# EDGAR Filing Document

**Accession Number:** 0001452937
**File Stem:** 0001213900-26-008258
**Filing Date:** 2026-1
**Character Count:** 220092
**Document Hash:** b0b41708c97c5242565167da112267cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-008258.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001213900-26-008258

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**EFFECTIVENESS DATE**: 20260127

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22263
- **FILM NUMBER:** 26566045

**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-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

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

**Exchange Traded Concepts Trust**

(Exact name of registrant as specified in charter)

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Address of principal executive offices) (Zip code)

Richard Malinowski

Exchange Traded Concepts Trust

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Name and address of agent for service)

Copy to:

Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

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

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

**Date of reporting period: November 30, 2025**

Item 1. Reports to Stockholders.

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

# Exchange Traded Concepts Trust
![Image](i5593389e4f7ffb951ed0f5b5.jpg)

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

## Ticker: SIXH

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This 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 November 30, 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 year?
(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 | $73 | 0.71% |

---

# How did the Fund perform in the last year?
The Fund seeks capital appreciation by pairing a portfolio of equity securities with an index call option writing strategy designed to reduce the exposure of the Fund to broad equity market risk with the goal of providing strong risk-adjusted returns. For the fiscal year ended November 30, 2025, the Fund delivered a return of 4.87% at net asset value ("NAV") for its focused strategy. In comparison, the Fund's broad-based index, the S&P 500 Index, delivered a return of 15.00% over the same period.

The Fund's performance was a tale of two periods – first being the post-President Trump election (November 2024) to the Liberation Day fallout (early April 2025) ("phase 1"), and second being the period thereafter ("phase 2"). The Fund outperformed its broad-based index in phase 1 but underperformed in phase 2 as the S&P 500 Index moved aggressively higher after the Liberation Day fallout. The leading contributors to the S&P 500 Index remained top-heavy in those companies most tied-in to the Artificial Intelligence build-out theme, and, while the Fund had exposure to these companies, the Fund tended to be underweight compared to the sizing in the S&P 500 Index. The Fund's call-option overlay was a net positive for performance in phase 1, but as the broader equity market climbed in a consistent fashion thereafter, the Fund's hedged strategy was a drag on performance. In totality for the period, the cost of hedging the equity portion of the Fund was a drag on performance, which is an expected outcome of writing call options in an upward market environment.

# How did the Fund perform since inception?

# Total Return Based on $10,000 Investment
![Growth Chart](icdbea3255715c6b5e9d513a7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Cboe S&P 500 BuyWrite Index (USD) (TR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** |
| **May/20** | $10000 | $10000 | $10000 |
| **Nov/20** | $10614 | $12486 | $11600 |
| **Nov/21** | $11969 | $15972 | $13706 |
| **Nov/22** | $13338 | $14501 | $12771 |
| **Nov/23** | $13986 | $16508 | $13827 |
| **Nov/24** | $16338 | $22102 | $16564 |
| **Nov/25** | $17133 | $25417 | $18142 |

---

Since its inception on May 8, 2020. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 866-SIXM-ETF (749-6383) or visit https://6meridianfunds.com/investor-materials for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| Footnote<sup>†</sup> | &nbsp;&nbsp;CBOE – Chicago Board Options Exchange |

---

# Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| ETC 6 Meridian Hedged Equity-Index Option Strategy ETF | 4.87% | 10.05% | 10.15% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 15.00% | 15.28% | 18.24% |
| Cboe S&P 500 BuyWrite Index (USD) (TR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 9.53% | 9.36% | 11.29% |

---

# Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $496807524 | 58 | $1682436 | 214% |

---

# What did the Fund invest in?

# Sector Weightings **<sup>\*</sup>**![Holdings Chart](ib7572c11c4b54e6e0285a724.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Written Options | -1.1% |
| Short-Term Investment | 0.1% |
| Energy | 2.6% |
| Utilities | 3.7% |
| Real Estate | 3.9% |
| Exchange-Traded Fund | 4.3% |
| Industrials | 4.7% |
| Consumer Discretionary | 6.4% |
| Information Technology | 11.7% |
| Health Care | 12.9% |
| Financials | 14.0% |
| Communication Services | 15.7% |
| Consumer Staples | 21.0% |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| SPDR Bloomberg 1-3 Month T-Bill ETF | 4.3% |
| AT&T | 4.0% |
| Verizon Communications | 3.9% |
| Altria Group | 3.9% |
| PepsiCo | 3.9% |
| Merck | 3.2% |
| Alphabet, Cl A | 2.8% |
| Philip Morris International | 2.7% |
| Colgate-Palmolive | 2.7% |
| US Bancorp | 2.6% |

---

---

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

---

\* Percentages are calculated based on total net assets.

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

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

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

* 866-SIXM-ETF (749-6383) 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i41734a630579571d3646b81f.jpg)

# Householding
Rule 30e-1 of the Investment Company Act of 1940, as amended, 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.

#### Exchange Traded Concepts Trust

#### ETC 6 Meridian Hedged Equity-Index Option Strategy ETF: SIXH
**Principal Listing Exchange: NYSE Arca, Inc.**

**Annual Shareholder Report - November 30, 2025**

SIXH-AR-2025

![Image](i66e72c8ac2b1b67e84901f3c.jpg)

# Exchange Traded Concepts Trust
![Image](i5593389e4f7ffb951ed0f5b5.jpg)

## ETC 6 Meridian Low Beta Equity Strategy ETF

## Ticker: SIXL

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This 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 November 30, 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 year?
(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 | $48 | 0.49% |

---

# How did the Fund perform in the last year?
The Fund seeks capital appreciation by using a quantitatively driven strategy designed to emphasize high-quality securities with relatively low exposure to broad equity market risk (i.e., "beta"). For the fiscal year ended November 30, 2025, the Fund delivered a return of -3.00% at net asset value ("NAV") for its focused strategy. In comparison, the Fund's broad-based index, the S&P Total Market Index, delivered a return of 13.53% over the same period. The Fund's secondary benchmark index, a blended 34/33/33 S&P 500 / SmallCap 600 / MidCap 400 delivered a return of 3.98% over the same period.

The Fund's performance was a tale of two periods – first being the post-President Trump election (November 2024) to the Liberation Day fallout (early April 2025) ("phase 1"), and second being the period thereafter ("phase 2"). The Fund outperformed the S&P Total Market Index in phase 1 but underperformed in phase 2 as the S&P Total Market Index moved aggressively higher after the Liberation Day fallout. Since broader markets rallied aggressively post-Liberation Day, lower beta stocks did not keep pace, which detracted from the Fund's relative performance. As the Fund is constructed to be equally-weighted across small-, mid-, and large-capitalization companies, any significant divergence amongst the various market capitalizations in performance of a "cap-weighted" index (e.g., the S&P Total Market Index) can be to the detriment of the Fund's relative performance as well. The secondary benchmark index is a more suitable comp for the period. While the Fund still trailed the secondary benchmark index, it too mimicked the two-periods mentioned above as the low beta factor was favorable in "phase 1" but became out of favor by the market during "phase 2".

# How did the Fund perform since inception?

# Total Return Based on $10,000 Investment
![Growth Chart](iede34652ae1719f700cb4bdb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETC 6 Meridian Low Beta Equity Strategy ETF** | **S&P Total Market Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **34/33/33 S&P 500/SmallCap 600/MidCap 400** |
| **May/20** | $10000 | $10000 | $10000 |
| **Nov/20** | $11272 | $12786 | $13027 |
| **Nov/21** | $13297 | $16173 | $16775 |
| **Nov/22** | $13670 | $14353 | $15746 |
| **Nov/23** | $12938 | $16165 | $16304 |
| **Nov/24** | $16228 | $21751 | $21814 |
| **Nov/25** | $15742 | $24694 | $22681 |

---

Since its inception on May 8, 2020. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 866-SIXM-ETF (749-6383) or visit https://6meridianfunds.com/investor-materials for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

# Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| ETC 6 Meridian Low Beta Equity Strategy ETF | -3.00% | 6.91% | 8.49% |
| S&P Total Market Index (USD) (TR)<sup>Footnote Reference\*</sup> | 13.53% | 14.07% | 17.63% |
| 34/33/33 S&P 500/SmallCap 600/MidCap 400 | 3.98% | 11.73% | 15.85% |

---

# Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $191377211 | 240 | $634800 | 61% |

---

# What did the Fund invest in?

# Sector Weightings \*
![Holdings Chart](i83aafb7c91574f49fc11a58b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment | 0.6% |
| Energy | 1.7% |
| Information Technology | 2.1% |
| Communication Services | 2.5% |
| Materials | 3.1% |
| Consumer Discretionary | 4.5% |
| Industrials | 7.6% |
| Real Estate | 11.1% |
| Financials | 13.1% |
| Health Care | 15.0% |
| Consumer Staples | 18.2% |
| Utilities | 20.4% |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Protagonist Therapeutics | 0.6% |
| Dycom Industries | 0.6% |
| Coca-Cola Consolidated | 0.6% |
| MDU Resources Group | 0.5% |
| CNX Resources | 0.5% |
| CACI International, Cl A | 0.5% |
| McKesson | 0.5% |
| Clearway Energy, Cl C | 0.5% |
| Cencora, Cl A | 0.5% |
| InterDigital | 0.5% |

---

---

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

---

\* Percentages are calculated based on total net assets.

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

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

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

* 866-SIXM-ETF (749-6383) 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i41734a630579571d3646b81f.jpg)

# Householding
Rule 30e-1 of the Investment Company Act of 1940, as amended, 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.

#### Exchange Traded Concepts Trust

#### ETC 6 Meridian Low Beta Equity Strategy ETF: SIXL
**Principal Listing Exchange: NYSE Arca, Inc.**

**Annual Shareholder Report - November 30, 2025**

SIXL-AR-2025

![Image](i66e72c8ac2b1b67e84901f3c.jpg)

# Exchange Traded Concepts Trust
![Image](i5593389e4f7ffb951ed0f5b5.jpg)

## ETC 6 Meridian Mega Cap Equity ETF

## Ticker: SIXA

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This 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 November 30, 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 year?
(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 | $50 | 0.48% |

---

# How did the Fund perform in the last year?
The Fund seeks capital appreciation by using a quantitatively driven strategy designed to emphasize high-quality, large-capitalization stocks. For the fiscal year ended November 30, 2025, the Fund delivered a return of 10.05% at net asset value ("NAV") for its focused strategy. In comparison, the Fund's broad-based index, the S&P 500 Index, delivered a return of 15.00% over the same period.

The Fund's performance was a tale of two periods – first being the post-President Trump election (November 2024) to the Liberation Day fallout (early April 2025) ("phase 1"), and second being the period thereafter ("phase 2"). The Fund outperformed its broad-based index in phase 1 but underperformed in phase 2 as the S&P 500 Index moved aggressively higher after the Liberation Day fallout. The leading contributors to the S&P 500 Index remained top-heavy in those companies most tied-in to the Artificial Intelligence build-out theme, and, while the Fund had exposure to these companies, the Fund tended to be underweight compared to the sizing in the S&P 500 Index. As a multifactor styled portfolio, the Fund saw the primary benefits from its Quality exposure, which looks at the profitability of a company relative to their asset base.

# How did the Fund perform since inception?

# Total Return Based on $10,000 Investment
![Growth Chart](i125db5aa133568490edd9902.jpg)

---

| | | |
|:---|:---|:---|
| | **ETC 6 Meridian Mega Cap Equity ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **May/20** | $10000 | $10000 |
| **Nov/20** | $11588 | $12486 |
| **Nov/21** | $13974 | $15972 |
| **Nov/22** | $14355 | $14501 |
| **Nov/23** | $14892 | $16508 |
| **Nov/24** | $20057 | $22102 |
| **Nov/25** | $22072 | $25417 |

---

Since its inception on May 8, 2020. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 866-SIXM-ETF (749-6383) or visit https://6meridianfunds.com/investor-materials for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

# Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| ETC 6 Meridian Mega Cap Equity ETF | 10.05% | 13.75% | 15.28% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 15.00% | 15.28% | 18.24% |

---

# Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $408882894 | 55 | $1289744 | 181% |

---

# What did the Fund invest in?

# Sector Weightings \*
![Holdings Chart](i0157be120a5e1867fadad8c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment | 0.2% |
| Energy | 2.6% |
| Utilities | 3.9% |
| Real Estate | 4.0% |
| Industrials | 4.9% |
| Consumer Discretionary | 6.6% |
| Information Technology | 12.1% |
| Health Care | 13.3% |
| Financials | 14.5% |
| Communication Services | 16.2% |
| Consumer Staples | 21.6% |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| AT&T | 4.1% |
| Verizon Communications | 4.0% |
| Altria Group | 4.0% |
| PepsiCo | 4.0% |
| Merck | 3.3% |
| Alphabet, Cl A | 2.9% |
| Philip Morris International | 2.8% |
| Colgate-Palmolive | 2.8% |
| US Bancorp | 2.7% |
| Pfizer | 2.7% |

---

---

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

---

\* Percentages are calculated based on total net assets.

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

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

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

* 866-SIXM-ETF (749-6383) 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i41734a630579571d3646b81f.jpg)

# Householding
Rule 30e-1 of the Investment Company Act of 1940, as amended, 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.

#### Exchange Traded Concepts Trust

#### ETC 6 Meridian Mega Cap Equity ETF: SIXA
**Principal Listing Exchange: NYSE Arca, Inc.**

**Annual Shareholder Report - November 30, 2025**

SIXA-AR-2025

![Image](i66e72c8ac2b1b67e84901f3c.jpg)

# Exchange Traded Concepts Trust
![Image](i5593389e4f7ffb951ed0f5b5.jpg)

## ETC 6 Meridian Small Cap Equity ETF

## Ticker: SIXS

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This 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 November 30, 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 year?
(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 | $52 | 0.53% |

---

# How did the Fund perform in the last year?
The Fund seeks capital appreciation by using a quantitatively driven strategy designed to emphasize high-quality, small-capitalization stocks. For the fiscal year ended November 30, 2025, the Fund delivered a return of -2.63% at net asset value ("NAV") for its focused strategy. In comparison, the Fund's broad-based index, the S&P Total Markets Index, delivered a return of 13.53% over the same period. The Fund's secondary benchmark index, the S&P Small Cap 600 Index, delivered a return of -2.37% over the same period. The Fund's performance was more in line with the S&P Small Cap 600 Index relative to the broad-based index, which has a significantly stronger leaning into large capitalization stocks.

The Fund is positioned across two factors: Low Beta and Value. The performance of each factor was broadly in line with the secondary benchmark index, as illustrated by the lack of performance variation over the period between the Fund and the more respectable comp of the secondary benchmark. Small capitalization stocks in the US were susceptible to volatile swings amidst the noise stemming from the US Presidential Election, ensuing tariff policies, and changing expectations on the path of interest rates. The Fund is a two-factor portfolio broken between low beta and value securities. The performance of both factors was in line with the broader small cap index, therefore, there was little divergence between the Fund and the more respectable comp of the Secondary Benchmark.

# How did the Fund perform since inception?

# Total Return Based on $10,000 Investment
![Growth Chart](i2a4bcaf38c5a8af49d7463a9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETC 6 Meridian Small Cap Equity ETF** | **S&P Total Market Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **S&P SmallCap 600 Index (USD)** |
| **May/20** | $10000 | $10000 | $10000 |
| **Nov/20** | $13311 | $12786 | $13532 |
| **Nov/21** | $18794 | $16173 | $17784 |
| **Nov/22** | $17181 | $14353 | $16718 |
| **Nov/23** | $17117 | $16165 | $16047 |
| **Nov/24** | $20943 | $21751 | $21374 |
| **Nov/25** | $20393 | $24694 | $20868 |

---

Since its inception on May 8, 2020. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 866-SIXM-ETF (749-6383) or visit https://6meridianfunds.com/investor-materials for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

# Average Annual Total Returns as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| ETC 6 Meridian Small Cap Equity ETF | -2.63% | 8.91% | 13.66% |
| S&P Total Market Index (USD) (TR)<sup>Footnote Reference\*</sup> | 13.53% | 14.07% | 17.63% |
| S&P SmallCap 600 Index (USD) | -2.37% | 9.05% | 14.13% |

---

# Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $107826501 | 82 | $326895 | 82% |

---

# What did the Fund invest in?

# Sector Weightings \*
![Holdings Chart](i97bc2b7b87d98dc46e30e9ea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment | 1.3% |
| Materials | 2.2% |
| Communication Services | 2.4% |
| Energy | 3.4% |
| Industrials | 5.5% |
| Information Technology | 7.2% |
| Real Estate | 8.9% |
| Consumer Discretionary | 10.3% |
| Utilities | 12.2% |
| Consumer Staples | 12.3% |
| Health Care | 15.1% |
| Financials | 19.2% |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| International Seaways | 2.6% |
| EZCORP, Cl A | 2.6% |
| Innoviva | 2.4% |
| HCI Group | 2.3% |
| Enact Holdings | 2.3% |
| Protagonist Therapeutics | 1.7% |
| Cal-Maine Foods | 1.7% |
| Pediatrix Medical Group | 1.6% |
| Teradata | 1.6% |
| Clearway Energy, Cl C | 1.5% |

---

---

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

---

\* Percentages are calculated based on total net assets.

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

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

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

* 866-SIXM-ETF (749-6383) 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i41734a630579571d3646b81f.jpg)

# Householding
Rule 30e-1 of the Investment Company Act of 1940, as amended, 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.

#### Exchange Traded Concepts Trust

#### ETC 6 Meridian Small Cap Equity ETF: SIXS
**Principal Listing Exchange: NYSE Arca, Inc.**

**Annual Shareholder Report - November 30, 2025**

SIXS-AR-2025

![Image](i66e72c8ac2b1b67e84901f3c.jpg)

# Exchange Traded Concepts Trust
![Image](i5593389e4f7ffb951ed0f5b5.jpg)

## ETC 6 Meridian Quality Growth ETF

## Ticker: SXQG

## Principal Listing Exchange: NYSE Arca, Inc.

## Annual Shareholder Report: November 30, 2025
This annual shareholder report contains important information about the ETC 6 Meridian Quality Growth ETF (the "Fund") for the period from December 1, 2024 to November 30, 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 year?
(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 | $60 | 0.60% |

---

# How did the Fund perform in the last year?
The Fund seeks capital appreciation by using a quantitatively driven strategy designed to emphasize high-quality growth stocks. For the fiscal year ended November 30, 2025, the Fund delivered a return of 1.25% at net asset value ("NAV") for its focused strategy. In comparison, the Fund's broad-based index, the S&P 500 Index, delivered a return of 15.00% over the same period. Performance of securities exhibiting high growth characteristics, as indicated by the Russell 1000 Growth Index, the Fund's secondary benchmark index (which delivered a return of 20.35% for the period), contributed to the high performance.

The Fund's performance was a tale of two periods – first being the post-President Trump election (November 2024) to the Liberation Day fallout (early April 2025) ("phase 1"), and second being the period thereafter ("phase 2"). The Fund was similar to the S&P 500 Index during phase 1 of this period as growth-oriented securities were the laggards in that period. Thereafter during phase 2, the Fund performed well but not to the same degree as the S&P 500 Index and Russell 1000 Growth Index, as those indices were more highly concentrated among a few large companies (i.e., NVIDIA, Apple, Microsoft, Amazon, Alphabet, Meta Platforms, Broadcom, and Tesla). The leading contributors to the S&P 500 Index and Russell 1000 Growth Index remained top-heavy in those companies most tied-in to the Artificial Intelligence build-out theme, and, while the Fund had exposure, the Fund tended to be underweight relative to the sizing in the S&P 500 Index and Russell 1000 Growth Index.

# How did the Fund perform since inception?

# Total Return Based on $10,000 Investment
![Growth Chart](i9d20fdfe57285922592688e2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETC 6 Meridian Quality Growth ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Russell 1000 Growth Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **May/21** | $10000 | $10000 | $10000 |
| **Nov/21** | $11030 | $10991 | $11954 |
| **Nov/22** | $9019 | $9979 | $9367 |
| **Nov/23** | $10419 | $11360 | $11819 |
| **Nov/24** | $13511 | $15210 | $16315 |
| **Nov/25** | $13681 | $17492 | $19635 |

---

Since its inception on May 10, 2021. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 866-SIXM-ETF (749-6383) or visit https://6meridianfunds.com/investor-materials for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

# Average Annual Total Returns as of November 30, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| ETC 6 Meridian Quality Growth ETF | 1.25% | 7.11% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 15.00% | 13.04% |
| Russell 1000 Growth Index (USD) (TR)<sup>Footnote Reference\*</sup> | 20.35% | 15.94% |

---

# Key Fund Statistics as of November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $67908872 | 90 | $192934 | 54% |

---

# What did the Fund invest in?

# Sector Weightings \*
![Holdings Chart](i0319634cb267a60a9ee438b5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.0% |
| Short-Term Investment | 0.3% |
| Energy | 0.5% |
| Industrials | 6.8% |
| Consumer Discretionary | 7.4% |
| Consumer Staples | 8.0% |
| Financials | 13.5% |
| Health Care | 17.1% |
| Communication Services | 17.4% |
| Information Technology | 29.0% |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Alphabet, Cl A | 6.6% |
| Apple | 5.6% |
| NVIDIA | 5.1% |
| Intuitive Surgical | 4.8% |
| Microsoft | 4.8% |
| Visa, Cl A | 4.2% |
| TJX | 4.2% |
| Meta Platforms, Cl A | 4.1% |
| Costco Wholesale | 4.1% |
| Mastercard, Cl A | 4.1% |

---

---

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

---

\* Percentages are calculated based on total net assets.

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

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

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

* 866-SIXM-ETF (749-6383) 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i41734a630579571d3646b81f.jpg)

# Householding
Rule 30e-1 of the Investment Company Act of 1940, as amended, 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.

#### Exchange Traded Concepts Trust

#### ETC 6 Meridian Quality Growth ETF: SXQG
**Principal Listing Exchange: NYSE Arca, Inc.**

**Annual Shareholder Report - November 30, 2025**

SXQG-AR-2025

![Image](i66e72c8ac2b1b67e84901f3c.jpg)

(b) Not applicable.

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

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

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

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

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

Item 4. Principal Accountant Fees and Services.

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** |
|  |  | &nbsp;&nbsp;All fees and<br> services to <br> the Trust<br> that were<br> pre-approved | &nbsp;&nbsp;All fees and<br> services to<br> service<br> affiliates <br> that were<br> pre-approved | &nbsp;&nbsp;All other<br> fees and<br> services to<br> service<br> affiliates<br> that did not<br> require pre-approval | &nbsp;&nbsp;All fees and<br> services to<br> the Trust<br> that were<br> pre-approved | &nbsp;&nbsp;All fees and<br> services to<br> service<br> affiliates <br> that were<br> pre-approved | &nbsp;&nbsp;All other<br> fees and<br> services to<br> service<br> affiliates<br> that did not<br> require pre-approval |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp; Audit Fees<br>| &nbsp;&nbsp;$101500 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$144025 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp; Audit-Related Fees<br>| &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) | &nbsp;&nbsp; Tax Fees<br>| &nbsp;&nbsp;$24500<sup>(1)</sup> | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$35000<sup>(1)</sup> | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp; All Other Fees<br>| &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Notes:

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

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| &nbsp;&nbsp; Audit-Related Fees | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp; All Other Fees | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |

---

(f)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable.

(g)&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by Cohen for the fiscal years 2025 and 2024 were $24,500 and $35,000, respectively.

(h)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable.

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

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

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

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

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

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

(b)&nbsp;&nbsp;&nbsp;&nbsp; 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)**

**Annual Financials and Other Information**

**November 30, 2025**

------

 **ETC 6 Meridian**

**Table of Contents**

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

---

| | |
|:---|:---|
|  Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Investments](#T701) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#T702) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#T703) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#T704) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#T705) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#T706) | 27 |
|  [Report of Independent Registered Public Accounting Firm](#T707) | 38 |
|  [Notice to Shareholders (Unaudited)](#T708) | 40 |
|  [Other Information (Form N-CSR Items 8-11) (Unaudited)](#T709) | 41 |

---

&nbsp;&nbsp;&nbsp;&nbsp; For additional information about the Funds; including 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**

**November 30, 2025**

![](tbarchart_001.jpg)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK — 96.6%** |  |  |
|  **Communication Services — 15.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A<sup>(A)</sup> | 43843 | $14037652 |
| &nbsp;&nbsp;&nbsp; AT&T<sup>(A)</sup> | 760603 | 19790890 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Cl A<sup>(A)</sup> | 9752 | 6318808 |
| &nbsp;&nbsp;&nbsp; Netflix\* | 56530 | 6081497 |
| &nbsp;&nbsp;&nbsp; T-Mobile US | 30589 | 6393407 |
| &nbsp;&nbsp;&nbsp; Verizon Communications<sup>(A)</sup> | 472705 | 19432903 |
| &nbsp;&nbsp;&nbsp; Walt Disney | 55468 | 5794742 |
|  |  | 77849899 |
|  **Consumer Discretionary — 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Amazon.com<sup>(A)</sup>\* | 24484 | 5710158 |
| &nbsp;&nbsp;&nbsp; General Motors | 91161 | 6702157 |
| &nbsp;&nbsp;&nbsp; Lowe's | 26394 | 6400017 |
| &nbsp;&nbsp;&nbsp; McDonald's | 20984 | 6543231 |
| &nbsp;&nbsp;&nbsp; NIKE, Cl B | 99265 | 6415497 |
|  |  | 31771060 |
|  **Consumer Staples — 21.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Altria Group<sup>(A)</sup> | 329233 | 19428039 |
| &nbsp;&nbsp;&nbsp; Coca-Cola<sup>(A)</sup> | 91495 | 6690115 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive | 165888 | 13335736 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale<sup>(A)</sup> | 6701 | 6121966 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Cl A | 219564 | 12640299 |
| &nbsp;&nbsp;&nbsp; PepsiCo<sup>(A)</sup> | 129930 | 19325788 |
| &nbsp;&nbsp;&nbsp; Philip Morris International<sup>(A)</sup> | 86020 | 13546430 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble | 42015 | 6224943 |
| &nbsp;&nbsp;&nbsp; Walmart<sup>(A)</sup> | 61215 | 6764870 |
|  |  | 104078186 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Energy — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Exxon Mobil<sup>(A)</sup> | 109338 | $12674461 |
|  **Financials — 14.0%** |  |  |
| &nbsp;&nbsp;&nbsp; American Express | 17199 | 6282279 |
| &nbsp;&nbsp;&nbsp; American International Group | 78761 | 5998438 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon | 57553 | 6451691 |
| &nbsp;&nbsp;&nbsp; Charles Schwab<sup>(A)</sup> | 133531 | 12382330 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group | 7918 | 6540585 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase | 20104 | 6294160 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 38002 | 6447419 |
| &nbsp;&nbsp;&nbsp; US Bancorp | 266800 | 13086540 |
| &nbsp;&nbsp;&nbsp; Wells Fargo | 71238 | 6115782 |
|  |  | 69599224 |
|  **Health Care — 12.9%** |  |  |
| &nbsp;&nbsp;&nbsp; Amgen | 20989 | 7250860 |
| &nbsp;&nbsp;&nbsp; Eli Lilly | 6938 | 7461611 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences<sup>(A)</sup> | 50956 | 6412303 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson<sup>(A)</sup> | 33389 | 6908852 |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | 68946 | 7262082 |
| &nbsp;&nbsp;&nbsp; Merck | 150786 | 15806896 |
| &nbsp;&nbsp;&nbsp; Pfizer | 504388 | 12982947 |
|  |  | 64085551 |
|  **Industrials — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp; General Electric | 20152 | 6014365 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin | 12748 | 5836799 |
| &nbsp;&nbsp;&nbsp; RTX | 35129 | 6144413 |
| &nbsp;&nbsp;&nbsp; Uber Technologies\* | 62364 | 5459345 |
|  |  | 23454922 |
|  **Information Technology — 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Apple<sup>(A)</sup> | 23115 | 6445618 |
| &nbsp;&nbsp;&nbsp; Broadcom | 17155 | 6912779 |
| &nbsp;&nbsp;&nbsp; International Business Machines | 20408 | 6297501 |
| &nbsp;&nbsp;&nbsp; Intuit | 9197 | 5831634 |
| &nbsp;&nbsp;&nbsp; NVIDIA<sup>(A)</sup> | 60125 | 10642125 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Cl A<sup>(A)</sup>\* | 30019 | 5056701 |
| &nbsp;&nbsp;&nbsp; Qualcomm<sup>(A)</sup> | 68829 | 11569466 |
| &nbsp;&nbsp;&nbsp; ServiceNow\* | 6806 | 5529262 |
|  |  | 58285086 |
|  **Real Estate — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp; American Tower, Cl A<sup>‡</sup> | 70416 | 12764308 |
| &nbsp;&nbsp;&nbsp; Simon Property Group<sup>‡(A)</sup> | 35200 | 6558464 |
|  |  | 19322772 |
|  **Utilities — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Duke Energy<sup>(A)</sup> | 100576 | 12465389 |
| &nbsp;&nbsp;&nbsp; Southern<sup>(A)</sup> | 66764 | 6083536 |
|  |  | 18548925 |
|  Total Common Stock <br>(Cost $451,584,006) |  | 479670086 |

---

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

 **ETC 6 Meridian**

**Hedged Equity-Index Option Strategy ETF**

**Schedule of Investments**

**November 30, 2025 (Concluded)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **EXCHANGE-TRADED FUND — 4.3%** | **EXCHANGE-TRADED FUND — 4.3%** | **EXCHANGE-TRADED FUND — 4.3%** |
|  **Domestic Fixed Income — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg 1-3 Month T-Bill ETF | 234982 | $21552549 |
|  Total Exchange-Traded Fund <br>(Cost $21,533,750) |  | 21552549 |
|  **SHORT-TERM INVESTMENT — 0.1%** | **SHORT-TERM INVESTMENT — 0.1%** | **SHORT-TERM INVESTMENT — 0.1%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class, 3.91%<sup>(B)</sup> | 525174 | 525174 |
|  Total Short-Term Investment <br>(Cost $525,174) |  | 525174 |
|  Total Investments — 101.0%<br> (Cost $473,642,930) |  | $501747809 |
|  **WRITTEN OPTIONS — -1.1%** |  |  |
|  Total Written Options <br>(Premiums Received $6,611,722) |  | $(5353495) |

---

A list of the Exchange Traded Option Contracts held by the Fund at November 30, 2025, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **<br>Value** |
|  **WRITTEN OPTIONS — -1.1%** |  |  |  |  |  |
|  Call Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index\* | (353) | $241772877 | $6950 | 12/19/25 | $(1519665) |
| &nbsp;&nbsp;&nbsp; S&P 500 Index\* | (383) | 262320147 | $6950 | 01/16/26 | (3833830) |
|  **TOTAL WRITTEN OPTIONS** <br>(Premiums Received $6,611,722) |  |  |  |  | $(5353495) |

---

Percentages are based on Net Assets of $496,807,524.

‡&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 $103,785,401.

(B) The rate shown is the 7-day effective yield as of November 30, 2025.

Cl&nbsp;&nbsp;&nbsp;&nbsp; — Class

ETF — Exchange-Traded Fund

PLC — Public Limited Company

S&P — Standard & Poor's

SPDR — Standard & Poor's Depositary Receipts

As of November 30, 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**

**November 30, 2025**

![](tbarchart_002.jpg)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK — 99.3%** |  |  |
|  **Communication Services — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp; AT&T | 26763 | $696373 |
| &nbsp;&nbsp;&nbsp; Electronic Arts | 4699 | 949339 |
| &nbsp;&nbsp;&nbsp; Madison Square Garden Sports\* | 4043 | 921925 |
| &nbsp;&nbsp;&nbsp; New York Times, Cl A | 13425 | 865913 |
| &nbsp;&nbsp;&nbsp; T-Mobile US | 3134 | 655037 |
| &nbsp;&nbsp;&nbsp; Verizon Communications | 17843 | 733526 |
|  |  | 4822113 |
|  **Consumer Discretionary — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp; AutoZone\* | 190 | 751323 |
| &nbsp;&nbsp;&nbsp; H&R Block | 15489 | 652397 |
| &nbsp;&nbsp;&nbsp; McDonald's | 2520 | 785786 |
| &nbsp;&nbsp;&nbsp; Monarch Casino & Resort | 7775 | 750909 |
| &nbsp;&nbsp;&nbsp; Murphy USA | 2047 | 788238 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive\* | 7556 | 768445 |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Cl A\* | 7580 | 848733 |
| &nbsp;&nbsp;&nbsp; Service Corp International | 10178 | 808439 |
| &nbsp;&nbsp;&nbsp; Strategic Education | 9662 | 753829 |
| &nbsp;&nbsp;&nbsp; Stride\* | 4927 | 313012 |
| &nbsp;&nbsp;&nbsp; Sturm Ruger | 22389 | 674357 |
| &nbsp;&nbsp;&nbsp; Wendy's | 76660 | 647777 |
|  |  | 8543245 |
|  **Consumer Staples — 18.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Albertsons, Cl A | 41548 | 761575 |
| &nbsp;&nbsp;&nbsp; Altria Group | 11899 | 702160 |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland | 12583 | 764291 |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings\* | 8166 | 728652 |
| &nbsp;&nbsp;&nbsp; Boston Beer, Cl A\* | 3489 | 679657 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Consumer Staples — continued** |  |  |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods | 6959 | $579824 |
| &nbsp;&nbsp;&nbsp; Casey's General Stores | 1568 | 894481 |
| &nbsp;&nbsp;&nbsp; Chefs' Warehouse\* | 12380 | 759142 |
| &nbsp;&nbsp;&nbsp; Church & Dwight | 8267 | 704018 |
| &nbsp;&nbsp;&nbsp; Clorox | 6235 | 673006 |
| &nbsp;&nbsp;&nbsp; Coca-Cola | 11655 | 852213 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated | 6558 | 1068626 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive | 9303 | 747868 |
| &nbsp;&nbsp;&nbsp; Dollar General | 7247 | 793474 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings | 27525 | 501781 |
| &nbsp;&nbsp;&nbsp; Flowers Foods | 53471 | 573744 |
| &nbsp;&nbsp;&nbsp; Fresh Del Monte Produce | 22060 | 797248 |
| &nbsp;&nbsp;&nbsp; Hershey | 4272 | 803478 |
| &nbsp;&nbsp;&nbsp; Hormel Foods | 30862 | 716307 |
| &nbsp;&nbsp;&nbsp; Ingredion | 6167 | 663199 |
| &nbsp;&nbsp;&nbsp; J & J Snack Foods | 7266 | 671015 |
| &nbsp;&nbsp;&nbsp; John B Sanfilippo & Son | 12316 | 894511 |
| &nbsp;&nbsp;&nbsp; Kenvue | 42529 | 737878 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper | 27642 | 771212 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark | 6099 | 665523 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz | 29019 | 740275 |
| &nbsp;&nbsp;&nbsp; Kroger | 11688 | 786369 |
| &nbsp;&nbsp;&nbsp; Lancaster Colony | 4296 | 717174 |
| &nbsp;&nbsp;&nbsp; Maplebear\* | 17485 | 734545 |
| &nbsp;&nbsp;&nbsp; McCormick | 11169 | 753684 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage, Cl B | 15717 | 730998 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Cl A | 12828 | 738508 |
| &nbsp;&nbsp;&nbsp; Monster Beverage\* | 12681 | 950948 |
| &nbsp;&nbsp;&nbsp; National Beverage\* | 19794 | 674184 |
| &nbsp;&nbsp;&nbsp; PepsiCo | 5410 | 804683 |
| &nbsp;&nbsp;&nbsp; Philip Morris International | 4904 | 772282 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride | 17880 | 680155 |
| &nbsp;&nbsp;&nbsp; Post Holdings\* | 7315 | 760979 |
| &nbsp;&nbsp;&nbsp; PriceSmart | 7201 | 886443 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble | 4949 | 733244 |
| &nbsp;&nbsp;&nbsp; Simply Good Foods\* | 27836 | 547813 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market\* | 5706 | 478220 |
| &nbsp;&nbsp;&nbsp; Sysco | 9607 | 732053 |
| &nbsp;&nbsp;&nbsp; Tootsie Roll Industries | 19401 | 744227 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Cl A | 14092 | 818041 |
| &nbsp;&nbsp;&nbsp; Universal | 14267 | 752727 |
| &nbsp;&nbsp;&nbsp; WD-40 | 3633 | 711341 |
|  |  | 34753776 |

---

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

 **ETC 6 Meridian**

**Low Beta Equity Strategy ETF**

**Schedule of Investments**

**November 30, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Energy — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Antero Midstream | 43392 | $781490 |
| &nbsp;&nbsp;&nbsp; CNX Resources\* | 26800 | 1040912 |
| &nbsp;&nbsp;&nbsp; Dorian LPG | 25471 | 631172 |
| &nbsp;&nbsp;&nbsp; International Seaways | 16926 | 896570 |
|  |  | 3350144 |
|  **Financials — 13.1%** |  |  |
| &nbsp;&nbsp;&nbsp; American Financial Group | 5714 | 786932 |
| &nbsp;&nbsp;&nbsp; AMERISAFE | 17264 | 704371 |
| &nbsp;&nbsp;&nbsp; Assured Guaranty | 9636 | 872443 |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets | 3407 | 879585 |
| &nbsp;&nbsp;&nbsp; Chubb | 2858 | 846482 |
| &nbsp;&nbsp;&nbsp; CME Group, Cl A | 3025 | 851417 |
| &nbsp;&nbsp;&nbsp; Employers Holdings | 18599 | 741170 |
| &nbsp;&nbsp;&nbsp; Enact Holdings | 20531 | 794755 |
| &nbsp;&nbsp;&nbsp; Essent Group | 12402 | 778350 |
| &nbsp;&nbsp;&nbsp; EZCORP, Cl A\* | 47335 | 912619 |
| &nbsp;&nbsp;&nbsp; Fidelity National Financial | 13076 | 777107 |
| &nbsp;&nbsp;&nbsp; FirstCash Holdings | 5383 | 852721 |
| &nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust<sup>‡</sup> | 67855 | 707049 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital | 28091 | 965207 |
| &nbsp;&nbsp;&nbsp; Hanover Insurance Group | 4460 | 827553 |
| &nbsp;&nbsp;&nbsp; HCI Group | 4645 | 825649 |
| &nbsp;&nbsp;&nbsp; Horace Mann Educators | 17112 | 783387 |
| &nbsp;&nbsp;&nbsp; MarketAxess Holdings | 4225 | 692435 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan | 3890 | 713621 |
| &nbsp;&nbsp;&nbsp; NMI Holdings, Cl A\* | 19809 | 755713 |
| &nbsp;&nbsp;&nbsp; Old Republic International | 19578 | 902546 |
| &nbsp;&nbsp;&nbsp; Palomar Holdings\* | 6428 | 798422 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings | 3291 | 859511 |
| &nbsp;&nbsp;&nbsp; RLI | 11807 | 728020 |
| &nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Cl A | 14559 | 845441 |
| &nbsp;&nbsp;&nbsp; Safety Insurance Group | 10911 | 829454 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group | 9923 | 779551 |
| &nbsp;&nbsp;&nbsp; SiriusPoint\* | 42191 | 877573 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust<sup>‡</sup> | 38442 | 705026 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson | 2407 | 772647 |
| &nbsp;&nbsp;&nbsp; WR Berkley | 11006 | 855056 |
|  |  | 25021813 |
|  **Health Care — 15.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 5957 | 767857 |
| &nbsp;&nbsp;&nbsp; Addus HomeCare\* | 6994 | 840679 |
| &nbsp;&nbsp;&nbsp; ANI Pharmaceuticals\* | 8306 | 704764 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical\* | 13710 | 766800 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb | 16801 | 826609 |
| &nbsp;&nbsp;&nbsp; Cencora, Cl A | 2708 | 999063 |
| &nbsp;&nbsp;&nbsp; Chemed | 1702 | 747501 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Health Care — continued** |  |  |
| &nbsp;&nbsp;&nbsp; Cigna Group | 2596 | $719819 |
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical\* | 20667 | 964735 |
| &nbsp;&nbsp;&nbsp; Dynavax Technologies\* | 78718 | 895024 |
| &nbsp;&nbsp;&nbsp; Encompass Health | 6308 | 733116 |
| &nbsp;&nbsp;&nbsp; Ensign Group | 4552 | 844578 |
| &nbsp;&nbsp;&nbsp; Exelixis\* | 20908 | 923506 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences | 6885 | 866408 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics\* | 10570 | 754698 |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings\* | 22004 | 776521 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare | 1883 | 957110 |
| &nbsp;&nbsp;&nbsp; HealthStream | 28141 | 707746 |
| &nbsp;&nbsp;&nbsp; Hologic\* | 11864 | 889444 |
| &nbsp;&nbsp;&nbsp; Innoviva\* | 38667 | 840234 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 4440 | 918725 |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings\* | 14465 | 851555 |
| &nbsp;&nbsp;&nbsp; McKesson | 1154 | 1016813 |
| &nbsp;&nbsp;&nbsp; Option Care Health\* | 27224 | 846666 |
| &nbsp;&nbsp;&nbsp; Pacira BioSciences\* | 29939 | 705662 |
| &nbsp;&nbsp;&nbsp; Penumbra\* | 2816 | 825567 |
| &nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare\* | 12174 | 724962 |
| &nbsp;&nbsp;&nbsp; Progyny\* | 35117 | 926035 |
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics\* | 13085 | 1177650 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics | 4316 | 816501 |
| &nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals\* | 17218 | 784969 |
| &nbsp;&nbsp;&nbsp; TG Therapeutics\* | 24587 | 817764 |
| &nbsp;&nbsp;&nbsp; United Therapeutics\* | 1979 | 961794 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings | 7491 | 730522 |
|  |  | 28631397 |
|  **Industrials — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp; CACI International, Cl A\* | 1669 | 1029940 |
| &nbsp;&nbsp;&nbsp; CSG Systems International | 12220 | 962570 |
| &nbsp;&nbsp;&nbsp; Dycom Industries\* | 3190 | 1153281 |
| &nbsp;&nbsp;&nbsp; FTI Consulting\* | 4696 | 766152 |
| &nbsp;&nbsp;&nbsp; Genpact | 17644 | 777395 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies | 2908 | 810430 |
| &nbsp;&nbsp;&nbsp; Liquidity Services\* | 29581 | 888613 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin | 1708 | 782025 |
| &nbsp;&nbsp;&nbsp; MAXIMUS | 8975 | 772658 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman | 1365 | 781121 |
| &nbsp;&nbsp;&nbsp; RB Global | 6885 | 676107 |
| &nbsp;&nbsp;&nbsp; Republic Services, Cl A | 3449 | 748640 |
| &nbsp;&nbsp;&nbsp; Rollins | 14012 | 861458 |
| &nbsp;&nbsp;&nbsp; Science Applications International | 7549 | 650799 |
| &nbsp;&nbsp;&nbsp; Tetra Tech | 21942 | 762265 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Cl A | 2930 | 659455 |
| &nbsp;&nbsp;&nbsp; Verra Mobility, Cl A\* | 31854 | 695054 |
| &nbsp;&nbsp;&nbsp; Waste Management | 3600 | 784332 |
|  |  | 14562295 |

---

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

 **ETC 6 Meridian**

**Low Beta Equity Strategy ETF**

**Schedule of Investments**

**November 30, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Information Technology — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Box, Cl A\* | 24167 | $713893 |
| &nbsp;&nbsp;&nbsp; Guidewire Software\* | 3040 | 656579 |
| &nbsp;&nbsp;&nbsp; InterDigital | 2753 | 984886 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates | 4883 | 851986 |
| &nbsp;&nbsp;&nbsp; Progress Software\* | 18181 | 752875 |
|  |  | 3960219 |
|  **Materials — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp; AptarGroup | 5715 | 712946 |
| &nbsp;&nbsp;&nbsp; Balchem | 4916 | 767929 |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings | 9376 | 737891 |
| &nbsp;&nbsp;&nbsp; Crown Holdings | 8404 | 813759 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding | 36781 | 595117 |
| &nbsp;&nbsp;&nbsp; NewMarket | 976 | 745205 |
| &nbsp;&nbsp;&nbsp; Royal Gold | 4286 | 873658 |
| &nbsp;&nbsp;&nbsp; Sensient Technologies | 7018 | 684185 |
|  |  | 5930690 |
|  **Real Estate — 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Alexander & Baldwin<sup>‡</sup> | 40736 | 636704 |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Cl A<sup>‡</sup> | 22725 | 729927 |
| &nbsp;&nbsp;&nbsp; American Tower, Cl A<sup>‡</sup> | 3994 | 723992 |
| &nbsp;&nbsp;&nbsp; Centerspace<sup>‡</sup> | 13091 | 873955 |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties<sup>‡</sup> | 25829 | 793725 |
| &nbsp;&nbsp;&nbsp; CubeSmart<sup>‡</sup> | 18973 | 706365 |
| &nbsp;&nbsp;&nbsp; Elme Communities<sup>‡</sup> | 45987 | 798334 |
| &nbsp;&nbsp;&nbsp; EPR Properties<sup>‡</sup> | 14870 | 777255 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties<sup>‡</sup> | 12832 | 806748 |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust<sup>‡</sup> | 25711 | 814010 |
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust<sup>‡</sup> | 30331 | 729157 |
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties<sup>‡</sup> | 16353 | 711846 |
| &nbsp;&nbsp;&nbsp; Getty Realty<sup>‡</sup> | 27431 | 780960 |
| &nbsp;&nbsp;&nbsp; Global Net Lease<sup>‡</sup> | 98614 | 809621 |
| &nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Cl A<sup>‡</sup> | 43849 | 799367 |
| &nbsp;&nbsp;&nbsp; LTC Properties<sup>‡</sup> | 21625 | 789096 |
| &nbsp;&nbsp;&nbsp; National Storage Affiliates Trust<sup>‡</sup> | 23780 | 700321 |
| &nbsp;&nbsp;&nbsp; NNN REIT<sup>‡</sup> | 18267 | 755340 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors<sup>‡</sup> | 18357 | 842954 |
| &nbsp;&nbsp;&nbsp; Rayonier<sup>‡</sup> | 29604 | 657505 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT<sup>‡</sup> | 41614 | 811889 |
| &nbsp;&nbsp;&nbsp; Saul Centers<sup>‡</sup> | 23776 | 739434 |
| &nbsp;&nbsp;&nbsp; SITE Centers<sup>‡</sup> | 84785 | 624018 |
| &nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust<sup>‡</sup> | 19147 | 778326 |
| &nbsp;&nbsp;&nbsp; Veris Residential<sup>‡</sup> | 48791 | 734793 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Cl A<sup>‡</sup> | 23571 | 679316 |
| &nbsp;&nbsp;&nbsp; Whitestone REIT, Cl B<sup>‡</sup> | 60082 | 798490 |
| &nbsp;&nbsp;&nbsp; WP Carey<sup>‡</sup> | 11627 | 783311 |
|  |  | 21186759 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Utilities — 20.4%** |  |  |
| &nbsp;&nbsp;&nbsp; ALLETE | 12443 | $841396 |
| &nbsp;&nbsp;&nbsp; Alliant Energy | 12257 | 851494 |
| &nbsp;&nbsp;&nbsp; Ameren | 7870 | 836975 |
| &nbsp;&nbsp;&nbsp; American Electric Power | 7327 | 906863 |
| &nbsp;&nbsp;&nbsp; American States Water | 10609 | 782626 |
| &nbsp;&nbsp;&nbsp; American Water Works | 5517 | 717596 |
| &nbsp;&nbsp;&nbsp; Atmos Energy | 4757 | 838992 |
| &nbsp;&nbsp;&nbsp; Avista | 21480 | 888842 |
| &nbsp;&nbsp;&nbsp; Black Hills | 13269 | 979120 |
| &nbsp;&nbsp;&nbsp; California Water Service Group | 16816 | 762942 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy | 20961 | 838021 |
| &nbsp;&nbsp;&nbsp; Chesapeake Utilities | 6308 | 877190 |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Cl C | 27613 | 1011188 |
| &nbsp;&nbsp;&nbsp; CMS Energy | 11069 | 835045 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison | 8077 | 810608 |
| &nbsp;&nbsp;&nbsp; DTE Energy | 5798 | 794500 |
| &nbsp;&nbsp;&nbsp; Duke Energy | 6566 | 813790 |
| &nbsp;&nbsp;&nbsp; Entergy | 9024 | 880020 |
| &nbsp;&nbsp;&nbsp; Essential Utilities | 20124 | 796709 |
| &nbsp;&nbsp;&nbsp; Evergy | 11063 | 859042 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | 12467 | 837533 |
| &nbsp;&nbsp;&nbsp; Exelon | 18236 | 859280 |
| &nbsp;&nbsp;&nbsp; FirstEnergy | 18215 | 869220 |
| &nbsp;&nbsp;&nbsp; IDACORP, Cl Rights | 6319 | 832718 |
| &nbsp;&nbsp;&nbsp; MDU Resources Group | 48944 | 1043486 |
| &nbsp;&nbsp;&nbsp; MGE Energy | 9345 | 773953 |
| &nbsp;&nbsp;&nbsp; Middlesex Water | 14619 | 750101 |
| &nbsp;&nbsp;&nbsp; National Fuel Gas | 9150 | 754418 |
| &nbsp;&nbsp;&nbsp; New Jersey Resources | 16831 | 809234 |
| &nbsp;&nbsp;&nbsp; NextEra Energy | 11170 | 963859 |
| &nbsp;&nbsp;&nbsp; Northwest Natural Holding | 18927 | 936319 |
| &nbsp;&nbsp;&nbsp; OGE Energy | 17937 | 821156 |
| &nbsp;&nbsp;&nbsp; ONE Gas | 10423 | 872822 |
| &nbsp;&nbsp;&nbsp; Ormat Technologies | 8694 | 981639 |
| &nbsp;&nbsp;&nbsp; Otter Tail | 9441 | 776050 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital | 8899 | 808563 |
| &nbsp;&nbsp;&nbsp; Portland General Electric | 18498 | 940068 |
| &nbsp;&nbsp;&nbsp; PPL | 22022 | 812612 |
| &nbsp;&nbsp;&nbsp; SJW Group | 15692 | 728580 |
| &nbsp;&nbsp;&nbsp; Southern | 8628 | 786183 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings | 10075 | 836729 |
| &nbsp;&nbsp;&nbsp; Spire | 10483 | 929423 |
| &nbsp;&nbsp;&nbsp; UGI | 22909 | 906051 |
| &nbsp;&nbsp;&nbsp; Unitil | 17127 | 860289 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group | 7349 | 823602 |
| &nbsp;&nbsp;&nbsp; Xcel Energy | 10896 | 894671 |
|  |  | 39131518 |
|  Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $180,198,269) |  | 189893969 |

---

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

 **ETC 6 Meridian**

**Low Beta Equity Strategy ETF**

**Schedule of Investments**

**November 30, 2025 (Concluded)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **SHORT-TERM INVESTMENT — 0.6%** | **SHORT-TERM INVESTMENT — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class, 3.91%<sup>(A)</sup> | 1240948 | $1240948 |
|  Total Short-Term Investment<br>(Cost $1,240,948) |  | 1240948 |
|  Total Investments — 99.9%<br>(Cost $181,439,217) |  | $191134917 |

---

Percentages are based on Net Assets $191,377,211.

‡&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 November 30, 2025.

Cl — Class

REIT — Real Estate Investment Trust

As of November 30, 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**

**November 30, 2025**

![](tbarchart_003.jpg)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK — 99.7%** | **COMMON STOCK — 99.7%** | **COMMON STOCK — 99.7%** |
|  **Communication Services — 16.2%** | **Communication Services — 16.2%** | **Communication Services — 16.2%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A | 37272 | $11933749 |
| &nbsp;&nbsp;&nbsp; AT&T | 646678 | 16826562 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Cl A | 8291 | 5372153 |
| &nbsp;&nbsp;&nbsp; Netflix\* | 48062 | 5170510 |
| &nbsp;&nbsp;&nbsp; T-Mobile US | 26005 | 5435305 |
| &nbsp;&nbsp;&nbsp; Verizon Communications | 401901 | 16522150 |
| &nbsp;&nbsp;&nbsp; Walt Disney | 47159 | 4926701 |
|  |  | 66187130 |
|  **Consumer Discretionary — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Amazon.com\* | 20816 | 4854707 |
| &nbsp;&nbsp;&nbsp; General Motors | 77507 | 5698315 |
| &nbsp;&nbsp;&nbsp; Lowe's | 22438 | 5440766 |
| &nbsp;&nbsp;&nbsp; McDonald's | 17840 | 5562869 |
| &nbsp;&nbsp;&nbsp; NIKE, Cl B | 84398 | 5454643 |
|  |  | 27011300 |
|  **Consumer Staples — 21.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Altria Group | 279920 | 16518079 |
| &nbsp;&nbsp;&nbsp; Coca-Cola | 77791 | 5688078 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive | 141044 | 11338527 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale | 5697 | 5204722 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Cl A | 186680 | 10747168 |
| &nbsp;&nbsp;&nbsp; PepsiCo | 110465 | 16430564 |
| &nbsp;&nbsp;&nbsp; Philip Morris International | 73135 | 11517300 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble | 35721 | 5292423 |
| &nbsp;&nbsp;&nbsp; Walmart | 52048 | 5751825 |
|  |  | 88488686 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Energy — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Exxon Mobil | 92963 | $10776271 |
|  **Financials — 14.5%** |  |  |
| &nbsp;&nbsp;&nbsp; American Express | 14620 | 5340247 |
| &nbsp;&nbsp;&nbsp; American International Group | 66963 | 5099902 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon | 48930 | 5485053 |
| &nbsp;&nbsp;&nbsp; Charles Schwab | 113532 | 10527822 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group | 6710 | 5542729 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase | 17092 | 5351163 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 32309 | 5481545 |
| &nbsp;&nbsp;&nbsp; US Bancorp | 226843 | 11126649 |
| &nbsp;&nbsp;&nbsp; Wells Fargo | 60567 | 5199677 |
|  |  | 59154787 |
|  **Health Care — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Amgen | 17844 | 6164388 |
| &nbsp;&nbsp;&nbsp; Eli Lilly | 5898 | 6343122 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences | 43322 | 5451641 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 28386 | 5873631 |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | 58620 | 6174445 |
| &nbsp;&nbsp;&nbsp; Merck | 128203 | 13439520 |
| &nbsp;&nbsp;&nbsp; Pfizer | 428851 | 11038625 |
|  |  | 54485372 |
|  **Industrials — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp; General Electric | 17132 | 5113045 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin | 10836 | 4961371 |
| &nbsp;&nbsp;&nbsp; RTX | 29866 | 5223862 |
| &nbsp;&nbsp;&nbsp; Uber Technologies\* | 53024 | 4641721 |
|  |  | 19939999 |
|  **Information Technology — 12.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Apple | 19652 | 5479960 |
| &nbsp;&nbsp;&nbsp; Broadcom | 14583 | 5876366 |
| &nbsp;&nbsp;&nbsp; International Business Machines | 17351 | 5354172 |
| &nbsp;&nbsp;&nbsp; Intuit | 7818 | 4957237 |
| &nbsp;&nbsp;&nbsp; NVIDIA | 51118 | 9047886 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Cl A\* | 25521 | 4299013 |
| &nbsp;&nbsp;&nbsp; Qualcomm | 58517 | 9836122 |
| &nbsp;&nbsp;&nbsp; ServiceNow\* | 5785 | 4699792 |
|  |  | 49550548 |
|  **Real Estate — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp; American Tower, Cl A<sup>‡</sup> | 59870 | 10852635 |
| &nbsp;&nbsp;&nbsp; Simon Property Group<sup>‡</sup> | 29928 | 5576185 |
|  |  | 16428820 |

---

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

 **ETC 6 Meridian**

**Mega Cap Equity ETF**

**Schedule of Investments**

**November 30, 2025 (Concluded)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Utilities — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp; Duke Energy | 85513 | $10598481 |
| &nbsp;&nbsp;&nbsp; Southern | 56763 | 5172245 |
|  |  | 15770726 |
|  Total Common Stock<br>(Cost $386,529,861) |  | 407793639 |
|  **SHORT-TERM INVESTMENT — 0.2%** | **SHORT-TERM INVESTMENT — 0.2%** | **SHORT-TERM INVESTMENT — 0.2%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class, 3.91%<sup>(A)</sup> | 721863 | 721863 |
|  Total Short-Term Investment<br>(Cost $721,863) |  | 721863 |
|  Total Investments — 99.9%<br>(Cost $387,251,724) |  | $408515502 |

---

Percentages are based on Net Assets of $408,882,894.

‡&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 November 30, 2025.

Cl — Class

PLC — Public Limited Company

As of November 30, 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**

**November 30, 2025**

![](tbarchart_004.jpg)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK — 98.7%** |  |  |
|  **Communication Services — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Madison Square Garden Sports\* | 6283 | $1432713 |
| &nbsp;&nbsp;&nbsp; Yelp, Cl A\* | 38868 | 1123674 |
|  |  | 2556387 |
|  **Consumer Discretionary — 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group\* | 4757 | 1106336 |
| &nbsp;&nbsp;&nbsp; G-III Apparel Group\* | 44594 | 1299915 |
| &nbsp;&nbsp;&nbsp; Green Brick Partners\* | 17114 | 1161698 |
| &nbsp;&nbsp;&nbsp; Leggett & Platt | 125856 | 1291283 |
| &nbsp;&nbsp;&nbsp; M\* | 8013 | 1102509 |
| &nbsp;&nbsp;&nbsp; Perdoceo Education | 37492 | 1048276 |
| &nbsp;&nbsp;&nbsp; Sally Beauty Holdings\* | 87200 | 1382992 |
| &nbsp;&nbsp;&nbsp; Stride\* | 7598 | 482701 |
| &nbsp;&nbsp;&nbsp; Sturm Ruger | 35292 | 1062995 |
| &nbsp;&nbsp;&nbsp; Tri Pointe Homes\* | 33934 | 1157828 |
|  |  | 11096533 |
|  **Consumer Staples — 12.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods | 21893 | 1824125 |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet, Cl A\* | 32803 | 1120550 |
| &nbsp;&nbsp;&nbsp; Fresh Del Monte Produce | 34504 | 1246974 |
| &nbsp;&nbsp;&nbsp; J & J Snack Foods | 11383 | 1051220 |
| &nbsp;&nbsp;&nbsp; John B Sanfilippo & Son | 19367 | 1406625 |
| &nbsp;&nbsp;&nbsp; National Beverage\* | 29827 | 1015908 |
| &nbsp;&nbsp;&nbsp; PriceSmart | 11244 | 1384136 |
| &nbsp;&nbsp;&nbsp; Tootsie Roll Industries | 30483 | 1169340 |
| &nbsp;&nbsp;&nbsp; Universal | 22431 | 1183460 |
| &nbsp;&nbsp;&nbsp; USANA Health Sciences\* | 38802 | 770220 |
| &nbsp;&nbsp;&nbsp; WD-40 | 5687 | 1113515 |
|  |  | 13286073 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Energy — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp; International Seaways | 53787 | $2849097 |
| &nbsp;&nbsp;&nbsp; SM Energy | 43699 | 832466 |
|  |  | 3681563 |
|  **Financials — 19.2%** |  |  |
| &nbsp;&nbsp;&nbsp; AMERISAFE | 26090 | 1064472 |
| &nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, Cl A | 26234 | 1088186 |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings | 18395 | 1245893 |
| &nbsp;&nbsp;&nbsp; Employers Holdings | 28437 | 1133214 |
| &nbsp;&nbsp;&nbsp; Enact Holdings | 64474 | 2495789 |
| &nbsp;&nbsp;&nbsp; Enova International\* | 9986 | 1309065 |
| &nbsp;&nbsp;&nbsp; EZCORP, Cl A\* | 146500 | 2824520 |
| &nbsp;&nbsp;&nbsp; HCI Group | 14198 | 2523695 |
| &nbsp;&nbsp;&nbsp; Lincoln National | 28508 | 1172819 |
| &nbsp;&nbsp;&nbsp; NMI Holdings, Cl A\* | 30726 | 1172197 |
| &nbsp;&nbsp;&nbsp; PROG Holdings | 34745 | 999961 |
| &nbsp;&nbsp;&nbsp; Safety Insurance Group | 16862 | 1281849 |
| &nbsp;&nbsp;&nbsp; SiriusPoint\* | 65365 | 1359592 |
| &nbsp;&nbsp;&nbsp; World Acceptance\* | 7010 | 1084167 |
|  |  | 20755419 |
|  **Health Care — 15.1%** |  |  |
| &nbsp;&nbsp;&nbsp; AdaptHealth, Cl A\* | 133782 | 1292334 |
| &nbsp;&nbsp;&nbsp; Addus HomeCare\* | 11016 | 1324123 |
| &nbsp;&nbsp;&nbsp; Alkermes\* | 42605 | 1260256 |
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals\* | 62229 | 1456781 |
| &nbsp;&nbsp;&nbsp; Dynavax Technologies\* | 123460 | 1403740 |
| &nbsp;&nbsp;&nbsp; Embecta | 85076 | 1085144 |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings\* | 33943 | 1197848 |
| &nbsp;&nbsp;&nbsp; Innoviva\* | 118349 | 2571724 |
| &nbsp;&nbsp;&nbsp; Pacira BioSciences\* | 46119 | 1087025 |
| &nbsp;&nbsp;&nbsp; Pediatrix Medical Group\* | 72436 | 1744984 |
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics\* | 20673 | 1860570 |
|  |  | 16284529 |
|  **Industrials — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp; DNOW\* | 76999 | 1074906 |
| &nbsp;&nbsp;&nbsp; Greenbrier | 26204 | 1165554 |
| &nbsp;&nbsp;&nbsp; Korn Ferry | 16722 | 1099806 |
| &nbsp;&nbsp;&nbsp; Matson | 11803 | 1286291 |
| &nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings\* | 95072 | 1302486 |
|  |  | 5929043 |
|  **Information Technology — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Box, Cl A\* | 37653 | 1112270 |
| &nbsp;&nbsp;&nbsp; DXC Technology\* | 85017 | 1122224 |
| &nbsp;&nbsp;&nbsp; Harmonic\* | 124207 | 1187419 |
| &nbsp;&nbsp;&nbsp; NetScout Systems\* | 49187 | 1322147 |

---

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

 **ETC 6 Meridian**

**Small Cap Equity ETF**

**Schedule of Investments**

**November 30, 2025 (Concluded)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Information Technology — continued** | **Information Technology — continued** |  |
| &nbsp;&nbsp;&nbsp; Photronics\* | 55451 | $1270382 |
| &nbsp;&nbsp;&nbsp; Teradata\* | 60016 | 1718858 |
|  |  | 7733300 |
|  **Materials — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp; SunCoke Energy | 161991 | 1056181 |
| &nbsp;&nbsp;&nbsp; Sylvamo | 27589 | 1306891 |
|  |  | 2363072 |
|  **Real Estate — 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp; Alexander & Baldwin<sup>‡</sup> | 64373 | 1006150 |
| &nbsp;&nbsp;&nbsp; Elme Communities<sup>‡</sup> | 71928 | 1248670 |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust<sup>‡</sup> | 40082 | 1268996 |
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust<sup>‡</sup> | 47371 | 1138799 |
| &nbsp;&nbsp;&nbsp; Getty Realty<sup>‡</sup> | 43036 | 1225235 |
| &nbsp;&nbsp;&nbsp; LTC Properties<sup>‡</sup> | 33859 | 1235515 |
| &nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust<sup>‡</sup> | 30089 | 1223118 |
| &nbsp;&nbsp;&nbsp; Whitestone REIT, Cl B<sup>‡</sup> | 94344 | 1253832 |
|  |  | 9600315 |
|  **Utilities — 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp; American States Water | 16603 | 1224803 |
| &nbsp;&nbsp;&nbsp; Avista | 33656 | 1392685 |
| &nbsp;&nbsp;&nbsp; California Water Service Group | 26390 | 1197314 |
| &nbsp;&nbsp;&nbsp; Chesapeake Utilities | 9900 | 1376694 |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Cl C | 42946 | 1572682 |
| &nbsp;&nbsp;&nbsp; MGE Energy | 14457 | 1197329 |
| &nbsp;&nbsp;&nbsp; Middlesex Water | 23150 | 1187827 |
| &nbsp;&nbsp;&nbsp; Northwest Natural Holding | 29654 | 1466983 |
| &nbsp;&nbsp;&nbsp; SJW Group | 24672 | 1145521 |
| &nbsp;&nbsp;&nbsp; Unitil | 26897 | 1351037 |
|  |  | 13112875 |
|  Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $101,887,114) |  | 106399109 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **SHORT-TERM INVESTMENT — 1.3%** | **SHORT-TERM INVESTMENT — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class, 3.91%<sup>(A)</sup> | 1384870 | $1384870 |
|  Total Short-Term Investment<br>(Cost $1,384,870) |  | 1384870 |
|  Total Investments — 100.0%<br>(Cost $103,271,984) |  | $107783979 |

---

Percentages are based on Net Assets of $107,826,501.

‡&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 November 30, 2025.

Cl — Class

As of November 30, 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**

**November 30, 2025**

![](tbarchart_005.jpg)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK**<sup>††</sup> **— 99.7%** |  |  |
|  **Communication Services — 17.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A | 13969 | $4472595 |
| &nbsp;&nbsp;&nbsp; Cargurus, Cl A\* | 1862 | 65691 |
| &nbsp;&nbsp;&nbsp; IDT, Cl B | 420 | 20903 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Cl A | 4346 | 2815991 |
| &nbsp;&nbsp;&nbsp; Netflix\* | 23626 | 2541685 |
| &nbsp;&nbsp;&nbsp; Pinterest, Cl A\* | 12226 | 319343 |
| &nbsp;&nbsp;&nbsp; Spotify Technology\* | 2551 | 1527718 |
| &nbsp;&nbsp;&nbsp; Yelp, Cl A\* | 1185 | 34258 |
|  |  | 11798184 |
|  **Consumer Discretionary — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Cavco Industries\* | 151 | 89943 |
| &nbsp;&nbsp;&nbsp; Chewy, Cl A\* | 7744 | 269259 |
| &nbsp;&nbsp;&nbsp; Deckers Outdoor\* | 3021 | 265938 |
| &nbsp;&nbsp;&nbsp; Duolingo, Cl A\* | 870 | 166527 |
| &nbsp;&nbsp;&nbsp; Grand Canyon Education\* | 533 | 84075 |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica\* | 2693 | 495997 |
| &nbsp;&nbsp;&nbsp; Monarch Casino & Resort | 247 | 23855 |
| &nbsp;&nbsp;&nbsp; On Holding, Cl A\* | 5406 | 237810 |
| &nbsp;&nbsp;&nbsp; Rush Street Interactive\* | 4255 | 78462 |
| &nbsp;&nbsp;&nbsp; TJX | 18803 | 2856552 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty\* | 884 | 476326 |
|  |  | 5044744 |
|  **Consumer Staples — 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods | 914 | 76154 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive | 15599 | 1254004 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale | 3024 | 2762696 |
| &nbsp;&nbsp;&nbsp; Inter Parfums | 354 | 28769 |
| &nbsp;&nbsp;&nbsp; Lancaster Colony | 384 | 64105 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Consumer Staples — continued** | **Consumer Staples — continued** | **Consumer Staples — continued** |
| &nbsp;&nbsp;&nbsp; Monster Beverage\* | 13628 | $1021964 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market\* | 1901 | 159323 |
| &nbsp;&nbsp;&nbsp; Vital Farms\* | 714 | 23348 |
| &nbsp;&nbsp;&nbsp; WD-40 | 260 | 50908 |
|  |  | 5441271 |
|  **Energy — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Texas Pacific Land | 374 | 323244 |
|  **Financials — 13.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Dave\* | 247 | 53910 |
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group | 436 | 167817 |
| &nbsp;&nbsp;&nbsp; Mastercard, Cl A | 5016 | 2761458 |
| &nbsp;&nbsp;&nbsp; Progressive | 10680 | 2443477 |
| &nbsp;&nbsp;&nbsp; Remitly Global\* | 3215 | 43547 |
| &nbsp;&nbsp;&nbsp; Toast, Cl A\* | 10932 | 373765 |
| &nbsp;&nbsp;&nbsp; Tradeweb Markets, Cl A | 4368 | 475501 |
| &nbsp;&nbsp;&nbsp; Visa, Cl A | 8593 | 2873843 |
|  |  | 9193318 |
|  **Health Care — 17.1%** |  |  |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals\* | 2441 | 61123 |
| &nbsp;&nbsp;&nbsp; ADMA Biologics\* | 4620 | 88611 |
| &nbsp;&nbsp;&nbsp; Alkermes\* | 3215 | 95100 |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals\* | 3219 | 40302 |
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals\* | 2198 | 51455 |
| &nbsp;&nbsp;&nbsp; Cencora, Cl A | 3554 | 1311177 |
| &nbsp;&nbsp;&nbsp; Chemed | 276 | 121217 |
| &nbsp;&nbsp;&nbsp; Corcept Therapeutics\* | 1704 | 135298 |
| &nbsp;&nbsp;&nbsp; CorVel\* | 530 | 38785 |
| &nbsp;&nbsp;&nbsp; Doximity, Cl A\* | 3170 | 163065 |
| &nbsp;&nbsp;&nbsp; Exelixis\* | 4987 | 220276 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics\* | 2176 | 155366 |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings\* | 952 | 33596 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories\* | 1512 | 1138355 |
| &nbsp;&nbsp;&nbsp; Incyte\* | 3108 | 324662 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical\* | 5632 | 3229839 |
| &nbsp;&nbsp;&nbsp; Krystal Biotech\* | 514 | 112052 |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings\* | 1294 | 76178 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences\* | 1860 | 283018 |
| &nbsp;&nbsp;&nbsp; Penumbra\* | 718 | 210496 |
| &nbsp;&nbsp;&nbsp; Progyny\* | 1573 | 41480 |
| &nbsp;&nbsp;&nbsp; PTC Therapeutics\* | 1545 | 132854 |
| &nbsp;&nbsp;&nbsp; ResMed | 2770 | 708649 |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Cl A\* | 2773 | 666324 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals\* | 5005 | 2170218 |
|  |  | 11609496 |

---

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

 **ETC 6 Meridian**

**Quality Growth ETF**

**Schedule of Investments**

**November 30, 2025 (Concluded)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Industrials — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding, Cl A | 2388 | $199302 |
| &nbsp;&nbsp;&nbsp; Cintas | 6799 | 1264750 |
| &nbsp;&nbsp;&nbsp; Copart\* | 17648 | 687919 |
| &nbsp;&nbsp;&nbsp; ExlService Holdings\* | 3013 | 119707 |
| &nbsp;&nbsp;&nbsp; Fastenal | 23278 | 940431 |
| &nbsp;&nbsp;&nbsp; Legalzoom.com\* | 3419 | 31899 |
| &nbsp;&nbsp;&nbsp; Rollins | 5711 | 351112 |
| &nbsp;&nbsp;&nbsp; Watts Water Technologies, Cl A | 630 | 173805 |
| &nbsp;&nbsp;&nbsp; WW Grainger | 895 | 849024 |
|  |  | 4617949 |
|  **Information Technology — 29.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Appfolio, Cl A\* | 628 | 143360 |
| &nbsp;&nbsp;&nbsp; Apple | 13742 | 3831957 |
| &nbsp;&nbsp;&nbsp; Arista Networks\* | 17996 | 2351717 |
| &nbsp;&nbsp;&nbsp; Badger Meter | 569 | 101589 |
| &nbsp;&nbsp;&nbsp; Clear Secure, Cl A | 2497 | 88643 |
| &nbsp;&nbsp;&nbsp; Dynatrace\* | 5817 | 259206 |
| &nbsp;&nbsp;&nbsp; InterDigital | 468 | 167427 |
| &nbsp;&nbsp;&nbsp; Intuit | 3943 | 2500177 |
| &nbsp;&nbsp;&nbsp; Manhattan Associates\* | 1110 | 195860 |
| &nbsp;&nbsp;&nbsp; Microsoft | 6563 | 3229062 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems | 882 | 818646 |
| &nbsp;&nbsp;&nbsp; Napco Security Technologies | 638 | 25775 |
| &nbsp;&nbsp;&nbsp; NVIDIA | 19422 | 3437694 |
| &nbsp;&nbsp;&nbsp; Pegasystems | 1674 | 91685 |
| &nbsp;&nbsp;&nbsp; Qualys\* | 688 | 96905 |
| &nbsp;&nbsp;&nbsp; ServiceNow\* | 2818 | 2289371 |
| &nbsp;&nbsp;&nbsp; Ubiquiti | 76 | 44315 |
|  |  | 19673389 |
|  **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp; United States Lime & Minerals | 203 | 24679 |
|  Total Common Stock<br>(Cost $58,979,592)  |  | 67726274 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **SHORT-TERM INVESTMENT — 0.3%** | **SHORT-TERM INVESTMENT — 0.3%** | **SHORT-TERM INVESTMENT — 0.3%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class, 3.91%<sup>(A)</sup> | 211785 | $211785 |
|  Total Short-Term Investment<br>(Cost $211,785)  |  | 211785 |
|  Total Investments — 100.0%<br>(Cost $59,191,377) |  | $67938059 |

---

Percentages are based on Net Assets of $67,908,872.

†† 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 November 30, 2025.

Cl — Class

As of November 30, 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

November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **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 | $473642930 | $181439217 | $387251724 |
| &nbsp;&nbsp;&nbsp; Investments, at Fair Value | $501747809 | $191134917 | $408515502 |
| &nbsp;&nbsp;&nbsp; Cash and Cash Equivalents | 14472 |  |  |
| &nbsp;&nbsp;&nbsp; Dividends Receivable | 717521 | 355120 | 604954 |
| &nbsp;&nbsp;&nbsp; Deposits at Broker for Options | 15126 |  |  |
| &nbsp;&nbsp;&nbsp; Tax Reclaims Receivable |  | 213 |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 502494928 | 191490250 | 409120456 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options, at Value (Premiums Received $6,611,722, $— and $—, respectively) | 5353495 |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees Payable | 125194 | 48012 | 102038 |
| &nbsp;&nbsp;&nbsp; Accrued Interest Expense on Broker Account | 55207 |  |  |
| &nbsp;&nbsp;&nbsp; Payable due to Administrator | 26916 | 10255 | 22213 |
| &nbsp;&nbsp;&nbsp; Audit Fees Payable | 17500 | 17500 | 17500 |
| &nbsp;&nbsp;&nbsp; Payable for Trustees' Fee | 12280 | 4299 | 9861 |
| &nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 11809 | 12499 | 22897 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees Payable | 3896 | 1364 | 3128 |
| &nbsp;&nbsp;&nbsp; Other Accrued Expenses | 81107 | 19110 | 59925 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 5687404 | 113039 | 237562 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $496807524 | $191377211 | $408882894 |
|  **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $678600437 | $223383886 | $466329710 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | (181792913) | (32006675) | (57446816) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $496807524 | $191377211 | $408882894 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest<br>(unlimited authorization – no par value) | 12750000 | 5125000 | 8175000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $38.97 | $37.34 | $50.02 |

---

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

November 30, 2025 (Concluded)

---

| | | |
|:---|:---|:---|
|  | **ETC<br>6 Meridian<br>Small Cap<br>Equity<br>ETF** | **ETC<br>6 Meridian<br>Quality<br>Growth ETF** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at Cost | $103271984 | $59191377 |
| &nbsp;&nbsp;&nbsp; Investments, at Fair Value | $107783979 | $67938059 |
| &nbsp;&nbsp;&nbsp; Dividends Receivable | 120328 | 31256 |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 107904307 | 67969315 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees Payable | 26876 | 16809 |
| &nbsp;&nbsp;&nbsp; Audit Fees Payable | 17500 | 17500 |
| &nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 11969 | 12505 |
| &nbsp;&nbsp;&nbsp; Payable due to Administrator | 5761 | 3629 |
| &nbsp;&nbsp;&nbsp; Payable for Trustees' Fee | 2399 | 1527 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees Payable | 761 | 484 |
| &nbsp;&nbsp;&nbsp; Other Accrued Expenses | 12540 | 7989 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 77806 | 60443 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $107826501 | $67908872 |
|  **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $136396251 | $69664646 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | (28569750) | (1755774) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $107826501 | $67908872 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest<br>(unlimited authorization – no par value) | 2150000 | 2050000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $50.15 | $33.13 |

---

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

 **ETC 6 Meridian**

Statements of Operations

For the Year Ended November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **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 | $14722758 | $4836984 | $11084064 |
| &nbsp;&nbsp;&nbsp; Less: Reclaims Withheld |  | (1696) |  |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | 14722758 | 4835288 | 11084064 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees | 1682436 | 634800 | 1289744 |
| &nbsp;&nbsp;&nbsp; Interest Expense on Broker Account | 1232026 |  |  |
| &nbsp;&nbsp;&nbsp; Administration Fees | 343741 | 128622 | 266314 |
| &nbsp;&nbsp;&nbsp; Trustees' Fees | 74423 | 27684 | 57036 |
| &nbsp;&nbsp;&nbsp; Custodian Fees | 58813 | 22834 | 45487 |
| &nbsp;&nbsp;&nbsp; Registration Fees | 38839 | 14184 | 35032 |
| &nbsp;&nbsp;&nbsp; Transfer Agent Fees | 36228 | 40491 | 66364 |
| &nbsp;&nbsp;&nbsp; Legal Fees | 26934 | 9921 | 21008 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | 23808 | 8861 | 18219 |
| &nbsp;&nbsp;&nbsp; Printing Fees | 19437 | 6804 | 15574 |
| &nbsp;&nbsp;&nbsp; Audit Fees | 17500 | 17500 | 17500 |
| &nbsp;&nbsp;&nbsp; Pricing Fees | 2107 | 777 | 1661 |
| &nbsp;&nbsp;&nbsp; Other Fees | 58012 | 15605 | 36463 |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | 3614304 | 928083 | 1870402 |
|  **Net Investment Income (Loss)** | 11108454 | 3907205 | 9213662 |
|  **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments<sup>(1)</sup> | 70029269 | 10144269 | 49171909 |
| &nbsp;&nbsp;&nbsp; Written Options | (31724610) |  |  |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | 38304659 | 10144269 | 49171909 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (31245672) | (19555158) | (16480280) |
| &nbsp;&nbsp;&nbsp; Written Options | 2867084 |  |  |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | (28378588) | (19555158) | (16480280) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | 9926071 | (9410889) | 32691629 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $21034525 | $(5503684) | $41905291 |

---

<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 Year Ended November 30, 2025 (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 | $2086210 | $427353 |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | 2086210 | 427353 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees | 326895 | 192934 |
| &nbsp;&nbsp;&nbsp; Administration Fees | 66257 | 39419 |
| &nbsp;&nbsp;&nbsp; Transfer Agent Fees | 36949 | 38443 |
| &nbsp;&nbsp;&nbsp; Audit Fees | 17500 | 17500 |
| &nbsp;&nbsp;&nbsp; Trustees' Fees | 14323 | 8453 |
| &nbsp;&nbsp;&nbsp; Registration Fees | 13731 | 12267 |
| &nbsp;&nbsp;&nbsp; Custodian Fees | 13694 | 7043 |
| &nbsp;&nbsp;&nbsp; Legal Fees | 5171 | 3077 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | 4582 | 2703 |
| &nbsp;&nbsp;&nbsp; Printing Fees | 3565 | 2170 |
| &nbsp;&nbsp;&nbsp; Pricing Fees | 401 | 244 |
| &nbsp;&nbsp;&nbsp; Other Fees | 10209 | 7762 |
| &nbsp;&nbsp;&nbsp; Advisory Waiver Recapture (Note 3) |  | 18719 |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | 513277 | 350734 |
|  **Net Investment Income (Loss)** | 1572933 | 76619 |
|  **Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments<sup>(1)</sup> | 3593637 | 1851064 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | 3593637 | 1851064 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (7231727) | (895277) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | (7231727) | (895277) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | (3638090) | 955787 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(2065157) | $1032406 |

---

<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** |
|  | **Year Ended<br>November 30,<br>2025** | **Year Ended<br>November 30,<br>2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $11108454 | $6509608 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 38304659 | 8041593 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (28378588) | 47511854 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 21034525 | 62063055 |
|  **Distributions:** | (11333996) | (6609357) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 764950488 | 534744248 |
| &nbsp;&nbsp;&nbsp; Redeemed | (725319844) | (505706320) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 39630644 | 29037928 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 49331173 | 84491626 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 447476351 | 362984725 |
| &nbsp;&nbsp;&nbsp; End of Year | $496807524 | $447476351 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 19875000 | 15050000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (18900000) | (14250000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 975000 | 800000 |

---

<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).

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** |
|  | **Year Ended<br>November 30,<br>2025** | **Year Ended<br>November 30,<br>2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $3907205 | $2115320 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 10144269 | 5348393 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (19555158) | 29941041 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (5503684) | 37404754 |
|  **Distributions:** | (4017589) | (2172352) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 96351484 | 85327684 |
| &nbsp;&nbsp;&nbsp; Redeemed | (86150834) | (69631940) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 10200650 | 15695744 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 679377 | 50928146 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 190697834 | 139769688 |
| &nbsp;&nbsp;&nbsp; End of Year | $191377211 | $190697834 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 2575000 | 2425000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (2300000) | (1975000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 275000 | 450000 |

---

<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).

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** |
|  | **Year Ended<br>November 30,<br>2025** | **Year Ended<br>November 30,<br>2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $9213662 | $4245598 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 49171909 | 38033297 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (16480280) | 27873938 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 41905291 | 70152833 |
|  **Distributions:** | (9358606) | (4297958) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 643319409 | 326599050 |
| &nbsp;&nbsp;&nbsp; Redeemed | (559067922) | (291211869) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 84251487 | 35387181 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 116798172 | 101242056 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 292084722 | 190842666 |
| &nbsp;&nbsp;&nbsp; End of Year | $408882894 | $292084722 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 13650000 | 7975000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (11750000) | (7125000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 1900000 | 850000 |

---

<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).

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** |
|  | **Year Ended<br>November 30,<br>2025** | **Year Ended<br>November 30,<br>2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $1572933 | $840964 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 3593637 | 3283513 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (7231727) | 11659855 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (2065157) | 15784332 |
|  **Distributions:** | (1606964) | (955142) |
|  **Return of Capital:** | (3223) |  |
|  **Total Distributions** | (1610187) |  |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 70703920 | 65928828 |
| &nbsp;&nbsp;&nbsp; Redeemed | (57351582) | (46494189) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 13352338 | 19434639 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 9676994 | 34263829 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 98149507 | 63885678 |
| &nbsp;&nbsp;&nbsp; End of Year | $107826501 | $98149507 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 1450000 | 1400000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (1175000) | (1000000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 275000 | 400000 |

---

<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

(Concluded)

---

| | | |
|:---|:---|:---|
|  | **ETC 6 Meridian Quality<br> Growth ETF** | **ETC 6 Meridian Quality<br> Growth ETF** |
|  | **Year Ended<br>November 30,<br>2025** | **Year Ended<br>November 30,<br>2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $76619 | $(170468) |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 1851064 | 4894015 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (895277) | 6004224 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 1032406 | 10727771 |
|  **Return of Capital:** | (87978) |  |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 36761104 | 33844556 |
| &nbsp;&nbsp;&nbsp; Redeemed | (20582483) | (24743931) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 16178621 | 9100625 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 17123049 | 19828396 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 50785823 | 30957427 |
| &nbsp;&nbsp;&nbsp; End of Year | $67908872 | $50785823 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 1150000 | 1175000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (650000) | (850000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 500000 | 325000 |

---

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

**Financial Highlights**

Selected Per Share Data & Ratios

For a Share Outstanding Throughout each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended November 30,** | **Years Ended November 30,** | **Years Ended November 30,** | **Years Ended November 30,** | **Years Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value, beginning of year | $38.00 | $33.07 | $32.21 | $29.54 | $26.65 |
|  **Investment Activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment income (loss)\* | 0.84 | 0.57 | 0.69 | 0.67 | 0.50 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.99 | 4.95 | 0.84 | 2.66 | 2.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.83 | 5.52 | 1.53 | 3.33 | 3.38 |
|  **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.86) | (0.59) | (0.67) | (0.66) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.86) | (0.59) | (0.67) | (0.66) | (0.49) |
|  Net Asset Value, end of year | $38.97 | $38.00 | $33.07 | $32.21 | $29.54 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 4.87 | 16.81 | 4.86 | 11.44 | 12.76 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.71<br><sup>(2)</sup> | 1.03<br><sup>(3)</sup> | 1.01<br><sup>(4)</sup> | 0.82<br><sup>(5)</sup> | 0.84<br><sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.71<br><sup>(2)</sup> | 1.03<br><sup>(3)</sup> | 1.01<br><sup>(4)</sup> | 0.82<br><sup>(5)</sup> | 0.84<br><sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 2.19<br><sup>(2)</sup> | 1.61<br><sup>(3)</sup> | 2.15<br><sup>(4)</sup> | 2.22<br><sup>(5)</sup> | 1.72<br><sup>(6)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year (000) | $496808 | $447476 | $362985 | $314875 | $246619 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)<sup>(7)</sup> | 214 | 159 | 160 | 164 | 171 |

---

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

<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>The expense and investment income ratio includes interest expense. Had this expense been excluded the ratio's would have been 0.47%, 0.47% and 2.43%.

<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 0.75%, 0.75% and 1.89%.

<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 0.76%, 0.76% and 2.40%.

<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 0.78%, 0.78% and 2.26%.

<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 0.80%, 0.80% and 1.76%.

<sup>(7)&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 each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended November 30,** | **Years Ended November 30,** | **Years Ended November 30,** | **Years Ended November 30,** | **Years Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value, beginning of year | $39.32 | $31.77 | $34.11 | $33.63 | $28.70 |
|  **Investment Activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment income (loss)\* | 0.76 | 0.46 | 0.53 | 0.44 | 0.21 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.96) | 7.56 | (2.36) | 0.49 | 4.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | (1.20) | 8.02 | (1.83) | 0.93 | 5.15 |
|  **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.78) | (0.47) | (0.51) | (0.45) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.78) | (0.47) | (0.51) | (0.45) | (0.22) |
|  Net Asset Value, end of year | $37.34 | $39.32 | $31.77 | $34.11 | $33.63 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | (3.00) | 25.43 | (5.35) | 2.80 | 17.96 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.49 | 0.77 | 0.79 | 0.80 | 0.82 |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.49 | 0.77 | 0.79 | 0.80 | 0.82 |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 2.06 | 1.31 | 1.64 | 1.32 | 0.64 |
|  **Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year (000) | $191377 | $190698 | $139770 | $156899 | $137049 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)<sup>(2)</sup> | 61 | 56 | 59 | 73 | 70 |

---

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

<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>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 each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended November 30,** | **Years Ended November 30,** | **Years Ended November 30,** | **Years Ended November 30,** | **Years Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value, beginning of year | $46.55 | $35.18 | $34.67 | $34.50 | $29.14 |
|  **Investment Activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment income (loss)\* | 1.11 | 0.72 | 0.77 | 0.77 | 0.58 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.49 | 11.38 | 0.48 | 0.14 | 5.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 4.60 | 12.10 | 1.25 | 0.91 | 5.97 |
|  **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (1.13) | (0.73) | (0.74) | (0.74) | (0.58) |
| &nbsp;&nbsp;&nbsp; Net realized capital gains |  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (1.13) | (0.73) | (0.74) | (0.74) | (0.61) |
|  Net Asset Value, end of year | $50.02 | $46.55 | $35.18 | $34.67 | $34.50 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 10.05 | 34.68 | 3.74 | 2.73 | 20.59 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.48 | 0.77 | 0.78 | 0.80 | 0.82 |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.48 | 0.77 | 0.78 | 0.80 | 0.82 |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 2.35 | 1.75 | 2.26 | 2.27 | 1.76 |
|  **Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year(000) | $408883 | $292085 | $190843 | $177680 | $158680 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)<sup>(2)</sup> | 181 | 153 | 144 | 160 | 166 |

---

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

<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>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 each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended November 30,** | **Years Ended November 30,** | **Years Ended November 30,** | **Years Ended November 30,** | **Years Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value, beginning of year | $52.35 | $43.31 | $44.28 | $49.08 | $35.05 |
|  **Investment Activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment income (loss)\* | 0.78 | 0.50 | 0.83 | 0.56 | 0.40 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.19) | 9.12 | (1.02) | (4.76) | 14.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | (1.41) | 9.62 | (0.19) | (4.20) | 14.40 |
|  **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.79) | (0.58) | (0.78) | (0.60) | (0.37) |
| &nbsp;&nbsp;&nbsp; Return of Capital | —<br><sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.79) | (0.58) | (0.78) | (0.60) | (0.37) |
|  Net Asset Value, end of year | $50.15 | $52.35 | $43.31 | $44.28 | $49.08 |
|  **Net Asset Value, Total Return (%)**<sup>(2)</sup> | (2.63) | 22.35 | (0.37) | (8.58) | 41.20 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.53 | 0.82 | 0.85 | 0.89 | 0.88 |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.53 | 0.82 | 0.85 | 0.89 | 0.88 |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 1.61 | 1.07 | 1.96 | 1.24 | 0.87 |
|  **Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year(000) | $107827 | $98150 | $63886 | $65314 | $62572 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)<sup>(3)</sup> | 82 | 86 | 98 | 91 | 104 |

---

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

<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>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 Quality Growth ETF**

**Financial Highlights**

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Year/Period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **<br>Years Ended November 30,** | **Period Ended<br>November 30,<br>2021<sup>†</sup>** |
|  | **2025** | **2024** | **2023** | **2022** | **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)\* | 0.04 | (0.12) | (0.06) | 0.02 | (0.03) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.37 | 7.62 | 3.46 | (4.90) | 2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.41 | 7.50 | 3.40 | (4.88) | 2.50 |
|  **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income |  |  | (0.01) | (0.01) |  |
| &nbsp;&nbsp;&nbsp; Return of Capital | (0.05) |  | (0.01) |  | —<br><sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.05) |  | (0.02) | (0.01) |  |
|  Net Asset Value, end of year/period | $33.13 | $32.77 | $25.27 | $21.89 | $26.78 |
|  **Net Asset Value, Total Return (%)**<sup>(2)</sup> | 1.25 | 29.68 | 15.52 | (18.23) | 10.30 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.60 | 1.00 | 1.00 | 1.00 | 1.00<br><sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.60 | 1.00 | 1.01 | 1.08 | 1.52<br><sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 0.13 | (0.42) | (0.26) | 0.07 | (0.18)<sup>(3)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $67909 | $50786 | $30957 | $29005 | $25443 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)<sup>(4)</sup> | 54 | 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

November 30, 2025

**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.

**Segment Reporting** — In accordance with the FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Adviser reviewed each Fund in the Trust, evaluated its business activities and determined that each Fund operates as a single reportable operating segment. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

 **ETC 6 Meridian**

Notes to Financial Statements

November 30, 2025 (Continued)

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

The CODM is comprised of the Co-Chief Executive Officers of the Adviser, and who are also officers of the Trust. The CODM has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations and financial reporting. Through these committees, the CODM manages the fund's operations to achieve the investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund.

**Security Valuation** — The Funds record their investments at fair value. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market ("NASDAQ"), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent quoted bid price for long positions and at the most recent quoted ask price 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 net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include, but are not limited to, government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time

 **ETC 6 Meridian**

Notes to Financial Statements

November 30, 2025 (Continued)

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

at which the Fund calculates its net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

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

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

The valuation techniques used by the Funds to measure fair value during the year ended November 30, 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.

Each Funds' policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on their Statements of Operations. As of November 30, 2025, the Funds did not have any interest or penalties associated with the underpayment of any income taxes. Current tax years, the last three tax year ends 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.

 **ETC 6 Meridian**

Notes to Financial Statements

November 30, 2025 (Continued)

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

**Options** — The ETC 6 Meridian Hedged Equity-Index Option Strategy ETF may purchase and sell put and call options. A call option gives a holder the right to purchase a specific security or an index at a specified price ("exercise price") within a specified period of time. A put option gives a holder the right to sell a specific security or an index at a specified price within a specified period of time. The initial purchaser of a call option pays the "writer," i.e., the party selling the option, a premium which is paid at the time of purchase and is retained by the writer whether or not such option is exercised. The Fund may purchase put options to hedge its portfolio against the risk of a decline in the market value of securities held and may purchase call options to hedge against an increase in the price of 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 option contracts during the year ended November 30, 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 November 30, 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 year ended November 30, 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 | $(506784162) |

---

**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.

 **ETC 6 Meridian**

Notes to Financial Statements

November 30, 2025 (Continued)

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

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

Effective January 1, 2025, 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

 **ETC 6 Meridian**

Notes to Financial Statements

November 30, 2025 (Continued)

 **3. SERVICE PROVIDERS** (Concluded)

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 1, 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. 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 November 30, 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 year ended November 30, 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 year ended November 30, 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

November 30, 2025 (Continued)

**4. INVESTMENT TRANSACTIONS**

For the year ended November 30, 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** | $1092122822 | $1132275463 |
|  **ETC 6 Meridian Low Beta Equity Strategy ETF** | 114693399 | 115972969 |
|  **ETC 6 Meridian Mega Cap Equity ETF** | 697687465 | 704064695 |
|  **ETC 6 Meridian Small Cap Equity ETF** | 79915589 | 81596369 |
|  **ETC 6 Meridian Quality Growth ETF** | 31444348 | 32082014 |

---

For the year ended November 30, 2025, there were no purchases or sales of long-term U.S. Government securities by any of the Funds.

For the year ended November 30, 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** | $766443989 | $718704174 | $109643963 |
|  **ETC 6 Meridian Low Beta Equity Strategy ETF** | 94606969 | 84134328 | 21135134 |
|  **ETC 6 Meridian Mega Cap Equity ETF** | 638174086 | 548197505 | 80774901 |
|  **ETC 6 Meridian Small Cap Equity ETF** | 70365341 | 56666323 | 13968582 |
|  **ETC 6 Meridian Quality Growth ETF** | 36242040 | 19509189 | 4601713 |

---

**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.

At November 30, 2025, the Funds reclassified the following permanent amounts between paid-in capital and distributable earnings (accumulated losses), the reclassification is primarily related to in-kind redemptions, net operating losses, and non-deductible expenses:

---

| | | |
|:---|:---|:---|
|  | **Paid-in<br>Capital** | **Distributable<br>Earnings<br>(Accumulated<br>Losses)** |
|  **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | $105605341 | $(105605341) |
|  **ETC 6 Meridian Low Beta Equity Strategy ETF** | 20695445 | (20695445) |
|  **ETC 6 Meridian Mega Cap Equity ETF** | 78064368 | (78064368) |
|  **ETC 6 Meridian Small Cap Equity ETF** | 13854073 | (13854073) |
|  **ETC 6 Meridian Quality Growth ETF** | 4460535 | (4460535) |

---

 **ETC 6 Meridian**

Notes to Financial Statements

November 30, 2025 (Continued)

 **5. TAX INFORMATION** (Continued)

The tax character of dividends and distributions paid during the years ended November 30, 2025 and November 30, 2024, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br>Income** | **Return of<br>Capital** | **Totals** |
|  **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025 | $11333996 | $— | $11333996 |
| &nbsp;&nbsp;&nbsp; 2024 | 6609357 |  | 6609357 |
|  **ETC 6 Meridian Low Beta Equity Strategy ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025 | $4017589 | $— | $4017589 |
| &nbsp;&nbsp;&nbsp; 2024 | 2172352 |  | 2172352 |
|  **ETC 6 Meridian Mega Cap Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025 | $9358606 | $— | $9358606 |
| &nbsp;&nbsp;&nbsp; 2024 | 4297958 |  | 4297958 |
|  **ETC 6 Meridian Small Cap Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025 | $1606964 | $3223 | $1610187 |
| &nbsp;&nbsp;&nbsp; 2024 | 955142 |  | 955142 |
|  **ETC 6 Meridian Quality Growth ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025 | $— | $87978 | $87978 |
| &nbsp;&nbsp;&nbsp; 2024 |  |  |  |

---

As of November 30, 2025, 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 | $27446 | $60054 | $37697 | $— | $— |
|  Capital Loss Carryforwards | (203165126) | (39849344) | (72847791) | (31879042) | (9911750) |
|  Unrealized Appreciation (Depreciation) | 21344770 | 7782615 | 15363276 | 3309289 | 8155972 |
|  Other Temporary Differences | (3) |  | 2 | 3 | 4 |
|  Total Distributable Earnings (Accumulated Losses) | $(181792913) | $(32006675) | $(57446816) | $(28569750) | $(1755774) |

---

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, 2025, 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** | $132765311 | $70399815 | $203165126 |
|  **ETC 6 Meridian Low Beta Equity Strategy ETF** | 23413704 | 16435640 | 39849344 |
|  **ETC 6 Meridian Mega Cap Equity ETF** | 64096423 | 8751368 | 72847791 |
|  **ETC 6 Meridian Small Cap Equity ETF** | 22273137 | 9605905 | 31879042 |
|  **ETC 6 Meridian Quality Growth ETF** | 7316431 | 2595319 | 9911750 |

---

For Federal income tax purposes, the cost of securities owned at November 30, 2025 were different from amounts reported for financial reporting purposes primarily due to wash sales, which cannot be used for Federal income tax purposes in the current period and have been deferred for use in future years.

 **ETC 6 Meridian**

Notes to Financial Statements

November 30, 2025 (Continued)

 **5. TAX INFORMATION** (Concluded)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments and foreign currency transactions held by the Funds at November 30, 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** | $480403039 | $37049467 | $(15704697) | $21344770 |
|  **ETC 6 Meridian Low Beta Equity Strategy ETF** | 183352302 | 21761078 | (13978463) | 7782615 |
|  **ETC 6 Meridian Mega Cap Equity ETF** | 393152226 | 29672857 | (14309581) | 15363276 |
|  **ETC 6 Meridian Small Cap Equity ETF** | 104474690 | 11329242 | (8019953) | 3309289 |
|  **ETC 6 Meridian Quality Growth ETF** | 59782087 | 11592867 | (3436895) | 8155972 |

---

**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, and may experience wide bid-ask spreads: (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.

 **ETC 6 Meridian**

Notes to Financial Statements

November 30, 2025 (Continued)

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

*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.

*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 November 30, 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** | 4 |
|  **ETC 6 Meridian Small Cap Equity ETF** | 2 |
|  **ETC 6 Meridian Quality Growth ETF**  | 2 |

---

 **ETC 6 Meridian**

Notes to Financial Statements

November 30, 2025 (Concluded)

**8. RECENT MARKET EVENTS**

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

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

**9. RECENT ACCOUNTING PRONOUNCEMENT**

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

**10. SUBSEQUENT EVENTS**

The 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**

**Report of Independent Registered Public Accounting Firm**

November 30, 2025

![](tcohen_logo.jpg)

To the Shareholders of ETC 6 Meridian Hedged Equity-Index Option Strategy ETF, ETC 6 Meridian Low Beta Equity Strategy ETF, ETC 6 Meridian Mega Cap Equity ETF, ETC 6 Meridian Small Cap Equity ETF, and ETC 6 Meridian Quality Growth ETF and Board of Trustees of Exchange Traded Concepts Trust

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the funds listed below (the "Funds"), each a series of Exchange Traded Concepts Trust, as of November 30, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of <br>Operations** | **Statements of <br>Changes in <br>Net Assets** | **Financial <br>Highlights** |
|  ETC 6 Meridian Hedged Equity-Index Option Strategy ETF, ETC 6 Meridian Low Beta Equity Strategy ETF, ETC 6 Meridian Mega Cap Equity ETF, and ETC 6 Meridian Small Cap Equity ETF | For the year ended November 30, 2025 | For the years ended November 30, 2025 <br>and 2024 | For the years ended November 30, 2025, 2024, 2023, 2022, and 2021 |
|  ETC 6 Meridian Quality Growth ETF | For the year ended November 30, 2025 | For the years ended November 30, 2025 <br>and 2024 | For the years ended November 30, 2025, 2024, 2023, 2022 and for the period from May 10, 2021 (commencement of operations) through November 30, 2021 |

---

<u>Basis for Opinion</u>

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

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

![](tcohen_footer.jpg)

 **ETC 6 Meridian**

**Report of Independent Registered Public Accounting Firm**

**November 30, 2025 (Concluded)**

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

![](tcohen_sig.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

January 22, 2026

 **ETC 6 Meridian**

**Notice to Shareholders (Unaudited)**

**November 30, 2025**

For shareholders that do not have a November 30, 2025 tax year end, this notice is for informational purposes only. For shareholders with a November 30, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice.

For the fiscal year ended November 30, 2025, the Funds are designating the following items with regard to distributions paid during the year.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Return <br>of <br>Capital** | **Ordinary <br>Income <br>Distributions** | **Total <br>Distributions** | **Qualifying <br>For <br>Corporate <br>Dividend <br>Received <br>Deduction<sup>(1)</sup>** | **Qualifying <br>Dividend <br>Income<sup>(2)</sup>** | **U.S. <br>Government <br>Interest<sup>(3)</sup>** | **Interest <br>Related <br>Dividends<sup>(4)</sup>** | **Qualified <br>Short-Term <br>Capital <br>Gain<sup>(5)</sup>** | **Foreign <br>Tax <br>Credit** |
|  **ETC 6 Meridian Hedged Equity-Index Option Strategy ETF** | 0.00<br>**%** | 100.00<br>**%** | 100.00<br>**%** | 100.00<br>**%** | 100.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** |
|  **ETC 6 Meridian Low Beta Equity Strategy ETF** | 0.00<br>**%** | 100.00<br>**%** | 100.00<br>**%** | 89.23<br>**%** | 91.82<br>**%** | 0.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** |
|  **ETC 6 Meridian Mega Cap Equity ETF** | 0.00<br>**%** | 100.00<br>**%** | 100.00<br>**%** | 100.00<br>**%** | 100.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** |
|  **ETC 6 Meridian Small Cap Equity ETF** | 0.20<br>**%** | 99.80<br>**%** | 100.00<br>**%** | 97.55<br>**%** | 100.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** |
|  **ETC 6 Meridian Quality Growth ETF** | 100.00<br>**%** | 0.00<br>**%** | 100.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** | 0.00<br>**%** |

---

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

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

 **ETC 6 Meridian**

**Other Information (Form N-CSR Items 8-11) (Unaudited)**

**November 30, 2025**

**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.**

The remuneration paid by the company during the period covered by the report to the Trustees on the company's Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7) and in the Funds' Statement of Additional Information which can be found on SEC.gov.

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

At a meeting held on September 24, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Exchange Traded Concepts Trust (the "Trust") considered and approved the continuance of the following agreements (together, the "Agreements") with respect to the ETC 6 Meridian Mega Cap Equity ETF ("SIXA"), ETC 6 Meridian Hedged Equity-Index Option ETF ("SIXH"), ETC 6 Meridian Low Beta Equity ETF ("SIXL"), ETC 6 Meridian Small Cap Equity ETF ("SIXS"), ETC 6 Meridian Quality Growth ETF ("SXQG"), ETC 6 Meridian Quality Value ETF ("SXQV"), and ETC 6 Meridian Quality Dividend Yield ETF ("SXQY") (each, a "Fund" and collectively, the "Funds"):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the sub-advisory agreement between ETC and Madison Avenue Financial Solutions, LLC ("Madison Avenue") pursuant to which Madison Avenue provides sub-advisory services to the Funds.

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

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

In considering whether to approve the continuance of the Agreements, the Board took into account the materials provided for the Meeting, the extensive discussion before and during the Meeting, including the discussion the Independent Trustees had during their executive session with independent legal counsel. In particular, the Board took into consideration (i) the nature, extent, and quality of the services provided by ETC and Madison Avenue

 **ETC 6 Meridian**

**Other Information (Form N-CSR Items 8-11) (Unaudited)**

**November 30, 2025 (Continued)**

to each Fund; (ii) each Fund's performance; (iii) ETC's and Madison Avenue's costs of and profits realized from providing advisory and sub-advisory services to each Fund, including any fall-out benefits to ETC and Madison Avenue or their respective affiliates; (iv) comparative fee and expense data; (v) the extent to which the advisory fee reflect economies of scale shared with Fund shareholders; and (vi) other factors the Board deemed to be relevant.

*Nature, Extent, and Quality of Services.* With respect to the nature, extent, and quality of the services provided to each Fund, the Board considered ETC's and Madison Avenue's specific responsibilities in all aspects of day-to-day management of each Fund.

The Board considered that beyond portfolio management, ETC's responsibilities, including through its affiliates, include overseeing the activities of Madison Avenue, including regular review of Madison Avenue's performance and compliance functions; trading portfolio securities and other investment instruments on behalf of each Fund based on instructions from Madison Avenue; selecting broker-dealers to execute purchase and sale transactions; determining the daily baskets of deposit securities and cash components; executing portfolio securities trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis; monitoring compliance with various policies and procedures and applicable securities regulations; quarterly reporting to the Board; and implementing Board directives as they relate to the Funds. The Board considered that, subject to the supervision of ETC and oversight of the Board, Madison Avenue's responsibilities include developing, implementing, and maintaining each Fund's investment program; providing security selection instructions to ETC; overseeing general portfolio compliance with relevant law; quarterly reporting to the Board; and implementing Board directives as they relate to the Funds. The Board noted that it had been provided with ETC's and Madison Avenue's registration forms on Form ADV as well as their responses to a detailed series of questions, which included a description of their operations, services, personnel, compliance programs, risk management programs, and financial conditions, and whether there had been material changes to such information since it was last presented to the Board. The Board noted no material changes to ETC's staffing, management, or overall condition over the past year. The Board considered the qualifications, experience, and responsibilities of ETC's and Madison Avenue's investment personnel, the quality of ETC's and Madison Avenue's compliance infrastructures, and the determination of the Trust's Chief Compliance Officer that each has appropriate compliance policies and procedures in place. The Board considered ETC's and Madison Avenue's experience working with ETFs, including the Funds, and noted ETC's experience managing other series of the Trust and other ETFs outside of the Trust. The Board also considered the recent or pending organizational changes at ETC and Madison Avenue. The Board also noted no other material changes to ETC's and Madison Avenue's staffing, management, or overall condition over the past year.

The Board also considered other services provided to the Funds by ETC, including through its affiliates, such as arranging for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate; administering each Fund's business affairs; providing office facilities and equipment and certain clerical, bookkeeping and administrative services; liaising with and reporting to the Board on matters relating to Fund operations, portfolio management and other matters essential to each Fund's business activities; supervising each Fund's registration as an investment company and the offering of Fund shares to the public, including oversight and preparation of regulatory filings; working with ETF market participants, including authorized participants, market makers, and exchanges, to help facilitate an orderly trading environment for each Fund's shares; and providing its officers and employees to serve as officers or Trustees of the Trust.

*Performance.* The Board noted that performance information was not available for SXQY and SXQV because those Funds had not yet commenced operations. The Board reviewed the performance of each of the other Funds in light of each Fund's stated investment objective, noting that each Fund is actively managed. The Board was provided with reports regarding each Fund's past performance, including a report prepared by ISS, an independent third party, comparing the Fund's performance to the performance of a group of peer funds (each a "Peer Group") for various time periods ended June 30, 2025. The Board reviewed this information for each Fund in turn, noting its observations with respect to each Fund.

 **ETC 6 Meridian**

**Other Information (Form N-CSR Items 8-11) (Unaudited)**

**November 30, 2025 (Continued)**

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

The Board found that SIXA outperformed the Peer Group mean and median for the June 30, 2025 year-to-date and 1-year periods (annualized), underperformed for the 3-year period, and was marginally under the mean and median for the 5-year period. The Board observed that the Fund's returns were generally in line with certain other competitors within the Peer Group. The Fund outperformed the overall return of its benchmark index (S&P 500 Index) for the one-year period and underperformed for the three- and five-year periods ended June 30, 2025. The Board observed that the Fund delivered top quartile performance for 2025.

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

The Board found that SIXL underperformed the Peer Group mean and median for the June 30, 2025 year-to-date, one-, three- and five-year periods (annualized). The Fund underperformed its benchmark index (the S&P Total Markets Index) and former benchmark (Equal Weight Blended return of the S&P 500 Index, S&P SmallCap 600 Index, and S&P MidCap 400 Index) for each of the one-, three- and five-year and since inception periods ended June 30, 2025.

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

The Board found that SIXH outperformed the Peer Group mean and median for the June 30, 2025 year-to-date, 3-year and 5-year periods (annualized), but marginally underperformed the mean and median for the 1-year period. The Board found that Fund underperformed its broad-based benchmark index (S&P 500 Index) but generally performed in line with its secondary benchmark (CBOE S&P 500 Buy/Write Index) for the 1-year, 5-year and since inception periods ended June 30, 2025.

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

The Board found that SIXS underperformed the Peer Group mean and median for the June 30, 2025 year-to-date, 3-year and 5-year periods (annualized), and were the median return for the 1-year period. The Board observed that other than the year-to-date period, the Fund's returns have been positive across its operating history. The Fund underperformed its broad-based benchmark index (S&P Total Markets Index) for all reported periods but generated slight underperformance to its narrower secondary benchmark (SmallCap 600 Index) for the 1-, 3- and 5-year periods, and has outperformed that benchmark since inception.

*ETC 6 Meridian Quality Growth ETF (SXQG)*

The Board found that SXQG underperformed the Peer Group mean and median for the June 30, 2025 year-to-date, 1-year and 3-year periods (annualized). The Fund also underperformed its benchmark index (the S&P 500 Index) and former benchmark (Russell 1000 Growth Index) for each of the 1-year, 3-year and since inception periods June 30, 2025.

Based on the information presented, the Adviser believes that the performance of Madison Avenue, while it was mixed across the Funds it advised, is nevertheless satisfactory for the period with respect to each of the Funds. The Board noted that, based on the experience of Madison Avenue and with oversight by ETC, each of ETC and Madison Avenue are expected to continue to provide satisfactory performance for each Fund and its shareholders.

*Cost of Advisory Services and Profitability.* The Board reviewed the advisory fee paid or to be paid by each Fund to ETC and the sub-advisory fee paid or to be paid by ETC to Madison Avenue under the Agreements. The Board reviewed a report prepared by ISS, an independent third party, comparing each Fund's advisory fee to those paid by a group of peer funds. In support of its review of the statistical information, the Board was provided with a description of the methodology used by ISS to prepare this information.

The Board noted that certain of the Fund's advisory fee were at the high end of its respective peer group range, where SIXA's, SIXS's, and SXQG's, and SXQY's actual and estimated net total expenses were the highest among their respective Peer Groups; and where SIXL's and SXQV's actual and estimated net total expenses were the

 **ETC 6 Meridian**

**Other Information (Form N-CSR Items 8-11) (Unaudited)**

**November 30, 2025 (Concluded)**

third highest of their Peer Groups; and where SIXH's net total expenses were the fourth highest of its Peer Group. The Board took into account that due to the specialized nature of each Fund's strategy, there are limitations in comparing each Fund's advisory fee to those of other funds and the information provided by the Peer Group report may not provide meaningful direct comparisons to the Funds.

The Board considered that effective January 1, 2025, the management fee of each Fund was reduced from an annual rate of 0.61% of each Fund's average daily net assets to an annual rate of 0.31%. Correspondingly, the sub-advisory fee rate was also reduced from an annual rate of 0.49% of each Fund's average daily net assets to an annual rate of 0.19%. The Board also considered that ETC has contractually agreed to waive its fees and reimburse expenses for the Funds to ensure that the total operating expenses of each Fund do not exceed a certain amount. In addition, the Board considered that the sub-advisory fee is paid by ETC, not the Funds, and that the sub-advisory fee reflects an arm's length negotiation between ETC and Madison Avenue. The Board further found that the sub-advisory fee reflected a reasonable allocation of the advisory fee between ETC and Madison Avenue given the work performed by each firm. The Board considered information provided about the costs and expenses incurred by ETC and Madison Avenue in providing advisory and sub-advisory services, evaluated the compensation and benefits received by each of ETC and Madison Avenue from its relationship with the Funds, and reviewed profitability information from ETC and Madison Avenue with respect to each Fund. The Board considered the risks borne by ETC associated with providing services to the Funds, including the entrepreneurial risk associated with sponsoring new funds, as well as the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Funds. Based on the foregoing information, the Board concluded that the advisory and sub-advisory fees appeared reasonable in light of the advisory and sub-advisory arrangements with the Funds being only modestly profitable to ETC and Madison Avenue, respectively.

*Economies of Scale.* The Board considered whether economies of scale have been realized with respect to the Funds. The Board observed that ETC is realizing a profit with respect to some of the Funds but that no significant economies of scale have been realized and that the Board will have the opportunity to periodically reexamine whether such economies have been achieved.

*Other Benefits.* The Board considered other direct and indirect benefits that could be realized by ETC and Madison Avenue from their respective relationships with the Funds. The Board considered that ETC and Madison Avenue do not utilize soft dollars with respect to the Funds. The Board considered that ETC and Madison Avenue receive some form of reputational benefits from services rendered to the Funds, but that such benefits are immaterial and cannot otherwise be quantified. The Board concluded that the additional benefits ETC and Madison Avenue receives from their respective relationships with the Funds are reasonable and appropriate.

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

![](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 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-AR-001-0500

------

**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.**

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

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

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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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) [Code of Ethics attached hereto.](ea0272960-01_ex99codeeth.htm)

(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.](ea0272960-01_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.](ea0272960-01_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.

---

| | | |
|:---|:---|:---|
|  | Exchange Traded Concepts Trust | Exchange Traded Concepts Trust |
|  | By | /s/ Richard Malinowski |
|  |  | Richard Malinowski, |
|  |  | Principal Executive Officer |
| Date: January 27, 2026 |  |  |

---

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

---

| | | |
|:---|:---|:---|
|  | By | /s/ Richard Malinowski |
|  |  | Richard Malinowski, |
|  |  | Principal Executive Officer |
| Date: January 27, 2026 |  |  |

---

---

| | | |
|:---|:---|:---|
|  | By | /s/ Christopher W. Roleke |
|  |  | Christopher W. Roleke, |
|  |  | Principal Financial Officer |
| Date: January 27, 2026 |  |  |

---

## Ex-99.Code

**Exhibit 99.CODE ETH**

**Exchange Traded Concepts Trust**

**Exchange Listed Funds Trust**

**(each a "Trust" and together, the "Trusts")**

**<u>Code of Ethics for Principal Executive and Financial Officers</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Purposes of the Code</u> 

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

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

The Trust has chosen to adopt this Code of Ethics for Principal Executive and Financial Officers (the "Code") for the purpose of promoting:

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. HONEST AND ETHICAL CONDUCT

The SFO of the Trusts shall act with honesty and integrity, ethically handle actual or apparent conflicts of interest between personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict of interest between their interests and those of a Trust to the Trust's Audit Committee, the full Board of Trustees of the Trust, and/or any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner. A conflict of interest can arise when a person takes actions or has interests that may make it difficult to perform his or her work on behalf of the Trust objectively and effectively.

The SFO shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting acts or allowing their independent judgment to be subordinated or compromised. Each SFO must:

&nbsp;&nbsp;&nbsp;&nbsp;· not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting
by the Trusts whereby the SFO would benefit personally to the detriment of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Trusts to take action, or fail to take action, for the individual personal benefit of the SFO rather than the benefit
of the Trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio transactions made or contemplated for the Trusts to profit personally or cause
others to profit by the market effect of such transactions.

The names of the SFO covered by this Code of Ethics are listed on Schedule A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FINANCIAL RECORDS AND REPORTING

The SFO shall (1) provide information to the Trust's employees and service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable and (2) provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by the Trust, or that is otherwise publicly disclosed or communicated; and (3) record (or participate in the recording of) entries in the Trust's books and records that are accurate. The SFO shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The SFO shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The SFO will not use for their personal benefit (directly or indirectly) any confidential information acquired in the course of their duties as SFO.

The SFO of each Trust shall share knowledge with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

The SFO shall establish and maintain mechanisms to oversee the compliance of the Trust with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. COMPLIANCE WITH THIS CODE OF ETHICS

The SFO shall promptly report any violations of this Code of Ethics, including violations of securities laws or other laws, rules and regulations applicable to the Trusts, to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. Any action that directly or indirectly contravenes one or more of the principles outlined herein shall be treated as a violation of this Code unless good cause for such apparent contravention is found to exist. Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this SFO Code, regardless of whether this Code refers to that particular conduct.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AFFIRMATION OF THE CODE

Upon adoption of the Code, each SFO must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. A form of Certification is attached at Schedule B.

Each SFO report at least annually his or her affiliations and other relationships as requested in the Trust's annual Trustees and Officers Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AMENDMENT AND WAIVER

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics shall be communicated publicly in accordance with Item 2 of Form N-CSR under the 1940 Act.

**<u>Responsibilities</u>**

 

*SFO Responsibility*: Upon adoption of the Code, each SFO must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. Each SFO report at least annually his or her affiliations and other relationships as requested in the Trust's annual Trustees and Officers Questionnaire.

 

*CCO Responsibility*: At least annually, the CCO shall review the adequacy of this Code.

<u>Revision History</u>:

---

| | |
|:---|:---|
| Adopted: | February 24, 2015 (Exchange Listed Funds Trust only) |
| Amended: | August 25, 2015 (Schedule A) |
| Amended/ |  |
| Adopted: | February 15, 2023 (Adopted by Exchange Traded Concepts Trust replacing a similar existing policy; addition of Purposes of the Code section and material clarifying changes and additions to sections regarding Honest and Ethical Conduct and Compliance with This Code of Ethics; added Schedule B.) |

---

Amended: September 7, 2023 (Added Responsibilities section.)

**Financial Code of Ethics for Principal Executive and Financial Officers**

**SCHEDULE A**

Principal Executive Officer: Richard Malinowski

Principal Financial Officer: Christopher Roleke

**SCHEDULE B**

**EXCHANGE TRADED FUNDS TRUST**

**EXCHANGE LISTED FUNDS TRUST**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS**

**ANNUAL CERTIFICATION**

---

| | |
|:---|:---|
| **To:** | **[-] - Principal Executive Officer** |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. I have read and understand the Financial Code of Ethics for Principal Executive and Financial Officers
(the "Code") of Exchange Listed Funds Trust and I recognize that I am subject thereto in the capacity of a "Principal
Officer."

&nbsp;&nbsp;&nbsp;&nbsp;2. I hereby certify that I have complied with the requirements of the Code and will report all violations
or potential violations required to be reported pursuant to the Code.

Signature: ____________________________

Name: __ _______________ ______ _______

Title: ___ ______ ______ ______ ______ ___

Date Submitted: ________________________

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATION**

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

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

I, Richard Malinowski, certify that:

1. I have reviewed this report on Form N-CSR 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: January 27, 2026 |
| /s/ Richard Malinowski |
| Richard Malinowski |
| 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-CSR 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: January 27, 2026 |
| /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, Richard Malinowski, the Principal Executive Officer of the Exchange Traded Concepts Trust (the "Fund"), with respect to the Fund's Form N-CSR for the period ended November 30, 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-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

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

---

| | |
|:---|:---|
| Dated: January 27, 2026 |  |
|  | /s/ Richard Malinowski |
|  | Richard Malinowski |
|  | Principal Executive Officer |

---

**CERTIFICATION**

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

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

The undersigned, Christopher W. Roleke, the Principal Financial Officer of the Exchange Traded Concepts Trust (the "Fund"), with respect to the Fund's Form N-CSR for the period ended November 30, 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-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

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

---

| | |
|:---|:---|
| Dated: January 27, 2026 |  |
|  | /s/ Christopher W. Roleke |
|  | Christopher W. Roleke |
|  | Principal Financial Officer |

---