Annual Report

September 30, 2021

Etho Climate Leadership U.S. ETF

Ticker: ETHO

The fund is a series of ETF Managers Trust.

Etho Climate Leadership U.S. ETF

TABLE OF CONTENTS
September 30, 2021

	Page
Shareholder Letter	2

Growth of $10,000 Investment	3

Top 10 Holdings	4

Important Disclosures and Key Risk Factors	5

Portfolio Allocations	6

Schedule of Investments	7

Statement of Assets and Liabilities	16

Statement of Operations	17

Statements of Changes in Net Assets	18

Financial Highlights	19

Notes to the Financial Statements	20

Report of Independent Registered Public Accounting Firm	29

Expense Example	30

Supplementary Information	31

Information About Portfolio Holdings	31

Information About Proxy Voting	31

Trustees and Officers Table	32

Privacy Policy	34

Etho Climate Leadership U.S. ETF

Dear Shareholder,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Etho Climate Leadership U.S. Exchange-Traded Fund (“ETHO” or the “Fund”). 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 Etho Climate Leadership Index – U.S. (the “Index”).

For the fiscal period ended September 30, 2021, the total return for the Fund was 35.48% while the total return for the Index was 35.09%. The best performers in the Fund on the basis of contribution to its return were Sunpower Corp., Tesla Inc., Wesco International Inc., SVB Financial Group and Genmark Diagnostics Inc., while the worst performers Zoom Video Communications-A, Beyond Meat Inc., Teladoc Health Inc., Romeo Power Inc. and Quantumscape Corp.

During the reporting period, the Fund saw an average approximate allocation of 9.8% to Semiconductors & Semiconductor Equipment, 6.9% to Software, 5.2% to IT Services and 5.1% to Health Care Equipment & Supplies and 5.0% to Machinery. The Fund invests in the United States.

As you may know, the Etho Climate Leadership U.S. ETF offers broad diversification across companies that have demonstrated efficiency and leadership with their use of resources and their supply chains when compared to industry peers. The Fund holds roughly 265 equities equally weighted (at the time of rebalance) and results in a carbon emissions profile that is, on average, 50-70% lower per dollar invested than conventional U.S. benchmark indices.¹ ETHO avoids investment in any direct fossil fuel companies, as well as enablers of that industry, along with a series of other unsustainable industries such as Tobacco/Weapons/Gambling, etc. Equal weighting of the Fund allows for the elimination of equities that do not meet ETHO’s standards without there being a significant impact on the diversification or performance of the Fund. It also creates broad exposure to both the sectors and factors that potentially make for greater stability and higher performance.

There is much ahead for environmentally sustainable and socially responsible investing. We are thankful you have joined us by investing in the Etho Climate Leadership U.S. ETF. You can find further details about ETHO by visiting www.etfmg.com, or by calling 1- 844-ETF-MGRS (1-844-383-6477).

Sincerely,

Samuel Masucci III

Chairman of the Board

¹ Etho Capital. www.ethocapital.com

Etho Climate Leadership U.S. ETF

Growth of $10,000 (Unaudited)

Average Annual Returns Year Ended September 30, 2021	1 Year Return			5 Year Return			Since Inception (11/18/2015)			Value of $10,000 (9/30/2021)
Etho Climate Leadership U.S. ETF (NAV)		35.48	%		18.19	%		16.91	%	$	25,009
Etho Climate Leadership U.S. ETF (Market)		35.30	%		18.25	%		16.93	%	$	25,036
S&P 500 Index		30.00	%		16.90	%		15.37	%	$	23,145
Etho Climate Leadership Index - U.S.		35.09	%		17.68	%		16.36	%	$	24,333

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 of 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 November 18, 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.

Etho Climate Leadership U.S. ETF

Top Ten Holdings as of September 30, 2021 (Unaudited)*
	Security	% of Total Investments
1	American National Group, Inc.	0.55%
2	Gartner, Inc.	0.52%
3	Herc Holdings, Inc.	0.50%
4	AMN Healthcare Services, Inc.	0.48%
5	NVIDIA Corp.	0.48%
6	DexCom, Inc.	0.47%
7	West Pharmaceutical Services, Inc.	0.47%
8	MSCI, Inc.	0.45%
9	Watts Water Technologies, Inc. - Class A	0.44%
10	Intuit, Inc.	0.44%

	Top Ten Holdings 4.80% of Total Investments
	* Current Fund holdings may not be indicative of future Fund holdings.

Etho Climate Leadership U.S. ETF

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.

ETHO

The ETHO Climate Leadership US ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Etho Climate Leadership Index (the “Index”).

The Fund’s return may not match or achieve a high degree of correlation with the return of the Etho Climate Leadership Index — US.

To the extent the Fund utilizes a sampling approach, it may experience tracking error to a greater extent than if the Fund had sought to replicate the Index.

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 serves as the investment adviser to the Fund.

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

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.

Etho Climate Leadership U.S. ETF

PORTFOLIO ALLOCATIONS

As of September 30, 2021 (Unaudited)

	Etho Climate Leadership U.S. ETF
As a percent of Net Assets:
Guernsey		0.4	%
United States		99.1
Short-Term and other Net Assets (Liabilities)		0.5
		100.0	%

Etho Climate Leadership U.S. ETF

Schedule of Investments
September 30, 2021

	Shares		Value
COMMON STOCKS - 99.5%
Guernsey - 0.4%
IT Services - 0.4%
Amdocs, Ltd.		9,320	$	705,617
United States - 99.1%
Air Freight & Logistics - 0.4%
United Parcel Service, Inc. - Class B		3,855		701,996
Auto Components - 1.1%
BorgWarner, Inc. ^(b)		14,110		609,693
Gentex Corp.		18,290		603,204
QuantumScape Corp. ^(a)(b)		14,543		356,885
XL Fleet Corp. ^(a)(b)		72,472		446,428
Total Auto Components				2,016,210
Automobiles - 1.3%
Canoo, Inc. ^(a)(b)		72,072		554,234
Fisker, Inc. ^(a)(b)		37,792		553,653
Lordstown Motors Corp. - Class A ^(a)(b)		55,293		441,238
Tesla, Inc. ^(a)		974		755,317
Total Automobiles				2,304,442
Banks - 3.0%
Amalgamated Financial Corp.		39,507		625,001
Bank of Hawaii Corp.		7,352		604,114
Commerce Bancshares, Inc.		8,537		594,858
Cullen/Frost Bankers, Inc. ^(b)		6,035		715,872
First Horizon Corp. ^(b)		38,969		634,805
South State Corp. ^(b)		8,360		624,241
SVB Financial Group ^(a)		1,316		851,294
Truist Financial Corp.		11,283		661,748
Total Banks				5,311,933
Biotechnology - 2.3%
Agios Pharmaceuticals, Inc. ^(a)(b)		12,603		581,628
Alnylam Pharmaceuticals, Inc. ^(a)		4,608		870,036
Avita Medical, Inc. ^(a)(b)		32,836		581,854
Biogen, Inc. ^(a)		2,325		657,952
Seagen, Inc. ^(a)		4,687		795,853
Vertex Pharmaceuticals, Inc. ^(a)		3,028		549,249
Total Biotechnology				4,036,572
Building Products - 2.9%
A.O. Smith Corp.		9,677		590,974
Advanced Drainage Systems, Inc. ^(b)		6,303		681,796
Armstrong World Industries, Inc.		7,242		691,394
Fortune Brands Home & Security, Inc.		6,815		609,397
Lennox International, Inc. ^(b)		2,091		615,109
Masco Corp.		10,923		606,773
Simpson Manufacturing Co., Inc.		6,283		672,093
Trex Co., Inc. ^(a)(b)		7,109		724,620
Total Building Products				5,192,156

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

Etho Climate Leadership U.S. ETF

Schedule of Investments
September 30, 2021 (Continued)

	Shares		Value
Capital Markets - 3.7%
Affiliated Managers Group, Inc.		4,366	$	659,659
Ares Management Corp. - Class A		11,729		865,951
Charles Schwab Corp.		10,020		729,857
Interactive Brokers Group, Inc. - Class A		8,928		556,572
KKR & Co, Inc.		13,366		813,722
MarketAxess Holdings, Inc. ^(b)		1,308		550,263
MSCI, Inc.		1,554		945,359
Northern Trust Corp.		6,244		673,166
T. Rowe Price Group, Inc.		3,861		759,459
Total Capital Markets				6,554,008
Chemicals - 0.4%
Ecolab, Inc.		3,048		635,874
Commercial Services & Supplies - 2.0%
Cintas Corp.		1,911		727,441
Clean Harbors, Inc. ^(a)		7,742		804,162
Copart, Inc. ^(a)		5,990		830,932
Rollins, Inc.		18,964		669,998
Steelcase, Inc. - Class A		45,529		577,308
Total Commercial Services & Supplies				3,609,841
Communications Equipment - 1.6%
Arista Networks, Inc. ^(a)(b)		2,154		740,201
Cisco Systems, Inc.		12,646		688,322
F5 Networks, Inc. ^(a)		3,120		620,194
Motorola Solutions, Inc.		3,474		807,079
Total Communications Equipment				2,855,796
Construction & Engineering - 0.8%
Ameresco, Inc. - Class A ^(a)		13,383		781,968
EMCOR Group, Inc.		5,810		670,358
Total Construction & Engineering				1,452,326
Construction Materials - 0.4%
Vulcan Materials Co.		3,867		654,142
Consumer Finance - 1.6%
American Express Co.		4,608		771,978
Discover Financial Services		6,887		846,069
PROG Holdings, Inc.		15,033		631,536
SLM Corp.		36,294		638,774
Total Consumer Finance				2,888,357
Containers & Packaging - 1.5%
AptarGroup, Inc.		4,610		550,204
Avery Dennison Corp.		3,558		737,252
Crown Holdings, Inc.		6,724		677,645
Packaging Corp of America		4,885		671,394
Total Containers & Packaging				2,636,495
Distributors - 1.3%
Genuine Parts Co.		5,680		688,586
LKQ Corp. ^(a)(b)		15,374		773,620
Pool Corp.		1,889		820,601
Total Distributors				2,282,807

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

Etho Climate Leadership U.S. ETF

Schedule of Investments
September 30, 2021 (Continued)

	Shares		Value
Diversified Financial Services - 0.6%
Cannae Holdings, Inc. ^(a)		16,425	$	510,982
Voya Financial, Inc.		10,263		630,045
Total Diversified Financial Services				1,141,027
Diversified Telecommunication Services - 1.0%
AT&T, Inc.		21,772		588,062
ATN International, Inc.		13,283		622,308
Verizon Communications, Inc.		11,280		609,233
Total Diversified Telecommunication Services				1,819,603
Electrical Equipment - 2.2%
Array Technologies, Inc. ^(a)(b)		21,823		404,162
ChargePoint Holdings, Inc. ^(a)(b)		24,375		487,256
FuelCell Energy, Inc. ^(a)(b)		45,163		302,140
Hubbell, Inc.		3,506		633,429
Rockwell Automation, Inc.		2,464		724,514
Romeo Power, Inc. ^(a)		78,129		386,739
Shoals Technologies Group, Inc. - Class A ^(a)(b)		18,711		521,663
Sunrun, Inc. ^(a)(b)		10,760		473,440
Total Electrical Equipment				3,933,343
Electronic Equipment, Instruments & Components - 3.2%
CDW Corp.		3,937		716,613
Corning, Inc.		15,077		550,160
IPG Photonics Corp. ^(a)(b)		3,084		488,506
Itron, Inc. ^(a)		7,341		555,200
Keysight Technologies, Inc. ^(a)		4,537		745,383
Littelfuse, Inc.		2,467		674,157
National Instruments Corp.		15,208		596,610
Trimble, Inc. ^(a)		8,365		688,021
Zebra Technologies Corp. - Class A ^(a)		1,341		691,178
Total Electronic Equipment, Instruments & Components				5,705,828
Entertainment - 2.2%
Activision Blizzard, Inc.		7,022		543,433
Liberty Media Corp-Liberty Formula One - Class C ^(a)		15,033		772,846
Live Nation Entertainment, Inc. ^(a)(b)		7,688		700,607
Netflix, Inc. ^(a)		1,246		760,484
Take-Two Interactive Software, Inc. ^(a)		3,682		567,286
Walt Disney Co. ^(a)		3,525		596,324
Total Entertainment				3,940,980
Food & Staples Retailing - 0.7%
PriceSmart, Inc.		6,745		523,075
Sysco Corp.		8,300		651,550
Total Food & Staples Retailing				1,174,625
Food Products - 1.3%
Beyond Meat, Inc. ^(a)(b)		5,001		526,405
Hain Celestial Group, Inc. ^(a)(b)		14,925		638,491
Lamb Weston Holdings, Inc.		8,437		517,779
McCormick & Co., Inc.		7,338		594,598
Total Food Products				2,277,273

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

Etho Climate Leadership U.S. ETF

Schedule of Investments
September 30, 2021 (Continued)

	Shares		Value
Health Care Equipment & Supplies - 4.2%
Align Technology, Inc. ^(a)		1,202	$	799,847
Cooper Cos.		1,694		700,147
Danaher Corporation		2,893		880,745
DexCom, Inc. ^(a)		1,811		990,364
Edwards Lifesciences Corp. ^(a)		7,780		880,774
IDEXX Laboratories, Inc. ^(a)		1,330		827,127
ResMed, Inc.		3,363		886,319
Teleflex, Inc.		1,568		590,430
West Pharmaceutical Services, Inc.		2,310		980,688
Total Health Care Equipment & Supplies				7,536,441
Health Care Providers & Services - 1.0%
AMN Healthcare Services, Inc. ^(a)		8,830		1,013,242
Henry Schein, Inc. ^(a)		9,398		715,752
Total Health Care Providers & Services				1,728,994
Health Care Technology - 0.6%
Cerner Corp.		9,072		639,757
Teladoc Health, Inc. ^(a)(b)		3,579		453,853
Total Health Care Technology				1,093,610
Hotels, Restaurants & Leisure - 1.2%
Booking Holdings, Inc. ^(a)		278		659,936
Chipotle Mexican Grill, Inc. ^(a)		457		830,607
Hilton Worldwide Holdings, Inc. ^(a)		5,381		710,884
Total Hotels, Restaurants & Leisure				2,201,427
Household Durables - 1.5%
GoPro, Inc. - Class A ^(a)(b)		55,910		523,318
NVR, Inc. ^(a)(b)		138		661,583
Tempur Sealy International, Inc.		17,849		828,372
TopBuild Corp. ^(a)		3,106		636,140
Total Household Durables				2,649,413
Household Products - 0.3%
Church & Dwight Co., Inc. ^(b)		7,480		617,624
Independent Power and Renewable Electricity Producers - 1.0%
Clearway Energy, Inc. - Class A		24,968		704,098
Ormat Technologies, Inc. ^(b)		8,307		553,329
Sunnova Energy International, Inc. ^(a)(b)		15,942		525,129
Total Independent Power and Renewable Electricity Producers				1,782,556
Insurance - 3.6%
American Financial Group, Inc.		6,234		784,424
American National Group, Inc.		6,074		1,148,169
Cincinnati Financial Corp.		6,360		726,439
Citizens, Inc. ^(a)(b)		112,402		698,016
Erie Indemnity Co. - Class A ^(b)		2,957		527,588
Globe Life, Inc.		6,744		600,418
Hartford Financial Services Group, Inc.		9,815		689,504
MetLife, Inc.		10,819		667,857
W R Berkley Corp.		8,700		636,666
Total Insurance				6,479,081

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

Etho Climate Leadership U.S. ETF

Schedule of Investments
September 30, 2021 (Continued)

	Shares		Value
Interactive Media & Services - 0.5%
Alphabet, Inc. - Class A ^(a)		315	$	842,159
Internet & Direct Marketing Retail - 1.2%
Amazon.com, Inc. ^(a)		209		686,573
eBay, Inc.		10,666		743,100
Etsy, Inc. ^(a)(b)		3,226		670,879
Total Internet & Direct Marketing Retail				2,100,552
IT Services - 5.4%
Akamai Technologies, Inc. ^(a)		6,386		667,912
Broadridge Financial Solutions, Inc.		4,272		711,886
DXC Technology Co. ^(a)		20,817		699,659
Fidelity National Information Services, Inc.		4,646		565,325
Fiserv, Inc. ^(a)(b)		5,467		593,170
Gartner, Inc. ^(a)		3,564		1,083,028
Global Payments, Inc.		3,232		509,299
International Business Machines Corp.		4,960		689,093
Jack Henry & Associates, Inc. ^(b)		4,305		706,278
MasterCard, Inc. - Class A		1,828		635,559
Paychex, Inc.		6,696		752,965
PayPal Holdings, Inc. ^(a)		2,679		697,103
VeriSign, Inc. ^(a)		3,273		670,998
Visa, Inc. - Class A ^(b)		3,079		685,847
Total IT Services				9,668,122
Leisure Products - 0.3%
Hasbro, Inc.		6,834		609,729
Life Sciences Tools & Services - 0.8%
Bio-Techne Corp.		1,705		826,192
Illumina, Inc. ^(a)		1,694		687,103
Total Life Sciences Tools & Services				1,513,295
Machinery - 3.8%
Deere & Co.		1,743		584,027
Dover Corporation		4,766		741,113
Energy Recovery, Inc. ^(a)(b)		35,485		675,280
Hyliion Holdings Corp. ^(a)(b)		60,993		512,341
Illinois Tool Works, Inc.		2,948		609,145
Mueller Water Products, Inc. - Class A ^(b)		47,091		716,725
Parker-Hannifin Corp.		2,072		579,373
Watts Water Technologies, Inc. - Class A		5,490		922,815
Westinghouse Air Breaks Technologies Corp. ^(b)		8,237		710,112
Xylem, Inc.		6,206		767,558
Total Machinery				6,818,489
Media - 2.1%
Discovery, Inc. - Class A ^(a)(b)		14,974		380,040
John Wiley & Sons, Inc. - Class A ^(b)		12,054		629,339
Liberty Broadband Corp. - Class C ^(a)		4,334		748,482
New York Times Co. - Class A		12,871		634,154
Sirius XM Holdings, Inc. ^(b)		107,217		654,024
TEGNA, Inc.		34,811		686,473
Total Media				3,732,512

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

Etho Climate Leadership U.S. ETF

Schedule of Investments
September 30, 2021 (Continued)

	Shares		Value
Metals & Mining - 0.4%
Compass Minerals International, Inc. ^(b)		10,532	$	678,261
Multiline Retail - 0.5%
Kohl’s Corp.		10,987		517,378
Nordstrom, Inc. ^(a)		17,185		454,543
Total Multiline Retail				971,921
Personal Products - 0.4%
Estee Lauder Cos., Inc. - Class A		2,242		672,443
Pharmaceuticals - 2.1%
Bristol-Myers Squibb Co.		10,361		613,060
Catalent, Inc. ^(a)		6,180		822,372
Merck & Co, Inc.		8,545		641,815
Organon & Co.		849		27,839
Pfizer, Inc.		18,201		782,825
Zoetis, Inc.		4,141		803,934
Total Pharmaceuticals				3,691,845
Professional Services - 0.9%
Robert Half International, Inc.		8,382		840,966
Verisk Analytics, Inc.		3,690		738,996
Total Professional Services				1,579,962
Real Estate Investment Trusts (REITS) - 4.6%
AGNC Investment Corp. ^(b)		39,791		627,504
Annaly Capital Management, Inc. ^(b)		76,964		648,037
Camden Property Trust		5,947		877,004
Gladstone Land Corp.		35,853		816,373
Hannon Armstrong Sustainable Infrastructure Capital, Inc. ^(b)		11,651		623,095
Hudson Pacific Properties, Inc.		24,293		638,177
Prologis, Inc.		6,182		775,408
Public Storage, Inc.		2,661		790,583
Regency Centers Corp.		11,617		782,173
SBA Communications Corp.		2,350		776,840
UDR, Inc.		14,911		789,985
Total Real Estate Investment Trust (REITS)				8,145,179
Road & Rail - 2.6%
AMERCO		1,062		686,084
CSX Corp.		20,327		604,525
JB Hunt Transport Services, Inc.		3,880		648,814
Landstar System, Inc.		3,949		623,231
Lyft, Inc. - Class A ^(a)		10,300		551,977
Old Dominion Freight Line, Inc.		2,709		774,719
Ryder System, Inc.		8,691		718,833
Total Road & Rail				4,608,183

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

Etho Climate Leadership U.S. ETF

Schedule of Investments
September 30, 2021 (Continued)

	Shares		Value
Semiconductors & Semiconductor Equipment - 7.1%
Advanced Micro Devices, Inc. ^(a)		8,290	$	853,041
Analog Devices, Inc.		4,081		683,486
Applied Materials, Inc.		4,883		628,589
Cree, Inc. ^(a)(b)		6,018		485,833
Enphase Energy, Inc. ^(a)		4,012		601,680
First Solar, Inc. ^(a)(b)		7,454		711,559
KLA Corp.		1,976		660,992
Lam Research Corp.		1,094		622,650
NVIDIA Corp.		4,876		1,010,111
ON Semiconductor Corp. ^(a)		15,639		715,797
Power Integrations, Inc.		8,002		792,118
Qorvo, Inc. ^(a)		3,561		595,364
Qualcomm, Inc.		4,941		637,290
Rambus, Inc. ^(a)(b)		33,476		743,167
SunPower Corp. ^(a)(b)		19,456		441,262
Teradyne, Inc.		5,354		584,496
Texas Instruments, Inc.		3,469		666,776
Universal Display Corp.		2,751		470,311
Xilinx, Inc.		5,252		792,999
Total Semiconductors & Semiconductor Equipment				12,697,521
Software - 6.8%
Adobe Systems, Inc. ^(a)		1,367		787,009
Ansys, Inc. ^(a)		1,915		651,962
Autodesk, Inc. ^(a)		2,348		669,579
Cadence Design System, Inc. ^(a)		4,750		719,340
Dolby Laboratories, Inc. - Class A		6,613		581,944
FireEye, Inc. ^(a)		33,255		591,939
Intuit, Inc.		1,701		917,706
Microsoft Corp.		2,768		780,355
NCR Corp. ^(a)		17,148		664,656
Paycom Software, Inc. ^(a)(b)		1,758		871,528
salesforce.com, Inc. ^(a)		3,071		832,917
ServiceNow, Inc. ^(a)		1,300		808,951
Splunk, Inc. ^(a)		4,804		695,187
Tyler Technologies, Inc. ^(a)		1,532		702,652
VMware, Inc. - Class A ^(a)(b)		4,326		643,276
Workday, Inc. - Class A ^(a)		2,618		654,212
Zoom Video Communications, Inc. - Class A ^(a)		2,024		529,276
Total Software				12,102,489

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

Etho Climate Leadership U.S. ETF

Schedule of Investments
September 30, 2021 (Continued)

	Shares		Value
Specialty Retail - 3.3%
Advance Auto Parts, Inc.		3,571	$	745,946
Bath & Body Works, Inc.		10,554		665,219
Foot Locker, Inc.		11,623		530,706
Gap, Inc.		21,909		497,334
Lowe’s Cos., Inc.		3,438		697,433
Ross Stores, Inc.		5,444		592,579
TJX Cos., Inc.		9,887		652,344
Tractor Supply Co.		3,688		747,226
Victoria’s Secret & Co. ^(a)		3,511		194,018
Williams-Sonoma, Inc. ^(b)		3,648		646,900
Total Specialty Retail				5,969,705
Technology Hardware, Storage & Peripherals - 1.6%
3D Systems Corp. ^(a)(b)		23,717		653,878
Apple, Inc.		5,340		755,610
Hewlett Packard Enterprise Co. ^(b)		41,808		595,764
NetApp, Inc.		8,992		807,122
Total Technology Hardware, Storage & Peripherals				2,812,374
Thrifts & Mortgage Finance - 1.5%
Capitol Federal Financial, Inc.		50,733		582,922
New York Community Bancorp, Inc. ^(b)		52,604		677,013
TFS Financial Corp.		32,553		620,460
Washington Federal, Inc.		21,341		732,211
Total Thrifts & Mortgage Finance				2,612,606
Trading Companies & Distributors - 2.2%
Herc Holdings, Inc. ^(a)(b)		6,423		1,049,903
MSC Industrial Direct Co., Inc. - Class A		7,299		585,307
United Rentals, Inc. ^(a)		1,974		692,736
W.W. Grainger, Inc.		1,631		641,081
WESCO International, Inc. ^(a)		7,521		867,322
Total Trading Companies & Distributors				3,836,349
Water Utilities - 1.7%
American States Water Co.		8,656		740,261
American Water Works Co., Inc.		4,362		737,352
California Water Service Group ^(b)		11,611		684,236
Middlesex Water Co.		8,270		849,992
Total Water Utilities				3,011,841
Wireless Telecommunication Services - 0.4%
T-Mobile US, Inc. ^(a)		5,193		663,458
Total United States				176,553,775
TOTAL COMMON STOCKS (Cost $150,132,234)				177,259,392
INVESTMENTS PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING COLLATERAL - 18.1%
Mount Vernon Liquid Assets Portfolio, LLC, 0.09% ^(c)		32,144,280		32,144,280
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM
SECURITIES LENDING COLLATERAL (Cost $32,144,280)

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

Etho Climate Leadership U.S. ETF

Schedule of Investments
September 30, 2021 (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS - 0.4%
Money Market Funds - 0.4%
First American Government Obligations Fund - Class X, 0.03% ^(c)		736,522	$	736,522
TOTAL SHORT-TERM INVESTMENTS (Cost $736,522)

Total Investments (Cost $183,013,036) - 118.0%				210,140,194
Liabilities in Excess of Other Assets - (18.0)%				(32,070,019	)
TOTAL NET ASSETS - 100.0%			$	178,070,175

Percentages are stated as a percent of net assets.

^(a)	Non-income producing security.

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

^(c)	The rate shown is the annualized seven-day yield at period end.

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.

Etho Climate Leadership U.S. ETF

STATEMENT OF ASSETS AND LIABILITIES
As of September 30, 2021

	Etho Climate Leadership U.S. ETF
ASSETS
Investments in securities, at value*	$	210,140,194
Receivables:
Dividends and interest receivable		134,538
Securities lending income receivable		5,692
Total Assets		210,280,424

LIABILITIES
Collateral received for securities loaned (Note 7)		32,144,280
Payables:
Management fees payable		65,969
Total Liabilities		32,210,249
Net Assets	$	178,070,175

NET ASSETS CONSIST OF:
Paid-in capital	$	155,882,529
Total distributable earnings		22,187,646
Net Assets	$	178,070,175
*Identified Cost:
Investments in securities	$	183,013,036

Shares Outstanding^		3,000,000
Net Asset Value, Offering and Redemption Price per Share	$	59.36

^ No par value, unlimited number of shares authorized

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

Etho Climate Leadership U.S. ETF

STATEMENT OF OPERATIONS
For the Year Ended September 30, 2021

	Etho Climate Leadership U.S. ETF
INVESTMENT INCOME
Income:
Dividends from unaffiliated securities (net of foreign witholding tax of $687)	$	1,674,859
Interest		168
Securities lending income		94,192
Total Investment Income		1,769,219

Expenses:
Management fees		646,551
Total Expenses		646,551
Net Investment Income		1,122,668

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Unaffiliated investments		440,033
Affiliated investments		(23,355	)
In-Kind redemptions		24,384,185
Net Realized Gain on Investments and In-Kind Redemptions		24,800,863
Net Change in Unrealized Appreciation/Depreciation of:
Unaffiliated investments		9,190,245
Affiliated investments		23,606
Net Change in Unrealized Appreciation/Depreciation of Investments		9,213,851
Net Realized and Unrealized Gain on Investments		34,014,714
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	35,137,382

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

Etho Climate Leadership U.S. ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2021			Year Ended September 30, 2020
OPERATIONS
Net investment income	$	1,122,668		$	746,997
Net realized gain (loss) on investments and In-Kind Redemptions		24,800,863			(4,238,356	)
Net change in unrealized appreciation/depreciation of investments		9,213,851			12,770,763
Net increase in net assets resulting from operations		35,137,382			9,279,404
DISTRIBUTIONS TO SHAREHOLDERS Total Distributions to Shareholders		(1,179,000	)		(660,500	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change in outstanding shares		53,551,110			28,510,725
Net increase in net assets		87,509,492			37,129,629
NET ASSETS
Beginning of Year		90,560,683			53,431,054
End of Year	$	178,070,175		$	90,560,683

Summary of share transactions is as follows:

	Year Ended September 30, 2021						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Shares Sold		2,100,000		$	120,572,535			800,000		$	32,325,825
Shares Redeemed		(1,150,000	)		(67,021,425	)		(100,000	)		(3,815,100	)
Net Transactions in Fund Shares		950,000		$	53,551,110			700,000		$	28,510,725
Beginning Shares		2,050,000						1,350,000
Ending Shares		3,000,000						2,050,000

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

Etho Climate Leadership U.S. ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net Asset Value, Beginning of Year	$	44.18		$	39.58		$	37.50		$	32.01		$	27.00
Income from Investment Operations:
Net Investment Income ¹		0.47			0.41			0.33			0.29			0.31
Net realized and unrealized gain (loss) on investments		15.17			4.54			2.08			5.51			5.09
Total from investment operations		15.64			4.95			2.41			5.80			5.40
Less Distributions:
From net investment income		(0.46	)		(0.35	)		(0.33	)		(0.29	)		(0.25	)
From net realized gains		—			—			—			(0.02	)		(0.14	)
Total distributions		(0.46	)		(0.35	)		(0.33	)		(0.31	)		(0.39	)
Net asset value, end of year	$	59.36		$	44.18		$	39.58		$	37.50		$	32.01
Total Return		35.48	%		12.59	%		6.53	%		18.16	%		20.14	%

Ratios/Supplemental Data:
Net assets at end of year (000’s)	$	178,070		$	90,561		$	53,431		$	35,627		$	19,208
Expenses to Average Net Assets		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Net Investment Income to Average Net Assets		0.83	%		1.00	%		0.88	%		0.82	%		1.03	%
Portfolio Turnover Rate		45	%		37	%		41	%		19	%		45	%

¹ Calculated based on average shares outstanding during the year.

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

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE 1 – ORGANIZATION

Etho Climate Leadership U.S. ETF (the “Fund”) is a 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 Fund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Etho Climate Leadership Index – U.S. (“the Index”). The Fund commenced operations on November 18, 2015.

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

Shares of the Fund are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their net asset value (“NAV”). The Fund issues and redeems Shares on a continuous basis at NAV only in blocks of 50,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in the 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 the Fund. Shares of the 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 the Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and may be subject to customary brokerage commissions or fees.

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 Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The Fund follows 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 funds’ semiannual and annual reports, which are filed with the SEC.

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS
September 30, 2021 (Continued)

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 Fund’s Board. The use of fair value pricing by the 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 Fund did not hold any fair valued securities.

As described above, the Fund utilizes various methods to measure the fair value of its 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 Fund has the ability to access.

Level 2 Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and 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.

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS
September 30, 2021 (Continued)

The following table presents a summary of the inputs used to value the Fund’s net assets as of September 30, 2021:

Etho Climate Leadership U.S. ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	177,259,392	$	—	$	—	$	177,259,392
Short-Term Investments		736,522		—		—		736,522
Investments Purchased with Securities Lending Collateral*		—		—		—		32,144,280
Total Investments in Securities	$	177,995,914	$	—	$	—	$	210,140,194

^ See Schedule of Investments for classifications by sector or country.

* Certain investments that are measured at fair value using 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 Schedule of Investments.

Federal Income Taxes. The Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its 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, the 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 the Fund’s next taxable year.

The 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. The 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 Fund’s 2021 tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal, the State of New Jersey, and the State of Delaware; however the Fund is 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, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the Fund, and has determined that no provision for income tax is required in the Fund’s 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 Fund may be subject to income, withholding or other taxes imposed by foreign countries.

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS
September 30, 2021 (Continued)

Foreign Currency Translations and Transactions. The Fund 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 Fund does 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 Fund does 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, if any, are declared and paid by the Fund on a quarterly basis. Distributions to shareholders from net realized gains on securities of the 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 period. Actual results could differ from those estimates.

Share Valuation. The net asset value (“NAV”) per share of the 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 by the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s net asset value per share.

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

NOTE 3 – RISK FACTORS

Investing in the Etho Climate Leadership U.S. ETF may involve certain risks, as discussed in the Fund’s 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 Fund is not actively managed. Therefore, the Fund follows the securities included in its respective index during upturns as well as downturns. Because of its indexing strategy, the Fund does not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of the Fund’s expenses, the Fund’s performance may be below that of its index.

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS
September 30, 2021 (Continued)

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 the Fund’s or its underlying 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 Fund and its investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, 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 these circumstances, the Fund may have difficulty achieving its investment objective 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 Fund’s 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 Fund’s investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the Fund 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 the Fund’s performance, resulting in losses to the Fund.

NOTE 4 – MANAGEMENT AND CONTRACTS

ETF Managers Group, LLC (the “Advisor”), serves as the investment advisor to the Fund. Pursuant to an Investment Advisory Agreement (“Advisory Agreement”) between the Trust, on behalf of the Fund, and the Advisor, the Advisor provides investment advice to the Fund and oversees the day-today operations of the Fund, 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 Fund to operate.

Under the Investment Advisory Agreement with the Fund, the Advisor has overall responsibility for the general management and administration of the Fund and arranges for sub-advisory, transfer agency, custody, fund administration, securities lending, and all other non-distribution related services necessary for the Fund to operate. The Advisor bears the costs of all advisory and non-advisory services required to operate the Fund, in exchange for a single unitary fee. For services provided the Fund pays the Advisor at an annual rate of 0.45% of the Fund’s average daily net assets. Under the Investment Advisory Agreement, the Advisor has agreed to pay all expenses of the Fund, 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 Fund (the “Distributor”). The Distributor provides marketing support for the Fund, including distributing marketing materials related to the Fund.

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS
September 30, 2021 (Continued)

The Advisor has entered into an Agreement with Etho Capital, LLC (“Etho”), under which Etho agrees to sublicense the use of the Underlying Index to the Advisor. Etho also provides marketing support for the Fund. Etho does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment Advisor to the Fund.

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

		Purchases				Sales
Etho Climate Leadership U.S. ETF		$	63,492,922			$	66,919,631

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

		Purchases In-Kind				Sales In-Kind
Etho Climate Leadership U.S. ETF		$	118,985,516			$	64,821,075

Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in- kind sales. Net capital gains or losses resulting from in-kind redemptions are excluded from the determination of the Fund’s taxable gains and are not distributed to shareholders. There were no purchases or sales of U.S. Government obligations for the year ended September 30, 2021.

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS
September 30, 2021 (Continued)

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 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

Fund		Values of Securities on Loan				Fund Collateral Received*
Etho Climate Leadership U.S. ETF		$	31,184,329			$	32,144,280

* The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio as shown on the Schedule of Investments, an investment with an overnight and continuous maturity.

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:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
Etho Climate Leadership U.S. ETF		$	183,876,941			$	34,421,633			$	(8,158,380	)		$	26,263,253

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS
September 30, 2021 (Continued)

		Undistributed Ordinary Income				Undistributed Long-Term Gain				Total Distributable Earnings				Other Accumulated (Loss)				Total Accumulated Gain
Etho Climate Leadership U.S. ETF		$	31,915			$	—			$	31,915			$	(4,107,522	)		$	22,187,646

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

		Capital Loss Carryover ST				Capital Loss Carryover LT				Expires
Etho Climate Leadership U.S. ETF		$	(4,107,522	)		$	—				Indefinite

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 ended September 30, 2021.

		Late Year Ordinary Loss				Post-October Capital Loss
Etho Climate Leadership U.S. ETF			None				None

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 Earnings/(Loss)				Paid-In Capital
Etho Climate Leadership U.S. ETF		$	(24,015,823	)		$	24,015,823

The tax character of distributions paid by the Fund during the fiscal years ended September 30, 2021 and September 30, 2020 are as follows:

	Year Ended September 30, 2021				Year Ended September 30, 2020
	From Ordinary Income		From Capital Gains		From Ordinary Income		From Capital Gains
Etho Climate Leadership U.S. ETF	$	1,179,000	$	—	$	660,500	$	—

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS
September 30, 2021 (Continued)

NOTE 9 – INVESTMENTS IN AFFILIATES

Etho Climate Leadership U.S. ETF owned the following company during the year ended September 30, 2021. ETFMG Sit Ultra Short ETF was deemed to be an affiliate of the Fund as defined by the 1940 Act during the year ended September 30, 2021, however was no longer held as of September 30, 2021. Transactions during the period in this security was as follows:

Security Name		Value, at September 30, 2020				Purchases				Sales				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Dividend Income				Value, at September 30, 2021				Ending Shares
ETFMG Sit Ultra Short ETF		$	2,489,250			$	—			$	2,489,501			$	(23,355	)		$	23,606			$	—			$	—			$	—

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.

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 Fund has 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.

Etho Climate Leadership U.S. ETF

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of ETF Managers Trust

and the Shareholders of Etho Climate Leadership U.S. ETF:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Etho Climate Leadership U.S. ETF (the “Fund”) (a series of ETF Managers Trust) as of September 30, 2021, the related statement 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, and 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 Fund as of September 30, 2021, and the results of its operations for the year then ended, the changes in its 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 Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund’s 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

Etho Climate Leadership U.S. ETF

Expense Example
Six Months Ended September 30, 2021 (Unaudited)

As a shareholder of Etho Climate Leadership U.S. ETF (the “Fund”) 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 Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2021 to September 30, 2021).

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.

Etho Climate Leadership U.S. ETF

	Beginning Account Value April 1, 2021		Ending Account Value September 30, 2021		Expenses Paid During the Period^		Annualized Expense Ratio During Period April 1, 2021 to September 30, 2021
Actual	$	1,000.00	$	1,043.00	$	2.30		0.45	%
Hypothetical (5% annual)	$	1,000.00	$	1,022.81	$	2.28		0.45	%

^ The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by 183/365 (to reflect the period from April 1, 2021 to September 30, 2021).

Etho Climate Leadership U.S. ETF

SUPPLEMENTARY INFORMATION
September 30, 2020 (Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Information regarding how often shares of the 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.ethoetf.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 Fund 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	QDI
Etho Climate Leadership U.S. ETF	100.00%

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	DRD
Etho Climate Leadership U.S. ETF	100.00%

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 the Fund was as follows:

Fund Name	Short-Term Capital Gain
Etho Climate Leadership U.S. ETF	0.00%

NOTE 3 – INFORMATION ABOUT PORTFOLIO HOLDINGS

The Fund files a complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Part F of Form N-PORT. Once filed, the Fund’s Part F of Form N-PORT is available without charge, upon request on the SEC’s website (www.sec.gov), the Fund’s website (www.ethoetf.com) and is available by calling (877) 756-7873. The Fund’s portfolio holdings are posted on the Fund’s website at www.ethoetf.com daily.

NOTE 4 - INFORMATION ABOUT PROXY VOTING

A description of the policies and procedures the Fund uses 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 1-844-ETF-MGRS (1-844-383-6477), by accessing the SEC’s website at www.sec.gov, or by accessing the Fund’s website at www.ethoetf.com.

Information regarding how the Fund voted proxies relating to portfolio securities during the period ending June 30 is available by calling toll-free at 1-844-ETF-MGRS (1-844-383-6477) 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.ethoetf.com. Read the prospectus carefully before investing.

Etho Climate Leadership U.S. ETF

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.

Etho Climate Leadership U.S. 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

Etho Climate Leadership U.S. ETF

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 regulations. 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.

3) 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