ETFMG Travel Tech ETF

AWAY

ETFMG 2x Daily Travel Tech ETF

AWYX

Annual Report

September 30, 2022

The funds are series of ETF Managers Trust.

ETFMG ^TM ETFs

TABLE OF CONTENTS

September 30, 2022

	Page
Shareholder Letter	2

Growth of $10,000 Investment – AWAY	5

Top 10 Holdings – AWAY	6

Growth of $10,000 Investment - AWYX	7

Important Disclosures and Key Risk Factors	8

Portfolio Allocations	10

Schedule of Investments and Total Return Swaps	11

Statements of Assets and Liabilities	16

Statements of Operations	17

Statements of Changes in Net Assets	18

Financial Highlights	20

Notes to the Financial Statements	22

Report of Independent Registered Public Accounting Firm	34

Expense Example	35

Supplementary Information	36

Information About Portfolio Holdings	36

Information About Proxy Voting	37

Trustees and Officers Table	38

Privacy Policy	40

ETFMG ^TM ETFs

Dear Shareholder,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in these ETFs. The following information pertains to the fiscal period from October 1, 2021 to September 30, 2022.

Market Overview

Beginning in the first quarter of 2020, financial markets in the United States and around the world experienced extreme and, in many cases, unprecedented volatility and severe losses due to the global pandemic caused by COVID-19. Some sectors of the economy and individual issuers have experienced particularly large losses because of these disruptions. In response to these disruptions, the U.S. government and the Federal Reserve have taken extraordinary actions to support the domestic economy and financial markets, contributing to inflationary pressure and expectations for inflation. Further, Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict have increased volatility and uncertainty in the financial markets and adversely affect regional and global economies. The full extent and duration of these conditions and the totality of repercussions are impossible to predict but could continue to result in significant market disruptions and may continue to negatively affect global supply chains, inflation and global growth. These and related events have impacted the ETFs’ performance, among other factors, and the value of an investment in the ETFs. We encourage you to talk with your financial advisor and visit etfmg.com for further insight about investing in today’s markets.

Performance Overview

During the fiscal-year ended September 30, 2022, the S&P 500 Information Technology Sector Index, a broad measure of US listed technology companies, returned -21.14%. During the same period, the S&P Global 1200 Information Technology Sector Index, a broad measure of global technology companies, returned -25.16%. Below is a performance overview for each fund for the same period.

ETFMG Travel Tech ETF (AWAY)

The ETFMG Travel Tech ETF (“AWAY”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Travel Technology Index NTR (the “Index”).

Over the fiscal period, the total return for AWAY was -44.08%, while the total return the for the Index was -43.83%. The best performers in AWAY, on the basis of contribution to return were, Makemytrip Ltd, Adventure Inc, First Am Gov Oblig-X, Cielo Sa, and Japanese Yen, while the worst performers were Lyft Inc-A, Didi Global Inc, Siteminder Ltd, Swvl Holdings Corp, and Sabre Corp.

During the reporting period, AWAY saw an average approximate allocation to the Consumer Discretionary sector of 64.79%, the IT Services sector of 16.16%, and to the Industrials sector or 11.16%. The portfolio holdings of AWAY were exposed predominately to the United States at 31.83%, China at 12.99%, and Japan at 11.8%.

ETFMG 2x Daily Travel Tech ETF (AWYX)

Operational Review

The discussion below relates to the performance of the ETFMG 2x Daily Travel Tech ETF (“AWYX” or the “ETF”) fiscal period from October 1, 2021 to September 30, 2022. AWYX is leveraged and seeks daily investment results, before fees and expenses, of 200% the performance of the Index.

As stated above, AWYX seeks daily investment results. It does not seek to track a multiple of the Index for periods of longer than one day and the performance of AWYX over longer periods may not correlate to the Index performance. AWYX should not be held by investors for long periods and it should only be used as a short-term trading vehicle. This product is not suitable for all investors, but rather investors who seek substantial risk in order to more aggressively seek returns. Such products should be utilized only by sophisticated investors who understand the risks associated with the use of leverage, the consequences of seeking daily leveraged investment results (e.g., significant losses associated with negative market moves in a leveraged product) and intend to actively monitor and manage their investments

AWYX attempts to provide investment results that correlate to 200% of the return of the Index, meaning AWYX attempts to move in the same direction as the Index. In seeking to achieve the daily investment results of AWYX, ETF Managers Group LLC (the “Adviser”) relies upon quantitative analysis to generate orders resulting in repositioning the ETF’s investments in accordance with its daily investment objective. Using this approach, the Adviser determines the type, quantity and mix of investment positions that it believes in combination should produce daily returns consistent with the investment objective of AWYX. As a consequence, if AWYX is performing as designed, the return of the Index will dictate the return for the ETF. AWYX pursues its investment objective regardless of market conditions and does not take defensive positions. AWYX has an articulated goal which requires the ETF to seek economic exposure significantly in excess of its net assets. To meet its objectives, AWYX invests in some combination of financial instruments, including derivatives. AWYX invests significantly in derivatives, including swap agreements. The Adviser uses these types of investments to produce economically “leveraged” investment results. Leveraging allows the Adviser to generate a greater positive or negative return than what would be generated on the invested capital without leverage, thus changing small market movements into larger changes in the value of the investments of AWYX.

AWYX may use certain investment techniques, including investments in derivatives, which are generally considered aggressive. Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate dramatically over time. Additionally, use of such instruments may increase the volatility of AWYX. The use of derivatives will expose AWYX to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives, such as counterparty risk. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case.

Because AWYX seeks daily investment results of the Index, a comparison of the return of the ETF to the Index does not provide an indication of whether the ETF has met its investment objective. To determine if AWYX has met its daily investment goals, the Adviser performs quantitative analysis seeking to determine the expected performance of the ETF as compared to Index. The quantitative analysis includes predictive models as well as stress-testing and back-testing.

Factors Affecting Performance of AWYX:

Leverage – AWYX seeks daily investment results (before fees and expenses) of 200% of the performance of the Index. The use of leverage magnifies an ETF’s gains or losses and increases the investment’s risk and volatility.

Index Performance – The daily performance of Index, and the factors and market conditions implicitly affecting the Index, are the primary factors driving the performance of AWYX. Given the daily goals, the daily Index returns are most important. The market conditions that affected the Index during the past year are described in the Performance Overview section.

Volatility and Compounding – The goal of AWYX is to provide the specified multiple of the daily return of the Index. Over periods longer than a single day, AWYX should not be expected to provide the multiple of the return of the underlying index. Due to the effects of compounding, a universal mathematical concept that applies to all investments, returns of AWYX over longer periods, are greater or less than the ETF’s daily stated goal. Periods of high volatility that lack a clear trend hurt the performance of AWYX while trending, low volatility markets enhance the ETF’s performance.

Cost of Financing – In order to attain leveraged or inverse leveraged exposure, AWYX receives OBFR plus or minus a spread as applied to the borrowed portion of the ETF’s exposure. The spread varies by counterparty to AWYX and is a function of market demand, hedging costs, access to balance sheet, borrow volatility, current counterparty exposure and administrative costs associated with the swap counterparty. An increase in interest rates which effects the cost of financing will further impact the performance and ability of AWYX to track the Index.

Fees, Expenses, and Transaction Costs – Fees and expenses are listed in the AWYX prospectus and may be higher than many traditional index funds’ fees, which cause a greater negative impact on ETF performance. Transactions costs are not included in the expense ratio of AWYX. Transaction costs can be higher due to the AWYX’s use of derivatives, shorting securities, frequent creation and redemption activity, or trading securities that are comparatively less liquid.

Swap Agreements:

During the reporting period, AWYX invested in swap agreements in order to gain the desired exposure to the Index. These derivatives generally tracked the performance of AWAY and the AWYX was generally negatively impacted from financing rates associated with their use. AWYX entered into swap agreements with counterparties that the Adviser determined to be significant global financial institutions.

If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in AWYX may decline. AWYX seeks to mitigate this risk by generally requiring counterparties to post collateral for its benefit, marked to market daily, in an amount approximately equal to the amount the counterparty owed AWYX, subject to certain minimum thresholds.

Performance Review

The following information pertains to the fiscal period, October 1, 2021 to September 30, 2022. AWYX seeks to provide daily investment results, before fees and expenses, that correspond to two times (2x) the return of the Index for a single day, not for any other period. Over the reporting period, the Index had a total return of -43.83% and volatility of 31.70%. Given the daily investment objectives of AWYX and the path dependency of returns for longer periods, the return of the Index for the reporting period alone should not generate expectations of AWYX performance for the same period. AWYX returned -73.20% for the reporting period and had volatility of 72.60%. For the reporting period AWYX had an average daily volume of 785 shares and an average daily statistical correlation of 95.5% to the return of the Index.

We thank you for your interest in our ETFs. You can find further details about AWAY and AWYX by visiting www.etfmg.com, or by calling 1-844-ETF-MGRS (1-844-383-6477).

Sincerely,

Samuel Masucci III

Chairman of the Board

ETFMG ^TM ETFs

ETFMG Travel Tech ETF

Growth of $10,000 (Unaudited)

Average Annual Returns Year Ended September 30, 2022	1 Year Return			Since Inception (2/12/2020)			Value of $10,000 (9/30/2022)
ETFMG Travel Tech ETF (NAV)		-44.08	%		-15.86	%	$	6,347
ETFMG Travel Tech ETF (Market)		-44.42	%		-16.02	%	$	6,314
S&P 500 Index		-15.47	%		3.94	%	$	11,071
Prime Travel Technology Index GTR		-43.82	%		-15.88	%	$	6,343
Prime Travel Technology Index NTR		-43.83	%		-15.90	%	$	6,340

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 February 12, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sales of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The Index Returns do not reflect fees or expenses and are not available for direct investment.

ETFMG ^TM ETFs

ETFMG Travel Tech ETF

Top Ten Holdings as of September 30, 2022 (Unaudited)*

	Security	% of Total Investments
1	Trip.com Group, Ltd. - ADR	4.16%
2	Airbnb, Inc. - Class A	4.09%
3	Expedia Group, Inc.	4.08%
4	Uber Technologies, Inc.	4.03%
5	Booking Holdings, Inc.	3.93%
6	Tongcheng Travel Holdings, Ltd.	3.81%
7	Trainline PLC	3.71%
8	Amadeus IT Group SA	3.69%
9	TripAdvisor, Inc.	3.69%
10	MakeMyTrip, Ltd.	3.65%

Top Ten Holdings 38.84% of Total Investments

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

ETFMG ^TM ETFs

ETFMG 2x Daily Travel Tech ETF

Growth of $10,000 (Unaudited)

Average Annual Returns Year Ended September 30, 2022	1 Year Return			Since Inception (6/15/2021)			Value of $10,000 (9/30/2022)
ETFMG 2x Daily Travel Tech ETF (NAV)		-73.20	%		-69.30	%	$	2,172
ETFMG 2x Daily Travel Tech ETF (Market)		-72.57	%		-69.10	%	$	2,190
S&P 500 Index		-15.47	%		-10.95	%	$	8,607
Prime Travel Technology Index GTR		-43.82	%		-39.92	%	$	5,175
Prime Travel Technology Index NTR		-43.83	%		-39.92	%	$	5,174

The chart illustrates the performance of a hypothetical $10,000 investment made on June 15, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sales of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The Index Returns do not reflect fees or expenses and are not available for direct investment.

ETFMG ^TM ETFs

Important Disclosures and Key Risk Factors

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

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

AWAY

The ETFMG Travel Tech ETF (the “Fund” or the “Travel Tech ETF”) seeks investment results that correspond generally to the price and yield, before fund fees and expenses, of the Prime Travel Technology Index (the “Index”).

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. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, and such companies may face unpredictable changes in growth rates, competition for the services of qualified personnel and competition from foreign competitors with lower production costs. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

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, which is not affiliated with Prime Indexes.

The Fund is intended to be made available only to U.S. residents. Under no circumstances is any information provided on this website intended for distribution to or use by, or to be an offer to sell to or solicitation of an offer to buy the Fund or any investment product or service of, any person or entity in any jurisdiction or country, other than the United States, where such distribution, use, offer or solicitation would subject the Fund or its affiliates to any registration requirement or be unlawful under the securities laws of that jurisdiction or country.

ETFMG ^TM ETFs

AWYX

Investing in an ETFMG 2x Daily Leveraged ETF may be more volatile than investing in broadly diversified funds. The use of leverage by an ETF increases the risk to the ETF. The ETFMG 2x Daily Leveraged ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged, or daily inverse leveraged, investment results and intend to actively monitor and manage their investment.

The use of derivatives such as swaps are subject to additional risks that may cause prices to fluctuate over time and include the effects of compounding, market volatility, leverage risk, aggressive investment techniques risk, counterparty risk, and intra-day investment risk. Please see the summary and full prospectuses for a more complete description of these and other risks of investing in the Fund.

The Fund is a recently organized, diversified management investment company with limited operating history. ETF Managers Group LLC is the investment advisor to the Fund.

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

ETFMG ^TM ETFs

PORTFOLIO ALLOCATIONS

As of September 30, 2022 (Unaudited)

	ETFMG Travel Tech ETF			ETFMG 2x Daily Travel Tech ETF
As a percent of Net Assets:
Australia		10.8	%		—	%
Brazil		2.1			—
Cayman Islands		9.1			—
China		3.9			—
Japan		11.4			—
Mauritius		4.1			—
Netherlands		4.1			—
Republic of Korea		4.0			—
Spain		7.6			—
United Kingdom		7.1			—
United States		31.6			—
Virgin Islands		3.3			—
Short-Term and other Net Assets (Liabilities)		0.9			100.0
		100.0	%		100.0	%

ETFMG ^TM ETFs

ETFMG Travel Tech ETF

Schedule of Investments

September 30, 2022

	Shares		Value
COMMON STOCKS - 99.1%
Australia - 10.8%
Hotels, Restaurants & Leisure - 7.3% (d)
Corporate Travel Management, Ltd.		502,269	$	5,378,183
Webjet, Ltd. (a)		1,754,245		5,341,226
Total Hotels, Restaurants & Leisure				10,719,409
Software - 3.5%
SiteMinder, Ltd. (a)		2,601,248		5,141,431
Total Australia				15,860,840

Brazil - 2.1%
Hotels, Restaurants & Leisure - 2.1% (d)
CVC Brasil Operadora e Agencia de Viagens SA (a)		2,668,387		3,121,325

Cayman Islands - 9.1%
Hotels, Restaurants & Leisure - 9.1% (d)
Tongcheng Travel Holdings, Ltd. (a)		3,230,233		6,337,300
Trip.com Group, Ltd. - ADR (a)(b)		253,791		6,931,033
Total Hotels, Restaurants & Leisure				13,268,333

China - 3.9%
IT Services - 3.9%
TravelSky Technology, Ltd.		3,755,358		5,750,499

Japan - 11.4%
Hotels, Restaurants & Leisure - 9.8% (d)
Adventure, Inc. (b)		72,430		6,045,425
Airtrip Corp. (b)		213,915		4,210,902
Open Door, Inc. (a)		301,851		4,183,743
Total Hotels, Restaurants & Leisure				14,440,070
Internet & Direct Marketing Retail - 1.6%
Temairazu, Inc.		62,572		2,265,441
Total Japan				16,705,511

Mauritius - 4.1%
Hotels, Restaurants & Leisure - 4.1% (d)
MakeMyTrip, Ltd. (a)(b)		197,731		6,070,342

Netherlands - 4.1%
Hotels, Restaurants & Leisure - 1.4% (d)
Lastminute.com NV (a)		112,527		2,041,384
Interactive Media & Services - 2.7%
Trivago NV - ADR (a)		3,433,686		3,983,076
Total Netherlands				6,024,460

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

ETFMG ^TM ETFs

ETFMG Travel Tech ETF

Schedule of Investments

September 30, 2022 (Continued)

	Shares		Value
Republic of Korea - 4.0%
Hotels, Restaurants & Leisure - 4.0% (d)
Hana Tour Service, Inc. (a)		155,770	$	5,868,458

Spain - 7.6%
Hotels, Restaurants & Leisure - 3.4% (d)
eDreams ODIEGO SA (a)		1,223,018		4,926,304
IT Services - 4.2%
Amadeus IT Group SA (a)		130,845		6,143,699
Total Spain				11,070,003

United Kingdom - 7.1%
Hotels, Restaurants & Leisure - 5.5% (d)
On the Beach Group PLC (a)(f)		1,594,965		1,795,097
Trainline PLC (a)(f)		1,754,468		6,184,381
Total Hotels, Restaurants & Leisure				7,979,478
Software - 1.6%
accesso Technology Group PLC (a)		396,216		2,397,770
Total United Kingdom				10,377,248

United States - 31.6%
Airlines - 1.9%
Blade Air Mobility, Inc. - Class A (a)(b)		684,511		2,758,579
Hotels, Restaurants & Leisure - 13.7% (d)
Airbnb, Inc. - Class A (a)(b)		64,899		6,816,991
Booking Holdings, Inc. (a)		3,987		6,551,478
Expedia Group, Inc. (a)(b)		72,559		6,798,053
Total Hotels, Restaurants & Leisure				20,166,522
Interactive Media & Services - 4.2%
TripAdvisor, Inc. (a)(b)		278,234		6,143,406
IT Services - 3.2%
Sabre Corp. (a)(b)		919,083		4,733,277
Road & Rail - 8.6%
Lyft, Inc. - Class A (a)(b)		446,937		5,886,160
Uber Technologies, Inc. (a)		253,488		6,717,433
Total Road & Rail				12,603,593
Total United States				46,405,377

Virgin Islands (UK) - 3.3%
Hotels, Restaurants & Leisure - 2.6% (d)
Despegar.com Corp. (a)		682,657		3,891,145
Road & Rail - 0.7%
Swvl Holdings Corp. (a)(b)		1,138,179		957,436
Total Virgin Islands (UK)				4,848,581
TOTAL COMMON STOCKS (Cost $253,312,232)				145,370,977

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

ETFMG ^TM ETFs

ETFMG Travel Tech ETF

Schedule of Investments

September 30, 2022 (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 13.5%
ETFMG Sit Ultra Short ETF (e)		25,000	$	1,201,875
Mount Vernon Liquid Assets Portfolio, LLC, 3.18% (c)		18,634,059		18,634,059
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $19,877,521)				19,835,934

SHORT-TERM INVESTMENTS - 0.9%
Money Market Funds - 0.9%
First American Government Obligations Fund - Class X, 2.77% (c)		1,325,364		1,325,364
TOTAL SHORT-TERM INVESTMENTS (Cost $1,325,364)				1,325,364

Total Investments (Cost $274,515,117) - 113.5%				166,532,275
Liabilities in Excess of Other Assets - (13.5)%				(19,813,965	)
TOTAL NET ASSETS - 100.0%			$	146,718,310

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

PLC Public Limited Company

(a)

Non-income producing security.

(b)

This security or a portion of this security was out on loan at September 30, 2022.

(c)

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

(d)

As of September 30, 2022, the Fund had a significant portion of its assets in the Hotels, Restaurants & Leisure 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 transitions exempt from registration to qualified institutional investors. At September 30, 2022, the market value of these securities total $7,979,478, which represents 5.4% of total net assets.

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

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

ETFMG ^TM ETFs

ETFMG 2x Daily Travel Tech ETF

Schedule of Investments

September 30, 2022

	Shares		Value
SHORT-TERM INVESTMENTS - 4.3%
Money Market Funds - 4.3%
First American Government Obligations Fund - Class X, 2.77% (a)		10,377	$	10,377
TOTAL SHORT-TERM INVESTMENTS (Cost $10,377)				10,377

Total Investments (Cost $10,377) - 4.3%				10,377
Other Assets in Excess of Liabilities - 95.7%				228,519
TOTAL NET ASSETS - 100.0%			$	238,896

Percentages are stated as a percent of net assets.

(a)

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

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

ETFMG ^TM ETFs

ETFMG 2x Daily Travel Tech ETF

Schedule of Total Return Swaps

September 30, 2022

Reference
Entity

Fund
Pays/Receives
Reference
Entity

Counterparty

Payment
Frequency

Financing
Rate

Upfront
Premiums
Paid/Received

Notional
Amount

Unrealized
Appreciation
(Depreciation)

ETFMG Travel Tech ETF Swap

Receives

Cowen and Company, LLC

Monthly

Overnight Bank Funding Rate Index - 1.25%

—

465,447

—

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

ETFMG ^TM ETFs

STATEMENTS OF ASSETS AND LIABILITIES

As of September 30, 2022

	ETFMG Travel Tech ETF			ETFMG 2x Daily Travel Tech ETF
ASSETS
Investments in unaffiliated securities, at value*	$	165,330,400		$	10,377
Investments in affiliated securities, at value*		1,201,875			—
Deposits at Broker for total return swap contracts		—			304,614
Receivables:
Dividends and interest receivable		81,791			19
Securities lending income receivable		88,471			—
Total assets		166,702,537			315,010

LIABILITIES
Collateral received for securities loaned (Note 7)		19,877,521			—
Payable for open swap contracts		—			75,881
Payables:
Management fees payable		106,706			233
Total liabilities		19,984,227			76,114
Net Assets	$	146,718,310		$	238,896

NET ASSETS CONSIST OF:
Paid-in Capital	$	328,090,288		$	407,449
Total Distributable Earnings (Accumulated Losses)		(181,371,978	)		(168,553	)
Net Assets	$	146,718,310		$	238,896

* Identified Cost:
Investments in unaffiliated securities	$	273,271,654		$	10,377
Investments in affiliated securities		1,243,463			—

Shares Outstanding^		9,250,000			110,000

Net Asset Value, Offering and Redemption Price per Share	$	15.86		$	2.17

^	No par value, unlimited number of shares authorized

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

ETFMG ^TM ETFs

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2022

	ETFMG Travel Tech ETF			ETFMG 2x Daily ETFMG Travel Tech ETF
INVESTMENT INCOME
Income:
Interest	$	16,752		$	117
Securities lending income		726,511			—
Total Investment Income		743,263			117

Expenses:
Management fees		1,917,412			4,710
Dividend and interest expense		19,773			—
Total Expenses		1,937,185			4,710
Net Investment Loss		(1,193,922	)		(4,593	)

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Unaffiliated Investments		(60,771,443	)		—
In-Kind redemptions		(5,403,805	)		—
Foreign currency and foreign currency translation		(186,618	)		—
Total return swap contracts		—			(603,656	)
Net Realized Loss on Investments and In-Kind redemptions		(66,361,866	)		(603,656	)
Net Change in Unrealized Appreciation (Depreciation) of:
Unaffiliated Investments		(84,904,880	)		—
Affiliated Investments		(42,000	)		—
Foreign currency and foreign currency translation		(1,136	)		—
Net Change in Unrealized Appreciation (Depreciation) of Investments		(84,948,016	)		—
Net Realized and Unrealized Loss on Investments		(151,309,882	)		(603,656	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(152,503,804	)	$	(608,249	)

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

ETFMG ^TM ETFs

ETFMG Travel Tech ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2022			Year Ended September 30, 2021
OPERATIONS
Net investment loss	$	(1,193,922	)	$	(941,304	)
Net realized gain (loss) on investments and in-kind redemptions		(66,361,866	)		6,330,015
Net change in unrealized appreciation (depreciation) of investments and foreign currency and foreign currency translation		(84,948,016	)		(22,656,862	)
Net decrease in net assets resulting from operations		(152,503,804	)		(17,268,151	)

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions from distributable earnings		—			(24,500	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived
from net change in outstanding shares		(22,901,445	)		323,905,900	¹
Transaction Fees (See Note 1)		166,376			243,915
Net increase (decrease) in net assets from capital share transactions		(22,735,069	)		324,149,815
Total increase (decrease) in net assets		(175,238,873	)		306,857,164

NET ASSETS
Beginning of Year		321,957,183			15,100,019
End of Year	$	146,718,310		$	321,957,183

Summary of share transactions is as follows:

	Year Ended September 30, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Shares Sold		4,800,000		$	123,600,780			16,450,000		$	496,261,225
Transaction Fees (See Note 1)		—			166,376			—			243,915
Shares Redeemed		(6,900,000	)		(146,502,225	)		(5,900,000	)		(172,355,325	)
Net Transactions in Fund Shares		(2,100,000	)	$	(22,735,069	)		10,550,000		$	324,149,815
Beginning Shares		11,350,000						800,000
Ending Shares		9,250,000						11,350,000

¹	Includes reimbursement of $1,545 due to net asset value error.

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

ETFMG ^TM ETFs

ETFMG 2x Daily Travel Tech ETF

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended September 30, 2022			Period Ended September 30, 2021¹
OPERATIONS
Net investment loss	$	(4,593	)	$	(1,959	)
Net realized loss on swap contracts		(603,656	)		(225,319	)
Net decrease in net assets resulting from operations		(608,249	)		(227,278	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets from capital share transactions		36,627			1,037,796
Total increase (decrease) in net assets		(571,622	)		810,518

NET ASSETS
Beginning of Year/Period		810,518			—
End of Year/Period	$	238,896		$	810,518

Summary of share transactions is as follows:

	Year Ended September 30, 2022				Period Ended September 30, 2021¹
	Shares		Amount		Shares			Amount
Shares Sold		10,000	$	36,627		120,000		$	1,181,474
Shares Redeemed		—		—		(20,000	)		(143,678	)
Net Transactions in Fund Shares		10,000	$	36,627		100,000		$	1,037,796
Beginning Shares		100,000				—
Ending Shares		110,000				100,000

¹	The Fund commenced operations on June 15, 2021.

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

ETFMG ^TM ETFs

ETFMG Travel Tech ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

	Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2020¹

Net Asset Value, Beginning Year/Period	$	28.37		$	18.88		$	25.00
Income (Loss) from Investment Operations:
Net investment loss²		(0.10	)		(0.13	)		(0.02	)
Net realized and unrealized gain (loss) on investments		(12.42	)		9.60			(6.12	)
Total from investment operations		(12.52	)		9.47			(6.14	)

Less Distributions:
Distributions from net investment income		—			(0.01	)		—
Total distributions		—			(0.01	)		—

Capital Shares Transactions:
Transaction fees added to paid-in capital		0.01			0.03			0.02
Net asset value, end year/period	$	15.86		$	28.37		$	18.88
Total Return		(44.08	)%		50.35	%		(24.50	)%³

Ratios/Supplemental Data:
Net assets at end year/period (000’s)	$	146,718		$	321,957		$	15,100

Expenses to Average Net Assets		0.76	%⁵		0.75	%		0.75	%⁴
Net Investment Income (Loss) to Average
Net Assets		(0.47	)%		(0.43	)%		0.30	%⁴
Portfolio Turnover Rate		40	%		57	%		49	%³

¹	Commencement of operations on February 12, 2020.

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

³	Not annualized.

⁴	Annualized.

⁵	Includes 0.01% of dividend and interest expense.

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

ETFMG ^TM ETFs

ETFMG 2x Daily Travel Tech ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

	Year Ended September 30, 2022			Period Ended September 30, 2021¹

Net Asset Value, Beginning Year/Period	$	8.11		$	10.00
Income (Loss) from Investment Operations:
Net investment loss ²		(0.04	)		(0.02	)
Net realized and unrealized gain (loss) on investments		(5.90	)		(1.87	)
Total from investment operations		(5.94	)		(1.89	)
Net asset value, end year/period	$	2.17		$	8.11
Total Return		(73.20	)%		(18.95	)%³

Ratios/Supplemental Data:
Net assets at end of year/period (000’s)	$	239		$	811

Gross Expenses to Average Net Assets		0.95	%		0.95	%⁴
Net Investment Income (Loss) to Average Net Assets		(0.93	)%		(0.80	)%⁴
Portfolio Turnover Rate		0	%		0	%³

¹	The Fund commenced operations on June 15, 2021.

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

³	Not annualized.

⁴	Annualized.

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

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

NOTE 1 – ORGANIZATION

ETFMG Travel Tech ETF (“AWAY”) and ETFMG 2x Daily Travel Tech ETF (“AWYX”) (each a “Fund”, or collectively the “Funds”) are series of ETF Managers Trust (the “Trust”), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on July 1, 2009. The Trust is registered with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”).

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

Fund Ticker

Strategy

Commencement

Date

Strategy

ETFMG

Travel Tech ETF

2/12/2020

Seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Prime Travel Technology Index NTR (the “Index”).

ETFMG 2x

Daily Travel Tech ETF

6/15/2021

Seeks to provide daily investment results that, before fees and expenses, correspond to two times (2x) the daily total return of the Index. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

The Funds may use a combination of swaps on the Index and swaps on an ETF whose investment objective is to track the performance of the same, or a substantially similar index to achieve its investment objective.

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

Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the shares may be different from their net asset value (“NAV”). Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 50,000 shares for AWAY and 10,000 shares for AWYX, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified Index. Once created, shares generally trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and may be subject to customary brokerage commissions or fees.

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

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

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

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

Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by ETF Managers Group, LLC (the “Adviser”), using procedures adopted by the Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Funds’ Board. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of September 30, 2022, the Funds did not hold any securities that were fair valued.

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

Level 1

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

Level 2

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

Level 3

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

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

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

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

The following is a summary of the inputs used to value the Funds’ net assets as of September 30, 2022:

ETFMG Travel Tech ETF
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	145,370,977	$	—	$	—	$	145,370,977
Short-Term Investments		1,325,364		—		—		1,325,364
ETFMG Sit Ultra Short ETF**		1,201,875		—		—		1,201,875
Investments Purchased with Securities Lending Collateral*		—		—		—		18,634,059
Total Investments in Securities	$	147,898,216	$	—	$	—	$	166,532,275

ETFMG 2x Daily Travel Tech ETF
Assets^	Level 1		Level 2		Level 3		Total
Short-Term Investments	$	10,377	$	—	$	—	$	10,377
Total Investments in Securities	$	10,377	$	—	$	—	$	10,377

Swap Contracts***

Level 1

Level 2

Level 3

Total

Long Total Return Equity Swap Contracts

—

Total Swap Contracts

—

^	See Schedule of Investments for classifications by country and industry.

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

**	Investment was purchased with collateral.

***	Swap contracts are derivative instruments, which are presented at the unrealized appreciation/depreciation on the instrument.

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

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

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

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

Each Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Each Fund has analyzed its tax position and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Funds’ 2022 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, the State of New Jersey, and the State of Delaware; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

As of September 30, 2022, management has reviewed the tax positions for open periods (for Federal purposes, three years from the date of filing and for state purposes, generally a range of three to four years from the date of filing), as applicable to the Funds, and has determined that no provision for income tax is required in the Funds’ financial statements.

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

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

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

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

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

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (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.

Derivatives

The Funds may enter into swap agreements; including interest rate, index, and total return swap agreements. Swap agreements are contracts between parties in which one party agrees to make periodic payments to the other party based on the change in market value or level of a specified rate, index or asset. In return, the other party agrees to make payments to the first party based on the return of a different specified rate, index or asset. Swap agreements will usually be done on a net basis, i.e., where the two parties make net payments with a Fund receiving or paying, as the case may be, only the net amount of the two payments. The net amount of the excess, if any, of a Fund’s obligations over its entitlements with respect to each swap is accrued on a daily basis and an amount of cash or equivalents having an aggregate value at least equal to the accrued excess is maintained by the Fund.

The total return swap contracts are subject to master netting agreements, which are agreements between a Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund through a single payment, in the event of default or termination. Amounts presented on the schedule of total return swaps are gross settlement amounts.

The following table presents the Funds’ gross derivative assets and liabilities by counterparty and contract type, net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of September 30, 2022.

ETFMG 2x Daily Travel Tech ETF

Gross

Amounts of

Recognized

Assets

Presented in

the

Statements

Gross

Amounts

Gross Amounts not

offset in the Statements

of Assets & Liabilities

Counterparty

Investment

Type

of Assets &

Liabilities

Available

Offset

Net

Amounts

Financial

Instruments

Collateral

Received

Net

Amount

Cowen and Company, LLC

Total Return Swap Contract

(75,881

)

—

(75,881

)

—

(75,881

)

The average monthly notional amount of the swap contracts during the year ended September 30, 2022 for AWYX was $896,894.

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

The following is a summary of the effect of swap contracts on the Funds’ Statements of Assets and Liabilities as of September 30, 2022:

Assets

Liabilities

Net Unrealized

Gain (Loss)

ETFMG 2x Daily

Travel Tech ETF

Swap Contract

—

75,881

—

The following is a summary of the effect of swap contracts on the Funds’ Statements of Operations for the year ended September 30, 2022:

Realized Gain (Loss)

Change in Unrealized

Appreciation/Depreciation

ETFMG 2x Daily
Travel Tech ETF

Swap Contract

(603,656

)

—

NOTE 3 – RISK FACTORS

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

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

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

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

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

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

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

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. A Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When a Fund uses derivatives, there may be imperfect correlation between the value of the reference assets and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose a Fund to losses in excess of those amounts initially invested.

Daily Index Correlation/Tracking Risk. There is no guarantee that a Fund will achieve a high degree of correlation to the Index and therefore achieve its daily leveraged investment objective. To achieve a high degree of correlation with the Index, a Fund seeks to rebalance its portfolio daily to keep leverage consistent with its daily leveraged investment objective. In addition, a Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that a Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect a Fund’s ability to adjust exposure to the required levels.

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

A complete description of the principal risks is included in each Fund’s prospectus under the heading “Principal Investment Risks.”

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

NOTE 4 – MANAGEMENT AND OTHER CONTRACTS

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

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

ETFMG Travel Tech ETF	0.75	%
ETFMG 2x Daily Travel Tech ETF	0.95	%

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”). 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. Level ETF Ventures, LLC (“Level”) serves as the index provider for AWAY and AWYX. Level is not affiliated with the Trust or the Adviser.

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 Adviser compensates the Administrator for these services under an administration agreement between the two parties.

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

NOTE 5 – DISTRIBUTION PLAN

The Funds have each adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, each Fund may pay compensation to the Distributor or any other distributor or financial institution with which the Trust has an agreement with respect to each Fund, with the amount of such compensation not to exceed an annual rate of 0.25% of each Fund’s average daily net assets. During the year ended September 30, 2022, the Funds did not incur any 12b-1 expenses.

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

NOTE 6 - PURCHASES AND SALES OF SECURITIES

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, during the year ended September 30, 2022:

		Purchases		Sales
ETFMG Travel Tech ETF		$113,621,455		$100,345,806

The costs of purchases and sales of in-kind transactions associated with creations and redemptions during the year ended September 30, 2022:


	Purchases In-	Sales In-
	Kind	Kind
ETFMG Travel Tech ETF	$ 85,035,173	$123,481,358

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, 2022.

NOTE 7 — SECURITIES LENDING

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

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

As of September 30, 2022 the value of the securities on loan and payable for collateral due to broker were as follows:

Value of Securities on Loan Collateral Received

Fund

Values of

Securities

on Loan

Fund

Collateral

Received*

ETFMG Travel Tech ETF

$19,033,424

$19,877,521

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

NOTE 8 – FEDERAL INCOME TAXES

The components of distributable earnings (losses) and cost basis of investments for federal income tax purposes at September 30, 2022 were as follows:

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

ETFMG Travel Tech ETF

283,689,460

2,119,804

(119,276,989

)

(117,157,185

)

ETFMG 2x Daily Travel Tech ETF

10,377

—

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, 2022, the components of distributable earnings (loss) on a tax basis were as follows:

Undistributed

Ordinary Income

Undistributed

Long-Term Gain

Total

Distributable

Earnings

Other

Accumulated

Loss

Total

Accumulated

Gain (Loss)

ETFMG Travel Tech ETF

—

(64,214,793

)

(181,371,978

)

ETFMG 2x Daily Travel Tech ETF

—

(168,553

)

(168,553

)

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, 2022, the Funds had accumulated capital loss carryovers of:

Capital Loss

Carryforward

Capital Loss

Carryforward

Expires

ETFMG Travel Tech ETF

(43,947,533

)

(19,161,724

)

Indefinite

ETFMG 2x Daily Travel Tech ETF

(168,553

)

—

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, 2022.

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

Late Year

Ordinary

Loss

Post-

October

Capital

Loss

ETFMG Travel Tech ETF

(1,104,607

)

—

ETFMG 2x Daily Travel 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, 2022, the following table shows the reclassifications made:

	Total
	Distributable		Paid-In
	Earnings/(Loss)		Capital
ETFMG Travel Tech ETF	$	15,540,906	$	(15,540,906	)
ETFMG 2x Daily Travel Tech ETF		496,485		(496,485	)

The tax character of distributions paid during the fiscal years ended September 30, 2022 and the year ended September 30, 2021 were as follows:

	Year Ended September 30, 2022				Year Ended September 30, 2021
	From Ordinary Income		From Capital Gains		From Ordinary Income		From Capital Gains
ETFMG Travel Tech ETF	$	—	$	—	$	24,500	$	—
ETFMG 2x Daily Travel Tech ETF		—		—		—		—

NOTE 9 – INVESTMENTS IN AFFILIATES

ETFMG Travel Tech ETF

ETFMG Travel Tech ETF owned the following company during the year ended September 30, 2022. 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, 2022. Transactions during the year in this security were as follows:

Security Name	Value at September 30, 2021		Purchases		Sales		Realized Gain (Loss)⁽¹⁾		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Value at September 30, 2022		Ending Shares
ETFMG Sit Ultra
Short ETF *	$	1,243,875	$	—	$	—	$	—	$	(42,000	)	$	—	$	1,201,875		25,000

*	Affiliate as of September 30, 2022.

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

NOTE 10 – LEGAL MATTERS

The Trust, the Adviser, and certain officers and affiliated persons of the Adviser (together with the Adviser, the “Adviser Defendants”) were named as defendants in an action filed December 21, 2021, in the Superior Court of New Jersey, Union County, captioned PureShares, LLC, d/b/a PureFunds et al. v. ETF Managers Group, LLC et al., Docket No. UNN-C-152-21 (the “NJ Action”). The NJ Action asserted breach of contract and other tort claims and sought damages in unspecified amounts and injunctive relief. On May 25, 2022, the court in the NJ Action dismissed with prejudice all claims asserted against the Trust, as well as all contract claims and all except one tort claim asserted against the Adviser Defendants.

ETFMG ^TM ETFs

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Continued)

As of September 30, 2022, there were no adjustments made to the accompanying financial statements based on the above legal matters.

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. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements.

ETFMG ^TM ETFs

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of ETF Managers Trust

and the Shareholders of ETFMG Travel Tech ETF and ETFMG 2x Daily Travel Tech ETF:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedule of investments of ETFMG Travel Tech ETF and the schedules of investments and total return swaps of ETFMG 2x Daily Travel Tech ETF (collectively the “Funds”) (certain of the Funds comprising ETF Managers Trust) as of September 30, 2022, 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 periods indicated therein 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, 2022, 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 periods indicated therein, 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, 2022 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, 2022

ETFMG ^TM ETFs

Expense Example

Six Months Ended September 30, 2022 (Unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Fund Name	Beginning Account Value April 1, 2022		Ending Account Value September 30, 2022		Expenses Paid During the Period^		Annualized Expense Ratio During the Period April 1, 2022 to September 30, 2022
ETFMG Travel Tech ETF
Actual	$	1,000.00	$	667.40	$	3.18		0.76	%
Hypothetical (5% annual)		1,000.00		1,021.26		3.85		0.76	%
ETFMG 2x Daily Travel Tech ETF
Actual		1,000.00		406.00		3.35		0.95	%
Hypothetical (5% annual)		1,000.00		1,020.31		4.81		0.95	%

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

ETFMG ^TM ETFs

SUPPLEMENTARY INFORMATION

September 30, 2022 (Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

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

NOTE 2 – FEDERAL TAX INFORMATION

Qualified Dividend Income/Dividends Received Deduction

For the fiscal year ended September 30, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Fund Name	Qualified Dividend Income
ETFMG Travel Tech ETF	0.00%
ETFMG 2x Daily Travel Tech ETF	0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended September 30, 2022 was as follows:

Fund Name	Dividends Received Deduction
ETFMG Travel Tech ETF	0.00%
ETFMG 2x Daily Travel Tech ETF	0.00%

Short Term Capital Gain

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

Fund Name	Short-Term Capital Gain
ETFMG Travel Tech ETF	0.00%
ETFMG 2x Daily Travel Tech ETF	0.00%

During the year ended September 30, 2022, the Funds did not declare any long-term realized gains distributions.

NOTE 3 – INFORMATION ABOUT PORTFOLIO HOLDINGS

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

ETFMG ^TM ETFs

SUPPLEMENTARY INFORMATION

September 30, 2022 (Unaudited) (Continued)

NOTE 4 – INFORMATION ABOUT PROXY VOTING

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

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

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

ETFMG ^TM ETFs

Board of Trustees

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

Name and Year of Birth	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships Held by Trustee During Past 5 Years
Interested Trustee and Officers
Samuel Masucci, III (1962)	Trustee, Chairman of the Board and President (since 2012); Secretary (since 2014)	Chief Executive Officer, Exchange Traded Managers Group LLC (since 2013); Chief Executive Officer, ETF Managers Group LLC (since 2016); Chief Executive Officer, ETF Managers Capital LLC (commodity pool operator) (since 2014).	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	Independent Trustee - Absolute Shares Trust (since 2014) (6 portfolios)
Kevin Hourihan (1978)	Chief Compliance Officer (since 2022)	Senior Principal Consultant, Fund Chief Compliance Officer, ACA Global, LLC (since 2022); Chief Compliance Officer, Ashmore Funds (2017-2022); Chief Compliance Officer, Ashmore Investment Management (US) Corp (2014-2022); Chief Compliance Officer, Ashmore Equities Investment Management (2015-2019).	n/a	n/a
Matthew J. Bromberg (1973)	Assistant Secretary (since 2020)	Chief Compliance Officer of ETF Managers Group, LLC (since 2022); 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).	n/a	n/a
* Mr. Masucci is an interested Trustee by virtue of his role as the Chief Executive Officer of the Adviser.

ETFMG ^TM ETFs

Board of Trustees (Continued)

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

ETFMG ^TM ETFs

ETF MANAGERS TRUST

Privacy Policy and Procedures

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

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

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

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

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

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

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

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

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

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

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

Advisor

ETF Managers Group, LLC

30 Maple Street, Suite 2, Summit, NJ 07901

Distributor

ETFMG Financial LLC

30 Maple Street, Suite 2, Summit, NJ 07901

Custodian

U.S. Bank National Association

Custody Operations

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

Transfer Agent

U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services

615 East Michigan Street, Milwaukee, Wisconsin 53202

Securities Lending Agent

U.S. Bank, National Association

Securities Lending

800 Nicolet Mall

Minneapolis, MN 55402-7020

Independent Registered Public Accounting Firm

WithumSmith + Brown, PC

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

Legal Counsel

Sullivan & Worcester LLP

1666 K Street NW, Washington, DC 20006