ETFMG Prime Cyber Security ETF

HACK

ETFMG Prime Mobile Payments ETF

IPAY

ETFMG Sit Ultra Short ETF

VALT

ETFMG Treatments, Testing and

Advancements ETF

GERM

Annual Report

September 30, 2022

The funds are series of ETF Managers Trust.

ETFMG™ ETFs

TABLE OF CONTENTS

September 30, 2022

	Page
Shareholders’ Letter	2

Growth of $10,000 Investment and Top 10 Holdings	4

Important Disclosures and Key Risk Factors	12

Portfolio Allocations	16

Schedules of Investments	17

Statements of Assets and Liabilities	35

Statements of Operations	36

Statements of Changes in Net Assets	37

Financial Highlights	41

Notes to the Financial Statements	45

Report of Independent Registered Public Accounting Firm	58

Expense Examples	59

Trustees and Officers Table	60

Federal Tax Information	62

Information about Portfolio Holdings	63

Information about Proxy Voting	63

Privacy Policy	64

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. The following information pertains to the fiscal period from October 1, 2021 to September 30, 2022.

Market Overview

Beginning in the first quarter of 2020, financial markets in the United States and around the world experienced extreme and, in many cases, unprecedented volatility and severe losses due to the global pandemic caused by COVID-19. Some sectors of the economy and individual issuers have experienced particularly large losses because of these disruptions. In response to these disruptions, the U.S. government and the Federal Reserve have taken extraordinary actions to support the domestic economy and financial markets, contributing to inflationary pressure and expectations for inflation. Further, Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict have increased volatility and uncertainty in the financial markets and adversely affect regional and global economies. The full extent and duration of these conditions and the totality of repercussions are impossible to predict but could continue to result in significant market disruptions and may continue to negatively affect global supply chains, inflation and global growth. These and related events have impacted the ETFs’ performance, among other factors, and the value of an investment in the ETFs. We encourage you to talk with your financial advisor and visit etfmg.com for further insight about investing in today’s markets.

Performance Overview

During the fiscal year-ended September 30, 2022, the S&P 500 Information Technology Sector Index, a broad measure of US listed technology companies, returned -20.0%. During the same period, the S&P Global 1200 Information Technology Sector Index, a broad measure of global technology companies, returned -24.5%. Also, during that period, the S&P 500, a broad measure of US listed companies, returned -15.47%. Below is a performance overview for each Fund for the same 12-month period, except as noted otherwise.

ETFMG Prime Cyber Security ETF (HACK)

The ETFMG Prime Cyber Security ETF (“HACK”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Cyber Defense Index (the “PCD Index”).

Over the period, the total return for HACK was -28.77%, while the total return for the PCD Index was -28.56%. The best performers in HACK, on the basis of contribution to return were, Mandiant Inc, Sailpoint Technologies Holdi, Qualys Inc, Mantech International Corp-A and Booz Allen Hamilton Holdings, while the worst performers were Okta Inc, Splunk Inc, Cloudflare Inc - Class A, Akamai Technologies Inc, and Zscaler Inc.

During the reporting period, HACK saw an average approximate allocation of 79% to the Information Technology sector and 20.17% to Industrials. The portfolio securities held by HACK were exposed predominately to the United States at 84.76%, 6.41% to the United Kingdom, and 4.65% to Israel.

ETFMG Prime Mobile Payments ETF (IPAY)

The ETFMG Prime Mobile Payments ETF (“IPAY”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Mobile Payments Index (the “PMP Index”).

Over the period, the total return for IPAY was -44.18%, while the total return for the PMP Index was -44.31%. The best performers in IPAY, on the basis of contribution to return were, Cielo Sa, Evo Payments Inc-Class A, Jack Henry & Associates Inc, International Money Express and Moneygram International Inc, while the worst performers were Block Inc, Paypal Holdings Inc, Adyen Nv, Affirm Holdings Inc, and Nuvei Corp-Subordinate Vtg.

During the reporting period, IPAY saw an average approximate allocation of 86.69% to the IT Services sector and 12.0% to Consumer Finance. The portfolio securities held by IPAY were exposed predominately to the United States at 70.99%, followed by the Brazil at 4.25% and the Netherlands at 4.05%.

ETFMG Sit Ultra Short ETF (VALT)

The ETFMG Sit Ultra Short ETF (“VALT”) is an actively managed exchange-traded fund that seeks maximum current income, consistent with preservation of capital and daily liquidity.

Over the fiscal period, the total return for VALT was -2.29%, while the total return for its benchmark, the Bloomberg Barclays U.S. Treasury Bills Index: 1-3 month Index, was 0.64%.

VALT seeks to achieve its investment objective by investing in a diversified portfolio of high-quality, short-term U.S. dollar-denominated domestic and foreign debt securities and other instruments. VALT uses the Bloomberg Barclays U.S. Treasury Bills Index: 1-3-month Index as its benchmark index. During normal market conditions, the average portfolio effective duration for VALT is expected be more than 2 months, but less than 1 year. However, VALT is not a money market fund, does not seek to maintain a fixed or stable net asset value of $1, is not subject to the rules that govern the quality, maturity, liquidity, and other features of securities that money market funds may purchase, and does not have the tax advantages of a money market fund.

ETFMG Treatments, Testing and Advancements ETF (GERM)

The ETFMG Treatments, Testing and Advancements ETF (“GERM”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Treatments, Testing and Advancements Index (the “PTT Index”).

Over the fiscal period, the total return for GERM was - 49.14%, while the total return for the PTT Index was -49.35%. The best performers in GERM, on the basis of contribution to return were, Dicerna Pharmaceuticals Inc, Immunocore Holdings Plc-Adr, Meridian Bioscience Inc, Eli Lilly & Co and Abbvie Inc, while the worst performers were Novavax Inc, Moderna Inc, Curevac Nv, I-Mab-Sponsored Adr, and Biontech Se-Adr.

During the reporting period, GERM saw an average approximate allocation of 99.5% of its portfolio holdings to the Health Care sector. The portfolio securities held by GERM were exposed predominately to the United States at 78.56% followed by Germany at 8.3%, and China at 3.9%.

You can find further details about HACK, IPAY, VALT, and GERM by visiting www.etfmg.com, or by calling 1-844-383-6477.

Sincerely,

Samuel Masucci III

Chairman of the Board

ETFMG Prime Cyber Security ETF

Growth of $10,000 (Unaudited)

							Since			Value of
Average Annual Returns	1 Year			5 Year			Inception			$10,000
Year Ended September 30, 2022	Return			Return			(11/11/14)			(9/30/2022)
ETFMG Prime Cyber Security ETF (NAV)	-28.77		%	8.12		%	7.75		%	$	18,018
ETFMG Prime Cyber Security ETF (Market)		-28.61	%		8.13	%		7.75	%	$	18,017
S&P 500 Index		-15.47	%		9.24	%		9.48	%	$	20,423
Prime Cyber Defense Index*		-28.56	%		8.50	%		8.19	%	$	18,596

* The Fund’s benchmark before 8/1/17 was the ISE Cyber Security Index. On 8/1/17, the Fund’s benchmark became the Prime Cyber Defense 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 11, 2014, 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 Cyber Security ETF

Top Ten Holdings as of September 30, 2022 (Unaudited)*

	Security	% of Total Investments
1	Zscaler, Inc.	4.84%
2	Fortinet, Inc.	4.70%
3	BAE Systems PLC	4.66%
4	Crowdstrike Holdings, Inc. - Class A	4.42%
5	VeriSign, Inc.	4.42%
6	Cloudflare, Inc. - Class A	4.33%
7	Booz Allen Hamilton Holding Corp.	4.19%
8	Palo Alto Networks, Inc.	4.18%
9	NortonLifeLock, Inc.	4.15%
10	Leidos Holdings, Inc.	4.14%

Top Ten Holdings = 44.03% of Total Investments

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

ETFMG Prime Mobile Payments ETF

Growth of $10,000 (Unaudited)

							Since			Value of
Average Annual Returns	1 Year			5 Year			Inception			$10,000
Year Ended September 30, 2022	Return			Return			(7/15/15)			(9/30/2022)
ETFMG Prime Mobile Payments ETF (NAV)		-44.18	%		3.21	%		6.11	%	$	15,336
ETFMG Prime Mobile Payments ETF (Market)		-44.21	%		3.08	%		6.06	%	$	15,287
S&P 500 Index		-15.47	%		9.24	%		9.70	%	$	19,493
Prime Mobile Payments Index*		-44.31	%		3.68	%		6.65	%	$	15,907

* The Fund’s benchmark before 8/1/17 was the ISE Mobile Payments Index. On 8/1/17, the Fund’s benchmark became the Prime Mobile Payments Index.

The chart illustrates the performance of a hypothetical $10,000 investment made on July 15, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sales of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The Index Returns do not reflect fees or expenses and are not available for direct investment.

ETFMG Prime Mobile Payments ETF

Top Ten Holdings as of September 30, 2022 (Unaudited)*


	Security	% of Total Investments
1	ETFMG Sit Ultra Short ETF**	7.26%
2	PayPal Holdings, Inc.	5.17%
3	Fiserv, Inc.	5.02%
4	American Express Co.	4.98%
5	Visa, Inc. - Class A	4.95%
6	MasterCard, Inc. - Class A	4.87%
7	Fidelity National Information Services, Inc.	4.01%
8	Adyen NV	3.63%
9	Block, Inc.	3.06%
10	Global Payments, Inc.	2.96%

Top Ten Holdings= 45.91% of Total Investments

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

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

ETFMG Sit Ultra Short ETF

Growth of $10,000 (Unaudited)

				Since			Value of
Average Annual Returns	1 Year			Inception			$10,000
Year Ended September 30, 2022	Return			(10/8/2019)			(9/30/2022)
ETFMG Sit Ultra Short ETF (NAV)		-2.29	%		-0.13	%	$	9,962
ETFMG Sit Ultra Short ETF (Market)		-2.36	%		-0.16	%	$	9,954

The chart illustrates the performance of a hypothetical $10,000 investment made on October 8, 2019, 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 Sit Ultra Short ETF

Top Ten Holdings as of September 30, 2022 (Unaudited)*

	Security	% of Total Investments
1	Brighthouse Financial Global Funding	2.96%
2	Brown & Brown, Inc.	2.75%
3	Triton Container International, Ltd.	2.62%
4	Nationwide Mutual Insurance Co.	2.43%
5	General Mills, Inc.	2.34%
6	CNO Global Funding	2.23%
7	Truist Bank	2.17%
8	Kinder Morgan, Inc.	2.10%
9	First Horizon Corp.	2.08%
10	Citigroup, Inc.	2.00%

Top Ten Holdings = 23.68% of Total Investments

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

ETFMG Treatments, Testing and Advancements ETF

Growth of $10,000 (Unaudited)

				Since			Value of
Average Annual Returns	1 Year			Inception			$10,000
Year Ended September 30, 2022	Return			(6/17/2020)			(9/30/2022)
ETFMG Treatments, Testing and Advancements ETF (NAV)		-49.14	%		-7.23	%	$	8,423
ETFMG Treatments, Testing and Advancements ETF (Market)		-49.19	%		-7.21	%	$	8,427
S&P 500 Index		-15.47	%		8.00	%	$	11,925
Prime Treatments, Testing and Advancements Index NTR		-49.35	%		-7.60	%	$	8,363

The chart illustrates the performance of a hypothetical $10,000 investment made on June 17, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sales of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The Index Returns do not reflect fees or expenses and are not available for direct investment.

ETFMG Treatments, Testing and Advancements ETF

Top Ten Holdings as of September 30, 2022 (Unaudited)*

	Security	% of Total Investments
1	Quest Diagnostics, Inc.	5.18%
2	Alnylam Pharmaceuticals, Inc.	5.04%
3	BioNTech SE - ADR	4.86%
4	Laboratory Corp. of America Holdings	4.80%
5	Moderna, Inc.	4.53%
6	ETFMG Sit Ultra Short ETF**	4.31%
7	QuidelOrtho Corp.	3.18%
8	Bio-Rad Laboratories, Inc. - Class A	3.04%
9	AbCellera Biologics, Inc.	2.99%
10	Vir Biotechnology, Inc.	2.71%

Top Ten Holdings = 40.64% of Total Investments

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

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

ETFMG™ 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.

HACK

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

The fund is concentrated in technology-related companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Such companies may have limited product lines, markets, financial resources or personnel. The products of such companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates, competition for the services of qualified personnel, and competition from foreign competitors with lower production costs. Technology companies are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. The Funds are non-diversified, meaning they may concentrate its assets in fewer individual holdings than a diversified fund. Investments in smaller companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Diversification does not assure a profit or protect against a loss in a declining market. The Fund’s return may not match or achieve a high degree of correlation with the return of the Prime Cyber Defense 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 Cyber Defense Index. The Prime Cyber Defense Index provides a benchmark for investors interested in tracking companies actively involved in providing cyber security technology and services. The Index uses a market capitalization weighted allocation across the infrastructure provider and service provider categorizations as well as an equal weighted allocation methodology for all components within each sector allocation. Index components are reviewed semi-annually for eligibility, and the weights are re-set accordingly. 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.

IPAY

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

Mobile Payment Companies face intense competition, both domestically and internationally, and are subject to increasing regulatory constraints, particularly with respect to fees, competition and anti-trust matters, cybersecurity and privacy. Mobile Payment Companies may be highly dependent on their ability to enter into agreements with merchants and other third parties to utilize a particular payment method, system, software or service, and such agreements may be subject to increased regulatory scrutiny. Additionally, certain Mobile Payment Companies have recently faced increased costs related to class-action litigation challenging such agreements. Such factors may adversely affect the profitability and value of such companies. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Investments in smaller companies tend to have limited liquidity and greater price volatility than large-capitalization companies. The Fund’s return may not match or achieve a high degree of correlation with the return of the Prime Mobile Payments 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 Index. Diversification does not guarantee a profit, nor does it protect against a loss in a declining market.

The Prime Mobile Payments Index is designed to provide a benchmark for investors interested in tracking the mobile and electronic payments industry. The stocks are screened for liquidity and weighted according to a modified linear-based capitalization-weighted methodology. The Index generally is comprised of 25-40 securities. An investment cannot be made directly in an index.

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

ETFMG™ ETFs

VALT

The ETFMG Sit Ultra Short ETF (the “Fund” or the “Ultra Short ETF”) seeks maximum current income, consistent with preservation of capital and daily liquidity.

The market price of the Fund’s fixed-income instruments may change, sometimes rapidly or unpredictably, in response to changes in interest rates, factors affecting securities markets generally, and other factors. Generally, when interest rates rise, the values of fixed-income instruments fall, and vice versa. The Fund may invest in floating rate securities, which are generally less sensitive to interest rate changes than securities with fixed interest rates but may decline in value if their interest rates do not rise as much, or as quickly, as comparable market interest rates. The Fund may invest in U.S. dollar-denominated debt obligations of foreign issuers. Mortgage- and asset-backed securities are subject to interest rate risk. Modest movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of these securities. From time to time the Fund may invest a substantial amount of its assets in taxable or tax-exempt municipal securities whose interest is paid solely from revenues of similar projects.

The Fund’s investment strategy may require it to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. In the event of large shareholder redemptions, the Fund may have to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s performance.

Distributed by ETFMG Financial LLC, which is not affiliated with Sit Investment Associates.

GERM

The ETFMG Treatments, Testing and Advancements ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Prime Treatments, Testing and Advancements Index (the “Index”).

Vaccine development companies are involved in discovering, developing and commercializing novel drugs with significant market potential. These companies face challenges including pre-clinical testing and clinical trial stages of development. Clinical trials may be delayed, and certain programs may never advance in the clinic or may be more costly to conduct than anticipated. Vaccine development requires companies to seek and secure significant funding. If there are delays in obtaining required regulatory and marketing approvals the ability of vaccine development companies to generate revenue will be materially impaired. If regulatory approval is obtained, products will still remain subject to regulatory scrutiny with regulatory authorities having the ability impose significant restrictions on the indicated uses or marketing. Lastly, even if a licensed product is achieved, vaccine development companies may encounter difficulties in manufacturing, product release, shelf life, testing, storage, supply chain management, or shipping.

ETFMG™ ETFs

The Fund is distributed by ETFMG Financial LLC, which is not affiliated with Prime Indexes.

ETFMG™ ETFs

PORTFOLIO ALLOCATIONS

As of September 30, 2022 (Unaudited)

	ETFMG Prime Cyber Security ETF			ETFMG Prime Mobile Payments ETF			ETFMG Sit Ultra Short ETF			ETFMG Treatments, Testing and Advancements ETF
As a percent of Net Assets:
Australia		—	%		0.2	%		—	%		—	%
Bermuda		—			1.1			2.6			—
Brazil		—			1.4			—			—
Canada		1.2			1.4			0.8			4.6
Cayman Islands		0.0	*		5.9			—			3.8
Cyprus		—			0.0	*		—			—
Finland		0.2			—			—			—
France		—			2.1			—			0.8
Germany		0.1			—			—			6.2
Ireland		—			—			1.4			—
Isle of Man		0.2			—			—			—
Israel		6.9			—			—			—
Italy		—			2.1			—			—
Japan		1.7			2.3			—			0.8
Netherlands		—			4.3			—			2.1
Puerto Rico		—			1.3			—			—
Republic of Korea		—			1.6			—			—
Sweden		0.0	*		—			—			—
United Kingdom		6.3			4.2			1.8			4.3
United States		82.6			70.5			80.4			76.9
Municipal Bonds		—			—			4.2			—
U.S. Government Agency Issues		—			—			4.4			—
Short-Term and other Net Assets (Liabilities)		0.8			1.6			4.4			0.5
		100.0	%		100.0	%		100.0	%		100.0	%

* Amount is less than 0.05%.

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

ETFMG™ ETFs

ETFMG Prime Cyber Security ETF

Schedule of Investments

September 30, 2022

	Shares		Value
COMMON STOCKS - 99.2%
Canada - 1.2%
Software - 1.2% (d)
Absolute Software Corp.		267,236	$	3,091,491
BlackBerry, Ltd. (a)(b)		3,029,643		14,278,044
Total Software				17,369,535

Cayman Islands - 0.0% (f)
Software - 0.0% (d)(f)
Arqit Quantum, Inc. (a)(b)		131,995		743,132

Finland - 0.2%
Software - 0.2% (d)
F-Secure Oyj (a)		614,851		1,478,436
WithSecure Oyj (a)		603,121		947,748
Total Software				2,426,184

Germany - 0.1%
IT Services - 0.1%
Secunet Security Networks AG		8,689		1,571,984

Isle Of Man - 0.2%
Software - 0.2% (d)
Kape Technologies PLC (a)		797,951		2,378,831

Israel - 6.9%
Communications Equipment - 0.3%
Radware, Ltd. (a)		195,925		4,269,206
Software - 6.6% (d)
Allot Communications, Ltd. (a)		186,614		731,527
Check Point Software Technologies, Ltd. (a)		537,262		60,184,089
Cognyte Software, Ltd. (a)		353,820		1,429,433
CyberArk Software, Ltd. (a)		213,896		32,071,566
Total Software				94,416,615
Total Israel				98,685,821

Japan - 1.7%
Software - 1.7% (d)
Cyber Security Cloud, Inc. (a)		29,470		350,431
Digital Arts, Inc.		43,547		1,892,563
Trend Micro, Inc.		406,473		21,962,405
Total Software				24,205,399

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

ETFMG™ ETFs

ETFMG Prime Cyber Security ETF

Schedule of Investments

September 30, 2022 (Continued)

	Shares		Value
Sweden - 0.0% (f)
Electronic Equipment, Instruments & Components - 0.0% (f)
Fingerprint Cards AB - Class B (a)(b)		1,360,334	$	690,608

United Kingdom - 6.3%
Aerospace & Defense - 5.7%
BAE Systems PLC		8,066,215		71,131,692
QinetiQ Group PLC		2,754,321		10,148,566
Total Aerospace & Defense				81,280,258
IT Services - 0.3%
NCC Group PLC		1,671,367		4,077,552
Software - 0.3% (d)
Darktrace PLC (a)		1,246,459		4,106,988
Total United Kingdom				89,464,798

United States - 82.6%
Aerospace & Defense - 1.5%
Parsons Corp. (a)(b)		548,622		21,505,982
Communications Equipment - 11.5%
Cisco Systems, Inc.		1,564,188		62,567,520
F5 Networks, Inc. (a)		316,152		45,756,679
Juniper Networks, Inc.		1,698,612		44,367,745
NetScout Systems, Inc. (a)		366,042		11,464,435
Total Communications Equipment				164,156,379
IT Services - 17.1%
Akamai Technologies, Inc. (a)(b)		785,302		63,075,457
Cerberus Cyber Sentinel Corp. (a)(b)		267,263		788,426
Cloudflare, Inc. - Class A (a)(b)		1,194,242		66,053,525
Okta, Inc. (a)(b)		797,534		45,355,759
SolarWinds Corp. (a)		213,414		1,653,959
VeriSign, Inc. (a)		388,325		67,452,053
Total IT Services				244,379,179
Professional Services - 12.9%
Booz Allen Hamilton Holding Corp.		692,802		63,980,265
CACI International, Inc. - Class A (a)(b)		122,944		32,095,761
Leidos Holdings, Inc.		721,781		63,134,184
Science Applications International Corp. (b)		295,510		26,131,949
Total Professional Services				185,342,159
Software - 39.6% (d)
A10 Networks, Inc. (b)		356,342		4,728,658
CommVault Systems, Inc. (a)(b)		236,486		12,543,217
Crowdstrike Holdings, Inc. - Class A (a)(b)		409,561		67,499,748
Everbridge, Inc. (a)(b)		203,566		6,286,118
ForgeRock, Inc. - Class A (a)(b)		168,865		2,453,608
Fortinet, Inc. (a)		1,459,159		71,688,482
KnowBe4, Inc. - Class A (a)		395,799		8,236,577

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

ETFMG™ ETFs

ETFMG Prime Cyber Security ETF

Schedule of Investments

September 30, 2022 (Continued)

	Shares		Value
LiveRamp Holdings, Inc. (a)(b)		347,291	$	6,306,805
N-able, Inc. (a)(b)		318,155		2,936,571
NortonLifeLock, Inc.		3,142,600		63,291,966
OneSpan, Inc. (a)		186,327		1,604,276
Palo Alto Networks, Inc. (a)(b)		389,846		63,852,876
Ping Identity Holding Corp. (a)		380,545		10,681,898
Qualys, Inc. (a)(b)		185,205		25,815,725
Rapid7, Inc. (a)		308,177		13,220,793
SecureWorks Corp. - Class A (a)(b)		50,122		403,482
SentinelOne, Inc. - Class A (a)(b)		1,074,302		27,459,159
Splunk, Inc. (a)		794,140		59,719,328
Sumo Logic, Inc. (a)		605,532		4,541,490
Telos Corp. (a)		224,829		1,998,730
Tenable Holdings, Inc. (a)		586,512		20,410,618
Varonis Systems, Inc. (a)(b)		577,091		15,304,453
ZeroFox Holdings, Inc. (a)(b)		470,198		2,868,208
Zscaler, Inc. (a)(b)		449,195		73,834,182
Total Software				567,686,968
Total United States				1,183,070,667
TOTAL COMMON STOCKS (Cost $1,702,764,377)				1,420,606,959

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 6.6%
ETFMG Sit Ultra Short ETF (e)		850,000		40,863,750
Mount Vernon Liquid Assets Portfolio, LLC, 3.18% (c)		53,996,337		53,996,337
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING COLLATERAL (Cost $96,313,548)				94,860,087

SHORT-TERM INVESTMENTS - 0.8%
Money Market Funds - 0.8%
First American Government Obligations Fund - Class X, 2.77% (c)		10,742,283		10,742,283
TOTAL SHORT-TERM INVESTMENTS (Cost $10,742,283)

Total Investments (Cost $1,809,820,208) - 106.6%				1,526,209,329
Liabilities in Excess of Other Assets - (6.6)%				(94,693,877	)
TOTAL NET ASSETS - 100.0%			$	1,431,515,452

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

ETFMG™ ETFs

ETFMG Prime Cyber Security ETF

Schedule of Investments

September 30, 2022 (Continued)

Percentages are stated as a percent of net assets.

PLC	Public Limited Company

(a)	Non-income producing security.

(b)	All or a portion of this security was out on loan at September 30, 2022.

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

(d)	As of September 30, 2022 the Fund had a significant portion of its assets in the Software Industry.

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

(f)	Amount is 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 Mobile Payments ETF

Schedule of Investments

September 30, 2022

	Shares		Value
COMMON STOCKS - 98.4%
Australia - 0.2%
IT Services - 0.2% (d)
EML Payments, Ltd. (a)		2,243,948	$	1,148,277

Bermuda - 1.1%
Electronic Equipment, Instruments & Components - 1.1%
PAX Global Technology, Ltd.		7,148,276		5,427,468

Brazil - 1.4%
IT Services - 1.4% (d)
Cielo SA		7,164,652		7,172,156

Canada - 1.4%
IT Services - 1.4% (d)
Nuvei Corp. (a)(f)		269,095		7,272,101

Cayman Islands - 5.9%
IT Services - 5.9% (d)
Dlocal, Ltd. (a)(b)		378,022		7,757,011
Pagseguro Digital, Ltd. - Class A (a)		555,681		7,351,660
StoneCo., Ltd. - Class A (a)(b)		806,977		7,690,491
Yeahka, Ltd. (a)		3,031,345		6,843,035
Total IT Services				29,642,197

Cyprus - 0.0% (i)
IT Services - 0.0% (d)(i)
QIWI PLC - ADR (b)(g)		235,051		—

France - 2.1%
IT Services - 2.1 (d)
Worldline SA (a)(f)		265,265		10,575,660

Italy - 2.1%
IT Services - 2.1% (d)
Nexi SpA (a)(f)		1,322,173		10,809,486

Japan - 2.3%
Consumer Finance - 0.5%
Jaccs Co., Ltd.		93,578		2,321,184
IT Services - 1.7% (d)
GMO Financial Gate, Inc.		12,546		1,113,042
GMO Payment Gateway, Inc.		113,869		7,828,346
Total IT Services				8,941,388

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

ETFMG™ ETFs

ETFMG Prime Mobile Payments ETF

Schedule of Investments

September 30, 2022 (Continued)

	Shares		Value
Software - 0.1%
Intelligent Wave, Inc.		120,819	$	614,405
Total Japan				11,876,977

Netherlands - 4.3%
IT Services - 4.3% (d)
Adyen NV (a)(f)		16,965		21,644,358

Puerto Rico - 1.3%
IT Services - 1.3% (d)
EVERTEC, Inc.		215,517		6,756,458

Republic of Korea - 1.6%
IT Services - 1.6% (d)
Danal Co., Ltd. (a)		252,239		1,013,751
Kakaopay Corp. (a)		199,015		6,829,969
Total IT Services				7,843,720

United Kingdom - 4.2%
IT Services - 4.2% (d)
Network International Holdings PLC (a)(f)		2,530,972		8,562,610
PayPoint PLC		188,991		1,266,102
Wise PLC - Class A (a)		1,577,142		11,632,835
Total IT Services				21,461,547

United States - 70.5%
Consumer Finance - 11.4%
American Express Co. (b)		219,765		29,648,497
Bread Financial Holdings, Inc.		186,866		5,876,936
Discover Financial Services		173,975		15,817,807
Green Dot Corp. - Class A (a)		340,241		6,457,774
Total Consumer Finance				57,801,014
IT Services - 56.8% (d)
Affirm Holdings, Inc. (a)(b)		391,984		7,353,620
Block, Inc. (a)		331,056		18,204,769
Boku, Inc. (a)(f)		1,227,809		1,528,558
Cantaloupe, Inc. (a)		219,821		764,977
Euronet Worldwide, Inc. (a)(b)		92,461		7,004,845
Evo Payments, Inc. - Class A (a)		211,676		7,048,811
Fidelity National Information Services, Inc.		315,772		23,862,890
Fiserv, Inc. (a)		319,700		29,914,329
FleetCor Technologies, Inc. (a)		60,410		10,642,430
Flywire Corp. (a)(b)		309,786		7,112,687
Global Payments, Inc.		162,914		17,602,858
I3 Verticals, Inc. - Class A (a)		110,000		2,203,300
International Money Express, Inc. (a)		113,096		2,577,458
Jack Henry & Associates, Inc. (b)		62,125		11,323,524

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

ETFMG™ ETFs

ETFMG Prime Mobile Payments ETF

Schedule of Investments

September 30, 2022 (Continued)

	Shares		Value
Lesaka Technologies, Inc. (a)(h)		23,046	$	81,122
Marqeta, Inc. - Class A (a)(b)		1,091,450		7,771,124
MasterCard, Inc. - Class A (b)		102,107		29,033,104
MoneyGram International, Inc. (a)		652,497		6,785,969
Payoneer Global, Inc. (a)		1,092,118		6,607,314
PayPal Holdings, Inc. (a)(b)		357,940		30,807,895
Remitly Global, Inc. (a)(b)		662,496		7,366,956
Shift4 Payments, Inc. - Class A (a)(b)		168,948		7,536,770
Visa, Inc. - Class A (b)		165,892		29,470,714
Western Union Co. (b)		589,604		7,959,654
WEX, Inc. (a)		59,310		7,528,811
Total IT Services				288,094,489
Software - 2.3%
ACI Worldwide, Inc. (a)		320,228		6,692,765
NCR Corp. (a)		262,126		4,983,015
Total Software				11,675,780
Total United States				357,571,283
TOTAL COMMON STOCKS (Cost $743,979,040)				499,201,688

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 17.7%
ETFMG Sit Ultra Short ETF (e)		900,000		43,267,500
Mount Vernon Liquid Assets Portfolio, LLC, 3.18% (c)		46,450,445		46,450,445
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $91,456,962)				89,717,945

SHORT-TERM INVESTMENTS - 1.3%
Money Market Funds - 1.3%
First American Government Obligations Fund - Class X, 2.77% (c)		6,670,311		6,670,311
TOTAL SHORT-TERM INVESTMENTS (Cost $6,670,311)				6,670,311

Total Investments (Cost $842,106,313) - 117.4%				595,589,944
Liabilities in Excess of Other Assets - (17.4)%				(88,381,955	)
TOTAL NET ASSETS - 100.0%			$	507,207,989

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

ETFMG™ ETFs

ETFMG Prime Mobile Payments ETF

Schedule of Investments

September 30, 2022 (Continued)

Percentages are stated as a percent of net assets.

ADR

American Depositary Receipt

PLC

Public Limited Company

(a)

Non-income producing security.

(b)

All or a portion of this security was out on loan at September 30, 2022.

(c)

The rate shown is the annualized seven-day yield at period end.

(d)

As of September 30, 2022 the Fund had a significant portion of its assets in the IT Services Industry.

(e)

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

(f)

Restricted security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At September 30, 2022, the market value of these securities total $60,392,773, which represents 11.9% of total net assets.

(g)

Value determined using significant unobservable inputs. The value of this security totals $0, which represents 0.0% of total net assets. Classified as Level 3 in the fair value hierarchy.

(h)

Security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $81,122, which represents 0.0% of net assets.

(i)

Amount is less than 0.05%.

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

September 30, 2022

	Principal Amount		Value
CORPORATE BONDS - 87.0%
Bermuda - 2.6%
Commercial and Industrial Machinery and Equipment Rental and Leasing - 2.6%
Triton Container International, Ltd.
1.150%, 06/07/2024 (a)	$	3,550,000	$	3,326,580

Canada - 0.8%
Banks - 0.8%
Canadian Imperial Bank of Commerce
2.761%, (SOFRIX + 0.420%), 10/18/2024 (b)		1,000,000		982,583

Ireland - 1.4%
Capital Goods – 1.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
1.750%, 10/29/2024		1,500,000		1,366,176
Automotive - 0.3%
SMBC Aviation Capital Finance DAC
3.550%, 04/15/2025 (a)		395,000		380,059
Total Ireland				1,746,325

United Kingdom - 1.8%
Banks - 1.8%
Barclays PLC
4.302%, (3 Month LIBOR USD + 1.380%), 05/16/2024 (b)		2,281,000		2,279,960

United States - 80.4%
Automotive - 6.3%
General Motors Financial Co., Inc.
3.047%, (SOFR + 0.760%), 03/08/2024 (b)		2,244,000		2,213,264
2.153%, (SOFR + 0.620%), 10/15/2024 (b)		1,000,000		970,454
Hyundai Capital America
1.250%, 09/18/2023 (a)		2,564,000		2,467,224
Penske Truck Leasing Co. Lp / PTL Finance Corp.
3.450%, 07/01/2024 (a)		2,200,000		2,118,724
				7,769,666
Banks – 18.9%
Bank of America Corp.
3.864%, (3 Month LIBOR USD + 0.940%), 07/23/2024 (b)		1,194,000		1,178,306
3.458%, (3 Month LIBOR USD + 0.970%), 03/15/2025 (b)		1,658,000		1,606,815

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

September 30, 2022 (Continued)

	Principal Amount		Value
Citigroup, Inc.
3.352%, (3 Month LIBOR USD + 0.897%), 04/24/2025 (b)	$	2,557,000	$	2,468,085
0.981%, (SOFR + 0.669%), 05/01/2025 (b)		2,000,000		1,854,898
Citizens Financial Group, Inc.
3.750%, 07/01/2024		500,000		483,195
Comerica Bank
4.000%, 07/27/2025		1,436,000		1,371,838
First Horizon Corp.
4.000%, 05/26/2025		2,660,000		2,568,217
The Huntington National Bank
4.008%, (SOFR + 1.205%), 05/16/2025 (b)		600,000		588,186
JPMorgan Chase & Co.
0.653%, (TSFR3M + 0.600%), 09/16/2024 (b)		1,000,000		954,237
3.845%, (SOFR + 0.980%), 06/07/2025 (b)		2,500,000		2,431,196
KeyBank NA
4.150%, 08/08/2025		2,100,000		2,037,509
PNC Bank NA
3.875%, 04/10/2025		2,268,000		2,198,886
Truist Bank
3.689%, (3 Month LIBOR USD + 0.735%), 08/02/2024 (b)		2,700,000		2,672,037
Webster Financial Corp.
4.375%, 02/15/2024		750,000		739,288
				23,152,693

Capital Goods – 0.8%
Air Lease Corp.
0.800%, 08/18/2024		1,040,000		948,407
Chemicals - 0.7%
The Sherwin-Williams Co.
4.050%, 08/08/2024		950,000		935,221
Communications Equipment - 0.5%
Motorola Solutions, Inc.
4.000%, 09/01/2024		580,000		569,146
Consumer Services - 0.8%
7-Eleven, Inc.
0.800%, 02/10/2024 (a)		1,000,000		946,223

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

September 30, 2022 (Continued)

	Principal Amount		Value
Diversified Financial Services - 6.4%
American Express Co.
3.950%, 08/01/2025	$	1,700,000	$	1,647,506
BGC Partners, Inc.
5.375%, 07/24/2023		1,245,000		1,245,001
Goldman Sachs Group, Inc.
3.500%, 01/23/2025		1,000,000		962,089
Morgan Stanley
4.083%, (3 Month LIBOR USD + 1.220%), 05/08/2024 (b)		2,242,000		2,243,844
3.620%, (SOFR + 1.160%), 04/17/2025 (b)		1,000,000		971,200
0.790%, (SOFR + 0.525%), 05/30/2025 (b)		997,000		918,467
				7,988,107
Diversified Telecommunication Services - 1.5%
T-Mobile USA, Inc.
3.500%, 04/15/2025		2,000,000		1,913,609
Food Products - 3.5%
General Mills, Inc.
3.750%, (3 Month LIBOR USD + 1.010%), 10/17/2023 (b)		2,871,000		2,886,067
Hormel Foods Corp.
0.650%, 06/03/2024		1,536,000		1,437,765
				4,323,832
Health Care Equipment & Supplies - 1.1%
Zimmer Biomet Holdings, Inc.
1.450%, 11/22/2024		1,500,000		1,388,830
Insurance - 21.8%
Brighthouse Financial Global Funding
1.562%, (SOFR + 0.760%), 04/12/2024 (a)(b)		3,693,000		3,659,245
Brown & Brown, Inc.
4.200%, 09/15/2024		3,453,000		3,388,109
CNO Global Funding
1.650%, 01/06/2025 (a)		3,000,000		2,756,555
F&G Global Funding
0.900%, 09/20/2024 (a)		2,700,000		2,459,609
Fairfax US, Inc.
4.875%, 08/13/2024 (a)		745,000		730,167
Finial Holdings, Inc.
7.125%, 10/15/2023		1,415,000		1,450,367
Health Care Service Corp A Mutual Legal Reserve Corp.
1.500%, 06/01/2025 (a)		2,000,000		1,821,355
Jackson Financial, Inc.
1.125%, 11/22/2023 (a)		500,000		478,352
Jackson National Life Global Funding
3.875%, 06/11/2025 (a)		718,000		689,387
John Hancock Life Insurance Co.
7.375%, 02/15/2024 (a)		495,000		509,476
Liberty Mutual Insurance Co.
8.500%, 05/15/2025 (a)		1,500,000		1,568,456

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

September 30, 2022 (Continued)

	Principal Amount		Value
Metropolitan Life Insurance Co.
7.875%, 02/15/2024 (a)	$	1,695,000	$	1,753,010
Nationwide Mutual Insurance Co.
5.583%, (3 Month LIBOR USD + 2.290%), 12/15/2024 (a)(b)(c)		3,000,000		3,000,381
Pacific Life Insurance Co.
7.900%, 12/30/2023 (a)		1,700,000		1,753,388
Reliance Standard Life Global Funding II
2.500%, 10/30/2024 (a)		1,000,000		944,594
				26,962,451
Multi-Utilities - 10.6%
AMEREN ILL Co.
3.250%, 03/01/2025		350,000		337,437
Atlantic City Electric Co.
3.375%, 09/01/2024		535,000		519,049
Baltimore Gas and Electric Co.
3.350%, 07/01/2023		870,000		863,480
CenterPoint Energy, Inc.
2.937%, (SOFRINDX + 0.650%), 05/13/2024 (b)		2,473,000		2,439,260
CMS Energy Corp.
3.875%, 03/01/2024		1,570,000		1,541,271
DTE Energy Co.
1.050%, 06/01/2025		1,500,000		1,344,463
4.220%, 11/01/2025		1,000,000		981,680
PacifiCorp
3.350%, 07/01/2025		750,000		719,624
Potomac Electric Power Co.
3.600%, 03/15/2024		1,000,000		983,547
Public Service Co. of Colorado
2.900%, 05/15/2025		700,000		665,467
Public Service Electric and Gas Co.
3.050%, 11/15/2024		350,000		336,671
3.000%, 05/15/2025		460,000		438,865
WEC Energy Group, Inc.
5.000%, 09/27/2025		1,500,000		1,495,913
Wisconsin Electric Power Co.
3.100%, 06/01/2025		450,000		430,714
				13,097,441
Oil, Gas & Consumable Fuels - 3.6%
Kinder Morgan, Inc.
3.792%, (3 Month LIBOR USD + 1.280%), 01/15/2023 (b)		2,588,000		2,590,466
Magellan Midstream Partners LP
3.200%, 03/15/2025		1,992,000		1,885,109
				4,475,575

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

September 30, 2022 (Continued)

	Principal Amount		Value
Professional Services - 0.7%
Equifax, Inc.
3.950%, 06/15/2023	$	842,000	$	837,906
Semiconductors & Semiconductor Equipment - 0.6%
Analog Devices, Inc.
0.929%, (SOFR + 0.250%), 10/01/2024 (b)		813,000		799,614
Retailing - 2.8%
Dollar General Corp.
4.250%, 09/20/2024		1,000,000		988,968
Genuine Parts Co.
1.750%, 02/01/2025		2,089,000		1,930,799
Ross Stores, Inc.
4.600%, 04/15/2025		500,000		495,839
				3,415,606
Total United States				99,524,327
TOTAL CORPORATE BONDS (Cost $111,310,252)				107,769,685

MUNICIPAL BONDS - 4.2%
United States – 4.2%
City of Moline IL
2.130%, 12/01/2022		100,000		99,668
City of Oakland CA
4.000%, 12/15/2022		700,000		700,371
Colorado Bridge Enterprise
0.923%, 12/31/2023		2,000,000		1,911,222
Homewood Educational Building Authority
2.000%, 12/01/2023		620,000		601,725
Indiana Finance Authority
0.955%, 03/01/2024		450,000		428,939
Iowa Student Loan Liquidity Corp.
3.586%, 12/01/2023		1,000,000		986,953
Kentucky Housing Corp.
0.800%, 01/01/2024		350,000		335,004
North Springs Improvement District
1.000%, 05/01/2023		215,000		210,989
TOTAL MUNICIPAL BONDS (Cost $5,451,371)				5,274,871

U.S. GOVERNMENT AGENCY ISSUES - 4.4%
United States – 4.4%
Federal Home Loan Banks
4.000%, 08/28/2025		2,000,000		1,973,410
Federal Home Loan Mortgage Corp.
4.050%, 07/21/2025		1,800,000		1,775,864
Federal National Mortgage Association
4.125%, 08/28/2025		1,700,000		1,678,203
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $5,500,000)				5,427,477

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

September 30, 2022 (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS - 4.0%
Money Market Funds - 4.0%
First American Government Obligations Fund - Class X, 2.77% (d)		4,945,688	$	4,945,688
TOTAL MONEY MARKET FUNDS (Cost $4,945,688)				4,945,688

Total Investments (Cost $127,207,311) - 99.6%				123,417,721
Other Assets in Excess of Liabilities - 0.4%				480,625
TOTAL NET ASSETS - 100.0%			$	123,898,346

Percentages are stated as a percent of net assets.

PLC

Public Limited Company

(a)

Restricted security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At September 30, 2022, the market value of these securities total $30,794,433, which represents 24.9% of total net assets.

(b)

Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of September 30, 2022.

(c)

Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of September 30, 2022.

(d)

The rate shown is the annualized seven-day yield at period end.

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

ETFMG™ ETFs

ETFMG Treatments, Testing and Advancements ETF

Schedule of Investments

September 30, 2022

	Shares		Value

COMMON STOCKS - 99.5%
Canada - 4.6%
Biotechnology - 0.8% (d)
Arbutus Biopharma Corp. (a)(b)		44,250	$	84,518
VBI Vaccines, Inc. (a)		76,210		53,789
XBiotech, Inc. (a)		8,982		32,515
Total Biotechnology				170,822
Life Sciences Tools & Services - 3.8%
AbCellera Biologics, Inc. (a)		84,143		832,174
Total Canada				1,002,996

Cayman Islands - 3.8%
Biotechnology - 3.8% (d)
I-Mab - ADR (a)(b)		24,522		98,333
Zai Lab, Ltd. - ADR (a)		21,353		730,273
Total Biotechnology				828,606

France - 0.8%
Pharmaceuticals - 0.8%
Sanofi - ADR		4,369		166,109

Germany - 6.2%
Biotechnology - 6.2% (d)
BioNTech SE - ADR (b)		10,031		1,352,981

Japan - 0.8%
Pharmaceuticals - 0.8%
Takeda Pharmaceutical Co., Ltd. - ADR (b)		12,846		166,613

Netherlands - 2.1%
Biotechnology - 2.1% (d)
CureVac NV (a)(b)		55,320		435,922
InflaRx NV (a)		13,044		34,436
Total Biotechnology				470,358

United Kingdom - 4.3%
Biotechnology - 2.8% (d)
Immunocore Holdings PLC - ADR (a)		12,944		607,591
Pharmaceuticals - 1.5%
AstraZeneca PLC - ADR (b)		2,856		156,623
GSK PLC - ADR (b)		5,570		163,925
Total Pharmaceuticals				320,548
Total United Kingdom				928,139

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

ETFMG™ ETFs

ETFMG Treatments, Testing and Advancements ETF

Schedule of Investments

September 30, 2022 (Continued)

	Shares		Value
United States - 76.9%
Biotechnology - 40.2% (d)
AbbVie, Inc. (b)		1,275	$	171,118
Alnylam Pharmaceuticals, Inc. (a)		7,018		1,404,722
Altimmune, Inc. (a)(b)		14,467		184,744
Arcturus Therapeutics Holdings, Inc. (a)(b)		7,843		116,233
Assembly Biosciences, Inc. (a)		14,293		23,441
Atossa Therapeutics, Inc. (a)		37,366		31,137
BioCryst Pharmaceuticals, Inc. (a)		54,871		691,375
CEL-SCI Corp. (a)(b)		12,797		39,543
Chimerix, Inc. (a)		25,857		49,904
Cue Biopharma, Inc. (a)		10,441		23,283
Dynavax Technologies Corp. (a)(b)		37,322		389,642
Emergent BioSolutions, Inc. (a)		14,714		308,847
Enanta Pharmaceuticals, Inc. (a)		6,116		317,237
Enochian Biosciences, Inc. (a)(b)		15,625		28,281
Gilead Sciences, Inc.		2,718		167,673
GreenLight Biosciences Holdings PBC (a)(b)		36,500		84,680
Gritstone bio, Inc. (a)		21,544		55,368
HilleVax, Inc. (a)		9,864		168,576
Hookipa Pharma, Inc. (a)		16,143		21,632
iBio, Inc. (a)		64,379		10,964
Icosavax, Inc. (a)		11,770		37,193
ImmunityBio, Inc. (a)(b)		118,127		587,091
Inovio Pharmaceuticals, Inc. (a)		73,597		126,955
Invivyd, Inc. (a)(b)		32,115		100,520
Moderna, Inc. (a)		10,670		1,261,728
Novavax, Inc. (a)(b)		23,081		420,074
Ocugen, Inc. (a)(b)		63,907		113,754
Regeneron Pharmaceuticals, Inc. (a)(b)		294		202,528
Silverback Therapeutics, Inc. (a)		10,468		55,271
Sorrento Therapeutics, Inc. (a)(b)		132,778		208,461
SQZ Biotechnologies Co. (a)		8,631		19,679
Vaxart, Inc. (a)(b)		37,331		81,382
Vaxcyte, Inc. (a)		17,504		420,096
Vaxxinity, Inc. - Class A (a)(b)		37,189		73,634
Vir Biotechnology, Inc. (a)(b)		39,141		754,638
Total Biotechnology				8,751,404
Health Care Equipment & Supplies - 8.6%
Abbott Laboratories		1,684		162,944
Co-Diagnostics, Inc. (a)		9,969		32,000
Cue Health, Inc. (a)(b)		43,719		131,594
Hologic, Inc. (a)(b)		2,580		166,462
Meridian Bioscience, Inc. (a)		12,910		407,052
OraSure Technologies, Inc. (a)		21,429		81,216
QuidelOrtho Corp. (a)		12,397		886,138
Total Health Care Equipment & Supplies				1,867,406

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

ETFMG™ ETFs

ETFMG Treatments, Testing and Advancements ETF

Schedule of Investments

September 30, 2022 (Continued)

	Shares		Value
Health Care Providers & Services - 16.3%
Fulgent Genetics, Inc. (a)		8,931	$	340,450
Laboratory Corp. of America Holdings		6,529		1,337,204
OPKO Health, Inc. (a)(b)		227,801		430,544
Quest Diagnostics, Inc. (b)		11,756		1,442,344
Total Health Care Providers & Services				3,550,542
Life Sciences Tools & Services - 5.3%
Adaptive Biotechnologies Corp. (a)		42,161		300,186
Bio-Rad Laboratories, Inc. - Class A (a)		2,033		848,046
Total Life Sciences Tools & Services				1,148,232
Pharmaceuticals - 6.5%
AN2 Therapeutics, Inc. (a)(b)		5,726		99,518
Atea Pharmaceuticals, Inc. (a)		24,569		139,798
Bristol-Myers Squibb Co.		2,555		181,635
CorMedix, Inc. (a)		12,160		34,413
Eli Lilly and Co.		571		184,633
Johnson & Johnson		1,068		174,468
Merck & Co., Inc.		2,025		174,393
Paratek Pharmaceuticals, Inc. (a)		16,190		41,608
Pfizer, Inc.		3,785		165,632
SIGA Technologies, Inc.		21,549		221,954
Total Pharmaceuticals				1,418,052
Total United States				16,735,636
TOTAL COMMON STOCKS (Cost $42,419,555)				21,651,438

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 27.9%
ETFMG Sit Ultra Short ETF (e)		25,000		1,201,875
Mount Vernon Liquid Assets Portfolio, LLC, 3.18% (c)		4,866,984		4,866,984
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $6,110,959)				6,068,859

SHORT-TERM INVESTMENTS - 0.6%
Money Market Funds - 0.6%
First American Government Obligations Fund - Class X, 2.77% (c)		142,751		142,751
TOTAL SHORT-TERM INVESTMENTS (Cost $142,751)				142,751

Total Investments (Cost $48,673,265) - 128.0%				27,863,048
Liabilities in Excess of Other Assets - (28.0)%				(6,099,816	)
TOTAL NET ASSETS - 100.0%			$	21,763,232

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

ETFMG™ ETFs

ETFMG Treatments, Testing and Advancements ETF

Schedule of Investments

September 30, 2022 (Continued)

Percentages are stated as a percent of net assets.

ADR

American Depositary Receipt

PLC

Public Limited Company

(a)

Non-income producing security.

(b)

All or a portion of this security was out on loan at September 30, 2022.

(c)

The rate shown is the annualized seven-day yield at period end.

(d)

As of September 30, 2022 the Fund had a significant portion of its assets in the Biotechnology Industry.

(e)

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

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

ETFMG™ ETFs

STATEMENTS OF ASSETS AND LIABILITIES

As of September 30, 2022

	ETFMG Prime Cyber Security ETF			ETFMG Prime Mobile Payments ETF			ETFMG Sit Ultra Short ETF			ETFMG Treatments, Testing and Advancements ETF
ASSETS
Investments in unaffiliated securities, at value*	$	1,485,345,579		$	552,322,444		$	123,417,721		$	26,661,173
Investments in affiliated securities, at value*		40,863,750			43,267,500			—			1,201,875
Foreign currency*		—			86,319			—			—
Receivables:
Receivable for investments sold		2,152,644			1,689,370			—			—
Dividends and interest receivable		1,200,506			1,597,587			849,472			9,373
Securities lending income receivable		105,115			49,429			—			15,088
Total Assets		1,529,667,594			599,012,649			124,267,193			27,887,509

LIABILITIES
Collateral received for securities loaned (Note 7)		96,313,548			91,456,962			—			6,110,959
Payables:
Foreign currency payable to custodian, at value*		33			—			—			—
Payable for investments purchased		1,084,657			916			337,848			—
Management fees payable		753,904			346,782			30,999			13,318
Total Liabilities		98,152,142			91,804,660			368,847			6,124,277
Net Assets	$	1,431,515,452		$	507,207,989		$	123,898,346		$	21,763,232

NET ASSETS CONSIST OF:
Paid-in Capital	$	2,020,866,419		$	963,674,226		$	131,007,142		$	50,416,908
Total Distributable Earnings (Accumulated Losses)		(589,350,967	)		(456,466,237	)		(7,108,796	)		(28,653,676	)
Net Assets	$	1,431,515,452		$	507,207,989		$	123,898,346		$	21,763,232

*Identified Cost:

Investments in unaffiliated securities	$	1,767,486,056		$	797,099,796		$	127,207,311		$	47,429,290
Investments in affiliated securities		42,334,152			45,006,517			—			1,243,975
Foreign currency		33			85,707			—			—

Shares Outstanding^		33,000,000			13,400,000			2,575,000			1,050,000

Net Asset Value, Offering and Redemption Price per Share	$	43.38		$	37.85		$	48.12		$	20.73

^ 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 Year ended September 30, 2022

	ETFMG Prime Cyber Security ETF			ETFMG Prime Mobile Payments ETF			ETFMG Sit Ultra Short ETF			ETFMG Treatments, Testing and Advancements ETF
INVESTMENT INCOME
Income:
Dividends from unaffiliated securities (net of foreign withholdings tax of	$	13,035,079		$	5,185,509		$	—		$	184,341
$254,865, $159,241, $-, $10,356)
Interest		111,320			43,252			2,876,846			1,658
Securities lending income		775,303			320,680			—			204,056
Total Investment Income		13,921,702			5,549,441			2,876,846			390,055

Expenses:
Management fees		11,704,377			6,268,531			646,546			252,157
Total Expenses		11,704,377			6,268,531			646,546			252,157
Net Investment Income (Loss)		2,217,325			(719,090	)		2,230,300			137,898

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Unaffiliated Investments		(176,174,507	)		(139,279,129	)		(2,255,726	)		(5,683,107	)
Affiliated Investments		(1,269,522	)		—			—			—
In-Kind redemptions		189,171,525			18,912,380			—			647,043
Foreign currency and foreign currency translation		(458,118	)		72,126			—			—
Net Realized Gain (Loss) on Investments and In-Kind redemptions		11,269,378			(120,294,623	)		(2,255,726	)		(5,036,064	)
Net Change in Unrealized Appreciation (Depreciation) of:
Unaffiliated Investments		(640,792,385	)		(377,815,898	)		(4,305,127	)		(22,047,191	)
Affiliated Investments		13,133,420			(1,512,000	)		—			(42,000	)
Foreign currency and foreign currency translation		3,646			(4,428	)		—			—
Net change in Unrealized Appreciation (Depreciation) of Investments		(627,655,319	)		(379,332,326	)		(4,305,127	)		(22,089,191	)
Net Realized and Unrealized Loss on Investments		(616,385,941	)		(499,626,949	)		(6,560,853	)		(27,125,255	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(614,168,616	)	$	(500,346,039	)	$	(4,330,553	)	$	(26,987,357	)

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

ETFMG Prime Cyber Security ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2022			Year Ended September 30, 2021
OPERATIONS
Net investment income	$	2,217,325		$	7,093,741
Net realized gain on investments and In-Kind Redemptions		11,269,378			330,529,386
Net change in unrealized appreciation (depreciation) of
investments and foreign currency and foreign currency translation		(627,655,319	)		153,820,198
Net increase (decrease) in net assets resulting from operations		(614,168,616	)		491,443,325

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		(2,222,505	)		(6,619,000	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares		(259,776,610	)		318,934,925
Transaction Fees (See Note 1)		35,598			74,347
Net increase (decrease) in net assets from capital share transactions		(259,741,012	)		319,009,272
Total increase (decrease) in net assets		(876,132,133	)		803,833,597

NET ASSETS
Beginning of Year		2,307,647,585			1,503,813,988
End of Year	$	1,431,515,452		$	2,307,647,585

Summary of share transactions is as follows:

	Year Ended September 30, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Shares Sold		15,400,000		$	864,143,480			16,750,000		$	994,736,015
Transaction Fees (See Note 1)		—			35,598			—			74,347
Shares Redeemed		(20,250,000	)		(1,123,920,090	)		(11,200,000	)		(675,801,090	)
Net Transactions in Fund Shares		(4,850,000	)	$	(259,741,012	)		5,550,000		$	319,009,272
Beginning Shares		37,850,000						32,300,000
Ending Shares		33,000,000						37,850,000

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

ETFMG Prime Mobile Payments ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2022			Year Ended September 30, 2021
OPERATIONS
Net investment loss	$	(719,090	)	$	(2,268,082	)
Net realized gain (loss) on investments and In-Kind Redemptions		(120,294,623	)		143,616,233
Net change in unrealized appreciation (depreciation) of investments and foreign currency and foreign currency translation		(379,332,326	)		59,723,122
Net increase (decrease) in net assets resulting from operations		(500,346,039	)		201,071,273

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares		(186,127,525	)		194,384,200
Transaction Fees (See Note 1)		44,420			39,220
Net increase (decrease) in net assets from capital share transactions		(186,083,105	)		194,423,420
Total increase (decrease) in net assets		(686,429,144	)		395,494,693

NET ASSETS
Beginning of Year		1,193,637,133			798,142,440
End of Year	$	507,207,989		$	1,193,637,133

Summary of share transactions is as follows:

	Year Ended September 30, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Shares Sold		2,100,000		$	114,795,455			8,700,000		$	593,606,155
Transaction Fees (See Note 1)		—			44,420			—			39,220
Shares Redeemed		(6,300,000	)		(300,922,980	)		(5,800,000	)		(399,221,955	)
Net Transactions in Fund Shares		(4,200,000	)	$	(186,083,105	)		2,900,000		$	194,423,420
Beginning Shares		17,600,000						14,700,000
Ending Shares		13,400,000						17,600,000

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

ETFMG Sit Ultra Short ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2022			Year Ended September 30, 2021
OPERATIONS
Net investment income	$	2,230,300		$	1,093,399
Net realized gain (loss) on investments and In-Kind Redemptions		(2,255,726	)		74,759
Net change in unrealized appreciation (depreciation) of
investments and foreign currency and foreign currency translation		(4,305,127	)		(112,246	)
Net increase (decrease) in net assets resulting from operations		(4,330,553	)		1,055,912

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		(2,064,413	)		(1,070,997	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares		(112,259,140	)		136,797,377
Net increase (decrease) in net assets		(118,654,106	)		136,782,292

NET ASSETS
Beginning of Year		242,552,452			105,770,160
End of Year	$	123,898,346		$	242,552,452

Summary of share transactions is as follows:

	Year Ended September 30, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Shares Sold		—		$	—			3,050,000		$	151,723,497
Shares Redeemed		(2,300,000	)		(112,259,140	)		(300,000	)		(14,926,120	)
Net Transactions in Fund Shares		(2,300,000	)	$	(112,259,140	)		2,750,000		$	136,797,377
Beginning Shares		4,875,000						2,125,000
Ending Shares		2,575,000						4,875,000

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

ETFMG Treatments, Testing and Advancements ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September			Year Ended September
	30, 2022			30, 2021
OPERATIONS
Net investment income	$	137,898		$	578,226
Net realized gain (loss) on investments and In-Kind Redemptions		(5,036,064	)		13,807,775
Net change in unrealized appreciation (depreciation) of investments and foreign currency and foreign currency translation		(22,089,191	)		6,476,857
Net increase (decrease) in net assets resulting from operations		(26,987,357	)		20,862,858

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		(119,444	)		(647,750	)

CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from net change in outstanding shares		(14,610,560	)		(10,764,405	)
Net increase (decrease) in net assets		(41,717,361	)		9,450,703

NET ASSETS
Beginning of Year		63,480,593			54,029,890
End of Year	$	21,763,232		$	63,480,593

Summary of share transactions is as follows:

	Year Ended September 30, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Shares Sold		100,000		$	2,739,590			900,000		$	35,594,570
Shares Redeemed		(600,000	)		(17,350,150	)		(1,300,000	)		(46,358,975	)
Net Transactions in Fund Shares		(500,000	)	$	(14,610,560	)		(400,000	)	$	(10,764,405	)
Beginning Shares		1,550,000						1,950,000
Ending Shares		1,050,000						1,550,000

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

ETFMG Prime Cyber Security ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year

	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018

Net Asset Value, Beginning Year	$	60.97		$	46.56		$	37.46		$	40.08		$	30.11
Income (Loss) from Investment Operations:
Net investment income ¹		0.06			0.20			0.64			0.07			0.03
Net realized and unrealized gain (loss) on investments		(17.59	)		14.39			9.10			(2.64	)		9.94
Total from investment operations		(17.53	)		14.59			9.74			(2.57	)		9.97
Less Distributions:
Distributions from net investment income		(0.06	)		(0.18	)		(0.64	)		(0.05	)		(0.00	)²
Total distributions		(0.06	)		(0.18	)		(0.64	)		(0.05	)		(0.00	)²
Net asset value, end year	$	43.38		$	60.97		$	46.56		$	37.46		$	40.08
Total Return		(28.77	)%		31.34	%		26.75	%		(6.42	)%		33.16	%

Ratios/Supplemental Data:
Net assets at end of year (000’s)	$	1,431,515		$	2,307,648		$	1,503,814		$	1,427,200		$	1,835,861

Gross Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income to Average Net Assets		0.11	%		0.35	%		1.50	%		0.19	%		0.07	%
Portfolio Turnover Rate		51	%		34	%		33	%		36	%		41	%

Calculated based on average shares outstanding during the year.

Per share amount is less than $0.01.

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

ETFMG Prime Mobile Payments ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year

	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018

Net Asset Value, Beginning Year	$	67.82		$	54.30		$	46.60		$	42.86		$	32.57
Income (Loss) from Investment Operations:
Net investment income (loss) ¹		(0.04	)		(0.13	)		(0.04	)		0.03			0.07
Net realized and unrealized gain (loss) on investments		(29.93	)		13.65			7.75			3.93			10.22
Total from investment operations		(29.97	)		13.52			7.71			3.96			10.29
Less Distributions:
Distributions from net investment income		—			—			(0.02	)		(0.05	)		(0.01	)
Net realized gains		—			—			—			(0.18	)		—
Total distributions		—			—			(0.02	)		(0.23	)		(0.01	)
Capital Share Transactions:
Transaction fees added to paid-in capital		—			—			0.01			0.01			0.01
Net asset value, end year	$	37.85		$	67.82		$	54.30		$	46.60		$	42.86
Total Return		(44.18	)%		24.91	%		16.56	%		9.49	%		31.62	%

Ratios/Supplemental Data:
Net assets at end year (000’s)	$	507,208		$	1,193,637		$	798,142		$	743,198		$	522,874

Gross Expenses to Average Net Assets		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net Investment Income (Loss) to Average Net Assets		(0.09	)%		(0.20	)%		(0.08	)%		0.06	%		0.16	%
Portfolio Turnover Rate		35	%		27	%		19	%		28	%		16	%

Calculated based on average shares outstanding during the year.

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

ETFMG Sit Ultra Short ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

	Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2020¹

Net Asset Value, Beginning Year/Period	$	49.75		$	49.77		$	50.00
Income (Loss) from Investment Operations:
Net investment income ²		0.51			0.39			0.86
Net realized and unrealized loss on investments		(1.63	)		(0.02	)		(0.27	)
Total from investment operations		(1.12	)		0.37			0.59
Less Distributions:
Distributions from net investment income		(0.51	)		(0.39	)		(0.82	)
Total distributions		(0.51	)		(0.39	)		(0.82	)
Net asset at end of year/period	$	48.12		$	49.75		$	49.77
Total Return		(2.29	)%		0.75	%⁵		1.19	%³

Ratios/Supplemental Data:
Net assets at end of year/period (000’s)	$	123,898		$	242,552		$	105,770

Gross Expenses to Average Net Assets		0.30	%		0.30	%		0.30	%⁴
Net Investment Income to Average Net Assets		1.03	%		0.77	%		1.78	%⁴
Portfolio Turnover Rate		70	%		55	%		132	%³

Commencement of operations on October 8, 2019.

Calculated based on average shares outstanding during the year/period.

Not annualized.

⁴

Annualized.

⁵

The returns reflect the actual performance for the period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.

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

ETFMG Treatments, Testing and Advancements ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

	Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2020¹

Net Asset Value, Beginning Year/Period	$	40.96		$	27.71		$	25.00
Income (Loss) from Investment Operations:
Net investment income ²		0.11			0.36			0.02
Net realized and unrealized gain (loss) on investments		(20.23	)		13.28			2.69
Total from investment operations		(20.12	)		13.64			2.71
Less Distributions:
Distributions from net investment income		(0.11	)		(0.39	)		—
Total distributions		(0.11	)		(0.39	)		—
Net asset at end of year/period	$	20.73		$	40.96		$	27.71
Total Return		(49.14	)%		49.43	%⁵		10.82	%³

Ratios/Supplemental Data:
Net assets at end of year/period (000’s)	$	21,763		$	63,481		$	54,030

Gross Expenses to Average Net Assets		0.68	%		0.68	%		0.68	%⁴
Net Investment Income to Average Net Assets		0.37	%		0.98	%		0.25	%⁴
Portfolio Turnover Rate		30	%		39	%		41	%³

Commencement of operations on June 17, 2020.

Calculated based on average shares outstanding during the year/period.

Not annualized.

⁴

Annualized.

⁵

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

NOTE 1 – ORGANIZATION

ETFMG Prime Cyber Security ETF (“HACK”), ETFMG Prime Mobile Payments ETF (“IPAY”), ETFMG Sit Ultra Short ETF (“VALT”), and ETFMG Treatments, Testing and Advancements ETF (“GERM”) (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 Cyber Security ETF	8/1/2017	Seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield of the Prime Cyber Defense Index (“Prime Cyber Index”).
ETFMG Prime Mobile Payments 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 Mobile Payments Index (“Prime Mobile Index”).
ETFMG Sit Ultra Short ETF	10/8/2019	Seeks to achieve its investment objective by investing in a diversified portfolio of high-quality short-term U.S. dollar denominated domestic and foreign debt securities and other instruments.
ETFMG Treatments, Testing and Advancements ETF	6/17/2020	Seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Treatments, Testing and Advancements Index.

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, 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, 2022 (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.

New Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

The Funds may invest in certain other investment companies (underlying funds). 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.

Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security.

Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by ETF Managers Group, LLC (the “Adviser”), using procedures adopted 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, 2022, the ETFMG Prime Mobile Payments ETF held one security that was fair valued by the Adviser.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

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.

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, 2022:

ETFMG Prime Cyber Security ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,420,606,959	$	—	$	—	$	1,420,606,959
Short-Term Investments		10,742,283		—		—		10,742,283
ETFMG Sit Ultra Short ETF**		40,863,750		—		—		40,863,750
Investments Purchased with Securities Lending Collateral*		—		—		—		53,996,337
Total Investments in Securities	$	1,472,212,992	$	—	$	—	$	1,526,209,329

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

ETFMG Prime Mobile Payments ETF

Assets^	Level 1		Level 2		Level 3			Total
Common Stocks	$	499,201,688	$	—	$	—	⁽¹⁾	$	499,201,688
Short-Term Investments		6,670,311		—		—			6,670,311
ETFMG Sit Ultra Short ETF**		43,267,500		—		—			43,267,500
Investments Purchased with Securities Lending Collateral*		—		—		—			46,450,445
Total Investments in Securities	$	549,139,499	$	—	$	—		$	595,589,944

ETFMG Sit Ultra Short ETF

Assets^	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	—	$	107,769,685	$	—	$	107,769,685
Municipal Bonds		—		5,274,871		—		5,274,871
U.S. Government Agency Issues		—		5,427,477		—		5,427,477
Short-Term Investments		4,945,688		—		—		4,945,688
Total Investments in Securities	$	4,945,688	$	118,472,033	$	—	$	123,417,721

ETFMG Treatments, Testing and Advancements ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	21,651,438	$	—	$	—	$	21,651,438
Short-Term Investments		142,751		—		—		142,751
ETFMG Sit Ultra Short ETF**		1,201,875		—		—		1,201,875
Investments Purchased with Securities Lending Collateral*		—		—		—		4,866,984
Total Investments in Securities	$	22,996,064	$	—	$	—	$	27,863,048

⁽¹⁾

Includes security valued at $0 with a cost of $2,636,627. This security transfered from Level 1 to Level 3 during the year.

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.

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

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

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’ 2022 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, 2022, management has reviewed the tax positions for open periods (for Federal purposes, three years from the date of filing and for state purposes, generally a range of three to 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.

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.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

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.

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.

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

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

LIBOR is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate bonds. Instruments in which VALT invests may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The industry currently anticipates the conversion of all LIBOR based instruments to SOFR based instruments in June 2023 or sooner.

Since 2017, the United Kingdom’s Financial Conduct Authority has been working towards the cessation of LIBOR at the end of December 2021. In November 2020, though, the administrator of the U.S. Dollar LIBOR benchmarks, the ICE Benchmark Administration, extended the retirement date for most U.S. Dollar LIBOR rates until June 2023. Regulators and industry working groups have suggested numerous alternative reference rates to LIBOR. Leading alternatives include Sonia in the United Kingdom, €STR in the European Union, Tonar in Japan, and in the U.S., the New York Fed has been working to develop the Secured Overnight Financing Rate (SOFR). Global consensus is still coalescing around the transition to a new reference rate and the process for amending existing contracts. Abandonment of or modifications to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments which reference LIBOR. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. The transition away from LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR-related investments, and reduced effectiveness of hedging strategies, adversely affecting VALT’s performance or NAV. In addition, the alternative reference rate may be an ineffective substitute resulting in prolonged adverse market conditions for VALT.

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

A complete description of the principal risks is included in each Fund’s prospectus under the heading “Principal Investment Risks.”

NOTE 4 – MANAGEMENT AND OTHER CONTRACTS

The Adviser 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 Adviser, the Adviser 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 Adviser is also responsible for arranging transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

Under the Investment Advisory Agreement, the Adviser 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 Adviser 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 Cyber Security ETF	0.60	%
ETFMG Prime Mobile Payments ETF	0.75	%
ETFMG Sit Ultra Short ETF	0.30	%
ETFMG Treatments, Testing and Advancements ETF	0.68	%

Under the Investment Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds, except for: the fee paid to the Adviser 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 Adviser 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 HACK, IPAY, and GERM. Level is not affiliated with the Trust or the Adviser.

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 Adviser compensates the Administrator for these services under an administration agreement between the two parties.

The Adviser pays each independent Trustee a quarterly fee for service to the Funds. Each Trustee is also reimbursed by the Adviser 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, 2022, the Funds did not incur any 12b-1 expenses.

NOTE 6 – PURCHASES AND SALES OF SECURITIES

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, during the year ended September 30, 2022:

	Purchases		Sales
ETFMG Prime Cyber Security ETF	$	1,023,215,890	$	1,089,697,920
ETFMG Prime Mobile Payments ETF		310,047,274		320,800,136