Annual Report

September 30, 2021

ETFMG Prime Junior Silver Miners ETF

SILJ

ETFMG Prime 2x Daily Junior Silver

Miners ETF

SILX

ETFMG Prime 2x Daily Inverse Junior

Silver Miners ETF

SINV

The funds are series of ETF Managers Trust.

ETFMG™ ETFs

TABLE OF CONTENTS

September 30, 2021

	Page
Shareholders’ Letter	2
Growth of $10,000 Investment and Top 10 Holdings	6
Important Disclosures and Key Risk Factors	10
Portfolio Allocations	14
Schedules 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	40
Approval of Advisory Agreement and Board Considerations	41
Expense Examples	43
Trustees and Officers Table	44
Federal Tax Information	46
Information about Portfolio Holdings	47
Information about Proxy Voting	47
Privacy Policy	48

ETFMG™ ETFs

Dear Shareholder,

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

Performance Overview

During the 12- month period ended September 30, 2021, the S&P 500 Information Technology Sector Index, a broad measure of US listed technology companies, returned 28.9%. During the same period, the S&P Global 1200 Information Technology Sector Index, a broad measure of global technology companies, returned 30.3%. The first half to period showed strong returns with the market rallying on the US Election results and positive earnings news in the fourth quarter 2020 and first quarter 2021. It appeared that the economy was on its way to reopening and the pandemic was starting to come under control.

The second quarter of 2021 changed this narrative. An increase in COVID-19 infection rates from the Delta Variant, growing inflation concerns, supply shortages and concerns over the collapse of China’s Evergrande Group, the world’s most indebted real-estate firm, and gridlock in Washington D.C. threating a government shutdown in the US created uncertainty in the market and caused a brief sell-off. As the uncertainty from the second quarters events came to pass, equities were rewarded and continued to rally through the end of the period. Below is a performance overview for each Fund for the same 12-month period, except as noted otherwise.

ETFMG Prime Junior Silver ETF (SILJ) Performance Review

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

SILJ seeks to provide investment results that, before fees and expenses, correspond generally to the performance of the Prime Junior Silver Miners & Explorers Index (the “Index”). The Index is designed to measure the performance of small capitalization companies engaged in silver mining and exploration that have satisfied the Index eligibility requirements.

Over the period, the total return for SILJ was -13.06%, while the total return for the Index was - 13.03%. The best performers held by SILJ, on the basis of contribution to return were Hecla Mining Co., Turquoise Hill Resources Ltd., Capstone Mining Corp., Aya Gold & Silver Inc. and First Majestic Silver Corp., while the worst performers held by SILJ on the basis of contribution to return were Pan American Silver Corp., Yamana Gold Inc., Silvercorp Metals Inc., Cia De Minas Buenaventur-Adr and Harmony Gold Mng-Spon Adr.

During the reporting period, SILJ saw an average approximate allocation of 99.3% to Metals and Mining and the remaining 0.7% to other. SILJ was, exposed predominately to Canada 70.6%, followed by the United States 13.2% and Peru 6.2%.

ETFMG™ ETFs

ETFMG Prime 2x Daily Junior Silver Miners ETF (SILX); and

ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF (SINV) Operational Review

The discussion below relates to the performance of SILX and SINV (the “ETFs”) for the period from the ETFs’ inception, June 15, 2021 to each ETF’s fiscal year-end of September 30, 2021. The ETFs are leveraged and seek daily investment results, before fees and expenses, of 200% or -200% of the performance of the Index.

The ETFs, as stated above, seek daily investment results. They do not seek to track a multiple of the Index for periods of longer than one day and the performance of the ETFs over longer periods may not correlate to the Index performance. The ETFs 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.

SILX attempts to provide investment results that correlate to 200% of the return of the Index, meaning SILX attempts to move in the same direction as the Index. SINV attempts to provide investment results that correlate to -200% of the return of a benchmark, meaning that SINV attempts to move in the opposite, or inverse, direction of the Index.

In seeking to achieve each ETF’s daily investment results, ETF Managers Group LLC (the “Adviser”) relies upon quantitative analysis to generate orders resulting in repositioning each 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 that ETF. Each ETF pursues its investment objective regardless of market conditions and does not take defensive positions. Each 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, each ETF invests in some combination of financial instruments, including derivatives. Each 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 ETFs 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 ETFs. The use of derivatives may expose the ETFs to additional risks that they would not be subject to if they 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 each 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 an ETF has met its daily investment goals, the Adviser performs quantitative analysis seeking to determine the expected performance of each ETF as compared to Index. The quantitative analysis includes predictive models as well as stress-testing and back-testing.

Factors Affecting Performance of the ETFs:

Leverage – Each 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 ETFs is to provide the specified multiple of the daily return of the Index. Over periods longer than a single day, an 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 ETFs over longer periods are greater or less than the ETF’s daily stated goal. Periods of high volatility that lack a clear trend hurt an ETF’s performance while trending, low volatility markets enhance an ETF’s performance.

Cost of Financing – In order to attain leveraged or inverse leveraged exposure, an 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 an ETF’s performance and ability to track the Index.

Fees, Expenses, and Transaction Costs – Fees and expenses are listed in each 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 ETFs. 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 Prime 2x Daily Junior Silver Miners ETF (SILX); and

ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF (SINV) Performance Review

The following information pertains to the period from the Fund’s inception, June 15, 2021 to its fiscal year-end of September 30, 2021.

ETFMG Prime 2x Daily Junior Silver Miners ETF (SILX)

SILX 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 -30.51% and a volatility of 36.3%. Given the daily investment objectives of SILX and the path dependency of returns for longer periods, the return of the Index for the reporting period alone should not generate expectations of SILX performance for the same period. SILX returned -53.98% for the reporting period and a volatility of 73.4%. For the reporting period SILX had an average daily volume of 4,021 shares and an average daily statistical correlation of 99.0% to the return of the Index.

ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF (SINV)

SINV seeks to provide investment results that, before fees and expenses, correspond to two times the inverse (-2x) (or opposite) of 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 -30.51% and a volatility of 36.3%. Given the daily investment objectives of SINV and the path dependency of returns for longer periods, the return of the Index for the reporting period alone should not generate expectations of SINV performance for the same period. SINV returned 71.23% and a volatility of 72.9%. For the reporting period SINV had an average daily volume of 432 shares and an average daily statistical correlation of over -98.9% to the return of the Index.

Swap Agreements:

During the reporting period, the ETFs invested in swap agreements in order to gain the desired exposure to the Index. These derivatives generally tracked the performance of SILJ and the ETFs were generally negatively impacted from financing rates associated with their use. The ETFs entered into swap agreements with counterparties that the Adviser determined to be major, global financial institutions.

If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the ETF may decline. The ETFs have sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the ETFs, marked to market daily, in an amount approximately equal to the amount the counterparty owed the ETF, subject to certain minimum thresholds objective.

You can find further details about SILJ, SINV and SILX 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 Prime Junior Silver Miners ETF

Growth of $10,000 (Unaudited)

Average Annual Returns Year Ended September 30, 2021	1 Year Return			5 Year Return			Since Inception (11/28/12)			Value of $10,000 (9/30/2021)
ETFMG Prime Junior Silver Miners ETF (NAV)		-13.06	%		-4.39	%		-4.96	%	$	6,377
ETFMG Prime Junior Silver Miners ETF (Market)		-13.34	%		-4.38	%		-4.99	%	$	6,359
S&P 500 Index		30.00	%		16.90	%		15.74	%	$	36,409
Prime Junior Silver Miners & Explorers Index*		-13.03	%		-3.71	%		-4.08	%	$	6,919

* The Fund’s benchmark before 8/1/17 was the ISE Junior Silver (Small Cap Miners/Explorers) Index. On 8/1/17, the Fund’s benchmark became the Prime Junior Silver Miners & Explorers Index.

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 November 28, 2012, 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 sale 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 Prime Junior Silver Miners ETF

Top Ten Holdings as of September 30, 2021 (Unaudited)*
	Security	% of Total Investments
1	First Majestic Silver Corp.	13.29%
2	Pan American Silver Corp.	9.83%
3	Yamana Gold, Inc.	7.83%
4	MAG Silver Corp.	6.35%
5	SSR Mining, Inc.	5.40%
6	Hecla Mining Co.	4.22%
7	Turquoise Hill Resources, Ltd.	4.18%
8	SilverCrest Metals, Inc.	4.00%
9	Gatos Silver, Inc.	3.19%
10	Endeavour Silver Corp.	2.81%

Top Ten Holdings = 61.10% of Total Investments

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

ETFMG Prime 2x Daily Junior Silver Miners ETF

Growth of $10,000 (Unaudited)

Average Cumulative Returns Period Ended September 30, 2021	Since Inception (6/15/2021)			Value of $10,000 (9/30/2021)
ETFMG Prime 2x Daily Junior Silver Miners ETF (NAV)	-53.98	%	$	4,602
ETFMG Prime 2x Daily Junior Silver Miners ETF (Market)	-53.72	%	$	4,628
S&P 500 Index	1.82	%	$	10,182
Prime Junior Silver Miners & Explorers Index	-30.51	%	$	6,949

The chart illustrates the performance of a hypothetical $10,000 investment made on June 15, 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 Prime 2x Daily Inverse Junior Silver Miners ETF

Growth of $10,000 (Unaudited)

Average Cumulative Returns Period Ended September 30, 2021	Since Inception (6/15/2021)			Value of $10,000 (9/30/2021)
ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF (NAV)		71.23	%	$	17,123
ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF (Market)		71.23	%	$	17,123
S&P 500 Index		1.82	%	$	10,182
Prime Junior Silver Miners & Explorers Index		-30.51	%	$	6,949

ETFMG™ 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.

SILJ

The ETFMG Prime Junior Silver Miners ETF (the “Fund” or the “Junior Silver ETF”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Junior Silver Miners & Explorers Index (the “Index”).

Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual issuer volatility than a diversified fund. Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds and risks associated with such countries or geographic regions may negatively affect a Fund. Investments in small capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. The ETFMG Prime Junior Silver Miners ETF is subject to risks associated with the worldwide price of silver and the costs of extraction and production. Worldwide silver prices may fluctuate substantially over short periods of time, so the Fund’s share price may be more volatile than other types of economic conditions, tax treatment, government regulation and intervention, and world events in the regions in which the company’s operation. Several foreign countries have begun a process of privatizing certain entities and industries. Privatized entities may lose money or be renationalized. The Fund invests in some economies that are heavily dependent upon trading with key partners. Any reduction in this trading may cause an adverse impact on the economy in which the Fund invests. The Fund’s return may not match or achieve a high degree of correlation with the return of the Prime Junior Silver Miners & Explorers Index. 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 Prime Junior Silver Miners & Explorers Index. IOPV or indicative optimized portfolio value is an estimated intraday fair value of one share of an ETF determined by the last trade price of the fund’s underlying securities.

The Prime Junior Silver Miners & Explorers Index is designed to provide a benchmark for investors interested in tracking public, small-cap companies that are active in silver mining exploration and production industry. The stocks are screened for liquidity and weighted according to modified free-float market capitalization. The Index generally is comprised of 25-35 securities. An investment cannot be made directly in an 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.

ETFMG™ ETFs

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 LLC is not affiliated with Prime Indexes.

SILX

Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual issuer volatility than a diversified fund. Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds and risks associated with such countries or geographic regions may negatively affect a Fund. Investments in small capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. The ETFMG Prime Junior Silver Miners ETF is subject to risks associated with the worldwide price of silver and the costs of extraction and production. Worldwide silver prices may fluctuate substantially over short periods of time, so the Fund’s share price may be more volatile. Several foreign countries have begun a process of privatizing certain entities and industries. Privatized entities may lose money or be renationalized. The Fund invests in some economies that are heavily dependent upon trading with key partners. Any reduction in this trading may cause an adverse impact on the economy in which the Fund invests. The Fund’s return may not match or achieve a high degree of correlation with the return of the Prime Junior Silver Miners & Explorers Index. 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 Prime Junior Silver Miners & Explorers Index. IOPV or indicative optimized portfolio value is an estimated intraday fair value of one share of an ETF determined by the last trade price of the fund’s underlying securities.

Investing in an ETFMG 2x Daily Inverse 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™ 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.

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.

SINV

Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual issuer volatility than a diversified fund. Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds and risks associated with such countries or geographic regions may negatively affect a Fund. Investments in small capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. The ETFMG Prime Junior Silver Miners ETF is subject to risks associated with the worldwide price of silver and the costs of extraction and production. Worldwide silver prices may fluctuate substantially over short periods of time, so the Fund’s share price may be more volatile. Several foreign countries have begun a process of privatizing certain entities and industries. Privatized entities may lose money or be renationalized. The Fund invests in some economies that are heavily dependent upon trading with key partners. Any reduction in this trading may cause an adverse impact on the economy in which the Fund invests. The Fund’s return may not match or achieve a high degree of correlation with the return of the Prime Junior Silver Miners & Explorers Index. 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 Prime Junior Silver Miners & Explorers Index. IOPV or indicative optimized portfolio value is an estimated intraday fair value of one share of an ETF determined by the last trade price of the fund’s underlying securities.

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.

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.

ETFMG™ 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™ ETFs

PORTFOLIO ALLOCATIONS

As of September 30, 2021 (Unaudited)

							ETFMG
				ETFMG			Prime 2x
	ETFMG			Prime 2x			Daily Inverse
	Prime Junior			Daily Junior			Junior Silver
	Silver Miners			Silver Miners			Miners
	ETF			ETF			ETF
As a percent of Net Assets:
Australia		0.2	%		—	%		—	%
Canada		81.0			—			—
Luxembourg		0.7			—			—
Peru		2.5			—			—
South Africa		2.6
United Kingdom		1.4			—			—
United States		10.8			—			—
Total Return Swap		—			100.0			100.0
Short-Term and other Net Assets (Liabilities)		0.8			—			—
		100.0	%		100.0	%		100.0	%

ETFMG™ ETFs

ETFMG Prime Junior Silver Miners ETF

Schedule of Investments

September 30, 2021

	Shares		Value
COMMON STOCKS - 99.2%
Australia - 0.2%
Metals & Mining - 0.2% ^(c)
Kingsgate Consolidated, Ltd. ^(a)		1,259,397	$	1,438,562

Canada - 81.0%
Metals & Mining - 81.0% ^(c)
Alexco Resource Corp. ^(a)		4,343,597		6,515,395
Americas Gold & Silver Corp. ^(a)		2,552,708		2,035,556
Ascot Resources, Ltd. ^(a)		2,131,301		1,750,002
Aya Gold & Silver, Inc. ^(a)		2,761,745		16,985,626
Bear Creek Mining Corp. ^(a)^(e)		2,131,519		1,767,010
Benchmark Metals, Inc. ^(a)		1,490,457		1,247,343
Canada Silver Cobalt Works, Inc. ^(a)		1,275,253		241,640
Capstone Mining Corp. ^(a)		4,081,427		15,886,180
Discovery Silver Corp. NPV ^(a)		5,544,822		5,384,597
Dolly Varden Silver Corp. ^(a)		2,299,298		807,822
Dundee Precious Metals, Inc.		1,974,757		11,880,348
Eldorado Gold Corp. ^(a)		1,892,669		14,644,052
Endeavour Silver Corp. ^(a)		4,992,545		20,419,509
Excellon Resources, Inc. ^(a)		545,897		706,830
First Majestic Silver Corp.		8,560,077		96,728,870
Fortuna Silver Mines, Inc. ^(a)		2,991,755		11,762,940
GoGold Resources, Inc. ^(a)^(f)		7,964,602		17,418,244
Gran Colombia Gold Corp.		992,972		3,747,360
Great Panther Mining, Ltd. ^(a)		3,533,678		1,625,492
Hudbay Minerals, Inc.		2,685,920		16,752,541
Kootenay Silver, Inc. ^(a)^(f)		5,733,418		769,526
Liberty Gold Corp. ^(a)		2,787,241		1,958,507
MAG Silver Corp. ^(a)^(f)		2,853,645		46,208,952
Mandalay Resources Corp. ^(a)^(e)		533,877		805,073
Metalla Royalty & Streaming, Ltd. ^(a)		446,529		3,056,534
Minaurum Gold, Inc. ^(a)		2,463,990		525,247
Minco Silver Corp. ^(a)^(e)		1,626,980		481,697
Mirasol Resources, Ltd. ^(a)		378,442		107,563
New Gold, Inc. ^(a)^(f)		7,617,763		8,059,215
New Pacific Metals Corp. ^(a)		1,564,811		5,201,211
Orla Mining, Ltd. ^(a)		2,429,963		8,019,300
Pan American Silver Corp.		3,073,610		71,562,260
Sabina Gold & Silver Corp. ^(a)		3,526,951		4,065,489
Seabridge Gold, Inc. ^(a)		789,718		12,164,376
Sierra Metals, Inc. ^(a)		894,163		1,609,578
Silvercorp Metals, Inc.		5,112,172		19,494,545
SilverCrest Metals, Inc. ^(a)		4,168,835		29,128,525
Sombrero Resources, Inc. ^(a)^(b)		585,867		128,601
SSR Mining, Inc.		2,699,451		39,257,767
Trevali Mining Corp. ^(a)		9,713,703		1,342,095

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

ETFMG™ ETFs

ETFMG Prime Junior Silver Miners ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value
Turquoise Hill Resources, Ltd. ^(a)		2,056,803	$	30,415,222
Yamana Gold, Inc.		14,391,420		56,990,023
Total Metals & Mining				589,658,663

Luxembourg - 0.7%
Metals & Mining - 0.7% ^(c)
Nexa Resources SA		685,856		5,212,506

Peru - 2.5%
Metals & Mining - 2.5% ^(c)
Cia de Minas Buenaventura SAA - ADR ^(a)		2,711,210		18,327,779

South Africa - 2.6%
Metals & Mining - 2.6% ^(c)
Harmony Gold Mining Co., Ltd. - ADR		6,063,832		19,101,071

United Kingdom - 1.4%
Metals & Mining - 1.4% ^(c)
Hochschild Mining PLC		5,544,178		9,935,401

United States - 10.8%
Metals & Mining - 10.8% ^(c)
Coeur Mining, Inc. ^(a)		2,671,075		16,480,533
Gatos Silver, Inc. ^(a)		1,994,746		23,198,896
Gold Resource Corp.		774,304		1,215,657
Golden Minerals Co. ^(a)		4,704,330		2,031,800
Hecla Mining Co.		5,585,302		30,719,161
McEwen Mining, Inc. ^(a)		4,742,931		4,932,648
Total Metals & Mining				78,578,695
TOTAL COMMON STOCKS (Cost $871,161,881)				722,252,677

SHORT-TERM INVESTMENTS - 0.8%
Money Market Funds - 0.8%
First American Government Obligations Fund - Class X, 0.03% ^(d)		5,415,183		5,415,183
TOTAL SHORT-TERM INVESTMENTS (Cost $5,415,183)				5,415,183

Total Investments (Cost $876,577,064) - 100.0%				727,667,860
Other Assets in Excess of Liabilities - 0.0% ^(g)				319,209
TOTAL NET ASSETS - 100.0%			$	727,987,069

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

ETFMG™ ETFs

ETFMG Prime Junior Silver Miners ETF

Schedule of Investments

September 30, 2021 (Continued)

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
PLC	Public Limited Company

^(a)	Non-income producing security.
^(b)	Value determined based on estimated fair value. The value of this security totals $128,601, which represents 0.00% of total net assets. Classified as Level 3 in the fair value hierarchy. Please refer to Note 2 of the Notes to Financial Statements.
^(c)	As of September 30, 2021, the Fund had a significant portion of its assets invested in the Metals & Mining Industry.
^(d)	The rate quoted is the annualized seven-day yield at September 30, 2021.
^(e)	These securities have been deemed illiquid according to the Fund's liquidity guidelines. The value of these securities total $3,053,780, which represents 0.4% of total net assets.
^(f)	Affiliated security. Please refer to Note 8 of the Notes to Financial Statements.
^(g)	Value less than 0.05%

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™ ETFs

ETFMG Prime 2x Daily Junior Silver Miners ETF

Schedule of Total Return Swaps

September 30, 2021

Fund

Pays/Receives

Upfront

Unrealized

Reference

Payment

Financing

Premiums

Notional

Appreciation

Entity

Counterparty

Frequency

Rate

Paid/Received

Amount

(Depreciation)

ETFMG Prime Junior Silver Miners ETF Swap

Receives

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index + 0.25%

—

991,934

—

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

ETFMG™ ETFs

ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF

Schedule of Total Return Swaps

September 30, 2021

Fund

Pays/Receives

Upfront

Unrealized

Reference

Payment

Financing

Premiums

Notional

Appreciation

Entity

Counterparty

Frequency

Rate

Paid/Received

Amount

(Depreciation)

ETFMG Prime Junior Silver Miners ETF Swap

Pays

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index - 0.69%

—

(1,644,483

)

—

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

ETFMG™ ETFs

STATEMENTS OF ASSETS AND LIABILITIES

As of September 30, 2021

							ETFMG
				ETFMG			Prime 2x
	ETFMG			Prime 2x			Daily Inverse
	Prime Junior			Daily Junior			Junior
	Silver Miners			Silver Miners			Silver Miners
	ETF			ETF			ETF
ASSETS
Investments in unaffiliated securities, at value*	$	655,211,923		$	—		$	—
Investments in affiliated securities, at value*		72,455,937			—			—
Foreign currency*		2,107			—			—
Cash		—			192,289			256,248
Deposits at Broker for total return swap contracts		—			448,450			428,000
Receivable for open swap contracts		—			—			172,128
Receivables:
Dividends and interest receivable		413,982			—			—
Receivable for investments sold		495,588			—			—
Total assets		728,579,537			640,739			856,376

LIABILITIES
Payable for open swap contracts		—			134,206			—
Payables:
Management fees payable		449,158			389			588
Payable for investments purchased		143,310			—			—
Total liabilities		592,468			134,595			588
Net Assets	$	727,987,069		$	506,144		$	855,788

NET ASSETS CONSIST OF:
Paid-in Capital	$	992,914,450		$	663,984		$	233,795
Total Distributable Earnings (Accumulated Losses)		(264,927,381	)		(157,840	)		621,993
Net Assets	$	727,987,069		$	506,144		$	855,788

*Identified Cost:

Investments in unaffiliated securities	$	798,430,842		$	—		$	—
Investments in affiliated securities		78,146,222			—			—
Foreign currency		2,347			—			—

Shares Outstanding^		61,600,000			110,000			50,000

Net Asset Value, Offering and Redemption Price per Share	$	11.82		$	4.60		$	17.12

No par value, unlimited number of shares authorized

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

ETFMG™ ETFs

STATEMENTS OF OPERATIONS

For the Period/Year ended September 30, 2021

							ETFMG
				ETFMG			Prime 2x
	ETFMG			Prime 2x			Daily Inverse
	Prime Junior			Daily Junior			Junior
	Silver Miners			Silver Miners			Silver Miners
	ETF			ETF¹			ETF¹
INVESTMENT INCOME
Income:
Dividends from unaffiliated securities (net of foreign withholdings tax of $552,243, $-, $-)	$	4,462,911		$	—		$	—
Interest		836			132			1,374
Total Investment Income		4,463,747			132			1,374

Expenses:
Management fees		5,177,552			1,790			2,889
Total Expenses		5,177,552			1,790			2,889
Net Investment Loss		(713,805	)		(1,658	)		(1,515	)

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS AND SWAP CONTRACTS
Net Realized Gain (Loss) on:
Unaffiliated Investments		(55,296,377	)		—			—
Affiliated Investments		(5,518,709	)		—			—
In-Kind redemptions		65,323,824			—			—
Foreign currency and foreign currency translation		188,828			—			—
Swap contracts		—			(546,722	)		623,508
Net Realized Gain (Loss) on Investments, Swap Contracts and In-Kind redemptions		4,697,566			(546,722	)		623,508
Net Change in Unrealized Appreciation (Depreciation) of:
Unaffiliated Investments		(193,269,318	)		—			—
Affiliated Investments		(10,939,310	)		—			—
Foreign currency and foreign currency translation		3,411			—			—
Net change in Unrealized Appreciation (Depreciation) on Investments and Swap Contracts		(204,205,217	)		—			—
Net Realized and Unrealized Gain (Loss) on Investments and Swap Contracts		(199,507,651	)		(546,722	)		623,508
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(200,221,456	)	$	(548,380	)	$	621,993

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

ETFMG Prime Junior Silver Miners ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	September 30,			September 30,
	2021			2020
OPERATIONS
Net investment loss	$	(713,805	)	$	(940,100	)
Net realized gain on investments, in-kind redemptions and foreign currency and foreign currency translation		4,697,566			11,084,085
Net change in unrealized appreciation (depreciation) of investments and foreign currency and foreign currency translation		(204,205,217	)		60,060,330
Net increase (decrease) in net assets resulting from operations		(200,221,456	)		70,204,315

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		(7,160,000	)		(1,980,500	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change in outstanding shares		527,049,120			239,976,195
Transaction Fees (See Note 1)		822			—
Net increase in net assets from capital share transactions		527,049,942			239,976,195
Total increase in net assets		319,668,486			308,200,010

NET ASSETS
Beginning of Year		408,318,583			100,118,573
End of Year	$	727,987,069		$	408,318,583

Summary of share transactions is as follows:

	Year Ended						Year Ended
	September 30, 2021						September 30, 2020
	Shares			Amount			Shares			Amount
Shares Sold		43,950,000		$	706,233,470			26,050,000		$	330,230,225
Transaction Fees (See Note 1)		—			822			—			—
Shares Redeemed		(11,950,000	)		(179,184,350	)		(7,050,000	)		(90,254,030	)
Net Transactions in Fund Shares		32,000,000		$	527,049,942			19,000,000		$	239,976,195
Beginning Shares		29,600,000						10,600,000
Ending Shares		61,600,000						29,600,000

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

ETFMG Prime 2x Daily Junior Silver Miners ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended
	September 30,
	2021¹
OPERATIONS
Net investment loss	$	(1,658	)
Net realized loss on swap contracts		(546,722	)
Net change in unrealized depreciation on swap contracts		—
Net decrease in net assets resulting from operations		(548,380	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets from capital share transactions		1,054,524
Total increase in net assets		506,144

NET ASSETS
Beginning of Period		—
End of Period	$	506,144

Summary of share transactions is as follows:

	Period Ended
	September 30, 2021¹
	Shares			Amount
Shares Sold		160,000		$	1,345,424
Shares Redeemed		(50,000	)		(290,900	)
Net Transactions in Fund Shares		110,000		$	1,054,524
Beginning Shares		—
Ending Shares		110,000

The Fund commenced operations on June 15, 2021.

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

ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended
	September 30,
	2021¹
OPERATIONS
Net investment loss	$	(1,515	)
Net realized gain on swap contracts		623,508
Net change in unrealized depreciation on swap contracts		—
Net increase in net assets resulting from operations		621,993

CAPITAL SHARE TRANSACTIONS
Net increase in net assets from capital share transactions		233,795
Total increase in net assets		855,788

NET ASSETS
Beginning of Period		—
End of Period	$	855,788

Summary of share transactions is as follows:

	Period Ended
	September 30, 2021¹
	Shares			Amount
Shares Sold		100,000		$	1,000,000
Shares Redeemed		(50,000	)		(766,205	)
Net Transactions in Fund Shares		50,000		$	233,795
Beginning Shares		—
Ending Shares		50,000

The Fund commenced operations on June 15, 2021.

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

ETFMG Prime Junior Silver Miners 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
Year	$	13.79		$	9.45		$	8.70		$	11.84		$	15.57
Income (Loss) from
Investment Operations:
Net investment income (loss)¹		(0.01	)		(0.05	)		(0.02	)		(0.03	)		(0.06	)
Net realized and unrealized gain (loss) on investments		(1.76	)		4.56			0.91			(3.11	)		(3.61	)
Total from investment operations		(1.77	)		4.51			0.89			(3.14	)		(3.67	)
Less Distributions:
Distributions from net investment income		(0.20	)		(0.17	)		(0.14	)		—			(0.06	)
Total distributions		(0.20	)		(0.17	)		(0.14	)		—			(0.06	)
Capital Share Transactions:
Transaction fees		0.00	³		—			—			—			—
Net asset value, end year	$	11.82		$	13.79		$	9.45		$	8.70		$	11.84
Total Return		-13.06	%		48.06	%		10.45	%		-26.50	%		-23.53	%

Ratios/Supplemental Data:
Net assets at end year (000's)	$	727,987		$	408,319		$	100,119		$	45,265		$	58,033

Expenses to Average Net Assets before legal expense		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%
Gross Expenses to Average
Net Assets		0.69	%		0.69	%		0.69	%		0.69	%		0.72	%²
Net Investment Income (Loss)
to Average Net Assets		-0.10	%		-0.46	%		-0.21	%		-0.32	%		-0.48	%
Portfolio Turnover Rate		26	%		71	%		34	%		36	%		69	%

Calculated based on average shares outstanding during the year.

The ratio of expenses to average net assets includes legal expense.

Amount is less than $0.05.

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

ETFMG Prime 2x Daily Junior Silver Miners 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 loss ²		(0.02	)
Net realized and unrealized loss on investments		(5.38	)
Total from investment operations		(5.40	)
Net asset value, end period	$	4.60
Total Return		-53.98	%³

Ratios/Supplemental Data:
Net assets at end of period (000's)	$	506

Gross Expenses to Average Net Assets		0.95	%⁴
Net Investment Loss to Average Net Assets		-0.88	%⁴
Portfolio Turnover Rate		0	%³

The Fund commenced operations on June 15, 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 Prime 2x Daily Inverse Junior Silver Miners 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 loss ²		(0.02	)
Net realized and unrealized gain on investments		7.14
Total from investment operations		7.12
Net asset value, end period	$	17.12
Total Return		71.23	%³

Ratios/Supplemental Data:
Net assets at end of period (000's)	$	856

Gross Expenses to Average Net Assets		0.95	%⁴
Net Investment Income (Loss) to Average Net Assets		-0.50	%⁴
Portfolio Turnover Rate		0	%³

The Fund commenced operations on June 15, 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™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

NOTE 1 – ORGANIZATION

ETFMG Prime Junior Silver Miners ETF (“SILJ”), ETFMG Prime 2x Daily Junior Silver Miners ETF (“SILX”), and ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF (“SINV”) (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 Prime Junior Silver Miners ETF	8/1/2017	Seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Junior Silver Miners & Explorers Index (the “Index”).
ETFMG Prime 2x Daily Junior Silver Miners ETF	6/15/2021	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.
ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF	6/15/2021	Seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) (or opposite) of 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 its 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 SILJ and 10,000 shares for SILX and SINV, 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 investors may purchase Shares in the secondary market with the assistance of a broker and may be subject to customary brokerage commissions or fees.

ETFMG™ 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 ETFMG Prime Junior Silver Miners ETF held one security that was 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.
	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.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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 is a summary of the inputs used to value the Funds’ net assets as of September 30, 2021:

ETFMG Prime Junior Silver Miners ETF
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	722,124,076	$	—	$	128,601	$	722,252,677
Short Term Investments		5,415,183		—		—		5,415,183
Total Investments in Securities	$	727,539,259	$	—	$	128,601	$	727,667,860

ETFMG Prime 2x Daily Junior Silver Miners ETF

Swap Contracts^***

Level 1

Level 2

Level 3

Total

Long Total Return Equity Swap Contracts

—

Total Swap Contracts

—

ETFMG Prime 2x Daily Inverse Junior Silver Miners 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.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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’ 2020 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.

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.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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.

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 Prime 2x Daily Junior Silver Miners ETF

			Gross Amounts of Recognized Assets								Gross Amounts not offset in the Statements of Assets & Liabilities
Counterparty	Investment Type		Presented in the Statements of Assets & Liabilities			Gross Amounts Available Offset		Net Amounts			Financial Instruments		Collateral Received		Net Amount
Cowen and Company, LLC		Total Return Swap Contract	$	(134,206	)	$	—	$	(134,206	)	$	—	$	—	$	(134,206	)

ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF

			Gross Amounts of Recognized Assets						Gross Amounts not offset in the Statements of Assets & Liabilities
Counterparty	Investment Type		Presented in the Statements of Assets & Liabilities		Gross Amounts Available Offset		Net Amounts		Financial Instruments		Collateral Received		Net Amount
Cowen and Company, LLC		Total Return Swap Contract	$	172,128	$	—	$	172,128	$	—	$	—	$	172,128

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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

ETFMG Prime 2x Daily Junior
Silver Miners ETF	Swap Contract	$	1,342,896
ETFMG Prime 2x Daily Inverse
Junior Silver Miners ETF	Swap Contract	$	(2,005,123)

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 Prime 2x Daily Junior Silver Miners ETF	Swap Contract	$	—	$	134,206	$	—
ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF	Swap Contract	$	172,128	$	—	$	—

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

		Realized Gain (Loss)			Change in Unrealized Appreciation/Depreciation
ETFMG Prime 2x Daily Junior Silver Miners ETF	Swap Contract	$	(546,722	)	$	—
ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF	Swap Contract	$	623,508		$	—

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, other than VALT, 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.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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.

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.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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.

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 Prime Junior Silver Miners ETF	0.69%
ETFMG Prime 2x Daily Junior Silver Miners ETF	0.95%
ETFMG Prime 2x Daily Inverse Junior Silver Miners 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 SILJ, SILX, and SINV. 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 year ended September 30, 2021, the Funds did not incur any 12b-1 expenses.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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 year ended September 30, 2021:

	Purchases		Sales
ETFMG Prime Junior Silver Miners ETF	$	187,130,126	$	195,241,642

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

	Purchases In-Kind		Sales In-Kind
ETFMG Prime Junior Silver Miners ETF	$	695,023,773	$	171,749,291

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 year ended September 30, 2021.

NOTE 7 – 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)
ETFMG Prime Junior Silver Miners ETF	$	916,697,076	$	39,467,924	$	(228,497,140	)	$	(189,029,216	)
ETFMG Prime 2x Daily Junior Silver Miners ETF		—		—		—			—
ETFMG Prime 2x Daily Inverse Junior Silver Miners 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 Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings		Other Accumulated Loss			Total Accumulated Gain (Loss)
ETFMG Prime Junior Silver Miners ETF	$	—	$	—	$	—	$	(75,898,165	)	$	(264,927,381	)
ETFMG Prime 2x Daily Junior Silver Miners ETF		—		—		—		(157,840	)		(157,840	)
ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF		621,993		—		621,993		621,993			621,993

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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 Carryforward ST			Capital Loss Carryforward LT			Expires
ETFMG Prime Junior Silver Miners ETF	$	(50,115,596	)	$	(23,278,875	)		Indefinite
ETFMG Prime 2x Daily Junior Silver Miners ETF		(157,840	)		—			Indefinite
ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF		—			—			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 ending September 30, 2021.

	Late Year Ordinary Loss		Post- October Capital Loss
ETFMG Prime Junior Silver Miners ETF	$	2,503,820	$	—
ETFMG Prime 2x Daily Junior Silver Miners ETF		—		—
ETFMG Prime 2x Daily Inverse Junior Silver Miners 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 Earnings/(Loss)			Paid-In Capital
ETFMG Prime Junior Silver Miners ETF	$	(56,469,774	)	$	56,469,774
ETFMG Prime 2x Daily Junior Silver Miners ETF		390,540			(390,540	)
ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF		—			—

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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

	Year Ended September 30, 2021				Year Ended September 30, 2020
	From Ordinary Income		From Capital Gains		From Ordinary Income		From Capital Gains
ETFMG Prime Junior Silver Miners ETF	$	7,160,000		—	$	1,980,500		—
ETFMG Prime 2x Daily Junior Silver Miners ETF		—		—		—		—
ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF		—		—		—		—

NOTE 8 – INVESTMENTS IN AFFILIATES

ETFMG Prime Junior Silver Miners ETF

ETFMG Prime Junior Silver Miners ETF owned the following companies during the year ended September 30, 2021. Kootenay Silver, Inc., MAG Silver Corp., New Gold, Inc. and GoGold Resources, Inc. 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
GoGold Resources, Inc.^**	$	—	$	18,505,759	$	—		$	—		$	(1,087,515	)	$	—	$	17,418,244		7,964,602
Kootenay Silver, Inc.^*		1,371,967		2,056,273		(1,176,806	)		(623,155	)		(858,753	)		—		769,526		5,733,418
MAG Silver Corp. ^**		20,520,080		63,947,516		(29,966,225	)		(5,304,851	)		(2,987,568	)		—		46,208,952		2,853,645
New Gold, Inc. ^*		6,281,951		10,979,996		(3,606,555	)		409,297			(6,005,474	)		—		8,059,215		7,617,763
Total	$	28,173,998	$	95,489,544	$	(34,749,586	)	$	(5,518,709	)	$	(10,939,310	)	$	—	$	72,455,937	$	24,169,428

*Affiliate as of September 30, 2021.

**This security was not affiliated as of September 30, 2020.

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

NOTE 9 – 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.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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 10 – 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 9, this evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements.

ETFMG™ ETFs

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of ETF Managers Trust

and the Shareholders of ETFMG Prime Junior Silver Miners ETF, ETFMG Prime 2x Daily Junior Silver Miners ETF and ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of ETFMG Prime Junior Silver Miners ETF, ETFMG Prime 2x Daily Junior Silver Miners ETF and ETFMG Prime 2x Daily Inverse Junior Silver Miners 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 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 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 of one or more series of the Trust since 2013.

New York, New York

November 29, 2021

ETFMG™ ETFs

ETFMG Prime 2x Daily Junior Silver Miners ETF

ETFMG Prime 2x Daily Inverse Junior Silver Miners 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 Prime 2X Daily Junior Silver Miners ETF and ETFMG Prime 2X Daily Inverse Junior Silver Miners 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™ ETFs

ETFMG Prime 2x Daily Junior Silver Miners ETF

ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS

For the Period Ended September 30, 2021 (Unaudited) (Continued)

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 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.

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™ ETFs

EXPENSE EXAMPLES

Six Months Ended 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 Prime Junior Silver Miners ETF
Actual	$	1,000.00	$	824.60	$	3.16⁽¹⁾		0.69	%
Hypothetical (5% annual)		1,000.00		1,021.61		3.50⁽¹⁾		0.69	%
ETFMG Prime 2x Daily Junior Silver Miners ETF
Actual		1,000.00		460.20		2.05⁽²⁾		0.95	%
Hypothetical (5% annual)		1,000.00		1,020.31		4.81⁽³⁾		0.95	%
ETFMG Prime 2x Daily Inverse Junior Silver Miners ETF
Actual		1,000.00		1,712.30		3.78⁽²⁾		0.95	%
Hypothetical (5% annual)		1,000.00		1,020.31		4.81⁽³⁾		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 108/365 days (to reflect the period since the Fund’s inception).

⁽³⁾

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

ETFMG™ 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™ ETFs

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™ ETFs

SUPPLEMENTARY INFORMATION

September 30, 2021

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 Prime Junior Silver Miners ETF	7.70%
ETFMG Prime 2x Daily Junior Silver Miners ETF	0.00%
ETFMG Prime 2x Daily Inverse Junior Silver	0.00%
Miners ETF

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 Prime Junior Silver Miners ETF	4.05%
ETFMG Prime 2x Daily Junior Silver Miners ETF	0.00%
ETFMG Prime 2x Daily Inverse Junior Silver	0.00%
Miners ETF

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 Prime Junior Silver Miners ETF	0.00%
ETFMG Prime 2x Daily Junior Silver Miners ETF	0.00%
ETFMG Prime 2x Daily Inverse Junior Silver Miners	0.00%
ETF

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 Prime Junior Silver Miners ETF

4,543,400

552,243

0.07375649

0.00896498

61,600,000

ETFMG™ 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™ 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.

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