Semi-Annual Report

March 31, 2022

(Unaudited)

Wedbush ETFMG Video Game Tech ETF

Wedbush ETFMG Global Cloud Technology ETF

The funds are series of ETF Managers Trust.

Wedbush ETFMG ^TM ETF

TABLE OF CONTENTS

March 31, 2022 ((Unaudited)

Shareholder Letter	Page
Shareholder Letter	2
Growth of $10,000 Investment – IVES	3
Top 10 Holdings – IVES	4
Growth of $10,000 Investment - GAMR	5
Top 10 Holdings - GAMR	6
Important Disclosures and Key Risk Factors	7
Portfolio Allocations	9
Schedule of Investments	10
Statements of Assets and Liabilities	20
Statements of Operations	21
Statements of Changes in Net Assets	22
Financial Highlights	24
Notes to the Financial Statements	26
Approval of Advisory Agreements and Board Considerations	37
Expense Example	40
Statement Regarding Liquidity Risk Management Program	41
Supplementary Information	42
Information About Portfolio Holdings	43
Information About Proxy Voting	43
Trustees and Officers Table	44

Wedbush ETFMG ^TM ETF

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 March 31, 2022

Performance Overview

During the 6-month period ended March 31, 2022, the S&P 500 Information Technology Sector Index, a broad measure of US listed technology companies, returned 6.94%. During the same period, the S&P Global 1200 Information Technology Sector Index, a broad measure of global technology companies, returned 2.81%. Below is a performance overview for each fund for the same 6-month period.

Wedbush ETFMG Global Cloud Technology ETF (IVES)*

The Wedbush ETFMG Global Cloud Technology ETF (“IVES”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Dan Ives Global Cloud Technology Prime Index (the “Index”).

Over the period, the total return for IVES was -21.63%, while the total return for the Index was -21.35%. The best performers in IVES, on the basis of contribution to return, were Pure Storage Inc - Class A, Citrix Systems Inc, Cloudflare Inc - Class A, Cyrusone Inc and Switch Inc - A. while the worst performers were Sinch Ab, Kingsoft Cloud Holdings-Adr, Elastic Nv, Coupa Software Inc and Chinasoft International Ltd.

At the end of the reporting period, IVES saw an allocation of 96.38% to Information Technology, 2.75% to Real Estate and 0.15% to Communication Services. The portfolio securities of IVES were exposed predominately to the United Sates at 54.45%, 10.56% to Japan and 9.11% to Canada.

Wedbush ETFMG Video Game Tech ETF (GAMR)**

The Wedbush ETFMG Video Game Tech ETF (“GAMR”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the EEFund Video Game Tech Index (the “Index”).

Over the period, the total return for GAMR was -6.62%, while the total return for the Index was -6.36%. The best performers in GAMR, on the basis of contribution to return, were Wemade Co Ltd, Gree Inc, Razer Inc, Nexon Co Ltd and Zynga Inc - Cl A. while the worst performers were Skillz Inc, Stillfront Group Ab, Bilibili Inc-Sponsored Adr, Krafton Inc and Sciplay Corp-Class A.

At the end of the reporting period, GAMR saw an allocation of 74.2% to Communication Services, 19.36% to Information Technology and 5.21% to Consumer Discretionary. The portfolio securities of GAMR were exposed predominately to the United States at 30.94%, 18.28% to Korea and 16.58% to Japan.

You can find further details about IVES* and GAMR** by visiting www.etfmg.com, or by calling 1-844-383-6477.

Sincerely,

Samuel Masucci III

Chairman of the Board

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

Growth of $10,000 (Unaudited)

Average Annual Returns	1 Year	5 Year	Since Inception	Value of $10,000
Period Ended March 31, 2022	Return	Return	(3/8/2016)	(3/31/2022)
Wedbush ETFMG Global Cloud Technology ETF (NAV)	-15.60%	8.33%	8.93%	$16,795
Wedbush ETFMG Global Cloud Technology ETF (Market)	-15.64%	8.37%	8.99%	$16,853
S&P 500 Index	15.65%	15.99%	16.79%	$25,629
Dan Ives Global Cloud Technology Prime Index*	-15.11%	8.38%	8.82%	$16,699

* On April 7, 2020, the Fund’s investment objective and principal investment strategy were substantially revised; therefore, the performance and average annual total returns shown for periods prior to April 7, 2020 is likely to have differed had the Fund’s current investment strategy been in effect during those periods. The Fund’s prior investment objective sought to provide investment results that corresponded to the performance of the Reality Shares Drone Index. The Fund began tracking the Dan Ives Global Cloud Technology Prime Index on April 7, 2020.

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 March 8, 2016, 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.

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

Top Ten Holdings as of March 31, 2022 (Unaudited)*

		% of Total
		% of Total
	Security	Investments
1	ETFMG Sit Ultra Short ETF**	5.30%
2	Elastic NV	3.81%
3	Open Text Corp.	3.39%
4	Nice, Ltd.	3.35%
5	GDS Holdings, Ltd. - ADR	3.22%
6	Itochu Techno-Solutions Corp.	3.21%
7	MongoDB, Inc.	3.11%
8	Sinch AB	2.85%
9	SCSK Corp.	2.80%
10	Cloudflare, Inc. - Class A	2.64%

Top Ten Holdings 33.68% 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.

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

Growth of $10,000 (Unaudited)

			Since		Value of
Average Annual Returns	1 Year	5 Year	Inception		$10,000
Period Ended March 31, 2022	Return	Return	(3/8/2016)		(3/31/2022)
Wedbush ETFMG Video Game Tech ETF (NAV)	-18.71%	19.23%	21.98%	$	33,361
Wedbush ETFMG Video Game Tech ETF (Market)	-19.95%	18.98%	21.83%	$	33,112
S&P 500 Index	15.65%	15.99%	16.79%	$	25,629
EEFund Video Game Tech Index	-18.57%	19.64%	22.33%	$	33,947

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

Top Ten Holdings as of March 31, 2022 (Unaudited)*


		% of Total
	Security	Investments
1	ETFMG Sit Ultra Short ETF**	3.83%
2	GameStop Corp. - Class A	2.38%
3	Embracer Group AB	1.99%
4	Keyword Studios PLC	1.97%
5	CD Projekt SA	1.86%
6	Skillz, Inc.	1.85%
7	Konami Holdings Corp.	1.83%
8	Gree, Inc.	1.82%
9	Razer, Inc.	1.81%
10	Netmarble Corp.	1.80%

Top Ten Holdings 21.14% 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.

Wedbush ETFMG ^TM ETF

Important Disclosures and Key Risk Factors

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

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

IVES

The Wedbush ETFMG Global Cloud Technology ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Dan Ives Global Cloud Technology Prime Index (the “Index”).

Cloud Technology Companies may have limited product lines, markets, financial resources or personnel. These companies typically face intense competition and potentially rapid product obsolescence. In addition, many Cloud Technology Companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. As a result, Cloud Technology Companies may be adversely impacted by government regulations and may be subject to additional regulatory oversight with regard to privacy concerns and cybersecurity risk. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. Cloud computing companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Cloud Technology Companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. Companies in the technology field, including companies in the computers, telecommunications and electronics industries, face intense competition, which may have an adverse effect on profit margins.

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

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

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

The Fund is distributed by ETFMG Financial LLC, which is not affiliated with Wedbush Securities, Prime Indexes, or Level ETF Ventures.

GAMR

The Wedbush ETFMG Video Game Tech ETF (the “Fund” or the “Video Game Tech ETF”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the EEFund Video Game Tech Index™ (the “Index”).

Video Game Tech Companies face intense competition, both domestically and internationally, may have limited product lines, markets, financial resources or personnel, may have products that face rapid obsolescence, and are heavily dependent on the protection of patent and intellectual property rights. Video Game Tech Companies are also subject to increasing regulatory constraints, particularly with respect to cybersecurity and privacy. Such factors may adversely affect the profitability and value of such companies. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. 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 EEFund Video Game Tech 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 EEFund Video Game Tech™ Index provides a benchmark for investors interested in tracking companies actively involved in the electronic gaming industry including the entertainment, education and simulation segments. The Index uses a market capitalization weighted allocation across the pure play and non-pure play sectors and a set weight for the conglomerate sector as well as an equal weighted allocation methodology for all components within each sector allocation. The index was created and is maintained by EEFund Management. You cannot invest directly in an index.

The Fund is distributed by ETFMG Financial LLC, which is not affiliated with Wedbush Securities, Prime Indexes, or Level ETF Ventures.

Wedbush ETFMG ^TM ETF

PORTFOLIO ALLOCATIONS

As of March 31, 2022 (Unaudited)

	Wedbush
	ETFMG Global			Wedbush
	Cloud			ETFMG Video
		Technology ETF			Game Tech ETF
As a percent of Net Assets:
Australia		4.1	%		—	%
Canada		5.2			0.3
Cayman Islands		9.1			10.6
France		—			2.8
Germany		1.7			0.4
Israel		4.7			0.4
Italy		0.6			0.3
Japan		10.6			16.4
Malta		—			0.3
Netherlands		4.8			—
Norway		—			0.6
Poland		—			2.5
Republic of Korea		0.2			18.2
Singapore		2.7			—
Sweden		3.6			8.1
Switzerland		—			0.4
Taiwan, Province of China		—			6.4
United Kingdom		2.2			2.9
United States		49.7			29.0
Exchange Traded Funds		6.7			4.4
Short-Term and other Net Assets (Liabilities)		(5.9	)		(4.0	)
		100.0	%		100.0	%

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

Schedule of Investments

March 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.2%
Australia - 4.1%
IT Services - 4.1% (d)
Data#3, Ltd.		36,948	$	163,125
Megaport, Ltd. (a)		37,564		390,999
NEXTDC, Ltd. (a)		109,149		952,346
Total IT Services				1,506,470

Canada - 5.2%
Electronic Equipment, Instruments & Components – 0.9%
Softchoice Corp.		14,317		323,640
Software - 4.3% (d)
Open Text Corp.		36,985		1,568,272
Total Canada				1,891,912

Cayman Islands - 9.1%
IT Services - 8.9% (d)
Chinasoft International, Ltd.		741,708		614,516
Chindata Group Holdings, Ltd. - ADR (a)		87,577		553,487
GDS Holdings, Ltd. - ADR (a)(b)		37,960		1,489,931
Kingsoft Cloud Holdings, Ltd. - ADR (a)(b)		57,949		351,750
Vnet Group, Inc. - ADR (a)(b)		40,095		233,754
Total IT Services				3,243,438
Software - 0.2% (d)
Cloopen Group Holding, Ltd. - ADR (a)(b)		39,414		67,792
Total Cayman Islands				3,311,230

Germany - 1.7%
Software - 1.7% (d)
Software AG		17,838		616,077

Israel - 4.7%
Software - 4.7% (d)
Jfrog, Ltd. (a)		6,345		170,998
Nice, Ltd. (a)		7,066		1,551,991
Total Software				1,722,989

Italy - 0.6%
Software - 0.6% (d)
Digital Value SpA (a)		2,403		233,933

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

	Shares		Value
Japan - 10.6%
IT Services - 10.2% (d)
Hennge KK (a)		7,801	$	61,003
Itochu Techno-Solutions Corp.		57,616		1,486,071
NS Solutions Corp.		21,966		663,996
SCSK Corp.		75,031		1,294,892
TechMatrix Corp.		10,687		187,685
Total IT Services				3,693,647
Software - 0.4% (d)
Cybozu, Inc.		12,665		145,126
Total Japan				3,838,773

Netherlands - 4.8%
Software - 4.8% (d)
Elastic NV (a)		19,801		1,761,298

Republic of Korea - 0.2%
Diversified Telecommunication Services - 0.2%
KINX, Inc.		1,172		53,183

Singapore - 2.7%
Real Estate Investment Trusts (REITs) - 2.7%
Digital Core REIT Management Pte, Ltd. (a)		264,700		293,817
Keppel DC REIT		418,492		703,997
Total Real Estate Investment Trusts (REITs)				997,814

Sweden - 3.6%
Software - 3.6% (d)
Sinch AB (a)		192,456		1,319,420

United Kingdom - 2.2%
Software - 2.2% (d)
Bytes Technology Group PLC		57,694		377,280
Micro Focus International PLC		80,560		428,283
Total Software				805,563

United States - 49.7%
Communications Equipment - 0.1%
Inseego Corp. (a)(b)		6,866		27,807
IT Services - 12.1% (d)
Backblaze, Inc. - Class A (a)		1,974		21,063
Cloudflare, Inc. - Class A (a)(b)		10,204		1,221,419
DigitalOcean Holdings, Inc. (a)(b)		7,011		405,586
Fastly, Inc. - Class A (a)(b)		7,838		136,224
Grid Dynamics Holdings, Inc. (a)		4,251		59,854
Kyndryl Holdings, Inc. (a)		14,603		191,591
Limelight Networks, Inc. (a)(b)		8,803		45,952
MongoDB, Inc. (a)(b)		3,243		1,438,562

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

	Shares		Value
Rackspace Technology, Inc. (a)(b)		13,684	$	152,713
SolarWinds Corp. (b)		10,455		139,156
Switch, Inc. - Class A		15,909		490,315
Unisys Corp. (a)		4,380		94,652
Total IT Services				4,397,087
Software - 32.3% (d)
8x8, Inc. (a)(b)		7,710		97,069
Alteryx, Inc. - Class A (a)(b)		4,407		315,233
Anaplan, Inc. (a)		9,524		619,536
Appfolio, Inc. - Class A (a)		2,270		256,987
Appian Corp. (a)		4,706		286,219
Blackbaud, Inc. (a)(b)		3,386		202,720
Box, Inc. - Class A (a)		9,662		280,778
Citrix Systems, Inc.		8,180		825,362
CommVault Systems, Inc. (a)(b)		2,903		192,614
Coupa Software, Inc. (a)(b)		4,866		494,532
Datadog, Inc. - Class A (a)		7,148		1,082,708
Datto Holding Corp. (a)(b)		10,685		285,503
Domo, Inc. - Class B (a)		2,125		107,461
Dropbox, Inc. - Class A (a)		24,866		578,135
Everbridge, Inc. (a)(b)		2,569		112,111
Gitlab, Inc. - Class A (a)(b)		9,434		513,681
HashiCorp., Inc. - Class A (a)		11,655		629,370
Informatica, Inc. - Class A (a)(b)		17,833		352,023
Intapp, Inc. (a)		4,002		96,088
Jamf Holding Corp. (a)(b)		7,791		271,205
MicroStrategy, Inc. - Class A (a)(b)		735		357,445
N-able, Inc. (a)(b)		11,661		106,115
nCino, Inc. (a)(b)		7,135		292,392
New Relic, Inc. (a)(b)		4,312		288,387
Nutanix, Inc. - Class A (a)		14,134		379,074
PagerDuty, Inc. (a)		5,602		191,532
Samsara, Inc. - Class A (a)(b)		32,600		522,252
Smartsheet, Inc. - Class A (a)		8,207		449,579
Sumo Logic, Inc. (a)(b)		7,298		85,168
Teradata Corp. (a)		6,913		340,742
Zendesk, Inc. (a)		7,940		955,103
Zeta Global Holdings Corp. - Class A (a)(b)		12,979		165,482
Total Software				11,732,606
Technology Hardware, Storage & Peripherals - 5.2%
NetApp, Inc. (b)		13,140		1,090,620
Pure Storage, Inc. - Class A (a)		18,891		667,041
Super Micro Computer, Inc. (a)		3,360		127,915
Total Technology Hardware, Storage & Peripherals				1,885,576
Total United States				18,043,076
TOTAL COMMON STOCKS (Cost $35,406,362)				36,101,738

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

	Shares		Value

INVESTMENTS PURCHASED WITH PROCEEDS FROM
SECURITIES LENDING COLLATERAL - 26.9%
ETFMG Sit Ultra Short ETF (e)		50,000	$	2,453,230
Mount Vernon Liquid Assets Portfolio, LLC, 0.41% (c)		7,324,007		7,324,007
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $9,811,957)				9,777,237

SHORT-TERM INVESTMENTS - 1.1%
Money Market Funds - 1.1%
First American Government Obligations Fund - Class X, 0.18% (c)		402,007		402,007
TOTAL SHORT-TERM INVESTMENTS (Cost $402,007)				402,007

Total Investments (Cost $45,620,326) - 127.2%				46,280,982
Liabilities in Excess of Other Assets - (27.2)%				(9,900,535	)
TOTAL NET ASSETS - 100.0%			$	36,380,447

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 March 31, 2022.

(c)

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

(d)

As of March 31, 2022, the Fund had a significant portion of its assets invested in the Software & IT Services Industries.

(e)

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

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.

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

Schedule of Investments

March 31, 2022 (Unaudited)


	Shares		Value
COMMON STOCKS - 99.6%
Canada - 0.3%
Interactive Media & Services - 0.3%
Enthusiast Gaming Holdings, Inc. (a)		99,410	$	240,146

Cayman Islands - 10.6%
Electronic Equipment, Instruments & Components -0.4%
VSTECS Holdings, Ltd.		336,881		317,386
Entertainment - 6.7% (d)
Archosaur Games, Inc. (f)		257,646		267,076
Bilibili, Inc. - ADR (a)(b)		58,516		1,496,839
CMGE Technology Group, Ltd.		743,597		216,435
DouYu International Holdings, Ltd. - ADR (a)		134,337		279,421
HUYA, Inc. - ADR (a)(b)		73,234		327,356
iDreamSky Technology Holdings, Ltd. (a)(f)		393,504		225,554
IGG, Inc.		463,306		221,205
Kingsoft Corp., Ltd.		109,829		356,128
NetDragon Websoft Holdings, Ltd.		429,597		899,415
NetEase, Inc. - ADR		6,149		551,504
Sea, Ltd. - ADR (a)		3,141		376,260
XD, Inc. (a)		116,960		362,826
Total Entertainment				5,580,019
Interactive Media & Services - 1.5%
Hello Group, Inc. - ADR		40,571		234,500
JOYY, Inc. - ADR (b)		7,883		289,543
Sohu.com, Ltd. - ADR (a)(b)		15,155		254,907
Tencent Holdings, Ltd.		9,931		474,408
Total Interactive Media & Services				1,253,358
Technology Hardware, Storage & Peripherals - 2.0%
Razer, Inc. (a)(f)		5,338,606		1,744,708
Total Cayman Islands				8,895,471

France - 2.8%
Entertainment - 2.1% (d)
Focus Home Interactive SA (a)		5,759		263,119
Ubisoft Entertainment SA (a)		33,288		1,471,161
Total Entertainment				1,734,280
Media - 0.7%
Vivendi SE		43,577		570,774
Total France				2,305,054

Germany - 0.4%
Health Care Equipment & Supplies - 0.4%
Carl Zeiss Meditec AG		2,237		363,656

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)


	Shares		Value
Israel - 0.4%
Software - 0.4%
ironSource, Ltd. - Class A (a)		65,966	$	316,637

Italy - 0.3%
Entertainment - 0.3% (d)
Digital Bros SpA		10,202		291,631

Japan - 16.4%
Entertainment - 11.9% (d)
Akatsuki, Inc.		10,899		260,165
Capcom Co., Ltd.		67,684		1,650,124
COLOPL, Inc.		48,152		251,954
DeNa Co., Ltd.		22,296		340,649
GungHo Online Entertainment, Inc.		15,977		341,746
Koei Tecmo Holdings Co., Ltd.		10,078		332,374
Konami Holdings Corp.		27,560		1,754,477
Marvelous, Inc.		42,928		254,592
Nexon Co., Ltd.		69,617		1,676,664
Nintendo Co., Ltd.		3,163		1,602,285
Square Enix Holdings Co., Ltd.		34,001		1,516,555
Total Entertainment				9,981,585
Household Durables - 0.6%
Sony Group Corp. - ADR (a)		5,227		536,865
Interactive Media & Services - 2.4%
Gree, Inc.		196,120		1,751,128
Mixi, Inc.		17,905		324,008
Total Interactive Media & Services				2,075,136
Leisure Products - 1.1%
Bandai Namco Holdings, Inc.		4,516		344,691
Furyu Corp.		29,967		272,248
Sega Sammy Holdings, Inc.		19,573		339,722
Total Leisure Products				956,661
Media - 0.4%
CyberAgent, Inc.		27,831		348,859
Total Japan				13,899,106

Malta - 0.3%
Entertainment - 0.3% (d)
Media & Games Invest SE (a)(b)		69,621		258,783

Norway - 0.6%
Semiconductors & Semiconductor Equipment - 0.6%
Nordic Semiconductor ASA (a)		20,140		519,751

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)


	Shares		Value
Poland - 2.5%
Entertainment - 2.5% (d)
CD Projekt SA		43,278	$	1,789,520
TEN Square Games SA		5,524		257,942
Total Entertainment				2,047,462

Republic of Korea - 18.2%
Entertainment - 17.5% (d)
Com2uS Corp.		16,935		1,549,517
Com2uS Holdings Corp. (a)		2,303		237,131
Gravity Co., Ltd. - ADR (a)		5,606		283,776
JoyCity Corp. (a)		35,048		232,198
Kakao Games Corp. (a)		25,964		1,677,308
Krafton, Inc. (a)		6,576		1,494,730
Nat Games Co., Ltd. (a)		14,096		292,492
NCSoft Corp.		4,272		1,647,754
Neowiz (a)		12,391		254,557
Netmarble Corp. (f)		18,783		1,727,903
NHN Corp. (a)		52,836		1,606,375
Pearl Abyss Corp. (a)		19,319		1,585,942
Webzen, Inc. (a)		13,394		271,847
WeMade Entertainment Co., Ltd.		18,074		1,543,384
Wysiwyg Studios Co., Ltd. (a)		10,716		337,293
Total Entertainment				14,742,207
Hotels, Restaurants & Leisure - 0.3%
DoubleUGames Co., Ltd.		6,354		270,506
Interactive Media & Services - 0.4%
AfreecaTV Co., Ltd.		2,764		337,504
Total Republic of Korea				15,350,217

Sweden - 8.1%
Electronic Equipment, Instruments & Components - 0.3%
Thunderful Group AB (a)		60,058		268,915
Entertainment - 6.5% (d)
Embracer Group AB (a)		227,107		1,917,356
Enad Global 7 AB (a)(b)		93,257		212,750
Modern Times Group MTG - Class B (a)		28,855		422,587
Paradox Interactive AB		61,206		1,169,778
Stillfront Group AB (a)		564,853		1,608,819
Total Entertainment				5,331,290
Hotels, Restaurants & Leisure - 0.4%
LeoVegas AB (f)		83,063		334,817
Media - 0.5%
Nordic Entertainment Group AB - Class B (a)		10,519		428,708
Technology Hardware, Storage & Peripherals - 0.4%
Tobii AB (a)		91,650		305,682
Total Sweden				6,669,412

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)


	Shares		Value
Switzerland - 0.4%
Technology Hardware, Storage & Peripherals - 0.4%
Logitech International SA (b)		4,574	$	337,470

Taiwan, Province of China - 6.4%
Entertainment - 2.6% (d)
Gamania Digital Entertainment Co., Ltd.		117,863		281,375
International Games System Co., Ltd.		63,941		1,709,467
Soft-World International Corp.		78,616		250,515
Total Entertainment				2,241,357
Technology Hardware, Storage & Peripherals - 3.8%
Acer, Inc.		515,331		538,686
ASROCK, Inc.		40,534		304,166
Asustek Computer, Inc.		39,328		512,679
HTC Corp. (a)		228,511		472,152
Micro-Star International Co., Ltd.		290,789		1,319,392
Total Technology Hardware, Storage & Peripherals				3,147,075
Total Taiwan, Province of China				5,388,432

United Kingdom - 2.9%
Entertainment - 0.6% (d)
Frontier Developments PLC (a)		16,023		262,686
Team17 Group PLC (a)		41,295		289,679
Total Entertainment				552,365
IT Services - 2.3%
Keywords Studios PLC		55,008		1,893,239
Total United Kingdom				2,445,604

United States - 29.0%
Entertainment - 15.7% (d)
Activision Blizzard, Inc.		19,946		1,597,874
Electronic Arts, Inc. (b)		12,716		1,608,701
Playtika Holding Corp. (a)		87,632		1,693,927
ROBLOX Corp. - Class A (a)(b)		34,732		1,606,008
Sciplay Corp. - Class A (a)		125,624		1,623,062
Skillz, Inc. (a)(b)		593,225		1,779,675
Take-Two Interactive Software, Inc. (a)(b)		10,275		1,579,679
Zynga, Inc. - Class A (a)		177,854		1,643,371
Total Entertainment				13,132,297
Interactive Media & Services - 1.4%
Alphabet, Inc. - Class C (a)(b)		199		555,805
Meta Platforms, Inc. - Class A (a)		2,524		561,237
Total Interactive Media & Services				1,117,042
Real Estate Management & Development - 0.3%
eXp World Holdings, Inc.		13,821		292,591

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)


	Shares		Value
Semiconductors & Semiconductor Equipment - 2.6%
Advanced Micro Devices, Inc. (a)		4,752	$	519,584
Intel Corp.		11,102		550,215
NVIDIA Corp.		2,244		612,297
Qualcomm, Inc.		3,218		491,775
Total Semiconductors & Semiconductor Equipment				2,173,871
Software - 3.4%
AppLovin Corp. - Class A (a)		6,269		345,234
Microsoft Corp.		1,798		554,341
PTC, Inc. (a)(b)		3,171		341,580
Unity Software, Inc. (a)		16,662		1,653,037
Total Software				2,894,192
Specialty Retail - 2.8%
GameStop Corp. - Class A (a)(b)		13,728		2,286,811
Technology Hardware, Storage & Peripherals - 2.8%
Apple, Inc. (b)		3,201		558,927
Corsair Gaming, Inc. (a)(b)		69,618		1,473,117
Turtle Beach Corp. (a)		13,440		286,138
Total Technology Hardware, Storage & Peripherals				2,318,182
Total United States				24,214,986

Virgin Islands (UK) - 0.0%
Interactive Media & Services - 0.0%
VK Co., Ltd. - ADR (a)(g)		21,975		—
TOTAL COMMON STOCKS (Cost $94,738,400)				83,543,818

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 14.7%
ETFMG Sit Ultra Short ETF (e)		75,000		3,679,845
Mount Vernon Liquid Assets Portfolio, LLC, 0.41% (c)		8,697,539		8,697,539
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $12,445,387)				12,377,384

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)


	Shares		Value
SHORT-TERM INVESTMENTS - 0.2%
Money Market Funds - 0.2%
First American Government Obligations Fund - Class X, 0.18% (c)		209,476	$	209,476
TOTAL SHORT-TERM INVESTMENTS (Cost $209,476)				209,476

Total Investments (Cost $107,393,263) - 114.5%				96,130,678
Liabilities in Excess of Other Assets - (14.5)%				(12,206,166	)
TOTAL NET ASSETS - 100.0%			$	83,924,512

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 March 31, 2022.

(c)

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

(d)

As of March 31, 2022, the Fund had a significant portion of its assets in the Entertainment Industry.

(e)

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

(f)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration to qualified insitutional investors. At March 31, 2022, the market value of these securities total $4,300,058, which represents 5.1% 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.

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

Wedbush ETFMG ^TM ETF

STATEMENTS OF ASSETS AND LIABILITIES

As of March 31, 2022 (Unaudited)


	Wedbush ETFMG Global Cloud Technology ETF			Wedbush ETFMG Video Game Tech ETF
ASSETS
Investments in unaffiliated securities, at value*	$	43,827,752		$	92,450,833
Investments in affiliated securities, at value*		2,453,230			3,679,845
Total Investments in securities, at value		46,280,982			96,130,678
Receivables:					—
Dividends and interest receivable		68,162			279,563
Securities lending income receivable		2,464			12,191
Total Assets		46,351,608			96,422,432

LIABILITIES
Collateral received for securities loaned (Note 7)		9,811,957			12,445,387
Foreign currency payable to custodian, at value		11			16
Payables:
Payable for investments purchased		138,193			—
Management fees payable		21,000			52,517
Total Liabilities		9,971,161			12,497,920
Net Assets	$	36,380,447		$	83,924,512

NET ASSETS CONSIST OF:
Paid-in Capital	$	41,803,754		$	117,760,090
Total Distributable Earnings (Accumulated Losses)		(5,423,307	)		(33,835,578	)
Net Assets	$	36,380,447		$	83,924,512

*Identified Cost:

Investments in unaffiliated securities	$	43,132,376		$	103,645,415
Investments in affiliated securities		2,487,950			3,747,848
Foreign currency		4			13
Shares Outstanding^		900,000			1,100,000
Net Asset Value, Offering and Redemption Price per Share	$	40.42		$	76.30

^ No par value, unlimited number of shares authorized

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

Wedbush ETFMG ^TM ETF

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2022 (Unaudited)


	Wedbush ETFMG Global Cloud Technology ETF			Wedbush ETFMG Video Game Tech ETF
INVESTMENT INCOME
Income:
Dividends from unaffiliated securities (net of foreign withholdings tax and issuance fees of $13,856 and $30,753, respectively)	$	109,386		$	292,143
Interest		83			97
Securities lending income		12,545			70,288
Total Investment Income		122,014			362,528

Expenses:
Management fees		155,184			363,459
Interest fees		—			87
Total Expenses		155,184			363,546
Net Investment Loss		(33,170	)		(1,018	)

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Unaffiliated Investments		(874,706	)		(3,164,915	)
In-Kind redemptions		5,108,706			1,173,811
Foreign currency and foreign currency translation		(4,030	)		(113,395	)
Net Realized Gain (Loss) on Investments		4,229,970			(2,104,499	)
Net Change in Unrealized Appreciation/Depreciation of:
Unaffiliated Investments		(15,160,291	)		(3,216,076	)
Affiliated Investments		(34,520	)		(51,780	)
Foreign currency and foreign currency translation		(653	)		(247	)
Net Change in Unrealized Appreciation/Depreciation of Investments		(15,195,464	)		(3,268,103	)
Net Realized and Unrealized Loss on Investments		(10,965,494	)		(5,372,602	)
NET DECREASE IN NET ASSETS RESULTING FROM
OPERATIONS	$	(10,998,664	)	$	(5,373,620	)

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

STATEMENTS OF CHANGES IN NET ASSETS


	Period Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
OPERATIONS
Net investment loss	$	(33,170	)	$	(61,969	)
Net realized gain on investments and In-Kind Redemptions		4,229,970			6,795,041
Net change in unrealized appreciation/depreciation of investments and foreign currency and foreign currency translation		(15,195,464	)		3,808,116
Net increase (decrease) in net assets resulting from operations		(10,998,664	)		10,541,188

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		—			(138,689	)

CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from net change in
outstanding shares		(6,776,125	)		(2,762,775	)
Transaction Fees (See Note 1)		21			—
Net decrease in net assets from capital share transactions		(6,776,104	)		(2,762,775	)
Total increase (decrease) in net assets		(17,774,768	)		7,639,724

NET ASSETS
Beginning of Period		54,155,215			46,515,491
End of Period	$	36,380,447		$	54,155,215

Summary of share transactions is as follows:

	Period Ended March 31, 2022 (Unaudited)						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Shares Sold		150,000		$	6,614,280			250,000		$	13,029,895
Transaction Fees (See Note 1)		—			21			—			—
Shares Redeemed		(300,000	)		(13,390,405	)		(300,000	)		(15,792,670	)
Net Transactions in Fund Shares		(150,000	)	$	(6,776,104	)		(50,000	)	$	(2,762,775	)
Beginning Shares		1,050,000						1,100,000
Ending Shares		900,000						1,050,000

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

STATEMENTS OF CHANGES IN NET ASSETS


	Period Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
OPERATIONS
Net investment income (loss)	$	(1,018	)	$	952,021
Net realized gain (loss) on investments and In-Kind Redemptions		(2,104,499	)		72,924,518
Net change in unrealized appreciation/depreciation of investments and foreign currency and foreign currency translation		(3,268,103	)		(35,254,072	)
Net increase (decrease) in net assets resulting from operations		(5,373,620	)		38,622,467

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		(2,457,762	)		(1,207,000	)

CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from net change in outstanding shares		(8,679,060	)		(58,836,885	)
Transaction Fees (See Note 1)		7,612			150,154
Net decrease in net assets from capital share transactions		(8,671,448	)		(58,686,731	)
Total decrease in net assets		(16,502,830	)		(21,271,264	)
NET ASSETS
Beginning of Period		100,427,342			121,698,606
End of Period	$	83,924,512		$	100,427,342

Summary of share transactions is as follows:

	Period Ended March 31, 2022 (Unaudited)						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Shares Sold		50,000		$	4,398,985			1,800,000		$	164,928,820
Transaction Fees (See Note 1)		—			7,612			—			150,154
Shares Redeemed		(150,000	)		(13,078,045	)		(2,400,000	)		(223,765,705	)
Net Transactions in Fund Shares		(100,000	)	$	(8,671,448	)		(600,000	)	$	(58,686,731	)
Beginning Shares		1,200,000						1,800,000
Ending Shares		1,100,000						1,200,000

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period/year


	Period Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net Asset Value, Beginning of Period/Year	$	51.58		$	42.29		$	35.92		$	39.05		$	36.14		$	26.75
Income (Loss) from Investment Operations:
Net investment income (loss) ¹		(0.03	)		(0.03	)		0.26			0.28			0.15			0.27
Net realized and unrealized gain (loss) on investments		(11.13	)		9.45			6.34			(3.11	)		3.08			9.26
Total from investment operations		(11.16	)		9.42			6.60			(2.83	)		3.23			9.53
Less Distributions:
Distributions from net investment income		—			(0.13	)		(0.23	)		(0.30	)		(0.13	)		(0.04	)
Net realized gains		—			—			—			—			(0.19	)		(0.10	)
Total distributions		—			(0.13	)		(0.23	)		(0.30	)		(0.32	)		(0.14	)
Net asset value, end of period/year	$	40.42		$	51.58		$	42.29		$	35.92		$	39.05		$	36.14
Total Return		-21.63	%²		22.28	%³		18.58	%		-7.23	%		9.03	%		36.39	%

Ratios/Supplemental Data:
Net assets at end of period/year (000’s)	$	36,380		$	54,155		$	46,515		$	37,720		$	50,771		$	37,948
Expenses to Average Net Assets before legal expense		0.68	%³		0.68	%		0.71	%⁴		0.75	%		0.75	%		0.75	%
Gross Expenses to Average Net Assets		0.68	%³		0.68	%		0.71	%⁴		0.75	%		0.75	%		0.79	%⁵
Net Investment Income (Loss) to Average Net Assets		-0.15	%³		-0.06	%		0.70	%		0.83	%		0.42	%		0.87	%
Portfolio Turnover Rate		17	%²		14	%		104	%		38	%		42	%		21	%

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

Not annualized.

Annualized.

⁴

Effective April 7, 2020, the Fund’s expense ratio was reduced to 0.68%.

⁵

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

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period/year


	Period Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net Asset Value, Beginning of Period/Year	$	83.69		$	67.61		$	41.50		$	47.49			44.37		$	32.90
Income (Loss) from Investment Operations:
Net investment income (loss) ¹		(0.00	)⁵		0.74			0.25			0.52			0.74			0.33
Net realized and unrealized gain (loss) on investments		(5.25	)		15.96			26.26			(5.87	)		2.98			11.71
Total from investment operations		(5.25	)		16.70			26.51			(5.35	)		3.72			12.04
Less Distributions:
Distributions from net investment income		(2.14	)		(0.72	)		(0.41	)		(0.65	)		(0.59	)		(0.18	)
Net realized gains		—			—			—			—			(0.03	)		(0.39	)
Total distributions		(2.14	)		(0.72	)		(0.41	)		(0.65	)		(0.62	)		(0.57	)

Capital Share Transactions:
Transaction fees added to paid-in capital		0.00	⁵		0.10			0.01			0.01			0.02			—
Net asset at end of period/year	$	76.30		$	83.69		$	67.61		$	41.50			47.49		$	44.37
Total Return		-6.62	%²		24.91	%		64.12	%		-11.26	%		8.38	%		37.67	%

Ratios/Supplemental Data:
Net assets at end of period/year (000’s)	$	83,925		$	100,427		$	121,699		$	83,000		$	130,609		$	39,934

Expenses to Average Net Assets before legal expense		0.75	%³		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Gross Expenses to Average Net Assets		0.75	%³		0.75	%		0.75	%		0.75	%		0.75	%		0.82	%⁴
Net Investment Income (Loss) to Average Net Assets		(0.00	)%^{3 5}		0.87	%		0.51	%		1.22	%		1.48	%		0.86	%
Portfolio Turnover Rate		26	%²		89	%		53	%		38	%		42	%		49	%

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

Not annualized.

Annualized.

⁴

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

⁵

Amount is less than $0.005.

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

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

NOTE 1 – ORGANIZATION

Wedbush ETFMG Global Cloud Technology ETF (“IVES”) and Wedbush ETFMG Video Game Tech ETF (“GAMR”) (each a “Fund”, or collectively the “Funds”) are a series of ETF Managers Trust (the “Trust”), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on July 1, 2009. The Trust is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Fund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”).

The Wedbush ETFMG Global Cloud Technology ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Dan Ives Global Cloud Technology Prime Index (the “Index”). The Index is designed to include the securities of companies across the globe that are: i) engaged in providing infrastructure, equipment, connectivity, data back-up and storage services, and data center management for enterprise-based software applications, or ii) engaged in providing cloud-based software platforms that enable businesses to move data and software applications onto the cloud - cloud-enabling Software as a Service (SaaS) technologies. These companies are known collectively as “Cloud Technology Companies.” The Cloud Technology Companies will have a minimum market capitalization of $200 million and a maximum market capitalization of $10 billion.

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

Fund Ticker	Strategy Commencement Date	Strategy
Wedbush ETFMG Global Cloud Technology ETF	4/7/2020	Seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Dan Ives Global Cloud Technology Prime™ Index NTR.
Wedbush ETFMG Video Game Tech ETF	3/8/2016	Seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the EEFund Video Game Tech™ Index.

The Funds currently offer one class of shares, which has 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 the Funds have equal rights and privileges.

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

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

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

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Funds’ Board. The use of fair value pricing by the Funds may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations. As of March 31, 2022, the Wedbush Video Game Tech ETF held one security that was fair valued by the Board.

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

Level 1

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

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

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

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

The following is a summary of the inputs used to value the Funds’ net assets as of March 31, 2022:

Wedbush ETFMG Global Cloud Technology ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	36,101,738	$	—	$	—	$	36,101,738
Short Term Investments		402,007		—		—		402,007
ETFMG Sit Ultra Short ETF**		2,453,230		—		—		2,453,230
Investments Purchased with Securities Lending Collateral*		—		—		—		7,324,007
Total Investments in Securities	$	38,956,975	$	—	$	—	$	46,280,982

Wedbush ETFMG Video Game Tech ETF
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	83,543,818	$	—	$	—	$	83,543,818
Short Term Investments		209,476		—		—		209,476
ETFMG Sit Ultra Short ETF**		3,679,845		—		—		3,679,845
Investments Purchased with Securities Lending Collateral*		—		—		—		8,697,539
Total Investments in Securities	$	87,433,139	$	—	$	—	$	96,130,678

^ 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 expediant 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 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, the Funds intend 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.

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

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

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Funds have analyzed their tax position and have concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Funds’ 2021 tax returns. The Funds identify its 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 March 31, 2022, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the 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, if any are generally declared and paid by the Funds on a quarterly basis. Net realized gains on securities of the Funds normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

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

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

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (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 Wedbush ETFMG Global Cloud Technology ETF and the Wedbush ETFMG Video Game Tech ETF may involve certain risks, as discussed in each Fund’s prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

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

Investment Style Risk. The Funds are not actively managed. Therefore, the Funds follow the securities included in its respective index during upturns as well as downturns. Because of its indexing strategy, the Funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of the Funds’ expenses, the Funds’ performance may be below that of its 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 the Funds’ or its underlying index’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the Funds 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 wide spread 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.

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

NOTE 4 – MANAGEMENT AND OTHER CONTRACTS

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”).

Wedbush Securities, Inc. (“Wedbush”) has entered into a licensing and marketing support agreement with Exchange Traded Managers Group LLC (“Parent”), the parent company of the Adviser (the “Wedbush Agreement”) . Pursuant to the Wedbush Agreement, Wedbush has agreed to (i) license the name Wedbush for the use of the Adviser; (ii) consult with the Adviser and prepare educational materials, research materials, and updates on regulation of the global video gaming technology and global cloud computing ecosystem; and (iii) provide support in connection with phone calls, appearances, and written content relating to the marketing of IVES and GAMR. Wedbush will also assumes the obligation of the Adviser to pay certain expenses of IVES and GAMR. Although Wedbush has agreed to be responsible for the payment of certain expenses of IVES and GAMR, the Adviser retains the ultimate obligation to the Funds to pay such expenses.

Advisory Fees:

Wedbush ETFMG Global Cloud Technology ETF	0.68%
Wedbush ETFMG Video Game Tech ETF	0.75%

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.

In May, 2020, Wedbush acquired a minority, non-voting, equity interest in Parent. Wedbush is not however, an affiliate of the Funds, the Adviser, the Funds’ distributor or any of their respective affiliates. Wedbush does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Funds. Additionally, Wedbush is not involved in the maintenance of the Index and does not otherwise act in the capacity of an index provider.

Level ETF Ventures, LLC serves as the index provider for GAMR and IVES.

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

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

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

NOTE 5 – DISTRIBUTION PLAN

Each Fund has adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds may pay compensation to the Distributor or any other distributor or financial institution with which the Trust has an agreement with respect to the Funds, with the amount of such compensation not to exceed an annual rate of 0.25% of each Fund’s average daily net assets. For the period ended March 31, 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 six months ended March 31, 2022:

	Purchases		Sales
Wedbush ETFMG Global Cloud Technology ETF	$	7,970,057	$	8,810,246
Wedbush ETFMG Video Game Tech ETF	$	25,906,552	$	30,966,212

The costs of purchases and sales of in-kind transactions associated with creations and redemptions during the period ended March 31, 2022:

	Purchases In- Kind		Sales In- Kind
Wedbush ETFMG Global Cloud Technology ETF	$	6,542,720	$	12,306,513
Wedbush ETFMG Video Game Tech ETF	$	3,014,096	$	9,187,384

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

There were no purchases or sales of U.S. Government obligations during the period ended March 31, 2022.

NOTE 7 – SECURITIES LENDING

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

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

As of March 31, 2022, the value of the securities on loan and payable for collateral due to broker were as follows:

Value of Securities on Loan Collateral Received

Fund	Values of Securities on Loan		Fund Collateral Received*
Wedbush ETFMG Global Cloud Technology ETF	$	9,299,600	$	9,811,957
Wedbush ETFMG Video Game Tech ETF		11,541,149		12,445,387

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

NOTE 8 – FEDERAL INCOME TAXES

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

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Wedbush ETFMG
Global Cloud Technology ETF	$	52,150,078	$	18,041,841	$	(2,509,458	)	$	15,532,383
Wedbush ETFMG
Video Game Tech ETF		124,904,168		6,296,179		(19,775,368	)		(13,479,189	)

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

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

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings		Other Accumulated Loss			Total Accumulated Gain (Loss)
Wedbush ETFMG Global
Cloud Technology ETF	$	—	$	—	$	—	$	(9,957,026	)	$	5,575,357
Wedbush ETFMG Video
Game Tech ETF		1,198,325		—		1,198,325		(13,723,332	)		(26,004,196	)

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

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

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

	Capital Loss Carryforward ST			Capital Loss Carryforward LT			Expires
Wedbush ETFMG Global Cloud Technology ETF	$	(1,119,912	)	$	(8,708,611	)	Indefinite
Wedbush ETFMG Video Game Tech ETF		(5,283,736	)		(8,439,596	)	Indefinite

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

	Late Year Ordinary Loss			Post- October Capital Loss
Wedbush ETFMG Global Cloud Technology ETF	$	(128,503	)	$	—
Wedbush ETFMG Video Game Tech ETF		—			—

The tax charter of distributions paid during the period ended March 31, 2022, and the year ended September 30, 2021 were as follows:

	Period Ended March 31, 2022				Year Ended September 30, 2021
	From Ordinary Income		From Capital Gains		From Ordinary Income		From Capital Gains
Wedbush ETFMG Global Cloud Technology ETF	$	—	$	—	$	138,689	$	—
Wedbush ETFMG Video Game Tech ETF		2,457,762		—		1,207,000		—

NOTE 9 – INVESTMENTS IN AFFILIATES

Wedbush ETFMG Global Cloud Technology ETF

Wedbush ETFMG Global Cloud Technology ETF owned the following company during the period ended March 31, 2022. ETFMG Sit Ultra Short ETF is deemed to be an affiliate of the Fund as defined by the 1940 Act as of the period ended March 31, 2022. Transactions during the period in the security were as follows:

Security Name	Value, at September 30, 2021		Purchases		Sales		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Value, at March 31, 2022		Ending Shares
ETFMG Sit Ultra Short
ETF	$	2,487,750	$	—	$	—	$	—	$	(34,520	)	$	—	$	2,453,230		50,000

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

Wedbush ETFMG Video Game Tech ETF

Wedbush ETFMG Video Game Tech ETF owned the following company during the period ended March 31, 2022. ETFMG Sit Ultra Short ETF is deemed to be an affiliate of the Fund as defined by the 1940 Act as of the period ended March 31, 2022. Transactions during the period in the security were as follows:

Security Name	Value, at September 30, 2021		Purchases		Sales		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Value, at March 31, 2022		Ending Shares
ETFMG Sit Ultra Short
ETF	$	3,731,625	$	—	$	—	$	—	$	(51,780	)	$	—	$	3,679,845		75,000

NOTE 10 – LEGAL MATTERS

The Adviser and its parent, ETFMG, were defendants in a case filed on October 26, 2017 in the United States District Court for the Southern District of New York by NASDAQ, Inc. (“Nasdaq”) captioned Nasdaq, Inc. v. Exchange Traded Managers Group, LLC et al., Case 1:17-cv-08252 (the “New York Action”). This action asserted claims for breach of contract, conversion and certain other claims based on disputes arising out of contractual relationships with the Adviser relating to certain series of the Trust. The matter was the subject of a bench trial in May 2019, and on December 20, 2019, the Court issued an Opinion and Order awarding compensatory damages to Plaintiff in the amount of $78,403,172.36, plus prejudgment interest (the “Judgment”). In its decision, the Court in the New York Action stated that its damages award, which gave rise to the Judgment, “includes the share of profits to which Nasdaq’s venture partner PureShares was entitled[.]”

ETFMG filed a Notice of Appeal from the Judgment in the United States Court of Appeals for the Second Circuit on January 19, 2020, Docket No. 20-300. On October 28, 2021, Nasdaq and ETFMG entered into a Judgment Payment Agreement, which settled the matter and satisfied the Judgment. On November 1, 2021, Nasdaq recorded a Satisfaction of Judgment with the United States District Court for the Southern District of New York reflecting that the Judgment was paid in full, and ETFMG withdrew its appeal of the Judgment with prejudice before the United States Court of Appeals for the Second Circuit.

The Trust, the Adviser, and certain officers and affiliated persons of the Adviser (together with the Adviser, the “Adviser Defendants”) have been named as defendants in an action filed December 21, 2021, in the Superior Court of New Jersey, Union County, captioned PureShares, LLC, d/b/a PureFunds et al. v. ETF Managers Group, LLC et al., Docket No. UNN-C-152-21 (the “NJ Action”). The NJ Action asserts breach of contract, defamation and other tort claims arising from the same facts and circumstances, and relates to the same series of the Trust, that gave rise to the New York Action. The NJ Action seeks damages in unspecified amounts and injunctive relief. On February 19, 2022, the Adviser, together with the other named affiliates, filed a motion for an Order dismissing the complaint filed by the Plaintiffs, in part, on the basis that Plaintiffs’ claims overlap with, and are barred by, those claims previously asserted by Nasdaq (and resolved on PureShares’ behalf) in the New York Action that resulted in the judgment against the defendants, which has been satisfied.

NOTE 11 – SUBSEQUENT EVENTS

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

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

With respect to Note 10 – Legal Matters, on May 25, 2022, the court in the NJ Action dismissed with prejudice all claims asserted against the Trust as well as, all claims asserted against the Adviser Defendants, aside from the defamation claim. The Adviser Defendants intend to vigorously defend themselves against this sole remaining claim.

Wedbush ETFMG ^TM ETF

APPROVAL OF ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2022 (Unaudited)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on March 28-29, 2022, the Board of Trustees (the “Board”) of ETF Managers Trust (the “Trust”) considered the renewal of the Amended and Restated Investment Advisory Agreement (the “Advisory Agreement”) between ETF Managers Group LLC (the “Adviser”) and the Trust, on behalf of each of Wedbush ETFMG Global Cloud Technology ETF (formerly, the ETFMG Drone Economy Strategy ETF) (“IVES”) and Wedbush ETFMG Video Game Tech ETF (formerly, the ETFMG Video Game Tech ETF) (“GAMR”) (each a “Fund” and collectively, the “Funds”).

Pursuant to Section 15(c) of the 1940 Act, the Board must annually review and approve the Advisory Agreement after its initial two-year term: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. Each year, the Board calls and holds a meeting to decide whether to renew the Advisory Agreement for an additional one-year term. In preparation for such meeting, the Board requests and reviews a wide variety of information from the Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services provided to the Funds by the Adviser; (ii) the investment performance of the Funds; (iii) the Adviser’s costs and profits realized in providing services to the Funds, including any fall-out benefits enjoyed by the Adviser; (iv) comparative fee and expense data for the Funds in relation to other similar investment companies; (v) the extent to which economies of scale would be realized as the Funds grow and whether the advisory fees for the Funds reflect these economies of scale for the benefit of the Funds; and (vi) other financial benefits to the Adviser and its affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on March 28-29, 2022, and throughout the year. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, risk assessment process and compliance programs and financial condition. The Board then discussed the written and oral information that it received before the meeting and throughout the year, and the Adviser’s oral presentations and any other information that the Board received at the meeting, and deliberated on the renewal of the Advisory Agreement in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the renewal of the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves and independent legal counsel during an executive session held prior to the meeting and also conferred in executive sessions both with and without representatives of management before and during the meeting. The Independent Trustees requested, received and considered additional information arising out of these executive sessions.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees considered the scope of services provided under the Advisory Agreement, noting that the Adviser provides investment management services to the Funds. The Board discussed the responsibilities of the Adviser, including: responsibility for the general management of the day-to-day investment and reinvestment of the assets of the Funds; determining the daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis; responsibility for daily monitoring of tracking error and quarterly reporting to the Board; and implementation of Board directives as they relate to the Funds. In considering the nature, extent and quality of the services provided by the Adviser, the Board considered the qualifications, experience and responsibilities of the Adviser’s investment personnel and the quality of the Adviser’s compliance and risk assessment infrastructure. The Board also considered the Adviser’s experience managing exchange-traded funds (“ETFs”), as well as the Adviser’s response to the market volatility and uncertainty during the recent pandemic.

Wedbush ETFMG ^TM ETF

APPROVAL OF ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2022 (Unaudited) (Continued)

The Board also considered other services provided to the Funds, such as overseeing the Funds’ service providers, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities laws.

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

Historical Performance

The Board then considered the past performance of the Funds over various time periods ending December 31, 2021, including the one-year, three-year, five-year and since inception periods. The Board also considered each Fund’s performance as compared to that of comparable ETFs, as determined by the Adviser (“peer group”) using data received from an independent third party. The Board additionally reviewed the performance of each Fund as compared to its respective underlying index for various time periods. The Board noted management’s explanation that analysis of investment performance, in absolute terms, is less relevant for the Funds than it is for actively managed funds, given the Funds’ index-based investment objectives. The Board also noted management’s further explanation that it is more relevant to review the performance of the Funds by focusing on the extent to which each Fund tracked its underlying index. The Board reviewed information regarding each Fund’s index tracking, discussing, as applicable, factors which contributed to each Fund’s tracking error. The Board noted that the Funds had underperformed their underlying indexes over certain periods, but that such underperformance was, at least in part, a result of costs incurred by the Funds not incurred by their underlying indexes. The Board considered other factors that contributed to the Funds’ tracking error, including cash drag and the process of rebalancing the Funds’ portfolios. The Board also considered that the underlying index for IVES was changed two years ago. The Board noted management’s representations that the Funds’ performance in tracking their underlying indexes was within the range of expectations. The Board concluded that, after taking these factors into account, each of the Funds satisfactorily tracked its underlying index. The Board further noted that it had received and would continue to receive regular reports regarding each Fund’s performance, including with respect to its tracking error, at its quarterly meetings.

Cost of Services Provided, Profits and Economies of Scale

The Board reviewed the advisory fees for the Funds and compared them to the total operating expenses of comparable ETFs, as determined by the Adviser using data received from an independent third party. Among other information, the Board noted that the advisory fee for each of the Funds was higher than the average and median expense ratios for its respective peer group. The Board took into consideration management’s discussion of the fees, including that the Funds have niche investment strategies that are substantially different than the strategies of many of the peer ETFs and, therefore, the information provided about the comparable ETFs may not provide meaningful direct comparisons to the Funds.

The Board noted the importance of the fact that the advisory fee for each Fund is a “unified fee,” meaning that the shareholders of the Funds pay no expenses other than the advisory fee and certain other costs such as interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses (such as, among other things and subject to Board approval, non-standard Board-related expenses and litigation against the Board, Trustees, Funds, Adviser, and officers of the Adviser), and distribution (12b-1) fees and expenses. The Board also noted that the Adviser was responsible for compensating the Trust’s other service providers and paying the Funds’ other expenses (except as noted above) out of its own fees and resources. The Board concluded that the advisory fee for each of the Funds is reasonable in light of the factors considered.

Wedbush ETFMG ^TM ETF

APPROVAL OF ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2022 (Unaudited) (Continued)

The Board also evaluated the compensation and other benefits received by the Adviser from its relationship with the Funds, taking into account profitability information provided by the Adviser. The Board received and reviewed profitability information on a fund by fund basis and considered how profit margins could affect the Adviser’s long-term viability and ability to attract and retain high-quality personnel. The Board also considered the impact on the Adviser’s profitability of payments made to, or received from, partners involved with the Funds. Based on the information provided to the Trustees, the Trustees concluded that the net revenue retained by the Adviser from providing services to each Fund was not excessive in view of the nature, extent and quality of services provided to each Fund. The Board further considered other benefits derived by the Adviser and its affiliates from the Adviser’s relationship with the Funds.

In addition, the Board considered whether economies of scale may be realized for the Funds. The Board noted that the Adviser regularly considers whether fee reductions are appropriate as the Funds grow in size. The Board noted that a unitary fee provides a level of certainty in expenses for the Funds and effectively acts as a cap on the fees and expenses (except as noted above) that are borne by the Funds. The Board also took into account the significant investments that the Adviser has made in its business to help ensure the continued provision of high-quality services to the Funds, such as the hiring of new trading, legal and compliance personnel, and enhancements to technology and related systems. The Board concluded that no changes to the advisory fee structure of the Funds were necessary.

In its deliberations, the Board did not identify any single piece of information discussed above that was all-important, controlling or determinative of its decision.

Based on the Board’s deliberations and its evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Advisory Agreement are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the services that the Adviser provides to the Funds; and (c) approved the renewal of the Advisory Agreement for another year.

Wedbush ETFMG ^TM ETF

Expense Example

Period Ended March 31, 2022 (Unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Fund Name	Beginning Account Value October 1, 2021		Ending Account Value March 31, 2022		Expenses Paid During the Period ^		Annualized Expense Ratio During the Period October 1, 2021 to March 31, 2022
Wedbush ETFMG Global Cloud Technology ETF
Actual		1,000.00		783.70		3.02		0.68	%
Hypothetical (5% annual)		1,000.00		1,021.54		3.43		0.68	%
Wedbush ETFMG Video Game Tech ETF
Actual		1,000.00		933.80		3.62		0.75	%
Hypothetical (5% annual)		1,000.00		1,021.19		3.78		0.75	%

^ The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by 182/365 (to reflect the period from October 1, 2021 to March 31, 2022).

Wedbush ETFMG ^TM ETF

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

March 31, 2022 (Unaudited)

ETF Managers Trust (the “Trust”) has adopted a liquidity risk management program (the “Program”). The Trust’s Board of Trustees (the “Board”) has designated ETF Managers Group LLC (the “Program Administrator”) as the administrator of the Program. The Program Administrator has designated a committee (the “Committee”), composed of personnel from multiple departments, including investment operations and compliance, that is responsible for the implementation and ongoing administration of the Program, which includes assessing the liquidity risk of Wedbush ETFMG Global Cloud Technology ETF and Wedbush ETFMG Video Game Tech ETF (each a “Fund” and, collectively, the “Funds”) under both normal and reasonably foreseeable stressed conditions.

Under the Program, the Program Administrator assesses, manages and periodically reviews each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is the risk that a Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in that Fund. This risk is managed by monitoring the degree of liquidity of each Fund’s investments and limiting the amount of the Fund’s illiquid investments, among other means. The Program Administrator’s process of determining the degree of liquidity of each Fund’s investments is supported by one or more third-party liquidity assessment vendors.

At a meeting of the Board on March 28-29, 2022, the Adviser provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, the operation of any Highly Liquid Investment Minimum, where applicable, and any material changes to the Program, for the period from March 1, 2021 through March 1, 2022 (the “Reporting Period”). No significant liquidity events impacting any Fund were noted in the report and it was represented that, as of December 31, 2021, each Fund was primarily highly liquid and, during the Reporting Period, each Fund held less than 15% in illiquid securities. In addition, the Program Administrator provided its assessment that Program implementation was effective and that the Program operated adequately and effectively to enable the Program Administrator to oversee and manage liquidity risk and ensure each Fund is able to meet requests to redeem shares without significant dilution to the remaining investors’ interest in the Fund.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Wedbush ETFMG ^TM ETF

SUPPLEMENTARY INFORMATION

March 31, 2022 (Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

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

NOTE 2 – FEDERAL TAX INFORMATION

Qualified Dividend Income/Dividends Received Deduction

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

Fund Name	Qualified Dividend Income
Wedbush ETFMG Global Cloud Technology	78.45%
Wedbush ETFMG Video Game Tech ETF	51.29%

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

Fund Name	Dividends Received Deduction
Wedbush ETFMG Global Cloud Technology	44.52%
Wedbush ETFMG Video Game Tech ETF	5.93%

Short Term Capital Gain

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

Fund Name	Short-Term Capital Gain
Wedbush ETFMG Global Cloud Technology	0.00%
Wedbush ETFMG Video Game Tech ETF	0.00%

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

Per Share

Fund

Gross
Foreign
Source
Income

Foreign
Taxes
Passthrough

Gross Foreign
Source Income

Foreign
Taxes
Passthrough

Shares
Outstanding
at 9/30/21

Wedbush ETFMG Video Game Tech ETF

1,800,463

237,492

1.50038583

0.19790967

1,200,000

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

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

Shareholders are strongly advised to consult their own tax advisors with respect to their investments in the Funds.

Wedbush ETFMG ^TM ETF

SUPPLEMENTARY INFORMATION

March 31, 2022 (Unaudited) (Continued)

NOTE 3 – INFORMATION ABOUT PORTFOLIO HOLDINGS

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

NOTE 4 – INFORMATION ABOUT PROXY VOTING

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

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

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

Wedbush ETFMG ^TM ETF

Board of Trustees

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

Name and Year of Birth	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships Held by Trustee During Past 5 Years
Interested Trustee and Officers
Samuel Masucci, III (1962)	Trustee, Chairman of the Board and President (since 2012); Secretary (since 2014)	Chief Executive Officer, Exchange Traded Managers Group LLC (since 2013); Chief Executive Officer, ETF Managers Group LLC (since 2016); Chief Executive Officer, ETF Managers Capital LLC (commodity pool operator) (since 2014); Chief Executive Officer (2012-2016) and Chief Compliance Officer (2012-2014), Factor Advisors, LLC (investment adviser); President and Chief Executive Officer, Factor Capital Management LLC (2012-2014) (commodity pool operator).	20	None
John A. Flanagan, (1946)	Treasurer (since 2015)	President, John A. Flanagan CPA, LLC (accounting services) (since 2010); Treasurer, ETF Managers Trust (since 2015); Chief Financial Officer, ETF Managers Capital, LLC (commodity pool operator) (since 2015).	n/a	n/a
Reshma A. Tanczos (1978)	Chief Compliance Officer (since 2016)	Chief Compliance Officer of ETFMG Financial LLC (Since 2017); Chief Compliance Officer, ETF Managers Group LLC (since 2016); Chief Compliance Officer, ETF Managers Capital LLC (since 2016); Partner, Crow & Cushing (law firm) (2007-2016).	n/a	n/a
Matthew J. Bromberg (1973)	Assistant Secretary (since 2020)	General Counsel and Secretary of Exchange Traded Managers Group LLC (since 2020); ETF Managers Group LLC (since 2020); ETFMG Financial LLC (since 2020); ETF Managers Capital LLC (since 2020); Partner of Dorsey & Whitney LLP (law firm) (2019-2020); General Counsel of WBI Investments, Inc. (2016-2019); Millington Securities, Inc. (2016-2019); and Partner of Reed Smith (law firm) (2015-2016).	n/a	n/a
* Mr. Masucci is an interested Trustee by virtue of his role as the Chief Executive Officer of the Adviser.

Wedbush ETFMG ^TM ETF

Board of Trustees (Continued)

Name and Year of Birth	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships Held by Trustee During Past 5 Years
Terry Loebs (1963)	Trustee (since 2014); Lead Independent Trustee (since 2020)	Founder and Managing Member, Pulsenomics LLC (index product development and consulting firm) (since 2011); Managing Director, MacroMarkets, LLC (exchange-traded products firm) (2006-2011).	20	None
Eric Wiegel (1960)	Trustee (since 2020)	Senior Portfolio Manager, Little House Capital (2019-present); Managing Partner, Global Focus Capital LLC (2013-present); Chief Investment Officer, Insight Financial Strategist LLC (2017-2018).	20	None

Advisor

ETF Managers Group, LLC

30 Maple Street, Suite 2, Summit, NJ 07901

Distributor

ETFMG Financial LLC
30 Maple Street, Suite 2, Summit, NJ 07901

Custodian

U.S. Bank National Association
Custody Operations
1555 North River Center Drive, Suite 302, Milwaukee, Wisconsin 53212

Transfer Agent

U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund
Services 615 East Michigan Street, Milwaukee, Wisconsin 53202

Securities Lending Agent

U.S. Bank, National Association
Securities Lending
800 Nicolet Mall
Minneapolis, MN 55402-7020

Independent Registered Public Accounting Firm

WithumSmith + Brown, PC
1411 Broadway, 9th Floor, New York, NY 10018

Legal Counsel

Sullivan & Worcester LLP
1666 K Street NW, Washington, DC 20006