ETFMG Prime Cyber Security ETF

HACK

ETFMG Prime Mobile Payments ETF

IPAY

ETFMG Sit Ultra Short ETF

VALT

ETFMG Treatments, Testing and

Advancements ETF

GERM

Semi-Annual Report

March 31, 2022

(Unaudited)

The funds are series of ETF Managers Trust.

ETFMG™ ETFs

TABLE OF CONTENTS

March 31, 2022 (Unaudited)

	Page
Shareholders’ Letter	2

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

Important Disclosures and Key Risk Factors	12

Portfolio Allocations	16

Schedules of Investments	17

Statements of Assets and Liabilities	36

Statements of Operations	37

Statements of Changes in Net Assets	38

Financial Highlights	42

Notes to the Financial Statements	46

Approval of Advisory Agreements and Board Considerations	59

Expense Examples	63

Statement Regarding Liquidity Risk Management Program	64

Trustees and Officers Table	65

Supplementary Information	67

Information about Portfolio Holdings	68

Information about Proxy Voting	68

ETFMG™ ETFs

Dear Shareholder,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in these ETFs. The following information pertains to the fiscal period from October 1, 2021 to 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.

ETFMG Prime Cyber Security ETF (HACK)

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

Over the period, the total return for HACK was -3.71%, while the total return for the PCD Index was -3.30%. The best performers in HACK, on the basis of contribution to return, were Palo Alto Networks Inc, Juniper Networks Inc, Mandiant Inc, Cloudflare Inc - Class A and Fortinet Inc, while the worst performers were Darktrace Plc, Okta Inc, Everbridge Inc, Cognyte Software Ltd and Ipsidy Inc.

At the end of the period, HACK saw an average approximate allocation of 82.58% to Information Technology and 16.67% to Industrials. The portfolio securities of HACK were exposed predominately to the United States at 85.11%, 6.21% to the United Kingdom and 4.06% to Israel.

ETFMG Prime Mobile Payments ETF (IPAY)

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

Over the period, the total return for IPAY was -22.95%, while the total return for the PMP Index was -22.98%. The best performers in IPAY, on the basis of contribution to return, were American Express Co, Cielo Sa, Jack Henry & Associates Inc, Kakaopay Corp and Wex Inc, while the worst performers were Paypal Holdings Inc, Block Inc, Affirm Holdings Inc, Adyen Nv and Wise Plc - A.

At the end of the period, IPAY saw an average approximate allocation of 89.22% to Information Technology and 10.21% to Financials. The portfolio securities of IPAY were exposed predominately to the United States at 70.7%, 4.86% to Netherlands and 4.73% to Brazil.

ETFMG Sit Ultra Short ETF (VALT)

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

Over the period, the total return for VALT was -1.18%, while the total return for its benchmark, the Bloomberg Barclays U.S. Treasury Bills Index: 1–3-month Index, was 0.04%.

ETFMG™ ETFs

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

ETFMG Treatments, Testing and Advancements ETF (GERM)

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

Over the fiscal period, the total return for GERM was -33.24%, while the total return the for the PTT Index was -33.36%. The best performers in GERM, on the basis of contribution to return, were Dicerna Pharmaceuticals Inc, Abbvie Inc, Biocryst Pharmaceuticals Inc, Bristol-Myers Squibb Co and Eli Lilly & Co, while the worst performers were Moderna Inc, Novavax Inc, Adagio Therapeutics Inc, Curevac Nv and I-Mab-Sponsored Adr.

At the end of the period, GERM saw an average approximate allocation of 99.61% to Health Care. The portfolio securities of GERM were exposed predominately to the United States at 78.2%, 10.26% to Germany and 5.2% to Canada.

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

Sincerely,

Samuel Masucci III

Chairman of the Board

ETFMG Prime Cyber Security ETF

Growth of $10,000 (Unaudited)

Average Annual Returns Period Ended March 31, 2022	1 Year Return			5 Year Return			Since Inception (11/11/14)			Value of $10,000 (3/31/2022)
ETFMG Prime Cyber Security ETF (NAV)		7.54	%		15.31	%		12.81	%	$	24,355
ETFMG Prime Cyber Security ETF (Market)		7.27	%		15.32	%		12.83	%	$	24,384
S&P 500 Index		15.65	%		15.99	%		13.57	%	$	25,592
Prime Cyber Defense Index*		8.34	%		15.76	%		13.32	%	$	25,172

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

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. All performance is historical and includes reinvestment of dividends and capital gains. Performance data current to the most recent month end may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477).

The chart illustrates the performance of a hypothetical $10,000 investment made on November 11, 2014, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sales of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The Index Returns do not reflect fees or expenses and are not available for direct investment.

ETFMG Prime Cyber Security ETF

Top Ten Holdings as of March 31, 2022 (Unaudited)*
	Security	% of Total Investments
1	Splunk, Inc.	4.34%
2	Crowdstrike Holdings, Inc. - Class A	4.23%
3	Cloudflare, Inc. - Class A	4.10%
4	Palo Alto Networks, Inc.	3.87%
5	Akamai Technologies, Inc.	3.73%
6	BAE Systems PLC	3.62%
7	VeriSign, Inc.	3.62%
8	Fortinet, Inc.	3.62%
9	Zscaler, Inc.	3.55%
10	Cisco Systems, Inc.	3.54%

Top Ten Holdings = 38.22% of Total Investments

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

ETFMG Prime Mobile Payments ETF

Growth of $10,000 (Unaudited)

Average Annual Returns Period Ended March 31, 2022	1 Year Return			5 Year Return			Since Inception (7/15/15)			Value of $10,000 (3/31/2022)
ETFMG Prime Mobile Payments ETF (NAV)		-21.47	%		13.49	%		11.82	%	$	21,168
ETFMG Prime Mobile Payments ETF (Market)		-21.96	%		13.36	%		11.77	%	$	21,106
S&P 500 Index		15.65	%		15.99	%		14.23	%	$	24,426
Prime Mobile Payments Index*		-21.16	%		14.13	%		12.46	%	$	21,997

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

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

ETFMG Prime Mobile Payments ETF

Top Ten Holdings as of March 31, 2022 (Unaudited)*
	Security	% of Total Investments
1	PayPal Holdings, Inc.	5.29%
2	Block, Inc.	5.04%
3	Visa, Inc. - Class A	4.96%
4	MasterCard, Inc. - Class A	4.86%
5	American Express Co.	4.82%
6	Fiserv, Inc.	4.27%
7	ETFMG Sit Ultra Short ETF**	4.23%
8	Adyen NV	4.10%
9	Fidelity National Information Services, Inc.	4.07%
10	Global Payments, Inc.	2.89%

Top Ten Holdings= 44.53% of Total Investments

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

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

ETFMG Sit Ultra Short ETF

Growth of $10,000 (Unaudited)

Average Annual Returns Period Ended March 31, 2022	1 Year Return			Since Inception (10/8/2019)			Value of $10,000 (3/31/2022)
ETFMG Sit Ultra Short ETF (NAV)		-0.78	%		0.30	%	$	10,074
ETFMG Sit Ultra Short ETF (Market)		-0.78	%		0.30	%	$	10,075

The chart illustrates the performance of a hypothetical $10,000 investment made on October 8, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sales of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The Index Returns do not reflect fees or expenses and are not available for direct investment.

ETFMG Sit Ultra Short ETF

Top Ten Holdings as of March 31, 2022 (Unaudited)*
	Security	% of Total Investments
1	Dominion Energy, Inc.	2.43%
2	Entergy Louisiana LLC	2.24%
3	United States Trasury Inflation Index Bonds	2.22%
4	Nationwide Mutual Insurance Co.	2.20%
5	General Mills, Inc.	2.20%
6	Toronto-Dominion Bank	2.18%
7	Goldman Sachs Group, Inc.	2.15%
8	Charles Schwab Corp.	2.02%
9	L3Harris Technologies, Inc.	1.94%
10	PPL Electric Utilities Corp.	1.74%

Top Ten Holdings =21.32% of Total Investments

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

ETFMG Treatments, Testing and Advancements ETF

Growth of $10,000 (Unaudited)

Average Annual Returns Period Ended March 31, 2022	1 Year Return			Since Inception (6/17/2020)			Value of $10,000 (3/31/2022)
ETFMG Treatments, Testing and Advancements ETF (NAV)		-22.61	%		5.77	%	$	11,054
ETFMG Treatments, Testing and Advancements ETF (Market)		-22.67	%		5.85	%	$	11,069
S&P 500 Index		15.65	%		25.22	%	$	14,944
Prime Treatments, Testing and Advancements Index NTR		-22.82	%		5.37	%	$	10,997

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

ETFMG Treatments, Testing and Advancements ETF

Top Ten Holdings as of March 31, 2022 (Unaudited)*
	Security	% of Total Investments
1	Moderna, Inc.	5.28%
2	BioNTech SE - ADR	5.20%
3	Alnylam Pharmaceuticals, Inc.	4.29%
4	Laboratory Corp. of America Holdings	4.23%
5	Bio-Rad Laboratories, Inc. - Class A	4.01%
6	Quidel Corp.	3.13%
7	Zai Lab, Ltd. - ADR	3.04%
8	Ortho Clinical Diagnostics Holdings PLC	2.95%
9	Quest Diagnostics, Inc.	2.92%
10	ETFMG Sit Ultra Short ETF**	2.69%

Top Ten Holdings = 37.74% of Total Investments

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

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

ETFMG™ ETFs

Important Disclosures and Key Risk Factors

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

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

HACK

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

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

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

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

ETFMG™ ETFs

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

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

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

IPAY

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

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

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

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

ETFMG™ ETFs

VALT

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

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

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

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

GERM

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

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

ETFMG™ ETFs

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

ETFMG™ ETFs

PORTFOLIO ALLOCATIONS

As of March 31, 2022 (Unaudited)

	ETFMG Prime Cyber Security ETF			ETFMG Prime Mobile Payments ETF			ETFMG Sit Ultra Short ETF			ETFMG Treatments, Testing and Advancements ETF
As a percent of Net Assets:
Australia		—	%		0.4	%		—	%		—	%
Bermuda		—			0.4			—			—
Brazil		—			1.4			—			—
Canada		1.1			2.2			—			3.5
Cayman Islands		0.1			6.3			—			5.2
Denmark		—			—			—			0.1
Finland		0.1			—			—			—
France		—			1.7			—			0.7
Germany		0.1			—			—			6.9
Isle of Man		0.2			—			—			—
Israel		5.6			—			—			—
Italy		—			1.9			—			—
Japan		2.1			2.3			—			0.7
Jersey		1.2			—			—			—
Netherlands		—			4.9			—			3.3
Puerto Rico		—			1.3			—			—
Republic of Korea		0.2			2.4			—			—
Sweden		0.1			—			—			—
United Kingdom		7.2			3.3			—			6.6
United States		81.2			70.9			—			72.6
Coporate Bonds		—			—			93.1			—
Municipal Debt Obligations		—			—			1.9			—
U.S. Government Notes/Bonds		—			—			4.1
Short-Term and other Net Assets
(Liabilities)		0.8			0.6			0.9			0.4
		100.0	%		100.0	%		100.0	%		100.0	%

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

ETFMG™ ETFs

ETFMG Prime Cyber Security ETF

Schedule of Investments

March 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.2%
Canada - 1.1%
Software - 1.1% (d)
Absolute Software Corp.		255,503	$	2,156,187
BlackBerry, Ltd. (a)		2,879,487		21,351,713
Total Software				23,507,900

Cayman Islands - 0.1%
Software - 0.1% (d)
Arqit Quantum, Inc. (a)		116,415		1,813,746

Finland - 0.1%
Software - 0.1% (d)
F-Secure Oyj (a)		486,358		2,456,136

Germany - 0.1%
IT Services - 0.1%
Secunet Security Networks AG		6,841		3,212,572

Isle Of Man - 0.2%
Software - 0.2% (d)
Kape Technologies PLC (a)		744,503		3,809,363

Israel - 5.6%
Communications Equipment - 0.3%
Radware, Ltd. (a)(b)		192,536		6,155,376
Software - 5.3% (d)
Allot Communications, Ltd. (a)		180,380		1,461,078
Check Point Software Technologies, Ltd. (a)		531,103		73,430,301
Cognyte Software, Ltd. (a)		339,745		3,842,516
CyberArk Software, Ltd. (a)		199,452		33,657,525
Tufin Software Technologies, Ltd. (a)		169,123		1,510,268
Total Software				113,901,688
Total Israel				120,057,064

Japan - 2.1%
Software - 2.1% (d)
Cyber Security Cloud, Inc. (a)		25,575		459,232
Digital Arts, Inc.		52,589		3,205,277
Trend Micro, Inc.		688,653		40,502,345
Total Software				44,166,854

Jersey - 1.2%
Software - 1.2% (d)
Mimecast, Ltd. (a)		318,900		25,371,684

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

ETFMG™ ETFs

ETFMG Prime Cyber Security ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

	Shares		Value

Republic of Korea - 0.2%
Software - 0.2% (d)
Ahnlab, Inc.		34,319	$	3,505,377

Sweden - 0.1%
Electronic Equipment, Instruments & Components - 0.1%
Fingerprint Cards AB - Class B (a)		1,239,213		1,959,829

United Kingdom - 7.2%
Aerospace & Defense - 5.6%
BAE Systems PLC		9,885,942		93,166,081
QinetiQ Group PLC		2,930,059		11,716,541
Ultra Electronics Holdings PLC		347,995		15,195,410
Total Aerospace & Defense				120,078,032
IT Services - 0.2%
NCC Group PLC		1,561,019		3,744,444
Software - 1.4% (d)
Avast PLC (f)		3,226,442		23,989,362
Darktrace PLC (a)		1,088,804		6,436,364
Total Software				30,425,726
Total United Kingdom				154,248,202

United States - 81.2%
Aerospace & Defense - 1.0%
Parsons Corp. (a)(b)		525,106		20,321,602
Communications Equipment - 10.7%
Cisco Systems, Inc.		1,633,185		91,066,396
F5 Networks, Inc. (a)(b)		307,568		64,266,334
Juniper Networks, Inc.		1,620,588		60,221,050
NetScout Systems, Inc. (a)		361,284		11,589,991
Total Communications Equipment				227,143,771
IT Services - 18.5%
Akamai Technologies, Inc. (a)(b)		802,304		95,787,075
Cerberus Cyber Sentinel Corp. (a)		558,058		2,968,869
Cloudflare, Inc. - Class A (a)(b)		880,470		105,392,259
LiveRamp Holdings, Inc. (a)		336,981		12,599,720
Okta, Inc. (a)(b)		545,136		82,293,731
SolarWinds Corp. (b)		198,536		2,642,514
VeriSign, Inc. (a)		418,651		93,133,101
Total IT Services				394,817,269
Professional Services - 10.1%
Booz Allen Hamilton Holding Corp.		665,470		58,454,885
CACI International, Inc. - Class A (a)		117,119		35,283,270
Leidos Holdings, Inc.		708,690		76,552,694
ManTech International Corp. - Class A		205,675		17,727,128
Science Applications International Corp. (b)		287,761		26,522,931
Total Professional Services				214,540,908

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

ETFMG™ ETFs

ETFMG Prime Cyber Security ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

	Shares		Value
Software - 40.9% (d)
A10 Networks, Inc.		328,698	$	4,585,337
CommVault Systems, Inc. (a)		224,571		14,900,286
Crowdstrike Holdings, Inc. - Class A (a)		479,233		108,824,230
Everbridge, Inc. (a)(b)		199,300		8,697,452
ForgeRock, Inc. - Class A (a)		140,035		3,069,567
Fortinet, Inc. (a)(b)		272,188		93,017,527
Ipsidy, Inc. (a)		83,822		328,582
KnowBe4, Inc. - Class A (a)(b)		794,786		18,295,974
Mandiant, Inc. (a)(b)		1,195,001		26,660,472
N-able, Inc. (a)		297,665		2,708,751
NortonLifeLock, Inc. (b)		2,951,467		78,272,905
OneSpan, Inc. (a)		178,526		2,577,915
Palo Alto Networks, Inc. (a)(b)		159,672		99,397,417
Ping Identity Holding Corp. (a)		354,105		9,713,100
Qualys, Inc. (a)(b)		152,602		21,732,051
Rapid7, Inc. (a)(b)		291,588		32,436,249
Sailpoint Technologies Holdings, Inc. (a)(b)		468,717		23,988,936
SecureWorks Corp. - Class A (a)(b)		263,529		3,491,759
SentinelOne, Inc. - Class A (a)(b)		1,324,246		51,301,290
Splunk, Inc. (a)		751,627		111,699,288
Sumo Logic, Inc. (a)		543,779		6,345,901
Telos Corp. (a)		202,860		2,022,514
Tenable Holdings, Inc. (a)		530,397		30,651,643
Varonis Systems, Inc. (a)		539,800		25,662,092
VirnetX Holding Corp. (a)(b)		320,429		522,299
Zscaler, Inc. (a)(b)		378,203		91,252,820
Total Software				872,156,357
Total United States				1,728,979,907
TOTAL COMMON STOCKS (Cost $1,813,858,973)				2,113,088,634

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 20.7%
ETFMG Sit Ultra Short ETF (e)		1,750,000		85,863,050
Mount Vernon Liquid Assets Portfolio, LLC, 0.41% (c)		355,673,245		355,673,245
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $443,090,562)				441,536,295

SHORT-TERM INVESTMENTS - 0.8%
Money Market Funds - 0.8%
First American Government Obligations Fund - Class X, 0.18% (c)		16,241,332		16,241,332
TOTAL SHORT-TERM INVESTMENTS (Cost $16,241,332)				16,241,332

Total Investments (Cost $2,273,190,867) - 120.7%				2,570,866,261
Liabilities in Excess of Other Assets - (20.7)%				(441,443,129	)
TOTAL NET ASSETS - 100.0%			$	2,129,423,132

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

ETFMG™ ETFs

ETFMG Prime Cyber Security ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

Percentages are stated as a percent of net assets.

PLC Public Limited Company

(a)

Non-income producing security.

(b)

All or a portion of this security was out on loan at 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 Software Industry.

(e)

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

(f)

Restricted security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At March 31, 2022, the market value of these securities total $23,989,362, which represents 1.1% of total net assets.

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

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

ETFMG™ ETFs

ETFMG Prime Mobile Payments ETF

Schedule of Investments

March 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.4%
Australia - 0.4%
IT Services - 0.4% (d)
EML Payments, Ltd. (a)		1,446,761	$	3,258,666

Bermuda - 0.4%
Electronic Equipment, Instruments & Components - 0.4%
PAX Global Technology, Ltd.		4,789,450		3,943,670

Brazil - 1.4%
IT Services - 1.4% (d)
Cielo SA		19,474,241		12,639,104

Canada - 2.2%
IT Services - 2.2% (d)
Nuvei Corp. (a)(f)		261,849		19,688,682

Cayman Islands - 6.3%
IT Services - 6.3% (d)
Dlocal, Ltd. (a)		470,755		14,715,801
Pagseguro Digital, Ltd. - Class A (a)(b)		828,396		16,609,340
StoneCo., Ltd. - Class A (a)(b)		1,053,405		12,324,839
Yeahka, Ltd. (a)		3,710,893		11,416,966
Total IT Services				55,066,946

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

France - 1.7%
IT Services - 1.7% (d)
Worldline SA (a)(f)		343,195		14,990,934

Italy - 1.9%
IT Services - 1.9% (d)
Nexi SpA (a)(f)		1,448,947		16,830,514

Japan - 2.3%
Consumer Finance - 0.4%
Jaccs Co., Ltd.		127,526		3,226,385
IT Services - 1.8% (d)
GMO Financial Gate, Inc.		15,172		1,935,446
GMO Payment Gateway, Inc.		133,693		13,815,163
Total IT Services				15,750,609

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

ETFMG™ ETFs

ETFMG Prime Mobile Payments ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

	Shares		Value
Software - 0.1%
Intelligent Wave, Inc.		225,157	$	1,072,705
Total Japan				20,049,699

Netherlands - 4.9%
IT Services - 4.9% (d)
Adyen NV (a)(f)		21,372		42,770,007

Puerto Rico - 1.3%
IT Services - 1.3% (d)
EVERTEC, Inc.		277,351		11,351,976

Republic of Korea - 2.4%
IT Services - 2.4% (d)
Danal Co., Ltd. (a)		298,355		3,040,043
Kakaopay Corp. (a)		146,694		17,972,905
Total IT Services				21,012,948

United Kingdom - 3.3%
IT Services - 3.3% (d)
Network International Holdings PLC (a)(f)		3,964,591		14,582,595
PayPoint PLC		249,965		1,911,088
Wise PLC - Class A (a)		1,935,074		12,582,912
Total IT Services				29,076,595

United States - 70.9%
Consumer Finance - 9.8%
American Express Co.		269,271		50,353,677
Discover Financial Services		232,058		25,570,471
Green Dot Corp. - Class A (a)		390,177		10,722,064
Total Consumer Finance				86,646,212
IT Services - 58.4% (d)
Affirm Holdings, Inc. (a)(b)		388,970		18,001,532
Block, Inc. (a)(b)		388,368		52,662,700
Boku, Inc. (a)(f)		1,072,706		1,557,118
Cantaloupe, Inc. (a)		250,934		1,698,823
Euronet Worldwide, Inc. (a)(b)		109,781		14,287,997
Evo Payments, Inc. - Class A (a)(b)		447,722		10,337,901
Fidelity National Information Services, Inc.		422,975		42,475,150
Fiserv, Inc. (a)(b)		439,422		44,557,391
FleetCor Technologies, Inc. (a)		81,160		20,213,710
Flywire Corp. (a)		411,783		12,592,324
Global Payments, Inc.		220,580		30,184,167
I3 Verticals, Inc. - Class A (a)		137,349		3,826,543
International Money Express, Inc. (a)		167,235		3,446,713
Jack Henry & Associates, Inc. (b)		89,354		17,607,206
Marqeta, Inc. - Class A (a)		1,160,624		12,813,289

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

ETFMG™ ETFs

ETFMG Prime Mobile Payments ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

	Shares		Value

MasterCard, Inc. - Class A		142,054	$	50,767,259
MoneyGram International, Inc. (a)		321,317		3,393,108
Net 1 UEPS Technologies, Inc. (a)		349,800		2,053,326
Payoneer Global, Inc. (a)		2,379,202		10,611,241
PayPal Holdings, Inc. (a)		477,985		55,278,964
Remitly Global, Inc. (a)(b)		959,345		9,468,735
Sezzle, Inc. (a)(b)		1,549,116		1,559,132
Shift4 Payments, Inc. - Class A (a)(b)		246,600		15,271,938
Visa, Inc. - Class A (b)		233,743		51,837,184
Western Union Co. (b)		728,891		13,659,417
WEX, Inc. (a)		80,506		14,366,296
Total IT Services				514,529,164
Software - 2.7%
ACI Worldwide, Inc. (a)(b)		345,395		10,876,489
NCR Corp. (a)		309,146		12,424,577
Total Software				23,301,066
Total United States				624,476,442
TOTAL COMMON STOCKS (Cost $992,661,897)				875,156,183

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 18.6%
ETFMG Sit Ultra Short ETF (e)		900,000		44,158,140
Mount Vernon Liquid Assets Portfolio, LLC, 0.41% (c)		119,644,335		119,644,335
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $164,650,852)				163,802,475

SHORT-TERM INVESTMENTS - 0.6%
Money Market Funds - 0.6%
First American Government Obligations Fund - Class X, 0.18% (c)		5,381,430		5,381,430
TOTAL SHORT-TERM INVESTMENTS (Cost $5,381,430)				5,381,430

Total Investments (Cost $1,162,694,179) - 118.6%				1,044,340,088
Liabilities in Excess of Other Assets - (18.6)%				(163,849,408	)
TOTAL NET ASSETS - 100.0%			$	880,490,680

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

ETFMG™ ETFs

ETFMG Prime Mobile Payments ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

PLC Public Limited Company

(a)

Non-income producing security.

(b)

All or a portion of this security was out on loan at 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 IT Services Industry.

(e)

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

(f)

Restricted security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At March 31, 2022, the market value of these securities total $110,419,850, which represents 12.5% 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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

March 31, 2022 (Unaudited)

	Principal
	Amount		Value
CORPORATE BONDS - 93.1%
Aerospace & Defense - 1.9%
L3Harris Technologies, Inc.
1.453%, (3 Month LIBOR + 0.750%), 03/10/2023 (b)	$	4,387,000	$	4,404,044
Automotive - 10.0%
American Honda Finance Corp.
0.630%, (3 Month LIBOR + 0.150%), 02/22/2023 (b)		440,000		439,687
1.030%, (3 Month LIBOR + 0.420%), 09/08/2023 (b)		1,771,000		1,773,081
0.518%, (3 Month LIBOR + 0.280%), 01/12/2024 (b)		2,000,000		1,999,229
BMW US Capital LLC
0.570%, (SOFRIX + 0.380%), 08/12/2024 (a)(b)		1,000,000		995,390
General Motors Financial Co., Inc.
1.009%, (SOFR + 0.760%), 03/08/2024 (b)		2,244,000		2,229,251
0.739%, (SOFR + 0.620%), 10/15/2024 (b)		1,000,000		984,473
Hyundai Capital America
2.850%, 11/01/2022 (a)		2,000,000		2,006,631
1.250%, 09/18/2023 (a)		2,564,000		2,496,882
John Deere Capital Corp.
0.216%, (SOFR + 0.120%), 07/10/2023 (b)		865,000		861,956
0.296%, (SOFR + 0.200%), 10/11/2024 (b)		1,000,000		997,340
Penske Truck Leasing Co. Lp / PTL Finance Corp.
3.450%, 07/01/2024 (a)		2,200,000		2,207,986
SMBC Aviation Capital Finance DAC
3.550%, 04/15/2024 (a)		395,000		393,695
Toyota Motor Credit Corp.
0.538%, (SOFRIX + 0.260%), 06/18/2024 (b)		2,242,000		2,226,729
0.553%, (SOFR + 0.290%), 09/13/2024 (b)		3,200,000		3,173,772
				22,786,102

Banks - 21.5%
Bank of America Corp.
0.909%, (3 Month BSBY + 0.430%), 05/28/2024 (b)		3,630,000		3,626,261
1.219%, (3 Month LIBOR + 0.960%), 07/23/2024 (b)		2,500,000		2,512,762
Bank of Montreal
0.423%, (SOFRIX + 0.320%), 07/09/2024 (b)		2,663,000		2,640,894
Bank of Nova Scotia
0.526%, (SOFR + 0.260%), 09/15/2023 (b)		1,595,000		1,587,386
0.564%, (SOFRIX + 0.445%), 04/15/2024 (b)		1,500,000		1,492,943
Barclays PLC
1.839%, (3 Month LIBOR + 1.380%), 05/16/2024 (b)		2,481,000		2,493,440
Canadian Imperial Bank of Commerce
0.621%, (SOFR + 0.340%), 06/22/2023 (b)		500,000		498,377
0.541%, (SOFR + 0.420%), 10/18/2024 (b)		1,000,000		989,445
Citizens Financial Group, Inc.
4.150%, 09/28/2022 (a)		1,115,000		1,128,062
3.750%, 07/01/2024		500,000		501,738
Cooperatieve Rabobank UA
0.711%, (3 Month LIBOR + 0.480%), 01/10/2023 (b)		895,000		896,353

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

	Principal
	Amount		Value
Huntington Bancshares, Inc.
4.350%, 02/04/2023	$	1,766,000	$	1,792,014
JPMorgan Chase & Co.
0.853%, (SOFR + 0.580%), 03/16/2024 (b)		1,380,000		1,376,137
1.149%, (3 Month LIBOR + 0.890%), 07/23/2024 (b)		3,648,000		3,669,173
0.765%, (SOFR + 0.535%), 06/01/2025 (b)		500,000		495,402
KeyBank NA
0.600%, (SOFR + 0.320%), 06/14/2024 (b)		3,550,000		3,526,143
Mizuho Financial Group, Inc.
1.081%, (3 Month LIBOR + 0.840%), 07/16/2023 (b)		500,000		500,635
1.226%, (3 Month LIBOR + 0.990%), 07/10/2024 (b)		1,400,000		1,406,476
PNC Bank NA
0.768%, (3 Month LIBOR + 0.500%), 07/27/2022 (b)		2,160,000		2,160,911
Royal Bank of Canada
0.422%, (SOFRIX + 0.300%), 01/19/2024 (b)		700,000		695,771
0.515%, (SOFRIX + 0.360%), 07/29/2024 (b)		2,150,000		2,137,246
Toronto-Dominion Bank
0.608%, (SOFR + 0.350%), 09/10/2024 (b)		5,000,000		4,957,980
Truist Bank
0.776%, (SOFR + 0.730%), 03/09/2023 (b)		2,500,000		2,504,458
0.319%, (SOFR + 0.200%), 01/17/2024 (b)		593,000		590,377
US Bank NA
0.904%, (3 Month LIBOR + 0.440%), 05/23/2022 (b)		805,000		804,942
0.666%, (3 Month BSBY + 0.170%), 06/02/2023 (b)		1,696,000		1,691,675
Webster Financial Corp.
4.375%, 02/15/2024		750,000		766,138
Westpac Banking Corp.
0.806%, (3 Month LIBOR + 0.570%), 01/11/2023 (b)		1,500,000		1,503,856
				48,946,995
Capital Goods - 1.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
1.150%, 10/29/2023		1,000,000		958,345
1.750%, 10/29/2024		1,500,000		1,415,638
Air Lease Corp.
0.800%, 08/18/2024		1,040,000		981,151
				3,355,134
Chemicals - 0.6%
Cabot Corp.
3.700%, 07/15/2022		1,370,000		1,377,915
Commercial and Industrial Machinery and Equipment Rental and Leasing - 1.5%
Triton Container International, Ltd.
1.150%, 06/07/2024 (a)		3,550,000		3,372,869
Communications Equipment - 0.3%
Motorola Solutions, Inc.
4.000%, 09/01/2024		580,000		590,047

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

	Principal
	Amount		Value
Consumer Services - 2.7%
7-Eleven, Inc.
0.800%, 02/10/2024 (a)	$	3,505,000	$	3,371,575
Expedia Group, Inc.
3.600%, 12/15/2023		1,500,000		1,514,232
Starbucks Corp.
0.612%, (SOFRIX + 0.420%), 02/14/2024 (b)		1,300,000		1,301,562
				6,187,369
Diversified Financial Services - 8.6%
Bank of New York Mellon Corp.
1.349%, (3 Month LIBOR + 1.050%), 10/30/2023 (b)		910,000		914,165
0.404%, (SOFR + 0.260%), 04/26/2024 (b)		500,000		498,401
0.340%, (SOFR + 0.200%), 10/25/2024 (b)		1,648,000		1,638,425
BGC Partners, Inc.
5.375%, 07/24/2023		1,245,000		1,274,722
Capital One Financial Corp.
1.019%, (3 Month LIBOR + 0.720%), 01/30/2023 (b)		2,506,000		2,507,818
Charles Schwab Corp.
0.778%, (SOFR + 0.500%), 03/18/2024 (b)		4,600,000		4,588,633
Goldman Sachs Group, Inc.
0.758%, (SOFR + 0.500%), 09/10/2024 (b)		4,932,000		4,882,121
Morgan Stanley
1.559%, (3 Month LIBOR + 1.220%), 05/08/2024 (b)		2,242,000		2,258,595
National Rural Utilities Cooperative Finance Corp.
0.524%, (3 Month LIBOR + 0.065%), 02/16/2023 (b)		1,137,000		1,135,147
				19,698,027
Diversified Telecommunication Services - 0.6%
AT&T, Inc.
1.983%, (3 Month LIBOR + 1.180%), 06/12/2024 (b)		1,443,000		1,464,988
Food Products - 3.1%
Conagra Brands, Inc.
0.500%, 08/11/2023		700,000		678,310
General Mills, Inc.
1.249%, (3 Month LIBOR + 1.010%), 10/17/2023 (b)		4,929,000		4,990,332
Hormel Foods Corp.
0.650%, 06/03/2024		1,536,000		1,476,897
				7,145,539
Health Care Equipment & Supplies - 1.7%
Baxter International, Inc.
0.668%, (SOFRIX + 0.440%), 11/29/2024 (a)(b)		2,876,000		2,859,548
Zimmer Biomet Holdings, Inc.
1.450%, 11/22/2024		1,000,000		960,950
				3,820,498
Health Care Providers & Services - 0.9%
Cigna Corp.
1.131%, (3 Month LIBOR + 0.890%), 07/15/2023 (b)		2,020,000		2,035,084

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

	Principal
	Amount		Value
Insurance - 15.5%
Allstate Corp.
1.613%, (3 Month LIBOR + 0.630%), 03/29/2023 (b)	$	3,523,000	$	3,527,124
Athene Global Funding
2.236%, (3 Month LIBOR + 1.230%), 07/01/2022 (a)(b)		200,000		200,361
Brighthouse Financial Global Funding
1.000%, 04/12/2024 (a)		2,250,000		2,158,135
0.868%, (SOFR + 0.760%), 04/12/2024 (a)(b)		3,693,000		3,703,085
CNO Global Funding
1.650%, 01/06/2025 (a)		1,000,000		954,196
F&G Global Funding
0.900%, 09/20/2024 (a)		2,700,000		2,549,924
Fairfax US, Inc.
4.875%, 08/13/2024 (a)		745,000		764,993
Finial Holdings, Inc.
7.125%, 10/15/2023		1,415,000		1,499,972
Jackson Financial, Inc.
1.125%, 11/22/2023 (a)		500,000		485,534
Jackson National Life Global Funding
0.696%, (SOFR + 0.600%), 01/06/2023 (a)(b)		2,000,000		2,001,152
John Hancock Life Insurance Co.
7.375%, 02/15/2024 (a)		495,000		532,420
Metropolitan Life Global Funding I
0.684%, (SOFR + 0.570%), 01/13/2023 (a)(b)		2,000,000		2,001,714
Metropolitan Life Insurance Co.
7.875%, 02/15/2024 (a)		1,695,000		1,840,252
Nationwide Mutual Insurance Co.
3.116%, (3 Month LIBOR + 2.290%), 12/15/2024 (a)(c)		5,000,000		5,003,450
New York Life Global Funding
0.447%, (SOFRIX + 0.330%), 01/14/2025 (a)(b)		3,000,000		2,974,601
Pacific Life Insurance Co.
7.900%, 12/30/2023 (a)		1,700,000		1,844,891
Principal Life Global Funding II
0.558%, (SOFR + 0.450%), 04/12/2024 (a)(b)		934,000		932,602
0.604%, (SOFR + 0.380%), 08/23/2024 (a)(b)		2,439,000		2,414,233
				35,388,639
Life Sciences Tools & Services - 1.6%
Thermo Fisher Scientific, Inc.
0.469%, (SOFRIX + 0.350%), 04/18/2023 (b)		1,153,000		1,152,401
0.509%, (SOFR + 0.390%), 10/18/2023 (b)		815,000		812,200
0.649%, (SOFR + 0.530%), 10/18/2024 (b)		1,673,000		1,670,798
				3,635,399
Mining - 0.4%
Glencore Finance Canada, Ltd.
4.250%, 10/25/2022 (a)		1,000,000		1,008,170
Motion Picture and Video Industries - 0.8%
Historic TW, Inc.
9.150%, 02/01/2023		1,650,000		1,727,894

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

	Principal
	Amount		Value
Multi-Utilities - 11.6%
American Electric Power Co., Inc.
0.750%, 11/01/2023	$	1,115,000	$	1,081,556
CenterPoint Energy Resources Corp.
1.004%, (3 Month LIBOR + 0.500%), 03/02/2023 (b)		1,923,000		1,917,482
CenterPoint Energy, Inc.
0.841%, (SOFRIX + 0.650%), 05/13/2024 (b)		2,473,000		2,454,520
Dominion Energy, Inc.
1.356%, (3 Month LIBOR + 0.530%), 09/15/2023 (b)		5,538,000		5,529,965
Duke Energy Florida Project Finance LLC
1.731%, 09/01/2024		43,640		43,510
Entergy Louisiana LLC
0.950%, 10/01/2024		5,336,000		5,094,384
Florida Power & Light Co.
0.299%, (SOFR + 0.250%), 05/10/2023 (b)		3,911,000		3,901,619
PPL Electric Utilities Corp.
1.216%, (3 Month LIBOR + 0.250%), 09/28/2023 (b)		3,975,000		3,956,513
0.610%, (SOFR + 0.330%), 06/24/2024 (b)		2,384,000		2,369,533
				26,349,082
Oil, Gas & Consumable Fuels - 1.4%
BP Capital Markets PLC
1.578%, (3 Month LIBOR + 0.650%), 09/19/2022 (b)		515,000		515,327
Kinder Morgan, Inc.
1.519%, (3 Month LIBOR + 1.280%), 01/15/2023 (b)		2,588,000		2,603,597
				3,118,924
Pharmaceuticals - 2.8%
AbbVie, Inc.
1.130%, (3 Month LIBOR + 0.650%), 11/21/2022 (b)		400,000		400,999
AstraZeneca PLC
1.134%, (3 Month LIBOR + 0.665%), 08/17/2023 (b)		3,165,000		3,177,077
Bayer US Finance II LLC
3.875%, 12/15/2023 (a)		2,000,000		2,022,936
Pfizer, Inc.
1.156%, (3 Month LIBOR + 0.330%), 09/15/2023 (b)		877,000		878,241
				6,479,253
Real Estate Investment Trusts (REITs) - 1.6%
Public Storage
0.609%, (SOFR + 0.470%), 04/23/2024 (b)		3,596,000		3,596,294
Retailing - 0.2%
Genuine Parts Co.
1.750%, 02/01/2025		500,000		478,439
Semiconductors & Semiconductor Equipment - 2.4%
Analog Devices, Inc.
0.530%, (SOFR + 0.250%), 10/01/2024 (b)		2,188,000		2,180,979
NVIDIA Corp.
0.584%, 06/14/2024		2,000,000		1,920,891

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

	Principal
	Amount		Value

QUALCOMM, Inc.
1.029%, (3 Month LIBOR + 0.730%), 01/30/2023 (b)	$	1,267,000		1,273,925
				5,375,795
TOTAL CORPORATE BONDS (Cost $214,941,062)				212,342,500

MUNICIPAL DEBT OBLIGATIONS - 1.9%
City of Moline IL
2.130%, 12/01/2022		100,000		100,179
City of Oakland CA
4.000%, 12/15/2022		700,000		711,992
Colorado Bridge Enterprise
0.923%, 12/31/2023		2,000,000		1,935,599
Homewood Educational Building Authority
2.000%, 12/01/2023		620,000		614,580
Indiana Finance Authority
0.955%, 03/01/2024		450,000		434,644
Kentucky Housing Corp.
0.800%, 01/01/2024		350,000		339,394
North Springs Improvement District
1.000%, 05/01/2023		215,000		212,793
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $4,468,726)				4,349,181

U.S. GOVERNMENT NOTES/BONDS - 4.1%
United States Treasury Inflation Indexed Bonds
0.125%, 01/15/2023		4,872,120		5,044,764
0.625%, 01/15/2024		2,409,860		2,537,071
0.500%, 04/15/2024		1,672,110		1,758,983
TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $9,374,812)				9,340,818

SHORT-TERM INVESTMENTS - 0.6%
Money Market Funds - 0.6%
First American Government Obligations Fund - Class X, 0.18% (d)		1,313,514		1,313,514
TOTAL SHORT-TERM INVESTMENTS (Cost $1,313,514)				1,313,514

Total Investments (Cost $230,098,114) - 99.7%				227,346,013
Other Assets in Excess of Liabilities - 0.3%				790,714
TOTAL NET ASSETS - 100.0%			$	228,136,727

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

Percentages are stated as a percent of net assets.

PLC Public Limited Company

(a)

Restriced security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At March 31, 2022, the market value of these securities total $52,225,287, which represents 22.89% of total net assets.

(b)

Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of March 31, 2022.

(c)

Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of March 31, 2022.

(d)

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

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

ETFMG™ ETFs

ETFMG Treatments, Testing and Advancements ETF

Schedule of Investments

March 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.6%
Canada - 3.5%
Biotechnology - 1.1% (d)
Arbutus Biopharma Corp. (a)(b)		41,031	$	122,272
IMV, Inc. (a)(b)		31,592		44,545
VBI Vaccines, Inc. (a)(b)		78,048		129,560
XBiotech, Inc.		9,221		79,669
Total Biotechnology				376,046
Life Sciences Tools & Services - 2.4%
AbCellera Biologics, Inc. (a)		86,123		839,699
Total Canada				1,215,745

Cayman Islands - 5.2%
Biotechnology - 5.2% (d)
I-Mab - ADR (a)(b)		24,244		393,723
Zai Lab, Ltd. - ADR (a)		31,488		1,384,842
Total Biotechnology				1,778,565

Denmark - 0.1%
Biotechnology - 0.1% (d)
Evaxion Biotech A/S - ADR (a)		7,020		21,411

France - 0.7%
Pharmaceuticals - 0.7%
Sanofi - ADR (b)		4,691		240,836

Germany - 6.9%
Biotechnology - 6.9% (d)
BioNTech SE - ADR (a)		13,898		2,370,442

Japan - 0.7%
Pharmaceuticals - 0.7%
Takeda Pharmaceutical Co., Ltd. - ADR (a)(b)		15,660		224,251

Netherlands - 3.3%
Biotechnology - 3.3% (d)
CureVac NV (a)(b)		56,601		1,109,946
InflaRx NV (a)		13,403		24,527
Total Biotechnology				1,134,473

United Kingdom - 6.6%
Biotechnology - 1.2% (d)
Immunocore Holdings PLC - ADR (a)(b)		13,534		404,667
Health Care Equipment & Supplies - 3.9%
Ortho Clinical Diagnostics Holdings PLC (a)		71,942		1,342,438

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

ETFMG™ ETFs

ETFMG Treatments, Testing and Advancements ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

	Shares		Value
Pharmaceuticals - 1.5%
AstraZeneca PLC - ADR (b)		3,918	$	259,920
GlaxoSmithKline PLC - ADR		5,678		247,334
Total Pharmaceuticals				507,254
Total United Kingdom				2,254,359

United States - 72.6%
Biotechnology - 41.0% (d)
AbbVie, Inc.		1,565		253,702
Adagio Therapeutics, Inc. (a)(b)		33,746		153,882
Aligos Therapeutics, Inc. (a)		12,927		27,793
Alnylam Pharmaceuticals, Inc. (a)(b)		11,978		1,955,888
Altimmune, Inc. (a)		12,054		73,409
Arcturus Therapeutics Holdings, Inc. (a)(b)		8,000		215,680
Assembly Biosciences, Inc. (a)		14,518		29,907
Athersys, Inc. (a)		71,354		43,205
Atossa Therapeutics, Inc. (a)		38,409		48,011
BioCryst Pharmaceuticals, Inc. (a)(b)		56,014		910,788
CEL-SCI Corp. (a)		13,127		51,589
Chimerix, Inc. (a)		26,398		120,903
Codiak Biosciences, Inc. (a)		6,784		42,536
ContraFect Corp. (a)		11,931		43,548
Cue Biopharma, Inc. (a)		9,634		47,014
Dynavax Technologies Corp. (a)(b)		37,893		410,760
Emergent BioSolutions, Inc. (a)		15,319		628,998
Enanta Pharmaceuticals, Inc. (a)		6,227		443,238
Enochian Biosciences, Inc. (a)(b)		15,965		131,711
Gilead Sciences, Inc.		3,814		226,742
Gritstone bio, Inc. (a)(b)		20,623		84,967
Hookipa Pharma, Inc. (a)(b)		9,087		20,718
iBio, Inc. (a)		66,151		28,326
Icosavax, Inc. (a)		11,843		83,375
ImmunityBio, Inc. (a)(b)		120,665		676,931
Immunome, Inc. (a)		3,670		20,846
Inovio Pharmaceuticals, Inc. (a)(b)		63,817		229,103
Moderna, Inc. (a)		13,971		2,406,643
Novavax, Inc. (a)(b)		16,367		1,205,430
Ocugen, Inc. (a)(b)		65,186		215,114
OPKO Health, Inc. (a)(b)		206,672		710,952
PhaseBio Pharmaceuticals, Inc. (a)		14,587		19,255
Regeneron Pharmaceuticals, Inc. (a)		385		268,892
SAB Biotherapeutics, Inc. (a)		13,187		49,583
Silverback Therapeutics, Inc. (a)		10,640		37,346
Sorrento Therapeutics, Inc. (a)(b)		95,417		222,322
SQZ Biotechnologies Co. (a)		8,513		40,948
Tonix Pharmaceuticals Holding Corp. (a)		150,526		34,651
Vaxart, Inc. (a)(b)		38,162		192,336
Vaxcyte, Inc. (a)		17,081		412,506

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

ETFMG™ ETFs

ETFMG Treatments, Testing and Advancements ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

	Shares		Value
Vaxxinity, Inc. - Class A (a)(b)		37,841	$	162,716
Vir Biotechnology, Inc. (a)(b)		40,132		1,032,195
Total Biotechnology				14,014,459
Health Care Equipment & Supplies - 8.2%
Abbott Laboratories		1,946		230,329
Co-Diagnostics, Inc. (a)		8,845		54,662
Cue Health, Inc. (a)(b)		44,396		286,354
Hologic, Inc. (a)		3,320		255,042
Lucira Health, Inc. (a)		11,898		42,476
Meridian Bioscience, Inc. (a)		13,207		342,854
OraSure Technologies, Inc. (a)		21,851		148,150
Quidel Corp. (a)		12,673		1,425,205
Total Health Care Equipment & Supplies				2,785,072
Health Care Providers & Services - 11.3%
Enzo Biochem, Inc. (a)		14,703		42,639
Fulgent Genetics, Inc. (a)(b)		9,177		572,737
Laboratory Corp. of America Holdings (a)		7,310		1,927,354
Quest Diagnostics, Inc. (b)		9,707		1,328,500
Total Health Care Providers & Services				3,871,230
Life Sciences Tools & Services - 7.1%
Adaptive Biotechnologies Corp. (a)		42,947		596,104
Bio-Rad Laboratories, Inc. - Class A (a)(b)		3,248		1,829,372
Total Life Sciences Tools & Services				2,425,476
Pharmaceuticals - 5.0%
Atea Pharmaceuticals, Inc. (a)		25,245		182,269
Bristol-Myers Squibb Co. (b)		3,406		248,740
CorMedix, Inc. (a)		11,553		63,310
Eli Lilly and Co.		910		260,598
Johnson & Johnson		1,397		247,590
Merck & Co., Inc. (b)		3,051		250,335
Paratek Pharmaceuticals, Inc. (a)		15,224		45,215
Pfizer, Inc.		4,921		254,760
SIGA Technologies, Inc. (a)		22,482		159,397
Total Pharmaceuticals				1,712,214
Total United States				24,808,451
TOTAL COMMON STOCKS (Cost $51,559,535)				34,048,533

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 33.4%
ETFMG Sit Ultra Short ETF (e)		25,000		1,226,615
Mount Vernon Liquid Assets Portfolio, LLC, 0.41% (c)		10,173,952		10,173,952
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $11,417,927)				11,400,567

The accompanying notes are an integral part of these financial statements

ETFMG™ ETFs

ETFMG Treatments, Testing and Advancements ETF

Schedule of Investments

March 31, 2022 (Unaudited) (Continued)

	Shares		Value

SHORT-TERM INVESTMENTS - 0.3%
Money Market Funds - 0.3%
First American Government Obligations Fund - Class X, 0.18% (c)		119,716	$	119,716
TOTAL SHORT-TERM INVESTMENTS (Cost $119,716)				119,716

Total Investments (Cost $63,097,178) - 133.3%				45,568,816
Liabilities in Excess of Other Assets - (33.3)%				(11,393,567	)
TOTAL NET ASSETS - 100.0%			$	34,175,249

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 Biotechnology Industry.

(e)

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

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

ETFMG™ ETFs

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2022 (Unaudited)

	ETFMG Prime Cyber Security ETF		ETFMG Prime Mobile Payments ETF			ETFMG Sit Ultra Short ETF			ETFMG Treatments, Testing and Advancements ETF
ASSETS
Investments in unaffiliated securities, at value*	$	2,485,003,211	$	1,000,181,948		$	227,346,013		$	44,342,201
Investments in affiliated securities, at value*		85,863,050		44,158,140			—			1,226,615
Cash		—		26			—			—
Foreign currency*		—		78			—			—
Receivables:
Dividends and interest receivable		2,644,642		1,548,432			566,790			12,892
Securities lending income receivable		55,205		27,367			1,752,974			31,347
Total Assets		2,573,566,108		1,045,915,991			229,665,777			45,613,055

LIABILITIES
Collateral received for securities loaned (Note 7)		443,090,562		164,650,852			—			11,417,927
Payables:
Foreign currency payable to custodian, at value		39		—			—			—
Payable for investments purchased		—		—			1,470,853			—
Payable for fund shares redeemed		—		234,967			—			—
Management fees payable		1,052,375		539,492			58,197			19,879
Total Liabilities		444,142,976		165,425,311			1,529,050			11,437,806
Net Assets	$	2,129,423,132	$	880,490,680		$	228,136,727		$	34,175,249

NET ASSETS CONSIST OF:
Paid-in Capital	$	2,099,293,455	$	1,107,519,673		$	232,084,697		$	55,022,130
Total Distributable Earnings (Accumulated Losses)		30,129,677		(227,028,993	)		(3,947,970	)		(20,846,881	)
Net Assets	$	2,129,423,132	$	880,490,680		$	228,136,727		$	34,175,249

*Identified Cost:

Investments in unaffiliated securities	$	2,185,773,550	$	1,117,686,076		$	230,098,114		$	61,853,203
Investments in affiliated securities		87,417,317		45,008,103			—			1,243,975
Foreign currency		39		78			—			—

Shares Outstanding^		36,300,000		16,850,000			4,650,000			1,250,000

Net Asset Value, Offering and Redemption Price per Share	$	58.66	$	52.25		$	49.06		$	27.34

^ No par value, unlimited number of shares authorized

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

ETFMG™ ETFs

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2022 (Unaudited)

	ETFMG Prime Cyber Security ETF			ETFMG Prime Mobile Payments ETF			ETFMG Sit Ultra Short ETF			ETFMG Treatments, Testing and Advancements ETF
INVESTMENT INCOME
Income:
Dividends from unaffiliated securities (net of foreign withholdings tax of $243,457, $95,251, $-, $-)	$	6,719,514		$	2,782,247		$	—		$	90,948
Interest		2,795			1,024			853,779			45
Securities lending income		294,657			203,966			—			77,064
Total Investment Income		7,016,966			2,987,237			853,779			168,057

Expenses:
Management fees		6,552,544			3,738,144			346,331			158,645
Total Expenses		6,552,544			3,738,144			346,331			158,645
Net Investment Income (Loss)		464,422			(750,907	)		507,448			9,412

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Unaffiliated Investments		(166,007,970	)		(47,969,371	)		27,764			(1,475,067	)
In-Kind redemptions		138,778,587			24,373,537			—			857,076
Foreign currency and foreign currency translation		(115,151	)		175,965			—			—
Net Realized Gain (Loss) on Investments and In-Kind redemptions		(27,344,534	)		(23,419,869	)		27,764			(617,991	)
Net Change in Unrealized Appreciation (Depreciation) of:
Unaffiliated Investments		(45,164,492	)		(250,544,260	)		(3,267,638	)		(18,790,076	)
Affiliated Investments		(1,208,200	)		(621,360	)		—			(17,260	)
Foreign currency and foreign currency translation		(4,430	)		(594	)		—			—
Net change in Unrealized Appreciation (Depreciation) of Investments		(46,377,122	)		(251,166,214	)		(3,267,638	)		(18,807,336	)
Net Realized and Unrealized Gain (Loss) on Investments		(73,721,656	)		(274,586,083	)		(3,239,874	)		(19,425,327	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(73,257,234	)	$	(275,336,990	)	$	(2,732,426	)	$	(19,415,915	)

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

ETFMG Prime Cyber Security ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
OPERATIONS
Net investment income	$	464,422		$	7,093,741
Net realized gain (loss) on investments and In-Kind Redemptions		(27,344,534	)		330,529,386
Net change in unrealized appreciation/depreciation of
investments and foreign currency and foreign currency translation		(46,377,122	)		153,820,198
Net increase (decrease) in net assets resulting from operations		(73,257,234	)		491,443,325

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		(1,526,505	)		(6,619,000	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares		(103,468,595	)		318,934,925
Transaction Fees (See Note 1)		27,881			74,347
Net increase (decrease) in net assets from capital share transactions		(103,440,714	)		319,009,272
Total increase (decrease) in net assets	$	(178,224,453	)	$	803,833,597

NET ASSETS
Beginning of Period		2,307,647,585			1,503,813,988
End of Period	$	2,129,423,132		$	2,307,647,585

Summary of share transactions is as follows:

	Period Ended March 31, 2022 (Unaudited)						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Shares Sold		14,250,000		$	812,395,855			16,750,000		$	994,736,015
Transaction Fees (See Note 1)		—			27,881			—			27,881
Shares Redeemed		(15,800,000	)		(915,864,450	)		(11,200,000	)		(675,801,090	)
Net Transactions in Fund Shares		(1,550,000	)	$	(103,440,714	)		5,550,000		$	318,962,806
Beginning Shares		37,850,000						32,300,000
Ending Shares		36,300,000						37,850,000

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

ETFMG Prime Mobile Payments ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
OPERATIONS
Net investment loss	$	(750,907	)	$	(2,268,082	)
Net realized gain (loss) on investments and In-Kind Redemptions		(23,419,869	)		143,616,233
Net change in unrealized appreciation/depreciation of investments and foreign currency and foreign currency translation		(251,166,214	)		59,723,122
Net increase (decrease) in net assets resulting from operations		(275,336,990	)		201,071,273

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		—			—

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares		(37,824,655	)		194,384,200
Transaction Fees (See Note 1)		15,192			39,220
Net increase (decrease) in net assets from capital share transactions		(37,809,463	)		194,423,420
Total increase (decrease) in net assets	$	(313,146,453	)	$	395,494,693

NET ASSETS
Beginning of Period		1,193,637,133			798,142,440
End of Period	$	880,490,680		$	1,193,637,133

Summary of share transactions is as follows:

	Period Ended March 31, 2022 (Unaudited)						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Shares Sold		2,100,000		$	114,795,455			8,700,000		$	593,606,155
Transaction Fees (See Note 1)		—			15,192			—			39,220
Shares Redeemed		(2,850,000	)		(152,620,110	)		(5,800,000	)		(399,221,955	)
Net Transactions in Fund Shares		(750,000	)	$	(37,809,463	)		2,900,000		$	194,423,420
Beginning Shares		17,600,000						14,700,000
Ending Shares		16,850,000						17,600,000

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

ETFMG Sit Ultra Short ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
OPERATIONS
Net investment income	$	507,448		$	1,093,399
Net realized gain on investments and In-Kind Redemptions		27,764			74,759
Net change in unrealized appreciation (depreciation) of investments and foreign currency and foreign currency translation		(3,267,638	)		(112,246	)
Net increase (decrease) in net assets resulting from operations		(2,732,426	)		1,055,912

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		(501,714	)		(1,070,997	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares		(11,181,585	)		136,797,377
Net increase (decrease) in net assets	$	(14,415,725	)	$	136,782,292

NET ASSETS
Beginning of Period		242,552,452			105,770,160
End of Period	$	228,136,727		$	242,552,452

Summary of share transactions is as follows:

	Period Ended March 31, 2022 (Unaudited)						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Shares Sold		—		$	—			3,050,000		$	151,723,497
Shares Redeemed		(225,000	)		(11,181,585	)		(300,000	)		(14,926,120	)
Net Transactions in Fund Shares		(225,000	)	$	(11,181,585	)		2,750,000		$	136,797,377
Beginning Shares		4,875,000						2,125,000
Ending Shares		4,650,000						4,875,000

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

ETFMG Treatments, Testing and Advancements ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
OPERATIONS
Net investment income	$	9,412		$	578,226
Net realized gain (loss) on investments and In-Kind Redemptions		(617,991	)		13,807,775
Net change in unrealized appreciation (depreciation) of investments and foreign currency and foreign currency translation		(18,807,336	)		6,476,857
Net increase (decrease) in net assets resulting from operations		(19,415,915	)		20,862,858

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		(1,444	)		(647,750	)

CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from net change in outstanding shares		(9,887,985	)		(10,764,405	)
Net increase (decrease) in net assets	$	(29,305,344	)	$	9,450,703

NET ASSETS
Beginning of Period		63,480,593			54,029,890
End of Period	$	34,175,249		$	63,480,593

Summary of share transactions is as follows:

	Period Ended March 31, 2022 (Unaudited)						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Shares Sold		100,000		$	2,739,590			900,000		$	35,594,570
Shares Redeemed		(400,000	)		(12,627,575	)		(1,300,000	)		(46,358,975	)
Net Transactions in Fund Shares		(300,000	)	$	(9,887,985	)		(400,000	)	$	(10,764,405	)
Beginning Shares		1,550,000						1,950,000
Ending Shares		1,250,000						1,550,000

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

ETFMG Prime Cyber Security ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout 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 Period/Year	$	60.97		$	46.56		$	37.46		$	40.08		$	30.11		$	27.91
Income (Loss) from Investment Operations:
Net investment income (loss) ¹		0.01			0.20			0.64			0.07			0.03			(0.01	)
Net realized and unrealized gain (loss) on investments		(2.28	)		14.39			9.10			(2.64	)		9.94			2.34
Total from investment operations		(2.27	)		14.59			9.74			(2.57	)		9.97			2.33
Less Distributions:
Distributions from net investment income		(0.04	)		(0.18	)		(0.64	)		(0.05	)		(0.00	)³		(0.13	)

Total distributions		(0.04	)		(0.18	)		(0.64	)		(0.05	)		(0.00	)³		(0.13	)
Net asset value, end period/year	$	58.66		$	60.97		$	46.56		$	37.46		$	40.08		$	30.11
Total Return		-3.71	%⁴		31.34	%		26.75	%		-6.42	%		33.16	%		8.42	%

Ratios/Supplemental Data:
Net assets at end of period/year (000’s)	$	2,129,423		$	2,307,648		$	1,503,814		$	1,427,200		$	1,835,861		$	1,097,360

Expenses to Average Net Assets before legal expense		0.60	%⁵		0.60	%		0.60	%		0.60	%		0.60	%		0.68	%
Gross Expenses to Average Net Assets		0.60	%⁵		0.60	%²		0.60	%		0.60	%		0.60	%		0.72	%²
Net Investment
Income (Loss) to Average Net Assets		0.04	%⁵		0.35	%		1.50	%		0.19	%		0.07	%		-0.03	%
Portfolio Turnover Rate		34	%⁴		34	%		33	%		36	%		41	%		53	%

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

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

Per share amount is less than $0.01.

⁴

Not annualized.

⁵

Annualized.

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

ETFMG Prime Mobile Payments 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 Period/Year	$	67.82		$	54.30		$	46.60		$	42.86		$	32.57		$	24.96
Income (Loss) from Investment Operations:
Net investment income (loss) ¹		(0.04	)		(0.13	)		(0.04	)		0.03			0.07			0.03
Net realized and unrealized gain (loss) on investments		(15.53	)		13.65			7.75			3.93			10.22			7.60
Total from investment operations		(15.57	)		13.52			7.71			3.96			10.29			7.63
Less Distributions:
Distributions from net investment income		—			—			(0.02	)		(0.05	)		(0.01	)		(0.02	)
Net realized gains		—			—			—			(0.18	)		—			—
Total distributions		—			—			(0.02	)		(0.23	)		(0.01	)		(0.02	)
Capital Share Transactions:
Transaction fees added to paid-in capital		—			—			0.01			0.01			0.01			—
Net asset value, end period/year	$	52.25		$	67.82		$	54.30		$	46.60		$	42.86		$	32.57
Total Return		-22.95	%³		24.91	%		16.56	%		9.49	%		31.62	%		30.59	%

Ratios/Supplemental Data:
Net assets at end period/year (000’s)	$	880,491		$	1,193,637		$	798,142		$	743,198		$	522,874		$	170,993

Expenses to Average Net Assets before legal expense		0.75	%⁴		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Gross Expenses to Average Net Assets		0.75	%⁴		0.75	%		0.75	%		0.75	%		0.75	%		0.80	%²
Net Investment Income (Loss) to Average Net Assets		-0.15	%⁴		-0.20	%		-0.08	%		0.06	%		0.16	%		0.12	%
Portfolio Turnover Rate		18	%³		27	%		19	%		28	%		16	%		31	%

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

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

Not annualized.

⁴

Annualized.

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

ETFMG Sit Ultra Short ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period/year

	Period Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Period Ended September 30, 2020¹

Net Asset Value, Beginning Year/Period	$	49.75		$	49.77		$	50.00

Income from Investment Operations:
Net investment income ²		0.11			0.39			0.86
Net realized and unrealized gain (loss) on investments		(0.69	)		(0.02	)		(0.27	)
Total from investment operations		(0.58	)		0.37			0.59

Less Distributions:
Distributions from net investment income		(0.11	)		(0.39	)		(0.82	)
Total distributions		(0.11	)		(0.39	)		(0.82	)
Net asset at end of year/period	$	49.06		$	49.75		$	49.77
Total Return		-1.18	%³		0.75	%⁵		1.19	%³

Ratios/Supplemental Data:
Net assets at end of year/period (000’s)	$	228,137		$	242,552		$	105,770

Expenses to Average Net Assets before legal expense		0.30	%⁴		0.30	%		0.30	%⁴
Gross Expenses to Average Net Assets		0.30	%⁴		0.30	%		0.30	%⁴
Net Investment Income to Average Net Assets		0.44	%⁴		0.77	%		1.78	%⁴
Portfolio Turnover Rate		27	%³		55	%		132	%³

Commencement of operations on October 8, 2019.

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

Not annualized.

⁴

Annualized.

⁵

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

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

ETFMG Treatments, Testing and Advancements ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period/year

	Period Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Period Ended September 30, 2020¹

Net Asset Value, Beginning Period/Year	$	40.96		$	27.71		$	25.00

Income from Investment Operations:
Net investment income ²		0.01			0.36			0.02
Net realized and unrealized gain (loss) on investments		(13.63	)		13.28			2.69
Total from investment operations		(13.62	)		13.64			2.71

Less Distributions:
Distributions from net investment income		(0.00	)³		(0.39	)		—
Total distributions		(0.00	)³		(0.39	)		—
Net asset at end of period/year	$	27.34		$	40.96		$	27.71
Total Return		-33.24	%⁴		49.43	%⁶		10.82	%⁴

Ratios/Supplemental Data:
Net assets at end of period/year (000’s)	$	34,175		$	63,481		$	54,030

Expenses to Average Net Assets before legal expense		0.68	%⁵		0.68	%		0.68	%⁵
Gross Expenses to Average Net Assets		0.68	%⁵		0.68	%		0.68	%⁵
Net Investment Income to Average Net Assets		0.04	%⁵		0.98	%		0.25	%⁵
Portfolio Turnover Rate		16	%⁴		39	%		41	%⁴

Commencement of operations on June 17, 2020.

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

Per share amount is less than $0.01.

⁴

Not annualized.

⁵

Annualized.

⁶

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

NOTE 1 – ORGANIZATION

ETFMG Prime Cyber Security ETF (“HACK”), ETFMG Prime Mobile Payments ETF (“IPAY”), ETFMG Sit Ultra Short ETF (“VALT”), and ETFMG Treatments, Testing and Advancements ETF (“GERM”) (each a “Fund”, or collectively the “Funds”) are series of ETF Managers Trust (the “Trust”), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on July 1, 2009. The Trust is registered with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”).

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

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

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

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

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 U.S. Securities and Exchange Commission (SEC). For more information about the underlying Fund’s operations and policies, please refer to those Fund’s semiannual and annual reports, which are filed with the SEC.

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

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

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

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

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

Level 2

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

Level 3

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

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

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

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

ETFMG Prime Cyber Security ETF
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	2,113,088,634	$	—	$	—	$	2,113,088,634
Short-Term Investments		16,241,332		—		—		16,241,332
ETFMG Sit Ultra Short ETF**		85,863,050		—		—		85,863,050
Investments Purchased with Securities Lending Collateral*		—		—		—		355,673,245
Total Investments in Securities	$	2,215,193,016	$	—	$	—	$	2,570,866,261

ETFMG Prime Mobile Payments ETF
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	875,156,183	$	—	$	—	$	875,156,183
Short-Term Investments		5,381,430		—		—		5,381,430
ETFMG Sit Ultra Short ETF**		44,158,140		—		—		44,158,140
Investments Purchased with Securities Lending Collateral*		—		—		—		119,644,335
Total Investments in Securities	$	924,695,753	$	—	$	—	$	1,044,340,088

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

ETFMG Sit Ultra Short ETF
Assets^	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	—	$	212,342,500	$	—	$	212,342,500
Municipal Debt Obligations		—		4,349,181		—		4,349,181
U.S. Government Notes/Bonds		—		9,340,818		—		9,340,818
Short-Term Investments		1,313,514		—		—		1,313,514
Total Investments in Securities	$	1,313,514	$	226,032,499	$	—	$	227,346,013

ETFMG Treatments, Testing and Advancements ETF
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	34,048,533	$	—	$	—	$	34,048,533
Short-Term Investments		119,716		—		—		119,716
ETFMG Sit Ultra Short ETF**		1,226,615		—		—		1,226,615
Investments Purchased with Securities Lending Collateral*		—		—		—		10,173,952
Total Investments in Securities	$	35,394,864	$	—	$	—	$	45,568,816

See Schedule of Investments for classifications by country and industry.

Certain investments that are measured at fair value used the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedules of Investments.

Investment was purchased with collateral.

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

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

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

Each Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Each Fund has analyzed its tax position and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Funds’ 2021 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, the State of New Jersey, and the State of Delaware; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

As of March 31, 2022, management has reviewed the tax positions for open periods (for Federal purposes, four years from the date of filing and for state purposes, four years from the date of filing), as applicable to the Funds, and has determined that no provision for income tax is required in the Funds’ financial statements.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Income, including gains, from investments in foreign securities received by the Funds may be subject to income, withholding or other taxes imposed by foreign countries.

Foreign Currency Translations and Transactions. The Funds may engage in foreign currency transactions. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, assets and liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. For financial reporting purposes, the Funds do not isolate changes in the exchange rate of investment securities from the fluctuations arising from changes in the market prices of securities for unrealized gains and losses. However, for federal income tax purposes, the Funds do isolate and treat as ordinary income the effect of changes in foreign exchange rates on realized gains or losses from the sale of investment securities and payables and receivables arising from trade-date and settlement-date differences.

Distributions to Shareholders. Distributions to shareholders from net investment income are generally declared and paid by each of the Funds on a quarterly basis. Distributions to shareholders from realized gains on securities for each Fund normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

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

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

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

NOTE 3 – RISK FACTORS

Investing in the Funds may involve certain risks, as discussed in the Funds’ prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

Investment Style Risk. The Funds, other than VALT, are not actively managed (“Index Funds”). Therefore, those Funds follow the securities included in its respective index during upturns as well as downturns. Because of their indexing strategies, the Index Funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of the Index Funds’ expenses, the Index Funds’ performance may be below that of their respective index.

Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time.

Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.

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

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

NOTE 4 – MANAGEMENT AND OTHER CONTRACTS

ETF Managers Group, LLC (the “Advisor”), serves as the investment advisor to the Funds. Pursuant to an Investment Advisory Agreement (“Advisory Agreement”) between the Trust, on behalf of the Funds, and the Advisor, the Advisor provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Advisor is also responsible for arranging transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

Under the Investment Advisory Agreement, the Advisor has overall responsibility for the general management and administration of the Funds and arranges for sub-advisory, transfer agency, custody, fund administration, securities lending, and all other non-distribution related services necessary for the Funds to operate. The Funds unitary fees are accrued daily and paid monthly. The Advisor bears the costs of all advisory and non-advisory services required to operate the Funds, in exchange for a single unitary fee at the following annual rates:

ETFMG Prime Cyber Security ETF	0.60%
ETFMG Prime Mobile Payments ETF	0.75%
ETFMG Sit Ultra Short ETF	0.30%
ETFMG Treatments, Testing and Advancements ETF	0.68%

Under the Investment Advisory Agreement, the Advisor has agreed to pay all expenses of the Funds, except for: the fee paid to the Advisor pursuant to the Investment Advisory Agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses (collectively, “Excluded Expenses”). The Advisor has entered into an agreement with its affiliate ETFMG Financial, LLC to serve as distributor to the Funds (the “Distributor”). The Distributor provides marketing support for the Funds, including distributing marketing materials related to the Funds. Level ETF Ventures, LLC (“Level”) serves as the index provider for HACK, IPAY, and GERM. Level is not affiliated with the Trust or the Advisor.

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

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

NOTE 5 – DISTRIBUTION PLAN

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

NOTE 6 – PURCHASES AND SALES OF SECURITIES

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, during the period ended March 31, 2022:

	Purchases		Sales
ETFMG Prime Cyber Security ETF	$	769,162,255	$	789,810,894
ETFMG Prime Mobile Payments ETF		192,130,137		192,701,455
ETFMG Sit Ultra Short ETF		61,128,900		62,731,495
ETFMG Treatments, Testing and Advancements ETF		8,005,118		8,213,609

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

	Purchases In-		Sales In-
	Kind		Kind
ETFMG Prime Cyber Security ETF	$	794,966,651	$	891,710,270
ETFMG Prime Mobile Payments ETF		112,395,435		148,832,072
ETFMG Sit Ultra Short ETF		—		—
ETFMG Treatments, Testing and Advancements ETF		2,711,339		12,246,911

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, except for VALT, may lend up to 33 1⁄3% of the value of the securities in their portfolios 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 earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss on 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 Funds could also experience delays in recovering their 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.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

As of the period ended 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
	Values of		Fund
	Securities on		Collateral
Fund	Loan		Received*
ETFMG Prime Cyber Security ETF	$	429,432,910	$	443,090,562
ETFMG Prime Mobile Payments ETF		158,212,346		164,650,852
ETFMG Treatments, Testing and Advancements ETF		10,899,114		11,417,927

* The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, a money market fund 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)
ETFMG Prime Cyber Security ETF	$	2,401,040,537	$	441,995,693	$	(156,489,208	)	$	285,506,485
ETFMG Prime Mobile Payments ETF		1,301,934,331		203,125,831		(97,401,406	)		105,724,425
ETFMG Sit Ultra Short ETF		239,654,901		550,557		(38,878	)		511,679
ETFMG Treatments, Testing and Advancements ETF		73,631,811		9,416,918		(8,718,871	)		698,047

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.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

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

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings		Other Accumulated Loss			Total Accumulated Gain (Loss)
ETFMG Prime Cyber Security ETF	$	629,031	$	—	$	629,031	$	(181,222,100	)	$	104,913,416
ETFMG Prime Mobile Payments ETF		—		—		—		(57,416,428	)		48,307,997
ETFMG Sit Ultra Short ETF		116,138		—		116,139		(1,341,647	)		(713,830	)
ETFMG Treatments, Testing and Advancements ETF		1,444		—		1,444		(2,129,013	)		(1,429,522	)

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

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

	Capital Loss Carryforward ST			Capital Loss Carryforward LT			Expires
ETFMG Prime
Cyber Security ETF	$	(74,327,872	)	$	(106,894,241	)	Indefinite
ETFMG Prime Mobile Payments ETF		(20,056,769	)		(35,819,530	)	Indefinite
ETFMG Sit Ultra Short ETF		(1,341,647	)		—		Indefinite
ETFMG Treatments, Testing and Advancements ETF		(2,129,013	)		—		Indefinite

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

	Late Year Ordinary Loss		Post- October Capital Loss
ETFMG Prime Cyber Security ETF	$	—	$	—
ETFMG Prime Mobile Payments ETF		1,542,196		—
ETFMG Sit Ultra Short ETF		—		—
ETFMG Treatments, Testing and Advancements ETF		—		—

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

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
ETFMG Prime
Cyber Security ETF	$	1,526,505	$	—	$	6,619,000	$	—
ETFMG Prime Mobile Payments ETF		—		—		—		—
ETFMG Sit Ultra Short ETF		501,714		—		1,070,997		—
ETFMG Treatments, Testing and Advancements ETF		1,444		—		647,750		—

NOTE 9 – INVESTMENTS IN AFFILIATES

ETFMG Prime Cyber Security ETF

ETFMG Prime Cyber Security 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 this security was as follows:

Security Name		Value at September 30, 2021				Purchases				Sales				Realized Gain (Loss)⁽¹⁾				Change in Unrealized Appreciation (Depreciation)				Dividend Income				Value at March 31, 2022				Ending Shares
ETFMG Sit Ultra Short ETF *			87,071,250				—				—				—				(1,208,200	)			—				85,863,050				1,750,000

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

ETFMG Prime Mobile Payments ETF

ETFMG Prime Mobile Payments 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 this security was as follows:

Security Name		Value at September 30, 2021				Purchases				Sales				Realized Gain (Loss)⁽¹⁾				Change in Unrealized Appreciation (Depreciation)				Dividend Income				Value at March 31, 2022				Ending Shares
ETFMG Sit Ultra Short ETF *		$	44,779,500			$	—			$	—			$	—			$	(621,360	)		$	—			$	44,158,140				900,000

ETFMG Treatments, Testing and Advancements ETF

ETFMG Treatments, Testing and Advancements 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 this security was as follows:

Security Name		Value at September 30, 2021				Purchases				Sales				Realized Gain (Loss)⁽¹⁾				Change in Unrealized Appreciation (Depreciation)				Dividend Income				Value at March 31, 2022				Ending Shares
ETFMG Sit Ultra Short ETF *		$	1,243,875			$	—			$	—			$	—			$	(17,260	)		$	—			$	1,226,615				25,000

*Affiliate as of March 31, 2022.

¹Realized Losses include transactions in affiliated investments and affiliated in-kind redemptions^.

As of March 31, 2022, 97.31% of outstanding shares of VALT were owned by affiliates.

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 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. This action asserts breach of contract and 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 new 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. The defendants intend to vigorously defend themselves in this new action.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited) (Continued)

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.

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.

ETFMG Prime Cyber Security ETF

ETFMG Prime Mobile Payments ETF

ETFMG Sit Ultra Short ETF

ETFMG Treatments, Testing and Advancements 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 ETFMG Treatments, Testing and Advancements ETF (“GERM”), ETFMG Prime Cyber Security ETF (“HACK”), ETFMG Prime Mobile Payments ETF (“IPAY”) and ETFMG Sit Ultra Short ETF (“VALT”) (each a “Fund” and collectively, the “Funds”); and

●

a Sub-Advisory Agreement between the Adviser and Sit Fixed Income Advisors II, LLC (the “Sub-Adviser”) with respect to the Fund (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Agreements”).

Pursuant to Section 15(c) of the 1940 Act, the Board must annually review and approve the Agreements after their initial two-year term: (i) by the vote of the Trustees or by a vote of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements 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 Agreements for an additional one-year term. In preparation for such meeting, the Board requests and reviews a wide variety of information from the Adviser and Sub-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 and Sub-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 or Sub-Adviser and their 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, each of the Adviser and Sub-Adviser provided responses to a detailed series of questions, which included information about the Adviser’s and Sub-Adviser’s operations, service offerings, personnel, risk assessment 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 Agreements 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 Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements 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.

ETFMG Prime Cyber Security ETF

ETFMG Prime Mobile Payments ETF

ETFMG Sit Ultra Short ETF

ETFMG Treatments, Testing and Advancements ETF

APPROVAL OF ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS

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

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.

The Board also considered other services provided to the Funds, such as overseeing the activities of the Sub-Adviser, as well as the Funds’ other service providers, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities laws.

With respect to VALT, the Board then considered the scope of services provided under the Sub-Advisory Agreement, noting that the Sub-Adviser will be providing investment sub-advisory services to the Adviser in the form of selecting and trading portfolio securities on behalf of the Fund and selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the oversight of the Board.

In considering the nature, extent and quality of the services to be provided by the Sub-Adviser, the Board noted that it had received a copy of the Sub-Adviser’s Form ADV, as well as the response of the Sub-Adviser to a detailed series of questions which included, among other things, information about the background and experience of the Sub-Adviser’s personnel. The Board considered the experience of the Sub-Adviser’s personnel in the financial services industry, particularly in regards to fixed-income securities. The Board also considered the quality of the Sub-Adviser’s compliance program and Code of Ethics.

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 and Sub-Adviser, as applicable.

Historical Performance

The Board then considered the past performance of the Funds over various time periods ending December 31, 2021. 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 thrid party.

With respect to GERM, HACK and IPAY, which are index-based ETFs, the Board additionally reviewed information regarding each Fund’s performance 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 index-based 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 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.

ETFMG Prime Cyber Security ETF

ETFMG Prime Mobile Payments ETF

ETFMG Sit Ultra Short ETF

ETFMG Treatments, Testing and Advancements ETF

APPROVAL OF ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS

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

With respect to VALT, the Board considered management’s discussion of VALT’s performance, noting the effect of adverse credit market developments at the beginning of the COVID-19 pandemic on the Fund’s performance.

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 GERM, IPAY and VALT was higher than the average of median expense ratios for its peer group and that the advisory fee for HACK was slightly higher than the average and higher than the median expense ratios for its 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 funds 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.

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 certain of 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.

ETFMG Prime Cyber Security ETF

ETFMG Prime Mobile Payments ETF

ETFMG Sit Ultra Short ETF

ETFMG Treatments, Testing and Advancements ETF

APPROVAL OF ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS

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

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.

The Board also reviewed the sub-advisory fee paid to the Sub -Adviser for its services to VALT under the Sub-Advisory Agreement. The Board considered this fee in light of the services the Sub-Adviser provides as investment sub-adviser to VALT. The Board determined that the fee reflected an appropriate allocation of the advisory fee paid to the Adviser and Sub-Adviser given the work performed by each firm. The Board concluded that the proposed sub-advisory fee was reasonable in light of the services rendered.

The Board also considered that the sub-advisory fee paid to the Sub-Adviser is paid out of the Adviser’s unified fee and represents an arm’s-length negotiation between the Adviser and the Sub-Adviser. For these reasons, the Trustees determined that the profitability to the Sub-Adviser from its relationship with VALT was not a material factor in their deliberations with respect to consideration of approval of the Sub-Advisory Agreement. The Board considered that, because the sub -advisory fee was paid by the Adviser out of its unified fee, any economies of scale would not benefit shareholders and, thus, were not relevant for the consideration of the approval of the sub-advisory fee.

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 Agreements are fair and reasonable; (b) concluded that the Adviser’s and Sub-Adviser’s fee is reasonable in light of the services that the Adviser and Sub-Adviser each provide to the Funds, as applicable; and (c) approved the renewal of the Agreements for another year.

ETFMG™ ETFs

EXPENSE EXAMPLES

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 invested for the period of time as indicated in the table below.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Fund Name	Beginning Account Value 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
ETFMG Prime Cyber Security ETF
Actual	1,000.00		962.90		2.94		0.60	%
Hypothetical (5% annual)	1,000.00		1,021.94		3.02		0.60	%
ETFMG Prime Mobile Payments ETF
Actual	1,000.00		770.50		3.31		0.75	%
Hypothetical (5% annual)	1,000.00		1,021.19		3.78		0.75	%
ETFMG Sit Ultra Short ETF
Actual	1,000.00		988.20		1.49		0.30	%
Hypothetical (5% annual)	1,000.00		1,023.44		1.51		0.30	%
ETFMG Treatments, Testing and Advancements ETF
Actual	1,000.00		667.60		2.83		0.68	%
Hypothetical (5% annual)	1,000.00		1,021.54		3.43		0.68	%

^ 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 one-half year period).

ETFMG™ ETFs

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 ETFMG Treatments, Testing and Advancements ETF, ETFMG Prime Cyber Security ETF, ETFMG Prime Mobile Payments ETF and ETFMG Sit Ultra Short 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.

ETFMG™ ETFs

Board of Trustees

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

Name and Year of Birth	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships Held by Trustee During Past 5 Years
Interested Trustee and Officers
Samuel Masucci, III (1962)	Trustee, Chairman of the Board and President (since 2012); Secretary (since 2014)	Chief Executive Officer, Exchange Traded Managers Group LLC (since 2013); Chief Executive Officer, ETF Managers Group LLC (since 2016); Chief Executive Officer, ETF Managers Capital LLC (commodity pool operator) (since 2014); Chief Executive Officer (2012-2016) and Chief Compliance Officer (2012-2014), Factor Advisors, LLC (investment adviser); President and Chief Executive Officer, Factor Capital Management LLC (2012-2014) (commodity pool operator).	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.

ETFMG™ ETFs

Board of Trustees (Continued)

Name and Year of Birth	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships Held by Trustee During Past 5 Years
Terry Loebs (1963)	Trustee (since 2014); Lead Independent Trustee (since 2020)	Founder and Managing Member, Pulsenomics LLC (index product development and consulting firm) (since 2011); Managing Director, MacroMarkets, LLC (exchange-traded products firm) (2006-2011).	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

ETFMG ^TM ETFs

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

ETFMG Prime Cyber Security ETF	100.00%
ETFMG Prime Mobile Payments ETF	0.00%
ETFMG Sit Ultra Short ETF	0.00%
ETFMG Treatments, Testing and Advancements	40.33%

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

Fund Name	Dividends Received Deduction

ETFMG Prime Cyber Security ETF	100.00%
ETFMG Prime Mobile Payments ETF	0.00%
ETFMG Sit Ultra Short ETF	0.00%
ETFMG Treatments, Testing and Advancements	27.46%

Short Term Capital Gain

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

Fund Name	Short-Term Capital Gain

ETFMG Prime Cyber Security ETF	0.00%
ETFMG Prime Mobile Payments ETF	0.00%
ETFMG Sit Ultra Short ETF	0.00%
ETFMG Treatments, Testing and Advancements	0.00%

ETFMG™ ETFs

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.

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