# EDGAR Filing Document

**Accession Number:** 0001976322
**File Stem:** 0001133228-25-006171
**Filing Date:** 2025-6
**Character Count:** 303057
**Document Hash:** deeb9c1e41a56659df058fe382a4d97f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006171.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001133228-25-006171

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Themes ETF Trust
- **CENTRAL INDEX KEY:** 0001976322

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23872
- **FILM NUMBER:** 251030110

**BUSINESS ADDRESS:**
- **STREET 1:** 34 EAST PUTNAM STREET
- **STREET 2:** SUITE 112
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** (646) 206-1788

**MAIL ADDRESS:**
- **STREET 1:** 34 EAST PUTNAM STREET
- **STREET 2:** SUITE 112
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

## Series and Classes Contracts Data

### Themes Airlines ETF (Series ID: S000081021)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000243660 | Themes Airlines ETF | AIRL            |

### Themes Natural Monopoly ETF (Series ID: S000081024)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000243663 | Themes Natural Monopoly ETF | CZAR            |

### Themes Humanoid Robotics ETF (Series ID: S000081026)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000243665 | Themes Humanoid Robotics ETF | BOTT            |

### Themes Silver Miners ETF (Series ID: S000081028)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000243667 | Themes Silver Miners ETF | AGMI            |

### Themes US Cash Flow Champions ETF (Series ID: S000081030)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000243669 | Themes US Cash Flow Champions ETF | USCF            |

### Themes US R&D Champions ETF (Series ID: S000081033)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000243672 | Themes US R&D Champions ETF | USRD            |

### Themes US Small Cap Cash Flow Champions ETF (Series ID: S000081034)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000243673 | Themes US Small Cap Cash Flow Champions ETF | SMCF            |

### Themes Cloud Computing ETF (Series ID: S000081036)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000243675 | Themes Cloud Computing ETF | CLOD            |

### Themes Cybersecurity ETF (Series ID: S000081037)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000243676 | Themes Cybersecurity ETF | SPAM            |

### Themes European Luxury ETF (Series ID: S000081038)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000243677 | Themes European Luxury ETF | FINE            |

### Themes Generative Artificial Intelligence ETF (Series ID: S000081040)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000243679 | Themes Generative Artificial Intelligence ETF | WISE            |

### Themes Global Systemically Important Banks ETF (Series ID: S000081041)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000243680 | Themes Global Systemically Important Banks ETF | GSIB            |

### Themes Gold Miners ETF (Series ID: S000081042)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000243681 | Themes Gold Miners ETF | AUMI            |

### Themes Uranium & Nuclear ETF (Series ID: S000085492)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000250775 | Themes Uranium & Nuclear ETF | URAN            |

### Themes Copper Miners ETF (Series ID: S000085495)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000250778 | Themes Copper Miners ETF | COPA            |

### Themes Lithium & Battery Metal Miners ETF (Series ID: S000085496)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000250779 | Themes Lithium & Battery Metal Miners ETF | LIMI            |

### Themes Transatlantic Defense ETF (Series ID: S000085497)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000250780 | Themes Transatlantic Defense ETF | NATO            |

### Themes US Infrastructure ETF (Series ID: S000085500)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000250783 | Themes US Infrastructure ETF | HWAY            |

?xml version='1.0' encoding='ASCII'? 2025-04-09194688_ThemesAirlinesETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-23872</u>**

**<u>Themes ETF Trust</u>**

(Exact name of registrant as specified in charter)

**<u>34 East Putnam Avenue Suite 112</u>**

**<u>Greenwich, CT 06830</u>**

(Address of principal executive offices) (Zip code)

**<u>Themes Management Company, LLC</u>**

**<u>34 East Putnam Avenue Suite 112</u>**

**<u>Greenwich, CT 06830</u>**

(Name and address of agent for service)

**<u>(646) 206-1788</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30, 2025</u>**

Date of reporting period: **<u>March 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img0002.jpg) | **Themes Airlines ETF**  | ![image](img0001.jpg) |
| ![image](img0002.jpg) | AIRL (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img0001.jpg) |
| ![image](img0002.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Airlines ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/AIRL. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes Airlines ETF | $20 | 0.39%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $808545 |
| **Number of Holdings** | 28 |
| **Portfolio Turnover** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Deutsche Lufthansa AG  | 6.0% |
|  Japan Airlines Co. Ltd.  | 5.5% |
|  Singapore Airlines Ltd.  | 5.4% |
|  ANA Holdings, Inc.  | 5.2% |
|  Copa Holdings SA  | 5.2% |
|  Ryanair Holdings PLC  | 5.2% |
|  Southwest Airlines Co.  | 5.1% |
|  Qantas Airways Ltd.  | 4.9% |
|  Wizz Air Holdings PLC  | 4.5% |
|  International Consolidated Airlines Group SA  | 4.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Industrials  | 99.5% |
|  Cash & Other  | 0.5% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes Airlines ETF PAGE 1 TSR-SAR-882927106

------

---

| | | |
|:---|:---|:---|
| ![image](img0003.jpg) | **Themes Cloud Computing ETF**  | ![image](img0001.jpg) |
| ![image](img0003.jpg) | CLOD (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img0001.jpg) |
| ![image](img0003.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Cloud Computing ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/CLOD. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes Cloud Computing ETF | $19 | 0.37%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1418093 |
| **Number of Holdings** | 51 |
| **Portfolio Turnover** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  SAP SE  | 5.1% |
|  Palo Alto Networks, Inc.  | 4.8% |
|  Intuit, Inc.  | 4.8% |
|  Adobe, Inc.  | 4.5% |
|  Microsoft Corp.  | 4.3% |
|  MercadoLibre, Inc.  | 4.3% |
|  Amazon.com, Inc.  | 4.2% |
|  Oracle Corp.  | 4.2% |
|  Salesforce, Inc.  | 4.0% |
|  Alphabet, Inc.  | 3.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Technology  | 79.5% |
|  Communications  | 11.8% |
|  Consumer Discretionary  | 8.4% |
|  Cash & Other  | 0.3% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes Cloud Computing ETF PAGE 1 TSR-SAR-882927205

------

---

| | | |
|:---|:---|:---|
| ![image](img0004.jpg) | **Themes Copper Miners ETF**  | ![image](img0001.jpg) |
| ![image](img0004.jpg) | COPA (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img0001.jpg) |
| ![image](img0004.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Copper Miners ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/COPA. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes Copper Miners ETF | $19 | 0.41%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $462518 |
| **Number of Holdings** | 43 |
| **Portfolio Turnover** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Freeport-McMoRan, Inc.  | 10.0% |
|  First Quantum Minerals Ltd.  | 5.1% |
|  BHP Group Ltd.  | 4.7% |
|  Southern Copper Corp.  | 4.3% |
|  China Nonferrous Mining Corp. Ltd.  | 4.2% |
|  Antofagasta PLC  | 3.9% |
|  Capstone Copper Corp.  | 3.7% |
|  Glencore PLC  | 3.7% |
|  Jiangxi Copper Co. Ltd.  | 3.6% |
|  Jiujiang Defu Technology Co. Ltd.  | 3.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Materials  | 97.1% |
|  Industrials  | 2.7% |
|  Cash & Other  | 0.2% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes Copper Miners ETF PAGE 1 TSR-SAR-882927783

------

---

| | | |
|:---|:---|:---|
| ![image](img0005.jpg) | **Themes Cybersecurity ETF**  | ![image](img0001.jpg) |
| ![image](img0005.jpg) | SPAM (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img0001.jpg) |
| ![image](img0005.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Cybersecurity ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/SPAM. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes Cybersecurity ETF | $18 | 0.37%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1702378 |
| **Number of Holdings** | 33 |
| **Portfolio Turnover** | 15% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Trend Micro, Inc.  | 5.9% |
|  Check Point Software Technologies Ltd.  | 5.8% |
|  Okta, Inc.  | 5.8% |
|  Zscaler, Inc.  | 5.0% |
|  Fortinet, Inc.  | 4.7% |
|  Palo Alto Networks, Inc.  | 4.6% |
|  CyberArk Software Ltd.  | 4.6% |
|  Crowdstrike Holdings, Inc.  | 4.6% |
|  Qualys, Inc.  | 4.4% |
|  Alarm.com Holdings, Inc.  | 4.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Technology  | 89.0% |
|  Communications  | 6.1% |
|  Industrials  | 4.3% |
|  Financials  | 0.2% |
|  Cash & Other  | 0.4% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes Cybersecurity ETF PAGE 1 TSR-SAR-882927304

------

---

| | | |
|:---|:---|:---|
| ![image](img0006.jpg) | **Themes European Luxury ETF**  | ![image](img0001.jpg) |
| ![image](img0006.jpg) | FINE (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img0001.jpg) |
| ![image](img0006.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes European Luxury ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/FINE. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes European Luxury ETF | $19 | 0.41%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $615733 |
| **Number of Holdings** | 26 |
| **Portfolio Turnover** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Playa Hotels & Resorts NV  | 4.7% |
|  Hermes International SCA  | 4.7% |
|  Moncler SpA  | 4.5% |
|  Interparfums SA  | 4.4% |
|  Givaudan SA  | 4.4% |
|  Porsche Automobil Holding SE  | 4.3% |
|  Swatch Group AG  | 4.2% |
|  Ferrari NV  | 4.2% |
|  Brunello Cucinelli SpA  | 4.2% |
|  Cie Financiere Richemont SA  | 4.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Consumer Discretionary  | 91.0% |
|  Consumer Staples  | 4.4% |
|  Materials  | 4.4% |
|  Cash & Other  | 0.2% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes European Luxury ETF PAGE 1 TSR-SAR-882927403

------

---

| | | |
|:---|:---|:---|
| ![image](img0007.jpg) | **Themes Generative Artificial Intelligence** **ETF**  | ![image](img0001.jpg) |
| ![image](img0007.jpg) | WISE (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img0001.jpg) |
| ![image](img0007.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Generative Artificial Intelligence ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/WISE. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes Generative Artificial Intelligence ETF | $18 | 0.35%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $25185968 |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 44% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Apple, Inc.  | 5.7% |
|  Gorilla Technology Group, Inc.  | 5.6% |
|  Advanced Micro Devices, Inc.  | 5.4% |
|  Microsoft Corp.  | 5.2% |
|  Intel Corp.  | 5.0% |
|  NVIDIA Corp.  | 4.8% |
|  Amazon.com, Inc.  | 4.4% |
|  SoundHound AI, Inc.  | 4.3% |
|  Alphabet, Inc.  | 4.0% |
|  Bairong, Inc.  | 3.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Technology  | 83.5% |
|  Communications  | 6.5% |
|  Consumer Discretionary  | 4.4% |
|  Financials  | 3.7% |
|  Health Care  | 1.7% |
|  Industrials  | 0.1% |
|  Cash & Other  | 0.1% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes Generative Artificial Intelligence ETF PAGE 1 TSR-SAR-882927502

------

---

| | | |
|:---|:---|:---|
| ![image](img0008.jpg) | **Themes Global Systemically Important** **Banks ETF**  | ![image](img0001.jpg) |
| ![image](img0008.jpg) | GSIB (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img0001.jpg) |
| ![image](img0008.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Global Systemically Important Banks ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/GSIB. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes Global Systemically Important Banks ETF | $20 | 0.36%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6421988 |
| **Number of Holdings** | 29 |
| **Portfolio Turnover** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Bank of China Ltd.  | 3.7% |
|  JPMorgan Chase & Co.  | 3.7% |
|  Toronto-Dominion Bank  | 3.7% |
|  China Construction Bank Corp.  | 3.7% |
|  Bank of New York Mellon Corp.  | 3.7% |
|  Standard Chartered PLC  | 3.6% |
|  Credit Agricole SA  | 3.6% |
|  Bank of Communications Co. Ltd.  | 3.6% |
|  Royal Bank of Canada  | 3.6% |
|  HSBC Holdings PLC  | 3.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Financials  | 99.8% |
|  Cash & Other  | 0.2% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes Global Systemically Important Banks ETF PAGE 1 TSR-SAR-882927601

------

---

| | | |
|:---|:---|:---|
| ![image](img0009.jpg) | **Themes Gold Miners ETF**  | ![image](img0001.jpg) |
| ![image](img0009.jpg) | AUMI (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img0001.jpg) |
| ![image](img0009.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Gold Miners ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/AUMI. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes Gold Miners ETF | $20 | 0.36%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $7545749 |
| **Number of Holdings** | 30 |
| **Portfolio Turnover** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Alamos Gold, Inc.  | 5.2% |
|  Gold Fields Ltd.  | 5.2% |
|  Anglogold Ashanti PLC  | 5.1% |
|  Agnico Eagle Mines Ltd.  | 4.9% |
|  Endeavour Mining PLC  | 4.9% |
|  Kinross Gold Corp.  | 4.9% |
|  B2Gold Corp.  | 4.7% |
|  IAMGOLD Corp.  | 4.3% |
|  Northern Star Resources Ltd.  | 4.2% |
|  Lundin Gold, Inc.  | 4.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Materials  | 99.8% |
|  Cash & Other  | 0.2% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes Gold Miners ETF PAGE 1 TSR-SAR-882927700

------

---

| | | |
|:---|:---|:---|
| ![image](img0010.jpg) | **Themes Lithium & Battery Metal Miners** **ETF**  | ![image](img0001.jpg) |
| ![image](img0010.jpg) | LIMI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img0001.jpg) |
| ![image](img0010.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Lithium & Battery Metal Miners ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/LIMI. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes Lithium & Battery Metal Miners ETF | $18 | 0.40%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $464658 |
| **Number of Holdings** | 38 |
| **Portfolio Turnover** | 85% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  IGO Ltd.  | 10.5% |
|  Albemarle Corp.  | 10.2% |
|  Pilbara Minerals Ltd.  | 9.3% |
|  Tianqi Lithium Corp.  | 6.0% |
|  Guangzhou Tinci Materials Technology Co. Ltd.  | 5.6% |
|  Mineral Resources Ltd.  | 5.4% |
|  AMG Critical Materials NV  | 4.5% |
|  Liontown Resources Ltd.  | 4.5% |
|  Ganfeng Lithium Group Co. Ltd.  | 3.9% |
|  Zhejiang Huayou Cobalt Co. Ltd.  | 3.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Materials  | 99.8% |
|  Cash & Other  | 0.2% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes Lithium & Battery Metal Miners ETF PAGE 1 TSR-SAR-882927775

------

---

| | | |
|:---|:---|:---|
| ![image](img0011.jpg) | **Themes Natural Monopoly ETF**  | ![image](img0001.jpg) |
| ![image](img0011.jpg) | CZAR (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img0001.jpg) |
| ![image](img0011.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Natural Monopoly ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/CZAR. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes Natural Monopoly ETF | $19 | 0.38%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1466563 |
| **Number of Holdings** | 96 |
| **Portfolio Turnover** | 40% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Legrand SA  | 3.9% |
|  Cisco Systems, Inc.  | 3.7% |
|  Dassault Systemes SE  | 3.7% |
|  CME Group, Inc.  | 3.6% |
|  Fortive Corp.  | 3.5% |
|  Honeywell International, Inc.  | 3.3% |
|  Sage Group PLC  | 3.3% |
|  Intuit, Inc.  | 3.3% |
|  Singapore Exchange Ltd.  | 3.3% |
|  ASX Ltd.  | 3.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Technology  | 23.4% |
|  Industrials  | 19.7% |
|  Financials  | 17.9% |
|  Health Care  | 11.2% |
|  Consumer Staples  | 10.2% |
|  Consumer Discretionary  | 5.5% |
|  Materials  | 3.4% |
|  Energy  | 3.1% |
|  Communications  | 2.8% |
|  Cash & Other  | 2.8% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes Natural Monopoly ETF PAGE 1 TSR-SAR-882927809

------

---

| | | |
|:---|:---|:---|
| ![image](img0012.jpg) | **Themes Robotics & Automation ETF**  | ![image](img0001.jpg) |
| ![image](img0012.jpg) | BOTT (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img0001.jpg) |
| ![image](img0012.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Robotics & Automation ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/BOTT. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes Robotics & Automation ETF | $20 | 0.42%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $508747 |
| **Number of Holdings** | 31 |
| **Portfolio Turnover** | 70% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Makino Milling Machine Co. Ltd.  | 4.6% |
|  GEA Group AG  | 4.5% |
|  Daifuku Co. Ltd.  | 4.3% |
|  Topcon Corp.  | 4.3% |
|  Metso Oyj  | 4.2% |
|  Teledyne Technologies, Inc.  | 4.0% |
|  Amada Co. Ltd.  | 3.8% |
|  FANUC Corp.  | 3.7% |
|  Halma PLC  | 3.7% |
|  Esab Corp.  | 3.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Industrials  | 56.8% |
|  Technology  | 39.3% |
|  Consumer Discretionary  | 3.3% |
|  Cash & Other  | 0.6% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes Robotics & Automation ETF PAGE 1 TSR-SAR-882927833

------

---

| | | |
|:---|:---|:---|
| ![image](img0013.jpg) | **Themes Silver Miners ETF**  | ![image](img0001.jpg) |
| ![image](img0013.jpg) | AGMI (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img0001.jpg) |
| ![image](img0013.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Silver Miners ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/AGMI. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes Silver Miners ETF | $21 | 0.41%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $602640 |
| **Number of Holdings** | 26 |
| **Portfolio Turnover** | 36% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Wheaton Precious Metals Corp.  | 10.6% |
|  Newmont Corp.  | 10.5% |
|  Franco-Nevada Corp.  | 10.4% |
|  Teck Resources Ltd.  | 8.9% |
|  Zijin Mining Group Co. Ltd.  | 4.8% |
|  Southern Copper Corp.  | 4.5% |
|  Pan American Silver Corp.  | 4.5% |
|  First Majestic Silver Corp.  | 4.5% |
|  Coeur Mining, Inc.  | 4.5% |
|  Hecla Mining Co.  | 4.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Materials  | 99.7% |
|  Cash & Other  | 0.3% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes Silver Miners ETF PAGE 1 TSR-SAR-882927817

------

---

| | | |
|:---|:---|:---|
| ![image](img0019.jpg) | **Themes Transatlantic Defense ETF**  | ![image](img0001.jpg) |
| ![image](img0019.jpg) | NATO (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img0001.jpg) |
| ![image](img0019.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Transatlantic Defense ETF for the period of October 13, 2024, to March 31, 2025. You can find additional information about the Fund at https://themesetfs.com/etfs/nato. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes Transatlantic Defense ETF | $18\* | 0.36%\*\* |

---

\* **Amount shown reflects the expenses of the Fund from inception date through March 31, 2025. Expenses would be higher if the** **Fund had been in operations for the full six month period.**

\*\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11425777 |
| **Number of Holdings** | 65 |
| **Portfolio Turnover** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Rheinmetall AG  | 6.0% |
|  BAE Systems PLC  | 5.5% |
|  Rolls-Royce Holdings PLC  | 5.5% |
|  RTX Corp.  | 5.5% |
|  Safran SA  | 5.1% |
|  Airbus SE  | 4.9% |
|  Boeing Co.  | 4.7% |
|  Honeywell International, Inc.  | 4.6% |
|  Northrop Grumman Corp.  | 4.6% |
|  Howmet Aerospace, Inc.  | 4.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Industrials  | 93.8% |
|  Technology  | 4.6% |
|  Financials  | 1.1% |
|  Consumer Discretionary  | 0.1% |
|  Cash & Other  | 0.4% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes Transatlantic Defense ETF PAGE 1 TSR-SAR-882927767

------

---

| | | |
|:---|:---|:---|
| ![image](img0014.jpg) | **Themes Uranium & Nuclear ETF**  | ![image](img0001.jpg) |
| ![image](img0014.jpg) | URAN (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img0001.jpg) |
| ![image](img0014.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Uranium & Nuclear ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/URAN. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes Uranium & Nuclear ETF | $17 | 0.36%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4954473 |
| **Number of Holdings** | 34 |
| **Portfolio Turnover** | 41% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Constellation Energy Corp.  | 8.5% |
|  Duke Energy Corp.  | 7.8% |
|  American Electric Power Co., Inc.  | 7.8% |
|  Cameco Corp.  | 6.6% |
|  PG&E Corp.  | 5.7% |
|  China National Nuclear Power Co. Ltd.  | 3.9% |
|  CGN Power Co. Ltd.  | 3.5% |
|  Yellow Cake PLC  | 3.4% |
|  NexGen Energy Ltd.  | 3.3% |
|  CGN Mining Co. Ltd.  | 3.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Utilities  | 45.9% |
|  Materials  | 38.5% |
|  Industrials  | 13.8% |
|  Technology  | 1.7% |
|  Cash & Other  | 0.1% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes Uranium & Nuclear ETF PAGE 1 TSR-SAR-882927759

------

---

| | | |
|:---|:---|:---|
| ![image](img0015.jpg) | **Themes US Cash Flow Champions ETF**  | ![image](img0001.jpg) |
| ![image](img0015.jpg) | LGCF (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img0001.jpg) |
| ![image](img0015.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes US Cash Flow Champions ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/LGCF. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes US Cash Flow Champions ETF | $16 | 0.31%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2184286 |
| **Number of Holdings** | 77 |
| **Portfolio Turnover** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  AbbVie, Inc.  | 5.7% |
|  Chevron Corp.  | 5.6% |
|  Exxon Mobil Corp.  | 5.4% |
|  Wells Fargo & Co.  | 4.9% |
|  JPMorgan Chase & Co.  | 4.9% |
|  Progressive Corp.  | 3.7% |
|  American Express Co.  | 3.4% |
|  Uber Technologies, Inc.  | 3.3% |
|  Pfizer, Inc.  | 3.3% |
|  Gilead Sciences, Inc.  | 3.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Financials  | 42.4% |
|  Energy  | 22.8% |
|  Health Care  | 17.8% |
|  Communications  | 5.7% |
|  Consumer Staples  | 3.8% |
|  Technology  | 2.8% |
|  Consumer Discretionary  | 2.1% |
|  Materials  | 1.6% |
|  Industrials  | 0.4% |
|  Cash & Other  | 0.6% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes US Cash Flow Champions ETF PAGE 1 TSR-SAR-882927882

------

---

| | | |
|:---|:---|:---|
| ![image](img0016.jpg) | **Themes US Infrastructure ETF**  | ![image](img0001.jpg) |
| ![image](img0016.jpg) | HWAY (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img0001.jpg) |
| ![image](img0016.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes US Infrastructure ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/HWAY. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes US Infrastructure ETF | $16 | 0.33%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $986638 |
| **Number of Holdings** | 101 |
| **Portfolio Turnover** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Deere & Co.  | 5.7% |
|  Union Pacific Corp.  | 4.9% |
|  Emerson Electric Co.  | 4.9% |
|  CRH PLC  | 4.8% |
|  Norfolk Southern Corp.  | 4.4% |
|  CSX Corp.  | 4.2% |
|  Caterpillar, Inc.  | 4.1% |
|  Fastenal Co.  | 3.7% |
|  WW Grainger, Inc.  | 3.6% |
|  United Rentals, Inc.  | 3.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Industrials  | 70.8% |
|  Materials  | 24.7% |
|  Consumer Discretionary  | 3.6% |
|  Utilities  | 0.6% |
|  Energy  | 0.2% |
|  Financials  | 0.0% |
|  Cash & Other  | 0.1% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes US Infrastructure ETF PAGE 1 TSR-SAR-882927726

------

---

| | | |
|:---|:---|:---|
| ![image](img0017.jpg) | **Themes US R&D Champions ETF**  | ![image](img0001.jpg) |
| ![image](img0017.jpg) | USRD (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img0001.jpg) |
| ![image](img0017.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes US R&D Champions ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/USRD. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes US R&D Champions ETF | $15 | 0.32%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $827520 |
| **Number of Holdings** | 51 |
| **Portfolio Turnover** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Electronic Arts, Inc.  | 2.6% |
|  Johnson & Johnson  | 2.5% |
|  Roper Technologies, Inc.  | 2.4% |
|  CoStar Group, Inc.  | 2.3% |
|  Intuit, Inc.  | 2.3% |
|  Cisco Systems, Inc.  | 2.3% |
|  Veeva Systems, Inc.  | 2.3% |
|  Edwards Lifesciences Corp.  | 2.3% |
|  Boston Scientific Corp.  | 2.2% |
|  Medtronic PLC  | 2.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Technology  | 51.6% |
|  Health Care  | 19.1% |
|  Communications  | 9.5% |
|  Industrials  | 7.4% |
|  Consumer Discretionary  | 5.7% |
|  Real Estate  | 2.3% |
|  Materials  | 2.1% |
|  Consumer Staples  | 1.8% |
|  Cash & Other  | 0.5% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes US R&D Champions ETF PAGE 1 TSR-SAR-882927874

------

---

| | | |
|:---|:---|:---|
| ![image](img0018.jpg) | **Themes US Small Cap Cash Flow** **Champions ETF**  | ![image](img0001.jpg) |
| ![image](img0018.jpg) | SMCF (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img0001.jpg) |
| ![image](img0018.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img0001.jpg) |

---

This semi-annual shareholder report contains important information about the Themes US Small Cap Cash Flow Champions ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/SMCF. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Themes US Small Cap Cash Flow Champions ETF | $14 | 0.30%\* |

---

\* **Percentage shown is annualized.**

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5481621 |
| **Number of Holdings** | 74 |
| **Portfolio Turnover** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **netassets)** |
|  Williams-Sonoma, Inc.  | 4.7% |
|  Builders FirstSource, Inc.  | 4.5% |
|  Flex Ltd.  | 4.1% |
|  Reinsurance Group of America, Inc.  | 4.1% |
|  East West Bancorp, Inc.  | 3.9% |
|  Antero Resources Corp.  | 3.7% |
|  Toll Brothers, Inc.  | 3.3% |
|  Old Republic International Corp.  | 3.0% |
|  Mueller Industries, Inc.  | 2.7% |
|  Permian Resources Corp.  | 2.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **netassets)** |
|  Financials  | 43.5% |
|  Energy  | 20.1% |
|  Consumer Discretionary  | 14.0% |
|  Technology  | 6.5% |
|  Industrials  | 6.2% |
|  Materials  | 5.9% |
|  Consumer Staples  | 1.6% |
|  Communications  | 1.4% |
|  Health Care  | 0.5% |
|  Cash & Other  | 0.3% |

---

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.

Themes US Small Cap Cash Flow Champions ETF PAGE 1 TSR-SAR-882927866

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for semi-annual reports.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is within the financial statements filed under Item 7(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](t-front-logo.jpg)

**Themes ETF Trust**

**Themes Airlines ETF \| AIRL**

**Themes Cloud Computing ETF \| CLOD**

**Themes Copper Miners ETF \| COPA**

**Themes Cybersecurity ETF \| SPAM**

**Themes European Luxury ETF \| FINE**

**Themes Generative Artificial Intelligence ETF \| WISE**

**Themes Global Systemically Important Banks ETF \| GSIB**

**Themes Gold Miners ETF \| AUMI**

**Themes Lithium & Battery Metal Miners ETF \| LIMI**

**Themes Natural Monopoly ETF \| CZAR**

**Themes Robotics & Automation ETF \| BOTT**

**Themes Silver Miners ETF \| AGMI**

**Themes Transatlantic Defense ETF \| NATO** 

**Themes Uranium & Nuclear ETF \| URAN**

**Themes US Cash Flow Champions ETF \| LGCF**

**Themes US Infrastructure ETF \| HWAY**

**Themes US R&D Champions ETF \| USRD**

**Themes US Small Cap Cash Flow Champions ETF \| SMCF** 

Semi-Annual Financial Statements and Additional Information

March 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#i1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Themes Airlines ETF](#i1) | [1](#i1) |
| &nbsp;&nbsp;&nbsp; [Themes Cloud Computing ETF](#i2) | [2](#i2) |
| &nbsp;&nbsp;&nbsp; [Themes Copper Miners ETF](#i3) | [3](#i3) |
| &nbsp;&nbsp;&nbsp; [Themes Cybersecurity ETF](#i4) | [4](#i4) |
| &nbsp;&nbsp;&nbsp; [Themes European Luxury ETF](#i5) | [5](#i5) |
| &nbsp;&nbsp;&nbsp; [Themes Generative Artificial Intelligence ETF](#i6) | [6](#i6) |
| &nbsp;&nbsp;&nbsp; [Themes Global Systemically Important Banks ETF](#i7) | [7](#i7) |
| &nbsp;&nbsp;&nbsp; [Themes Gold Miners ETF](#i8) | [8](#i8) |
| &nbsp;&nbsp;&nbsp; [Themes Lithium & Battery Metal Miners ETF](#i9) | [9](#i9) |
| &nbsp;&nbsp;&nbsp; [Themes Natural Monopoly ETF](#i10) | [10](#i10) |
| &nbsp;&nbsp;&nbsp; [Themes Robotics & Automation ETF](#i11) | [12](#i11) |
| &nbsp;&nbsp;&nbsp; [Themes Silver Miners ETF](#i12) | [13](#i12) |
| &nbsp;&nbsp;&nbsp; [Themes Transatlantic Defense ETF](#i13) | [14](#i13) |
| &nbsp;&nbsp;&nbsp; [Themes Uranium & Nuclear ETF](#i14) | [15](#i14) |
| &nbsp;&nbsp;&nbsp; [Themes US Cash Flow Champions ETF](#i15) | [16](#i15) |
| &nbsp;&nbsp;&nbsp; [Themes US Infrastructure ETF](#i16) | [18](#i16) |
| &nbsp;&nbsp;&nbsp; [Themes US R&D Champions ETF](#i17) | [20](#i17) |
| &nbsp;&nbsp;&nbsp; [Themes US Small Cap Cash Flow Champions ETF](#i18) | [21](#i18) |
| [Statements of Assets and Liabilities](#sal1) | [23](#sal1) |
| [Statements of Operations](#sop) | [27](#sop) |
| [Statements of Changes in Net Assets](#scna) | [31](#scna) |
| [Financial Highlights](#fihi1) | [40](#fihi1) |
| [Notes to the Financial Statements](#notes) | [58](#notes) |
| [Form N-CSR Items](#fitem) | [71](#fitem) |
| [Supplemental Information](#ai3) | [74](#ai3) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**THEMES AIRLINES ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.5%**<br>|  |  |
| **Industrial Services - 99.5%<sup>(a)</sup>**<br>|  |  |
| Air Canada<sup>(b)</sup> | 2692 | $26508  |
| Air France-KLM<sup>(b)</sup> | 2877 | 26542  |
| Alaska Air Group, Inc.<sup>(b)</sup> | 611 | 30073  |
| Allegiant Travel Co. | 389 | 20092  |
| American Airlines Group, Inc.<sup>(b)</sup> | 2300 | 24265  |
| ANA Holdings, Inc. | 2300 | 42315  |
| Cathay Pacific Airways Ltd. | 14966 | 19925  |
| Copa Holdings SA - Class A | 454 | 41977  |
| Delta Air Lines, Inc. | 659 | 28732  |
| Deutsche Lufthansa AG | 6717 | 48634  |
| easyJet PLC | 6276 | 35858  |
| El Al Israel Airlines<sup>(b)</sup> | 5674 | 17166  |
| Exchange Income Corp. | 1018 | 35172  |
| Frontier Group Holdings, Inc.<sup>(b)</sup> | 1465 | 6358  |
| International Consolidated Airlines Group SA | 10691 | 36017  |
| Japan Airlines Co. Ltd. | 2600 | 44316  |
| JetBlue Airways Corp.<sup>(b)</sup> | 5258 | 25344  |
| Norwegian Air Shuttle ASA<sup>(b)</sup> | 18102 | 20622  |
| Qantas Airways Ltd. | 7027 | 39737  |
| Ryanair Holdings PLC - ADR | 985 | 41734  |
| Singapore Airlines Ltd. | 8611 | 43518  |
| Skymark Airlines, Inc. | 700 | 2413  |
| SkyWest, Inc.<sup>(b)</sup> | 365 | 31890  |
| Southwest Airlines Co. | 1231 | 41337  |
| Sun Country Airlines Holdings, Inc.<sup>(b)</sup> | 854 | 10521  |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 390 | 26930  |
| Wizz Air Holdings PLC<sup>(b)(c)</sup> | 1909 | 36546  |
|  |  | 804542  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $832,647)** |  | 804542  |
| **SHORT-TERM INVESTMENTS - 0.0%<sup>(d)</sup>**<br>|  |  |
| **Money Market Funds - 0.0%<sup>(d)</sup>**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(e)</sup> | 228 | 228  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $228)** |  | 228  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $832,875)** |  | $804770  |
| Other Assets in Excess of Liabilities - 0.5% |  | 3775  |
| **TOTAL NET ASSETS - 100.0%** |  | $808545 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

PLC - Public Limited Company

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $36,546 or 4.5% of the Fund's net assets.

<sup>(d)</sup> Represents less than 0.05% of net assets.

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**THEMES CLOUD COMPUTING ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%**<br>|  |  |
| **Media - 11.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 359 | $55516  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 149 | 39481  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 89 | 16032  |
| Prosus NV | 905 | 41663  |
| VeriSign, Inc.<sup>(a)</sup> | 55 | 13963  |
|  |  | 166655  |
| **Retail & Wholesale - Discretionary - 8.4%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 312 | 59361  |
| MercadoLibre, Inc.<sup>(a)</sup> | 31 | 60477  |
|  |  | 119838  |
| **Software & Technology Services - 78.8%<sup>(b)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 166 | 63666  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 98 | 7889  |
| ANSYS, Inc.<sup>(a)</sup> | 58 | 18360  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 107 | 22706  |
| Autodesk, Inc.<sup>(a)</sup> | 142 | 37176  |
| Booz Allen Hamilton Holding Corp. | 83 | 8680  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 15 | 5504  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 182 | 46288  |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 57 | 12991  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 200 | 22538  |
| Commvault Systems, Inc.<sup>(a)</sup> | 29 | 4575  |
| Confluent, Inc. - Class A<sup>(a)</sup> | 160 | 3750  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 153 | 53945  |
| CyberArk Software Ltd.<sup>(a)</sup> | 31 | 10478  |
| Dassault Systemes SE | 448 | 16926  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 202 | 20040  |
| Docusign, Inc.<sup>(a)</sup> | 133 | 10826  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 147 | 3926  |
| Dynatrace, Inc.<sup>(a)</sup> | 177 | 8346  |
| Fortinet, Inc.<sup>(a)</sup> | 409 | 39370  |
| HubSpot, Inc.<sup>(a)</sup> | 33 | 18853  |
| Intuit, Inc. | 111 | 68153  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 40 | 6922  |
| Microsoft Corp. | 164 | 61564  |
| MicroStrategy, Inc. - Class A<sup>(a)</sup> | 149 | 42952  |
| MongoDB, Inc.<sup>(a)</sup> | 48 | 8419  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 166 | 11588  |
| Okta, Inc.<sup>(a)</sup> | 108 | 11364  |
| Oracle Corp. | 424 | 59279  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 401 | 68427  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 55 | 3354  |
| Sage Group PLC | 662 | 10322  |
| Salesforce, Inc. | 213 | 57161  |
| SAP SE | 276 | 72939  |
| ServiceNow, Inc.<sup>(a)</sup> | 66 | 52545  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 207 | 30255  |
| Synopsys, Inc.<sup>(a)</sup> | 103 | 44172  |
| Trend Micro, Inc. | 100 | 6677  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Wix.com Ltd.<sup>(a)</sup> | 36 | $5882  |
| Workday, Inc. - Class A<sup>(a)</sup> | 142 | 33161  |
| Zoom Communications, Inc. - Class A<sup>(a)</sup> | 174 | 12836  |
| Zscaler, Inc.<sup>(a)</sup> | 62 | 12302  |
|  |  | 1117107  |
| **Tech Hardware & Semiconductors - 0.7%**<br>|  |  |
| F5, Inc.<sup>(a)</sup> | 39 | 10384  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,393,102)** |  | 1413984  |
| **SHORT-TERM INVESTMENTS - 0.3%**<br>|  |  |
| **Money Market Funds - 0.3%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(c)</sup> | 3934 | 3934  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,934)** |  | 3934  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $1,397,036)** |  | $1417918  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(d)</sup> |  | 175  |
| **TOTAL NET ASSETS - 100.0%** |  | $1418093 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(d)</sup> Represents less than 0.05% of net assets. 

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**THEMES COPPER MINERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%**<br>|  |  |
| **Industrial Services - 2.7%**<br>|  |  |
|  Guangdong Feinan Resources Recycling Co. Ltd. - Class A<sup>(a)</sup> | 4400 | $12796  |
| **Materials - 97.1%<sup>(b)</sup>**<br>|  |  |
| 29Metals Ltd.<sup>(a)</sup> | 21298 | 2129  |
| Altius Minerals Corp. | 234 | 4026  |
| Antofagasta PLC | 840 | 18105  |
| Arizona Sonoran Copper Co., Inc.<sup>(a)</sup> | 453 | 712  |
| Atalaya Mining Copper, S.A. | 526 | 2252  |
| Aurubis AG<sup>(a)</sup> | 132 | 12425  |
| BHP Group Ltd. | 914 | 21817  |
| Boliden AB | 301 | 9801  |
| Capstone Copper Corp.<sup>(a)</sup> | 3345 | 17224  |
| Central Asia Metals PLC | 1644 | 3453  |
| Chalice Mining Ltd.<sup>(a)</sup> | 6866 | 4912  |
| Chilean Metals, Inc.<sup>(a)</sup> | 78 | 0  |
| China Nonferrous Mining Corp. Ltd. | 26629 | 19232  |
| Cia de Minas Buenaventura SAA - ADR | 797 | 12457  |
| Collective Mining Ltd.<sup>(a)</sup> | 391 | 3410  |
| ERO Copper Corp.<sup>(a)</sup> | 1136 | 13759  |
| First Quantum Minerals Ltd.<sup>(a)</sup> | 1767 | 23760  |
| Foran Mining Corp.<sup>(a)</sup> | 1464 | 3703  |
| Freeport-McMoRan, Inc. | 1222 | 46265  |
|  Ganzhou Teng Yuan Cobalt New Material Co. Ltd. - Class A | 1300 | 9603  |
| Glencore PLC | 4721 | 17094  |
| Hudbay Minerals, Inc. | 1692 | 12828  |
| Ivanhoe Electric, Inc. / US<sup>(a)</sup> | 1525 | 8860  |
| Ivanhoe Mines Ltd. - Class A<sup>(a)</sup> | 1468 | 12466  |
| Jiangxi Copper Co. Ltd. - Class A | 5300 | 16839  |
|  Jinchuan Group International Resources Co. Ltd. | 97134 | 7989  |
| Jiujiang Defu Technology Co. Ltd. - Class A | 8500 | 16269  |
| Lundin Mining Corp. | 1906 | 15444  |
| Mitsubishi Materials Corp. | 500 | 8146  |
| MMG Ltd.<sup>(a)</sup> | 46033 | 15854  |
| NGEx Minerals Ltd.<sup>(a)</sup> | 963 | 8733  |
| Nittetsu Mining Co. Ltd. | 200 | 8774  |
| Ramelius Resources Ltd. | 5659 | 8380  |
| Sandfire Resources Ltd.<sup>(a)</sup> | 1577 | 10209  |
| &nbsp;&nbsp;&nbsp; Shenzhen Zhongjin Lingnan Nonfemet Co. <br>Ltd. - Class A | 7600 | 5198  |
| Solaris Resources, Inc.<sup>(a)</sup> | 1198 | 4029  |
| SolGold PLC<sup>(a)</sup> | 13384 | 1138  |
| Southern Copper Corp. | 212 | 19772  |
| Taseko Mines Ltd.<sup>(a)</sup> | 1979 | 4428  |
| Teck Resources Ltd. - Class B | 220 | 8015  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| US Goldmining, Inc.<sup>(a)</sup> | 225 | $2205  |
| WA1 Resources Ltd.<sup>(a)</sup> | 894 | 7284  |
|  |  | 448999  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $517,612)** |  | 461795  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $517,612)** |  | $461795  |
| Other Assets in Excess of Liabilities - 0.2% |  | 723  |
| **TOTAL NET ASSETS - 100.0%** |  | $462518 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**THEMES CYBERSECURITY ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%**<br>|  |  |
| **Financial Services - 0.2%**<br>|  |  |
| Elements, Inc.<sup>(a)</sup> | 400 | $2328  |
| **Industrial Services - 4.3%**<br>|  |  |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 1319 | 73402  |
| **Software & Technology Services - 86.8%<sup>(b)</sup>**<br>|  |  |
| Arqit Quantum, Inc.<sup>(a)</sup> | 195 | 2703  |
| BlackBerry Ltd.<sup>(a)</sup> | 18682 | 70431  |
| Booz Allen Hamilton Holding Corp. | 614 | 64212  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 192 | 70449  |
| Change Holdings, Inc. | 1000 | 8347  |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 436 | 99373  |
| Clear Secure, Inc. - Class A | 2728 | 70682  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 222 | 78273  |
| Cyber Security Cloud, Inc.<sup>(a)</sup> | 200 | 2300  |
| CyberArk Software Ltd.<sup>(a)</sup> | 232 | 78416  |
| Digital Arts, Inc. | 300 | 13361  |
| Fastly, Inc. - Class A<sup>(a)</sup> | 4221 | 26719  |
| Fortinet, Inc.<sup>(a)</sup> | 831 | 79992  |
| Gorilla Technology Group, Inc.<sup>(a)</sup> | 559 | 16546  |
| Hennge KK | 500 | 4784  |
| Netcompany Group AS<sup>(a)(c)</sup> | 1355 | 50511  |
| Okta, Inc.<sup>(a)</sup> | 934 | 98275  |
| OneSpan, Inc. | 1145 | 17461  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 462 | 78836  |
| Qualys, Inc.<sup>(a)</sup> | 595 | 74928  |
| Radware Ltd.<sup>(a)</sup> | 1137 | 24582  |
| Rapid7, Inc.<sup>(a)</sup> | 2005 | 53153  |
| SentinelOne, Inc. - Class A<sup>(a)</sup> | 3545 | 64448  |
| Tenable Holdings, Inc.<sup>(a)</sup> | 2049 | 71674  |
| Trend Micro, Inc. | 1500 | 100157  |
| Varonis Systems, Inc.<sup>(a)</sup> | 1803 | 72931  |
| Zscaler, Inc.<sup>(a)</sup> | 426 | 84527  |
|  |  | 1478071  |
| **Tech Hardware & Semiconductors - 2.2%**<br>|  |  |
| A10 Networks, Inc. | 2312 | 37778  |
| **Telecommunications - 6.1%**<br>|  |  |
| NextDC Ltd.<sup>(a)</sup> | 8297 | 58636  |
| Vnet Group, Inc. - ADR<sup>(a)</sup> | 5582 | 45772  |
|  |  | 104408  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,749,172)** |  | 1695987  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 0.3%**<br>|  |  |
| **Money Market Funds - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 4.26%<sup>(d)</sup> | 4636 | $4636  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,636)** |  | 4636  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $1,753,808)** |  | $1700623  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 1755  |
| **TOTAL NET ASSETS - 100.0%** |  | $1702378 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $50,511 or 3.0% of the Fund's net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes European Luxury ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.4%**<br>|  |  |
| **Consumer Discretionary Products - 58.1%<sup>(a)</sup>**<br>|  |  |
|  Aston Martin Lagonda Global Holdings PLC<sup>(b)(c)</sup> | 20121 | $18155  |
| Burberry Group PLC | 2215 | 22083  |
| Capri Holdings Ltd.<sup>(b)</sup> | 1120 | 22098  |
| Cie Financiere Richemont SA | 149 | 25760  |
| Coats Group PLC | 23644 | 24128  |
| Ermenegildo Zegna NV | 3217 | 23806  |
| Ferrari NV | 61 | 25869  |
| Ferretti SpA | 8967 | 24192  |
| Hermes International SCA | 11 | 28677  |
| Kering SA - ADR | 1081 | 22409  |
| LVMH Moet Hennessy Louis Vuitton SE | 37 | 22873  |
| Prada SpA | 3318 | 23089  |
| Salvatore Ferragamo SpA | 3822 | 25623  |
| Swatch Group AG | 151 | 25892  |
| Watches of Switzerland Group PLC<sup>(b)(c)</sup> | 4299 | 22957  |
|  |  | 357611  |
| **Consumer Discretionary Services - 12.4%**<br>|  |  |
| Accor SA | 543 | 24595  |
| InterContinental Hotels Group PLC | 213 | 22705  |
| Playa Hotels & Resorts NV<sup>(b)</sup> | 2160 | 28793  |
|  |  | 76093  |
| **Consumer Staple Products - 4.4%**<br>|  |  |
| Interparfums SA | 637 | 27311  |
| **Materials - 4.4%**<br>|  |  |
| Givaudan SA - ADR | 314 | 26988  |
| **Retail & Wholesale - Discretionary - 16.1%**<br>|  |  |
| Brunello Cucinelli SpA | 226 | 25806  |
| Hugo Boss AG | 629 | 23710  |
| Moncler SpA | 454 | 27786  |
| MYT Netherlands Parent BV - ADR<sup>(b)</sup> | 2920 | 22075  |
|  |  | 99377  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $661,755)** |  | 587380  |
| **PREFERRED STOCKS - 4.4%**<br>|  |  |
| **Consumer Discretionary Products - 4.4%**<br>|  |  |
| Porsche Automobil Holding SE, 0.00% | 713 | 26644  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $33,344)** |  | 26644  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 0.1%**<br>|  |  |
| **Money Market Funds - 0.1%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(d)</sup> | 863 | $863  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $863)** |  | 863  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $695,962)** |  | $614887  |
| Other Assets in Excess of Liabilities - 0.1% |  | 846  |
| **TOTAL NET ASSETS - 100.0%** |  | $615733 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $41,112 or 6.7% of the Fund's net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Financial Services - 3.7%**<br>|  |  |
| Bairong, Inc.<sup>(a)(b)</sup> | 863500 | $927701  |
| **Health Care - 1.7%**<br>|  |  |
| CorVel Corp.<sup>(a)</sup> | 1348 | 150936  |
| JMDC, Inc.<sup>(a)</sup> | 14700 | 270498  |
|  |  | 421434  |
| **Industrial Products - 0.1%**<br>|  |  |
| Evolv Technologies Holdings, Inc.<sup>(a)</sup> | 9836 | 30688  |
| **Media - 6.5%**<br>|  |  |
| Alphabet, Inc. - Class A | 6593 | 1019541  |
| Meta Platforms, Inc. - Class A | 1074 | 619011  |
|  |  | 1638552  |
| **Retail & Wholesale - Discretionary - 4.4%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 5879 | 1118539  |
| **Software & Technology Services - 48.7%<sup>(c)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beijing Fourth Paradigm Technology <br>Co. Ltd.<sup>(a)</sup> | 155000 | 906322  |
| Bewith, Inc. | 26200 | 280359  |
| BigBear.ai Holdings, Inc.<sup>(a)</sup> | 109590 | 313427  |
| C3.ai, Inc. - Class A<sup>(a)</sup> | 27483 | 578517  |
| Cerence, Inc.<sup>(a)</sup> | 8633 | 68201  |
| Digital China Holdings Ltd. | 1036700 | 367707  |
| Gorilla Technology Group, Inc.<sup>(a)</sup> | 47621 | 1409582  |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> | 45652 | 714454  |
| Microsoft Corp. | 3467 | 1301477  |
| Open Text Corp. | 15309 | 386382  |
| Pagaya Technologies Ltd. - Class A<sup>(a)</sup> | 48428 | 507525  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 4977 | 420059  |
| PKSHA Technology, Inc.<sup>(a)</sup> | 30700 | 600941  |
| Pluszero, Inc.<sup>(a)</sup> | 17400 | 349763  |
| Salesforce, Inc. | 1680 | 450845  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 1897 | 277266  |
| SoundHound AI, Inc. - Class A<sup>(a)</sup> | 133423 | 1083395  |
| Synopsys, Inc.<sup>(a)</sup> | 151 | 64756  |
| UiPath, Inc. - Class A<sup>(a)</sup> | 60462 | 622759  |
| Veritone, Inc.<sup>(a)</sup> | 332378 | 772779  |
| Yidu Tech, Inc.<sup>(a)(b)</sup> | 501200 | 398695  |
| Zeta Global Holdings Corp. - Class A<sup>(a)</sup> | 28317 | 383978  |
|  |  | 12259189  |
| **Tech Hardware & Semiconductors - 34.8%<sup>(c)</sup>**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 13220 | 1358223  |
| Ambarella, Inc.<sup>(a)</sup> | 4982 | 250744  |
| Apple, Inc. | 6466 | 1436293  |
| BrainChip Holdings Ltd.<sup>(a)</sup> | 1004566 | 128679  |
| Broadcom, Inc. | 4581 | 766997  |
| CEVA, Inc.<sup>(a)</sup> | 23950 | 613360  |
| Intel Corp. | 54971 | 1248391  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 9821 | 515111  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| NVIDIA Corp. | 11106 | $1203668  |
| QuickLogic Corp.<sup>(a)</sup> | 142888 | 730158  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 14855 | 508635  |
|  |  | 8760259  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $28,753,358)** |  | 25156362 |
| **SHORT-TERM INVESTMENTS - 0.1%** | **SHORT-TERM INVESTMENTS - 0.1%** | **SHORT-TERM INVESTMENTS - 0.1%** |
| **Money Market Funds - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 4.26%<sup>(d)</sup> | 35515 | 35515  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $35,515)** |  | 35515  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $28,788,873)** |  | $25191877  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(e)</sup> |  | (5909)  |
| **TOTAL NET ASSETS - 100.0%** |  | $25185968 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $1,326,396 or 5.3% of the Fund's net assets.

<sup>(c)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(e)</sup> Represents less than 0.05% of net assets. 

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes Global Systemically Important Banks ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%**<br>|  |  |
| **Banking - 82.1%<sup>(a)</sup>**<br>|  |  |
| Agricultural Bank of China Ltd. - Class H | 369636 | $222310  |
| Banco Santander SA - ADR | 33900 | 227130  |
| Bank of America Corp. | 5515 | 230141  |
| Bank of China Ltd. - Class H | 396735 | 239118  |
|  Bank of Communications Co. Ltd. - Class H | 260001 | 232554  |
| Barclays PLC - ADR | 14871 | 228419  |
| BNP Paribas SA - ADR | 5427 | 226631  |
| China Construction Bank Corp. - Class H | 265727 | 234944  |
| Citigroup, Inc. | 3252 | 230859  |
| Credit Agricole SA | 12869 | 233429  |
| Deutsche Bank AG | 9657 | 230126  |
| HSBC Holdings PLC - ADR | 4041 | 232075  |
|  Industrial & Commercial Bank of China Ltd. - ADR | 16273 | 231077  |
| ING Groep NV - ADR | 11794 | 231044  |
| JPMorgan Chase & Co. | 970 | 237941  |
|  Mitsubishi UFJ Financial Group, Inc. - ADR | 15703 | 214032  |
| Mizuho Financial Group, Inc. - ADR | 38722 | 213358  |
| Royal Bank of Canada | 2060 | 232203  |
| Societe Generale SA | 5106 | 228520  |
| Standard Chartered PLC - ADR | 7830 | 233491  |
|  Sumitomo Mitsui Financial Group, Inc. - ADR | 14028 | 216873  |
| Toronto-Dominion Bank | 3920 | 234965  |
| Wells Fargo & Co. | 3230 | 231882  |
|  |  | 5273122  |
| **Financial Services - 17.7%**<br>|  |  |
| Bank of New York Mellon Corp. | 2800 | 234836  |
| Goldman Sachs Group, Inc. | 414 | 226164  |
| Morgan Stanley | 1946 | 227040  |
| State Street Corp. | 2587 | 231614  |
| UBS Group AG | 7144 | 218821  |
|  |  | 1138475  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,741,566)** |  | 6411597  |
| **SHORT-TERM INVESTMENTS - 1.7%**<br>|  |  |
| **Money Market Funds - 1.7%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(b)</sup> | 108369 | 108369  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $108,369)** |  | 108369  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.5%** <br>**(Cost $5,849,935)** |  | $6519966  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.5)% |  | (97978)  |
| **TOTAL NET ASSETS - 100.0%** |  | $6421988 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes Gold Miners ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%**<br>|  |  |
| **Materials - 99.8%<sup>(a)</sup>**<br>|  |  |
| Agnico Eagle Mines Ltd. | 3432 | $371831  |
| Alamos Gold, Inc. - Class A | 14789 | 395148  |
| Anglogold Ashanti PLC | 10445 | 387718  |
| B2Gold Corp. | 124292 | 353257  |
| Calibre Mining Corp.<sup>(b)</sup> | 77844 | 173101  |
| Capricorn Metals Ltd.<sup>(b)</sup> | 34128 | 172306  |
| De Grey Mining Ltd.<sup>(b)</sup> | 191141 | 254396  |
| Dundee Precious Metals, Inc. | 17472 | 231657  |
| Endeavour Mining PLC | 15415 | 370418  |
| Equinox Gold Corp.<sup>(b)</sup> | 38147 | 262169  |
| Genesis Minerals Ltd.<sup>(b)</sup> | 97729 | 226555  |
| Gold Fields Ltd. - ADR | 17696 | 390905  |
| Gold Road Resources Ltd. | 101492 | 183276  |
| IAMGOLD Corp.<sup>(b)</sup> | 51923 | 324011  |
| K92 Mining, Inc.<sup>(b)</sup> | 23143 | 199579  |
| Kinross Gold Corp. | 29156 | 367324  |
| Lundin Gold, Inc. | 9784 | 302960  |
| Northern Star Resources Ltd. | 27892 | 319288  |
| OceanaGold Corp. | 69909 | 233184  |
| Orla Mining Ltd.<sup>(b)</sup> | 20867 | 194887  |
| Perseus Mining Ltd. | 135088 | 281085  |
| Ramelius Resources Ltd. | 111749 | 165489  |
| Regis Resources Ltd.<sup>(b)</sup> | 73040 | 178906  |
| Torex Gold Resources, Inc.<sup>(b)</sup> | 8467 | 234467  |
| Vault Minerals Ltd.<sup>(b)</sup> | 618023 | 171847  |
| Wesdome Gold Mines Ltd.<sup>(b)</sup> | 14805 | 176337  |
| West African Resources Ltd.<sup>(b)</sup> | 103856 | 150555  |
| Westgold Resources Ltd. | 92373 | 166232  |
| Zhaojin Mining Industry Co. Ltd. - Class H | 147577 | 293582  |
|  |  | 7532470  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $6,618,707)** |  | 7532470  |
| **SHORT-TERM INVESTMENTS - 0.0%<sup>(c)</sup>** | **SHORT-TERM INVESTMENTS - 0.0%<sup>(c)</sup>** |  |
| **Money Market Funds - 0.0%<sup>(c)</sup>**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(d)</sup> | 194 | 194  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $194)** |  | 194  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $6,618,901)** |  | $7532664  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 13085  |
| **TOTAL NET ASSETS - 100.0%** |  | $7545749 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**THEMES LITHIUM & BATTERY METAL MINERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%**<br>|  |  |
| **Materials - 99.8%<sup>(a)</sup>**<br>|  |  |
| Albemarle Corp. | 661 | $47606  |
| AMG Critical Materials NV | 1355 | 20923  |
|  Beijing Easpring Material Technology Co. Ltd. - Class A | 2300 | 13169  |
| Canada Nickel Co., Inc.<sup>(b)</sup> | 1151 | 768  |
| Chalice Mining Ltd.<sup>(b)</sup> | 14170 | 10138  |
| Core Lithium Ltd.<sup>(b)</sup> | 33737 | 1602  |
| Eramet SA | 259 | 13947  |
| Ganfeng Lithium Group Co. Ltd. - Class A | 2700 | 12596  |
| Ganfeng Lithium Group Co. Ltd. - Class H<sup>(c)</sup> | 2000 | 5410  |
|  Ganzhou Teng Yuan Cobalt New Material Co. Ltd. - Class A | 500 | 3694  |
| GEM Co. Ltd. - Class A | 14900 | 13397  |
|  Guangzhou Tinci Materials Technology Co. Ltd. - Class A | 10116 | 26002  |
| IGO Ltd. | 19637 | 48589  |
| ioneer Ltd.<sup>(b)</sup> | 18753 | 1699  |
|  Jiangsu Ruitai New Energy Materials Co. Ltd. - Class A | 2400 | 6027  |
| Latin Resources Ltd.<sup>(b)</sup> | 2024 | 149  |
| Liontown Resources Ltd.<sup>(b)</sup> | 53285 | 20810  |
| Lithium Americas Corp.<sup>(b)</sup> | 2742 | 7412  |
| Lithium Argentina AG<sup>(b)</sup> | 269 | 572  |
| Mineral Resources Ltd.<sup>(b)</sup> | 1668 | 24983  |
| Ningbo Shanshan Co. Ltd. - Class A | 3900 | 3808  |
| Patriot Battery Metals, Inc.<sup>(b)</sup> | 1289 | 2239  |
| Piedmont Lithium, Inc.<sup>(b)</sup> | 2128 | 13406  |
| Pilbara Minerals Ltd.<sup>(b)</sup> | 40829 | 42987  |
| Power Metals Corp.<sup>(b)</sup> | 1250 | 895  |
| Sayona Mining Ltd.<sup>(b)</sup> | 230368 | 2591  |
|  Shanghai Putailai New Energy Technology Co. Ltd. - Class A | 3700 | 9368  |
|  Shenzhen Capchem Technology Co. Ltd. - Class A | 2200 | 10075  |
|  Sichuan Yahua Industrial Group Co. Ltd. - Class A | 4000 | 6702  |
|  Sociedad Quimica y Minera de Chile SA - ADR | 252 | 10012  |
| Standard Lithium Ltd.<sup>(b)</sup> | 1157 | 1471  |
| Syrah Resources Ltd.<sup>(b)</sup> | 16088 | 2413  |
| Tianqi Lithium Corp. - Class A | 6700 | 28013  |
| Vulcan Energy Resources Ltd.<sup>(b)</sup> | 5245 | 16649  |
| Xiamen Tungsten Co. Ltd. | 2700 | 7193  |
| Youngy Co. Ltd. - Class A | 2000 | 8277  |
| Zhejiang Huayou Cobalt Co. Ltd. - Class A | 3800 | 17853  |
|  |  | 463445  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $498,322)** |  | 463445  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 0.7%**<br>|  |  |
| **Money Market Funds - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 4.26%<sup>(d)</sup> | 3306 | $3306  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,306)** |  | 3306  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.5%**<br>**(Cost $501,628)** |  | $466751  |
| Liabilities in Excess of Other Assets - (0.5)% |  | (2093)  |
| **TOTAL NET ASSETS - 100.0%** |  | $464658 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $5,410 or 1.2% of the Fund's net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes Natural Monopoly ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.7%**<br>|  |  |
| **Consumer Discretionary Products - 2.2%**<br>|  |  |
| LVMH Moet Hennessy Louis Vuitton SE | 21 | $12982  |
| Mercedes-Benz Group AG | 175 | 10254  |
| Stellantis NV | 748 | 8300  |
|  |  | 31536  |
| **Consumer Discretionary Services - 1.0%**<br>|  |  |
| Lottery Corp. Ltd. | 2402 | 7144  |
| Restaurant Brands International, Inc. | 114 | 7600  |
|  |  | 14744  |
| **Consumer Staple Products - 4.3%**<br>|  |  |
| Coca-Cola Co. | 230 | 16473  |
| Haleon PLC | 521 | 2633  |
| Kenvue, Inc. | 661 | 15851  |
| PepsiCo, Inc. | 94 | 14094  |
| Procter & Gamble Co. | 85 | 14486  |
|  |  | 63537  |
| **Financial Services - 17.9%**<br>|  |  |
| ASX Ltd. | 1129 | 45954  |
| Blackrock, Inc. | 45 | 42592  |
| CME Group, Inc. | 197 | 52262  |
| Corpay, Inc.<sup>(a)</sup> | 22 | 7672  |
| Experian PLC | 169 | 7789  |
| Mastercard, Inc. - Class A | 15 | 8222  |
| Raymond James Financial, Inc. | 295 | 40978  |
| Singapore Exchange Ltd. | 4872 | 48482  |
| Visa, Inc. - Class A | 25 | 8762  |
|  |  | 262713  |
| **Health Care - 11.2%**<br>|  |  |
| AbbVie, Inc. | 141 | 29542  |
| Bristol-Myers Squibb Co. | 447 | 27262  |
| Cencora, Inc. | 11 | 3059  |
| EssilorLuxottica SA | 102 | 29272  |
| Gilead Sciences, Inc. | 270 | 30253  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 19 | 3350  |
| Quest Diagnostics, Inc. | 24 | 4061  |
| Ramsay Health Care Ltd. | 168 | 3583  |
| Sonic Healthcare Ltd. | 215 | 3461  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 62 | 30059  |
|  |  | 163902  |
| **Industrial Products - 15.7%**<br>|  |  |
| AMETEK, Inc. | 73 | 12566  |
| Assa Abloy AB - Class B | 436 | 13008  |
| Atlas Copco AB - Class A | 844 | 13384  |
| Fortive Corp. | 701 | 51299  |
| Honeywell International, Inc. | 232 | 49126  |
| Johnson Controls International PLC | 163 | 13058  |
| Legrand SA | 539 | 56674  |
| Schneider Electric SE | 53 | 12078  |
| Snap-on, Inc. | 29 | 9774  |
|  |  | 230967  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrial Services - 4.0%**<br>|  |  |
| Cintas Corp. | 40 | $8221  |
| CSX Corp. | 171 | 5033  |
| FedEx Corp. | 20 | 4876  |
| Kuehne + Nagel International AG | 24 | 5520  |
| RELX PLC | 160 | 8005  |
| Republic Services, Inc. | 17 | 4117  |
| Stantec, Inc. | 47 | 3896  |
| Sweco AB<sup>(a)</sup> | 245 | 4382  |
| Waste Connections, Inc. | 31 | 6042  |
| Waste Management, Inc. | 18 | 4167  |
| WSP Global, Inc. | 22 | 3733  |
|  |  | 57992  |
| **Materials - 3.4%**<br>|  |  |
| Air Liquide SA | 31 | 5871  |
| CRH PLC | 47 | 4135  |
| Ecolab, Inc. | 23 | 5831  |
| Fortescue Ltd. | 355 | 3409  |
| Heidelberg Materials AG | 32 | 5451  |
| Holcim AG | 42 | 4486  |
| Linde PLC | 12 | 5588  |
| Nippon Paint Holdings Co. Ltd. | 800 | 5979  |
| Sika AG | 19 | 4579  |
| Vulcan Materials Co. | 17 | 3966  |
|  |  | 49295  |
| **Media - 1.3%**<br>|  |  |
| Booking Holdings, Inc. | 1 | 4607  |
| Comcast Corp. - Class A | 196 | 7233  |
| Uber Technologies, Inc.<sup>(a)</sup> | 92 | 6703  |
|  |  | 18543  |
| **Oil & Gas - 3.1%**<br>|  |  |
| Chevron Corp. | 57 | 9536  |
| Shell PLC | 262 | 9561  |
| Suncor Energy, Inc. | 228 | 8828  |
| TotalEnergies SE | 143 | 9225  |
| Var Energi ASA | 2618 | 8438  |
|  |  | 45588  |
| **Retail & Wholesale - Discretionary - 1.6%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 358 | 20259  |
| Ferguson Enterprises, Inc. | 13 | 2083  |
| Reece Ltd. | 178 | 1744  |
|  |  | 24086  |
| **Retail & Wholesale - Staples - 5.9%**<br>|  |  |
| Alimentation Couche-Tard, Inc. | 372 | 18346  |
| Coles Group Ltd. | 1762 | 21502  |
| Loblaw Cos. Ltd. | 156 | 21861  |
| Metro, Inc./CN | 328 | 22809  |
| Sysco Corp. | 32 | 2401  |
|  |  | 86919  |

---

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes Natural Monopoly ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software & Technology Services - 16.4%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 112 | $42955  |
| Autodesk, Inc.<sup>(a)</sup> | 168 | 43983  |
| Dassault Systemes SE | 1427 | 53913  |
| Intuit, Inc. | 79 | 48505  |
| Pro Medicus Ltd. | 23 | 2871  |
| Sage Group PLC | 3137 | 48911  |
|  |  | 241138  |
| **Tech Hardware & Semiconductors - 7.0%**<br>|  |  |
| Broadcom, Inc. | 226 | 37839  |
| Cisco Systems, Inc. | 885 | 54613  |
| Panasonic Holdings Corp. | 900 | 10630  |
|  |  | 103082  |
| **Telecommunications - 1.5%**<br>|  |  |
| AT&T, Inc. | 212 | 5995  |
| BCE, Inc. | 181 | 4155  |
| HKT Trust & HKT Ltd. | 3400 | 4544  |
| KDDI Corp. | 200 | 3146  |
| Verizon Communications, Inc. | 98 | 4445  |
|  |  | 22285  |
| **Utilities - 2.2%**<br>|  |  |
| APA Group | 1643 | 8110  |
| Duke Energy Corp. | 66 | 8050  |
| Iberdrola SA | 8 | 129  |
| National Grid PLC | 593 | 7733  |
| Terna - Rete Elettrica Nazionale | 855 | 7733  |
|  |  | 31755  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,378,483)** |  | 1448082  |
| **PREFERRED STOCKS - 0.7%**<br>|  |  |
| **Consumer Discretionary Products - 0.7%**<br>|  |  |
| Volkswagen AG, 0.00% | 106 | 10724  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $10,893)** |  | 10724  |
| **SHORT-TERM INVESTMENTS - 0.3%**<br>|  |  |
| **Money Market Funds - 0.3%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(b)</sup> | 3970 | 3970  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,970)** |  | 3970  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%** <br>**(Cost $1,393,346)** |  | $1462776  |
| Other Assets in Excess of Liabilities - 0.3% |  | 3787  |
| **TOTAL NET ASSETS - 100.0%** |  | $1466563 |

---

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes Robotics & Automation ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.4%**<br>|  |  |
| **Consumer Discretionary Products - 3.3%**<br>|  |  |
| Toyota Industries Corp. | 200 | $16941  |
| **Industrial Products - 56.8%<sup>(a)</sup>**<br>|  |  |
| Amada Co. Ltd. | 2000 | 19301  |
| Daifuku Co. Ltd. | 900 | 21853  |
| Esab Corp. | 159 | 18524  |
| FANUC Corp. | 700 | 18948  |
| Fortive Corp. | 244 | 17856  |
| GEA Group AG | 375 | 22667  |
| Halma PLC | 562 | 18737  |
| Japan Steel Works Ltd. | 500 | 17455  |
| JBT Marel Corp. | 151 | 18452  |
| Kadant, Inc. | 54 | 18193  |
| Keyence Corp. | 42 | 16375  |
| Konecranes Oyj | 291 | 18502  |
| Makino Milling Machine Co. Ltd. | 300 | 23342  |
| Metso Oyj | 2064 | 21207  |
| Yokogawa Electric Corp. | 900 | 17359  |
|  |  | 288771  |
| **Tech Hardware & Semiconductors - 39.3%<sup>(a)</sup>**<br>|  |  |
| Ambarella, Inc.<sup>(b)</sup> | 246 | 12381  |
| ARM Holdings PLC - ADR<sup>(b)</sup> | 130 | 13883  |
| Comet Holding AG | 63 | 15631  |
| Credo Technology Group Holding Ltd.<sup>(b)</sup> | 247 | 9919  |
| Impinj, Inc.<sup>(b)</sup> | 128 | 11610  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(b)</sup> | 138 | 13852  |
| Marvell Technology, Inc. | 159 | 9790  |
| NVIDIA Corp. | 134 | 14523  |
| QUALCOMM, Inc. | 116 | 17819  |
| Semtech Corp.<sup>(b)</sup> | 274 | 9425  |
| Silicon Laboratories, Inc.<sup>(b)</sup> | 140 | 15760  |
| Socionext, Inc. | 1100 | 13087  |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 41 | 20406  |
| Topcon Corp. | 1000 | 21708  |
|  |  | 199794  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $505,841)** |  | 505506  |
| **SHORT-TERM INVESTMENTS - 0.2%**<br>|  |  |
| **Money Market Funds - 0.2%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(c)</sup> | 1034 | 1034  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,034)** |  | 1034  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%** <br>**(Cost $506,875)** |  | $506540  |
| Other Assets in Excess of Liabilities - 0.4% |  | 2207  |
| **TOTAL NET ASSETS - 100.0%** |  | $508747 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes Silver Miners ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%**<br>|  |  |
| **Materials - 99.7%<sup>(a)</sup>**<br>|  |  |
| Aya Gold & Silver, Inc.<sup>(b)</sup> | 1118 | $8639  |
| Coeur Mining, Inc.<sup>(b)</sup> | 4540 | 26877  |
| Endeavour Silver Corp.<sup>(b)</sup> | 2326 | 9932  |
| First Majestic Silver Corp. | 4024 | 26900  |
| Fortuna Mining Corp.<sup>(b)</sup> | 2898 | 17621  |
| Franco-Nevada Corp. | 398 | 62596  |
| Fresnillo PLC | 1741 | 21050  |
| Hecla Mining Co. | 4676 | 25999  |
| Hochschild Mining PLC<sup>(b)</sup> | 3000 | 10250  |
| Industrias Penoles SAB de CV<sup>(b)</sup> | 1369 | 25401  |
| Jiangxi Copper Co. Ltd. - Class A | 1200 | 3813  |
| Jiangxi Copper Co. Ltd. - Class H | 10150 | 17818  |
| KGHM Polska Miedz SA | 784 | 25395  |
| MAG Silver Corp.<sup>(b)</sup> | 885 | 13462  |
| MMG Ltd.<sup>(b)</sup> | 37267 | 12835  |
| Newmont Corp. | 1313 | 63391  |
| Pan American Silver Corp. | 1054 | 27225  |
| Silvercorp Metals, Inc. | 2056 | 7929  |
| Southern Copper Corp. | 292 | 27279  |
| SSR Mining, Inc.<sup>(b)</sup> | 1914 | 19197  |
| Teck Resources Ltd. - Class B | 1476 | 53766  |
| Wheaton Precious Metals Corp. | 822 | 63788  |
| Zhuzhou Smelter Group Co. Ltd. - Class A<sup>(b)</sup> | 600 | 789  |
| Zijin Mining Group Co. Ltd. - Class A | 2300 | 5747  |
| Zijin Mining Group Co. Ltd. - Class H | 10250 | 23289  |
|  |  | 600988  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $594,214)** |  | 600988  |
| **SHORT-TERM INVESTMENTS - 0.2%**<br>|  |  |
| **Money Market Funds - 0.2%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(c)</sup> | 1080 | 1080  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,080)** |  | 1080  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $595,294)** |  | $602068  |
| Other Assets in Excess of Liabilities - 0.1% |  | 572  |
| **TOTAL NET ASSETS - 100.0%** |  | $602640 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes Transatlantic Defense ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%**<br>|  |  |
| **Consumer Discretionary Products - 0.1%**<br>|  |  |
| Smith & Wesson Brands, Inc. | 725 | $6757  |
| **Financial Services - 1.1%**<br>|  |  |
| FTAI Aviation Ltd. | 1121 | 124465  |
| **Industrial Products - 93.9%<sup>(a)</sup>**<br>|  |  |
| AAR Corp.<sup>(b)</sup> | 365 | 20436  |
| AeroVironment, Inc.<sup>(b)</sup> | 307 | 36591  |
| Airbus SE | 3213 | 565535  |
| Archer Aviation, Inc. - Class A<sup>(b)</sup> | 3121 | 22190  |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 16440 | 51944  |
| Astronics Corp.<sup>(b)</sup> | 446 | 10780  |
| Axon Enterprise, Inc.<sup>(b)</sup> | 800 | 420760  |
| BAE Systems PLC | 31440 | 633357  |
| Bodycote PLC | 2005 | 14400  |
| Boeing Co.<sup>(b)</sup> | 3171 | 540814  |
| Bombardier, Inc. - Class B<sup>(b)</sup> | 960 | 54022  |
| BWX Technologies, Inc. | 1005 | 99143  |
| Byrna Technologies, Inc.<sup>(b)</sup> | 245 | 4126  |
| Cadre Holdings, Inc. | 246 | 7284  |
| Chemring Group PLC | 3004 | 14358  |
| Cohort PLC | 522 | 8058  |
| Crane Co. | 523 | 80113  |
| Curtiss-Wright Corp. | 410 | 130081  |
| Dassault Aviation SA | 201 | 66289  |
| Ducommun, Inc.<sup>(b)</sup> | 126 | 7312  |
| General Dynamics Corp. | 1761 | 480013  |
| HEICO Corp. | 449 | 119968  |
| Hexcel Corp. | 883 | 48353  |
| Honeywell International, Inc. | 2486 | 526411  |
| Howmet Aerospace, Inc. | 4015 | 520866  |
| Huntington Ingalls Industries, Inc. | 414 | 84473  |
| Intuitive Machines, Inc.<sup>(b)</sup> | 762 | 5677  |
| Joby Aviation, Inc.<sup>(b)</sup> | 4922 | 29630  |
| Kongsberg Gruppen ASA | 922 | 134522  |
| &nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, <br>Inc.<sup>(b)</sup> | 1640 | 48692  |
| L3Harris Technologies, Inc. | 2095 | 438504  |
| Leonardo DRS, Inc. | 563 | 18511  |
| Leonardo SpA | 4442 | 215325  |
| Loar Holdings, Inc.<sup>(b)</sup> | 241 | 17027  |
| Lockheed Martin Corp. | 1166 | 520864  |
| Melrose Industries PLC | 14161 | 86908  |
| Mercury Systems, Inc.<sup>(b)</sup> | 565 | 24346  |
| Mirion Technologies, Inc.<sup>(b)</sup> | 2281 | 33075  |
| Moog, Inc. - Class A | 296 | 51312  |
| MTU Aero Engines AG | 600 | 207805  |
| National Presto Industries, Inc. | 46 | 4044  |
| Northrop Grumman Corp. | 1026 | 525322  |
| OSI Systems, Inc.<sup>(b)</sup> | 163 | 31677  |
| QinetiQ Group PLC | 5483 | 27353  |
| Redwire Corp.<sup>(b)</sup> | 443 | 3672  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| RENK Group AG<sup>(b)</sup> | 603 | $28901  |
| Rheinmetall AG | 481 | 686022  |
| Rocket Lab USA, Inc.<sup>(b)</sup> | 3161 | 56519  |
| Rolls-Royce Holdings PLC<sup>(b)</sup> | 65200 | 630826  |
| RTX Corp. | 4723 | 625609  |
| Saab AB | 3404 | 133308  |
| Safran SA | 2212 | 578826  |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems Holdings, Inc. - <br>Class A<sup>(b)</sup> | 1282 | 44178  |
| Textron, Inc. | 2043 | 147607  |
| Thales SA | 961 | 255211  |
| TransDigm Group, Inc. | 373 | 515967  |
| Triumph Group, Inc.<sup>(b)</sup> | 840 | 21286  |
| Virgin Galactic Holdings, Inc.<sup>(b)</sup> | 1243 | 3766  |
|  |  | 10719969  |
| **Software & Technology Services - 1.9%**<br>|  |  |
| Amentum Holdings, Inc.<sup>(b)</sup> | 1445 | 26299  |
| Leidos Holdings, Inc. | 1481 | 199846  |
|  |  | 226145  |
| **Tech Hardware & Semiconductors - 2.6%**<br>|  |  |
| Hensoldt AG | 683 | 45604  |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 509 | 253334  |
|  |  | 298938  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $11,211,458)** |  | 11376274  |
| **SHORT-TERM INVESTMENTS - 0.3%**<br>|  |  |
| **Money Market Funds - 0.3%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(c)</sup> | 35759 | 35759  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $35,759)** |  | 35759  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $11,247,217)** |  | $11412033  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 13744  |
| **TOTAL NET ASSETS - 100.0%** |  | $11425777 |

---

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement

PLC - Public Limited Company

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes Uranium & Nuclear ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Industrial Products - 13.8%**<br>|  |  |
| BWX Technologies, Inc. | 1136 | $112066  |
| &nbsp;&nbsp;&nbsp; Chengdu Guoguang Electric Co. Ltd. - <br>Class A | 9200 | 108091  |
| Lightbridge Corp.<sup>(a)</sup> | 16200 | 120852  |
| Mirion Technologies, Inc.<sup>(a)</sup> | 7809 | 113231  |
| NuScale Power Corp.<sup>(a)</sup> | 10097 | 142973  |
|  RongFa Nuclear Equipment Co. Ltd. - Class A<sup>(a)</sup> | 121900 | 87411  |
|  |  | 684624  |
| **Materials - 38.5%<sup>(b)</sup>**<br>|  |  |
| Bannerman Energy Ltd.<sup>(a)</sup> | 49612 | 78740  |
| Boss Energy Ltd.<sup>(a)</sup> | 100019 | 154993  |
| Cameco Corp. | 7925 | 326241  |
| Centrus Energy Corp. - Class A<sup>(a)</sup> | 1702 | 105881  |
| CGN Mining Co. Ltd. | 914917 | 162256  |
| Denison Mines Corp.<sup>(a)</sup> | 118242 | 154473  |
| Encore Energy Corp.<sup>(a)</sup> | 21838 | 31109  |
| Energy Fuels, Inc./Canada<sup>(a)</sup> | 30953 | 115455  |
| IsoEnergy Ltd.<sup>(a)</sup> | 5452 | 36446  |
| Lotus Resources Ltd.<sup>(a)</sup> | 599618 | 65568  |
| NAC Kazatomprom JSC - GDR | 3242 | 105851  |
| NexGen Energy Ltd.<sup>(a)</sup> | 36286 | 162638  |
| Paladin Energy Ltd.<sup>(a)</sup> | 41154 | 131404  |
| Uranium Energy Corp.<sup>(a)</sup> | 16743 | 80032  |
| Uranium Royalty Corp.<sup>(a)</sup> | 11628 | 20686  |
| Yellow Cake PLC<sup>(a)(c)</sup> | 31324 | 169378  |
|  |  | 1901151  |
| **Tech Hardware & Semiconductors - 1.7%**<br>|  |  |
| Silex Systems Ltd.<sup>(a)</sup> | 36790 | 82988  |
| **Utilities - 45.9%<sup>(b)</sup>**<br>|  |  |
| American Electric Power Co., Inc. | 3526 | 385286  |
| CGN Power Co. Ltd. - Class A | 342200 | 171296  |
|  China National Nuclear Power Co. Ltd. - Class A | 150600 | 191269  |
| Constellation Energy Corp. | 2084 | 420197  |
| Duke Energy Corp. | 3163 | 385791  |
| Endesa SA | 4653 | 123267  |
| Kyushu Electric Power Co., Inc. | 10400 | 90521  |
| Oklo, Inc.<sup>(a)</sup> | 5906 | 127747  |
| PG&E Corp. | 16422 | 282130  |
| TXNM Energy, Inc. | 1923 | 102842  |
|  |  | 2280346  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,718,349)** |  | 4949109  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 0.6%**<br>|  |  |
| **Money Market Funds - 0.6%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(d)</sup> | 28356 | $28356  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $28,356)** |  | 28356  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.5%** <br>**(Cost $5,746,705)** |  | $4977465  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.5)% |  | (22992)  |
| **TOTAL NET ASSETS - 100.0%** |  | $4954473 |

---

Percentages are stated as a percent of net assets.

GDR - Global Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $169,378 or 3.4% of the Fund's net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes US Cash Flow Champions ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.4%**<br>|  |  |
| **Banking - 15.0%**<br>|  |  |
| Citizens Financial Group, Inc. | 217 | $8890  |
| Fifth Third Bancorp | 328 | 12858  |
| Huntington Bancshares, Inc./OH | 703 | 10552  |
| JPMorgan Chase & Co. | 437 | 107196  |
| M&T Bank Corp. | 81 | 14479  |
| PNC Financial Services Group, Inc. | 193 | 33924  |
| US Bancorp | 735 | 31032  |
| Wells Fargo & Co. | 1502 | 107828  |
|  |  | 326759  |
| **Consumer Discretionary Products - 1.4%**<br>|  |  |
| Lennar Corp. - Class A | 115 | 13200  |
| NVR, Inc.<sup>(a)</sup> | 1 | 7244  |
| PulteGroup, Inc. | 100 | 10280  |
|  |  | 30724  |
| **Consumer Staple Products - 2.3%**<br>|  |  |
| Altria Group, Inc. | 829 | 49757  |
| **Financial Services - 12.0%**<br>|  |  |
| American Express Co. | 272 | 73182  |
| Ameriprise Financial, Inc. | 48 | 23237  |
| Apollo Global Management, Inc. | 198 | 27114  |
| Capital One Financial Corp. | 183 | 32812  |
| Corpay, Inc.<sup>(a)</sup> | 33 | 11508  |
| Discover Financial Services | 122 | 20825  |
| Fidelity National Financial, Inc. | 127 | 8265  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 498 | 32495  |
| State Street Corp. | 145 | 12982  |
| Synchrony Financial | 192 | 10164  |
| T Rowe Price Group, Inc. | 106 | 9738  |
|  |  | 262322  |
| **Health Care - 17.8%**<br>|  |  |
| AbbVie, Inc. | 597 | 125083  |
| Bristol-Myers Squibb Co. | 986 | 60136  |
| Cardinal Health, Inc. | 118 | 16257  |
| Gilead Sciences, Inc. | 605 | 67790  |
| Pfizer, Inc. | 2806 | 71104  |
| Quest Diagnostics, Inc. | 54 | 9137  |
| Regeneron Pharmaceuticals, Inc. | 51 | 32346  |
| Royalty Pharma PLC - Class A | 183 | 5697  |
|  |  | 387550  |
| **Industrial Products - 0.4%**<br>|  |  |
| Snap-on, Inc. | 25 | 8425  |
| **Insurance - 15.4%**<br>|  |  |
| Allstate Corp. | 128 | 26505  |
| American International Group, Inc. | 314 | 27299  |
| Arch Capital Group Ltd. | 176 | 16928  |
| Chubb Ltd. | 196 | 59190  |
| Cincinnati Financial Corp. | 75 | 11079  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Everest Group Ltd. | 16 | $5813  |
| Hartford Insurance Group, Inc. | 142 | 17570  |
| Loews Corp. | 88 | 8088  |
| Markel Group, Inc.<sup>(a)</sup> | 6 | 11218  |
| MetLife, Inc. | 285 | 22883  |
| Principal Financial Group, Inc. | 113 | 9534  |
| Progressive Corp. | 285 | 80658  |
| Travelers Cos., Inc. | 110 | 29090  |
| W R Berkley Corp. | 146 | 10389  |
|  |  | 336244  |
| **Materials - 1.6%**<br>|  |  |
| Dow, Inc. | 342 | 11943  |
| LyondellBasell Industries NV - Class A | 124 | 8729  |
| Nucor Corp. | 115 | 13839  |
|  |  | 34511  |
| **Media - 5.7%**<br>|  |  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 110 | 29147  |
| Expedia Group, Inc. | 60 | 10086  |
| Fox Corp. - Class A | 107 | 6056  |
| Omnicom Group, Inc. | 95 | 7876  |
| Uber Technologies, Inc.<sup>(a)</sup> | 988 | 71986  |
|  |  | 125151  |
| **Oil & Gas - 22.8%**<br>|  |  |
| Cheniere Energy, Inc. | 109 | 25223  |
| Chevron Corp. | 733 | 122624  |
| ConocoPhillips | 566 | 59441  |
| Coterra Energy, Inc. | 354 | 10231  |
| Diamondback Energy, Inc. | 87 | 13910  |
| EOG Resources, Inc. | 276 | 35394  |
| Exxon Mobil Corp. | 985 | 117146  |
| Marathon Petroleum Corp. | 163 | 23747  |
| Occidental Petroleum Corp. | 346 | 17078  |
| ONEOK, Inc. | 283 | 28079  |
| Phillips 66 | 204 | 25190  |
| Valero Energy Corp. | 156 | 20603  |
|  |  | 498666  |
| **Retail & Wholesale - Discretionary - 0.7%**<br>|  |  |
| eBay, Inc. | 237 | 16052  |
| **Retail & Wholesale - Staples - 1.5%**<br>|  |  |
| Archer-Daniels-Midland Co. | 232 | 11138  |
| Kroger Co. | 323 | 21864  |
|  |  | 33002  |
| **Software & Technology Services - 1.6%**<br>|  |  |
|  Cognizant Technology Solutions Corp. - Class A | 241 | 18436  |
| Gen Digital, Inc. | 264 | 7007  |
| Zoom Communications, Inc. - Class A<sup>(a)</sup> | 127 | 9369  |
|  |  | 34812  |

---

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

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes US Cash Flow Champions ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Tech Hardware & Semiconductors - 1.2%**<br>|  |  |
| HP, Inc. | 469 | $12987  |
| NetApp, Inc. | 99 | 8696  |
| Skyworks Solutions, Inc. | 78 | 5041  |
|  |  | 26724  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,096,237)** |  | 2170699  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.0%<sup>(b)</sup>**<br>|  |  |
| **Real Estate - 0.0%<sup>(b)</sup>**<br>|  |  |
| Millrose Properties, Inc.<sup>(a)</sup> | 57 | 1511  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $1,225)** |  | 1511  |
| **SHORT-TERM INVESTMENTS - 0.5%**<br>|  |  |
| **Money Market Funds - 0.5%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(c)</sup> | 10322 | 10322  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $10,322)** |  | 10322  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $2,107,784)** |  | $2182532  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 1754  |
| **TOTAL NET ASSETS - 100.0%** |  | $2184286 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes US Infrastructure ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Consumer Discretionary Products - 1.3%**<br>|  |  |
| AZEK Co., Inc.<sup>(a)</sup> | 112 | $5476  |
| Cavco Industries, Inc.<sup>(a)</sup> | 6 | 3118  |
| Champion Homes, Inc.<sup>(a)</sup> | 48 | 4548  |
|  |  | 13142  |
| **Financial Services - 0.0%<sup>(b)</sup>**<br>|  |  |
| FTAI Infrastructure, Inc. | 50 | 227  |
| **Industrial Products - 31.2%<sup>(c)</sup>**<br>|  |  |
| AGCO Corp. | 56 | 5184  |
| Alamo Group, Inc. | 8 | 1426  |
| Argan, Inc. | 10 | 1312  |
| Atkore, Inc. | 32 | 1920  |
| AZZ, Inc. | 21 | 1756  |
| Caterpillar, Inc. | 123 | 40565  |
| Crane Co. | 41 | 6280  |
| Deere & Co. | 120 | 56321  |
| Donaldson Co., Inc. | 97 | 6505  |
| Dover Corp. | 112 | 19676  |
| Emerson Electric Co. | 440 | 48242  |
| Enpro, Inc. | 17 | 2750  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 25 | 1467  |
| Graco, Inc. | 136 | 11357  |
| Greenbrier Cos., Inc. | 25 | 1281  |
| Helios Technologies, Inc. | 28 | 899  |
| IDEX Corp. | 60 | 10858  |
| Janus International Group, Inc.<sup>(a)</sup> | 117 | 842  |
| Lindsay Corp. | 9 | 1139  |
| Mueller Industries, Inc. | 97 | 7386  |
| Oshkosh Corp. | 56 | 5268  |
| SPX Technologies, Inc.<sup>(a)</sup> | 37 | 4765  |
| Terex Corp. | 56 | 2116  |
| Trinity Industries, Inc. | 69 | 1936  |
| Valmont Industries, Inc. | 17 | 4851  |
| Vontier Corp. | 132 | 4336  |
| Watts Water Technologies, Inc. - Class A | 24 | 4894  |
| Westinghouse Air Brake Technologies Corp. | 142 | 25752  |
| Xylem, Inc./NY | 196 | 23414  |
| Zurn Elkay Water Solutions Corp. | 124 | 4090  |
|  |  | 308588  |
| **Industrial Services - 39.6%<sup>(c)</sup>**<br>|  |  |
| AECOM | 106 | 9829  |
| API Group Corp.<sup>(a)</sup> | 164 | 5865  |
| Applied Industrial Technologies, Inc. | 32 | 7211  |
| Arcosa, Inc. | 41 | 3162  |
| Comfort Systems USA, Inc. | 29 | 9348  |
| Construction Partners, Inc. - Class A<sup>(a)</sup> | 36 | 2587  |
| CSX Corp. | 1420 | 41791  |
| Dycom Industries, Inc.<sup>(a)</sup> | 24 | 3656  |
| EMCOR Group, Inc. | 37 | 13676  |
| Enviri Corp.<sup>(a)</sup> | 40 | 266  |
| Everus Construction Group, Inc.<sup>(a)</sup> | 41 | 1521  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Fastenal Co. | 468 | $36293  |
| Fluor Corp.<sup>(a)</sup> | 145 | 5194  |
| Granite Construction, Inc. | 37 | 2790  |
| Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 32 | 278  |
| H&E Equipment Services, Inc. | 28 | 2654  |
| Herc Holdings, Inc. | 21 | 2820  |
| Jacobs Solutions, Inc. | 100 | 12089  |
| MRC Global, Inc.<sup>(a)</sup> | 72 | 827  |
| MSC Industrial Direct Co., Inc. - Class A | 37 | 2874  |
| MYR Group, Inc.<sup>(a)</sup> | 13 | 1470  |
| Norfolk Southern Corp. | 185 | 43816  |
| NV5 Global, Inc.<sup>(a)</sup> | 48 | 925  |
| Quanta Services, Inc. | 118 | 29993  |
| Ryder System, Inc. | 37 | 5321  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 25 | 2830  |
| Tetra Tech, Inc. | 216 | 6318  |
| TopBuild Corp.<sup>(a)</sup> | 24 | 7319  |
| Tutor Perini Corp.<sup>(a)</sup> | 26 | 603  |
| Union Pacific Corp. | 205 | 48428  |
| United Rentals, Inc. | 54 | 33842  |
| Verra Mobility Corp.<sup>(a)</sup> | 129 | 2904  |
| WESCO International, Inc. | 37 | 5746  |
| WW Grainger, Inc. | 36 | 35562  |
|  |  | 389808  |
| **Materials - 24.7%**<br>|  |  |
| Advanced Drainage Systems, Inc. | 53 | 5758  |
| Alcoa Corp. | 202 | 6161  |
| Apogee Enterprises, Inc. | 17 | 788  |
| ATI, Inc.<sup>(a)</sup> | 105 | 5463  |
| Boise Cascade Co. | 30 | 2943  |
| Carlisle Cos., Inc. | 37 | 12599  |
| Carpenter Technology Corp. | 41 | 7428  |
| Century Aluminum Co.<sup>(a)</sup> | 44 | 817  |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> | 401 | 3296  |
| Commercial Metals Co. | 100 | 4601  |
| CRH PLC | 540 | 47504  |
| Eagle Materials, Inc. | 28 | 6214  |
| Kaiser Aluminum Corp. | 13 | 788  |
| Knife River Corp.<sup>(a)</sup> | 45 | 4059  |
| Martin Marietta Materials, Inc. | 50 | 23907  |
| Nucor Corp. | 194 | 23346  |
| Owens Corning | 70 | 9997  |
| Reliance, Inc. | 44 | 12705  |
| Simpson Manufacturing Co., Inc. | 33 | 5184  |
| Steel Dynamics, Inc. | 119 | 14885  |
| Trex Co., Inc.<sup>(a)</sup> | 88 | 5113  |
| UFP Industries, Inc. | 52 | 5566  |
| United States Lime & Minerals, Inc. | 5 | 442  |
| United States Steel Corp. | 192 | 8114  |
| Vulcan Materials Co. | 108 | 25196  |
| Worthington Steel, Inc. | 28 | 709  |
|  |  | 243583  |

---

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

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes US Infrastructure ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Oil & Gas - 0.2%**<br>|  |  |
| DNOW, Inc.<sup>(a)</sup> | 89 | $1520  |
| **Retail & Wholesale - Discretionary - 2.3%**<br>|  |  |
| BlueLinx Holdings, Inc.<sup>(a)</sup> | 8 | 600  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 93 | 11619  |
| Pool Corp. | 32 | 10187  |
|  |  | 22406  |
| **Utilities - 0.6%**<br>|  |  |
| MDU Resources Group, Inc. | 165 | 2790  |
| Southwest Gas Holdings, Inc. | 49 | 3518  |
|  |  | 6308  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,064,740)** |  | 985582  |
| **SHORT-TERM INVESTMENTS - 0.1%**<br>|  |  |
| **Money Market Funds - 0.1%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(d)</sup> | 649 | 649  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $649)** |  | 649  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $1,065,389)** |  | $986231  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(e)</sup> |  | 407  |
| **TOTAL NET ASSETS - 100.0%** |  | $986638 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(e)</sup> Represents less than 0.05% of net assets.

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

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes US R&D Champions ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.5%**<br>|  |  |
| **Consumer Discretionary Products - 3.6%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 300 | $17850  |
| Tesla, Inc.<sup>(a)</sup> | 46 | 11921  |
|  |  | 29771  |
| **Consumer Staple Products - 1.8%**<br>|  |  |
| Estee Lauder Cos., Inc. - Class A | 223 | 14718  |
| **Health Care - 19.1%**<br>|  |  |
| Align Technology, Inc.<sup>(a)</sup> | 85 | 13503  |
| Boston Scientific Corp.<sup>(a)</sup> | 183 | 18461  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 258 | 18700  |
| Eli Lilly & Co. | 22 | 18170  |
| GE HealthCare Technologies, Inc. | 211 | 17030  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 33 | 16344  |
| Johnson & Johnson | 124 | 20564  |
| Medtronic PLC | 205 | 18421  |
| Regeneron Pharmaceuticals, Inc. | 27 | 17124  |
|  |  | 158317  |
| **Industrial Products - 7.4%**<br>|  |  |
| Carrier Global Corp. | 285 | 18069  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 103 | 15426  |
| Trimble, Inc.<sup>(a)</sup> | 244 | 16019  |
| Vertiv Holdings Co. - Class A | 159 | 11480  |
|  |  | 60994  |
| **Materials - 2.1%**<br>|  |  |
| Corteva, Inc. | 285 | 17935  |
| **Media - 9.5%**<br>|  |  |
| Alphabet, Inc. - Class A | 91 | 14072  |
| Electronic Arts, Inc. | 151 | 21823  |
| Expedia Group, Inc. | 109 | 18323  |
| Meta Platforms, Inc. - Class A | 27 | 15562  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 157 | 8591  |
|  |  | 78371  |
| **Retail & Wholesale - Discretionary - 2.1%**<br>|  |  |
| MercadoLibre, Inc.<sup>(a)</sup> | 9 | 17558  |
| **Software & Technology Services - 34.7%<sup>(b)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 42 | 16108  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 186 | 14973  |
| ANSYS, Inc.<sup>(a)</sup> | 52 | 16461  |
| Autodesk, Inc.<sup>(a)</sup> | 60 | 15708  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 63 | 16023  |
| CoStar Group, Inc.<sup>(a)</sup> | 243 | 19253  |
| Fortinet, Inc.<sup>(a)</sup> | 186 | 17904  |
| International Business Machines Corp. | 73 | 18152  |
| Intuit, Inc. | 31 | 19034  |
| Leidos Holdings, Inc. | 133 | 17947  |
| Microsoft Corp. | 45 | 16893  |
| Oracle Corp. | 111 | 15519  |
| Roper Technologies, Inc. | 33 | 19456  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| ServiceNow, Inc.<sup>(a)</sup> | 18 | $14330  |
| Synopsys, Inc.<sup>(a)</sup> | 34 | 14581  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 81 | 18762  |
| Zoom Communications, Inc. - Class A<sup>(a)</sup> | 214 | 15787  |
|  |  | 286891  |
| **Tech Hardware & Semiconductors - 19.2%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 162 | 16644  |
| Applied Materials, Inc. | 105 | 15238  |
| Arista Networks, Inc.<sup>(a)</sup> | 163 | 12629  |
| Broadcom, Inc. | 84 | 14064  |
| Cisco Systems, Inc. | 307 | 18945  |
| Lam Research Corp. | 231 | 16794  |
| Monolithic Power Systems, Inc. | 28 | 16239  |
| NetApp, Inc. | 154 | 13527  |
| QUALCOMM, Inc. | 109 | 16744  |
| Texas Instruments, Inc. | 102 | 18329  |
|  |  | 159153  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $912,921)** |  | 823708  |
| **SHORT-TERM INVESTMENTS - 0.5%**<br>|  |  |
| **Money Market Funds - 0.5%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(c)</sup> | 3771 | 3771  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,771)** |  | 3771  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $916,692)** |  | $827479  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(d)</sup> |  | 41  |
| **TOTAL NET ASSETS - 100.0%** |  | $827520 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(d)</sup> Represents less than 0.05% of net assets. 

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

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes US Small Cap Cash Flow Champions ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%**<br>|  |  |
| **Banking - 16.5%**<br>|  |  |
| Ameris Bancorp | 1131 | $65112  |
| Bancorp, Inc.<sup>(a)</sup> | 768 | 40581  |
| Bank OZK | 1863 | 80947  |
| East West Bancorp, Inc. | 2397 | 215155  |
| Eastern Bankshares, Inc. | 3445 | 56498  |
| FB Financial Corp. | 598 | 27723  |
| First BanCorp Puerto Rico | 2804 | 53753  |
| Hope Bancorp, Inc. | 1957 | 20490  |
| International Bancshares Corp. | 933 | 58835  |
| Live Oak Bancshares, Inc. | 577 | 15383  |
| OFG Bancorp | 783 | 31335  |
| S&T Bancorp, Inc. | 665 | 24638  |
| Simmons First National Corp. - Class A | 2166 | 44468  |
| Synovus Financial Corp. | 2470 | 115448  |
| WSFS Financial Corp. | 1015 | 52648  |
|  |  | 903014  |
| **Consumer Discretionary Products - 3.4%**<br>|  |  |
| Toll Brothers, Inc. | 1737 | 183410  |
| **Consumer Discretionary Services - 0.5%**<br>|  |  |
| Perdoceo Education Corp. | 1053 | 26515  |
| **Consumer Staple Products - 1.2%**<br>|  |  |
| Cal-Maine Foods, Inc. | 714 | 64903  |
| **Financial Services - 9.0%**<br>|  |  |
|  Artisan Partners Asset Management, Inc. - Class A | 1121 | 43831  |
| BGC Group, Inc. - Class A | 6176 | 56634  |
| Bread Financial Holdings, Inc. | 858 | 42969  |
| Enova International, Inc.<sup>(a)</sup> | 437 | 42197  |
| Evercore, Inc. - Class A | 615 | 122828  |
| MGIC Investment Corp. | 4476 | 110915  |
| Virtu Financial, Inc. - Class A | 1444 | 55045  |
| Virtus Investment Partners, Inc. | 114 | 19649  |
|  |  | 494068  |
| **Health Care - 0.5%**<br>|  |  |
| Dynavax Technologies Corp.<sup>(a)</sup> | 2267 | 29403  |
| **Industrial Products - 2.7%**<br>|  |  |
| Mueller Industries, Inc. | 1958 | 149082  |
| **Industrial Services - 3.5%**<br>|  |  |
| FLEX LNG Ltd. | 534 | 12276  |
| Matson, Inc. | 565 | 72416  |
| Scorpio Tankers, Inc. | 798 | 29989  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 514 | 58190  |
| Teekay Tankers Ltd. | 421 | 16112  |
|  |  | 188983  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Insurance - 18.0%**<br>|  |  |
| Axis Capital Holdings Ltd. | 1326 | $132918  |
| CNA Financial Corp. | 401 | 20367  |
| F&G Annuities & Life, Inc. | 327 | 11788  |
| Hanover Insurance Group, Inc. | 624 | 108545  |
| Horace Mann Educators Corp. | 691 | 29526  |
| Jackson Financial, Inc. - Class A | 1303 | 109165  |
| Mercury General Corp. | 456 | 25490  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | 1344 | 48451  |
| Old Republic International Corp. | 4127 | 161861  |
| Reinsurance Group of America, Inc. | 1145 | 225451  |
| SiriusPoint Ltd.<sup>(a)</sup> | 1719 | 29722  |
| White Mountains Insurance Group Ltd. | 43 | 82810  |
|  |  | 986094  |
| **Materials - 5.9%**<br>|  |  |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 187 | 23422  |
| Boise Cascade Co. | 684 | 67094  |
| Core Natural Resources, Inc. | 888 | 68465  |
| Peabody Energy Corp. | 2148 | 29105  |
| Ternium SA - ADR | 724 | 22560  |
| UFP Industries, Inc. | 1028 | 110037  |
|  |  | 320683  |
| **Media - 1.4%**<br>|  |  |
| Magnite, Inc.<sup>(a)</sup> | 2231 | 25456  |
| Zillow Group, Inc. - Class A<sup>(a)</sup> | 803 | 53688  |
|  |  | 79144  |
| **Oil & Gas - 20.1%**<br>|  |  |
| Antero Resources Corp.<sup>(a)</sup> | 5037 | 203696  |
| APA Corp. | 6218 | 130702  |
| Chord Energy Corp. | 1079 | 121625  |
| Civitas Resources, Inc. | 1487 | 51882  |
| CVR Energy, Inc. | 571 | 11077  |
| Hess Midstream LP - Class A | 1592 | 67326  |
| HF Sinclair Corp. | 2746 | 90289  |
| Matador Resources Co. | 2048 | 104632  |
| Murphy Oil Corp. | 2512 | 71341  |
| PBF Energy, Inc. - Class A | 1582 | 30200  |
| Permian Resources Corp. | 9805 | 135799  |
| Sitio Royalties Corp. - Class A | 1330 | 26427  |
| SM Energy Co. | 1965 | 58852  |
|  |  | 1103848  |
| **Retail & Wholesale - Discretionary - 10.1%**<br>|  |  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 1985 | 248006  |
| Dillard's, Inc. - Class A | 137 | 49064  |
| Williams-Sonoma, Inc. | 1616 | 255489  |
|  |  | 552559  |
| **Retail & Wholesale - Staples - 0.4%**<br>|  |  |
| Andersons, Inc. | 553 | 23740  |

---

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

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes US Small Cap Cash Flow Champions ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software & Technology Services - 2.4%**<br>|  |  |
| Clear Secure, Inc. - Class A | 1469 | $38062  |
| QXO, Inc. | 7054 | 95511  |
|  |  | 133573  |
| **Tech Hardware & Semiconductors - 4.1%**<br>|  |  |
| Flex Ltd.<sup>(a)</sup> | 6842 | 226334  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,919,071)** |  | 5465353  |
| **SHORT-TERM INVESTMENTS - 0.3%**<br>|  |  |
| **Money Market Funds - 0.3%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(b)</sup> | 15069 | 15069  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $15,069)** |  | 15069  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $5,934,140)** |  | $5480422  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 1199  |
| **TOTAL NET ASSETS - 100.0%** |  | $5481621 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LP - Limited Partnership

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(c)</sup> Represents less than 0.05% of net assets.

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

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes ETF Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**Airlines** <br>**ETF** | **Themes** <br>**Cloud** <br>**Computing** <br>**ETF** | **Themes** <br>**Copper** <br>**Miners** <br>**ETF** | **Themes** <br>**Cybersecurity** <br>**ETF** | **Themes** <br>**European** <br>**Luxury** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $804770 | $1417918 | $461795 | $1700623 | $614887  |
| Dividends receivable | 2789 |  | 392 | 158 | 323  |
| Foreign currency, at value | 1145 | 602 | 901 | 2011 | 619  |
| Dividend tax reclaims receivable | 96 |  | 32 | 102 | 100  |
| Interest receivable | 4 | 14 |  | 15 | 3  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 808804 | 1418534 | 463120 | 1702909 | 615932  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to adviser | 259 | 441 | 143 | 531 | 199  |
| Payable to custodian |  |  | 459 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 259 | 441 | 602 | 531 | 199  |
| **NET ASSETS** | $808545 | $1418093 | $462518 | $1702378 | $615733  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $753171 | $1323960 | $553211 | $1612347 | $715806  |
|  Total distributable earnings/ (accumulated losses) | 55374 | 94133 | (90693) | 90031 | (100073)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $808545 | $1418093 | $462518 | $1702378 | $615733  |
| Net assets | $808545 | $1418093 | $462518 | $1702378 | $615733  |
| Shares issued and outstanding<sup>(a)</sup> | 30000 | 50000 | 20000 | 60000 | 30000  |
| Net asset value per share | $26.95 | $28.36 | $23.13 | $28.37 | $20.52  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $832875 | $1397036 | $517612 | $1753808 | $695962  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $1146 | $585 | $895 | $1993 | $587 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes ETF Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**Generative** <br>**Artificial** <br>**Intelligence** <br>**ETF** | **Themes** <br>**Global** <br>**Systemically** <br>**Important** <br>**Banks** <br>**ETF** | **Themes** <br>**Gold** <br>**Miners** <br>**ETF** | **Themes** <br>**Lithium &** <br>**Battery** <br>**Metal** <br>**Miners** <br>**ETF** | **Themes** <br>**Natural** <br>**Monopoly** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $25191877 | $6519966 | $7532664 | $466751 | $1462776  |
| Dividends receivable | 1273 | 14156 | 9332 | 189 | 707  |
| Foreign currency, at value | 493 |  | 4728 |  | 3416  |
| Interest receivable | 450 | 73 | 117 | 21 | 10  |
| Dividend tax reclaims receivable | 73 | 838 | 341 | 2 | 96  |
| Receivable for investments sold | 30 |  | 29 | 2 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 25194196 | 6535033 | 7547211 | 466965 | 1467005  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to adviser | 8226 | 1696 | 1462 | 147 | 442  |
| Payable for investments purchased |  | 111220 |  |  | —  |
|  Payable to custodian foreign currency, at value |  | 129 |  | 2160 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 8228 | 113045 | 1462 | 2307 | 442  |
| **NET ASSETS** | $25185968 | $6421988 | $7545749 | $464658 | $1466563  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $30405377 | $5481503 | $6439166 | $602989 | $1401872  |
|  Total distributable earnings/(accumulated losses) | (5219409) | 940485 | 1106583 | (138331) | 64691  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $25185968 | $6421988 | $7545749 | $464658 | $1466563  |
| Net assets | $25185968 | $6421988 | $7545749 | $464658 | $1466563  |
| Shares issued and outstanding<sup>(a)</sup> | 820000 | 170000 | 160000 | 20000 | 50000  |
| Net asset value per share | $30.71 | $37.78 | $47.16 | $23.23 | $29.33  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $28788873 | $5849935 | $6618901 | $501628 | $1393346  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $462 | $— | $4762 | $— | $3380  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency proceeds | $— | $129 | $— | $2158 | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes ETF Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**Robotics &** <br>**Automation** <br>**ETF** | **Themes** <br>**Silver Miners** <br>**ETF** | **Themes** <br>**Transatlantic** <br>**Defense** <br>**ETF** | **Themes** <br>**Uranium &** <br>**Nuclear** <br>**ETF** | **Themes** <br>**US Cash Flow** <br>**Champions** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $506540 | $602068 | $11412033 | $4977465 | $2182532  |
| Dividends receivable | 1647 |  | 1009 | 1878 | 2260  |
| Foreign currency, at value | 506 | 760 | 891 |  | —  |
| Dividend tax reclaims receivable | 210 |  |  | 92 | —  |
| Interest receivable | 4 | 1 | 107 | 52 | 28  |
| Receivable for investments sold |  |  |  | 12 | —  |
| Receivable for fund shares sold |  |  | 856932 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 508907 | 602829 | 12270972 | 4979499 | 2184820  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to adviser | 160 | 189 | 2215 | 1542 | 534  |
| Payable for investments purchased |  |  | 842980 |  | —  |
|  Payable to custodian foreign currency, at value |  |  |  | 23484 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 160 | 189 | 845195 | 25026 | 534  |
| **NET ASSETS** | $508747 | $602640 | $11425777 | $4954473 | $2184286  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $500231 | $545115 | $11122254 | $5999119 | $2053148  |
|  Total distributable earnings/(accumulated losses) | 8516 | 57525 | 303523 | (1044646) | 131138  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $508747 | $602640 | $11425777 | $4954473 | $2184286  |
| Net assets | $508747 | $602640 | $11425777 | $4954473 | $2184286  |
| Shares issued and outstanding<sup>(a)</sup> | 20000 | 20000 | 400000 | 190000 | 70000  |
| Net asset value per share | $25.44 | $30.13 | $28.56 | $26.08 | $31.20  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $506875 | $595294 | $11247217 | $5746705 | $2107784  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $502 | $764 | $862 | $— | $—  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency proceeds | $— | $— | $— | $23493 | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Themes ETF Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Themes US** <br>**Infrastructure** <br>**ETF** | **Themes** <br>**US R&D** <br>**Champions** <br>**ETF** | **Themes US** <br>**Small Cap** <br>**Cash Flow** <br>**Champions** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | $986231 | $827479 | $5480422  |
| Dividends receivable | 622 | 222 | 2457  |
| Dividend tax reclaims receivable | 50 | 36 | —  |
| Interest receivable | 2 | 9 | 46  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 986905 | 827746 | 5482925  |
| **LIABILITIES:**<br>|  |  |  |
| Payable to adviser | 267 | 226 | 1304  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 267 | 226 | 1304  |
| **NET ASSETS** | $986638 | $827520 | $5481621  |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-in capital | $1049849 | $825337 | $5866169  |
| Total distributable earnings/(accumulated losses) | (63211) | 2183 | (384548)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $986638 | $827520 | $5481621  |
| Net assets | $986638 | $827520 | $5481621  |
| Shares issued and outstanding<sup>(a)</sup> | 40000 | 30000 | 190000  |
| Net asset value per share | $24.67 | $27.58 | $28.85  |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $1065389 | $916692 | $5934140 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**THEMES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended March 31, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**Airlines** <br>**ETF** | **Themes** <br>**Cloud** <br>**Computing** <br>**ETF** | **Themes** <br>**Copper** <br>**Miners** <br>**ETF** | **Themes** <br>**Cybersecurity** <br>**ETF** | **Themes** <br>**European** <br>**Luxury** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $7783 | $1185 | $1946 | $4321 | $1132  |
| Less: Dividend withholding taxes | (373) |  | (131) | (190) | (177)  |
| Less: Issuance fees | (20) |  |  |  | (32)  |
| Interest income | 30 | 115 | 29 | 97 | 26  |
| Other income |  |  |  | 9 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 7420 | 1300 | 1844 | 4237 | 949  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 1533 | 2705 | 1044 | 3160 | 1174  |
| Other expense | 185 | 185 | 185 | 185 | 185  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1718 | 2890 | 1229 | 3345 | 1359  |
| **Net investment income/(loss)** | 5702 | (1590) | 615 | 892 | (410)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 3964 | 478 | (13032) | (42126) | (9137)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 104417 | 103270 | (16614) | 209604 | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 299 | 18 | (57) | (189) | 6  |
| Net realized gain (loss) | 108680 | 103766 | (29703) | 167289 | (9131)  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (90504) | (81480) | (115811) | (176259) | (80617)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (39) | (13) | 6 | (26) | (11)  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (90543) | (81493) | (115805) | (176285) | (80628)  |
| **Net realized and unrealized gain (loss)** | 18137 | 22273 | (145508) | (8996) | (89759)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $23839 | $20683 | $(144893) | $(8104) | $(90169) |

---

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

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**THEMES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended March 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**Generative** <br>**Artificial** <br>**Intelligence** <br>**ETF** | **Themes** <br>**Global** <br>**Systemically** <br>**Important** <br>**Banks** <br>**ETF** | **Themes** <br>**Gold** <br>**Miners** <br>**ETF** | **Themes** <br>**Lithium &** <br>**Battery** <br>**Metal** <br>**Miners** <br>**ETF** | **Themes** <br>**Natural** <br>**Monopoly** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $24220 | $56284 | $31003 | $400 | $13762  |
| Less: Dividend withholding taxes | (739) | (3237) | (2876) | (4) | (683)  |
| Less: Issuance fees |  | (1294) |  |  | —  |
| Interest income | 1545 | 445 | 212 | 219 | 99  |
| Other income |  |  |  | 37 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 25026 | 52198 | 28339 | 652 | 13178  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 35790 | 6581 | 5419 | 1242 | 2580  |
| Other expense | 185 | 185 | 185 | 185 | 185  |
| &nbsp;&nbsp;&nbsp; Total expenses | 35975 | 6766 | 5604 | 1427 | 2765  |
| **Net investment income/(loss)** | (10949) | 45432 | 22735 | (775) | 10413  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (2271857) | 72833 | (53541) | (70619) | 12438  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 2050654 | 167055 | 261013 | 7171 | (3)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (1800) | (151) | (1871) | 1309 | (1771)  |
| Net realized gain (loss) | (223003) | 239737 | 205601 | (62139) | 10664  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (2752087) | 456053 | 601861 | (148041) | (24836)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (217) | (16) | (205) |  | (12)  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (2752304) | 456037 | 601656 | (148041) | (24848)  |
| **Net realized and unrealized gain (loss)** | (2975307) | 695774 | 807257 | (210180) | (14184)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(2986256) | $741206 | $829992 | $(210955) | $(3771) |

---

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

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**THEMES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended March 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**Robotics &** <br>**Automation** <br>**ETF** | **Themes** <br>**Silver Miners** <br>**ETF** | **Themes** <br>**Transatlantic** <br>**Defense** <br>**ETF** | **Themes** <br>**Uranium &** <br>**Nuclear** <br>**ETF** | **Themes US** <br>**Cash Flow** <br>**Champions** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $3476 | &nbsp;&nbsp; $1797 | $9507 | $16945 | $27721  |
| Less: Dividend withholding taxes | (551) | (146) | (39) | (1226) | —  |
| Less: Issuance fees | (5) | &nbsp;&nbsp; — |  |  | —  |
| Interest income | 51 | &nbsp;&nbsp; 20 | 191 | 318 | 122  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2971 | &nbsp;&nbsp; 1671 | 9659 | 16037 | 27843  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 974 | &nbsp;&nbsp; 998 | 4188 | 7067 | 2780  |
| Other expense | 185 | &nbsp;&nbsp; 185 | 185 | 185 | 185  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1159 | &nbsp;&nbsp; 1183 | 4373 | 7252 | 2965  |
| **Net investment income** | 1812 | &nbsp;&nbsp; 488 | 5286 | 8785 | 24878  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 15973 | &nbsp;&nbsp; (5517) | (18976) | (275589) | (13847)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | &nbsp;&nbsp; 65825 | 153441 |  | 64579  |
| &nbsp;&nbsp;&nbsp; Other investments |  | &nbsp;&nbsp; — |  | 161 | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (1021) | &nbsp;&nbsp; (166) | 425 | 263 | —  |
| Net realized gain (loss) | 14952 | &nbsp;&nbsp; 60142 | 134890 | (275165) | 50732  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (61000) | &nbsp;&nbsp; (36222) | 164816 | (798995) | (2433)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 2 | &nbsp;&nbsp; 4 | 29 | 30 | —  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (60998) | &nbsp;&nbsp; (36218) | 164845 | (798965) | (2433)  |
| **Net realized and unrealized gain (loss)** | (46046) | &nbsp;&nbsp; 23924 | 299735 | (1074130) | 48299  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(44234) | &nbsp;&nbsp; $24412 | $305021 | $(1065345) | $73177 |

---

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

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**THEMES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended March 31, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Themes US** <br>**Infrastructure** <br>**ETF** | **Themes** <br>**US R&D** <br>**Champions** <br>**ETF** | **Themes US** <br>**Small Cap** <br>**Cash Flow** <br>**Champions** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | $6278 | $4136 | $37057  |
| Less: Dividend withholding taxes |  |  | (109)  |
| Less: Issuance fees | (1) |  | —  |
| Interest income | 55 | 66 | 210  |
| Other income |  |  | 73  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 6332 | 4202 | 37231  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | 1498 | 1725 | 4255  |
| Other expense | 185 | 185 | 185  |
| Excise tax | 6 |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1689 | 1910 | 4440  |
| **Net investment income** | 4643 | 2292 | 32791  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 4979 | (46555) | 42988  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 7872 | 144019 | —  |
| Net realized gain | 12851 | 97464 | 42988  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (120524) | (209966) | (576977)  |
| Net change in unrealized appreciation (depreciation) | (120524) | (209966) | (576977)  |
| **Net realized and unrealized loss** | (107673) | (112502) | (533989)  |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(103030) | $(110210) | $(501198) |

---

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

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**THEMES ETF TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes Airlines ETF** | **Themes Airlines ETF** | **Themes Cloud Computing ETF**  | **Themes Cloud Computing ETF**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $5702 | $7591 | &nbsp;&nbsp; $(1590) | $(496)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 108680 | (15491) | &nbsp;&nbsp; 103766 | (10162)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | &nbsp;&nbsp; (90543) | 62439 | &nbsp;&nbsp; (81493) | 102393  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | &nbsp;&nbsp; 23839 | 54539 | &nbsp;&nbsp; 20683 | 91735  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (12135) |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (12135) |  | &nbsp;&nbsp; — | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 299913 | 963950 | &nbsp;&nbsp; 324860 | 1559957  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (302780) | (219869) | &nbsp;&nbsp; (330069) | (249495)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | &nbsp;&nbsp; 1 | 1087 | &nbsp;&nbsp; — | 422  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; (2866) | 745168 | &nbsp;&nbsp; (5209) | 1310884  |
| **Net increase in net assets** | &nbsp;&nbsp; 8838 | 799707 | &nbsp;&nbsp; 15474 | 1402619  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 799707 |  | &nbsp;&nbsp; 1402619 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $808545 | $799707 | &nbsp;&nbsp; $1418093 | $1402619  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 10000 | 40000 | &nbsp;&nbsp; 10000 | 60000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (10000) | (10000) | &nbsp;&nbsp; (10000) | (10000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | &nbsp;&nbsp; — | 30000 | &nbsp;&nbsp; — | 50000 |

---

<sup>(a)</sup> The inception date of the Fund was December 8, 2023.

<sup>(b)</sup> The inception date of the Fund was December 15, 2023.

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

31<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**THEMES ETF TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes Copper Miners ETF** | **Themes Copper Miners ETF** | **Themes Cybersecurity ETF**  | **Themes Cybersecurity ETF**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $615 | &nbsp;&nbsp; $329 | $892 | $1049  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (29703) | (158) | 167289 | 16798  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | &nbsp;&nbsp; (115805) | &nbsp;&nbsp; 59995 | (176285) | 123125  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (144893) | &nbsp;&nbsp; 60166 | (8104) | 140972  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (5966) | &nbsp;&nbsp; — | (2250) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (5966) | &nbsp;&nbsp; — | (2250) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 280647 | &nbsp;&nbsp; 500400 | 592470 | 1855013  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (231050) | &nbsp;&nbsp; — | (617253) | (259432)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | &nbsp;&nbsp; 3170 | &nbsp;&nbsp; 44 |  | 962  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 52767 | &nbsp;&nbsp; 500444 | (24783) | 1596543  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (98092) | &nbsp;&nbsp; 560610 | (35137) | 1737515  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 560610 | &nbsp;&nbsp; — | 1737515 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $462518 | &nbsp;&nbsp; $560610 | $1702378 | $1737515  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 20000 | 20000 | 70000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (10000) | &nbsp;&nbsp; — | (20000) | (10000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | &nbsp;&nbsp; — | &nbsp;&nbsp; 20000 |  | 60000 |

---

<sup>(a)</sup> The inception date of the Fund was September 24, 2024.

<sup>(b)</sup> The inception date of the Fund was December 8, 2023.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**THEMES ETF TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes European Luxury ETF** | **Themes European Luxury ETF** | **Themes Generative Artificial** <br>**Intelligence ETF**  | **Themes Generative Artificial** <br>**Intelligence ETF**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $(410) | &nbsp;&nbsp; $5488 | $(10949) | $(16441)  |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp;&nbsp; (9131) | &nbsp;&nbsp; (8518) | (223003) | (668332)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | &nbsp;&nbsp;&nbsp; (80628) | &nbsp;&nbsp; (414) | (2752304) | (844623)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets from operations** | &nbsp;&nbsp;&nbsp; (90169) | &nbsp;&nbsp; (3444) | (2986256) | (1529396)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp;&nbsp; (6460) | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp; (6460) | &nbsp;&nbsp; — |  | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 714714 | 22995562 | 26651555  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | (7952503) | (11994162)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1092 | 270 | 898  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from capital** <br>**transactions** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 715806 | 15043329 | 14658291  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (96629) | &nbsp;&nbsp; 712362 | 12057073 | 13128895  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp; 712362 | &nbsp;&nbsp; — | 13128895 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp; $615733 | &nbsp;&nbsp; $712362 | $25185968 | $13128895  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 30000 | 610000 | 890000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | (230000) | (450000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 30000 | 380000 | 440000 |

---

<sup>(a)</sup> The inception date of the Fund was December 15, 2023.

<sup>(b)</sup> The inception date of the Fund was December 8, 2023.

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

33<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**THEMES ETF TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes Global Systemically** <br>**Important Banks ETF** | **Themes Global Systemically** <br>**Important Banks ETF** | **Themes Gold Miners ETF**  | **Themes Gold Miners ETF**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $45432 | $39547 | $22735 | $19860  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 239737 | (4458) | 205601 | 288170  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 456037 | 213975 | 601656 | 312072  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 741206 | 249064 | 829992 | 620102  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (49789) |  | (45286) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (49789) |  | (45286) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 4197867 | 1939867 | 5312855 | 2650072  |
| &nbsp;&nbsp;&nbsp; Redemptions | (657124) |  | (809790) | (1013200)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 680 | 217 | 809 | 195  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from capital** <br>**transactions** | 3541423 | 1940084 | 4503874 | 1637067  |
| **Net increase in net assets** | 4232840 | 2189148 | 5288580 | 2257169  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 2189148 |  | 2257169 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $6421988 | $2189148 | $7545749 | $2257169  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 120000 | 70000 | 120000 | 90000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (20000) |  | (20000) | (30000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 100000 | 70000 | 100000 | 60000 |

---

<sup>(a)</sup> The inception date of the Fund was December 15, 2023.

<sup>(b)</sup> The inception date of the Fund was December 13, 2023.

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

34<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**THEMES ETF TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes Lithium & Battery** <br>**Metal Miners ETF** | **Themes Lithium & Battery** <br>**Metal Miners ETF** | **Themes Natural Monopoly ETF**  | **Themes Natural Monopoly ETF**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(775) | &nbsp;&nbsp; $(27) | &nbsp;&nbsp; $10413 | $9346  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (62139) | (550) | &nbsp;&nbsp; 10664 | 62357  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | &nbsp;&nbsp; (148041) | &nbsp;&nbsp; 113164 | &nbsp;&nbsp; (24848) | 94315  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (210955) | &nbsp;&nbsp; 112587 | &nbsp;&nbsp; (3771) | 166018  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (39963) | &nbsp;&nbsp; — | &nbsp;&nbsp; (13503) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (39963) | &nbsp;&nbsp; — | &nbsp;&nbsp; (13503) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 627597 | &nbsp;&nbsp; 502400 | &nbsp;&nbsp; — | 2428707  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (535766) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (1112188)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | &nbsp;&nbsp; 8627 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; — | 1300  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from capital** <br>**transactions** | &nbsp;&nbsp; 100458 | &nbsp;&nbsp; 502531 | &nbsp;&nbsp; — | 1317819  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (150460) | &nbsp;&nbsp; 615118 | &nbsp;&nbsp; (17274) | 1483837  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 615118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1483837 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $464658 | &nbsp;&nbsp; $615118 | &nbsp;&nbsp; $1466563 | $1483837  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; — | 90000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (20000) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (40000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | &nbsp;&nbsp; — | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; — | 50000 |

---

<sup>(a)</sup> The inception date of the Fund was September 24, 2024.

<sup>(b)</sup> The inception date of the Fund was December 13, 2023.

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

35<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**THEMES ETF TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes Robotics & Automation ETF** | **Themes Robotics & Automation ETF** | **Themes Silver Miners ETF**  | **Themes Silver Miners ETF**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $1812 | &nbsp;&nbsp;&nbsp;&nbsp; $2581 | &nbsp;&nbsp; $488 | $2264  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 14952 | &nbsp;&nbsp;&nbsp;&nbsp;(943) | &nbsp;&nbsp; 60142 | 46394  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (60998) | &nbsp;&nbsp;&nbsp;&nbsp; 60678 | &nbsp;&nbsp; (36218) | 42987  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp; (44234) | &nbsp;&nbsp;&nbsp;&nbsp; 62316 | &nbsp;&nbsp; 24412 | 91645  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp;&nbsp;&nbsp; (9566) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (8894) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; (9566) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (8894) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 314880 | 771845  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (307828) | (283999)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp; — | 579  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 500231 | &nbsp;&nbsp; 7052 | 488425  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; (53800) | &nbsp;&nbsp;&nbsp;&nbsp; 562547 | &nbsp;&nbsp; 22570 | 580070  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp; 562547 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 580070 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp; $508747 | &nbsp;&nbsp;&nbsp;&nbsp; $562547 | &nbsp;&nbsp; $602640 | $580070  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 10000 | 30000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (10000) | (10000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; — | 20000 |

---

<sup>(a)</sup> The inception date of the Fund was April 22, 2024.

<sup>(b)</sup> The inception date of the Fund was May 3, 2024.

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

36<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**THEMES ETF TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Themes** <br>**Transatlantic** <br>**Defense ETF** | **Themes Uranium & Nuclear ETF**  | **Themes Uranium & Nuclear ETF**  |
|  | **Period Ended** <br>**March 31, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $5286 | &nbsp;&nbsp; $8785 | &nbsp;&nbsp;&nbsp; $77  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 134890 | &nbsp;&nbsp; (275165) | &nbsp;&nbsp;&nbsp;&nbsp;(67)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 164845 | &nbsp;&nbsp; (798965) | &nbsp;&nbsp;&nbsp; 29756  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 305021 | &nbsp;&nbsp; (1065345) | &nbsp;&nbsp;&nbsp; 29766  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (1498) | &nbsp;&nbsp; (9067) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (1498) | &nbsp;&nbsp; (9067) | &nbsp;&nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 11960974 | &nbsp;&nbsp; 5468557 | &nbsp;&nbsp;&nbsp; 528400  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (839242) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | &nbsp;&nbsp; 522 | &nbsp;&nbsp; 2125 | &nbsp;&nbsp;&nbsp; 37  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | &nbsp;&nbsp; 11122254 | &nbsp;&nbsp; 5470682 | &nbsp;&nbsp;&nbsp; 528437  |
| **Net increase in net assets** | &nbsp;&nbsp; 11425777 | &nbsp;&nbsp; 4396270 | &nbsp;&nbsp;&nbsp; 558203  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; — | &nbsp;&nbsp; 558203 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $11425777 | &nbsp;&nbsp; $4954473 | &nbsp;&nbsp;&nbsp; $558203  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 20000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (30000) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 20000 |

---

<sup>(a)</sup> The inception date of the Fund was October 13, 2024.

<sup>(b)</sup> The inception date of the Fund was September 24, 2024.

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

37<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**THEMES ETF TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes US Cash Flow Champions ETF** | **Themes US Cash Flow Champions ETF** | **Themes US Infrastructure ETF**  | **Themes US Infrastructure ETF**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $24878 | &nbsp;&nbsp;&nbsp; $13279 | &nbsp;&nbsp; $4643 | &nbsp;&nbsp; $158  |
| &nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; 50732 | &nbsp;&nbsp;&nbsp; 36598 | &nbsp;&nbsp; 12851 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (2433) | &nbsp;&nbsp;&nbsp; 77181 | &nbsp;&nbsp; (120524) | &nbsp;&nbsp; 41366  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 73177 | &nbsp;&nbsp;&nbsp; 127058 | &nbsp;&nbsp; (103030) | &nbsp;&nbsp; 41524  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp;&nbsp;&nbsp; (24947) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1705) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; (24947) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1705) | &nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp; 1532994 | &nbsp;&nbsp;&nbsp; 1061362 | &nbsp;&nbsp; 803610 | &nbsp;&nbsp; 500000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (302907) | &nbsp;&nbsp;&nbsp; (282937) | &nbsp;&nbsp; (253808) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 486 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47  |
|  **Net increase in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 1230087 | &nbsp;&nbsp;&nbsp; 778911 | &nbsp;&nbsp; 549802 | &nbsp;&nbsp; 500047  |
| **NET INCREASE IN NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp; 1278317 | &nbsp;&nbsp;&nbsp; 905969 | &nbsp;&nbsp; 445067 | &nbsp;&nbsp; 541571  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp; 905969 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 541571 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp; $2184286 | &nbsp;&nbsp;&nbsp; $905969 | &nbsp;&nbsp; $986638 | &nbsp;&nbsp; $541571  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 20000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (10000) | &nbsp;&nbsp;&nbsp; (10000) | &nbsp;&nbsp; (10000) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20000 |

---

<sup>(a)</sup> The inception date of the Fund was December 13, 2023.

<sup>(b)</sup> The inception date of the Fund was September 12, 2024.

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

38<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**THEMES ETF TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes US R&D Champions ETF** | **Themes US R&D Champions ETF** | **Themes US Small Cap Cash Flow** <br>**Champions ETF**  | **Themes US Small Cap Cash Flow** <br>**Champions ETF**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $2292 | &nbsp;&nbsp; $3066 | &nbsp;&nbsp; $32791 | &nbsp;&nbsp;&nbsp; $9841  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 97464 | &nbsp;&nbsp; 58053 | &nbsp;&nbsp; 42988 | &nbsp;&nbsp;&nbsp; (1213)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (209966) | &nbsp;&nbsp; 120753 | &nbsp;&nbsp; (576977) | &nbsp;&nbsp;&nbsp; 123259  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (110210) | &nbsp;&nbsp; 181872 | &nbsp;&nbsp; (501198) | &nbsp;&nbsp;&nbsp; 131887  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (28970) | &nbsp;&nbsp; — | &nbsp;&nbsp; (15253) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (28970) | &nbsp;&nbsp; — | &nbsp;&nbsp; (15253) | &nbsp;&nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 909784 | &nbsp;&nbsp; 1351213 | &nbsp;&nbsp; 5070047 | &nbsp;&nbsp;&nbsp; 795242  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (1188655) | &nbsp;&nbsp; (287557) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | &nbsp;&nbsp; — | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 893  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; (278871) | &nbsp;&nbsp; 1063699 | &nbsp;&nbsp; 5070050 | &nbsp;&nbsp;&nbsp; 796135  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (418051) | &nbsp;&nbsp; 1245571 | &nbsp;&nbsp; 4553599 | &nbsp;&nbsp;&nbsp; 928022  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 1245571 | &nbsp;&nbsp; — | &nbsp;&nbsp; 928022 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $827520 | &nbsp;&nbsp; $1245571 | &nbsp;&nbsp; $5481621 | &nbsp;&nbsp;&nbsp; $928022  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 30000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (40000) | &nbsp;&nbsp; (10000) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; (10000) | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 30000 |

---

<sup>(a)</sup> The inception date of the Fund was December 13, 2023.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Themes Airlines ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended**<br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $26.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $26.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.66  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $800  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.66%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27% |

---

<sup>(a)</sup> The inception date of the Fund was December 8, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

40<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Themes Cloud Computing ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $28.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $28.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.05  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.21%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1403  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment loss to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.21)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11% |

---

<sup>(a)</sup> The inception date of the Fund was December 15, 2023.

<sup>(b)</sup> Net investment loss per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Themes Copper Miners ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $28.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.02  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (4.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (4.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $23.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.03  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -16.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.03%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $561  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> The inception date of the Fund was September 24, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Themes Cybersecurity ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**March 31, 2025**<br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $28.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $28.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.96  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.83%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1738  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36%  |
| Ratio of net investment income to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24% |

---

<sup>(a)</sup> The inception date of the Fund was December 8, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Themes European Luxury ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**March 31, 2025**<br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $23.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (2.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.55)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (2.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.30)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $20.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.70  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -12.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -5.02%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $712  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.12)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.36%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47% |

---

<sup>(a)</sup> The inception date of the Fund was December 15, 2023.

<sup>(b)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Themes Generative Artificial Intelligence ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**March 31, 2025**<br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $29.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04)  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $30.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.84  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.35%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $25186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13129  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment loss to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.11)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58% |

---

<sup>(a)</sup> The inception date of the Fund was December 8, 2023.

<sup>(b)</sup> Net investment loss per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

45<br>

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**Themes Global Systemically Important Banks ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**March 31, 2025**<br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $31.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;7.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $37.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.27  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.09%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $6422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2189  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28% |

---

<sup>(a)</sup> The inception date of the Fund was December 15, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

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

46<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Themes Gold Miners ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**March 31, 2025**<br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $37.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.22  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.62  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $47.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37.62  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 27.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50.48%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $7546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2257  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14% |

---

<sup>(a)</sup> The inception date of the Fund was December 13, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Themes Lithium & Battery Metal Miners ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**March 31, 2025**<br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $30.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.12  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (5.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (5.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (2.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (2.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $23.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.76  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -18.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.44%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $615  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment loss to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.22)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> The inception date of the Fund was September 24, 2024.

<sup>(b)</sup> Net investment loss per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Themes Natural Monopoly ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**March 31, 2025**<br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $29.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $29.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.68  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.71%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1484  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113% |

---

<sup>(a)</sup> The inception date of the Fund was December 13, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Themes Robotics & Automation ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**March 31, 2025**<br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $28.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (2.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (2.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $25.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.13  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -8.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.51%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $563  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46% |

---

<sup>(a)</sup> The inception date of the Fund was April 22, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Themes Silver Miners ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**March 31, 2025**<br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $29.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $30.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.00  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.01%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $580  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38% |

---

<sup>(a)</sup> The inception date of the Fund was May 3, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Themes Transatlantic Defense ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**March 31, 2025<sup>(a)</sup>** <br>(Unaudited)  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.51  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.57  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $28.56  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14.35%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $11426  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.36%  |
| Ratio of net investment income to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.44%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3% |

---

<sup>(a)</sup> Inception date of the Fund was October 13, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Themes Uranium & Nuclear ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $27.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.42  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $26.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.91  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -6.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $4954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $558  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> The inception date of the Fund was September 24, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

53<br>

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**Themes US Cash Flow Champions ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $30.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $31.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.20  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.80%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $2184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $906  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30%  |
| Ratio of net investment income to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.59%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20% |

---

<sup>(a)</sup> The inception date of the Fund was December 13, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Themes US Infrastructure ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $27.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (2.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (2.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $24.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.08  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -8.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.31%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $542  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of net investment income to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> The inception date of the Fund was September 12, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

55<br>

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**Themes US R&D Champions ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $31.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (2.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $27.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.14  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -9.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.56%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1246  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of net investment income to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34% |

---

<sup>(a)</sup> The inception date of the Fund was December 13, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Themes US Small Cap Cash Flow Champions ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $30.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (2.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (1.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.89  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $28.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.93  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -6.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.74%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $5482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $928  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of net investment income to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.74%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46% |

---

<sup>(a)</sup> The inception date of the Fund was December 13, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)** 

1. ORGANIZATION

The Themes Airlines ETF, Themes Cloud Computing ETF, Themes Copper Miners ETF, Themes Cybersecurity ETF, Themes European Luxury ETF, Themes Generative Artificial Intelligence ETF, Themes Global Systemically Important Banks ETF, Themes Gold Miners ETF, Themes Lithium & Battery Metal Miners ETF, Themes Natural Monopoly ETF, Themes Robotics & Automation ETF, Themes Silver Miners ETF, Themes Transatlantic Defense ETF, Themes Uranium & Nuclear ETF, Themes US Cash Flow Champions ETF, Themes US Infrastructure ETF, Themes US R&D Champions ETF, and Themes US Small Cap Cash Flow Champions ETF, (collectively, the "Funds") are non-diversified series of Themes ETF Trust (the "Trust"). The Trust was organized as a Delaware statutory trust on February 22, 2023 and is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act").

Costs incurred by the Fund in connection with the organization, registration and the initial public offering of shares were paid by Themes Management Company, LLC ("Themes" or the "Adviser"), the Funds' Investment Adviser.

The below Funds use a "passive" or indexing approach to achieve their investment objective of tracking the performance, before fees and expenses, of an index comprised of:

---

| | |
|:---|:---|
| **Fund** | **Investment Objectives**  |
| Themes Airlines ETF | Companies that have business operations in the airlines industry  |
| Themes Cloud Computing ETF | Companies that have business operations in the field of cloud computing  |
| Themes Copper Miners ETF | Companies that derive significant revenues from the mining, exploration, and refining of copper  |
| Themes Cybersecurity ETF | Companies that have business operations in the cybersecurity industry  |
| Themes European Luxury ETF | European companies that have business operations in the luxury industry  |
| Themes Generative Artificial Intelligence ETF | Companies that have business operations in the field of artificial intelligence related industries  |
| Themes Gold Miners ETF | Companies that are active in the gold mining industry  |
| Themes Lithium & Battery Metal Miners ETF | Companies that derive significant revenues from the mining, exploration, and refining of lithium and battery metals  |
| Themes Natural Monopoly ETF | Global companies which exhibit a strong competitive advantage in their sector  |
| Themes Robotics & Automation ETF | Companies whose products and services are focused on robotics and automation solutions in an industrial context  |
| Themes Silver Miners ETF | Companies with significant exposure to the silver mining industry  |
| Themes Transatlantic Defense ETF | Companies from North Atlantic Treaty Organization ("NATO") member countries that have business operations in the aerospace and defense industries  |
| Themes Uranium & Nuclear ETF | Companies that derive significant revenues from the uranium and nuclear industries  |
| Themes US Cash Flow Champions ETF | U.S. companies with a high cash flow yield  |
| Themes US Infrastructure ETF | Companies that have business operations involving the building materials and equipment, logistics, construction, and engineering services used for the development and maintenance of infrastructure projects  |
| Themes US R&D Champions ETF | Innovative U.S. companies which exhibit strong and consistent investment in research and development as well as profitability  |
| Themes US Small Cap Cash Flow Champions ETF | Small capitalization U.S. companies with a high cash flow yield |

---

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

Themes Global Systemically Important Banks ETF is actively managed with an investment objective to seek growth of capital by investing in companies that operate in the global bank sector.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies*. Each Fund prepares its financial statement in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and follows the significant accounting policies described below.

**Use of Estimates – The preparation of the financial statement in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.** 

**Share Transactions – The net asset value ("NAV") per share of each Fund will be equal to a Fund's total assets minus a Fund's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the New York Stock Exchange ("NYSE") is open for trading.** 

**Fair Value Measurement – In calculating the NAV, each Fund's exchange-traded equity securities will be valued at fair value, which will generally be determined using the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Such valuations are typically categorized as Level 1 in the fair value hierarchy described below.** 

Securities listed on the NASDAQ Stock Market, Inc. are generally valued at the NASDAQ official closing price. Foreign securities will be priced at their local currencies as of the close of their primary exchange or market or as of the time each Fund calculates its NAV on the valuation date, whichever is earlier.

If market quotations are not readily available, or if it is determined that a quotation of a security does not represent fair value, then the security is valued at fair value as determined in good faith by the Adviser using procedures adopted by the Board of Trustees of the Trust (the "Board"). The valuation of each Fund's investments is performed in accordance with the principles found in Rule 2a-5 of the 1940 Act. The Board has delegated the Adviser as the valuation designed of the Funds. The circumstances in which a security may be fair valued include, among others: the occurrence of events that are significant to a particular issuer, such as mergers, restructurings or defaults; the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or government actions; trading restrictions on securities; thinly traded securities; and market events such as trading halts and early market closings. Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an active market existed. Fair valuation could result in a different NAV than a NAV determined by using market quotations. Such valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy described below.

FASB ASC Topic 820, *Fair Value Measurements and Disclosures* ("ASC 820") defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurements. Under ASC 820, various inputs are used in determining the value of each Funds' investments. These inputs are summarized in the following hierarchy:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| Level 3 –<br>| 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 fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

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.

All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board, although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with

investing in those securities. The hierarchy classification of inputs used to value the Funds' investments on

March 31, 2025, are as follows:

**Themes Airlines ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $804542 | $— | $— | $804542  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 228 |  |  | 228  |
| **Total Investments** | $804770 | $— | $— | $804770 |

---

**Themes Cloud Computing ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1413984 | $— | $1413984  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3934 |  | 3934  |
| **Total Investments** | $1417918 | $— | $1417918 |

---

**Themes Copper Miners ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $453806 | $7989 | $— | $461795  |
| &nbsp;&nbsp;&nbsp; Money Market Funds |  |  |  | —  |
| **Total Investments** | $453806 | $7989 | $— | $461795 |

---

**Themes Cybersecurity ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1695987 | $— | $1695987  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 4636 |  | 4636  |
| **Total Investments** | $1700623 | $— | $1700623 |

---

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

**Themes European Luxury ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $587380 | $— | $— | $587380  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 26644 |  |  | 26644  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 863 |  |  | 863  |
| **Total Investments** | $614887 | $— | $— | $614887 |

---

**Themes Generative Artificial Intelligence ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $25156362 | $— | $25156362  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 35515 |  | 35515  |
| **Total Investments** | $25191877 | $— | $25191877 |

---

**Themes Global Systemically Important Banks ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $6411597 | $— | $6411597  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 108369 |  | 108369  |
| **Total Investments** | $6519966 | $— | $6519966 |

---

**Themes Gold Miners ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $7532470 | $— | $7532470  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 194 |  | 194  |
| **Total Investments** | $7532664 | $— | $7532664 |

---

**Themes Lithium & Battery Metal Miners ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $463296 | $149 | $— | $463445  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3306 |  |  | 3306  |
| **Total Investments** | $466602 | $149 | $— | $466751 |

---

**Themes Natural Monopoly ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1448082 | $— | $1448082  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 10724 |  | 10724  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3970 |  | 3970  |
| **Total Investments** | $1462776 | $— | $1462776 |

---

**Themes Robotics & Automation ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $505506 | $— | $505506  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1034 |  | 1034  |
| **Total Investments** | $506540 | $— | $506540 |

---

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

**Themes Silver Miners ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $600988 | $— | $— | $600988  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1080 |  |  | 1080  |
| **Total Investments** | $602068 | $— | $— | $602068 |

---

**Themes Transatlantic Defense ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $11376274 | $— | $11376274  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 35759 |  | 35759  |
| **Total Investments** | $11412033 | $— | $11412033 |

---

**Themes Uranium & Nuclear ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4949109 | $— | $4949109  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 28356 |  | 28356  |
| **Total Investments** | $4977465 | $— | $4977465 |

---

**Themes US Cash Flow Champions ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $2170699 | $— | $2170699  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 1511 |  | 1511  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 10322 |  | 10322  |
| **Total Investments** | $2182532 | $— | $2182532 |

---

**Themes US Infrastructure ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $985582 | $— | $985582  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 649 |  | 649  |
| **Total Investments** | $986231 | $— | $986231 |

---

**Themes US R&D Champions ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $823708 | $— | $823708  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3771 |  | 3771  |
| **Total Investments** | $827479 | $— | $827479 |

---

**Themes US Small Cap Cash Flow Champions ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $5465353 | $— | $5465353  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 15069 |  | 15069  |
| **Total Investments** | $5480422 | $— | $5480422 |

---

Refer to the Schedule of Investments for industry classifications.

62<br>

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

**Security Transactions – Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated based on the specific identification basis.** 

**Investment Income – Dividend income is recognized on the ex-dividend date. Interest income is accrued daily. Withholding taxes on foreign dividends has been provided for in accordance with Funds' understanding of the applicable tax rules and regulations.** 

**Foreign Currency Translation – The books and records of the Funds are maintained in U.S. dollars. A Fund's assets and liabilities in foreign currencies are translated into U.S. dollars at the prevailing exchange rate at the valuation date. Transactions denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The Fund's income earned and expenses incurred in foreign denominated currencies are translated into U.S. dollars at the prevailing exchange rate on the date of such activity.** 

The Funds do not isolate that portion of the results of operations arising from changes in the foreign exchange rates on investments from the fluctuations that result from changes in the market prices of investments held or sold during the period. Accordingly, such foreign currency gains (losses) are included in the reported net realized gain (loss) on investments in securities and net change in unrealized appreciation (depreciation) on investments in securities on the Statements of Operations.

Net realized gains (losses) on foreign currency transactions reported on the Statements of Operations arise from sales of foreign currency, including net currency gains and losses, realized between the trade and settlement dates on securities transactions and the difference in the amounts of dividends and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net changes in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies reported on the Statements of Operations arise from changes (due to the changes in the exchange rate) in the value of foreign currency and assets and liabilities (other than investments) denominated in foreign currencies, which are held at period end.

**Tax Information, Dividends and Distributions to Shareholders and Uncertain Tax Positions – The Funds are treated as separate entities for Federal income tax purposes. Each Fund has qualified and intends to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. To qualify and remain eligible for the special tax treatment accorded to RICs, each Fund must meet certain annual income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i) its investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii) certain net tax-exempt income, if any. If so qualified, each Fund will not be subject to Federal income tax.** 

Distributions to shareholders are recorded on the ex-dividend date. The Funds generally pay out dividends from net investment income, if any, annually, and distribute its net capital gains, if any, to shareholders at least annually. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such

amounts are reclassified within the components of net assets based on their Federal tax basis treatment; temporary

63<br>

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

differences do not require reclassification. Dividends and distributions which exceed earnings and profit for tax purposes are reported as a tax return of capital. For the periods ended March 31, 2025 and September 30, 2024, the Funds made the following distributions to shareholders:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended March 31, 2025** | **Period Ended March 31, 2025** | **Period Ended March 31, 2025** | **Period Ended September 30, 2024**  | **Period Ended September 30, 2024**  | **Period Ended September 30, 2024**  |
|  | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Capital Gains** | **Tax** <br>**Return** <br>**of Capital** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Capital Gains** | **Tax** <br>**Return** <br>**of Capital**  |
| Themes Airlines ETF | $12135 | &nbsp;&nbsp; $— | $— | $— | &nbsp;&nbsp; $— | $—  |
| Themes Cloud Computing ETF |  | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes Copper Miners ETF | 5966 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes Cybersecurity ETF | 2250 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes European Luxury ETF | 6460 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes Generative Artificial Intelligence ETF |  | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes Global Systemically Important Banks ETF | 49789 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes Gold Miners ETF | 45286 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes Lithium & Battery Metal Miners ETF | 39963 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes Natural Monopoly ETF | 13503 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes Robotics & Automation ETF | 9566 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes Silver Miners ETF | 8894 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes Transatlantic Defense ETF | 1498 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes Uranium & Nuclear ETF | 9067 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes US Cash Flow Champions ETF | 24947 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes US Infrastructure ETF | 1705 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes US R&D Champions ETF | 28970 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Themes US Small Cap Cash Flow Champions ETF | 15253 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — |  |

---

Management evaluates the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as income tax expense. Based on this evaluation, Management has concluded that there are no uncertain tax positions that require recognition in the financial statements as of March 31, 2025. The Funds' Federal income tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

**Indemnification – In the normal course of business, the Funds expect to enter into contracts that contain a variety of representations and warranties, and which provide general indemnifications. The Funds' maximum exposure under these anticipated arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser expects the risk of loss to be remote.** 

3. INVESTMENT ADVISORY AND OTHER AGREEMENTS

**Investment Advisory Agreement – The Trust has entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser. Under the Advisory Agreement, the Adviser provides a continuous investment program for the Funds' assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of the Funds subject to the supervision of the Board, including the Trustees who are not "interested persons" of the Trust as defined in the 1940 Act.** 

64<br>

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

Pursuant to the Advisory Agreement between the Trust, on behalf of the Funds and Themes, each Fund pays a unified management fee to the Adviser, which is calculated daily and paid monthly at an annual rate.

---

| | |
|:---|:---|
| Themes Airlines ETF | 0.35%  |
| Themes Cloud Computing ETF | 0.35%  |
| Themes Copper Miners ETF | 0.35%  |
| Themes Cybersecurity ETF | 0.35%  |
| Themes European Luxury ETF | 0.35%  |
| Themes Generative Artificial Intelligence ETF | 0.35%  |
| Themes Global Systemically Important Banks ETF | 0.35%  |
| Themes Gold Miners ETF | 0.35%  |
| Themes Lithium & Battery Metal Miners ETF | 0.35%  |
| Themes Natural Monopoly ETF | 0.35%  |
| Themes Robotics & Automation ETF | 0.35%  |
| Themes Silver Miners ETF | 0.35%  |
| Themes Transatlantic Defense ETF | 0.35%  |
| Themes Uranium & Nuclear ETF | 0.35%  |
| Themes US Cash Flow Champions ETF | 0.29%  |
| Themes US Infrastructure ETF | 0.29%  |
| Themes US R&D Champions ETF | 0.29%  |
| Themes US Small Cap Cash Flow Champions ETF | 0.29% |

---

The Adviser has agreed to pay all expenses of the Funds except the fee paid to the Adviser under the 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 (if any) (collectively, "Excluded Expenses"). The Trust acknowledges and agrees that the Adviser may delegate its responsibility to pay some or all expenses incurred by the Funds, except for Excluded Expenses, to one or more third parties, including but not limited to, sub-advisers.

**Distribution Agreement and 12b-1 Plan – ALPS Distributors, Inc. (the "Distributor") serves as each Fund's distributor pursuant to a Distribution Agreement. The Distributor receives compensation from the Adviser for certain statutory underwriting services it provides to the Funds. The Distributor enters into agreements with certain broker-dealers and others that will allow those parties to be "Authorized Participants" and to subscribe for and redeem shares of the Funds. The Distributor will not distribute shares in less than whole Creation Units and does not maintain a secondary market in shares.** 

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act ("Rule 12b-1 Plan"). In accordance with the Rule 12b-1 Plan, each Fund is authorized to pay an amount up to 0.25% of the Fund's average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of each Fund's assets. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.

**Other Services – U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or "Administrator") serves as administrator, transfer agent and fund accounting agent of the Funds pursuant to an Administration Agreement, Transfer Agency and Service Agreement and Fund Accounting Agreement. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' custodian pursuant to a Custody Agreement. Under the terms of these agreements, the Adviser pays each Fund's administrative, custody and transfer agency fees.** 

Pursuant to an agreement between the Trust, on behalf of the Funds, and ACA Global, an employee of ACA Global serves as Chief Compliance Officer of the Trust. Fees for these services are paid by the Adviser under the terms of the Advisory Agreement.

At March 31, 2025, certain Officers and a Trustee of the Trust were also officers or employees of the Adviser.

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

4. CREATION AND REDEMPTION TRANSACTIONS

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. or NASDAQ Stock Market LLC. Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Market prices for the shares may be different from their NAV. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the listing exchange is open for trading. The NAV of the shares of each Fund will be equal to a Fund's total assets minus a Fund's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to four decimal places.

**Creation Unit Transaction Fee – Authorized Participants will be required to pay to the Custodian a fixed transaction fee (the "Creation Unit Transaction Fee") in connection with the issuance or redemption of Creation Units. The standard Creation Unit Transaction Fee will be the same regardless of the number of Creation Units purchased or redeemed by an investor on the applicable business day. The Creation Unit Transaction Fee charged by each Fund for each creation order is $300.** 

The fixed creation unit transaction fee may be waived on certain orders if the applicable Fund's custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

An additional variable fee of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for (i) creations effected outside the Clearing Process and (ii) creations made in an all cash amount (to offset the Trust's brokerage and other transaction costs associated with using cash to purchase or redeem the requisite deposit securities). Each Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders. Variable fees received by each Fund are displayed in the Capital Transactions section of the Statement of Changes in Net Assets.

Only "Authorized Participants" may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of 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 will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.

A creation unit will generally not be issued until the transfer of good title of the deposit securities to the Funds and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of the Funds will be issued to such authorized participant notwithstanding the fact that the Funds' deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant to deliver the missing deposit securities as soon as possible. If the Funds or their agents do not receive all of the deposit securities, or the required cash amounts, by such time, then the order may be deemed rejected and the authorized participant shall be liable to the Funds for losses, if any.

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

5. INVESTMENT TRANSACTIONS

For the period ended March 31, 2025, the aggregate purchases and sales of securities by the Funds (excluding short-term and in-kind transactions) and the in-kind transactions associated with creations and redemptions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **In-Kind** <br>**Purchases** | **In-Kind** <br>**Sales**  |
| Themes Airlines ETF | $60220 | $131610 | $298671 | $234598  |
| Themes Cloud Computing ETF | 106543 | 126506 | 319747 | 299664  |
| Themes Copper Miners ETF | 140704 | 107628 | 221196 | 200453  |
| Themes Cybersecurity ETF | 283792 | 269729 | 589319 | 632103  |
| Themes European Luxury ETF | 135744 | 140360 |  | —  |
| Themes Generative Artificial Intelligence ETF | 8852837 | 8801131 | 22668051 | 7669611  |
| Themes Global Systemically Important Banks ETF | 814116 | 357358 | 3738892 | 667295  |
| Themes Gold Miners ETF | 938818 | 772217 | 5167836 | 841753  |
| Themes Lithium & Battery Metal Miners ETF | 571147 | 580083 | 415500 | 346047  |
| Themes Natural Monopoly ETF | 586107 | 593446 |  | —  |
| Themes Robotics & Automation ETF | 385140 | 393627 |  | —  |
| Themes Silver Miners ETF | 202900 | 235883 | 310257 | 277815  |
| Themes Transatlantic Defense ETF | 708813 | 116320 | 11290350 | 806122  |
| Themes Uranium & Nuclear ETF | 2295207 | 1618231 | 4790559 | —  |
| Themes US Cash Flow Champions ETF | 231829 | 203301 | 1505955 | 310712  |
| Themes US Infrastructure ETF | 66172 | 52876 | 788787 | 249783  |
| Themes US R&D Champions ETF | 301344 | 295771 | 897084 | 1208111  |
| Themes US Small Cap Cash Flow Champions ETF | 745965 | 680619 | 5012889 |  |

---

For the period ended March 31, 2025, there were no long-term purchases or sales of U.S. Government Securities in the Funds.

6. INCOME TAX INFORMATION

The components of accumulated earnings/losses for federal income tax purposes as of September 30, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**Airlines** <br>**ETF** | **Themes** <br>**Cloud** <br>**Computing** <br>**ETF** | **Themes** <br>**Copper** <br>**Miners** <br>**ETF** | **Themes** <br>**Cybersecurity** <br>**ETF** | **Themes** <br>**European** <br>**Luxury** <br>**ETF**  |
| Tax cost of investments | &nbsp;&nbsp; $764830 | $1323230 | &nbsp;&nbsp; $506036 | $1632306 | &nbsp;&nbsp; $718193  |
| Gross unrealized appreciation | &nbsp;&nbsp; 93903 | 167673 | &nbsp;&nbsp; 54416 | 243133 | &nbsp;&nbsp; 64609  |
| Gross unrealized depreciation | &nbsp;&nbsp; (62409) | (89249) | &nbsp;&nbsp; (216) | (139105) | &nbsp;&nbsp; (73027)  |
| Net unrealized appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | &nbsp;&nbsp; $31494 | $78424 | &nbsp;&nbsp; $54200 | $104028 | &nbsp;&nbsp; $(8418)  |
| Undistributed ordinary income (loss) | &nbsp;&nbsp; 12135 |  | &nbsp;&nbsp; 5966 | 1434 | &nbsp;&nbsp; 5522  |
| Undistributed capital gain (loss) | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| Total distributable earnings (losses) | &nbsp;&nbsp; 12135 |  | &nbsp;&nbsp; 5966 | 1434 | &nbsp;&nbsp; 5522  |
| Other accumulated earnings (losses) | &nbsp;&nbsp; 41 | (4974) | &nbsp;&nbsp; — | (5077) | &nbsp;&nbsp; (548)  |
| Total accumulated earnings (losses) | &nbsp;&nbsp; $43670 | $73450 | &nbsp;&nbsp; $60166 | $100385 | &nbsp;&nbsp; $(3444) |

---

67<br>

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**Generative** <br>**Artificial** <br>**Intelligence ETF** | **Themes Global** <br>**Systemically** <br>**Important** <br>**Banks ETF** | **Themes Gold** <br>**Miners ETF** | **Themes** <br>**Lithium** <br>**& Battery** <br>**Metal** <br>**Miners ETF** | **Themes** <br>**Natural** <br>**Monopoly** <br>**ETF**  |
| Tax cost of investments | $14300100 | $2010298 | $1956197 | &nbsp;&nbsp; $524098 | $1398620  |
| Gross unrealized appreciation | 848032 | 221879 | 307394 | &nbsp;&nbsp; 92070 | 119104  |
| Gross unrealized depreciation | (2031650) | (9165) | (18626) | &nbsp;&nbsp; (1154) | (36490)  |
| Net unrealized appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | $(1183618) | $212714 | $288768 | &nbsp;&nbsp; $90916 | $82614  |
| Undistributed ordinary income (loss) |  | 39694 | 38239 | &nbsp;&nbsp; 21671 | 9299  |
| Undistributed capital gain (loss) |  |  |  | &nbsp;&nbsp; — | —  |
| Total distributable earnings (losses) |  | 39694 | 38239 | &nbsp;&nbsp; 21671 | 9299  |
| Other accumulated earnings (losses) | (1049535) | (3340) | (5130) | &nbsp;&nbsp; — | (9948)  |
| Total accumulated earnings (losses) | $(2233153) | $249068 | $321877 | &nbsp;&nbsp; $112587 | $81965 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**Robotics &** <br>**Automation** <br>**ETF** | **Themes** <br>**Silver** <br>**Miners ETF** | **Themes** <br>**Uranium &** <br>**Nuclear** <br>**ETF** | **Themes US** <br>**Cash Flow** <br>**Champions** <br>**ETF** | **Themes US** <br>**Infrastructure** <br>**ETF**  |
| Tax cost of investments | &nbsp;&nbsp; $500991 | &nbsp;&nbsp;&nbsp; $543744 | &nbsp;&nbsp; $533659 | &nbsp;&nbsp; $834416 | &nbsp;&nbsp; $500038  |
| Gross unrealized appreciation | &nbsp;&nbsp; 77188 | &nbsp;&nbsp;&nbsp; 42329 | &nbsp;&nbsp; 25629 | &nbsp;&nbsp; 90334 | &nbsp;&nbsp; 42068  |
| Gross unrealized depreciation | &nbsp;&nbsp; (16554) | &nbsp;&nbsp;&nbsp; (8590) | &nbsp;&nbsp; (1199) | &nbsp;&nbsp; (19437) | &nbsp;&nbsp; (702)  |
| Net unrealized appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | &nbsp;&nbsp; $60634 | &nbsp;&nbsp;&nbsp; $33739 | &nbsp;&nbsp; $24430 | &nbsp;&nbsp; $70897 | &nbsp;&nbsp; $41366  |
| Undistributed ordinary income (loss) | &nbsp;&nbsp; 2270 | &nbsp;&nbsp;&nbsp; 8491 | &nbsp;&nbsp; 5336 | &nbsp;&nbsp; 13453 | &nbsp;&nbsp; 158  |
| Undistributed capital gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Total distributable earnings (losses) | &nbsp;&nbsp; 2270 | &nbsp;&nbsp;&nbsp; 8491 | &nbsp;&nbsp; 5336 | &nbsp;&nbsp; 13453 | &nbsp;&nbsp; 158  |
| Other accumulated earnings (losses) | &nbsp;&nbsp; (588) | &nbsp;&nbsp;&nbsp; (223) | &nbsp;&nbsp; — | &nbsp;&nbsp; (1442) | &nbsp;&nbsp; —  |
| Total accumulated earnings (losses) | &nbsp;&nbsp; $62316 | &nbsp;&nbsp;&nbsp; $42007 | &nbsp;&nbsp; $29766 | &nbsp;&nbsp; $82908 | &nbsp;&nbsp; $41524 |

---

---

| | | |
|:---|:---|:---|
|  | **Themes** <br>**US R&D** <br>**Champions** <br>**ETF** | **Themes US** <br>**Small Cap** <br>**Cash Flow** <br>**Champions** <br>**ETF**  |
| Tax cost of investments | $1131700 | &nbsp;&nbsp;&nbsp; $804934 |
| Gross unrealized appreciation | 140511 | &nbsp;&nbsp;&nbsp; 144215 |
| Gross unrealized depreciation | (26857) | &nbsp;&nbsp;&nbsp; (21238) |
| Net unrealized appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | $113654 | &nbsp;&nbsp;&nbsp; $122977 |
| Undistributed ordinary income (loss) | 27709 | &nbsp;&nbsp;&nbsp; 9857 |
| Undistributed capital gain (loss) |  | &nbsp;&nbsp;&nbsp; — |
| Total distributable earnings (losses) | 27709 | &nbsp;&nbsp;&nbsp; 9857 |
| Other accumulated earnings (losses) |  | &nbsp;&nbsp;&nbsp; (931) |
| Total accumulated earnings (losses) | $141363 | &nbsp;&nbsp;&nbsp; $131903 |

---

68<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

The difference between book-basis and tax-basis unrealized appreciation/depreciation is attributable primarily to the tax deferral of losses on wash sales and mark-to-market on passive foreign investment companies.

Net capital losses incurred after October 31 and late year losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of each Fund's next taxable year. For the period ended September 30, 2024, the Funds had the following post-October and late year losses:

---

| | | |
|:---|:---|:---|
|  | **Post-October** <br>**Capital Losses** | **Late Year** <br>**Ordinary Losses**  |
| Themes Airlines ETF | $— | $—  |
| Themes Cloud Computing ETF |  | 513  |
| Themes Copper Miners ETF |  | —  |
| Themes Cybersecurity ETF |  | —  |
| Themes European Luxury ETF |  | —  |
| Themes Generative Artificial Intelligence ETF |  | —  |
| Themes Global Systemically Important Banks ETF |  | 13345  |
| Themes Gold Miners ETF |  | —  |
| Themes Lithium & Battery Metal Miners ETF |  | —  |
| Themes Natural Monopoly ETF |  | —  |
| Themes Robotics & Automation ETF |  | —  |
| Themes Silver Miners ETF |  | —  |
| Themes Uranium & Nuclear ETF |  | —  |
| Themes US Cash Flow Champions ETF |  | —  |
| Themes US Infrastructure ETF |  | —  |
| Themes US R&D Champions ETF |  | —  |
| Themes US Small Cap Cash Flow Champions ETF |  |  |

---

Capital loss carry forwards will retain their character as either short-term or long-term capital losses and may be carried forward indefinitely. At September 30, 2024, the Funds had capital loss carryforwards on a tax basis of:

---

| | | |
|:---|:---|:---|
|  | **Unlimited ST** | **Unlimited LT**  |
| Themes Airlines ETF | $— | $—  |
| Themes Cloud Computing ETF | (4492) | —  |
| Themes Copper Miners ETF |  | —  |
| Themes Cybersecurity ETF | (5127) | —  |
| Themes European Luxury ETF | (591) | —  |
| Themes Generative Artificial Intelligence ETF | (1036476) | —  |
| Themes Global Systemically Important Banks ETF | (3337) | —  |
| Themes Gold Miners ETF | (5178) | —  |
| Themes Lithium & Battery Metal Miners ETF |  | —  |
| Themes Natural Monopoly ETF | (9995) | —  |
| Themes Robotics & Automation ETF | (597) | —  |
| Themes Silver Miners ETF | (214) | —  |
| Themes Uranium & Nuclear ETF |  | —  |
| Themes US Cash Flow Champions ETF | (1442) | —  |
| Themes US Infrastructure ETF |  | —  |
| Themes US R&D Champions ETF |  | —  |
| Themes US Small Cap Cash Flow Champions ETF | (931) |  |

---

To the extent that a Fund realizes future net capital gains, those gains will be offset by any unused capital loss carryover.

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

7. PRINCIPAL RISKS

As with all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. Each Fund is subject to the principal risks, any of which may adversely affect a Fund's NAV, trading price, yield, total return and ability to meet its investment objective. A complete description of the principal risks is included in the Funds' prospectuses under the heading "Principal Investment Risks."

8. NEW ACCOUNTING PRONOUNCEMENT

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

9. SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date the financial statements were available for issuance. Based on this evaluation, no additional adjustments or disclosures were required to the financial statements.

70<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Themes ETF Trust** 

**FORM N-CSR ITEMS (Unaudited)** 

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END INVESTMENT COMPANIES** 

There were no changes in or disagreements with accountants during the period covered by this report.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END INVESTMENT COMPANIES** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS FOR OPEN-END INVESTMENT COMPANIES** 

Certain officers and a Trustee of the Trust are affiliated with the Adviser and are not paid any fees by the registrant for serving in such capacities. Each current Independent Trustee of the Board is paid $32,250 for his or her services as a Board member to the Trust. Independent Trustee fees are paid by Themes Management Company, LLC through a unitary management fee, not by the registrant.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

At a meeting held on March 15, 2024 (the "Meeting"), the Board of Trustees (the "Board") of Themes ETF Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the approval of an advisory agreement (the "Agreement") between Themes Management Company, LLC (the "Adviser" or "Themes") and the Trust, on behalf of 31 series of shares (each, a "Fund" and together, the "Funds"), including Themes Transatlantic Defense ETF.

At the Meeting, the Board and the Independent Trustees evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by Themes; (ii) the investment performance of the Fund and Themes; (iii) the costs of the services to be provided and profits to be realized by Themes from its relationship with each Fund; (iv) the extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund's investors; and (v) Themes' practices regarding possible conflicts of interest.

In assessing these factors and reaching its decisions, the Board took into consideration information specifically prepared and/or presented in connection with the approval process with respect to each Fund, including information presented to the Board by representatives of Themes. The Trustees noted having met with Independent Trustee Counsel prior to today's Meeting and that they discussed at length their duties and responsibilities in considering approval of the Advisory Agreement and the information provided in Themes' 15c response along with the various exhibits. The Board noted that it requested and/or was provided with information and reports relevant to the approval of the Advisory Agreement, including: (i) reports regarding the services and support to be provided to each Fund and its shareholders; (ii) presentations by management of Themes addressing the investment strategy, personnel and operations to be utilized in managing each Fund; (iii) disclosure information contained in the registration statement of the Trust and the Form ADV and/or policies and procedures of Themes; and (iv) the memorandum from Practus that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the Advisory Agreement, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision.

The Board also requested and received various informational materials including, without limitation: (i) documents containing information about Themes, including financial information, a description of personnel and the services to be provided to each Fund, information on the indexes that will be utilized by the respective Funds along with information on the index providers, summaries of its compliance program, including Themes Code of Ethics and other general information; (ii) comparative expense information; (iii) the anticipated effect of size on each Fund's performance and expenses; and (iv) benefits to be realized by Themes from its relationship with the Funds.

The Board reflected on its discussions regarding the Advisory Agreement and the anticipated manner in which

each Fund would be managed with representatives of Themes. The Board did not identify any particular information

71<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Themes ETF Trust** 

**FORM N-CSR ITEMS (Unaudited)(Continued)** 

that was most relevant to its consideration to approve the Advisory Agreement and each Trustee may have afforded different weight to the various factors. In deciding whether to approve the Advisory Agreement, the Trustees considered numerous factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>The nature, extent, and quality of the services to be provided by Themes.</u>

In this regard, the Board considered the responsibilities of Themes under the Advisory Agreement and the services to be provided including, without limitation, the process for tracking each Fund's benchmark index (where applicable) and assuring compliance with each Fund's investment objectives and limitations; the anticipated coordination of services for the Funds among the service providers, and the anticipated efforts of Themes to promote the Funds and grow their assets. The Board considered that an initial wave of Themes ETFs was launched in December 2023 and while Themes was a newly formed entity with limited experience managing registered funds, its personnel had significant experience in managing the portfolios of other registered funds and the overall operations of a large family of funds. The Board also considered the trading and operational capabilities of Themes, noting that Themes had recently hired a new marketing project manager and a new portfolio manager to further build the infrastructure to support the Funds. After reviewing the foregoing and further information from Themes, and notwithstanding the limited operating experience of Themes as an entity, the Board concluded that the personnel at Themes have the resources, experience and expertise to provide the Funds with the quality, extent, and nature of the services required by the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Investment Performance of the Funds and Themes.</u>

The Board noted that the Funds had not commenced operations and therefore consideration of a Fund's performance was not relevant at this time. As such, there was no investment performance to review at this time. The Board acknowledged examples of previously launched Themes ETFs which experienced rapid growth and outperformed their respective benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>The costs of services to be provided and profits to be realized by Themes from its relationship with the Funds.</u>

In this regard, the Board considered the financial condition of Themes and the level of commitment to the Funds by its owners and the expenses of each Fund, including the nature and frequency of advisory fee payments. The Board noted projections from Themes as to the level of assets under management needed in each Fund in order for it to become profitable. The Board reviewed comparative information on other ETFs that employ an investment strategy that is similar to the respective Funds. The Board considered how the Funds' management fees compare to other similar funds, noting that each Fund's management fee was in line with or lower than the management fees charged by the similar fund. They also compared the Funds' expense ratios to the respective group of similar funds, as applicable, finding that each Fund's expense ratio was lowest to an average similar fund. Following a review of the comparative information provided for each Fund and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to Themes were fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>The extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels</u> <u>reflect these economies of scale for the benefit of the Fund's investors</u>.

In this regard, the Board considered each Fund's proposed fee arrangements with Themes, noting that each Fund has a unitary fee structure. The Board noted that none of the proposed advisory fees include a breakpoint but that the unitary fee structure would have the effect of capping the expenses for each Fund. The Board considered that economies of scale would be realized as the Funds grow as operationally Themes is able to handle significant growth without a corresponding increase in costs. Following further discussion of each Fund's projected asset levels, expectations for growth, and levels of fees, the Board determined that each Fund's proposed fee arrangement with Themes was fair and reasonable in relation to the nature and quality of the services to be provided by Themes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Possible conflicts of interest and other benefits</u>.

In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory personnel assigned to the Funds; the basis of decisions to buy or sell securities for the Funds; the substance and administration of the Code of Ethics and other relevant policies described in Themes' Form ADV and compliance policies and procedures. The Board considered that Themes does not currently manage any other investments for clients. The Board also considered potential benefits for Themes in managing the Funds. Following

72<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Themes ETF Trust** 

**FORM N-CSR ITEMS (Unaudited)(Continued)** 

further consideration and discussion, the Board indicated that Themes' standards and practices relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by Themes from managing the Funds were satisfactory.

Based on a consideration of all the factors in their totality, the Board, including a majority of the Independent Trustees, determined that the terms of the Agreement, including the compensation payable under the Agreement, are fair and reasonable to each Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Agreement for an initial term of two years was in the best interests of each Fund and its respective shareholders.

73<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Themes ETF Trust** 

**SUPPLEMENTAL INFORMATION (Unaudited)** 

Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the Funds. Please read the prospectus carefully before investing. A copy of the prospectus for the Funds may be obtained without charge by writing to the Funds, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701 or by calling 1-866-584-3637, or by visiting the Funds' website at www.ThemesETFs.com.

**FEDERAL TAX INFORMATION** 

For the fiscal period ended September 30, 2024, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was 0% for each Fund.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended September 30, 2024, was 0% for each Fund.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) was 0% for each Fund.

For the period ended September 30, 2024, the Themes European Luxury ETF earned $8,961 of foreign sourced income and paid $1,974 of foreign taxes which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code.

**QUARTERLY PORTFOLIO HOLDING INFORMATION** 

Each Fund files its complete schedule of portfolio holdings for its 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 without charge, upon request, by calling toll-free at 1-866-584-3637. Furthermore, you may obtain the Part F of Form N-PORT on the SEC's website at www.sec.gov.

**PROXY VOTING INFORMATION** 

Each Fund is required to file a Form N-PX, with the Fund's complete proxy voting record for the 12 months ended June 30, no later than August 31 of each year. The Fund's proxy voting record will be available without charge, upon request, by calling toll-free 1-866-584-3637 and on the SEC's website at www.sec.gov.

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of the Funds trade on an exchange at a price above (*i.e.*, at a premium) or below (*i.e.*, at a discount) the NAV of the Funds is available without charge, on the Funds' website at www.ThemesETFs.com.

74<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

See item 7(a).

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

See item 7(a).

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely
 to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a2(a)).* Filed herewith.](tsafs-efp15559_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications required by Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a2(b)).* Furnished herewith.](tsafs-efp15559_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Themes
 ETF Trust

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jose Gonzalez |
|  | Jose Gonzalez Principal Executive Officer |

---

Date <u>June 5, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jose Gonzalez |
|  | Jose Gonzalez Principal Executive Officer |

---

Date <u>June 5, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Dobromir Kamburov |
|  | Dobromir Kamburov, Principal Financial Officer |

---

Date <u>June 5, 2025</u>

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Jose Gonzalez, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Themes ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 5, 2025 | /s/ Jose Gonzalez |
|  |  | Jose Gonzalez |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Dobromir Kamburov, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Themes ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 5, 2025 | /s/ Dobromir Kamburov |
|  |  | Dobromir Kamburov |
|  |  | Principal Financial Officer |

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## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Themes ETF Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Themes ETF Trust, for the period ended March 31, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Themes ETF Trust for the stated period.

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| | |
|:---|:---|
| /s/ Jose Gonzalez | /s/ Dobromir Kamburov |
| Jose Gonzalez | Dobromir Kamburov |
| Principal Executive Officer Themes ETF Trust | Principal Financial Officer Themes ETF Trust |

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Dated: <u>June 5, 2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Themes ETF Trust for purposes of Section 18 of the Securities Exchange Act of 1934.