Description	Shares	Fair Value
COMMON STOCK — 98.1%

Australia — 0.9%
Communication Services — 0.9%
Southern Cross Media Group	171,595	$	98,324

China — 4.2%
Communication Services — 4.2%
Cloud Music*	19,950		226,791
Tencent Music Entertainment Group ADR*	34,260		248,728
			475,519

France — 1.0%
Communication Services — 1.0%
Believe*	11,414		116,303

Germany — 2.9%
Communication Services — 2.0%
CTS Eventim	3,868		233,249

Information Technology — 0.9%
Cliq Digital	5,393		99,187
			332,436

Japan — 14.6%
Communication Services — 7.3%
Amuse	20,900		203,418
Avex	23,400		212,454
NexTone*	22,400		200,564
Stream Media*	152,100		212,917
			829,353

Consumer Discretionary — 7.3%
Roland	7,500		214,434
Sony Group ADR	4,846		402,460
Yamaha	8,200		215,443
			832,337
			1,661,690

Description	Shares	Fair Value
Netherlands — 2.5%
Communication Services — 2.5%
Universal Music Group	11,399	$	278,327

South Korea — 16.6%
Communication Services — 16.6%
CUBE ENTERTAINMENT*	18,997		202,271
Genie Music*	95,873		205,866
HYBE*	1,325		215,347
JYP Entertainment	2,841		215,828
Kakao	8,044		225,140
RBW*	78,161		200,821
SM Entertainment	2,512		187,486
YG Entertainment	5,243		213,129
YG PLUS*	68,824		213,522
			1,879,410

Taiwan — 1.8%
Communication Services — 1.8%
HIM International Music	69,731		205,743

United Kingdom — 0.8%
Consumer Discretionary — 0.8%
Focusrite	17,795		95,442

United States — 52.8%
Communication Services — 31.0%
Alphabet, Cl A*	5,834		723,883
Cumulus Media, Cl A*	41,051		185,140
Endeavor Group Holdings, Cl A	12,407		282,383
iHeartMedia*	84,692		199,026
Live Nation Entertainment*	3,028		242,301
LiveOne*	98,034		93,720
Madison Square Garden Entertainment, Cl A*	7,018		213,909
Reservoir Media*	36,397		204,915
Sirius XM Holdings	53,624		229,511
Sphere Entertainment*	6,192		203,779
Spotify Technology*	1,748		288,000
Townsquare Media, Cl A	24,100		207,260
Vivid Seats, Cl A*	34,960		205,565
Warner Music Group, Cl A	7,523		235,470
			3,514,862

Consumer Discretionary — 11.1%
Amazon.com*	6,320		841,129
Sonos*	18,720		201,801
VOXX International, Cl A*	23,222		212,946
			1,255,876

Description	Shares	Fair Value
Information Technology — 10.7%
Apple	4,576		781,444
Avid Technology*	7,757		209,594
Dolby Laboratories, Cl A	2,767		223,961
			1,214,999
			5,985,737

Total Common Stock
(Cost $12,397,515)			11,128,931

EXCHANGE-TRADED FUND — 1.7%
Hipgnosis Songs Fund	222,870		190,390

Total Exchange-Traded Fund
(Cost $221,449)			190,390

SHORT-TERM INVESTMENT — 0.2%
Invesco Government & Agency Portfolio, Institutional Class
5.27% (A)	26,780	$	26,780

Total Short-Term Investment
(Cost $26,780)			26,780

Total Investments — 100.0%
(Cost $12,645,744)		$	11,346,101

Percentages are based on net assets of $11,345,477.

* Non -income producing security.

(A) The rate shown is the 7 -day effective yield as of October 31, 2023.

ADR — American Depositary Receipt

Cl — Class

As of October 31, 2023, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under the U.S. Generally Accepted Accounting Principles.

Assets:
Investments at Cost	$	12,645,744
Investments at Fair Value	$	11,346,101
Dividends Receivable		9,990
Reclaims Receivable		394
Total Assets		11,356,485

Liabilities:
Advisory Fees Payable		7,359
Interest Expense		3,649
Total Liabilities		11,008

Net Assets	$	11,345,477

Net Assets Consist of:
Paid-in Capital	$	12,641,854
Total Distributable Earnings (Accumulated Losses)		(1,296,377	)
Net Assets	$	11,345,477
Outstanding Shares of Beneficial Interest (unlimited authorization – no par value)		510,000
Net Asset Value, Offering and Redemption Price Per Share	$	22.25

Investment Income:
Dividend Income	$	27,263
Less: Foreign Taxes Withheld		(1,268	)
Total Investment Income		25,995

Expenses:
Advisory Fees		23,789
Less: Advisory Fee Waiver		(3,742	)
Total Expenses		20,047
Net Investment Income (Loss)		5,948

Net Realized Gain (Loss) on:
Investments (1)		2,773
Foreign Currency Transactions		(5,386	)
Net Realized Gain (Loss)		(2,613	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(1,299,643	)
Foreign Currency Translations		(69	)
Net Change in Unrealized Appreciation (Depreciation)		(1,299,712	)
Net Realized and Unrealized Gain (Loss)		(1,302,325	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,296,377	)

† Commenced operations on July 6, 2023.

(1) Includes realized gains (losses) as a result of in -kind transactions, if any (See Note 4 in Notes to Financial Statements).

	For the Period Ended October 31, 2023 (Unaudited) †
Operations:
Net Investment Income (Loss)	$	5,948
Net Realized Gain (Loss) (1)		(2,613	)
Net Change in Unrealized Appreciation (Depreciation)		(1,299,712	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,296,377	)

Capital Share Transactions:
Issued		12,641,854
Net Increase (Decrease) in Net Assets from Capital Share Transactions		12,641,854
Total Increase (Decrease) in Net Assets		11,345,477

Net Assets:
Beginning of Period		—
End of Period	$	11,345,477

Share Transactions:
Issued		510,000

Net Increase (Decrease) in Shares Outstanding from Share Transactions		510,000

† Commenced operations on July 6, 2023.

(1) Includes realized gains (losses) as a result of in -kind transactions, if any (See Note 4 in Notes to Financial Statements).

Amount designated as “ — ” is $0.

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	For the Period Ended October 31, 2023 (Unaudited) †
Net Asset Value, beginning of period.	$	24.73
Investment Activities
Net investment income (loss)*		0.02
Net realized and unrealized gain (loss)		(2.50	)
Total from investment activities		(2.48	)
Net Asset Value, end of period	$	22.25

Net Asset Value, Total Return (%) (1)		(10.03	)
Ratios to Average Net Assets
Expenses (%)		0.75	(2)
Expenses excluding waivers (%)		0.89	(2)
Net investment income (loss) (%)		0.22	(2)
Supplemental Data
Net Assets at end of period (000’s)	$	11,345
Portfolio turnover (%) (3)		17

____________

† Commenced operations on July 6, 2023.

* Per share data calculated using average shares method.

(1) Total return is for the period indicated and has not been annualized for periods less than one year. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of Fund shares.

(2) Annualized.

(3) Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes the effect of securities received or delivered from processing in -kind creations or redemptions, if any.

MUSQ Global Music Industry ETF

Notes to Financial Statements

October 31, 2023 (Unaudited)

1. ORGANIZATION

Exchange Traded Concepts Trust (the “Trust”) is a Delaware statutory trust formed on July 17, 2009. The Trust is registered with the Commission under the Investment Company Act of 1940 (the “1940 Act”) as an open -end management investment company with multiple investment portfolios. The financial statements herein are those of MUSQ Global Music Industry ETF (the “Fund”). The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MUSQ Global Music Industry Index (the “Index”). Exchange Traded Concepts, LLC (the “Adviser”), an Oklahoma limited liability company, serves as the investment adviser for the Fund. The Fund is classified as “non -diversified ” under the 1940 Act (see “Non -Diversification Risk” under Note 6). The Fund commenced operations on July 6, 2023.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. (the “Exchange”). Market prices for shares of the Fund may be different from their net asset value (“NAV”). The Fund issues and redeems shares on a continuous basis to certain institutional investors (typically market makers or other broker -dealers ) at NAV only in large blocks of shares called “Creation Units”. Creation Units are available for purchase and redemption on each business day and are offered and redeemed on an in -kind basis, together with a specified cash amount, or for an all cash amount. Once created, shares trade in a secondary market at market prices that change throughout the day in share amounts less than a Creation Unit.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Trust, are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for investment companies. The accompanying financial statements have been prepared in accordance with U.S. GAAP on the accrual basis of accounting. Management has reviewed Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies (“ASC 946”), and concluded that the Fund meets the criteria of an “investment company,” and therefore, the Fund prepares its financial statements in accordance with investment company accounting as outlined in ASC 946.

Use of Estimates and Indemnifications — The Fund is an investment company in conformity with U.S. GAAP. Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

In the normal course of business, the Trust, on behalf of the Fund, enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.

Security Valuation — The Fund records its investments at fair value. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (“NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent quoted bid price for long positions and at the most recent quoted ask price for short positions. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third -party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded.

The third -party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker -supplied valuations, or other methodologies designed to identify the fair value for such securities. Debt obligations with remaining maturities of sixty days or less when acquired will be valued at their market value. If a market value is not available from a pricing vendor or from an independent broker, the security shall be fair valued according to the Trust’s fair value procedures. Prices for most securities held in the Fund are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third -party pricing agent, the Fund seeks to obtain a bid price from at least one independent broker.

Rule 2a -5 under the 1940 Act establishes requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund’s investment adviser to perform fair -value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. Rule 31a -4 under the 1940 Act, sets forth recordkeeping requirements associated with fair -value determinations.

Pursuant to the requirements of Rule 2a -5 , the Trust’s Board of Trustees (the “Board”) (i) has designated the Adviser as the Board’s valuation designee to perform fair -value determinations for the Fund through the Adviser’s Valuation Committee and (ii) approved the Adviser’s Valuation Procedures.

Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de -listed from a national exchange; the security’s primary trading market is temporarily closed at a time, when under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government -imposed restrictions. In addition, the Fund may fair value its securities if an event that may materially affect the value of the Fund’s securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include, but are not limited to: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

• Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

• Level 2 — Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

• Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The valuation techniques used by the Fund to measure fair value during the period ended October 31, 2023 maximized the use of observable inputs and minimized the use of unobservable inputs. Investments are classified within the level of the lowest significant input considered in determining fair value.

Federal Income Taxes — It is the Fund’s intention to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

The Fund’s policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. As of October 31, 2023, the Fund did not have any interest or penalties associated with the underpayment of any income taxes. Current tax years remain open and subject to examination by tax jurisdictions. The Fund has reviewed all major jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on its tax returns.

Foreign Taxes — The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains earned.

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex -dividend date. Interest income is recognized on the accrual basis. Withholding taxes and reclaims on foreign dividends, if any, have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. The Fund may be subject to foreign taxes related to foreign income received, capital gain on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.

Cash and Cash Equivalents — Idle cash may be swept into various overnight demand deposits and is classified as Cash and Cash equivalents on the Statement of Assets and Liabilities, if any. The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day.

Dividends and Distributions to Shareholders — The Fund pays out dividends from its net investment income and distributes its net capital gains, if any, to investors at least annually. All distributions are recorded on ex -dividend date.

Creation Units — The Fund issues and redeems shares at NAV and only in Creation Units, or multiples thereof. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee of $800 per transaction, regardless of the number of Creation Units created in a given transaction. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard minimum redemption transaction fee of $800 per transaction to the custodian on the date of such redemption, regardless of the number of Creation Units redeemed in a given transaction. The Fund may charge, either in lieu of or in addition to the fixed creation transaction fee, a variable fee for creations and redemptions in order to cover certain non -standard brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from such transactions. In all cases, such fees will be limited in accordance with the requirements of the Commission applicable to management investment companies offering redeemable securities.

The Adviser may retain all or a portion of the transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the purchase or redemption of a Creation Unit, which the transaction fee is designed to cover.

Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain Authorized Participants. An Authorized Participant is either (i) a broker -dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company (“DTC”) participant and, in each case, must have executed an Authorized Participant Agreement with the Fund’s distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase and sell shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

To the extent contemplated by an Authorized Participant Agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed to SEI Investments Distribution Co. (the “Distributor”), on behalf of the Fund, by the time as set forth in the Authorized Participant Agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral equal to a percentage of the value of the missing shares as specified in the Authorized Participant Agreement. An Authorized Participant Agreement may permit the Fund to use such collateral to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of the Fund acquiring such shares and the value of the collateral. Amounts are disclosed as Segregated Cash Balance from Authorized Participants for Deposit Securities and Collateral Payable upon Return of Deposit Securities on the Statement of Assets and Liabilities, when applicable.

3. SERVICE PROVIDERS

Investment Advisory and Administrative Services

The Adviser is an Oklahoma limited liability company located at 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120, its principal place of business, and 295 Madison Avenue, New York, New York 10017. The Adviser serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). Under the Advisory Agreement, the Adviser provides investment advisory services to the Fund and is responsible for the day -to -day management of the Fund, including, among other things, implementing

changes to the Fund’s portfolio in connection with any rebalancing or reconstitution of the Index, trading portfolio securities on behalf of the Fund, and selecting broker -dealers to execute purchase and sale transactions, subject to the oversight of the Board. For the services it provides to the Fund, the Fund pays the Adviser a fee, which is calculated daily and paid monthly, at an annual rate of 0.89% of the average daily net assets of the Fund. The Adviser has contractually agreed to waive a portion of its management fee in an amount equal to 0.14% of average daily net assets through August 31, 2024. The fees waived are non -recoupable .

ETC Platform Services, LLC (“ETC Platform Services”), a direct wholly -owned subsidiary of the Adviser, administers the Fund’s business affairs and provides office facilities and equipment, certain clerical, bookkeeping and administrative services, paying agent services under the Fund’s unitary fee arrangement (as described below), and its officers and employees to serve as officers or Trustees of the Trust. ETC Platform Services also arranges for transfer agency, custody, fund administration and accounting, and other non -distribution related services necessary for the Fund to operate. For the services it provides to the Fund, ETC Platform Services is paid a fee calculated daily and paid monthly based on a percentage of the Fund’s average daily net assets.

Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Fund (including the fee charged by ETC Platform Services) except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b -1 under the 1940 Act (“Excluded Expenses”).

MUSQ, LLC, is the sponsor of the Fund’s Index and the Fund (the “Sponsor”). In connection with an arrangement between the Adviser and the Sponsor, the Sponsor has agreed to assume the obligation of the Adviser to pay all expenses of the Fund (except Excluded Expenses) and, to the extent applicable, pay the Adviser a minimum fee. For its services, the Sponsor is entitled to a fee from the Adviser, which is calculated daily and paid monthly, based on a percentage of the average daily net assets of the Fund. The Sponsor does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Fund.

A Trustee and certain officers of the Trust are affiliated with the Adviser and receive no compensation from the Trust for serving as officers and/or Trustee.

Distribution Arrangement

The Distributor serves as the Fund’s underwriter and distributor of shares pursuant to a distribution agreement (the “Distribution Agreement”). Under the Distribution Agreement, the Distributor, as agent, receives orders to purchase shares in Creation Units and transmits such orders to the Fund’s custodian and transfer agent. The Distributor has no obligation to sell any specific quantity of Fund shares. The Distributor bears the following costs and expenses relating to the distribution of shares: (i) the expenses of maintaining its registration or qualification as a dealer or broker under federal or state laws; (ii) filing fees; and (iii) all other expenses incurred in connection with the distribution services that are not reimbursed by the Adviser, as contemplated in the Distribution Agreement. The Distributor does not maintain any secondary market in Fund shares.

The Fund has adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b -1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution -related activities. For the period ended October 31, 2023, no fees were charged by the Distributor under the Plan and the Plan will only be implemented with approval of the Board.

Administrator, Custodian and Transfer Agent

SEI Investments Global Funds Services serves as the Fund’s administrator pursuant to an administration agreement. The Bank of New York Mellon serves as the Fund’s custodian and transfer agent pursuant to a custodian agreement and transfer agency services agreement. The Adviser pays these fees. An officer of the Trust is affiliated with the administrator and receives no compensation from the Trust for serving as an officer.

4. INVESTMENT TRANSACTIONS

For the period ended October 31, 2023*, the purchases and sales of investments in securities, excluding in -kind transactions, long -term U.S. Government and short -term securities were:

		Purchases		Sales and Maturities
		$ 4,249,174		$ 1,669,412

For the period ended October 31, 2023*, there were no purchases or sales of long -term U.S. Government securities by the Fund.

For the period ended October 31, 2023*, the in -kind transactions associated with creations and redemptions were:

		Purchases		Sales		Realized Gain (Loss)
		$ 10,036,442		$ —		$ —

* Commenced operations on July 6, 2023.

5. TAX INFORMATION

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to paid -in capital, or distributable earnings (accumulated losses), as appropriate, in the period that the differences arise.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Fund at October 31, 2023, were as follows:

		Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
		$ 12,645,744		$ 116,937		$ (1,416,580)		$ (1,299,643)

6. PRINCIPAL RISKS OF INVESTING IN THE FUND

As with all exchange traded funds (“ETFs”), a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. Additional principal risks are disclosed in the Fund’s prospectus. Please refer to the Fund’s prospectus for a complete description of the principal risks of investing in the Fund.

Currency Exchange Rate Risk. To the extent the Fund invests in securities denominated in non -U .S. currencies, changes in currency exchange rates and the relative value of non -U .S. currencies will affect the value of the Fund’s investment and the value of your shares. Because the Fund’s NAV is determined in U.S. dollars, the Fund’s NAV could decline if the currency of the non -U .S. market in which the Fund invests depreciates against the U.S. dollar, even if the value of the Fund’s holdings, measured in the foreign currency, increases. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.

Foreign Securities Risk: Investments in non -U .S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non -U .S. securities may be subject to risk of loss due to foreign currency fluctuations or to expropriation, nationalization or adverse political or economic developments. Foreign securities may have relatively low market liquidity and decreased publicly available information about issuers. Investments in non -U .S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. Non -U .S. issuers may also be subject to inconsistent and potentially less stringent accounting, auditing, financial reporting and investor protection standards than U.S. issuers. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. In addition, where all or a portion of the Fund’s portfolio holdings trade in markets that are closed when the Fund’s market is open, there may be valuation differences that could lead to differences between the Fund’s market price and the value of the Fund’s portfolio holdings.

Limited Authorized Participants, Market Makers and Liquidity Providers Risk: Because the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occurs, the risk of which is higher during periods of market stress, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

Market Risk: The market price of an investment could decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. The market value of an investment also may decline because of factors that affect a particular industry or industries such as labor shortages, increased production costs, and competitive conditions. Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the market generally and on specific investments. For example, in recent years, the COVID -19 pandemic, the large expansion of government deficits and debt as a result of government actions to mitigate the effects of the pandemic, Russia’s invasion of Ukraine, and the rise of inflation have resulted in extreme volatility in the global economy and in global financial markets. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund’s investments may be negatively affected.

Music Royalty Trust Risk. Royalty trusts are special purpose vehicles organized as investment trusts created to make investments in music royalties. A music royalty trust generally acquires an interest in music royalties and/or music royalty companies and distributes the income it receives to the investors of the royalty trust. A sustained decline in demand for the royalty trust’s underlying asset could adversely affect income and royalty trust revenues and

cash flows. Factors that could lead to a decrease in market demand include a recession or other adverse economic conditions, an increase in the market price of the underlying investment, higher taxes or other regulatory actions that increase costs, or a shift in consumer demand for such products. A rising interest rate environment could adversely impact the performance of royalty trusts.

Non -Diversification Risk: The Fund is non -diversified under the 1940 Act, meaning that, as compared to a diversified fund, it can invest a greater percentage of its assets in securities issued by or representing a small number of issuers. As a result, the performance of these issuers can have a substantial impact on the Fund’s performance.

Sector Focus Risk. The Fund may invest a significant portion of its assets in one or more sectors and thus will be more susceptible to the risks affecting those sectors. While the Fund’s sector exposure is expected to vary over time based on the composition of the Index, the Fund anticipates that it may be subject to some or all of the risks described below. As of June 12, 2023, a significant portion of the Index consisted of companies in the Communication Services Sector.

Consumer Discretionary Sector Risk. The Fund invests in consumer discretionary companies, which are companies that provide non -essential goods and services, such as retailers, media companies and consumer services. These companies manufacture products and provide discretionary services directly to the consumer, and the success of these companies is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence.

Communication Services Sector Risk. The Fund’s assets will have significant exposure to the Communication Services Sector, which means the Fund will be more affected by the performance of the Communication Services Sector than a fund that is more diversified. Market or economic factors impacting companies in the Communication Services Sector that rely heavily on technological advances could have a major effect on the value of the Fund’s investments. The value of stocks of communication services companies and companies that rely heavily on technology is particularly vulnerable to research and development costs, substantial capital requirements, product and services obsolescence, government regulation, and domestic and international competition, including competition from foreign competitors with lower production costs. Stocks of communication services companies and companies that rely heavily on technology, especially those of smaller, less -seasoned companies, tend to be more volatile than the overall market. Additionally, companies in the Communication Services Sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. While all companies may be susceptible to network security breaches, certain companies in the Communication Services Sector may be particular targets of hacking and potential theft of proprietary or consumer info1mation or disruptions in service, which could have a material adverse effect on their businesses.

7. OTHER

At October 31, 2023, the records of the Trust reflected that 100% of the Fund’s total shares outstanding were held by three Authorized Participants, in the form of Creation Units. However, the individual shares comprising such Creation Units are listed and traded on the Exchange and have been purchased and sold by persons other than Authorized Participants.

At a meeting held on May 16, 2023 (the “Meeting”), the Board of Trustees (the “Board”) of Exchange Traded Concepts Trust (the “Trust”) considered the initial approval of the investment advisory agreement between the Trust, on behalf of the MUSQ Global Music Industry ETF (the “Fund” or “MUSQ”), and Exchange Traded Concepts, LLC (“ETC”) pursuant to which ETC provides advisory services to the Fund (the “Agreement”).

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Agreement must be approved by a vote of (i) the Trustees or the shareholders of the Fund and (ii) a majority of the Trustees who are not parties to the Agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approvals, the Board must request and evaluate, and ETC is required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreement. In addition, rules under the 1940 Act require each Fund to disclose in its shareholder reports the material factors and the conclusions with respect thereto that formed the basis for the Board’s approval of the Agreement.

Consistent with these responsibilities, prior to the Meeting, the Board reviewed written materials from ETC and, at the Meeting, representatives from ETC presented additional oral and written information to help the Board evaluate the Agreement. Among other things, representatives from ETC provided an overview of its advisory business, including investment personnel and investment processes. During the Meeting, the Board discussed the materials it received, including a memorandum from legal counsel to the Independent Trustees on the responsibilities of Trustees in considering the approval of investment advisory agreements under the 1940 Act, considered ETC’s oral presentation, and deliberated on the approval of the Agreement in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of and request additional materials from ETC. The Independent Trustees were assisted in their review by independent legal counsel and met with counsel separately and without management present.

In considering whether to approve the Agreement, the Board took into account the Materials provided for the Meeting, the presentation and extensive discussion during the Meeting and had a detailed discussion with independent legal counsel. In particular, the Independent Trustees took into consideration (i) the nature, extent, and quality of the services to be provided by ETC; (ii) ETC’s expected costs of the profits to be realized from providing such services, including any fall -out benefits to be enjoyed by ETC or its affiliates; (iii) comparative fee and expense data; (iv) the proposed fee waiver; (v) the extent to which the advisory fee for MUSQ reflects economies of scale to be shared with shareholders; and (vi) other factors the Independent Trustees deemed to be relevant.

Nature, Extent, and Quality of Services. The Independent Trustees reviewed materials provided by ETC at this Meeting related to the Agreement with respect to MUSQ and information provided by ETC in the ordinary course of business throughout the year, including: a description of the manner in which investment decisions are to be made and executed; an overview of the personnel that perform services for each of the Funds and their background and experience; a review of the financial condition of ETC; information regarding risk management processes and liquidity management; the compliance policies and procedures of ETC; and an independent report prepared by ISS analyzing the estimated fees and expenses of MUSQ as compared to those of a peer group of other registered investment companies with similar investment strategies as selected by ISS.

With respect to the nature, extent, and quality of the services to be provided to MUSQ, the Independent Trustees considered ETC’s specific responsibilities in all aspects of the day -to -day management of MUSQ. The Board noted that ETC’s would include develop, implement, and maintain MUSQ’s investment program in accordance with MUSQ’s index and prospectus, which would include ongoing monitoring of MUSQ’s portfolio, trading for the Fund in connection with index rebalances and reconstitutions; selecting broker -dealers to execute purchase and sale transactions, determining the cash amount for creation units of the Fund, executing portfolio securities trades for purchases and redemptions of Fund shares, overseeing general portfolio compliance with relevant law, monitoring compliance with various policies and procedures and applicable securities regulations, quarterly reporting to

the Board, and implementing Board directives as they relate to MUSQ. The Board considered the qualifications, experience, and responsibilities of ETC’s investment personnel, the quality of ETC’s compliance infrastructure, and the determination of the Trust’s Chief Compliance Officer that ETC’s compliance policies and procedures are reasonably designed and operating effectively to prevent violations of the federal securities laws.

The Board also considered services to be provided to MUSQ by ETC, either directly or through its subsidiary ETC Platform Services, LLC, such as arranging for service providers and other non -distribution related services necessary for MUSQ to operate; providing office facilities and equipment; and certain clerical, bookkeeping, and administrative services; liaising with and reporting to the Board on matters relating to Fund operations, portfolio management and other matters essential to MUSQ’s business activities; supervising MUSQ LLC’s obligations as an index provider, oversight and preparation of regulatory filings; working with ETF market participants, including authorized participants, market makers, and exchanges, to help facilitate an orderly trading environment for MUSQ’s shares; marketing consulting services, and providing its officers and employees to serve as officers or Trustees of the Trust. The Independent Trustees also considered the significant risks assumed by ETC in connection with the services provided to MUSQ, including entrepreneurial risk and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent, and quality of the services to be provided to MUSQ by ETC.

Performance. Because MUSQ is new and has not commenced operations, the Board noted that there were no historical performance records to consider. The Board noted that ETC did not currently manage a comparable fund or managed account. The Board took note of the Fund’s index -based investment objective and considered that the Fund’s performance is expected to reasonably track the performance of its underlying index. The Board considered the backtested performance data provided by MUSQ’s index provider and considered that the hypothetical index results are not unreasonable relative to a proposed broad -based benchmark of global securities, the MSCI World Index. The Independent Trustees indicated that once MUSQ had commenced operations, the Board would focus on, among other things, MUSQ’s performance relative to its underlying index, and the extent to which the Fund achieved its investment objective as a passively -managed ETF.

Cost of Advisory Services and Profitability. The Board reviewed the advisory fee to be paid to ETC for its services to MUSQ under the Agreement. The Board reviewed the report provided by ISS, an independent third party, comparing MUSQ’s advisory fee to those paid by a group of peer funds, and found that the proposed 0.89% fee was higher than other peers in the peer group. The Board took into account that MUSQ’s underlying index was of a specialized nature and, thus, MUSQ’s investment strategy. The Board noted that while it found the data provided by the independent third -party generally useful, it recognized its limitations, including potential differences in the investment strategies of MUSQ relative to the peer group, as well as the level, quality and nature of the services provided by ETC to MUSQ. The Board also considered that the peer group selection criteria focused on other funds whose strategies involved the music and/or entertainment industry, but largely did not focus on funds with global exposure, which may require a higher level of service. The Board took into consideration that the advisory fee is a “unitary fee,” meaning that MUSQ would pay no expenses other than certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest; and that ETC will be responsible for compensating MUSQ’s service providers and paying other expenses out of its own fee and resources, and that, while MUSQ’s index provider has agreed to assume such responsibility, ETC is ultimately responsible for ensuring the obligation is satisfied.

The Board took into account that ETC had agreed to waive fees to 0.75% of MUSQ’s average net assets until at least September 1, 2024 and were reminded of the significant risks assumed by ETC associated with sponsoring new funds. Based on the factors above, the Board concluded that the advisory fee and sub -advisory fee were not unreasonable.

All ETFs have operating expenses. As a shareholder of the Fund you incur an advisory fee. In addition to the advisory fee, a shareholder may pay brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses (including acquired fund fees and expenses), if any. It is important for you to understand the impact of these ongoing costs on your investment returns. Shareholders may incur brokerage commissions on their purchases and sales of Fund shares, which are not reflected in these examples.

The following examples use the annualized expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in the Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (May 1, 2023 to October 31, 2023) (unless otherwise noted below). The table below illustrates the Fund’s cost in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

	Beginning Account Value 5/1/2023	Ending Account Value 10/31/2023	Annualized Expense Ratios		Expenses Paid During Period
Actual Fund Return	$ 1,000.00	$ 899.70	0.75	%	$ 2.26 ( 1 )
Hypothetical 5% Return	$ 1,000.00	$ 1,021.37	0.75	%	$ 3.81 ( 2 )

( 1 ) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 116/366 (to reflect the period since commencement to period end).

(2) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one -half year period).

Schedule of Investments		1
Statement of Assets and Liabilities		3
Statement of Operations		4
Statement of Changes in Net Assets		5
Financial Highlights		6
Notes to Financial Statements		7
Board Consideration of Approval of Advisory Agreement		16
Disclosure of Fund Expenses		19
Supplemental Information		20