Tema U.S. Manufacturing & Reshoring ETF
Schedule of Investments
May 31, 2026 (Unaudited)

COMMON STOCKS - 98.7%

Shares  

Value  
Building Products - 3.8%

Modine Manufacturing Co. (a)

            36,797

    $        10,263,051






Chemicals - 7.3%

Linde PLC

            26,671

             13,273,890
Solstice Advanced Materials, Inc.

            79,209

             6,671,774




             19,945,664






Construction & Engineering - 4.1%

API Group Corp. (a)

            212,639

             8,718,199
Solv Energy, Inc. - Class A (a)

            70,615

             2,508,951




             11,227,150






Construction Materials - 1.2%

CRH PLC

            30,393

             3,306,454






Electrical Equipment - 21.1%

ABB Ltd.

            98,739

             10,577,868
Eaton Corp. PLC

            38,986

             15,617,792
Powell Industries, Inc.

            75,229

             21,396,632
Rockwell Automation, Inc.

            22,755

             10,263,870




             57,856,162






Electronic Equipment, Instruments & Components - 7.6%

Cognex Corp.

            318,014

             20,941,222






Industrial Conglomerates - 1.6%

Honeywell International, Inc.

            18,585

             4,420,628






Machinery - 37.6% (b)

Atmus Filtration Technologies, Inc.

            105,037

             4,913,631
Caterpillar, Inc.

            20,561

             18,008,763
Gates Industrial Corp. PLC (a)

            584,884

             15,160,193
Ingersoll Rand, Inc.

            128,108

             9,177,657
Parker-Hannifin Corp.

            11,004

             9,294,309
SPX Technologies, Inc. (a)

            47,975

             10,394,264
Terex Corp.

            204,975

             11,925,445
Timken Co.

            189,707

             24,278,702




             103,152,964






Metals & Mining - 4.6%

ATI, Inc. (a)

            71,449

             12,515,007






Oil, Gas & Consumable Fuels - 1.0%

Williams Cos., Inc.

            37,077

             2,646,927






Semiconductors & Semiconductor Equipment - 3.8%

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

            24,609

             10,297,636






Trading Companies & Distributors - 5.0%

Applied Industrial Technologies, Inc.

            45,450

             13,808,165


TOTAL COMMON STOCKS (Cost $196,139,390)

             270,381,030






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.7%
Shares  

Value  
First American Treasury Obligations Fund - Class X, 3.56% (c)

            2,052,653

             2,052,653
TOTAL MONEY MARKET FUNDS (Cost $2,052,653)

             2,052,653






TOTAL INVESTMENTS - 99.4% (Cost $198,192,043)

             272,433,683
Other Assets in Excess of Liabilities - 0.6%
0.00598
            1,637,817
TOTAL NET ASSETS - 100.0%




    $        274,071,500


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 that industry or sector.
(c)

The rate shown represents the 7-day annualized yield as of May 31, 2026.



























Tema ETF Trust
Tema U.S. Manufacturing & Reshoring ETF
Notes to Quarterly Schedule of Investments
May 31, 2026 (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, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
    $        270,381,030

    $        –

    $        –

    $        270,381,030
  Money Market Funds
            2,052,653

            –

            –

            2,052,653
Total Investments
    $        272,433,683

    $        –

    $        –

    $        272,433,683

Refer to the Schedule of Investments for further disaggregation of investment categories.







Allocation of Portfolio Holdings by Country as of May 31, 2026
(% of Net Assets)
United States
    $        232,633,933

        84.9%
Ireland
             18,924,246

        6.9 
Switzerland
             10,577,868

        3.9 
Taiwan
             10,297,636

        3.8 
Other Assets in Excess of Liabilities
            1,637,817

                 0.5

    $        274,071,500

        100.0%




Sector Classification as of May 31, 2026
(% of Net Assets)
Industrials
    $        213,243,127

        77.8%
Information Technology
             31,238,858

        11.4 
Materials
             23,252,118

        8.5 
Energy
             2,646,927

        1.0 
Money Market Funds
             2,052,653

        0.7 
Other Assets in Excess of Liabilities
             1,637,817

        0.6

    $        274,071,500

100.0%