EMQQ
The Emerging Markets Internet ETF
Schedule of Investments
May 31, 2026 (Unaudited)
| Description | Shares | Fair Value | ||||||
| COMMON STOCK†† — 99.5% | ||||||||
| Brazil — 15.7% | ||||||||
| Consumer Discretionary — 8.4% | ||||||||
| MercadoLibre* | 13,045 | $ | 22,119,754 | |||||
| Financials — 7.3% | ||||||||
| Inter & Co. | 106,672 | 649,117 | ||||||
| NU Holdings, Cl A* | 1,134,519 | 14,896,235 | ||||||
| Pagseguro Digital, Cl A | 68,293 | 638,539 | ||||||
| StoneCo, Cl A | 89,080 | 1,019,966 | ||||||
| XP, Cl A | 129,967 | 2,166,550 | ||||||
| 19,370,407 | ||||||||
| 41,490,161 | ||||||||
| China — 40.3% | ||||||||
| Communication Services — 14.5% | ||||||||
| Baidu, Cl A* | 462,550 | 7,672,379 | ||||||
| Bilibili, Cl Z* | 62,500 | 1,086,936 | ||||||
| Kuaishou Technology, Cl B | 600,600 | 3,489,847 | ||||||
| NetEase | 368,100 | 9,116,315 | ||||||
| Tencent Holdings | 287,100 | 15,649,210 | ||||||
| Tencent Music Entertainment Group ADR | 153,531 | 1,415,556 | ||||||
| 38,430,243 | ||||||||
| Consumer Discretionary — 23.1% | ||||||||
| Alibaba Group Holding | 1,158,700 | 17,874,146 | ||||||
| JD.com, Cl A | 593,650 | 8,597,146 | ||||||
| Meituan, Cl B* | 1,140,900 | 10,692,207 | ||||||
| PDD Holdings ADR* | 194,235 | 16,401,204 | ||||||
| Trip.com Group* | 135,700 | 6,385,557 | ||||||
| Vipshop Holdings ADR | 89,000 | 1,265,580 | ||||||
| 61,215,840 | ||||||||
| Consumer Staples — 0.4% | ||||||||
| JD Health International* | 219,800 | 1,076,929 | ||||||
| Financials — 0.2% | ||||||||
| Qifu Technology ADR | 29,067 | 467,397 | ||||||
| Industrials — 1.1% | ||||||||
| Full Truck Alliance ADR | 187,865 | 1,656,969 | ||||||
| Kanzhun ADR | 87,794 | 1,191,364 | ||||||
| 2,848,333 | ||||||||
| Real Estate — 1.0% | ||||||||
| KE Holdings, Cl A | 461,800 | 2,558,419 | ||||||
| Description | Shares | Fair Value | ||||||
| China — continued | ||||||||
| Real Estate — continued | ||||||||
| Phoenix Tree Holdings ADR(A)* | 179,833 | $ | — | |||||
| 2,558,419 | ||||||||
| 106,597,161 | ||||||||
| Germany — 0.1% | ||||||||
| Consumer Discretionary — 0.1% | ||||||||
| Jumia Technologies ADR* | 39,987 | 290,306 | ||||||
| Hong Kong — 0.8% | ||||||||
| Financials — 0.8% | ||||||||
| Futu Holdings ADR(B) | 19,588 | 2,038,523 | ||||||
| India — 19.7% | ||||||||
| Communication Services — 0.6% | ||||||||
| Affle 3i* | 17,341 | 267,052 | ||||||
| Info Edge India | 115,170 | 1,206,254 | ||||||
| 1,473,306 | ||||||||
| Consumer Discretionary — 4.1% | ||||||||
| Cartrade Tech* | 12,706 | 232,078 | ||||||
| Eternal* | 2,349,517 | 6,197,284 | ||||||
| FSN E-Commerce Ventures* | 366,052 | 1,010,689 | ||||||
| Jubilant Foodworks | 127,880 | 575,460 | ||||||
| Lenskart Solutions* | 159,949 | 881,993 | ||||||
| MakeMyTrip* | 24,452 | 1,142,886 | ||||||
| Swiggy* | 347,684 | 943,871 | ||||||
| 10,984,261 | ||||||||
| Energy — 8.1% | ||||||||
| Reliance Industries | 1,542,181 | 21,447,679 | ||||||
| Financials — 6.9% | ||||||||
| Angel One | 140,348 | 498,309 | ||||||
| Bajaj Finance | 899,937 | 8,603,872 | ||||||
| Billionbrains Garage Ventures* | 1,272,623 | 2,476,792 | ||||||
| Indian Energy Exchange | 247,806 | 334,695 | ||||||
| Jio Financial Services | 1,087,230 | 2,734,670 | ||||||
| One 97 Communications* | 102,720 | 1,209,717 | ||||||
| PB Fintech* | 111,286 | 1,994,362 | ||||||
EMQQ
The Emerging Markets Internet ETF
Schedule of Investments
May 31, 2026 (Unaudited) (Concluded)
| Description | Shares | Fair Value | ||||||
| India — continued | ||||||||
| Financials — continued | ||||||||
| Pine Labs* | 257,470 | $ | 391,652 | |||||
| 18,244,069 | ||||||||
| 52,149,315 | ||||||||
| Indonesia — 0.3% | ||||||||
| Consumer Discretionary — 0.3% | ||||||||
| GoTo Gojek Tokopedia, Cl A* | 320,289,800 | 896,166 | ||||||
| Japan — 0.7% | ||||||||
| Communication Services — 0.7% | ||||||||
| Nexon | 138,900 | 1,954,495 | ||||||
| Kazakhstan — 1.8% | ||||||||
| Financials — 1.8% | ||||||||
| Kaspi.KZ JSC ADR | 51,440 | 4,650,176 | ||||||
| Poland — 0.8% | ||||||||
| Consumer Discretionary — 0.8% | ||||||||
| Allegro.eu* | 203,850 | 1,956,719 | ||||||
| Russia — 0.0% | ||||||||
| Communication Services — 0.0% | ||||||||
| VK GDR(A)* | 117,354 | 1,173 | ||||||
| Singapore — 7.1% | ||||||||
| Consumer Discretionary — 6.0% | ||||||||
| Sea ADR* | 176,673 | 15,994,207 | ||||||
| Industrials — 1.1% | ||||||||
| Grab Holdings, Cl A* | 809,262 | 2,864,787 | ||||||
| 18,858,994 | ||||||||
| South Africa — 3.3% | ||||||||
| Consumer Discretionary — 3.3% | ||||||||
| Naspers, Cl N | 167,295 | 8,802,483 | ||||||
| South Korea — 8.8% | ||||||||
| Communication Services — 4.3% | ||||||||
| Kakao | 99,402 | 2,767,030 | ||||||
| NAVER | 46,528 | 7,224,653 | ||||||
| NCSOFT | 6,168 | 1,184,895 | ||||||
| 11,176,578 |
| Description | Shares | Fair Value | ||||||
| South Korea — continued | ||||||||
| Consumer Discretionary — 3.9% | ||||||||
| Coupang, Cl A* | 435,559 | $ | 7,230,279 | |||||
| Delivery Hero, Cl A* | 70,349 | 3,035,844 | ||||||
| 10,266,123 | ||||||||
| Financials — 0.6% | ||||||||
| KakaoBank | 114,743 | 1,705,536 | ||||||
| 23,148,237 | ||||||||
| Uruguay — 0.1% | ||||||||
| Financials — 0.1% | ||||||||
| Dlocal, Cl A | 29,280 | 347,261 | ||||||
| Total Common Stock | ||||||||
| (Cost $253,136,896) | 263,181,170 | |||||||
| SHORT-TERM INVESTMENT — 0.7% | ||||||||
| Invesco Government & Agency Portfolio, Institutional Class, 3.55%(C)(D) | 1,890,603 | 1,890,603 | ||||||
| Total Short-Term Investment | ||||||||
| (Cost $1,890,603) | 1,890,603 | |||||||
| Total Investments - 100.2% | ||||||||
| (Cost $255,027,499) | $ | 265,071,773 | ||||||
Percentages are based on net assets of $264,452,787.
| †† | Industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
| * | Non-income producing security. |
| (A) | The fair value of this investment is determined using significant unobservable inputs. |
| (B) | This security or a partial position of this security is on loan at May 31, 2026. The total value of securities on loan at May 31, 2026 was $1,834,546. |
| (C) | The rate shown is the 7-day effective yield as of May 31, 2026. |
| (D) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2026, was $1,890,603. |
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, 2026 (Unaudited)
| Description | Shares | Fair Value | ||||||
| COMMON STOCK†† — 100.2% | ||||||||
| Brazil — 21.8% | ||||||||
| Consumer Discretionary — 8.1% | ||||||||
| MercadoLibre* | 940 | $ | 1,593,911 | |||||
| Financials — 13.7% | ||||||||
| Inter & Co. | 28,636 | 174,255 | ||||||
| NU Holdings, Cl A* | 111,919 | 1,469,496 | ||||||
| Pagseguro Digital, Cl A | 18,487 | 172,853 | ||||||
| StoneCo, Cl A | 24,142 | 276,426 | ||||||
| XP, Cl A | 35,225 | 587,201 | ||||||
| 2,680,231 | ||||||||
| 4,274,142 | ||||||||
| Germany — 0.4% | ||||||||
| Consumer Discretionary — 0.4% | ||||||||
| Jumia Technologies ADR* | 10,871 | 78,923 | ||||||
| India — 46.1% | ||||||||
| Communication Services — 2.1% | ||||||||
| Affle 3i* | 4,716 | 72,626 | ||||||
| Info Edge India | 31,254 | 327,345 | ||||||
| 399,971 | ||||||||
| Consumer Discretionary — 14.5% | ||||||||
| Cartrade Tech* | 3,457 | 63,143 | ||||||
| Eternal* | 581,848 | 1,534,732 | ||||||
| FSN E-Commerce Ventures* | 99,498 | 274,719 | ||||||
| Jubilant Foodworks | 34,767 | 156,452 | ||||||
| Lenskart Solutions* | 43,485 | 239,785 | ||||||
| MakeMyTrip* | 6,649 | 310,774 | ||||||
| Swiggy* | 94,512 | 256,575 | ||||||
| 2,836,180 | ||||||||
| Energy — 7.9% | ||||||||
| Reliance Industries | 111,401 | 1,549,295 | ||||||
| Financials — 21.6% | ||||||||
| Angel One | 37,890 | 134,529 | ||||||
| Bajaj Finance | 168,310 | 1,609,132 | ||||||
| Billionbrains Garage Ventures* | 345,922 | 673,237 | ||||||
| Indian Energy Exchange | 66,725 | 90,121 | ||||||
| Jio Financial Services | 295,536 | 743,351 | ||||||
| One 97 Communications* | 27,928 | 328,904 | ||||||
| PB Fintech* | 30,253 | 542,166 | ||||||
| Description | Shares | Fair Value | ||||||
| India — continued | ||||||||
| Financials — continued | ||||||||
| Pine Labs* | 69,989 | $ | 106,464 | |||||
| 4,227,904 | ||||||||
| 9,013,350 | ||||||||
| Indonesia — 1.2% | ||||||||
| Consumer Discretionary — 1.2% | ||||||||
| GoTo Gojek Tokopedia, Cl A* | 87,060,000 | 243,593 | ||||||
| Kazakhstan — 6.4% | ||||||||
| Financials — 6.4% | ||||||||
| Kaspi.KZ JSC ADR | 13,940 | 1,260,176 | ||||||
| Poland — 2.7% | ||||||||
| Consumer Discretionary — 2.7% | ||||||||
| Allegro.eu* | 55,409 | 531,861 | ||||||
| Russia — 0.0% | ||||||||
| Communication Services — 0.0% | ||||||||
| VK GDR(A)* | 7,810 | 78 | ||||||
| Singapore — 10.5% | ||||||||
| Consumer Discretionary — 6.5% | ||||||||
| Sea ADR* | 14,007 | 1,268,054 | ||||||
| Industrials — 4.0% | ||||||||
| Grab Holdings, Cl A* | 219,308 | 776,350 | ||||||
| 2,044,404 | ||||||||
| South Korea — 10.6% | ||||||||
| Communication Services — 5.5% | ||||||||
| Kakao | 9,605 | 267,372 | ||||||
| NAVER | 4,464 | 693,149 | ||||||
| NCSOFT | 604 | 116,031 | ||||||
| 1,076,552 | ||||||||
| Consumer Discretionary — 4.3% | ||||||||
| Coupang, Cl A* | 32,309 | 536,329 | ||||||
| Delivery Hero, Cl A* | 6,800 | 293,448 | ||||||
| 829,777 | ||||||||
FMQQ
The Next Frontier Internet ETF
Schedule of Investments
May 31, 2026 (Unaudited) (Concluded)
| Description | Shares | Fair Value | ||||||
| South Korea — continued | ||||||||
| Financials — 0.8% | ||||||||
| KakaoBank | 10,945 | $ | 162,686 | |||||
| 2,069,015 | ||||||||
| Uruguay — 0.5% | ||||||||
| Financials — 0.5% | ||||||||
| Dlocal, Cl A | 7,965 | 94,465 | ||||||
| Total Common Stock | ||||||||
| (Cost $18,210,404) | 19,610,007 | |||||||
| Total Investments - 100.2% | ||||||||
| (Cost $18,210,404) | $ | 19,610,007 | ||||||
Percentages are based on net assets of $19,568,311.
| †† | Industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
| * | Non-income producing security. |
| (A) | The fair value of this investment is determined using significant unobservable inputs. |
ADR — American Depositary Receipt
Cl — Class
GDR — Global Depositary Receipt
JSC — Joint-Stock Company
EMQ-QH-001-2300
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