Tema American Reshoring ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.0%
  
Shares
    
Value
 
Chemicals - 6.6%
        
Air Liquide SA
    
20,736
    
$
4,294,542
  
Linde PLC
    
11,191
      
5,232,688
  
             
9,527,230
  
                 
Commercial Services & Supplies - 4.6%
          
Clean Harbors, Inc. (a)
    
22,133
      
5,019,543
  
GFL Environmental, Inc.
    
30,422
      
1,534,182
  
             
6,553,725
  
                 
Construction & Engineering - 5.1%
          
API Group Corp. (a)
    
157,373
      
7,344,598
  
                 
Construction Materials - 8.5%
          
CRH PLC
    
67,992
      
6,198,151
  
Vulcan Materials Co.
    
22,753
      
6,031,137
  
             
12,229,288
  
                 
Electrical Equipment - 15.3%
          
ABB Ltd.
    
79,488
      
4,494,984
  
Eaton Corp. PLC
    
17,857
      
5,717,811
  
Emerson Electric Co.
    
25,013
      
2,986,052
  
Rockwell Automation, Inc.
    
27,714
      
8,745,153
  
             
21,944,000
  
                 
Electronic Equipment, Instruments & Components - 4.5%
          
Cognex Corp.
    
217,017
      
6,503,999
  
                 
Hotels, Restaurants & Leisure - 2.0%
          
Compass Group PLC
    
83,751
      
2,939,522
  
                 
Industrial Conglomerates - 1.6%
          
Honeywell International, Inc.
    
9,958
      
2,257,180
  
                 
Life Sciences Tools & Services - 4.7%
          
Lonza Group AG
    
9,665
      
6,684,469
  
                 
Machinery - 26.5%(b)
          
Atmus Filtration Technologies, Inc.
    
77,289
      
2,783,950
  
Caterpillar, Inc.
    
13,056
      
4,543,880
  
Ingersoll Rand, Inc.
    
66,867
      
5,459,022
  
Parker-Hannifin Corp.
    
9,780
      
6,500,766
  
SPX Technologies, Inc. (a)
    
39,936
      
6,073,866
  
Terex Corp.
    
135,232
      
6,086,792
  
Timken Co.
    
97,969
      
6,709,897
  
             
38,158,173
  
                 
Metals & Mining - 4.2%
          
ATI, Inc. (a)
    
76,032
      
6,055,188
  
                 
Semiconductors & Semiconductor Equipment - 2.2%
          
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
    
16,600
      
3,209,112
  
                 
Trading Companies & Distributors - 13.2%
          
Applied Industrial Technologies, Inc.
    
31,683
      
7,176,833
  
Fastenal Co.
    
169,628
      
7,012,422
  
Herc Holdings, Inc.
    
38,976
      
4,833,024
  
             
19,022,279
  
TOTAL COMMON STOCKS (Cost $143,508,082)
      
142,428,763
  
                 
SHORT-TERM INVESTMENTS - 0.9%
  
Shares
    
Value
 
Money Market Funds - 0.9%
                
First American Treasury Obligations Fund - Class X, 4.23% (c)
    
1,262,924
      
1,262,924
  
TOTAL SHORT-TERM INVESTMENTS (Cost $1,262,924)
      
1,262,924
  
                 
TOTAL INVESTMENTS - 99.9% (Cost $144,771,006)
    
$
143,691,687
  
Other Assets in Excess of Liabilities - 0.1%
      
80,337
  
TOTAL NET ASSETS - 100.0%
          
$
143,772,024
  
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)
Non-income producing security.
(b)
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.
(c)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.
Tema ETF Trust
Tema American Reshoring 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
  
$
142,428,763
    
$
–
    
$
–
    
$
142,428,763
  
  Money Market Funds
    
1,262,924
      
–
      
–
      
1,262,924
  
Total Investments
  
$
143,691,687
    
$
–
    
$
–
    
$
143,691,687
  
   
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
  
$
114,817,065
      
79.8
%
Switzerland
    
11,179,453
      
7.8
  
Ireland
    
5,717,811
      
4.0
  
France
    
4,294,542
      
3.0
  
Taiwan
    
3,209,112
      
2.2
  
United Kingdom
    
2,939,522
      
2.0
  
Canada
    
1,534,182
      
1.1
  
Other Assets in Excess of Liabilities
    
80,337
      
0.1
  
   
$
143,772,024
      
100.0
%

Sector Classification as of May 31, 2025
        
                                    (% of Net Assets)
            
Industrials
  
$
101,335,143
      
70.5
%
Materials
    
21,756,518
      
15.1
  
Information Technology
    
9,713,111
      
6.7
  
Health Care
    
6,684,469
      
4.7
  
Consumer Discretionary
    
2,939,522
      
2.0
  
Money Market Funds
    
1,262,924
      
0.9
  
Other Assets in Excess of Liabilities
    
80,337
      
0.1
  
     
143,772,024
      
100.0
%