Annual Report

September 30, 2021

ETFMG Alternative Harvest ETF

ETFMG U.S. Alternative Harvest ETF

MJUS

ETFMG 2x Daily Alternative Harvest ETF

MJXL

The funds are series of ETF Managers Trust.

ETFMG ^TM ETFs

TABLE OF CONTENTS
September 30, 2021

	Page
Shareholders’ Letter	2
Growth of $10,000 Investment	5
Top Ten Holdings	6
Important Disclosures and Key Risk Factors	10
Portfolio Allocations	14
Schedule of Investments and Total Return Swaps	15
Statements of Assets and Liabilities	20
Statements of Operations	21
Statements of Changes in Net Assets	22
Financial Highlights	25
Notes to the Financial Statements	28
Report of Independent Registered Public Accounting Firm	42
Approval of Advisory Agreements and Board Considerations	43
Expense Example	46
Supplementary Information	47
Information About Portfolio Holdings	48
Information About Proxy Voting	48
Trustees and Officers Table	49
Privacy Policy	51

ETFMG ^TM ETFs

Dear Shareholder,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in these funds.

ETFMG Alternative Harvest ETF (MJ) Performance Review

The following information pertains to the fiscal period from October 1, 2020 to September 30, 2021.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Alternative Harvest Index (the “Index”).

Over the period, the total return for the Fund was 40.90%, while the total return for the Index was 39.33%. The best performers on the basis of contribution to return were Aphria Inc., Tilray Inc.-Class 2 Common, GW Pharmaceuticals Ltd., Aurora Cannabis Inc. and Canopy Growth Corp., while the worst performers Charlottes Web Holdings Inc., Arena Pharmaceuticals Inc., Hydrofarm Holdings Group Inc., Corbus Pharmaceuticals Holdings and Jazz Pharmaceuticals Plc.

During the reporting period, the Fund saw an average approximate allocation of 51.8% to Pharmaceuticals, 24.9% to Tobacco and 6.0% to Specialty Retail. The Fund was exposed predominately to the Canada 46.2%, followed by the United States 44.9% and the United Kingdom 6.0%.

ETFMG U.S. Alternative Harvest ETF (MJUS) Performance Review

The following information pertains to the fiscal period from the Fund’s inception, May 12, 2021 to September 30, 2021.

The ETFMG U.S. Alternative Harvest ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime U.S. Alternative Harvest Index (the "Index").

Over the period, the total return for the Fund was -22.82%, while the total return the for the Index was -21.43%. The best performers in the Fund on the basis of contribution to return were Innovative Industrial Proper, Ascend Wellness Holdings-A, Marimed Inc, Wm Technology Inc and Greenlane Holdings Inc - A, while the worst performers were Trulieve Cannabis Corp., Verano Holdings Corp., Cresco Labs Inc-Subordinate, Hydrofarm Holdings Group Inc. and Columbia Care Inc.

During the reporting period, the Fund saw an average approximate allocation to Pharmaceuticals 73.8%, Equity Real Estate Investment Trusts (REITs) 8.1%, Machinery 4.1% and Specialty Retail 3.9%. The Fund was exposed 74.4% United States and 25.6% Canada.

ETFMG 2x Daily Alternative Harvest ETF (MJXL) Operational Review

The discussion below relates to the performance of MJXL (the “ETF”) for the period from the ETF’s inception, July 6, 2021 to the ETF’s fiscal year-end of September 30, 2021. The ETF is leveraged and seeks daily investment results, before fees and expenses, of 200% of the performance of the Index.

The ETF, as stated above, seeks daily investment results. It does not seek to track a multiple of the Index for periods of longer than one day and the performance of the ETF over longer periods may not correlate to the Index performance. The ETF should not be held by investors for long periods and should be used as short-term trading vehicles. These products are not suitable for all investors and should be utilized only by sophisticated investors who understand the risks associated with the use of leverage, the consequences of seeking daily leveraged investment results and intend to actively monitor and manage their investments.

ETFMG ^TM ETFs

MJXL attempts to provide investment results that correlate to 200% of the return of the Index, meaning MJXL attempts to move in the same direction as the Index.

In seeking to achieve the ETF’s daily investment results, ETF Managers Group LLC (the “Adviser”) relies upon quantitative analysis to generate orders resulting in repositioning the ETF’s investments in accordance with its daily investment objective. Using this approach, the Adviser determines the type, quantity and mix of investment positions that it believes in combination should produce daily returns consistent with the ETF’s objective. As a consequence, if the ETF is performing as designed, the return of the Index will dictate the return for the ETF. The ETF pursues its investment objective regardless of market conditions and does not take defensive positions. The ETF has a clearly articulated goal which requires the ETF to seek economic exposure significantly in excess of its net assets. To meet its objectives, the ETF invests in some combination of financial instruments, including derivatives. The ETF invests significantly in derivatives, including swap agreements. The Adviser uses these types of investments to produce economically “leveraged” investment results. Leveraging allows the Adviser to generate a greater positive or negative return than what would be generated on the invested capital without leverage, thus changing small market movements into larger changes in the value of the investments of the ETF.

The ETF may use certain investment techniques, including investments in derivatives, which may be considered aggressive. Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate dramatically over time. Additionally, use of such instruments may increase the volatility of the ETF. The use of derivatives may expose the ETF to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives, such as counterparty risk. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case.

Because the ETF seeks daily investment results of the Index, a comparison of the return of the ETF to the Index does not provide an indication of whether the ETF has met its investment objective. To determine if the ETF has met its daily investment goals, the Adviser performs quantitative analysis seeking to determine the expected performance of the ETF as compared to Index. The quantitative analysis includes predictive models as well as stress-testing and back-testing.

Factors Affecting Performance of the ETF:

Leverage – The ETF seeks daily investment results (before fees and expenses) of 200% or -200% of the performance of the Index. The use of leverage magnifies an ETF’s gains or losses and increases the investment’s risk and volatility.

Index Performance – The daily performance of Index, and the factors and market conditions implicitly affecting the Index, are the primary factors driving ETF performance. Given the daily goals, the daily Index returns are most important. The market conditions that affected the Index during the past year are described in the Performance Overview section.

Volatility and Compounding – The goal of the ETF is to provide the specified multiple of the daily return of the Index. Over periods longer than a single day, the ETF should not be expected to provide the multiple of the return of the underlying index. Due to the effects of compounding, a universal mathematical concept that applies to all investments, returns of the ETF over longer periods are greater or less than the ETF’s daily stated goal. Periods of high volatility that lack a clear trend hurt the ETF’s performance while trending, low volatility markets enhance the ETF’s performance.

Cost of Financing – In order to attain leveraged or inverse leveraged exposure, the ETF receives [LIBOR] plus or minus a spread as applied to the borrowed portion of the ETF’s exposure. The spread varies by ETF and counterparty and is a function of market demand, hedging costs, access to balance sheet, borrow volatility, current counterparty exposure and administrative costs associated with the swap counterparty. An increase in interest rates which effects the cost of financing will further impact the ETF’s performance and ability to track the Index.

ETFMG ^TM ETFs

Fees, Expenses, and Transaction Costs – Fees and expenses are listed in the ETF’s prospectus and may be higher than many traditional index funds’ fees, which cause a greater negative impact on ETF performance. Transactions costs are not included in the expense ratio of the ETF. Transaction costs can be higher due to the ETF’s use of derivatives, shorting securities, frequent creation and redemption activity, or trading securities that are comparatively less liquid.

ETFMG 2X Daily Alternative Harvest ETF (MJXL) Performance Review

The following information pertains to the fiscal period from the Fund’s inception, July 6, 2021 to September 30, 2021.

MJXL seeks to provide daily investment results, before fees and expenses, that correspond to two times (2x) the return of the Index for a single day, not for any other period.

Over the reporting period, the Index had a total return of -27.86% and a volatility of 33.8%. Given the daily investment objectives of MJXL and the path dependency of returns for longer periods, the return of the Index for the reporting period alone should not generate expectations of MJXL performance for the same period. MJXL returned -48.90% for the reporting period and a volatility of 68.0%. For the reporting period MJXL had an average daily volume of 3,741 shares and an average daily statistical correlation of 98.6% to the return of the Index.

We thank you for your interest in the Fund. You can find further details about MJ, MJUS and MJXL by visiting www.etfmg.com, or by calling 1-844-ETF-MGRS (1-844-383-6477).

Sincerely,

Samuel Masucci III

Chairman of the Board

ETFMG Alternative Harvest ETF

Growth of $10,000 (Unaudited)

Average Annual Returns Year Ended September 30, 2021	1 Year Return			5 Year Return			Since Inception (12/03/15)			Value of $10,000 (9/30/2021)
ETFMG Alternative Harvest ETF (NAV)		40.90	%		-8.52	%		-3.91	%	$	7,924
ETFMG Alternative Harvest ETF(Market)		40.65	%		-9.01	%		-4.55	%	$	7,624
S&P 500 Index		30.00	%		16.90	%		15.80	%	$	23,505
Prime Alternative Harvest Index*		39.33	%		-9.17	%		-4.51	%	$	7,644

^* On December 26, 2017, the Fund’s investment objective and principal investment strategy were substantially revised; therefore, the performance and average annual total returns shown for periods prior to December 26, 2017 is likely to have differed had the Fund’s current investment strategy been in effect during those periods. The Fund’s prior investment objective sought to provide investment results that corresponded to the performance of the Solactive Latin America Real Estate Index, which tracked equities with primary listings in the Latin America region that derived most of their income from real estate and real estate services. The Fund began tracking the Prime Alternative Harvest Index on December 26, 2017.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. All performance is historical and includes reinvestment of dividends and capital gains. Performance data current to the most recent month end may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477).

The chart illustrates the performance of a hypothetical $10,000 investment made on December 3, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sales of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The Index Returns do not reflect fees or expenses and are not available for direct investment.

ETFMG Alternative Harvest ETF

Top Ten Holdings as of September 30, 2021 (Unaudited)*

		% of Total
1	Security	Investments
1	ETFMG Sit Ultra Short ETF**	6.37%
2	Tilray, Inc. - Class 2	5.80%
3	Aurora Cannabis, Inc.	5.79%
4	Canopy Growth Corp.	5.62%
5	GrowGeneration Corp.	4.70%
6	Organigram Holdings, Inc.	4.50%
7	Cronos Group, Inc.	4.45%
8	Imperial Brands PLC	3.06%
9	Arena Pharmaceuticals, Inc.	3.01%
10	Vector Group, Ltd.	3.00%

Top Ten Holdings= 46.30% of Total Investments

^* Current Fund holdings may not be indicative of future Fund holdings.

^** Affiliated security. Please refer to Note 9 of the Notes to Financial Statements.

ETFMG U.S. Alternative Harvest ETF

Growth of $10,000 (Unaudited)

	Since			Value of
Average Cumulative Returns	Inception			$10,000
Period Ended September 30, 2021	(5/12/2021)			(9/30/2021)
ETFMG U.S. Alternative Harvest ETF (NAV)		-22.82	%	$	7,718
ETFMG U.S. Alternative Harvest ETF (Market)		-22.92	%	$	7,708
S&P 500 Index		6.61	%	$	10,661
Prime US Alternative Harvest Index NTR		-21.43	%	$	7,857

The chart illustrates the performance of a hypothetical $10,000 investment made on May 12, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sales of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The Index Returns do not reflect fees or expenses and are not available for direct investment.

ETFMG U.S. Alternative Harvest ETF

Top Holdings as of September 30, 2021 (Unaudited)*

		% of Total
1	Security	Investments
1	Innovative Industrial Properties, Inc.	34.55%
2	WM Technology, Inc.	15.78%
3	Hydrofarm Holdings Group, Inc.	14.81%
4	GrowGeneration Corp.	12.99%
5	AFC Gamma, Inc.	6.12%
6	Charlottes Web Holdings, Inc.	4.70%
7	Zynerba Pharmaceuticals, Inc	2.96%
8	cbdMD, Inc.	1.94%
9	Akerna Corp.	1.24%

Top Holdings = 95.09% of Total Investments

^* Current Fund holdings may not be indicative of future Fund holdings.

ETFMG 2x Daily Alternative Harvest ETF

Growth of $10,000 (Unaudited)

	Since			Value of
Average Cumulative Returns	Inception			$10,000
Period Ended September 30, 2021	(7/6/2021)			(9/30/2021)
ETFMG 2x Daily Alternative Harvest ETF (NAV)	-48.90	%	$	5,110
ETFMG 2x Daily Alternative Harvest ETF (Market)	-49.45	%	$	5,055
S&P 500 Index	-0.51	%	$	9,949
Prime Alternative Harvest Index NTR	-27.86	%	$	7,214

The chart illustrates the performance of a hypothetical $10,000 investment made on July 6, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sales of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The Index Returns do not reflect fees or expenses and are not available for direct investment.

ETFMG ^TM ETFs

Important Disclosures and Key Risk Factors

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Narrowly focused investments typically exhibit higher volatility.

Past performance is not indicative of future return. A fund’s performance for very short time periods may not be indicative of future performance.

The possession and use of marijuana, even for medical purposes, is illegal under federal and certain states’ laws, which may negatively impact the value of the Fund’s investments. Use of marijuana is regulated by both the federal government and state governments, and state and federal laws regarding marijuana often conflict. Even in those states in which the use of marijuana has been legalized, its possession and use remains a violation of federal law. Federal law criminalizing the use of marijuana pre- empts state laws that legalizes its use for medicinal and recreational purposes. Cannabis companies and pharmaceutical companies may never be able to legally produce and sell products in the United States or other national or local jurisdictions.

The Fund’s investments will be concentrated in an industry or group of industries to the extent that the Index is so concentrated. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. The consumer staples sector may be affected by the permissibility of using various product components and production methods, marketing campaigns and other factors affecting consumer demand. Tobacco companies, in particular, may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable factors.

Unlike with an actively managed fund, the Fund’s adviser does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than other types of funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather- related phenomena generally, and widespread disease, including pandemics and epidemics, have been and may be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the U.S. Any such events could have a significant adverse impact on the value of the Fund’s investments.

Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to the Fund’s NAV.

ETF Managers Group LLC is the investment adviser to the Fund.

The Fund is distributed by ETFMG Financial LLC. ETF Managers Group LLC and ETFMG Financial LLC are wholly owned subsidiaries of Exchange Traded Managers Group LLC (collectively, “ETFMG”). ETFMG Financial is not affiliated with Prime Indexes.

ETFMG ^TM ETFs

The Fund is intended to be made available only to U.S. residents. Under no circumstances is any information provided on this website intended for distribution to or use by, or to be an offer to sell to or solicitation of an offer to buy the Fund or any investment product or service of, any person or entity in any jurisdiction or country, other than the United States, where such distribution, use, offer or solicitation would subject the Fund or its affiliates to any registration requirement or be unlawful under the securities laws of that jurisdiction or country.

MJUS

ETF Managers Group LLC is the investment adviser to the Fund.

ETFMG ^TM ETFs

MJXL

Investing in an ETFMG 2x Daily Leveraged ETF may be more volatile than investing in broadly diversified funds. The use of leverage by an ETF increases the risk to the ETF. The ETFMG 2x Daily Leveraged ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged, or daily inverse leveraged, investment results and intend to actively monitor and manage their investment.

The use of derivatives such as swaps are subject to additional risks that may cause prices to fluctuate over time and include the effects of compounding, market volatility, leverage risk, aggressive investment techniques risk, counterparty risk, and intra- day investment risk. Please see the summary and full prospectuses for a more complete description of these and other risks of investing in the Fund.

ETFMG ^TM ETFs

The Fund is a recently organized, diversified management investment company with limited operating history. ETF Managers Group LLC is the investment advisor to the Fund.

ETFMG^TM ETFs

PORTFOLIO ALLOCATIONS

As of September 30, 2021

	ETFMG Alternative Harvest ETF			ETFMG U.S. Alternative Harvest ETF			ETFMG 2x Daily Alternative Harvest ETF
As a percent of Net Assets:
Canada		40.8	%		1.2	%		—	%
Ireland		3.0			—			—
Sweden		2.2			—			—
United Kingdom		7.5			—			—
United States		46.0			23.2			—
Exchange Traded Funds		8.0			—			—
Total Return Swap		—			—			100.0
Short-Term and other Net Assets (Liabilities)		(7.5	)		75.6			—
		100.0	%		100.0	%		100.0	%

ETFMG Alternative Harvest ETF

Schedule of Investments

September 30, 2021

	Shares		Value
COMMON STOCKS - 99.5%
Canada - 40.8%
Food Products - 3.4%
Village Farms International, Inc. ^(a)(b)(e)		4,334,626	$	36,150,781
Pharmaceuticals - 37.4% ^(c)
Aurora Cannabis, Inc. ^(a)(b)(e)		11,265,937		77,960,284
Auxly Cannabis Group, Inc. ^(a)(b)		70,916,455		13,717,457
Canopy Growth Corp. ^(a)(b)		5,465,762		75,755,461
Charlottes Web Holdings, Inc. ^(a)(b)		12,022,971		23,730,797
Clever Leaves Holdings, Inc. ^(a)(b)(e)		2,308,712		17,915,605
Cronos Group, Inc. ^(a)(b)		10,595,350		59,969,681
HEXO Corp. ^(a)(b)		13,217,945		24,321,019
High Tide, Inc. ^(b)		1,579,556		9,876,902
MediPharm Labs Corp. ^(a)(b)		25,813,562		5,298,852
Organigram Holdings, Inc. ^(a)(b)(e)		26,338,475		60,578,493
The Valens Co., Inc. ^(a)(b)		16,324,413		30,029,909
Total Pharmaceuticals				399,154,460
Total Canada				435,305,241

Ireland - 3.0%
Pharmaceuticals - 3.0% ^(c)
Jazz Pharmaceuticals PLC ^(b)		249,276		32,458,228

Mexico - 0.0%
Construction & Engineering - 0.0%
Empresas ICA SAB de CV ^(b)(d)		155,893		—

Sweden - 2.2%
Tobacco - 2.2%
Swedish Match AB ^(b)		2,660,372		23,296,185

United Kingdom - 7.5%
Tobacco - 7.5%
British American Tobacco PLC		1,118,556		39,245,992
Imperial Brands PLC		1,965,038		41,264,289
Total Tobacco				80,510,281

United States - 46.0%
Biotechnology - 5.2%
Arena Pharmaceuticals, Inc. ^(b)		682,116		40,620,008
Corbus Pharmaceuticals Holdings, Inc. ^(b)(e)		14,101,511		14,383,541
Total Biotechnology				55,003,549
Chemicals - 3.3%
Scotts Miracle-Gro Co.		237,765		34,799,285
Machinery - 4.1%
Agrify Corp. ^(a)(b)		624,897		11,585,590
Hydrofarm Holdings Group, Inc. ^(b)		865,868		32,773,104
Total Machinery				44,358,694

The accompanying notes are an integral part of these financial statements.

ETFMG Alternative Harvest ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value
Paper & Forest Products - 3.5%
Schweitzer-Mauduit International, Inc.		1,090,884	$	37,810,040
Pharmaceuticals - 9.1% ^(c)
Tilray, Inc. - Class 2 ^(a)(b)		6,926,136		78,196,074
Zynerba Pharmaceuticals, Inc. ^(a)(b)(e)		4,452,815		18,879,936
Total Pharmaceuticals				97,076,010
Specialty Retail - 5.9%
GrowGeneration Corp. ^(a)(b)		2,564,869		63,275,318
Tobacco - 14.9%
22nd Century Group, Inc. ^(a)(b)(e)		12,885,652		38,141,530
Altria Group, Inc.		874,961		39,828,225
Philip Morris International, Inc.		423,991		40,190,107
Vector Group, Ltd.		3,166,237		40,369,522
Total Tobacco				158,529,384
Total United States				490,852,280
TOTAL COMMON STOCKS (Cost $1,386,252,311)				1,062,422,215

INVESTMENTS PURCHASED WITH PROCEEDS FROM
SECURITIES LENDING COLLATERAL - 26.4%
ETFMG Sit Ultra Short ETF ^(e)		1,725,000		85,827,375
Mount Vernon Liquid Assets Portfolio, LLC, 0.09% ^(f)		196,438,549		196,438,549
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING COLLATERAL (Cost
$282,257,147)				282,265,924

SHORT-TERM INVESTMENTS - 0.3%
Money Market Funds - 0.3%
First American Government Obligations Fund - Class X,
0.03% ^(f)		2,585,283		2,585,283
TOTAL SHORT-TERM INVESTMENTS (Cost $2,585,283)				2,585,283

Total Investments (Cost $1,671,094,741) - 126.2%				1,347,273,422
Liabilities in Excess of Other Assets - (26.2)%				(279,664,118	)
TOTAL NET ASSETS - 100.0%			$	1,067,609,304

Percentages are stated as a percent of net assets.

PLC Public Limited Company

^(a)	This security or a portion of this security was out on loan at September 30, 2021.

^(b)	Non-income producing security.

^(c)	As of September 30, 2021 the Fund had a significant portion of its assets in the Pharmaceutical Industry.

^(d)	Value determined using significant unobservable inputs. The value of this security totals $0, which represents 0.00% of total net assets. Classified as Level 3 in the fair value hierarchy.

^(e)	Affiliated security. Please refer to Note 9 of the Notes to Financial Statements.

^(f)	The rate quoted is the annualized seven-day yield at September 30, 2021.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services").

The accompanying notes are an integral part of these financial statements.

ETFMG U.S. Alternative Harvest ETF

Schedule of Investments

September 30, 2021

	Shares		Value
COMMON STOCKS - 24.4%
Canada - 1.2%
Pharmaceuticals - 1.2%
Charlottes Web Holdings, Inc. ^(a)		37,323	$	73,668

United States - 23.2%
Machinery - 3.7%
Hydrofarm Holdings Group, Inc. ^(a)		6,134		232,172
Pharmaceuticals - 1.3%
cbdMD, Inc. ^(a)		14,640		30,451
Zynerba Pharmaceuticals, Inc. ^(a)		10,959		46,466
Total Pharmaceuticals				76,917
Professional Services - 0.3%
Akerna Corp. ^(a)		6,891		19,433
Real Estate Investment Trusts (REITs) - 8.9%
AFC Gamma, Inc.		4,449		96,009
Innovative Industrial Properties, Inc.		2,343		541,631
Total Real Estate Investment Trusts (REITs)				637,640
Software Publishers - 4.1%
WM Technology, Inc. ^(a)		17,065		247,443
Specialty Retail - 3.3%
GrowGeneration Corp. ^(a)		8,255		203,651
Total United States				1,417,256
TOTAL COMMON STOCKS (Cost $1,695,676)				1,490,924

SHORT-TERM INVESTMENTS - 1.3%
Money Market Funds - 1.3%
First American Government Obligations Fund - Class X,
0.03% ^(b)		76,960		76,960
TOTAL SHORT-TERM INVESTMENTS (Cost $76,960)				76,960

Total Investments (Cost $1,772,636) - 25.7%				1,567,884
Other Assets in Excess of Liabilities - 74.3%				4,529,438
TOTAL NET ASSETS - 100.0%			$	6,097,322

Percentages are stated as a percent of net assets.

^(a)	Non-income producing security.

^(b)	The rate quoted is the annualized seven-day yield at September 30, 2021.

The accompanying notes are an integral part of these financial statements.

ETFMG U.S. Alternative Harvest ETF

Schedule of Total Return Swaps

September 30, 2021

Long Total
Return Equity
Swaps

Counterparty

Payment
Frequency

Financing Rate

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

4Front Ventures

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

155,635

—

Acreage Holdings

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

45,796

—

Ascend Wellness Holdings

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

239,559

—

AYR Wellness

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

282,300

—

C21 Investments

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

22,327

—

Cansortium

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

21,419

—

Ceres Acquisition - Class A

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

31,667

—

Columbia Care

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

248,178

—

Cresco Labs

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

435,826

—

Curaleaf Holdings

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

662,919

—

Gage Growth

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

68,718

—

Glass House Brands

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

68,672

—

Goodness Growth Holdings

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

33,173

—

Green Thumb Industries

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

498,694

—

Greenrose Acquisition

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

58,605

—

Harvest Health and Recovery

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

232,974

—

Jushi Holdings - Class B

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

170,290

—

Marimed

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

78,764

—

Medicine Man Technologies

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

21,367

—

Next Green Wave Canada

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

17,853

—

Planet 13 Holdings

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

248,320

—

Red White and Bloom Brands

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

40,146

—

Riv Capital

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

44,124

—

SOL Global Investments

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

42,042

—

Stem Holdings

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

15,244

—

Terrascend

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

143,454

—

Tilt Holdings

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

34,006

—

TPCO Holdings

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

83,042

—

Trulieve Cannabis

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

387,396

—

Verano Holdings - Class A

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 16, 2022

251,484

—

4,683,994

—

The accompanying notes are an integral part of these financial statements.

ETFMG 2x Daily Alternative Harvest ETF

Schedule of Total Return Swaps

September 30, 2021

Reference
Entity

Fund
Pays/Receives
Reference
Entity

Counterparty

Payment
Frequency

Financing
Rate

Upfront
Premiums
Paid/Received

Notional
Amount

Unrealized
Appreciation
(Depreciation)

ETFMG Alternative Harvest ETF

Receives

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 1.50%

—

1,092,273

—

The accompanying notes are an integral part of these financial statements.

ETFMG ^TM ETFs

STATEMENT OF ASSETS AND LIABILITIES

As of September 30, 2021

	ETFMG Alternative Harvest ETF			ETFMG U.S. Alternative Harvest ETF			ETFMG 2x Daily Alternative Harvest ETF
ASSETS
Investments in unaffiliated securities, at value*	$	997,435,878		$	1,567,884		$	—
Investments in affiliated securities, at value*		349,837,544			—			—
Cash		—			1,088,602			151,893
Deposits at Broker for total return swap contracts		—			3,570,000			590,000
Receivables:
Dividends and interest receivable		2,678,385			5,429			—
Securities lending income receivable		567,880			—			—
Total assets		1,350,519,687			6,231,915			741,893

LIABILITIES
Collateral received for securities loaned (Note 7)	$	282,257,147		$	—		$	—
Payables:
Payable for open swap contracts		—			130,774			179,346
Management fees payable		653,236			3,819			474
Total liabilities		282,910,383			134,593			179,820
Net Assets	$	1,067,609,304		$	6,097,322		$	562,073

NET ASSETS CONSIST OF:
Paid-in Capital	$	2,212,604,521		$	6,384,970		$	638,817
Total Distributable Earnings (Accumulated Losses)		(1,144,995,217	)		(287,648	)		(76,744	)
Net Assets	$	1,067,609,304		$	6,097,322		$	562,073

*Identified Cost:

Investments in unaffiliated securities	$	1,267,183,245		$	1,772,636		$	—
Investments in affiliated securities		403,911,496			—			—

Shares Outstanding^		74,150,000			790,000			110,000

Net Asset Value, Offering and Redemption Price per Share	$	14.40		$	7.72		$	5.11

No par value, unlimited number of shares authorized

The accompanying notes are an integral part of these financial statements.

ETFMG ^TM ETFs

STATEMENT OF OPERATIONS

For the Year Ended September 30, 2021

	ETFMG Alternative Harvest ETF			ETFMG U.S. Alternative Harvest ETF⁽¹⁾			ETFMG 2x Daily Alternative Harvest ETF⁽²⁾
INVESTMENT INCOME
Income:
Dividends from unaffiliated securities (net of foreign withholdings tax & issuance fees of $461,670, $-, $-)	$	20,582,549		$	8,761		$	—
Interest		1,434			14			341
Securities lending income		8,302,454			—			—
Total Investment Income		28,884,437			8,775			341

Expenses:
Management fees		10,092,666			17,903			1,410
Total Expenses		10,092,666			17,903			1,410
Net Investment Income (Loss)		18,791,771			(9,128	)		(1,069	)

REALIZED & UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND SWAP CONTRACTS
Net Realized Gain (Loss) on:
Unaffiliated Investments		(293,319,871	)		(8,986	)		—
Affiliated Investments		8,880,174			—			—
In-Kind redemptions		258,009,839			—			—
Foreign currency and foreign currency translation		(8,747	)		—			—
Swap contracts		—			(1,484,717	)		(396,127	)
Net Realized Gain (Loss) on Investments, Swap Contracts and In-Kind redemptions		(26,438,605	)		(1,493,703	)		(396,127	)
Net Change in Unrealized Appreciation (Depreciation) of:
Unaffiliated Investments		228,764,466			(204,752	)		—
Affiliated Investments		(54,073,951	)		—			—
Net change in Unrealized Appreciation (Depreciation) on Investments and Swap Contracts		174,690,515			(204,752	)		—
Net Realized and Unrealized Gain (Loss) on Investments and Swap Contracts		148,251,910			(1,698,455	)		(396,127	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	167,043,681		$	(1,707,583	)	$	(397,196	)

⁽¹⁾

The Fund commenced operations on May 12, 2021.

⁽²⁾

The Fund commenced operations on July 6, 2021.

The accompanying notes are an integral part of these financial statements.

ETFMG Alternative Harvest ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2021			Year Ended September 30, 2020
OPERATIONS
Net investment income	$	18,791,771		$	38,371,401
Net realized gain (loss) on investments and In-Kind
Redemptions		(26,438,605	)		(316,504,714	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency and foreign currency translation		174,690,515			(135,942,672	)
Net increase (decrease) in net assets resulting from operations		167,043,681			(414,075,985	)

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		(17,257,000	)		(37,958,000	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change in outstanding shares		421,833,537			147,008,161
Transaction Fees (See Note 1)		18,289			39,219
Net increase in net assets from capital share transactions		421,851,826			147,047,380
Total increase (decrease) in net assets		571,638,507			(304,986,605	)

NET ASSETS
Beginning of Year		495,970,797			800,957,402
End of Year	$	1,067,609,304		$	495,970,797

Summary of share transactions is as follows:

	Year Ended September 30, 2021						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Shares Sold		57,650,000		$	1,053,114,312			13,200,000		$	203,682,152
Transaction Fees (See Note 1)		—			18,289			—			39,219
Shares Redeemed		(31,350,000	)		(631,269,872	)		(3,800,000	)		(56,673,991	)
Net Transactions in Fund Shares		26,300,000		$	421,862,729			9,400,000		$	147,047,380
Beginning Shares		47,850,000						38,450,000
Ending Shares		74,150,000						47,850,000

The accompanying notes are an integral part of these financial statements.

ETFMG U.S. Alternative Harvest ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended September 30, 2021⁽¹⁾
OPERATIONS
Net investment income (loss)	$	(9,128	)
Net realized gain (loss) on investments, swap contracts and In-Kind Redemptions		(1,493,703	)
Net change in unrealized appreciation (depreciation) of investments and swap contracts		(204,752	)
Net increase (decrease) in net assets resulting from operations		(1,707,583	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets from capital share transactions		7,804,905
Total increase (decrease) in net assets		6,097,322

NET ASSETS
Beginning of Period		—
End of Period	$	6,097,322

Summary of share transactions is as follows:

	Period Ended September 30, 2021⁽¹⁾
	Shares		Amount
Shares Sold		790,000	$	7,804,905
Shares Redeemed		—		—
Net Transactions in Fund Shares		790,000	$	7,804,905
Beginning Shares		—
Ending Shares		790,000

⁽¹⁾

The Fund commenced operations on May 12, 2021.

The accompanying notes are an integral part of these financial statements.

ETFMG 2x Daily Alternative Harvest ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended September 30, 2021⁽¹⁾
OPERATIONS
Net investment income (loss)	$	(1,069	)
Net realized gain (loss) on investments, swap contracts and In-Kind Redemptions		(396,127	)
Net change in unrealized appreciation (depreciation) of investments and swap contracts		—
Net increase (decrease) in net assets resulting from operations		(397,196	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets from capital share transactions		959,269
Total increase (decrease) in net assets		562,073

NET ASSETS
Beginning of Period		—
End of Period	$	562,073

Summary of share transactions is as follows:

	Period Ended September 30, 2021⁽¹⁾
	Shares		Amount
Shares Sold		110,000	$	959,269
Shares Redeemed		—		—
Net Transactions in Fund Shares		110,000	$	959,269
Beginning Shares		—
Ending Shares		110,000

⁽¹⁾

The Fund commenced operations on July 6, 2021.

The accompanying notes are an integral part of these financial statements.

ETFMG Alternative Harvest ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			September 30,			September 30,			September 30,			September 30,
	2021			2020			2019			2018			2017
Net Asset Value, Beginning Year	$	10.37		$	20.83		$	39.74		$	31.36		$	29.64
Income from Investment Operations:
Net investment income¹		0.26			0.91			1.02			0.37			0.57
Net realized and unrealized
gain (loss) on investments		4.01			(10.49	)		(18.96	)		8.95			4.42
Total from investment operations		4.27			(9.58	)		(17.94	)		9.32			4.99
Less Distributions:
Distributions from net investment income		(0.24	)		(0.88	)		(0.97	)		(0.74	)		(2.56	)
Net realized gains		—			—			—			(0.20	)		(0.71	)
Total distributions		(0.24	)		(0.88	)		(0.97	)		(0.94	)		(3.27	)
Net asset value, end year	$	14.40		$	10.37		$	20.83		$	39.74		$	31.36
Total Return		40.90	%		-46.83	%		-45.60	%		33.85	%		20.23	%

Ratios/Supplemental Data:
Net assets at end year (000’s)	$	1,067,609		$	495,971		$	800,957		$	679,559		$	6,271

Gross Expenses to Average Net Assets		0.75	%		0.75	%		0.75	%		0.75	%		0.79	%
Net Investment Income to Average Net Assets		1.39	%		6.27	%		3.26	%		1.18	%		1.98	%
Portfolio Turnover Rate		75	%		46	%		71	%		97	%		44	%

Calculated based on average shares outstanding during the year.

The accompanying notes are an integral part of these financial statements.

ETFMG U.S. Alternative Harvest ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	Period Ended
	September 30,
		2021¹
Net Asset Value, Beginning Period	$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) ²		(0.01	)
Net realized and unrealized gain (loss) on investments		(2.27	)
Total from investment operations		(2.28	)
Net asset value, end period	$	7.72
Total Return		-22.82	%³

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	6,097

Gross Expenses to Average Net Assets		0.75	%⁴
Net Investment Income (Loss) to Average Net Assets		-0.38	%⁴
Portfolio Turnover Rate		16	%³

The Fund commenced operations on May 12, 2021.

Calculated based on average shares outstanding during the period.

Not annualized.

⁴

Annualized.

The accompanying notes are an integral part of these financial statements.

ETFMG 2x Daily Alternative Harvest ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	Period Ended
	September 30,
		2021¹
Net Asset Value, Beginning Period	$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) ²		(0.01	)
Net realized and unrealized gain (loss) on investments		(4.88	)
Total from investment operations		(4.89	)
Net asset value, end period	$	5.11
Total Return		-48.90	%³

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	562

Gross Expenses to Average Net Assets		0.95	%⁴
Net Investment Income (Loss) to Average Net Assets		-0.72	%⁴
Portfolio Turnover Rate		0	%³

The Fund commenced operations on July 6, 2021.

Calculated based on average shares outstanding during the period.

Not annualized.

⁴

Annualized.

The accompanying notes are an integral part of these financial statements.

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

NOTE 1 – ORGANIZATION

ETFMG Alternative Harvest ETF (“MJ”), ETFMG U.S. Alternative Harvest ETF (“MJUS”), and ETFMG 2x Daily Alternative Harvest ETF (“MJXL”) (each a “Fund”, or collectively the “Funds”) are series of ETF Managers Trust (the “Trust”), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on July 1, 2009. The Trust is registered with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”).

The following table is a summary of the Strategy Commencement Date and Strategy of the Funds:

Fund Ticker	Strategy Commencement Date	Strategy
ETFMG Alternative Harvest ETF	12/3/2015	Seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Prime Alternative Harvest Index (the “Index”).
ETFMG U.S. Alternative Harvest ETF	5/12/2021	Seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies that derive at least 50% of their net revenue from the “Cannabis Business” in the United States, and in derivatives that have economic characteristics similar to such securities.
ETFMG 2x Daily Alternative Harvest ETF	7/6/2021	Seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the Index for a single day, not for any other period.

The Funds may use a combination of swaps on the Index and swaps on an ETF whose investment objective is to track the performance of the same, or a substantially similar index to achieve their investment objective.

The Funds each currently offer one class of shares, which have no front end sales load, no deferred sales charges, and no redemption fees. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of each Fund have equal rights and privileges.

Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the shares may be different from their net asset value (“NAV”). Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 50,000 shares for MJ and MJUS and 10,000 shares for MJXL, called “Creation Units.” Creation Units are issued and redeemed principally in- kind for securities included in a specified Index. Once created, shares generally trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

Authorized Participants transacting in Creation Units for cash may pay an additional variable charge to compensate the relevant Fund for certain transaction costs (i.e., brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in Transaction Fees” in the Statements of Changes in Net Assets.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standard Codification Topic 946 Financial Services – Investment Companies.

The Fund may invest in certain other investment companies (underlying funds). For specific investments in underlying funds, please refer to the complete schedule of portfolio holdings on Form N-CSR(S) for this reporting period, which is filed with the U.S. Securities and Exchange Commission (SEC). For more information about the underlying Fund’s operations and policies, please refer to those Fund’s semiannual and annual reports, which are filed with the SEC.

Security Valuation. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used.

Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Funds’ Board. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of September 30, 2021, the Funds did not hold any securities that were fair valued by the Board.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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.

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

Level 3

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table presents a summary of the Funds' investments in securities and swap contracts at fair value, as of September 30, 2021:

ETFMG Alternative Harvest ETF
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,062,422,215	$	—	$	—	$	1,062,422,215
Short Term Investments		2,585,283		—		—		2,585,283
ETFMG Sit Ultra Short ETF**		85,827,375		—		—		85,827,375
Investments Purchased with Securities Lending
Collateral*		—		—		—		196,438,549
Total Investments in Securities	$	1,150,834,873	$	—	$	—	$	1,347,273,422

ETFMG U.S. Alternative Harvest ETF
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,490,924	$	—	$	—	$	1,490,924
Short Term Investments		76,960		—		—		76,960
Total Investments in Securities	$	1,567,884	$	—	$	—	$	1,567,884

Swap Contracts^***

Level 1

Level 2

Level 3

Total

Long Total Return Equity Swap Contracts

—

Total Swap Contracts

—

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

ETFMG 2x Daily Alternative Harvest ETF

Swap Contracts^***

Level 1

Level 2

Level 3

Total

Long Total Return Equity Swap Contracts

—

Total Swap Contracts

—

See Schedule of Investments for classifications by country and industry.

Certain investments that are measured at fair value used the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedules of Investments.

^**

Investment was purchased with collateral.

^***

Swap contracts are derivative instruments, which are presented at the unrealized appreciation/depreciation on the instrument.

Federal Income Taxes. The Funds have each elected to be taxed as a “regulated investment company” and intend to distribute substantially all taxable income to their shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provisions for federal income taxes or excise taxes have been made.

To avoid imposition of the excise tax applicable to regulated investment companies, each Fund intends to declare each year as dividends, in each calendar year, at least 98.0% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.

Net capital losses incurred after October 31, within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year.

Each Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Each Fund has analyzed its tax position and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Funds’ 2021 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, the State of New Jersey, and the State of Delaware; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

As of September 30, 2021, management has reviewed the tax positions for open periods (for Federal purposes, four years from the date of filing and for state purposes, four years from the date of filing), as applicable to the Funds, and has determined that no provision for income tax is required in the Funds’ financial statements.

Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Income, including gains, from investments in foreign securities received by the Funds may be subject to income, withholding or other taxes imposed by foreign countries.

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

Foreign Currency Translations and Transactions. The Funds may engage in foreign currency transactions. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, assets and liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. For financial reporting purposes, the Funds do not isolate changes in the exchange rate of investment securities from the fluctuations arising from changes in the market prices of securities for unrealized gains and losses. However, for federal income tax purposes, the Funds do isolate and treat as ordinary income the effect of changes in foreign exchange rates on realized gains or losses from the sale of investment securities and payables and receivables arising from trade-date and settlement-date differences.

Distributions to Shareholders. Distributions to shareholders from net investment income are generally declared and paid by each of the Funds on a quarterly basis. Distributions to shareholders from realized gains on securities for each Fund normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Share Valuation. The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE is closed for trading. For Authorized Participants, the offering and redemption price per share for the Funds are equal to the Funds’ respective net asset value per share.

Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Derivatives

The Funds may enter into swap agreements; including interest rate, index, and total return swap agreements. Swap agreements are contracts between parties in which one party agrees to make periodic payments to the other party based on the change in market value or level of a specified rate, index or asset. In return, the other party agrees to make payments to the first party based on the return of a different specified rate, index or asset. Swap agreements will usually be done on a net basis, i.e., where the two parties make net payments with a Fund receiving or paying, as the case may be, only the net amount of the two payments. The net amount of the excess, if any, of a Fund’s obligations over its entitlements with respect to each swap is accrued on a daily basis and an amount of cash or equivalents having an aggregate value at least equal to the accrued excess is maintained by the Fund.

The total return swap contracts are subject to master netting agreements, which are agreements between a Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund through a single payment, in the event of default or termination. Amounts presented on the schedule of total return swaps are gross settlement amounts.

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

The following table presents the Funds' gross derivative assets and liabilities by counterparty and contract type, net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of September 30, 2021.

ETFMG U.S. Alternative Harvest ETF

Gross

Gross Amounts not offset in

Amounts of

the Statements of Assets &

Recognized

Liabilities

Assets

Presented in

the

Gross

Statements

Amounts

Investment

of Assets &

Available

Financial

Collateral

Net

Counterparty

Type

Liabilities

Offset

Net Amounts

Instruments

Received

Amount

Cowen and Company, LLC

Total Return Swap Contracts

(130,774

)

—

(130,774

)

—

(130,774

)

ETFMG 2x Daily Alternative Harvest ETF

Gross

Gross Amounts not offset in

Amounts of

the Statements of Assets &

Recognized

Liabilities

Assets

Presented in

the

Gross

Statements

Amounts

Investment

of Assets &

Available

Financial

Collateral

Net

Counterparty

Type

Liabilities

Offset

Net Amounts

Instruments

Received

Amount

Cowen and Company, LLC

Total Return Swap Contract

(179,346

)

—

(179,346

)

—

(179,346

)

The average monthly notional amount of the swap contracts during the period ended September 30, 2021 for the Funds were:

ETFMG U.S. Alternative Harvest ETF		Swap Contracts		$	4,855,145
ETFMG 2x Daily Alternative Harvest ETF		Swap Contract		$	1,271,326

The following is a summary of the effect of swap contracts on the Funds' Statements of Assets and Liabilities as of September 30, 2021:

		Assets		Liabilities		Net Unrealized Gain (Loss)

ETFMG U.S. Alternative Harvest ETF	Swap Contracts	$	—	$	130,774	$	—
ETFMG 2x Daily Alternative Harvest ETF	Swap Contract	$	—	$	179,346	$	—

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

The following is a summary of the effect of swap contracts on the Funds' Statements of Operations for the period ended September 30, 2021:

					Change in
					Unrealized
					Appreciation/
		Realized Gain (Loss)			Depreciation
ETFMG U.S.
Alternative Harvest
ETF	Swap Contracts	$	(1,484,717	)	$	—
ETFMG 2x Daily
Alternative Harvest
ETF	Swap Contract	$	(396,127	)	$	—

NOTE 3 – RISK FACTORS

Investing in the Funds may involve certain risks, as discussed in the Funds’ prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. As with any investment whose performance is tied to these markets, the value of an investment in a Fund will fluctuate, which means that an investor could lose money over short or long periods.

Investment Style Risk. The Funds are not actively managed (“Index Funds”). Therefore, those Funds follow the securities included in its respective index during upturns as well as downturns. Because of their indexing strategies, the Index Funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of the Index Funds’ expenses, the Index Funds’ performance may be below that of their respective index.

Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time.

Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.

Concentration Risk. To the extent that a Fund’s or an index’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class.

Natural Disaster/Epidemic Risk. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus COVID- 19),have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect lobal, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under the circumstances, the Funds may have difficulty achieving their investment objectives which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds' Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. These factors can cause substantial market volatility. exchange trading suspensions and closures and can impact the ability of the Funds to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on a Fund's performance, resulting in losses to the Funds.

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. A Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When a Fund uses derivatives, there may be imperfect correlation between the value of the reference assets and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose a Fund to losses in excess of those amounts initially invested.

Daily Index Correlation/Tracking Risk. There is no guarantee that a Fund will achieve a high degree of correlation to the Index and therefore achieve its daily leveraged investment objective. To achieve a high degree of correlation with the Index, a Fund seeks to rebalance its portfolio daily to keep leverage consistent with its daily leveraged investment objective. In addition, a Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that a Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect a Fund’s ability to adjust exposure to the required levels.

NOTE 4 – MANAGEMENT AND OTHER CONTRACTS

ETF Managers Group, LLC (the “Advisor”), serves as the investment advisor to the Funds. Pursuant to an Investment Advisory Agreement (“Advisory Agreement”) between the Trust, on behalf of the Funds, and the Advisor, the Advisor provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Advisor is also responsible for arranging transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate.

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

Under the Investment Advisory Agreement, the Advisor has overall responsibility for the general management and administration of the Funds and arranges for sub-advisory, transfer agency, custody, fund administration, securities lending, and all other non-distribution related services necessary for the Funds to operate. The Funds unitary fees are accrued daily and paid monthly. The Advisor bears the costs of all advisory and non- advisory services required to operate the Funds, in exchange for a single unitary fee at the following annual rates:

ETFMG Alternative Harvest ETF	0.75%
ETFMG U.S. Alternative Harvest ETF	0.75%
ETFMG 2x Daily Alternative Harvest ETF	0.95%

Under the Investment Advisory Agreement, the Advisor has agreed to pay all expenses of the Funds, except for: the fee paid to the Advisor pursuant to the Investment Advisory Agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses (collectively, “Excluded Expenses”). The Advisor has entered into an agreement with its affiliate ETFMG Financial, LLC to serve as distributor to the Funds (the “Distributor”). The Distributor provides marketing support for the Funds, including distributing marketing materials related to the Funds. Level ETF Ventures, LLC (“Level”) serves as the index provider for MJ, MJUS and MJXL. Level is not affiliated with the Trust or the Advisor.

U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services (the “Administrator”) provides fund accounting, fund administration, and transfer agency services to the Funds. The Advisor compensates the Administrator for these services under an administration agreement between the two parties.

The Advisor pays each independent Trustee a quarterly fee for service to the Funds. Each Trustee is also reimbursed by the Advisor for all reasonable out-of-pocket expenses incurred in connection with his duties as Trustee, including travel and related expenses incurred in attending Board meetings.

NOTE 5 – DISTRIBUTION PLAN

The Funds have each adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, each Fund may pay compensation to the Distributor or any other distributor or financial institution with which the Trust has an agreement with respect to each Fund, with the amount of such compensation not to exceed an annual rate of 0.25% of each Fund’s average daily net assets. During the period ended September 30, 2021, the Funds did not incur any 12b-1 expenses.

NOTE 6 - PURCHASES AND SALES OF SECURITIES

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, during the period ended September 30, 2021:

	Purchases	Sales
ETFMG Alternative Harvest ETF	$ 1,206,934,813	$ 1,111,075,628
ETFMG U.S. Alternative Harvest ETF	333,903	228,141

The costs of purchases and sales of in-kind transactions associated with creations and redemptions during the period ended September 30, 2021:

	Purchases In-		Sales In-
	Kind		Kind
ETFMG Alternative Harvest ETF	$	1,013,116,642	$	598,646,112
ETFMG U.S. Alternative Harvest ETF	1,598,900		—

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all in-kind sales. Net capital gains or losses resulting from in-kind redemptions are excluded from the Funds’ determination of taxable gains and are not distributed to shareholders.

There were no purchases or sales of U.S. Government obligations during the period ended September 30, 2021.

NOTE 7 — SECURITIES LENDING

The Fund may lend up to 33 1⁄3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by U.S. Bank N.A. (“the Custodian”). The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any loaned securities at the time of the loan, plus accrued interest. The Fund receives compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of the Fund. The Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations either directly on behalf of the Fund or through one or more joint accounts, money market funds, or short-term bond funds, including those advised by or affiliated with the Advisor; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. Other investment companies, in which the Fund may invest cash collateral, can be expected to incur fees and expenses for operations, such as investment advisory and administration fees, which would be in addition to those incurred by the Fund, and which may be received in full or in part by the Advisor. Pursuant to guidance issued by the SEC staff, fees and expenses of money market funds used for cash collateral received in connection with loans of securities are not treated as Acquired Fund Fees and Expenses, which reflect a fund’s pro rata share of the fees and expenses incurred by other investment companies in which the Fund invests (as disclosed in the Prospectus, as applicable). The Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Fund is indemnified from this risk by contract with the securities lending agent.

As of the period ended September 30, 2021 the value of the securities on loan and payable for collateral due to broker were as follows:

Value of Securities on Loan Collateral Received
	Values of	Fund
	Securities on	Collateral
Fund	Loan	Received*
ETFMG Alternative Harvest ETF	$272,175,870	$ 282,257,147

* The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, a money market fund with an overnight and continuous maturity, and ETFMG Sit Ultra Short ETF as shown on the Schedule of Investments.

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

NOTE 8 – FEDERAL INCOME TAXES

The components of distributable earnings (losses) and cost basis of investments for federal income tax purposes at September 30, 2021 were as follows:

								Net
			Gross		Gross			Unrealized
			Unrealized		Unrealized			Appreciation
	Cost		Appreciation		Depreciation			(Depreciation)
ETFMG Alternative Harvest ETF	$	1,747,712,784	$	13,790,736	$	(414,230,097	)	$	(400,439,361	)
ETFMG U.S. Alternative Harvest ETF		1,778,251		140,373		(350,740	)		(210,367	)
ETFMG 2x Daily Alternative Harvest ETF		—		—		—			—

The difference between the tax cost of investments and the cost of investments for GAAP purposes is primarily due to the tax treatment of wash sale losses.

As of September 30, 2021, the components of distributable earnings (loss) on a tax basis were as follows:

	Undistributed		Undistributed		Total		Other			Total
	Ordinary		Long-Term		Distributable		Accumulated			Accumulated
	Income		Gain		Earnings		Loss			Gain (Loss)
ETFMG Alternative Harvest ETF	$	2,014,017	$	—	$	2,014,017	$	(746,569,873	)	$	(1,144,995,217	)
ETFMG U.S. Alternative Harvest ETF		—		—		—		(77,281	)		(287,648	)
ETFMG 2x Daily Alternative Harvest ETF		—		—		—		(76,744	)		(76,744	)

The difference between the tax cost of investments and the cost of investments for GAAP purposes is primarily due to the tax treatment of wash sale losses.

As of September 30, 2021, the Funds had accumulated capital loss carryovers of:

	Capital Loss			Capital Loss
	Carryforward			Carryforward
	ST			LT			Expires
ETFMG Alternative Harvest ETF	$	(225,753,428	)	$	(520,821,254	)	Indefinite
ETFMG U.S. Alternative Harvest ETF		(77,281	)		—		Indefinite
ETFMG 2x Daily Alternative Harvest ETF		(76,744	)		—		Indefinite

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

Under current tax law, capital and currency losses realized after October 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Funds had deferred post-October capital and currency losses, which will be treated as arising on the first business day of the year ending September 30, 2021.

				Post-
		Late Year		October
		Ordinary		Capital
		Loss		Loss
ETFMG Alternative Harvest ETF	$	—	$	—
ETFMG U.S. Alternative Harvest ETF		—		—
ETFMG 2x Daily Alternative Harvest ETF		—		—

U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the fiscal year ended September 30, 2021, the following table shows the reclassifications made:

	Total
	Distributable			Paid-In
	Earnings/(Loss)			Capital
ETFMG Alternative Harvest ETF	$	(212,676,633	)	$	212,676,633
ETFMG U.S. Alternative Harvest ETF		1,419,935			(1,419,935	)
ETFMG 2x Daily Alternative Harvest ETF		320,452			(320,452	)

The tax character of distributions paid during the year ended September 30, 2021, and the year ended September 30, 2020 were as follows:

	Year Ended				Year Ended
	September 30, 2021				September 30, 2020
	From		From		From		From
	Ordinary		Capital		Ordinary		Capital
	Income		Gains		Income		Gains
ETFMG Alternative Harvest ETF	$	17,257,000		—	$	38,259,296		—
ETFMG U.S. Alternative Harvest ETF		—		—		—		—
ETFMG 2x Daily Alternative Harvest ETF		—		—		—		—

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

NOTE 9 – INVESTMENTS IN AFFILIATES

ETFMG Alternative Harvest ETF

ETFMG Alternative Harvest ETF owned the following companies during the year ended September 30, 2021. 22^nd Century Group, Inc., Aurora Cannabis, Inc., Clever Leaves Holdings, Inc., Corbus Pharmaceuticals Holdings, Inc., Organigram Holdings, Inc., Village Farms International, Inc., Zynerba Pharmaceuticals, Inc., and ETFMG Sit Ultra Short ETF are deemed to be affiliates of the Fund as defined by the 1940 Act as of the year ended September 30, 2021. Transactions during the year in these securities were as follows:

Security Name	Value at September 30, 2020		Purchases		Sales			Realized Gain (Loss)⁽¹⁾			Change in Unrealized Appreciation (Depreciation)			Dividend Income		Value at September 30, 2021		Ending Shares
22nd Century Group, Inc.^*	$	—	$	56,074,941	$	(25,031,572	)	$	9,286,846		$	(2,188,685	)	$	—	$	38,141,530		12,885,652
Aurora Cannabis, Inc. ^*		—		124,867,983		(14,705,286	)		(4,489,775	)		(27,712,638	)		—		77,960,284		11,265,937
Clever Leaves Holdings, Inc. ^*		—		29,169,714		(1,354,553	)		(246,298	)		(9,653,258	)		—		17,915,605		2,308,712
Corbus Pharmaceuticals Holdings, Inc. ^*		—		28,867,224		(2,817,370	)		(565,594	)		(11,100,719	)		—		14,383,541		14,101,511
ETFMG Sit Ultra Short ETF ^*		—		85,818,598		—			—			8,777			—		85,827,375		1,725,000
Organigram Holdings, Inc. ^*		—		61,120,389		(5,567,085	)		2,429,755			2,595,434			—		60,578,493		26,338,475
Village Farms International, Inc. ^*		—		55,766,536		(21,536,854	)		4,090,811			(2,169,712	)		—		36,150,781		4,334,626
Zynerba Pharmaceuticals, Inc. ^*		—		27,689,617		(3,330,961	)		(1,625,571	)		(3,853,150	)		—		18,879,935		4,452,815
Total	$	—		469,375,002		(74,343,681	)	$	8,880,174		$	(54,073,951	)	$	—	$	349,837,544	$	77,412,728

*Affiliate as of September 30, 2021.

¹Realized Losses include transactions in affiliated investments and affiliated in-kind redemptions^.

NOTE 10 – LEGAL MATTERS

The Trust, a former and current trustee of the Trust, the Adviser and certain officers of the Adviser were defendants in an action filed May 2, 2017 in the Superior Court of New Jersey captioned PureShares, LLC d/b/a PureFunds et al. v. ETF Managers Group, LLC et al., Docket No. C-63-17. The PureShares action alleged claims based on disputes arising out of contractual relationships with the Adviser relating to certain series of the Trust. The action sought damages in unspecified amounts and injunctive relief based on breach of contract, wrongful termination, and several other claims. The PureShares action was dismissed without prejudice by way of stipulation filed on February 14, 2020.

The Adviser and its parent, Exchange Traded Managers Group, LLC (“ETFMG”), were defendants in a case filed on October 26, 2017 in the United States District Court for the Southern District of New York by NASDAQ, Inc. (“Nasdaq”) captioned Nasdaq, Inc. v. Exchange Traded Managers Group, LLC et al., Case 1:17-cv -08252. This action arose out of the same facts and circumstances, and relates to the same series of the Trust, as the New Jersey litigation and asserted claims for breach of contract, conversion and certain other claims. The matter was the subject of a bench trial in May 2019, and on December 20, 2019, the Court issued an Opinion and Order awarding compensatory damages to Plaintiff in the amount of $78,403,172.36, plus prejudgment interest (the “Judgment”). The Court also denied Plaintiff’s requests for punitive damages and equitable relief. ETFMG filed a Notice of Appeal from the Judgment in the United States Court of Appeals for the Second Circuit on January 19, 2021, Docket No. 20-300.

On October 28, 2021, Nasdaq and ETFMG entered into a Judgment Payment Agreement, which satisfied the Judgment. On November 1, 2021, Nasdaq recorded a Satisfaction of Judgment with the United States District Court for the Southern District of New York reflecting that the Judgment was paid in full, and ETFMG withdrew its appeal of the Judgment with prejudice before the United States Court of Appeals for the Second Circuit. PureShares is not a direct party to the Judgment Payment Agreement. ETFMG, however, believes PureShares’ claims in the New Jersey case, if reinstituted, would substantially overlap with those asserted on its behalf by Nasdaq that resulted in the Judgment, which has been satisfied.

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

The Adviser does not believe that the resolution of these matters will have a material adverse effect on the Fund’s financial statements.

NOTE 11 – SUBSEQUENT EVENTS

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Except as disclosed in Note 10, this evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements.

ETFMG ^TM ETFs

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of ETF Managers Trust

and the Shareholders of ETFMG Alternative Harvest ETF, ETFMG U.S. Alternative Harvest ETF and ETFMG 2x Daily Alternative Harvest ETF:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of ETFMG Alternative Harvest ETF, ETFMG U.S. Alternative Harvest ETF and ETFMG 2x Daily Alternative Harvest ETF (collectively the “Funds”) (certain of the Funds comprising ETF Managers Trust), as of September 30, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of September 30, 2021, and the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2021 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/WithumSmith+Brown, PC

We have served as the auditor for one or more series of the Trust since 2013.

New York, New York

November 29, 2021

ETFMG U.S. Alternative Harvest ETF

ETFMG 2x Daily Alternative Harvest ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS
For the Period Ended September 30, 2021 (Unaudited)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on March 30, 2021, the Board of Trustees (the “Board”) of ETF Managers Trust (the “Trust”) considered the approval of the Amended and Restated Investment Advisory Agreement (the “Agreement”) between ETF Managers Group LLC (the “Adviser”) and the Trust, on behalf of ETFMG 2X Daily Alternative Harvest ETF and ETFMG U.S. Alternative Harvest ETF (the “New Funds”).

Pursuant to Section 15 of the 1940 Act, the Agreement must be approved by the vote of a majority of the Trustees who are not parties to the Agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. In preparation for such meeting, the Board requests and reviews a wide variety of information from the Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to the New Funds’ shareholders by the Adviser; (ii) comparative fee and expense data for each New Fund in relation to other similar investment companies; (iii) the extent to which economies of scale may be realized as the New Funds grow and whether the proposed advisory fee for each New Fund reflects these expected economies of scale for the benefit of the New Fund; and (iv) other financial benefits to the Adviser and its affiliates resulting from services to be rendered to the New Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on March 30, 2021, and throughout the year. Among other things, the Adviser provided responses to detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, risk assessment and compliance programs and financial condition. Representatives of the Adviser discussed the services to be provided to the New Funds, the rationale for launching the New Funds, the marketing strategy and the New Funds’ proposed fees in comparison to the fees of comparable investment companies. The Board then discussed the written and oral information that it received before the meeting and throughout the year, and the Adviser’s oral presentation and any other information that the Board received at the meeting, and deliberated on the approval of the Agreement in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the approval of the Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the New Funds. The matters discussed were also considered separately by the Independent Trustees in executive session with independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services Provided.

The Trustees considered the scope of services to be provided under the Advisory Agreement, noting that the Adviser would be providing investment advisory services to the New Funds. The Board discussed the responsibilities of the Adviser, including: the investment of each New Fund’s assets in accordance with its investment objective and monitoring compliance with various fund policies and procedures and with applicable securities regulations, and arranging for transfer agency, custody, fund administration, and all other non-distribution related services necessary for the New Funds to operate. In considering the nature, extent and quality of the services provided by the Adviser, the Board considered the qualifications, experience and responsibilities of the Adviser’s investment personnel in managing funds with significant derivatives exposure; the quality of the Adviser’s compliance infrastructure and risk assessment capabilities; the marketing strategy for the New Funds and the determination of the Trust’s Chief Compliance Officer that the Adviser has appropriate compliance policies and procedures in place that are reasonably designed to prevent violations of the Federal Securities laws. The Board also took into account the significant investments that the Adviser has made in its business to help ensure the provision of high-quality services to the New Funds, such as the hiring of trading, legal and compliance personnel, and enhancements to technology and related systems. The Board also considered the Adviser’s experience managing ETFs, as well as the Adviser’s response to the market volatility and uncertainty during the recent pandemic.

ETFMG U.S. Alternative Harvest ETF

ETFMG 2x Daily Alternative Harvest ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS
For the Period Ended September 30, 2021 (Unaudited) (Continued)

With respect to the ETFMG U.S. Alternative Harvest ETF, the Board also considered an opinion of competent counsel that the New Fund’s investments would not cause the New Fund or its shareholders to violate the laws of the United States or state laws, or incur liability arising out of any such violation.

Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the New Funds by the Adviser.

Historical Performance.

The Board noted that the New Funds had not yet commenced operations and that therefore there was no prior performance to review.

Cost of Services Provided, Fall-Out Benefits and Economies of Scale.

The Board reviewed the proposed investment advisory fee for each of the New Funds and compared it to the total operating expenses of other funds in the industry falling within the same style category, or peer group, as the particular New Fund, as determined by a third-party service provider and the Adviser. The Board noted that the expense ratios for each of the New Funds was higher than or equal to the average and median expense ratios for its peer ETFs. The Trustees also considered the total expense ratios of other ETFs that they considered to be comparable, based on the investment objectives and strategies of the ETFs. The Board took into consideration management’s discussion of the fees, including that there are limited true peers for the New Funds because of their niche strategies.

The Board also noted the importance of the fact that the advisory fees for the New Funds were “unified fees,” meaning that the shareholders of the New Funds would pay no expenses other than the advisory fee, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses (such as, among other things and subject to Board approval, certain proxy solicitation costs and non-standard Board-related expenses and litigation against the Board, Trustees, New Funds, Adviser, and officers of the Adviser), and distribution (12b-1) fees and expenses (the “Excluded Expenses”). The Board also noted that the Adviser would be responsible for compensating the New Funds’ other service providers and paying the New Funds’ other expenses out of its own fee and resources. The Board further noted that because the New Funds are new, it was difficult to estimate the profitability of the New Funds to the Adviser. The Board, however, considered collateral or “fall-out” benefits that ETFMG and its affiliates may derive as a result of their relationship with the New Funds.

The Board noted that because the New Funds are new, it also was difficult to estimate whether the New Funds would experience economies of scale. The Board noted that the Adviser will review expenses as the New Funds’ assets grow. The Board determined to evaluate economies of scale on an ongoing basis if the New Funds achieved asset growth.

ETFMG U.S. Alternative Harvest ETF

ETFMG 2x Daily Alternative Harvest ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS
For the Period Ended September 30, 2021 (Unaudited) (Continued)

In its deliberations, the Board did not identify any single piece of information discussed above that was all-important, controlling or determinative of its decision. Based on the Board’s deliberations and its evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Agreement are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the services that the Adviser will provide to the New Funds; and (c) approved the Agreement for an initial term of two years.

ETFMG ^TM ETFs

EXPENSE EXAMPLE

September 30, 2021 (Unaudited)

As a shareholder of the Funds you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an investment of $1,000 invested for the period of time as indicated in the table below.

Actual Expenses

The first line of the table provides information about actual account values based on actual returns and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period'' to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table provides information about hypothetical account values based on a hypothetical return and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

Fund Name	Beginning Account Value April 1, 2021		Ending Account Value September 30, 2021		Expenses Paid During the Period			Annualized Expense Ratio During the Period April 1, 2021 to September 30, 2021
ETFMG Alternative Harvest ETF
Actual		1,000.00		636.00		3.08	⁽¹⁾		0.75	%
Hypothetical (5% annual)		1,000.00		1,021.31		3.80	⁽¹⁾		0.75	%
ETFMG U.S. Alternative Harvest ETF
Actual		1,000.00		771.80		2.58	⁽²⁾		0.75	%
Hypothetical (5% annual)		1,000.00		1,021.31		3.80	⁽⁴⁾		0.75	%
ETFMG 2x Daily Alternative Harvest ETF
Actual		1,000.00		511.00		1.71	⁽³⁾		0.95	%
Hypothetical (5% annual)		1,000.00		1,020.31		4.81	⁽⁴⁾		0.95	%

⁽¹⁾

Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value during the period, multiplied by 183/365 days (to reflect the six-month period).

⁽²⁾

Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value during the period, multiplied by 142/365 days (to reflect the period since the Fund’s inception).

⁽³⁾

Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value during the period, multiplied by 87/365 days (to reflect the period since the Fund’s inception).

⁽⁴⁾

For comparative purposes only as the Fund was not in operation for the full six-month period.

ETFMG ^TM ETFs

SUPPLEMENTARY INFORMATION

September 30, 2021 (Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Information regarding how often shares of each Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV is available on the Fund’s website at www.etfmgfunds.com.

NOTE 2 – FEDERAL TAX INFORMATION

Qualified Dividend Income/Dividends Received Deduction

For the fiscal year ended September 30, 2021, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Fund Name	Qualified Dividend Income
ETFMG Alternative Harvest ETF	100.00%
ETFMG U.S. Alternative Harvest ETF	0.00%
ETFMG 2x Daily Alternative Harvest ETF	0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended September 30, 2021 was as follows:

Fund Name	Dividends Received Deduction
ETFMG Alternative Harvest ETF	74.28%
ETFMG U.S. Alternative Harvest ETF	0.00%
ETFMG 2x Daily Alternative Harvest ETF	0.00%

Short Term Capital Gain

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(C) for each Fund were as follows:

Fund Name	Short-Term Capital Gain
ETFMG Alternative Harvest ETF	0.00%
ETFMG U.S. Alternative Harvest ETF	0.00%
ETFMG 2x Daily Alternative Harvest ETF	0.00%

During the year ended September 30, 2021, the Funds did not declare any long-term realized gains distributions.

Pursuant to Section 853 of the Internal Revenue Code, the Fund designated the following amounts as foreign taxes paid for the year ended September 30, 2021. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

Per Share

Fund

Gross
Foreign
Source
Income

Foreign
Taxes
Passthrough

Gross
Foreign
Source
Income

Foreign
Taxes
Passthrough

Shares
Outstanding
at 9/30/21

ETFMG Alternative Harvest ETF

4,249,571

256,535

0.05731047

0.00345968

74,150,000

ETFMG ^TM ETFs

SUPPLEMENTARY INFORMATION

September 30, 2021 (Unaudited) (Continued)

Foreign taxes paid or withheld should be included to taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

NOTE 3 – INFORMATION ABOUT PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available on the website of the SEC at www.sec.gov and the Funds’ website at www.etfmgfunds.com. Each Fund’s portfolio holdings are posted on their website at www.etfmgfunds.com daily.

NOTE 4 – INFORMATION ABOUT PROXY VOTING

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free at (877) 756-7873, by accessing the SEC’s website at www.sec.gov, or by accessing the Funds’ website at www.etfmgfunds.com.

Information regarding how the Funds voted proxies relating to portfolio securities during the period ending June 30 is available by calling toll-free at (877) 756-7873 or by accessing the SEC’s website at www.sec.gov.

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477) or by visiting www.etfmgfunds.com. Read the prospectus carefully before investing.

ETFMG ^TM ETFs

Board of Trustees

Set forth below are the names, birth years, positions with the Trust, length of term of office, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee of the Trust, as well as information about each officer. The business address of each Trustee and officer is 30 Maple Street, 2nd Floor, Summit, New Jersey 07901. The SAI includes additional information about Fund directors and is available, without charge, upon request by calling 1-844-ETF-MGRS (1-844-383-6477).

Name and Year of Birth	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships Held by Trustee During Past 5 Years
Interested Trustee and Officers
Samuel Masucci, III (1962)	Trustee, Chairman of the Board and President (since 2012); Secretary (since 2014)	Chief Executive Officer, Exchange Traded Managers Group LLC (since 2013); Chief Executive Officer, ETF Managers Group LLC (since 2016); Chief Executive Officer, ETF Managers Capital LLC (commodity pool operator) (since 2014); Chief Executive Officer (2012-2016) and Chief Compliance Officer (2012- 2014), Factor Advisors, LLC (investment adviser); President and Chief Executive Officer, Factor Capital Management LLC (2012- 2014) (commodity pool operator).	17	None
John A. Flanagan, (1946)	Treasurer (since 2015)	President, John A. Flanagan CPA, LLC (accounting services) (since 2010); Treasurer, ETF Managers Trust (since 2015); Chief Financial Officer, ETF Managers Capital, LLC (commodity pool operator) (since 2015).	n/a	n/a
Reshma A. Tanczos (1978)	Chief Compliance Officer (since 2016)	Chief Compliance Officer of ETFMG Financial LLC (Since 2017); Chief Compliance Officer, ETF Managers Group LLC (since 2016); Chief Compliance Officer, ETF Managers Capital LLC (since 2016); Partner, Crow & Cushing (law firm) (2007-2016).	n/a	n/a
Matthew J. Bromberg (1973)	Assistant Secretary (since 2020)	General Counsel and Secretary of Exchange Traded Managers Group LLC (since 2020); ETF Managers Group LLC (since 2020); ETFMG Financial LLC (since 2020); ETF Managers Capital LLC (since 2020); Partner of Dorsey & Whitney LLP (law firm) (2019- 2020); General Counsel of WBI Investments, Inc. (2016-2019); Millington Securities, Inc. (2016- 2019); and Partner of Reed Smith (law firm) (2015- 2016).	n/a	n/a
* Mr. Masucci is an interested Trustee by virtue of his role as the Chief Executive Officer of the Adviser.

ETFMG Alternative Harvest ETF

Board of Trustees (Continued)

Name and Year of Birth	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships Held by Trustee During Past 5 Years
Terry Loebs (1963)	Trustee (since 2014); Lead Independent Trustee (since 2020)	Founder and Managing Member, Pulsenomics LLC (index product development and consulting firm) (since 2011); Managing Director, MacroMarkets, LLC (exchange-traded products firm) (2006-2011).	17	None
Eric Wiegel (1960)	Trustee (since 2020)	Senior Portfolio Manager, Little House Capital (2019-present); Managing Partner, Global Focus Capital LLC (2013-present); Chief Investment Officer, Insight Financial Strategist LLC (2017-2018).	17	None

ETFMG ^TM ETFs

ETF MANAGERS TRUST

Privacy Policy and Procedures

ETF Managers Trust, (the “Trust”) has adopted the following privacy policies in order to safeguard the personal information of the Trust’s customers and consumers in accordance with Regulation S-P as promulgated by the U.S. Securities and Exchange Commission.

Trust officers are responsible for ensuring that the following policies and procedures are implemented:

1) The Trust is committed to protecting the confidentiality and security of the information they collect and will handle personal customer and consumer information only in accordance with

Regulation S-P and any other applicable laws, rules and regulations¹. The Trust will ensure: (a) the security and confidentiality of customer records and information; (b) that customer records and information are protected from any anticipated threats and hazards; and (c) that customer records and information are protected from unauthorized access or use.

2) The Trust conducts its business affairs through its trustees, officers and third parties that provide services pursuant to agreements with the Trust. The Trust has no employees. It is anticipated that the trustees and officers of the Trust who are not employees of service providers of the Trust will not have access to customer records and information in the performance of their normal responsibilities for the Trust.

3) The Trust may share customer information with its affiliates, subject to the customers’ right to prohibit such sharing.

4) The Trust may share customer information with unaffiliated third parties only in accordance with the requirements of Regulation S-P. Pursuant to this policy, the Trust will not share customer information with unaffiliated third parties other than as permitted by law, unless authorized to do so by the customer.

Consistent with these policies, the Trust has adopted the following procedures:

1) The Trust will determine that the policies and procedures of its affiliates and Service Providers are reasonably designed to safeguard customer information and only permit appropriate and authorized access to and use of customer information through the application of appropriate administrative, technical and physical protections.

2) The Trust will direct each of its Service Providers to adhere to the privacy policy of the Trust and to its privacy policies with respect to all customer information of the Trust and to take all actions reasonably necessary so that the Trust is in compliance with the provisions of Regulation S -P, including, as applicable, the development and delivery of privacy notices and the maintenance of appropriate and adequate records.

The Trust requires its Service Providers to provide periodic reports to the Trust’s Board of Trustees outlining their privacy policies and the implementation of such policies. Each Service Provider is required to promptly report to the Trust’s Board any material changes to its privacy policy before, or promptly after, the adoption of such changes.

⁽¹⁾Generally, the Funds have institutional clients which are not considered “customers” for purposes of regulation S-P.

Advisor

ETF Managers Group, LLC

30 Maple Street, Suite 2, Summit, NJ 07901

Distributor

ETFMG Financial LLC

30 Maple Street, Suite 2, Summit, NJ 07901

Custodian

U.S. Bank National Association

Custody Operations

1555 North River Center Drive, Suite 302, Milwaukee, Wisconsin 53212

Transfer Agent

U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services

615 East Michigan Street, Milwaukee, Wisconsin 53202

Securities Lending Agent

U.S. Bank, National Association

Securities Lending

800 Nicolet Mall

Minneapolis, MN 55402-7020

Independent Registered Public Accounting Firm

WithumSmith + Brown, PC

1411 Broadway, 9th Floor, New York, NY 10018

Legal Counsel

Sullivan & Worcester LLP

1666 K Street NW, Washington, DC 20006