Tema Monopolies and Oligopolies ETF
 
Schedule of Investments
 
May 31, 2025 (Unaudited)
 
   
COMMON STOCKS - 98.9%
 
Shares
   
Value
 
Aerospace & Defense - 8.1%
       
Airbus SE
   
4,806
   
$
884,464
 
General Electric Co.
   
14,746
     
3,626,189
 
             
4,510,653
 
                 
Biotechnology - 3.9%
         
Gilead Sciences, Inc.
   
11,501
     
1,266,030
 
Vertex Pharmaceuticals, Inc. (a)
   
2,083
     
920,790
 
             
2,186,820
 
                 
Capital Markets - 18.4%
         
Cboe Global Markets, Inc.
   
4,827
     
1,105,962
 
CME Group, Inc.
   
6,720
     
1,942,080
 
Intercontinental Exchange, Inc.
   
11,361
     
2,042,708
 
Moody's Corp.
   
3,769
     
1,806,557
 
MSCI, Inc.
   
3,045
     
1,717,441
 
S&P Global, Inc.
   
3,302
     
1,693,464
 
             
10,308,212
 
                 
Chemicals - 3.0%
         
Sherwin-Williams Co.
   
4,719
     
1,693,225
 
                 
Commercial Services & Supplies - 2.9%
         
Copart, Inc. (a)
   
31,584
     
1,625,944
 
                 
Construction & Engineering - 3.6%
         
Ferrovial SE
   
39,987
     
2,035,877
 
                 
Construction Materials - 1.8%
         
Vulcan Materials Co.
   
3,729
     
988,446
 
                 
Consumer Staples Distribution & Retail - 5.6%
         
Performance Food Group Co. (a)
   
22,141
     
1,982,948
 
US Foods Holding Corp. (a)
   
14,549
     
1,151,117
 
             
3,134,065
 
                 
Electric Utilities - 0.9%
         
Entergy Corp.
   
6,207
     
516,919
 
                 
Electronic Equipment, Instruments & Components - 0.5%
         
Keysight Technologies, Inc. (a)
   
1,711
     
268,696
 
                 
Financial Services - 6.1%
         
Visa, Inc. - Class A
   
9,427
     
3,442,646
 
                 
Ground Transportation - 4.4%
         
Canadian National Railway Co.
   
9,442
     
990,843
 
Canadian Pacific Kansas City Ltd.
   
17,829
     
1,455,738
 
             
2,446,581
 
                 
Health Care Equipment & Supplies - 3.7%
         
Align Technology, Inc. (a)
   
4,009
     
725,388
 
Becton Dickinson & Co.
   
2,364
     
408,003
 
IDEXX Laboratories, Inc. (a)
   
1,869
     
959,470
 
             
2,092,861
 
                 
Health Care Providers & Services - 1.5%
         
Elevance Health, Inc.
   
2,251
     
864,024
 
                 
Household Products - 1.4%
         
Church & Dwight Co., Inc.
   
7,748
     
761,706
 
                 
Insurance - 2.6%
         
Aon PLC - Class A
   
3,881
     
1,444,043
 
                 
Life Sciences Tools & Services - 4.1%
         
Thermo Fisher Scientific, Inc.
   
3,168
     
1,276,134
 
Waters Corp. (a)
   
2,952
     
1,030,956
 
             
2,307,090
 
                 
Machinery - 3.8%
         
Deere & Co.
   
2,509
     
1,270,206
 
Donaldson Co., Inc.
   
12,440
     
865,202
 
             
2,135,408
 
                 
Semiconductors & Semiconductor Equipment - 7.2%
         
Analog Devices, Inc.
   
4,259
     
911,341
 
KLA Corp.
   
1,905
     
1,441,856
 
Lam Research Corp.
   
14,066
     
1,136,392
 
ON Semiconductor Corp. (a)
   
12,701
     
533,696
 
             
4,023,285
 
                 
Software - 11.1%
         
Fair Isaac Corp. (a)
   
901
     
1,555,378
 
Fortinet, Inc. (a)
   
11,063
     
1,125,992
 
Intuit, Inc.
   
3,662
     
2,759,207
 
Synopsys, Inc. (a)
   
1,612
     
747,936
 
             
6,188,513
 
                 
Specialty Retail - 2.0%
         
Lowe's Cos., Inc.
   
5,046
     
1,139,034
 
                 
Transportation Infrastructure - 2.3%
         
Aena SME SA (b)
   
4,722
     
1,270,695
 
TOTAL COMMON STOCKS (Cost $50,147,510)
     
55,384,743
 
                 
SHORT-TERM INVESTMENTS - 1.1%
 
Shares
   
Value
 
Money Market Funds - 1.1%
               
First American Treasury Obligations Fund - Class X, 4.23% (c)
   
613,788
     
613,788
 
TOTAL SHORT-TERM INVESTMENTS (Cost $613,788)
     
613,788
 
                 
TOTAL INVESTMENTS - 100.0% (Cost $50,761,298)
   
$
55,998,531
 
Other Assets in Excess of Liabilities - 0.0% (d)
     
21,859
 
TOTAL NET ASSETS - 100.0%
         
$
56,020,390
 
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

(a)
Non-income producing security.
(b)
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 $1,270,695 or 2.3% of the Fund’s net assets.
(c)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.
(d)
Represents less than 0.05% of net assets.

Tema ETF Trust
Tema Monopolies and Oligopolies 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
 
$
55,384,743
   
$
   
$
   
$
55,384,743
 
  Money Market Funds
   
613,788
     
     
     
613,788
 
Total Investments
 
$
55,998,531
   
$
   
$
   
$
55,998,531
 
   
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
 
$
47,916,871
     
85.5
%
Canada
   
2,446,581
     
4.4
 
Netherlands
   
2,035,877
     
3.6
 
United Kingdom
   
1,444,043
     
2.6
 
Spain
   
1,270,695
     
2.3
 
France
   
884,464
     
1.6
 
Other Assets in Excess of Liabilities
   
21,859
     
0.0
(a) 
   
$
56,020,390
     
100.0
%

(a)
Represents less than 0.05% of net assets.

Sector Classification as of May 31, 2025
       
                                    (% of Net Assets)
           
Financials
 
$
15,194,901
     
27.1
%
Industrials
   
14,025,158
     
25.1
 
Information Technology
   
10,480,494
     
18.8
 
Health Care
   
7,450,795
     
13.2
 
Consumer Staples
   
3,895,771
     
7.0
 
Materials
   
2,681,671
     
4.8
 
Consumer Discretionary
   
1,139,034
     
2.0
 
Utilities
   
516,919
     
0.9
 
Money Market Funds
   
613,788
     
1.1
 
Other Assets in Excess of Liabilities
   
21,859
     
0.0
(a) 
     
56,020,390
     
100.0
%

(a)
Represents less than 0.05% of net assets.