# EDGAR Filing Document

**Accession Number:** 0001452937
**File Stem:** 0001213900-25-060987
**Filing Date:** 2025-7
**Character Count:** 148847
**Document Hash:** f4187fe65efc7bd1a0c1014f8ab1a9d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-060987.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001213900-25-060987

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EXCHANGE TRADED CONCEPTS TRUST
- **CENTRAL INDEX KEY:** 0001452937

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22263
- **FILM NUMBER:** 251100405

**BUSINESS ADDRESS:**
- **STREET 1:** 10900 HEFNER POINTE DRIVE
- **STREET 2:** SUITE 400
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73120
- **BUSINESS PHONE:** 405-778-8377

**MAIL ADDRESS:**
- **STREET 1:** 10900 HEFNER POINTE DRIVE
- **STREET 2:** SUITE 400
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73120

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FAITHSHARES TRUST
- **DATE OF NAME CHANGE:** 20090717

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FAITHSHARES INC
- **DATE OF NAME CHANGE:** 20090225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VERITAS FUNDS INC
- **DATE OF NAME CHANGE:** 20081230

## Series and Classes Contracts Data

### ROBO Global(R) Robotics and Automation Index ETF (Series ID: S000042659)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000131868 | ROBO Global(R) Robotics and Automation Index ETF | ROBO            |

### ROBO Global(R) Artificial Intelligence ETF (Series ID: S000065729)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000212574 | ROBO Global(R) Artificial Intelligence ETF | THNQ            |

### ROBO Global(R) Healthcare Technology and Innovation ETF (Series ID: S000065730)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000212575 | ROBO Global(R) Healthcare Technology and Innovation ETF | HTEC            |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act File Number 811-22263**

**Exchange Traded Concepts Trust**

(Exact name of registrant as specified in charter)

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Address of principal executive offices) (Zip code)

J. Garrett Stevens

Exchange Traded Concepts Trust

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Name and address of agent for service)

Copy to:

Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

**Registrant's telephone number, including area code: 1-405-778-8377**

**Date of fiscal year end: April 30, 2025**

**Date of reporting period: April 30, 2025**

**Item 1. Reports to Stockholders.**

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act")
 (17 CFR § 270.30e-1) is attached hereto.

# Exchange Traded Concepts Trust
![Image](ief2bfabd5f257f35545d97eb.jpg)

## ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF

## Ticker: HTEC

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: April 30, 2025
This annual shareholder report contains important information about the ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF (the "Fund") for the period from May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://roboglobaletfs.com/investor-materials. You can also request this information by contacting us at 855-456-ROBO (7626).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF | $69 | 0.68% |

---

#### How did the Fund perform in the last year?
The ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF (HTEC) (the "Fund") seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the ROBO Global<sup>®</sup> Healthcare Technology and Innovation Index. For the fiscal year ending April 30, 2025, the Fund recorded a return of 3.09%. While the Fund outperformed the broader Healthcare sector, it trailed both the Fund's primary broad-based index, the VettaFi Full World Index, and the Fund's secondary benchmark, the S&P 500 Index, which posted returns of 12.43% and 12.10%, respectively, during the same period. These twelve months saw four of its nine subsectors that the Fund invests in posting gains, with the key driver of performance being Genomics, which returned 67.28%. The positive numbers were largely due to transformative innovations from holdings like Guardant Health (162.39%), CareDx (117.53%), and GRAIL (85.16%), complemented by strong showings from companies such as AxoGen (162.39%) and Veracyte (55.85%) in other subsectors.

Challenges during the reporting period included impacts on capital expenditure-heavy areas like Process Automation and Diagnostics due to factors such as the U.S. Government National Institutes of Health funding freeze. Additionally, the Medical Instruments subsector faced revenue and margin pressures from tariff implications.

#### How did the Fund perform since inception?

#### Total Return Based on $10,000 Investment

#### Average Annual Total Returns as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF | 3.09% | -0.31% | 1.86% |
| VettaFi Full World Index (TR) (USD)\* | 12.43% | 13.70% | 10.72% |
| S&P 500 Index (TR) | 12.10% | 15.61% | 13.28% |

---

![Growth of 10K Chart](i5f99380d92f1fb166785d360.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF - $11142** | **VettaFi Full World Index (TR) (USD)\* - $18157** | **S&P 500 Index (TR) - $20757** |
| **Jun/19** | $10000 | $10000 | $10000 |
| **Apr/20** | $11317 | $9556 | $10051 |
| **Apr/21** | $19098 | $14098 | $14673 |
| **Apr/22** | $12732 | $13346 | $14704 |
| **Apr/23** | $12460 | $13672 | $15096 |
| **Apr/24** | $10809 | $16149 | $18517 |
| **Apr/25** | $11142 | $18157 | $20757 |

---

Since its inception on June 24, 2019. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 855-456-ROBO (7626) or visit https://roboglobaletfs.com/investor-materials for current month-end performance.

 <sup>\*</sup>As of April 2025, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $43954473 | 64 | $365098 | 35% |

---

## What did the Fund invest in?

### Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](iea9d3c7b2b6e82b4c9c5fe95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 1.4% |
| Consumer Staples | 1.6% |
| Health Care | 96.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Guardant Health | 2.5% |
| Alnylam Pharmaceuticals | 2.2% |
| Natera | 2.2% |
| Vertex Pharmaceuticals | 2.2% |
| Boston Scientific | 2.1% |
| Lonza Group | 2.1% |
| Intuitive Surgical | 2.1% |
| Stryker | 2.0% |
| Penumbra | 2.0% |
| Eurofins Scientific | 2.0% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 855-456-ROBO (7626) 

* https://roboglobaletfs.com/investor-materials 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id23a16d6667073e1351752ab.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 855-456-ROBO (7626) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](ia9e7dc224ee7c372ec30f0b6.jpg)

## Exchange Traded Concepts Trust

#### ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF: HTEC

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report - April 30, 2025

#### HTEC-AR-2025

# Exchange Traded Concepts Trust
![Image](ief2bfabd5f257f35545d97eb.jpg)

## ROBO Global<sup>®</sup> Robotics and Automation Index ETF

## Ticker: ROBO

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: April 30, 2025
This annual shareholder report contains important information about the ROBO Global<sup>®</sup> Robotics and Automation Index ETF (the "Fund") for the period from May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://roboglobaletfs.com/investor-materials. You can also request this information by contacting us at 855-456-ROBO (7626).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| ROBO Global<sup>®</sup> Robotics and Automation Index ETF | $92 | 0.95% |

---

#### How did the Fund perform in the last year?
The ROBO Global<sup>®</sup> Robotics and Automation Index ETF (ROBO) (the "Fund") seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the ROBO Global<sup>®</sup> Robotics and Automation Index. For the fiscal year ending April 30, 2025, the Fund returned -6.51%, as persistent high interest rates, geopolitical uncertainties, and post-election actions negatively impacted capital expenditure cycles and robotics installations. The strategy trailed both the Fund's primary broad-based index, the VettaFi Full World Index (+12.43%), and the Fund's secondary benchmark, the S&P 500 Index (+12.10%), due to these aforementioned factors.

Consequently, eight of the eleven subsectors that the Fund invests in finished in negative territory, with Logistics, Healthcare, and Manufacturing & Industrial Automation experiencing significant pressure. Despite these broad challenges, the Food and Agriculture and Integration subsectors managed to post positive returns, while market dynamics showed increased policy focus on reshoring and securing critical industry supply chains, evidenced by investment mandates in the U.S. and accelerated activity in regions like India and Mexico.

#### How did the Fund perform during the last 10 years?

#### Total Return Based on $10,000 Investment

#### Average Annual Total Returns as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| ROBO Global<sup>®</sup> Robotics and Automation Index ETF | -6.51% | 5.76% | 6.94% |
| VettaFi Full World Index (TR) (USD)\* | 12.43% | 13.70% | 9.33% |
| S&P 500 Index (TR) | 12.10% | 15.61% | 12.32% |

---

![Growth of 10K Chart](i6b3ba70be143d0c5b5c8098d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ROBO Global<sup>®</sup> Robotics and Automation Index ETF - $19566** | **VettaFi Full World Index (TR) (USD)\* - $24392** | **S&P 500 Index (TR) - $31955** |
| **Apr/15** | $10000 | $10000 | $10000 |
| **Apr/16** | $9468 | $9513 | $10121 |
| **Apr/17** | $12444 | $11027 | $11934 |
| **Apr/18** | $15228 | $12640 | $13517 |
| **Apr/19** | $15717 | $13390 | $15341 |
| **Apr/20** | $14788 | $12837 | $15474 |
| **Apr/21** | $24579 | $18940 | $22589 |
| **Apr/22** | $19332 | $17929 | $22637 |
| **Apr/23** | $20300 | $18368 | $23240 |
| **Apr/24** | $20928 | $21695 | $28507 |
| **Apr/25** | $19566 | $24392 | $31955 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 855-456-ROBO (7626) or visit https://roboglobaletfs.com/investor-materials for current month-end performance.

 <sup>\*</sup>As of April 2025, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $905895050 | 76 | $10510293 | 36% |

---

## What did the Fund invest in?

### Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i944577e97d8fac31b7ed13a3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 1.6% |
| Short-Term Investments | 3.4% |
| Health Care | 6.8% |
| Information Technology | 40.5% |
| Industrials | 50.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Intuitive Surgical | 2.0% |
| Toyota Industries | 1.9% |
| Yokogawa Electric | 1.9% |
| Daifuku | 1.8% |
| FANUC | 1.8% |
| Samsara, Cl A | 1.8% |
| Cadence Design Systems | 1.8% |
| IPG Photonics | 1.8% |
| GEA Group | 1.8% |
| Rockwell Automation | 1.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 855-456-ROBO (7626) 

* https://roboglobaletfs.com/investor-materials 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id23a16d6667073e1351752ab.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 855-456-ROBO (7626) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](ia9e7dc224ee7c372ec30f0b6.jpg)

## Exchange Traded Concepts Trust

#### ROBO Global<sup>®</sup> Robotics and Automation Index ETF: ROBO

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report - April 30, 2025

#### ROBO-AR-2025

# Exchange Traded Concepts Trust
![Image](ief2bfabd5f257f35545d97eb.jpg)

## ROBO Global<sup>®</sup> Artificial Intelligence ETF

## Ticker: THNQ

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: April 30, 2025
This annual shareholder report contains important information about the ROBO Global<sup>®</sup> Artificial Intelligence ETF (the "Fund") for the period from May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://roboglobaletfs.com/investor-materials. You can also request this information by contacting us at 855-456-ROBO (7626).

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| ROBO Global<sup>®</sup> Artificial Intelligence ETF | $71 | 0.68% |

---

#### How did the Fund perform in the last year?
The ROBO Global<sup>®</sup> Artificial Intelligence ETF (THNQ) (the "Fund") seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the ROBO Global<sup>®</sup> Artificial Intelligence Index. For the fiscal year ending April 30, 2025, the Fund delivered an 7.49% return, with seven of its eleven subsectors that the Fund invests in achieving positive results. The strategy trailed both the Fund's primary broad-based index, the VettaFi Full World Index, and the Fund's secondary benchmark, the S&P 500 Index, which posted returns of 12.43% and 12.10%, respectively, during the same period, primarily due to a significant valuation contraction near the reporting period's conclusion caused from geopolitics and tariffs, particularly affecting the Semiconductor subsector, though all subsectors felt these effects.

The Artificial Intelligence (AI) ecosystem demonstrated resilient demand and growth, particularly in AI capital expenditure and enterprise adoption of AI tools, which benefited subsectors such as Ecommerce, Cloud Providers, Consumer, and Network & Security.

#### How did the Fund perform since inception?

#### Total Return Based on $10,000 Investment

#### Average Annual Total Returns as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| ROBO Global<sup>®</sup> Artificial Intelligence ETF | 7.49% | 12.48% |
| VettaFi Full World Index (TR) (USD)\* | 12.43% | 13.68% |
| S&P 500 Index (TR) | 12.10% | 15.52% |

---

![Growth of 10K Chart](i422049b4fc7342922aef0f6c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ROBO Global<sup>®</sup> Artificial Intelligence ETF - $17962** | **VettaFi Full World Index (TR) (USD)\* - $18940** | **S&P 500 Index (TR) - $20513** |
| **May/20** | $10000 | $10000 | $10000 |
| **Apr/21** | $16555 | $14707 | $14501 |
| **Apr/22** | $12350 | $13922 | $14532 |
| **Apr/23** | $12118 | $14262 | $14919 |
| **Apr/24** | $16711 | $16846 | $18300 |
| **Apr/25** | $17962 | $18940 | $20513 |

---

Since its inception on May 8, 2020. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 855-456-ROBO (7626) or visit https://roboglobaletfs.com/investor-materials for current month-end performance.

 <sup>\*</sup>As of April 2025, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $161800126 | 55 | $1034235 | 42% |

---

## What did the Fund invest in?

### Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ic41a44b3e017b849e46b4887.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment | 0.1% |
| Financials | 1.1% |
| Materials | 1.4% |
| Real Estate | 1.4% |
| Industrials | 1.5% |
| Health Care | 5.2% |
| Communication Services | 5.6% |
| Consumer Discretionary | 9.8% |
| Information Technology | 73.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Crowdstrike Holdings, Cl A | 2.7% |
| Samsara, Cl A | 2.6% |
| Palo Alto Networks | 2.4% |
| Tempus AI, Cl A | 2.3% |
| Autodesk | 2.3% |
| Amazon.com | 2.2% |
| Advanced Micro Devices | 2.2% |
| Cloudflare, Cl A | 2.2% |
| Microsoft | 2.2% |
| NVIDIA | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 855-456-ROBO (7626) 

* https://roboglobaletfs.com/investor-materials 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id23a16d6667073e1351752ab.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 855-456-ROBO (7626) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](ia9e7dc224ee7c372ec30f0b6.jpg)

## Exchange Traded Concepts Trust

#### ROBO Global<sup>®</sup> Artificial Intelligence ETF: THNQ

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report - April 30, 2025

#### THNQ-AR-2025
(b) Not applicable.

**Item 2. Code of Ethics.**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, controller or principal accounting officer or any person who performs a similar function.

**Item 3. Audit Committee Financial Expert.**

(a)(1) The Registrant's Board of Trustees has determined that the Registrant has an audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial expert Timothy Jacoby is an independent trustee as defined in Form N-CSR Item 3 (a)(2).

**Item 4. Principal Accountant Fees and Services.**

Fees billed by Cohen & Company, Ltd (Cohen) related to the Registrant.

Cohen billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** |
|  |  | &nbsp;&nbsp;All fees and<br> services to <br> the Trust<br> that were<br> pre-approved | &nbsp;&nbsp;All fees and<br> services to<br> service<br> affiliates<br> that were<br> pre-approved | &nbsp;&nbsp;All other<br> fees and<br> services to<br> service<br> affiliates<br> that did not<br> require pre-approval | &nbsp;&nbsp;All fees and<br> services to<br> the Trust<br> that were<br> pre-approved | &nbsp;&nbsp;All fees and<br> services to<br> service<br> affiliates<br> that were<br> pre-approved | &nbsp;&nbsp;All other<br> fees and<br> services to<br> service<br> affiliates<br> that did not<br> require pre-approval |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp; Audit Fees | &nbsp;&nbsp;$79275 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$77775 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp; Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) | &nbsp;&nbsp; Tax Fees | &nbsp;&nbsp;$17500 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$17500 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp; All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

(e)(1) The Trust's Audit Committee has adopted, and the Board of Trustees has ratified, an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Trust may be pre-approved.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
|  All Other Fees | 0% | 0% |

---

(f)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable.

(g)&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by Cohen for the fiscal years 2025 and 2024 were $17,500 and $17,500, respectively.

(h)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable.

(i)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable. The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

**Item 5. Audit Committee of Listed Registrants.**

The Registrant has a separately-designated standing Audit Committee, which is composed of the Registrant's Independent Trustees: Timothy Jacoby, Stuart Strauss, Linda Petrone and Mark Zurack.

**Item 6. Investments.**

(a) The Schedule of Investments is included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Financial statements and financial highlights are filed herein.

EXCHANGE TRADED CONCEPTS TRUST

**ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF**

**ROBO Global<sup>®</sup> Robotics and Automation Index ETF**

**ROBO Global<sup>®</sup> Artificial Intelligence ETF**

**Annual Financials and Other Information**

**April 30, 2025**

------

 **ROBO Global<sup>®</sup>**

**Healthcare Technology and Innovation ETF**

**Robotics and Automation Index ETF**

**Artificial Intelligence ETF**

**Table of Contents**

---

| | |
|:---|:---|
|  Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#T01) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#T02) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#T03) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#T04) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#T05) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#T06) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#T07) | 27 |
|  [Notice to Shareholders (Unaudited)](#T08) | 28 |
|  [Other Information (Form N-CSR Items 8-11) (Unaudited)](#T09) | 29 |

---

&nbsp;&nbsp;&nbsp;&nbsp; For additional information about the Funds; including prospectus, financial information, holdings, and proxy voting information, call or visit:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 855-456-ROBO (7626)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• https://roboglobaletfs.com/investor-materials<br>

------

 **ROBO Global<sup>®</sup>**

**Healthcare Technology and Innovation ETF**

Schedule of Investments

April 30, 2025

![](tbarchart_001.jpg)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK**<sup>††</sup> **— 99.9%** |  |  |
|  **China — 1.6%** |  |  |
| &nbsp;&nbsp; *Consumer Staples — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp; JD Health International\* | 149100 | $713323 |
|  **Germany — 1.8%** |  |  |
| &nbsp;&nbsp; *Health Care — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp; Siemens Healthineers | 14837 | 799110 |
|  **Italy — 1.5%** |  |  |
| &nbsp;&nbsp; *Health Care — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp; DiaSorin | 5720 | 653473 |
|  **Japan — 1.2%** |  |  |
| &nbsp;&nbsp; *Health Care — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp; PeptiDream\* | 37000 | 502447 |
|  **Luxembourg — 2.0%** |  |  |
| &nbsp;&nbsp; *Health Care — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Eurofins Scientific | 13830 | 872216 |
|  **Netherlands — 1.7%** |  |  |
| &nbsp;&nbsp; *Health Care — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp; Koninklijke Philips\* | 29940 | 759306 |
|  **Switzerland — 3.6%** |  |  |
| &nbsp;&nbsp; *Health Care — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp; Lonza Group | 1284 | 919699 |
| &nbsp;&nbsp;&nbsp; Tecan Group | 3392 | 658793 |
|  |  | 1578492 |
|  **United Kingdom — 1.3%** |  |  |
| &nbsp;&nbsp; *Health Care — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp; Smith & Nephew PLC | 41436 | 583348 |
|  **United States — 85.2%** |  |  |
| &nbsp;&nbsp; *Health Care — 83.8%* |  |  |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 5432 | 710234 |
| &nbsp;&nbsp;&nbsp; Adaptive Biotechnologies\* | 85277 | 627639 |
| &nbsp;&nbsp;&nbsp; Agilent Technologies | 6094 | 655714 |
| &nbsp;&nbsp;&nbsp; Align Technology\* | 4156 | 720235 |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals\* | 3715 | 977937 |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals\* | 49247 | 684041 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **United States — continued** |  |  |
| &nbsp;&nbsp; *Health Care — continued* |  |  |
| &nbsp;&nbsp;&nbsp; Artivion\* | 31557 | $747585 |
| &nbsp;&nbsp;&nbsp; Axogen\* | 51235 | 833593 |
| &nbsp;&nbsp;&nbsp; Baxter International | 14842 | 462625 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson | 2928 | 606360 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical\* | 8678 | 552702 |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Cl A\* | 2643 | 645103 |
| &nbsp;&nbsp;&nbsp; Boston Scientific\* | 9164 | 942701 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb | 10929 | 548636 |
| &nbsp;&nbsp;&nbsp; CareDx\* | 36489 | 615934 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International\* | 4647 | 551227 |
| &nbsp;&nbsp;&nbsp; CONMED | 9701 | 476416 |
| &nbsp;&nbsp;&nbsp; Danaher | 4283 | 853730 |
| &nbsp;&nbsp;&nbsp; DexCom\* | 8402 | 599735 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences\* | 11172 | 843374 |
| &nbsp;&nbsp;&nbsp; Exact Sciences\* | 15442 | 704773 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies | 8106 | 570095 |
| &nbsp;&nbsp;&nbsp; Glaukos\* | 6626 | 624501 |
| &nbsp;&nbsp;&nbsp; Globus Medical, Cl A\* | 7980 | 572725 |
| &nbsp;&nbsp;&nbsp; GRAIL\* | 17682 | 609941 |
| &nbsp;&nbsp;&nbsp; Guardant Health\* | 23102 | 1091108 |
| &nbsp;&nbsp;&nbsp; Hologic\* | 10626 | 618433 |
| &nbsp;&nbsp;&nbsp; Illumina\* | 9648 | 748685 |
| &nbsp;&nbsp;&nbsp; Incyte\* | 11036 | 691516 |
| &nbsp;&nbsp;&nbsp; Integra LifeSciences <br>Holdings\* | 25079 | 411045 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical\* | 1753 | 904197 |
| &nbsp;&nbsp;&nbsp; IQVIA Holdings\* | 4337 | 672539 |
| &nbsp;&nbsp;&nbsp; iRhythm Technologies\* | 6830 | 730059 |
| &nbsp;&nbsp;&nbsp; Masimo\* | 3539 | 569637 |
| &nbsp;&nbsp;&nbsp; Medpace Holdings\* | 2265 | 698503 |
| &nbsp;&nbsp;&nbsp; Moderna\* | 21300 | 607902 |
| &nbsp;&nbsp;&nbsp; Natera\* | 6458 | 974706 |
| &nbsp;&nbsp;&nbsp; Novocure\* | 37812 | 685910 |
| &nbsp;&nbsp;&nbsp; Omnicell\* | 16898 | 528231 |
| &nbsp;&nbsp;&nbsp; Penumbra\* | 3041 | 890526 |
| &nbsp;&nbsp;&nbsp; QIAGEN | 17825 | 762019 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals | 1181 | 707135 |
| &nbsp;&nbsp;&nbsp; Revvity | 4250 | 397078 |
| &nbsp;&nbsp;&nbsp; Roche Holding | 2002 | 656086 |
| &nbsp;&nbsp;&nbsp; STAAR Surgical\* | 45568 | 832072 |
| &nbsp;&nbsp;&nbsp; Stryker | 2395 | 895538 |
| &nbsp;&nbsp;&nbsp; Tempus AI, Cl A\* | 16651 | 860357 |

---

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

 **ROBO Global<sup>®</sup>**

**Healthcare Technology and Innovation ETF**

Schedule of Investments

April 30, 2025 (Concluded)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **United States — continued** |  |  |
| &nbsp;&nbsp; *Health Care — continued* |  |  |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific | 1708 | $732732 |
| &nbsp;&nbsp;&nbsp; Twist Bioscience\* | 17509 | 670945 |
| &nbsp;&nbsp;&nbsp; United Therapeutics\* | 2070 | 627396 |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Cl A\* | 2116 | 494488 |
| &nbsp;&nbsp;&nbsp; Veracyte\* | 21703 | 661941 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals\* | 1860 | 947670 |
|  |  | 36806010 |
| &nbsp;&nbsp; *Information Technology* — *1.4%* |  |  |
| &nbsp;&nbsp;&nbsp; Novanta\* | 5241 | 622945 |
|  |  | 37428955 |
|  Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $51,479,244) |  | 43890670 |
|  Total Investments — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $51,479,244) |  | $43890670 |

---

Percentages are based on Net Assets of $43,954,473.

††&nbsp;&nbsp;&nbsp;&nbsp; Industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

\* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security.

*Cl — Class*

*PLC — Public Limited Company*

As of April 30, 2025, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. Generally Accepted Accounting Principles.

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

 **ROBO Global<sup>®</sup>**

**Robotics and Automation Index ETF**

Schedule of Investments

April 30, 2025

![](tbarchart_002.jpg)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK**<sup>††</sup> **— 99.5%** |  |  |
|  **Canada — 3.0%** |  |  |
| &nbsp;&nbsp; *Industrials — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp; ATS<sup>(A)</sup>\* | 566545 | $14248732 |
| &nbsp;&nbsp; *Information Technology — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp; Celestica\* | 149210 | 12706560 |
|  |  | 26955292 |
|  **China — 4.1%** |  |  |
| &nbsp;&nbsp; *Industrials — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp; Airtac International Group | 547439 | 15062574 |
| &nbsp;&nbsp;&nbsp; Estun Automation, Cl A | 1165300 | 3208955 |
| &nbsp;&nbsp;&nbsp; Han's Laser Technology Industry Group, Cl A | 1037500 | 3299864 |
| &nbsp;&nbsp;&nbsp; Shenzhen Inovance Technology, Cl A | 309500 | 3050766 |
|  |  | 24622159 |
| &nbsp;&nbsp; *Information Technology — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp; Xiaomi, Cl B\* | 1895400 | 12208755 |
|  |  | 36830914 |
|  **Finland — 2.4%** |  |  |
| &nbsp;&nbsp; *Industrials — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp; Cargotec, Cl B | 234832 | 11163663 |
| &nbsp;&nbsp;&nbsp; Kalmar, Cl B | 339530 | 10760596 |
|  |  | 21924259 |
|  **Germany — 8.0%** |  |  |
| &nbsp;&nbsp; *Industrials — 6.8%* |  |  |
| &nbsp;&nbsp;&nbsp; Duerr | 450834 | 10634086 |
| &nbsp;&nbsp;&nbsp; GEA Group | 244858 | 15949032 |
| &nbsp;&nbsp;&nbsp; KION Group | 215328 | 9110501 |
| &nbsp;&nbsp;&nbsp; Krones | 104017 | 15182202 |
| &nbsp;&nbsp;&nbsp; Siemens | 46211 | 10608516 |
|  |  | 61484337 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Germany — continued** |  |  |
| &nbsp;&nbsp; *Information Technology — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp; Jenoptik | 577050 | $11426863 |
|  |  | 72911200 |
|  **Japan — 22.9%** |  |  |
| &nbsp;&nbsp; *Industrials — 17.9%* |  |  |
| &nbsp;&nbsp;&nbsp; Daifuku | 623900 | 16564143 |
| &nbsp;&nbsp;&nbsp; Daihen | 229900 | 10154024 |
| &nbsp;&nbsp;&nbsp; FANUC | 643400 | 16481938 |
| &nbsp;&nbsp;&nbsp; Fuji Machine <br>Manufacturing | 1037000 | 15448857 |
| &nbsp;&nbsp;&nbsp; Harmonic Drive <br>Systems<sup>(A)</sup> | 565700 | 13305689 |
| &nbsp;&nbsp;&nbsp; Mitsubishi Electric | 711400 | 13767665 |
| &nbsp;&nbsp;&nbsp; Nabtesco | 747900 | 11254678 |
| &nbsp;&nbsp;&nbsp; Shibaura Machine | 387100 | 9756201 |
| &nbsp;&nbsp;&nbsp; SMC | 39900 | 12998829 |
| &nbsp;&nbsp;&nbsp; THK | 514400 | 12668867 |
| &nbsp;&nbsp;&nbsp; Toyota Industries | 150300 | 17660039 |
| &nbsp;&nbsp;&nbsp; Yaskawa Electric<sup>(A)</sup> | 559000 | 11823493 |
|  |  | 161884423 |
| &nbsp;&nbsp; *Information Technology — 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Keyence | 37100 | 15564105 |
| &nbsp;&nbsp;&nbsp; Omron<sup>(A)</sup> | 432000 | 12810993 |
| &nbsp;&nbsp;&nbsp; Yokogawa Electric | 779900 | 16883982 |
|  |  | 45259080 |
|  |  | 207143503 |
|  **Jersey — 1.0%** |  |  |
| &nbsp;&nbsp; *Consumer Discretionary — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Aptiv PLC\* | 158083 | 9020216 |
|  **Norway — 0.7%** |  |  |
| &nbsp;&nbsp; *Industrials — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp; AutoStore Holdings<sup>(A)</sup>\* | 14958960 | 6707763 |
|  **South Korea — 1.3%** |  |  |
| &nbsp;&nbsp; *Information Technology — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp; Koh Young Technology | 1232596 | 11966110 |
|  **Sweden — 2.1%** |  |  |
| &nbsp;&nbsp; *Health Care — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp; Elekta, Cl B<sup>(A)</sup> | 1868898 | 9494759 |
| &nbsp;&nbsp; *Information Technology — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Hexagon, Cl B<sup>(A)</sup> | 938681 | 9117320 |
|  |  | 18612079 |

---

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

 **ROBO Global<sup>®</sup>**

**Robotics and Automation Index ETF**

Schedule of Investments

April 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Switzerland — 3.0%** |  |  |
| &nbsp;&nbsp; *Industrials — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp; ABB | 253090 | $13302047 |
| &nbsp;&nbsp;&nbsp; Kardex Holding | 54593 | 13718837 |
|  |  | 27020884 |
|  **Taiwan — 4.8%** |  |  |
| &nbsp;&nbsp; *Industrials — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp; Hiwin Technologies | 1690276 | 11626824 |
| &nbsp;&nbsp; *Information Technology — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp; Advantech | 1109905 | 11694900 |
| &nbsp;&nbsp;&nbsp; Delta Electronics | 1039201 | 10836180 |
| &nbsp;&nbsp;&nbsp; Hon Hai Precision Industry | 2177194 | 9632397 |
|  |  | 32163477 |
|  |  | 43790301 |
|  **United Kingdom — 2.3%** |  |  |
| &nbsp;&nbsp; *Information Technology — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp; Raspberry PI Holdings PLC<sup>(A)</sup>\* | 1580640 | 9306452 |
| &nbsp;&nbsp;&nbsp; Renishaw PLC | 386914 | 11576360 |
|  |  | 20882812 |
|  **United States — 43.9%** |  |  |
| &nbsp;&nbsp; *Consumer Discretionary — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp; Serve Robotics<sup>(A)</sup>\* | 866636 | 5347144 |
| &nbsp;&nbsp; *Health Care — 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp; Azenta<sup>(A)</sup>\* | 284295 | 7488331 |
| &nbsp;&nbsp;&nbsp; Globus Medical, Cl A\* | 162813 | 11685089 |
| &nbsp;&nbsp;&nbsp; Illumina\* | 175457 | 13615463 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical\* | 35764 | 18447071 |
|  |  | 51235954 |
| &nbsp;&nbsp; *Industrials — 14.2%* |  |  |
| &nbsp;&nbsp;&nbsp; Deere | 27454 | 12726576 |
| &nbsp;&nbsp;&nbsp; Emerson Electric | 129700 | 13632767 |
| &nbsp;&nbsp;&nbsp; GXO Logistics\* | 274852 | 9960636 |
| &nbsp;&nbsp;&nbsp; Joby Aviation<sup>(A)</sup>\* | 1693843 | 10671211 |
| &nbsp;&nbsp;&nbsp; John Bean Technologies | 110149 | 11594284 |
| &nbsp;&nbsp;&nbsp; Nordson | 69298 | 13136822 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation | 64006 | 15853006 |
| &nbsp;&nbsp;&nbsp; Schneider Electric | 57499 | 13346932 |
| &nbsp;&nbsp;&nbsp; Stratasys\* | 1414111 | 13349208 |
| &nbsp;&nbsp;&nbsp; Symbotic, Cl A<sup>(A)</sup>\* | 668476 | 14425712 |
|  |  | 128697154 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **United States — continued** |  |  |
| &nbsp;&nbsp; *Information Technology — 23.4%* | &nbsp;&nbsp; *Information Technology — 23.4%* |  |
| &nbsp;&nbsp;&nbsp; Ambarella\* | 305588 | $14665168 |
| &nbsp;&nbsp;&nbsp; Autodesk\* | 52090 | 14285682 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems\* | 54107 | 16109818 |
| &nbsp;&nbsp;&nbsp; Cognex | 362828 | 9905204 |
| &nbsp;&nbsp;&nbsp; IPG Photonics\* | 267550 | 16023570 |
| &nbsp;&nbsp;&nbsp; Manhattan Associates\* | 81421 | 14443271 |
| &nbsp;&nbsp;&nbsp; Microchip Technology | 186056 | 8573461 |
| &nbsp;&nbsp;&nbsp; Novanta\* | 129621 | 15406752 |
| &nbsp;&nbsp;&nbsp; NVIDIA | 125821 | 13704423 |
| &nbsp;&nbsp;&nbsp; PTC\* | 81478 | 12626646 |
| &nbsp;&nbsp;&nbsp; QUALCOMM | 78175 | 11605861 |
| &nbsp;&nbsp;&nbsp; Samsara, Cl A\* | 414086 | 16422651 |
| &nbsp;&nbsp;&nbsp; ServiceNow\* | 12965 | 12381705 |
| &nbsp;&nbsp;&nbsp; Teradyne | 154539 | 11468339 |
| &nbsp;&nbsp;&nbsp; Trimble Navigation\* | 187867 | 11674055 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies, Cl A\* | 50660 | 12681211 |
|  |  | 211977817 |
|  |  | 397258069 |
|  Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $909,036,557) |  | 901023402 |
|  **SHORT-TERM INVESTMENTS — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares, 4.28%<sup>(B)(C)</sup> | 29967094 | 29967094 |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class, 4.26%<sup>(B)</sup> | 942078 | 942078 |
|  Total Short-Term Investments |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $30,909,172) |  | 30909172 |
|  Total Investments - 102.9% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $939,945,729) |  | $931932574 |

---

Percentages are based on Net Assets of $905,895,050.

††&nbsp;&nbsp;&nbsp;&nbsp; Industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

\* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security.

(A)&nbsp;&nbsp;&nbsp;&nbsp; This security or a partial position of this security is on loan at April 30, 2025. The total value of securities on loan at April 30, 2025 was $45,733,123.

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

 **ROBO Global<sup>®</sup>**

**Robotics and Automation Index ETF**

Schedule of Investments

April 30, 2025 (Concluded)

(B)&nbsp;&nbsp;&nbsp;&nbsp; The rate shown is the 7-day effective yield as of April 30, 2025.

(C)&nbsp;&nbsp;&nbsp;&nbsp; This security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2025 was $29,967,094. The total value of non-cash collateral held from securities on loan as of April 30, 2025 was $18,227,474.

*Cl* — *Class*

*PLC* — *Public Limited Company*

As of April 30, 2025, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. Generally Accepted Accounting Principles.

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

 **ROBO Global<sup>®</sup>**

**Artificial Intelligence ETF**

Schedule of Investments

April 30, 2025

![](tbarchart_003.jpg)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK**<sup>††</sup> **— 99.9%** |  |  |
|  **Brazil — 2.1%** |  |  |
| &nbsp;&nbsp; *Consumer Discretionary — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp; MercadoLibre\* | 1474 | $3435673 |
|  **Canada — 1.8%** |  |  |
| &nbsp;&nbsp; *Information Technology — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp; Shopify, Cl A\* | 31191 | 2963145 |
|  **China — 3.7%** |  |  |
| &nbsp;&nbsp; *Consumer Discretionary — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding <br>ADR | 27904 | 3332575 |
| &nbsp;&nbsp;&nbsp; JD.com ADR | 82376 | 2687105 |
|  |  | 6019680 |
|  **Germany — 1.3%** |  |  |
| &nbsp;&nbsp; *Information Technology — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp; Infineon Technologies | 65598 | 2154287 |
|  **Netherlands — 3.7%** |  |  |
| &nbsp;&nbsp; *Information Technology — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp; ASML Holding, Cl G | 4812 | 3214801 |
| &nbsp;&nbsp;&nbsp; Nebius Group, Cl A\* | 124144 | 2821793 |
|  |  | 6036594 |
|  **Taiwan — 5.2%** |  |  |
| &nbsp;&nbsp; *Information Technology — 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp; Global Unichip | 82796 | 2653469 |
| &nbsp;&nbsp;&nbsp; MediaTek | 67506 | 2849423 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing | 103653 | 2942717 |
|  |  | 8445609 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **United Kingdom — 1.5%** |  |  |
| &nbsp;&nbsp; *Information Technology — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp; Raspberry PI Holdings PLC\* | 403751 | $2377195 |
|  **United States — 80.6%** |  |  |
| &nbsp;&nbsp; *Communication Services — 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A | 21189 | 3364813 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Cl A | 4799 | 2634651 |
| &nbsp;&nbsp;&nbsp; Spotify Technology\* | 4890 | 3002362 |
|  |  | 9001826 |
| &nbsp;&nbsp; *Consumer Discretionary — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp; Amazon.com\* | 19693 | 3631783 |
| &nbsp;&nbsp;&nbsp; Tesla\* | 9603 | 2709582 |
|  |  | 6341365 |
| &nbsp;&nbsp; *Financials — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp; Fiserv\* | 9549 | 1762459 |
| &nbsp;&nbsp; *Health Care — 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp; Illumina\* | 32820 | 2546832 |
| &nbsp;&nbsp;&nbsp; Tempus AI, Cl A\* | 73396 | 3792371 |
| &nbsp;&nbsp;&nbsp; Veracyte\* | 71281 | 2174071 |
|  |  | 8513274 |
| &nbsp;&nbsp; *Industrials — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Cl A | 8395 | 2488530 |
| &nbsp;&nbsp; *Information Technology — 60.4%* |  |  |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices\* | 37123 | 3613924 |
| &nbsp;&nbsp;&nbsp; Ambarella\* | 71678 | 3439827 |
| &nbsp;&nbsp;&nbsp; Analog Devices | 16664 | 3248147 |
| &nbsp;&nbsp;&nbsp; Arista Networks\* | 40349 | 3319512 |
| &nbsp;&nbsp;&nbsp; Astera Labs\* | 49064 | 3204370 |
| &nbsp;&nbsp;&nbsp; Autodesk\* | 13719 | 3762436 |
| &nbsp;&nbsp;&nbsp; Cloudflare, Cl A\* | 29696 | 3586683 |
| &nbsp;&nbsp;&nbsp; Cognex | 90763 | 2477830 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, <br>Cl A\* | 10324 | 4427654 |
| &nbsp;&nbsp;&nbsp; CyberArk Software\* | 9786 | 3446238 |
| &nbsp;&nbsp;&nbsp; Datadog, Cl A\* | 34697 | 3544646 |
| &nbsp;&nbsp;&nbsp; Elastic\* | 29503 | 2543159 |
| &nbsp;&nbsp;&nbsp; Fair Isaac\* | 1396 | 2777593 |
| &nbsp;&nbsp;&nbsp; HubSpot\* | 4940 | 3020810 |
| &nbsp;&nbsp;&nbsp; International Business Machines | 11175 | 2702339 |
| &nbsp;&nbsp;&nbsp; JFrog\* | 87124 | 2942177 |
| &nbsp;&nbsp;&nbsp; Lam Research | 42064 | 3014727 |
| &nbsp;&nbsp;&nbsp; Microsoft | 9059 | 3580660 |

---

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

 **ROBO Global<sup>®</sup>**

**Artificial Intelligence ETF**

Schedule of Investments

April 30, 2025 (Concluded)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **United States — continued** |  |  |
| &nbsp;&nbsp; *Information Technology— continued* | &nbsp;&nbsp; *Information Technology— continued* |  |
| &nbsp;&nbsp;&nbsp; MongoDB, Cl A\* | 15789 | $2718392 |
| &nbsp;&nbsp;&nbsp; Nutanix, Cl A\* | 39239 | 2695719 |
| &nbsp;&nbsp;&nbsp; NVIDIA | 32690 | 3560595 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks\* | 20360 | 3805895 |
| &nbsp;&nbsp;&nbsp; Pure Storage, Cl A\* | 74032 | 3358091 |
| &nbsp;&nbsp;&nbsp; QUALCOMM | 20117 | 2986570 |
| &nbsp;&nbsp;&nbsp; Rapid7\* | 109516 | 2586768 |
| &nbsp;&nbsp;&nbsp; Samsara, Cl A\* | 104181 | 4131818 |
| &nbsp;&nbsp;&nbsp; ServiceNow\* | 3106 | 2966261 |
| &nbsp;&nbsp;&nbsp; Snowflake, Cl A\* | 19906 | 3174808 |
| &nbsp;&nbsp;&nbsp; Super Micro Computer\* | 77487 | 2468736 |
| &nbsp;&nbsp;&nbsp; Teradyne | 25454 | 1888941 |
| &nbsp;&nbsp;&nbsp; Varonis Systems, Cl B\* | 62902 | 2694722 |
|  |  | 97690048 |
| &nbsp;&nbsp; *Materials — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp; Ginkgo Bioworks Holdings\* | 299611 | 2208133 |
| &nbsp;&nbsp; *Real Estate — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp; CoStar Group\* | 31271 | 2319370 |
|  |  | 130325005 |
|  Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $158,828,248) |  | 161757188 |
|  **SHORT-TERM INVESTMENT — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class, 4.26%<sup>(A)</sup> | 113613 | 113613 |
|  Total Short-Term Investment |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $113,613) |  | 113613 |
|  Total Investments - 100.0% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $158,941,861) |  | $161870801 |

---

Percentages are based on Net Assets of $161,800,126.

††&nbsp;&nbsp;&nbsp;&nbsp; Industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

\* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security.

(A)&nbsp;&nbsp;&nbsp;&nbsp; The rate shown is the 7-day effective yield as of April 30, 2025.

*ADR — American Depositary Receipt*

*Cl — Class*

*PLC — Public Limited Company*

As of April 30, 2025, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. Generally Accepted Accounting Principles.

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

 **ROBO Global<sup>®</sup>**

Statements of Assets and Liabilities

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ROBO Global<sup>®</sup> <br>Healthcare <br>Technology and <br>Innovation ETF** | **ROBO Global<sup>®</sup> <br>Robotics and <br>Automation <br>Index ETF** | **ROBO Global<sup>®</sup> <br>Artificial <br>Intelligence ETF** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at Cost | $51479244 | $939945729 | $158941861 |
| &nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | 7559 | 258257 | —  |
| &nbsp;&nbsp;&nbsp; Investments, at Fair Value\* | $43890670 | $931932574 | $161870801 |
| &nbsp;&nbsp;&nbsp; Cash and Cash Equivalents |  |  | 23 |
| &nbsp;&nbsp;&nbsp; Foreign Currency, at Value | 7559 | 258286 |  |
| &nbsp;&nbsp;&nbsp; Tax Reclaims Receivable | 60494 | 2648786 | 5234 |
| &nbsp;&nbsp;&nbsp; Dividends Receivable | 20657 | 1615152 | 8610 |
| &nbsp;&nbsp;&nbsp; Securities Lending Income Receivable |  | 80186 | —  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 43979380 | 936534984 | 161884668 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees Payable - Net | 23524 | 672691 | 84542 |
| &nbsp;&nbsp;&nbsp; Payable to Custodian - Overdraft | 1383 | 149 |  |
| &nbsp;&nbsp;&nbsp; Payable Upon Return on Securities Loaned |  | 29967094 |  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 24907 | 30639934 | 84542 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $43954473 | $905895050 | $161800126 |
|  **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $146965308 | $1329862467 | $172819247 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | (103010835) | (423967417) | (11019121) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $43954473 | $905895050 | $161800126  |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest (unlimited authorization – no par value) | 1625001 | 17750000 | 3600000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $27.05 | $51.04 | $44.94 |
| &nbsp;&nbsp;&nbsp; \* Includes Value of Securities on Loan | $— | $45733123 | $— |

---

Amounts designated as "—" are $0 or have been rounded to $0.

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

 **ROBO Global<sup>®</sup>**

Statements of Operations

For the Year Ended April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ROBO Global<sup>®</sup> <br>Healthcare <br>Technology and <br>Innovation ETF** | **ROBO Global<sup>®</sup> <br>Robotics and <br>Automation <br>Index ETF** | **ROBO Global<sup>®</sup> <br>Artificial <br>Intelligence ETF** |
|  **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Income | $287678 | $13407161 | $768310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from Securities Lending, Net |  | 677820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Reclaims |  | 834520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (55256) | (2244537) | (51651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 232422 | 12674964 | 716659 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | 429359 | 10510293 | 1140628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 429359 | 10510293 | 1140628 |
|  **Less:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Waiver of Advisory Fees (Note 3) | (64261) |  | (106393) |
| &nbsp;&nbsp;&nbsp; **Net Expenses** | 365098 | 10510293 | 1034235  |
|  **Net Investment Income (Loss)** | (132676) | 2164671 | (317576) |
|  **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(1)</sup> | (8325047) | 16194330 | 16181477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | 1932 | (595837) | (2277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | (8323115) | 15598493 | 16179200 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 11528545 | (78512104) | (9739842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translations | 5824 | 321157 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | 11534369 | (78190947) | (9739416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | 3211254 | (62592454) | 6439784 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $3078578 | $(60427783) | $6122208 |

---

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

Amounts designated as "—" are $0 or have been rounded to $0.

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

 **ROBO Global<sup>®</sup>**

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **ROBO Global<sup>®</sup> Healthcare <br>Technology and Innovation ETF** | **ROBO Global<sup>®</sup> Healthcare <br>Technology and Innovation ETF** |
|  | **Year Ended <br>April 30, 2025** | **Year Ended <br>April 30, 2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $(132676) | $(147721) |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | (8323115) | (23285836) |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 11534369 | 11050672 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 3078578 | (12382885) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 3569383 |  |
| &nbsp;&nbsp;&nbsp; Redeemed | (22393385) | (26217033) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | (18824002) | (26217033) |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (15745424) | (38599918) |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 59699897 | 98299815 |
| &nbsp;&nbsp;&nbsp; End of Year | $43954473 | $59699897 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 125000 |  |
| &nbsp;&nbsp;&nbsp; Redeemed | (775000) | (975000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (650000) | (975000) |

---

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

Amounts designated as "—" are $0 or have been rounded to $0.

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

 **ROBO Global<sup>®</sup>**

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **ROBO Global<sup>®</sup> Robotics and <br>Automation Index ETF** | **ROBO Global<sup>®</sup> Robotics and <br>Automation Index ETF** |
|  | **Year Ended <br>April 30, 2025** | **Year Ended <br>April 30, 2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $2164671 | $1059044 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 15598493 | (7239047) |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (78190947) | 43850201 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (60427783) | 37670198 |
|  **Distributions:** | (5665471) | (684846) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 6920806 | 112374880 |
| &nbsp;&nbsp;&nbsp; Redeemed | (280910187) | (241682762) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | (273989381) | (129307882) |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (340082635) | (92322530) |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 1245977685 | 1338300215 |
| &nbsp;&nbsp;&nbsp; End of Year | $905895050 | $1245977685 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 125000 | 2000000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (5075000) | (4425000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (4950000) | (2425000) |

---

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

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

 **ROBO Global<sup>®</sup>**

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **ROBO Global<sup>®</sup> Artificial <br>Intelligence ETF** | **ROBO Global<sup>®</sup> Artificial <br>Intelligence ETF** |
|  | **Year Ended <br>April 30, 2025** | **Year Ended <br>April 30, 2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $(317576) | $(171327) |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 16179200 | 5052040 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (9739416) | 16796553 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 6122208 | 21677266 |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 58977782 | 155540574 |
| &nbsp;&nbsp;&nbsp; Redeemed | (76827471) | (28705175) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | (17849689) | 126835399 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (11727481) | 148512665 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 173527607 | 25014942 |
| &nbsp;&nbsp;&nbsp; End of Year | $161800126 | $173527607 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 1200000 | 4025000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (1750000) | (700000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (550000) | 3325000 |

---

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

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

 **ROBO Global<sup>®</sup>**

Healthcare Technology and Innovation ETF

Financial Highlights

*Selected Per Share Data & Ratios*

*For a Share Outstanding Throughout each Year*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value, beginning of year | $26.24 | $30.25 | $30.91 | $46.39 | $27.49 |
|  **Investment Activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)\* | (0.07) | (0.05) | (0.11) | (0.18) | (0.15) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.88 | (3.96) | (0.55) | (15.28) | 19.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.81 | (4.01) | (0.66) | (15.46) | 18.90 |
|  **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized capital gains |  |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  |  | (0.02) |  |
|  Net Asset Value, end of year | $27.05 | $26.24 | $30.25 | $30.91 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46.39 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 3.09 | (13.26) | (2.14) | (33.33) | 68.75 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | (0.25) | (0.20) | (0.36) | (0.42) | (0.36) |
|  **Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year (000) | $43954 | $59700 | $98300 | $129833 | $218013 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(2)</sup> | 35 | 39 | 39 | 38 | 28 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Per share data calculated using average shares method.

<sup>(1)</sup> 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.

<sup>(2)</sup> Portfolio turnover 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.

Amounts designated as "—" are $0 or have been rounded to $0.

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

 **ROBO Global<sup>®</sup>**

Robotics and Automation Index ETF

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value, beginning of year | $54.89 | $53.27 | $50.73 | $64.61 | $38.95 |
|  **Investment Activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)\* | 0.11 | 0.04 | 0.03 | (0.09) | 0.10 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.65) | 1.61 | 2.51 | (13.67) | 25.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | (3.54) | 1.65 | 2.54 | (13.76) | 25.78 |
|  **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.31) | (0.03) |  | (0.12) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.31) | (0.03) |  | (0.12) | (0.12) |
|  Net Asset Value, end of year | $51.04 | $54.89 | $53.27 | $50.73 | $64.61 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | (6.51) | 3.09 | 5.01 | (21.35) | 66.21 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 0.20 | 0.08 | 0.06 | (0.14) | 0.19 |
|  **Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year (000) | $905895 | $1245978 | $1338300 | $1390114 | $1886545 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(2)</sup> | 36 | 26 | 24 | 26 | 29 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; Per share data calculated using average shares method.

<sup>(1)</sup> 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.

<sup>(2)</sup> Portfolio turnover 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.

Amounts designated as "—" are $0 or have been rounded to $0

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

 **ROBO Global<sup>®</sup>**

Artificial Intelligence ETF

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout each Year/Period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Period Ended <br> April 30, 2021<sup>†</sup>** |
|  | **2025** | **2024** | **2023** | **2022** | **Period Ended <br> April 30, 2021<sup>†</sup>** |
|  Net Asset Value, beginning of year/period | $41.81 | $30.32 | $30.90 | $41.42 | $25.02 |
|  **Investment Activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)\* | (0.10) | (0.07) | (0.05) | (0.06) | (0.16) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.23 | 11.56 | (0.53) | (10.46) | 16.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 3.13 | 11.49 | (0.58) | (10.52) | 16.40 |
|  Net Asset Value, end of year/period | $44.94 | $41.81 | $30.32 | $30.90 | $41.42 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 7.49 | 37.90 | (1.88) | (25.40) | 65.55 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.68 | 0.68 | 0.68 | 0.68 | 0.68<br><sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses excluding waivers (%) | 0.75 | 0.75 | 0.75 | 0.75 | 0.75<br><sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | (0.21) | (0.17) | (0.18) | (0.15) | (0.42)<sup>(2)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of year/period (000) | $161800 | $173528 | $25015 | $29353 | $37281 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(3)</sup> | 42 | 29 | 37 | 30 | 30 |

---

†&nbsp;&nbsp;&nbsp;&nbsp;Commenced operations on May 8, 2020.

\*&nbsp;&nbsp;&nbsp;&nbsp; Per share data calculated using average shares method.

<sup>(1)</sup> 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.

<sup>(2)</sup> Annualized.

<sup>(3)</sup> Portfolio turnover 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.

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

 **ROBO Global<sup>®</sup>**

Notes to Financial Statements

April 30, 2025

**1. ORGANIZATION**

Exchange Traded Concepts Trust (the "Trust") is a Delaware statutory trust formed on July 17, 2009. The Trust is registered with the Securities and Exchange Commission (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 the ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF, the ROBO Global<sup>®</sup> Robotics and Automation Index ETF, and the ROBO Global<sup>®</sup> Artificial Intelligence ETF (each a "Fund", and together the "Funds"). The ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the ROBO Global<sup>®</sup> Healthcare Technology and Innovation Index. The ROBO Global<sup>®</sup> Robotics and Automation Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the ROBO Global<sup>®</sup> Robotics and Automation Index. The ROBO Global<sup>®</sup> Artificial Intelligence ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the ROBO Global<sup>®</sup> Artificial Intelligence Index. Exchange Traded Concepts, LLC (the "Adviser"), an Oklahoma limited liability company, serves as the investment adviser for each Fund. Each Fund is classified as "diversified" under the 1940 Act, except for ROBO Global<sup>®</sup> Artificial Intelligence ETF which is classified as "non-diversified" (see "Non-Diversification Risk" under Note 7). The ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF commenced operations on June 24, 2019, the ROBO Global<sup>®</sup> Robotics & Automation Index ETF commenced operations on October 21, 2013 and the ROBO Global<sup>®</sup> Artificial Intelligence ETF commenced operations on May 8, 2020.

Shares of the Funds are listed and traded on the NYSE Arca, Inc. (the "Exchange"). Market prices for shares of a Fund may be different from their net asset value ("NAV"). The Funds issue and redeem 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 Funds meet the criteria of an "investment company," and therefore, the Funds prepare their financial statements in accordance with investment company accounting as outlined in ASC 946.

**Use of Estimates and Indemnifications** — Each Fund is an investment company in conformity with U.S. GAAP. Therefore, the Funds follow 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 Funds, enters into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements cannot be known; however, the Funds expect any risk of loss to be remote.

**Security Valuation** — The Funds record their 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

 **ROBO Global<sup>®</sup>**

Notes to Financial Statements

April 30, 2025 (Continued)

 **2. SIGNIFICANT ACCOUNTING POLICIES** (Continued)

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 Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek 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.

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 a 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, a 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 NAV. 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 NAV, 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 Funds disclose 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;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).

 **ROBO Global<sup>®</sup>**

Notes to Financial Statements

April 30, 2025 (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

The valuation techniques used by the Funds to measure fair value during the year ended April 30, 2025 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 each 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 Funds' policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on their Statements of Operations. As of April 30, 2025, the Funds 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 Funds have reviewed all major jurisdictions and concluded that there is no impact on the Funds' 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 Funds 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 Funds accrue and apply 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 Funds' understanding of the applicable country's tax rules and rates.

**Foreign Currency Translation** — The books and records of the Funds 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 Funds do 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 Statements 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 Funds' books and the U.S. dollar equivalent amounts actually received or paid. The Funds 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 Funds invest.

**Cash and Cash Equivalents** — Idle cash may be swept into various overnight demand deposits and is classified as Cash and Cash equivalents on the Statements of Assets and Liabilities, if any. The Funds maintain 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** — Each 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.

 **ROBO Global<sup>®</sup>**

Notes to Financial Statements

April 30, 2025 (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Concluded)

**Creation Units** — The Funds issue and redeem 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, 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 to the custodian on the date of such redemption, regardless of the number of Creation Units redeemed in a given transaction. The Funds 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 Funds. Shares of the Funds 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 Funds' 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 Funds. 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 a 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 a 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 a 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 Statements 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 the investment adviser to each 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 Funds and is responsible for the day-to-day management of the Funds, including, among other things, implementing changes to each Fund's portfolio in connection with any rebalancing or reconstitution of an Index, trading portfolio securities on behalf of each Fund, and selecting broker-dealers to execute purchase and sale

 **ROBO Global<sup>®</sup>**

Notes to Financial Statements

April 30, 2025 (Continued)

 **3. SERVICE PROVIDERS** (Continued)

transactions, subject to the oversight of the Board. For the services it provides to the Funds, the Adviser receives a fee, which is calculated daily and paid monthly, at an annual rate based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| **ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF** | 0.80%<sup>(1)</sup> |
| **ROBO Global<sup>®</sup> Robotics and Automation Index ETF** | 0.95%<sup>(2)</sup> |
| **ROBO Global<sup>®</sup> Artificial Intelligence ETF** | 0.75%<sup>(3)</sup> |

---

<sup>(1)</sup> The Adviser has contractually agreed to waive a portion of its fee in an amount equal to 0.12% of average daily net assets through at least August 31, 2025, unless earlier terminated by the Board of Trustees of the Trust for any reason at any time. The fees waived are non-recoupable.

<sup>(2)</sup> The Fund pays the Adviser a fee at an annual rate of 0.95% on up to $2 billion in assets, 0.75% on the next $3 billion in assets, and 0.65% on assets greater than $5 billion. The fees waived are non-recoupable.

<sup>(3)</sup> The Adviser has contractually agreed to waive a portion of its fee in an amount equal to 0.07% of the Fund's average daily net assets through at least August 31, 2025. This arrangement may be terminated only by the Trust's Board of Trustees. The fees waived are non-recoupable.

ETC Platform Services, LLC ("ETC Platform Services"), a direct wholly-owned subsidiary of the Adviser, administers each Fund's business affairs and provides office facilities and equipment, certain clerical, bookkeeping and administrative services, paying agent services under the Funds' 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 Funds to operate. For the services it provides to the Funds, ETC Platform Services is paid a fee calculated daily and paid monthly based on a percentage of each Fund's average daily net assets.

Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds (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 Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act ("Excluded Expenses").

VettaFi LLC is the sponsor of each Fund's Index and each 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 Funds (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 each 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 each Fund's underwriter and distributor of each Fund's 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 a Fund's 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 any Fund's shares.

The Funds have adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. For the year ended April 30, 2025, no fees were charged by the Distributor under the Plan and the Plan will only be implemented with approval of the Board.

 **ROBO Global<sup>®</sup>**

Notes to Financial Statements

April 30, 2025 (Continued)

 **3. SERVICE PROVIDERS** (Concluded)

*Administrator, Custodian and Transfer Agent*

SEI Investments Global Funds Services serves as the Funds' administrator pursuant to an administration agreement. The Bank of New York Mellon serves as the Funds' 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 year ended April 30, 2025, 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 <br>Maturities** |
| **ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF** | $18856410 | $19560770 |
| **ROBO Global<sup>®</sup> Robotics and Automation Index ETF** | 392445145 | 435969079 |
| **ROBO Global<sup>®</sup> Artificial Intelligence ETF** | 64572569 | 65452234 |

---

For the year ended April 30, 2025, there were no purchases or sales of long-term U.S. Government securities by any of the Funds.

For the year ended April 30, 2025, the in-kind transactions associated with creations and redemptions were:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Net Realized<br>Gain (Loss)** |
| **ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF** | $3476977 | $21632051 | $3720993 |
| **ROBO Global<sup>®</sup> Robotics and Automation Index ETF** | 5818342 | 243238222 | 63605266 |
| **ROBO Global<sup>®</sup> Artificial Intelligence ETF** | 55231481 | 71941686 | 18339829 |

---

**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 total distributable earnings (accumulated losses), as appropriate, in the period that the differences arise.

Accordingly, the following permanent differences primarily attributable to net operating losses and redemptions in-kind have been reclassified within the components of net assets for the year ended April 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Paid-in<br>Capital** | **Distributable<br>Earnings<br>(Accumulated<br>Losses)** |
| **ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF** | $3439188 | $(3439188) |
| **ROBO Global<sup>®</sup> Robotics and Automation Index ETF** | 61232990 | (61232990) |
| **ROBO Global<sup>®</sup> Artificial Intelligence ETF** | 17159770 | (17159770) |

---

These reclassifications have no impact on net assets or net asset value per share.

 **ROBO Global<sup>®</sup>**

Notes to Financial Statements

April 30, 2025 (Continued)

 **5. TAX INFORMATION** (Concluded)

The tax character of dividends and distributions paid during the years ended April 30, 2025 and April 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Totals** |
| **ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; **2025** | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; **2024** |  |  |  |
| **ROBO Global<sup>®</sup> Robotics and Automation Index ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; **2025** | $5665471 | $— | $5665471 |
| &nbsp;&nbsp;&nbsp; **2024** | 684846 |  | 684846 |
| **ROBO Global<sup>®</sup> Artificial Intelligence ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; **2025** | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; **2024** |  |  |  |

---

As of April 30, 2025, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **ROBO Global<sup>®</sup><br>Healthcare<br>Technology and<br>Innovation ETF** | **ROBO Global<sup>®</sup><br>Robotics and <br>Automation <br>Index ETF** | **ROBO Global<sup>®</sup> <br>Artificial<br>Intelligence ETF** |
| **Undistributed Ordinary Income** | $— | $5441868 | $66898 |
| **Capital Loss Carryforwards** | (93581424) | (392943206) | (10512183) |
| **Unrealized Appreciation (Depreciation)** | (9429417) | (36466072) | (573834) |
| **Other Temporary Differences** | 6 | (7) | (2) |
| **Total Distributable Earnings (Accumulated Losses)** | $(103010835) | $(423967417) | $(11019121) |

---

The Funds are permitted to utilize capital losses that are carried forward and will retain their character as either short-term or long-term capital losses. As of April 30, 2025, the Funds have the following capital loss carryforwards to offset capital gains for an unlimited period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Non-Expiring<br>Short-Term** | **Non-Expiring<br>Long-Term** | **Total<br>Capital Loss<br>Carryforwards** |
| **ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF** | $24505035 | $69076389 | $93581424 |
| **ROBO Global<sup>®</sup> Robotics and Automation Index ETF** | 96819339 | 296123867 | 392943206 |
| **ROBO Global<sup>®</sup> Artificial Intelligence ETF** | 1762221 | 8749962 | 10512183 |

---

For Federal income tax purposes, the cost of securities owned at April 30, 2025, and the net realized gains or losses on securities sold for the period, were different from amounts reported for financial reporting purposes primarily due to wash sales which cannot be used for Federal income tax purposes in the current period and have been deferred for use in future years, as well as investments in passive foreign investment companies. The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments and foreign currency transactions held by the Funds at April 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax <br>Cost** | **Aggregated <br>Gross <br>Unrealized <br>Appreciation** | **Aggregated <br>Gross <br>Unrealized <br>Depreciation** | **Net Unrealized <br>Appreciation <br>(Depreciation)** |
| **ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF** | $53325122 | $4484243 | $(13913660) | $(9429417) |
| **ROBO Global<sup>®</sup> Robotics and Automation Index ETF** | 968613749 | 137239804 | (173705876) | (36466072) |
| **ROBO Global<sup>®</sup> Artificial Intelligence ETF** | 162444972 | 14459149 | (15032983) | (573834) |

---

 **ROBO Global<sup>®</sup>**

Notes to Financial Statements

April 30, 2025 (Continued)

**6. PRINCIPAL RISKS OF INVESTING IN THE FUNDS**

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

*Currency Exchange Rate Risk*: To the extent each 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 Funds' investment and the value of your shares. Because each Funds NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of the non-U.S. market in which each 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 a 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 each Fund more volatile and potentially less liquid than other types of investments. In addition, where all or a portion of the Funds' portfolio holdings trade in markets that are closed when the Funds' market is open, there may be valuation differences that could lead to differences between the Funds' market price and the value of the Funds' portfolio holdings.

*Geographic Investment Risk:* To the extent each Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.

*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.

*Non*-Diversification *Risk:* (ROBO Global<sup>®</sup> Artificial Intelligence ETF only) 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.

 **ROBO Global<sup>®</sup>**

Notes to Financial Statements

April 30, 2025 (Continued)

 **6. PRINCIPAL RISKS OF INVESTING IN THE FUNDS** (Concluded)

*Sector Focus Risk:* Each 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 each Fund's sector exposure is expected to vary over time based on the composition of the Index, each Fund anticipates that it may be subject to some or all of the risks described below. The list below is not a comprehensive list of the sectors to which each Fund may have exposure over time and should not be relied on as such.

*Health Care Sector Risk:* (ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF only) Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.

*Industrials Sector Risk:* (ROBO Global<sup>®</sup> Robotics and Automation Index ETF only) Stock prices for industrials companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

*Information Technology Sector Risk:* (ROBO Global<sup>®</sup> Robotics and Automation Index ETF and ROBO Global<sup>®</sup> Artificial Intelligence ETF only) The Fund is subject to the risk that market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs*.*

**7. SECURITIES LENDING**

Each Fund has entered into a Securities Lending Agreement with the Bank of New York Mellon (the "Lending Agent") to lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust's Board. These loans, if and when made, may not exceed 33 1/3% of the total asset value of a Fund (including the loan collateral). The Funds will not lend portfolio securities to the Adviser or its affiliates unless permissible under the 1940 Act and the rules and regulations thereunder. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. government securities, and the collateral will be maintained in an amount equal to at least 102% of the value of domestic equity securities and American Depositary Receipts and 105% of the value of foreign equity securities (other than ADRs). However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day's market fluctuations and the current day's lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that the Funds may be delayed or restricted from recovering the loaned securities or disposing of the collateral for the loan, which could give rise to loss because at adverse market actions expenses and/or delays in connection with the disposition of the underlying securities. Any gain or loss in the market price of the securities loaned and income from lending

 **ROBO Global<sup>®</sup>**

Notes to Financial Statements

April 30, 2025 (Continued)

 **7. SECURITIES LENDING** (Concluded)

activity by a Fund that might occur during the term of the loan would be for the account of the Fund. For financial statement purposes, the Funds record the securities lending collateral as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.

Cash collateral received in connection with securities lending is invested in short-term investments by the lending agent. The Funds do not have effective control of the non-cash collateral and therefore it is not disclosed in the Fund's Schedules of Investments, if any.

Securities lending transactions are entered into by the Funds under the Securities Lending Agreement, which permits a Fund, under certain circumstances such as an event of default, to offset amounts payable by the Fund to the same counterparty against amounts receivable from the counterparty to create a net payment due to or from the Fund.

The following is a summary of securities lending agreements held by the Funds, with cash collateral of overnight maturities and non-cash collateral, which would be subject to offset as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of <br>Recognized <br>Assets (Value of <br>Securities on <br>Loan)** | **Value of Cash <br>Collateral <br>Received<sup>(1)</sup>** | **Value of <br>Non-Cash <br>Collateral <br>Received<sup>(1)</sup>** | **Net Amount** |
| **ROBO Global<sup>®</sup> Robotics and Automation Index ETF** | $45733123 | $29967094 | $15766029 | $— |

---

<sup>(1)</sup> Collateral and non-cash collateral received in excess of market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Statements of Assets and Liabilities.

The value of loaned securities and related collateral outstanding at April 30, 2025 are shown in the Schedule of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of April 30, 2025, the cash collateral was invested in a Short-Term Investment (Dreyfus Institutional Preferred Government Plus Money Market Fund) and the non-cash collateral consisted of Government Securities (U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Indexed Bonds) with the following maturities:

**Remaining Contractual Maturity of the Agreements, as of April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight and <br>Continuous** | **<30 Days** | **Between <br>30 & 90 Days** | **>90 Days** | **Total** |
| **ROBO Global<sup>®</sup> Robotics and Automation Index ETF** |  |  |  |  |  |
| **Short-Term Investment** | $29967094 | $— | $— | $— | $29967094 |
| **U.S. Government Securities** |  | 8263 | 913632 | 17305579 | 18227474 |
| **Total** | $29967094 | $8263 | $913632 | $17305579 | $48194568 |

---

**8. OTHER**

At April 30, 2025, the records of the Trust reflected that 100% of the Funds' total shares outstanding were held by five 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.

 **ROBO Global<sup>®</sup>**

Notes to Financial Statements

April 30, 2025 (Concluded)

**9. RECENT MARKET EVENTS**

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 securities. Periods of market volatility may occur in response to such events and other economic, political, and global macro factors.

Governments and central banks, including the Federal Reserve in the United States, took extraordinary and unprecedented actions to support local and global economies and the financial markets in response to the COVID-19 pandemic, including by keeping interest rates at historically low levels for an extended period. The Federal Reserve concluded its market support activities in 2022 and began to raise interest rates in an effort to fight inflation. However, the Federal Reserve has recently lowered interest rates and may continue to do so. Trade disputes and the imposition of tariffs, along with other matters, may negatively impact the economies of the United States and its trading partners, as well as the financial markets as a whole. This and other government intervention into the economy and financial markets to address significant events in the future may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results.

**10. RECENT ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

**11. SUBSEQUENT EVENTS**

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

 **ROBO Global<sup>®</sup>**

Report of Independent Registered Public Accounting Firm

To the Shareholders of ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF, ROBO Global<sup>®</sup> Robotics and Automation Index ETF, and ROBO Global<sup>®</sup> Artificial Intelligence ETF and Board of Trustees of Exchange Traded Concepts Trust

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Exchange Traded Concepts Trust comprising the funds listed below (the "Funds") as of April 30, 2025, the related statements of operations, and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Name** | **Statements of <br>Operations** | **Statements of <br>Changes in Net <br>Assets** | **Financial <br>Highlights** |
|  ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF and ROBO Global<sup>®</sup> Robotics and Automation Index ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022, and 2021 |
|  ROBO Global<sup>®</sup> Artificial Intelligence ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022, and for the period from May 8, 2020 (commencement of operations) through April 30, 2021 |

---

<u><u>Basis for Opinion</u></u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Exchange Traded Concepts, LLC since 2012.

![](tcohen_sig.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

June 26, 2025

 **ROBO Global<sup>®</sup>**

Notice to Shareholders

(Unaudited)

For shareholders that do not have an April 30, 2025 tax year end, this notice is for informational purposes only. For shareholders with an April 30, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice.

For the fiscal year ended April 30, 2025, the Fund are designating the following items with regard to distributions paid during the year.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Long Term <br>Capital Gain <br>Distributions** | **Ordinary <br>Income <br>Distributions** | **Total <br>Distributions** | **Qualifying <br>For <br>Corporate <br>Dividend <br>Receivable <br>Deduction<sup>(1)</sup>** | **Qualifying <br>Dividend <br>Income<sup>(2)</sup>** | **U.S. <br>Government <br>Interest<sup>(3)</sup>** | **Interest <br>Related <br>Dividends<sup>(4)</sup>** | **Short-Term <br>Capital Gain <br>Dividends<sup>(5)</sup>** | **Qualifying <br>Business <br>Income<sup>(6)</sup>** | **FTC\*** |
| **ROBO Global<sup>®</sup> Healthcare Technology and Innovation ETF** | **0.00%** | **0.00%** | **0.00%** | **0.00%** | **0.00%** | **0.00%** | **0.00%** | **0.00%** | **0.00%** | **0.00%** |
| **ROBO Global<sup>®</sup> Robotics and Automation Index ETF** | **0.00%** | **100.00%** | **100.00%** | **28.21%** | **100.00%** | **0.00%** | **0.00%** | **0.00%** | **0.00%** | **17.39%** |
| **ROBO Global<sup>®</sup> Artificial Intelligence ETF** | **0.00%** | **0.00%** | **0.00%** | **0.00%** | **0.00%** | **0.00%** | **0.00%** | **0.00%** | **0.00%** | **0.00%** |

---

<sup>(1)</sup> Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).

<sup>(3)</sup> U.S. Government Interest represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax.

<sup>(6)</sup> The percentage in this column represents that amount of ordinary dividend income that qualified for 20% Business Income Deduction.

\* The ETC ROBO Global<sup>®</sup> Robotics and Automation Index ETF intends to pass through a foreign tax credit to shareholders. For the fiscal year ended April 30, 2025, the total amount of foreign source income is $4,395,238. The total amount of foreign tax paid is $1,192,956. Your allocable share of the foreign tax credit will be reported on Form 1099 DIV.

 **ROBO Global<sup>®</sup>**

Other Information (Form N-CSR Item 8-11)

(Unaudited)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration was paid by the company during the period covered by the report to Trustees on the company's Board of Trustees. The Board of Trustees expensed $18,184 to each Fund in the Trust for the period covered by the report.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

![](tetc_logo.jpg)

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, OK 73120

**Investment Adviser:**

Exchange Traded Concepts, LLC

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, OK 73120

**Distributor:**

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Administrator:**

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel:**

Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

**Independent Registered Public Accounting Firm:**

Cohen & Company, Ltd.

1350 Euclid Avenue

Suite 800

Cleveland, OH 44115

This information must be preceded or accompanied by a current prospectus for the Funds.

 For additional information about the Funds; including prospectus, financial information, holdings, and proxy voting information, call or visit:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855-456-ROBO (7626) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;https://roboglobaletfs.com/investor-materials<br>

ROB-AR-001-1200

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included under Item 7.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to open-end management investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of Ethics attached hereto.](ea0246784-01_ex99codeeth.htm)

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](ea0246784-01_ex99cert.htm)

(a)(4) Not applicable to open-end management investment companies.

(a)(5) Not applicable.

[(b) Certifications pursuant to Section 906 of the Sarbanes Oxley Act of 2002. Filed herewith.](ea0246784-01_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | Exchange Traded Concepts Trust | Exchange Traded Concepts Trust |
|  | By | /s/ J. Garrett Stevens |
|  |  | J. Garrett Stevens, Principal Executive Officer |
| Date: July 2, 2025 |  |  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  | By | /s/ J. Garrett Stevens |
|  |  | J. Garrett Stevens, Principal Executive Officer |
| Date: July 2, 2025 |  |  |

---

---

| | | |
|:---|:---|:---|
|  | By | /s/ Christopher W. Roleke |
|  |  | Christopher W. Roleke, Principal Financial Officer |
| Date: July 2, 2025 |  |  |

---

## Ex-99.Code

**Exhibit 99.CODE ETH**

**Exchange Traded Concepts Trust**

**Exchange Listed Funds Trust**

**(each a "Trust" and together, the "Trusts")**

**<u>Code of Ethics for Principal Executive and Financial Officers</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Purposes of the Code</u> 

The reputation and integrity of each Trust are valuable assets that are vital to the Trusts' success. Each officer and employee of a Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a code of ethics pursuant Rule 17j-1 under the Investment Company Act of 1940, as amended ("Code of Ethics"). The Trust's Rule 17j-1 Code of Ethics is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt this Code of Ethics for Principal Executive and Financial Officers (the "Code") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the
U.S. Securities and Exchange Commission, and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· Accountability for adherence to the Code.

This Code should be read in conjunction with the Trusts' other policy statements, including its Code of Ethics and its Disclosure Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. HONEST AND ETHICAL CONDUCT

The SFO of the Trusts shall act with honesty and integrity, ethically handle actual or apparent conflicts of interest between personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict of interest between their interests and those of a Trust to the Trust's Audit Committee, the full Board of Trustees of the Trust, and/or any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner. A conflict of interest can arise when a person takes actions or has interests that may make it difficult to perform his or her work on behalf of the Trust objectively and effectively.

The SFO shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting acts or allowing their independent judgment to be subordinated or compromised. Each SFO must:

&nbsp;&nbsp;&nbsp;&nbsp;· not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting
by the Trusts whereby the SFO would benefit personally to the detriment of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Trusts to take action, or fail to take action, for the individual personal benefit of the SFO rather than the benefit
of the Trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio transactions made or contemplated for the Trusts to profit personally or cause
others to profit by the market effect of such transactions.

The names of the SFO covered by this Code of Ethics are listed on Schedule A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FINANCIAL RECORDS AND REPORTING

The SFO shall (1) provide information to the Trust's employees and service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable and (2) provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by the Trust, or that is otherwise publicly disclosed or communicated; and (3) record (or participate in the recording of) entries in the Trust's books and records that are accurate. The SFO shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The SFO shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The SFO will not use for their personal benefit (directly or indirectly) any confidential information acquired in the course of their duties as SFO.

The SFO of each Trust shall share knowledge with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

The SFO shall establish and maintain mechanisms to oversee the compliance of the Trust with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. COMPLIANCE WITH THIS CODE OF ETHICS

The SFO shall promptly report any violations of this Code of Ethics, including violations of securities laws or other laws, rules and regulations applicable to the Trusts, to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. Any action that directly or indirectly contravenes one or more of the principles outlined herein shall be treated as a violation of this Code unless good cause for such apparent contravention is found to exist. Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this SFO Code, regardless of whether this Code refers to that particular conduct.

A violation of this SFO Code may result in disciplinary action, up to and including termination of employment. Each Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AFFIRMATION OF THE CODE

Upon adoption of the Code, each SFO must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. A form of Certification is attached at Schedule B.

Each SFO report at least annually his or her affiliations and other relationships as requested in the Trust's annual Trustees and Officers Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AMENDMENT AND WAIVER

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics shall be communicated publicly in accordance with Item 2 of Form N-CSR under the 1940 Act.

<u>Revision History</u>:

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| | |
|:---|:---|
| Adopted: | February 24, 2015 (Exchange Listed Funds Trust only) |
| Amended: | August 25, 2015 (Schedule A) |
| Amended/ |  |
| Adopted: | February 15, 2023 (Adopted by Exchange Traded Concepts Trust replacing a similar existing policy; addition of Purposes of the Code section and material clarifying changes and additions to sections regarding Honest and Ethical Conduct and Compliance with This Code of Ethics; added Schedule B.) |

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**Financial Code of Ethics for Principal Executive and Financial Officers**

**SCHEDULE A**

Principal Executive Officer: Garrett Stevens

Principal Financial Officer: Christopher Roleke

**SCHEDULE B**

**EXCHANGE TRADED FUNDS TRUST**

**EXCHANGE LISTED FUNDS TRUST**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS**

**ANNUAL CERTIFICATION**

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| | |
|:---|:---|
| **To:** | **[-] - Principal Executive Officer** |

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&nbsp;&nbsp;&nbsp;&nbsp;1. I have read and understand the Financial Code of Ethics for Principal Executive and Financial Officers
(the "Code") of Exchange Listed Funds Trust and I recognize that I am subject thereto in the capacity of a "Principal
Officer."

&nbsp;&nbsp;&nbsp;&nbsp;2. I hereby certify that I have complied with the requirements of the Code and will report all violations
or potential violations required to be reported pursuant to the Code.

Signature: ____________________________

Name: __ _______________ ______ _______

Title: ___ ______ ______ ______ ______ ___

Date Submitted: ________________________

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, J. Garrett Stevens, certify that:

1. I have reviewed this report on Form N-CSR of the Exchange Traded Concepts Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Registrant's internal control over financial reporting.

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| |
|:---|
| Date: July 2, 2025 |
| /s/ J. Garrett Stevens |
| J. Garrett Stevens |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Christopher Roleke, certify that:

1. I have reviewed this report on Form N-CSR of the Exchange Traded Concepts Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Registrant's internal control over financial reporting.

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| |
|:---|
| Date: July 2, 2025 |
| /s/ Christopher Roleke |
| Christopher Roleke |
| Principal Financial Officer |

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## Exhibit 99.906

**Exhibit 99.906 CERT**

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, J. Garrett Stevens, the Principal Executive Officer of the Exchange Traded Concepts Trust (the "Fund"), with respect to the Fund's Form N-CSR for the period ended April 30, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects,
the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| Dated: July 2, 2025 |  |
|  | /s/ J. Garrett Stevens |
|  | J. Garrett Stevens |
|  | Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Christopher Roleke, the Principal Financial Officer of the Exchange Traded Concepts Trust (the "Fund"), with respect to the Fund's Form N-CSR for the period ended April 30, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects,
the financial condition and results of operations of the Fund.

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| | |
|:---|:---|
| Dated: July 2, 2025 |  |
|  | /s/ Christopher Roleke |
|  | Christopher Roleke |
|  | Principal Financial Officer |

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