EMQQ
The Emerging Markets Internet ETF
Schedule of Investments
May 31, 2025 (Unaudited)
| Description | Shares | Fair Value | ||||||
| COMMON STOCK†† — 100.0% | ||||||||
| Brazil — 11.3% | ||||||||
| Consumer Discretionary — 5.3% | ||||||||
| MercadoLibre* | 7,287 | $ | 18,678,695 | |||||
| Financials — 6.0% | ||||||||
| Inter | 141,928 | 1,008,740 | ||||||
| NU Holdings, Cl A* | 1,154,447 | 13,864,908 | ||||||
| Pagseguro Digital, Cl A | 102,176 | 910,388 | ||||||
| StoneCo, Cl A* | 125,626 | 1,714,795 | ||||||
| XP, Cl A | 172,767 | 3,344,769 | ||||||
| 20,843,600 | ||||||||
| 39,522,295 | ||||||||
| China — 42.3% | ||||||||
| Communication Services — 14.9% | ||||||||
| Baidu, Cl A* | 474,350 | 4,939,161 | ||||||
| Bilibili, Cl Z* | 63,260 | 1,186,697 | ||||||
| China Literature* | 82,800 | 282,985 | ||||||
| China Ruyi Holdings* | 984,000 | 257,245 | ||||||
| Hello Group ADR | 31,217 | 189,487 | ||||||
| iQIYI ADR(A)* | 114,170 | 182,672 | ||||||
| Kanzhun ADR* | 77,395 | 1,312,619 | ||||||
| Kingsoft | 197,200 | 839,946 | ||||||
| Kuaishou Technology, Cl B* | 568,500 | 3,864,166 | ||||||
| Meitu | 624,000 | 524,407 | ||||||
| NetEase | 389,000 | 9,460,158 | ||||||
| Tencent Holdings | 406,700 | 25,839,016 | ||||||
| Tencent Music Entertainment Group ADR | 192,258 | 3,237,625 | ||||||
| 52,116,184 | ||||||||
| Consumer Discretionary — 24.6% | ||||||||
| Alibaba Group Holding | 1,918,000 | 27,859,313 | ||||||
| JD.com, Cl A | 616,000 | 10,125,855 | ||||||
| Meituan, Cl B* | 950,700 | 16,730,952 | ||||||
| PDD Holdings ADR* | 213,525 | 20,607,298 | ||||||
| Tongcheng Travel Holdings | 272,400 | 769,448 | ||||||
| Trip.com Group | 133,650 | 8,419,649 | ||||||
| Vipshop Holdings ADR | 104,383 | 1,439,442 | ||||||
| 85,951,957 | ||||||||
| Consumer Staples — 0.5% | ||||||||
| Alibaba Health Information Technology(A)* | 1,092,000 | 630,840 | ||||||
| JD Health International* | 223,650 | 1,145,124 | ||||||
| 1,775,964 | ||||||||
| Description | Shares | Fair Value | ||||||
| China — continued | ||||||||
| Financials — 0.5% | ||||||||
| Qifu Technology ADR | 33,013 | $ | 1,356,835 | |||||
| ZhongAn Online P&C Insurance, Cl H* | 151,300 | 371,615 | ||||||
| 1,728,450 | ||||||||
| Industrials — 0.6% | ||||||||
| Full Truck Alliance ADR | 189,986 | 2,209,537 | ||||||
| Information Technology — 0.3% | ||||||||
| Kingdee International Software Group* | 624,000 | 978,786 | ||||||
| Real Estate — 0.9% | ||||||||
| KE Holdings, Cl A | 486,800 | 3,097,770 | ||||||
| Phoenix Tree Holdings ADR(A)(B)* | 179,833 | — | ||||||
| 3,097,770 | ||||||||
| 147,858,648 | ||||||||
| Hong Kong — 0.6% | ||||||||
| Financials — 0.6% | ||||||||
| Futu Holdings ADR | 19,042 | 1,940,951 | ||||||
| India — 21.0% | ||||||||
| Communication Services — 0.7% | ||||||||
| Info Edge India | 150,575 | 2,511,783 | ||||||
| Consumer Discretionary — 4.3% | ||||||||
| BrainBees Solutions* | 104,341 | 424,863 | ||||||
| FSN E-Commerce Ventures* | 518,913 | 1,232,536 | ||||||
| Jubilant Foodworks | 186,754 | 1,430,635 | ||||||
| MakeMyTrip* | 31,089 | 3,159,575 | ||||||
| Zomato* | 3,126,217 | 8,705,916 | ||||||
| 14,953,525 | ||||||||
| Energy — 8.0% | ||||||||
| Reliance Industries | 1,681,552 | 27,920,739 | ||||||
| Financials — 7.4% | ||||||||
| Angel One | 20,728 | 735,284 | ||||||
| Bajaj Finance | 133,198 | 14,289,503 | ||||||
| Indian Energy Exchange | 367,873 | 862,132 | ||||||
| Jio Financial Services* | 1,579,713 | 5,291,554 | ||||||
| One 97 Communications* | 143,776 | 1,496,060 | ||||||
| PB Fintech* | 158,516 | 3,263,123 | ||||||
| 25,937,656 | ||||||||
EMQQ
The Emerging Markets Internet ETF
Schedule of Investments
May 31, 2025 (Unaudited) (Continued)
| Description | Shares | Fair Value | ||||||
| India — continued | ||||||||
| Information Technology — 0.6% | ||||||||
| Swiggy* | 530,482 | $ | 2,064,587 | |||||
| 73,388,290 | ||||||||
| Indonesia — 0.5% | ||||||||
| Consumer Discretionary — 0.5% | ||||||||
| GoTo Gojek Tokopedia, Cl A* | 431,280,700 | 1,694,412 | ||||||
| Japan — 0.8% | ||||||||
| Communication Services — 0.8% | ||||||||
| Nexon | 160,800 | 2,910,770 | ||||||
| Kazakhstan — 2.1% | ||||||||
| Financials — 2.1% | ||||||||
| Kaspi.KZ JSC ADR | 93,186 | 7,432,981 | ||||||
| Poland — 1.9% | ||||||||
| Communication Services — 0.6% | ||||||||
| CD Projekt(A) | 32,131 | 1,903,208 | ||||||
| Consumer Discretionary — 1.3% | ||||||||
| Allegro.eu* | 281,308 | 2,587,668 | ||||||
| CCC* | 33,774 | 1,969,861 | ||||||
| 4,557,529 | ||||||||
| 6,460,737 | ||||||||
| Russia — 0.0% | ||||||||
| Communication Services — 0.0% | ||||||||
| VK GDR(B)* | 117,354 | 1,173 | ||||||
| Singapore — 7.5% | ||||||||
| Communication Services — 5.9% | ||||||||
| Sea ADR* | 127,111 | 20,384,791 | ||||||
| Industrials — 1.6% | ||||||||
| Grab Holdings, Cl A* | 1,164,023 | 5,668,792 | ||||||
| 26,053,583 | ||||||||
| South Africa — 3.4% | ||||||||
| Communication Services — 0.2% | ||||||||
| MultiChoice Group* | 128,582 | 832,410 | ||||||
| Description | Shares | Fair Value | ||||||
| South Africa — continued | ||||||||
| Consumer Discretionary — 3.2% | ||||||||
| Naspers, Cl N | 38,382 | $ | 10,975,966 | |||||
| 11,808,376 | ||||||||
| South Korea — 8.4% | ||||||||
| Communication Services — 3.5% | ||||||||
| Kakao | 118,152 | 3,656,658 | ||||||
| NAVER | 56,801 | 7,719,205 | ||||||
| NCSoft | 7,022 | 776,151 | ||||||
| 12,152,014 | ||||||||
| Consumer Discretionary — 4.5% | ||||||||
| Coupang, Cl A* | 485,868 | 13,628,597 | ||||||
| Delivery Hero, Cl A* | 81,066 | 2,243,704 | ||||||
| 15,872,301 | ||||||||
| Financials — 0.4% | ||||||||
| KakaoBank | 86,250 | 1,469,069 | ||||||
| 29,493,384 | ||||||||
| Taiwan — 0.2% | ||||||||
| Consumer Discretionary — 0.2% | ||||||||
| momo.com | 53,749 | 547,022 | ||||||
| Total Common Stock | ||||||||
| (Cost $289,825,569) | 349,112,622 | |||||||
| SHORT-TERM INVESTMENT — 0.5% | ||||||||
| Invesco Government & Agency Portfolio, Institutional Class, 4.24%(C)(D) | 1,617,441 | 1,617,441 | ||||||
| Total Short-Term Investment | ||||||||
| (Cost $1,617,441) | 1,617,441 | |||||||
| Total Investments - 100.5% | ||||||||
| (Cost $291,443,010) | $ | 350,730,063 | ||||||
Percentages are based on net assets of $349,140,039.
EMQQ
The Emerging Markets Internet ETF
Schedule of Investments
May 31, 2025 (Unaudited) (Concluded)
| †† | Industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
| * | Non-income producing security. |
| (A) | This security or a partial position of this security is on loan at May 31, 2025. The total value of securities on loan at May 31, 2025 was $1,538,817. |
| (B) | Security is fair valued. |
| (C) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $1,617,441. |
| (D) | The rate shown is the 7-day effective yield as of May 31, 2025. |
ADR — American Depositary Receipt
Cl — Class
GDR — Global Depositary Receipt
JSC — Joint-Stock Company
FMQQ
The Next Frontier Internet ETF
Schedule of Investments
May 31, 2025 (Unaudited)
| Description | Shares | Fair Value | ||||||
| COMMON STOCK†† — 100.9% | ||||||||
| Brazil — 23.2% | ||||||||
| Consumer Discretionary — 9.3% | ||||||||
| MercadoLibre* | 1,095 | $ | 2,806,802 | |||||
| Financials — 13.9% | ||||||||
| Inter | 48,336 | 343,544 | ||||||
| NU Holdings, Cl A* | 150,308 | 1,805,199 | ||||||
| Pagseguro Digital, Cl A | 34,692 | 309,106 | ||||||
| StoneCo, Cl A* | 42,523 | 580,439 | ||||||
| XP, Cl A | 58,839 | 1,139,123 | ||||||
| 4,177,411 | ||||||||
| 6,984,213 | ||||||||
| India — 41.5% | ||||||||
| Communication Services — 2.8% | ||||||||
| Info Edge India | 51,279 | 855,399 | ||||||
| Consumer Discretionary — 11.1% | ||||||||
| BrainBees Solutions* | 35,429 | 144,262 | ||||||
| FSN E-Commerce Ventures* | 176,186 | 418,482 | ||||||
| Jubilant Foodworks | 63,216 | 484,268 | ||||||
| MakeMyTrip* | 10,588 | 1,076,059 | ||||||
| Zomato* | 437,565 | 1,218,535 | ||||||
| 3,341,606 | ||||||||
| Energy — 8.4% | ||||||||
| Reliance Industries | 151,572 | 2,516,724 | ||||||
| Financials — 16.9% | ||||||||
| Angel One | 6,987 | 247,849 | ||||||
| Bajaj Finance | 16,772 | 1,799,303 | ||||||
| Indian Energy Exchange | 124,048 | 290,714 | ||||||
| Jio Financial Services* | 335,532 | 1,123,929 | ||||||
| One 97 Communications* | 48,668 | 506,415 | ||||||
| PB Fintech* | 53,986 | 1,111,326 | ||||||
| 5,079,536 | ||||||||
| Information Technology — 2.3% | ||||||||
| Swiggy* | 179,561 | 698,835 | ||||||
| 12,492,100 | ||||||||
| Indonesia — 1.9% | ||||||||
| Consumer Discretionary — 1.9% | ||||||||
| GoTo Gojek Tokopedia, Cl A* | 145,981,900 | 573,532 | ||||||
| Description | Shares | Fair Value | ||||||
| Kazakhstan — 3.2% | ||||||||
| Financials — 3.2% | ||||||||
| Kaspi.KZ JSC ADR | 12,254 | $ | 977,440 | |||||
| Poland — 7.3% | ||||||||
| Communication Services — 2.2% | ||||||||
| CD Projekt | 10,878 | 644,334 | ||||||
| Consumer Discretionary — 5.1% | ||||||||
| Allegro.eu* | 95,805 | 881,282 | ||||||
| CCC* | 11,433 | 666,827 | ||||||
| 1,548,109 | ||||||||
| 2,192,443 | ||||||||
| Russia — 0.0% | ||||||||
| Communication Services — 0.0% | ||||||||
| VK GDR(A)* | 7,810 | 78 | ||||||
| Singapore — 13.7% | ||||||||
| Communication Services — 9.5% | ||||||||
| Sea ADR* | 17,823 | 2,858,275 | ||||||
| Industrials — 4.2% | ||||||||
| Grab Holdings, Cl A* | 260,774 | 1,269,969 | ||||||
| 4,128,244 | ||||||||
| South Africa — 0.9% | ||||||||
| Communication Services — 0.9% | ||||||||
| MultiChoice Group* | 43,659 | 282,638 | ||||||
| South Korea — 9.2% | ||||||||
| Communication Services — 4.4% | ||||||||
| Kakao | 16,720 | 517,463 | ||||||
| NAVER | 5,103 | 693,493 | ||||||
| NCSoft | 977 | 107,989 | ||||||
| 1,318,945 | ||||||||
| Consumer Discretionary — 4.1% | ||||||||
| Coupang, Cl A* | 32,595 | 914,290 | ||||||
| Delivery Hero, Cl A* | 11,485 | 317,876 | ||||||
| 1,232,166 | ||||||||
FMQQ
The Next Frontier Internet ETF
Schedule of Investments
May 31, 2025 (Unaudited) (Concluded)
| Description | Shares | Fair Value | ||||||
| South Korea — continued | ||||||||
| Financials — 0.7% | ||||||||
| KakaoBank | 12,019 | $ | 204,716 | |||||
| 2,755,827 | ||||||||
| Total Common Stock | ||||||||
| (Cost $23,475,098) | 30,386,515 | |||||||
Total Investments - 100.9% | ||||||||
| (Cost $23,475,098) | $ | 30,386,515 | ||||||
Percentages are based on net assets of $30,121,148.
| †† | Industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
| * | Non-income producing security. |
| (A) | Security is fair valued. |
ADR — American Depositary Receipt
Cl — Class
GDR — Global Depositary Receipt
JSC — Joint-Stock Company
EMQ-QH-001-2100