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, 2022
(Unaudited)

 

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

 

23

Disclosure of Fund Expenses

 

33

Supplemental Information

 

35

Review of Liquidity Risk Management Program

 

36

Board Consideration of Approval of Sub-Advisory Agreement

 

37

The Funds file their complete schedule of Fund holdings with the 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 period end. 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 the Funds’ Statement of Additional Information (the “SAI”). The SAI, as well as information relating to how each Fund voted proxies relating to its 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, 2022 (Unaudited)

Description

 

Shares

 

Fair Value

COMMON STOCK — 93.6%

     

 

 

Communication Services — 6.6%

     

 

 

Alphabet, Cl A*

 

1,480

 

$

3,367,355

Comcast, Cl A

 

85,360

 

 

3,779,741

Verizon Communications

 

224,074

 

 

11,492,755

       

 

18,639,851

Consumer Discretionary — 5.5%

     

 

 

Home Depot(A)

 

11,247

 

 

3,405,029

Lowe’s(A)

 

16,996

 

 

3,319,319

NIKE, Cl B

 

27,385

 

 

3,254,707

Target(A)

 

15,024

 

 

2,432,085

Tesla*

 

3,822

 

 

2,898,070

       

 

15,309,210

Consumer Staples — 21.7%

     

 

 

Altria Group(A)

 

187,053

 

 

10,117,697

Colgate-Palmolive

 

91,857

 

 

7,239,250

Costco Wholesale(A)

 

6,527

 

 

3,043,018

Kraft Heinz(A)

 

164,504

 

 

6,223,186

Mondelez International, Cl A

 

54,128

 

 

3,440,376

PepsiCo

 

20,581

 

 

3,452,463

Philip Morris International(A)

 

105,092

 

 

11,166,025

Procter & Gamble

 

21,798

 

 

3,223,488

Walgreens Boots Alliance

 

162,415

 

 

7,118,650

Walmart

 

45,437

 

 

5,844,561

       

 

60,868,714

Energy — 9.5%

     

 

 

Chevron

 

86,458

 

 

15,100,754

Exxon Mobil(A)

 

119,880

 

 

11,508,480

       

 

26,609,234

Description

 

Shares

 

Fair Value

Financials — 10.2%

     

 

 

American Express

 

20,119

 

$

3,396,490

American International Group

 

58,462

 

 

3,430,550

Berkshire Hathaway, Cl B*

 

10,851

 

 

3,428,699

Capital One Financial

 

27,265

 

 

3,486,102

JPMorgan Chase

 

28,666

 

 

3,790,505

Morgan Stanley

 

42,126

 

 

3,628,734

US Bancorp

 

141,368

 

 

7,502,400

       

 

28,663,480

Health Care — 23.1%

     

 

 

AbbVie(A)

 

70,053

 

 

10,323,711

Bristol-Myers Squibb

 

45,987

 

 

3,469,719

CVS Health(A)

 

71,562

 

 

6,923,624

Eli Lilly

 

23,848

 

 

7,474,917

Gilead Sciences

 

171,762

 

 

11,138,765

Johnson & Johnson(A)

 

19,326

 

 

3,469,597

Merck

 

39,393

 

 

3,625,338

Pfizer(A)

 

285,724

 

 

15,154,802

UnitedHealth Group

 

6,889

 

 

3,422,317

       

 

65,002,790

Industrials — 1.2%

     

 

 

General Dynamics

 

14,802

 

 

3,329,118

Information Technology — 12.1%

     

 

 

Adobe(A)*

 

8,476

 

 

3,530,084

Apple

 

43,719

 

 

6,507,136

Broadcom

 

5,989

 

 

3,474,399

Intel

 

76,797

 

 

3,411,323

International Business Machines(A)

 

25,952

 

 

3,603,176

NVIDIA(A)

 

35,353

 

 

6,601,111

QUALCOMM

 

23,767

 

 

3,403,910

Texas Instruments(A)

 

19,843

 

 

3,507,449

       

 

34,038,588

Materials — 2.5%

     

 

 

Dow

 

102,980

 

 

7,000,580

Real Estate — 1.2%

     

 

 

Simon Property Group

 

29,550

 

 

3,387,908

       

 

 

Total Common Stock
(Cost $260,393,872)

     

 

262,849,473

EXCHANGE-TRADED FUND — 6.9%

 

 

 

SPDR S&P 500 ETF Trust(A)

 

47,183

 

 

19,483,276

Total Exchange-Traded Fund
(Cost $19,798,498)

     

 

19,483,276

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

1

ETC 6 Meridian

Hedged Equity-Index Option Strategy ETF

Schedule of Investments

May 31, 2022 (Unaudited) (Concluded)

Description

 

Shares

 

Fair Value

SHORT-TERM INVESTMENT — 0.1%

 

 

 

 

Invesco Government & Agency, CI Institutional, 2.26%(B)

 

287,111

 

$

287,111

 

Total Short-Term Investment (Cost $287,111)

     

 

287,111

 

Total Investments — 100.6%
(Cost $280,479,481)

     

$

282,619,860

 

WRITTEN OPTION(C) — -0.6%

     

 

 

 

Total Written Option

(Premiums Received
($1,335,228))

     

$

(1,547,522

)

Percentages are based on Net Assets of $280,897,450.

*       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 $29,446,370.

(B)   The rate reported is the 7-day effective yield as of May 31, 2022.

(C)   Refer to table below for details on Options Contracts

Description

 

Number of
Contracts

 

Notional
Amount

 

Exercise
Price

 

Expiration
Date

 

Value

WRITTEN OPTION — (0.6)%

   

 

 

 

 

 

 

 

       

 

 

 

Call Options

   

 

 

 

 

 

 

 

       

 

 

 

S&P 500 Index

 

(202

)

 

$

(83,469,430

)

 

$

4,150

 

06/18/22

 

$

(1,547,522

)

     

 

 

 

 

 

 

 

       

 

(1,547,522

)

Total Written Option

   

 

 

 

 

 

 

 

       

 

 

 

(Premiums Received $1,335,228)

   

 

 

 

 

 

 

 

       

$

(1,547,522

)

Cl       — Class

ETF    — Exchange Traded Fund

PLC    — Public Limited Company

SPDR — Standard & Poor’s Depository Receipt

S&P    — Standard & Poor’s

As of May 31, 2022, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

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

2

ETC 6 Meridian

Low Beta Equity Strategy ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Description

 

Shares

 

Fair Value

COMMON STOCK — 99.8%

     

 

 

Communication Services — 3.3%

     

 

 

ATN International

 

16,635

 

$

733,437

Cable One

 

381

 

 

496,480

Charter Communications, Cl A*

 

978

 

 

495,778

Cogent Communications Holdings

 

9,570

 

 

577,932

New York Times, Cl A

 

14,348

 

 

494,863

Shenandoah Telecommunications

 

26,908

 

 

617,808

Verizon Communications

 

11,230

 

 

575,987

World Wrestling Entertainment, Cl A

 

11,578

 

 

773,063

       

 

4,765,348

Consumer Discretionary — 2.8%

     

 

 

Dollar General

 

2,960

 

 

652,206

Helen of Troy*

 

2,942

 

 

544,829

Murphy USA

 

3,258

 

 

811,633

Papa John’s International

 

4,938

 

 

434,593

Service International

 

9,540

 

 

668,086

Standard Motor Products

 

12,762

 

 

509,842

Wendy’s

 

26,398

 

 

492,060

       

 

4,113,249

Consumer Staples — 19.2%

     

 

 

Altria Group

 

11,928

 

 

645,186

B&G Foods

 

19,526

 

 

441,483

BellRing Brands*

 

7,294

 

 

190,738

BJ’s Wholesale Club Holdings*

 

10,003

 

 

578,874

Boston Beer, Cl A*

 

1,428

 

 

507,368

Brown-Forman, Cl B

 

8,917

 

 

589,592

Cal-Maine Foods

 

14,512

 

 

692,659

Campbell Soup

 

319

 

 

15,283

Casey’s General Stores

 

3,219

 

 

674,509

Church & Dwight

 

5,930

 

 

534,056

Description

 

Shares

 

Fair Value

Consumer Staples (continued)

     

 

 

Coca-Cola

 

9,821

 

$

622,455

Coca-Cola Consolidated

 

1,054

 

 

595,478

Colgate-Palmolive

 

7,380

 

 

581,618

Conagra Brands

 

17,244

 

 

567,155

Edgewell Personal Care

 

13,937

 

 

507,307

Flowers Foods

 

21,289

 

 

587,576

General Mills

 

8,812

 

 

615,518

Grocery Outlet Holding*

 

23,725

 

 

907,481

Hain Celestial Group*

 

16,170

 

 

426,080

Hershey

 

2,954

 

 

625,391

Hormel Foods

 

12,746

 

 

620,348

Hostess Brands, Cl A*

 

29,333

 

 

623,326

Ingredion

 

7,023

 

 

665,008

J & J Snack Foods

 

3,991

 

 

511,726

J M Smucker

 

4,375

 

 

548,494

John B Sanfilippo & Son

 

7,529

 

 

575,065

Kellogg

 

9,727

 

 

678,361

Kraft Heinz

 

17,234

 

 

651,962

Kroger

 

13,378

 

 

708,633

Lancaster Colony

 

3,893

 

 

474,557

McCormick

 

5,889

 

 

546,028

Mondelez International, Cl A

 

8,933

 

 

567,781

National Beverage

 

14,067

 

 

698,146

PepsiCo

 

3,472

 

 

582,428

Philip Morris International

 

5,780

 

 

614,125

Pilgrim’s Pride*

 

21,567

 

 

718,613

Post Holdings*

 

5,753

 

 

473,069

Procter & Gamble

 

3,705

 

 

547,895

Sanderson Farms

 

3,297

 

 

657,752

SpartanNash

 

23,218

 

 

798,931

Sprouts Farmers Market*

 

20,792

 

 

563,255

Tootsie Roll Industries

 

18,878

 

 

624,295

TreeHouse Foods*

 

16,587

 

 

682,058

Tyson Foods, Cl A

 

6,784

 

 

607,914

Universal

 

11,744

 

 

747,857

USANA Health Sciences*

 

6,485

 

 

456,090

Walmart

 

4,293

 

 

552,209

WD-40

 

2,727

 

 

514,830

       

 

27,916,563

Energy — 0.5%

     

 

 

DT Midstream

 

11,700

 

 

679,770

Financials — 7.5%

     

 

 

Alleghany*

 

871

 

 

726,223

Allstate

 

4,903

 

 

670,191

AMERISAFE

 

11,571

 

 

583,178

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

3

ETC 6 Meridian

Low Beta Equity Strategy ETF

Schedule of Investments

May 31, 2022 (Unaudited) (Continued)

Description

 

Shares

 

Fair Value

Financials (continued)

     

 

 

Capitol Federal Financial

 

54,756

 

$

555,773

Cboe Global Markets

 

4,976

 

 

558,855

Ellington Financial

 

36,981

 

 

572,836

Employers Holdings

 

15,488

 

 

641,358

Encore Capital Group*

 

9,053

 

 

553,229

FirstCash Holdings

 

8,580

 

 

640,497

Hanover Insurance Group

 

4,249

 

 

622,903

Hartford Financial Services Group

 

8,494

 

 

615,900

Horace Mann Educators

 

15,074

 

 

609,894

KKR Real Estate Finance Trust

 

28,404

 

 

580,009

Mercury General

 

11,389

 

 

557,492

PRA Group*

 

13,213

 

 

488,881

Progressive

 

5,487

 

 

655,038

RenaissanceRe Holdings

 

3,871

 

 

594,276

Safety Insurance Group

 

6,968

 

 

647,048

       

 

10,873,581

Health Care — 21.6%

     

 

 

AbbVie

 

4,254

 

 

626,912

Allscripts Healthcare Solutions*

 

29,032

 

 

496,157

AmerisourceBergen, Cl A

 

4,382

 

 

678,290

Amgen

 

2,692

 

 

691,144

AMN Healthcare Services*

 

5,768

 

 

558,919

Amphastar Pharmaceuticals*

 

23,922

 

 

888,463

Anika Therapeutics*

 

19,959

 

 

433,909

Anthem

 

1,336

 

 

680,839

Baxter International

 

6,901

 

 

524,821

Becton Dickinson

 

2,221

 

 

568,132

Bristol-Myers Squibb

 

9,216

 

 

695,347

Bruker

 

8,849

 

 

552,886

Cardinal Health

 

11,524

 

 

649,032

Centene*

 

7,428

 

 

604,936

Cerner

 

6,543

 

 

620,604

Chemed

 

1,278

 

 

619,063

Cigna

 

2,701

 

 

724,651

Collegium Pharmaceutical*

 

33,000

 

 

515,460

Computer Programs and Systems*

 

21,604

 

 

688,951

CorVel*

 

3,993

 

 

595,596

CVS Health

 

5,515

 

 

533,576

DaVita*

 

5,474

 

 

533,660

Eagle Pharmaceuticals*

 

13,433

 

 

627,321

Encompass Health

 

9,939

 

 

651,402

Gilead Sciences

 

9,374

 

 

607,904

HealthStream*

 

25,137

 

 

512,041

Humana

 

1,393

 

 

632,742

ICU Medical*

 

2,819

 

 

512,043

Description

 

Shares

 

Fair Value

Health Care (continued)

     

 

 

Innoviva*

 

38,301

 

$

581,026

Jazz Pharmaceuticals*

 

4,246

 

 

635,541

Johnson & Johnson

 

3,489

 

 

626,380

Laboratory Corp of America Holdings

 

2,155

 

 

531,682

LivaNova*

 

8,167

 

 

555,928

Masimo*

 

2,690

 

 

377,757

Merck

 

7,625

 

 

701,729

Meridian Bioscience*

 

24,979

 

 

686,922

Mesa Laboratories

 

2,223

 

 

465,163

Molina Healthcare*

 

2,000

 

 

580,440

Neurocrine Biosciences*

 

7,378

 

 

689,769

Omnicell*

 

3,943

 

 

438,304

OraSure Technologies*

 

88,116

 

 

365,681

Orthofix Medical*

 

19,794

 

 

544,137

Pacira BioSciences*

 

9,302

 

 

588,352

Perrigo PLC

 

16,325

 

 

650,715

Pfizer

 

11,301

 

 

599,405

Prestige Consumer Healthcare*

 

10,267

 

 

573,104

Quest Diagnostics

 

4,462

 

 

629,231

QuidelOrtho*

 

6,059

 

 

575,786

Repligen*

 

2,979

 

 

489,956

Supernus Pharmaceuticals*

 

19,361

 

 

539,591

Syneos Health, Cl A*

 

6,664

 

 

492,403

Tandem Diabetes Care*

 

5,109

 

 

348,281

United Therapeutics*

 

2,970

 

 

684,110

Vertex Pharmaceuticals*

 

2,473

 

 

664,371

       

 

31,640,565

Industrials — 9.0%

     

 

 

3M

 

3,723

 

 

555,807

Aerojet Rocketdyne Holdings*

 

16,166

 

 

658,603

CACI International, Cl A*

 

2,357

 

 

660,832

CH Robinson Worldwide

 

6,751

 

 

732,551

Forrester Research*

 

11,246

 

 

588,503

FTI Consulting*

 

4,063

 

 

682,584

Heartland Express

 

41,508

 

 

592,734

Knight-Swift Transportation Holdings, Cl A

 

10,737

 

 

522,248

L3Harris Technologies

 

2,807

 

 

676,206

Lockheed Martin

 

1,532

 

 

674,249

ManTech International, Cl A

 

7,414

 

 

709,148

Marten Transport

 

35,973

 

 

631,686

MDU Resources Group

 

21,002

 

 

575,035

Northrop Grumman

 

1,617

 

 

756,707

NV5 Global*

 

5,896

 

 

726,269

Science Applications International

 

7,214

 

 

624,444

Stericycle*

 

10,273

 

 

519,300

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

4

ETC 6 Meridian

Low Beta Equity Strategy ETF

Schedule of Investments

May 31, 2022 (Unaudited) (Continued)

Description

 

Shares

 

Fair Value

Industrials (continued)

     

 

 

Toro

 

6,236

 

$

514,408

UniFirst

 

3,312

 

 

541,313

Waste Management

 

4,124