EMQQ
The Emerging Markets Internet ETF
Schedule of Investments
May 31, 2024 (Unaudited)
| Description | Shares | Fair Value | ||||||
| COMMON STOCK — 99.3% | ||||||||
| Argentina — 0.1% | ||||||||
| Consumer Discretionary — 0.1% | ||||||||
| Despegar.com* | 20,831 | $ | 314,548 | |||||
| Brazil — 12.3% | ||||||||
| Communication Services — 0.0% | ||||||||
| VTEX, Cl A* | 19,017 | 130,457 | ||||||
| Consumer Discretionary — 8.0% | ||||||||
| Afya, Cl A* | 8,730 | 145,354 | ||||||
| CVC Brasil Operadora e Agencia de Viagens* | 168,000 | 62,011 | ||||||
| GRUPO DE MODA SOMA | 188,500 | 210,885 | ||||||
| Magazine Luiza* | 108,620 | 252,545 | ||||||
| MercadoLibre* | 16,956 | 29,258,934 | ||||||
| Pet Center Comercio e Participacoes | 122,400 | 88,728 | ||||||
| 30,018,457 | ||||||||
| Financials — 4.3% | ||||||||
| Inter | 107,279 | 640,304 | ||||||
| NU Holdings, Cl A* | 912,937 | 10,845,692 | ||||||
| Pagseguro Digital, Cl A* | 76,487 | 936,966 | ||||||
| StoneCo, Cl A* | 93,558 | 1,294,843 | ||||||
| XP, Cl A | 128,226 | 2,435,012 | ||||||
| 16,152,817 | ||||||||
| Industrials — 0.0% | ||||||||
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao | 30,100 | 91,058 | ||||||
| Information Technology — 0.0% | ||||||||
| Locaweb Servicos de Internet | 130,400 | 107,181 | ||||||
| 46,499,970 | ||||||||
| China — 51.9% | ||||||||
| Communication Services — 18.9% | ||||||||
| Baidu, Cl A* | 850,854 | 10,168,898 | ||||||
| Bilibili, Cl Z* | 94,736 | 1,346,564 | ||||||
| China Literature* | 147,400 | 495,519 | ||||||
| China Ruyi Holdings(A)* | 2,120,799 | 580,124 | ||||||
| Hello Group ADR | 53,853 | 303,731 | ||||||
| HUYA ADR | 32,820 | 166,726 | ||||||
| iDreamSky Technology Holdings* | 337,200 | 129,736 | ||||||
| iQIYI ADR* | 174,275 | 806,893 | ||||||
| Description | Shares | Fair Value | ||||||
| China — continued | ||||||||
| Communication Services — continued | ||||||||
| Kanzhun ADR | 124,015 | $ | 2,635,319 | |||||
| Kingsoft | 356,800 | 1,140,176 | ||||||
| Kuaishou Technology, Cl B* | 946,400 | 6,707,853 | ||||||
| Maoyan Entertainment* | 132,800 | 151,076 | ||||||
| Meitu(A) | 850,000 | 303,131 | ||||||
| NetEase | 675,080 | 11,873,559 | ||||||
| Tencent Holdings | 665,992 | 30,629,324 | ||||||
| Tencent Music Entertainment Group ADR* | 237,588 | 3,433,147 | ||||||
| XD(A)* | 100,200 | 250,777 | ||||||
| 71,122,553 | ||||||||
| Consumer Discretionary — 29.3% | ||||||||
| Alibaba Group Holding | 3,006,208 | 28,781,146 | ||||||
| JD.com, Cl A | 920,294 | 13,398,542 | ||||||
| Meituan, Cl B* | 1,979,979 | 26,599,323 | ||||||
| PDD Holdings ADR* | 187,309 | 28,055,142 | ||||||
| Tongcheng Travel Holdings* | 449,200 | 1,025,483 | ||||||
| Trip.com Group* | 216,061 | 10,814,995 | ||||||
| Vipshop Holdings ADR | 130,858 | 2,102,888 | ||||||
| 110,777,519 | ||||||||
| Consumer Staples — 0.7% | ||||||||
| Alibaba Health Information Technology(A)* | 1,800,000 | 754,664 | ||||||
| Dada Nexus ADR* | 93,865 | 155,816 | ||||||
| JD Health International* | 383,400 | 1,281,537 | ||||||
| Ping An Healthcare and Technology* | 196,000 | 280,596 | ||||||
| 2,472,613 | ||||||||
| Financials — 0.6% | ||||||||
| FinVolution Group ADR | 56,414 | 269,659 | ||||||
| Qifu Technology ADR | 53,810 | 1,039,609 | ||||||
| Up Fintech Holding ADR* | 58,670 | 249,348 | ||||||
| ZhongAn Online P&C Insurance, Cl H* | 264,200 | 449,150 | ||||||
| 2,007,766 | ||||||||
| Health Care — 0.0% | ||||||||
| Yidu Tech* | 190,600 | 97,452 | ||||||
| Industrials — 0.8% | ||||||||
| Full Truck Alliance ADR | 337,930 | 2,987,301 | ||||||
EMQQ
The Emerging Markets Internet ETF
Schedule of Investments
May 31, 2024 (Unaudited) (Continued)
| Description | Shares | Fair Value | ||||||
| China — continued | ||||||||
| Information Technology — 0.4% | ||||||||
| Kingdee International Software Group* | 1,055,000 | $ | 1,078,822 | |||||
| Kingsoft Cloud Holdings ADR(A)* | 93,643 | 265,010 | ||||||
| Vnet Group ADR* | 48,958 | 94,978 | ||||||
| Weimob(A)* | 827,000 | 155,392 | ||||||
| 1,594,202 | ||||||||
| Real Estate — 1.2% | ||||||||
| KE Holdings, Cl A | 823,242 | 4,619,546 | ||||||
| Phoenix Tree Holdings ADR(A)(B)* | 179,833 | — | ||||||
| 4,619,546 | ||||||||
| 195,678,952 | ||||||||
| Germany — 0.1% | ||||||||
| Consumer Discretionary — 0.1% | ||||||||
| Jumia Technologies ADR* | 37,909 | 268,775 | ||||||
| Hong Kong — 0.8% | ||||||||
| Communication Services — 0.1% | ||||||||
| Alibaba Pictures Group* | 3,470,000 | 199,595 | ||||||
| Zx(A)* | 67,400 | 222,273 | ||||||
| 421,868 | ||||||||
| Financials — 0.7% | ||||||||
| Futu Holdings ADR* | 32,896 | 2,471,805 | ||||||
| 2,893,673 | ||||||||
| India — 16.2% | ||||||||
| Communication Services — 0.6% | ||||||||
| Affle India* | 18,581 | 253,156 | ||||||
| Info Edge India | 25,942 | 1,770,600 | ||||||
| Nazara Technologies* | 15,203 | 127,831 | ||||||
| 2,151,587 | ||||||||
| Consumer Discretionary — 2.0% | ||||||||
| Easy Trip Planners | 226,062 | 113,612 | ||||||
| FSN E-Commerce Ventures* | 397,138 | 781,228 | ||||||
| Jubilant Foodworks | 140,290 | 830,265 | ||||||
| MakeMyTrip* | 22,714 | 1,716,951 | ||||||
| Zomato* | 1,998,330 | 4,288,911 | ||||||
| 7,730,967 | ||||||||
| Description | Shares | Fair Value | ||||||
| India — continued | ||||||||
| Energy — 8.8% | ||||||||
| Reliance Industries | 968,665 | $ | 33,198,938 | |||||
| Financials — 4.4% | ||||||||
| Angel One | 11,958 | 353,463 | ||||||
| Bajaj Finance | 105,603 | 8,473,543 | ||||||
| ICICI Securities | 30,701 | 262,887 | ||||||
| Indian Energy Exchange | 285,733 | 524,252 | ||||||
| Jio Financial Services* | 1,247,607 | 5,146,844 | ||||||
| One 97 Communications* | 92,466 | 399,624 | ||||||
| PB Fintech* | 91,014 | 1,411,366 | ||||||
| 16,571,979 | ||||||||
| Industrials — 0.1% | ||||||||
| IndiaMart InterMesh | 10,355 | 299,927 | ||||||
| TeamLease Services* | 4,296 | 150,021 | ||||||
| 449,948 | ||||||||
| Information Technology — 0.3% | ||||||||
| CE Info Systems | 8,649 | 198,705 | ||||||
| Happiest Minds Technologies | 21,466 | 202,776 | ||||||
| Intellect Design Arena | 26,878 | 295,695 | ||||||
| Route Mobile | 9,856 | 174,340 | ||||||
| Tanla Platforms | 24,950 | 274,500 | ||||||
| 1,146,016 | ||||||||
| 61,249,435 | ||||||||
| Indonesia — 0.4% | ||||||||
| Consumer Discretionary — 0.3% | ||||||||
| Bukalapak.com* | 19,580,600 | 156,645 | ||||||
| GoTo Gojek Tokopedia, Cl A* | 305,835,400 | 1,223,341 | ||||||
| 1,379,986 | ||||||||
| Financials — 0.1% | ||||||||
| Bank Jago* | 1,970,100 | 292,181 | ||||||
| 1,672,167 | ||||||||
| Japan — 0.7% | ||||||||
| Communication Services — 0.7% | ||||||||
| Nexon | 157,600 | 2,699,293 | ||||||
| Poland — 0.9% | ||||||||
| Communication Services — 0.2% | ||||||||
| CD Projekt(A) | 24,374 | 806,688 | ||||||
| Consumer Discretionary — 0.7% | ||||||||
| Allegro.eu* | 193,856 | 1,860,023 | ||||||
EMQQ
The Emerging Markets Internet ETF
Schedule of Investments
May 31, 2024 (Unaudited) (Continued)
| Description | Shares | Fair Value | ||||||
| Poland — continued | ||||||||
| Consumer Discretionary — continued | ||||||||
| CCC* | 19,445 | $ | 659,362 | |||||
| 2,519,385 | ||||||||
| 3,326,073 | ||||||||
| Russia — 0.0% | ||||||||
| Communication Services — 0.0% | ||||||||
| VK GDR(B)* | 117,354 | 1,174 | ||||||
| Consumer Discretionary — 0.0% | ||||||||
| Ozon Holdings ADR(B)* | 125,832 | 1,258 | ||||||
| TCS Group Holding GDR(B)* | 89,202 | 892 | ||||||
| 2,150 | ||||||||
| Industrials — 0.0% | ||||||||
| HeadHunter Group ADR(B)* | 25,106 | 251 | ||||||
| 3,575 | ||||||||
| Singapore — 4.2% | ||||||||
| Communication Services — 3.5% | ||||||||
| Sea ADR* | 193,172 | 13,042,973 | ||||||
| Industrials — 0.7% | ||||||||
| Grab Holdings, Cl A* | 747,174 | 2,742,129 | ||||||
| 15,785,102 | ||||||||
| South Africa — 3.8% | ||||||||
| Communication Services — 0.2% | ||||||||
| MultiChoice Group* | 116,494 | 696,396 | ||||||
| Consumer Discretionary — 3.6% | ||||||||
| Naspers, Cl N | 68,872 | 13,638,430 | ||||||
| 14,334,826 | ||||||||
| South Korea — 6.6% | ||||||||
| Communication Services — 3.1% | ||||||||
| CJ ENM* | 3,864 | 249,776 | ||||||
| Com2uSCorp | 2,846 | 82,633 | ||||||
| Kakao | 110,406 | 3,452,804 | ||||||
| Kakao Games* | 13,818 | 213,076 | ||||||
| NAVER | 52,522 | 6,456,426 | ||||||
| NCSoft | 5,985 | 822,610 | ||||||
| Neowiz | 4,525 | 66,345 | ||||||
| SOOP | 3,014 | 242,069 | ||||||
| 11,585,739 | ||||||||
| Description | Shares | Fair Value | ||||||
| South Korea — continued | ||||||||
| Consumer Discretionary — 3.2% | ||||||||
| Coupang, Cl A* | 439,531 | $ | 9,994,935 | |||||
| Delivery Hero, Cl A* | 68,992 | 2,090,394 | ||||||
| 12,085,329 | ||||||||
| Financials — 0.3% | ||||||||
| KakaoBank | 59,681 | 959,086 | ||||||
| Kakaopay* | 9,118 | 204,152 | ||||||
| 1,163,238 | ||||||||
| 24,834,306 | ||||||||
| Sweden — 0.0% | ||||||||
| Information Technology — 0.0% | ||||||||
| Truecaller, Cl B(A) | 63,632 | 223,860 | ||||||
| Taiwan — 0.2% | ||||||||
| Communication Services — 0.0% | ||||||||
| Gamania Digital Entertainment | 46,000 | 119,850 | ||||||
| Consumer Discretionary — 0.2% | ||||||||
| momo.com | 42,768 | 579,587 | ||||||
| 699,437 | ||||||||
| United Arab Emirates — 0.0% | ||||||||
| Communication Services — 0.0% | ||||||||
| Yalla Group ADR* | 34,053 | 160,049 | ||||||
| United States — 1.0% | ||||||||
| Financials — 0.8% | ||||||||
| Kaspi.KZ JSC ADR | 15,200 | 1,921,280 | ||||||
| Lufax Holding ADR(A) | 215,750 | 966,561 | ||||||
| 2,887,841 | ||||||||
| Information Technology — 0.2% | ||||||||
| Freshworks, Cl A* | 59,569 | 767,249 | ||||||
| 3,655,090 | ||||||||
| Uruguay — 0.1% | ||||||||
| Financials — 0.1% | ||||||||
| Dlocal, Cl A* | 29,177 | 266,970 | ||||||
| Total Common Stock | ||||||||
| (Cost $411,936,683) | 374,566,101 | |||||||
EMQQ
The Emerging Markets Internet ETF
Schedule of Investments
May 31, 2024 (Unaudited) (Concluded)
| Description | Shares | Fair Value | ||||||
| SHORT-TERM INVESTMENT — 0.8% | ||||||||
| Invesco Government & Agency | ||||||||
| Portfolio, Institutional Class | ||||||||
| 5.23%(C)(D) | 3,177,878 | $ | 3,177,878 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $3,177,878) | 3,177,878 | |||||||
| Total Investments - 100.1% | ||||||||
| (Cost $415,114,561) | $ | 377,743,979 | ||||||
Percentages are based on net assets of $377,247,328.
| * | Non-income producing security. |
| (A) | This security or a partial position of this security is on loan at May 31, 2024. The total value of securities on loan at May 31, 2024 was $2,995,194. |
| (B) | Security is fair valued. |
| (C) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2024 was $3,177,878. |
| (D) | The rate shown is the 7-day effective yield as of May 31, 2024. |
ADR — American Depositary Receipt
Cl — Class
GDR — Global Depositary Receipt
JSC — Joint-Stock Company
FMQQ
The Next Frontier Internet ETF
Schedule of Investments
May 31, 2024 (Unaudited)
| Description | Shares | Fair Value | ||||||
| COMMON STOCK — 99.2% | ||||||||
| Argentina — 0.3% | ||||||||
| Consumer Discretionary — 0.3% | ||||||||
| Despegar.com* | 5,739 | $ | 86,659 | |||||
| Brazil — 21.1% | ||||||||
| Communication Services — 0.1% | ||||||||
| VTEX, Cl A* | 5,231 | 35,885 | ||||||
| Consumer Discretionary — 7.5% | ||||||||
| Afya, Cl A* | 2,407 | 40,076 | ||||||
| CVC Brasil Operadora e | ||||||||
| Agencia de Viagens* | 46,201 | 17,053 | ||||||
| GRUPO DE MODA SOMA | 51,897 | 58,060 | ||||||
| Magazine Luiza* | 29,979 | 69,701 | ||||||
| MercadoLibre* | 1,032 | 1,780,799 | ||||||
| Pet Center Comercio e | ||||||||
| Participacoes | 33,614 | 24,367 | ||||||
| 1,990,056 | ||||||||
| Financials — 13.3% | ||||||||
| Inter | 29,639 | 176,903 | ||||||
| NU Holdings, Cl A* | 176,406 | 2,095,703 | ||||||
| Pagseguro Digital, Cl A* | 21,007 | 257,336 | ||||||
| StoneCo, Cl A* | 25,684 | 355,466 | ||||||
| XP, Cl A | 35,209 | 668,619 | ||||||
| 3,554,027 | ||||||||
| Industrials — 0.1% | ||||||||
| Valid Solucoes e Servicos de | ||||||||
| Seguranca em Meios de | ||||||||
| Pagamento e Identificacao | 8,166 | 24,704 | ||||||
| Information Technology — 0.1% | ||||||||
| Locaweb Servicos de Internet | 35,658 | 29,309 | ||||||
| 5,633,981 | ||||||||
| Germany — 0.3% | ||||||||
| Consumer Discretionary — 0.3% | ||||||||
| Jumia Technologies ADR* | 10,460 | 74,161 | ||||||
| India — 34.6% | ||||||||
| Communication Services — 2.2% | ||||||||
| Affle India* | 5,117 | 69,716 | ||||||
| Info Edge India | 7,153 | 488,208 | ||||||
| Nazara Technologies* | 4,193 | 35,256 | ||||||
| 593,180 | ||||||||
| Description | Shares | Fair Value | ||||||
| India — continued | ||||||||
| Consumer Discretionary — 7.9% | ||||||||
| Easy Trip Planners | 62,331 | $ | 31,325 | |||||
| FSN E-Commerce Ventures* | 109,740 | 215,875 | ||||||
| Jubilant Foodworks | 38,756 | 229,366 | ||||||
| MakeMyTrip* | 6,237 | 471,455 | ||||||
| Zomato* | 552,208 | 1,185,175 | ||||||
| 2,133,196 | ||||||||
| Energy — 8.6% | ||||||||
| Reliance Industries | 67,148 | 2,301,355 | ||||||
| Financials — 14.3% | ||||||||
| Angel One | 3,299 | 97,514 | ||||||
| Bajaj Finance | 19,609 | 1,573,418 | ||||||
| ICICI Securities | 8,477 | 72,587 | ||||||
| Indian Energy Exchange | 78,954 | 144,862 | ||||||
| Jio Financial Services* | 342,760 | 1,414,013 | ||||||
| One 97 Communications* | 25,545 | 110,402 | ||||||
| PB Fintech* | 25,138 | 389,818 | ||||||
| 3,802,614 | ||||||||
| Industrials — 0.4% | ||||||||
| IndiaMart InterMesh | 2,856 | 82,723 | ||||||
| TeamLease Services* | 1,179 | 41,172 | ||||||
| 123,895 | ||||||||
| Information Technology — 1.2% | ||||||||
| CE Info Systems | 2,371 | 54,472 | ||||||
| Happiest Minds Technologies | 5,915 | 55,875 | ||||||
| Intellect Design Arena | 7,413 | 81,554 | ||||||
| Route Mobile | 2,711 | 47,954 | ||||||
| Tanla Platforms | 6,884 | 75,738 | ||||||
| 315,593 | ||||||||
| 9,269,833 | ||||||||
| Indonesia — 1.7% | ||||||||
| Consumer Discretionary — 1.4% | ||||||||
| Bukalapak.com* | 5,408,800 | 43,271 | ||||||
| GoTo Gojek Tokopedia, Cl A* | 84,025,300 | 336,101 | ||||||
| 379,372 | ||||||||
| Financials — 0.3% | ||||||||
| Bank Jago* | 543,600 | 80,620 | ||||||
| 459,992 | ||||||||
FMQQ
The Next Frontier Internet ETF
Schedule of Investments
May 31, 2024 (Unaudited) (Continued)
| Description | Shares | Fair Value | ||||||
| Japan — 2.7% | ||||||||
| Communication Services — 2.7% | ||||||||
| Nexon | 41,900 | $ | 717,642 | |||||
| Poland — 3.4% | ||||||||
| Communication Services — 0.8% | ||||||||
| CD Projekt | 6,718 | 222,341 | ||||||
| Consumer Discretionary — 2.6% | ||||||||
| Allegro.eu* | 53,548 | 513,786 | ||||||
| CCC* | 5,363 | 181,854 | ||||||
| 695,640 | ||||||||
| 917,981 | ||||||||
| Russia — 0.0% | ||||||||
| Communication Services — 0.0% | ||||||||
| VK GDR(A)* | 7,810 | 78 | ||||||
| Consumer Discretionary — 0.0% | ||||||||
| Ozon Holdings ADR(A)* | 8,369 | 84 | ||||||
| TCS Group Holding GDR(A)* | 5,934 | 59 | ||||||
| 143 | ||||||||
| Industrials — 0.0% | ||||||||
| HeadHunter Group ADR(A)* | 1,664 | 17 | ||||||
| 238 | ||||||||
| Singapore — 12.0% | ||||||||
| Communication Services — 9.2% | ||||||||
| Sea ADR* | 36,335 | 2,453,339 | ||||||
| Industrials — 2.8% | ||||||||
| Grab Holdings, Cl A* | 205,268 | 753,334 | ||||||
| 3,206,673 | ||||||||
| South Africa — 0.7% | ||||||||
| Communication Services — 0.7% | ||||||||
| MultiChoice Group* | 32,175 | 192,341 | ||||||
| South Korea — 18.9% | ||||||||
| Communication Services — 9.4% | ||||||||
| CJ ENM* | 1,048 | 67,744 | ||||||
| Com2uSCorp | 768 | 22,299 | ||||||
| Kakao | 27,511 | 860,371 | ||||||
| Kakao Games* | 3,799 | 58,581 | ||||||
| NAVER | 9,641 | 1,185,149 | ||||||
| NCSoft | 1,628 | 223,761 | ||||||
| Description | Shares | Fair Value | ||||||
| South Korea — continued | ||||||||
| Communication Services — continued | ||||||||
| Neowiz | 1,248 | $ | 18,298 | |||||
| SOOP | 820 | 65,858 | ||||||
| 2,502,061 | ||||||||
| Consumer Discretionary — 8.3% | ||||||||
| Coupang, Cl A* | 73,120 | 1,662,749 | ||||||
| Delivery Hero, Cl A* | 18,932 | 573,622 | ||||||
| 2,236,371 | ||||||||
| Financials — 1.2% | ||||||||
| KakaoBank | 16,435 | 264,114 | ||||||
| Kakaopay* | 2,510 | 56,199 | ||||||
| 320,313 | ||||||||
| 5,058,745 | ||||||||
| Sweden — 0.2% | ||||||||
| Information Technology — 0.2% | ||||||||
| Truecaller, Cl B | 17,594 | 61,897 | ||||||
| United Arab Emirates — 0.2% | ||||||||
| Communication Services — 0.2% | ||||||||
| Yalla Group ADR* | 9,393 | 44,147 | ||||||
| United States — 2.8% | ||||||||
| Financials — 2.0% | ||||||||
| Kaspi.KZ JSC ADR | 4,193 | 529,995 | ||||||
| Information Technology — 0.8% | ||||||||
| Freshworks, Cl A* | 16,344 | 210,511 | ||||||
| 740,506 | ||||||||
| Uruguay — 0.3% | ||||||||
| Financials — 0.3% | ||||||||
| Dlocal, Cl A* | 8,050 | 73,657 | ||||||
| Total Common Stock | ||||||||
| (Cost $27,844,815) | 26,538,453 | |||||||
| Total Investments - 99.2% | ||||||||
| (Cost $27,844,815) | $ | 26,538,453 | ||||||
Percentages are based on net assets of $26,764,251.
FMQQ
The Next Frontier Internet ETF
Schedule of Investments
May 31, 2024 (Unaudited) (Concluded)
| * | Non-income producing security. |
| (A) | Security is fair valued. |
ADR — American Depositary Receipt
Cl — Class
GDR — Global Depositary Receipt
JSC — Joint-Stock Company
EMQ-QH-001-1900