatile than the underlying securities, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying securities themselves. Refer to the Fund's Schedule of Investments for details regarding open option contracts as of May 31, 2025, if applicable. The amount of realized gain (loss) on Written Options are presented on the Statements of Operations as "Net Realized Gain (Loss) on Written Options". The change in the net fair value of the Written Options are included in the Statement of Operations as "Net Change in Unrealized Appreciation (Depreciation) on Written Options".

For the six months ended May 31, 2025, the average quarterly notional amount of options held in the ETC 6 Meridian Hedged Equity-Index Option Strategy ETF were as follows:

---

| | |
|:---|:---|
| **Average Quarterly Notional Balance Long** | $— |
| **Average Quarterly Notional Balance Short** | $**(507956607)** |

---

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

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

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

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 Funds. Shares of the Funds may only be purchased or redeemed by certain Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed an Authorized Participant Agreement with the Funds' distributor. Most retail investors will

 **ETC 6 Meridian**

**Notes to Financial Statements**

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

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

not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase and sell shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

To the extent contemplated by an Authorized Participant Agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed to SEI Investments Distribution Co. (the "Distributor"), on behalf of a Fund, by the time as set forth in the Authorized Participant Agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral equal to a percentage of the value of the missing shares as specified in the Authorized Participant Agreement. An Authorized Participant Agreement may permit a Fund to use such collateral to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of a Fund acquiring such shares and the value of the collateral. Amounts are disclosed as Segregated Cash Balance from Authorized Participants for Deposit Securities and Collateral Payable upon Return of Deposit Securities on the Statements of Assets and Liabilities, when applicable.

**3. SERVICE PROVIDERS**

*Investment Advisory and Administrative Services*

The Adviser is an Oklahoma limited liability company located at 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120, its principal place of business, and 295 Madison Avenue, New York, New York 10017. The Adviser serves as the investment adviser to each 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 Funds and is responsible for, among other things, overseeing the Sub-Adviser (as defined below), including regular review of the Sub-Adviser's performance, trading portfolio securities on behalf of each Fund, and selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board.

For the services it provides to the Funds, the Adviser receives a fee, which is calculated daily and paid monthly, at an annual rate of 0.31% of the average daily net assets of each Fund. Prior to January 1, 2025, the annual advisory fee rate for each Fund was 0.61%.

ETC Platform Services, LLC ("ETC Platform Services"), a direct wholly owned subsidiary of the Adviser, administers each Fund's business affairs and provides office facilities and equipment, certain clerical, bookkeeping and administrative services, paying agent services under each Fund's fee arrangement, and its officers and employees to serve as officers or Trustees of the Trust. ETC Platform Services also arranges for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for each Fund to operate. For the services it provides to each Fund, ETC Platform Services is paid a fee calculated daily and paid monthly based on a percentage of each Fund's average daily net assets.

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.

The Adviser has contractually agreed to waive its fees and reimburse expenses to the extent necessary to keep total annual operating expenses of each Fund (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 1.00% of each Fund's average daily net assets until at least April 30, 2026 ("Expense Cap"). The expense limitation agreement may be terminated, without payment of any penalty: (i) by the Trust for any reason and at any time and (ii) by the Adviser, for any reason, upon thirty (30) days' prior written notice to the Trust, such termination to be effective as of the close of business on the last day of the then-current one-year period.

 **ETC 6 Meridian**

**Notes to Financial Statements**

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

 **3. SERVICE PROVIDERS** (concluded)

If it becomes unnecessary for the Adviser to waive fees or reimburse expenses, the Board may permit the Adviser to retain the difference between a Fund's total annual operating expenses and the expense limitation currently in effect, or, if lower, the expense limitation that was in effect at the time of the waiver and/or reimbursement, to recapture all or a portion of its prior fee waivers or expense reimbursements within three years of the date they were waived or reimbursed.

As of May 31, 2025, there were no fees which were waived and/or reimbursed to a Fund by the Adviser, which may be subject to possible future recapture, up to the expense cap in place at the time the expenses were waived and reimbursed to the Adviser.

During the six months ended May 31, 2025, the Adviser recaptured previously waived fees of $18,719 for ETC 6 Meridian Quality Growth ETF.

*Sub-Advisory Agreement*

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

Under the Sub-Advisory Agreement, with respect to each Fund, the Adviser pays the Sub-Adviser a fee out of the fee the Adviser receives from the Funds.

Pursuant to an arrangement between the Adviser and the Sub-Adviser, the Sub-Adviser has agreed to assume the Adviser's obligation to pay Fund expenses above the Expense Cap and has agreed, to the extent applicable, to pay the Adviser a minimum fee.

*Distribution Arrangement*

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

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

*Administrator, Custodian and Transfer Agent*

SEI Investments Global Funds Services serves as the Funds' administrator pursuant to an administration agreement. The Bank of New York Mellon serves as the Funds' custodian and transfer agent pursuant to a custodian agreement and transfer agency services agreement.

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

 **ETC 6 Meridian**

**Notes to Financial Statements**

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

**4. INVESTMENT TRANSACTIONS**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales and <br>Maturities** |
| **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | $589999480 | $598271211 |
| **ETC 6 Meridian Low Beta Equity Strategy ETF** | 61749266 | 62068897 |
| **ETC 6 Meridian Mega Cap Equity ETF** | 333714606 | 337311502 |
| **ETC 6 Meridian Small Cap Equity ETF** | 36715847 | 37308068 |
| **ETC 6 Meridian Quality Growth ETF** | 14023531 | 14177373 |

---

For the six months ended May 31, 2025, there were no purchases or sales of long-term U.S. Government securities by any of the Funds.

For the six months ended May 31, 2025, the in-kind transactions associated with creations and redemptions were:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Net Realized <br>Gain (Loss)** |
| **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | $462735731 | $342465596 | $57640713 |
| **ETC 6 Meridian Low Beta Equity Strategy ETF** | 58052955 | 46729216 | 13300524 |
| **ETC 6 Meridian Mega Cap Equity ETF** | 376884646 | 236589713 | 39289112 |
| **ETC 6 Meridian Small Cap Equity ETF** | 31499149 | 23951603 | 5470581 |
| **ETC 6 Meridian Quality Growth ETF** | 19173724 | 10261153 | 2331525 |

---

**5. TAX INFORMATION**

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

The tax character of dividends and distributions paid during the years ended November 30, 2024 and November 30, 2023, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary <br>Income** | **Return of <br>Capital** | **Totals** |
| **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024 | $6609357 | $— | $6609357 |
| &nbsp;&nbsp;&nbsp; 2023 | 7207938 |  | 7207938 |
| **ETC 6 Meridian Low Beta Equity Strategy ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024 | $2172352 | $— | $2172352 |
| &nbsp;&nbsp;&nbsp; 2023 | 2332485 |  | 2332485 |
| **ETC 6 Meridian Mega Cap Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024 | $4297958 | $— | $4297958 |
| &nbsp;&nbsp;&nbsp; 2023 | 3928312 |  | 3928312 |
| **ETC 6 Meridian Small Cap Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024 | $955142 | $— | $955142 |
| &nbsp;&nbsp;&nbsp; 2023 | 1166152 |  | 1166152 |
| **ETC 6 Meridian Quality Growth ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; 2023 | 12666 | 6245 | 18911 |

---

 **ETC 6 Meridian**

**Notes to Financial Statements**

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

 **5. TAX INFORMATION** (concluded)

As of November 30, 2024, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ETC <br>6 Meridian <br>Hedged <br>Equity-Index <br>Option <br>Strategy ETF** | **ETC <br>6 Meridian <br>Low Beta <br>Equity <br>Strategy ETF** | **ETC <br>6 Meridian <br>Mega Cap <br>Equity ETF** | **ETC <br>6 Meridian <br>Small Cap <br>Equity ETF** | **ETC <br>6 Meridian <br>Quality <br>Growth ETF** |
| **Undistributed Ordinary Income** | $216328 | $86605 | $151998 | $14987 | $— |
| **Post-October Losses** | **(11967587)** |  | **(1455159)** |  |  |
| **Capital Loss Carryforwards** | **(126903772)** | **(29770009)** | **(44271369)** | **(22274525)** | **(7449611)** |
| **Deferred Late-Year Losses** |  |  |  |  | **(155739)** |
|  **Unrealized Appreciation (Depreciation)** | 52834208 | 27893446 | 33645398 | 11215980 | 9277704 |
| **Other Temporary Differences** | (67278) | 1 | (1) | 2 | 1 |
|  **Total Distributable Earnings (Accumulated Losses)** | $(85888101) | $(1789957) | $(11929133) | $(11043556) | $1672355 |

---

Post-October capital losses represent capital losses realized on investment transactions from November 1, 2024 through November 30, 2024, that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

Deferred late-year losses (including currency and specified gain/loss items) represent ordinary losses realized on investment transactions from January 1, 2024 through November 30, 2024 and specified losses realized on investment transactions from November 1, 2024 through November 30, 2024, that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

The Funds are permitted to utilize capital losses that are carried forward and will retain their character as either short-term or long-term capital losses. As of November 30, 2024, the following Funds have capital loss carryforwards to offset capital gains for an unlimited period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Non-Expiring <br>Short-Term** | **Non-Expiring <br>Long-Term** | **Total <br>Capital Loss <br>Carryforwards** |
| **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | $83329098 | $43574674 | $126903772 |
| **ETC 6 Meridian Low Beta Equity Strategy ETF** | 16202146 | 13567863 | 29770009 |
| **ETC 6 Meridian Mega Cap Equity ETF** | 37419661 | 6851708 | 44271369 |
| **ETC 6 Meridian Small Cap Equity ETF** | 15335513 | 6939012 | 22274525 |
| **ETC 6 Meridian Quality Growth ETF** | 5625842 | 1823769 | 7449611 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax <br>Cost** | **Aggregated <br>Gross <br>Unrealized <br>Appreciation** | **Aggregated <br>Gross <br>Unrealized <br>Depreciation** | **Net Unrealized <br>Appreciation <br>(Depreciation)** |
|  **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | $544858627 | $45205775 | $**(9988147)** | $35217628 |
| **ETC 6 Meridian Low Beta Equity Strategy ETF** | 182035990 | 19248356 | **(12091638)** | 7156718 |
| **ETC 6 Meridian Mega Cap Equity ETF** | 414838466 | 31904120 | **(7330262)** | 24573858 |
| **ETC 6 Meridian Small Cap Equity ETF** | 93177331 | 7713201 | **(7715475)** | **(2274)** |
| **ETC 6 Meridian Quality Growth ETF** | 51225657 | 8361437 | **(1188190)** | 7173247 |

---

 **ETC 6 Meridian**

**Notes to Financial Statements**

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

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

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

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

*Market Risk.* The market price of an investment 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. The market value of an investment also may decline because of factors that affect a particular industry or industries such as labor shortages, increased production costs, and competitive conditions. 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 investments. For example, in recent years, the COVID-19 pandemic, the large expansion of government deficits and debt as a result of government actions to mitigate the effects of the pandemic, Russia's invasion of Ukraine, and the rise of inflation have resulted in extreme volatility in the global economy and in global financial markets. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected.

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

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

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

 **ETC 6 Meridian**

**Notes to Financial Statements**

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

 **6. PRINCIPAL RISKS OF INVESTING IN THE FUNDS** (concluded)

*Sector Focus Risk* (ETC 6 Meridian Quality Growth ETF only). The Fund may invest a significant portion of its assets in one or more sectors and thus will be more susceptible to the risks affecting those sectors. While the Fund's sector exposure is expected to vary over time, the Fund anticipates that it may be subject to some or all of the risks described below. The list below is not a comprehensive list of the sectors to which the Fund may have exposure over time and should not be relied on as such.

*Information Technology Sector Risk* (ETC 6 Meridian Quality Growth ETF only). The Fund is subject to the risk that market or economic factors impacting technology companies and companies that rely heavily on technology advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, the loss of patent, copyright and trademark protections, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the Information Technology Sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

**7. OTHER**

At May 31, 2025, the records of the Trust, reflected that 100% of the Funds' total shares outstanding were held by Authorized Participants, in the form of Creation Units, as shown in the table below. 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.

---

| | |
|:---|:---|
|  | **Number of <br>Authorized <br>Participants** |
| **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | 4 |
| **ETC 6 Meridian Low Beta Equity Strategy ETF** | 3 |
| **ETC 6 Meridian Mega Cap Equity ETF** | 3 |
| **ETC 6 Meridian Small Cap Equity ETF** | 1 |
| **ETC 6 Meridian Quality Growth ETF** | 3 |

---

**8. RECENT MARKET EVENTS**

Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the market generally and on specific securities. Periods of market volatility may occur in response to such events and other economic, political, and global macro factors.

Governments and central banks, including the Federal Reserve in the United States, took extraordinary and unprecedented actions to support local and global economies and the financial markets in response to the COVID-19 pandemic, including by keeping interest rates at historically low levels for an extended period. The Federal Reserve concluded its market support activities in 2022 and began to raise interest rates in an effort to fight inflation. However, the Federal Reserve has recently lowered interest rates and may continue to do so. Trade disputes and the imposition of tariffs, along with other matters, may negatively impact the economies of the United States and its trading partners, as well as the financial markets as a whole. This and other government intervention into the economy and financial markets to address significant events in the future may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results.

 **ETC 6 Meridian**

**Notes to Financial Statements**

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

**9. RECENT ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**10. SUBSEQUENT EVENTS**

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

 **ETC 6 Meridian**

**Other Information**

**(Form N-CSRS 8-11)**

(Unaudited)

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

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration was paid by the company during the period covered by the report to Trustees on the company's Board of Trustees. The Board of Trustees expensed $9,092 to each Fund in the Trust for the period covered by the report.

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

Not applicable.

![](tetc_logo.jpg)

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, OK 73120

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

**Sub-Adviser: Madison Avenue Financial Solutions, LLC 8301 E 21<sup>st</sup> St. North, Suite 150 Wichita, KS 67206**

**Distributor:** SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Administrator:** SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel: Chapman and Cutler LLP 320 South Canal Street Chicago, IL 60606**

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

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

&nbsp;&nbsp;&nbsp;&nbsp; For additional information about the Funds; including each Fund's prospectus, financial information, holdings, and proxy voting information, call or visit:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 866-SIXM-ETF (749-6383) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• https://6meridianfunds.com/investor-materials<br>

MER-SA-001-0600

------

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

Included under Item 7.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

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

Included under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

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

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](ea0248896-01_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes Oxley Act of 2002. Filed herewith.](ea0248896-01_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Exchange Traded Concepts Trust |
| By (Signature and Title) | /s/ J. Garrett Stevens |
|  | J. Garrett Stevens |
|  | Principal Executive Officer |
| Date: July 25, 2025 |  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ J. Garrett Stevens |
|  | J. Garrett Stevens |
|  | Principal Executive Officer |
| Date: July 25, 2025 |  |
| By (Signature and Title) | /s/ Christopher W. Roleke |
|  | Christopher W. Roleke |
|  | Principal Financial Officer |
| Date: July 25, 2025 |  |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATION**

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

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

I, J. Garrett Stevens, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: July 25, 2025

---

| |
|:---|
| /s/ J. Garrett Stevens |
| J. Garrett Stevens |
| Principal Executive Officer |

---

**CERTIFICATION**

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

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

I, Christopher W. Roleke, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: July 25, 2025

---

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

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**CERTIFICATION**

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

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

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

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

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

Dated: July 25, 2025

---

| |
|:---|
| /s/ J. Garrett Stevens |
| J. Garrett Stevens |
| Principal Executive Officer |

---

**CERTIFICATION**

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

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

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

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

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

Dated: July 25, 2025

---

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

---