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

Annual Report

November 30, 2023

 

ETC 6 Meridian

Table of Contents

 

Management Discussion of Fund Performance

 

1

Schedules of Investments

 

11

Statements of Assets and Liabilities

 

23

Statements of Operations

 

25

Statements of Changes in Net Assets

 

27

Financial Highlights

 

32

Notes to Financial Statements

 

37

Report of Independent Registered Public Accounting Firm

 

49

Trustees and Officers of the Trust

 

50

Disclosure of Fund Expenses

 

52

Board Considerations of Approval of Advisory Agreement

 

53

Notice to Shareholders

 

57

Supplemental Information

 

58

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 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

Management Discussion of Fund Performance

(Unaudited)

Dear Shareholders,

Thank you for your investment in the ETC 6 Meridian Hedged Equity-Index Option Strategy ETF (“SIXH” or the “Fund”). The information presented in this report relates to the operations of SIXH for the fiscal year ended November 30, 2023.

The Fund is an actively managed exchange-traded fund that seeks to provide capital appreciation by investing in a portfolio of equity securities, mostly common stocks, while selling call options against market indices or funds. The Fund may invest in securities of companies of any capitalization. The Fund’s Sub-Adviser Madison Avenue Financial Solutions, LLC (doing business as 6 Meridian) (the “Sub-Adviser”), employs a strategy pairing a portfolio of equity securities with an index call option writing overlay designed to reduce the exposure of the Fund to broad equity market risk with the goal of providing good risk-adjusted returns. Pursuant to this investment strategy, the Sub-Adviser sells (or writes) call options on broad equity market indices or funds. In constructing the equity portfolio, the Sub-Adviser uses quantitatively-driven methods emphasizing high quality large-capitalization stocks.

Utilizing the same underlying holdings as the ETC 6 Meridian Mega Cap Equity ETF, the story is much the same. The Fund was underweight relative to key drivers of the broader Magnificent 7 stocks, but the Fund did see some benefit from momentum and quality factors. The Fund’s call-writing and holding of cash-equivalents over broader market exposure for much of this period were not relative benefits given the upward trend of the market for most of the last 12-months.

For the fiscal year ended November 30, 2023, the Fund’s market price increased 3.87% and the net asset value increased 4.86%, while the Cboe S&P 500® BuyWrite Index, a broad market index which also writes options against its portfolio, increased 8.27% over the same period.

The Fund commenced operations on May 8, 2020, with 10,975,000 shares outstanding as of November 30, 2023.

We appreciate your investment in the ETC 6 Meridian Hedged Equity-Index Option Strategy ETF.

Sincerely,

J. Garrett Stevens,

Chief Executive Officer

Exchange Traded Concepts, Adviser to the Fund

The Cboe S&P 500® BuyWrite Index is a benchmark index designed to show the hypothetical performance of a portfolio that engages in a buy-write strategy using S&P 500® index call options.

The Magnificent Seven stocks are a group of high-performing and influential companies in the U.S. stock market: Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA and Tesla.

This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.

1

ETC 6 Meridian

Hedged Equity-Index Option Strategy ETF

Management Discussion of Fund Performance

(Unaudited) (Concluded)

Growth of a $10,000 Investment

(at Net Asset Value)

AVERAGE ANNUAL TOTAL RETURN
FOR THE YEAR ENDED
NOVEMBER 30, 2023

 

One Year
Return

Three Year
Return

Annualized
Inception To Date*

 

Net Asset
Value

Market
Price

Net Asset
Value

Market
Price

Net Asset
Value

Market
Price

ETC 6 Meridian Hedged Equity-Index Option Strategy ETF

4.86%

3.87%

9.63%

9.60%

9.87%

9.74%

Cboe S&P 500® BuyWrite Index

8.27%

8.27%

6.03%

6.03%

9.52%

9.52%

*       Fund commenced operations on May 8, 2020.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus, containing this and other information, is available at www.6meridianfunds.com. Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal.

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

Performance data current to the most recent month-end is available at www.6meridianfunds.com.

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

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

2

ETC 6 Meridian

Low Beta Equity Strategy ETF

Management Discussion of Fund Performance

(Unaudited)

Dear Shareholders,

Thank you for your investment in the ETC 6 Meridian Low Beta Equity Strategy ETF (“SIXL” or the “Fund”). The information presented in this report relates to the operations of SIXL for the fiscal year ended November 30, 2023.

The Fund is an actively managed exchange-traded fund that seeks to provide capital appreciation by investing in equity securities, mainly common stocks. The Fund may invest in equity security companies of any capitalization. The Fund may also invest in real estate investment trusts (“REITs”). The Fund’s Sub-Adviser, Madison Avenue Financial Solutions, LLC (doing business as 6 Meridian) (the “Sub-Adviser”), uses a quantitatively driven strategy designed to emphasize high quality securities with a relatively low exposure to broad equity market risk. The Sub-Adviser believes that, when held over a full market cycle, high quality securities with lower relative exposure to broad market risk may produce high risk-adjusted returns than securities of lower quality with higher relative exposure to broad market risk.

Over the past 12-months, the low beta factor employed by the Fund has been outpaced by the higher beta peers in both large-capitalization and mid-capitalization markets. Looking at the broad market of high versus low volume indices, the performance shows that high beta outperformed low volume by 11.5% in large-capitalization securities, 9.7% in mid-capitalization securities and 0.8% in small-capitalization securities. The Fund was underweight in the Information Technology Sector, the largest driver of underperformance, while the Fund’s overweighting in the Consumer Staples Sector and Utilities Sector were also drags from a sector perspective.

For the fiscal year ended November 30, 2023, the Fund’s market price decreased 5.30% and the net asset value decreased 5.35%, while the S&P 500® Index, a broad market index, increased 13.84% over the same period.

The Fund commenced operations on May 8, 2020, with 4,400,000 shares outstanding as of November 30, 2023.

We appreciate your investment in the ETC 6 Meridian Low Beta Equity Strategy ETF.

Sincerely,

J. Garrett Stevens,

Chief Executive Officer

Exchange Traded Concepts, Adviser to the Fund

The Equal Blend is an equal blend of the S&P 500® Index, S&P SmallCap 600® Index and S&P MidCap 400® Index.

The S&P 500® Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity and industry group representation, with each stock’s weight in the S&P 500® Index proportionate to its market value.

The S&P SmallCap 600® Index seeks to measure the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable.

The S&P MidCap 400® Index tracks the performance of companies considered to be in the mid-range of market capitalization of market value.

This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.

3

ETC 6 Meridian

Low Beta Equity Strategy ETF

Management Discussion of Fund Performance

(Unaudited) (Concluded)

Growth of a $10,000 Investment

(at Net Asset Value)

AVERAGE ANNUAL TOTAL RETURN

FOR THE YEAR ENDED

NOVEMBER 30, 2023

 

One Year
Return

Three Year
Return

Annualized
Inception To Date*

 

Net Asset
Value

Market
Price

Net Asset
Value

Market
Price

Net Asset
Value

Market
Price

ETC 6 Meridian Low Beta Equity Strategy ETF

-5.35%

-5.30%

4.70%

4.70%

7.49%

7.49%

Equal Blend of the following 3 Indices:

3.55%

3.55%

7.77%

7.77%

14.70%

14.70%

S&P 500® Index

13.84%

13.84%

9.76%

9.76%

15.10%

15.10%

S&P SmallCap 600® Index

-4.02%

-4.02%

5.85%

5.85%

14.19%

14.19%

S&P MidCap 400® Index

1.17%

1.17%

7.36%

7.36%

14.39%

14.39%

*       Fund commenced operations on May 8, 2020.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus, containing this and other information, is available at www.6meridianfunds.com. Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal.

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

Performance data current to the most recent month-end is available at www.6meridianfunds.com.

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

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

4

ETC 6 Meridian

Mega Cap Equity ETF

Management Discussion of Fund Performance

(Unaudited)

Dear Shareholders,

Thank you for your investment in the ETC 6 Meridian Mega Cap Equity ETF (“SIXA” or the “Fund”). The information presented in this report relates to the operations of SIXA for the fiscal year ended November 30, 2023.

The Fund is an actively managed exchange-traded fund that seeks to provide capital appreciation by investing in mega capitalization equity securities, mainly common stocks. The Fund’s Sub-Adviser Madison Avenue Financial Solutions, LLC (doing business as 6 Meridian) (the “Sub-Adviser”), considers mega capitalization companies to be the largest 10% of stocks included in the Russell 3000® Index by market capitalization. In selecting investments for the Fund, the Sub-Adviser uses a quantitatively driven strategy designed to emphasize high quality large-capitalization stocks.

The Fund’s underperformance relative to its benchmark, the S&P 500® Index, was largely attributed to an underweighting of the Magnificent 7 stocks. Accounting for about only 22% of the S&P 500® Index a year ago, the Magnificent 7’s weight grew tremendously, ending near 30% of the S&P 500® Index as of November 30, 2023. Effectively, you could parse out the Magnificent 7 stocks and the remainder of the market was only up approximately 0.87% during the last 12-month period (Magnificent 7 proportionately cap-weighted was 50.8%). From a factor perspective, the portfolio benefitted from both momentum and quality exposures, while beta, value and yield were less in favor.

For the fiscal year ended November 30, 2023, the Fund’s market price increased 3.95% and the net asset value increased 3.74%, while the S&P 500® Index, a broad market index, increased 13.84% over the same period.

The Fund commenced operations on May 8, 2020, with 5,425,000 shares outstanding as of November 30, 2023.

We appreciate your investment in the ETC 6 Meridian Mega Cap Equity ETF.

Sincerely,

J. Garrett Stevens,

Chief Executive Officer

Exchange Traded Concepts, Adviser to the Fund

The S&P 500® Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity and industry group representation, with each stock’s weight in the S&P 500® Index proportionate to its market value.

The Magnificent Seven stocks are a group of high-performing and influential companies in the U.S. stock market: Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA and Tesla.

This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.

5

ETC 6 Meridian

Mega Cap Equity ETF

Management Discussion of Fund Performance

(Unaudited) (Concluded)

Growth of a $10,000 Investment

(at Net Asset Value)

AVERAGE ANNUAL TOTAL RETURN
FOR THE YEAR ENDED
NOVEMBER 30, 2023

 

One Year
Return

Three Year
Return

Annualized
Inception To Date*

 

Net Asset
Value

Market
Price

Net Asset
Value

Market
Price

Net Asset
Value

Market
Price

ETC 6 Meridian Mega Cap Equity ETF

  3.74%

  3.95%

8.72%

8.75%

11.82%

11.82%

S&P 500® Index

13.84%

13.84%

9.76%

9.76%

15.10%

15.10%

*       Fund commenced operations on May 8, 2020.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus, containing this and other information, is available at www.6meridianfunds.com. Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal.

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

Performance data current to the most recent month-end is available at www.6meridianfunds.com.

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

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

6

ETC 6 Meridian

Small Cap Equity ETF

Management Discussion of Fund Performance

(Unaudited)

Dear Shareholders,

Thank you for your investment in the ETC 6 Meridian Small Cap Equity ETF (“SIXS” or the “Fund”). The information presented in this report relates to the operations of SIXS for the fiscal year ended November 30, 2023.

The Fund is an actively managed exchange-traded fund that seeks to provide capital appreciation by investing primarily in small-capitalization equity securities, mainly common stocks. The Fund may also invest in equity securities of companies of any capitalization and in real estate investment trusts. The Fund’s Sub-Adviser, Madison Avenue Financial Solutions, LLC (doing business as 6 Meridian) (the “Sub-Adviser”), considers small-capitalization securities to be those with market capitalizations within the range of the market capitalization of companies included in the S&P SmallCap 600® Index. In selecting investments for the Fund, the Sub-Adviser uses a quantitatively-driven strategy designed to emphasize high quality small-capitalization securities. The Fund’s holdings are focused on low beta and small-capitalization value stocks.

Small-capitalization stocks had a very volatile period — both steep rallies and drawdowns occurred over the past 12-months, with the key highlight being the banking collapses in March 2023. The Fund managed to outperform its benchmark, the S&P SmallCap 600® Index. However, the value factor outperformed the S&P SmallCap 600® Index by a large margin, while the beta factor was more in line with the broader market.

For the fiscal year ended November 30, 2023, the Fund’s market price decreased 0.14% and the net asset value decreased 0.37%, while the S&P SmallCap 600® Index, a broad market index, decreased 4.02% over the same period.

The Fund commenced operations on May 8, 2020, with 1,475,000 shares outstanding as of November 30, 2023.

We appreciate your investment in the ETC 6 Meridian Small Cap Equity ETF.

Sincerely,

J. Garrett Stevens,

Chief Executive Officer

Exchange Traded Concepts, Adviser to the Fund

The S&P SmallCap 600® Index seeks to measure the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable.

This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.

7

ETC 6 Meridian

Small Cap Equity ETF

Management Discussion of Fund Performance

(Unaudited) (Concluded)

Growth of a $10,000 Investment

(at Net Asset Value)

AVERAGE ANNUAL TOTAL RETURN
FOR THE YEAR ENDED
NOVEMBER 30, 2023

 

One Year
Return

Three Year
Return

Annualized
Inception To Date*

 

Net Asset
Value

Market
Price

Net Asset
Value

Market
Price

Net Asset
Value

Market
Price

ETC 6 Meridian Small Cap Equity ETF

-0.37%

-0.14%

8.75%

8.83%

16.28%

16.31%

S&P SmallCap 600® Index

-4.02%

-4.02%

5.85%

5.85%

14.19%

14.19%

*       Fund commenced operations on May 8, 2020.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus, containing this and other information, is available at www.6meridianfunds.com. Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal.

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

Performance data current to the most recent month-end is available at www.6meridianfunds.com.

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

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

8

ETC 6 Meridian

Quality Growth ETF

Management Discussion of Fund Performance

(Unaudited)

Dear Shareholders,

Thank you for your investment in the ETC 6 Meridian Quality Growth ETF (“SXQG” or the “Fund”). The information presented in this report relates to the operations of SXQG for the fiscal year ended November 30, 2023.

The Fund is an actively managed exchange-traded fund that seeks capital appreciation by investing in equity securities. The Fund invests mainly in common stocks and may invest in the securities of companies of any capitalization. In selecting investments for the Fund, the Fund’s Sub-Adviser, Madison Avenue Financial Solutions, LLC (doing business as 6 Meridian) (the “Sub-Adviser”), uses a quantitatively-driven strategy designed to emphasize securities of companies that exhibit high quality and growth characteristics relative to their peers. Quality is defined as high and improving profitability, low leverage and low default probability and low net equity and debt issuance relative to dividends and net buybacks. From an initial universe consisting of companies in the broad U.S. equity market, the Sub-Adviser excludes micro-cap companies (i.e., companies with a market capitalization of less than $500 million) and securities of companies that exhibit poor liquidity and momentum characteristics.

Relative to the S&P 500® Index, performance for the Fund was very strong as the quality and growth factors were both in favor over the past year, despite the continuation of increasing interest rates in the United States. The Fund was well positioned in both the broad Financial Sector and individual Financial Sector securities during the last 12 months — the key positive contributor over the period. Negative contributors came from the Communication Services Sector, Health Care Sector and Consumer Discretionary Sector.

The performance of the Fund relative to the Russell 1000® Growth Index, which has 45-50% of its index weight in the Magnificent 7 stocks, was a different story. The Magnificent 7 stocks account for so much weight in the Russell 1000® Growth Index that the Fund was underweight for most of the other stocks. This created a significant variance in performance for the highly concentrated stocks over the period.

The Fund had positive performance during the fiscal year ended November 30, 2023. The market price for the Fund increased 15.89% and the net asset value increased 15.52%, while the S&P 500® Index, a broad market index, gained 13.84% over the same period.

The Fund commenced operations on May 10, 2021, with 1,225,000 shares outstanding as of November 30, 2023.

We appreciate your investment in the ETC 6 Meridian Quality Growth ETF.

Sincerely,

J. Garrett Stevens,

Chief Executive Officer

Exchange Traded Concepts, Adviser to the Fund

The Russell 1000® Growth Index seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit growth characteristics.

The S&P 500® Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity and industry group representation, with each stock’s weight in the S&P 500® Index proportionate to its market value.

The Magnificent Seven stocks are a group of high-performing and influential companies in the U.S. stock market: Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA and Tesla.

This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.

9

ETC 6 Meridian

Quality Growth ETF

Management Discussion of Fund Performance

(Unaudited) (Concluded)

Growth of a $10,000 Investment

(at Net Asset Value)

AVERAGE ANNUAL TOTAL RETURN
FOR THE YEAR ENDED
NOVEMBER 30, 2023

 

One Year
Return

Annualized
Inception To Date*

 

Net Asset
Value

Market
Price

Net Asset
Value

Market
Price

ETC 6 Meridian Quality Growth ETF

15.52%

15.89%

1.62%

1.62%

Russell 1000® Growth Index

26.17%

26.17%

6.75%

6.75%

S&P 500® Index

13.84%

13.84%

5.11%

5.11%

*       Fund commenced operations on May 10, 2021.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus, containing this and other information, is available at www.6meridianfunds.com. Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal.

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

Performance data current to the most recent month-end is available at www.6meridianfunds.com.

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

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

10

ETC 6 Meridian

Hedged Equity-Index Option Strategy ETF

Schedule of Investments

November 30, 2023

Description

 

Shares

 

Fair Value

COMMON STOCK — 97.1%

Communication Services — 12.9%

Alphabet, Cl A(A)*

 

70,487

 

$

9,341,642

Comcast, Cl A

 

213,128

 

 

8,927,932

Meta Platforms, Cl A*

 

28,581

 

 

9,350,274

Netflix*

 

10,606

 

 

5,026,926

T-Mobile US*

 

30,724

 

 

4,622,426

Verizon Communications(A)

 

251,780

 

 

9,650,727

       

 

46,919,927

Consumer Discretionary — 8.0%

 

 

 

Amazon.com*

 

32,528

 

 

4,752,016

Booking Holdings*

 

1,612

 

 

5,038,628

Home Depot

 

15,548

 

 

4,874,142

Lowe’s(A)

 

23,296

 

 

4,631,944

McDonald’s(A)

 

17,012

 

 

4,794,662

NIKE, Cl B

 

44,175

 

 

4,871,177

       

 

28,962,569

Consumer Staples — 17.9%

 

 

 

Altria Group(A)

 

335,080

 

 

14,086,764

Coca-Cola

 

78,958

 

 

4,614,306

Colgate-Palmolive(A)

 

118,952

 

 

9,369,849

Costco Wholesale

 

8,004

 

 

4,744,291

Kraft Heinz(A)

 

276,802

 

 

9,718,518

PepsiCo(A)

 

54,061

 

 

9,097,925

Philip Morris International(A)

 

50,065

 

 

4,674,068

Procter & Gamble

 

29,787

 

 

4,572,900

Walmart(A)

 

27,030

 

 

4,208,301

       

 

65,086,922

Energy — 7.3%

     

 

 

Chevron(A)

 

61,904

 

 

8,889,415

ConocoPhillips(A)

 

76,395

 

 

8,828,970

Exxon Mobil(A)

 

84,372

 

 

8,668,379

       

 

26,386,764

Description

 

Shares

 

Fair Value

Financials — 5.5%

 

 

 

American Express

 

30,429

 

$

5,196,361

Bank of New York Mellon

 

103,227

 

 

4,987,929

Capital One Financial

 

44,443

 

 

4,962,505

Goldman Sachs Group

 

14,508

 

 

4,955,062

       

 

20,101,857

Health Care — 16.4%

 

 

 

AbbVie(A)

 

93,843

 

 

13,362,306

Amgen(A)

 

17,085

 

 

4,606,799

Eli Lilly(A)

 

24,114

 

 

14,252,338

Gilead Sciences(A)

 

111,149

 

 

8,514,013

Johnson & Johnson(A)

 

29,971

 

 

4,635,315

Medtronic PLC

 

62,898

 

 

4,985,924

Merck(A)

 

43,329

 

 

4,440,356

UnitedHealth Group

 

8,383

 

 

4,635,548

       

 

59,432,599

Industrials — 10.3%

 

 

 

Caterpillar

 

38,447

 

 

9,639,432

Deere

 

12,029

 

 

4,383,488

Emerson Electric

 

49,730

 

 

4,420,997

FedEx

 

18,322

 

 

4,742,283

General Electric(A)

 

41,551

 

 

5,060,912

Lockheed Martin(A)

 

9,851

 

 

4,410,982

United Parcel Service, Cl B

 

31,877

 

 

4,832,872

       

 

37,490,966

Information Technology — 16.1%

 

 

 

Adobe*

 

16,369

 

 

10,001,623

Advanced Micro Devices*

 

41,248

 

 

4,997,608

Apple(A)

 

25,616

 

 

4,865,759

Broadcom

 

5,226

 

 

4,837,865

Cisco Systems

 

85,387

 

 

4,131,023

International Business Machines(A)

 

30,650

 

 

4,859,864

Microsoft

 

12,877

 

 

4,879,224

NVIDIA

 

21,059

 

 

9,849,295

QUALCOMM

 

40,187

 

 

5,186,132

Texas Instruments(A)

 

31,127

 

 

4,753,404

       

 

58,361,797

Materials — 1.3%

     

 

 

Linde

 

11,512

 

 

4,763,320

Real Estate — 1.4%

     

 

 

Simon Property Group,(A)

 

39,616

 

 

4,947,642

Total Common Stock
(Cost $334,055,783)

     

 

352,454,363

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

11

ETC 6 Meridian

Hedged Equity-Index Option Strategy ETF

Schedule of Investments

November 30, 2023 (Concluded)

Description

 

Shares

 

Fair Value

EXCHANGE TRADED FUND — 6.1%

 

 

 

 

SPDR Bloomberg 1-3 Month T-Bill ETF

 

241,517

 

$

22,180,921

 

Total Exchange Traded Fund
(Cost $22,099,871)

     

 

22,180,921

 

SHORT-TERM INVESTMENT — 0.2%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.28%(B)

 

715,108

 

$

715,108

 

Total Short-Term Investment
(Cost $715,108)

     

 

715,108

 

Total Investments — 103.4%
(Cost $356,870,762)

     

$

375,350,392

 

WRITTEN OPTIONS — -3.5%

     

 

 

 

Total Written Options
(Premiums Received
$4,555,788)

     

$

(12,805,578

)

A list of the Exchange Traded Option Contracts held by the Fund at November 30, 2023, is as follows:

Description

 

Number of
Contracts

 

Notional
Amount

 

Exercise
Price

 

Expiration
Date

 

Value

WRITTEN OPTIONS — (3.5)%

   

 

 

 

   

 

       

 

 

 

Call Options

   

 

 

 

   

 

       

 

 

 

S&P 500 Index*

 

(618

)

 

$

271,920,000

 

$

4,400

 

12/16/23

 

$

(10,376,220

)

S&P 500 Index*

 

(206

)

 

 

91,670,000

 

 

4,450

 

12/16/23

 

 

(2,429,358

)

Total Written Options
(Premiums Received $4,555,788)

   

 

 

 

   

 

       

$

(12,805,578

)

Percentages are based on Net Assets of $362,984,725.

      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 $63,816,199.

(B)          The rate reported is the 7-day effective yield as of November 30, 2023.

Cl       — Class

ETF    — Exchange Traded Fund

PLC    — Public Limited Company

SPDR  — Standard & Poor’s Depository Receipt

As of November 30, 2023, all of the Fund’s investments were considered Level 1, 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.

12

ETC 6 Meridian

Low Beta Equity Strategy ETF

Schedule of Investments

November 30, 2023

Description

 

Shares

 

Fair Value

COMMON STOCK — 99.6%

 

 

 

Communication Services — 4.6%

 

 

 

AT&T

 

42,321

 

$

701,258

ATN International

 

15,547

 

 

473,251

Electronic Arts

 

4,834

 

 

667,140

Iridium Communications

 

11,922

 

 

454,228

Madison Square Garden
Sports*

 

3,104

 

 

525,166

Marcus

 

36,438

 

 

506,853

New York Times, Cl A

 

14,706

 

 

691,035

Scholastic

 

13,472

 

 

511,801

TEGNA

 

34,629

 

 

530,863

T-Mobile US*

 

4,402

 

 

662,281

Verizon Communications

 

18,163

 

 

696,188

       

 

6,420,064

Consumer Discretionary — 7.1%

 

 

 

Adtalem Global Education*

 

13,149

 

 

749,099

Grand Canyon Education*

 

5,180

 

 

708,210

McDonald’s

 

2,065

 

 

582,000

Monro

 

16,775

 

 

485,133

Murphy USA

 

1,971

 

 

728,383

O’Reilly Automotive*

 

641

 

 

629,706

Perdoceo Education

 

37,193

 

 

647,902

Service International

 

9,084

 

 

556,577

Strategic Education

 

7,877

 

 

700,817

Stride*

 

15,088

 

 

914,030

Sturm Ruger

 

10,723

 

 

471,383

Texas Roadhouse, Cl A

 

5,430

 

 

611,200

Ulta Beauty*

 

1,352

 

 

575,938

Valvoline

 

16,171

 

 

553,695

Wendy’s

 

27,443

 

 

514,556

Yum! Brands

 

4,410

 

 

553,676

       

 

9,982,305

Description

 

Shares

 

Fair Value

Consumer Staples — 19.1%

 

 

 

Altria Group

 

13,466

 

$

566,111

BellRing Brands*

 

16,550

 

 

875,495

BJ’s Wholesale Club Holdings*

 

8,711

 

 

562,556

Calavo Growers

 

15,800

 

 

342,702

Cal-Maine Foods

 

16,885

 

 

809,130

Campbell Soup

 

13,123

 

 

527,282

Casey’s General Stores

 

2,431

 

 

669,497

Church & Dwight

 

6,262

 

 

605,097

Clorox

 

3,613

 

 

517,924

Coca-Cola

 

9,760

 

 

570,374

Coca-Cola Consolidated

 

853

 

 

626,546

Colgate-Palmolive

 

7,769

 

 

611,964

Conagra Brands

 

18,338

 

 

518,782

Edgewell Personal Care

 

15,263

 

 

531,305

Flowers Foods

 

23,757

 

 

494,383

Fresh Del Monte Produce

 

21,237

 

 

484,204

General Mills

 

8,052

 

 

512,590

Grocery Outlet Holding*

 

17,803

 

 

502,223

Hershey

 

2,597

 

 

488,028

Hormel Foods

 

14,615

 

 

447,073

Ingredion

 

5,410

 

 

554,471

J & J Snack Foods

 

3,429

 

 

564,242

J M Smucker

 

3,965

 

 

435,079

John B Sanfilippo & Son

 

5,537

 

 

509,625

Kellanova

 

9,595

 

 

504,121

Keurig Dr Pepper

 

17,634

 

 

556,705

Kimberly-Clark

 

4,637

 

 

573,736

Kraft Heinz

 

16,794

 

 

589,637

Kroger

 

11,972

 

 

530,000

Lamb Weston Holdings

 

7,070

 

 

707,213

Lancaster Colony

 

3,065

 

 

508,484

McCormick

 

6,784

 

 

439,807

MGP Ingredients

 

4,918

 

 

420,243

Molson Coors Beverage, Cl B

 

9,072

 

 

558,291

Mondelez International, Cl A

 

8,016

 

 

569,617

National Beverage*

 

11,143

 

 

529,738

PepsiCo

 

3,210

 

 

540,211

Philip Morris International

 

6,159