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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Go Digit General Insurance Ltd</name>
        <lei>335800SK7LCVIS6FV951</lei>
        <title>GO DIGIT GENERAL INSURANCE L COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE03JT01014"/>
        </identifiers>
        <balance>279343.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>1126185.63000000</valUSD>
        <pctVal>1.747655590746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jubilant FoodWorks Limited</name>
        <lei>9845000D3B99893F5B14</lei>
        <title>JUBILANT FOODWORKS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE797F01020"/>
        </identifiers>
        <balance>384271.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>2943720.18000000</valUSD>
        <pctVal>4.568171439170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PB Fintech Ltd</name>
        <lei>98450083AC6B01HF1F87</lei>
        <title>PB FINTECH LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE417T01026"/>
        </identifiers>
        <balance>159840.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>3290378.55000000</valUSD>
        <pctVal>5.106128435131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CE Info Systems Ltd</name>
        <lei>984500646EO8AC88C889</lei>
        <title>CE INFO SYSTEMS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE0BV301023"/>
        </identifiers>
        <balance>40396.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>913990.48000000</valUSD>
        <pctVal>1.418363482635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Indiamart Intermesh Ltd</name>
        <lei>335800VCSXC76EXLSH68</lei>
        <title>INDIAMART INTERMESH LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE933S01016"/>
        </identifiers>
        <balance>45564.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>1241928.48000000</valUSD>
        <pctVal>1.927269531381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INFO EDGE (INDIA) LIMITED</name>
        <lei>335800MXUVHTBF9DEC78</lei>
        <title>INFO EDGE INDIA LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE663F01032"/>
        </identifiers>
        <balance>150015.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>2502441.28000000</valUSD>
        <pctVal>3.883378882668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nazara Technologies Ltd</name>
        <lei>894500B0646LKDKI2B52</lei>
        <title>NAZARA TECHNOLOGIES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE418L01021"/>
        </identifiers>
        <balance>81035.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>1226391.22000000</valUSD>
        <pctVal>1.903158249386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Swiggy Ltd</name>
        <lei>335800R11DC3QR7KH186</lei>
        <title>SWIGGY LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE00H001014"/>
        </identifiers>
        <balance>583922.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>2272570.52000000</valUSD>
        <pctVal>3.526657123695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JIO FINANCIAL SERVICES LIMITED</name>
        <lei>3358003O268Q1OGBQR42</lei>
        <title>JIO FINANCIAL SERVICES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE758E01017"/>
        </identifiers>
        <balance>1089572.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>3649731.98000000</valUSD>
        <pctVal>5.663786084335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Le Travenues Technology Ltd</name>
        <lei>894500YYQ69FQ449KJ55</lei>
        <title>LE TRAVENUES TECHNOLOGY LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE0HV901016"/>
        </identifiers>
        <balance>654835.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>1348925.67000000</valUSD>
        <pctVal>2.093311640530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TANLA PLATFORMS LIMITED</name>
        <lei>335800WPW7BCANYPB766</lei>
        <title>TANLA PLATFORMS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE483C01032"/>
        </identifiers>
        <balance>109364.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>791778.75000000</valUSD>
        <pctVal>1.228710900059</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Affle 3i Ltd</name>
        <lei>335800VOXUF6XMCWSD89</lei>
        <title>AFFLE 3I LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE00WC01027"/>
        </identifiers>
        <balance>88166.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>1788149.69000000</valUSD>
        <pctVal>2.774915359930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zinka Logistics Solutions Ltd</name>
        <lei>3358003IBMJFDHOYF615</lei>
        <title>ZINKA LOGISTICS SOLUTIONS LT COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE0UIZ01018"/>
        </identifiers>
        <balance>297871.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>1531908.00000000</valUSD>
        <pctVal>2.377270238041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RELIANCE INDUSTRIES LIMITED</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>RELIANCE INDUSTRIES LTD COMMON STOCK</title>
        <cusip>Y72596102</cusip>
        <identifiers>
          <isin value="INE002A01018"/>
        </identifiers>
        <balance>340753.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>5657913.38000000</valUSD>
        <pctVal>8.780154609604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brainbees Solutions Ltd</name>
        <lei>984500FBE5B11U0E8846</lei>
        <title>BRAINBEES SOLUTIONS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE02RE01045"/>
        </identifiers>
        <balance>359116.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>1462272.51000000</valUSD>
        <pctVal>2.269207366192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fsn E-Commerce Ventures Ltd</name>
        <lei>335800X5BJYC18NHDQ91</lei>
        <title>FSN E-COMMERCE VENTURES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE388Y01029"/>
        </identifiers>
        <balance>1439500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>3419138.42000000</valUSD>
        <pctVal>5.305942658181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Route Mobile Ltd</name>
        <lei>254900ACRLX7ASC1F147</lei>
        <title>ROUTE MOBILE LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE450U01017"/>
        </identifiers>
        <balance>26450.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>293399.50000000</valUSD>
        <pctVal>0.455307955312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Honasa Consumer Ltd</name>
        <lei>2549004POI9PD5S9GC46</lei>
        <title>HONASA CONSUMER LTD COMMON STOCK</title>
        <cusip>Y3R4AH101</cusip>
        <identifiers>
          <isin value="INE0J5401028"/>
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        <balance>197921.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>731897.17000000</valUSD>
        <pctVal>1.135784498512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cartrade Tech Ltd</name>
        <lei>984500F5CDO5D86C1326</lei>
        <title>CARTRADE TECH LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE290S01011"/>
        </identifiers>
        <balance>65243.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>1184018.45000000</valUSD>
        <pctVal>1.837402652428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANGEL ONE LIMITED</name>
        <lei>3358003DRK7SFA3Q3214</lei>
        <title>ANGEL ONE LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE732I01013"/>
        </identifiers>
        <balance>71344.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>2530784.07000000</valUSD>
        <pctVal>3.927362249247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Truecaller AB</name>
        <lei>549300TEYF1FA5G5GK26</lei>
        <title>TRUECALLER AB-B COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0016787071"/>
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        <balance>324297.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.60495000"/>
        <valUSD>2184500.27000000</valUSD>
        <pctVal>3.389986524559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Easy Trip Planners Ltd</name>
        <lei>9845009574547U6C0281</lei>
        <title>EASY TRIP PLANNERS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE07O001026"/>
        </identifiers>
        <balance>2793720.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>366293.17000000</valUSD>
        <pctVal>0.568426988721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Indian Energy Exchange Ltd</name>
        <lei>335800JRG8ZOKN1KAE97</lei>
        <title>INDIAN ENERGY EXCHANGE LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE022Q01020"/>
        </identifiers>
        <balance>1266125.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.57500000"/>
        <valUSD>2967237.73000000</valUSD>
        <pctVal>4.604666823805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</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>
  <documents>XXXX</documents>
</edgarSubmission>
