Before investing you should carefully consider the 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.qraftaietf.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 non-diversified investment company under the Investment Company Act of 1940 (the “1940 Act”). Concentration in a particular industry or sector will subject the 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 each 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

Growth of a $10,000 Investment

(at net asset value)

*   Reflects the expense ratio 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.qraftaietf.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 500® Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

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 QRAFT AI-Enhanced U.S. Large Cap Momentum ETF (“AMOM” or the “Fund”). The information presented in this report relates to the operations of AMOM for the fiscal year ended April 30, 2022.

The Fund is an actively managed exchange-traded fund that seeks to provide investors with capital appreciation. Exchange Traded Concepts LLC, the Fund’s adviser, utilizes proprietary artificial intelligence (AI) technology provided by Qraft Technologies, Inc. to manage the Fund’s portfolio on a day-to-day basis. The AI technology seeks to create optimal portfolio factor weights by analyzing market data. Utilizing the AI, the adviser selects stocks of U.S. large-capitalization companies stocks (which the Fund defines as companies having a market capitalization in excess of $4 billion) based on the stocks’ momentum over a certain time period.

In 2021, security selection within the Industrials Sector aided Fund performance while securities selected within the Consumer Discretionary Sector hurt Fund performance. An overweight in securities in the Information Technology sector bolstered Fund performance relative to the S&P 500 in 2021, but hurt performance from January through April 2022. Also for the period January through April 2022, an overweight in the Consumer Discretionary Sector and an underweight in the Energy Sector contributed to AMOM’s underperformance while an overweight in the Materials Sector, specifically, companies in the Steel Sub-Industry bolstered performance relative to the S&P 500.

The Fund had negative performance during the fiscal year ending on April 30, 2022. The Fund’s market price decreased 20.67% and the net asset value decreased 20.63% while the S&P 500 Index, a broad market equity index, gained 0.21%.

The Fund commenced operations on May 20, 2019 and had 575,001 shares outstanding on April 30, 2022.

We appreciate your investment in the QRAFT AI-Enhanced U.S. Large Cap Momentum 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 QRAFT AI-Enhanced U.S. Next Value ETF (“NVQ” or the “Fund”). The information presented in this report relates to the operations of NVQ for the fiscal year ended April 30, 2022.

The Fund is an actively managed exchange-traded fund that seeks capital appreciation by utilizing a value investing strategy enhanced by the use of artificial intelligence. The Fund’s adviser, Exchange Traded Concepts, LLC, consults proprietary artificial intelligence technology provided by Qraft Technologies, Inc. to develop a portfolio of investments based on the theory that a value investing strategy that adjusts a company’s book value by taking into account future intangible assets (e.g., a company’s investment in research and development, marketing and advertising, and intellectual property) in addition to typical value factors (e.g., book value to market value ratio, earning to market value ratio, and EV to EBIDTA ratio (also known as enterprise multiple, which is a ratio used to determine the value of a company – enterprise value, or EV, divided by earnings before interest, taxes, depreciation, and amortization, or EBITDA)), may outperform more conventional value investing strategies that do not take such assets into account in comparing a company’s book value to its intrinsic value.

In 2021, security selection within the Industrials Sector aided Fund performance while securities selected within the Consumer Discretionary Sector hurt Fund performance. From January through April 2022, overweightings in the Consumer Staples, Energy, Health Care and Materials Sectors and an underweight in the Information Technology Sector contributed to NVQ’s outperformance relative to the S&P 500. However, marginal exposure to mid capitalization and small capitalization companies constrained NVQ’s outperformance of its benchmark for the period.

The Fund had positive performance during the fiscal year ended April 30, 2022. The Fund’s market price increased 1.32% and the net asset value increased 1.62% while the broad market equity index, the S&P 500 Index returned 0.21%.

The Fund commenced operations on December 2, 2020 and had 175,000 shares outstanding on April 30, 2022.

We appreciate your investment in the QRAFT AI-Enhanced U.S. Next Value 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)

*   Reflects the expense ratio 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.qraftaietf.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 500® Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

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.