Semi-Annual Report
August 31, 2023 (Unaudited)

Tema ETF Trust

Tema American Reshoring ETF

| RSHO

| NYSE Arca, Inc.

Tema Monopolies and Oligopolies ETF

| TOLL

| CBOE BZX Exchange, Inc.

Tema Luxury ETF

| LUX

| NYSE Arca, Inc.

Tema Oncology ETF

| CANC

| NASDAQ Stock Market LLC

Tema Global Royalties ETF

| ROYA

| CBOE BZX Exchange, Inc.

Tema ETF Trust

Table of Contents

 

Page

Portfolio Allocations by Sector and Country

1

Tema American Reshoring ETF

1

Tema Monopolies and Oligopolies ETF

1

Tema Luxury ETF

2

Tema Oncology ETF

2

Tema Global Royalties ETF

3

Schedule of Investments

4

Tema American Reshoring ETF

4

Tema Monopolies and Oligopolies ETF

5

Tema Luxury ETF

6

Tema Oncology ETF

7

Tema Global Royalties ETF

8

Statements of Assets and Liabilities

9

Statements of Operations

10

Statement of Changes in Net Assets

11

Tema American Reshoring ETF

11

Tema Monopolies and Oligopolies ETF

12

Tema Luxury ETF

13

Tema Oncology ETF

14

Tema Global Royalties ETF

15

Financial Highlights

16

Notes to the Financial Statements

17

Shareholder Expense Examples

24

Board Approval of Investment Advisory Agreement and Sub-Advisory Agreement

25

Additional Information

28

 

1

Portfolio Allocations
by Sector and Country
(Unaudited)

Tema ETF Trust

August 31, 2023  

Tema American Reshoring ETF

Sector

Percentage of
Total Net Assets

Industrials

74.2%

Materials

20.5%

Consumer Discretionary

2.5%

Information Technology

2.1%

Money Market Fund and Other Assets and Liabilities

0.7%

Total

100.0%

Country

Percentage of
Total Net Assets

United States

74.1%

Ireland

17.9%

Switzerland

2.7%

United Kingdom

2.5%

Singapore

1.2%

Taiwan

0.9%

Other(1) 

0.7%

Total

100.0%

Tema Monopolies and Oligopolies ETF

Sector

Percentage of
Total Net Assets

Industrials

39.2%

Financials

24.7%

Health Care

12.7%

Information Technology

12.2%

Materials

6.5%

Communication Services

2.6%

Money Market Fund and Other Assets and Liabilities

2.1%

Total

100.0%

 

Country

Percentage of
Total Net Assets

United States

53.2%

Netherlands

10.9%

France

9.4%

Canada

9.1%

Spain

4.4%

Denmark

3.5%

Germany

3.2%

Switzerland

2.2%

United Kingdom

2.0%

Other(1) 

2.1%

Total

100.0%

(1) Includes cash and net other assets (liabilities).

 

2

Portfolio Allocations
by Sector and Country
(Unaudited) (Continued)

Tema ETF Trust

August 31, 2023  

Tema Luxury ETF

Sector

Percentage of
Total Net Assets

Consumer Discretionary

59.9%

Consumer Staples

19.0%

Health Care

1.4%

Money Market Fund and Other Assets and Liabilities

19.7%

Total

100.0%

Country

Percentage of
Total Net Assets

France

30.5%

United States

12.9%

Germany

8.7%

Italy

7.7%

Switzerland

7.5%

Netherlands

5.6%

China

2.6%

Cayman Islands

2.5%

United Kingdom

1.5%

Virgin Islands (British)

0.8%

Other(1) 

19.7%

Total

100.0%

Tema Oncology ETF

Sector

Percentage of
Total Net Assets

Health Care

99.4%

Money Market Fund and Other Assets and Liabilities

0.6%

Total

100.0%

Country

Percentage of
Total Net Assets

United States

61.8%

Japan

6.5%

Switzerland

6.3%

United Kingdom

6.1%

Cayman Islands

5.8%

Netherlands

5.5%

Germany

3.6%

Denmark

2.8%

Canada

1.0%

Other(1) 

0.6%

Total

100.0%

(1)Includes cash and net other assets (liabilities).

 

3

Tema Global Royalties ETF

Sector

Percentage of
Total Net Assets

Materials

36.5%

Energy

27.9%

Information Technology

12.3%

Health Care

10.3%

Communication Services

8.6%

Money Market Fund and Other Assets and Liabilities

4.4%

Total

100.0%

 

Country

Percentage of
Total Net Assets

Canada

40.3%

United States

40.2%

United Kingdom

4.8%

Australia

3.8%

Netherlands

3.7%

Denmark

2.8%

Other(1) 

4.4%

Total

100.0%

(1)Includes cash and net other assets (liabilities).

Portfolio Allocations
by Sector and Country
(Unaudited) (Continued)

Tema ETF Trust

August 31, 2023  

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

 

4

Schedule of Investments

Tema American Reshoring ETF

August 31, 2023 (Unaudited)

Investments

Number of Shares

 

Value

 

COMMON STOCKS — 99.3% 

Aerospace & Defense — 2.9% 

Boeing Co. (The)*

1,368

$306,473

Air Freight & Logistics — 3.1% 

GXO Logistics, Inc.*

5,040

322,409

Building Products — 2.7% 

Allegion plc - ADR^

2,484

282,704

Chemicals — 4.5% 

Linde plc - ADR^

1,224

473,737

Commercial Services & Supplies — 3.1% 

Clean Harbors, Inc.*

1,944

329,197

Construction & Engineering — 5.5% 

API Group Corp.*

8,136

229,028

Fluor Corp.*

9,900

346,401

 

575,429

Construction Materials — 12.9% 

CRH plc - SP - ADR^

9,108

524,347

Summit Materials, Inc., Class A*

8,856

331,303

Vulcan Materials Co. 

2,304

502,848

 

1,358,498

Electrical Equipment — 16.1% 

ABB Ltd.^

7,452

284,211

Eaton Corp. plc - ADR^

2,628

605,412

Emerson Electric Co. 

3,204

314,793

Rockwell Automation, Inc. 

1,584

494,335

 

1,698,751

Electronic Equipment, Instruments
& Components — 1.1% 

Flex Ltd. - ADR*^

4,320

119,189

Ground Transportation — 2.8% 

Union Pacific Corp. 

1,332

293,799

Hotels, Restaurants & Leisure — 2.5% 

Compass Group plc^

10,394

262,421

Machinery — 23.9% 

Caterpillar, Inc. 

1,224

344,103

Federal Signal Corp. 

5,076

309,382

Ingersoll Rand, Inc. 

4,572

318,257

Lincoln Electric Holdings, Inc. 

1,584

304,857

Parker-Hannifin Corp. 

792

330,185

SPX Technologies, Inc.*

3,744

295,851

Terex Corp. 

5,652

342,568

Timken Co. (The) 

3,528

269,610

 

2,514,813

Metals & Mining — 3.1% 

ATI, Inc.*

7,128

323,112

Investments

Number of Shares

 

Value

 

Semiconductors & Semiconductor Equipment — 0.9% 

Taiwan Semiconductor Manufacturing Co., Ltd. - ADR^

1,044

$97,687

Trading Companies & Distributors — 14.2% 

Applied Industrial Technologies, Inc. 

3,456

533,503

Fastenal Co. 

4,968

286,057

Herc Holdings, Inc. 

2,628

342,008

WESCO International, Inc. 

2,052

332,116

 

1,493,684

TOTAL COMMON STOCKS
(Cost $9,398,527)

10,451,903

 

SHORT-TERM INVESTMENTS — 0.7%

Money Market Fund 

First American Treasury Obligations Fund - Class X, 5.261% (a)

77,203

77,203

TOTAL SHORT-TERM INVESTMENTS
(Cost $77,203)

77,203

 

TOTAL INVESTMENTS
(Cost $9,475,730) — 100.0%

10,529,106

OTHER ASSETS LESS
LIABILITIES — 0.0% (b)

4,623

NET ASSETS — 100.0%

$10,533,729

*Non-income producing security.

^Foreign security.

(a)7-day net yield.

(b)Represents less than 0.05%.

ADR - American Depositary Receipt

plc - Public Limited Company

SP - ADR - Sponsored American Depositary Receipt

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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

 

5

Schedule of Investments

Tema Monopolies and Oligopolies ETF

August 31, 2023 (Unaudited) 

Investments

Number of Shares

 

Value

 

COMMON STOCKS — 97.9% 

Aerospace & Defense — 10.2% 

Airbus SE^

2,232

$327,656

Safran S.A.^

1,968

316,473

 

644,129

Capital Markets — 19.7% 

CME Group, Inc. 

960

194,573

Intercontinental Exchange, Inc. 

2,232

263,354

Moody’s Corp. 

960

323,328

MSCI, Inc. 

240

130,469

S&P Global, Inc. 

840

328,322

 

1,240,046

Chemicals — 3.3% 

Sherwin-Williams Co. (The) 

768

208,681

Commercial Services & Supplies — 3.2% 

Copart, Inc.*

4,512

202,273

Construction & Engineering — 7.3% 

Ferrovial SE^

5,670

179,837

Vinci S.A.^

2,472

275,986

 

455,823

Construction Materials — 3.2% 

Vulcan Materials Co. 

912

199,044

Diversified Telecommunication Services — 2.6% 

Cellnex Telecom S.A.^ (a)

4,296

164,441

Financial Services — 5.0% 

Visa, Inc., Class A  

1,272

312,505

Ground Transportation — 9.1% 

Canadian National
Railway Co. - ADR^

2,472

278,372

Canadian Pacific
Kansas City Ltd. - ADR^

3,696

293,388

 

571,760

Health Care Equipment & Supplies — 7.0% 

Alcon, Inc.^

1,608

134,560

Carl Zeiss Meditec AG^

888

88,317

Coloplast A/S, Class B^

816

93,222

IDEXX Laboratories, Inc.*

240

122,738

 

438,837

Life Sciences Tools & Services — 1.9% 

Thermo Fisher Scientific, Inc. 

216

120,334

Machinery — 3.7% 

Knorr-Bremse AG^

1,680

114,950

Otis Worldwide Corp. 

1,392

119,086

 

234,036

Pharmaceuticals — 3.8% 

Merck & Co., Inc. 

1,008

109,852

Novo Nordisk A/S, Class B^

696

129,011

238,863

Investments

Number of Shares

 

Value

 

Professional Services — 3.9% 

Equifax, Inc. 

576

$119,059

RELX plc^

3,888

126,975

 

246,034

Semiconductors & Semiconductor Equipment — 5.2% 

ASML Holding N.V.^

264

174,023

Lam Research Corp. 

216

151,718

 

325,741

Software — 7.0% 

Fair Isaac Corp.*

240

217,102

Intuit, Inc. 

408

221,058

 

438,160

Transportation Infrastructure — 1.8% 

Aena SME S.A.*^ (a)

722

113,521

TOTAL COMMON STOCKS
(Cost $5,912,380)

6,154,228

 

SHORT-TERM INVESTMENTS — 2.1%

Money Market Fund 

First American Treasury Obligations Fund - Class X, 5.261% (b)

132,788

132,788

SHORT-TERM INVESTMENTS
(Cost $132,788)

132,788

 

TOTAL INVESTMENTS
(Cost $6,045,168) — 100.0%

6,287,016

OTHER ASSETS LESS
LIABILITIES — 0.0% (c)

997

NET ASSETS — 100.0%

$6,288,013

*Non-income producing security.

^Foreign security.

(a)Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been deemed to be liquid by the Fund’s adviser under the supervision of the Board of Trustees. As of August 31, 2023, the value of these investments was $277,962 or 4.4% of total net assets.

(b)7-day net yield.

(c)Represents less than 0.05%.

ADR - American Depositary Receipt

plc - Public Limited Company

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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

 

6

Schedule of Investments

Tema Luxury ETF

August 31, 2023 (Unaudited)

Investments

Number of Shares

 

Value

 

COMMON STOCKS — 78.9% 

Automobiles — 9.8% 

Bayerische Motoren Werke AG^

2,178

$229,488

Ferrari N.V. - ADR^

759

241,165

Mercedes-Benz Group AG^

3,993

292,436

 

763,089

Beverages — 10.3% 

Davide Campari-Milano N.V.^

15,015

196,518

Kweichow Moutai Co. Ltd., Class A^

800

202,683

Pernod Ricard S.A.^

1,291

253,662

Remy Cointreau S.A.^

990

153,458

 

806,321

Health Care Equipment & Supplies — 1.4% 

EssilorLuxottica S.A.^

563

106,164

Hotels, Restaurants & Leisure — 11.1% 

Hilton Worldwide Holdings, Inc. 

1,584

235,462

Las Vegas Sands Corp. 

2,277

124,916

Marriott International, Inc., Class A  

1,386

282,065

MGM Resorts International 

3,465

152,391

Wynn Resorts Ltd. 

726

73,602

 

868,436

Leisure Products — 3.4% 

Sanlorenzo S.p.A./Ameglia^

6,600

265,514

Personal Care Products — 8.7% 

L’Oréal S.A.^

1,551

682,486

Specialty Retail — 2.5% 

Chow Tai Fook Jewellery Group Ltd.^

69,003

104,705

Farfetch Ltd., Class A - ADR*^

33,146

94,466

 

199,171

Textiles, Apparel & Luxury Goods — 31.7% 

Brunello Cucinelli S.p.A.^

1,452

120,290

Burberry Group plc^

4,191

115,952

Capri Holdings Ltd. - ADR*^

1,220

64,038

Cie Financiere Richemont S.A.^

4,125

586,517

Hermes International SCA^

251

517,345

Hugo Boss AG^

660

49,739

LVMH Moet Hennessy
Louis Vuitton SE^

792

671,758

Moncler S.p.A.^

2,508

170,353

Prada S.p.A.^

7,095

46,366

Ralph Lauren Corp. 

528

61,581

Tapestry, Inc. 

2,409

80,268

 

2,484,207

TOTAL COMMON STOCKS
(Cost $6,420,954)

6,175,388

Investments

Number of Shares

 

Value

 

PREFERRED STOCKS — 1.4% 

Automobiles — 1.4%

Dr. Ing. h.c. F. Porsche AG^ (a)

990

$109,337

TOTAL PREFERRED STOCKS
(Cost $120,768)

109,337

 

SHORT-TERM INVESTMENTS — 19.7%

Money Market Fund

First American Treasury Obligations Fund - Class X, 5.261% (b)

1,539,362

1,539,362

TOTAL SHORT-TERM INVESTMENTS
(Cost $1,539,362)

1,539,362

 

TOTAL INVESTMENTS
(Cost $8,081,084) — 100.0%

7,824,087

OTHER ASSETS LESS
LIABILITIES — 0.0% (c)

2,749

NET ASSETS — 100.0%

$7,826,836

*Non-income producing security.

^Foreign security.

(a)Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been deemed to be liquid by the Fund’s adviser under the supervision of the Board of Trustees. As of August 31, 2023, the value of these investments was $109,337 or 1.4% of total net assets.

(b)7-day net yield.

(c)Represents less than 0.05%.

ADR - American Depositary Receipt

plc - Public Limited Company

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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

 

7

Schedule of Investments

Tema Oncology ETF

August 31, 2023 (Unaudited) 

Investments

Number of Shares

 

Value

 

COMMON STOCKS — 99.4% 

Biotechnology — 58.3% 

Agios Pharmaceuticals, Inc.*

1,287

$35,302

Ambrx Biopharma, Inc. - ADR*^

792

11,183

Arcellx, Inc.*

648

23,224

Arcus Biosciences, Inc.*

1,242

25,461

Argenx SE - ADR*^

135

67,836

BeiGene Ltd. - ADR*^

333

69,114

Celldex Therapeutics, Inc.*

2,025

56,497

Cogent Biosciences, Inc.*

2,376

29,011

CRISPR Therapeutics AG - ADR*^

882

44,109

Cullinan Oncology, Inc.*

2,169

22,449

CureVac N.V. - ADR*^

3,834

34,238

Day One Biopharmaceuticals, Inc.*

1,710

23,068

Deciphera Pharmaceuticals, Inc.*

1,629

22,871

Exact Sciences Corp.*

612

51,206

Exelixis, Inc.*

2,727

61,058

Fusion Pharmaceuticals, Inc. - ADR*^

7,497

22,341

Genmab A/S - ADR*^

1,629

62,374

Gilead Sciences, Inc. 

765

58,507

Immunocore Holdings plc - ADR*^

522

29,373

ImmunoGen, Inc.*

3,906

61,871

Incyte Corp.*

1,026

66,208

Intellia Therapeutics, Inc.*

1,116

41,828

Legend Biotech Corp. - ADR*^

720

49,939

Mereo Biopharma Group plc - ADR*^

17,712

24,265

Merus N.V. - ADR*^

981

21,945

Mirati Therapeutics, Inc.*

1,368

50,890

MorphoSys AG*^

1,116

33,847

Regeneron Pharmaceuticals, Inc.*

135

111,576

Relay Therapeutics, Inc.*

3,015

30,813

Revolution Medicines, Inc.*

945

32,102

Syndax Pharmaceuticals, Inc.*

900

16,659

Zentalis Pharmaceuticals, Inc.*

873

23,187

 

1,314,352

Health Care Equipment & Supplies — 3.6% 

Lantheus Holdings, Inc.*

486

33,262

Siemens Healthineers AG^ (a)

954

47,844

 

81,106

Health Care Providers & Services — 4.7% 

Guardant Health, Inc.*

1,539

60,144

Option Care Health, Inc.*

1,314

45,767

 

105,911

Health Care Technology — 3.9% 

Schrodinger, Inc.*

1,404

51,793

Veeva Systems, Inc., Class A*

171

35,688

 

87,481

Life Sciences Tools & Services — 5.5% 

10X Genomics, Inc., Class A*

855

44,332

Illumina, Inc.*

486

80,297

124,629

Investments

Number of Shares

 

Value

 

Pharmaceuticals — 23.4% 

Arvinas, Inc.*

936

$26,405

AstraZeneca plc^

630

85,092

Bristol-Myers Squibb Co. 

1,107

68,247

Chugai Pharmaceutical Co. Ltd.^

1,899

58,173

Daiichi Sankyo Co. Ltd.^

2,988

88,288

Merck & Co., Inc. 

954

103,967

Novartis AG^

972

98,273

 

528,445

TOTAL COMMON STOCKS
(Cost $2,234,216)

2,241,924

 

SHORT-TERM INVESTMENTS — 0.6%

Money Market Fund 

First American Treasury Obligations Fund - Class X, 5.261% (b)

13,027

13,027

TOTAL SHORT-TERM INVESTMENTS
(Cost $13,027)

13,027

 

TOTAL INVESTMENTS
(Cost $2,247,243) — 100.0%

2,254,951

LIABILITIES IN EXCESS OF
OTHER ASSETS — (0.0)% (c)

(345

)

NET ASSETS — 100.0%

$2,254,606

*Non-income producing security.

^Foreign security.

(a)Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been deemed to be liquid by the Fund’s adviser under the supervision of the Board of Trustees. As of August 31, 2023, the value of these investments was $47,844 or 2.1% of total net assets.

(b)7-day net yield.

(c)Represents less than 0.05%.

ADR - American Depositary Receipt

plc - Public Limited Company

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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

 

8

Schedule of Investments

Tema Global Royalties ETF

August 31, 2023 (Unaudited)

Investments

Number of Shares

 

Value

 

COMMON STOCKS — 95.6% 

Biotechnology — 2.8% 

Genmab A/S*^

133

$51,087

Entertainment — 8.6% 

Universal Music Group N.V.^

2,688

66,718

Warner Music Group Corp., Class A  

2,639

87,879

 

154,597

Metals & Mining — 36.5% 

Altius Minerals Corp.*^

5,880

95,911

Deterra Royalties Ltd.^

23,821

68,685

Franco-Nevada Corp. - ADR^

637

91,702

Labrador Iron Ore Royalty Corp.*^

2,324

54,024

Osisko Gold Royalties Ltd.*

3,977

53,156

Royal Gold, Inc. 

462

51,786

Sandstorm Gold Ltd. - ADR^

17,262

94,941

Triple Flag Precious Metals
Corp. - ADR^

3,927

53,957

Wheaton Precious Metals
Corp. - ADR^

2,121

92,433

 

656,595

Oil, Gas & Consumable Fuels — 27.9% 

Black Stone Minerals LP 

2,968

51,495

Freehold Royalties Ltd.*^

4,858

51,701

Kimbell Royalty Partners LP 

3,500

53,725

Permian Basin Royalty Trust 

2,933

60,097

PrairieSky Royalty Ltd.*

4,487

85,841

Sitio Royalties Corp., Class A  

2,177

55,296

Texas Pacific Land Corp. 

49

92,353

Topaz Energy Corp.*^

3,206

51,535

 

502,043

Pharmaceuticals — 7.4% 

Ligand Pharmaceuticals, Inc.*

742

48,801

Royalty Pharma plc, Class A - ADR^

2,863

85,375

 

134,176

Semiconductors & Semiconductor Equipment — 3.0% 

Qualcomm, Inc. 

470

53,829

Software — 9.4% 

Dolby Laboratories, Inc., Class A  

903

76,276

InterDigital, Inc. 

1,064

92,259

 

168,535

TOTAL COMMON STOCKS
(Cost $1,691,296)

1,720,862

Investments

Number of Shares

 

Value

 

SHORT-TERM INVESTMENTS — 4.3%

Money Market Fund

First American Treasury Obligations Fund - Class X, 5.261% (a)

76,557

$76,557

TOTAL SHORT-TERM INVESTMENTS
(Cost $76,557)

76,557

 

TOTAL INVESTMENTS
(Cost $1,767,853) — 99.9%

1,797,419

OTHER ASSETS LESS
LIABILITIES — 0.1% 

2,442

NET ASSETS — 100.0%

$1,799,861

*Non-income producing security.

^Foreign security.

(a)7-day net yield.

ADR - American Depositary Receipt

plc - Public Limited Company

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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

 

9

Statements of Assets and Liabilities

Tema ETF Trust

August 31, 2023 (Unaudited)

Tema
American Reshoring
ETF

Tema Monopolies and Oligopolies ETF

Tema
Luxury
ETF

Tema
Oncology
ETF

Tema
Global Royalties
ETF

ASSETS: 

Investments in securities, at value(1)
(See Note 2) 

$10,451,903

$6,154,228

$6,284,725

$2,241,924

$1,720,862

Investments in money market fund, at value(2)
(See Note 2) 

77,203

132,788

1,539,362

13,027

76,557

Total investments, at value (See Note 2) 

10,529,106

6,287,016

7,824,087

2,254,951

1,797,419

Receivables: 

Dividends and interest 

10,814

4,824

7,323

17

2,648

Foreign tax reclaims 

126

264

120

Total Assets 

10,539,920

6,291,966

7,831,674

2,254,968

1,800,187

 

LIABILITIES: 

Payables: 

Investment management fees