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%. 

2 

 

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

3 

 

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. 

4 

 

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. 

5 

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.

 

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 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. 

6 

 

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.

7 

 

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  

 

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 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. 

8 

 

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.

9 

 

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  

 

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 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. 

10 

 

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. 

11 

 

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. 

12 

 

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.

 

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

 

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

 

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

 

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

13 

 

ETFMG™ ETFs

  

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.

 

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.

 

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.

 

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. 

14 

 

ETFMG™ ETFs

 

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

 

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

 

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

 

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

15 

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. 

16 

 

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. 

17 

 

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. 

18 

 

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. 

19 

 

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. 

20 

 

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. 

21 

 

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. 

22 

 

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. 

23 

 

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 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 

24 

 

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. 

25 

 

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. 

26 

 

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. 

27 

 

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. 

28 

 

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. 

29 

 

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. 

30 

 

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. 

31 

 

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. 

32 

 

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. 

33 

 

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 

34 

 

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 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. 

35 

 

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. 

36 

 

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. 

37 

 

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. 

38 

 

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. 

39 

 

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. 

40 

 

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. 

41 

 

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 %

 


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

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

3 Per share amount is less than $0.01.

4 Not annualized.

5 Annualized.

 

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

42 

 

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 %

 


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

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

3 Not annualized.

4 Annualized.

  

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

43 

 

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

 


1 Commencement of operations on October 8, 2019.

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

3 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.

44 

 

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

  


1 Commencement of operations on June 17, 2020.

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

3 Per share amount is less than $0.01.

4 Not annualized.

5 Annualized.

6 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.

45 

 

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. 

46 

 

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.

 


A. 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 secur