[N-CSR] Vesper US Large Cap Short-Term Reversal Strategy ETF Certified Shareholder Report

Rhea-AI Filing Summary

Range India Financials ETF (Ticker: INDF) filed its Form N-CSR covering the fiscal year ended 30 April 2025. INDF seeks to replicate the Nifty Financial Services 25/50 Index, giving investors concentrated exposure to India’s financial sector. Key data are as follows:

• Total return: 12.78% for the fiscal year, comfortably ahead of the S&P BSE 500 Index’s 4.09%, aided by India’s supportive macro backdrop, rate cuts to 6.00% by the Reserve Bank of India and robust loan demand.
• Since inception (20 Oct 2020): 14.85% annualised, trailing the S&P BSE 500’s 17.17%.
• Net assets: US$10.62 million (↑ 30% YoY) on 275,000 shares; $1.83 million of net creations drove a 50,000-share increase.
• Expense ratio: 0.75% (unitary fee); a hypothetical US$10,000 investment incurred US$80 in costs.
• Portfolio profile: 20 holdings, 102.3% financials weighting. Top two positions—ICICI Bank (19.6%) and HDFC Bank (19.5%)—account for 39.1% of assets. Portfolio turnover dropped to 28% from 40%.
• Performance drivers: HDFC Bank +26.8% and ICICI Bank +24.6% were leading contributors; Kotak Mahindra Bank (+27.7%), Bajaj Finance (+28.1%) and Bajaj Finserv (+26.2%) also helped. Jio Financial Services (–32.3%) and State Bank of India (+4.4%) detracted.
• Financials: Net investment income US$6,026; net realised loss US$(50,930); unrealised gain US$1.25 million; overall increase in net assets from operations US$1.21 million.
• Tax matters: Deferred Indian capital-gains tax liability of US$426,970 (~4% of NAV). Capital-loss carryforwards total US$299,431.
• Audit & governance: Cohen & Company billed US$79,275 in audit fees; no disagreements with auditors. Independent trustee Timothy Jacoby identified as audit-committee financial expert.
• Notable changes: Fund renamed from “Nifty India Financials ETF” to “Range India Financials ETF” on 1 Sep 2024; Range Fund Holdings, LLC became new index sponsor on 22 Aug 2024.

INDF offers targeted exposure to India’s high-growth private banking and diversified financial services segments but carries concentrated sector and single-country risks, as well as a meaningful deferred tax liability.

Positive

• Annual total return of 12.78% substantially outperformed the S&P BSE 500’s 4.09% for the same period.
• Net asset growth to US$10.6 million (+30% YoY) driven by US$1.83 million of new creations, indicating investor interest.
• Expense ratio held at 0.75%, competitive for a niche single-country ETF.
• Strong stock selection with HDFC Bank, ICICI Bank and Kotak Mahindra each delivering >24% returns.
• Portfolio turnover fell to 28%, reducing trading-cost drag.

Negative

• High concentration risk: financials weighting 102.3% and top two holdings equal 39.1% of NAV.
• Deferred foreign capital-gains tax liability of US$426,970 (~4% of assets) may hit future NAV when realised.
• Underperformed the S&P BSE 500 Index since inception (14.85% vs 17.17% annualised).
• Single authorised participant controls 100% of outstanding shares, raising liquidity and redemption-shock concerns.
• Key detractor Jio Financial Services fell 32.3%, illustrating elevated single-name volatility.

Insights

ETF Analyst

TL;DR – Solid one-year outperformance and asset growth, but concentration and deferred tax drag warrant caution.

INDF’s 12.78% fiscal-year return decisively beat the broad Indian equity market, validating its sleeve of private-sector lenders during a benign credit cycle. Net creations show fresh investor demand despite modest AUM. Expenses are reasonable for a single-country thematic ETF. However, nearly 40% in two banks plus 102% sector exposure amplifies idiosyncratic risk. The US$427 k deferred Indian capital-gains tax (≈ $1.55 per share) could pressure future NAV when realised. Long-term underperformance versus the BSE 500 suggests that the financials tilt has not consistently added alpha. Overall impact: positive but with material risk flags.

Emerging-Markets Specialist

TL;DR – Macro tailwinds favour India’s financials, yet currency, policy and liquidity risks remain elevated.

India’s GDP momentum, falling inflation and RBI easing underpin INDF’s gains. Private banks continue to capture share from state banks, bolstering earnings growth. Nevertheless, the ETF’s dollar NAV remains vulnerable to rupee weakness, and any reversal in RBI policy could compress net-interest margins. Liquidity is thin: AUM barely exceeds US$10 million and one authorised participant holds 100% of outstanding shares in creation-unit form. Any redemption could widen bid-ask spreads. Investors must weigh the attractive growth narrative against structural risks inherent in a non-diversified, single-country ETF.

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.

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Exchange Traded Concepts Trust

Range India Financials ETF 

Ticker: INDF

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: April 30, 2025

This annual shareholder report contains important information about the Range India Financials ETF (the "Fund") for the period from May 1, 2024 to April 30, 2025. This annual shareholder report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://rangeetfs.com/investor-materials. You can also request this information by contacting us at 855-726-4388.  

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Range India Financials ETF	$80	0.75%

How did the Fund perform in the last year?

The Range India Financials ETF (INDF) (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Nifty Financial Services 25/50 Index, which is designed to measure the performance of India’s leading financial institutions across banking, insurance, housing finance, and capital markets. For the fiscal year ending April 30, 2025, the Fund delivered a total return of 12.78%. Over the same period, the Fund’s benchmark, the S&P BSE 500 Index, returned approximately 4.09%, highlighting the Fund’s ability to keep pace with global equities while offering targeted exposure to one of the world’s fastest-growing financial ecosystems.

The Fund benefited from a favorable macroeconomic backdrop in India, including steady gross domestic product growth, declining inflation, and a supportive policy shift from the Reserve Bank of India, which cut its benchmark rate to 6.00% in early 2025. These dynamics fueled strong credit demand and boosted investor sentiment across the private financial sector.

The Fund’s performance was driven by standout contributors such as HDFC Bank Ltd., which returned 26.8%, and ICICI Bank Ltd., which gained 24.6%. Together, these two private sector giants represent a significant portion of the Fund’s portfolio and captured continued market share gains amid robust earnings momentum.

Additional strong contributors included Kotak Mahindra Bank, which delivered a return of 27.7%, Bajaj Finance Ltd., which rose 28.1%, and Bajaj Finserv Ltd., which advanced 26.2%. These companies exemplified the strength of India’s private lending and diversified financial services segment, which continued to outperform their public-sector peers.

The Fund’s primary detractor was Jio Financial Services Ltd., which declined 32.3%, following its spin-off and market debut, as the stock struggled to establish near-term investor confidence. The State Bank of India, the country’s largest public sector bank, also modestly detracted from performance with a return of 4.4% , reflecting broader investor preference for private-sector names.

The combined strength of the Fund’s core private-sector holdings, supported by favorable credit trends and macroeconomic stability, helped the Fund generate strong absolute returns. Despite currency-related headwinds, the Fund remained competitive with global benchmarks while offering concentrated exposure to India’s rising financial powerhouses.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of April 30, 2025

	Range India Financials ETF - $18719	S&P BSE 500 Index (USD) - $21263
Oct/20	$10000	$10000
Apr/21	$12732	$12689
Apr/22	$13119	$14887
Apr/23	$13475	$14483
Apr/24	$16598	$19688
Apr/25	$18719	$21263

Fund/Index Name	1 Year	Annualized Since Inception
Range India Financials ETF	12.78%	14.85%
S&P BSE 500 Index (USD)	4.09%	17.17%

Since its inception on October 20, 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 855-726-4388 or visit https://rangeetfs.com/indf for current month-end performance.

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$10,624,144	20	$75,488	28%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Financials	102.3%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
ICICI Bank			19.6%
HDFC Bank			19.5%
Axis Bank			7.9%
Jio Financial Services			4.8%
State Bank of India			4.5%
Kotak Mahindra Bank			4.5%
HDFC Life Insurance			4.5%
Bajaj Finserv			4.5%
SBI Life Insurance			4.4%
Bajaj Finance			4.2%

Material Fund Changes

This is a summary of certain changes to the Fund since May 1, 2024. Effective September 1, 2024, the name of the Nifty India Financials ETF was changed to Range India Financials ETF.

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:

• 855-726-4388 

• https://rangeetfs.com/investor-materials 

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 855-726-4388 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.

Exchange Traded Concepts Trust

Range India Financials ETF: INDF

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report - April 30, 2025

INDF-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:

		2025			2024
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees	$79,275	N/A	N/A	$77,775	N/A	N/A
(b)	Audit-Related Fees	N/A	N/A	N/A	N/A	N/A	N/A
(c)	Tax Fees	$17,500	N/A	N/A	$17,500	N/A	N/A
(d)	All Other Fees	N/A	N/A	N/A	N/A	N/A	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)       Not Applicable.

(g)       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)       Not Applicable.

(i)       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)       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

Range India Financials ETF
(formerly, Nifty India Financials ETF)

Annual Financials and Other Information

April 30, 2025
 

Range ETFs

Range India Financials ETF

Table of Contents

Financial Statements (Form N-CSR Item 7)
Schedule of Investments		1
Statement of Assets and Liabilities		2
Statement of Operations		3
Statements of Changes in Net Assets		4
Financial Highlights		5
Notes to Financial Statements		6
Report of Independent Registered Public Accounting Firm		16
Notice to Shareholders (Unaudited)		17
Other Information (Form N-CSR Items 8-11) (Unaudited)		18

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

•   855-726-4388

•   https://rangeetfs.com/investor-materials

Range ETFs

Range India Financials ETF

Schedule of Investments

April 30, 2025

Description		Shares		Fair Value
COMMON STOCK†† — 102.3%
India — 102.3%
Financials — 102.3%
Axis Bank		59,528		$	834,962
Bajaj Finance		4,393			448,978
Bajaj Finserv		20,477			473,025
Cholamandalam Investment and Finance		21,148			373,528
HDFC Asset Management		5,097			263,912
HDFC Bank		91,053			2,074,683
HDFC Life Insurance		53,782			473,436
ICICI Bank		123,427			2,084,784
ICICI Lombard General Insurance		12,019			266,959
ICICI Prudential Life Insurance		19,648			142,877
Jio Financial Services*		164,556			507,242
Kotak Mahindra Bank		18,354			479,707
LIC Housing Finance		15,105			107,445
Muthoot Finance		5,386			138,335
Power Finance		73,143			352,712
REC		62,744			311,998
SBI Cards & Payment Services		15,046			155,574
SBI Life Insurance		22,515			470,587
Shriram Finance		58,713			425,108
State Bank of India		51,534			481,066
					10,866,918
Total Common Stock
(Cost $6,938,927)					10,866,918
Total Investments — 102.3%
(Cost $6,938,927)				$	10,866,918

Percentages based on Net Assets of $10,624,144.

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

*   Non-income producing security.

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.

1

Range ETFs

Range India Financials ETF

Statement of Assets and Liabilities

April 30, 2025

Assets:
Investments, at Cost		$	6,938,927
Investments, at Fair Value		$	10,866,918
Cash and Cash Equivalents			189,237
Dividends Receivable			1,261
Total Assets			11,057,416
Liabilities:
Advisory Fees Payable — Net			6,302
Accrued Foreign Capital Gains Tax on Appreciated Securities			426,970
Total Liabilities			433,272
Net Assets		$	10,624,144
Net Assets Consist of:
Paid-in Capital		$	8,735,045
Total Distributable Earnings (Accumulated Losses)			1,889,099
Net Assets		$	10,624,144
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)			275,000
Net Asset Value, Offering and Redemption Price Per Share		$	38.63

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

2

Range ETFs

Range India Financials ETF

Statement of Operations

For the Year Ended April 30, 2025

Investment Income:
Dividend Income		$	102,137
Interest Income			1,738
Less: Foreign Taxes Withheld			(22,361	)
Total Investment Income			81,514
Expenses:
Advisory Fees			75,488
Total Expenses			75,488
Net Investment Income (Loss)			6,026
Net Realized Gain (Loss) on:
Investments(1)			76,202
Foreign Currency Transactions			(8,262	)
Net Realized Loss on Accrued Foreign Capital Gains Tax			(118,870	)
Net Realized Gain (Loss)			(50,930	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments			1,459,649
Foreign Currency Translations			29
Foreign Capital Gains Tax on Appreciated Securities			(207,721	)
Net Change in Unrealized Appreciation (Depreciation)			1,251,957
Net Realized and Unrealized Gain (Loss)			1,201,027
Net Increase (Decrease) in Net Assets Resulting from Operations		$	1,207,053

​(1)   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.

3

Range ETFs

Range India Financials ETF

Statements of Changes in Net Assets

		Year Ended April 30, 2025				Year Ended April 30, 2024
Operations:
Net Investment Income (Loss)		$	6,026			$	34,888
Net Realized Gain (Loss)(1)			(50,930	)			84,175
Net Change in Unrealized Appreciation (Depreciation)			1,251,957				1,435,836
Net Increase (Decrease) in Net Assets Resulting from Operations			1,207,053				1,554,899
Distributions:			(593,323	)			(618,469	)
Capital Share Transactions:
Issued			1,830,304				890,610
Redeemed			—				(1,685,107	)
Increase (Decrease) in Net Assets from Capital Share Transactions			1,830,304				(794,497	)
Total Increase (Decrease) in Net Assets			2,444,034				141,933
Net Assets:
Beginning of Year			8,180,110				8,038,177
End of Year		$	10,624,144			$	8,180,110
Share Transactions:
Issued			50,000				25,000
Redeemed			—				(50,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions			50,000				(25,000	)

​(1)   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.

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

4

Range ETFs

Range India Financials ETF

Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout each Year/Period

		Years Ended April 30,																Period Ended April 30, 2021†
		2025				2024				2023				2022
Net Asset Value, beginning of year/period		$	36.36			$	32.15			$	32.28			$	31.83			$	25.00
Investment Activities
Net investment income (loss)*			0.02				0.16				0.04				(0.05	)			(0.02	)
Net realized and unrealized gain (loss)			4.41				7.14				0.82				1.05	​(4)			6.85
Total from investment activities			4.43				7.30				0.86				1.00				6.83
Distributions to shareholders from:
Net investment income			(2.16	)			(3.09	)			(0.99	)			—				—
Net realized capital gains			—				—				—				(0.55	)			—
Total distributions			(2.16	)			(3.09	)			(0.99	)			(0.55	)			—
Net Asset Value, end of year/period		$	38.63			$	36.36			$	32.15			$	32.28			$	31.83
Net Asset Value, Total Return (%)(1)			12.78				23.18				2.72				3.04				27.32
Ratios to Average Net Assets
Expenses (%)			0.75				0.75				0.75				0.75				0.75	​(2)
Net investment income (loss) (%)			0.06				0.47				0.12				(0.15	)			(0.13	)(2)
Supplemental Data
Net Assets end of year/period (000)		$	10,624			$	8,180			$	8,038			$	8,070			$	4,774
Portfolio turnover rate(%)(3)			28				40				15				14				27

†       Commenced operations on October 20, 2020.

*        Per share data calculated using average shares method.

​(1)   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.

​(2)   Annualized.

​(3)   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.

​(4)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

Amounts designated as “—” are $0.

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

5

Range ETFs

Range India Financials ETF

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 Range India Financials ETF (the “Fund”). The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Nifty Financial Services 25/50 Index (the “Index”). Exchange Traded Concepts, LLC (the “Adviser”), an Oklahoma limited liability company, serves as the investment adviser for the Fund. The Fund is classified as “non-diversified” under the 1940 Act (see “Non Diversification Risk” under Note 6). The Fund commenced operations on October 20, 2020.

Effective September 1, 2024, the name of the Nifty India Financials ETF was changed to Range India Financials ETF.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. (the “Exchange”). Market prices for shares of the Fund may be different from their net asset value (“NAV”). The Fund issues and redeems 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 Fund meets the criteria of an “investment company,” and therefore, the Fund prepares its financial statements in accordance with investment company accounting as outlined in ASC 946.

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

Security Valuation — The Fund records its 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 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.

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Notes to Financial Statements

April 30, 2025 (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

•        Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

•        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

•    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).

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Notes to Financial Statements

April 30, 2025 (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The valuation techniques used by the Fund 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 the 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 Fund’s policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. As of April 30, 2025, the Fund 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 Fund has reviewed all major jurisdictions and concluded that there is no impact on the Fund’s 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 Fund 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 Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains earned.

In addition to the requirements of the Code, the Fund may also be subject to capital gains tax in India and potentially other foreign jurisdictions, on gains realized upon the sale of securities, payable upon repatriation of sales proceeds. Any realized losses in excess of gains in India may be carried forward to offset future gains. A Fund with exposure to Indian securities and potentially other foreign jurisdictions accrue a deferred tax liability for unrealized gains in excess of available loss carryforwards based on existing tax rates and holding periods of the securities. As of April 30, 2025, the Fund had deferred liabilities for capital gains of $426,970.

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 Fund’s understanding of the applicable country’s tax rules and rates.

Foreign Currency Translation — The books and records of the Fund 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 Fund does 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 Statement 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 Fund’s books and the U.S. dollar equivalent amounts actually received or paid. The Fund 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 Fund invests.

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Notes to Financial Statements

April 30, 2025 (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

Cash and Cash Equivalents — Idle cash may be swept into various overnight demand deposits and is classified as Cash and Cash equivalents on the Statement of Assets and Liabilities, if any. The Fund maintains 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 — The 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.

Creation Units — The Fund issues and redeems 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 Fund 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 Fund. Shares of the Fund 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 Fund’s 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 Fund. 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 the 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 the 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 the 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 Statement of Assets and Liabilities, when applicable.

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Notes to Financial Statements

April 30, 2025 (Continued)

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 investment adviser to the 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 Fund and is responsible for the day-to-day management of the Fund, including, among other things, implementing changes to the Fund’s portfolio in connection with any rebalancing or reconstitution of the Index, trading portfolio securities on behalf of the Fund, and selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board. For the services it provides to the Fund, the Fund pays the Adviser a fee, which is calculated daily and paid monthly, at an annual rate of 0.75% of the average daily net assets of the Fund.

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

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

Effective August 22, 2024, Range Fund Holdings, LLC replaced NextFins, LLC, as the sponsor of the Fund’s Index and the 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 Fund (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 the 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 the Fund’s underwriter and distributor of 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 Fund 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 Fund shares.

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Notes to Financial Statements

April 30, 2025 (Continued)

3. SERVICE PROVIDERS (concluded)

The Fund has adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is 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.

Administrator, Custodian and Transfer Agent

SEI Investments Global Funds Services serves as the Fund’s administrator pursuant to an administration agreement. Brown Brothers Herriman & Co. serves as the Fund’s 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 Maturities
		$	3,841,509		$	2,921,397

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

For the year ended April 30, 2025 there were no in-kind transactions associated with creations and redemptions.

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 distributable earnings (accumulated losses) and paid-in capital, as appropriate, in the year that the differences arise. No permanent differences have been reclassified within the components of Net Assets for the year ended April 30, 2025.

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

		Ordinary Income			Long-Term Capital Gain			Totals
2025		$	593,323		$	—		$	593,323
2024			618,469			—			618,469

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

Undistributed Ordinary Income		$	22,660
Other Temporary Differences			5
Capital Loss Carryforwards			(299,431	)
Unrealized Appreciation (Depreciation)			2,165,865
Total Distributable Earnings (Accumulated Losses)		$	1,889,099

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Notes to Financial Statements

April 30, 2025 (Continued)

5. TAX INFORMATION (concluded)

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

		Non-Expiring Short-Term			Non-Expiring Long-Term			Total Capital Loss Carryforwards
		$	56,967		$	242,464		$	299,431

For the taxable year ended April 30, 2025, the Fund did not utilize any capital loss carryforwards.

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 Fund at April 30, 2025, were as follows:

		Federal Tax Cost			Aggregated Gross Unrealized Appreciation			Aggregated Gross Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)*
		$	8,274,118		$	3,927,991		$	(1,335,156	)		$	2,592,835

*    The difference in Unrealized Appreciation (Depreciation) in the table above is due to the foreign capital gains tax on appreciated securities.

6. PRINCIPAL RISKS OF INVESTING IN THE FUND

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

Cash Transactions Risk: The Fund expects to effect all of its creations and redemptions for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the Fund’s NAV. In effecting creations and redemptions in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant.

Currency Exchange Rate Risk: To the extent the 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 Fund’s investment and the value of your shares. Because the Fund’s NAV is determined in U.S. dollars, the Fund’s NAV could decline if the currency of the non-U.S. market in which the 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 the Fund may change quickly and without warning and you may lose money.

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Notes to Financial Statements

April 30, 2025 (Continued)

6. PRINCIPAL RISKS OF INVESTING IN THE FUND (continued)

Emerging Markets Securities Risk: Emerging markets are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the Adviser’s ability to evaluate local companies and impact the Fund’s performance. Investments in securities of issuers in emerging markets may also be exposed to risks related to a lack of liquidity, greater potential for market manipulation, issuers’ limited reliable access to capital, and foreign investment structures. Additionally, the Fund may have limited rights and remedies available to it to pursue claims against issuers in emerging markets.

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 the Fund more volatile and potentially less liquid than other types of investments. In addition, where all or a portion of the Fund’s portfolio holdings trade in markets that are closed when the Fund’s market is open, there may be valuation differences that could lead to differences between the Fund’s market price and the value of the Fund’s portfolio holdings.

Indian Securities Risk: Investment in Indian securities involves risks in addition to those associated with investments in securities of issuers in more developed countries, which may adversely affect the value of the Fund’s assets. Such heightened risks include, among others, political and legal uncertainty, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets.

The securities market of India is considered an emerging market that is characterized by a small number of listed companies that have significantly smaller market capitalizations, greater price volatility and substantially less liquidity than companies in more developed markets. These factors, coupled with restrictions on foreign investment and other factors, limit the supply of securities available for investment. This will affect the rate at which the Fund is able to invest in securities of Indian companies, the purchase and sale prices for such securities, and the timing of purchases and sales. Certain restrictions on foreign investment may decrease the liquidity of the Fund’s portfolio, subject the Fund to higher transaction costs, or inhibit the Fund’s ability to track the Index. The Fund’s investments in securities of issuers located or operating in India, as well as its ability to track the Index, also may be limited or prevented, at times, due to the limits on foreign ownership imposed by the Reserve Bank of India (“RBI”).

Because the Fund invests primarily in the securities of companies in India, it will be impacted by events or conditions affecting India. Political and economic conditions and changes in regulatory, tax, or economic policy in India could significantly affect the market in that country and in surrounding or related countries and have a negative impact on the Fund’s performance. There may be less reliable or publicly-available information about the Indian market due to non-uniform regulatory, accounting, auditing or financial recordkeeping standards, which could cause errors in the implementation of the Fund’s investment strategy and in index data, computation, and construction. For these reasons, the Index Provider’s due diligence and oversight process with respect to index data, computation, construction and rebalancing may be limited, all of which may have an adverse impact on the Fund. The Fund’s performance may depend on issues other than those that affect U.S. companies and may be adversely affected by different rights and remedies associated with emerging market investments, or the lack thereof, compared to those associated with U.S. companies. The Indian economy may differ favorably or unfavorably from the U.S. economy in such respects as the rate of growth of gross domestic product, the rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position.

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Notes to Financial Statements

April 30, 2025 (Continued)

6. PRINCIPAL RISKS OF INVESTING IN THE FUND (continued)

The Indian government has exercised and continues to exercise significant influence over many aspects of the economy, and the number of public sector enterprises in India is substantial. Accordingly, Indian government actions in the future could have a significant effect on the Indian economy. Despite recent downturns, the Indian economy has experienced generally sustained growth during the last several years. There are no guarantees this will continue. While the Indian government has implemented economic structural reforms with the objective of liberalizing India’s exchange and trade policies, reducing the fiscal deficit, controlling inflation, promoting a sound monetary policy, reforming the financial sector, and placing greater reliance on market mechanisms to direct economic activity, there can be no assurance that these policies will continue or that the economic recovery will be sustained. Religious and border disputes persist in India. In addition, India has experienced civil unrest and hostilities with neighboring countries such as Pakistan. The Indian government has confronted separatist movements in several Indian states. Investment and repatriation restrictions and tax laws in India may impact the ability of the Fund to track its Index. Each of the factors described above could have a negative impact on the Fund’s performance and increase the volatility of the Fund.

Limited Authorized Participants, Market Makers and Liquidity Providers Concentration Risk: Because the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occurs, the risk of which is higher during periods of market stress, shares of the Fund may trade at a material discount to NAV, possibly face delisting and may experience wider bid-ask spreads: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

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: 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.

Sector Focus Risk: The 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 the Fund’s sector exposure is expected to vary over time based on the composition of the Index, the Fund anticipates that it may be subject to some or all of the risks described below. As of April 30, 2025, a significant portion of the Index consisted of companies in the Financials Sector.

Financials Sector Risk: Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital

14

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Notes to Financial Statements

April 30, 2025 (Concluded)

6. PRINCIPAL RISKS OF INVESTING IN THE FUND (concluded)

they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets.

7. OTHER

At April 30, 2025, the records of the Trust reflected that 100% of the Fund’s total shares outstanding were held by one Authorized Participant, 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.

8. 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 the pandemic, inflation, or other 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.

9. 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 Fund’s financial statements.

10. SUBSEQUENT EVENTS

The Fund has 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.

15

Range ETFs

Range India Financials ETF

Report of Independent Registered Public Accounting Firm

(Unaudited)

To the Shareholders of Range India Financials ETF and

Board of Trustees of Exchange Traded Concepts Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Range India Financials ETF (formerly, Nifty India Financials ETF) (the “Fund”), a series of Exchange Traded Concepts Trust, as of April 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the years ended April 30, 2025, 2024, 2023, and 2022, and for the period October 20, 2020 (commencement of operations) through April 30, 2021, 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 the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for the years ended April 30, 2025, 2024, 2023, and 2022, and for the period October 20, 2020 (commencement of operations) through April 30, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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.

COHEN & COMPANY, LTD.

Cleveland, Ohio

June 26, 2025

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Range ETFs

Range India Financials ETF

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 is designating the following items with regard to distributions paid during the year.

Long Term Capital Gain Distributions		Ordinary Income Distributions		Total Distributions		Qualifying For Corporate Dividend Receivable Deduction(1)		Qualifying Dividend Income(2)		U.S. Government Interest(3)		Interest Related Dividends(4)		Short-Term Capital Gain Dividends(5)		Qualifying Business Income(6)		FTC*
0.00%		100.00%		100.00%		0.00%		9.74%		0.00%		1.18%		0.00%		0.00%		19.23%

​(1)   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).

​(2)   The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and it’s reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of the aforementioned fund to designate the maximum amount permitted by law.

​(3)   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.

​(4)   The percentage in this column represents the amount of “Interest Related Dividends” as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors.

​(5)   The percentage in this column represents the amount of “Short-Term Capital Gain Dividends” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

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

*   The Fund 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 $81,274. The total amount of foreign tax paid is $141,231. Your allocable share of the foreign tax credit will be reported on Form 1099 DIV.

17

Range ETFs

Range India Financials ETF

Other Information (Form N-CSR Items 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.

18

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 Fund.

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

•        855-726-4388

•        https://rangeetfs.com/investor-materials

IND-AR-001-0500

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.

(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.

(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.

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
	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

FAQ

What was INDF's total return for the fiscal year ended 30 April 2025?

The Range India Financials ETF posted a 12.78% total return for the period.

How much does INDF charge in expenses?

The fund’s net expense ratio is 0.75%; a US$10,000 investment incurred US$80 in costs over the year.

What are INDF's top holdings and their weights?

As of 30 Apr 2025, ICICI Bank (19.6%) and HDFC Bank (19.5%) are the largest positions, followed by Axis Bank (7.9%).

Did INDF experience net inflows or outflows during the year?

The ETF recorded US$1.83 million in net creations, increasing shares outstanding by 50,000.

What tax liabilities could affect INDF's NAV?

The fund has a US$426,970 deferred Indian capital-gains tax liability, roughly 4% of net assets.

Why was the fund renamed in 2024?

Effective 1 Sep 2024, it changed from “Nifty India Financials ETF” to “Range India Financials ETF” following a new sponsorship arrangement.