EXCHANGE TRADED CONCEPTS TRUST

ROBO Global® Healthcare Technology and Innovation ETF

ROBO Global® Robotics and Automation Index ETF

ROBO Global® Artificial Intelligence ETF

  

 

Annual Report

April 30, 2023

 

ROBO Global®

Healthcare Technology and Innovation ETF

Robotics and Automation Index ETF

Artificial Intelligence ETF

Table of Contents

Management Discussion of Fund Performance

 

1

Schedules of Investments

 

10

Statements of Assets and Liabilities

 

17

Statements of Operations

 

18

Statements of Changes in Net Assets

 

19

Financial Highlights

 

21

Notes to the Financial Statements

 

22

Report of Independent Registered Public Accounting Firm

 

35

Review of Liquidity Risk Management Program

 

36

Trustees and Officers of the Trust

 

37

Disclosure of Fund Expenses

 

39

Notice to Shareholders

 

40

Supplemental Information

 

41

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)-456-7626 and on the Commission’s website at https://www.sec.gov.

 

ROBO Global®

Healthcare Technology and Innovation ETF

Management Discussion of Fund Performance (Unaudited)

Dear Shareholders,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the ROBO Global® Healthcare Technology and Innovation ETF (“HTEC” or the “Fund”). The following information pertains to the fiscal year ended April 30, 2023.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the ROBO Global® Healthcare Technology and Innovation Index (the “Index”). The Index provides investors with unique, global exposure to companies leading the healthcare technology revolution across the following sub-sectors: (1) diagnostic; (2) lab process automation; (3) regenerative medicine; (4) precision medicine; (5) data and analytics; (6) telehealth; (7) robotics; (8) medical instruments; and (9) genomics.

Concerns over inflation, slowing economic growth and rapidly rising interest rates led to substantial compression in valuation multiples for healthcare technology companies, which drove the price of the Fund’s holdings down. While the Fund’s holdings in the robotics, telehealth, diagnostic and medical instrument sub-sectors delivered positive returns, they were more than offset by declines in the Fund’s holdings in the genomics, regenerative medicine, and data and analytics sub-sectors.

The Fund had negative performance during the fiscal year ended April 30, 2023. The market price for HTEC decreased 1.92% and the NAV decreased 2.14%, while the MSCI ACWI Index, a broad market index, increased 2.06% over the same period. The Fund’s Index returned negative 1.49%.

The Fund commenced operations on June 24, 2019, and had 3,250,001 shares outstanding on April 30, 2023.

Thank you for your investment in HTEC.

Sincerely,

J. Garrett Stevens
Chief Executive Officer
Exchange Traded Concepts, LLC, Adviser to the Fund

1

ROBO Global®

Healthcare Technology and Innovation ETF

Management Discussion of Fund Performance (Unaudited) (Continued)

About the Index: The Fund tracks the Index, which is designed to measure the performance of companies that have a portion of their business and revenue derived from the field of healthcare technology, and the potential to grow within this space through innovation and market adoption of such companies’ products and services. The Index consists of securities of both U.S. and foreign issuers, including securities of issuers located in emerging market countries.

The Fund is designed to track, before fees and expenses, the price and yield performance of the Index. This is a rule-based index which employs specific investment criteria focused on companies that derive a portion of revenues and profits from robotics-related and/or automation-related products and/or services.

The S&P 500® Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the S&P 500® Index proportionate to its market value. The MSCI ACWI Index (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.

Growth of a $10,000 Investment

(at Net Asset Value)

 

AVERAGE ANNUAL TOTAL RETURN FOR
THE YEAR ENDED APRIL 30, 2023

   

1 Year

 

Annualized Inception
to Date*

   

Net Asset
Value

 

Market
Price

 

Net Asset
Value

 

Market
Price

ROBO Global® Healthcare Technology and Innovation ETF

 

-2.14%

 

-1.92%

 

  5.88%

 

  5.84%

ROBO Global® Healthcare Technology and Innovation Index

 

-1.49%

 

-1.49%

 

  6.58%

 

  6.58%

S&P 500® Index

 

 2.66%

 

 2.66%

 

11.28%

 

11.28%

MSCI ACWI Index

 

 2.06%

 

 2.06%

 

  7.79%

 

  7.79%

*Fund commenced operations on June 24, 2019.

2

ROBO Global®

Healthcare Technology and Innovation ETF

Management Discussion of Fund Performance (Unaudited) (Concluded)

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. 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. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus, containing this and other information, is available at www.roboglobaletfs.com. Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal.

Current performance may be lower or higher than the performance data shown above.

Performance data current to the most recent month-end is available at www.roboglobaletfs.com.

There are no assurances that the Fund will meet its stated objective.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

3

ROBO Global®

Robotics and Automation Index ETF

Management Discussion of Fund Performance (Unaudited)

Dear Shareholders,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the ROBO Global® Robotics and Automation Index ETF (“ROBO” or the “Fund”). The following information pertains to the fiscal year ended April 30, 2023.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the ROBO Global® Robotics and Automation Index (the “Index”). The Index provides investors with a comprehensive and diversified benchmark that represents the global value chain of robotics, automation, and enabling technologies. This value chain includes not only large, well established companies, but also providers of both the key enabling technologies (e.g., sensing, computing, machine learning, actuation, etc.) and the applications that deliver capabilities in every industry (e.g., factory automation, surgical robotics, food and agriculture, 3D printing, logistics automation, and more).

The Fund outperformed global equities, as measured by the MSCI ACWI Index, during the period. While the robotics and automation industries continued to experience robust earnings growth, concerns over rapidly rising interest rates and slowing economic growth led to lower valuation multiples, especially in high-growth technology companies where valuations depend on expectations of future revenue. Manufacturing & Industrial Automation as well as Computing and Artificial Intelligence stocks delivered double-digit returns. However, 3D Printing and Sensing stocks declined.

The Fund had positive performance during the fiscal year ended April 30, 2023. The market price for ROBO increased 6.06% and the NAV increased 5.01%, while the MSCI ACWI Index, a broad market index, increased 2.06% over the same period. The Fund’s Index increased 5.84%.

The Fund commenced operations on October 21, 2013 and had 25,125,000 shares outstanding on April 30, 2023.

Thank you for your investment in ROBO.

Sincerely,

J. Garrett Stevens
Chief Executive Officer
Exchange Traded Concepts, LLC, Adviser to the Fund

4

ROBO Global®

Robotics and Automation Index ETF

Management Discussion of Fund Performance (Unaudited) (Continued)

About the Index: The Fund tracks the Index, which is designed to measure the performance of robotics-related and/or automation-related companies. The Index consists of securities of both U.S. and foreign issuers, including securities of issuers located in emerging market countries.

The Fund is designed to track, before fees and expenses, the price and yield performance of the Index. This is a rule-based index which employs specific investment criteria focused on companies that derive a portion of revenues and profits from robotics-related and/or automation-related products and/or services.

The S&P 500® Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the S&P 500® Index proportionate to its market value. The MSCI ACWI Index (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.

Growth of a $10,000 Investment

(at Net Asset Value)

 

AVERAGE ANNUAL TOTAL RETURN FOR
THE YEAR ENDED APRIL 30, 2023

   

1 Year

 

5 Year

 

Annualized
Inception to Date*

   

Net Asset
Value

 

Market
Price

 

Net Asset
Value

 

Market
Price

 

Net Asset
Value

 

Market
Price

ROBO Global® Robotics & Automation Index ETF

 

5.01%

 

6.06%

 

  5.92%

 

  6.05%

 

8.48%

 

  8.51%

ROBO Global® Robotics & Automation Index

 

5.84%

 

5.84%

 

  6.59%

 

  6.59%

 

9.53%

 

  9.53%

S&P 500® Index

 

2.66%

 

2.66%

 

11.45%

 

11.45%

 

11.68%

 

11.68%

MSCI ACWI Index

 

2.06%

 

2.06%

 

  7.03%

 

  7.03%

 

7.39%

 

  7.39%

*Fund commenced operations on October 21, 2013.

5

ROBO Global®

Robotics and Automation Index ETF

Management Discussion of Fund Performance (Unaudited) (Concluded)

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. 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. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus, containing this and other information, is available at www.roboglobaletfs.com. Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal.

Current performance may be lower or higher than the performance data shown above.

Performance data current to the most recent month-end is available at www.roboglobaletfs.com.

There are no assurances that the Fund will meet its stated objective.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

6

ROBO Global®

Artificial Intelligence ETF

Management Discussion of Fund Performance (Unaudited)

Dear Shareholders,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the ROBO Global® Artificial Intelligence ETF (“THNQ” or the “Fund”). The following information pertains to the fiscal year ended April 30, 2023.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the ROBO Global® Artificial Intelligence Index (the “Index”). The Index provides investors with unique, global exposure to companies that are actively developing and leveraging artificial intelligence-based tools and artificial intelligence-powered engines to capitalize on new market opportunities and accelerate their revenue growth.

Despite continued rapid growth in the artificial intelligence industry, concerns over inflation, slowing economic growth and rapidly rising interest rates led to substantial compression in valuation multiples for AI companies, which drove the price of the Fund’s holdings down along with other high-growth technology companies. While the Fund’s holdings in the semiconductor and business process sub-sectors delivered positive returns, they were more than offset by declines in the Fund’s holdings in the network and security and big data/analytics sub-sectors.

The Fund had negative performance during the fiscal year ended on April 30, 2023. The market price for THNQ decreased 1.40% and the NAV decreased 1.88%, while the MSCI ACWI Index, a broad market index, increased 2.06% over the same period. The Fund’s Index returned negative 1.57%.

The Fund commenced operations on May 8, 2020 and had 825,000 shares outstanding on April 30, 2023.

Thank you for your investment in THNQ.

Sincerely,

J. Garrett Stevens
Chief Executive Officer
Exchange Traded Concepts, LLC, Adviser to the Fund

7

ROBO Global®

Artificial Intelligence ETF

Management Discussion of Fund Performance (Unaudited) (Continued)

About the Index: The Fund tracks the Index, which is designed to measure the performance of Artificial Intelligence-related companies. The Index consists of securities of both U.S. and foreign issuers, including securities of issuers located in emerging market countries.

The Fund is designed to track, before fees and expenses, the price and yield performance of the Index. This is a rule-based index which employs specific investment criteria focused on companies that derive a portion of revenues and profits from robotics-related and/or automation-related products and/or services.

The S&P 500® Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the S&P 500® Index proportionate to its market value. The MSCI ACWI Index (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.

Growth of a $10,000 Investment

(at Net Asset Value)

 

AVERAGE ANNUAL TOTAL RETURN FOR
THE YEAR ENDED APRIL 30, 2023

   

1 Year

 

Annualized Inception
to Date*

   

Net Asset
Value

 

Market
Price

 

Net Asset
Value

 

Market
Price

ROBO Global® Artificial Intelligence ETF

 

-1.88%

 

-1.40%

 

  6.66%

 

  6.74%

ROBO Global® Artificial Intelligence Index

 

-1.57%

 

-1.57%

 

  7.09%

 

  7.09%

S&P 500® Index

 

 2.66%

 

 2.66%

 

14.38%

 

14.38%

MSCI ACWI Index

 

 2.06%

 

 2.06%

 

12.03%

 

12.03%

*Fund commenced operations on May 8, 2020.

8

ROBO Global®

Artificial Intelligence ETF

Management Discussion of Fund Performance (Unaudited) (Concluded)

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. 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. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus, containing this and other information, is available at www.roboglobaletfs.com. Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal.

Current performance may be lower or higher than the performance data shown above.

Performance data current to the most recent month-end is available at www.roboglobaletfs.com.

There are no assurances that the Fund will meet its stated objective.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

9

ROBO Global®

Healthcare Technology and Innovation ETF

Schedule of Investments

April 30, 2023

Description

 

Shares

 

Fair Value

COMMON STOCK — 99.8%

     

 

 

Belgium — 0.9%

     

 

 

Information Technology — 0.9%

     

 

 

Materialise ADR*

 

102,380

 

$

920,396

Total Belgium

     

 

920,396

China — 1.1%

     

 

 

Consumer Staples — 1.1%

     

 

 

JD Health International*

 

151,850

 

 

1,088,111

Total China

     

 

1,088,111

France — 1.3%

     

 

 

Health Care — 1.3%

     

 

 

Eurofins Scientific

 

18,299

 

 

1,277,981

Total France

     

 

1,277,981

Germany — 1.7%

     

 

 

Health Care — 1.7%

     

 

 

Siemens Healthineers

 

27,290

 

 

1,699,825

Total Germany

     

 

1,699,825

Italy — 1.4%

     

 

 

Health Care — 1.4%

     

 

 

DiaSorin

 

12,909

 

 

1,403,487

Total Italy

     

 

1,403,487

Japan — 1.0%

     

 

 

Health Care — 1.0%

     

 

 

Terumo

 

34,200

 

 

1,018,729

Total Japan

     

 

1,018,729

Netherlands — 3.5%

     

 

 

Health Care — 3.5%

     

 

 

Koninklijke Philips*

 

87,936

 

 

1,852,890

QIAGEN*

 

33,897

 

 

1,512,145

Total Health Care

     

 

3,365,035

Total Netherlands

     

 

3,365,035

Switzerland — 2.9%

     

 

 

Health Care — 2.9%

     

 

 

Lonza Group

 

2,275

 

 

1,415,533

Tecan Group

 

3,386

 

 

1,475,300

Total Health Care

     

 

2,890,833

Total Switzerland

     

 

2,890,833

Description

 

Shares

 

Fair Value

United Kingdom — 1.2%

     

 

 

Health Care — 1.2%

     

 

 

Smith & Nephew PLC

 

73,368

 

$

1,212,180

Total United Kingdom

     

 

1,212,180

United States — 84.8%

     

 

 

Health Care — 82.8%

     

 

 

Abbott Laboratories

 

12,356

 

 

1,364,967

Agilent Technologies

 

9,285

 

 

1,257,468

Align Technology*

 

3,732

 

 

1,214,020

Alnylam Pharmaceuticals*

 

7,752

 

 

1,544,198

Arrowhead Pharmaceuticals*

 

48,545

 

 

1,718,979

Avanos Medical*

 

26,775

 

 

790,934

Axogen*

 

92,815

 

 

837,191

Azenta*

 

35,109

 

 

1,526,890

Baxter International

 

23,493

 

 

1,120,146

Becton Dickinson

 

4,800

 

 

1,268,688

BioMarin Pharmaceutical*

 

10,552

 

 

1,013,414

Bio-Rad Laboratories, Cl A*

 

2,732

 

 

1,231,558

Boston Scientific*

 

32,019

 

 

1,668,830

Bristol-Myers Squibb

 

13,971

 

 

932,844

Butterfly Network*

 

423,559

 

 

914,887

CareDx*

 

157,568

 

 

1,274,725

Catalent*

 

19,562

 

 

980,447

Cerus*

 

315,704

 

 

729,276

Charles River Laboratories International*

 

6,769

 

 

1,286,922

Codexis*

 

242,094

 

 

949,008

CONMED

 

9,842

 

 

1,235,860

CRISPR Therapeutics*

 

21,005

 

 

1,027,985

Danaher

 

6,053

 

 

1,434,016

DexCom*

 

12,776

 

 

1,550,240

Editas Medicine, Cl A*

 

91,141

 

 

743,711

Edwards Lifesciences*

 

16,582

 

 

1,458,884

Exact Sciences*

 

17,679

 

 

1,132,694

Fate Therapeutics*

 

210,761

 

 

1,279,319

Fulgent Genetics*

 

42,821

 

 

1,266,217

GE HealthCare Technologies

 

16,039

 

 

1,304,612

Globus Medical, Cl A*

 

13,894

 

 

807,797

Guardant Health*

 

45,037

 

 

1,016,035

Health Catalyst*

 

104,473

 

 

1,316,360

Hologic*

 

15,716

 

 

1,351,733

Illumina*

 

6,815

 

 

1,400,891

Incyte*

 

18,628

 

 

1,386,109

Insulet*

 

5,469

 

 

1,739,361

Integra LifeSciences Holdings*

 

26,455

 

 

1,463,491

Intuitive Surgical*

 

6,686

 

 

2,013,958

IQVIA Holdings*

 

6,472

 

 

1,218,225

iRhythm Technologies*

 

12,676

 

 

1,665,626

Masimo*

 

5,854

 

 

1,107,226

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

10

ROBO Global®

Healthcare Technology and Innovation ETF

Schedule of Investments

April 30, 2023 (Concluded)

Description

 

Shares

 

Fair Value

Medpace Holdings*

 

6,288

 

$

1,258,480

Moderna*

 

10,089

 

 

1,340,727

NanoString Technologies*

 

132,882

 

 

1,302,244

Natera*

 

27,020

 

 

1,370,454

Nevro*

 

34,665

 

 

1,014,645

Novocure*

 

16,878

 

 

1,112,260

Omnicell*

 

25,033

 

 

1,521,255

Penumbra*

 

5,768

 

 

1,638,804

PerkinElmer

 

11,479

 

 

1,497,895

Privia Health Group*

 

36,375

 

 

1,005,041

QuidelOrtho*

 

14,134

 

 

1,271,353

Regeneron Pharmaceuticals*

 

1,854

 

 

1,486,519

Roche Holding

 

4,283

 

 

1,349,069

STAAR Surgical*

 

25,152

 

 

1,772,461

Stryker

 

5,794

 

 

1,736,172

Tactile Systems Technology*

 

66,248

 

 

1,207,701

Teladoc Health*

 

32,133

 

 

852,488

Thermo Fisher Scientific

 

2,807

 

 

1,557,605

Twist Bioscience*

 

61,395

 

 

766,210

Veeva Systems, Cl A*

 

6,411

 

 

1,148,082

Veracyte*

 

48,560

 

 

1,099,398

Vertex Pharmaceuticals*

 

4,054

 

 

1,381,319

       

 

81,235,924

Industrials — 0.8%

     

 

 

3D Systems*

 

89,009

 

 

815,322

Information Technology — 1.2%

     

 

 

Novanta*

 

7,528

 

 

1,150,580

Total United States

     

 

83,201,826

Total Common Stock
(Cost $128,248,279)

     

 

98,078,403

SHORT-TERM INVESTMENT — 0.2%

 

 

 

Invesco Government & Agency Portfolio, Cl Institutional, 4.79%(A)

 

184,626

 

 

184,626

Total Short-Term Investment
(Cost $184,626)

     

 

184,626

Total Investments — 100.0%
(Cost $128,432,905)

     

$

98,263,029

Percentages are based on Net Assets of $98,299,815.

         Non-income producing security.

(A)      Rate shown is the 7-day effective yield as of April 30, 2023.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

As of April 30, 2023, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

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

11

ROBO Global®

Robotics and Automation Index ETF

Schedule of Investments

April 30, 2023

Description

 

Shares

 

Fair Value

COMMON STOCK — 99.8%

     

 

 

Belgium — 0.9%

     

 

 

Information Technology — 0.9%

     

 

 

Materialise ADR*(A)

 

1,345,605

 

$

12,096,989

Total Belgium

     

 

12,096,989

Canada — 1.5%

     

 

 

Industrials — 1.5%

     

 

 

ATS*

 

479,394

 

 

20,528,794

Total Canada

     

 

20,528,794

China — 1.1%

     

 

 

Industrials — 0.6%

     

 

 

Estun Automation, Cl A

 

1,385,534

 

 

4,559,651

Han’s Laser Technology Industry Group, Cl A

 

1,195,800

 

 

4,508,284

       

 

9,067,935

Information Technology — 0.5%

     

 

 

Iflytek

 

710,700

 

 

6,216,394

Total China

     

 

15,284,329

Finland — 1.3%

     

 

 

Industrials — 1.3%

     

 

 

Cargotec, Cl B

 

308,893

 

 

17,067,890

Total Finland

     

 

17,067,890

France — 2.4%

     

 

 

Industrials — 1.1%

     

 

 

Schneider Electric

 

80,297

 

 

13,990,365

Information Technology — 1.3%

     

 

 

Dassault Systemes

 

420,948

 

 

17,041,470

Total France

     

 

31,031,835

Germany — 7.5%

     

 

 

Industrials — 6.3%

     

 

 

Duerr

 

425,432

 

 

14,747,808

GEA Group

 

449,661

 

 

21,117,884

Description

 

Shares

 

Fair Value

KION Group

 

312,843

 

$

12,924,029

Krones

 

151,801

 

 

19,909,427

Siemens

 

86,094

 

 

14,152,568

       

 

82,851,716

Information Technology — 1.2%

     

 

 

Jenoptik

 

530,083

 

 

16,900,858

Total Germany

     

 

99,752,574

Japan — 21.0%

     

 

 

Industrials — 15.6%

     

 

 

Daifuku

 

1,153,200

 

 

21,088,150

Daihen

 

380,800

 

 

12,472,867

FANUC

 

640,200

 

 

21,575,866

Fuji Machine Manufacturing

 

1,309,200

 

 

21,844,838

Harmonic Drive Systems(A)

 

689,600

 

 

20,941,475

Mitsubishi Electric

 

1,072,400

 

 

13,223,366

Nabtesco

 

621,800

 

 

14,886,851

Shibaura Machine

 

500,500

 

 

11,578,416

SMC

 

37,200

 

 

18,509,162

THK

 

703,300

 

 

15,650,123

Toyota Industries

 

287,200

 

 

16,557,265

Yaskawa Electric

 

483,800

 

 

19,577,263

       

 

207,905,642

Information Technology — 5.4%

     

 

 

Keyence

 

50,100

 

 

22,480,887

Omron

 

322,400

 

 

18,804,398

Optex Group

 

788,200

 

 

11,797,096

Yokogawa Electric

 

1,170,000

 

 

18,894,944

       

 

71,977,325

Total Japan

     

 

279,882,967

Netherlands — 1.2%

     

 

 

Health Care — 1.2%

     

 

 

QIAGEN*

 

362,063

 

 

16,151,631

Total Netherlands

     

 

16,151,631

Norway — 1.4%

     

 

 

Industrials — 1.4%

     

 

 

AutoStore Holdings*(A)

 

8,753,503

 

 

18,692,415

Total Norway

     

 

18,692,415

South Korea — 1.0%

     

 

 

Information Technology — 1.0%

     

 

 

Koh Young Technology

 

1,273,513

 

 

12,569,566

Total South Korea

     

 

12,569,566

Sweden — 2.7%

     

 

 

Health Care — 1.1%

     

 

 

Elekta, Cl B(A)

 

1,792,327

 

 

15,037,916

Information Technology — 1.6%

     

 

 

Hexagon, Cl B(A)

 

1,879,695

 

 

21,413,377

Total Sweden

     

 

36,451,293

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

12

ROBO Global®

Robotics and Automation Index ETF

Schedule of Investments

April 30, 2023 (Continued)

Description

 

Shares

 

Fair Value

Switzerland — 4.9%

     

 

 

Health Care — 1.5%

     

 

 

Tecan Group(A)

 

45,555

 

$

19,848,580

Industrials — 3.4%

     

 

 

ABB

 

528,323

 

 

19,066,047

Kardex Holding

 

116,066

 

 

26,406,792

       

 

45,472,839

Total Switzerland

     

 

65,321,419

Taiwan — 6.1%

     

 

 

Industrials — 2.9%

     

 

 

Airtac International Group

 

571,091

 

 

20,620,021

Hiwin Technologies

 

2,473,964

 

 

18,911,329

       

 

39,531,350

Information Technology — 3.2%