EXCHANGE TRADED CONCEPTS TRUST

EMQQ The Emerging Markets Internet & Ecommerce ETF

FMQQ The Next Frontier Internet & Ecommerce ETF

 

Semi-Annual Report

February 28, 2023
(Unaudited)

 

EMQQ/FMQQ

Table of Contents

  

Schedules of Investments

  

1

Statements of Assets and Liabilities

  

8

Statements of Operations

  

9

Statements of Changes in Net Assets

  

10

Financial Highlights

  

12

Notes to the Financial Statements

  

14

Disclosure of Fund Expenses

  

24

Supplemental Information

  

25

Review of Liquidity Risk Management Program

  

26

Board Consideration of Approval of Advisory Agreement

  

27

The Funds file their complete schedule of holdings with the U.S. Securities and Exchange Commission (the “Commission” or the “SEC”) for the first and third quarters of each fiscal year as an exhibit to each Fund’s report on Form N-PORT within sixty days after the end of the period. Each Fund’s Form N-PORT reports are available on the Commission’s website at https://www.sec.gov.

Exchange Traded Concepts, LLC’s proxy voting policies and procedures are attached to each Fund’s Statement of Additional Information (the “SAI”). The SAI, as well as information relating to how each Fund voted proxies relating to each Fund’s securities during the most recent 12-month period ended June 30, is available without charge, upon request, by calling (855) 888-9892 and on the Commission’s website at https://www.sec.gov.

 

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedules of Investments

February 28, 2023 (Unaudited)

Description

  

Shares

  

Fair Value

COMMON STOCK — 99.9%

      

 

  

Argentina — 0.0%

      

 

  

Consumer Discretionary — 0.0%

      

 

  

Despegar.com*

  

37,357

  

$

229,745

       

 

  

Brazil — 8.3%

      

 

  

Communication Services — 0.0%

      

 

  

VTEX, Cl A*

  

33,937

  

 

134,051

       

 

  

Consumer Discretionary — 6.1%

      

 

  

Afya, Cl A*

  

17,026

  

 

197,161

Arco Platform, Cl A*

  

14,705

  

 

186,018

CVC Brasil Operadora e Agencia de Viagens*

  

170,675

  

 

100,691

GRUPO DE MODA SOMA

  

306,400

  

 

516,467

Magazine Luiza*

  

1,767,300

  

 

1,228,820

MercadoLibre*

  

25,314

  

 

30,883,080

Pet Center Comercio e
Participacoes

  

209,200

  

 

260,063

       

 

33,372,300

Financials — 1.7%

      

 

  

Inter & Co

  

174,298

  

 

355,560

NU Holdings, Cl A*

  

1,222,028

  

 

6,159,021

XP, Cl A*

  

200,052

  

 

2,484,646

       

 

8,999,227

Information Technology — 0.5%

      

 

  

Locaweb Servicos de Internet*

  

224,200

  

 

211,287

Pagseguro Digital, Cl A*

  

121,985

  

 

1,057,610

StoneCo, Cl A*

  

150,130

  

 

1,277,606

       

 

2,546,503

Total Brazil

      

 

45,052,081

Description

  

Shares

  

Fair Value

China — 60.4%

      

 

  

Communication Services — 22.2%

      

 

  

Baidu, Cl A*

  

1,367,604

  

$

23,485,957

Bilibili, Cl Z*

  

136,616

  

 

2,695,945

China Literature*

  

242,600

  

 

1,036,911

China Ruyi Holdings* (A)

  

3,020,799

  

 

750,437

DouYu International Holdings ADR*

  

194,753

  

 

243,441

Fire Rock Holdings* (B) (C)

  

1,092,000

  

 

1,391

Hello Group ADR

  

96,889

  

 

853,592

HUYA ADR*

  

53,457

  

 

229,865

iDreamSky Technology
Holdings* (A)

  

443,200

  

 

202,135

iQIYI ADR*

  

238,479

  

 

1,843,443

Kanzhun ADR*

  

211,871

  

 

4,269,201

Kingsoft(A)

  

579,600

  

 

1,908,741

Kuaishou Technology, Cl B*

  

1,330,900

  

 

8,901,490

Maoyan Entertainment* (A)

  

216,000

  

 

241,605

Meitu* (A)

  

2,309,500

  

 

862,072

NetDragon Websoft Holdings

  

137,500

  

 

312,854

NetEase

  

1,229,980

  

 

18,975,804

Sohu.com ADR*

  

20,710

  

 

296,567

Tencent Holdings

  

1,139,092

  

 

49,862,031

Tencent Music Entertainment Group ADR*

  

526,688

  

 

3,971,227

XD*

  

146,800

  

 

473,156

       

 

121,417,865

Consumer Discretionary — 34.2%

      

 

  

Alibaba Group Holding*

  

3,837,008

  

 

42,283,100

Alibaba Health Information Technology*

  

2,888,000

  

 

2,060,361

Dada Nexus ADR*

  

154,517

  

 

1,384,472

JD Health International*

  

618,700

  

 

4,315,412

JD.com, Cl A

  

1,027,394

  

 

22,734,994

Meituan, Cl B*

  

1,613,479

  

 

27,975,606

PDD Holdings ADR*

  

414,830

  

 

36,393,036

Ping An Healthcare and Technology* (A)

  

304,100

  

 

695,019

Prosus

  

406,865

  

 

29,306,189

Tongcheng Travel Holdings*

  

716,000

  

 

1,419,321

Trip.com Group*

  

341,261

  

 

12,068,801

Vipshop Holdings ADR*

  

341,804

  

 

5,089,462

       

 

185,725,773

Consumer Staples — 0.1%

      

 

  

DingDong Cayman ADR* (A)

  

88,471

  

 

400,774

       

 

  

Financials — 1.7%

      

 

  

360 DigiTech ADR

  

84,500

  

 

1,720,420

FinVolution Group ADR

  

103,907

  

 

526,808

The accompanying notes are an integral part of the financial statements.

1

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedules of Investments

February 28, 2023 (Unaudited) (Continued)

Description

  

Shares

  

Fair Value

China (continued)

      

 

  

Futu Holdings ADR* (A)

  

48,588

  

$

2,391,015

LexinFintech Holdings ADR*

  

84,023

  

 

232,744

Lufax Holding ADR

  

1,402,262

  

 

3,028,886

Up Fintech Holding ADR* (A)

  

90,049

  

 

335,883

ZhongAn Online P&C Insurance,
Cl H*

  

425,000

  

 

1,220,938

       

 

9,456,694

Health Care — 0.0%

      

 

  

Yidu Tech* (A)

  

250,700

  

 

274,031

       

 

  

Information Technology — 1.0%

      

 

  

Agora ADR*

  

58,320

  

 

178,459

China Youzan* (A)

  

9,396,000

  

 

253,768

Kingdee International Software Group

  

1,596,000

  

 

2,972,613

Kingsoft Cloud Holdings ADR*

  

146,257

  

 

563,089

Vnet Group ADR*

  

80,950

  

 

321,372

Weimob* (A)

  

1,182,000

  

 

709,245

Yeahka* (A)

  

100,400

  

 

332,556

       

 

5,331,102

Real Estate — 1.2%

      

 

  

KE Holdings, Cl A*

  

1,105,942

  

 

6,586,762

Phoenix Tree Holdings ADR*

  

179,833

  

 

—

       

 

6,586,762

Total China

      

 

329,193,001

       

 

  

Egypt — 0.1%

      

 

  

Information Technology — 0.1%

      

 

  

Fawry for Banking & Payment Technology Services SAE*

  

1,330,100

  

 

250,995

       

 

  

Germany — 0.0%

      

 

  

Consumer Discretionary — 0.0%

      

 

  

Jumia Technologies ADR*

  

61,291

  

 

206,551

       

 

  

Hong Kong — 0.1%

      

 

  

Communication Services — 0.1%

      

 

  

Alibaba Pictures Group*

  

7,120,000

  

 

448,997

       

 

  

India — 7.9%

      

 

  

Communication Services — 0.5%

      

 

  

Affle India*

  

30,187

  

 

373,980

Brightcom Group

  

715,039

  

 

198,508

Info Edge India

  

41,977

  

 

1,773,019

Nazara Technologies*

  

19,482

  

 

124,314

       

 

2,469,821

Consumer Discretionary  — 0.7%

      

 

  

Easy Trip Planners*

  

267,853

  

 

151,314

FSN E-Commerce Ventures*

  

476,571

  

 

806,800

Description

  

Shares

  

Fair Value

India (continued)

      

 

  

MakeMyTrip*

  

36,953

  

$

957,822

Zomato*

  

2,592,614

  

 

1,677,864

       

 

3,593,800

Energy — 5.6%

      

 

  

Reliance Industries

  

1,092,766

  

 

30,701,348

       

 

  

Financials — 0.4%

      

 

  

Angel One

  

22,923

  

 

282,713

ICICI Securities

  

49,780

  

 

280,732

Indian Energy Exchange

  

469,552

  

 

821,045

Motilal Oswal Financial Services

  

21,916

  

 

159,093

PB Fintech*

  

118,856

  

 

802,629

       

 

2,346,212

Industrials — 0.3%

      

 

  

IndiaMart InterMesh

  

8,426

  

 

494,236

Indian Railway Catering & Tourism

  

160,042

  

 

1,179,491

TeamLease Services*

  

7,181

  

 

218,260

       

 

1,891,987

Information Technology — 0.4%

      

 

  

Happiest Minds Technologies

  

58,967

  

 

610,623

Intellect Design Arena

  

43,442

  

 

236,424

One 97 Communications*

  

93,841

  

 

677,976

Route Mobile

  

14,800

  

 

240,724

Tanla Platforms

  

40,454

  

 

330,414

       

 

2,096,161

Total India

      

 

43,099,329

       

 

  

Indonesia — 0.8%

      

 

  

Consumer Discretionary — 0.7%

      

 

  

Bukalapak.com*

  

18,073,100

  

 

310,502

GoTo Gojek Tokopedia, Cl A*

  

488,663,900

  

 

3,781,137

       

 

4,091,639

Financials — 0.1%

      

 

  

Bank Jago*

  

3,125,000

  

 

514,344

Total Indonesia

      

 

4,605,983

       

 

  

Japan — 1.1%

      

 

  

Communication Services — 1.1%

      

 

  

Nexon

  

272,000

  

 

5,894,681

       

 

  

Kazakhstan — 1.6%

      

 

  

Financials — 1.6%

      

 

  

Kaspi.KZ JSC GDR

  

117,767

  

 

8,761,865

       

 

  

Poland — 0.6%

      

 

  

Communication Services — 0.2%

      

 

  

CD Projekt (A)

  

39,447

  

 

1,177,071

The accompanying notes are an integral part of the financial statements.

2

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedules of Investments

February 28, 2023 (Unaudited) (Continued)

Description

  

Shares

  

Fair Value

Poland (continued)

      

 

  

Consumer Discretionary — 0.4%

      

 

  

Allegro.eu* (A)

  

257,427

  

$

1,685,683

CCC* (A)

  

23,048

  

 

183,829

       

 

1,869,512

Total Poland

      

 

3,046,583

       

 

  

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*

  

312,633

  

 

19,536,436

       

 

  

Industrials — 0.6%

      

 

  

Grab Holdings, Cl A*

  

1,069,019

  

 

3,431,551

Total Singapore

      

 

22,967,987

       

 

  

South Africa — 4.6%

      

 

  

Communication Services — 0.2%

      

 

  

MultiChoice Group

  

189,674

  

 

1,456,944

       

 

  

Consumer Discretionary — 4.4%

      

 

  

Naspers, Cl N

  

134,433

  

 

23,853,184

Total South Africa

      

 

25,310,128

       

 

  

South Korea — 9.0%

      

 

  

Communication Services — 5.7%

      

 

  

AfreecaTV

  

4,868

  

 

328,519

CJ ENM

  

6,291

  

 

440,715

Com2uSCorp

  

4,977

  

 

256,890

Kakao

  

180,060

  

 

8,491,021

Kakao Games*

  

21,228

  

 

788,480

Krafton*

  

15,944

  

 

2,045,941

NAVER

  

86,342

  

 

13,604,615

NCSoft

  

9,645

  

 

3,167,015

Neowiz*

  

7,512

  

 

266,248

Description

  

Shares

  

Fair Value

South Korea (continued)

      

 

  

Netmarble*

  

13,157

  

$

614,474

NHN*

  

8,837

  

 

193,669

Pearl Abyss*

  

17,251

  

 

584,702

       

 

30,782,289

Consumer Discretionary — 2.6%

      

 

  

Coupang, Cl A*

  

632,433

  

 

9,809,036

Delivery Hero*

  

109,010

  

 

4,414,966

       

 

14,224,002

Financials — 0.6%

      

 

  

KakaoBank*

  

160,555

  

 

3,233,547

       

 

  

Information Technology — 0.1%

      

 

  

Danal*

  

33,190

  

 

140,962

Kakaopay*

  

12,982

  

 

615,130

       

 

756,092

Total South Korea

      

 

48,995,930

       

 

  

Sweden — 0.0%

      

 

  

Information Technology — 0.0%

      

 

  

Truecaller, Cl B*

  

74,496

  

 

227,447

       

 

  

Taiwan — 0.3%

      

 

  

Communication Services — 0.1%

      

 

  

Gamania Digital Entertainment

  

118,000

  

 

312,916

       

 

  

Consumer Discretionary — 0.2%

      

 

  

momo.com

  

41,880

  

 

1,091,345

PChome Online

  

80,000

  

 

168,562

       

 

1,259,907

Total Taiwan

      

 

1,572,823

       

 

  

United States — 0.8%

      

 

  

Industrials — 0.7%

      

 

  

Full Truck Alliance ADR*

  

559,761

  

 

3,918,327

       

 

  

Information Technology — 0.1%

      

 

  

Ebix

  

14,942

  

 

259,692

Total United States

      

 

4,178,019

       

 

  

Uruguay — 0.1%

      

 

  

Information Technology — 0.1%

      

 

  

Dlocal, Cl A* (A)

  

49,486

  

 

739,321

       

 

  

Total Common Stock
(Cost $694,054,964)

      

 

544,787,283

The accompanying notes are an integral part of the financial statements.

3

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedules of Investments

February 28, 2023 (Unaudited) (Concluded)

Description

  

Shares

  

Fair Value

SHORT-TERM INVESTMENT — 1.6%

      

 

  
       

 

  

United States — 1.6%

      

 

  

Invesco Government & Agency Portfolio, Cl Institutional, 4.510%, (D) (E)

  

8,535,041

  

$

8,535,041

       

 

  

Total Short-Term Investment
(Cost $8,535,041)

      

 

8,535,041

       

 

  

Total Investments in Securities — 101.5%
(Cost $702,590,005)

      

$

553,322,324

Percentages are based on net assets of $545,250,400.

*

  

Non-income producing security.

(A)

  

This security or a partial position of this security is on loan at February 28, 2023. The total value of securities on loan at February 28, 2023 was $8,007,981.

(B)

  

Level 3 security in accordance with fair value hierarchy.

(C)

  

Security is fair valued.

(D)