Themes Airlines ETF
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.6%
  
Shares
    
Value
 
Industrial Services - 99.6%(a)
        
Air Canada (b)
    
3,465
    
$
53,613
  
Air France-KLM (b)
    
2,677
      
29,181
  
Alaska Air Group, Inc. (b)
    
686
      
33,943
  
Allegiant Travel Co. (b)
    
361
      
19,837
  
American Airlines Group, Inc. (b)
    
3,103
      
34,816
  
ANA Holdings, Inc.
    
1,900
      
37,240
  
Cathay Pacific Airways Ltd.
    
13,966
      
19,037
  
Copa Holdings SA - Class A
    
386
      
42,448
  
Delta Air Lines, Inc.
    
779
      
38,311
  
Deutsche Lufthansa AG
    
5,567
      
47,084
  
easyJet PLC
    
6,248
      
45,643
  
El Al Israel Airlines (b)
    
6,223
      
24,387
  
Exchange Income Corp.
    
980
      
45,144
  
Finnair Oyj
    
2,084
      
6,584
  
Frontier Group Holdings, Inc. (b)
    
1,465
      
5,318
  
International Consolidated Airlines Group SA
    
11,542
      
54,057
  
Japan Airlines Co. Ltd.
    
2,200
      
44,938
  
JetBlue Airways Corp. (b)
    
8,042
      
34,018
  
Norwegian Air Shuttle ASA (b)
    
16,846
      
24,393
  
Qantas Airways Ltd.
    
7,188
      
50,809
  
Ryanair Holdings PLC - ADR
    
837
      
48,270
  
Singapore Airlines Ltd.
    
7,774
      
42,615
  
Skymark Airlines, Inc.
    
600
      
2,062
  
SkyWest, Inc. (b)
    
382
      
39,335
  
Southwest Airlines Co.
    
1,208
      
39,187
  
Sun Country Airlines Holdings, Inc. (b)
    
796
      
9,353
  
United Airlines Holdings, Inc. (b)
    
487
      
38,780
  
Wizz Air Holdings PLC (b)(c)
    
1,775
      
26,557
  
             
936,960
  
TOTAL COMMON STOCKS (Cost $832,461)
      
936,960
  
                 
SHORT-TERM INVESTMENTS - 0.1%
          
Value
 
Money Market Funds - 0.1%
  
Shares
          
First American Treasury Obligations Fund - Class X, 4.24% (d)
    
850
      
850
  
TOTAL SHORT-TERM INVESTMENTS (Cost $850)
      
850
  
                 
TOTAL INVESTMENTS - 99.7% (Cost $833,311)
      
937,810
  
Other Assets in Excess of Liabilities - 0.3%
      
2,902
  
TOTAL NET ASSETS - 100.0%
          
$
940,712
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
ASA - Advanced Subscription Agreement
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 June 30, 2025, the value of these securities total $26,557 or 2.8% of the Fund’s net assets.
(d)
The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
 
Themes Airlines ETF has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
    
936,960
      
–
      
–
      
936,960
  
  Money Market Funds
    
850
      
–
      
–
      
850
  
Total Investments
    
937,810
      
–
      
–
      
937,810
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.