Annual Report

September 30, 2021

Wedbush ETFMG Video Game Tech ETF

Wedbush ETFMG Global Cloud Technology ETF

The funds are series of ETF Managers Trust.

Wedbush ETFMG ^TM ETF

TABLE OF CONTENTS

September 30, 2021

	Page
Shareholder Letter	2

Growth of $10,000 Investment – IVES	3

Top 10 Holdings – IVES	4

Growth of $10,000 Investment - GAMR	5

Top 10 Holdings - GAMR	6

Important Disclosures and Key Risk Factors	7

Portfolio Allocations	9

Schedule of Investments	10

Statement of Assets and Liabilities	20

Statement of Operations	21

Statements of Changes in Net Assets	22

Financial Highlights	24

Notes to the Financial Statements	26

Report of Independent Registered Public Accounting Firm	37

Expense Example	38

Supplementary Information	39

Information About Portfolio Holdings	40

Information About Proxy Voting	40

Trustees and Officers Table	41

Privacy Policy	43

Wedbush ETFMG ^TM ETF

Dear Shareholder,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in these ETFs. The following information pertains to the fiscal period from October 1, 2020 to September 30, 2021.

Performance Overview

During the 12-month period ended September, 2021, the S&P 500 Information Technology Sector Index, a broad measure of US listed technology companies, returned 20.9%. 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.

Wedbush ETFMG Global Cloud Technology ETF (IVES)

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

Over the period, the total return for the Fund was 22.28%, while the total return for the Index was 23.03%. The best performers in the Fund on the basis of contribution to return were Cloudflare Inc. - Class A, Sinch Ab, Mongodb Inc., Netapp Inc. and Elastic Nv, while the worst performers were Chindata Group Holdings- Adr, Gds Holdings Ltd. - Adr, Fastly Inc. - Class A, Coupa Software Inc. and Itochu Techno-Solutions Corp.

During the reporting period, the Fund saw an average approximate allocation of 52.0% to Software, 38.1% to IT Services, 5.0% to Equity Real Estate Investment Trusts (REITs) and 4.3% to Technology Hardware, Storage & Peripherals. The Fund was exposed predominately to the United States 55.9%, followed by China 13.3%, Japan 9.1% and Israel 4.8%.

Wedbush ETFMG Video Game Tech ETF (GAMR)

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

Over the period, the total return for the Fund was 24.91%, while the total return for the Index was 25.05%. The best performers in the Fund on the basis of contribution to return were Gamestop Corp.-Class A, Corsair Gaming Inc., Bilibili Inc.-Sponsored Adr, Unity Software Inc. and Pearl Abyss Corp., while the worst performers were Douyu International Hold-Adr, Paradox Interactive Ab, Stillfront Group Ab, Cd Projekt Sa and Skillz Inc.

During the reporting period, the Fund saw an average approximate allocation of 68.3% to Entertainment, 10.0% to Technology Hardware, Storage & Peripherals, 5.1% to Interactive Media & Services and 4.0% to Semiconductors & Semiconductor Equipment. The Fund was exposed predominately to the United States 30.1%, followed by South Korea 17.7%, Japan 16.2%, and China 10.2%.

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

Sincerely,

Samuel Masucci III

Chairman of the Board

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

Growth of $10,000 (Unaudited)

Average Annual Returns Year Ended September 30, 2021	1 Year Return		5 Year Return		Since Inception (3/8/2016)		Value of $10,000 (9/30/2021)
Wedbush ETFMG Global Cloud Technology ETF (NAV)		22.28%		14.87%		14.68%	$	21,429
Wedbush ETFMG Global Cloud Technology ETF (Market)		22.00%		14.67%		14.64%	$	21,390
S&P 500 Index		30.00%		16.90%		17.21%	$	24,196
Dan Ives Global Cloud Technology Prime Index*		23.03%		14.75%		14.49%	$	21,230

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

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

The chart illustrates the performance of a hypothetical $10,000 investment made on March 8, 2016, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sales of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The Index Returns do not reflect fees or expenses and are not available for direct investment.

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

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

	Security	% of Total Investments
1	ETFMG Sit Ultra Short ETF**	3.55%
2	Nice, Ltd.	3.48%
3	GDS Holdings, Ltd.	3.38%
4	Elastic NV	3.35%
5	Open Text Corp.	3.28%
6	MongoDB, Inc.	3.16%
7	SINCH AB	3.07%
8	Datadog, Inc. - Class A	2.77%
9	Itochu Techno-Solutions Corp.	2.73%
10	NetApp, Inc.	2.66%
	Top Ten Holdings 31.43% of Total Investments

	* Current Fund holdings may not be indicative of future Fund holdings.
	** Affiliated security. Please refer to Note 9 of the Notes to Financial Statements.

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF
Growth of $10,000 (Unaudited)

Average Annual Returns Year Ended September 30, 2021	1 Year Return		5 Year Return		Since Inception (3/8/2016)		Value of $10,000 (9/30/2021)
Wedbush ETFMG Video Game Tech ETF (NAV)		24.91%		22.11%		25.71%	$	35,727
Wedbush ETFMG Video Game Tech ETF (Market)		24.06%		21.82%		25.67%	$	35,656
S&P 500 Index		30.00%		16.90%		17.21%	$	24,196
EEFund Video Game Tech Index		25.05%		22.38%		26.04%	$	36,254

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

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

	Security	% of Total Investments
1	ETFMG Sit Ultra Short ETF**	3.24%
2	WeMade Entertainment Co., Ltd.	2.02%
3	Sciplay Corp. - Class A	1.81%
4	Playtika Holding Corp.	1.63%
5	Konami Holdings Corp.	1.61%
6	Krafton, Inc.	1.59%
7	Nintendo Co., Ltd.	1.56%
8	Electronic Arts, Inc.	1.56%
9	Sumo Group PLC	1.54%
10	NHN Corp.	1.54%
	Top Ten Holdings 18.10% of Total Investments

	* Current Fund holdings may not be indicative of future Fund holdings.
	** Affiliated security. Please refer to Note 9 of the Notes to Financial Statements.

Wedbush ETFMG ^TM ETF

Important Disclosures and Key Risk Factors

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

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

IVES

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

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

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

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

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

GAMR

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

Video Game Tech Companies face intense competition, both domestically and internationally, may have limited product lines, markets, financial resources or personnel, may have products that face rapid obsolescence, and are heavily dependent on the protection of patent and intellectual property rights. Video Game Tech Companies are also subject to increasing regulatory constraints, particularly with respect to cybersecurity and privacy. Such factors may adversely affect the profitability and value of such companies. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Investments in smaller companies tend to have limited liquidity and greater price volatility than large-capitalization companies. The Fund’s return may not match or achieve a high degree of correlation with the return of the EEFund Video Game Tech Index™. To the extent the Fund utilizes a sampling approach, it may experience tracking error to a greater extent than if the Fund had sought to replicate the Index. Diversification does not guarantee a profit, nor does it protect against a loss in a declining market.

The EEFund Video Game Tech™ Index provides a benchmark for investors interested in tracking companies actively involved in the electronic gaming industry including the entertainment, education and simulation segments. The Index uses a market capitalization weighted allocation across the pure play and non-pure play sectors and a set weight for the conglomerate sector as well as an equal weighted allocation methodology for all components within each sector allocation. The index was created and is maintained by EEFund Management. You cannot invest directly in an index.

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

Wedbush ETFMG ^TM ETF

PORTFOLIO ALLOCATIONS

As of September 30, 2021 (Unaudited)

	Wedbush ETFMG Global Cloud Technology ETF			Wedbush ETFMG Video Game Tech ETF
As a percent of Net Assets: Australia		2.9	%		—	%
Canada		4.9			0.3
Cayman Islands		13.5			13.4
France		—			2.2
Germany		1.6			0.4
Israel		5.1			0.5
Italy		0.4			0.4
Japan		9.2			16.6
Malta		—			0.4
Netherlands		4.3			0.5
Norway		—			0.6
Poland		—			2.8
Republic of Korea		0.1			16.7
Singapore		1.4			—
Sweden		4.0			6.4
Switzerland		—			0.4
Taiwan, Province of China		—			6.8
United Kingdom		1.6			5.7
United States		50.1			25.1
Virgin Islands		—			0.4
Exchange Traded Funds		4.6			3.7
Short-Term and other Net Assets (Liabilities)		(3.7	)		(3.3	)

		100.0	%		100.0	%

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

Schedule of Investments

September 30, 2021

	Shares		Value
COMMON STOCKS - 99.1%
Australia - 2.9%
IT Services - 2.9% ^(d)
Data#3, Ltd.		37,442	$	129,659
Megaport, Ltd. ^(a)		37,987		461,374
NEXTDC, Ltd. ^(a)		110,231		958,690
Total IT Services				1,549,723

Canada - 4.9%
Electronic Equipment, Instruments & Components - 0.6%
Softchoice Corp.		15,099		352,143
Software - 4.3% ^(d)
Open Text Corp.		47,163		2,301,924
Total Canada				2,654,067

Cayman Islands - 13.5%
IT Services - 13.1% ^(d)
21Vianet Group, Inc. - ADR ^(a)		35,511		614,695
Chinasoft International, Ltd.		708,216		1,251,829
Chindata Group Holdings, Ltd. - ADR ^(a)		90,815		763,754
GDS Holdings, Ltd. - ADR ^(a)(b)		41,862		2,369,808
Kingsoft Cloud Holdings, Ltd. - ADR ^(a)(b)		54,685		1,548,679
SUNeVision Holdings, Ltd.		569,795		537,981
Total IT Services				7,086,746
Software - 0.4% ^(d)
Cloopen Group Holding, Ltd. - ADR ^(a)		40,430		178,701
Xunlei, Ltd. - ADR (a)		16,726		47,836
Total Software				226,537
Total Cayman Islands				7,313,283

Germany - 1.6%
Software - 1.6% ^(d)
Software AG		18,002		840,775

Israel - 5.1%
Software - 5.1% ^(d)
Jfrog, Ltd. ^(a)(b)		9,134		305,989
Nice, Ltd. ^(a)		8,748		2,442,096
Total Software				2,748,085

Italy - 0.4%
Software - 0.4% ^(d)
Digital Value SpA ^(a)		2,446		239,698

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value
Japan - 9.2%
IT Services - 8.7% ^(d)
Hennge KK ^(a)		3,960	$	210,996
Itochu Techno-Solutions Corp.		58,530		1,914,275
NS Solutions Corp.		22,315		760,910
SCSK Corp.		76,224		1,620,432
TechMatrix Corp.		10,857		196,957
Total IT Services				4,703,570
Software - 0.5% ^(d)
Cybozu, Inc.		12,866		281,377
Total Japan				4,984,947

Netherlands - 4.3%
Software - 4.3% ^(d)
Elastic NV ^(a)		15,800		2,354,042

Republic of Korea - 0.1%
Diversified Telecommunication Services - 0.1%
KINX, Inc.		1,196		45,608

Singapore - 1.4%
Real Estate Investment Trusts (REITs) - 1.4%
Keppel DC REIT		417,859		763,213

Sweden - 4.0%
Software - 4.0% ^(d)
SINCH AB ^(a)		110,230		2,154,386

United Kingdom - 1.6%
Software - 1.6% ^(d)
Bytes Technology Group PLC ^(a)		58,131		397,111
Micro Focus International PLC		81,463		449,700
Total Software				846,811

United States - 50.1%
Communications Equipment - 0.1%
Inseego Corp. ^(a)		9,494		63,230
IT Services - 12.0% ^(d)
Cloudflare, Inc. - Class A ^(a)(b)		14,655		1,650,886
DigitalOcean Holdings, Inc. ^(a)(b)		10,031		778,707
Fastly, Inc. - Class A ^(a)(b)		10,896		440,634
Grid Dynamics Holdings, Inc. ^(a)		5,520		161,294
Limelight Networks, Inc. ^(a)(b)		11,797		28,077
MongoDB, Inc. ^(a)		4,699		2,215,625
Rackspace Technology, Inc. ^(a)(b)		19,641		279,295
SolarWinds Corp. ^(b)		14,767		247,052
Switch, Inc. - Class A		22,587		573,484
Unisys Corp. ^(a)		6,272		157,678
Total IT Services				6,532,732

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value
Real Estate Investment Trusts (REITs) - 2.7%
CoreSite Realty Corp. ^(b)		4,132	$	572,447
CyrusOne, Inc. ^(b)		11,390		881,700
Total Real Estate Investment Trusts (REITs)				1,454,147
Software - 30.3% ^(d)
8x8, Inc. ^(a)(b)		10,471		244,917
Alteryx, Inc. - Class A ^(a)(b)		6,286		459,507
Anaplan, Inc. ^(a)		13,525		823,537
Appfolio, Inc. - Class A ^(a)(b)		3,245		390,698
Appian Corp. ^(a)(b)		6,689		618,799
Blackbaud, Inc. ^(a)(b)		4,544		319,670
Box, Inc. - Class A ^(a)		14,455		342,150
Cloudera, Inc. ^(a)		27,675		441,970
CommVault Systems, Inc. ^(a)		4,242		319,465
Coupa Software, Inc. ^(a)(b)		6,782		1,486,479
Datadog, Inc. - Class A ^(a)(b)		13,751		1,943,704
Datto Holding Corp. ^(a)(b)		15,165		362,444
Domo, Inc. - Class B ^(a)		3,010		254,164
Dropbox, Inc. - Class A ^(a)		36,987		1,080,760
Everbridge, Inc. ^(a)(b)		3,563		538,156
Intapp, Inc. ^(a)		5,529		142,427
Jamf Holding Corp. ^(a)(b)		11,218		432,117
Medallia, Inc. ^(a)		14,988		507,644
MicroStrategy, Inc. - Class A ^(a)(b)		920		532,128
N-Able, Inc. ^(a)(b)		16,720		207,495
nCino, Inc. ^(a)		7,743		549,985
New Relic, Inc. ^(a)(b)		6,061		434,998
Nutanix, Inc. - Class A ^(a)		18,073		681,352
PagerDuty, Inc. ^(a)(b)		7,816		323,739
Smartsheet, Inc. - Class A ^(a)		11,692		804,643
Sumo Logic, Inc. ^(a)(b)		9,873		159,153
Teradata Corp. ^(a)(b)		10,195		584,683
Zendesk, Inc. ^(a)		11,217		1,305,547
Zeta Global Holdings Corp. - Class A ^(a)(b)		17,923		105,029
Total Software				16,397,360
Technology Hardware, Storage & Peripherals - 5.0%
NetApp, Inc.		20,833		1,869,970
Pure Storage, Inc. - Class A ^(a)(b)		26,469		665,960
Super Micro Computer, Inc. ^(a)		4,690		171,513
Total Technology Hardware, Storage & Peripherals				2,707,443
Total United States				27,154,912
TOTAL COMMON STOCKS (Cost $37,793,882)				53,649,550

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM
SECURITIES LENDING COLLATERAL - 25.0%
ETFMG Sit Ultra Short ETF ^(e)		50,000	$	2,487,750
Mount Vernon Liquid Assets Portfolio, LLC, 0.09% ^(c)		11,075,703		11,075,703
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING COLLATERAL (Cost $13,563,653)				13,563,453

SHORT-TERM INVESTMENTS - 0.9%
Money Market Funds - 0.9%
First American Government Obligations Fund - Class X, 0.03% ^(c)		469,458		469,458
TOTAL SHORT-TERM INVESTMENTS (Cost $469,458)

Total Investments (Cost $51,826,993) - 125.0%				67,682,461
Liabilities in Excess of Other Assets - (25.0)%				(13,527,246	)
TOTAL NET ASSETS - 100.0%			$	54,155,215

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 Software & IT Services Industries.

^(e)

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

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

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

Schedule of Investments

September 30, 2021

	Shares		Value
COMMON STOCKS - 99.6%
Canada - 0.3%
Interactive Media & Services - 0.3%
Enthusiast Gaming Holdings, Inc. ^(a)		74,613	$	269,210

Cayman Islands - 13.4%
Electronic Equipment, Instruments &
Components - 0.5%
VSTECS Holdings, Ltd.		486,387		437,987
Entertainment - 9.3% ^(d)
Archosaur Games, Inc. ^(f)		279,118		350,661
BAIOO Family Interactive, Ltd. ^(f)		3,015,758		286,675
Bilibili, Inc. - ADR ^(a)(b)		21,904		1,449,388
CMGE Technology Group, Ltd.		952,839		375,767
DouYu International Holdings, Ltd. - ADR ^(a)(b)		432,549		1,423,086
Homeland Interactive Technology, Ltd. ^(a)		1,135,805		313,692
HUYA, Inc. - ADR ^(a)		39,928		333,000
iDreamSky Technology Holdings, Ltd. ^(a)(f)		551,199		295,261
IGG, Inc.		1,792,620		1,687,925
NetDragon Websoft Holdings, Ltd.		576,186		1,302,676
NetEase, Inc. - ADR		7,939		677,991
Sea, Ltd. - ADR ^(a)		1,324		421,999
XD, Inc. ^(a)		74,200		413,194
Total Entertainment				9,331,315
Interactive Media & Services - 1.7%
Hello Group, Inc. - ADR		33,392		353,287
JOYY, Inc. - ADR ^(b)		6,892		377,888
Sohu.com, Ltd. - ADR ^(a)		14,399		300,075
Tencent Holdings, Ltd.		11,806		699,747
Total Interactive Media & Services				1,730,997
Software - 0.4%
Kingsoft Corp., Ltd.		109,152		435,366
Technology Hardware, Storage & Peripherals - 1.5%
Razer, Inc. ^(a)(f)		7,461,429		1,523,983
Total Cayman Islands				13,459,648

France - 2.2%
Entertainment - 2.2% ^(d)
Focus Home Interactive SA ^(a)		4,962		279,051
Ubisoft Entertainment SA ^(a)		27,678		1,663,309
Vivendi SE ^(b)		19,376		244,753
Total Entertainment				2,187,113

Germany - 0.4%
Health Care Equipment & Supplies - 0.4%
Carl Zeiss Meditec AG		1,969		378,724

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value
Israel - 0.5%
Software - 0.5%
ironSource, Ltd. - Class A ^(a)		45,702	$	496,781

Italy - 0.4%
Entertainment - 0.4% ^(d)
Digital Bros SpA		10,228		392,865

Japan - 16.6%
Entertainment - 12.2% ^(d)
Akatsuki, Inc.		11,439		329,927
Ateam, Inc.		25,564		346,841
Capcom Co., Ltd.		62,614		1,746,857
COLOPL, Inc.		44,347		320,763
DeNa Co., Ltd.		24,619		458,779
Gumi, Inc.		41,151		300,235
GungHo Online Entertainment, Inc.		22,873		421,721
KLab, Inc. ^(a)		53,717		301,659
Koei Tecmo Holdings Co., Ltd.		9,770		467,015
Konami Holdings Corp.		29,433		1,859,148
Marvelous, Inc.		53,331		339,264
Nexon Co., Ltd.		92,954		1,509,213
Nintendo Co., Ltd.		3,686		1,798,703
SNK Corp. - ADR ^(a)		20,691		349,510
Square Enix Holdings Co., Ltd.		31,503		1,684,198
Total Entertainment				12,233,833
Household Durables - 0.8%
Sony Corp. - ADR ^(a)		7,141		789,652
Interactive Media & Services - 1.8%
Gree, Inc.		246,243		1,362,916
Mixi, Inc.		19,086		431,984
Total Interactive Media & Services				1,794,900
Leisure Products - 1.3%
Bandai Namco Holdings, Inc.		6,267		473,002
Furyu Corp.		23,627		378,304
Sega Sammy Holdings, Inc.		32,395		463,680
Total Leisure Products				1,314,986
Media - 0.5%
CyberAgent, Inc.		23,904		465,215
Total Japan				16,598,586

Malta - 0.4%
Entertainment - 0.4% ^(d)
Media and Games Invest SE ^(a)(b)		65,500		381,634

Netherlands - 0.5%
Entertainment - 0.5% ^(d)
Universal Music Group NV ^(b)		19,509		522,357

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value
Norway - 0.6%
Semiconductors & Semiconductor Equipment - 0.6%
Nordic Semiconductor ASA ^(a)		21,414	$	643,271

Poland - 2.8%
Entertainment - 2.8% ^(d)
CD Projekt SA		36,690		1,769,349
TEN Square Games SA		7,799		1,032,415
Total Entertainment				2,801,764

Republic of Korea - 16.7%
Entertainment - 16.0% ^(d)
Com2uS Corp.		20,444		1,705,969
Gravity Co., Ltd. - ADR ^(a)		3,291		297,704
JoyCity Corp. ^(a)		34,005		328,849
Kakao Games Corp. ^(a)		26,651		1,478,860
Krafton, Inc. ^(a)		4,322		1,832,469
Nat Games Co., Ltd. ^(a)		31,410		366,096
NCSoft Corp.		3,356		1,709,179
Neowiz ^(a)		13,123		257,694
Netmarble Corp. ^(f)		16,858		1,680,105
NHN Corp. ^(a)		29,917		1,773,795
Pearl Abyss Corp. ^(a)		24,276		1,648,472
Webzen, Inc. ^(a)		14,168		306,335
WeMade Entertainment Co., Ltd.		39,372		2,327,736
Wysiwyg Studios Co., Ltd. ^(a)		24,673		355,300
Total Entertainment				16,068,563
Hotels, Restaurants & Leisure - 0.3%
DoubleUGames Co., Ltd.		6,359		338,359
Interactive Media & Services - 0.4%
AfreecaTV Co., Ltd.		3,219		409,444
Total Republic of Korea				16,816,366

Sweden - 6.4%
Electronic Equipment, Instruments &
Components - 0.3%
Thunderful Group AB ^(a)		44,168		324,913
Entertainment - 5.1% ^(d)
Embracer Group AB ^(a)		152,860		1,471,957
Enad Global 7 AB ^(a)		60,396		228,010
G5 Entertainment AB		6,426		292,291
Modern Times Group MTG - Class B ^(a)		30,089		365,698
Paradox Interactive AB		73,298		1,173,853
Stillfront Group AB ^(a)		254,890		1,615,918
Total Entertainment				5,147,727
Hotels, Restaurants & Leisure - 0.3%
LeoVegas AB ^(f)		74,986		293,283

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value
Media - 0.4%
Nordic Entertainment Group AB - Class B ^(a)		7,630	$	413,120
Technology Hardware, Storage & Peripherals - 0.3%
Tobii AB ^(a)		40,518		275,615
Total Sweden				6,454,658

Switzerland - 0.4%
Technology Hardware, Storage & Peripherals - 0.4%
Logitech International SA ^(b)		4,408		388,565

Taiwan, Province of China - 6.8%
Entertainment - 2.4% ^(d)
Gamania Digital Entertainment Co., Ltd.		157,528		323,419
International Games System Co., Ltd.		75,298		1,770,255
Soft-World International Corp.		97,981		308,779
Total Entertainment				2,402,453
Technology Hardware, Storage & Peripherals - 4.4%
Acer, Inc.		838,669		745,035
ASROCK, Inc.		67,561		390,421
Asustek Computer, Inc.		66,085		772,085
HTC Corp. ^(a)		587,422		775,906
Micro-Star International Co., Ltd.		380,718		1,769,637
Total Technology Hardware, Storage & Peripherals				4,453,084
Total Taiwan, Province of China				6,855,537

United Kingdom - 5.7%
Entertainment - 4.1% ^(d)
Frontier Developments PLC ^(a)		25,889		854,630
Sumo Group PLC ^(a)		270,515		1,775,076
Team17 Group PLC ^(a)		147,307		1,518,383
Total Entertainment				4,148,089
IT Services - 1.6%
Keywords Studios PLC		40,760		1,599,271
Total United Kingdom				5,747,360

United States - 25.1%
Entertainment - 13.8% ^(d)
Activision Blizzard, Inc.		22,556		1,745,609
Electronic Arts, Inc.		12,613		1,794,199
Playtika Holding Corp. ^(a)(b)		68,052		1,880,276
ROBLOX Corp. - Class A ^(a)(b)		21,678		1,637,773
Sciplay Corp. - Class A ^(a)(b)		100,714		2,083,772
Skillz, Inc. ^(a)(b)		148,262		1,455,933
Take-Two Interactive Software, Inc. ^(a)		11,319		1,743,918
Zynga, Inc. - Class A ^(a)		207,702		1,563,996
Total Entertainment				13,905,476
Household Durables - 0.3%
Turtle Beach Corp. ^(a)(b)		11,740		326,607

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

Schedule of Investments

September 30, 2021 (Continued)

	Shares		Value
Interactive Media & Services - 0.7%
Alphabet, Inc. - Class C ^(a)		263	$	700,977
Real Estate Management & Development - 0.4%
eXp World Holdings, Inc. ^(b)		9,052		359,998
Semiconductors & Semiconductor Equipment - 2.8%
Advanced Micro Devices, Inc. ^(a)		6,900		710,010
Intel Corp.		14,024		747,200
NVIDIA Corp.		3,365		697,093
Qualcomm, Inc.		5,192		669,664
Total Semiconductors & Semiconductor Equipment				2,823,967
Software - 3.3%
AppLovin Corp. - Class A ^(a)		5,721		414,029
Microsoft Corp.		2,502		705,364
PTC, Inc. ^(a)		3,404		407,765
Unity Software, Inc. ^(a)(b)		13,775		1,739,093
Total Software				3,266,251
Specialty Retail - 1.5%
GameStop Corp. - Class A ^(a)		8,589		1,507,112
Technology Hardware, Storage & Peripherals - 2.3%
Apple, Inc.		4,904		693,916
Corsair Gaming, Inc. ^(a)(b)		63,615		1,649,537
Total Technology Hardware, Storage & Peripherals				2,343,453
Total United States				25,233,841

Virgin Islands (UK) - 0.4%
Interactive Media & Services - 0.4%
Mail.Ru Group, Ltd. - ADR ^(a)		21,130		434,855
TOTAL COMMON STOCKS (Cost $108,041,641)				100,063,135

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 11.3%
ETFMG Sit Ultra Short ETF ^(e)		75,000		3,731,625
Mount Vernon Liquid Assets Portfolio, LLC, 0.09% ^(c)		7,472,435		7,472,435
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $11,220,283)				11,204,060

SHORT-TERM INVESTMENTS - 0.2%
Money Market Funds - 0.2%
First American Government Obligations Fund - Class X, 0.03% ^(c)		157,784		157,784
TOTAL SHORT-TERM INVESTMENTS (Cost $157,784)				157,784

Total Investments (Cost $119,419,708) - 111.1%				111,424,979
Liabilities in Excess of Other Assets - (11.1)%				(10,997,637	)
TOTAL NET ASSETS - 100.0%			$	100,427,342

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

Schedule of Investments

September 30, 2021 (Continued)

Percentages are stated as a percent of net assets.

ADR

American Depositary Receipt

PLC

Public Limited Company

^(a)

Non-income producing security.

^(b)

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

^(e)

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

^(f)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration to qualified insitutional investors. At September 30, 2021, the market value of these securities total $4,429,968, which represents 4.41% 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.

Wedbush ETFMG ^TM ETF

STATEMENTS OF ASSETS AND LIABILITIES

As of September 30, 2021

	Wedbush ETFMG Global Cloud Technology ETF		Wedbush ETFMG Video Game Tech ETF

ASSETS
Investments in unaffiliated securities, at value*	$	65,194,711	$	107,693,354
Investments in affiliated securities, at value*		2,487,750		3,731,625
Total Investments in securities, at value		67,682,461		111,424,979
Foreign currency*		2,591		—
Dividends and interest receivable		64,685		258,493
Securities lending income receivable		2,225		29,957
Total Assets		67,751,962		111,713,429

LIABILITIES
Collateral received for securities loaned (Note 7)		13,563,653		11,220,283
Payables:
Management fees payable		33,094		65,804
Total Liabilities		13,596,747		11,286,087
Net Assets	$	54,155,215	$	100,427,342

NET ASSETS CONSIST OF:
Paid-in Capital	$	48,579,858	$	126,431,538
Total Distributable Earnings (Accumulated Loses)		5,575,357		(26,004,196	)
Net Assets	$	54,155,215	$	100,427,342

*Identified Cost:

Investments in unaffiliated securities	$	49,339,044	$	115,671,860
Investments in affiliated securities		2,487,949		3,747,848
Foreign currency		2,571		—

Shares Outstanding^{^}		1,050,000		1,200,000

Net Asset Value, Offering and Redemption Price per Share	$	51.58	$	83.69

No par value, unlimited number of shares authorized

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

Wedbush ETFMG ^TM ETF

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2021

	Wedbush ETFMG Global Cloud Technology ETF			Wedbush ETFMG Video Game Tech ETF
INVESTMENT INCOME
Income:
Dividends from unaffiliated securities (net of foreign withholdings tax of $9,490 and $252,562, respectively)	$	281,964		$	1,626,331
Interest		46			119
Securities lending income		30,282			279,314
Total Investment Income		312,292			1,905,764

Expenses:
Management fees		374,261			953,685
Interest fees		—			58
Total Expenses		374,261			953,743
Net Investment Income (Loss)		(61,969	)		952,021

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Unaffiliated Investments		516,668			(3,377,008	)
In-Kind redemptions		6,278,774			76,409,795
Foreign currency and foreign currency translation		(401	)		(108,269	)
Net Realized Gain on Investments		6,795,041			72,924,518
Net Change in Unrealized Appreciation/Depreciation of:
Unaffiliated Investments		3,823,557			(35,254,974	)
Affiliated Investments		(1,500	)		(1,088	)
Foreign currency and foreign currency translation		(13,941	)		1,990
Net Change in Unrealized Appreciation/Depreciation of Investments		3,808,116			(35,254,072	)
Net Realized and Unrealized Gain on Investments		10,603,157			37,670,446
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,541,188		$	38,622,467

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2021			Year Ended September 30, 2020
OPERATIONS
Net investment income (loss)	$	(61,969	)	$	261,974
Net realized gain (loss) on investments and In-Kind Redemptions		6,795,041			(3,421,749	)
Net change in unrealized appreciation/depreciation of investments and foreign currency and foreign currency translation		3,808,116			10,336,862
Net increase in net assets resulting from operations		10,541,188			7,177,087

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		(138,689	)		(226,000	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares		(2,762,775	)		1,842,050
Transaction Fees (See Note 1)		—			2,150
Net increase (decrease) in net assets from capital share transactions		(2,762,775	)		1,844,200
Total increase in net assets		7,639,724			8,795,287

NET ASSETS
Beginning of Year		46,515,491			37,720,204
End of Year	$	54,155,215		$	46,515,491

Summary of share transactions is as follows:

	Year Ended						Year Ended
	September 30, 2021						September 30, 2020
	Shares			Amount			Shares			Amount
Shares Sold		250,000		$	13,029,895			350,000		$	12,901,765
Transaction Fees (See Note 1)		—			—			—			2,150
Shares Redeemed		(300,000	)		(15,792,670	)		(300,000	)		(11,059,715	)
Net Transactions in Fund Shares		(50,000	)	$	(2,762,775	)		50,000		$	1,844,200
Beginning Shares		1,100,000						1,050,000
Ending Shares		1,050,000						1,100,000

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2021			Year Ended September 30, 2020
OPERATIONS
Net investment income	$	952,021		$	451,211
Net realized gain on investments and In-Kind Redemptions		72,924,518			10,026,884
Net change in unrealized appreciation/depreciation of investments and foreign currency and foreign currency translation		(35,254,072	)		35,830,476
Net increase in net assets resulting from operations		38,622,467			46,308,571

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		(1,207,000	)		(726,000	)

CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from net change in outstanding shares		(58,836,885	)		(6,893,375	)
Transaction Fees (See Note 1)		150,154			8,922
Net decrease in net assets from capital share transactions		(58,686,731	)		(6,884,453	)
Total increase (decrease) in net assets		(21,271,264	)		38,698,118

NET ASSETS
Beginning of Year		121,698,606			83,000,488
End of Year	$	100,427,342		$	121,698,606

Summary of share transactions is as follows:

	Year Ended						Year Ended
	September 30, 2021						September 30, 2020
	Shares			Amount			Shares			Amount
Shares Sold		1,800,000		$	164,928,820			400,000		$	24,396,890
Transaction Fees (See Note 1)		—			150,154			—			8,922
Shares Redeemed		(2,400,000	)		(223,765,705	)		(600,000	)		(31,290,265	)
Net Transactions in Fund Shares		(600,000	)	$	(58,686,731	)		(200,000	)	$	(6,884,453	)
Beginning Shares		1,800,000						2,000,000
Ending Shares		1,200,000						1,800,000

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Global Cloud Technology ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout 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 of Year	$	42.29		$	35.92		$	39.05		$	36.14		$	26.75
Income (Loss) from
Investment Operations:
Net investment income (loss) ¹		(0.03	)		0.26			0.28			0.15			0.27
Net realized and unrealized gain (loss) on investments		9.45			6.34			(3.11	)		3.08			9.26
Total from investment operations		9.42			6.60			(2.83	)		3.23			9.53
Less Distributions:
Distributions from net investment income		(0.13	)		(0.23	)		(0.30	)		(0.13	)		(0.04	)
Net realized gains		—			—			—			(0.19	)		(0.10	)
Total distributions		(0.13	)		(0.23	)		(0.30	)		(0.32	)		(0.14	)
Net asset value, end of year	$	51.58		$	42.29		$	35.92		$	39.05		$	36.14
Total Return		22.28	%		18.58	%		-7.23	%		9.03	%		36.39	%

Ratios/Supplemental Data:
Net assets at end of year (000's)	$	54,155		$	46,515		$	37,720		$	50,771		$	37,948

Expenses to Average Net Assets before legal expense		0.68	%		0.71	%²		0.75	%		0.75	%		0.75	%
Gross Expenses to Average Net Assets		0.68	%		0.71	%²		0.75	%		0.75	%		0.79	%³
Net Investment Income (Loss) to Average Net Assets		-0.06	%		0.70	%		0.83	%		0.42	%		0.87	%
Portfolio Turnover Rate		14	%		104	%		38	%		42	%		21	%

Calculated based on average shares outstanding during the year.

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

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

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

Wedbush ETFMG ^TM ETF

Wedbush ETFMG Video Game Tech ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout 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	$	67.61		$	41.50		$	47.49			44.37		$	32.90
Income from Investment Operations:
Net investment income ¹		0.74			0.25			0.52			0.74			0.33
Net realized and unrealized gain (loss) on investments		15.96			26.26			(5.87	)		2.98			11.71
Total from investment operations		16.70			26.51			(5.35	)		3.72			12.04
Less Distributions:
Distributions from net investment income		(0.72	)		(0.41	)		(0.65	)		(0.59	)		(0.18	)
Net realized gains		—			—			—			(0.03	)		(0.39	)
Total distributions		(0.72	)		(0.41	)		(0.65	)		(0.62	)		(0.57	)
Capital Share Transactions:
Transaction fees added to paid-in capital		0.10			0.01			0.01			0.02			—
Net asset at end of year	$	83.69		$	67.61		$	41.50			47.49		$	44.37
Total Return		24.91	%		64.12	%		-11.26	%		8.38	%		37.67	%

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

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	%		0.82	%²
Net Investment Income to Average Net Assets		0.87	%		0.51	%		1.22	%		1.48	%		0.86	%
Portfolio Turnover Rate		89	%		53	%		38	%		42	%		49	%

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.

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

NOTE 1 - ORGANIZATION

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

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

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

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

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

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

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

Level 1

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

Level 2

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

Level 3

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

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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

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

The following table presents a summary of the Funds’ investments in securities, at fair value, as of September 30, 2021:

Wedbush ETFMG Global Cloud Technology ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	53,649,550	$	—	$	—	$	53,649,550
Short Term Investments		469,458		—		—		469,458
ETFMG Sit Ultra Short ETF**		2,487,750		—		—		2,487,750
Investments Purchased with Securities
Lending Collateral*		—		—		—		11,077,676
Total Investments in Securities	$	56,606,758	$	—	$	—	$	67,684,434

Wedbush ETFMG Video Game Tech ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	95,633,167	$	4,429,968	$	—	$	100,063,135
Short Term Investments		157,784		—		—		157,784
ETFMG Sit Ultra Short ETF**		3,731,625		—		—		3,731,625
Investments Purchased with Securities
Lending Collateral*		—		—		—		7,594,779
Total Investments in Securities	$	99,522,576	$	4,429,968	$	—	$	111,547,323

^{^}

See Schedule of Investments for classifications by country and industry

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

Investment was purchased with collateral.

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

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

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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

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

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

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

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

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

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

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

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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

NOTE 3 - RISK FACTORS

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

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

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

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

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

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

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

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

NOTE 4 - MANAGEMENT AND OTHER CONTRACTS

Under the Investment Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds, except for: the fee paid to the Adviser pursuant to the Investment Advisory Agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses (collectively, “Excluded Expenses”).

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

Advisory Fees:

Wedbush ETFMG Global Cloud Technology ETF 0.68%

Wedbush ETFMG Video Game Tech ETF 0.75%

The Adviser has entered into an agreement with its affiliate, ETFMG Financial LLC to serve as distributor to the Funds (the “Distributor”). The Distributor provides marketing support for the Funds, including distributing marketing materials related to the Funds.

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

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

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

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

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

Each Fund has adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds may pay compensation to the Distributor or any other distributor or financial institution with which the Trust has an agreement with respect to the Funds, with the amount of such compensation not to exceed an annual rate of 0.25% of each Fund’s average daily net assets. For the 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
Wedbush ETFMG Global Cloud Technology ETF	$	8,134,450	$	13,056,663
Wedbush ETFMG Video Game Tech ETF	$	114,845,716	$	115,882,749

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

	Purchases In-		Sales In-
	Kind		Kind
Wedbush ETFMG Global Cloud Technology ETF	$	12,936,079	$	11,257,801
Wedbush ETFMG Video Game Tech ETF	$	124,255,454	$	180,765,288

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

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

As of 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

	Values of		Fund
	Securities		Collateral
Fund	on Loan		Received*
Wedbush ETFMG Global Cloud Technology ETF	$	13,291,307	$	13,563,653
Wedbush ETFMG Video Game Tech ETF		10,979,169		11,220,283

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

NOTE 8 – FEDERAL INCOME TAXES

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

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

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

Wedbush ETFMG ^TM ETF

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)
Wedbush ETFMG Global Cloud Technology ETF	$	—	$	—	$	—	$	(9,957,026	)	$	5,575,357
Wedbush ETFMG Video Game Tech ETF		1,198,325		—		1,198,325		(13,723,332	)		(26,004,196	)

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

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

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

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			Paid-In
	Earnings/(Loss)			Capital
Wedbush ETFMG Global Cloud Technology ETF	$	(6,188,005	)		6,188,005
Wedbush ETFMG Video Game Tech ETF		(72,605,703	)		72,605,703

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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

September 30, 2020

From

Ordinary

Capital

Ordinary

Capital

Income

Gains

Income

Gains

Wedbush ETFMG Global Cloud Technology ETF

138,689

—

226,000

—

Wedbush ETFMG Video Game Tech ETF

1,207,000

—

726,000

—

NOTE 9 - INVESTMENTS IN AFFILIATES

Wedbush ETFMG Global Cloud Technology ETF

Wedbush ETFMG Global Cloud Technology 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 the security were as follows:

Security Name		Value, at September 30, 2020				Purchases				Sales				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Dividend Income				Value, at September 30, 2021				Ending Shares
ETFMG Sit Ultra Short ETF		$	2,489,250			$	—			$	—			$	—			$	(1,500	)		$	—			$	2,487,750				50,000

Wedbush ETFMG Video Game Tech ETF

Wedbush ETFMG Video Game Tech 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 the security were as follows:

Security Name		Value, at September 30, 2020				Purchases				Sales				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Dividend Income				Value, at September 30, 2021				Ending Shares
ETFMG Sit Ultra Short ETF		$	2,489,250			$	1,243,463			$	—			$	—			$	(1,088	)		$	—			$	3,731,625				75,000

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.

Wedbush ETFMG ^TM ETF

NOTES TO FINANCIAL STATEMENTS

September 30, 2021 (Continued)

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.

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.

Wedbush ETFMG ^TM ETF

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of ETF Managers Trust

and the Shareholders of Wedbush ETFMG Global Cloud Technology ETF

and Wedbush ETFMG Video Game Tech ETF

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Wedbush ETFMG Global Cloud Technology ETF and Wedbush ETFMG Video Game Tech 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

Wedbush ETFMG ^TM ETF

Expense Example

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 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
Wedbush ETFMG Global Cloud Technology ETF
Actual		1,000.00		1,076.90		3.54		0.68	%
Hypothetical (5% annual)		1,000.00		1,021.66		3.45		0.68	%
Wedbush ETFMG Video Game Tech ETF
Actual		1,000.00		870.50		3.52		0.75	%
Hypothetical (5% annual)		1,000.00		1,021.31		3.80		0.75	%

^ The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by 183/365 (to reflect the period from April 1, 2021 to September 30, 2021).

Wedbush ETFMG ^TM ETF

SUPPLEMENTARY INFORMATION

September 30, 2021 (Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Information regarding how often shares of the Funds 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 Funds’ 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	QDI
Wedbush ETFMG Global Cloud Technology ETF	78.45%
Wedbush ETFMG Video Game Tech ETF	51.29%

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

Fund Name	DRD
Wedbush ETFMG Global Cloud Technology ETF	44.52%
Wedbush ETFMG Video Game Tech ETF	5.93%

Short Term Capital Gain

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

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

During the year ended September 30, 2021, the Funds did not declare any long-term realized gains distributions.

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

					Per Share
Fund	Gross Foreign Source Income		Foreign Taxes Passthrough		Gross Foreign Source Income		Foreign Taxes Passthrough		Shares Outstanding at 9/30/21
Wedbush ETFMG Video Game Tech ETF	$	1,800,463	$	237,492	$	1.50038583	$	0.19790967		1,200,000

Wedbush ETFMG ^TM ETF

SUPPLEMENTARY INFORMATION

September 30, 2021 (Unaudited) (Continued)

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

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

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

NOTE 3 – INFORMATION ABOUT PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Part F of Form N-PORT. Once filed, each Fund’s Part F of Form N-PORT is available without charge, on the SEC’s website 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 1-877-756-7873, 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 1-877-756-7873 or by accessing the SEC’s website at www.sec.gov.

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

Wedbush ETFMG ^TM ETF

Board of Trustees

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

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

Wedbush ETFMG ^TM ETF

Board of Trustees (Continued)

Name and Year of Birth	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships Held by Trustee During Past 5 Years
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
Independent Trustees
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

Wedbush ETFMG ^TM ETF

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