# EDGAR Filing Document

**Accession Number:** 0001452937
**File Stem:** 0001213900-25-124413
**Filing Date:** 2025-12
**Character Count:** 208486
**Document Hash:** 2fd84e4e2dc9d116755b453b06dbdc32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-124413.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001213900-25-124413

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**EFFECTIVENESS DATE**: 20251222

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22263
- **FILM NUMBER:** 251591815

**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

### Bluemonte Core Bond ETF (Series ID: S000092502)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000260533 | Bluemonte Core Bond ETF | BDBT            |

### Bluemonte Diversified Income ETF (Series ID: S000092503)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000260534 | Bluemonte Diversified Income ETF | BLUI            |

### Bluemonte Dynamic Total Market ETF (Series ID: S000092504)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000260535 | Bluemonte Dynamic Total Market ETF | BLUX            |

### Bluemonte Global Equity ETF (Series ID: S000092505)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000260536 | Bluemonte Global Equity ETF | BINT            |

### Bluemonte Large Cap Core ETF (Series ID: S000092506)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000260537 | Bluemonte Large Cap Core ETF | BLUC            |

### Bluemonte Large Cap Growth ETF (Series ID: S000092507)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000260538 | Bluemonte Large Cap Growth ETF | BLGR            |

### Bluemonte Large Cap Value ETF (Series ID: S000092508)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000260539 | Bluemonte Large Cap Value ETF | BVAL            |

### Bluemonte Long Term Bond ETF (Series ID: S000092509)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000260540 | Bluemonte Long Term Bond ETF | BLTD            |

### Bluemonte Short Term Bond ETF (Series ID: S000092510)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000260541 | Bluemonte Short Term Bond ETF | BLST            |

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

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

**Exchange Traded Concepts Trust**

(Exact name of registrant as specified in charter)

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Address of principal executive offices) (Zip code)

Richard Malinowski

Exchange Traded Concepts Trust

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Name and address of agent for service)

Copy to:

Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

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

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

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

Item 1. Reports to Stockholders.

(a) 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](i0130d035e7ecc47ae0013ea0.jpg)

## Bluemonte Large Cap Core ETF

## Ticker: BLUC

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: October 31, 2025
This semi-annual shareholder report contains important information about the Bluemonte Large Cap Core ETF (the "Fund") for the period from June 20, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://www.bluemontefunds.com/investor-materials. You can also request this information by contacting us at 833-537-3863.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup></u>** |
| Bluemonte Large Cap Core ETF | $8 | 0.20% |

---

---

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

---

## Key Fund Statistics as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $239757696<sub>4</sub> | $144983 | 0% |

---

## What did the Fund invest in?

### Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i767a5b6aac84ef4ea5fed948.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.4% |

---

---

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

---

### Top Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| SPDR Portfolio S&P 500 ETF | 39.5% |
| Vanguard Growth ETF | 35.7% |
| iShares Morningstar U.S. Equity ETF | 19.6% |
| Vanguard Value ETF | 4.6% |

---

---

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

---

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

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

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

* 833-537-3863 

* https://www.bluemontefunds.com/investor-materials 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 833-537-3863 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](ib4ba0713da5be4ae6946786f.jpg)

## BLUC-SAR-2025

# Exchange Traded Concepts Trust
![Image](i0130d035e7ecc47ae0013ea0.jpg)

## Bluemonte Large Cap Growth ETF

## Ticker: BLGR

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: October 31, 2025
This semi-annual shareholder report contains important information about the Bluemonte Large Cap Growth ETF (the "Fund") for the period from June 20, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://www.bluemontefunds.com/investor-materials. You can also request this information by contacting us at 833-537-3863.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup></u>** |
| Bluemonte Large Cap Growth ETF | $8 | 0.20% |

---

---

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

---

## Key Fund Statistics as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $202573994<sub>4</sub> | $121503 | 0% |

---

## What did the Fund invest in?

### Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i209f21537a39746310fb1637.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.3% |

---

---

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

---

### Top Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| SPDR Portfolio S&P 500 Growth ETF | 50.8% |
| Schwab U.S. Large-Cap Growth ETF | 26.5% |
| Vanguard Russell 1000 Growth ETF | 13.2% |
| SPDR Portfolio S&P 500 ETF | 8.8% |

---

---

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

---

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

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

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

* 833-537-3863 

* https://www.bluemontefunds.com/investor-materials 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 833-537-3863 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](ib4ba0713da5be4ae6946786f.jpg)

## BLGR-SAR-2025

# Exchange Traded Concepts Trust
![Image](i0130d035e7ecc47ae0013ea0.jpg)

## Bluemonte Large Cap Value ETF

## Ticker: BVAL

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: October 31, 2025
This semi-annual shareholder report contains important information about the Bluemonte Large Cap Value ETF (the "Fund") for the period from June 20, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://www.bluemontefunds.com/investor-materials. You can also request this information by contacting us at 833-537-3863.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup></u>** |
| Bluemonte Large Cap Value ETF | $8 | 0.20% |

---

---

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

---

## Key Fund Statistics as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $191971466<sub>4</sub> | $118282 | 0% |

---

## What did the Fund invest in?

### Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i63ebdbde30f1af05dde6b7f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.5% |

---

---

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

---

### Top Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| SPDR Portfolio S&P 500 Value ETF | 34.8% |
| Schwab U.S. Large-Cap Value ETF | 29.1% |
| Vanguard Russell 1000 Value ETF | 19.6% |
| SPDR Portfolio S&P 500 ETF | 16.0% |

---

---

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

---

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

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

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

* 833-537-3863 

* https://www.bluemontefunds.com/investor-materials 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 833-537-3863 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](ib4ba0713da5be4ae6946786f.jpg)

## BVAL-SAR-2025

# Exchange Traded Concepts Trust
![Image](i0130d035e7ecc47ae0013ea0.jpg)

## Bluemonte Dynamic Total Market ETF

## Ticker: BLUX

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: October 31, 2025
This semi-annual shareholder report contains important information about the Bluemonte Dynamic Total Market ETF (the "Fund") for the period from June 20, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://www.bluemontefunds.com/investor-materials. You can also request this information by contacting us at 833-537-3863.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup></u>** |
| Bluemonte Dynamic Total Market ETF | $8 | 0.20% |

---

---

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

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $386947550 | 275 | $239704 | 42% |

---

## What did the Fund invest in?

### Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i12bf2b23010569bf89ce7dd1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Preferred Stock | 0.0% |
| Closed-End Funds | 0.0% |
| Common Stock | 0.2% |
| Exchange-Traded Funds | 99.7% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| SPDR Portfolio S&P 500 ETF | 50.0% |
| Vanguard Russell 2000 ETF | 29.8% |
| iShares Morningstar Small-Cap Value ETF | 14.8% |
| Schwab U.S. Small-Cap ETF | 4.9% |
| Costco Wholesale | 0.0% |
| Goldman Sachs Group | 0.0% |
| Vanguard S&P 500 ETF | 0.0% |
| SPDR S&P 500 ETF Trust | 0.0% |
| Caterpillar | 0.0% |
| Accenture PLC, Cl A | 0.0% |

---

---

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

---

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

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

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

* 833-537-3863 

* https://www.bluemontefunds.com/investor-materials 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 833-537-3863 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](ib4ba0713da5be4ae6946786f.jpg)

## BLUX-SAR-2025

# Exchange Traded Concepts Trust
![Image](i0130d035e7ecc47ae0013ea0.jpg)

## Bluemonte Global Equity ETF

## Ticker: BINT

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: October 31, 2025
This semi-annual shareholder report contains important information about the Bluemonte Global Equity ETF (the "Fund") for the period from June 20, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://www.bluemontefunds.com/investor-materials. You can also request this information by contacting us at 833-537-3863.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup></u>** |
| Bluemonte Global Equity ETF | $8 | 0.20% |

---

---

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

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $261205902 | 150 | $160340 | 52% |

---

## What did the Fund invest in?

### Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i41a78ceea52a85869de00e8e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Preferred Stock | 0.0% |
| Closed-End Funds | 0.0% |
| Common Stock | 0.0% |
| Exchange-Traded Funds | 99.8% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| SPDR Portfolio S&P 500 ETF | 30.1% |
| SPDR Portfolio Developed World ex-US ETF | 29.6% |
| iShares Core MSCI Emerging Markets ETF | 20.4% |
| Vanguard FTSE Developed Markets ETF | 19.7% |
| Accenture PLC, Cl A | 0.0% |
| Texas Instruments | 0.0% |
| Starbucks | 0.0% |
| Procter & Gamble | 0.0% |
| iShares Core S&P 500 ETF | 0.0% |
| Meta Platforms, Cl A | 0.0% |

---

---

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

---

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

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

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

* 833-537-3863 

* https://www.bluemontefunds.com/investor-materials 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 833-537-3863 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](ib4ba0713da5be4ae6946786f.jpg)

## BINT-SAR-2025

# Exchange Traded Concepts Trust
![Image](i0130d035e7ecc47ae0013ea0.jpg)

## Bluemonte Core Bond ETF

## Ticker: BDBT

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: October 31, 2025
This semi-annual shareholder report contains important information about the Bluemonte Core Bond ETF (the "Fund") for the period from June 20, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://www.bluemontefunds.com/investor-materials. You can also request this information by contacting us at 833-537-3863.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup></u>** |
| Bluemonte Core Bond ETF | $7 | 0.20% |

---

---

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

---

## Key Fund Statistics as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $377381325<sub>6</sub> | $228990 | 9% |

---

## What did the Fund invest in?

### Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ibd5c771c05449ed30b6172f5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.9% |

---

---

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

---

### Top Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| iShares Core U.S. Aggregate Bond ETF | 40.0% |
| Schwab Intermediate-Term U.S. Treasury ETF | 24.9% |
| iShares MBS ETF | 15.0% |
| SPDR Portfolio Corporate Bond ETF | 10.0% |
| Vanguard Short-Term Corporate Bond ETF | 5.0% |
| Vanguard Long-Term Bond ETF | 5.0% |

---

---

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

---

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

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

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

* 833-537-3863 

* https://www.bluemontefunds.com/investor-materials 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 833-537-3863 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](ib4ba0713da5be4ae6946786f.jpg)

## BDBT-SAR-2025

# Exchange Traded Concepts Trust
![Image](i0130d035e7ecc47ae0013ea0.jpg)

## Bluemonte Short Term Bond ETF

## Ticker: BLST

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: October 31, 2025
This semi-annual shareholder report contains important information about the Bluemonte Short Term Bond ETF (the "Fund") for the period from June 20, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://www.bluemontefunds.com/investor-materials. You can also request this information by contacting us at 833-537-3863.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup></u>** |
| Bluemonte Short Term Bond ETF | $7 | 0.20% |

---

---

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

---

## Key Fund Statistics as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $129771870<sub>3</sub> | $77898 | 0% |

---

## What did the Fund invest in?

### Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i610241cd4abe5e13dec147d9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.6% |

---

---

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

---

### Top Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Vanguard Short-Term Bond ETF | 54.6% |
| iShares Core U.S. Aggregate Bond ETF | 25.1% |
| Vanguard Short-Term Corporate Bond ETF | 19.9% |

---

---

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

---

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

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

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

* 833-537-3863 

* https://www.bluemontefunds.com/investor-materials 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 833-537-3863 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](ib4ba0713da5be4ae6946786f.jpg)

## BLST-SAR-2025

# Exchange Traded Concepts Trust
![Image](i0130d035e7ecc47ae0013ea0.jpg)

## Bluemonte Long Term Bond ETF

## Ticker: BLTD

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: October 31, 2025
This semi-annual shareholder report contains important information about the Bluemonte Long Term Bond ETF (the "Fund") for the period from June 20, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://www.bluemontefunds.com/investor-materials. You can also request this information by contacting us at 833-537-3863.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup></u>** |
| Bluemonte Long Term Bond ETF | $8 | 0.20% |

---

---

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

---

## Key Fund Statistics as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $131338486<sub>3</sub> | $79075 | 5% |

---

## What did the Fund invest in?

### Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](if5723b3d23500d74f04777e8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

---

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

---

### Top Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Vanguard Long-Term Bond ETF | 65.0% |
| iShares Core U.S. Aggregate Bond ETF | 25.0% |
| Vanguard Long-Term Corporate Bond ETF | 10.0% |

---

---

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

---

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

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

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

* 833-537-3863 

* https://www.bluemontefunds.com/investor-materials 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 833-537-3863 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](ib4ba0713da5be4ae6946786f.jpg)

## BLTD-SAR-2025

# Exchange Traded Concepts Trust
![Image](i0130d035e7ecc47ae0013ea0.jpg)

## Bluemonte Diversified Income ETF

## Ticker: BLUI

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: October 31, 2025
This semi-annual shareholder report contains important information about the Bluemonte Diversified Income ETF (the "Fund") for the period from June 20, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://www.bluemontefunds.com/investor-materials. You can also request this information by contacting us at 833-537-3863.

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

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup></u>** |
| Bluemonte Diversified Income ETF | $7 | 0.20% |

---

---

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

---

## Key Fund Statistics as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $88733567<sub>6</sub> | $54943 | 20% |

---

## What did the Fund invest in?

### Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ibd5c771c05449ed30b6172f5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.9% |

---

---

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

---

### Top Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| PIMCO Active Bond Exchange-Traded Fund | 40.2% |
| SPDR Bloomberg High Yield Bond ETF | 20.0% |
| Cohen & Steers Preferred and Income Opportunities Active ETF | 10.0% |
| First Trust Senior Loan ETF | 10.0% |
| Global X MLP ETF | 9.9% |
| Cohen & Steers Real Estate Active ETF | 9.8% |

---

---

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

---

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

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

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

* 833-537-3863 

* https://www.bluemontefunds.com/investor-materials 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 833-537-3863 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](ib4ba0713da5be4ae6946786f.jpg)

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

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

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

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

(b) Not applicable.

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

Financial statements and financial highlights are filed herein.

EXCHANGE TRADED CONCEPTS TRUST

**Bluemonte Large Cap Core ETF (BLUC)**

**Bluemonte Large Cap Growth ETF (BLGR)**

**Bluemonte Large Cap Value ETF (BVAL)**

**Bluemonte Dynamic Total Market ETF (BLUX)**

**Bluemonte Global Equity ETF (BINT)**

**Bluemonte Core Bond ETF (BDBT)**

**Bluemonte Short Term Bond ETF (BLST)**

**Bluemonte Long Term Bond ETF (BLTD)**

**Bluemonte Diversified Income ETF (BLUI)**

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

**October 31, 2025**

(Unaudited)

------

 **Bluemonte**

**Table of Contents**

(Unaudited)

---

| | |
|:---|:---|
|  Financial Statements (Form N-CSRS Item 7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Investments](#T51) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#T52) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#T53) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#T54) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#T55) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#T56) | 41 |
|  [Other Information (Form N-CSRS Items 8-11)](#T57) | 51 |

---

&nbsp;&nbsp;&nbsp;&nbsp; For additional information about the Funds; including each Fund's prospectus, financial information, holdings, and proxy voting information, call or visit:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 833-537-3863<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• https://www.bluemontefunds.com/investor-materials<br>

------

 **Bluemonte**

**Large Cap Core ETF**

**Schedule of Investments**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **EXCHANGE-TRADED FUNDS — 99.4%** | **EXCHANGE-TRADED FUNDS — 99.4%** |  |
|  **Domestic Equity — 99.4%** |  |  |
| &nbsp;&nbsp; iShares Morningstar U.S. Equity ETF | 495433 | $46927414 |
| &nbsp;&nbsp; SPDR Portfolio S&P 500 ETF† | 1179989 | 94682317 |
| &nbsp;&nbsp; Vanguard Growth ETF† | 171903 | 85753811 |
| &nbsp;&nbsp; Vanguard Value ETF | 59310 | 11017426 |
|  |  | 238380968 |
|  Total Exchange-Traded Funds |  |  |
| &nbsp;&nbsp; (Cost $215,623,670) |  | 238380968 |
|  Total Investments — 99.4% |  |  |
| &nbsp;&nbsp; (Cost $215,623,670) |  | $238380968 |

---

Percentages are based on Net Assets of $239,757,696.

†&nbsp;&nbsp;&nbsp;&nbsp; Represents greater than 25% of the Fund's total investments. For further financial information, please go to the Securities Exchange Commission's website at https://www.sec.gov.

ETF — Exchange-Traded Fund

S&P — Standard & Poor's

SPDR — Standard & Poor's Depositary Receipts

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

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

 **Bluemonte**

**Large Cap Growth ETF**

**Schedule of Investments**

**October 31, 2025 (Unaudited)**

![](tbarchart_002.jpg)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **EXCHANGE-TRADED FUNDS — 99.3%** | **EXCHANGE-TRADED FUNDS — 99.3%** |  |
|  **Domestic Equity — 99.3%** |  |  |
| &nbsp;&nbsp; Schwab U.S. Large-Cap Growth ETF† | 1608877 | $53704314 |
| &nbsp;&nbsp; SPDR Portfolio S&P 500 ETF | 221787 | 17796189 |
| &nbsp;&nbsp; SPDR Portfolio S&P 500 Growth ETF† | 952264 | 102901648 |
| &nbsp;&nbsp; Vanguard Russell 1000 Growth ETF | 214157 | 26750351 |
|  |  | 201152502 |
|  Total Exchange-Traded Funds |  |  |
| &nbsp;&nbsp; (Cost $173,466,225) |  | 201152502 |
|  Total Investments — 99.3% |  |  |
| &nbsp;&nbsp; (Cost $173,466,225) |  | $201152502 |

---

Percentages are based on Net Assets $202,573,994.

†&nbsp;&nbsp;&nbsp;&nbsp; Represents greater than 25% of the Fund's total investments. For further financial information, please go to the Securities Exchange Commission's website at https://www.sec.gov.

ETF — Exchange-Traded Fund

S&P — Standard & Poor's

SPDR — Standard & Poor's Depositary Receipts

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

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

 **Bluemonte**

**Large Cap Value ETF**

**Schedule of Investments**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **EXCHANGE-TRADED FUNDS — 99.5%** | **EXCHANGE-TRADED FUNDS — 99.5%** |  |
|  **Domestic Equity — 99.5%** |  |  |
| &nbsp;&nbsp; Schwab U.S. Large-Cap Value ETF† | 1928323 | $55747818 |
| &nbsp;&nbsp; SPDR Portfolio S&P 500 ETF | 382435 | 30686584 |
| &nbsp;&nbsp; SPDR Portfolio S&P 500 Value ETF† | 1194721 | 66880482 |
| &nbsp;&nbsp; Vanguard Russell 1000 Value ETF | 418797 | 37603783 |
|  |  | 190918667 |
|  Total Exchange-Traded Funds |  |  |
| &nbsp;&nbsp; (Cost $180,487,613) |  | 190918667 |
|  Total Investments — 99.5% |  |  |
| &nbsp;&nbsp; (Cost $180,487,613) |  | $190918667 |

---

Percentages are based on Net Assets of $191,971,466.

†&nbsp;&nbsp;&nbsp;&nbsp; Represents greater than 25% of the Fund's total investments. For further financial information, please go to the Securities Exchange Commission's website at https://www.sec.gov.

ETF — Exchange-Traded Fund

S&P — Standard & Poor's

SPDR — Standard & Poor's Depositary Receipts

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

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

 **Bluemonte**

**Dynamic Total Market ETF**

**Schedule of Investments**

**October 31, 2025 (Unaudited)**

![](tbarchart_004.jpg)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **EXCHANGE-TRADED FUNDS — 99.7%** | **EXCHANGE-TRADED FUNDS — 99.7%** |  |
|  **Commodities — 0.0%** |  |  |
| &nbsp;&nbsp; iShares Gold Trust\* | 26 | $1960 |
|  **Domestic Equity — 99.7%** |  |  |
| &nbsp;&nbsp; AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF\* | 39 | 1337 |
| &nbsp;&nbsp; AllianzIM U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF\* | 54 | 1695 |
| &nbsp;&nbsp; AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF\* | 45 | 1513 |
| &nbsp;&nbsp; AllianzIM U.S. Large Cap 6 Month Buffer10 Jun/Dec ETF\* | 58 | 1657 |
| &nbsp;&nbsp; Avantis U.S. Equity ETF | 28 | 3088 |
| &nbsp;&nbsp; Avantis U.S. Large Cap Value ETF | 35 | 2544 |
| &nbsp;&nbsp; Avantis U.S. Small Cap Equity ETF | 41 | 2347 |
| &nbsp;&nbsp; BlackRock U.S. Equity Factor Rotation ETF | 42 | 2556 |
| &nbsp;&nbsp; Capital Group Dividend Value ETF | 42 | 1792 |
| &nbsp;&nbsp; Capital Group Growth ETF | 81 | 3634 |
| &nbsp;&nbsp; Consumer Discretionary Select Sector SPDR Fund | 24 | 5758 |
| &nbsp;&nbsp; Consumer Staples Select Sector SPDR Fund | 14 | 1068 |
| &nbsp;&nbsp; Dimensional US Core Equity 1 ETF | 42 | 3061 |
| &nbsp;&nbsp; Dimensional US Core Equity 2 ETF | 60 | 2341 |
| &nbsp;&nbsp; Dimensional US Core Equity Market ETF | 58 | 2704 |
| &nbsp;&nbsp; Dimensional US Large Cap Value ETF | 12 | 394 |
| &nbsp;&nbsp; Energy Select Sector SPDR Fund | 38 | 3349 |
| &nbsp;&nbsp; Fidelity High Dividend ETF | 60 | 3359 |
| &nbsp;&nbsp; Financial Select Sector SPDR Fund | 43 | 2252 |
| &nbsp;&nbsp; First Trust Capital Strength ETF | 25 | 2282 |
| &nbsp;&nbsp; First Trust Dorsey Wright Focus 5 ETF | 59 | 3644 |
| &nbsp;&nbsp; First Trust Morningstar Dividend Leaders Index Fund | 14 | 599 |
| &nbsp;&nbsp; First Trust North American Energy Infrastructure Fund | 50 | 1880 |
| &nbsp;&nbsp; First Trust Rising Dividend Achievers ETF | 20 | 1346 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Domestic Equity — continued** |  |  |
| &nbsp;&nbsp; First Trust Value Line Dividend Index Fund | 55 | $2482 |
| &nbsp;&nbsp; Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 52 | 6864 |
| &nbsp;&nbsp; Innovator Equity Managed Floor ETF | 36 | 1327 |
| &nbsp;&nbsp; Innovator U.S. Equity Power Buffer ETF – November\* | 28 | 1161 |
| &nbsp;&nbsp; Invesco FTSE RAFI US 1000 ETF | 111 | 5072 |
| &nbsp;&nbsp; Invesco High Yield Equity Dividend Achievers ETF | 25 | 517 |
| &nbsp;&nbsp; Invesco NASDAQ 100 ETF | 42 | 10876 |
| &nbsp;&nbsp; Invesco QQQ Trust, Series 1, Ser 1 | 41 | 25792 |
| &nbsp;&nbsp; Invesco S&P 500 Equal Weight ETF | 10 | 1879 |
| &nbsp;&nbsp; Invesco S&P 500 Equal Weight Health Care ETF | 29 | 877 |
| &nbsp;&nbsp; Invesco S&P 500 Quality ETF | 50 | 3703 |
| &nbsp;&nbsp; Invesco S&P MidCap 400 GARP ETF | 8 | 951 |
| &nbsp;&nbsp; Invesco S&P SmallCap Consumer Staples ETF | 52 | 1611 |
| &nbsp;&nbsp; iShares Core Dividend Growth ETF | 36 | 2451 |
| &nbsp;&nbsp; iShares Core S&P 500 ETF | 17 | 11649 |
| &nbsp;&nbsp; iShares Core S&P Mid-Cap ETF | 30 | 1948 |
| &nbsp;&nbsp; iShares Core S&P Small-Cap ETF | 41 | 4830 |
| &nbsp;&nbsp; iShares Core S&P Total U.S. Stock Market ETF | 23 | 3426 |
| &nbsp;&nbsp; iShares Core S&P U.S. Value ETF | 12 | 1212 |
| &nbsp;&nbsp; iShares ESG Aware MSCI USA ETF | 23 | 3441 |
| &nbsp;&nbsp; iShares Expanded Tech-Software Sector ETF\* | 25 | 2888 |
| &nbsp;&nbsp; iShares Morningstar Growth ETF | 50 | 5354 |
| &nbsp;&nbsp; iShares Morningstar Small-Cap Value ETF | 864305 | 57337994 |
| &nbsp;&nbsp; iShares MSCI USA Momentum Factor ETF | 19 | 4830 |
| &nbsp;&nbsp; iShares MSCI USA Quality Factor ETF | 25 | 4907 |
| &nbsp;&nbsp; iShares Russell 1000 ETF | 15 | 5606 |
| &nbsp;&nbsp; iShares Russell 1000 Growth ETF | 41 | 19909 |
| &nbsp;&nbsp; iShares Russell 1000 Value ETF | 11 | 2250 |
| &nbsp;&nbsp; iShares Russell 2000 ETF | 51 | 12558 |
| &nbsp;&nbsp; iShares Russell 2500 ETF | 54 | 4007 |
| &nbsp;&nbsp; iShares Russell Mid-Cap ETF | 32 | 3064 |
| &nbsp;&nbsp; iShares Russell Mid-Cap Growth ETF | 26 | 3692 |
| &nbsp;&nbsp; iShares S&P 100 ETF | 37 | 12777 |
| &nbsp;&nbsp; iShares S&P 500 Growth ETF | 24 | 2995 |

---

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

 **Bluemonte**

**Dynamic Total Market ETF**

**Schedule of Investments**

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Domestic Equity — continued** |  |  |
| &nbsp;&nbsp; iShares S&P 500 Value ETF | 11 | $2297 |
| &nbsp;&nbsp; iShares S&P Mid-Cap 400 Growth ETF | 4 | 384 |
| &nbsp;&nbsp; iShares Select Dividend ETF | 33 | 4593 |
| &nbsp;&nbsp; iShares U.S. Industrials ETF | 14 | 2052 |
| &nbsp;&nbsp; iShares U.S. Insurance ETF | 13 | 1643 |
| &nbsp;&nbsp; iShares U.S. Tech Breakthrough Multisector ETF | 40 | 2542 |
| &nbsp;&nbsp; iShares U.S. Technology ETF | 43 | 8941 |
| &nbsp;&nbsp; LHA Market State Tactical Beta ETF | 59 | 2409 |
| &nbsp;&nbsp; ProShares S&P 500 Dividend Aristocrats ETF | 54 | 5486 |
| &nbsp;&nbsp; Real Estate Select Sector SPDR Fund | 53 | 2168 |
| &nbsp;&nbsp; Schwab 1000 Index ETF | 49 | 1610 |
| &nbsp;&nbsp; Schwab U.S. Broad Market ETF | 17 | 447 |
| &nbsp;&nbsp; Schwab U.S. Dividend Equity ETF | 76 | 2033 |
| &nbsp;&nbsp; Schwab U.S. Large-Cap ETF | 28 | 755 |
| &nbsp;&nbsp; Schwab U.S. Large-Cap Growth ETF | 103 | 3438 |
| &nbsp;&nbsp; Schwab U.S. Large-Cap Value ETF | 63 | 1821 |
| &nbsp;&nbsp; Schwab U.S. Mid-Cap ETF | 77 | 2276 |
| &nbsp;&nbsp; Schwab U.S. REIT ETF | 23 | 485 |
| &nbsp;&nbsp; Schwab U.S. Small-Cap ETF | 682241 | 19150505 |
| &nbsp;&nbsp; SPDR Portfolio S&P 1500 Composite Stock Market ETF | 99 | 8155 |
| &nbsp;&nbsp; SPDR Portfolio S&P 500 ETF† | 2412391 | 193570254 |
| &nbsp;&nbsp; SPDR Portfolio S&P 500 Growth ETF | 46 | 4971 |
| &nbsp;&nbsp; SPDR Portfolio S&P 500 Value ETF | 83 | 4646 |
| &nbsp;&nbsp; SPDR Portfolio S&P 600 Small Cap ETF | 67 | 3077 |
| &nbsp;&nbsp; SPDR S&P 400 Mid Cap Growth ETF | 35 | 3213 |
| &nbsp;&nbsp; SPDR S&P 400 Mid Cap Value ETF | 18 | 1480 |
| &nbsp;&nbsp; SPDR S&P 500 ETF Trust | 42 | 28646 |
| &nbsp;&nbsp; SPDR S&P 600 Small Cap Growth ETF | 50 | 4650 |
| &nbsp;&nbsp; SPDR S&P 600 Small Cap Value ETF | 15 | 1325 |
| &nbsp;&nbsp; SPDR S&P Dividend ETF | 17 | 2333 |
| &nbsp;&nbsp; Technology Select Sector SPDR Fund | 21 | 6314 |
| &nbsp;&nbsp; Utilities Select Sector SPDR Fund | 37 | 3297 |
| &nbsp;&nbsp; VanEck Morningstar Wide Moat ETF | 49 | 4985 |
| &nbsp;&nbsp; Vanguard Dividend Appreciation ETF | 21 | 4558 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Domestic Equity — continued** |  |  |
| &nbsp;&nbsp; Vanguard Growth ETF | 15 | $7483 |
| &nbsp;&nbsp; Vanguard High Dividend Yield ETF | 38 | 5342 |
| &nbsp;&nbsp; Vanguard Large-Cap ETF | 31 | 9782 |
| &nbsp;&nbsp; Vanguard Mid-Cap ETF | 48 | 13964 |
| &nbsp;&nbsp; Vanguard Mid-Cap Growth ETF | 24 | 7006 |
| &nbsp;&nbsp; Vanguard Mid-Cap Value ETF | 31 | 5343 |
| &nbsp;&nbsp; Vanguard Real Estate ETF | 37 | 3300 |
| &nbsp;&nbsp; Vanguard Russell 1000 Growth ETF | 52 | 6495 |
| &nbsp;&nbsp; Vanguard Russell 1000 Value ETF | 60 | 5387 |
| &nbsp;&nbsp; Vanguard Russell 2000 ETF† | 1156981 | 115165889 |
| &nbsp;&nbsp; Vanguard S&P 500 ETF | 51 | 31979 |
| &nbsp;&nbsp; Vanguard Small-Cap ETF | 34 | 8670 |
| &nbsp;&nbsp; Vanguard Total Stock Market ETF | 15 | 5031 |
| &nbsp;&nbsp; Vanguard Value ETF | 36 | 6687 |
| &nbsp;&nbsp; WisdomTree U.S. Quality Dividend Growth Fund | 25 | 2227 |
| &nbsp;&nbsp; WisdomTree U.S. SmallCap Fund | 51 | 2799 |
| &nbsp;&nbsp; WisdomTree US SmallCap Dividend Fund | 12 | 392 |
|  |  | 385706665 |
|  **Domestic Fixed Income — 0.0%** |  |  |
| &nbsp;&nbsp; BlackRock Flexible Income ETF | 39 | 2077 |
| &nbsp;&nbsp; Dimensional Core Fixed Income ETF | 22 | 942 |
| &nbsp;&nbsp; First Trust Preferred Securities and Income ETF | 27 | 496 |
| &nbsp;&nbsp; iShares Morningstar Multi-Asset Income ETF | 23 | 490 |
|  |  | 4005 |
|  **International Equity — 0.0%** |  |  |
| &nbsp;&nbsp; Capital Group International Focus Equity ETF | 23 | 706 |
| &nbsp;&nbsp; Capital Group New Geography Equity ETF | 21 | 668 |
| &nbsp;&nbsp; Dimensional Emerging Markets Core Equity 2 ETF | 27 | 894 |
| &nbsp;&nbsp; Dimensional Global Real Estate ETF | 16 | 430 |
| &nbsp;&nbsp; Dimensional International Core Equity 2 ETF | 72 | 2371 |
| &nbsp;&nbsp; Dimensional World ex US Core Equity 2 ETF | 61 | 1937 |
| &nbsp;&nbsp; Franklin International Core Dividend Tilt Index ETF | 40 | 1514 |
| &nbsp;&nbsp; iShares Core MSCI EAFE ETF | 52 | 4581 |
| &nbsp;&nbsp; iShares Core MSCI Emerging Markets ETF | 44 | 3004 |

---

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

 **Bluemonte**

**Dynamic Total Market ETF**

**Schedule of Investments**

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **International Equity — continued** |  |  |
| &nbsp;&nbsp; iShares Core MSCI International Developed Markets ETF | 19 | $1534 |
| &nbsp;&nbsp; iShares Currency Hedged MSCI EAFE ETF | 26 | 1066 |
| &nbsp;&nbsp; iShares Exponential Technologies ETF | 35 | 2632 |
| &nbsp;&nbsp; iShares MSCI ACWI ex U.S. ETF | 23 | 1526 |
| &nbsp;&nbsp; iShares MSCI EAFE ETF | 53 | 5008 |
| &nbsp;&nbsp; iShares MSCI EAFE Growth ETF | 30 | 3470 |
| &nbsp;&nbsp; iShares MSCI EAFE Min Vol Factor ETF | 8 | 675 |
| &nbsp;&nbsp; iShares MSCI EAFE Value ETF | 49 | 3354 |
| &nbsp;&nbsp; iShares MSCI Emerging Markets ex China ETF | 33 | 2384 |
| &nbsp;&nbsp; iShares MSCI World ETF | 14 | 2590 |
| &nbsp;&nbsp; Schwab Emerging Markets Equity ETF | 41 | 1388 |
| &nbsp;&nbsp; Schwab International Equity ETF | 32 | 760 |
| &nbsp;&nbsp; SPDR Portfolio Developed World ex-US ETF | 81 | 3526 |
| &nbsp;&nbsp; SPDR Portfolio Emerging Markets ETF | 34 | 1618 |
| &nbsp;&nbsp; SPDR S&P Kensho New Economies Composite ETF | 13 | 838 |
| &nbsp;&nbsp; Vanguard FTSE All-World ex-US ETF, Cl U | 29 | 2107 |
| &nbsp;&nbsp; Vanguard FTSE Developed Markets ETF | 46 | 2805 |
| &nbsp;&nbsp; Vanguard FTSE Emerging Markets ETF | 15 | 824 |
| &nbsp;&nbsp; WisdomTree International MidCap Dividend Fund | 17 | 1308 |
|  |  | 55518 |
|  Total Exchange-Traded Funds |  |  |
| &nbsp;&nbsp; (Cost $365,268,544) |  | 385768148 |
|  **COMMON STOCK — 0.2%** |  |  |
|  **Communication Services — 0.0%** |  |  |
| &nbsp;&nbsp; Alphabet, Cl A | 41 | 11529 |
| &nbsp;&nbsp; AT&T | 55 | 1361 |
| &nbsp;&nbsp; Comcast, Cl A | 29 | 807 |
| &nbsp;&nbsp; Lumen Technologies\* | 56 | 576 |
| &nbsp;&nbsp; Meta Platforms, Cl A | 39 | 25286 |
| &nbsp;&nbsp; Nintendo ADR | 35 | 750 |
| &nbsp;&nbsp; Verizon Communications | 26 | 1033 |
| &nbsp;&nbsp; Walt Disney | 35 | 3942 |
| &nbsp;&nbsp; Warner Bros Discovery\* | 49 | 1100 |
|  |  | 46384 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Consumer Discretionary — 0.0%** |  |  |
| &nbsp;&nbsp; Amazon.com\* | 52 | $12700 |
| &nbsp;&nbsp; Ford Motor | 46 | 604 |
| &nbsp;&nbsp; Home Depot | 51 | 19359 |
| &nbsp;&nbsp; Lowe's | 26 | 6191 |
| &nbsp;&nbsp; McDonald's | 28 | 8356 |
| &nbsp;&nbsp; Service Corp International | 44 | 3674 |
| &nbsp;&nbsp; Starbucks | 37 | 2992 |
| &nbsp;&nbsp; TJX | 46 | 6447 |
| &nbsp;&nbsp; Williams-Sonoma | 53 | 10300 |
|  |  | 70623 |
|  **Consumer Staples — 0.0%** |  |  |
| &nbsp;&nbsp; Altria Group | 50 | 2819 |
| &nbsp;&nbsp; Coca-Cola | 59 | 4065 |
| &nbsp;&nbsp; Costco Wholesale | 54 | 49218 |
| &nbsp;&nbsp; Mondelez International, Cl A | 53 | 3045 |
| &nbsp;&nbsp; PepsiCo | 58 | 8473 |
| &nbsp;&nbsp; Procter & Gamble | 52 | 7819 |
| &nbsp;&nbsp; Sysco | 31 | 2303 |
| &nbsp;&nbsp; Walmart | 36 | 3643 |
|  |  | 81385 |
|  **Energy — 0.0%** |  |  |
| &nbsp;&nbsp; Antero Midstream | 28 | 483 |
| &nbsp;&nbsp; BP ADR | 36 | 1265 |
| &nbsp;&nbsp; Chevron | 32 | 5047 |
| &nbsp;&nbsp; ConocoPhillips | 23 | 2044 |
| &nbsp;&nbsp; Exxon Mobil | 58 | 6633 |
| &nbsp;&nbsp; Kinder Morgan | 36 | 943 |
| &nbsp;&nbsp; Marathon Petroleum | 8 | 1559 |
| &nbsp;&nbsp; ONEOK | 6 | 402 |
| &nbsp;&nbsp; Phillips 66 | 19 | 2587 |
| &nbsp;&nbsp; Williams | 51 | 2951 |
|  |  | 23914 |
|  **Financials — 0.1%** |  |  |
| &nbsp;&nbsp; Aflac | 48 | 5145 |
| &nbsp;&nbsp; Allstate | 32 | 6129 |
| &nbsp;&nbsp; Ares Capital | 30 | 611 |
| &nbsp;&nbsp; Ares Management, Cl A | 45 | 6692 |
| &nbsp;&nbsp; Bank of America | 20 | 1069 |
| &nbsp;&nbsp; Bankinter ADR | 14 | 212 |
| &nbsp;&nbsp; Berkshire Hathaway, Cl B\* | 51 | 24354 |
| &nbsp;&nbsp; Charles Schwab | 41 | 3875 |
| &nbsp;&nbsp; Chubb | 26 | 7200 |
| &nbsp;&nbsp; Fifth Third Bancorp | 54 | 2247 |
| &nbsp;&nbsp; Gladstone Investment | 27 | 373 |

---

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

 **Bluemonte**

**Dynamic Total Market ETF**

**Schedule of Investments**

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Financials — continued** |  |  |
| &nbsp;&nbsp; Globe Life | 21 | $2762 |
| &nbsp;&nbsp; Goldman Sachs Group | 49 | 38679 |
| &nbsp;&nbsp; Hartford Financial Services Group | 54 | 6706 |
| &nbsp;&nbsp; JPMorgan Chase | 19 | 5911 |
| &nbsp;&nbsp; Mizuho Financial Group ADR | 44 | 296 |
| &nbsp;&nbsp; Morgan Stanley | 43 | 7052 |
| &nbsp;&nbsp; Prudential Financial | 50 | 5200 |
| &nbsp;&nbsp; Regions Financial | 19 | 460 |
| &nbsp;&nbsp; ServisFirst Bancshares | 30 | 2108 |
| &nbsp;&nbsp; SoFi Technologies\* | 17 | 505 |
| &nbsp;&nbsp; Toronto-Dominion Bank | 31 | 2546 |
| &nbsp;&nbsp; Truist Financial | 32 | 1428 |
| &nbsp;&nbsp; US Bancorp | 42 | 1961 |
| &nbsp;&nbsp; Visa, Cl A | 49 | 16696 |
|  |  | 150217 |
|  **Health Care — 0.0%** |  |  |
| &nbsp;&nbsp; Abbott Laboratories | 30 | 3709 |
| &nbsp;&nbsp; AbbVie | 24 | 5233 |
| &nbsp;&nbsp; Amgen | 15 | 4476 |
| &nbsp;&nbsp; CVS Health | 97 | 7581 |
| &nbsp;&nbsp; Danaher | 29 | 6246 |
| &nbsp;&nbsp; Gilead Sciences | 38 | 4552 |
| &nbsp;&nbsp; Haleon ADR | 16 | 148 |
| &nbsp;&nbsp; Johnson & Johnson | 35 | 6611 |
| &nbsp;&nbsp; Merck | 28 | 2407 |
| &nbsp;&nbsp; Pfizer | 49 | 1208 |
| &nbsp;&nbsp; UnitedHealth Group | 49 | 16736 |
|  |  | 58907 |
|  **Industrials — 0.0%** |  |  |
| &nbsp;&nbsp; Boeing\* | 53 | 10654 |
| &nbsp;&nbsp; Canadian Pacific Kansas City | 52 | 3741 |
| &nbsp;&nbsp; Carrier Global | 32 | 1904 |
| &nbsp;&nbsp; Caterpillar | 47 | 27131 |
| &nbsp;&nbsp; Copart\* | 42 | 1806 |
| &nbsp;&nbsp; Covenant Logistics Group, Cl A | 28 | 565 |
| &nbsp;&nbsp; CSX | 7 | 252 |
| &nbsp;&nbsp; Eaton PLC | 47 | 17933 |
| &nbsp;&nbsp; General Electric | 13 | 4017 |
| &nbsp;&nbsp; Hertz Global Holdings\* | 32 | 164 |
| &nbsp;&nbsp; Paychex | 55 | 6437 |
| &nbsp;&nbsp; Republic Services, Cl A | 23 | 4790 |
| &nbsp;&nbsp; RTX | 40 | 7140 |
| &nbsp;&nbsp; Union Pacific | 58 | 12782 |
| &nbsp;&nbsp; Waste Management | 59 | 11786 |
|  |  | 111102 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Information Technology — 0.1%** |  |  |
| &nbsp;&nbsp; Accenture PLC, Cl A | 106 | $26511 |
| &nbsp;&nbsp; Amphenol, Cl A | 50 | 6967 |
| &nbsp;&nbsp; Apple | 48 | 12978 |
| &nbsp;&nbsp; Applied Materials | 30 | 6993 |
| &nbsp;&nbsp; Broadcom | 24 | 8871 |
| &nbsp;&nbsp; Cisco Systems | 57 | 4167 |
| &nbsp;&nbsp; DocuSign, Cl A\* | 50 | 3657 |
| &nbsp;&nbsp; Hackett Group | 41 | 742 |
| &nbsp;&nbsp; International Business Machines | 23 | 7071 |
| &nbsp;&nbsp; Microsoft | 20 | 10356 |
| &nbsp;&nbsp; NVIDIA | 62 | 12555 |
| &nbsp;&nbsp; Oracle | 47 | 12343 |
| &nbsp;&nbsp; Pure Storage, Cl A\* | 42 | 4145 |
| &nbsp;&nbsp; Qualcomm | 37 | 6693 |
| &nbsp;&nbsp; Salesforce | 51 | 13281 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing ADR | 24 | 7210 |
| &nbsp;&nbsp; Texas Instruments | 30 | 4844 |
|  |  | 149384 |
|  **Materials — 0.0%** |  |  |
| &nbsp;&nbsp; Dow | 107 | 2552 |
| &nbsp;&nbsp; DuPont de Nemours | 29 | 2368 |
| &nbsp;&nbsp; Freeport-McMoRan, Cl B | 21 | 876 |
| &nbsp;&nbsp; Graphic Packaging Holding | 46 | 735 |
| &nbsp;&nbsp; Hecla Mining | 28 | 360 |
| &nbsp;&nbsp; Newmont | 24 | 1943 |
| &nbsp;&nbsp; Packaging Corp of America | 14 | 2741 |
| &nbsp;&nbsp; Pan American Silver | 50 | 1761 |
| &nbsp;&nbsp; Wheaton Precious Metals | 45 | 4343 |
|  |  | 17679 |
|  **Real Estate — 0.0%** |  |  |
| &nbsp;&nbsp; Iron Mountain<sup>‡</sup> | 32 | 3294 |
| &nbsp;&nbsp; Prologis<sup>‡</sup> | 34 | 4219 |
| &nbsp;&nbsp; Realty Income<sup>‡</sup> | 34 | 1971 |
| &nbsp;&nbsp; STAG Industrial<sup>‡</sup> | 21 | 804 |
|  |  | 10288 |
|  **Utilities — 0.0%** |  |  |
| &nbsp;&nbsp; Ameren | 53 | 5407 |
| &nbsp;&nbsp; American Electric Power | 28 | 3367 |
| &nbsp;&nbsp; Duke Energy | 38 | 4723 |
| &nbsp;&nbsp; NextEra Energy | 47 | 3826 |
| &nbsp;&nbsp; Public Service Enterprise Group | 11 | 886 |
| &nbsp;&nbsp; Southern | 61 | 5737 |

---

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

 **Bluemonte**

**Dynamic Total Market ETF**

**Schedule of Investments**

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Utilities — continued** |  |  |
| &nbsp;&nbsp; WEC Energy Group | 45 | $5028 |
| &nbsp;&nbsp; Xcel Energy | 47 | 3815 |
|  |  | 32789 |
|  Total Common Stock |  |  |
| &nbsp;&nbsp; (Cost $476,283) |  | 752672 |
|  **CLOSED-END FUNDS — 0.0%** |  |  |
|  **Domestic Equity — 0.0%** |  |  |
| &nbsp;&nbsp; BlackRock Science and Technology Term Trust | 53 | 1215 |
| &nbsp;&nbsp; Eaton Vance Enhanced Equity Income Fund | 36 | 745 |
| &nbsp;&nbsp; Eaton Vance Tax-Managed Diversified Equity Income Fund | 55 | 871 |
|  |  | 2831 |
|  **Domestic Fixed Income — 0.0%** |  |  |
| &nbsp;&nbsp; Cohen & Steers REIT and Preferred and Income Fund | 50 | 1072 |
| &nbsp;&nbsp; DNP Select Income Fund | 19 | 193 |
| &nbsp;&nbsp; FS Credit Opportunities Corp. | 12 | 79 |
|  |  | 1344 |
|  Total Closed-End Funds |  |  |
| &nbsp;&nbsp; (Cost $3,254) |  | 4175 |
|  **PREFERRED STOCK — 0.0%** |  |  |
|  **Financials — 0.0%** |  |  |
| &nbsp;&nbsp; Goldman Sachs Group, 5.158% | 30 | 612 |
| &nbsp;&nbsp; MetLife, 5.299% | 30 | 717 |
|  |  | 1329 |
|  Total Preferred Stock |  |  |
| &nbsp;&nbsp; (Cost $1,268) |  | 1329 |
|  Total Investments — 99.9% |  |  |
| &nbsp;&nbsp; (Cost $365,749,349) |  | $386526324 |

---

Percentages are based on Net Assets of $386,947,550.

†&nbsp;&nbsp;&nbsp;&nbsp; Represents greater than 25% of the Fund's total investments. For further financial information, please go to the Securities Exchange Commission's website at https://www.sec.gov.

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

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

ACWI — All Country World Index

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and the Far East

ESG — Environmental, Social and Governance

ETF — Exchange-Traded Fund

FTSE — Financial Times Stock Exchange

GARP — Growth at a Reasonable Price

NASDAQ — National Association of Securities Dealers Automated Quotations

PLC — Public Limited Company

REIT — Real Estate Investment Trust

S&P — Standard & Poor's

Ser — Series

SPDR — Standard & Poor's Depositary Receipts

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

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

 **Bluemonte**

**Global Equity ETF**

**Schedule of Investments**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **EXCHANGE-TRADED FUNDS — 99.8%** | **EXCHANGE-TRADED FUNDS — 99.8%** |  |
|  **Commodities — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp; iShares Gold Trust\* | 1 | $75 |
|  **Domestic Equity — 30.1%** |  |  |
| &nbsp;&nbsp;&nbsp; AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF\* | 1 | 34 |
| &nbsp;&nbsp;&nbsp; AllianzIM U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF\* | 1 | 31 |
| &nbsp;&nbsp;&nbsp; AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF\* | 1 | 34 |
| &nbsp;&nbsp;&nbsp; Avantis U.S. Equity ETF | 2 | 221 |
| &nbsp;&nbsp;&nbsp; BlackRock U.S. Equity Factor Rotation ETF | 1 | 61 |
| &nbsp;&nbsp;&nbsp; Capital Group Dividend Value ETF | 1 | 43 |
| &nbsp;&nbsp;&nbsp; Dimensional US Core Equity 1 ETF | 1 | 73 |
| &nbsp;&nbsp;&nbsp; Dimensional US Core Equity Market ETF | 2 | 93 |
| &nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund | 2 | 176 |
| &nbsp;&nbsp;&nbsp; Fidelity High Dividend ETF | 1 | 56 |
| &nbsp;&nbsp;&nbsp; First Trust Dorsey Wright Focus 5 ETF | 2 | 123 |
| &nbsp;&nbsp;&nbsp; First Trust Morningstar Dividend Leaders Index Fund | 1 | 43 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 1 | 132 |
| &nbsp;&nbsp;&nbsp; Innovator Equity Managed Floor ETF | 1 | 37 |
| &nbsp;&nbsp;&nbsp; Invesco FTSE RAFI US 1000 ETF | 1 | 46 |
| &nbsp;&nbsp;&nbsp; Invesco High Yield Equity Dividend Achievers ETF | 8 | 165 |
| &nbsp;&nbsp;&nbsp; Invesco NASDAQ 100 ETF | 1 | 259 |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust, Series 1, Ser 1 | 2 | 1258 |
| &nbsp;&nbsp;&nbsp; Invesco S&P 500 Equal Weight ETF | 1 | 188 |
| &nbsp;&nbsp;&nbsp; iShares Core Dividend Growth ETF | 1 | 68 |
| &nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 2 | 1370 |
| &nbsp;&nbsp;&nbsp; iShares Core S&P Small-Cap ETF | 2 | 236 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Domestic Equity — continued** |  |  |
| &nbsp;&nbsp;&nbsp; iShares ESG Aware MSCI USA ETF | 2 | $299 |
| &nbsp;&nbsp;&nbsp; iShares Morningstar Growth ETF | 1 | 107 |
| &nbsp;&nbsp;&nbsp; iShares MSCI USA Quality Factor ETF | 2 | 393 |
| &nbsp;&nbsp;&nbsp; iShares Russell 1000 ETF | 2 | 747 |
| &nbsp;&nbsp;&nbsp; iShares Russell 1000 Growth ETF | 2 | 971 |
| &nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | 1 | 205 |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | 1 | 246 |
| &nbsp;&nbsp;&nbsp; iShares Russell 2500 ETF | 1 | 74 |
| &nbsp;&nbsp;&nbsp; iShares Russell Mid-Cap Growth ETF | 1 | 142 |
| &nbsp;&nbsp;&nbsp; iShares S&P 500 Value ETF | 1 | 209 |
| &nbsp;&nbsp;&nbsp; iShares S&P Mid-Cap 400 Growth ETF | 1 | 96 |
| &nbsp;&nbsp;&nbsp; iShares U.S. Technology ETF | 2 | 416 |
| &nbsp;&nbsp;&nbsp; ProShares S&P 500 Dividend Aristocrats ETF | 2 | 203 |
| &nbsp;&nbsp;&nbsp; Real Estate Select Sector SPDR Fund | 27 | 1104 |
| &nbsp;&nbsp;&nbsp; Schwab U.S. Broad Market ETF | 1 | 26 |
| &nbsp;&nbsp;&nbsp; Schwab U.S. Dividend Equity ETF | 40 | 1070 |
| &nbsp;&nbsp;&nbsp; Schwab U.S. Large-Cap Value ETF | 1 | 29 |
| &nbsp;&nbsp;&nbsp; Schwab U.S. Mid-Cap ETF | 1 | 30 |
| &nbsp;&nbsp;&nbsp; Schwab U.S. REIT ETF | 1 | 21 |
| &nbsp;&nbsp;&nbsp; Schwab U.S. Small-Cap ETF | 1 | 28 |
| &nbsp;&nbsp;&nbsp; SPDR Portfolio S&P 1500 Composite Stock Market ETF | 1 | 82 |
| &nbsp;&nbsp;&nbsp; SPDR Portfolio S&P 500 ETF† | 980373 | 78665130 |
| &nbsp;&nbsp;&nbsp; SPDR Portfolio S&P 600 Small Cap ETF | 1 | 46 |
| &nbsp;&nbsp;&nbsp; SPDR S&P Dividend ETF | 1 | 137 |
| &nbsp;&nbsp;&nbsp; Technology Select Sector SPDR Fund | 2 | 601 |
| &nbsp;&nbsp;&nbsp; VanEck Morningstar Wide Moat ETF | 1 | 102 |
| &nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | 1 | 217 |
| &nbsp;&nbsp;&nbsp; Vanguard Growth ETF | 1 | 499 |
| &nbsp;&nbsp;&nbsp; Vanguard Mid-Cap Growth ETF | 1 | 292 |
| &nbsp;&nbsp;&nbsp; Vanguard Mid-Cap Value ETF | 1 | 172 |
| &nbsp;&nbsp;&nbsp; Vanguard Real Estate ETF | 9 | 803 |
| &nbsp;&nbsp;&nbsp; Vanguard Russell 1000 Growth ETF | 1 | 125 |
| &nbsp;&nbsp;&nbsp; Vanguard Russell 1000 Value ETF | 1 | 90 |

---

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

 **Bluemonte**

**Global Equity ETF**

**Schedule of Investments**

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Domestic Equity — continued** |  |  |
| &nbsp;&nbsp;&nbsp; Vanguard S&P 500 ETF | 1 | $627 |
| &nbsp;&nbsp;&nbsp; Vanguard Small-Cap ETF | 2 | 510 |
| &nbsp;&nbsp;&nbsp; Vanguard Total Stock Market ETF | 1 | 335 |
| &nbsp;&nbsp;&nbsp; Vanguard Value ETF | 1 | 186 |
| &nbsp;&nbsp;&nbsp; WisdomTree U.S. SmallCap Fund | 1 | 55 |
|  |  | 78681172 |
|  **Domestic Fixed Income — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp; BlackRock Flexible Income ETF | 1 | 53 |
| &nbsp;&nbsp;&nbsp; Dimensional Core Fixed Income ETF | 1 | 43 |
| &nbsp;&nbsp;&nbsp; First Trust Preferred Securities and Income ETF | 1 | 19 |
|  |  | 115 |
|  **International Equity — 69.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Capital Group International Focus Equity ETF | 1 | 31 |
| &nbsp;&nbsp;&nbsp; Dimensional Global Real Estate ETF | 4 | 108 |
| &nbsp;&nbsp;&nbsp; Dimensional World ex US Core Equity 2 ETF | 2 | 63 |
| &nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 1 | 88 |
| &nbsp;&nbsp;&nbsp; iShares Core MSCI Emerging Markets ETF | 778914 | 53176459 |
| &nbsp;&nbsp;&nbsp; iShares Currency Hedged MSCI EAFE ETF | 1 | 41 |
| &nbsp;&nbsp;&nbsp; iShares Exponential Technologies ETF | 1 | 75 |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF | 1 | 94 |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE Growth ETF | 1 | 116 |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE Value ETF | 1 | 68 |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ex China ETF | 1 | 72 |
| &nbsp;&nbsp;&nbsp; Schwab Emerging Markets Equity ETF | 1 | 34 |
| &nbsp;&nbsp;&nbsp; Schwab International Equity ETF | 1 | 24 |
| &nbsp;&nbsp;&nbsp; SPDR Portfolio Developed World ex-US ETF† | 1778473 | 77416930 |
| &nbsp;&nbsp;&nbsp; Vanguard FTSE All-World ex-US ETF, Cl U | 1 | 73 |
| &nbsp;&nbsp;&nbsp; Vanguard FTSE Developed Markets ETF | 842706 | 51388212 |
| &nbsp;&nbsp;&nbsp; Vanguard FTSE Emerging Markets ETF | 2 | 110 |
| &nbsp;&nbsp;&nbsp; WisdomTree International MidCap Dividend Fund | 1 | 77 |
|  |  | 181982675 |
|  Total Exchange-Traded Funds<br>(Cost $248,243,002) |  | 260664037 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK — 0.0%** |  |  |
|  **Canada — 0.0%** |  |  |
| &nbsp;&nbsp; *Industrials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City | 1 | $72 |
|  **Ireland — 0.0%** |  |  |
| &nbsp;&nbsp; *Information Technology — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Accenture PLC, Cl A | 58 | 14506 |
|  **Japan — 0.0%** |  |  |
| &nbsp;&nbsp; *Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group ADR | 1 | 7 |
|  **Taiwan — 0.0%** |  |  |
| &nbsp;&nbsp; *Information Technology — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing ADR | 1 | 300 |
|  **United Kingdom — 0.0%** |  |  |
| &nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; BP ADR | 1 | 35 |
|  **United States — 0.0%** |  |  |
| &nbsp;&nbsp; *Communication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A | 1 | 281 |
| &nbsp;&nbsp;&nbsp; AT&T | 4 | 99 |
| &nbsp;&nbsp;&nbsp; Comcast, Cl A | 9 | 250 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Cl A | 2 | 1297 |
| &nbsp;&nbsp;&nbsp; Verizon Communications | 9 | 358 |
| &nbsp;&nbsp;&nbsp; Walt Disney | 2 | 225 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery\* | 1 | 23 |
|  |  | 2533 |
| &nbsp;&nbsp; *Consumer Discretionary — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Home Depot | 2 | 759 |
| &nbsp;&nbsp;&nbsp; Lowe's | 1 | 238 |
| &nbsp;&nbsp;&nbsp; Starbucks | 21 | 1698 |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma | 1 | 195 |
|  |  | 2890 |
| &nbsp;&nbsp; *Consumer Staples — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Coca-Cola | 1 | 69 |
| &nbsp;&nbsp;&nbsp; PepsiCo | 1 | 146 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble | 11 | 1654 |
| &nbsp;&nbsp;&nbsp; Walmart | 1 | 101 |
|  |  | 1970 |
| &nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Exxon Mobil | 1 | 115 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan | 1 | 26 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum | 1 | 195 |

---

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

 **Bluemonte**

**Global Equity ETF**

**Schedule of Investments**

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **United States — continued** |  |  |
| &nbsp;&nbsp; *Energy — continued* |  |  |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 1 | $136 |
| &nbsp;&nbsp;&nbsp; Williams | 1 | 58 |
|  |  | 530 |
| &nbsp;&nbsp; *Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Aflac | 1 | 107 |
| &nbsp;&nbsp;&nbsp; Allstate | 1 | 192 |
| &nbsp;&nbsp;&nbsp; Ares Capital | 1 | 20 |
| &nbsp;&nbsp;&nbsp; Chubb | 2 | 554 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 1 | 41 |
| &nbsp;&nbsp;&nbsp; Gladstone Investment | 1 | 14 |
| &nbsp;&nbsp;&nbsp; Globe Life | 1 | 131 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase | 1 | 311 |
| &nbsp;&nbsp;&nbsp; Visa, Cl A | 2 | 682 |
|  |  | 2052 |
| &nbsp;&nbsp; *Health Care — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 1 | 124 |
| &nbsp;&nbsp;&nbsp; AbbVie | 1 | 218 |
| &nbsp;&nbsp;&nbsp; CVS Health | 1 | 78 |
| &nbsp;&nbsp;&nbsp; Merck | 1 | 86 |
| &nbsp;&nbsp;&nbsp; Pfizer | 1 | 25 |
|  |  | 531 |
| &nbsp;&nbsp; *Industrials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Carrier Global | 3 | 178 |
| &nbsp;&nbsp;&nbsp; CSX | 1 | 36 |
| &nbsp;&nbsp;&nbsp; Eaton PLC | 1 | 382 |
| &nbsp;&nbsp;&nbsp; Hertz Global Holdings\* | 1 | 5 |
| &nbsp;&nbsp;&nbsp; Paychex | 3 | 351 |
| &nbsp;&nbsp;&nbsp; Republic Services, Cl A | 1 | 208 |
| &nbsp;&nbsp;&nbsp; Union Pacific | 1 | 220 |
| &nbsp;&nbsp;&nbsp; Waste Management | 2 | 400 |
|  |  | 1780 |
| &nbsp;&nbsp; *Information Technology — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Apple | 1 | 270 |
| &nbsp;&nbsp;&nbsp; Applied Materials | 1 | 233 |
| &nbsp;&nbsp;&nbsp; Broadcom | 2 | 739 |
| &nbsp;&nbsp;&nbsp; International Business Machines | 1 | 307 |
| &nbsp;&nbsp;&nbsp; Microsoft | 1 | 518 |
| &nbsp;&nbsp;&nbsp; NVIDIA | 1 | 203 |
| &nbsp;&nbsp;&nbsp; Qualcomm | 2 | 362 |
| &nbsp;&nbsp;&nbsp; Texas Instruments | 17 | 2745 |
|  |  | 5377 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **United States — continued** |  |  |
| &nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Dow | 21 | $501 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding | 1 | 16 |
| &nbsp;&nbsp;&nbsp; Newmont | 1 | 81 |
| &nbsp;&nbsp;&nbsp; Packaging Corp of America | 1 | 196 |
|  |  | 794 |
| &nbsp;&nbsp; *Real Estate — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Iron Mountain<sup>‡</sup> | 1 | 103 |
| &nbsp;&nbsp; *Utilities — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Duke Energy | 1 | 124 |
| &nbsp;&nbsp;&nbsp; NextEra Energy | 1 | 82 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group | 1 | 80 |
| &nbsp;&nbsp;&nbsp; Southern | 1 | 94 |
|  |  | 380 |
|  |  | 18940 |
|  Total Common Stock<br>(Cost $33,979) |  | 33860 |
|  **CLOSED-END FUNDS — 0.0%** |  |  |
|  **Domestic Equity — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Eaton Vance Enhanced Equity Income Fund | 2 | 41 |
|  **Domestic Fixed Income — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp; DNP Select Income Fund | 1 | 10 |
|  Total Closed-End Funds<br>(Cost $50) |  | 51 |
|  **PREFERRED STOCK — 0.0%** |  |  |
|  **United States — 0.0%** |  |  |
| &nbsp;&nbsp; *Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, 5.158% | 1 | 20 |
| &nbsp;&nbsp;&nbsp; MetLife, 5.299% | 1 | 24 |
|  |  | 44 |
|  Total Preferred Stock<br>(Cost $42) |  | 44 |
|  Total Investments — 99.8%<br>(Cost $248,277,073) |  | $260697992 |

---

Percentages are based on Net Assets of $261,205,902.

†&nbsp;&nbsp;&nbsp;&nbsp; Represents greater than 25% of the Fund's total investments. For further financial information, please go to the Securities Exchange Commission's website at https://www.sec.gov.

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

 **Bluemonte**

**Global Equity ETF**

**Schedule of Investments**

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

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

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

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and the Far East

ESG — Environmental, Social and Governance

ETF — Exchange-Traded Fund

FTSE — Financial Times Stock Exchange

NASDAQ — National Association of Securities Dealers Automated Quotations

PLC — Public Limited Company

REIT — Real Estate Investment Trust

S&P — Standard & Poor's

Ser — Series

SPDR — Standard & Poor's Depositary Receipts

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

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

 **Bluemonte**

**Core Bond ETF**

**Schedule of Investments**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **EXCHANGE-TRADED FUNDS — 99.9%** | **EXCHANGE-TRADED FUNDS — 99.9%** |  |
|  **Domestic Fixed Income — 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond ETF† | 1500841 | $150894554 |
| &nbsp;&nbsp;&nbsp; iShares MBS ETF | 593180 | 56678349 |
| &nbsp;&nbsp;&nbsp; Schwab Intermediate-Term U.S. Treasury ETF | 3738454 | 94171656 |
| &nbsp;&nbsp;&nbsp; SPDR Portfolio Corporate <br>Bond ETF | 1274375 | 37683269 |
| &nbsp;&nbsp;&nbsp; Vanguard Long-Term Bond ETF | 264228 | 18820961 |
| &nbsp;&nbsp;&nbsp; Vanguard Short-Term Corporate Bond ETF | 236259 | 18877094 |
|  |  | 377125883 |
|  Total Exchange-Traded Funds <br>(Cost $372,337,969) |  | 377125883 |
|  Total Investments — 99.9% <br>(Cost $372,337,969) |  | $377125883 |

---

Percentages are based on Net Assets of $377,381,325.

†&nbsp;&nbsp;&nbsp;&nbsp; Represents greater than 25% of the Fund's total investments. For further financial information, please go to the Securities Exchange Commission's website at https://www.sec.gov.

ETF — Exchange-Traded Fund

MBS — Mortgage-Backed Security

SPDR — Standard & Poor's Depositary Receipts

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

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

 **Bluemonte**

**Short Term Bond ETF**

**Schedule of Investments**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **EXCHANGE-TRADED FUNDS — 99.6%** | **EXCHANGE-TRADED FUNDS — 99.6%** | **EXCHANGE-TRADED FUNDS — 99.6%** |
|  **Domestic Fixed Income — 99.6%** |  |  |
| &nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond ETF† | 324908 | $32666250 |
| &nbsp;&nbsp;&nbsp; Vanguard Short-Term Bond ETF† | 897100 | 70835016 |
| &nbsp;&nbsp;&nbsp; Vanguard Short-Term Corporate Bond ETF | 322994 | 25807221 |
|  |  | 129308487 |
|  Total Exchange-Traded Funds <br>(Cost $128,252,191) |  | 129308487 |
|  Total Investments — 99.6% <br>(Cost $128,252,191) |  | $129308487 |

---

Percentages are based on Net Assets of $129,771,870.

†&nbsp;&nbsp;&nbsp;&nbsp; Represents greater than 25% of the Fund's total investments. For further financial information, please go to the Securities Exchange Commission's website at https://www.sec.gov.

ETF — Exchange-Traded Fund

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

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

 **Bluemonte**

**Long Term Bond ETF**

**Schedule of Investments**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **EXCHANGE-TRADED FUNDS — 100.0%** | **EXCHANGE-TRADED FUNDS — 100.0%** | **EXCHANGE-TRADED FUNDS — 100.0%** |
|  **Domestic Fixed Income — 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond ETF† | 327064 | $32883015 |
| &nbsp;&nbsp;&nbsp; Vanguard Long-Term Bond ETF† | 1197630 | 85307185 |
| &nbsp;&nbsp;&nbsp; Vanguard Long-Term Corporate Bond ETF | 169337 | 13110070 |
|  |  | 131300270 |
|  Total Exchange-Traded Funds<br>(Cost $128,355,767) |  | 131300270 |
|  Total Investments — 100.0% <br>(Cost $128,355,767) |  | $131300270 |

---

Percentages are based on Net Assets of $131,338,486.

†&nbsp;&nbsp;&nbsp;&nbsp; Represents greater than 25% of the Fund's total investments. For further financial information, please go to the Securities Exchange Commission's website at https://www.sec.gov.

ETF — Exchange-Traded Fund

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

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

 **Bluemonte**

**Diversified Income ETF**

**Schedule of Investments**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **EXCHANGE-TRADED FUNDS — 99.9%** | **EXCHANGE-TRADED FUNDS — 99.9%** | **EXCHANGE-TRADED FUNDS — 99.9%** |
|  **Domestic Equity — 19.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Cohen & Steers Real Estate Active ETF | 341234 | $8718734 |
| &nbsp;&nbsp;&nbsp; Global X MLP ETF | 181746 | 8732895 |
|  |  | 17451629 |
|  **Domestic Fixed Income — 80.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Cohen & Steers Preferred and Income Opportunities Active ETF | 341757 | 8909365 |
| &nbsp;&nbsp;&nbsp; First Trust Senior Loan ETF | 193541 | 8864178 |
| &nbsp;&nbsp;&nbsp; PIMCO Active Bond Exchange-Traded Fund† | 380192 | 35690524 |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg High Yield Bond ETF | 181987 | 17723714 |
|  |  | 71187781 |
|  Total Exchange-Traded Funds <br>(Cost $88,140,159) |  | 88639410 |
|  Total Investments — 99.9% <br>(Cost $88,140,159) |  | $88639410 |

---

Percentages are based on Net Assets of $88,733,567.

†&nbsp;&nbsp;&nbsp;&nbsp; Represents greater than 25% of the Fund's total investments. For further financial information, please go to the Securities Exchange Commission's website at https://www.sec.gov.

ETF — Exchange-Traded Fund

MLP — Master Limited Partnership

SPDR — Standard & Poor's Depositary Receipts

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

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

 **Bluemonte**

**Statements of Assets and Liabilities**

**October 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Bluemonte <br>Large Cap <br>Core ETF** | **Bluemonte <br>Large Cap <br>Growth ETF** | **Bluemonte <br>Large Cap <br>Value ETF** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at Cost | $215623670 | $173466225 | $180487613 |
| &nbsp;&nbsp;&nbsp; Investments, at Fair Value | $238380968 | $201152502 | $190918667 |
| &nbsp;&nbsp;&nbsp; Cash and Cash Equivalents | 1410854 | 1453805 | 1079150 |
| &nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold | 576891 |  | 818913 |
| &nbsp;&nbsp;&nbsp; Dividends Receivable | 79 | 7 | 1 |
| &nbsp;&nbsp;&nbsp; Tax Reclaims Receivable | 21 |  |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 240368813 | 202606314 | 192816731 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 572531 |  | 813875 |
| &nbsp;&nbsp;&nbsp; Advisory Fees Payable – Net | 38586 | 32320 | 31390 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 611117 | 32320 | 845265 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $239757696 | $202573994 | $191971466 |
|  **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $213862573 | $176560445 | $180065647 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | 25895123 | 26013549 | 11905819 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $239757696 | $202573994 | $191971466 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest <br>(unlimited authorization – no par value) | 8312062 | 6822975 | 7032663 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $28.84 | $29.69 | $27.30 |

---

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

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

 **Bluemonte**

**Statements of Assets and Liabilities**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Bluemonte <br>Dynamic <br>Total Market <br>ETF** | **Bluemonte <br>Global <br>Equity ETF** | **Bluemonte <br>Core Bond <br>ETF** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at Cost | $365749349 | $248277073 | $372337969 |
| &nbsp;&nbsp;&nbsp; Investments, at Fair Value | $386526324 | $260697992 | $377125883 |
| &nbsp;&nbsp;&nbsp; Cash and Cash Equivalents | 477592 | 549618 | 315412 |
| &nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold | 1393347 | 280097 | 1022741 |
| &nbsp;&nbsp;&nbsp; Dividends Receivable | 686 | 140 |  |
| &nbsp;&nbsp;&nbsp; Tax Reclaims Receivable | 48 | 20 |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 388397997 | 261527867 | 378464036 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 1386698 | 279414 | 1021193 |
| &nbsp;&nbsp;&nbsp; Advisory Fees Payable – Net | 63749 | 42551 | 61518 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 1450447 | 321965 | 1082711 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $386947550 | $261205902 | $377381325 |
|  **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $355878637 | $239561920 | $371798089 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | 31068913 | 21643982 | 5583236 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $386947550 | $261205902 | $377381325 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest (unlimited authorization – no par value) | 13885540 | 9325569 | 14759599 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $27.87 | $28.01 | $25.57 |

---

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

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

 **Bluemonte**

**Statements of Assets and Liabilities**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Bluemonte <br>Short Term <br>Bond ETF** | **Bluemonte <br>Long Term <br>Bond ETF** | **Bluemonte <br>Diversified <br>Income ETF** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at Cost | $128252191 | $128355767 | $88140159 |
| &nbsp;&nbsp;&nbsp; Investments, at Fair Value | $129308487 | $131300270 | $88639410 |
| &nbsp;&nbsp;&nbsp; Cash and Cash Equivalents | 479418 | 59793 | 108961 |
| &nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold | 1265086 |  |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 131052991 | 131360063 | 88748371 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 1260000 |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees Payable – Net | 21121 | 21577 | 14804 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 1281121 | 21577 | 14804 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $129771870 | $131338486 | $88733567 |
|  **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $128710627 | $127942854 | $88042600 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | 1061243 | 3395632 | 690967 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $129771870 | $131338486 | $88733567 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (unlimited authorization – no par value) | 5128975 | 5067508 | 3497920 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $25.30 | $25.92 | $25.37 |

---

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

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

 **Bluemonte**

**Statements of Operations**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Bluemonte <br>Large Cap <br>Core ETF†** | **Bluemonte <br>Large Cap <br>Growth ETF†** | **Bluemonte <br>Large Cap <br>Value ETF†** |
|  **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividend Income | $860728 | $378570 | $1123080 |
| &nbsp;&nbsp;&nbsp; Interest Income | 20411 | 18122 | 19029 |
| &nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (5) | (2) | (2) |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | 881134 | 396690 | 1142107 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees | 181230 | 151880 | 147853 |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | 181230 | 151880 | 147853 |
|  **Less:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Waiver of Advisory Fees (Note 3) | (36247) | (30377) | (29571) |
| &nbsp;&nbsp;&nbsp; **Net Expenses** | 144983 | 121503 | 118282 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | 736151 | 275187 | 1023825 |
|  **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments<sup>(1)</sup> | 16063974 | 10702653 | 10286312 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | 16063974 | 10702653 | 10286312 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 9733264 | 15342211 | 1649863 |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | 9733264 | 15342211 | 1649863 |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | 25797238 | 26044864 | 11936175 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | $26533389 | $26320051 | $12960000 |

---

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

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

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

 **Bluemonte**

**Statements of Operations**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Bluemonte <br>Dynamic <br>Total Market <br>ETF†** | **Bluemonte <br>Global <br>Equity ETF†** | **Bluemonte <br>Core Bond <br>ETF†** |
|  **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividend Income | $1680693 | $1054767 | $4398897 |
| &nbsp;&nbsp;&nbsp; Interest Income | 31338 | 17246 | 30435 |
| &nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (30) | (4) |  |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | 1712001 | 1072009 | 4429332 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees | 299632 | 200426 | 286240 |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | 299632 | 200426 | 286240 |
|  **Less:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Waiver of Advisory Fees (Note 3) | (59928) | (40086) | (57250) |
| &nbsp;&nbsp;&nbsp; **Net Expenses** | 239704 | 160340 | 228990 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | 1472297 | 911669 | 4200342 |
|  **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments<sup>(1)</sup> | 29545258 | 20220683 | 1781098 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | 29545258 | 20220683 | 1781098 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 1587770 | 1467113 | 3806252 |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | 1587770 | 1467113 | 3806252 |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | 31133028 | 21687796 | 5587350 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | $32605325 | $22599465 | $9787692 |

---

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

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

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

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

 **Bluemonte**

**Statements of Operations**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Bluemonte <br>Short Term <br>Bond ETF†** | **Bluemonte <br>Long Term <br>Bond ETF†** | **Bluemonte <br>Diversified <br>Income ETF†** |
|  **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividend Income | $1428112 | $1687721 | $1422283 |
| &nbsp;&nbsp;&nbsp; Interest Income | 10572 | 11092 | 13315 |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | 1438684 | 1698813 | 1435598 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees | 97373 | 98844 | 68679 |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | 97373 | 98844 | 68679 |
|  **Less:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Waiver of Advisory Fees (Note 3) | (19475) | (19769) | (13736) |
| &nbsp;&nbsp;&nbsp; **Net Expenses** | 77898 | 79075 | 54943 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | 1360786 | 1619738 | 1380655 |
|  **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments<sup>(1)</sup> | 171878 | 568741 | 898703 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | 171878 | 568741 | 898703 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 890776 | 2828332 | (243008) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | 890776 | 2828332 | (243008) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | 1062654 | 3397073 | 655695 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2423440 | $5016811 | $2036350 |

---

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

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

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

 **Bluemonte**

**Statements of Changes in Net Assets**

(Unaudited)

---

| | |
|:---|:---|
|  | **Bluemonte Large <br>Cap Core ETF** |
|  | **Period Ended <br>October 31, 2025†** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $736151 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 16063974 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 9733264 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 26533389 |
|  **Distributions:** | (638266) |
|  **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 220892715 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 48264455 |
| &nbsp;&nbsp;&nbsp; Redeemed | (55294597) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 213862573 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 239757696 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period |  |
| &nbsp;&nbsp;&nbsp; End of Period | $239757696 |
|  **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 8450000 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 1932062 |
| &nbsp;&nbsp;&nbsp; Redeemed | (2070000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 8312062 |

---

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

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

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

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

 **Bluemonte**

**Statements of Changes in Net Assets**

(Unaudited) (Continued)

---

| | |
|:---|:---|
|  | **Bluemonte Large <br>Cap Growth ETF** |
|  | **Period Ended <br>October 31, 2025†** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $275187 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 10702653 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 15342211 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 26320051 |
|  **Distributions:** | (306502) |
|  **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 162716086 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 40075291 |
| &nbsp;&nbsp;&nbsp; Redeemed | (26230932) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 176560445 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 202573994 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period |  |
| &nbsp;&nbsp;&nbsp; End of Period | $202573994 |
|  **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 6190000 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 1602975 |
| &nbsp;&nbsp;&nbsp; Redeemed | (970000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 6822975 |

---

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

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

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

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

 **Bluemonte**

**Statements of Changes in Net Assets**

(Unaudited) (Continued)

---

| | |
|:---|:---|
|  | **Bluemonte Large <br>Cap Value ETF** |
|  | **Period Ended <br>October 31, 2025†** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $1023825 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 10286312 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 1649863 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 12960000 |
|  **Distributions:** | (1054181) |
|  **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 183527513 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 37311387 |
| &nbsp;&nbsp;&nbsp; Redeemed | (40773253) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 180065647 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 191971466 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period |  |
| &nbsp;&nbsp;&nbsp; End of Period | $191971466 |
|  **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 7090000 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 1492663 |
| &nbsp;&nbsp;&nbsp; Redeemed | (1550000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 7032663 |

---

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

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

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

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

 **Bluemonte**

**Statements of Changes in Net Assets**

(Unaudited) (Continued)

---

| | |
|:---|:---|
|  | **Bluemonte <br>Dynamic Total <br>Market ETF** |
|  | **Period Ended <br>October 31, 2025†** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $1472297 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 29545258 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 1587770 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 32605325 |
|  **Distributions:** | (1536412) |
|  **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 499079507 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 75886080 |
| &nbsp;&nbsp;&nbsp; Redeemed | (219086950) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 355878637 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 386947550 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period |  |
| &nbsp;&nbsp;&nbsp; End of Period | $386947550 |
|  **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 18920000 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 3035540 |
| &nbsp;&nbsp;&nbsp; Redeemed | (8070000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 13885540 |

---

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

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

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

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

 **Bluemonte**

**Statements of Changes in Net Assets**

(Unaudited) (Continued)

---

| | |
|:---|:---|
|  | **Bluemonte Global <br>Equity ETF** |
|  | **Period Ended <br>October 31, 2025†** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $911669 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 20220683 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 1467113 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 22599465 |
|  **Distributions:** | (955483) |
|  **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 364066446 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 53149260 |
| &nbsp;&nbsp;&nbsp; Redeemed | (177653786) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 239561920 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 261205902 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period |  |
| &nbsp;&nbsp;&nbsp; End of Period | $261205902 |
|  **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 13770000 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 2125569 |
| &nbsp;&nbsp;&nbsp; Redeemed | (6570000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 9325569 |

---

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

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

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

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

 **Bluemonte**

**Statements of Changes in Net Assets**

(Unaudited) (Continued)

---

| | |
|:---|:---|
|  | **Bluemonte Core <br>Bond ETF** |
|  | **Period Ended <br>October 31, 2025†** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $4200342 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 1781098 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 3806252 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 9787692 |
|  **Distributions:** | (4204456) |
|  **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 408434927 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 39995638 |
| &nbsp;&nbsp;&nbsp; Redeemed | (76632476) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 371798089 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 377381325 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period |  |
| &nbsp;&nbsp;&nbsp; End of Period | $377381325 |
|  **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 16180000 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 1599599 |
| &nbsp;&nbsp;&nbsp; Redeemed | (3020000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 14759599 |

---

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

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

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

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

 **Bluemonte**

**Statements of Changes in Net Assets**

(Unaudited) (Continued)

---

| | |
|:---|:---|
|  | **Bluemonte Short <br>Term Bond ETF** |
|  | **Period Ended <br>October 31, 2025†** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $1360786 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 171878 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 890776 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 2423440 |
|  **Distributions:** | (1362197) |
|  **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 128510341 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 9724565 |
| &nbsp;&nbsp;&nbsp; Redeemed | (9524279) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 128710627 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 129771870 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period |  |
| &nbsp;&nbsp;&nbsp; End of Period | $129771870 |
|  **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 5120000 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 388975 |
| &nbsp;&nbsp;&nbsp; Redeemed | (380000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 5128975 |

---

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

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

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

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

 **Bluemonte**

**Statements of Changes in Net Assets**

(Unaudited) (Continued)

---

| | |
|:---|:---|
|  | **Bluemonte Long <br>Term Bond ETF** |
|  | **Period Ended <br>October 31, 2025†** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $1619738 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 568741 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 2828332 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 5016811 |
|  **Distributions:** | (1621179) |
|  **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 138801361 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 8187021 |
| &nbsp;&nbsp;&nbsp; Redeemed | (19045528) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 127942854 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 131338486 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period |  |
| &nbsp;&nbsp;&nbsp; End of Period | $131338486 |
|  **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 5480000 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 327508 |
| &nbsp;&nbsp;&nbsp; Redeemed | (740000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 5067508 |

---

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

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

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

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

 **Bluemonte**

**Statements of Changes in Net Assets**

(Unaudited) (Concluded)

---

| | |
|:---|:---|
|  | **Bluemonte <br>Diversified <br>Income ETF** |
|  | **Period Ended <br>October 31, 2025†** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $1380655 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 898703 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (243008) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 2036350 |
|  **Distributions:** | (1345383) |
|  **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 96787209 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 10949429 |
| &nbsp;&nbsp;&nbsp; Redeemed | (19694038) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 88042600 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 88733567 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period |  |
| &nbsp;&nbsp;&nbsp; End of Period | $88733567 |
|  **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 3830000 |
| &nbsp;&nbsp;&nbsp; Issuances in Connection with In-Kind Contribution (see Note 1) | 437920 |
| &nbsp;&nbsp;&nbsp; Redeemed | (770000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 3497920 |

---

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

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

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

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

 **Bluemonte**

**Bluemonte Large Cap Core ETF**

**Financial Highlights**

(Unaudited)

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

---

| | |
|:---|:---|
|  | **Period Ended <br>October 31, <br>2025†** |
|  Net Asset Value, beginning of year/period | $24.98 |
|  **Investment Activities** |  |
| &nbsp;&nbsp;&nbsp; Net Investment income\* | 0.10 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 3.94 |
|  **Distributions to shareholders from:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.08) |
|  Net Asset Value, end of year/period | $28.84 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 15.79 |
|  **Ratios to Average Net Assets** |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.20<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.25<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 1.02<br><sup>(2)(4)</sup> |
|  **Supplemental Data** |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $239758 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(5)</sup> |  |

---

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

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

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

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

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The net investment income ratio does not reflect the proportionate share of income and expenses of the underlying funds in which the Fund invests.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;&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.

 **Bluemonte**

**Bluemonte Large Cap Growth ETF**

**Financial Highlights**

(Unaudited)

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

---

| | |
|:---|:---|
|  | **Period Ended <br>October 31, <br>2025†** |
|  Net Asset Value, beginning of year/period | $25.00 |
|  **Investment Activities** |  |
| &nbsp;&nbsp;&nbsp; Net Investment income\* | 0.05 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 4.74 |
|  **Distributions to shareholders from:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.05) |
|  Net Asset Value, end of year/period | $29.69 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 18.96 |
|  **Ratios to Average Net Assets** |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.20<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.25<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 0.45<br><sup>(2)(4)</sup> |
|  **Supplemental Data** |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $202574 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(5)</sup> |  |

---

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

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

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

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

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The net investment income ratio does not reflect the proportionate share of income and expenses of the underlying funds in which the Fund invests.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;&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.

 **Bluemonte**

**Bluemonte Large Cap Value ETF**

**Financial Highlights**

(Unaudited)

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

---

| | |
|:---|:---|
|  | **Period Ended <br>October 31, <br>2025†** |
|  Net Asset Value, beginning of year/period | $25.00 |
|  **Investment Activities** |  |
| &nbsp;&nbsp;&nbsp; Net Investment income\* | 0.17 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 2.46 |
|  **Distributions to shareholders from:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.16) |
|  Net Asset Value, end of year/period | $27.30 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 9.84 |
|  **Ratios to Average Net Assets** |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.20<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.25<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 1.73<br><sup>(2)(4)</sup> |
|  **Supplemental Data** |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $191971 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(5)</sup> |  |

---

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

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

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

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

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The net investment income ratio does not reflect the proportionate share of income and expenses of the underlying funds in which the Fund invests.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;&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.

 **Bluemonte**

**Bluemonte Dynamic Total Market ETF**

**Financial Highlights**

(Unaudited)

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

---

| | |
|:---|:---|
|  | **Period Ended <br>October 31, <br>2025†** |
|  Net Asset Value, beginning of year/period | $25.00 |
|  **Investment Activities** |  |
| &nbsp;&nbsp;&nbsp; Net Investment income\* | 0.12 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 2.99 |
|  **Distributions to shareholders from:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.12) |
|  Net Asset Value, end of year/period | $27.87 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 11.95 |
|  **Ratios to Average Net Assets** |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.20<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.25<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 1.23<br><sup>(2)(4)</sup> |
|  **Supplemental Data** |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $386948 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(5)</sup> | 42 |

---

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

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

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

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

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The net investment income ratio does not reflect the proportionate share of income and expenses of the underlying funds in which the Fund invests.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;&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.

 **Bluemonte**

**Bluemonte Global Equity ETF**

**Financial Highlights**

(Unaudited)

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

---

| | |
|:---|:---|
|  | **Period Ended <br>October 31, <br>2025†** |
|  Net Asset Value, beginning of year/period | $25.00 |
|  **Investment Activities** |  |
| &nbsp;&nbsp;&nbsp; Net Investment income\* | 0.11 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 3.12 |
|  **Distributions to shareholders from:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.11) |
|  Net Asset Value, end of year/period | $28.01 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 12.48 |
|  **Ratios to Average Net Assets** |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.20<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.25<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 1.14<br><sup>(2)(4)</sup> |
|  **Supplemental Data** |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $261206 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(5)</sup> | 52 |

---

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

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

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

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

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The net investment income ratio does not reflect the proportionate share of income and expenses of the underlying funds in which the Fund invests.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;&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.

 **Bluemonte**

**Bluemonte Core Bond ETF**

**Financial Highlights**

(Unaudited)

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

---

| | |
|:---|:---|
|  | **Period Ended <br>October 31, <br>2025†** |
|  Net Asset Value, beginning of year/period | $25.00 |
|  **Investment Activities** |  |
| &nbsp;&nbsp;&nbsp; Net Investment income\* | 0.34 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.88 |
|  **Distributions to shareholders from:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.31) |
|  Net Asset Value, end of year/period | $25.57 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 3.54 |
|  **Ratios to Average Net Assets** |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.20<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.25<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 3.67<br><sup>(2)(4)</sup> |
|  **Supplemental Data** |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $377381 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(5)</sup> | 9 |

---

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

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

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

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

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The net investment income ratio does not reflect the proportionate share of income and expenses of the underlying funds in which the Fund invests.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;&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.

 **Bluemonte**

**Bluemonte Short Term Bond ETF**

**Financial Highlights**

(Unaudited)

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

---

| | |
|:---|:---|
|  | **Period Ended <br>October 31, <br>2025†** |
|  Net Asset Value, beginning of year/period | $25.00 |
|  **Investment Activities** |  |
| &nbsp;&nbsp;&nbsp; Net Investment income\* | 0.32 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.59 |
|  **Distributions to shareholders from:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.29) |
|  Net Asset Value, end of year/period | $25.30 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 2.38 |
|  **Ratios to Average Net Assets** |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.20<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.25<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 3.49<br><sup>(2)(4)</sup> |
|  **Supplemental Data** |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $129772 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(5)</sup> |  |

---

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

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

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

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

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The net investment income ratio does not reflect the proportionate share of income and expenses of the underlying funds in which the Fund invests.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;&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.

 **Bluemonte**

**Bluemonte Long Term Bond ETF**

**Financial Highlights**

(Unaudited)

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

---

| | |
|:---|:---|
|  | **Period Ended <br>October 31, <br>2025†** |
|  Net Asset Value, beginning of year/period | $25.00 |
|  **Investment Activities** |  |
| &nbsp;&nbsp;&nbsp; Net Investment income\* | 0.39 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.27 |
|  **Distributions to shareholders from:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.35) |
|  Net Asset Value, end of year/period | $25.92 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 5.10 |
|  **Ratios to Average Net Assets** |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.20<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.25<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 4.10<br><sup>(2)(4)</sup> |
|  **Supplemental Data** |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $131338 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(5)</sup> | 5 |

---

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

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

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

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

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The net investment income ratio does not reflect the proportionate share of income and expenses of the underlying funds in which the Fund invests.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;&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.

 **Bluemonte**

**Bluemonte Diversified Income ETF**

**Financial Highlights**

(Unaudited)

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

---

| | |
|:---|:---|
|  | **Period Ended <br>October 31, <br>2025†** |
|  Net Asset Value, beginning of year/period | $25.00 |
|  **Investment Activities** |  |
| &nbsp;&nbsp;&nbsp; Net Investment income\* | 0.47 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.78 |
|  **Distributions to shareholders from:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.41) |
|  Net Asset Value, end of year/period | $25.37 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 3.11 |
|  **Ratios to Average Net Assets** |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.20<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.25<br><sup>(2)(3)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 5.03<br><sup>(2)(4)</sup> |
|  **Supplemental Data** |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $88734 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(5)</sup> | 20 |

---

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

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

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

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

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The net investment income ratio does not reflect the proportionate share of income and expenses of the underlying funds in which the Fund invests.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;&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.

 **Bluemonte**

**Notes to Financial Statements**

**October 31, 2025 (Unaudited)**

**1. ORGANIZATION**

Exchange Traded Concepts Trust (the "Trust") is a Delaware statutory trust formed on July 17, 2009. The Trust is registered with the Securities and Exchange Commission (the "Commission") under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company with multiple investment portfolios. The financial statements herein are those of Bluemonte Large Cap Core ETF, Bluemonte Large Cap Growth ETF, Bluemonte Large Cap Value ETF, Bluemonte Dynamic Total Market ETF, Bluemonte Global Equity ETF, Bluemonte Core Bond ETF, Bluemonte Short Term Bond ETF, Bluemonte Long Term Bond ETF and Bluemonte Diversified Income ETF (each a "Fund", and collectively the "Funds").

The primary objectives of the Funds are as follows:

---

| |
|:---|
| Bluemonte Large Cap Core ETF seeks to provide capital growth. |
| Bluemonte Large Cap Growth ETF seeks to provide capital growth. |
| Bluemonte Large Cap Value ETF seeks to provide capital growth. |
| Bluemonte Dynamic Total Market ETF seeks to provide capital growth. |
| Bluemonte Global Equity ETF seeks to provide capital growth. |
| Bluemonte Core Bond ETF seeks to provide total return and income. |
| Bluemonte Short Term Bond ETF seeks to provide total return and income. |
| Bluemonte Long Term Bond ETF seeks to provide total return and income. |
| Bluemonte Diversified Income ETF seeks to provide total return and income. |

---

In connection with each Fund's launch, a contribution of securities was made by a certain investor (the "Initial Investor(s)") to the newly formed Funds. The Initial Investor(s) simultaneously and separately transferred solely a pool of diversified securities ("Contributed Assets") to each Fund in exchange for Fund shares with a net asset value ("NAV") equal to the market value of the Contributed Assets on the day of the contribution (the "Contribution"). Each Initial Investor's basis in the ETF shares received with respect to the Contribution is equal to each of the Initial Investor's basis in the Contributed Assets. On June 20, 2025 ("Contribution Date"), the Initial Investor(s) completed a tax-free contribution under Section 351(a) of the Internal Revenue Code of 1986, as amended. The Initial Investor(s) contributed a total market value on the Contribution Date, which was comprised of a contributed cost basis of assets and unrealized appreciation. The Contribution resulted in the issuance of shares to the Initial Investor(s), as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Total Market<br>Value/Total<br>Assets** | **Cost** | **Unrealized<br>Appreciation** |
| **Bluemonte Large Cap Core ETF** | 1932062 | $48264455 | $35240421 | $13024034 |
| **Bluemonte Large Cap Growth ETF** | 1602975 | 40075291 | 27731225 | 12344066 |
| **Bluemonte Large Cap Value ETF** | 1492663 | 37311387 | 28530196 | 8781191 |
| **Bluemonte Dynamic Total Market ETF** | 3035540 | 75886080 | 56696875 | 19189205 |
| **Bluemonte Global Equity ETF** | 2125569 | 53149260 | 42195454 | 10953806 |
| **Bluemonte Core Bond ETF** | 1599599 | 39995638 | 39013976 | 981662 |
| **Bluemonte Short Term Bond ETF** | 388975 | 9724565 | 9559045 | 165520 |
| **Bluemonte Long Term Bond ETF** | 327508 | 8187021 | 8070850 | 116171 |
| **Bluemonte Diversified Income ETF** | 437920 | 10949429 | 10207170 | 742259 |

---

Exchange Traded Concepts, LLC (the "Adviser"), an Oklahoma limited liability company, serves as the investment adviser for the Funds. Each Fund is classified as "non-diversified" under the 1940 Act (see "Non-Diversification Risk" under Note 6). The Funds commenced operations on June 20, 2025.

 **Bluemonte**

**Notes to Financial Statements**

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

 **1. ORGANIZATION** (Concluded)

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. 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.

 **Bluemonte**

**Notes to Financial Statements**

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

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

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.

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

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

 **Bluemonte**

**Notes to Financial Statements**

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

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

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

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

**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 of the Bluemonte Large Cap Core ETF, Bluemonte Large Cap Growth ETF, Bluemonte Large Cap Value ETF, Bluemonte Dynamic Total Market ETF, and Bluemonte Global Equity ETF pays out dividends from its net investment income quarterly and distributes its net capital gains, if any, to investors at least annually. All distributions are recorded on ex-dividend date.

Each of the Bluemonte Core Bond ETF, Bluemonte Short Term Bond ETF, Bluemonte Long Term Bond ETF, and Bluemonte Diversified Income ETF pays out dividends from its net investment income monthly and distributes its net capital gains, if any, to investors at least annually. All distributions are recorded on ex-dividend date.

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

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

Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the

 **Bluemonte**

**Notes to Financial Statements**

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

2. SIGNIFICANT ACCOUNTING POLICIES (Concluded)

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. 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 0.25% of the average daily net assets of each Fund.

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.

The Adviser has contractually agreed to waive a portion of its management fee to 0.20% of the average daily net assets for each Fund at least through August 31, 2026. The agreement may be terminated by the Board for any reason at any time and by the Adviser for any reason and upon sixty days' prior notice to the Trust.

Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds (including the fee charged by ETC Platform Services) except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Ad ("Excluded Expenses").

 **Bluemonte**

**Notes to Financial Statements**

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

 **3. SERVICE PROVIDERS** (Concluded)

A Trustee and certain officers of the Trust are affiliated with the Adviser and receive no compensation from the Trust for serving as officers and/or Trustee.

*Sub-Advisory Agreement*

RFG Advisory, 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.

As part of the arrangement between the Sub-Adviser and the Adviser, the Sub-Adviser has agreed to assume the Adviser's obligation to pay all expenses of each Fund (except Excluded Expenses) and, to the extent applicable, 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 period ended October 31, 2025, no fees were charged by the Distributor under the Plan and the Plan will only be implemented with approval of the Board.

*Administrator, Custodian and Transfer Agent*

SEI Investments Global Funds Services serves as the Funds' administrator pursuant to an administration agreement. Brown Brothers Harriman serves as the Funds' custodian and transfer agent pursuant to a custodian agreement and transfer agency services agreement.

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

**4. INVESTMENT TRANSACTIONS**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales and<br>Maturities** |
| **Bluemonte Large Cap Core ETF** | $33791751 | $24940 |
| **Bluemonte Large Cap Growth ETF** | 26616461 | 13469 |
| **Bluemonte Large Cap Value ETF** | 27327396 | 7287 |
| **Bluemonte Dynamic Total Market ETF** | 197079386 | 140904874 |
| **Bluemonte Global Equity ETF** | 160180672 | 117806047 |
| **Bluemonte Core Bond ETF** | 71892545 | 28347127 |
| **Bluemonte Short Term Bond ETF** | 10985464 | 204095 |
| **Bluemonte Long Term Bond ETF** | 15450395 | 5887941 |
| **Bluemonte Diversified Income ETF** | 27113523 | 15295124 |

---

 **Bluemonte**

**Notes to Financial Statements**

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

 **4. INVESTMENT TRANSACTIONS** (Concluded)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Net Realized<br>Gain (Loss)** |
| **Bluemonte Large Cap Core ETF** | $217843583 | $52050692 | $16066732 |
| **Bluemonte Large Cap Growth ETF** | 160664046 | 24503462 | 10702093 |
| **Bluemonte Large Cap Value ETF** | 180938766 | 38057571 | 10285960 |
| **Bluemonte Dynamic Total Market ETF** | 492647882 | 212618289 | 29287475 |
| **Bluemonte Global Equity ETF** | 358882288 | 173200516 | 20510603 |
| **Bluemonte Core Bond ETF** | 403289489 | 76278036 | 1754902 |
| **Bluemonte Short Term Bond ETF** | 126789962 | 9491018 | 172019 |
| **Bluemonte Long Term Bond ETF** | 137002873 | 18778300 | 558876 |
| **Bluemonte Diversified Income ETF** | 94980089 | 19557031 | 959754 |

---

**5. TAX INFORMATION**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax <br>Cost** | **Aggregated<br>Gross<br>Unrealized<br>Appreciation** | **Aggregated<br>Gross<br>Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| **Bluemonte Large Cap Core ETF** | $215623670 | $22757298 | $— | $22757298 |
| **Bluemonte Large Cap Growth ETF** | 173466225 | 27686277 |  | 27686277 |
| **Bluemonte Large Cap Value ETF** | 180487613 | 10431054 |  | 10431054 |
| **Bluemonte Dynamic Total Market ETF** | 365749349 | 20780406 | **(3431)** | 20776975 |
| **Bluemonte Global Equity ETF** | 248277073 | 12423511 | **(2592)** | 12420919 |
| **Bluemonte Core Bond ETF** | 372337969 | 4860457 | **(72543)** | 4787914 |
| **Bluemonte Short Term Bond ETF** | 128252191 | 1056296 |  | 1056296 |
| **Bluemonte Long Term Bond ETF** | 128355767 | 2944503 |  | 2944503 |
| **Bluemonte Diversified Income ETF** | 88140159 | 893701 | **(394450)** | 499251 |

---

**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.

 **Bluemonte**

**Notes to Financial Statements**

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

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

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

*Debt Securities Risk* (Bluemonte Core Bond ETF, Bluemonte Short Term Bond ETF, Bluemonte Long Term Bond ETF and Bluemonte Diversified Income ETF only). The Fund may invest in ETFs that hold debt securities. Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a centralized securities exchange making them generally less liquid and more difficult to value than common stock. The values of debt securities may also increase or decrease as a result of market fluctuations, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments or illiquidity in debt securities markets generally.

*Exchange*-Traded *Funds Risk.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund may invest in shares of ETFs, which subjects it to the risks of owning the securities underlying the ETF, as well as the same structural risks faced by an investor purchasing shares of the Fund, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears its proportionate share of the ETF's expenses, subjecting Fund shareholders to duplicative expenses.

*Foreign Securities Risk* (Bluemonte Large Cap Core ETF, Bluemonte Large Cap Growth ETF, Bluemonte Large Cap Value ETF, Bluemonte Global Equity ETF and Bluemonte Diversified Income ETF only). The Fund may invest in ETFs that hold foreign securities. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to expropriation, nationalization or adverse political or economic developments. Foreign securities may have relatively low market liquidity and decreased publicly available information about issuers. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. Non-U.S. issuers may also be subject to inconsistent and potentially less stringent accounting, auditing, financial reporting and investor protection standards than U.S. issuers. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. In addition, where all or a portion of the Fund's portfolio holdings trade in markets that are closed when the Fund's market is open, there may be valuation differences that could lead to differences between the Fund's market price and the value of the Fund's portfolio holdings.

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

 **Bluemonte**

**Notes to Financial Statements**

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

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

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

*Non*-Diversification *Risk.&nbsp;&nbsp;&nbsp;&nbsp;*The Funds are non-diversified under the 1940 Act, meaning that, as compared to a diversified fund, they 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 a Fund's performance.

**7. OTHER**

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

---

| | |
|:---|:---|
|  | **Number of<br>Authorized<br>Participants** |
| **Bluemonte Large Cap Core ETF** | **3** |
| **Bluemonte Large Cap Growth ETF** | **3** |
| **Bluemonte Large Cap Value ETF** | **3** |
| **Bluemonte Dynamic Total Market ETF** | **3** |
| **Bluemonte Global Equity ETF** | **4** |
| **Bluemonte Core Bond ETF** | **4** |
| **Bluemonte Short Term Bond ETF** | **4** |
| **Bluemonte Long Term Bond ETF** | **4** |
| **Bluemonte Diversified Income ETF** | **4** |

---

**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. This and other government intervention into the economy and financial markets to address 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. 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.

 **Bluemonte**

**Notes to Financial Statements**

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

**9. RECENT ACCOUNTING PRONOUNCEMENT**

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

 **Bluemonte**

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

(Unaudited)

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

Not applicable.

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

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

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

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

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

At a meeting held on May 22, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Exchange Traded Concepts Trust (the "Trust") considered the initial approval of (1) the investment advisory agreement between the Trust and Exchange Traded Concepts, LLC ("ETC") pursuant to which ETC provides advisory services to the Fund (the "Advisory Agreement") and (2) the sub-advisory agreement between ETC and RFG (the "Sub-Advisory Agreement" and, together with the Advisory Agreement, the "Agreements"), with respect to the Bluemonte Large Cap Core ETF, Bluemonte Large Cap Growth ETF, Bluemonte Large Cap Value ETF, Bluemonte Dynamic Total Market ETF, Bluemonte Global Equity ETF, Bluemonte Core Bond ETF, Bluemonte Short Term Bond ETF, Bluemonte Long Term Bond ETF, and Bluemonte Diversified Income ETF for the (each, a "Bluemonte ETF" and collectively, the "Bluemonte ETFs").

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

Consistent with these responsibilities, prior to the Meeting, the Board reviewed written materials from ETC and RFG and, at the Meeting, representatives from ETC presented additional oral and written information to help the Board evaluate the Agreements. Among other things, the Board was provided with an overview of ETC's and RFG'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 RFG. 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 Agreements, the Board took into account the materials provided for the Meeting, the presentation and extensive discussion during the Meeting and had a detailed discussion with the independent legal counsel. In particular, the Trustees took into consideration: (i) the nature, extent, and quality of the services to be provided by ETC and RFG; (ii) ETC and RFG's expected costs of the profits to be realized from providing such services, including any fall-out benefits to be enjoyed by ETC, RFG or their affiliates; (iii) comparative fee and expense data; (iv) the fee waiver; (v) the extent to which the advisory fee for the Bluemonte ETFs reflects economies of scale to be shared with shareholders; and (vi) other factors the Board deemed to be relevant.

 **Bluemonte**

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

(Unaudited) (Continued)

*Nature, Extent, and Quality of Services.*&nbsp;&nbsp;&nbsp;&nbsp;The Independent Trustees reviewed materials provided by ETC and RFG at the Meeting related to the Agreements with respect to the Bluemonte ETFs, including: a description of the manner in which investment decisions are to be made and executed; an overview of the personnel that would perform services for the Bluemonte ETFs and their background and experience; a review of the financial condition of ETC and RFG; information regarding risk management processes and liquidity management; the respective compliance policies and procedures of ETC and RFG; and an independent report prepared by ISS analyzing the fees to be paid by the Bluemonte ETFs and their respective estimated total expense ratios as compared to those of a peer group of other registered investment companies with similar investment strategies as selected by ISS.

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

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

*Performance.*&nbsp;&nbsp;&nbsp;&nbsp;Because the Bluemonte ETFs are new and have not commenced operations, the Board noted that there were no historical performance records to consider. The Board considered backtested performance data RFG's separately managed advisory accounts in each strategy and found that the results were not unreasonable.

*Cost of Advisory Services and Profitability.*&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the advisory fee to be paid to ETC and RFG for their respective services to the Bluemonte ETFs under the Agreements. The Board reviewed the report provided by ISS, an independent third party, comparing each Bluemonte ETF's advisory fee to those paid by a group of peer funds. The Board noted that each Bluemonte ETF's unitary fee is 0.25% with a one-year fee waiver resulting in net total unitary fee of 0.20%. The Board took into consideration that the advisory fee is a "unitary fee," meaning that the Bluemonte ETFs would pay no expenses other than certain expenses customarily excluded from unitary fee arrangements, such as acquired fund fees and expenses, brokerage commissions, taxes, and interest.

 **Bluemonte**

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

(Unaudited) (Continued)

*Bluemonte Large Cap Core ETF (BLUC)*

The Board found that relative to the ISS constructed group of 11peer funds, the Fund's net unitary fee is the lowest in the peer group. The Board considered that ISS's selection criteria reflects that the Fund is compared against other actively managed unaffiliated large cap blend ETFs of ETFs/funds of funds.

*Bluemonte Large Cap Growth ETF (BLGR)*

The Board found that relative to the ISS constructed group of 11 peer funds the Fund's net unitary fee is the lowest in the peer group. The Board considered that ISS's selection criteria reflect that the Fund is compared against other actively managed unaffiliated large cap growth ETFs of ETFs/funds of funds.

*Bluemonte Large Cap Value ETF (BVAL)*

The Board found that relative to the ISS constructed group of 9 peers, Fund's net unitary fee is the lowest in the peer group. The Board considered that ISS's selection criteria reflect that the Fund is compared against other actively managed unaffiliated large cap value and large cap blend ETFs of ETFs.

*Bluemonte Dynamic Total Market ETF (BLUX)*

The Board found that relative to the ISS constructed group of peers, the Fund's net unitary fee is the lowest in the peer group. The Board considered that ISS's selection criteria reflect that the Fund is compared against other actively managed unaffiliated large blend ETFs of ETFs and unaffiliated large blend, mid cap value, and small blend fund of funds.

*Bluemonte Global Equity ETF (BINT)*

The Board found that relative to the ISS constructed group of peers, the Fund's net fee is the lowest in the peer group. The Board considered that ISS's selection criteria reflect that the Fund is compared against other actively managed unaffiliated foreign large blend, large blend, global large-stock blend, and global large-stock value ETFs of ETFs.

*Bluemonte Core Bond ETF (BDBT)*

The Board found that relative to the ISS constructed group of peers, the Fund's net unitary fee is the lowest in the peer group. The Board considered that ISS's selection criteria reflect that the Fund is compared against other actively managed unaffiliated intermediate core bond and intermediate core-plus bond ETFs of ETFs/funds of funds.

*Bluemonte Short Term Bond ETF (BLST)*

The Board found that relative to the ISS constructed group of peers, the Fund's net unitary fee is the lowest in the peer group. The Board considered that ISS's selection criteria reflect that the Fund is compared against other actively managed unaffiliated intermediate core bond, short-term bond, multisector bond, and nontraditional bond ETFs of ETFs or short-term bond fund of funds.

*Bluemonte Long Term Bond ETF (BLTD)*

The Board found that relative to the ISS constructed group of 8 peers, the Fund's net unitary fee is the lowest in the peer group. The Board considered that ISS's selection criteria reflect that the Fund is compared against other actively managed unaffiliated intermediate core bond, intermediate core-plus bond, long-term bond, multisector bond, and nontraditional bond ETFs of ETFs.

*Bluemonte Diversified Income ETF (BLUI)*

The Board found that relative to the ISS constructed group of peers, the Fund's net unitary fee is the lowest in the peer group. The Board considered that ISS's selection criteria reflect that the Fund is compared against other actively managed unaffiliated multisector ETFs of ETFs/fund of funds.

 **Bluemonte**

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

(Unaudited) (Concluded)

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

The Board considered that the sub-advisory fee is paid by ETC, not each Fund, and that the sub-advisory fee reflected an arm's length negotiation between ETC and RFG. The Board further found that the sub-advisory fee reflected a reasonable allocation of the advisory fee between ETC and RFG given the work performed by each firm. The Board noted that ETC under the unitary fee arrangement will be responsible for compensating the Bluemonte ETFs' other service providers and paying the Bluemonte ETFs' other expenses out of its own fee and resources and is ultimately responsible for ensuring the obligation is satisfied. The Board considered the costs and expenses to be incurred by ETC and RFG in providing advisory services, evaluated the compensation and benefits to be received by ETC and RFG from their relationship with the Bluemonte ETFs, and reviewed a profitability analysis from ETC and RFG with respect to the Bluemonte ETFs. The Board considered the risks borne by ETC and RFG associated with providing services to the Bluemonte ETFs, 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 Bluemonte ETFs. In light of this information, the Board concluded that the advisory fee appeared reasonable in light of the services to be rendered.

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

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

![](tetc_logo.jpg)

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, OK 73120

**Investment Adviser:** Exchange Traded Concepts, LLC

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, OK 73120

**Sub**-Adviser**:** RFG Advisory, LLC

1400 Urban Center Drive, Suite 475

Vestavia Hills, AL 35242

**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.

 For additional information about the Funds; including each Fund's prospectus, financial information, holdings, and proxy voting information, call or visit:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833-537-3863<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;https://www.bluemontefunds.com/investor-materials<br>

BLUE-SA-001-0100

------

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

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

**Item 16.** **Controls and Procedures.**

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

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

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

Not applicable to open-end management investment companies.

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

(a) Not applicable.

(b) Not applicable.

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

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](ea0269750-01_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.](ea0269750-01_ex99906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) | Exchange Traded Concepts Trust |
| By (Signature and Title) | /s/ Richard Malinowski |
|  | Richard Malinowski |
|  | Principal Executive Officer |
| Date: December 22, 2025 |  |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. |
| By (Signature and Title) | /s/ Richard Malinowski |
|  | Richard Malinowski |
|  | Principal Executive Officer |
| Date: December 22, 2025 |  |
| By (Signature and Title) | /s/ Christopher W. Roleke |
|  | Christopher W. Roleke |
|  | Principal Financial Officer |
| Date: December 22, 2025 |  |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATION**

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

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

I, Richard Malinowski, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

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

---

**CERTIFICATION**

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

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

I, Christopher W. Roleke, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

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

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**CERTIFICATION**

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

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

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

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

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

Dated: December 22, 2025

---

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

---

**CERTIFICATION**

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

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

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

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

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

Dated: December 22, 2025

---

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

---