Exchange Traded Concepts Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-22263

Exchange Traded Concepts Trust

(Exact name of registrant as specified in charter)

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Address of principal executive offices) (Zip code)

J. Garrett Stevens

Exchange Traded Concepts Trust

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Name and address of agent for service)

Copy to:

Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

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

Date of fiscal year end: November 30, 2024

Date of reporting period: May 31, 2024

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

ETC 6 Meridian Hedged Equity-Index Option Strategy ETF

ETC 6 Meridian Low Beta Equity Strategy ETF

ETC 6 Meridian Mega Cap Equity ETF

ETC 6 Meridian Small Cap Equity ETF

ETC 6 Meridian Quality Growth ETF

Semi-Annual Report

May 31, 2024
(Unaudited)

ETC 6 Meridian

Table of Contents

Schedules of Investments		1
Statements of Assets and Liabilities		13
Statements of Operations		15
Statements of Changes in Net Assets		17
Financial Highlights		22
Notes to Financial Statements		27
Disclosure of Fund Expenses		38
Review of Liquidity Risk Management Program		39
Supplemental Information		40

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

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

ETC 6 Meridian

Hedged Equity-Index Option Strategy ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Description	Shares	Fair Value
COMMON STOCK — 98.1%
Communication Services — 14.9%
Alphabet, Cl A(A)*	31,056	$	5,357,160
AT&T	902,290		16,439,723
Comcast, Cl A	133,214		5,332,556
Meta Platforms, Cl A(A)	23,173		10,817,852
Netflix*	9,224		5,918,303
T-Mobile US	30,754		5,380,720
Verizon Communications(A)	259,632		10,683,857
			59,930,171
Consumer Discretionary — 6.3%
Amazon.com(A)*	56,858		10,032,026
General Motors	114,432		5,148,296
Home Depot	15,329		5,133,222
Lowe’s(A)	22,366		4,949,372
			25,262,916
Consumer Staples — 22.3%
Altria Group(A)	232,258		10,741,933
Coca-Cola(A)	82,170		5,170,958
Colgate-Palmolive(A)	110,746		10,294,948
Costco Wholesale(A)	14,092		11,412,971
Kraft Heinz(A)	420,803		14,883,802
PepsiCo(A)	58,108		10,046,873
Philip Morris International	52,981		5,371,214
Procter & Gamble	31,143		5,124,269
Target	32,531		5,080,041
Walmart(A)	172,941		11,372,600
			89,499,609

Description	Shares	Fair Value
Energy — 5.0%
ConocoPhillips(A)	40,926	$	4,767,060
Exxon Mobil(A)	131,576		15,428,602
			20,195,662
Financials — 10.2%
American Express	21,986		5,276,640
American International Group	67,125		5,290,793
Capital One Financial(A)	71,855		9,889,404
Charles Schwab	68,242		5,000,774
JPMorgan Chase	26,523		5,374,354
US Bancorp	123,965		5,026,781
Wells Fargo	85,497		5,122,980
			40,981,726
Health Care — 13.9%
AbbVie(A)	62,933		10,147,317
Eli Lilly	13,103		10,748,915
Johnson & Johnson(A)	100,984		14,811,323
Medtronic PLC	62,910		5,118,987
Merck(A)	79,018		9,919,920
UnitedHealth Group	10,512		5,207,329
			55,953,791
Industrials — 6.4%
Caterpillar(A)	30,741		10,406,444
Deere	13,132		4,921,348
General Electric(A)	31,865		5,262,186
Lockheed Martin	11,021		5,183,617
			25,773,595
Information Technology — 13.7%
Adobe(A)*	10,841		4,821,643
Apple(A)	30,058		5,778,651
Cisco Systems(A)	217,284		10,103,706
International Business Machines(A)	61,896		10,327,348
NVIDIA(A)	12,256		13,436,620
QUALCOMM	31,008		6,327,182
Salesforce	18,939		4,440,059
			55,235,209
Materials — 1.3%
Dow	88,918		5,124,344
Real Estate — 1.4%
Simon Property Group‡(A)	36,302		5,492,856
Utilities — 2.7%
Southern	136,575		10,945,121

Total Common Stock (Cost $356,565,508)			394,395,000

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

ETC 6 Meridian

Hedged Equity-Index Option Strategy ETF

Schedule of Investments

May 31, 2024 (Unaudited) (Concluded)

Description	Shares	Fair Value
EXCHANGE TRADED FUND — 3.0%
SPDR Bloomberg 1-3 Month T-Bill ETF	129,120	$	11,855,798

Total Exchange Traded Fund (Cost $11,805,566)			11,855,798

SHORT-TERM INVESTMENT — 1.0%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(B)	3,997,531		3,997,531

Total Short-Term Investment (Cost $3,997,531)			3,997,531

Total Investments — 102.1% (Cost $372,368,605)		$	410,248,329

WRITTEN OPTIONS — -2.2%
Total Written Options (Premiums Received $5,910,604)		$	(8,792,940	)

A list of the Exchange Traded Option Contracts held by the Fund at May 31, 2024, is as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
WRITTEN OPTIONS — (2.2)%

Call Options
S&P 500 Index	(195	)	$	(102,911,445	)	$	5,300.00	07/19/24	$	(1,808,040	)
S&P 500 Index	(585	)		(308,734,335	)		5,200.00	06/21/24		(6,984,900	)

Total Written Options (Premiums Received $5,910,604)									$	(8,792,940	)

Percentages are based on Net Assets of $401,787,312.

‡ Real Estate Investment Trust

* Non-income producing security.

(A) All or a portion of these securities has been pledged as collateral on written options with a fair value of $74,544,458.

(B) The rate shown is the 7-day effective yield as of May 31, 2024.

Cl — Class

ETF — Exchange Traded Fund

PLC — Public Limited Company

S&P — Standard & Poor’s

SPDR — Standard & Poor’s Depositary Receipts

As of May 31, 2024, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. Generally Accepted Accounting Principles.

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

ETC 6 Meridian

Low Beta Equity Strategy ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Description	Shares	Fair Value
COMMON STOCK — 99.6%
Communication Services — 4.2%
AT&T	37,641	$	685,818
Cogent Communications Holdings	9,021		534,224
Iridium Communications	22,767		685,514
Marcus	45,289		482,328
New York Times, Cl A	15,032		769,638
Scholastic	17,103		620,497
TEGNA	45,897		684,324
TKO Group Holdings, Cl A	8,154		889,357
T-Mobile US	3,856		674,646
Verizon Communications	16,197		666,507
			6,692,853
Consumer Discretionary — 7.2%
Adtalem Global Education*	13,524		870,810
Aramark	20,808		668,977
Choice Hotels International	5,389		609,981
Deckers Outdoor*	703		769,026
Grand Canyon Education*	4,836		688,937
McDonald’s	2,208		571,629
Murphy USA	1,569		688,399
Ollie’s Bargain Outlet Holdings*	8,626		711,041
O’Reilly Automotive*	596		574,103
Perdoceo Education	36,930		830,925
Strategic Education	6,076		689,140
Stride*	10,652		731,366
Sturm Ruger	15,223		676,510
Texas Roadhouse, Cl A	4,270		737,301

Description	Shares	Fair Value
Consumer Discretionary (continued)
Ulta Beauty*	1,177	$	465,021
Wendy’s	34,692		605,375
Wingstop	1,747		644,032
			11,532,573
Consumer Staples — 19.5%
Altria Group	15,597		721,361
BellRing Brands*	10,722		623,699
BJ’s Wholesale Club Holdings*	8,959		789,019
Boston Beer, Cl A*	2,182		684,428
Cal-Maine Foods	11,309		697,426
Campbell Soup	14,935		662,815
Casey’s General Stores	2,145		711,668
Church & Dwight	6,311		675,340
Clorox	4,294		564,919
Coca-Cola	10,860		683,420
Coca-Cola Consolidated	796		780,907
Colgate-Palmolive	7,416		689,391
Conagra Brands	23,134		691,244
Edgewell Personal Care	17,268		666,199
Flowers Foods	28,601		664,115
Fresh Del Monte Produce	26,663		622,848
Grocery Outlet Holding*	24,820		545,792
Ingredion	5,558		653,510
J & J Snack Foods	4,493		731,056
John B Sanfilippo & Son	6,327		637,951
Kellanova	12,006		724,442
Keurig Dr Pepper	22,146		758,501
Kimberly-Clark	5,181		690,627
Kraft Heinz	18,292		646,988
Kroger	12,805		670,598
Lamb Weston Holdings	6,311		557,198
Lancaster Colony	3,161		586,366
McCormick	9,465		683,562
Molson Coors Beverage, Cl B	10,296		564,324
Mondelez International, Cl A	9,030		618,826
National Beverage*	12,641		584,014
PepsiCo	3,964		685,376
Performance Food Group*	8,436		587,146
Pilgrim’s Pride*	20,223		726,612
Post Holdings*	6,213		662,119
PriceSmart	7,781		654,771
Procter & Gamble	4,053		666,881
Simply Good Foods*	19,474		749,555
SpartanNash	32,386		636,385
Sprouts Farmers Market*	10,207		806,148
Sysco	8,166		594,648
Tootsie Roll Industries	20,291		593,715

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

ETC 6 Meridian

Low Beta Equity Strategy ETF

Schedule of Investments

May 31, 2024 (Unaudited) (Continued)

Description	Shares	Fair Value
Consumer Staples (continued)
TreeHouse Foods*	17,975	$	652,672
Universal	13,005		623,720
US Foods Holding*	12,290		649,281
Walmart	10,677		702,120
WD-40	2,541		570,937
			31,144,640
Energy — 2.1%
California Resources	12,172		576,344
Chevron	4,355		706,817
DT Midstream	11,088		743,783
Exxon Mobil	6,051		709,540
Phillips 66	4,400		625,284
			3,361,768
Financials — 13.5%
Ambac Financial Group*	42,771		757,901
AMERISAFE	12,121		531,263
Aon PLC, Cl A	2,039		574,264
Assurant	3,592		623,104
Assured Guaranty	7,082		550,413
Cboe Global Markets	3,442		595,432
Chubb	2,581		698,986
CME Group, Cl A	2,944		597,573
Donnelley Financial Solutions*	10,040		612,038
Employers Holdings	14,270		601,909
Erie Indemnity, Cl A	1,567		567,928
Everest Group	1,744		681,782
EZCORP, Cl A*	62,244		652,940
Federated Hermes, Cl B	17,927		594,639
FirstCash Holdings	5,612		661,767
Hanover Insurance Group	4,906		647,249
HCI Group	6,583		631,178
Horace Mann Educators	18,272		624,354
Kinsale Capital Group	1,177		451,521
Mercury General	13,382		747,117
Morningstar	2,082		600,137
Old Republic International	22,081		701,734
Progressive	3,293		695,416
Radian Group	21,668		676,909
Reinsurance Group of America, Cl A	3,535		741,643
RenaissanceRe Holdings	2,832		645,300
RLI	4,349		634,867
Safety Insurance Group	8,106		626,999
Selective Insurance Group	6,175		602,742
SiriusPoint*	52,493		690,283
Western Union	46,998		601,574

Description	Shares	Fair Value
Financials (continued)
Willis Towers Watson	2,347	$	599,166
WisdomTree	78,294		780,590
WR Berkley	7,629		618,178
			21,618,896
Health Care — 20.5%
Abbott Laboratories	5,416		553,461
AbbVie	3,569		575,466
Addus HomeCare*	6,513		747,759
Alkermes*	22,344		522,850
Amedisys*	6,947		633,219
Amgen	2,333		713,547
ANI Pharmaceuticals*	9,825		637,643
Becton Dickinson	2,739		635,366
Boston Scientific*	9,592		724,867
Cardinal Health	5,841		579,836
Centene*	8,333		596,559
Chemed	1,013		561,577
Collegium Pharmaceutical*	17,626		584,126
Corcept Therapeutics*	28,078		847,113
CorVel*	2,776		665,824
CVS Health	8,698		518,401
Dynavax Technologies*	50,804		609,140
Elevance Health	1,275		686,562
Eli Lilly	826		677,601
Encompass Health	8,437		728,872
Ensign Group	5,143		623,537
Exelixis*	28,898		626,798
Gilead Sciences	8,902		572,132
HealthEquity*	8,025		655,482
HealthStream	24,463		667,595
Henry Schein*	8,581		595,007
Inari Medical*	15,042		752,100
Innoviva*	42,601		672,670
Integer Holdings*	5,610		680,156
Jazz Pharmaceuticals*	5,512		580,138
Johnson & Johnson	4,058		595,187
LeMaitre Vascular	9,540		752,515
Masimo*	4,987		620,882
McKesson	1,227		698,887
Medtronic PLC	7,559		615,076
Merck	5,223		655,695
Merit Medical Systems*	8,634		700,649
Molina Healthcare*	1,664		523,461
National HealthCare	6,796		718,677
Neurocrine Biosciences*	4,886		661,613
OraSure Technologies*	92,787		438,883
Pacira BioSciences*	21,474		651,306

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

ETC 6 Meridian

Low Beta Equity Strategy ETF

Schedule of Investments

May 31, 2024 (Unaudited) (Continued)

Description	Shares	Fair Value
Health Care (continued)
Patterson	24,081	$	592,152
Perrigo PLC	23,023		633,823
Premier, Cl A	30,894		584,514
Prestige Consumer Healthcare*	9,056		582,391
Quest Diagnostics	5,091		722,769
Regeneron Pharmaceuticals*	661		647,886
United Therapeutics*	2,723		749,178
UnitedHealth Group	1,365		676,180
Varex Imaging*	37,383		577,567
			32,624,695
Industrials — 9.1%
AeroVironment*	3,547		717,026
Brady, Cl A	11,271		769,472
BWX Technologies	6,122		564,020
CACI International, Cl A*	1,714		727,559
CoreCivic*	43,816		703,247
Curtiss-Wright	2,673		755,978
FTI Consulting*	3,132		672,754
General Dynamics	2,357		706,558
Hexcel	8,504		585,670
KBR	10,472		687,592
Liquidity Services*	36,389		713,588
Lockheed Martin	1,491		701,277
National Presto Industries	8,543		636,283
Northrop Grumman	1,398		630,176
Republic Services, Cl A	3,518		651,498
RTX	7,159		771,812
Science Applications International	4,508		607,002
Verisk Analytics, Cl A	2,739		692,364
Verra Mobility, Cl A*	29,757		792,726
Waste Management	3,104		654,106
Woodward	4,354		812,021
			14,552,729
Information Technology — 4.6%
A10 Networks	47,727		723,065
CommVault Systems*	6,503		699,625
Dolby Laboratories, Cl A	7,931		642,490
GoDaddy, Cl A*	5,902		824,096
Insight Enterprises*	3,467		677,799
InterDigital	6,022		685,725
Juniper Networks	17,268		615,950
Manhattan Associates*	2,533		556,095
N-able*	49,666		663,041
NetScout Systems*	30,377		623,943
Progress Software	12,185		617,170
			7,328,999

Description	Shares	Fair Value
Materials — 1.2%
AptarGroup	4,516	$	666,968
NewMarket	1,029		550,587
Royal Gold	5,835		747,989
			1,965,544
Real Estate — 4.1%
CareTrust‡	27,472		702,459
Equity LifeStyle Properties‡	9,765		612,949
Essential Properties Realty Trust‡	26,151		700,324
Four Corners Property Trust‡	26,734		652,577
Gaming and Leisure Properties‡	14,218		638,388
Getty Realty‡	23,784		656,676
LTC Properties‡	20,383		701,175
NNN REIT‡	15,579		650,735
Omega Healthcare Investors‡	20,905		675,859
WP Carey‡	11,273		635,797
			6,626,939
Utilities — 13.6%
ALLETE	11,204		707,533
Ameren	8,844		648,884
American States Water	9,058		666,578
Atmos Energy	5,610		650,311
Avista	19,395		717,227
California Water Service Group	14,182		707,540
CenterPoint Energy	22,852		697,215
Chesapeake Utilities	6,278		703,199
CMS Energy	10,723		674,798
Consolidated Edison	7,197		680,476
DTE Energy	5,784		674,010
Duke Energy	6,873		711,837
Essential Utilities	18,511		698,420
Evergy	12,759		697,407
IDACORP	7,319		698,745
MGE Energy	8,196		656,745
New Jersey Resources	15,192		660,244
Northwest Natural Holding	17,302		647,441
Northwestern Energy Group	13,284		690,237
OGE Energy	19,073		692,350
ONE Gas	10,441		643,479
Pinnacle West Capital	9,268		730,874
PPL	24,081		706,296
Public Service Enterprise Group	9,966		755,024
SJW Group	11,324		619,536
Southern	9,429		755,640
Spire	10,642		652,248
Unitil	12,475		667,288
Vistra	10,615		1,051,734

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

ETC 6 Meridian

Low Beta Equity Strategy ETF

Schedule of Investments

May 31, 2024 (Unaudited) (Concluded)

Description	Shares	Fair Value
Utilities (continued)
WEC Energy Group	7,961	$	645,080
Xcel Energy	13,347		740,091
			21,648,487

Total Common Stock (Cost $147,700,501)			159,098,123

SHORT-TERM INVESTMENT — 0.3%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(A)	478,673		478,673

Total Short-Term Investment (Cost $478,673)			478,673

Total Investments — 99.9% (Cost $148,179,174)		$	159,576,796

Percentages are based on Net Assets of $159,685,944

‡ Real Estate Investment Trust

* Non-income producing security.

(A) The rate reported is the 7-day effective yield as of May 31, 2024.

Cl — Class

PLC — Public Limited Company

REIT — Real Estate Investment Trust

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

ETC 6 Meridian

Mega Cap Equity ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Description	Shares	Fair Value
COMMON STOCK — 99.8%
Communication Services — 15.2%
Alphabet, Cl A*	18,833	$	3,248,693
AT&T	547,191		9,969,820
Comcast, Cl A	80,787		3,233,904
Meta Platforms, Cl A	14,054		6,560,828
Netflix*	5,592		3,587,939
T-Mobile US	18,649		3,262,829
Verizon Communications	157,457		6,479,356
			36,343,369
Consumer Discretionary — 6.4%
Amazon.com*	34,482		6,084,004
General Motors	69,396		3,122,126
Home Depot	9,295		3,112,617
Lowe’s	13,562		3,001,135
			15,319,882
Consumer Staples — 22.5%
Altria Group	140,856		6,514,590
Coca-Cola	49,830		3,135,802
Colgate-Palmolive	67,164		6,243,565
Costco Wholesale	8,545		6,920,511
Kraft Heinz	255,194		9,026,212
PepsiCo	35,239		6,092,823
Philip Morris International	32,129		3,257,238
Procter & Gamble	18,885		3,107,338
Target	19,728		3,080,724
Walmart	104,883		6,897,106
			54,275,909

Description	Shares	Fair Value
Energy — 5.1%
ConocoPhillips	24,820	$	2,891,034
Exxon Mobil	79,794		9,356,644
			12,247,678
Financials — 10.4%
American Express	13,331		3,199,440
American International Group	40,706		3,208,447
Capital One Financial	43,578		5,997,640
Charles Schwab	41,383		3,032,546
JPMorgan Chase	16,084		3,259,101
US Bancorp	75,178		3,048,468
Wells Fargo	51,848		3,106,732
			24,852,374
Health Care — 14.2%
AbbVie	38,167		6,154,047
Eli Lilly	7,945		6,517,601
Johnson & Johnson	61,240		8,982,072
Medtronic PLC	38,152		3,104,428
Merck	47,921		6,016,002
UnitedHealth Group	6,374		3,157,488
			33,931,638
Industrials — 6.5%
Caterpillar	18,642		6,310,690
Deere	7,964		2,984,589
General Electric	19,323		3,191,000
Lockheed Martin	6,683		3,143,282
			15,629,561
Information Technology — 14.0%
Adobe*	6,574		2,923,853
Apple	18,227		3,504,141
Cisco Systems	131,776		6,127,584
International Business Machines	37,537		6,263,048
NVIDIA	7,431		8,146,828
QUALCOMM	18,804		3,836,956
Salesforce	11,485		2,692,543
			33,494,953
Materials — 1.3%
Dow	53,923		3,107,582
Real Estate — 1.4%
Simon Property Group‡	22,015		3,331,090
Utilities — 2.8%
Southern	82,827		6,637,756

Total Common Stock (Cost $216,685,070)			239,171,792

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

ETC 6 Meridian

Mega Cap Equity ETF

Schedule of Investments

May 31, 2024 (Unaudited) (Concluded)

Description	Shares	Fair Value
SHORT-TERM INVESTMENT — 0.1%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(A)	300,526	$	300,526

Total Short-Term Investment (Cost $300,526)			300,526

Total Investments — 99.9% (Cost $216,985,596)		$	239,472,318

Percentages are based on Net Assets of $239,704,428.

‡ Real Estate Investment Trust

* Non-income producing security.

(A) The rate shown is the 7-day effective yield as of May 31, 2024.

Cl — Class

PLC — Public Limited Company

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

ETC 6 Meridian

Small Cap Equity ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Description	Shares	Fair Value
COMMON STOCK — 99.8%
Communication Services — 1.7%
Cogent Communications Holdings	11,957	$	708,094
Marcus	60,633		645,741
			1,353,835
Consumer Discretionary — 13.3%
Adtalem Global Education*	18,107		1,165,910
Buckle	21,609		832,811
Golden Entertainment	26,963		816,170
Green Brick Partners*	16,878		921,539
M*	7,096		886,432
Movado Group	31,577		836,791
Perdoceo Education	101,638		2,286,854
Stride*	14,149		971,470
Sturm Ruger	20,672		918,664
Worthington Enterprises	13,906		793,059
			10,429,700
Consumer Staples — 12.3%
Andersons	16,361		856,334
Cal-Maine Foods	30,855		1,902,828
J & J Snack Foods	6,135		998,226
John B Sanfilippo & Son	8,775		884,783
National Beverage*	16,837		777,869
Simply Good Foods*	25,779		992,234
SpartanNash	42,781		840,647

Description	Shares	Fair Value
Consumer Staples (continued)
Tootsie Roll Industries	27,515	$	805,089
Universal	17,940		860,402
WD-40	3,379		759,228
			9,677,640
Energy — 7.7%
California Resources	16,391		776,114
CVR Energy	27,157		756,594
Helmerich & Payne	22,896		871,422
Par Pacific Holdings*	24,930		676,600
RPC	117,995		805,906
SM Energy	20,016		1,009,407
US Silica Holdings*	76,592		1,186,410
			6,082,453
Financials — 20.5%
Ambac Financial Group*	58,211		1,031,499
AMERISAFE	16,562		725,912
Axos Financial*	17,025		917,137
Bread Financial Holdings	23,091		964,280
Employers Holdings	38,497		1,623,804
Enova International*	13,778		849,414
Hanmi Financial	56,622		892,363
HCI Group	8,993		862,249
PennyMac Mortgage Investment Trust‡	62,056		848,926
Preferred Bank	11,697		874,000
PROG Holdings	27,157		1,026,263
Safety Insurance Group	11,111		859,436
SiriusPoint*	72,162		948,930
Virtus Investment Partners	3,841		878,014
Westamerica BanCorp	18,232		890,086
WisdomTree	109,282		1,089,542
World Acceptance*	7,092		911,251
			16,193,106
Health Care — 18.7%
Alkermes*	29,338		686,509
Collegium Pharmaceutical*	48,313		1,601,093
Corcept Therapeutics*	37,664		1,136,323
CorVel*	3,745		898,238
Cross Country Healthcare*	49,134		742,906
Ensign Group	6,948		842,376
Harmony Biosciences Holdings*	28,393		834,754
HealthStream	32,959		899,451
Innoviva*	117,895		1,861,563
Merit Medical Systems*	11,620		942,963
National HealthCare	9,277		981,043

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

ETC 6 Meridian

Small Cap Equity ETF

Schedule of Investments

May 31, 2024 (Unaudited) (Concluded)

Description	Shares	Fair Value
Health Care (continued)
OraSure Technologies*	124,736	$	590,001
Organon	49,191		1,049,244
Pacira BioSciences*	29,658		899,527
Prestige Consumer Healthcare*	12,255		788,119
			14,754,110
Industrials — 10.2%
Brady, Cl A	15,177		1,036,134
DNOW*	61,101		891,464
Liquidity Services*	49,495		970,597
Masterbrand*	50,943		851,258
Mueller Industries	17,147		1,010,129
National Presto Industries	11,690		870,671
Titan International*	69,350		573,525
Verra Mobility, Cl A*	40,422		1,076,842
Wabash National	32,303		730,370
			8,010,990
Information Technology — 5.8%
A10 Networks	65,700		995,355
Insight Enterprises*	4,708		920,414
Photronics*	30,680		839,098
Progress Software	16,617		841,651
ScanSource*	20,167		956,521
			4,553,039
Materials — 3.7%
Clearwater Paper*	22,414		1,191,080
Olympic Steel	13,614		709,834
Warrior Met Coal	14,857		1,016,664
			2,917,578
Real Estate — 2.4%
CareTrust‡	37,375		955,679
Getty Realty‡	32,420		895,116
			1,850,795
Utilities — 3.5%
Avista	26,063		963,809
MGE Energy	11,091		888,722
Northwest Natural Holding	23,471		878,285
			2,730,816

Total Common Stock (Cost $74,698,320)			78,554,062

Description	Shares	Fair Value
SHORT-TERM INVESTMENT — 0.2%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(A)	131,420	$	131,420

Total Short-Term Investment (Cost $131,420)			131,420

Total Investments — 100.0% (Cost $74,829,740)		$	78,685,482

Percentages are based on Net Assets of $78,709,263.

‡ Real Estate Investment Trust

* Non-income producing security.

(A) The rate shown is the 7-day effective yield as of May 31, 2024.

Cl — Class

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

ETC 6 Meridian

Quality Growth ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Description	Shares	Fair Value
COMMON STOCK†† — 99.6%
Communication Services — 7.1%
Alphabet, Cl A*	14,774	$	2,548,515
Pinterest, Cl A*	7,802		323,705
Yelp, Cl A*	731		27,025
			2,899,245
Consumer Discretionary — 8.4%
Deckers Outdoor*	291		318,331
DoorDash, Cl A*	3,524		388,028
Grand Canyon Education*	335		47,724
Home Depot	4,741		1,587,618
Lululemon Athletica*	1,346		419,938
Murphy USA	209		91,699
NVR*	30		230,422
Ulta Beauty*	554		218,880
Valvoline*	1,481		60,129
YETI Holdings*	1,019		41,514
			3,404,283
Consumer Staples — 7.3%
Cal-Maine Foods	490		30,218
Coca-Cola Consolidated	66		64,749
Costco Wholesale	2,274		1,841,690
Kimberly-Clark	3,806		507,340
Lancaster Colony	217		40,254
Monster Beverage*	8,471		439,814
National Beverage*	272		12,566
WD-40	154		34,602
			2,971,233
Energy — 0.4%
Liberty Energy, Cl A	1,712		42,269
Texas Pacific Land	213		130,848
			173,117

Description	Shares	Fair Value
Financials — 10.0%
Mastercard, Cl A	3,817	$	1,706,466
Rocket, Cl A*	20,695		287,660
Toast, Cl A*	5,572		135,010
Visa, Cl A	7,137		1,944,547
			4,073,683
Health Care — 16.1%
Alkermes*	1,919		44,905
Axonics*	581		38,979
Catalyst Pharmaceuticals*	1,242		20,083
Chemed	162		89,808
Corcept Therapeutics*	963		29,054
CorVel*	99		23,745
Edwards Lifesciences*	6,306		547,928
Exelixis*	3,427		74,332
Halozyme Therapeutics*	1,435		63,556
Hims & Hers Health*	1,646		31,965
IDEXX Laboratories*	940		467,133
Incyte*	2,136		123,439
Intuitive Surgical*	3,749		1,507,549
Lantheus Holdings*	793		64,891
Neurocrine Biosciences*	1,116		151,118
Regeneron Pharmaceuticals*	1,223		1,198,736
Shockwave Medical*	416		139,360
Veeva Systems, Cl A*	1,624		282,982
Vertex Pharmaceuticals*	3,004		1,367,840
West Pharmaceutical Services	817		270,762
			6,538,165
Industrials — 8.5%
A O Smith	1,627		136,082
AAON	770		57,789
Cintas	971		658,308
Copart*	9,831		521,632
CSW Industrials	165		41,953
Expeditors International of Washington	1,605		194,045
Fastenal	6,453		425,769
Graco	1,866		150,679
Kforce	206		12,733
Landstar System	394		71,720
Mueller Industries	1,250		73,638
Old Dominion Freight Line	2,204		386,251
Rollins	3,311		151,280
Trex*	1,221		105,592
WW Grainger	506		466,259
			3,453,730

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

ETC 6 Meridian

Quality Growth ETF

Schedule of Investments

May 31, 2024 (Unaudited) (Concluded)

Description	Shares	Fair Value
Information Technology — 41.8%
Accenture PLC, Cl A	4,252	$	1,200,297
Adobe*	2,960		1,316,489
Agilysys*	265		25,300
Appfolio, Cl A*	372		84,935
Apple	11,748		2,258,553
Applied Materials	7,563		1,626,650
Arista Networks*	2,745		817,049
Badger Meter	329		63,483
Blackbaud*	588		45,829
Cadence Design Systems*	3,006		860,648
CommVault Systems*	475		51,103
Crowdstrike Holdings, Cl A*	2,456		770,374
Datadog, Cl A*	3,521		387,944
DigitalOcean Holdings*	610		22,601
DoubleVerify Holdings*	1,516		27,591
Intuit	2,279		1,313,706
Lattice Semiconductor*	1,450		107,648
Manhattan Associates*	662		145,335
Monolithic Power Systems	499		367,079
Motorola Solutions	1,891		690,045
Napco Security Technologies	407		20,208
NVIDIA	2,137		2,342,858
Qualys*	409		57,514
ServiceNow*	1,927		1,265,904
SPS Commerce*	398		74,860
Synopsys*	1,697		951,678
			16,895,681

Total Common Stock (Cost $35,577,887)			40,409,137

Description	Shares	Fair Value
SHORT-TERM INVESTMENT — 0.5%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(A)	185,216	$	185,216

Total Short-Term Investment (Cost $185,216)			185,216

Total Investments — 100.1% (Cost $35,763,103)		$	40,594,353

Percentages are based on Net Assets of $40,563,123.

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

* Non-income producing security.

(A) The rate shown is the 7-day effective yield as of May 31, 2024.

Cl — Class
PLC — Public Limited Company

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

ETC 6 Meridian

Statements of Assets and Liabilities

May 31, 2024 (Unaudited)

	ETC 6 Meridian Hedged Equity-Index Option Strategy ETF			ETC 6 Meridian Low Beta Equity Strategy ETF			ETC 6 Meridian Mega Cap Equity ETF
Assets:
Investments, at Cost	$	372,368,605		$	148,179,174		$	216,985,596
Investments, at Fair Value	$	410,248,329		$	159,576,796		$	239,472,318
Cash and Cash Equivalents		75			34,357			—
Dividends Receivable		728,305			208,605			428,950
Deposits at Broker for Options		295			—			—
Reclaims Receivable		—			1,271			—
Prepaid Expenses		4,374			4,514			4,472
Total Assets		410,981,378			159,825,543			239,905,740

Liabilities:
Options Written, at Value (Premiums Received $5,910,604, $— and $—, respectively)		8,792,940			—			—
Advisory Fees Payable		201,694			81,837			122,796
Accrued Interest Expense on Broker Account		82,573			—			—
Payable due to Administrator		23,771			9,391			14,091
Custody Fees Payable		14,478			7,751			7,997
Payable for Trustees’ Fee		12,528			3,905			7,190
Transfer Agent Fees Payable		11,290			14,945			16,714
Audit Fees Payable		8,750			8,750			8,750
Chief Compliance Officer Fees Payable		1,849			490			1,082
Other Accrued Expenses		44,193			12,530			22,692

Total Liabilities		9,194,066			139,599			201,312

Net Assets	$	401,787,312		$	159,685,944		$	239,704,428

Net Assets Consist of:
Paid-in Capital	$	432,589,478		$	168,751,148		$	240,674,134
Total Distributable Earnings (Accumulated Losses)		(30,802,166	)		(9,065,204	)		(969,706	)

Net Assets	$	401,787,312		$	159,685,944		$	239,704,428
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		11,200,000			4,600,000			5,850,000
Net Asset Value, Offering and Redemption Price Per Share	$	35.87		$	34.71		$	40.98

Amounts designated as “—” are $0.

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

ETC 6 Meridian

Statements of Assets and Liabilities

May 31, 2024 (Unaudited) (Concluded)

	ETC 6 Meridian Small Cap Equity ETF			ETC 6 Meridian Quality Growth ETF
Assets:
Investments, at Cost	$	74,829,740		$	35,763,103
Investments, at Fair Value	$	78,685,482		$	40,594,353
Cash and Cash Equivalents		8,645			—
Dividends Receivable		90,109			21,193
Prepaid Expenses		4,559			4,581
Total Assets		78,788,795			40,620,127

Liabilities:
Advisory Fees Payable		39,737			25,116
Transfer Agent Fees Payable		14,023			14,072
Audit Fees Payable		8,750			8,750
Payable due to Administrator		4,560			2,412
Custody Fees Payable		3,605			2,311
Payable for Trustees’ Fee		1,934			912
Chief Compliance Officer Fees Payable		252			114
Other Accrued Expenses		6,671			3,317

Total Liabilities		79,532			57,004

Net Assets	$	78,709,263		$	40,563,123

Net Assets Consist of:
Paid-in Capital	$	90,342,671		$	40,402,237
Total Distributable Earnings (Accumulated Losses)		(11,633,408	)		160,886

Net Assets	$	78,709,263		$	40,563,123
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		1,700,000			1,450,000
Net Asset Value, Offering and Redemption Price Per Share	$	46.30		$	27.97

Amounts designated as “—” are $0.

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

ETC 6 Meridian

Statements of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

	ETC 6 Meridian Hedged Equity-Index Option Strategy ETF			ETC 6 Meridian Low Beta Equity Strategy ETF			ETC 6 Meridian Mega Cap Equity ETF
Investment Income:
Dividend Income	$	5,115,760		$	1,531,589		$	2,734,661
Less: Reclaims Withheld		—			(1,271	)		—

Total Investment Income		5,115,760			1,530,318			2,734,661

Expenses:
Advisory Fees		1,177,199			459,404			671,562
Interest Expense on Broker Account		520,494			—			—
Administration Fees		135,088			52,719			77,064
Trustees’ Fees		39,744			14,735			22,473
Custodian Fees		21,846			6,938			12,392
Legal Fees		18,039			6,639			10,371
Transfer Agent Fees		16,913			19,648			24,146
Chief Compliance Officer Fees		10,031			3,730			5,654
Audit Fees		8,750			8,750			8,750
Registration Fees		7,089			4,506			6,505
Printing Fees		6,292			2,315			3,812
Pricing Fees		839			365			438
Other Fees		22,579			7,966			11,605
Total Expenses		1,984,903			587,715			854,772

Net Investment Income (Loss)		3,130,857			942,603			1,879,889

Net Realized Gain (Loss) on:
Investments(1)		38,178,239			1,309,532			19,971,395
Written Options		(31,418,966	)		—			—

Net Realized Gain (Loss)		6,759,273			1,309,532			19,971,395

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		19,400,094			12,087,805			12,616,602
Written Options		5,367,454			—			—

Net Unrealized Appreciation (Depreciation)		24,767,548			12,087,805			12,616,602

Net Realized and Unrealized Gain (Loss)		31,526,821			13,397,337			32,587,997

Net Increase (Decrease) in Net Assets Resulting from Operations	$	34,657,678		$	14,339,940		$	34,467,886

(1) 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.

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

ETC 6 Meridian

Statements of Operations

For the Six Months Ended May 31, 2024 (Unaudited) (Concluded)

	ETC 6 Meridian Small Cap Equity ETF		ETC 6 Meridian Quality Growth ETF
Investment Income:
Dividend Income	$	722,169	$	95,012
Total Investment Income		722,169		95,012

Expenses:
Advisory Fees		221,177		110,296
Administration Fees		25,381		12,657
Transfer Agent Fees		19,301		19,811
Audit Fees		8,750		8,750
Trustees’ Fees		7,042		3,451
Registration Fees		4,729		4,586
Custodian Fees		3,569		1,271
Legal Fees		3,198		1,582
Chief Compliance Officer Fees		1,780		871
Printing Fees		1,563		557
Pricing Fees		162		70
Other Fees		3,718		1,987
Advisory Waiver Recapture (Note 3)		—		15,342
Total Expenses		300,370		181,231

Net Investment Income (Loss)		421,799		(86,219	)

Net Realized Gain (Loss) on:
Investments(1)		832,722		2,278,180

Net Realized Gain (Loss)		832,722		2,278,180

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		3,771,875		1,193,515

Net Unrealized Appreciation (Depreciation)		3,771,875		1,193,515

Net Realized and Unrealized Gain (Loss)		4,604,597		3,471,695

Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,026,396	$	3,385,476

(1) 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.

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

ETC 6 Meridian

Statements of Changes in Net Assets

	ETC 6 Meridian Hedged Equity-Index Option Strategy ETF
	For the Six Months Ended May 31, 2024 (Unaudited)			Year Ended November 30, 2023
Operations:
Net Investment Income (Loss)	$	3,130,857		$	7,391,093
Net Realized Gain (Loss)(1)		6,759,273			9,111,703
Net Change in Unrealized Appreciation (Depreciation)		24,767,548			451,536
Net Increase (Decrease) in Net Assets Resulting from Operations		34,657,678			16,954,332

Distributions:		(3,385,695	)		(7,207,938	)

Capital Share Transactions:
Issued		269,779,824			392,485,217
Redeemed		(262,249,220	)		(354,122,280	)
Increase (Decrease) in Net Assets from Capital Share Transactions		7,530,604			38,362,937

Total Increase (Decrease) in Net Assets		38,802,587			48,109,331

Net Assets:
Beginning of Year/Period		362,984,725			314,875,394
End of Year/Period	$	401,787,312		$	362,984,725

Share Transactions:
Issued		7,800,000			12,300,000
Redeemed		(7,575,000	)		(11,100,000	)

Net Increase (Decrease) in Shares Outstanding from Share Transactions		225,000			1,200,000

(1) 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.

ETC 6 Meridian

Statements of Changes in Net Assets

(Continued)

	ETC 6 Meridian Low Beta Equity Strategy ETF
	For the Six Months Ended May 31, 2024 (Unaudited)			Year Ended November 30, 2023
Operations:
Net Investment Income (Loss)	$	942,603		$	2,389,513
Net Realized Gain (Loss)(1)		1,309,532			(2,422,750	)
Net Change in Unrealized Appreciation (Depreciation)		12,087,805			(8,378,666	)
Net Increase (Decrease) in Net Assets Resulting from Operations		14,339,940			(8,411,903	)

Distributions:		(1,051,248	)		(2,332,485	)

Capital Share Transactions:
Issued		40,583,832			42,924,208
Redeemed		(33,956,268	)		(49,309,011	)
Increase (Decrease) in Net Assets from Capital Share Transactions		6,627,564			(6,384,803	)

Total Increase (Decrease) in Net Assets		19,916,256			(17,129,191	)

Net Assets:
Beginning of Year/Period		139,769,688			156,898,879
End of Year/Period	$	159,685,944		$	139,769,688

Share Transactions:
Issued		1,200,000			1,300,000
Redeemed		(1,000,000	)		(1,500,000	)

Net Increase (Decrease) in Shares Outstanding from Share Transactions		200,000			(200,000	)

(1) 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.

ETC 6 Meridian

Statements of Changes in Net Assets

(Continued)

	ETC 6 Meridian Mega Cap Equity ETF
	For the Six Months Ended May 31, 2024 (Unaudited)			Year Ended November 30, 2023
Operations:
Net Investment Income (Loss)	$	1,879,889		$	4,055,579
Net Realized Gain (Loss)(1)		19,971,395			1,540,827
Net Change in Unrealized Appreciation (Depreciation)		12,616,602			595,665
Net Increase (Decrease) in Net Assets Resulting from Operations		34,467,886			6,192,071

Distributions:		(2,032,625	)		(3,928,312	)

Capital Share Transactions:
Issued		161,267,565			199,380,193
Redeemed		(144,841,064	)		(188,481,751	)
Increase (Decrease) in Net Assets from Capital Share Transactions		16,426,501			10,898,442

Total Increase (Decrease) in Net Assets		48,861,762			13,162,201

Net Assets:
Beginning of Year/Period		190,842,666			177,680,465
End of Year/Period	$	239,704,428		$	190,842,666

Share Transactions:
Issued		4,150,000			5,825,000
Redeemed		(3,725,000	)		(5,525,000	)

Net Increase (Decrease) in Shares Outstanding from Share Transactions		425,000			300,000

(1) 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.

ETC 6 Meridian

Statements of Changes in Net Assets

(Continued)

	ETC 6 Meridian Small Cap Equity ETF
	For the Six Months Ended May 31, 2024 (Unaudited)			Year Ended November 30, 2023
Operations:
Net Investment Income (Loss)	$	421,799		$	1,252,645
Net Realized Gain (Loss)(1)		832,722			(1,479,582	)
Net Change in Unrealized Appreciation (Depreciation)		3,771,875			(127,104	)
Net Increase (Decrease) in Net Assets Resulting from Operations		5,026,396			(354,041	)

Distributions:		(525,509	)		(1,166,152	)

Capital Share Transactions:
Issued		31,948,577			39,304,120
Redeemed		(21,625,879	)		(39,212,642	)
Increase (Decrease) in Net Assets from Capital Share Transactions		10,322,698			91,478

Total Increase (Decrease) in Net Assets		14,823,585			(1,428,715	)

Net Assets:
Beginning of Year/Period		63,885,678			65,314,393
End of Year/Period	$	78,709,263		$	63,885,678

Share Transactions:
Issued		700,000			875,000
Redeemed		(475,000	)		(875,000	)

Net Increase (Decrease) in Shares Outstanding from Share Transactions		225,000			—

(1) 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.

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

ETC 6 Meridian

Statements of Changes in Net Assets

(Concluded)

	ETC 6 Meridian Quality Growth ETF
	For the Six Months Ended May 31, 2024 (Unaudited)			Year Ended November 30, 2023
Operations:
Net Investment Income (Loss)	$	(86,219	)	$	(74,704	)
Net Realized Gain (Loss)(1)		2,278,180			47,007
Net Change in Unrealized Appreciation (Depreciation)		1,193,515			4,110,525
Net Increase (Decrease) in Net Assets Resulting from Operations		3,385,476			4,082,828

Distributions:		—			(12,666	)
Return of Capital		—			(6,245	)

Capital Share Transactions:
Issued		16,809,744			11,518,982
Redeemed		(10,589,524	)		(13,630,937	)
Increase (Decrease) in Net Assets from Capital Share Transactions		6,220,220			(2,111,955	)

Total Increase (Decrease) in Net Assets		9,605,696			1,951,962

Net Assets:
Beginning of Year/Period		30,957,427			29,005,465
End of Year/Period	$	40,563,123		$	30,957,427

Share Transactions:
Issued		600,000			500,000
Redeemed		(375,000	)		(600,000	)

Net Increase (Decrease) in Shares Outstanding from Share Transactions		225,000			(100,000	)

(1) 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.

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

ETC 6 Meridian

Financial Highlights

ETC 6 Meridian Hedged Equity-Index Option Strategy ETF

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Year/Period

	For the Six Months Ended May 31, 2024 (Unaudited)			Years Ended November 30,									Period Ended November 30, 2020†
	For the Six Months Ended May 31, 2024 (Unaudited)			2023			2022			2021			Period Ended November 30, 2020†
Net Asset Value, beginning of year/period	$	33.07		$	32.21		$	29.54		$	26.65		$	25.34
Investment Activities
Net Investment income*		0.28			0.69			0.67			0.50			0.25
Net realized and unrealized gain (loss)		2.83			0.84			2.66			2.88			1.30
Total from investment activities		3.11			1.53			3.33			3.38			1.55
Distributions to shareholders from:
Net Investment Income		(0.31	)		(0.67	)		(0.66	)		(0.49	)		(0.24	)
Total Distributions		(0.31	)		(0.67	)		(0.66	)		(0.49	)		(0.24	)
Net Asset Value, end of year/period	$	35.87		$	33.07		$	32.21		$	29.54		$	26.65
Net Asset Value, Total Return (%)(1)		9.43			4.86			11.44			12.76			6.14
Ratios to Average Net Assets
Expenses (%)		1.03	(2)(3)		1.01	(4)		0.82	(5)		0.84	(6)		0.87	(2)(7)
Expenses excluding waivers (%)		1.03	(2)(3)		1.01	(4)		0.82	(5)		0.84	(6)		0.87	(2)(7)
Net investment income (loss) (%)		1.62	(2)(3)		2.15	(4)		2.22	(5)		1.72	(6)		1.71	(2)(7)
Supplemental Data
Net Assets end of year/period (000)	$	401,787		$	362,985		$	314,875		$	246,619		$	202,524
Portfolio turnover(%)(8)		86			160			164			171			49

* Per share data calculated using average shares method.

† Commenced operations on May 8, 2020.

(1) 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.

(2) Annualized.

(3) The expense and investment income ratio includes interest expense. Had this expense been excluded the ratio’s would have been 0.76%, 0.76% and 1.89%.

(4) The expense and investment income ratio includes interest expense. Had this expense been excluded the ratio’s would have been 0.76%, 0.76% and 2.40%.

(5) The expense and investment income ratio includes interest expense. Had this expense been excluded the ratio’s would have been 0.78%, 0.78%, and 2.26%.

(6) The expense and investment income ratio includes interest expense. Had this expense been excluded the ratio’s would have been 0.80%, 0.80% and 1.76%.

(7) The expense and investment income ratio includes interest expense. Had this expense been excluded the ratio’s would have been 0.83%, 0.83% and 1.75%.

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

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

ETC 6 Meridian

Financial Highlights

(Continued)

ETC 6 Meridian Low Beta Equity Strategy ETF

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Year/Period

	For the Six Months Ended May 31, 2024 (Unaudited)			Years Ended November 30,									Period Ended November 30, 2020†
	For the Six Months Ended May 31, 2024 (Unaudited)			2023			2022			2021			Period Ended November 30, 2020†
Net Asset Value, beginning of year/period	$	31.77		$	34.11		$	33.63		$	28.70		$	25.54
Investment Activities
Net Investment income*		0.21			0.53			0.44			0.21			0.10
Net realized and unrealized gain (loss)		2.97			(2.36	)		0.49			4.94			3.15
Total from investment activities		3.18			(1.83	)		0.93			5.15			3.25
Distributions to shareholders from:
Net Investment Income		(0.24	)		(0.51	)		(0.45	)		(0.22	)		(0.09	)
Total Distributions		(0.24	)		(0.51	)		(0.45	)		(0.22	)		(0.09	)
Net Asset Value, end of year/period	$	34.71		$	31.77		$	34.11		$	33.63		$	28.70
Net Asset Value, Total Return (%)(1)		10.02			(5.35	)		2.80			17.96			12.72
Ratios to Average Net Assets
Expenses (%)		0.78	(2)		0.79			0.80			0.82			0.88	(2)
Expenses excluding waivers (%)		0.78	(2)		0.79			0.80			0.82			0.88	(2)
Net investment income (loss) (%)		1.25	(2)		1.64			1.32			0.64			0.65	(2)
Supplemental Data
Net Assets end of year/period (000)	$	159,686		$	139,770		$	156,899		$	137,049		$	93,283
Portfolio turnover(%)(3)		31			59			73			70			13

* Per share data calculated using average shares method.

† Commenced operations on May 8, 2020.

(2) Annualized.

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

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

ETC 6 Meridian

Financial Highlights

(Continued)

ETC 6 Meridian Mega Cap Equity ETF

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Year/Period

	For the Six Months Ended May 31, 2024 (Unaudited)			Years Ended November 30,									Period Ended November 30, 2020†
	For the Six Months Ended May 31, 2024 (Unaudited)			2023			2022			2021			Period Ended November 30, 2020†
Net Asset Value, beginning of year/period	$	35.18		$	34.67		$	34.50		$	29.14		$	25.38
Investment Activities
Net Investment income*		0.33			0.77			0.77			0.58			0.27
Net realized and unrealized gain (loss)		5.83			0.48			0.14			5.39			3.74
Total from investment activities		6.16			1.25			0.91			5.97			4.01
Distributions to shareholders from:
Net Investment Income		(0.36	)		(0.74	)		(0.74	)		(0.58	)		(0.25	)
Net realized capital gains		—			—			—			(0.03	)		—
Total Distributions		(0.36	)		(0.74	)		(0.74	)		(0.61	)		(0.25	)
Net Asset Value, end of year/period	$	40.98		$	35.18		$	34.67		$	34.50		$	29.14
Net Asset Value, Total Return (%)(1)		17.58			3.74			2.73			20.59			15.88
Ratios to Average Net Assets
Expenses (%)		0.78	(2)		0.78			0.80			0.82			0.86	(2)
Expenses excluding waivers (%)		0.78	(2)		0.78			0.80			0.82			0.86	(2)
Net investment income (loss) (%)		1.71	(2)		2.26			2.27			1.76			1.72	(2)
Supplemental Data
Net Assets end of year/period (000)	$	239,704		$	190,843		$	177,680		$	158,680		$	115,827
Portfolio turnover(%)(3)		83			144			160			166			38

* Per share data calculated using average shares method.

† Commenced operations on May 8, 2020.

(2) Annualized.

Amounts designated as “—” are $0.

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

ETC 6 Meridian

Financial Highlights

(Continued)

ETC 6 Meridian Small Cap Equity ETF

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Year/Period

	For the Six Months Ended May 31, 2024 (Unaudited)			Years Ended November 30,									Period Ended November 30, 2020†
	For the Six Months Ended May 31, 2024 (Unaudited)			2023			2022			2021			Period Ended November 30, 2020†
Net Asset Value, beginning of year/period	$	43.31		$	44.28		$	49.08		$	35.05		$	26.43
Investment Activities
Net Investment income*		0.27			0.83			0.56			0.40			0.13
Net realized and unrealized gain (loss)		3.05			(1.02	)		(4.76	)		14.00			8.60
Total from investment activities		3.32			(0.19	)		(4.20	)		14.40			8.73
Distributions to shareholders from:
Net Investment Income		(0.33	)		(0.78	)		(0.60	)		(0.37	)		(0.11	)
Total Distributions		(0.33	)		(0.78	)		(0.60	)		(0.37	)		(0.11	)
Net Asset Value, end of year/period	$	46.30		$	43.31		$	44.28		$	49.08		$	35.05
Net Asset Value, Total Return (%)(1)		7.67			(0.37	)		(8.58	)		41.20			33.11
Ratios to Average Net Assets
Expenses (%)		0.83	(2)		0.85			0.89			0.88			1.00	(2)
Expenses excluding waivers (%)		0.83	(2)		0.85			0.89			0.88			1.10	(2)
Net investment income (loss) (%)		1.16	(2)		1.96			1.24			0.87			0.76	(2)
Supplemental Data
Net Assets end of year/period (000)	$	78,709		$	63,886		$	65,314		$	62,572		$	32,423
Portfolio turnover(%)(3)		53			98			91			104			29

* Per share data calculated using average shares method.

† Commenced operations on May 8, 2020.

(2) Annualized.

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

ETC 6 Meridian

Financial Highlights

(Concluded)

ETC 6 Meridian Quality Growth ETF

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Year/Period

	For the Six Months Ended May 31, 2024 (Unaudited)			Years Ended November 30,						Period Ended November 30, 2021†
	For the Six Months Ended May 31, 2024 (Unaudited)			2023			2022			Period Ended November 30, 2021†
Net Asset Value, beginning of year/period	$	25.27		$	21.89		$	26.78		$	24.28
Investment Activities
Net Investment income (loss)*		(0.07	)		(0.06	)		0.02			(0.03	)
Net realized and unrealized gain (loss)		2.77			3.46			(4.90	)		2.53
Total from investment activities		2.70			3.40			(4.88	)		2.50
Distributions to shareholders from:
Net Investment Income		—			(0.01	)		(0.01	)		—
Return of Capital		—			(0.01	)		—			—	(1)
Total Distributions		—			(0.02	)		(0.01	)		—
Net Asset Value, end of year/period	$	27.97		$	25.27		$	21.89		$	26.78
Net Asset Value, Total Return (%)(2)		10.68			15.52			(18.23	)		10.30
Ratios to Average Net Assets
Expenses (%)		1.00	(3)		1.00			1.00			1.00	(3)
Expenses excluding waivers (%)		1.00	(3)		1.01			1.08			1.52	(3)
Net investment income (loss) (%)		(0.48	)(3)		(0.26	)		0.07			(0.18	)(3)
Supplemental Data
Net Assets end of year/period (000)	$	40,563		$	30,957		$	29,005		$	25,443
Portfolio turnover(%)(4)		31			59			84			40

* Per share data calculated using average shares method.

† Commenced operations on May 10, 2021.

(1) Amount represents less than $0.01.

(2) 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.

(3) Annualized.

(4) 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.

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

ETC 6 Meridian

Notes to Financial Statements

May 31, 2024 (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 Commission under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company with multiple investment portfolios. The financial statements herein are those of the ETC 6 Meridian Hedged Equity-Index Option Strategy ETF, ETC 6 Meridian Low Beta Equity Strategy ETF, ETC 6 Meridian Mega Cap Equity ETF, ETC 6 Meridian Small Cap Equity ETF and ETC 6 Meridian Quality Growth ETF (each, a “Fund” and collectively, the “Funds”). Each Fund seeks to provide capital appreciation. Exchange Traded Concepts, LLC (the “Adviser”), an Oklahoma limited liability company, serves as the investment adviser for the Funds. The ETC 6 Meridian Low Beta Equity Strategy ETF and ETC 6 Meridian Small Equity ETF are classified as “diversified” under the 1940 Act. The ETC 6 Meridian Hedged Equity-Index Option Strategy ETF, ETC 6 Meridian Mega Cap Equity ETF and ETC 6 Meridian Quality Growth ETF are classified as “non-diversified” under the 1940 Act (see “Non-Diversification Risk” under Note 6). The Funds, other than the ETC 6 Meridian Quality Growth ETF, commenced operations on May 8, 2020. The ETC 6 Meridian Quality Growth ETF commenced operations on May 10, 2021.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

Security Valuation — The Funds record their investments at fair value. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (“NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent quoted bid price for long positions and at the most recent quoted ask price

ETC 6 Meridian

Notes to Financial Statements

May 31, 2024 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

for short positions. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded.

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

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

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

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

Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time, when under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, a Fund may fair value its securities if an event that may materially affect the value of the Fund’s securities that traded outside of the United States (a ‘‘Significant Event’’) has occurred between the time of the security’s last close and the time that the Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include, but are not limited to, government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its NAV, it may request that a Committee meeting be called. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

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

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

• 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;

ETC 6 Meridian

Notes to Financial Statements

May 31, 2024 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

• 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

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

The valuation techniques used by the Funds to measure fair value during the six months ended May 31, 2024 maximized the use of observable inputs and minimized the use of unobservable inputs. Investments are classified within the level of the lowest significant input considered in determining fair value.

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

The Funds’ policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on their Statements of Operations. As of May 31, 2024, the Funds did not have any interest or penalties associated with the underpayment of any income taxes. Current tax years remain open and subject to examination by tax jurisdictions. The Funds have reviewed all major jurisdictions and concluded that there is no impact on the Funds’ net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on its tax returns.

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

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

Options — The ETC 6 Meridian Hedged Equity-Index Option Strategy ETF may purchase and sell put and call options. A call option gives a holder the right to purchase a specific security or an index at a specified price (“exercise price”) within a specified period of time. A put option gives a holder the right to sell a specific security or an index at a specified price within a specified period of time. The initial purchaser of a call option pays the “writer,” i.e., the party selling the option, a premium which is paid at the time of purchase and is retained by the writer whether or not such option is exercised. The Fund may purchase put options to hedge its portfolio against the risk of a decline in the market value of securities held and may purchase call options to hedge against an increase in the price of securities it is committed to purchase. The Fund may write put and call options along with a long position in options to increase its ability to hedge against a change in the market value of the securities it holds or is committed to purchase. The ETC 6 Meridian Hedge Equity-Index Option Strategy ETF entered into written and purchased options during the six months ended May 31, 2024. These options were index options composed entirely of equity risk.

ETC 6 Meridian

Notes to Financial Statements

May 31, 2024 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Options may relate to particular securities and may or may not be listed on a national securities exchange and issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options on particular securities may be more volatile than the underlying securities, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying securities themselves. Refer to the Fund’s Schedule of Investments for details regarding open option contracts as of May 31, 2024, if applicable. The amount of realized gain (loss) on Written Options are presented on the Statements of Operations as “Net Realized Gain (Loss) on Written Options”. The change in the net fair value of the Written Options are included in the Statement of Operations as “Net Change in Unrealized Appreciation (Depreciation) on Written Options”.

For the six months ended May 31, 2024, the average quarterly notional amount of options held in the ETC 6 Meridian Hedged Equity-Index Option Strategy ETF were as follows:

Average Quarterly Notional Balance Long		$	—
Average Quarterly Notional Balance Short			(398,971,523	)

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

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

Creation Units — The Funds issue and redeem shares at NAV and only in Creation Units, or multiples thereof. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee of $500, $1,000, $500, $500 and $500 per transaction, regardless of the number of Creation Units created in a given transaction for ETC 6 Meridian Hedged Equity-Index Option Strategy ETF, ETC 6 Meridian Low Beta Equity Strategy ETF, ETC 6 Meridian Mega Cap Equity ETF, ETC 6 Meridian Small Cap Equity ETF and ETC 6 Meridian Quality Growth ETF, respectively. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard minimum redemption transaction fee of $500, $1,000, $500, $500 and $500 per transaction to the custodian on the date of such redemption, regardless of the number of Creation Units redeemed in a given transaction for ETC 6 Meridian Hedged Equity-Index Option Strategy ETF, ETC 6 Meridian Low Beta Equity Strategy ETF, ETC 6 Meridian Mega Cap Equity ETF, ETC 6 Meridian Small Cap Equity ETF and ETC 6 Meridian Quality Growth ETF, respectively. The Funds may charge, either in lieu of or in addition to the fixed creation transaction fee, a variable fee for creations and redemptions in order to cover certain non-standard brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from such transactions. In all cases, such fees will be limited in accordance with the requirements of the Commission applicable to management investment companies offering redeemable securities.

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

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

ETC 6 Meridian

Notes to Financial Statements

May 31, 2024 (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

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

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

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

The Adviser has contractually agreed to waive its fees and reimburse expenses to the extent necessary to keep total annual operating expenses of each Fund (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 1.00% of each Fund’s average daily net assets until at least April 1, 2025 (“Expense Cap”). The expense limitation agreement may be terminated, without payment of any penalty: (i) by the Trust for any reason and at any time and (ii) by the Adviser, for any reason, upon ninety (90) days’ prior written notice to the Trust, such termination to be effective as of the close of business on the last day of the then-current one-year period.

ETC 6 Meridian

Notes to Financial Statements

May 31, 2024 (Unaudited) (Continued)

3. SERVICE PROVIDERS (continued)

If it becomes unnecessary for the Adviser to waive fees or reimburse expenses, the Board may permit the Adviser to retain the difference between a Fund’s total annual operating expenses and the expense limitation currently in effect, or, if lower, the expense limitation that was in effect at the time of the waiver and/or reimbursement, to recapture all or a portion of its prior fee waivers or expense reimbursements within three years of the date they were waived or reimbursed. The fees which were waived and/or reimbursed to a Fund by the Adviser, which may be subject to possible future reimbursement, up to the expense cap in place at the time the expenses were waived and reimbursed to the Adviser are as follows:

	Reimbursement Amount		Expiration Date
ETC 6 Meridian Quality Growth ETF	$	19,418	November 30, 2024
ETC 6 Meridian Quality Growth ETF		22,457	November 30, 2025
ETC 6 Meridian Quality Growth ETF		4,093	November 30, 2026

During the six months ended May 31, 2024, the Adviser recaptured previously waived fees of $15,342 for ETC 6 Meridian Quality Growth ETF, which were due to expire on November 30, 2024.

Sub-Advisory Agreement

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

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

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

Distribution Arrangement

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

The Funds have adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. For the six months ended May 31, 2024, no fees were charged by the Distributor under the Plan and the Plan will only be implemented with approval of the Board.

ETC 6 Meridian

Notes to Financial Statements

May 31, 2024 (Unaudited) (Continued)

3. SERVICE PROVIDERS (concluded)

Administrator, Custodian and Transfer Agent

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

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

4. INVESTMENT TRANSACTIONS

For the six months ended May 31, 2024, 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 Maturities
ETC 6 Meridian Hedged Equity-Index Option Strategy ETF	$	334,639,910	$	374,217,378
ETC 6 Meridian Low Beta Equity Strategy ETF		46,832,235		47,319,425
ETC 6 Meridian Mega Cap Equity ETF		180,243,810		182,177,676
ETC 6 Meridian Small Cap Equity ETF		38,566,109		37,820,380
ETC 6 Meridian Quality Growth ETF		11,076,704		11,511,721

For the six months ended May 31, 2024, there were no purchases of long-term U.S. Government securities by the Funds.

For the six months ended May 31, 2024, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales		Realized Gain (Loss)
ETC 6 Meridian Hedged Equity-Index Option Strategy ETF	$	272,741,266	$	259,122,063	$	46,315,466
ETC 6 Meridian Low Beta Equity Strategy ETF		39,559,600		32,548,226		6,652,878
ETC 6 Meridian Mega Cap Equity ETF		159,690,443		141,387,808		24,878,687
ETC 6 Meridian Small Cap Equity ETF		31,783,569		21,445,186		4,696,149
ETC 6 Meridian Quality Growth ETF		16,389,461		9,969,137		2,857,637

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.

ETC 6 Meridian

Notes to Financial Statements

May 31, 2024 (Unaudited) (Continued)

5. TAX INFORMATION (continued)

The tax character of dividends and distributions paid during the years ended November 30, 2023 and November 30, 2022, were as follows:

	Ordinary Income		Return of Capital		Totals
ETC 6 Meridian Hedged Equity-Index Option Strategy ETF
2023	$	7,207,938	$	—	$	7,207,938
2022		6,013,160		—		6,013,160
ETC 6 Meridian Low Beta Equity Strategy ETF
2023	$	2,332,485	$	—	$	2,332,485
2022		1,949,810		—		1,949,810
ETC 6 Meridian Mega Cap Equity ETF
2023	$	3,928,312	$	—	$	3,928,312
2022		3,543,151		—		3,543,151
ETC 6 Meridian Small Cap Equity ETF
2023	$	1,166,152	$	—	$	1,166,152
2022		834,121		—		834,121
ETC 6 Meridian Quality Growth ETF
2023	$	12,666	$	6,245	$	18,911
2022		10,465		—		10,465

As of November 30, 2023, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

	ETC 6 Meridian Hedged Equity-Index Option Strategy ETF			ETC 6 Meridian Low Beta Equity Strategy ETF			ETC 6 Meridian Mega Cap Equity ETF			ETC 6 Meridian Small Cap Equity ETF			ETC 6 Meridian Quality Growth ETF
Undistributed Ordinary Income	$	296,222		$	118,974		$	192,003		$	115,132		$	—
Post-October Losses		(10,793,435	)		—			(1,833,201	)		—			—
Capital Loss Carryforwards		(59,964,103	)		(20,733,144	)		(35,932,191	)		(15,970,863	)		(6,118,099	)
Deferred Late-Year Losses		—			—			—			—			(65,557	)
Unrealized Appreciation (Depreciation)		8,387,170			(1,739,729	)		4,168,421			(278,566	)		2,959,064
Other Temporary Differences		(3	)		3			1			2			2
Total Distributable Earnings (Accumulated Losses)	$	(62,074,149	)	$	(22,353,896	)	$	(33,404,967	)	$	(16,134,295	)	$	(3,224,590	)

Post-October capital losses represent capital losses realized on investment transactions from November 1, 2023 through November 30, 2023, that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

Deferred late-year losses represent ordinary losses realized on investment transactions from January 1, 2023 through November 30, 2023 and specified losses realized on investment transactions from November 1, 2022 through November 30, 2023.

ETC 6 Meridian

Notes to Financial Statements

May 31, 2024 (Unaudited) (Continued)

5. TAX INFORMATION (concluded)

The Funds are permitted to utilize capital losses that are carried forward and will retain their character as either short-term or long-term capital losses. As of November 30, 2023, the following Funds have capital loss carryforwards to offset capital gains for an unlimited period:

	Short-Term		Long-Term		Total Capital Loss Carryforwards
ETC 6 Meridian Hedged Equity-Index Option Strategy ETF	$	45,752,076	$	14,212,027	$	59,964,103
ETC 6 Meridian Low Beta Equity Strategy ETF		13,353,631		7,379,513		20,733,144
ETC 6 Meridian Mega Cap Equity ETF		28,139,222		7,792,969		35,932,191
ETC 6 Meridian Small Cap Equity ETF		11,572,281		4,398,582		15,970,863
ETC 6 Meridian Quality Growth ETF		4,773,755		1,344,344		6,118,099

For Federal income tax purposes, the cost of securities owned at November 30, 2023, and the net realized gains or losses on securities sold for the period, were different from amounts reported for financial reporting purposes primarily due to wash sales, which cannot be used for Federal income tax purposes in the current period and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments and foreign currency transactions held by the Funds at May 31, 2024, were as follows:

	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ETC 6 Meridian Hedged Equity-Index Option Strategy ETF	$	372,368,605	$	42,710,050	$	(4,830,326	)	$	37,879,724
ETC 6 Meridian Low Beta Equity Strategy ETF		148,179,174		18,390,499		(6,992,877	)		11,397,622
ETC 6 Meridian Mega Cap Equity ETF		216,985,596		25,373,270		(2,886,548	)		22,486,722
ETC 6 Meridian Small Cap Equity ETF		74,829,740		7,068,747		(3,213,005	)		3,855,742
ETC 6 Meridian Quality Growth ETF		35,763,103		5,959,283		(1,128,033	)		4,831,250

6. PRINCIPAL RISKS OF INVESTING IN THE FUNDS

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

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

Market Risk. The market price of an investment could decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. The market value of an investment

ETC 6 Meridian

Notes to Financial Statements

May 31, 2024 (Unaudited) (Continued)

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

also may decline because of factors that affect a particular industry or industries such as labor shortages, increased production costs, and competitive conditions. Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the market generally and on specific investments. For example, in recent years, the COVID-19 pandemic, the large expansion of government deficits and debt as a result of government actions to mitigate the effects of the pandemic, Russia’s invasion of Ukraine, and the rise of inflation have resulted in extreme volatility in the global economy and in global financial markets. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund’s investments may be negatively affected.

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

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

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

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

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

ETC 6 Meridian

Notes to Financial Statements

May 31, 2024 (Unaudited) (Concluded)

7. OTHER

At May 31, 2024, 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 Authorized Participants
ETC 6 Meridian Hedged Equity-Index Option Strategy ETF		2
ETC 6 Meridian Low Beta Equity Strategy ETF		3
ETC 6 Meridian Mega Cap Equity ETF		3
ETC 6 Meridian Small Cap Equity ETF		2
ETC 6 Meridian Quality Growth ETF		2

8. RECENT MARKET EVENTS

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

Governments and central banks, including the Federal Reserve in the United States, took extraordinary and unprecedented actions to support local and global economies and the financial markets in response to the COVID-19 pandemic, including by keeping interest rates at historically low levels for an extended period. The Federal Reserve concluded its market support activities in 2022 and began to raise interest rates in an effort to fight inflation. The Federal Reserve may determine to raise interest rates further. This and other government intervention into the economy and financial markets to address the pandemic, inflation, or other significant events in the future may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results.

9. 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 disclosure and/or adjustments were required to the financial statements.

ETC 6 Meridian

Disclosure of Fund Expenses

(Unaudited)

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

The following examples use the annualized expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in each Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (December 1, 2023 to May 31, 2024) (unless otherwise noted below). The table below illustrates each Fund’s cost in two ways:

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

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

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

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

	Beginning Account Value 12/1/2023	Ending Account Value 5/31/2024	Annualized Expense Ratios	Expenses Paid During Period(1)
ETC 6 Meridian Hedged Equity-Index Option Strategy ETF
Actual Fund Return	$ 1,000.00	$ 1,094.30	1.03%	$ 5.39
Hypothetical 5% Return	$ 1,000.00	$ 1,019.85	1.03%	$ 5.20
ETC 6 Meridian Low Beta Equity Strategy ETF
Actual Fund Return	$ 1,000.00	$ 1,100.20	0.78%	$ 4.10
Hypothetical 5% Return	$ 1,000.00	$ 1,021.10	0.78%	$ 3.94
ETC 6 Meridian Mega Cap Equity ETF
Actual Fund Return	$ 1,000.00	$ 1,175.80	0.78%	$ 4.24
Hypothetical 5% Return	$ 1,000.00	$ 1,021.10	0.78%	$ 3.94
ETC 6 Meridian Small Cap Equity ETF
Actual Fund Return	$ 1,000.00	$ 1,076.70	0.83%	$ 4.31
Hypothetical 5% Return	$ 1,000.00	$ 1,020.85	0.83%	$ 4.19
ETC 6 Meridian Quality Growth ETF
Actual Fund Return	$ 1,000.00	$ 1,106.80	1.00%	$ 5.27
Hypothetical 5% Return	$ 1,000.00	$ 1,020.00	1.00%	$ 5.05

(1) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown).

ETC 6 Meridian

Review of Liquidity Risk Management Program

(Unaudited)

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of the series of the Trust covered by this shareholder report (the “Funds”), has adopted a liquidity risk management program to govern the Trust’s approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a Fund will be unable to meet its redemption obligations and mitigating dilution of the interests of its shareholders. The Trust’s liquidity risk management program (the “Program”), which adopts the liquidity risk management policies and procedures of Exchange Traded Concepts, LLC, the Trust’s investment adviser (the “Adviser”), is tailored to reflect the Funds’ particular risks, but not to eliminate all adverse impacts of liquidity risk, which would be incompatible with the nature of the Funds.

The Adviser, which is the administrator of the Program, has formed a Liquidity Risk Working Group (“LRWG”) consisting of certain individuals from the Adviser’s portfolio management, capital markets and compliance teams. The LRWG is responsible for conducting an initial assessment of the liquidity risk of the Funds and managing the liquidity risk of the Funds on an ongoing basis. Meetings of the LRWG are held no less than monthly.

At the March 2024 meeting of the Board of Trustees of the Trust, the Trustees received a report pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the period ended December 31, 2023. The report concluded that the Program is adequately designed to assess and manage the Funds’ liquidity risk and has been effectively implemented. The report reflected that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

ETC 6 Meridian

Supplemental Information

(Unaudited)

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

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

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

10900 Hefner Pointe Drive, Suite 400
Oklahoma City, OK 73120

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

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

Distributor:
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456

Administrator:
SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, PA 19456

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

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

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

MER-SA-001-0500

(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. Investments.

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

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for 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 Investment Company Act of 1940 Act, as amended (17 CFR 270.30a-2(a)), are filed herewith.

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

SIGNATURES

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

(Registrant)	Exchange Traded Concepts Trust

By (Signature and Title)	/s/ J. Garrett Stevens
	J. Garrett Stevens,
	Principal Executive Officer

Date: July 19, 2024

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

By (Signature and Title)	/s/ J. Garrett Stevens
	J. Garrett Stevens,
	Principal Executive Officer

Date: July 19, 2024

By (Signature and Title)	/s/ Christopher W. Roleke
	Christopher W. Roleke,
	Principal Financial Officer

Date: July 19, 2024

Exchange Traded Concepts Trust (NUKZ) N-CSRSCertified semi-annual shareholder report (management investment company)