Annual Report

September 30, 2021

ETFMG Prime Cyber Security ETF

ETFMG Prime Mobile Payments ETF

ETFMG Sit Ultra Short ETF

ETFMG Treatments, Testing and Advancements ETF

The funds are series of ETF Managers Trust.

ETFMG™ ETFs

TABLE OF CONTENTS

September 30, 2021

	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
Report of Independent Registered Public Accounting Firm	59
Expense Examples	60
Trustees and Officers Table	61
Federal Tax Information	63
Information about Portfolio Holdings	64
Information about Proxy Voting	64
Privacy Policy	65

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, 2020 to September 30, 2021.

Performance Overview

During the 12- month period ended September 30, 2021, the S&P 500 Information Technology Sector Index, a broad measure of US listed technology companies, returned 28.9%. During the same period, the S&P Global 1200 Information Technology Sector Index, a broad measure of global technology companies, returned 30.3%. Below is a performance overview for each Fund for the same 12-month period, except as noted otherwise.

ETFMG Prime Cyber Security ETF (HACK)

The ETFMG Prime Cyber Security ETF (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”).

Over the period, the total return for the Fund was 31.34%, while the total return for the Index was 32.26%. The best performers in the Fund on the basis of contribution to return were Cloudflare Inc. - Class A, Fortinet Inc., Blackberry Ltd., Palo Alto Networks Inc. and Darktrace Plc, while the worst performers were Sumo Logic Inc., Knowbe4 Inc.-A, Ping Identity Holding Corp., Splunk Inc. and Cognyte Software Ltd.

During the reporting period, the Fund saw an average approximate allocation of 62.9% to Software, 13.4% to IT Services, 9.2% to Communications Equipment, 7.9% to Professional Services, 5.4% to Aerospace & Defense and 1.0% to Electronic Equipment, Instruments & Components, The Fund was exposed predominately to the United States at 79.3%, 6.3% to Israel, 5% to the United Kingdom, 3.8% to Canada, 3.6% to Japan and 10% to Sweden

ETFMG Prime Mobile Payments ETF (IPAY)

The ETFMG Prime Mobile Payments ETF (the “Fund”) 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”).

Over the period, the total return for the Fund was 24.91%, while the total return for the Index was 25.81%. The best performers in the Fund on the basis of contribution to return were American Express Co., Square Inc. - A, Discover Financial Services, Adyen Nv and Paypal Holdings Inc., while the worst performers were Fidelity National Info Serv., Cielo Sa, Stoneco Ltd.-A, Global Payments Inc., Qiwi Plc-Sponsored Adr and Marqeta Inc.-A.

During the reporting period, the Fund saw an average approximate allocation of 84.2% to IT Services, 11.0% to Consumer Finance, 3.5% to Software and 1.1% to Electronic Equipment, Instruments and Components. The Fund was exposed predominately to the United States 68.7%, followed by the Brazil 6.1%, Netherlands 5.4%, Australia 3.9% and France 3.0%.

ETFMG Sit Ultra Short ETF (VALT)

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

Over the fiscal period, the total return for the Fund was 0.75%, while the total return for its benchmark, the Bloomberg Barclays U.S. Treasury Bills Index: 1-3-month Index, was 0.05%.

The Fund 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. The Fund uses the Bloomberg Barclays U.S. Treasury Bills Index: 1-3-month Index as its benchmark index. The Fund seeks to maintain an average effective duration within a range of 2 months to 1 year.

ETFMG Treatments, Testing and Advancements ETF (GERM)

The ETFMG Treatments, Testing and Advancements ETF (the “Fund”) 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 “Index”).

Over the fiscal period, the total return for the Fund was 49.43%, while the total return the for the Index was 48.59%. The best performers in the Fund on the basis of contribution to return were Moderna Inc., Biontech Se-Adr, Novavax Inc, Bio-Rad Laboratories-A, and Laboratory Crp Of Amer Hldgs, while the worst performers were Emergent Biosolutions Inc., Quidel Corp., Vaxcyte Inc., Abcellera Biologics Inc. and Adaptive Biotechnologies.

During the reporting period, the Fund saw an average approximate allocation of 61.1% Biotechnology, 11.8% Life Sciences Tools & Services, 11.2% Health Care Providers & Services, 8.1% Pharmaceuticals and 7.5% Health Care Equipment & Supplies. The Fund was exposed predominately to the United States 77.0% followed by Germany 11.4%, China 6.8%, United Kingdom 1.8% and Canada 1.7%.

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

Sincerely,

Samuel Masucci III

Chairman of the Board

ETFMG Prime Cyber Security ETF

Growth of $10,000 (Unaudited)

Average Annual Returns Year Ended September 30, 2021	1 Year Return		5 Year Return	Since Inception (11/11/14)	Value of $10,000 (9/30/2021)
ETFMG Prime Cyber Security ETF (NAV)		31.34%	17.60%	14.43%	$	25,295
ETFMG Prime Cyber Security ETF (Market)		31.07%	17.56%	14.39%	$	25,238
S&P 500 Index		30.00%	16.90%	13.67%	$	24,161
Prime Cyber Defense Index*		32.26%	17.99%	14.91%	$	26,030

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

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

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

ETFMG Prime Cyber Security ETF

Top Ten Holdings as of September 30, 2021 (Unaudited)*


	Security	% of Total Investments
1	ETFMG Sit Ultra Short ETF**	3.24%
2	Cisco Systems, Inc.	2.80%
3	Palo Alto Networks, Inc.	2.45%
4	Darktrace PLC	2.38%
5	Fortinet, Inc.	2.03%
6	Splunk, Inc.	2.01%
7	BlackBerry, Ltd.	1.98%
8	Cloudflare, Inc. - Class A	1.96%
9	CACI International, Inc. - Class A	1.95%
10	Tenable Holdings, Inc.	1.93%

Top Ten Holdings = 22.73% of Total Investments

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

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

ETFMG Prime Mobile Payments ETF

Growth of $10,000 (Unaudited)

Average Annual Returns Year Ended September 30, 2021	1 Year Return		5 Year Return	Since Inception (7/15/15)	Value of $10,000 (9/30/2021)
ETFMG Prime Mobile Payments ETF (NAV)		24.91%	22.34%	17.67%	$	27,474
ETFMG Prime Mobile Payments ETF (Market)		24.39%	22.12%	17.62%	$	27,402
S&P 500 Index		30.00%	16.90%	14.40%	$	23,061
Prime Mobile Payments Index*		25.81%	23.13%	18.41%	$	28,561

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

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

ETFMG Prime Mobile Payments ETF

Top Ten Holdings as of September 30, 2021 (Unaudited)*


	Security	% of Total Investments
1	American Express Co.	5.54%
2	MasterCard, Inc. - Class A	5.46%
3	Visa, Inc. - Class A	5.32%
4	PayPal Holdings, Inc.	4.88%
5	Square, Inc. - Class A	4.83%
6	Adyen NV	4.54%
7	Fidelity National Information Services, Inc.	4.18%
8	Fiserv, Inc.	4.02%
9	ETFMG Sit Ultra Short ETF**	3.18%
10	Global Payments, Inc.	2.96%

Top Ten Holdings= 44.91% of Total Investments

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

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

ETFMG Sit Ultra Short ETF
Growth of $10,000 (Unaudited)

Average Annual Returns Year Ended September 30, 2021	1 Year Return		Since Inception (10/8/2019)	Value of $10,000 (9/30/2021)
ETFMG Sit Ultra Short ETF (NAV)		0.75%	0.98%	$	10,195
ETFMG Sit Ultra Short ETF (Market)		0.72%	0.98%	$	10,195

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

ETFMG Sit Ultra Short ETF

Top Ten Holdings as of September 30, 2021 (Unaudited)*


	Security	% of Total Investments
1	Dominion Energy, Inc.	2.31%
2	Entergy Louisiana LLC	2.04%
3	Goldman Sachs Group, Inc.	1.79%
4	Toronto-Dominion Bank	1.67%
5	PPL Electric Utilities Corp.	1.66%
6	Barclays PLC	1.59%
7	CenterPoint Energy, Inc.	1.58%
8	Brighthouse Financial Global Funding	1.55%
9	JPMorgan Chase & Co.	1.54%
10	Phillips 66	1.52%

Top Ten Holdings =17.25% of Total Investments

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

ETFMG Treatments, Testing and Advancements ETF

Growth of $10,000 (Unaudited)

Average Annual Returns Year Ended September 30, 2021	1 Year Return		Since Inception (6/17/2020)	Value of $10,000 (9/30/2021)
ETFMG Treatments, Testing and Advancements ETF (NAV)		49.43%	47.95%	$	16,560
ETFMG Treatments, Testing and Advancements ETF (Market)		50.02%	48.13%	$	16,586
S&P 500 Index		30.00%	30.64%	$	14,108
Prime Treatments, Testing and Advancements Index NTR		48.59%	47.37%	$	16,494

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

ETFMG Treatments, Testing and Advancements ETF

Top Ten Holdings as of September 30, 2021 (Unaudited)*


	Security	% of Total Investments
1	Moderna, Inc.	5.50%
2	Alnylam Pharmaceuticals, Inc.	5.36%
3	Laboratory Corp. of America Holdings	5.19%
4	BioNTech SE	4.72%
5	Novavax, Inc.	4.55%
6	Quest Diagnostics, Inc.	3.55%
7	Bio-Rad Laboratories, Inc. - Class A	3.42%
8	Quidel Corp.	2.89%
9	CureVac NV	2.88%
10	Vir Biotechnology, Inc.	2.79%

Top Ten Holdings = 40.85% of Total Investments

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

ETFMG™ ETFs

Important Disclosures and Key Risk Factors

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

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

HACK

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

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

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

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

ETFMG™ ETFs

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

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

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

IPAY

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

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

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

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

ETFMG™ ETFs

VALT

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

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

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

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

GERM

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

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

ETFMG™ ETFs

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

ETFMG™ ETFs

PORTFOLIO ALLOCATIONS

As of September 30, 2021 (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		—	%		3.4	%		—	%		—	%
Bermuda		—			1.2			—			—
Brazil		—			1.0			—			—
Canada		3.3			1.9			—			4.2
Cayman Islands		—			5.8			—			6.2
Cyprus		—			0.2			—			—
Denmark		—			—			—			0.1
Finland		0.2			—			—			—
France		—			2.0			—			0.7
Germany		—			—			—			5.5
Israel		8.5			—			—			—
Italy		—			2.0			—			—
Japan		3.7			2.8			—			0.8
Jersey		1.2			—			—			—
Netherlands		—			5.4			—			3.4
Puerto Rico		—			1.3			—			—
Republic of Korea		0.9			—			—			—
Sweden		1.0			—			—			—
United Kingdom		9.3			3.4			—			5.3
United States		71.7			69.0			—			73.4
Asset Backed Securities		—			—			0.6			—
Coporate Bonds		—			—			92.9			—
Exchange Traded Funds		3.8			3.8			—			2.0
Municipal Debt Obligations		—			—			1.3			—
Short-Term and other Net Assets (Liabilities)		(3.6	)		(3.2	)		5.2			(1.6	)
		100.0	%		100.0	%		100.0	%		100.0	%

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

ETFMG™ ETFs

ETFMG Prime Cyber Security ETF

Schedule of Investments

September 30, 2021

	Shares		Value

COMMON STOCKS - 99.8%
Canada - 3.3%
Software - 3.3% ^(d)
Absolute Software Corp.		2,037,444	$	22,391,616
BlackBerry, Ltd. ^(a)^(b)		5,469,185		53,241,000
Total Software				75,632,616

Finland - 0.2%
Software - 0.2% ^(d)
F-Secure Oyj		724,911		4,030,549

Israel - 8.5%
Communications Equipment - 1.2%
Radware, Ltd. ^(a)		809,008		27,279,750
Software - 7.3% ^(d)
Allot Communications, Ltd. ^(a)		1,265,637		18,807,366
Check Point Software Technologies, Ltd. ^(a)		429,686		48,571,705
Cognyte Software, Ltd. ^(a)		1,840,140		37,814,877
CyberArk Software, Ltd. ^(a)		308,757		48,728,030
Tufin Software Technologies, Ltd. ^(a)		1,491,611		14,662,536
Total Software				168,584,514
Total Israel				195,864,264

Japan - 3.7%
Software - 3.7% ^(d)
Digital Arts, Inc.		362,725		29,527,728
FFRI Security, Inc. ^(a)		271,961		4,462,023
Trend Micro, Inc.		927,162		51,816,772
Total Software				85,806,523

Jersey - 1.2%
Software - 1.2% ^(d)
Mimecast, Ltd. ^(a)		432,017		27,476,281

Republic of Korea - 0.9%
Software - 0.9% ^(d)
Ahnlab, Inc.		344,019		20,193,683

Sweden - 1.0%
Electronic Equipment, Instruments & Components - 1.0%
Fingerprint Cards AB - Class B ^(a)		8,714,230		24,198,452

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

ETFMG™ ETFs

ETFMG Prime Cyber Security ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value
United Kingdom - 9.3%
Aerospace & Defense - 3.6%
BAE Systems PLC		3,887,949	$	29,608,699
QinetiQ Group PLC		6,095,041		26,624,793
Ultra Electronics Holdings PLC		651,824		28,420,745
Total Aerospace & Defense				84,654,237
IT Services - 0.8%
NCC Group PLC		5,329,733		18,455,898
Software - 4.9% ^(d)
Avast PLC ^(f)		6,264,029		47,923,194
Darktrace PLC ^(a)		5,803,685		64,123,068
Total Software				112,046,262
Total United Kingdom				215,156,397

United States - 71.7%
Aerospace & Defense - 2.1%
Parsons Corp. ^(a)^(b)		1,446,005		48,817,129
Communications Equipment - 8.0%
Cisco Systems, Inc.		1,384,389		75,352,293
F5 Networks, Inc. ^(a)^(b)		153,620		30,536,584
Juniper Networks, Inc. ^(b)		1,801,752		49,584,215
NetScout Systems, Inc. ^(a)		1,061,752		28,614,216
Total Communications Equipment				184,087,308
Internet Software & Services - 0.7%
Zix Corp. ^(a)^(b)		2,397,104		16,947,525
IT Services - 9.2%
Akamai Technologies, Inc. ^(a)		480,896		50,296,913
LiveRamp Holdings, Inc. ^(a)		1,004,813		47,457,318
Okta, Inc. ^(a)^(b)		144,060		34,191,200
SolarWinds Corp. ^(b)		2,940,591		49,196,087
VeriSign, Inc. ^(a)		146,216		29,975,742
Total IT Services				211,117,260
Professional Services - 8.3%
Booz Allen Hamilton Holding Corp.		364,579		28,929,344
CACI International, Inc. - Class A ^(a)		200,308		52,500,727
Leidos Holdings, Inc.		310,926		29,889,316
ManTech International Corp. - Class A		369,403		28,045,076
Science Applications International Corp.		601,362		51,452,533
Total Professional Services				190,816,996

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

ETFMG™ ETFs

ETFMG Prime Cyber Security ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value

Software - 43.4% ^(d)
A10 Networks, Inc. ^(a)		2,061,551	$	27,789,707
Cloudflare, Inc. - Class A ^(a)		468,627		52,790,831
CommVault Systems, Inc. ^(a)		626,599		47,189,171
Crowdstrike Holdings, Inc. - Class A ^(a)^(b)		199,762		49,097,504
Everbridge, Inc. ^(a)^(b)		184,974		27,938,473
FireEye, Inc. ^(a)		2,871,539		51,113,394
Fortinet, Inc. ^(a)		186,721		54,530,001
Ipsidy, Inc. ^(a)		399,073		4,465,627
KnowBe4, Inc. - Class A ^(a)^(b)^(e)		2,036,116		44,713,107
McAfee Corp. - Class A ^(b)		1,076,690		23,805,616
N-Able, Inc. ^(a)^(b)		3,581,191		44,442,580
NortonLifeLock, Inc.		1,994,382		50,457,865
OneSpan, Inc. ^(a)^(b)		1,505,020		28,264,276
Palo Alto Networks, Inc. ^(a)		137,420		65,824,180
Ping Identity Holding Corp. ^(a)^(b)		1,912,470		46,989,388
Qualys, Inc. ^(a)^(b)		429,771		47,829,215
Rapid7, Inc. ^(a)^(b)		243,595		27,531,107
Sailpoint Technologies Holdings, Inc. ^(a)^(b)		1,073,787		46,043,987
SecureWorks Corp. - Class A ^(a)^(b)^(e)		1,536,958		30,554,725
SentinelOne, Inc. - Class A ^(a)^(b)		483,155		25,882,613
Splunk, Inc. ^(a)		373,225		54,009,390
Sumo Logic, Inc. ^(a)^(b)		2,388,960		38,510,035
Tenable Holdings, Inc. ^(a)		1,126,777		51,989,491
Varonis Systems, Inc. ^(a)^(b)		421,480		25,647,058
Zscaler, Inc. ^(a)^(b)		135,055		35,414,122
Total Software				1,002,823,463
Total United States				1,654,609,681
TOTAL COMMON STOCKS (Cost $1,958,574,293)				2,302,968,446

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 16.6%
ETFMG Sit Ultra Short ETF ^(e)		1,750,000		87,071,250
Mount Vernon Liquid Assets Portfolio, LLC, 0.09% ^(c)		2,408,877		293,338,545
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $380,755,862)				380,409,795

SHORT-TERM INVESTMENTS - 0.1%
Money Market Funds - 0.1%
First American Government Obligations Fund - Class X, 0.03% ^(c)		3,168,781		3,168,781
TOTAL SHORT-TERM INVESTMENTS (Cost $3,168,781)

Total Investments (Cost $2,342,498,936) - 116.5%				2,686,547,022
Liabilities in Excess of Other Assets - (16.5)%				(378,899,437	)
TOTAL NET ASSETS - 100.0%			$	2,307,647,585

Percentages are stated as a percent of net assets.

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

ETFMG™ ETFs

ETFMG Prime Cyber Security ETF

Schedule of Investments

September 30, 2021 (Continued)

PLC

Public Limited Company

^(a)

Non-income producing security.

^(b)

All or a portion of this security was out on loan at September 30, 2021.

^(c)

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

^(d)

As of September 30, 2021 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 September 30, 2021, the market value of these securities total $47,923,194, which represents 2.08% of total net assets.

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

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

ETFMG™ ETFs

ETFMG Prime Mobile Payments ETF

Schedule of Investments

September 30, 2021

	Shares		Value

COMMON STOCKS - 99.4%
Australia - 3.4%
IT Services - 3.4% ^(d)
Afterpay, Ltd. ^(a)		312,062	$	27,370,456
EML Payments, Ltd. ^(a)		4,526,643		12,730,181
Total IT Services				40,100,637

Bermuda - 1.2%
Electronic Equipment, Instruments & Components - 1.2%
PAX Global Technology, Ltd.		11,128,591		14,081,124

Brazil - 1.0%
IT Services - 1.0% ^(d)
Cielo SA		28,120,658		11,825,057

Canada - 1.9%
IT Services - 1.9% ^(d)
Nuvei Corp. ^(a)^(f)		199,375		22,840,133

Cayman Islands - 5.8%
IT Services - 5.8% ^(d)
Dlocal, Ltd. ^(a)		373,592		20,383,180
Pagseguro Digital, Ltd. - Class A ^(a)		426,702		22,069,027
StoneCo., Ltd. - Class A ^(a)		487,855		16,938,326
Yeahka, Ltd. ^(a)		3,227,959		10,428,622
Total IT Services				69,819,155

Cyprus - 0.2%
IT Services - 0.2% ^(d)
QIWI PLC - ADR ^(b)		295,009		2,472,175

France - 2.0%
IT Services - 2.0% ^(d)
Worldline SA ^(a)^(f)		320,830		24,531,436

Italy - 2.0%
IT Services - 2.0% ^(d)
Nexi SpA ^(a)^(f)		1,265,546		23,689,590

Japan - 2.8%
Consumer Finance - 0.5%
Jaccs Co., Ltd.		198,390		5,445,720
IT Services - 2.2% ^(d)
GMO Financial Gate, Inc.		25,205		7,711,310
GMO Payment Gateway, Inc.		147,813		18,832,727
Total IT Services				26,544,037

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

ETFMG™ ETFs

ETFMG Prime Mobile Payments ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value
Software - 0.1%
Intelligent Wave, Inc.		278,828	$	1,570,827
Total Japan				33,560,584

Netherlands - 5.4%
IT Services - 5.4% ^(d)
Adyen NV ^(a)^(f)		22,884		64,015,823

Puerto Rico - 1.3%
IT Services - 1.3% ^(d)
EVERTEC, Inc.		330,830		15,125,548

United Kingdom - 3.4%
IT Services - 3.4% ^(d)
Network International Holdings PLC ^(a)^(f)		2,773,693		13,577,518
PayPoint PLC		385,565		3,688,524
Wise PLC - Class A ^(a)		1,557,590		22,812,837
Total IT Services				40,078,879

United States - 69.0%
Consumer Finance - 10.7%
American Express Co.		465,942		78,059,264
Discover Financial Services		291,116		35,763,601
Green Dot Corp. - Class A ^(a)^(b)		277,907		13,987,059
Total Consumer Finance				127,809,924
IT Services - 55.8% ^(d)
Affirm Holdings, Inc. ^(a)^(b)		297,009		35,382,682
Boku, Inc. ^(a)^(f)		1,837,012		4,838,997
Cantaloupe, Inc. ^(a)		483,648		5,213,725
Euronet Worldwide, Inc. ^(a)		130,240		16,576,947
Evo Payments, Inc. - Class A ^(a)^(b)		574,904		13,613,727
Fidelity National Information Services, Inc.		484,619		58,968,440
Fiserv, Inc. ^(a)^(b)		521,964		56,633,094
FleetCor Technologies, Inc. ^(a)		101,304		26,467,696
Flywire Corp. ^(a)^(b)		339,856		14,899,287
Global Payments, Inc.		264,345		41,655,485
I3 Verticals, Inc. - Class A ^(a)		172,249		4,170,148
International Money Express, Inc. ^(a)		268,949		4,491,448
Marqeta, Inc. - Class A ^(a)^(b)		807,731		17,867,010
MasterCard, Inc. - Class A		221,243		76,921,767
MoneyGram International, Inc. ^(a)^(b)		556,347		4,461,903
Net 1 UEPS Technologies, Inc. ^(a)		578,270		2,688,956
Payoneer Global, Inc. ^(a)		1,483,448		12,683,480
PayPal Holdings, Inc. ^(a)		264,444		68,810,973
Paysign, Inc. ^(a)^(b)		636,256		1,717,891
Sezzle, Inc. ^(a)^(b)		1,028,917		4,262,297
Shift4 Payments, Inc. - Class A ^(a)^(b)		203,627		15,785,165

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

ETFMG™ ETFs

ETFMG Prime Mobile Payments ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value
Square, Inc. - Class A ^(a)^(b)		283,924	$	68,096,332
Visa, Inc. - Class A ^(b)		336,811		75,024,651
Western Union Co. ^(b)		861,231		17,414,091
WEX, Inc. ^(a)		101,966		17,960,291
Total IT Services				666,606,483
Software - 1.2%
ACI Worldwide, Inc. ^(a)		475,024		14,597,487
Technology Hardware, Storage & Peripherals - 1.3%
NCR Corp. ^(a)^(b)		390,873		15,150,237
Total United States				824,164,131
TOTAL COMMON STOCKS (Cost $1,053,265,725)				1,186,304,272

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 18.1%
ETFMG Sit Ultra Short ETF ^(e)		900,000		44,779,500
Mount Vernon Liquid Assets Portfolio, LLC, 0.09% ^(c)		169,957,199		169,957,199
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $214,965,303)				214,736,699

SHORT-TERM INVESTMENTS - 0.6%
Money Market Funds - 0.6%
First American Government Obligations Fund - Class X, 0.03% ^(c)		6,617,785		6,617,785
TOTAL SHORT-TERM INVESTMENTS (Cost $6,617,785)				6,617,785

Total Investments (Cost $1,274,848,813) - 118.1%				1,407,658,756
Liabilities in Excess of Other Assets - (18.1)%				(214,021,623	)
TOTAL NET ASSETS - 100.0%			$	1,193,637,133

Percentages are stated as a percent of net assets.

ADR

American Depositary Receipt

PLC

Public Limited Company

^(a)

Non-income producing security.

^(b)

All or a portion of this security was out on loan at September 30, 2021.

^(c)

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

^(d)

As of September 30, 2021 the Fund had a significant portion of its assets in the IT Services Industry.

^(e)

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

^(f)

Restricted security as defined in Rule 144^(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At September 30, 2021, the market value of these securities total $153,493,497, which represents 12.86% of total net assets.

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

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

September 30, 2021

	Principal Amount		Value
ASSET BACKED SECURITIES - 0.6%
Delta Air Lines
Series 2019-1, 3.204%, 10/25/2024	$	1,457,000	$	1,539,528
TOTAL ASSET BACKED SECURITIES (Cost $1,535,090)				1,539,528

CORPORATE BONDS - 92.9%
Aerospace & Defense - 1.3%
L3Harris Technologies, Inc.
0.866% (3 Month LIBOR + 0.750%) 03/10/2023 ^(b)		3,087,000		3,107,806
Agriculture - 0.1%
Bunge, Ltd. Finance Corp.
3.000%, 09/25/2022		206,000		210,833
Automotive - 20.0%
American Honda Finance Corp.
0.471% (3 Month LIBOR + 0.350%) 11/05/2021 ^(b)		450,000		450,169
0.535% (3 Month LIBOR + 0.420%) 09/08/2023 ^(b)		1,771,000		1,782,931
0.399% (3 Month LIBOR + 0.280%) 01/12/2024 ^(b)		2,000,000		2,006,657
BMW US Capital LLC
0.778% (3 Month LIBOR + 0.640%) 04/06/2022 ^(a)^(b)		1,290,000		1,293,326
0.430% (3 Month SOFR + 0.380%) 08/12/2024 ^(a)^(b)		1,000,000		1,005,554
Caterpillar Financial Services Corp.
0.320% (3 Month SOFR + 0.270%) 09/13/2024 ^(b)		3,000,000		3,007,580
CenterPoint Energy Resources Corp.
0.620% (3 Month LIBOR + 0.500%) 03/02/2023 ^(b)		2,913,000		2,913,485
Daimler Finance North America LLC
1.011% (3 Month LIBOR + 0.880%) 02/22/2022 ^(a)^(b)		2,422,000		2,430,270
F&G Global Funding
0.900%, 09/20/2024 ^(a)		2,700,000		2,695,260
Fairfax US, Inc.
4.875%, 08/13/2024 ^(a)		745,000		813,010
Finial Holdings, Inc.
7.125%, 10/15/2023		1,415,000		1,595,503
Florida Power & Light Co.
0.300% (3 Month SOFR + 0.250%) 05/10/2023 ^(b)		600,000		600,089
General Motors Financial Co., Inc.
3.150%, 06/30/2022		1,488,000		1,514,948
0.804%, 03/08/2024		2,244,000		2,263,860
Guardian Life Global Funding
1.950%, 10/27/2021 ^(a)		2,000,000		2,002,489
Hyundai Capital America
2.850%, 11/01/2022 ^(a)		2,000,000		2,048,236
1.250%, 09/18/2023 ^(a)		2,564,000		2,586,834
Nationwide Mutual Insurance Co.
2.406% (3 Month LIBOR + 2.290%) 12/15/2024 ^(a)^(c)		1,000,000		1,001,187
Penske Truck Leasing Co. Lp / PTL Finance Corp.
3.450%, 07/01/2024 ^(a)		2,200,000		2,345,989

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

September 30, 2021 (Continued)

	Principal Amount		Value
PPL Electric Utilities Corp.
0.382% (3 Month LIBOR + 0.250%) 09/28/2023 ^(b)	$	3,975,000	$	3,975,173
0.380% (3 Month SOFR + 0.330%) 06/24/2024 ^(b)		2,384,000		2,386,289
Principal Life Global Funding II
0.500% (3 Month SOFR + 0.450%) 04/12/2024 ^(a)^(b)		934,000		937,956
0.430% (3 Month SOFR + 0.380%) 08/23/2024 ^(a)^(b)		846,000		849,552
SMBC Aviation Capital Finance DAC
3.000%, 07/15/2022 ^(a)		200,000		203,569
Toyota Motor Credit Corp.
0.524% (3 Month LIBOR + 0.400%) 05/17/2022 ^(b)		500,000		501,433
0.310% (3 Month SOFR + 0.260%) 06/18/2024 ^(b)		2,197,000		2,200,531
0.340% (3 Month SOFR + 0.290%) 09/13/2024 ^(b)		3,200,000		3,202,610
				48,614,490
Banks - 24.1% ^(e)
Bank of America Corp.
1.314% (3 Month LIBOR + 1.180%) 10/21/2022 ^(b)		100,000		100,059
1.125% (3 Month LIBOR + 1.000%) 04/24/2023 ^(b)		500,000		502,761
0.529% (3 Month BSBY + 0.430%) 05/28/2024 ^(b)		3,630,000		3,641,950
1.098% (3 Month LIBOR + 0.960%) 07/23/2024 ^(b)		2,500,000		2,537,181
Bank of Montreal
0.744% (3 Month LIBOR + 0.630%) 09/11/2022 ^(b)		250,000		251,404
0.370% (3 Month SOFR + 0.320%) 07/09/2024 ^(b)		2,663,000		2,669,251
Bank of Nova Scotia
0.756% (3 Month LIBOR + 0.640%) 03/07/2022 ^(b)		150,000		150,405
0.310% (3 Month SOFR + 0.260%) 09/15/2023 ^(b)		1,595,000		1,596,413
0.495% (3 Month SOFR + 0.445%) 04/15/2024 ^(b)		1,500,000		1,507,547
Barclays PLC
1.744% (3 Month LIBOR + 1.625%) 01/10/2023 ^(b)		3,797,000		3,810,003
1.505% (3 Month LIBOR + 1.380%) 05/16/2024 ^(b)		2,481,000		2,524,402
Canadian Imperial Bank of Commerce
0.390% (3 Month SOFR + 0.340%) 06/22/2023 ^(b)		500,000		501,066
Citizens Financial Group, Inc.
4.150%, 09/28/2022 ^(a)		1,115,000		1,152,102
3.750%, 07/01/2024		500,000		532,790
Commonwealth Bank of Australia
0.802% (3 Month LIBOR + 0.680%) 09/18/2022 ^(a)^(b)		2,539,000		2,555,963
Cooperatieve Rabobank UA
0.599% (3 Month LIBOR + 0.480%) 01/10/2023 ^(b)		895,000		900,049
Credit Suisse AG
0.500% (3 Month SOFR+ 0.450%) 02/04/2022 ^(b)		1,490,000		1,491,983
Fifth Third Bank NA
0.766% (3 Month LIBOR + 0.640%) 02/01/2022 ^(b)		2,000,000		2,004,331
First Niagara Financial Group, Inc.
7.250%, 12/15/2021		1,000,000		1,013,715
Fulton Financial Corp.
3.600%, 03/16/2022		87,000		88,070
Goldman Sachs Group, Inc.
0.909% (3 Month LIBOR + 0.780%) 10/31/2022 ^(b)		698,000		698,360

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

September 30, 2021 (Continued)

	Principal Amount		Value
Huntington Bancshares, Inc.
4.350%, 02/04/2023	$	1,766,000	$	1,852,117
JPMorgan Chase & Co.
1.126% (3 Month LIBOR + 1.000%) 01/15/2023 ^(b)		1,000,000		1,004,051
1.025% (3 Month LIBOR + 0.900%) 04/25/2023 ^(b)		1,155,000		1,163,839
0.630% (3 Month SOFR + 0.580%) 03/16/2024 ^(b)		1,380,000		1,385,314
1.028% (3 Month LIBOR + 0.890%) 07/23/2024 ^(b)		3,648,000		3,696,956
KeyBank NA
0.370% (3 Month SOFR + 0.320%) 06/14/2024 ^(b)		3,550,000		3,563,790
Mitsubishi UFJ Financial Group, Inc.
0.915% (3 Month LIBOR + 0.790%) 07/25/2022 ^(b)		409,000		411,520
Mizuho Financial Group, Inc.
0.966% (3 Month LIBOR + 0.840%) 07/16/2023 ^(b)		500,000		502,764
1.109% (3 Month LIBOR + 0.990%) 07/10/2024 ^(b)		300,000		304,026
Morgan Stanley
0.750% (3 Month SOFR + 0.700%) 01/20/2023 ^(b)		1,678,000		1,681,626
PNC Bank NA
0.629% (3 Month LIBOR + 0.500%) 07/27/2022 ^(b)		2,160,000		2,168,455
Royal Bank of Canada
0.494% (3 Month LIBOR + 0.360%) 01/17/2023 ^(b)		1,000,000		1,004,801
0.350% (3 Month SOFR + 0.300%) 01/19/2024 ^(b)		700,000		702,134
0.410% (3 Month SOFR + 0.360%) 07/29/2024 ^(b)		2,150,000		2,155,812
Swedbank AB
0.816% (3 Month LIBOR + 0.700%) 03/14/2022 ^(a)^(b)		200,000		200,544
Toronto-Dominion Bank
0.400% (3 Month SOFR + 0.350%) 09/10/2024 ^(b)		4,000,000		4,012,419
US Bank NA
0.571% (3 Month LIBOR + 0.440%) 05/23/2022 ^(b)		805,000		806,900
Westpac Banking Corp.
0.689% (3 Month LIBOR + 0.570%) 01/11/2023 ^(b)		1,500,000		1,510,830
				58,357,703
Biotechnology - 0.5%
Gilead Sciences, Inc.
0.652% (3 Month LIBOR + 0.520%) 09/29/2023 ^(b)		1,134,000		1,134,684
Business Support Services - 0.9%
Glencore Finance Canada, Ltd.
4.950%, 11/15/2021 ^(a)		1,200,000		1,205,004
4.250%, 10/25/2022 ^(a)		1,000,000		1,039,440
				2,244,444
Capital Markets - 5.9%
Bank of New York Mellon Corp.
1.179% (3 Month LIBOR + 1.050%) 10/30/2023 ^(b)		910,000		919,566
BGC Partners, Inc.
5.375%, 07/24/2023		1,245,000		1,337,583
Charles Schwab Corp.
0.550% (3 Month SOFR + 0.500%) 03/18/2024 ^(b)		2,600,000		2,619,707

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

September 30, 2021 (Continued)

	Principal Amount		Value
Goldman Sachs Group, Inc.
1.721% (3 Month LIBOR + 1.600%) 11/29/2023 ^(b)	$	2,980,000	$	3,066,516
0.550% (3 Month SOFR + 0.500%) 09/10/2024 ^(b)		4,297,000		4,304,049
Morgan Stanley
1.345% (3 Month LIBOR + 1.220%) 05/08/2024 ^(b)		2,242,000		2,279,322
				14,526,743
Chemicals - 2.7%
Cabot Corp.
3.700%, 07/15/2022		1,370,000		1,404,677
LYB International Finance III LLC
1.131% (3 Month LIBOR + 1.000%) 10/01/2023 ^(b)		3,626,000		3,628,129
Sherwin Williams Co.
2.750%, 06/01/2022		293,000		297,032
Westlake Chemical Corp.
3.600%, 07/15/2022		1,150,000		1,169,325
				6,499,163
Commercial and Industrial Machinery and Equipment Rental and Leasing - 1.5%
Triton Container International, Ltd.
1.150%, 06/07/2024 ^(a)		3,550,000		3,545,013
Communications Equipment - 0.3%
Motorola Solutions, Inc.
4.000%, 09/01/2024		580,000		631,696
Consumer Finance - 1.0%
AIG Global Funding
2.700%, 12/15/2021 ^(a)		75,000		75,369
Capital One Financial Corp.
0.849% (3 Month LIBOR + 0.720%) 01/30/2023 ^(b)		2,291,000		2,309,731
				2,385,100
Containers & Packaging - 0.2%
WestRock RKT LLC
4.000%, 03/01/2023		500,000		519,738
Depository Credit Intermediation - 1.0%
Truist Bank
0.780% (3 Month SOFR + 0.730%) 03/09/2023 ^(b)		2,500,000		2,519,850
Diversified Financial Services - 0.4%
National Rural Utilities Cooperative Finance Corp.
0.190% (3 Month LIBOR + 0.065%) 02/16/2023 ^(b)		863,000		863,549
Diversified Telecommunication Services - 0.6%
AT&T, Inc.
1.294% (3 Month LIBOR + 1.180%) 06/12/2024 ^(b)		1,443,000		1,478,845
Electric Utilities - 0.3%
American Electric Power Co., Inc.
0.750%, 11/01/2023		665,000		665,057
Electronic Products - 0.2%
Arrow Electronics, Inc.
3.500%, 04/01/2022		500,000		505,033

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

September 30, 2021 (Continued)

	Principal Amount		Value
Energy - 0.1%
ConocoPhillips Co.
1.025% (3 Month LIBOR + 0.900%) 05/15/2022 ^(b)	$	150,000	$	150,793
Equity Real Estate Investment Trusts (REITs) - 1.3%
Public Storage
0.520% (3 Month SOFR + 0.470%) 04/23/2024 ^(b)		3,221,000		3,226,189
Food Products - 2.0%
Conagra Brands, Inc.
0.500%, 08/11/2023		700,000		700,130
General Mills, Inc.
1.144% (3 Month LIBOR + 1.010%) 10/17/2023 ^(b)		2,579,000		2,624,560
Hormel Foods Corp.
0.650%, 06/03/2024		1,536,000		1,537,608
				4,862,298
Health Care Providers & Services - 0.8%
Cigna Corp.
1.016% (3 Month LIBOR + 0.890%) 07/15/2023 ^(b)		2,020,000		2,045,281
Hotels, Restaurants & Leisure - 0.7%
Expedia Group, Inc.
3.600%, 12/15/2023		1,500,000		1,587,985
Household Products - 0.1%
Reckitt Benckiser Treasury Services PLC
0.689% (3 Month LIBOR + 0.560%) 06/24/2022 ^(a)^(b)		200,000		200,801
Insurance - 6.1%
Allstate Corp.
0.762% (3 Month LIBOR + 0.630%) 03/29/2023 ^(b)		2,536,000		2,556,070
Athene Global Funding
1.362% (3 Month LIBOR + 1.230%) 07/01/2022 ^(a)^(b)		200,000		201,608
Brighthouse Financial Global Funding
1.000%, 04/12/2024 ^(a)		2,250,000		2,263,713
0.810% (3 Month SOFR + 0.760%) 04/12/2024 ^(a)^(b)		3,693,000		3,721,481
Fidelity National Financial, Inc.
5.500%, 09/01/2022		918,000		960,763
Infinity Property and Casualty Corp.
5.000%, 09/19/2022		1,010,000		1,052,557
Jackson National Life Global Funding
0.650% (3 Month SOFR + 0.600%) 01/06/2023 ^(a)^(b)		2,000,000		2,012,795
Metropolitan Life Global Funding I
0.620% (3 Month SOFR + 0.570%) 01/13/2023 ^(a)^(b)		2,000,000		2,011,456
				14,780,443
Insurance Carriers - 1.9%
John Hancock Life Insurance Co.
7.375%, 02/15/2024 ^(a)		495,000		568,857
Metropolitan Life Insurance Co.
7.875%, 02/15/2024 ^(a)		1,695,000		1,969,208

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

September 30, 2021 (Continued)

	Principal Amount		Value
Pacific Life Insurance Co. - Class C
7.900%, 12/30/2023 ^(a)	$	1,700,000	$	1,964,510
				4,502,575
Investment & Miscellaneous Financial Services - 0.1%
FMR LLC
5.350%, 11/15/2021 ^(a)		325,000		326,864
Machinery - 1.1%
Otis Worldwide Corp.
0.595% (3 Month LIBOR + 0.450%) 04/05/2023 ^(b)		2,720,000		2,720,290
Motion Picture and Video Industries - 0.3%
Historic TW, Inc.
9.150%, 02/01/2023		650,000		717,792
Multi Utilities - 5.0%
CenterPoint Energy, Inc.
0.700% (3 Month SOFR + 0.650%) 05/13/2024 ^(b)		3,791,000		3,799,083
Dominion Energy, Inc.
0.646% (3 Month LIBOR + 0.530%) 09/15/2023 ^(b)		5,538,000		5,542,029
Duke Energy Florida Project Finance LLC
1.731%, 09/01/2022		102,188		102,894
Duke Energy Progress LLC
0.305% (3 Month LIBOR + 0.180%) 02/18/2022 ^(b)		2,130,000		2,130,054
Wisconsin Power and Light Co.
2.250%, 11/15/2022		442,000		448,901
				12,022,961
Nondepository Credit Intermediation - 2.2%
7-Eleven, Inc.
0.578% (3 Month LIBOR + 0.450%) 08/10/2022 ^(a)^(b)		1,869,000		1,869,456
0.800%, 02/10/2024 ^(a)		3,505,000		3,502,693
				5,372,149
Oil, Gas & Consumable Fuels - 2.7%
BP Capital Markets PLC
0.772% (3 Month LIBOR + 0.650%) 09/19/2022 ^(b)		315,000		316,714
Kinder Morgan, Inc.
1.406% (3 Month LIBOR + 1.280%) 01/15/2023 ^(b)		2,588,000		2,625,151
Phillips 66
0.745% (3 Month LIBOR + 0.620%) 02/15/2024 ^(b)		3,650,000		3,652,076
				6,593,941
Pesticide, Fertilizer, and Other Agricultural Chemical Manufacturing - 0.9%
Bayer US Finance II LLC
3.875%, 12/15/2023 ^(a)		2,000,000		2,128,446
Pharmaceuticals - 2.4%
AbbVie, Inc.
0.781% (3 Month LIBOR + 0.650%) 11/21/2022 ^(b)		2,000,000		2,013,137
AstraZeneca PLC
0.789% (3 Month LIBOR + 0.665%) 08/17/2023 ^(b)		2,878,000		2,908,345

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

September 30, 2021 (Continued)

	Principal Amount		Value
Pfizer, Inc.
0.446% (3 Month LIBOR + 0.330%) 09/15/2023 ^(b)	$	877,000	$	882,683
				5,804,165
Semiconductors & Semiconductor Equipment - 2.1%
Analog Devices, Inc.
0.300% (3 Month SOFR + 0.250%) 10/01/2024 ^(b)		2,000,000		2,005,749
NVIDIA Corp.
0.584%, 06/14/2024		2,000,000		2,002,759
QUALCOMM, Inc.
0.859% (3 Month LIBOR + 0.730%) 01/30/2023 ^(b)		1,267,000		1,278,763
				5,287,271
Trading Companies & Distributors - 0.1%
GATX Corp.
0.841% (3 Month LIBOR + 0.720%) 11/05/2021 ^(b)		290,000		290,214
Utilities - 2.0%
Entergy Louisiana LLC
0.950%, 10/01/2024		4,897,000		4,898,622
TOTAL CORPORATE BONDS (Cost $224,823,426)				225,328,827

MUNICIPAL DEBT OBLIGATIONS - 1.3%
Bucks County Industrial Development Authority - Class B
4.000%, 10/01/2021		235,000		235,000
City of Moline IL
2.080%, 12/01/2021		135,000		135,337
2.130%, 12/01/2022		100,000		101,764
City of Oakland CA
4.000% 12/15/2022		700,000		729,757
Colorado Bridge Enterprise
0.923%, 12/31/2023		2,000,000		2,008,858
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $3,205,018)				3,210,716

SHORT-TERM INVESTMENTS - 4.2%
MONEY MARKET FUNDS - 4.2%
First American Government Obligations Fund - Class X, 0.03% ^(d)		10,087,509		10,087,509
TOTAL SHORT-TERM INVESTMENTS (Cost $10,087,509)				10,087,509

Total Investments (Cost $239,651,043) - 99.0%				240,166,580
Other Assets in Excess of Liabilities - 1.0%				2,385,872
TOTAL NET ASSETS - 100.0%			$	242,552,452

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

ETFMG™ ETFs

ETFMG Sit Ultra Short ETF

Schedule of Investments

September 30, 2021 (Continued)

Percentages are stated as a percent of net assets.

^(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 September 30, 2021, the market value of these securities total $52,728,555, which represents 21.74% of total net assets.

^(b)

Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of September 30, 2021.

^(c)

Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of September 30, 2021.

^(d)

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

^(e)

As of September 30, 2021, the Fund had a significant portion of its assets invested in the Banking Industry.

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

ETFMG™ ETFs

ETFMG Treatments, Testing and Advancements ETF

Schedule of Investments

September 30, 2021

	Shares		Value

COMMON STOCKS - 99.6%
Canada - 4.2%
Biotechnology - 1.0% ^(d)
Arbutus Biopharma Corp. ^(a)		36,207	$	155,328
IMV, Inc. ^(a)^(b)		30,007		49,812
VBI Vaccines, Inc. ^(a)		86,656		269,500
XBiotech, Inc. ^(b)		11,092		143,641
Total Biotechnology				618,281
Life Sciences Tools & Services - 3.2%
AbCellera Biologics, Inc. ^(a)		101,764		2,039,351
Total Canada				2,657,632

Cayman Islands - 6.2%
Biotechnology - 6.2% ^(d)
I-Mab - ADR ^(a)		26,485		1,919,898
Zai Lab, Ltd. - ADR ^(a)		19,261		2,029,917
Total Biotechnology				3,949,815

Denmark - 0.1%
Biotechnology - 0.1% ^(d)
Evaxion Biotech A/S - ADR ^(a)^(b)		6,859		66,121

France - 0.7%
Pharmaceuticals - 0.7%
Sanofi - ADR ^(b)		9,557		460,743

Germany - 5.5%
Biotechnology - 5.5% ^(d)
BioNTech SE - ADR ^(a)		12,853		3,508,740

Japan - 0.8%
Pharmaceuticals - 0.8%
Takeda Pharmaceutical Co., Ltd. - ADR ^(a)^(b)		30,065		492,465

Netherlands - 3.4%
Biotechnology - 3.4% ^(d)
CureVac NV ^(a)^(b)		39,185		2,140,285
InflaRx NV ^(a)		16,134		41,787
Total Biotechnology				2,182,072

United Kingdom - 5.3%
Biotechnology - 1.3% ^(d)
Immunocore Holdings PLC - ADR ^(a)		16,292		603,944
Vaccitech PLC - ADR ^(a)		12,923		203,408
Total Biotechnology				807,352

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

ETFMG™ ETFs

ETFMG Treatments, Testing and Advancements ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value
Health Care Equipment & Supplies - 2.5%
Ortho Clinical Diagnostics Holdings PLC ^(a)		85,856	$	1,586,619
Pharmaceuticals - 1.5%
AstraZeneca PLC - ADR		8,436		506,666
GlaxoSmithKline PLC - ADR ^(b)		12,133		463,602
Total Pharmaceuticals				970,268
Total United Kingdom				3,364,239

United States - 73.4%
Biotechnology - 42.6% ^(d)
AbbVie, Inc.		4,487		484,013
Adagio Therapeutics, Inc. ^(a)		46,864		1,979,535
Aligos Therapeutics, Inc. ^(a)		15,558		241,305
Alnylam Pharmaceuticals, Inc. ^(a)^(b)		21,094		3,982,758
Arcturus Therapeutics Holdings, Inc. ^(a)		9,119		435,706
Assembly Biosciences, Inc. ^(a)		16,421		57,145
Athersys, Inc. ^(a)		78,413		104,289
BioCryst Pharmaceuticals, Inc. ^(a)^(b)		65,312		938,533
CEL-SCI Corp. ^(a)^(b)		14,478		159,113
Chimerix, Inc. ^(a)		30,648		189,711
Codiak Biosciences, Inc. ^(a)		7,768		126,851
ContraFect Corp. ^(a)		13,905		56,315
Cue Biopharma, Inc. ^(a)		10,922		159,134
Dicerna Pharmaceuticals, Inc. ^(a)		28,384		572,221
Dynavax Technologies Corp. ^(a)		41,879		804,496
Emergent BioSolutions, Inc. ^(a)^(b)		19,546		978,668
Enanta Pharmaceuticals, Inc. ^(a)^(b)		7,381		419,315
Enochian Biosciences, Inc. ^(a)		18,848		126,847
Gilead Sciences, Inc.		6,949		485,388
Hookipa Pharma, Inc. ^(a)		10,915		64,289
iBio, Inc. ^(a)		76,413		80,998
Icosavax, Inc. ^(a)		14,361		424,942
ImmunityBio, Inc. ^(a)		142,825		1,391,116
Immunome, Inc. ^(a)^(b)		4,200		102,270
Inovio Pharmaceuticals, Inc. ^(a)^(b)		76,809		549,952
Moderna, Inc. ^(a)		10,618		4,086,444
Novavax, Inc. ^(a)		16,304		3,379,982
OPKO Health, Inc. ^(a)^(b)		248,716		907,813
PhaseBio Pharmaceuticals, Inc. ^(a)		17,172		53,405
Regeneron Pharmaceuticals, Inc. ^(a)		744		450,254
Silverback Therapeutics, Inc. ^(a)		11,809		117,854
SQZ Biotechnologies Co. ^(a)		10,131		146,089
Tonix Pharmaceuticals Holding Corp. ^(a)		124,598		74,896
Vaxart, Inc. ^(a)^(b)		43,937		349,299
Vaxcyte, Inc. ^(a)		19,056		483,451
Vir Biotechnology, Inc. ^(a)^(b)		47,691		2,075,512
Total Biotechnology				27,039,909

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

ETFMG™ ETFs

ETFMG Treatments, Testing and Advancements ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value
Health Care Equipment & Supplies - 6.2%
Abbott Laboratories		3,912	$	462,125
Co-Diagnostics, Inc. ^(a)		10,179		99,042
Hologic, Inc. ^(a)		6,258		461,903
Lucira Health, Inc. ^(a)		14,130		107,388
Meridian Bioscience, Inc. ^(a)		15,830		304,569
OraSure Technologies, Inc. ^(a)		26,293		297,374
Quidel Corp. ^(a)		15,202		2,145,761
Talis Biomedical Corp. ^(a)		9,295		58,094
Total Health Care Equipment & Supplies				3,936,256
Health Care Providers & Services - 11.9%
Enzo Biochem, Inc. ^(a)		17,276		61,157
Fulgent Genetics, Inc. ^(a)		10,766		968,402
Laboratory Corp. of America Holdings ^(a)		13,694		3,854,039
Quest Diagnostics, Inc.		18,160		2,638,830
Total Health Care Providers & Services				7,522,428
Life Sciences Tools & Services - 6.8%
Adaptive Biotechnologies Corp. ^(a)		51,399		1,747,052
Bio-Rad Laboratories, Inc. - Class A ^(a)		3,409		2,542,943
Total Life Sciences Tools & Services				4,289,995
Pharmaceuticals - 5.9%
Atea Pharmaceuticals, Inc. ^(a)^(b)		30,225		1,059,688
Bristol-Myers Squibb Co.		7,603		449,870
CorMedix, Inc. ^(a)		14,170		65,891
Eli Lilly and Co. ^(b)		1,937		447,544
Johnson & Johnson		2,874		464,151
Merck & Co., Inc.		6,518		489,567
Paratek Pharmaceuticals, Inc. ^(a)		17,173		83,461
Pfizer, Inc.		10,732		461,583
SIGA Technologies, Inc. ^(a)		28,888		213,482
Total Pharmaceuticals				3,735,237
Total United States				46,523,825
TOTAL COMMON STOCKS (Cost $61,926,578)				63,205,652

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 17.1%
ETFMG Sit Ultra Short ETF ^(e)		25,000		1,243,875
Mount Vernon Liquid Assets Portfolio, LLC, 0.09% ^(c)		9,597,953		9,597,953
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $10,841,928)				10,841,828

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

ETFMG™ ETFs

ETFMG Treatments, Testing and Advancements ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS - 0.4%
Money Market Funds - 0.4%
First American Government Obligations Fund - Class X, 0.03% ^(c)		282,378	$	282,378
TOTAL SHORT-TERM INVESTMENTS (Cost $282,378)

Total Investments (Cost $73,050,884) - 117.1%				74,329,858
Liabilities in Excess of Other Assets - (17.1)%				(10,849,265	)
TOTAL NET ASSETS - 100.0%			$	63,480,593

Percentages are stated as a percent of net assets.

ADR

American Depositary Receipt

PLC

Public Limited Company

^(a)

Non-income producing security.

^(b)

All or a portion of this security was out on loan at September 30, 2021.

^(c)

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

^(d)

As of September 30, 2021 the Fund had a significant portion of its assets in the Biotechnology Industry.

^(e)

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

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

ETFMG™ ETFs

STATEMENTS OF ASSETS AND LIABILITIES

As of September 30, 2021

	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^*	$	2,524,207,940	$	1,362,879,256	$	240,166,580		$	73,085,983
Investments in affiliated securities, at value^*		162,339,082		44,779,500		—			1,243,875
Cash		—		—		1,973			—
Foreign currency^*		—		1,492		—			—
Receivables:
Dividends and interest receivable		2,985,119		1,657,485		617,118			14,718
Securities lending income receivable		75,165		64,981		—			16,194
Receivable for Investments sold		—		—		23,192,876			—
Total Assets		2,689,607,306		1,409,382,714		263,978,547			74,360,770

LIABILITIES
Collateral received for securities loaned (Note 7)		380,755,862		214,965,303		—			10,841,928
Payables:
Payable for investments purchased		—		—		21,366,458			—
Collateral payable		—		—		—			—
Management fees payable		1,203,859		780,278		59,637			38,249
Total Liabilities		381,959,721		215,745,581		21,426,095			10,880,177
Net Assets	$	2,307,647,585	$	1,193,637,133	$	242,552,452		$	63,480,593

NET ASSETS CONSIST OF:
Paid-in Capital	$	2,202,734,169	$	1,145,329,136	$	243,266,282		$	64,910,115
Total Distributable Earnings (Accumulated Losses)		104,913,416		48,307,997		(713,830	)		(1,429,522	)
Net Assets	$	2,307,647,585	$	1,193,637,133	$	242,552,452		$	63,480,593

*Identified Cost:

Investments in unaffiliated securities	$	2,165,556,032	$	1,229,840,709	$	239,651,043		$	71,806,909
Investments in affiliated securities		176,942,904		45,008,104		—			1,243,975
Foreign currency		—		1,495		—			—

Shares Outstanding^		37,850,000		17,600,000		4,875,000			1,550,000

Net Asset Value, Offering and Redemption Price per Share	$	60.97	$	67.82	$	49.75		$	40.96

^ No par value, unlimited number of shares authorized

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

ETFMG™ ETFs

STATEMENTS OF OPERATIONS

For the Year ended September 30, 2021

	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 $258,933, $108,276, $-, $9,129)	$	18,890,118		$	5,821,772		$	—		$	225,260
Interest		2,354			541			1,516,886			60
Securities lending income		645,932			434,678			—			754,167
Total Investment Income		19,538,404			6,256,991			1,516,886			979,487

Expenses:
Management fees		12,444,401			8,525,073			423,487			401,261
Loan interest		262			—			—			—
Total Expenses		12,444,663			8,525,073			423,487			401,261
Net Investment Income (Loss)		7,093,741			(2,268,082	)		1,093,399			578,226

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Unaffiliated Investments		(4,515,134	)		(22,660,873	)		74,759			(1,230,897	)
Affiliated Investments		(4,615,316	)		—			—			—
In-Kind redemptions		339,773,093			166,422,257			—			15,038,672
Foreign currency and foreign currency translation		(113,257	)		(145,151	)		—			—
Net Realized Gain on Investments and In-Kind redemptions		330,529,386			143,616,233			74,759			13,807,775
Net Change in Unrealized Appreciation (Depreciation) of:
Unaffiliated Investments		145,945,093			59,739,609			(112,246	)		6,477,607
Affiliated Investments		7,874,590			(15,750	)		—			(750	)
Foreign currency and foreign currency translation		515			(737	)		—			—
Net change in Unrealized Appreciation (Depreciation) of Investments		153,820,198			59,723,122			(112,246	)		6,476,857
Net Realized and Unrealized Gain (Loss) on Investments		484,349,584			203,339,355			(37,487	)		20,284,632
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	491,443,325		$	201,071,273		$	1,055,912		$	20,862,858

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

ETFMG Prime Cyber Security ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2021			Year Ended September 30, 2020
OPERATIONS
Net investment income	$	7,093,741		$	21,528,502
Net realized gain on investments and In-Kind Redemptions		330,529,386			126,566,289
Net change in unrealized appreciation of investments and foreign currency and foreign currency translation		153,820,198			167,281,470
Net increase in net assets resulting from operations		491,443,325			315,376,261

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		(6,619,000	)		(21,333,000	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares		318,934,925			(217,450,615	)
Transaction Fees (See Note 1)		74,347			20,965
Net increase (decrease) in net assets from capital share transactions		319,009,272			(217,429,650	)
Total increase in net assets		803,833,597			76,613,611

NET ASSETS
Beginning of Year		1,503,813,988			1,427,200,377
End of Year	$	2,307,647,585		$	1,503,813,988

Summary of share transactions is as follows:

	Year Ended September 30, 2021						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Shares Sold		16,750,000		$	994,736,015			6,000,000		$	265,419,220
Transaction Fees (See Note 1)		—			74,347			—			20,965
Shares Redeemed		(11,200,000	)		(675,801,090	)		(11,800,000	)		(482,869,835	)
Net Transactions in Fund Shares		5,550,000		$	319,009,272			(5,800,000	)	$	(217,429,650	)
Beginning Shares		32,300,000						38,100,000
Ending Shares		37,850,000						32,300,000

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

ETFMG Prime Mobile Payments ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2021			Year Ended September 30, 2020
OPERATIONS
Net investment income (loss)	$	(2,268,082	)	$	(520,736	)
Net realized gain on investments and In-Kind Redemptions		143,616,233			46,567,698
Net change in unrealized appreciation of investments and foreign currency and foreign currency translation		59,723,122			54,396,310
Net increase in net assets resulting from operations		201,071,273			100,443,272

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		—			(216,000	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares		194,384,200			(45,375,255	)
Transaction Fees (See Note 1)		39,220			92,896
Net increase (decrease) in net assets from capital share transactions		194,423,420			(45,282,359	)
Total increase in net assets		395,494,693			54,944,913

NET ASSETS
Beginning of Year		798,142,440			743,197,527
End of Year	$	1,193,637,133		$	798,142,440

Summary of share transactions is as follows:

	Year Ended September 30, 2021						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Shares Sold		8,700,000		$	593,606,155			9,650,000		$	474,195,120
Transaction Fees (See Note 1)		—			39,220			—			92,896
Shares Redeemed		(5,800,000	)		(399,221,955	)		(10,900,000	)		(519,570,375	)
Net Transactions in Fund Shares		2,900,000		$	194,423,420			(1,250,000	)	$	(45,282,359	)
Beginning Shares		14,700,000						15,950,000
Ending Shares		17,600,000						14,700,000

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

ETFMG Sit Ultra Short ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2021			Period Ended September 30, 2020¹
OPERATIONS
Net investment income	$	1,093,399		$	1,331,200
Net realized gain (loss) on investments and In-Kind Redemptions		74,759			(1,407,472	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency and foreign currency translation		(112,246	)		627,783
Net increase in net assets resulting from operations		1,055,912			551,511

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		(1,070,997	)		(1,250,256	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change in outstanding shares		136,797,377			106,468,905
Net increase in net assets		136,782,292			105,770,160

NET ASSETS
Beginning of Year/Period		105,770,160			—
End of Year/Period	$	242,552,452		$	105,770,160

Summary of share transactions is as follows:

	Year Ended September 30, 2021						Period Ended September 30, 2020¹
	Shares			Amount			Shares			Amount
Shares Sold		3,050,000		$	151,723,497			2,200,000		$	110,191,975
Shares Redeemed		(300,000	)		(14,926,120	)		(75,000	)		(3,723,070	)
Net Transactions in Fund Shares		2,750,000		$	136,797,377			2,125,000		$	106,468,905
Beginning Shares		2,125,000						—
Ending Shares		4,875,000						2,125,000

Fund commenced operations on October 8, 2019. The information presented is for the period from October 8, 2019 to September 30, 2020.

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

ETFMG Treatments, Testing and Advancements ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2021			Period Ended September 30, 2020¹
OPERATIONS
Net investment income	$	578,226		$	36,158
Net realized gain (loss) on investments and In-Kind Redemptions		13,807,775			(1,086,125	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency and foreign currency translation		6,476,857			(5,197,883	)
Net increase (decrease) in net assets resulting from operations		20,862,858			(6,247,850	)

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

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares		(10,764,405	)		60,277,740
Net increase in net assets		9,450,703			54,029,890

NET ASSETS
Beginning of Year/Period		54,029,890			—
End of Year/Period	$	63,480,593		$	54,029,890

Summary of share transactions is as follows:

	Year Ended September 30, 2021						Period Ended September 30, 2020¹
	Shares			Amount			Shares			Amount
Shares Sold		900,000		$	35,594,570			2,500,000		$	75,601,825
Shares Redeemed		(1,300,000	)		(46,358,975	)		(550,000	)		(15,324,085	)
Net Transactions in Fund Shares		(400,000	)	$	(10,764,405	)		1,950,000		$	60,277,740
Beginning Shares		1,950,000						—
Ending Shares		1,550,000						1,950,000

Fund commenced operations on June 17, 2020. The information presented is for the period from June 17, 2020 to September 30, 2020.

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

ETFMG Prime Cyber Security ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year

	Year Ended September 30, 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 Year	$	46.56		$	37.46		$	40.08		$	30.11		$	27.91
Income (Loss) from Investment Operations:
Net investment income (loss) ¹		0.20			0.64			0.07			0.03			(0.01	)
Net realized and unrealized gain (loss) on investments		14.39			9.10			(2.64	)		9.94			2.34
Total from investment operations		14.59			9.74			(2.57	)		9.97			2.33
Less Distributions:
Distributions from net investment income		(0.18	)		(0.64	)		(0.05	)		(0.00	)³		(0.13	)
Total distributions		(0.18	)		(0.64	)		(0.05	)		(0.00	)³		(0.13	)
Net asset value, end year	$	60.97		$	46.56		$	37.46		$	40.08		$	30.11
Total Return		31.34	%		26.75	%		-6.42	%		33.16	%		8.42	%

Ratios/Supplemental Data:
Net assets at end of year (000’s)	$	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	%		0.60	%		0.60	%		0.60	%		0.68	%
Gross Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.72	%²
Net Investment Income (Loss) to Average Net Assets		0.35	%		1.50	%		0.19	%		0.07	%		-0.03	%
Portfolio Turnover Rate		34	%		33	%		36	%		41	%		53	%

Calculated based on average shares outstanding during the year.

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

Per share amount is less than $0.01.

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

ETFMG Prime Mobile Payments ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year

	Year Ended September 30, 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 Year	$	54.30		$	46.60		$	42.86		$	32.57		$	24.96
Income (Loss) from
Investment Operations:
Net investment income (loss) ¹		(0.13	)		(0.04	)		0.03			0.07			0.03
Net realized and unrealized gain (loss) on investments		13.65			7.75			3.93			10.22			7.60
Total from investment operations		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 year	$	67.82		$	54.30		$	46.60		$	42.86		$	32.57
Total Return		24.91	%		16.56	%		9.49	%		31.62	%		30.59	%

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

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

Calculated based on average shares outstanding during the year.

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

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

ETFMG Sit Ultra Short ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

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

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

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

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

Commencement of operations on October 8, 2019.

Calculated based on average shares outstanding during the period.

Not annualized.

⁴

Annualized.

⁵

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

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

ETFMG Treatments, Testing and Advancements ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

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

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

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

Expenses to Average Net Assets before legal expense		0.68	%		0.68	%⁴
Gross Expenses to Average Net Assets		0.68	%		0.68	%⁴
Net Investment Income to Average Net Assets		0.98	%		0.25	%⁴
Portfolio Turnover Rate		39	%		41	%³

Commencement of operations on June 17, 2020.

Calculated based on average shares outstanding during the period.

Not annualized.

⁴

Annualized.

⁵

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

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”).

On June 29, 2020 the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the “Agreement”) providing for the reorganization of IPAY and HACK (collectively, the “Target Funds”) into corresponding new funds, the ISE Mobile Payments ETF and the ISE Cyber Security ETF (collectively, the “Acquiring Funds”), which are newly created series of ETF Series Solutions, with similar investment objectives and lower fees and expenses than IPAY or HACK (the “Reorganization”). The Reorganization is subject to certain conditions including approval by shareholders of IPAY and HACK, respectively. Shareholders of record, as of July 10, 2020, have received proxy materials soliciting their vote with respect to the proposed Reorganization. Pursuant to the Agreement and upon shareholder approval, each of IPAY and HACK will transfer all of its assets to the respective Acquiring Fund in return for shares of beneficial interest of the Acquiring Fund and each Acquiring Fund will assume all of the respective liabilities of IPAY and HACK, respectively. Exchange Traded Concepts, LLC (“ETC”) is the investment adviser to the Acquiring Funds. The Joint Special Meeting of Shareholders of IPAY and HACK (the “Special Meeting”), originally scheduled to be held on October 9, 2020, and rescheduled to July 27, 2021, was adjourned because the necessary quorum was not obtained to vote on the Reorganization. After considering all alternatives, Target Funds’ management and the Board of Trustees of the Trust have determined not to reconvene a meeting of the Target Funds’ shareholders to vote on the Reorganization. Therefore, whether or not you voted your shares for the Reorganization, your investment will continue to be in shares of the Target Funds, each a series of ETF Managers Trust. 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.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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.

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

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Funds’ Board. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of September 30, 2021, the Funds did not hold any securities that were fair valued by the Board.

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

Level 1

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

Level 2

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

Level 3

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

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

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

The following is a summary of the inputs used to value the Funds’ net assets as of September 30, 2021:

ETFMG Prime Cyber Security ETF
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	2,302,968,446	$	—	$	—	$	2,302,968,446
Short-Term Investments		3,168,781		—		—		3,168,781
ETFMG Sit Ultra Short ETF^**		87,071,250		—		—		87,071,250
Investments Purchased with Securities Lending Collateral^*		—		—		—		293,338,545
Total Investments in Securities	$	2,393,208,477	$	—	$	—	$	2,686,547,022

ETFMG Prime Mobile Payments ETF
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,186,304,272	$	—	$	—	$	1,186,304,272
Short-Term Investments		6,617,785		—		—		6,617,785
ETFMG Sit Ultra Short ETF^**		44,779,500		—		—		44,779,500
Investments Purchased with Securities Lending Collateral^*		—		—		—		169,957,199
Total Investments in Securities	$	1,237,701,557	$	—	$	—	$	1,407,658,756

ETFMG Sit Ultra Short ETF
Assets^	Level 1		Level 2		Level 3		Total
Fixed Income
Asset Backed Securities	$	—	$	1,539,528	$	—	$	1,539,528
Corporate Bonds		—		225,328,827		—		225,328,827
Municipal Obligations		—		3,210,716		—		3,210,716
Short-Term Investments		10,087,509		—		—		10,087,509
Total Investments in Securities	$	10,087,509	$	230,079,071	$	—	$	240,166,580

ETFMG Treatments, Testing and Advancements ETF
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	63,205,652	$	—	$	—	$	63,205,652
Short-Term Investments		282,378		—		—		282,378
ETFMG Sit Ultra Short ETF^**		1,243,875		—		—		1,243,875
Investments Purchased with Securities Lending Collateral^*		—		—		—		9,597,953
Total Investments in Securities	$	64,731,905	$	—	$	—	$	74,329,858

See Schedule of Investments for classifications by country and industry.

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

^**

Investment was purchased with collateral.

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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

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

Each Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Each Fund has analyzed its tax position and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Funds’ 2019 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, the State of New Jersey, and the State of Delaware; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

As of September 30, 2021, management has reviewed the tax positions for open periods (for Federal purposes, four years from the date of filing and for state purposes, four years from the date of filing), as applicable to the Funds, and has determined that no provision for income tax is required in the Funds’ financial statements.

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

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

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

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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

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

NOTE 3 – RISK FACTORS

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

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

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

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

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

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

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

NOTE 4 – MANAGEMENT AND OTHER CONTRACTS

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

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

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

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

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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

NOTE 5 – DISTRIBUTION PLAN

The Funds have each adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, each Fund may pay compensation to the Distributor or any other distributor or financial institution with which the Trust has an agreement with respect to each Fund, with the amount of such compensation not to exceed an annual rate of 0.25% of each Fund’s average daily net assets. During the year ended September 30, 2021, the Funds did not incur any 12b-1 expenses.

NOTE 6 - PURCHASES AND SALES OF SECURITIES

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, during the year ended September 30, 2021:

	Purchases		Sales
ETFMG Prime Cyber Security ETF	$	775,781,869	$	710,656,532
ETFMG Prime Mobile Payments ETF		330,758,067		312,390,728
ETFMG Sit Ultra Short ETF		271,709,110		142,597,950
ETFMG Treatments, Testing and Advancements ETF		22,841,698		23,959,289

The costs of purchases and sales of in-kind transactions associated with creations and redemptions during the year ended September 30, 2021:

	Purchases In-Kind		Sales In-Kind
ETFMG Prime Cyber Security ETF	$	958,821,274	$	663,318,708
ETFMG Prime Mobile Payments ETF		579,046,054		392,969,115
ETFMG Sit Ultra Short ETF		—		—
ETFMG Treatments, Testing and Advancements ETF		35,239,507		44,972,663

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

There were no purchases or sales of U.S. Government obligations during the year ended September 30, 2021.

NOTE 7 — SECURITIES LENDING

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

As of the year ended September 30, 2021 the value of the securities on loan and payable for collateral due to broker were as follows:

Value of Securities on Loan Collateral Received

Fund	Values of Securities on Loan		Fund Collateral Received*
ETFMG Prime Cyber Security ETF	$	370,616,050	$	380,755,862
ETFMG Prime Mobile Payments ETF		211,298,817		214,965,303
ETFMG Treatments, Testing and Advancements ETF		10,686,401		10,841,928

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

NOTE 8 – FEDERAL INCOME TAXES

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

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ETFMG Prime
Cyber Security ETF	$	2,401,040,537	$	441,995,693	$	(156,489,208	)	$	285,506,485
ETFMG Prime Mobile Payments ETF		1,301,934,331		203,125,831		(97,401,406	)		105,724,425
ETFMG Sit Ultra Short ETF		239,654,901		550,557		(38,878	)		511,679
ETFMG Treatments, Testing and Advancements ETF		73,631,811		9,416,918		(8,718,871	)		698,047

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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

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

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

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

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

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

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

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the fiscal year ended September 30, 2021, the following table shows the reclassifications made:

	Total Distributable Earnings/(Loss)			Paid-In Capital
ETFMG Prime
Cyber Security ETF	$	(326,506,316	)	$	326,506,316
ETFMG Prime Mobile Payments ETF		(160,575,455	)		160,575,455
ETFMG Sit Ultra Short ETF		—			—
ETFMG Treatments, Testing and Advancements ETF		(13,759,667	)		13,759,667

The tax charter of distributions paid during the year ended September 30, 2021, and the year ended September 30, 2020 were as follows:

	Year Ended September 30, 2021				Year Ended September 30, 2020
	From Ordinary Income		From Capital Gains		From Ordinary Income		From Capital Gains
ETFMG Prime
Cyber Security ETF	$	6,619,000	$	—	$	21,333,000	$	—
ETFMG Prime Mobile Payments ETF		—		—		216,000		—
ETFMG Sit Ultra Short ETF		1,070,997		—		1,250,256		—
ETFMG Treatments, Testing and Advancements
ETF		647,750		—		—		—

NOTE 9 – INVESTMENTS IN AFFILIATES

ETFMG Prime Cyber Security ETF

ETFMG Prime Cyber Security ETF owned the following companies during the year ended September 30, 2021. SecureWorks Corp. – Class A, ETFMG Sit Ultra Short ETF, and KnowBe4, Inc. – Class A are deemed to be affiliates of the Fund as defined by the 1940 Act as of the year ended September 30, 2021. Transactions during the year in these securities were as follows:

Security Name	Value at September 30, 2020		Purchases		Sales			Realized Gain (Loss)⁽¹⁾			Change in Unrealized Appreciation (Depreciation)			Dividend Income		Value at September 30, 2021		Ending Shares
SecureWorks Corp. - Class A *	$	12,800,697	$	16,644,491	$	(8,838,787	)	$	1,326,620		$	8,621,704		$	—	$	30,554,725		1,536,958
ETFMG Sit Ultra Short ETF *		49,785,000		37,308,440		—			—			(22,190	)		—		87,071,250		1,750,000
Tufin Software Technologies, Ltd. **		16,657,303		12,827,751		(17,852,772	)		(15,218,653	)		18,248,907			—		14,662,536		1,491,611
KnowBe4, Inc. - Class A*		—		81,899,122		(12,237,107	)		(4,497,360	)		(20,451,548	)				44,713,107		2,036,116
Total	$	79,243,000	$	148,679,804	$	(38,928,666	)	$	(18,389,393	)	$	6,396,873		$	—	$	177,001,618		6,814,685

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

ETFMG Prime Mobile Payments ETF

ETFMG Prime Mobile Payments ETF owned the following company during the year ended September 30, 2021. ETFMG Sit Ultra Short ETF is deemed to be an affiliate of the Fund as defined by the 1940 Act as of the year ended September 30, 2021. Transactions during the year in this security was as follows:

Security Name		Value at September 30, 2020				Purchases				Sales				Realized Gain (Loss)⁽¹⁾				Change in Unrealized Appreciation (Depreciation)				Dividend Income				Value at September 30, 2021				Ending Shares
ETFMG Sit Ultra Short ETF *		$	29,871,000			$	14,924,250			$	—			$	—			$	(15,750	)		$	—			$	44,779,500				900,000

ETFMG Treatments, Testing and Advancements ETF

ETFMG Treatments, Testing and Advancements ETF owned the following company during the year ended September 30, 2021. ETFMG Sit Ultra Short ETF deemed to be an affiliate of the Fund as defined by the 1940 Act as of the year ended September 30, 2021. Transactions during the year in this security was as follows:

Security Name		Value at September 30, 2020				Purchases				Sales				Realized Gain (Loss)(1)				Change in Unrealized Appreciation (Depreciation)				Dividend Income				Value at September 30, 2021				Ending Shares
ETFMG Sit Ultra Short ETF *		$	1,244,625			$	—			$	—			$	—			$	(750	)		$	—			$	1,243,875				25,000

*Affiliate as of September 30, 2021.

** This security was not affiliated as of September 30, 2021.

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

As of September 30, 2021, 54.87% of outstanding shares of VALT were owned by affiliates.

NOTE 10 – LEGAL MATTERS

The Trust, a former and current trustee of the Trust, the Adviser and certain officers of the Adviser were defendants in an action filed May 2, 2017 in the Superior Court of New Jersey captioned PureShares, LLC d/b/a PureFunds et al. v. ETF Managers Group, LLC et al., Docket No. C-63-17. The PureShares action alleged claims based on disputes arising out of contractual relationships with the Adviser relating to certain series of the Trust. The action sought damages in unspecified amounts and injunctive relief based on breach of contract, wrongful termination, and several other claims. The PureShares action was dismissed without prejudice by way of stipulation filed on February 14, 2020.

The Adviser and its parent, Exchange Traded Managers Group, LLC (“ETFMG”), were defendants in a case filed on October 26, 2017 in the United States District Court for the Southern District of New York by NASDAQ, Inc. (“Nasdaq”) captioned Nasdaq, Inc. v. Exchange Traded Managers Group, LLC et al., Case 1:17-cv -08252. This action arose out of the same facts and circumstances, and relates to the same series of the Trust, as the New Jersey litigation and asserted claims for breach of contract, conversion and certain other claims. The matter was the subject of a bench trial in May 2019, and on December 20, 2019, the Court issued an Opinion and Order awarding compensatory damages to Plaintiff in the amount of $78,403,172.36, plus prejudgment interest (the “Judgment”). The Court also denied Plaintiff’s requests for punitive damages and equitable relief. ETFMG filed a Notice of Appeal from the Judgment in the United States Court of Appeals for the Second Circuit on January 19, 2021, Docket No. 20-300.

On October 28, 2021, Nasdaq and ETFMG entered into a Judgment Payment Agreement, which satisfied the Judgment. On November 1, 2021, Nasdaq recorded a Satisfaction of Judgment with the United States District Court for the Southern District of New York reflecting that the Judgment was paid in full, and ETFMG withdrew its appeal of the Judgment with prejudice before the United States Court of Appeals for the Second Circuit. PureShares is not a direct party to the Judgment Payment Agreement. ETFMG, however, believes PureShares’ claims in the New Jersey case, if reinstituted, would substantially overlap with those asserted on its behalf by Nasdaq that resulted in the Judgment, which has been satisfied.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

The Adviser does not believe that the resolution of these matters will have a material adverse effect on the Fund’s financial statements.

NOTE 11 – SUBSEQUENT EVENTS

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Except as disclosed in Note 10, this evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements.

ETFMG™ ETFs

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of ETF Managers Trust

and the Shareholders of ETFMG Prime Cyber Security ETF, ETFMG Prime Mobile Payments ETF, ETFMG Sit Ultra Short ETF and ETFMG Treatments, Testing and Advancements ETF:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of ETFMG Prime Cyber Security ETF, ETFMG Prime Mobile Payments ETF, ETFMG Sit Ultra Short ETF and ETFMG Treatments, Testing and Advancements ETF (collectively the “Funds”) (certain of the Funds comprising ETF Managers Trust) as of September 30, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of September 30, 2021, and the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2021 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/WithumSmith+Brown, PC

We have served as the auditor of one or more series of the Trust since 2013.

New York, New York

November 29, 2021

ETFMG™ ETFs

EXPENSE EXAMPLES

Six Months Ended September 30, 2021 (Unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Fund Name	Beginning Account Value April 1, 2021	Ending Account Value September 30, 2021	Expenses Paid During the Period^	Annualized Expense Ratio During the Period April 1, 2021 to September 30, 2021
ETFMG Prime Cyber Security ETF
Actual	1,000.00	1,116.90	3.18	0.60%
Hypothetical (5% annual)	1,000.00	1,022.06	3.04	0.60%
ETFMG Prime Mobile Payments ETF
Actual	1,000.00	1,019.20	3.80	0.75%
Hypothetical (5% annual)	1,000.00	1,021.31	3.80	0.75%
ETFMG Sit Ultra Short ETF
Actual	1,000.00	1,004.10	1.51	0.30%
Hypothetical (5% annual)	1,000.00	1,023.56	1.52	0.30%
ETFMG Treatments, Testing and Advancements ETF
Actual	1,000.00	1,159.20	3.68	0.68%
Hypothetical (5% annual)	1,000.00	1,021.66	3.45	0.68%

^ The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by 183/365 (to reflect the one-half year period).

ETFMG™ ETFs

Board of Trustees

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

	Position(s)		Number of	Other
	Held with the		Portfolios	Directorships
	Trust, Term		in Fund	Held by
	of Office and		Complex	Trustee
Name and Year	Length of	Principal Occupation(s) During	Overseen	During Past 5
of Birth	Time Served	Past 5 Years	By Trustee	Years
Interested Trustee and Officers
Samuel Masucci, III (1962)	Trustee, Chairman of the Board and President (since 2012); Secretary (since 2014)	Chief Executive Officer, Exchange Traded Managers Group LLC (since 2013); Chief Executive Officer, ETF Managers Group LLC (since 2016); Chief Executive Officer, ETF Managers Capital LLC (commodity pool operator) (since 2014); Chief Executive Officer (2012-2016) and Chief Compliance Officer (2012-2014), Factor Advisors, LLC (investment adviser); President and Chief Executive Officer, Factor Capital Management LLC (2012-2014) (commodity pool operator)	17	None
John A. Flanagan, (1946)	Treasurer (since 2015)	President, John A. Flanagan CPA, LLC (accounting services) (since 2010); Treasurer, ETF Managers Trust (since 2015); Chief Financial Officer, ETF Managers Capital, LLC (commodity pool operator) (since 2015).	n/a	n/a
Reshma A. Tanczos (1978)	Chief Compliance Officer (since 2016)	Chief Compliance Officer of ETFMG Financial LLC (Since 2017); Chief Compliance Officer, ETF Managers Group LLC (since 2016); Chief Compliance Officer, ETF Managers Capital LLC (since 2016); Partner, Crow & Cushing (law firm) (2007-2016).	n/a	n/a
Matthew J. Bromberg (1973)	Assistant Secretary (since 2020)	General Counsel and Secretary of Exchange Traded Managers Group LLC (since 2020); ETF Managers Group LLC (since 2020); ETFMG Financial LLC (since 2020); ETF Managers Capital LLC (since 2020); Partner of Dorsey & Whitney LLP (law firm) (2019-2020); General Counsel of WBI Investments, Inc. (2016-2019); Millington Securities, Inc. (2016-2019); and Partner of Reed Smith (law firm) (2015- 2016).	n/a	n/a
* Mr. Masucci is an interested Trustee by virtue of his role as the Chief Executive Officer of the Adviser.

ETFMG™ ETFs

Board of Trustees (Continued)

Name and Year	Position(s)	Principal Occupation(s) During	Number of	Other
of Birth	Held with the	Past 5 Years	Portfolios	Directorships
	Trust, Term		in Fund	Held by
	of Office and		Complex	Trustee
	Length of		Overseen	During Past 5
	Time Served		By Trustee	Years
Terry Loebs (1963)	Trustee (since 2014); Lead Independent Trustee (since 2020)	Founder and Managing Member, Pulsenomics LLC (index product development and consulting firm) (since 2011); Managing Director, MacroMarkets, LLC (exchange-traded products firm) (2006-2011).	17	None
Eric Wiegel (1960)	Trustee (since 2020)	Senior Portfolio Manager, Little House Capital (2019-present); Managing Partner, Global Focus Capital LLC (2013-present); Chief Investment Officer, Insight Financial Strategist LLC (2017-2018).	17	None

ETFMG™ ETFs

SUPPLEMENTARY INFORMATION

September 30, 2021

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

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

NOTE 2 – FEDERAL TAX INFORMATION

Qualified Dividend Income/Dividends Received Deduction

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

Fund Name	Qualified Dividend Income

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

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

Fund Name	Dividends Received Deduction

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

Short Term Capital Gain

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

Fund Name	Short-Term Capital Gain

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

ETFMG™ ETFs

SUPPLEMENTARY INFORMATION

September 30, 2021 (Unaudited) (Continued)

NOTE 3 – INFORMATION ABOUT PORTFOLIO HOLDINGS

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

NOTE 4 – INFORMATION ABOUT PROXY VOTING

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

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

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

ETFMG™ ETFs

ETF MANAGERS TRUST

Privacy Policy and Procedures

ETF Managers Trust, (the “Trust”) has adopted the following privacy policies in order to safeguard the personal information of the Trust’s customers and consumers in accordance with Regulation S-P as promulgated by the U.S. Securities and Exchange Commission.

Trust officers are responsible for ensuring that the following policies and procedures are implemented:

1) The Trust is committed to protecting the confidentiality and security of the information they collect and will handle personal customer and consumer information only in accordance with Regulation S-P and any other applicable laws, rules and regulations¹. The Trust will ensure: (a) the security and confidentiality of customer records and information; (b) that customer records and information are protected from any anticipated threats and hazards; and (c) that customer records and information are protected from unauthorized access or use.

2) The Trust conducts its business affairs through its trustees, officers and third parties that provide services pursuant to agreements with the Trust. The Trust has no employees. It is anticipated that the trustees and officers of the Trust who are not employees of service providers of the Trust will not have access to customer records and information in the performance of their normal responsibilities for the Trust.

3) The Trust may share customer information with its affiliates, subject to the customers’ right to prohibit such sharing.

4) The Trust may share customer information with unaffiliated third parties only in accordance with the requirements of Regulation S-P. Pursuant to this policy, the Trust will not share customer information with unaffiliated third parties other than as permitted by law, unless authorized to do so by the customer.

Consistent with these policies, the Trust has adopted the following procedures:

1) The Trust will determine that the policies and procedures of its affiliates and Service Providers are reasonably designed to safeguard customer information and only permit appropriate and authorized access to and use of customer information through the application of appropriate administrative, technical and physical protections.

2) The Trust will direct each of its Service Providers to adhere to the privacy policy of the Trust and to its privacy policies with respect to all customer information of the Trust and to take all actions reasonably necessary so that the Trust is in compliance with the provisions of Regulation S -P, including, as applicable, the development and delivery of privacy notices and the maintenance of appropriate and adequate records.

3) The Trust requires its Service Providers to provide periodic reports to the Trust’s Board of Trustees outlining their privacy policies and the implementation of such policies. Each Service Provider is required to promptly report to the Trust’s Board any material changes to its privacy policy before, or promptly after, the adoption of such changes

_____________

⁽¹⁾	Generally, the Funds have institutional clients which are not considered “customers” for purposes of regulation S-P.

Advisor

ETF Managers Group, LLC

30 Maple Street, Suite 2, Summit, NJ 07901

Distributor

ETFMG Financial LLC

30 Maple Street, Suite 2, Summit, NJ 07901

Custodian

U.S. Bank National Association

Custody Operations

1555 North River Center Drive, Suite 302, Milwaukee, Wisconsin 53212

Transfer Agent

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

Securities Lending Agent

U.S. Bank, National Association

Securities Lending

800 Nicolet Mall

Minneapolis, MN 55402-7020

Independent Registered Public Accounting Firm

WithumSmith + Brown, PC

1411 Broadway, 9th Floor, New York, NY 10018

Legal Counsel

Sullivan & Worcester LLP

1666 K Street NW, Washington, DC 20006