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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOVUSTERRA INC</name>
        <lei>N/A</lei>
        <title>NOVUSTERRA INC COMMON STOCK</title>
        <cusip>67012E104</cusip>
        <identifiers>
          <isin value="US67012E1047"/>
        </identifiers>
        <balance>525.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONGOLIAN MINING CORPORATION</name>
        <lei>254900XQ2EY5O3SAYL47</lei>
        <title>MONGOLIAN MINING CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG6264V1361"/>
        </identifiers>
        <balance>447000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84155000"/>
        <valUSD>350004.78000000</valUSD>
        <pctVal>2.322799600693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW HOPE CORPORATION LIMITED</name>
        <lei>254900DHRUGXZSLSNZ83</lei>
        <title>NEW HOPE CORP LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000NHC7"/>
        </identifiers>
        <balance>320428.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55388000"/>
        <valUSD>767106.96000000</valUSD>
        <pctVal>5.090889731211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YANCOAL AUSTRALIA LTD</name>
        <lei>3003003IC6G39HKQAD13</lei>
        <title>YANCOAL AUSTRALIA LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000YAL0"/>
        </identifiers>
        <balance>464798.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55388000"/>
        <valUSD>1564402.36000000</valUSD>
        <pctVal>10.38212443021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Colonial Coal International Corp</name>
        <lei>254900P79B9435J9X613</lei>
        <title>COLONIAL COAL INTERNATIONAL COMMON STOCK</title>
        <cusip>195615109</cusip>
        <identifiers>
          <isin value="CA1956151098"/>
        </identifiers>
        <balance>183599.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37495000"/>
        <valUSD>209644.30000000</valUSD>
        <pctVal>1.391300131180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thungela Resources Ltd</name>
        <lei>213800EGYK3BN3SRIF27</lei>
        <title>THUNGELA RESOURCES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000296554"/>
        </identifiers>
        <balance>57053.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.05750000"/>
        <valUSD>288495.61000000</valUSD>
        <pctVal>1.914595245555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RAMACO RESOURCES, INC.</name>
        <lei>5493001BYUI4TCQOPF70</lei>
        <title>RAMACO RESOURCES INC-A COMMON STOCK</title>
        <cusip>75134P600</cusip>
        <identifiers>
          <isin value="US75134P6007"/>
        </identifiers>
        <balance>52758.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>476932.32000000</valUSD>
        <pctVal>3.165151637225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TERRACOM LIMITED</name>
        <lei>5299008CZ6QOXMYKVY20</lei>
        <title>TERRACOM LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000TER9"/>
        </identifiers>
        <balance>1278328.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55388000"/>
        <valUSD>51828.11000000</valUSD>
        <pctVal>0.343956197434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NACCO INDUSTRIES, INC.</name>
        <lei>N/A</lei>
        <title>NACCO INDUSTRIES-CL A COMMON STOCK</title>
        <cusip>629579103</cusip>
        <identifiers>
          <isin value="US6295791031"/>
        </identifiers>
        <balance>3012.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>108010.32000000</valUSD>
        <pctVal>0.716808290923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXXARO RESOURCES LIMITED</name>
        <lei>378900BC3D9BFF4E4A37</lei>
        <title>EXXARO RESOURCES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000084992"/>
        </identifiers>
        <balance>87164.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.05750000"/>
        <valUSD>709572.64000000</valUSD>
        <pctVal>4.709064387220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATURAL RESOURCE PARTNERS L.P.</name>
        <lei>529900EECJ7CSX1S1S58</lei>
        <title>NATURAL RESOURCE PARTNERS LP PARTNERSHIP SHARES</title>
        <cusip>63900P608</cusip>
        <identifiers>
          <isin value="US63900P6088"/>
        </identifiers>
        <balance>7133.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>699034.00000000</valUSD>
        <pctVal>4.639124917297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="MLP" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PEABODY ENERGY CORPORATION</name>
        <lei>EJCO258LNNVSKAR2JX59</lei>
        <title>PEABODY ENERGY CORP COMMON STOCK</title>
        <cusip>704551100</cusip>
        <identifiers>
          <isin value="US7045511000"/>
        </identifiers>
        <balance>49530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>651814.80000000</valUSD>
        <pctVal>4.325755657297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLIANCE RESOURCE PARTNERS, L.P.</name>
        <lei>529900T4Q5UPWOUFG783</lei>
        <title>ALLIANCE RESOURCE PARTNERS PARTNERSHIP SHARES</title>
        <cusip>01877R108</cusip>
        <identifiers>
          <isin value="US01877R1086"/>
        </identifiers>
        <balance>49970.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1300719.10000000</valUSD>
        <pctVal>8.632195840566</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="MLP" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SouthGobi Resources Ltd.</name>
        <lei>N/A</lei>
        <title>SOUTHGOBI RESOURCES LTD COMMON STOCK</title>
        <cusip>844375105</cusip>
        <identifiers>
          <isin value="CA8443751059"/>
        </identifiers>
        <balance>297873.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37495000"/>
        <valUSD>81241.05000000</valUSD>
        <pctVal>0.539154575260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bathurst Resources Ltd</name>
        <lei>254900H5WZ9DXLTBKY38</lei>
        <title>BATHURST RESOURCES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NZBRLE0001S4"/>
        </identifiers>
        <balance>167570.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55388000"/>
        <valUSD>74409.41000000</valUSD>
        <pctVal>0.493816535407</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BHP GROUP LIMITED</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP GROUP LTD-SPON ADR DEPOSITARY RECEIPT</title>
        <cusip>088606108</cusip>
        <identifiers>
          <isin value="US0886061086"/>
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        <balance>12582.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>616392.18000000</valUSD>
        <pctVal>4.090674160434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lubelski Wegiel Bogdanka SA</name>
        <lei>259400MHSST6C1A8M066</lei>
        <title>LUBELSKI WEGIEL BOGDANKA SA COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLLWBGD00016"/>
        </identifiers>
        <balance>13406.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.74455000"/>
        <valUSD>85923.28000000</valUSD>
        <pctVal>0.570228099382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>PL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SUNCOKE ENERGY, INC.</name>
        <lei>1KF1J2NXQE2PI0QOB943</lei>
        <title>SUNCOKE ENERGY INC COMMON STOCK</title>
        <cusip>86722A103</cusip>
        <identifiers>
          <isin value="US86722A1034"/>
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        <balance>83404.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>678908.56000000</valUSD>
        <pctVal>4.505562844242</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STANMORE RESOURCES LIMITED</name>
        <lei>52990090OHRBVS7DDA54</lei>
        <title>STANMORE RESOURCES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SMR4"/>
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        <balance>517723.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55388000"/>
        <valUSD>653034.39000000</valUSD>
        <pctVal>4.333849441516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CORONADO GLOBAL RESOURCES INC.</name>
        <lei>N/A</lei>
        <title>CORONADO GLOBAL RESOURCE-CDI DEPOSITARY RECEIPT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000026122"/>
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        <balance>1692349.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55388000"/>
        <valUSD>119802.29000000</valUSD>
        <pctVal>0.795065459889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-05-31</ncom:dateSigned>
      <ncom:nameOfApplicant>EXCHANGE TRADED CONCEPTS TRUST</ncom:nameOfApplicant>
      <ncom:signature>Dennis Lowenfels</ncom:signature>
      <ncom:signerName>Dennis Lowenfels</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
