Tema S&P 500® Historical Weight ETF Strategy
Schedule of Investments
May 31, 2025 (Unaudited)

COMMON STOCKS - 97.2%
  
Shares
    
Value  
  
Aerospace & Defense - 2.7%
      
Axon Enterprise, Inc. (a)
  
5
   $
 3,752
  
Boeing Co. (a)
  
44
    
   9,122
  
General Dynamics Corp.
  
16
    
   4,456
  
General Electric Co.
  
74
    
   18,198
  
Howmet Aerospace, Inc.
  
25
    
   4,247
  
Huntington Ingalls Industries, Inc.
  
2
    
   446
  
L3Harris Technologies, Inc.
  
12
    
   2,932
  
Lockheed Martin Corp.
  
12
    
   5,789
  
Northrop Grumman Corp.
  
8
    
   3,878
  
RTX Corp.
  
92
    
   12,556
  
Textron, Inc.
  
11
    
   814
  
TransDigm Group, Inc.
  
3
    
   4,405
  
         
   70,595
  
               
Air Freight & Logistics - 0.4%
      
CH Robinson Worldwide, Inc.
  
7
    
   672
  
Expeditors International of Washington, Inc.
  
9
    
   1,015
  
FedEx Corp.
  
14
    
   3,053
  
United Parcel Service, Inc. - Class B
  
45
    
   4,389
  
         
   9,129
  
               
Automobile Components - 0.0%(b)
      
Aptiv PLC (a)
  
14
    
   935
  
               
Automobiles - 2.1%
      
Ford Motor Co.
  
251
    
   2,605
  
General Motors Co.
  
65
    
   3,225
  
Tesla, Inc. (a)
  
143
    
   49,544
  
         
   55,374
  
               
Banks - 4.1%
      
Bank of America Corp.
  
500
    
   22,065
  
Citigroup, Inc.
  
115
    
   8,662
  
Citizens Financial Group, Inc.
  
28
    
   1,130
  
Fifth Third Bancorp
  
44
    
   1,680
  
Huntington Bancshares, Inc.
  
95
    
   1,485
  
JPMorgan Chase & Co.
  
144
    
   38,016
  
KeyCorp
  
64
    
   1,015
  
M&T Bank Corp.
  
11
    
   2,009
  
PNC Financial Services Group, Inc.
  
25
    
   4,345
  
Regions Financial Corp.
  
60
    
   1,286
  
Truist Financial Corp.
  
85
    
   3,358
  
US Bancorp
  
96
    
   4,185
  
Wells Fargo & Co.
  
233
    
   17,424
  
         
   106,660
  
               
Beverages - 1.6%
      
Brown-Forman Corp. - Class B
  
8
    
   267
  
Coca-Cola Co.
  
287
    
   20,692
  
Constellation Brands, Inc. - Class A
  
10
    
   1,783
  
Keurig Dr Pepper, Inc.
  
76
    
   2,559
  
Molson Coors Beverage Co. - Class B
  
10
    
   536
  
Monster Beverage Corp. (a)
  
45
    
   2,878
  
PepsiCo, Inc.
  
96
    
   12,619
  
         
   41,334
  
               
Biotechnology - 2.0%
      
AbbVie, Inc.
  
105
    
   19,541
  
Amgen, Inc.
  
35
    
   10,086
  
Biogen, Inc. (a)
  
10
    
   1,298
  
Gilead Sciences, Inc.
  
78
    
   8,586
  
Incyte Corp. (a)
  
10
    
   651
  
Moderna, Inc. (a)
  
21
    
   558
  
Regeneron Pharmaceuticals, Inc.
  
7
    
   3,432
  
Vertex Pharmaceuticals, Inc. (a)
  
16
    
   7,073
  
         
   51,225
  
               
Broadline Retail - 2.2%
      
Amazon.com, Inc. (a)
  
262
    
   53,713
  
eBay, Inc.
  
32
    
   2,341
  
         
   56,054
  
               
Building Products - 0.7%
      
A O Smith Corp.
  
7
    
   450
  
Allegion PLC
  
5
    
   714
  
Builders FirstSource, Inc. (a)
  
7
    
   754
  
Carrier Global Corp.
  
52
    
   3,702
  
Johnson Controls International PLC
  
42
    
   4,258
  
Lennox International, Inc.
  
2
    
   1,129
  
Masco Corp.
  
13
    
   811
  
Trane Technologies PLC
  
14
    
   6,024
  
         
   17,842
  
               
Capital Markets - 4.0%
      
Ameriprise Financial, Inc.
  
6
    
   3,055
  
Bank of New York Mellon Corp.
  
45
    
   3,988
  
Blackrock, Inc.
  
9
    
   8,819
  
Blackstone, Inc.
  
44
    
   6,105
  
Cboe Global Markets, Inc.
  
7
    
   1,604
  
Charles Schwab Corp.
  
105
    
   9,276
  
CME Group, Inc.
  
22
    
   6,358
  
Coinbase Global, Inc. - Class A (a)
  
12
    
   2,959
  
FactSet Research Systems, Inc.
  
2
    
   917
  
Franklin Resources, Inc.
  
13
    
   281
  
Goldman Sachs Group, Inc.
  
21
    
   12,610
  
Intercontinental Exchange, Inc.
  
34
    
   6,113
  
Invesco Ltd.
  
20
    
   289
  
KKR & Co., Inc.
  
42
    
   5,101
  
MarketAxess Holdings, Inc.
  
2
    
   433
  
Moody's Corp.
  
10
    
   4,793
  
Morgan Stanley
  
77
    
   9,858
  
MSCI, Inc.
  
5
    
   2,820
  
Nasdaq, Inc.
  
27
    
   2,256
  
Northern Trust Corp.
  
13
    
   1,388
  
Raymond James Financial, Inc.
  
12
    
   1,764
  
S&P Global, Inc.
  
20
    
   10,257
  
State Street Corp.
  
19
    
   1,829
  
T Rowe Price Group, Inc.
  
15
    
   1,404
  
         
   104,277
  
               
Chemicals - 1.6%
      
Air Products and Chemicals, Inc.
  
14
    
   3,905
  
Albemarle Corp.
  
7
    
   390
  
CF Industries Holdings, Inc.
  
10
    
   907
  
Corteva, Inc.
  
45
    
   3,186
  
Dow, Inc.
  
47
    
   1,304
  
DuPont de Nemours, Inc.
  
28
    
   1,870
  
Eastman Chemical Co.
  
7
    
   549
  
Ecolab, Inc.
  
16
    
   4,250
  
International Flavors & Fragrances, Inc.
  
17
    
   1,302
  
Linde PLC
  
34
    
   15,898
  
LyondellBasell Industries NV - Class A
  
17
    
   960
  
Mosaic Co.
  
18
    
   650
  
PPG Industries, Inc.
  
15
    
   1,662
  
Sherwin-Williams Co.
  
14
    
   5,023
  
         
   41,856
  
               
Commercial Services & Supplies - 0.7%
      
Cintas Corp.
  
21
    
   4,757
  
Copart, Inc. (a)
  
56
    
   2,883
  
Republic Services, Inc.
  
13
    
   3,345
  
Rollins, Inc.
  
17
    
   973
  
Veralto Corp.
  
16
    
   1,616
  
Waste Management, Inc.
  
22
    
   5,301
  
         
   18,875
  
               
Communications Equipment - 1.2%
      
Arista Networks, Inc. (a)
  
64
    
   5,545
  
Cisco Systems, Inc.
  
297
    
   18,723
  
F5, Inc. (a)
  
4
    
   1,141
  
Juniper Networks, Inc.
  
20
    
   719
  
Motorola Solutions, Inc.
  
11
    
   4,569
  
         
   30,697
  
               
Construction & Engineering - 0.1%
      
Quanta Services, Inc.
  
9
    
   3,083
  
               
Construction Materials - 0.2%
      
Martin Marietta Materials, Inc.
  
4
    
   2,190
  
Vulcan Materials Co.
  
9
    
   2,386
  
         
   4,576
  
               
Consumer Finance - 0.6%
      
American Express Co.
  
35
    
   10,292
  
Capital One Financial Corp.
  
23
    
   4,350
  
Synchrony Financial
  
26
    
   1,499
  
         
   16,141
  
               
Consumer Staples Distribution & Retail - 2.5%
      
Costco Wholesale Corp.
  
28
    
   29,125
  
Dollar General Corp.
  
14
    
   1,362
  
Dollar Tree, Inc. (a)
  
12
    
   1,083
  
Kroger Co.
  
43
    
   2,934
  
Sysco Corp.
  
32
    
   2,336
  
Target Corp.
  
30
    
   2,820
  
Walgreens Boots Alliance, Inc.
  
41
    
   461
  
Walmart, Inc.
  
254
    
   25,075
  
         
   65,196
  
               
Containers & Packaging - 0.3%
      
Amcor PLC
  
87
    
   793
  
Avery Dennison Corp.
  
5
    
   889
  
Ball Corp.
  
19
    
   1,018
  
International Paper Co.
  
35
    
   1,673
  
Packaging Corp. of America
  
6
    
   1,159
  
Smurfit WestRock PLC
  
33
    
   1,430
  
         
   6,962
  
               
Distributors - 0.1%
      
Genuine Parts Co.
  
9
    
   1,139
  
LKQ Corp.
  
16
    
   647
  
Pool Corp.
  
2
    
   601
  
         
   2,387
  
               
Diversified Telecommunication Services - 1.1%
      
AT&T, Inc.
  
504
    
   14,011
  
Verizon Communications, Inc.
  
302
    
   13,276
  
         
   27,287
  
               
Electric Utilities - 2.0%
      
Alliant Energy Corp.
  
16
    
   996
  
American Electric Power Co., Inc.
  
34
    
   3,519
  
Constellation Energy Corp.
  
19
    
   5,817
  
Duke Energy Corp.
  
46
    
   5,415
  
Edison International
  
26
    
   1,447
  
Entergy Corp.
  
28
    
   2,332
  
Evergy, Inc.
  
15
    
   996
  
Eversource Energy
  
24
    
   1,555
  
Exelon Corp.
  
65
    
   2,848
  
FirstEnergy Corp.
  
34
    
   1,426
  
NextEra Energy, Inc.
  
133
    
   9,395
  
NRG Energy, Inc.
  
13
    
   2,027
  
PG&E Corp.
  
142
    
   2,397
  
Pinnacle West Capital Corp.
  
7
    
   639
  
PPL Corp.
  
49
    
   1,703
  
Southern Co.
  
66
    
   5,940
  
Xcel Energy, Inc.
  
36
    
   2,523
  
         
   50,975
  
               
Electrical Equipment - 1.0%
      
AMETEK, Inc.
  
15
    
   2,681
  
Eaton Corp. PLC
  
23
    
   7,365
  
Emerson Electric Co.
  
35
    
   4,178
  
GE Vernova, Inc.
  
17
    
   8,041
  
Generac Holdings, Inc. (a)
  
3
    
   366
  
Hubbell, Inc.
  
3
    
   1,169
  
Rockwell Automation, Inc.
  
8
    
   2,524
  
         
   26,324
  
               
Electronic Equipment, Instruments & Components - 0.8%
      
Amphenol Corp. - Class A
  
74
    
   6,655
  
CDW Corp.
  
9
    
   1,623
  
Corning, Inc.
  
50
    
   2,480
  
Jabil, Inc.
  
7
    
   1,176
  
Keysight Technologies, Inc. (a)
  
11
    
   1,727
  
TE Connectivity PLC
  
19
    
   3,041
  
Teledyne Technologies, Inc. (a)
  
3
    
   1,497
  
Trimble, Inc. (a)
  
15
    
   1,069
  
Zebra Technologies Corp. - Class A (a)
  
3
    
   869
  
         
   20,137
  
               
Energy Equipment & Services - 0.2%
      
Baker Hughes Co.
  
64
    
   2,371
  
Halliburton Co.
  
57
    
   1,117
  
Schlumberger NV
  
89
    
   2,941
  
         
   6,429
  
               
Entertainment - 2.1%
      
Electronic Arts, Inc.
  
16
    
   2,301
  
Live Nation Entertainment, Inc. (a)
  
10
    
   1,372
  
Netflix, Inc. (a)
  
26
    
   31,388
  
Take-Two Interactive Software, Inc. (a)
  
11
    
   2,489
  
TKO Group Holdings, Inc.
  
4
    
   631
  
Walt Disney Co.
  
130
    
   14,695
  
Warner Bros Discovery, Inc. (a)
  
151
    
   1,505
  
         
   54,381
  
               
Financial Services - 4.7%
      
Apollo Global Management, Inc.
  
28
    
   3,659
  
Berkshire Hathaway, Inc. - Class B (a)
  
79
    
   39,813
  
Corpay, Inc. (a)
  
5
    
   1,626
  
Fidelity National Information Services, Inc.
  
34
    
   2,707
  
Fiserv, Inc. (a)
  
34
    
   5,535
  
Global Payments, Inc.
  
17
    
   1,285
  
Jack Henry & Associates, Inc.
  
4
    
   725
  
Mastercard, Inc. - Class A
  
50
    
   29,280
  
PayPal Holdings, Inc. (a)
  
62
    
   4,357
  
Visa, Inc. - Class A
  
91
    
   33,232
  
         
   122,219
  
               
Food Products - 0.7%
      
Archer-Daniels-Midland Co.
  
32
    
   1,545
  
Bunge Global SA
  
8
    
   625
  
Conagra Brands, Inc.
  
29
    
   664
  
General Mills, Inc.
  
36
    
   1,953
  
Hershey Co.
  
10
    
   1,607
  
Hormel Foods Corp.
  
16
    
   491
  
J M Smucker Co.
  
7
    
   788
  
Kellanova
  
18
    
   1,487
  
Kraft Heinz Co.
  
58
    
   1,550
  
Lamb Weston Holdings, Inc.
  
7
    
   391
  
McCormick & Co., Inc.
  
16
    
   1,164
  
Mondelez International, Inc. - Class A
  
80
    
   5,399
  
The Campbell's Co.
  
10
    
   340
  
Tyson Foods, Inc. - Class A
  
18
    
   1,011
  
         
   19,015
  
               
Gas Utilities - 0.1%
      
Atmos Energy Corp.
  
11
    
   1,702
  
               
Ground Transportation - 1.2%
      
CSX Corp.
  
123
    
   3,885
  
JB Hunt Transport Services, Inc.
  
5
    
   694
  
Norfolk Southern Corp.
  
14
    
   3,460
  
Old Dominion Freight Line, Inc.
  
13
    
   2,082
  
Uber Technologies, Inc. (a)
  
135
    
   11,362
  
Union Pacific Corp.
  
38
    
   8,423
  
         
   29,906
  
               
Health Care Equipment & Supplies - 3.0%
      
Abbott Laboratories
  
124
    
   16,564
  
Align Technology, Inc. (a)
  
4
    
   724
  
Baxter International, Inc.
  
32
    
   976
  
Becton Dickinson & Co.
  
18
    
   3,107
  
Boston Scientific Corp. (a)
  
92
    
   9,684
  
Cooper Cos., Inc. (a)
  
13
    
   888
  
Dexcom, Inc. (a)
  
26
    
   2,231
  
Edwards Lifesciences Corp. (a)
  
38
    
   2,972
  
GE HealthCare Technologies, Inc.
  
29
    
   2,046
  
Hologic, Inc. (a)
  
13
    
   808
  
IDEXX Laboratories, Inc. (a)
  
5
    
   2,567
  
Insulet Corp. (a)
  
4
    
   1,300
  
Intuitive Surgical, Inc. (a)
  
24
    
   13,256
  
Medtronic PLC
  
74
    
   6,140
  
ResMed, Inc.
  
10
    
   2,448
  
Solventum Corp. (a)
  
8
    
   585
  
STERIS PLC
  
7
    
   1,716
  
Stryker Corp.
  
21
    
   8,035
  
Zimmer Biomet Holdings, Inc.
  
13
    
   1,198
  
         
   77,245
  
               
Health Care Providers & Services - 2.2%
      
Cardinal Health, Inc.
  
16
    
   2,471
  
Cencora, Inc.
  
11
    
   3,204
  
Centene Corp. (a)
  
33
    
   1,862
  
Cigna Group
  
17
    
   5,383
  
CVS Health Corp.
  
77
    
   4,931
  
DaVita, Inc. (a)
  
2
    
   273
  
Elevance Health, Inc.
  
14
    
   5,374
  
HCA Healthcare, Inc.
  
11
    
   4,195
  
Henry Schein, Inc. (a)
  
7
    
   490
  
Humana, Inc.
  
8
    
   1,865
  
Labcorp Holdings, Inc.
  
5
    
   1,245
  
McKesson Corp.
  
7
    
   5,037
  
Molina Healthcare, Inc. (a)
  
3
    
   915
  
Quest Diagnostics, Inc.
  
7
    
   1,213
  
UnitedHealth Group, Inc.
  
57
    
   17,209
  
Universal Health Services, Inc. - Class B
  
3
    
   571
  
         
   56,238
  
               
Hotels, Restaurants & Leisure - 2.6%
      
Airbnb, Inc. - Class A (a)
  
28
    
   3,612
  
Booking Holdings, Inc.
  
2
    
   11,038
  
Caesars Entertainment, Inc. (a)
  
7
    
   188
  
Carnival Corp. (a)
  
69
    
   1,602
  
Chipotle Mexican Grill, Inc. (a)
  
84
    
   4,207
  
Darden Restaurants, Inc.
  
8
    
   1,714
  
Domino's Pizza, Inc.
  
2
    
   948
  
DoorDash, Inc. - Class A (a)
  
21
    
   4,382
  
Expedia Group, Inc.
  
8
    
   1,334
  
Hilton Worldwide Holdings, Inc.
  
15
    
   3,727
  
Las Vegas Sands Corp.
  
22
    
   906
  
Marriott International Inc. - Class A
  
15
    
   3,957
  
McDonald's Corp.
  
50
    
   15,692
  
MGM Resorts International (a)
  
10
    
   316
  
Norwegian Cruise Line Holdings Ltd. (a)
  
25
    
   441
  
Royal Caribbean Cruises Ltd.
  
16
    
   4,111
  
Starbucks Corp.
  
66
    
   5,541
  
Wynn Resorts Ltd.
  
5
    
   453
  
Yum! Brands, Inc.
  
18
    
   2,591
  
         
   66,760
  
               
Household Durables - 0.3%
      
DR Horton, Inc.
  
18
    
   2,125
  
Garmin Ltd.
  
10
    
   2,030
  
Lennar Corp. - Class A
  
15
    
   1,591
  
Mohawk Industries, Inc. (a)
  
2
    
   201
  
PulteGroup, Inc.
  
13
    
   1,275
  
         
   7,222
  
               
Household Products - 1.4%
      
Church & Dwight Co., Inc.
  
16
    
   1,573
  
Clorox Co.
  
8
    
   1,055
  
Colgate-Palmolive Co.
  
51
    
   4,740
  
Kimberly-Clark Corp.
  
21
    
   3,019
  
Procter & Gamble Co.
  
146
    
   24,804
  
         
   35,191
  
               
Independent Power and Renewable Electricity Producers - 0.2%
      
AES Corp.
  
41
    
   414
  
Vistra Corp.
  
22
    
   3,532
  
         
   3,946
  
               
Industrial Conglomerates - 0.5%
      
3M Co.
  
33
    
   4,896
  
Honeywell International, Inc.
  
41
    
   9,293
  
         
   14,189
  
               
Insurance - 2.7%
      
Aflac, Inc.
  
32
    
   3,313
  
Allstate Corp.
  
17
    
   3,568
  
American International Group, Inc.
  
38
    
   3,216
  
Aon PLC - Class A
  
13
    
   4,837
  
Arch Capital Group Ltd.
  
25
    
   2,376
  
Arthur J Gallagher & Co.
  
16
    
   5,559
  
Assurant, Inc.
  
3
    
   609
  
Brown & Brown, Inc.
  
16
    
   1,806
  
Chubb Ltd.
  
22
    
   6,538
  
Cincinnati Financial Corp.
  
11
    
   1,659
  
Erie Indemnity Co. - Class A
  
1
    
   359
  
Everest Group Ltd.
  
3
    
   1,042
  
Globe Life, Inc.
  
5
    
   609
  
Hartford Insurance Group, Inc.
  
19
    
   2,467
  
Loews Corp.
  
11
    
   982
  
Marsh & McLennan Cos., Inc.
  
29
    
   6,776
  
MetLife, Inc.
  
37
    
   2,907
  
Principal Financial Group, Inc.
  
13
    
   1,013
  
Progressive Corp.
  
38
    
   10,827
  
Prudential Financial, Inc.
  
23
    
   2,390
  
Travelers Cos., Inc.
  
14
    
   3,860
  
W R Berkley Corp.
  
20
    
   1,494
  
Willis Towers Watson PLC
  
7
    
   2,216
  
         
   70,423
  
               
Interactive Media & Services - 3.8%
      
Alphabet, Inc. - Class A
  
161
    
   27,650
  
Alphabet, Inc. - Class C
  
131
    
   22,644
  
Match Group, Inc.
  
13
    
   389
  
Meta Platforms, Inc. - Class A
  
73
    
   47,267
  
         
   97,950
  
               
IT Services - 1.5%
      
Accenture PLC - Class A
  
43
    
   13,623
  
Akamai Technologies, Inc. (a)
  
9
    
   684
  
Cognizant Technology Solutions Corp. - Class A
  
31
    
   2,511
  
EPAM Systems, Inc. (a)
  
3
    
   524
  
Gartner, Inc. (a)
  
5
    
   2,182
  
GoDaddy, Inc. - Class A (a)
  
9
    
   1,639
  
International Business Machines Corp.
  
65
    
   16,839
  
VeriSign, Inc.
  
5
    
   1,362
  
         
   39,364
  
               
Leisure Products - 0.0%(b)
      
Hasbro, Inc.
  
7
    
   467
  
               
Life Sciences Tools & Services - 1.1%
      
Agilent Technologies, Inc.
  
19
    
   2,126
  
Bio-Techne Corp.
  
9
    
   436
  
Charles River Laboratories International, Inc. (a)
  
3
    
   407
  
Danaher Corp.
  
40
    
   7,596
  
IQVIA Holdings, Inc. (a)
  
11
    
   1,544
  
Mettler-Toledo International, Inc. (a)
  
1
    
   1,156
  
Revvity, Inc.
  
7
    
   633
  
Thermo Fisher Scientific, Inc.
  
27
    
   10,876
  
Waters Corp. (a)
  
4
    
   1,397
  
West Pharmaceutical Services, Inc.
  
5
    
   1,054
  
         
   27,225
  
               
Machinery - 1.9%
      
Caterpillar, Inc.
  
30
    
   10,441
  
Cummins, Inc.
  
9
    
   2,893
  
Deere & Co.
  
15
    
   7,594
  
Dover Corp.
  
9
    
   1,600
  
Fortive Corp.
  
23
    
   1,614
  
IDEX Corp.
  
5
    
   905
  
Illinois Tool Works, Inc.
  
17
    
   4,166
  
Ingersoll Rand, Inc.
  
27
    
   2,204
  
Nordson Corp.
  
3
    
   636
  
Otis Worldwide Corp.
  
25
    
   2,384
  
PACCAR, Inc.
  
32
    
   3,003
  
Parker-Hannifin Corp.
  
8
    
   5,318
  
Pentair PLC
  
10
    
   992
  
Snap-on, Inc.
  
3
    
   962
  
Stanley Black & Decker, Inc.
  
9
    
   589
  
Westinghouse Air Brake Technologies Corp.
  
11
    
   2,225
  
Xylem, Inc.
  
16
    
   2,017
  
         
   49,543
  
               
Media - 0.6%
      
Charter Communications, Inc. - Class A (a)
  
6
    
   2,378
  
Comcast Corp. - Class A
  
232
    
   8,020
  
Fox Corp. - Class A
  
14
    
   769
  
Fox Corp. - Class B
  
8
    
   402
  
Interpublic Group of Cos., Inc.
  
22
    
   527
  
News Corp. - Class A
  
23
    
   649
  
News Corp. - Class B
  
7
    
   229
  
Omnicom Group, Inc.
  
13
    
   955
  
Paramount Global - Class B
  
27
    
   327
  
         
   14,256
  
               
Metals & Mining - 0.4%
      
Freeport-McMoRan, Inc.
  
92
    
   3,540
  
Newmont Corp.
  
73
    
   3,848
  
Nucor Corp.
  
16
    
   1,750
  
Steel Dynamics, Inc.
  
9
    
   1,108
  
         
   10,246
  
               
Multi-Utilities - 0.8%
      
Ameren Corp.
  
18
    
   1,744
  
CenterPoint Energy, Inc.
  
44
    
   1,639
  
CMS Energy Corp.
  
20
    
   1,405
  
Consolidated Edison, Inc.
  
22
    
   2,299
  
Dominion Energy, Inc.
  
54
    
   3,060
  
DTE Energy Co.
  
14
    
   1,913
  
NiSource, Inc.
  
30
    
   1,186
  
Public Service Enterprise Group, Inc.
  
31
    
   2,512
  
Sempra
  
41
    
   3,222
  
WEC Energy Group, Inc.
  
21
    
   2,256
  
         
   21,236
  
               
Oil, Gas & Consumable Fuels - 3.5%
      
APA Corp.
  
17
    
   289
  
Chevron Corp.
  
121
    
   16,541
  
ConocoPhillips
  
75
    
   6,401
  
Coterra Energy, Inc.
  
48
    
   1,167
  
Devon Energy Corp.
  
44
    
   1,331
  
Diamondback Energy, Inc.
  
12
    
   1,615
  
EOG Resources, Inc.
  
36
    
   3,909
  
EQT Corp.
  
40
    
   2,205
  
Expand Energy Corp.
  
14
    
   1,626
  
Exxon Mobil Corp.
  
258
    
   26,393
  
Hess Corp.
  
18
    
   2,379
  
Kinder Morgan, Inc.
  
121
    
   3,393
  
Marathon Petroleum Corp.
  
21
    
   3,376
  
Occidental Petroleum Corp.
  
46
    
   1,876
  
ONEOK, Inc.
  
39
    
   3,153
  
Phillips 66
  
26
    
   2,950
  
Targa Resources Corp.
  
14
    
   2,211
  
Texas Pacific Land Corp.
  
1
    
   1,114
  
Valero Energy Corp.
  
20
    
   2,579
  
Williams Cos., Inc.
  
78
    
   4,720
  
         
   89,228
  
               
Passenger Airlines - 0.2%
      
Delta Air Lines, Inc.
  
43
    
   2,081
  
Southwest Airlines Co.
  
38
    
   1,268
  
United Airlines Holdings, Inc. (a)
  
22
    
   1,748
  
         
   5,097
  
               
Personal Care Products - 0.2%
      
Estee Lauder Cos., Inc. - Class A
  
15
    
   1,004
  
Kenvue, Inc.
  
124
    
   2,960
  
         
   3,964
  
               
Pharmaceuticals - 3.3%
      
Bristol-Myers Squibb Co.
  
118
    
   5,697
  
Eli Lilly & Co.
  
39
    
   28,769
  
Johnson & Johnson
  
141
    
   21,885
  
Merck & Co., Inc.
  
185
    
   14,215
  
Pfizer, Inc.
  
358
    
   8,409
  
Viatris, Inc.
  
72
    
   633
  
Zoetis, Inc.
  
28
    
   4,722
  
         
   84,330
  
               
Professional Services - 0.8%
      
Amentum Holdings, Inc. (a)
  
0(c)
    
   10
  
Automatic Data Processing, Inc.
  
23
    
   7,487
  
Broadridge Financial Solutions, Inc.
  
8
    
   1,943
  
Dayforce, Inc. (a)
  
9
    
   532
  
Equifax, Inc.
  
8
    
   2,114
  
Jacobs Solutions, Inc.
  
8
    
   1,010
  
Leidos Holdings, Inc.
  
8
    
   1,188
  
Paychex, Inc.
  
21
    
   3,316
  
Paycom Software, Inc.
  
3
    
   777
  
Verisk Analytics, Inc.
  
9
    
   2,827
  
         
   21,204
  
               
Real Estate Management & Development - 0.2%
      
CBRE Group, Inc. - Class A (a)
  
19
    
   2,375
  
CoStar Group, Inc. (a)
  
28
    
   2,060
  
         
   4,435
  
               
Semiconductors & Semiconductor Equipment - 8.3%
      
Advanced Micro Devices, Inc. (a)
  
104
    
   11,516
  
Analog Devices, Inc.
  
30
    
   6,419
  
Applied Materials, Inc.
  
48
    
   7,524
  
Broadcom, Inc.
  
195
    
   47,204
  
Enphase Energy, Inc. (a)
  
7
    
   290
  
First Solar, Inc. (a)
  
7
    
   1,107
  
Intel Corp.
  
264
    
   5,161
  
KLA Corp.
  
8
    
   6,055
  
Lam Research Corp.
  
77
    
   6,221
  
Microchip Technology, Inc.
  
35
    
   2,031
  
Micron Technology, Inc.
  
65
    
   6,140
  
Monolithic Power Systems, Inc.
  
3
    
   1,986
  
NVIDIA Corp.
  
637
    
   86,078
  
NXP Semiconductors NV
  
16
    
   3,058
  
ON Semiconductor Corp. (a)
  
27
    
   1,135
  
QUALCOMM, Inc.
  
77
    
   11,180
  
Skyworks Solutions, Inc.
  
10
    
   690
  
Teradyne, Inc.
  
10
    
   786
  
Texas Instruments, Inc.
  
57
    
   10,422
  
         
   215,003
  
               
Software - 8.4%
      
Adobe, Inc. (a)
  
29
    
   12,038
  
ANSYS, Inc. (a)
  
6
    
   1,985
  
Autodesk, Inc. (a)
  
14
    
   4,146
  
Cadence Design Systems, Inc. (a)
  
17
    
   4,880
  
Crowdstrike Holdings, Inc. - Class A (a)
  
15
    
   7,070
  
Fair Isaac Corp. (a)
  
2
    
   3,453
  
Fortinet, Inc. (a)
  
40
    
   4,071
  
Gen Digital, Inc.
  
34
    
   968
  
Intuit, Inc.
  
18
    
   13,562
  
Microsoft Corp.
  
147
    
   67,673
  
Oracle Corp.
  
124
    
   20,526
  
Palantir Technologies, Inc. - Class A (a)
  
146
    
   19,240
  
Palo Alto Networks, Inc. (a)
  
38
    
   7,312
  
PTC, Inc. (a)
  
8
    
   1,347
  
Roper Technologies, Inc.
  
7
    
   3,992
  
Salesforce, Inc.
  
69
    
   18,310
  
ServiceNow, Inc. (a)
  
15
    
   15,166
  
Synopsys, Inc. (a)
  
10
    
   4,640
  
Tyler Technologies, Inc. (a)
  
3
    
   1,731
  
Workday, Inc. - Class A (a)
  
13
    
   3,220
  
         
   215,330
  
               
Specialty Retail - 2.2%
      
AutoZone, Inc. (a)
  
1
    
   3,733
  
Best Buy Co., Inc.
  
12
    
   795
  
CarMax, Inc. (a)
  
9
    
   580
  
Home Depot, Inc.
  
60
    
   22,098
  
Lowe's Cos., Inc.
  
34
    
   7,675
  
O'Reilly Automotive, Inc. (a)
  
4
    
   5,470
  
Ross Stores, Inc.
  
21
    
   2,942
  
TJX Cos., Inc.
  
69
    
   8,756
  
Tractor Supply Co.
  
35
    
   1,694
  
Ulta Beauty, Inc. (a)
  
3
    
   1,414
  
Williams-Sonoma, Inc.
  
8
    
   1,294
  
         
   56,451
  
               
Technology Hardware, Storage & Peripherals - 3.9%
      
Apple, Inc.
  
453
    
   90,985
  
Dell Technologies, Inc. - Class C
  
21
    
   2,337
  
Hewlett Packard Enterprise Co.
  
86
    
   1,486
  
HP, Inc.
  
62
    
   1,544
  
NetApp, Inc.
  
13
    
   1,289
  
Seagate Technology Holdings PLC
  
14
    
   1,651
  
Super Micro Computer, Inc. (a)
  
33
    
   1,321
  
Western Digital Corp. (a)
  
22
    
   1,134
  
         
   101,747
  
               
Textiles, Apparel & Luxury Goods - 0.4%
      
Deckers Outdoor Corp. (a)
  
10
    
   1,055
  
Lululemon Athletica, Inc. (a)
  
7
    
   2,217
  
NIKE, Inc. - Class B
  
72
    
   4,362
  
Ralph Lauren Corp.
  
2
    
   554
  
Tapestry, Inc.
  
13
    
   1,021
  
         
   9,209
  
               
Tobacco - 1.0%
      
Altria Group, Inc.
  
102
    
   6,182
  
Philip Morris International, Inc.
  
112
    
   20,226
  
         
   26,408
  
               
Trading Companies & Distributors - 0.4%
      
Fastenal Co.
  
74
    
   3,059
  
United Rentals, Inc.
  
4
    
   2,833
  
WW Grainger, Inc.
  
3
    
   3,263
  
         
   9,155
  
               
Water Utilities - 0.1%
      
American Water Works Co., Inc.
  
13
    
   1,859
  
               
Wireless Telecommunication Services - 0.3%
      
T-Mobile US, Inc.
  
29
    
   7,024
  
TOTAL COMMON STOCKS (Cost $2,407,701)
    
   2,503,518
  
               
REAL ESTATE INVESTMENT TRUSTS - 2.5%
  
Shares
    
Value  
  
Health Care REITs - 0.4%
      
Alexandria Real Estate Equities, Inc.
  
10
    
   702
  
Healthpeak Properties, Inc.
  
43
    
   749
  
Ventas, Inc.
  
29
    
   1,864
  
Welltower, Inc.
  
37
    
   5,708
  
         
   9,023
  
               
Hotel & Resort REITs - 0.0%(b)
      
Host Hotels & Resorts, Inc.
  
40
    
   619
  
               
Industrial REITs - 0.2%
      
Prologis, Inc.
  
56
    
   6,082
  
               
Office REITs - 0.0%(b)
      
BXP, Inc.
  
8
    
   539
  
               
Residential REITs - 0.4%
      
AvalonBay Communities, Inc.
  
9
    
   1,861
  
Camden Property Trust
  
7
    
   822
  
Equity Residential
  
23
    
   1,613
  
Essex Property Trust, Inc.
  
4
    
   1,136
  
Invitation Homes, Inc.
  
37
    
   1,247
  
Mid-America Apartment Communities, Inc.
  
8
    
   1,253
  
UDR, Inc.
  
18
    
   746
  
         
   8,678
  
               
Retail REITs - 0.3%
      
Federal Realty Investment Trust
  
4
    
   382
  
Kimco Realty Corp.
  
41
    
   872
  
Realty Income Corp.
  
56
    
   3,171
  
Regency Centers Corp.
  
10
    
   721
  
Simon Property Group, Inc.
  
20
    
   3,261
  
         
   8,407
  
               
Specialized REITs - 1.2%
      
American Tower Corp.
  
28
    
   6,010
  
Crown Castle, Inc.
  
28
    
   2,810
  
Digital Realty Trust, Inc.
  
21
    
   3,602
  
Equinix, Inc.
  
6
    
   5,333
  
Extra Space Storage, Inc.
  
14
    
   2,116
  
Iron Mountain, Inc.
  
19
    
   1,875
  
Public Storage
  
10
    
   3,084
  
SBA Communications Corp.
  
7
    
   1,623
  
VICI Properties, Inc.
  
70
    
   2,220
  
Weyerhaeuser Co.
  
47
    
   1,218
  
         
   29,891
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $63,316)
    
   63,239
  
               
SHORT-TERM INVESTMENTS - 0.2%
Shares
    
Value  
  
Money Market Funds - 0.2%
        
 
  
First American Treasury Obligations Fund - Class X, 4.23% (d)
  
6,050
    
   6,050
  
TOTAL SHORT-TERM INVESTMENTS (Cost $6,050)
    
   6,050
  
               
TOTAL INVESTMENTS - 99.9% (Cost $2,477,067)
   $
 2,572,807
  
Other Assets in Excess of Liabilities - 0.1%
    
2,706
  
TOTAL NET ASSETS - 100.0%
    
 
   $
 2,575,513
  
two
  
–%
  

Percentages are stated as a percent of net assets.
 
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
 

PLC - Public Limited Company
REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
(c)
Rounds to zero.
(d)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.
Tema ETF Trust
Tema S&P 500® Historical Weight ETF Strategy
Notes to Quarterly Schedule of Investments
May 31, 2025 (Unaudited)

Investment Valuation
The Fund discloses the fair value of their investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund’s (observable inputs) and (2) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

• Level 1 — Quoted prices in active markets for identical assets that the Fund’s have the ability to access.
• Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of May 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
2,503,518
    
$
–
    
$
–
    
$
2,503,518
  
  Real Estate Investment Trusts
    
63,239
      
–
      
–
      
63,239
  
  Money Market Funds
    
6,050
      
–
      
–
      
6,050
  
Total Investments
  
$
2,572,807
    
$
–
    
$
–
    
$
2,572,807
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   

Allocation of Portfolio Holdings by Country as of May 31, 2025
        
(% of Net Assets)
        
United States
  
$
2,507,436
      
97.5
%
Ireland
    
39,272
      
1.4
  
Switzerland
    
9,361
      
0.4
  
United Kingdom
    
8,045
      
0.3
  
Bermuda
    
3,418
      
0.1
  
Netherlands
    
3,058
      
0.1
  
Canada
    
2,217
      
0.1
  
Other Assets in Excess of Liabilities
    
2,706
      
0.1
  
   
$
2,575,513
      
100.0
%

Sector Classification as of May 31, 2025
        
                                     (% of Net Assets)
            
Information Technology
  
$
622,278
      
24.1
%
Financials
    
419,720
      
16.1
  
Health Care
    
296,263
      
11.6
  
Industrials
    
274,942
      
10.6
  
Consumer Discretionary
    
254,859
      
9.9
  
Communication Services
    
200,898
      
7.9
  
Consumer Staples
    
191,108
      
7.4
  
Energy
    
95,657
      
3.7
  
Utilities
    
79,718
      
3.2
  
Real Estate
    
67,674
      
2.7
  
Materials
    
63,640
      
2.5
  
Money Market Funds
    
6,050
      
0.2
  
Other Assets in Excess of Liabilities
    
2,706
      
0.1
  
     
2,575,513
      
100.0
%