Tema GLP-1, Obesity & Cardiometabolic ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.1%
  
Shares
    
Value
 
Biotechnology - 34.7%(a)
        
AbbVie, Inc.
    
6,333
    
$
1,178,635
  
Akero Therapeutics, Inc. (b)
    
10,695
      
531,007
  
Alnylam Pharmaceuticals, Inc. (b)
    
3,463
      
1,054,691
  
Amgen, Inc.
    
3,248
      
936,009
  
Arrowhead Pharmaceuticals, Inc. (b)
    
36,943
      
593,674
  
Ascendis Pharma AS - ADR (b)
    
4,254
      
692,721
  
Bridgebio Pharma, Inc. (b)
    
47,911
      
1,640,952
  
Crinetics Pharmaceuticals, Inc. (b)
    
47,059
      
1,435,770
  
Cytokinetics, Inc. (b)
    
25,068
      
777,609
  
Gilead Sciences, Inc.
    
15,162
      
1,669,033
  
Insmed, Inc. (b)
    
10,282
      
716,964
  
Intellia Therapeutics, Inc. (b)
    
17,112
      
117,559
  
Ionis Pharmaceuticals, Inc. (b)
    
20,731
      
694,696
  
Madrigal Pharmaceuticals, Inc. (b)
    
1,881
      
517,764
  
Mereo Biopharma Group PLC - ADR (b)
    
115,837
      
249,049
  
Metsera, Inc. (b)
    
5,669
      
151,476
  
Mirum Pharmaceuticals, Inc. (b)
    
10,387
      
461,806
  
Regeneron Pharmaceuticals, Inc.
    
2,018
      
989,385
  
Rocket Pharmaceuticals, Inc. (b)
    
33,462
      
83,990
  
Scholar Rock Holding Corp. (b)
    
10,773
      
312,525
  
Vertex Pharmaceuticals, Inc. (b)
    
3,783
      
1,672,275
  
Viking Therapeutics, Inc. (b)
    
20,635
      
553,018
  
Zealand Pharma AS (b)
    
11,192
      
772,537
  
             
17,803,145
  
                 
Health Care Equipment & Supplies - 18.9%
          
Abbott Laboratories
    
18,097
      
2,417,397
  
Boston Scientific Corp. (b)
    
17,985
      
1,893,101
  
Dexcom, Inc. (b)
    
9,552
      
819,562
  
Edwards Lifesciences Corp. (b)
    
15,023
      
1,175,099
  
Insulet Corp. (b)
    
3,754
      
1,220,163
  
Masimo Corp. (b)
    
4,125
      
670,312
  
Medtronic PLC
    
18,298
      
1,518,368
  
             
9,714,002
  
                 
Health Care Providers & Services - 5.7%
          
McKesson Corp.
    
1,441
      
1,036,814
  
UnitedHealth Group, Inc.
    
6,341
      
1,914,411
  
             
2,951,225
  
                 
Life Sciences Tools & Services - 5.9%
          
Danaher Corp.
    
5,413
      
1,027,929
  
Gubra AS (b)
    
3,858
      
228,779
  
Thermo Fisher Scientific, Inc.
    
3,353
      
1,350,655
  
West Pharmaceutical Services, Inc.
    
2,060
      
434,351
  
             
3,041,714
  
                 
Pharmaceuticals - 33.9%(a)
          
AstraZeneca PLC
    
15,445
      
2,230,806
  
Bristol-Myers Squibb Co.
    
23,314
      
1,125,600
  
Chugai Pharmaceutical Co. Ltd.
    
24,261
      
1,278,510
  
Eli Lilly & Co.
    
6,697
      
4,940,176
  
Merck & Co., Inc.
    
16,395
      
1,259,792
  
Novartis AG
    
14,322
      
1,636,328
  
Novo Nordisk AS
    
34,163
      
2,358,911
  
Roche Holding AG - ADR
    
50,982
      
2,054,574
  
Structure Therapeutics, Inc. - ADR (b)
    
23,904
      
520,151
  
             
17,404,848
  
TOTAL COMMON STOCKS (Cost $55,126,352)
      
50,914,934
  
                 
SHORT-TERM INVESTMENTS - 1.2%
  
Shares
    
Value
 
Money Market Funds - 1.2%
                
First American Treasury Obligations Fund - Class X, 4.23% (c)
    
598,897
      
598,897
  
TOTAL SHORT-TERM INVESTMENTS (Cost $598,897)
      
598,897
  
                 
TOTAL INVESTMENTS - 100.3% (Cost $55,725,249)
    
$
51,513,831
  
Liabilities in Excess of Other Assets - (0.3)%
      
(178,986
)
TOTAL NET ASSETS - 100.0%
          
$
51,334,845
  
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.
  

ADR - American Depositary Receipt
PLC - Public Limited Company

(a)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)
Non-income producing security.
(c)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.
Tema ETF Trust
Tema GLP-1, Obesity & Cardiometabolic ETF
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
  
$
50,914,934
    
$
–
    
$
–
    
$
50,914,934
  
  Money Market Funds
    
598,897
      
–
      
–
      
598,897
  
Total Investments
  
$
51,513,831
    
$
–
    
$
–
    
$
51,513,831
  
   
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
  
$
38,493,248
      
75.1
%
Denmark
    
4,052,948
      
7.8
  
Switzerland
    
3,690,902
      
7.2
  
United Kingdom
    
2,479,855
      
4.8
  
Ireland
    
1,518,368
      
2.9
  
Japan
    
1,278,510
      
2.5
  
Liabilities in Excess of Other Assets
    
(178,986
)
    
(0.3
)
   
$
51,334,845
      
100.0
%

Sector Classification as of May 31, 2025
        
                                     (% of Net Assets)
            
Health Care
  
$
50,914,934
      
99.1
%
Money Market Funds
    
598,897
      
1.2
  
Liabilities in Excess of Other Assets
    
(178,986
)
    
(0.3
)
     
51,334,845
      
100.0
%