Tema Electrification ETF
Schedule of Investments
May 31, 2026 (Unaudited)
COMMON STOCKS - 99.6%									Shares						Value
Aerospace & Defense - 2.1%
BWX Technologies, Inc.									78,365						$        15,350,136
Building Products - 4.8%
Johnson Controls International PLC									74,142						9,939,477
Modine Manufacturing Co. (a)									87,972						24,536,270
															34,475,747
Construction & Engineering - 6.1%
Quanta Services, Inc.									56,992						40,562,916
Solv Energy, Inc. - Class A (a)									102,715						3,649,464
															44,212,380
Electric Utilities - 24.1%
American Electric Power Co., Inc.									241,082						30,537,857
Constellation Energy Corp.									12,360						3,556,590
Entergy Corp.									239,305						26,096,210
IDACORP, Inc.									165,827						23,260,553
NextEra Energy, Inc.									341,346						29,700,515
NRG Energy, Inc.									53,802						7,213,772
OGE Energy Corp.									578,191						27,307,961
PPL Corp.									365,317						12,928,569
Xcel Energy, Inc.									180,949						14,385,446
															174,987,473
Electrical Equipment - 35.2% (b)
ABB Ltd.									207,449						22,223,926
Bloom Energy Corp. - Class A (a)									114,372						32,596,020
Eaton Corp. PLC									97,603						39,099,762
GE Vernova, Inc.									30,298						29,338,159
Hubbell, Inc.									50,301						23,823,057
nVent Electric PLC									137,881						23,024,748
Powell Industries, Inc.									198,019						56,320,564
Schneider Electric SE									35,606						11,211,235
Vertiv Holdings Co. - Class A									58,430						18,446,935
															256,084,406
Electronic Equipment, Instruments & Components - 17.0%
Advanced Energy Industries, Inc.									93,271						28,184,631
Amphenol Corp. - Class A									203,355						30,251,090
Bel Fuse, Inc. - Class B									195,814						53,754,859
Itron, Inc. (a)									92,474						7,627,256
Mirion Technologies, Inc. (a)									218,569						3,995,441
															123,813,277
Machinery - 2.1%
Caterpillar, Inc.									17,765						15,559,831
Multi-Utilities - 3.2%
NiSource, Inc.									507,148						23,440,381
Oil, Gas & Consumable Fuels - 5.0%

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Energy Transfer LP									1,306,085						25,037,649
Williams Cos., Inc.									153,400						10,951,226
															35,988,875
TOTAL COMMON STOCKS (Cost $586,188,928)															723,912,506
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.6%									Shares						Value
First American Treasury Obligations Fund - Class X, 3.56% (c)									4,669,337						4,669,337
TOTAL MONEY MARKET FUNDS (Cost $4,669,337)															4,669,337
TOTAL INVESTMENTS - 100.2% (Cost $590,858,265)															728,581,843
Liabilities in Excess of Other Assets - (0.2)%												(0.00227)			(1,651,439)
TOTAL NET ASSETS - 100.0%															$        726,930,404
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.
LP - Limited Partnership
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.

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Tema ETF Trust

Tema Electrification 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

$        723,912,506

$        –

$        –

$        723,912,506

Money Market Funds

4,669,337

–

–

4,669,337

Total Investments

$        728,581,843

$        –

$        –

$        728,581,843

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			$        633,022,172						87.0%
Ireland			39,099,762						5.4
United Kingdom			23,024,748						3.2
Switzerland			22,223,926						3.1
France			11,211,235						1.5
Liabilities in Excess of Other Assets			(1,651,439)						(0.2)
			$        726,930,404						100.0%

Sector Classification as of May 31, 2026
(% of Net Assets)
Industrials			$        365,682,500						50.3%
Utilities			198,427,854						27.3
Information Technology			123,813,277						17.0
Energy			35,988,875						5.0
Money Market Funds			4,669,337						0.6
Liabilities in Excess of Other Assets			(1,651,439)						(0.2)
			$        726,930,404						100.0%