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

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedule of Investments

November 30, 2023 (Unaudited)

Description	Shares		Fair Value
COMMON STOCK — 100.0%
Argentina — 0.0%
Consumer Discretionary —0.0%
Despegar.com*		25,518	$	203,634
Brazil — 10.9%
Consumer Discretionary —7.6%
Afya, Cl A*		12,158		248,753
GRUPO DE MODA SOMA		230,600		280,054
Magazine Luiza*		1,317,600		534,279
MercadoLibre*		20,351		32,977,981
Pet Center Comercio e Participacoes		157,000		131,782
				34,172,849
Financials —3.3%
Inter*		130,178		682,793
NU Holdings, Cl A*		984,116		8,010,704
Pagseguro Digital, Cl A*		92,829		935,716
StoneCo, Cl A*		111,921		1,745,968
XP, Cl A		157,225		3,661,770
				15,036,951
Information Technology —0.0%
Locaweb Servicos de Internet		157,100		193,658
Total Brazil				49,403,458
China — 57.4%
Communication Services —19.6%
Baidu, Cl A*		1,033,904		15,368,968
Bilibili, Cl Z*		106,796		1,229,269
China Literature*		179,800		613,507
China Ruyi Holdings*		2,640,799		598,468
Hello Group ADR		67,874		438,466
HUYA ADR*		41,183		139,610
iDreamSky Technology Holdings* (A)		344,400		108,916
iQIYI ADR*		238,491		1,070,824
Kanzhun ADR*		158,240		2,615,707
Kingsoft		416,200		1,332,215
Kuaishou Technology, Cl B*		1,125,600		8,315,573
Maoyan Entertainment*		165,800		199,547
Meitu(A)		1,029,000		455,852
NetDragon Websoft Holdings		112,500		193,591
NetEase		843,480		19,039,669
Tencent Holdings		811,492		33,975,377
Tencent Music Entertainment Group ADR*		382,817		3,257,773
Weibo, Cl A(A)		38,380		427,520

Description	Shares		Fair Value
China — continued
Communication Services — continued XD*		121,600	$	196,172
				89,577,024
Consumer Discretionary —33.6%
Alibaba Group Holding*		3,224,708		30,036,939
JD.com, Cl A		1,074,194		14,675,044
Meituan, Cl B*		1,949,379		22,612,928
PDD Holdings ADR*		491,180		72,419,579
Tongcheng Travel Holdings*		547,600		1,008,219
Trip.com Group*		238,961		8,401,558
Vipshop Holdings ADR*		232,212		3,722,358
				152,876,625
Consumer Staples —1.0%
Alibaba Health Information Technology*		2,182,000		1,240,424
Dada Nexus ADR*		114,144		351,564
DingDong Cayman ADR*		65,522		139,562
JD Health International*		462,050		2,203,675
Ping An Healthcare and Technology* (A)		237,200		530,263
				4,465,488
Financials —0.8%
FinVolution Group ADR		76,066		336,972
LexinFintech Holdings ADR		66,444		118,270
Lufax Holding ADR		1,047,820		889,495
Qifu Technology ADR		65,270		1,012,990
Up Fintech Holding ADR* (A)		67,757		300,841
Yeahka*		84,400		151,071
ZhongAn Online P&C Insurance, Cl H*		319,200		805,121
				3,614,760
Health Care —0.0%
Yidu Tech* (A)		213,700		133,797
Industrials —0.7%
Full Truck Alliance ADR*		395,083		2,959,172
Information Technology —0.7%
Agora ADR*		39,429		98,967
China Youzan* (A)		7,004,000		95,954
Kingdee International Software Group*		1,190,000		1,654,661
Kingsoft Cloud Holdings ADR* (A)		115,918		506,562
Vnet Group ADR*		58,924		164,987
Weimob* (A)		1,005,000		431,065
				2,952,196

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedule of Investments

November 30, 2023 (Unaudited) (continued)

Description	Shares		Fair Value
China — continued
Real Estate —1.0%
KE Holdings, Cl A		827,442	$	4,375,422
Phoenix Tree Holdings ADR* (A)(C)		179,833		—
				4,375,422
Total China				260,954,484
Germany — 0.0%
Consumer Discretionary —0.0%
Jumia Technologies ADR*		46,034		156,055
Hong Kong — 0.5%
Communication Services —0.1%
Alibaba Pictures Group* (A)		5,590,000		379,333
Financials —0.4%
Futu Holdings ADR*		38,673		2,085,248
Total Hong Kong				2,464,581
India — 13.0%
Communication Services —0.5%
Affle India*		22,548		301,528
Brightcom Group*		556,560		113,456
Info Edge India		31,423		1,737,438
Nazara Technologies*		14,693		140,704
				2,293,126
Consumer Discretionary —1.5%
Easy Trip Planners*		200,556		92,109
FSN E-Commerce Ventures*		468,948		988,576
Jubilant Foodworks		168,010		1,129,921
MakeMyTrip*		26,887		1,135,438
Zomato*		2,343,742		3,331,792
				6,677,836
Energy —6.7%
Reliance Industries		1,074,659		30,637,165
Financials —3.6%
Angel One		14,522		534,124
Bajaj Finance		122,766		10,484,325
ICICI Securities		37,210		303,614
Indian Energy Exchange		351,039		605,525
Jio Financial Services*		1,102,630		3,033,121
One 97 Communications*		72,586		762,340
PB Fintech*		94,546		944,454
				16,667,503
Industrials —0.4%
IndiaMart InterMesh		12,475		389,544
Indian Railway Catering & Tourism		137,494		1,163,593
				1,553,137

Description	Shares		Fair Value
India — continued
Information Technology —0.3%
Happiest Minds Technologies		31,045	$	311,460
Intellect Design Arena		32,378		285,153
Route Mobile		11,903		221,278
Tanla Platforms		29,534		324,580
				1,142,471
Total India				58,971,238
Indonesia — 0.7%
Consumer Discretionary —0.6%
Bukalapak.com*		23,832,400		319,609
GoTo Gojek Tokopedia, Cl A*		371,492,100		2,323,323
				2,642,932
Financials —0.1%
Bank Jago*		2,329,300		480,577
Total Indonesia				3,123,509
Japan — 1.0%
Communication Services —1.0%
Nexon		200,900		4,345,914
Kazakhstan — 2.0%
Financials —2.0%
Kaspi.KZ JSC GDR		90,508		9,231,816
Poland — 0.6%
Communication Services —0.2%
CD Projekt		29,406		802,166
Consumer Discretionary —0.4%
Allegro.eu*		191,778		1,390,904
CCC* (A)		23,616		321,371
				1,712,275
Total Poland				2,514,441
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

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedule of Investments

November 30, 2023 (Unaudited) (continued)

Description	Shares		Fair Value
Singapore — 2.4%
Communication Services —1.9%
Sea ADR*		234,637	$	8,498,552
Industrials —0.5%
Grab Holdings, Cl A*		795,769		2,419,138
Total Singapore				10,917,690
South Africa — 4.1%
Communication Services —0.1%
MultiChoice Group*		141,450		505,040
Consumer Discretionary —4.0%
Naspers, Cl N		99,830		18,298,918
Total South Africa				18,803,958
South Korea — 6.7%
Communication Services —4.0%
AfreecaTV		3,650		188,703
CJ ENM*		4,702		279,172
Com2uSCorp		3,634		139,287
Kakao		133,571		5,228,334
Kakao Games*		16,754		342,183
NAVER		64,463		10,392,826
NCSoft		7,201		1,462,359
Neowiz*		5,526		113,934
NHN*		6,453		117,541
				18,264,339
Consumer Discretionary —2.3%
Coupang, Cl A*		519,712		7,941,199
Delivery Hero*		81,907		2,601,066
				10,542,265
Financials —0.4%
KakaoBank		72,210		1,466,420
Kakaopay*		11,026		393,984
				1,860,404
Total South Korea				30,667,008
Sweden — 0.0%
Information Technology —0.0%
Truecaller, Cl B*		60,670		186,835
Taiwan — 0.3%
Communication Services —0.1%
Gamania Digital Entertainment		90,000		221,255
Consumer Discretionary —0.2%
momo.com		53,768		891,544

Description	Shares		Fair Value
Taiwan — continued
Consumer Discretionary — continued
PChome Online*		66,000	$	93,697
				985,241
Total Taiwan				1,206,496
United States — 0.3%
Information Technology —0.3%
Ebix		11,080		43,655
Freshworks, Cl A*		62,336		1,247,967
Total United States				1,291,622
Uruguay — 0.1%
Financials —0.1%
Dlocal, Cl A* (A)		33,194		572,596
Total Common Stock (Cost $540,550,002)				455,021,152
SHORT-TERM INVESTMENT — 0.6%
United States — 0.6%
Invesco Government & Agency Portfolio, Institutional Class, 5.28% (D)(E)		2,636,897		2,636,897
Total Short-Term Investment (Cost $2,636,897)				2,636,897
Total Investments in Securities- 100.6% (Cost $543,186,899)			$	457,658,049

Percentages are based on net assets of $454,859,214.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at November 30, 2023. The total value of securities on loan at November 30, 2023 was $2,504,694.
(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 November 30, 2023 was $2,636,897.
(E)	The rate shown is the 7-day effective yield as of November 30, 2023.

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedule of Investments

November 30, 2023 (Unaudited) (concluded)

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

JSC — Joint Stock Company

FMQQ

The Next Frontier Internet & Ecommerce ETF

Schedule of Investments

November 30, 2023 (Unaudited)

Description	Shares		Fair Value
COMMON STOCK — 99.8%
Argentina — 0.2%
Consumer Discretionary —0.2%
Despegar.com*		4,860	$	38,783
Brazil — 22.9%
Consumer Discretionary —10.5%
Afya, Cl A*		2,302		47,099
GRUPO DE MODA SOMA		43,509		52,840
Magazine Luiza*		251,357		101,924
MercadoLibre*		1,097		1,777,644
Pet Center Comercio e Participacoes		29,711		24,939
				2,004,446
Financials —12.2%
Inter*		24,850		130,340
NU Holdings, Cl A*		121,228		986,796
Pagseguro Digital, Cl A*		17,716		178,577
StoneCo, Cl A*		21,365		333,294
XP, Cl A		29,322		682,909
				2,311,916
Information Technology —0.2%
Locaweb Servicos de Internet		29,761		36,687
Total Brazil				4,353,049
Germany — 0.2%
Consumer Discretionary —0.2%
Jumia Technologies ADR*		8,778		29,757
India — 29.0%
Communication Services —2.2%
Affle India*		4,296		57,449
Brightcom Group*		106,218		21,653
Info Edge India		5,985		330,922
Nazara Technologies*		2,791		26,727
				436,751
Consumer Discretionary —6.7%
Easy Trip Planners*		38,073		17,486
FSN E-Commerce Ventures*		89,522		188,719
Jubilant Foodworks		32,001		215,217
MakeMyTrip*		5,127		216,513
Zomato*		447,552		636,226
				1,274,161
Energy —7.3%
Reliance Industries		48,657		1,387,149
Financials —10.1%
Angel One		2,755		101,330
Bajaj Finance		13,966		1,192,709

Description	Shares		Fair Value
India — continued
Financials — continued
ICICI Securities		7,090	$	57,851
Indian Energy Exchange		66,804		115,233
Jio Financial Services*		45,877		126,199
One 97 Communications*		13,853		145,493
PB Fintech*		18,049		180,298
				1,919,113
Industrials —1.6%
IndiaMart InterMesh		2,396		74,817
Indian Railway Catering & Tourism		26,251		222,159
				296,976
Information Technology —1.1%
Happiest Minds Technologies		5,911		59,302
Intellect Design Arena		6,153		54,189
Route Mobile		2,265		42,107
Tanla Platforms		5,632		61,896
				217,494
Total India				5,531,644
Indonesia — 3.1%
Consumer Discretionary —2.6%
Bukalapak.com*		4,547,900		60,991
GoTo Gojek Tokopedia, Cl A*		70,938,600		443,652
				504,643
Financials —0.5%
Bank Jago*		444,300	��	91,667
Total Indonesia				596,310
Japan — 4.3%
Communication Services —4.3%
Nexon		37,600		813,372
Kazakhstan — 6.1%
Financials —6.1%
Kaspi.KZ JSC GDR		11,348		1,157,496
Poland — 2.5%
Communication Services —0.8%
CD Projekt		5,611		153,062
Consumer Discretionary —1.7%
Allegro.eu*		36,617		265,571
CCC*		4,500		61,237
				326,808
Total Poland				479,870

FMQQ

The Next Frontier Internet & Ecommerce ETF

Schedule of Investments

November 30, 2023 (Unaudited) (concluded)

Description	Shares		Fair Value
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 — 6.6%
Communication Services —4.2%
Sea ADR*		22,138		801,838
Industrials —2.4%
Grab Holdings, Cl A*		151,930		461,867
Total Singapore				1,263,705
South Africa — 0.5%
Communication Services —0.5%
MultiChoice Group*		27,045		96,563
South Korea — 22.3%
Communication Services —12.7%
AfreecaTV		687		35,518
CJ ENM*		889		52,783
Com2uSCorp		684		26,217
Kakao		19,293		755,181
Kakao Games*		3,189		65,132
NAVER		7,245		1,168,050
NCSoft		1,367		277,606
Neowiz*		1,041		21,463
NHN*		1,227		22,350
				2,424,300
Consumer Discretionary —7.7%
Coupang, Cl A*		64,015		978,149
Delivery Hero*		15,635		496,510
				1,474,659
Financials —1.9%
KakaoBank		13,783		279,901
Kakaopay*		2,100		75,038
				354,939
Total South Korea				4,253,898

Description	Shares		Fair Value
Sweden — 0.2%
Information Technology —0.2%
Truecaller, Cl B*		11,505	$	35,430
United States — 1.3%
Information Technology —1.3%
Ebix		2,113		8,325
Freshworks, Cl A*		11,893		238,098
Total United States				246,423
Uruguay — 0.6%
Financials —0.6%
Dlocal, Cl A*		6,332		109,227
Total Common Stock (Cost $23,234,925)				19,005,868
Total Investments in Securities- 99.8% (Cost $23,234,925)			$	19,005,868

Percentages are based on net assets of $19,037,852.

*	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-001-1900