Exchange Traded Concepts Trust (NUKZ) NPORT-P FMQQ The Next Frontier Internet & Ecommerce ETF (May 2023 report)

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Description	Shares		Fair Value
COMMON STOCK — 99.8%
Argentina — 0.0%
Consumer Discretionary —0.0%
Despegar.com*		35,797	$	230,533
Brazil — 10.0%
Communication Services —0.0%
VTEX, Cl A*		32,527		127,181
Consumer Discretionary —6.9%
Afya, Cl A* (A)		16,321		191,445
Arco Platform, Cl A*		14,105		167,568
CVC Brasil Operadora e Agencia de Viagens*		164,675		107,063
GRUPO DE MODA SOMA		294,400		597,778
Magazine Luiza*		1,693,800		1,256,651
MercadoLibre*		24,186		29,966,454
Pet Center Comercio e Participacoes		201,700		285,111
				32,572,070
Financials —3.0%
Inter*		167,023		410,881
NU Holdings, Cl A*		1,170,983		7,892,425
Pagseguro Digital, Cl A*		116,900		1,163,155
StoneCo, Cl A*		143,860		1,802,566
XP, Cl A*		191,697		3,383,452
				14,652,479
Information Technology —0.1%
Locaweb Servicos de Internet		215,200		318,478
Total Brazil				47,670,208
China — 57.1%
Communication Services —22.4%
Baidu, Cl A*		1,307,554		19,943,403
Bilibili, Cl Z*		130,996		2,133,553
China Literature*		233,600		883,283
China Ruyi Holdings*		2,900,799		648,472
DouYu International Holdings ADR*		186,623		180,166
Fire Rock Holdings* (B)		1,092,000		1,395
Hello Group ADR		92,854		749,332
HUYA ADR*		51,237		149,100
iDreamSky Technology Holdings*		425,200		162,948
iQIYI ADR*		228,519		927,787
Kanzhun ADR*		203,021		2,815,901
Kingsoft		555,600		2,019,202
Kuaishou Technology, Cl B*		1,275,400		8,634,906
Maoyan Entertainment* (A)		207,800		172,011

Description	Shares		Fair Value
China —  continued
Communication Services —continued
Meitu (A)		2,219,500	$	510,344
NetDragon Websoft Holdings		135,500		244,751
NetEase		1,178,980		19,970,332
Sohu.com ADR*		19,855		224,758
Tencent Holdings		1,088,892		43,203,763
Tencent Music Entertainment Group ADR*		504,683		3,502,500
XD*		140,800		367,817
				107,445,724
Consumer Discretionary —29.7%
Alibaba Group Holding*		3,668,008		36,500,855
JD.com, Cl A		997,544		16,043,278
Meituan, Cl B*		1,542,179		21,709,596
PDD Holdings ADR*		396,587		25,905,063
Prosus		388,884		25,526,213
Tongcheng Travel Holdings*		666,000		1,328,895
Trip.com Group*		326,161		10,466,150
Vipshop Holdings ADR*		327,524		4,690,144
				142,170,194
Consumer Staples —1.5%
Alibaba Health Information Technology*		2,776,000		1,645,405
Dada Nexus ADR*		148,067		689,992
DingDong Cayman ADR* (A)		84,781		197,540
JD Health International*		593,200		3,656,232
Ping An Healthcare and Technology*		292,100		673,883
				6,863,052
Financials —1.1%
FinVolution Group ADR		99,572		384,348
LexinFintech Holdings ADR*		80,513		161,831
Lufax Holding ADR		1,343,672		1,719,900
Qifu Technology ADR		80,975		1,113,406
Up Fintech Holding ADR* (A)		86,299		261,486
Yeahka* (A)		98,800		252,419
ZhongAn Online P&C Insurance, Cl H*		408,500		1,150,631
				5,044,021
Health Care —0.0%
Yidu Tech* (A)		241,700		153,142
Industrials —0.7%
Full Truck Alliance ADR*		536,376		3,116,345
Information Technology —0.7%
Agora ADR*		55,890		153,139

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedule of Investments

May 31, 2023 (Unaudited) (continued)

Description	Shares		Fair Value
China —  continued
Information Technology —continued
China Youzan*		9,036,000	$	153,519
Kingdee International Software Group*		1,501,000		1,994,111
Kingsoft Cloud Holdings ADR* (A)		140,152		625,078
Vnet Group ADR*		77,575		199,368
Weimob* (A)		1,137,000		527,233
				3,652,448
Real Estate —1.0%
KE Holdings, Cl A*		1,060,942		5,000,959
Phoenix Tree Holdings ADR* (A)		179,833		—
				5,000,959
Total China				273,445,885
Egypt — 0.1%
Financials —0.1%
Fawry for Banking & Payment Technology Services SAE*		1,274,525		235,106
Germany — 0.0%
Consumer Discretionary —0.0%
Jumia Technologies ADR*		58,741		163,887
Hong Kong — 0.4%
Communication Services —0.1%
Alibaba Pictures Group*		6,820,000		348,482
Financials —0.3%
Futu Holdings ADR* (A)		46,563		1,716,312
Total Hong Kong				2,064,794
India — 9.3%
Communication Services —0.6%
Affle India*		28,927		335,364
Brightcom Group		685,174		154,871
Info Edge India		40,237		1,981,334
Nazara Technologies*		18,672		144,681
				2,616,250
Consumer Discretionary —0.8%
Easy Trip Planners*		256,663		142,553
FSN E-Commerce Ventures*		456,666		690,255
MakeMyTrip*		35,423		923,478
Zomato*		2,484,299		2,073,454
				3,829,740
Energy —6.5%
Reliance Industries		1,044,010		31,168,150
Financials —0.7%
Angel One		21,978		357,437

Description	Shares		Fair Value
India —  continued
Financials —continued
ICICI Securities		47,710	$	286,063
Indian Energy Exchange		449,947		832,108
Motilal Oswal Financial Services		21,001		161,838
One 97 Communications*		89,926		757,989
PB Fintech*		113,891		834,167
				3,229,602
Industrials —0.4%
IndiaMart InterMesh		8,081		545,091
Indian Railway Catering & Tourism		153,367		1,204,032
TeamLease Services*		6,881		184,767
				1,933,890
Information Technology —0.3%
Happiest Minds Technologies		56,507		628,714
Intellect Design Arena		41,627		294,849
Route Mobile		14,185		246,410
Tanla Platforms		38,774		369,500
				1,539,473
Total India				44,317,105
Indonesia — 1.1%
Consumer Discretionary —1.0%
Bukalapak.com*		17,318,600		244,933
GoTo Gojek Tokopedia, Cl A*		468,247,400		4,591,886
				4,836,819
Financials —0.1%
Bank Jago*		2,994,500		475,444
Total Indonesia				5,312,263
Japan — 1.1%
Communication Services —1.1%
Nexon		261,500		5,326,765
Kazakhstan — 1.9%
Financials —1.9%
Kaspi.KZ JSC GDR		112,847		9,027,760
Poland — 0.7%
Communication Services —0.2%
CD Projekt(A)		37,812		1,077,485
Consumer Discretionary —0.5%
Allegro.eu*		246,672		2,060,022
CCC* (A)		22,088		237,382
				2,297,404
Total Poland				3,374,889

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedule of Investments

May 31, 2023 (Unaudited) (continued)

Description	Shares		Fair Value
Russia — 0.0%
Communication Services —0.0%
VK GDR* (B) (C)		117,354	$	1,174
Yandex, Cl A* (B) (C)		224,241		2,242
				3,416
Consumer Discretionary —0.0%
Ozon Holdings ADR* (B) (C)		125,832		1,258
Financials —0.0%
TCS Group Holding GDR* (B) (C)		89,202		892
Industrials —0.0%
HeadHunter Group ADR* (B) (C)		25,106		251
Total Russia				5,817
Singapore — 4.2%
Communication Services —3.6%
Sea ADR*		298,720		17,149,515
Industrials —0.6%
Grab Holdings, Cl A*		1,024,364		3,052,605
Total Singapore				20,202,120
South Africa — 4.2%
Communication Services —0.2%
MultiChoice Group		181,754		899,587
Consumer Discretionary —4.0%
Naspers, Cl N		128,442		19,294,835
Total South Africa				20,194,422
South Korea — 9.2%
Communication Services —5.7%
AfreecaTV		4,673		264,765
CJ ENM*		6,036		345,629
Com2uSCorp		4,782		239,956
Kakao		172,545		7,306,106
Kakao Games*		20,343		595,461
Krafton*		15,284		2,177,588
NAVER		82,742		12,437,015
NCSoft		9,255		2,238,354
Neowiz*		7,212		271,418
Netmarble*		12,617		531,392
NHN*		8,477		167,656
Pearl Abyss*		16,531		621,508
				27,196,848
Consumer Discretionary —2.8%
Coupang, Cl A*		606,018		9,453,881
Delivery Hero*		104,465		3,897,948
				13,351,829

Description	Shares		Fair Value
South Korea — continued
Financials —0.7%
Danal*		31,810	$	102,458
KakaoBank		153,850		3,037,009
Kakaopay*		12,442		563,394
				3,702,861
Total South Korea				44,251,538
Sweden — 0.0%
Information Technology —0.0%
Truecaller, Cl B*		71,391		222,433
Taiwan — 0.3%
Communication Services —0.1%
Gamania Digital Entertainment		118,000		298,768
Consumer Discretionary —0.2%
momo.com		41,880		952,701
PChome Online*		80,000		134,342
				1,087,043
Total Taiwan				1,385,811
United States — 0.1%
Information Technology —0.1%
Ebix		14,327		285,394
Uruguay — 0.1%
Financials —0.1%
Dlocal, Cl A* (A)		47,431		552,097
Total Common Stock
(Cost $664,183,124)				478,268,827
SHORT-TERM INVESTMENT — 0.9%
United States — 0.9%
Invesco Government & Agency Portfolio, Cl Institutional,   5.040% (D)(E)		4,315,975		4,315,975
Total Short-Term Investment
(Cost $4,315,975)				4,315,975
Total Investments in Securities- 100.7%
(Cost $668,499,099)			$	482,584,802

Percentages are based on net assets of $479,170,524

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedule of Investments

May 31, 2023 (Unaudited) (concluded)

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2023.  The total value of securities on loan at May 31, 2023 was $3,932,391.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security is fair valued.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2023 was $4,315,975.
(E)	The rate shown is the 7-day effective yield as of May 31, 2023.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

JSC — Joint Stock Company

FMQQ

The Next Frontier Internet & Ecommerce ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Description	Shares		Fair Value
COMMON STOCK — 99.8%
Argentina — 0.2%
Consumer Discretionary —0.2%
Despegar.com*		4,577	$	29,476
Brazil — 23.7%
Communication Services —0.1%
VTEX, Cl A*		4,154		16,242
Consumer Discretionary —12.1%
Afya, Cl A*		2,083		24,434
Arco Platform, Cl A*		1,800		21,384
CVC Brasil Operadora e Agencia de Viagens*		20,841		13,550
GRUPO DE MODA SOMA		37,486		76,115
Magazine Luiza*		216,562		160,670
MercadoLibre*		1,359		1,683,801
Pet Center Comercio e Participacoes		25,538		36,099
				2,016,053
Financials —11.3%
Inter*		21,358		52,541
NU Holdings, Cl A*		150,163		1,012,099
Pagseguro Digital, Cl A*		14,947		148,723
StoneCo, Cl A*		18,397		230,514
XP, Cl A*		24,582		433,872
				1,877,749
Information Technology —0.2%
Locaweb Servicos de Internet		27,445		40,616
Total Brazil				3,950,660
Egypt — 0.2%
Financials —0.2%
Fawry for Banking & Payment Technology Services SAE*		163,587		30,176
Germany — 0.1%
Consumer Discretionary —0.1%
Jumia Technologies ADR*		7,508		20,947
India — 21.5%
Communication Services —2.0%
Affle India*		3,562		41,296
Brightcom Group		126,322		28,553
Info Edge India		5,142		253,200
Nazara Technologies*		2,386		18,488
				341,537
Consumer Discretionary —7.2%
Easy Trip Planners*		1,312,598		729,028

Description	Shares		Fair Value
India —  continued
Consumer Discretionary — continued
FSN E-Commerce Ventures*		58,409	$	88,286
MakeMyTrip*		4,524		117,941
Zomato*		317,736		265,190
				1,200,445
Energy —7.2%
Reliance Industries		40,239		1,201,306
Financials —2.5%
Angel One		2,804		45,602
ICICI Securities		6,102		36,587
Indian Energy Exchange		57,557		106,443
Motilal Oswal Financial Services		2,680		20,653
One 97 Communications*		11,499		96,925
PB Fintech*		14,565		106,678
				412,888
Industrials —1.4%
IndiaMart InterMesh		1,032		69,612
Indian Railway Catering & Tourism		19,608		153,936
TeamLease Services*		769		20,649
				244,197
Information Technology —1.2%
Happiest Minds Technologies		7,221		80,343
Intellect Design Arena		5,323		37,703
Route Mobile		1,813		31,494
Tanla Platforms		4,957		47,238
				196,778
Total India				3,597,151
Indonesia — 4.1%
Consumer Discretionary —3.7%
Bukalapak.com*		2,216,400		31,346
GoTo Gojek Tokopedia, Cl A*		60,049,300		588,876
				620,222
Financials —0.4%
Bank Jago*		382,700		60,762
Total Indonesia				680,984
Japan — 4.1%
Communication Services —4.1%
Nexon		33,500		682,396
Kazakhstan — 5.3%
Financials —5.3%
Kaspi.KZ JSC GDR		11,113		889,040

FMQQ

The Next Frontier Internet & Ecommerce ETF

Schedule of Investments

May 31, 2023 (Unaudited) (concluded)

Description	Shares		Fair Value
Poland — 2.6%
Communication Services —0.8%
CD Projekt		4,831	$	137,663
Consumer Discretionary —1.8%
Allegro.eu*		31,545		263,441
CCC*		2,825		30,361
				293,802
Total Poland				431,465
Russia — 0.0%
Communication Services —0.0%
VK GDR* (A) (B)		7,810		78
Yandex, Cl A* (A) (B)		10,305		103
				181
Consumer Discretionary —0.0%
Ozon Holdings ADR* (A) (B)		8,369		84
Financials —0.0%
TCS Group Holding GDR* (A) (B)		5,934		59
Industrials —0.0%
HeadHunter Group ADR* (A) (B)		1,664		17
Total Russia				341
Singapore — 9.3%
Communication Services —7.0%
Sea ADR*		20,232		1,161,519
Industrials —2.3%
Grab Holdings, Cl A*		131,369		391,480
Total Singapore				1,552,999
South Africa — 0.7%
Communication Services —0.7%
MultiChoice Group		23,328		115,461
South Korea — 27.2%
Communication Services —16.1%
AfreecaTV		595		33,712
CJ ENM		784		44,893
Com2uSCorp		607		30,459
Kakao		17,765		752,226
Kakao Games*		2,600		76,105
Krafton*		1,958		278,966
NAVER		6,544		983,634
NCSoft		1,196		289,257
Neowiz*		917		34,510
Netmarble		1,612		67,893
NHN*		1,079		21,340

Description	Shares		Fair Value
South Korea —  continued
Communication Services —continued
Pearl Abyss*		2,115	$	79,517
				2,692,512
Consumer Discretionary —8.3%
Coupang, Cl A*		56,291		878,140
Delivery Hero*		13,395		499,813
				1,377,953
Financials —2.8%
Danal*		4,071		13,112
KakaoBank		19,730		389,472
Kakaopay*		1,587		71,862
				474,446
Total South Korea				4,544,911
Sweden — 0.2%
Information Technology —0.2%
Truecaller, Cl B*		9,126		28,434
United States — 0.2%
Information Technology —0.2%
Ebix		1,826		36,374
Uruguay — 0.4%
Financials —0.4%
Dlocal, Cl A*		6,060		70,538
Total Common Stock
(Cost $22,267,677)				16,661,353
Total Investments in Securities- 99.8%
(Cost $22,267,677)			$	16,661,353

Percentages are based on net assets of $16,692,104.

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security is fair valued.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

JSC — Joint Stock Company

EMQ-QH-001-1800