EXCHANGE TRADED CONCEPTS TRUST

EMQQ The Emerging Markets Internet & Ecommerce ETF

FMQQ The Next Frontier Internet & Ecommerce ETF

 

Semi-Annual Report

February 28, 2022

 

EXCHANGE TRADED CONCEPTS TRUST

Table of Contents

  

Schedules of Investments

 

2

Statements of Assets and Liabilities

 

9

Statements of Operations

 

10

Statements of Changes in Net Assets

 

11

Financial Highlights

 

13

Notes to the Financial Statements

 

15

Board Consideration of Advisory Agreement

 

28

Disclosure of Fund Expenses

 

30

Supplemental Information

 

31

Review of Liquidity Risk Management Program

 

32

The Funds file their complete schedule of Fund holdings with the U.S. Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT (Form N-Q for filings prior to March 31, 2020) within sixty days after the end of the period. The Funds’ Forms N-Q and N-PORT are available on the Commission’s website at http://www.sec.gov.

Exchange Traded Concepts, LLC’s proxy voting policies and procedures are attached to the Funds’ Statement of Additional Information (the “SAI”). The SAI, as well as information relating to how the Funds voted proxies relating to the Funds’ securities during the most recent 12-month period ended June 30, is, or will be, available without charge, upon request, by calling 1-855-888-9892 and on the Commission’s website at https://www.sec.gov.

1

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedules of Investments

February 28, 2022 (Unaudited)

Description

 

Shares

 

Fair Value

COMMON STOCK — 99.9%

     

 

 

Argentina — 4.8%

     

 

 

Consumer Discretionary — 4.8%

     

 

 

Despegar.com* (A)

 

42,810

 

$

492,743

MercadoLibre*

 

34,502

 

 

38,871,678

Total Argentina

     

 

39,364,421

       

 

 

Brazil — 2.3%

     

 

 

Communication Services — 0.0%

     

 

 

Infracommerce CXAAS*

 

132,100

 

 

377,707

       

 

 

Consumer Discretionary — 0.8%

     

 

 

Afya, Cl A*

 

22,962

 

 

296,210

Americanas*

 

301,831

 

 

1,786,953

Arco Platform, Cl A* (A)

 

18,649

 

 

360,299

CVC Brasil Operadora e Agencia de Viagens*

 

157,975

 

 

384,841

GRUPO DE MODA SOMA*

 

349,500

 

 

880,585

Magazine Luiza*

 

2,028,400

 

 

2,366,342

       

 

6,075,230

Financials — 0.9%

     

 

 

XP, Cl A*

 

237,198

 

 

7,670,983

       

 

 

Information Technology — 0.6%

     

 

 

Locaweb Servicos de Internet*

 

306,200

 

 

593,772

Pagseguro Digital, Cl A* (A)

 

144,273

 

 

2,299,712

StoneCo, Cl A*

 

148,719

 

 

1,671,602

       

 

4,565,086

Total Brazil

     

 

18,689,006

Description

 

Shares

 

Fair Value

China — 50.7%

     

 

 

Communication Services — 18.6%

     

 

 

Autohome ADR

 

50,913

 

$

1,557,429

Baidu ADR*

 

198,654

 

 

30,282,816

Bilibili ADR* (A)

 

168,824

 

 

5,336,527

DouYu International Holdings ADR* (A)

 

216,676

 

 

446,352

Hello Group ADR*

 

100,453

 

 

957,317

HUYA ADR*

 

36,940

 

 

193,935

iQIYI ADR* (A)

 

193,908

 

 

802,779

Kingsoft

 

606,800

 

 

2,252,096

NetEase ADR

 

278,844

 

 

26,584,987

Sohu.com ADR* (A)

 

18,239

 

 

334,503

So-Young International
ADR* (A)

 

60,282

 

 

133,223

Tencent Holdings

 

1,416,092

 

 

76,334,893

Tencent Music Entertainment Group ADR*

 

478,760

 

 

2,580,516

Weibo ADR* (A)

 

63,067

 

 

1,729,928

XD* (A)

 

85,000

 

 

273,590

Zhihu ADR* (A)

 

364,225

 

 

1,216,511

       

 

151,017,402

Consumer Discretionary — 25.9%

     

 

 

Alibaba Group Holding ADR*

 

654,910

 

 

68,889,983

ATRenew ADR* (A)

 

91,459

 

 

407,907

Baozun ADR* (A)

 

37,426

 

 

394,096

Dada Nexus ADR*

 

152,113

 

 

1,264,059

JD.com ADR*

 

670,411

 

 

48,021,540

JD.com, Cl A*

 

70,176

 

 

2,507,530

Pinduoduo ADR*

 

725,704

 

 

37,635,010

Ping An Healthcare and Technology* (A)

 

276,400

 

 

852,508

Prosus

 

615,714

 

 

38,326,953

Trip.com Group ADR*

 

373,656

 

 

9,647,798

Uxin ADR* (A)

 

238,846

 

 

246,011

Vipshop Holdings ADR*

 

218,178

 

 

1,891,603

       

 

210,084,998

Financials — 1.9%

     

 

 

360 DigiTech ADR

 

62,530

 

 

1,172,438

FinVolution Group ADR

 

79,787

 

 

324,733

Futu Holdings ADR* (A)

 

44,847

 

 

1,917,209

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

2

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedules of Investments

February 28, 2022 (Unaudited) (Continued)

Description

 

Shares

 

Fair Value

China (continued)

     

 

 

LexinFintech Holdings ADR* (A)

 

61,151

 

$

217,086

Lufax Holding ADR*

 

1,683,043

 

 

10,889,288

Qudian ADR* (A)

 

120,349

 

 

99,047

Up Fintech Holding ADR* (A)

 

97,385

 

 

439,207

       

 

15,059,008

Industrials — 1.8%

     

 

 

51job ADR*

 

41,683

 

 

2,159,179

DiDi Global ADR* (A)

 

3,060,381

 

 

12,547,562

       

 

14,706,741

Information Technology — 1.1%

     

 

 

Agora ADR* (A)

 

53,998

 

 

652,296

Kingdee International Software Group*

 

1,994,000

 

 

4,894,598

Kingsoft Cloud Holdings ADR* (A)

 

153,219

 

 

1,032,696

OneConnect Financial Technology ADR*

 

265,359

 

 

419,267

Tuya ADR* (A)

 

292,732

 

 

1,580,753

Vnet Group ADR*

 

60,921

 

 

479,448

       

 

9,059,058

Real Estate — 1.4%

     

 

 

KE Holdings ADR*

 

576,682

 

 

11,193,398

Phoenix Tree Holdings ADR* (A)

 

179,833

 

 

       

 

11,193,398

Total China

     

 

411,120,605

       

 

 

Egypt — 0.1%

     

 

 

Information Technology — 0.1%

     

 

 

Fawry for Banking & Payment Technology Services SAE*

 

957,074

 

 

589,109

       

 

 

Germany — 0.8%

     

 

 

Consumer Discretionary — 0.8%

     

 

 

Delivery Hero*

 

109,899

 

 

5,901,620

Jumia Technologies ADR*

 

62,513

 

 

588,247

Total Germany

     

 

6,489,867

       

 

 

Hong Kong — 10.0%

     

 

 

Communication Services — 1.2%

     

 

 

Alibaba Pictures Group*

 

9,160,000

 

 

914,394

China Literature*

 

247,800

 

 

1,336,725

Fire Rock Holdings

 

1,116,000

 

 

70,699

Description

 

Shares

 

Fair Value

Hong Kong  (continued)

     

 

 

iDreamSky Technology Holdings* (A)

 

442,800

 

$

318,483

Kuaishou Technology, Cl B*

 

564,600

 

 

6,470,677

Meitu*

 

1,529,500

 

 

244,683

NetDragon Websoft

 

152,000

 

 

341,206

       

 

9,696,867

Consumer Discretionary — 8.4%

     

 

 

Alibaba Health Information Technology*

 

2,908,000

 

 

2,024,587

China Ruyi Holdings* (A)

 

5,412,799

 

 

1,600,211

JD Health International*

 

345,750

 

 

2,562,029

Maoyan Entertainment* (A)

 

363,800

 

 

396,685

Meituan, Cl B*

 

2,735,800

 

 

60,292,148

Tongcheng Travel Holdings*

 

778,800

 

 

1,445,231

       

 

68,320,891

Financials — 0.3%

     

 

 

ZhongAn Online P&C Insurance, Cl H*

 

624,700

 

 

2,046,703

Information Technology — 0.1%

     

 

 

China Youzan* (A)

 

10,012,000

 

 

319,053

Weimob* (A)

 

1,122,000

 

 

735,201

Yeahka*

 

110,400

 

 

304,481

       

 

1,358,735

Total Hong Kong

     

 

81,423,196

       

 

 

India — 9.9%

     

 

 

Communication Services — 0.5%

     

 

 

Affle India*

 

38,229

 

 

618,102

Info Edge India

 

49,299

 

 

2,914,397

Nazara Technologies*

 

14,442

 

 

329,791

       

 

3,862,290

Consumer Discretionary — 0.2%

     

 

 

Cartrade Tech*

 

18,782

 

 

134,607

FSN E-Commerce Ventures*

 

26,531

 

 

454,669

MakeMyTrip*

 

34,559

 

 

970,417

Zomato*

 

569,261

 

 

604,033

       

 

2,163,726

Energy — 8.8%

     

 

 

Reliance Industries

 

2,273,926

 

 

71,209,292

       

 

 

Industrials — 0.3%

     

 

 

IndiaMart InterMesh

 

9,757

 

 

618,208

Indian Railway Catering & Tourism

 

166,628

 

 

1,789,845

       

 

2,408,053

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

3

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedules of Investments

February 28, 2022 (Unaudited) (Continued)

Description

 

Shares

 

Fair Value

India (continued)

     

 

 

Information Technology — 0.1%

     

 

 

One 97 Communications*

 

38,165

 

$

404,253

Route Mobile

 

17,247

 

 

340,385

       

 

744,638

Total India

     

 

80,387,999

       

 

 

Indonesia — 0.0%

     

 

 

Consumer Discretionary — 0.0%

     

 

 

Bukalapak.com*

 

17,281,800

 

 

406,574

       

 

 

Japan — 0.9%

     

 

 

Communication Services — 0.9%

     

 

 

Nexon

 

331,400

 

 

7,158,873

       

 

 

Poland — 0.5%

     

 

 

Communication Services — 0.2%

     

 

 

CD Projekt(A)

 

49,123

 

 

1,977,367

Consumer Discretionary — 0.3%

     

 

 

Allegro.eu* (A)

 

276,106

 

 

2,070,052

Total Poland

     

 

4,047,419

       

 

 

Russia — 0.5%

     

 

 

Communication Services — 0.4%

     

 

 

VK GDR*

 

117,354

 

 

86,138

Yandex, Cl A*

 

224,241

 

 

2,953,254

       

 

3,039,392

Consumer Discretionary — 0.1%

     

 

 

Ozon Holdings ADR*

 

125,832

 

 

1,015,464

       

 

 

Industrials — 0.0%

     

 

 

HeadHunter Group ADR

 

25,106

 

 

262,358

       

 

 

Information Technology — 0.0%

     

 

 

QIWI ADR

 

34,445

 

 

135,713

Total Russia

     

 

4,452,927

       

 

 

South Africa — 1.7%

     

 

 

Communication Services — 0.3%

     

 

 

MultiChoice Group

 

241,365

 

 

1,968,408

Consumer Discretionary — 1.4%

     

 

 

Naspers, Cl N

 

92,067

 

 

11,489,890

Total South Africa

     

 

13,458,298

       

 

 

South Korea — 8.8%

     

 

 

Communication Services — 6.5%

     

 

 

AfreecaTV

 

5,364

 

 

621,008

CJ ENM

 

7,611

 

 

822,914

Com2uS Holdings*

 

2,978

 

 

331,893

Description

 

Shares

 

Fair Value

South Korea (continued)

     

 

 

Com2uSCorp

 

5,535

 

$

505,923

Kakao

 

190,619

 

 

14,918,491

Kakao Games*

 

23,750

 

 

1,451,844

Krafton*

 

14,197

 

 

3,483,274

NAVER

 

88,789

 

 

23,483,097

NCSoft

 

10,144

 

 

3,741,726

Neowiz*

 

9,433

 

 

191,822

Netmarble

 

11,976

 

 

1,020,951

NHN*

 

12,104

 

 

357,377

Pearl Abyss*

 

19,758

 

 

1,562,761

Webzen*

 

10,201

 

 

195,985

       

 

52,689,066

Consumer Discretionary — 1.5%

     

 

 

Coupang, Cl A* (A)

 

463,640

 

 

12,295,733

Modetour Network*

 

9,773

 

 

197,516

       

 

12,493,249

Financials — 0.6%

     

 

 

KakaoBank*

 

109,774

 

 

4,382,378

       

 

 

Information Technology — 0.2%

     

 

 

Cafe24*

 

10,223

 

 

165,799

Danal*

 

37,993

 

 

309,986

Kakao Pay*

 

7,626

 

 

948,216

Kginicis

 

10,966

 

 

159,152

       

 

1,583,153

Total South Korea

     

 

71,147,846

       

 

 

Taiwan — 3.9%

     

 

 

Communication Services — 3.7%

     

 

 

Sea ADR*

 

203,868

 

 

29,683,181

       

 

 

Consumer Discretionary — 0.2%

     

 

 

momo.com

 

45,900

 

 

1,609,406

PChome Online

 

78,000

 

 

317,175

       

 

1,926,581

Total Taiwan

     

 

31,609,762

       

 

 

Turkey — 0.0%

     

 

 

Consumer Discretionary — 0.0%

     

 

 

D-MARKET Elektronik Hizmetler ve Ticaret ADR* (A)

 

152,784

 

 

271,955

       

 

 

United Arab Emirates — 0.1%

     

 

 

Communication Services — 0.1%

     

 

 

Yalla Group ADR* (A)

 

83,869

 

 

509,924

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

4

EMQQ

The Emerging Markets Internet & Ecommerce ETF

Schedules of Investments

February 28, 2022 (Unaudited) (Concluded)

Description

 

Shares

 

Fair Value

United Kingdom — 0.3%

     

 

 

Financials — 0.3%

     

 

 

Kaspi.KZ JSC GDR

 

26,036

 

$

1,562,160

TCS Group Holding GDR

 

89,202

 

 

868,292

Total United Kingdom

     

 

2,430,452

       

 

 

United States — 4.6%

     

 

 

Communication Services — 0.0%

     

 

 

VTEX, Cl A* (A)

 

35,617

 

 

285,648

       

 

 

Financials — 2.3%

     

 

 

NU Holdings, Cl A* (A)

 

2,474,031

 

 

18,926,337

       

 

 

Industrials — 2.0%

     

 

 

Grab Holdings, Cl A* (A)

 

2,737,280

 

 

15,766,733

       

 

 

Information Technology — 0.3%

     

 

 

Dlocal, Cl A* (A)

 

63,241

 

 

2,064,819

Total United States

     

 

37,043,537

       

 

 

Total Common Stock
(Cost $1,018,614,329)

     

 

810,601,770

       

 

 

RIGHTS — 0.0%

     

 

 
       

 

 

Brazil — 0.0%

     

 

 

Consumer Discretionary — 0.0%

     

 

 

Americanas, Expired 03/10/2022

 

6,994

 

 

3,761

Total Brazil

     

 

3,761

       

 

 

Total Rights
(Cost $—)

     

 

3,761

       

 

 

SHORT-TERM INVESTMENT — 9.7%

       

 

 

United States — 9.7%