Tema Neuroscience and Mental Health ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 97.6%
  
Shares
    
Value
 
Biotechnology - 65.0%(a)
        
ACADIA Pharmaceuticals, Inc. (b)
    
10,596
    
$
228,556
  
Alkermes PLC (b)
    
5,940
      
181,824
  
Alnylam Pharmaceuticals, Inc. (b)
    
1,982
      
603,638
  
Argenx SE - ADR (b)
    
890
      
510,201
  
Avidity Biosciences, Inc. (b)
    
5,392
      
167,044
  
Biogen, Inc. (b)
    
2,501
      
324,605
  
Biohaven Ltd. (b)
    
3,831
      
56,737
  
Catalyst Pharmaceuticals, Inc. (b)
    
11,352
      
283,346
  
Crinetics Pharmaceuticals, Inc. (b)
    
13,066
      
398,644
  
Day One Biopharmaceuticals, Inc. (b)
    
11,305
      
72,126
  
Denali Therapeutics, Inc. (b)
    
15,174
      
200,904
  
Dyne Therapeutics, Inc. (b)
    
4,717
      
56,415
  
Immunovant, Inc. (b)
    
5,866
      
87,110
  
Intellia Therapeutics, Inc. (b)
    
7,677
      
52,741
  
Ionis Pharmaceuticals, Inc. (b)
    
8,318
      
278,736
  
Neurocrine Biosciences, Inc. (b)
    
3,904
      
480,270
  
Praxis Precision Medicines, Inc. (b)
    
1,055
      
40,670
  
Prothena Corp. PLC (b)
    
6,351
      
29,151
  
PTC Therapeutics, Inc. (b)
    
3,124
      
151,577
  
Regeneron Pharmaceuticals, Inc.
    
1,284
      
629,520
  
Sarepta Therapeutics, Inc. (b)
    
1,943
      
73,057
  
Scholar Rock Holding Corp. (b)
    
4,836
      
140,292
  
Solid Biosciences, Inc. (b)
    
8,649
      
27,763
  
Vertex Pharmaceuticals, Inc. (b)
    
2,298
      
1,015,831
  
Voyager Therapeutics, Inc. (b)
    
14,960
      
40,990
  
Xenon Pharmaceuticals, Inc. (b)
    
6,111
      
176,302
  
             
6,308,050
  
                 
Health Care Equipment & Supplies - 11.8%
          
Dexcom, Inc. (b)
    
2,231
      
191,420
  
Medtronic PLC
    
2,976
      
246,948
  
Penumbra, Inc. (b)
    
617
      
164,721
  
Siemens Healthineers AG (c)
    
2,495
      
131,958
  
Stryker Corp.
    
798
      
305,347
  
Sysmex Corp.
    
6,108
      
103,254
  
             
1,143,648
  
                 
Health Care Providers & Services - 3.2%
          
Acadia Healthcare Co., Inc. (b)
    
2,596
      
58,773
  
Option Care Health, Inc. (b)
    
4,975
      
162,583
  
Talkspace, Inc. (b)
    
27,834
      
88,791
  
             
310,147
  
                 
Pharmaceuticals - 17.6%
          
Arvinas, Inc. (b)
    
2,074
      
14,933
  
Axsome Therapeutics, Inc. (b)
    
2,327
      
244,707
  
Eisai Co. Ltd.
    
2,036
      
58,592
  
Eli Lilly & Co.
    
547
      
403,505
  
Jazz Pharmaceuticals PLC (b)
    
1,672
      
180,693
  
Orion Oyj - Class B
    
1,440
      
97,694
  
Rapport Therapeutics, Inc. (b)
    
1,499
      
12,397
  
Teva Pharmaceutical Industries Ltd. - ADR (b)
    
28,861
      
484,287
  
UCB SA
    
1,193
      
216,599
  
             
1,713,407
  
TOTAL COMMON STOCKS (Cost $10,930,633)
      
9,475,252
  
                 
SHORT-TERM INVESTMENTS - 2.3%
  
Shares
    
Value
 
Money Market Funds - 2.3%
                
First American Treasury Obligations Fund - Class X, 4.23% (d)
    
220,990
      
220,990
  
TOTAL SHORT-TERM INVESTMENTS (Cost $220,990)
      
220,990
  
                 
TOTAL INVESTMENTS - 99.9% (Cost $11,151,623)
      
9,696,242
  
Other Assets in Excess of Liabilities - 0.1%
      
14,353
  
TOTAL NET ASSETS - 100.0%
          
$
9,710,595
  
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)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2025, the value of these securities total $131,958 or 1.4% of the Fund’s net assets.
(d)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.
Tema ETF Trust
Tema Neuroscience and Mental Health 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
  
$
9,475,252
    
$
–
    
$
–
    
$
9,475,252
  
  Money Market Funds
    
220,990
      
–
      
–
      
220,990
  
Total Investments
  
$
9,696,242
    
$
–
    
$
–
    
$
9,696,242
  
   
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
  
$
7,278,739
      
74.9
%
Ireland
    
638,616
      
6.6
  
Netherlands
    
510,201
      
5.3
  
Israel
    
484,287
      
5.0
  
Belgium
    
216,599
      
2.2
  
Canada
    
176,302
      
1.8
  
Japan
    
161,846
      
1.7
  
Germany
    
131,958
      
1.4
  
Finland
    
97,694
      
1.0
  
Other Assets in Excess of Liabilities
    
14,353
      
0.1
  
   
$
9,710,595
      
100.0
%

Sector Classification as of May 31, 2025
        
                                    (% of Net Assets)
            
Health Care
  
$
9,475,252
      
97.6
%
Money Market Funds
    
220,990
      
2.3
  
Other Assets in Excess of Liabilities
    
14,353
      
0.1
  
     
9,710,595
      
100.0
%