Dear Shareholders

On behalf of the entire Capital Link ETF team, we want to express our appreciation for the confidence you have placed in the Capital Link Global Green Energy Transport and Technology Leaders ETF (formerly, Capital Link NextGen Vehicles & Technology ETF) (“EKAR” or the “Fund”). The following information pertains to the fiscal year December 1, 2020 through November 30, 2021, and does not reflect recent changes to the Fund.

During the most recent fiscal year, EKAR tracked the ATFI NextGen Transport Technology Index, which is comprised of a basket of global stocks that have exposure to the theme of electric and self -driving /autonomous vehicles. Over the next decade, auto industry experts expect a dramatic production shift away from light vehicles powered by internal combustion engines to those propelled by electric batteries. Meanwhile, the world’s adoption of autonomous vehicles is being supported by a growing trend toward shared mobility, technological advancements and an evolving regulatory environment. To give this basket a more defined framework, stocks are placed in one of four custom stakeholder categories in terms of how they relate to the theme: Battery, OEMs, Suppliers and Semis & Software. Definitions of these categories.

1) Battery Producers: companies that mine for metals (such as lithium or cobalt) used in the production of batteries, manufacture of materials and specialty chemicals and components used in batteries, and production of battery cells; (2) Original Equipment Manufacturers: (“OEMs”) companies that design, manufacture and/or distribute Next Generation Vehicles; (3) Suppliers: companies that produce or distribute parts and components used in Next Generation Vehicles; and (4) Semis and Software: companies that (i) produce semiconductors used in but not limited to advanced driver -assistance systems (“ADAS”), light detection and ranging (“LiDAR”) and infotainment systems in Next Generation Vehicles and (ii) develop software necessary for sensing, mapping, and providing driving policy within Next Generation Vehicles. “Next Generation Vehicles” include both New Energy Vehicles (battery electric vehicles, plug -in hybrid electric vehicles, and fuel cell electric vehicles) and Autonomously Driven Vehicles.

Strong performance among automobile manufacturers positively impacted EKAR’s performance over the past year. In particular, stocks of electric vehicle (EV) manufacturers experienced especially strong performance. Tesla, EKAR’s largest holding, more than doubled during the fiscal year. Additionally, companies producing components for EVs performed strongly. Producers of materials such as the lithium used in EV batteries performed well as did semiconductor companies whose chips are used in the advanced circuitry of not only EVs but most newer vehicles.

The Fund had positive performance during the fiscal year ended November 30, 2021. The market price for EKAR increased 28.75%, and the net asset value increased 28.90% while the S&P 500 Index, a broad equity market index, gained 27.92% over the same period. The Fund’s Index returned 29.12%.

We appreciate your investment in EKAR.

The Fund began trading on February 13, 2018, and had 275,000 shares outstanding as of November 30, 2021. We appreciate your investment in EKAR.

Sincerely,

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

Growth of a $10,000 Investment

(at Net Asset Value)

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
	One Year		Three Year		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Capital Link NextGen Vehicles & Technology ETF	28.90%	28.75%	29.26%	29.14%	16.91%	16.98%
ATFI NextGen Transport Technology Index	29.12%	29.12%	29.88%	29.88%	17.76%	17.76%
S&P 500 ® Index	27.92%	27.92%	20.38%	20.38%	17.44%	17.44%

* The Fund commenced operations on February 12, 2018.

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 a 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 cli -etfs .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.

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

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

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

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.

Description	Shares	Fair Value
COMMON STOCK — 99.8%

Belgium — 0.8%
Umicore	1,934	$	93,628

Canada — 3.6%
First Quantum Minerals	8,178		173,595
Linamar	1,649		94,276
Magna International	2,085		155,627
			423,498
Chile — 1.1%
Sociedad Quimica y Minera de Chile ADR	1,971		122,715

China — 5.3%
Baidu ADR*	2,141		320,808
NIO ADR*	2,934		114,807
NXP Semiconductors	834		186,282
			621,897
France — 5.1%
Airbus*	2,142		238,016
Faurecia	1,538		65,611
Renault*	5,498		176,125
Valeo	4,364		125,455
			605,207
Germany — 10.9%
Continental*	2,684		286,098
Daimler (A)	5,422		506,546
Infineon Technologies	4,765		214,163
Siemens	1,799		286,084
			1,292,891

Description	Shares	Fair Value
Hong Kong — 6.8%
BAIC Motor, Cl H	161,500	$	66,706
BYD, Cl H	6,500		255,469
Geely Automobile Holdings	33,000		97,994
Great Wall Motor, Cl H	22,500		94,088
Guangzhou Automobile Group, Cl H	106,000		108,504
MMG*	124,000		45,014
Sinotruk Hong Kong	39,000		57,831
Zijin Mining Group, Cl H	62,000		82,393
			807,999
Japan — 20.8%
Denso	4,100		300,824
Honda Motor	14,200		387,813
Nidec	3,200		366,374
Panasonic	16,100		176,179
Renesas Electronics*	6,300		80,009
Rohm	700		65,533
Sumitomo Chemical	13,100		60,456
Sumitomo Metal Mining	2,400		89,473
TDK	3,000		118,896
Toray Industries	16,000		93,115
Toyota Motor	25,500		449,386
Toyota Tsusho	2,500		109,098
Yaskawa Electric	3,700		165,864
			2,463,020
Russia — 1.0%
Yandex, Cl A*	1,614		116,111

South Korea — 5.9%
Hyundai Mobis	812		150,725
Hyundai Motor	1,129		185,807
Kia	2,005		131,315
Samsung Electro-Mechanics	596		83,537
Samsung SDI	261		151,164
			702,548
Sweden — 1.5%
Autoliv	799		77,016
Veoneer*	2,886		102,741
			179,757
Switzerland — 4.7%
ABB	10,893		375,381
STMicroelectronics	3,685		178,771
			554,152

Description	Shares	Fair Value
United States — 32.3%
Communication Services — 4.0%
Alphabet, Cl A*	165	$	468,262

Consumer Discretionary — 9.3%
Aptiv PLC*	1,274		204,286
Luminar Technologies, Cl A (A) *	6,851		111,671
Tesla*	688		787,595

Information Technology — 17.4%
Advanced Micro Devices*	2,250		356,333
Ambarella*	643		115,431
Intel	7,198		354,142
Marvell Technology	2,700		192,159
MaxLinear, Cl A*	2,146		144,490
NVIDIA	1,667		544,709
ON Semiconductor*	2,184		134,163
Skyworks Solutions	1,476		223,850

Materials — 1.6%
Albemarle	325		86,609
FMC	1,043		104,498
			3,828,198
Total Common Stock (Cost $9,102,648)			11,811,621

MONEY MARKET — 0.1%
JPMorgan U.S. Government Money Market Fund, Cl I 0.01% (B)	12,435		12,435
Total Money Market (Cost $12,435)			12,435

Description	Shares	Fair Value
REPURCHASE AGREEMENT — 0.9% (C)(D)
Citigroup 0.060%, dated 11 / 30 / 2021 to be repurchased on 12 / 01 / 2021, repurchase price $112,263 (collateralized by U.S. Government obligations, ranging in par value $0 – $16,907, 0.000% – 6.625%, 12 / 08 / 2021 – 11 / 15 / 2051; with total market value $114,513)	112,263	$	112,263
Total Repurchase Agreement (Cost $112,263)			112,263

Total Investments — 100.8% (Cost $9,227,346)		$	11,936,319

Percentages are based on net assets of $11,844,411.

* Non -income producing security.

(A) Certain securities or partial positions of certain securities are on loan at November 30, 2021 (see Note 6). The total market value of securities on loan at November 30, 2021 was $503,736.

(B) The rate reported is the 7 -day effective yield as of November 30, 2021.

(D) This security was purchased with cash collateral held from securities on loan (see Note 6). The total market value of such securities as of November 30, 2021 was $112,263.

The following is a list of the inputs used as of November 30, 2021 in valuing the Fund’s investments carried at value:

		Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	11,811,621	$	—	$	—	$	11,811,621
Repurchase Agreement		—		112,263		—		112,263
Money Market		12,435		—		—		12,435
Total Investments in Securities	$	11,824,056	$	112,263	$	—	$	11,936,319

For the year ended November 30, 2021, there were no transfers in or out of Level 3.

Assets:
Investments and Repurchase Agreement, at Cost	$	9,227,346
Cost of Foreign Currency		1,668
Investments at Fair Value*	$	11,824,056
Repurchase Agreements at Value		112,263
Foreign Currency at Value		1,664
Dividends Receivable		16,366
Reclaims Receivable		8,890

Total Assets		11,963,239

Liabilities:
Payable Upon Return on Securities Loaned		112,263
Advisory Fees Payable		6,565
Total Liabilities		118,828

Net Assets	$	11,844,411

Net Assets Consist of:
Paid-in Capital	$	9,101,949
Total Distributable Earnings		2,742,462
Net Assets	$	11,844,411

Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		275,000
Net Asset Value, Offering and Redemption Price Per Share	$	43.07

* Includes Market Value of Securities on Loan of $503,736.

Investment Income:
Dividend Income	$	129,905
Income from Securities Lending		6,100
Less: Foreign Taxes Withheld		(16,504	)
Total Investment Income		119,501

Expenses:
Advisory Fees		100,515
Other Fees		6
Less: Management Fee Waiver		(31,742	)

Net Expenses		68,779

Net Investment Income		50,722

Net Realized Gain on:
Investments (1)		418,589
Foreign Currency Transactions		374

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		1,565,740
Foreign Currency Translations		(455	)
Net Realized and Unrealized Gain on Investments		1,984,248

Net Increase in Net Assets Resulting from Operations	$	2,034,970

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

	Year Ended November 30, 2021			Year Ended November 30, 2020
Operations:
Net Investment Income	$	50,722		$	25,081
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		418,963			(409	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translation		1,565,285			1,197,204

Net Increase in Net Assets Resulting from Operations		2,034,970			1,221,876

Distributions:		(30,477	)		(18,739	)
Capital Share Transactions:
Issued		6,541,647			1,358,704
Redeemed		(898,516	)		—
Increase in Net Assets from Capital Share Transactions		5,643,131			1,358,704

Total Increase in Net Assets		7,647,624			2,561,841
Net Assets:
Beginning of Year		4,196,787			1,634,946
End of Year	$	11,844,411		$	4,196,787
Share Transactions:
Issued		175,000			50,000
Redeemed		(25,000	)		—

Net Increase in Shares Outstanding from Share Transactions		150,000			50,000

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

Selected Per Share Data & Ratios

Year or Period Ended November 30,

For a Share Outstanding Throughout the Period/Year

	Net Asset Value, Beginning of Year/ Period	Net Investment Income*	Net Realized and Unrealized Gain (Loss) on Investments	Total from Operations	Distributions from Net Investment Income	Distributions from Net Realized Capital Gains	Total Distributions	Net Asset Value, End of Year/ Period	Market Price, End of Year/ Period	Total Return (1)	Net Assets End of Period (000)	Ratio of Expenses to Average Net Assets (Including Waivers)	Ratio of Expenses to Average Net Assets (Excluding Waivers)	Ratio of Net Investment Income to Average Net Assets	Portfolio Turnover (2)
2021	$ 33.57	$ 0.19	$ 9.48	$ 9.67	$ (0.17)	$ —	$ (0.17)	$ 43.07	$ 43.16	28.90%	$11,844	0.65%^	0.95%	0.48%	22%
2020	21.80	0.26	11.76

Management Discussion of Fund Performance		1
Schedule of Investments		3
Statement of Assets and Liabilites		5
Statement of Operations		6
Statements of Changes in Net Assets		7
Financial Highlights		8
Notes to Financial Statements		9
Report of Independent Registered Public Accounting Firm		21
Trustee and Officers of the Trust		22
Disclosure of Fund Expenses		25
Notice to Shareholders		26
Supplemental Information		27