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, 2022

 

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

 

34

Trustees and Officers of the Trust

 

35

Disclosure of Fund Expenses

 

38

Liquidity Risk Management Program

 

39

Notice to Shareholders

 

40

Board Consideration and Approval of Advisory and Sub-Advisory Agreements

 

41

Supplemental Information

 

47

The Funds file their complete schedule of investments with the U.S. Securities and Exchange Commission (the “Commission”) 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 http://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-ROBO and on the Commission’s website at http://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 May 1, 2021 through April 30, 2022.

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) diagnostics, (2) lab process automation, (3) regenerative medicine, (4) precision medicine, (5) data and analytics, (6) telehealth, (7) robotics; (8) medical instruments; and (9) genomics.

Despite generally positive performance throughout most of 2021, the fund experienced headwinds to performance as we entered 2022. Concerns over inflation, slowing economic growth and the expectation of rising interest rates caused the market to shift out of growth and technology-oriented companies held by the Fund in favor of more defensive/value securities.

The Fund had negative performance during the fiscal year ended April 30, 2022. The market price for HTEC decreased 33.63% and the NAV decreased 33.33%, while the MSCI ACWI Index, a broad market index, decreased 5.44% over the same period. The Fund’s Index returned negative 32.96%.

The Fund commenced operations on June 24, 2019 and had 4,200,001 shares outstanding on April 30, 2022.

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 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. The MSCI ACWI Index consists of 47 country indices comprising 23 developed markets and 24 emerging markets country indices.

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, 2022

   

1 Year

 

Annualized Inception to Date*

   

Net Asset Value

 

Market Price

 

Net Asset Value

 

Market Price

ROBO Global® Healthcare Technology and Innovation ETF

 

-33.33%

 

-33.63%

 

  8.84%

 

  8.71%

ROBO Global® Healthcare Technology and Innovation Index

 

-32.96%

 

-32.96%

 

  9.57%

 

  9.57%

S&P 500® Index

 

   0.21%

 

    0.21%

 

14.48%

 

14.48%

MSCI ACWI Index

 

   -5.44%

 

   -5.44%

 

  9.87%

 

  9.87%

*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 May 1, 2021, through April 30, 2022.

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).

Despite generally positive performance throughout most of 2021, the fund experienced headwinds to performance as we entered 2022. Concerns over inflation, slowing economic growth and the expectation of rising interest rates caused the market to shift out of growth and technology-oriented companies in favor of more defensive/value securities.

The Fund had negative performance during the fiscal year ended April 30, 2022. The market price for ROBO decreased 22.05% and the NAV decreased 21.35%, while the MSCI ACWI Index, a broad market index, decreased 5.44% over the same period. The Fund’s Index decreased 20.76%.

The Fund commenced operations on October 21, 2013 and had 27,400,000 shares outstanding on April 30, 2022.

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. The MSCI ACWI Index consists of 47 country indices comprising 23 developed markets and 24 emerging markets country indices.

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, 2022

   

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

 

-21.35%

 

-22.05%

 

  9.21%

 

  8.99%

 

  8.90%

 

  8.80%

ROBO Global® Robotics & Automation Index

 

-20.76%

 

-20.76%

 

  9.93%

 

  9.93%

 

  9.97%

 

  9.97%

S&P 500® Index

 

   0.21%

 

   0.21%

 

13.66%

 

13.66%

 

12.79%

 

12.79%

MSCI ACWI Index

 

  -5.44%

 

  -5.44%

 

  9.46%

 

  9.46%

 

  8.03%

 

  8.03%

*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 May 1, 2021 through April 30, 2022.

The Fund seeks 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 generally positive performance throughout most of 2021, the fund experienced headwinds to performance as we entered 2022. Concerns over inflation, slowing economic growth and the expectation of rising interest rates caused the market to shift out of growth and technology-oriented companies in favor of more defensive/value securities.

The Fund had negative performance during the fiscal period ended April 30, 2022. The market price for THNQ decreased 25.85% and the NAV decreased 25.40% while the MSCI ACWI Index, a broad market index, decreased 5.44% over the same period. The Fund’s Index returned negative 25.17%.

The Fund commenced operations on May 8, 2020 and had 950,000 shares outstanding on April 30, 2022.

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. The MSCI ACWI Index consists of 47 country indices comprising 23 developed markets and 24 emerging markets country indices.

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, 2022

   

1 Year

 

Annualized Inception to Date*

   

Net Asset Value

 

Market Price

 

Net Asset Value

 

Market Price

ROBO Global® Artificial Intelligence ETF

 

-25.40%

 

-25.85%

 

11.26%

 

11.09%

ROBO Global® Artificial Intelligence Index

 

-25.17%

 

-25.17%

 

11.76%

 

11.76%

S&P 500® Index

 

   0.21%

 

   0.21%

 

20.80%

 

20.80%

MSCI ACWI Index

 

  -5.44%

 

  -5.44%

 

17.44%

 

17.44%

*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, 2022

Description

 

Shares

 

Fair Value

COMMON STOCK — 100.0%

     

 

 

Australia — 1.2%

     

 

 

Health Care — 1.2%

     

 

 

CSL

 

8,301

 

$

1,612,228

Total Australia

     

 

1,612,228

Belgium — 0.8%

     

 

 

Information Technology — 0.8%

     

 

 

Materialise ADR*

 

68,772

 

 

1,072,843

Total Belgium

     

 

1,072,843

China — 1.4%

     

 

 

Consumer Discretionary — 1.4%

     

 

 

Ping An Healthcare and Technology*

 

698,800

 

 

1,754,537

Total China

     

 

1,754,537

Denmark — 0.8%

     

 

 

Health Care — 0.8%

     

 

 

GN Store Nord

 

25,621

 

 

976,689

Total Denmark

     

 

976,689

France — 1.2%

     

 

 

Health Care — 1.2%

     

 

 

Eurofins Scientific

 

16,891

 

 

1,580,920

Total France

     

 

1,580,920

Germany — 1.4%

     

 

 

Health Care — 1.4%

     

 

 

Siemens Healthineers

 

33,884

 

 

1,832,340

Total Germany

     

 

1,832,340

Hong Kong — 2.3%

     

 

 

Consumer Discretionary — 2.3%

     

 

 

Alibaba Health Information Technology*

 

2,652,000

 

 

1,537,901

JD Health International*

 

230,900

 

 

1,487,608

Total Consumer Discretionary

     

 

3,025,509

Total Hong Kong

     

 

3,025,509

Italy — 1.5%

     

 

 

Health Care — 1.5%

     

 

 

DiaSorin

 

14,724

 

 

1,942,417

Total Italy

     

 

1,942,417

Description

 

Shares

 

Fair Value

Japan — 0.8%

     

 

 

Health Care — 0.8%

     

 

 

Terumo

 

34,200

 

$

1,027,901

Total Japan

     

 

1,027,901

Netherlands — 1.2%

     

 

 

Health Care — 1.2%

     

 

 

Koninklijke Philips

 

58,793

 

 

1,550,596

Total Netherlands

     

 

1,550,596

Spain — 1.1%

     

 

 

Health Care — 1.1%

     

 

 

Grifols

 

84,598

 

 

1,427,950

Total Spain

     

 

1,427,950

Switzerland — 3.7%

     

 

 

Health Care — 3.7%

     

 

 

Lonza Group

 

2,782

 

 

1,657,764

Roche Holding

 

4,582

 

 

1,710,727

Tecan Group

 

4,581

 

 

1,395,089

Total Health Care

     

 

4,763,580

Total Switzerland

     

 

4,763,580

United Kingdom — 2.0%

     

 

 

Health Care — 2.0%

     

 

 

EMIS Group

 

69,466

 

 

1,166,924

Smith & Nephew PLC

 

89,052

 

 

1,456,808

Total Health Care

     

 

2,623,732

Total United Kingdom

     

 

2,623,732

United States — 80.6%

     

 

 

Health Care — 78.9%

     

 

 

Abbott Laboratories

 

11,253

 

 

1,277,216

ABIOMED*

 

6,703

 

 

1,920,946

Agilent Technologies

 

12,555

 

 

1,497,435

Akoya Biosciences*

 

187,887

 

 

1,768,017

Align Technology*

 

3,670

 

 

1,063,970

Alnylam Pharmaceuticals*

 

12,772

 

 

1,704,168

Arrowhead Pharmaceuticals*

 

48,934

 

 

2,011,677

Avanos Medical*

 

36,570

 

 

1,066,381

Axogen*

 

231,549

 

 

1,676,415

Azenta

 

25,228

 

 

1,891,091

Baxter International

 

15,506

 

 

1,101,856

Becton Dickinson

 

4,300

 

 

1,062,917

BioMarin Pharmaceutical*

 

18,716

 

 

1,522,547

Bio-Rad Laboratories, Cl A*

 

3,105

 

 

1,589,946

Boston Scientific*

 

47,777

 

 

2,011,888

Bristol-Myers Squibb

 

18,630

 

 

1,402,280

Butterfly Network*

 

337,060

 

 

1,122,410

Cardiovascular Systems*

 

90,982

 

 

1,701,363

CareDx*

 

58,167

 

 

1,770,603

Catalent*

 

19,359

 

 

1,753,151

Cerus*

 

221,764

 

 

1,024,550

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

10

ROBO Global®

Healthcare Technology and Innovation ETF

Schedule of Investments

April 30, 2022 (Concluded)

Description

 

Shares

 

Fair Value

Charles River Laboratories International*

 

7,560

 

$

1,825,816

Codexis*

 

82,702

 

 

994,905

CONMED

 

9,120

 

 

1,212,595

Danaher

 

7,520

 

 

1,888,498

DexCom*

 

4,870

 

 

1,989,784

Editas Medicine, Cl A*

 

65,386

 

 

865,711

Edwards Lifesciences*

 

13,952

 

 

1,475,843

Exact Sciences*

 

27,323

 

 

1,504,131

Fate Therapeutics*

 

32,344

 

 

923,745

Fulgent Genetics*

 

35,892

 

 

1,969,753

Glaukos*

 

38,648

 

 

1,827,664

Globus Medical, Cl A*

 

15,356

 

 

1,016,874

Guardant Health*

 

33,364

 

 

2,058,559

Health Catalyst*

 

78,374

 

 

1,304,143

Hologic*

 

22,106

 

 

1,591,411

Illumina*

 

6,497

 

 

1,927,335

Incyte*

 

27,584

 

 

2,067,697

Insulet*

 

8,032

 

 

1,919,568

Integra LifeSciences
Holdings*

 

31,090

 

 

1,901,464

Intuitive Surgical*

 

6,951

 

 

1,663,374

IQVIA Holdings*

 

8,420

 

 

1,835,476

iRhythm Technologies*

 

14,949

 

 

1,844,258

Masimo*

 

10,324

 

 

1,166,302

Medpace Holdings*

 

11,195

 

 

1,495,316

Moderna*

 

14,162

 

 

1,903,514

NanoString Technologies*

 

44,466

 

 

835,071

Natera*

 

37,187

 

 

1,306,007

NeoGenomics*

 

98,983

 

 

935,389

Nevro*

 

25,384

 

 

1,565,939

Novocure*

 

30,241

 

 

2,315,855

Omnicell*

 

14,039

 

 

1,532,638

Penumbra*

 

9,055

 

 

1,562,531

PerkinElmer

 

9,825

 

 

1,440,443

Quidel*

 

17,620

 

 

1,772,924

Regeneron Pharmaceuticals*

 

3,120

 

 

2,056,423

STAAR Surgical*

 

26,832

 

 

1,531,839

Stryker

 

6,295

 

 

1,518,732

Tabula Rasa HealthCare*

 

176,667

 

 

595,368

Tactile Systems Technology*

 

77,145

 

 

1,302,208

Teladoc Health*

 

31,450

 

 

1,061,752

Thermo Fisher Scientific

 

3,845

 

 

2,125,978

Twist Bioscience*

 

43,622

 

 

1,258,058

Veeva Systems, Cl A*

 

11,195

 

 

2,036,931

Veracyte*

 

84,828

 

 

1,736,429

Vertex Pharmaceuticals*

 

6,603

 

 

1,804,072

       

 

102,409,150

Description

 

Shares

 

Fair Value

Information Technology — 1.7%

     

 

 

3D Systems*

 

88,406

 

$

1,002,524

Novanta*

 

9,338

 

 

1,201,801

       

 

2,204,325

Total United States

     

 

104,613,475

Total Common Stock
(Cost $195,988,245)

     

 

129,804,717

SHORT-TERM INVESTMENT — 0.0%

 

 

 

Invesco Government & Agency, Cl Institutional, 0.35%(A)

 

49,917

 

 

49,917

Total Short-Term Investment
(Cost $49,917)

     

 

49,917

Total Investments — 100.0%
(Cost $196,038,162)

     

$

129,854,634

Percentages are based on Net Assets of $129,833,494.

         Non-income producing security.

(A)       Rate shown is the 7-day effective yield as of April 30, 2022.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

As of April 30, 2022, 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, 2022

Description

 

Shares

 

Fair Value

COMMON STOCK — 99.7%

     

 

 

Belgium — 1.5%

     

 

 

Information Technology — 1.5%

     

 

 

Materialise ADR* (A)

 

1,300,003

 

$

20,280,047

Total Belgium

     

 

20,280,047

Canada — 1.3%

     

 

 

Industrials — 1.3%

     

 

 

ATS Automation Tooling Systems*

 

630,987

 

 

18,509,215

Total Canada

     

 

18,509,215

China — 1.0%

     

 

 

Industrials — 0.7%

     

 

 

Han’s Laser Technology Industry Group, Cl A

 

796,459

 

 

3,361,403

Shenzhen Inovance Technology, Cl A

 

427,959

 

 

3,748,783

Siasun Robot & Automation, Cl A*

 

2,926,487

 

 

3,403,202

       

 

10,513,388

Information Technology — 0.3%

     

 

 

Iflytek

 

767,524

 

 

4,311,278

Total China

     

 

14,824,666

Finland — 1.4%

     

 

 

Industrials — 1.4%

     

 

 

Cargotec, Cl B

 

544,459

 

 

19,057,874

Total Finland

     

 

19,057,874

France — 2.4%

     

 

 

Industrials — 1.1%

     

 

 

Schneider Electric

 

103,538

 

 

15,040,650

Information Technology — 1.3%

     

 

 

Dassault Systemes

 

410,755

 

 

18,431,564

Total France

     

 

33,472,214

Description

 

Shares

 

Fair Value

Germany — 7.4%

     

 

 

Industrials — 6.2%

     

 

 

Duerr

 

562,683

 

$

14,745,119

GEA Group

 

587,958

 

 

23,055,352

KION Group

 

187,122

 

 

10,513,781

Krones

 

271,548

 

 

21,241,768

Siemens

 

129,590

 

 

16,101,856

       

 

85,657,876

Information Technology — 1.2%

     

 

 

Jenoptik

 

578,501

 

 

16,441,241

Total Germany

     

 

102,099,117

Japan — 20.7%

     

 

 

Industrials — 14.6%

     

 

 

Daifuku

 

339,417

 

 

21,089,124

Daihen

 

386,109

 

 

11,115,982

FANUC

 

144,928

 

 

22,556,909

Fuji Machine Manufacturing

 

1,149,000

 

 

19,351,019

Harmonic Drive Systems(A)

 

681,839

 

 

17,367,001

Mitsubishi Electric

 

1,147,844

 

 

12,119,872

Nabtesco

 

686,510

 

 

15,779,768

Shibaura Machine

 

531,733

 

 

12,784,411

SMC

 

37,676

 

 

18,334,917

THK

 

865,157

 

 

17,321,837

Toyota Industries

 

278,300

 

 

16,733,228

Yaskawa Electric

 

556,449

 

 

19,112,365

       

 

203,666,433

Information Technology — 6.1%

     

 

 

Amano

 

785,600

 

 

15,213,572

Keyence

 

53,048

 

 

21,639,293

Omron

 

311,258

 

 

18,561,125

Optex Group

 

759,000

 

 

10,087,975

Yokogawa Electric

 

1,239,078

 

 

19,921,268

       

 

85,423,233

Total Japan

     

 

289,089,666

Norway — 0.9%

     

 

 

Industrials — 0.9%

     

 

 

AutoStore Holdings*(A)

 

5,635,509

 

 

12,944,694

Total Norway

     

 

12,944,694

South Korea — 1.3%

     

 

 

Information Technology — 1.3%

     

 

 

Koh Young Technology

 

1,219,280

 

 

18,784,290

Total South Korea

     

 

18,784,290

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

12

ROBO Global®

Robotics and Automation Index ETF

Schedule of Investments

April 30, 2022 (Continued)

Description

 

Shares

 

Fair Value

Sweden — 2.7%

     

 

 

Health Care — 0.9%

     

 

 

Elekta, Cl B(A)

 

1,759,961

 

$

11,993,832

Information Technology — 1.8%

     

 

 

Hexagon, Cl B(A)

 

1,933,464

 

 

25,369,268

Total