Statements of Assets and Liabilities		33
Statements of Operations		35
Statements of Changes in Net Assets		37
Financial Highlights		41
Notes to Financial Statements		45
Report of Independent Registered Public Accounting Firm		56
Disclosure of Fund Expenses		57
Review of Liquidity Risk Management Program		59
Board Consideration and Approval of Advisory and Sub-Advisory Agreements		60
Other Information		63
Trustees		64
Officers		65

Before investing you should carefully consider each Fund’s investment objectives, risks, charges and expenses. This and other information is available in each Fund’s prospectus, a copy of which may be obtained by visiting the Funds’ website at www.cabanaetfs.com. Please read a Fund’s prospectus carefully before you invest.

There are risks involved with investing, including possible loss of principal, and there is no guarantee each Fund will achieve its investment objective. Each Fund is classified as a diversified investment company under the Investment Company Act of 1940 (the “1940 Act”) except for the Cabana Target Leading Sector Aggressive ETF, Cabana Target Leading Sector Conservative ETF and Cabana Target Leading Moderate ETF, each of which may invest more of its assets in securities of a single issuer, which may have an adverse effect on a Fund’s performance. Concentration in a particular industry or sector will subject each Fund to loss due to adverse occurrences that may affect that industry or sector.

Individual shares of each Fund may be purchased or sold in the secondary market throughout the regular trading day on the NYSE Arca, Inc. (the “Exchange”) through a brokerage account. However, shares are not individually redeemable directly from a Fund. Each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large blocks of shares (“Creation Units”).

Distributor: Foreside Fund Services, LLC

Dear Shareholders,

Thank you for your investment in the Cabana Target Drawdown 5 ETF (the “Fund”). The following information pertains to the fiscal year May 1, 2021 through April 30, 2022.

The Fund is an actively managed ETF that seeks to provide long term growth within a targeted risk parameter by allocating its assets among the following five major asset classes — equities, fixed income securities, real estate, currencies, and commodities. The Fund’s Sub-Adviser, Cabana Asset Management (the “Sub-Adviser”), selects investments for the Fund pursuant to an asset allocation strategy designed to manage portfolio volatility and reduce exposure to down markets. The Sub-Adviser utilizes its Cyclical Asset Reallocation Algorithm (“CARA”), a proprietary algorithm developed by the Sub-Adviser that monitors market conditions to identify assets that are particularly attractive at a given time in the business cycle.

There are many factors that materially affected the Fund’s performance during the most recently completed fiscal year. In 2021, the Fund had positive performance. However, the Fund has experienced negative returns in 2022, as both the stock and bond markets have performed poorly. In particular, one impact on performance has been the drastic decrease in corporate earnings from 2021 to 2022.

For the fiscal year ended April 30, 2022, the Fund’s market price decreased 8.51% and the net asset value decreased 8.39%, while the S&P Target Risk Conservative Index, a broad market index, decreased 7.30%, over the same period.

The Fund began trading on September 17, 2020, with 1,525,000 shares outstanding as of April 30, 2022. We appreciate your investment in the Cabana Target Drawdown 5 ETF.

Sincerely,

J. Garrett Stevens

Chief Executive Officer

Exchange Traded Concepts, LLC, Adviser to the Fund

Growth of a $10,000 Investment

(at net asset value)

		Inception Date  of the Fund		Average Annual Return as of 4/30/2022				Expense Ratio*
				One Year		Since Inception		Gross		Net
Cabana Target Drawdown 5 ETF (Net Asset Value)		9/17/2020		-8.39%		-4.77%		1.05%		0.69%
Cabana Target Drawdown 5 ETF (Market Price)				-8.51%		-4.84%
S&P Target Risk Conservative Index				-7.30%		-1.01%

*   Reflects the expense ratios (inclusive of 0.25% of acquired fund fees and expenses) as reported in the Prospectus dated September 1, 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. 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.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.com.

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

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. The information provided herein represents the opinion of Exchange Traded Concepts, LLC for the period stated and is subject to change at any time.

The S&P Target Risk Conservative Index is designed to measure the performance of conservative stock-bond allocations to fixed income, seeking to produce a current income stream and avoid excessive volatility of returns. Equities are included to protect long-term purchasing power.

The Fund’s shares are listed on an exchange. The price of the Fund’s shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

Net asset value (“NAV”) — The dollar value of a single share, is calculated by taking the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. NAV is calculated at the end of each business day.

Growth of a $10,000 Investment

(at net asset value)

		Inception Date of the Fund		Average Annual Return as of 4/30/2022				Expense Ratio*
				One Year		Since Inception		Gross		Net
Cabana Target Drawdown 7 ETF (Net Asset Value)		9/17/2020		-8.48%		-4.48%		1.04%		0.69%
Cabana Target Drawdown 7 ETF (Market Price)				-8.62%		-4.54%
S&P Target Risk Moderate Index				-6.97%		0.65%

*   Reflects the expense ratios (inclusive of 0.24% of acquired fund fees and expenses) as reported in the Prospectus dated September 1, 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. 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.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.com.

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

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. The information provided herein represents the opinion of Exchange Traded Concepts, LLC for the period stated and is subject to change at any time.

The S&P Target Risk Moderate Index is designed to measure the performance of moderate stock-bond allocations to fixed income while seeking to increase opportunities for higher returns through equities.

The Fund’s shares are listed on an exchange. The price of the Fund’s shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

Net asset value (“NAV”) — The dollar value of a single share, is calculated by taking the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. NAV is calculated at the end of each business day.

Dear Shareholders,

Thank you for your investment in the Cabana Target Drawdown 10 ETF (the “Fund”). The following information pertains to the fiscal year May 1, 2021 through April 30, 2022.

The Fund is an actively managed ETF that seeks to provide long term growth within a targeted risk parameter by allocating its assets among the following five major asset classes — equities, fixed income securities, real estate, currencies, and commodities. The Fund’s Sub-Adviser, Cabana Asset Management (the “Sub-Adviser”), selects investments for the Fund pursuant to an asset allocation strategy designed to manage portfolio volatility and reduce exposure to down markets. The Sub-Adviser utilizes its Cyclical Asset Reallocation Algorithm (“CARA”), a proprietary algorithm developed by the Sub-Adviser that monitors market conditions to identify assets that are particularly attractive at a given time in the business cycle.

There are many factors that materially affected the Fund’s performance during the most recently completed fiscal year. In 2021, the Fund had positive performance. However, the Fund has experienced negative returns in 2022, as both the stock and bond markets have performed poorly. In particular, one impact on performance has been the drastic decrease in corporate earnings from 2021 to 2022.

For the fiscal year ended April 30, 2022, the Fund’s market price decreased 7.54% and the net asset value decreased 7.58% while S&P Target Risk Moderate Index, a broad market index, decreased 6.97%.

The Fund began trading on September 17, 2020, with 32,675,000 shares outstanding as of April 30, 2022. We appreciate your investment in the Cabana Target Drawdown 10 ETF.

Sincerely,

J. Garrett Stevens

Chief Executive Officer

Exchange Traded Concepts, LLC, Adviser to the Fund

Dear Shareholders,

Thank you for your investment in the Cabana Target Drawdown 13 ETF (the “Fund”). The following information pertains to the fiscal year May 1, 2021 through April 30, 2022.

The Fund is an actively managed ETF that seeks to provide long term growth within a targeted risk parameter by allocating its assets among the following five major asset classes — equities, fixed income securities, real estate, currencies, and commodities. The Fund’s Sub-Adviser, Cabana Asset Management (the “Sub-Adviser”), selects investments for the Fund pursuant to an asset allocation strategy designed to manage portfolio volatility and reduce exposure to down markets. The Sub-Adviser utilizes its Cyclical Asset Reallocation Algorithm (“CARA”), a proprietary algorithm developed by the Sub-Adviser that monitors market conditions to identify assets that are particularly attractive at a given time in the business cycle.

There are many factors that materially affected the Fund’s performance during the most recently completed fiscal year. In 2021, the Fund had positive performance. However, the Fund has experienced negative returns in 2022, as both the stock and bond markets have performed poorly. In particular, one impact on performance has been the drastic decrease in corporate earnings from 2021 to 2022.

For the fiscal year ended April 30, 2022, the Fund’s market price decreased 13.75% and the net asset value decreased 13.67% while the S&P Target Risk Growth Index, a broad market index, decreased 6.31%.

The Fund began trading on September 17, 2020, with 11,950,000 shares outstanding as of April 30, 2022. We appreciate your investment in the Cabana Target Drawdown 13 ETF.

Sincerely,

J. Garrett Stevens
Chief Executive Officer
Exchange Traded Concepts, LLC, Adviser to the Fund

Dear Shareholders,

Thank you for your investment in the Cabana Target Drawdown 16 ETF (the “Fund”). The following information pertains to the fiscal year May 1, 2021 through April 30, 2022.

The Fund is an actively managed ETF that seeks to provide long term growth within a targeted risk parameter by allocating its assets among the following five major asset classes — equities, fixed income securities, real estate, currencies, and commodities. The Fund’s Sub-Adviser, Cabana Asset Management (the “Sub-Adviser”), selects investments for the Fund pursuant to an asset allocation strategy designed to manage portfolio volatility and reduce exposure to down markets. The Sub-Adviser utilizes its Cyclical Asset Reallocation Algorithm (“CARA”), a proprietary algorithm developed by the Sub-Adviser that monitors market conditions to identify assets that are particularly attractive at a given time in the business cycle.

There are many factors that materially affected the Fund’s performance during the most recently completed fiscal year. In 2021, the Fund had positive performance. However, the Fund has experienced negative returns in 2022, as both the stock and bond markets have performed poorly. In particular, one impact on performance has been the drastic decrease in corporate earnings from 2021 to 2022.

For the fiscal year ended April 30, 2022, the Fund’s market price decreased 14.52% and the net asset value decreased 14.64% while the S&P Target Risk Aggressive Index, a broad market index, decreased 5.66%.

The Fund began trading on September 17, 2020, with 7,800,000 shares outstanding as of April 30, 2022. We appreciate your investment in the Cabana Target Drawdown 16 ETF.

Sincerely,

J. Garrett Stevens

Chief Executive Officer

Exchange Traded Concepts, LLC, Adviser to the Fund

Dear Shareholders,

Thank you for your investment in the Cabana Target Leading Sector Aggressive ETF (the “Fund”). The information presented in this report relates to the operations of the Fund for the fiscal period July 13, 2021 (commencement of operations) through April 30, 2022.

The Fund seeks to provide long-term growth. The Fund seeks to achieve this objective primarily by allocating its assets among exchange-traded funds that invest in securities of companies of the various sectors of the U.S. market: communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities. The Fund’s sub-adviser, Cabana Asset Management, selects investments in sectors of the market that it identifies utilizing a strategy designed to optimize performance while seeking to manage portfolio volatility and reduce exposure to down markets.

There are many factors that materially affected the Fund’s performance during the most recently completed fiscal period. In 2021, the Fund had positive performance. However, the Fund has experienced negative returns in 2022, as both the stock and bond markets have performed poorly. In particular, one impact on performance has been the drastic decrease in corporate earnings from 2021 to 2022, which is suggestive of a potential bear market.

The Fund had negative performance during the fiscal period ended April 30, 2022. The market price for the Fund decreased 20.49% and the NAV decreased 20.39% while the S&P Target Risk Aggressive Index, a broad market index, decreased 8.83% over the same period.

The Fund began trading on July 13, 2021 and had 24,325,000 shares outstanding as of April 30, 2022. We appreciate your investment in the Cabana Target Leading Sector Aggressive ETF.

Sincerely,

J. Garrett Stevens

Chief Executive Officer

Exchange Traded Concepts, Adviser to the Fund

Dear Shareholders,

Thank you for your investment in the Cabana Target Leading Sector Conservative ETF (the “Fund”). The information presented in this report relates to the operations of the Fund for the fiscal period July 13, 2021 (Commencement of Operations) through April 30, 2022.

The Fund seeks to provide long-term growth. The Fund seeks to achieve this objective primarily by allocating its assets among ETFs that invest in securities of companies of the various sectors of the U.S. market: communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities. The Fund’s sub-adviser, Cabana Asset Management, selects investments in sectors of the market that it identifies utilizing a strategy designed to optimize performance while seeking to manage portfolio volatility and reduce exposure to down markets.

There are many factors that materially affected the Fund’s performance during the most recently completed fiscal period. In 2021, the Fund had positive performance. However, the Fund has experienced negative returns in 2022, as both the stock and bond markets have performed poorly. In particular, one impact on performance has been the drastic decrease in corporate earnings from 2021 to 2022, which is suggestive of a potential bear market.

The Fund had negative performance during the fiscal period ended April 30, 2022. The market price for the Fund decreased 13.82% and the NAV decreased 13.66% while the S&P Target Risk Conservative Index, a broad market index, decreased 9.26% over the same period.

The Fund began trading on July 13, 2021 and had 2,250,000 shares outstanding as of April 30, 2022. We appreciate your investment in the Cabana Target Leading Sector Conservative ETF.

Sincerely,

J. Garrett Stevens

Chief Executive Officer

Exchange Traded Concepts, Adviser to the Fund

Dear Shareholders,

Thank you for your investment in the Cabana Target Leading Sector Moderate ETF (the “Fund”). The information presented in this report relates to the operations of the Fund for the fiscal period July 13, 2021 (Commencement of Operations) through April 30, 2022.

The Fund seeks to provide long-term growth. The fund seeks to achieve this objective primarily by allocating its assets among exchange-traded funds that invest in securities of companies of the various sectors of the U.S. market: communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities. The Fund’s sub-adviser, Cabana Asset Management, selects investments in sectors of the market that it identifies utilizing a strategy designed to optimize performance while seeking to manage portfolio volatility and reduce exposure to down markets.

There are many factors that materially affected the Fund’s performance during the most recently completed fiscal period. In 2021, the Fund had positive performance. However, the Fund has experienced negative returns in 2022, as both the stock and bond markets have performed poorly. In particular, one impact on performance has been the drastic decrease in corporate earnings from 2021 to 2022, which is suggestive of a potential bear market.

The Fund had negative performance during the fiscal period ended April 30, 2022. The market price for the Fund decreased 12.64% and the NAV decreased 12.51% while the S&P Target Risk Moderate Index, a broad market index, decreased 9.17% over the same period.

The Fund began trading on July 13, 2021, and had 3,300,000 shares outstanding as of April 30, 2022. We appreciate your investment in the Cabana Target Leading Sector Moderate ETF.

Sincerely,

J. Garrett Stevens

Chief Executive Officer

Exchange Traded Concepts, Adviser to the Fund

See accompanying Notes to Financial Statements.

Security Type/Sector		Percent of Total Net Assets
Exchange-Traded Funds
Commodity		10.1	%
Currency		10.1	%
Equity		29.8	%
Fixed Income		49.7	%
Total Exchange-Traded Funds		99.7	%
Short-Term Investments		0.4	%
Total Investments		100.1	%
Liabilities in Excess of Other Assets		(0.1	)%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Security Type/Sector		Percent of Total Net Assets
Exchange-Traded Funds
Commodity		10.1	%
Currency		10.1	%
Equity		29.7	%
Fixed Income		49.8	%
Total Exchange-Traded Funds		99.7	%
Short-Term Investments		0.3	%
Total Investments		100.0	%
Other Assets in Excess of Liabilities		0.0	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Security Type/Sector		Percent of Total Net Assets
Exchange-Traded Funds
Commodity		10.1	%
Equity		39.7	%
Fixed Income		49.7	%
Total Exchange-Traded Funds		99.5	%
Short-Term Investments		0.4	%
Total Investments		99.9	%
Other Assets in Excess of Liabilities		0.1	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.