Tema Heart & Health ETF
Schedule of Investments
May 31, 2026 (Unaudited)

COMMON STOCKS - 99.2%

Shares  

Value  
Biotechnology - 30.6% (a)

AbbVie, Inc.

            5,714

    $        1,244,052
Alnylam Pharmaceuticals, Inc. (b)

            1,954

             590,069
Amgen, Inc.

            2,946

             992,183
Arrowhead Pharmaceuticals, Inc. (b)

            7,240

             564,068
Ascendis Pharma AS (b)

            1,755

             393,313
BridgeBio Pharma, Inc. (b)

            20,327

             1,346,867
Cytokinetics, Inc. (b)

            17,069

             1,310,217
Gilead Sciences, Inc.

            13,261

             1,782,676
Insmed, Inc. (b)

            3,449

             368,733
Intellia Therapeutics, Inc. (b)

            13,892

             195,460
Ionis Pharmaceuticals, Inc. (b)

            5,599

             428,324
Madrigal Pharmaceuticals, Inc. (b)

            1,519

             755,353
Regeneron Pharmaceuticals, Inc.

            1,408

             865,610
Revolution Medicines, Inc. (b)

            10,971

             1,727,713
Scholar Rock Holding Corp. (b)

            9,647

             475,597
Stoke Therapeutics, Inc. (b)

            10,049

             310,615
Vertex Pharmaceuticals, Inc. (b)

            3,398

             1,520,741
Viking Therapeutics, Inc. (b)

            8,538

             279,534
Xenon Pharmaceuticals, Inc. (b)

            8,393

             459,349
Zealand Pharma AS (b)

            5,293

             268,378




             15,878,852






Health Care Equipment & Supplies - 11.7%

Abbott Laboratories

            15,809

             1,353,250
Boston Scientific Corp. (b)

            15,285

             738,418
Dexcom, Inc. (b)

            13,512

             996,375
Edwards Lifesciences Corp. (b)

            10,488

             906,897
Insulet Corp. (b)

            2,835

             410,905
Intuitive Surgical, Inc. (b)

            1,590

             675,178
Medtronic PLC

            13,203

             974,514




             6,055,537






Health Care Providers & Services - 7.0%

McKesson Corp.

            1,196

             887,958
UnitedHealth Group, Inc.

            7,159

             2,722,639




             3,610,597






Life Sciences Tools & Services - 7.1%

Danaher Corp.

            7,557

             1,380,437
Gubra AS

            4,487

             250,268
Thermo Fisher Scientific, Inc.

            4,185

             2,061,154




             3,691,859






Pharmaceuticals - 42.8% (a)

AstraZeneca PLC

            11,178

             2,077,661
Bristol-Myers Squibb Co.

            18,939

             1,082,932
Chugai Pharmaceutical Co. Ltd.

            13,915

             689,525
Eli Lilly & Co.

            5,413

             5,981,365
Johnson & Johnson

            8,274

             1,864,380
MBX Biosciences, Inc. (b)

            8,761

             275,709
Merck & Co., Inc.

            18,672

             2,216,740
Novartis AG

            11,627

             1,755,036


Novo Nordisk AS

            59,455

             2,718,168
Roche Holding AG - ADR

            44,538

             2,333,791
Structure Therapeutics, Inc. - ADR (b)

            4,583

             180,295
Teva Pharmaceutical Industries Ltd. - ADR (b)

            30,273

             1,069,242




             22,244,844
TOTAL COMMON STOCKS (Cost $48,106,601)

             51,481,689






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.7%
Shares  

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

            373,497

             373,497
TOTAL MONEY MARKET FUNDS (Cost $373,497)

             373,497






TOTAL INVESTMENTS - 99.9% (Cost $48,480,098)

             51,855,186
Other Assets in Excess of Liabilities - 0.1%
0.00116
            60,239
TOTAL NET ASSETS - 100.0%




    $        51,915,425


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 that industry or sector.
(b)

Non-income producing security.
(c)

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


























Tema ETF Trust
Tema Heart & Health 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
    $        51,481,689

    $        –

    $        –

    $        51,481,689
  Money Market Funds
            373,497

            –

            –

            373,497
Total Investments
    $        51,855,186

    $        –

    $        –

    $        51,855,186

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
    $        38,865,943

        74.8%
Switzerland
             4,088,827

        7.9 
Denmark
             3,630,127

        7.0 
United Kingdom
             2,077,660

        4.0 
Israel
             1,069,242

        2.1 
Ireland
             974,513

        1.9 
Japan
             689,525

        1.3 
Canada
             459,349

        0.9 
Other Assets in Excess of Liabilities
            60,239

                0.1

    $        51,915,425

        100.0%





Sector Classification as of May 31, 2026
(% of Net Assets)
Health Care
    $        51,481,689

        99.2%
Money Market Funds
             373,497

        0.7 
Other Assets in Excess of Liabilities
             60,239

        0.1

    $        51,915,425

100.0%