# EDGAR Filing Document

**Accession Number:** 0001976322
**File Stem:** 0001133228-25-013247
**Filing Date:** 2025-12
**Character Count:** 366881
**Document Hash:** 49f8b425260dec508c12e071f01e479a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013247.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001133228-25-013247

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 105

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23872
- **FILM NUMBER:** 251551119

**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 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 China Generative Artificial Intelligence ETF (Series ID: S000081032)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000243671 | Themes China Generative Artificial Intelligence ETF | DRGN            |

### 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 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'? 2025-10-14194120_ThemesChinaGenerativeArtificialIntelligenceETF_TF_TSRAnnual

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>September 30, 2025</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act
 of 1940, as amended ("Act"), is filed herewith **.** 

---

| | | |
|:---|:---|:---|
| ![image](img590645_202511031353200.jpg) | **Themes China Generative Artificial** **Intelligence ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img590645_202511031353200.jpg) | DRGN (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img220230_202504142046153.jpg) |
| ![image](img590645_202511031353200.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes China Generative Artificial Intelligence ETF for the period of July 14, 2025 to September 30, 2025. You can find additional information about the Fund at www.themesetfs.com/etfs/DRGN. You can also request this information by contacting us at 1-866-584-3637.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 China Generative Artificial Intelligence ETF | $10\* | 0.39%\*\* |

---

\* **Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be** **higher if the Fund had been in operations for the full year.**

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes China Generative Artificial Intelligence ETF (DRGN) seeks to track the BITA China Generative AI Select Index (BCGAIS), which derive significant revenue from Generative AI-related activities. These activities include AI model training and provision, generative AI application software, AI infrastructure and hardware, physical AI applications, and general AI application software.

China's AI sector has accelerated sharply in 2025, driven by strong government support, rapid advances in model development, and expanding commercial adoption across industries. Major Chinese tech firms are investing heavily in large-language models, AI-driven cloud services, and enterprise automation tools, while startups are emerging in fields such as AI-generated content, robotics, and chip design. Beijing's national AI strategy—emphasizing domestic innovation, data sovereignty, and semiconductor independence—has created a robust ecosystem that integrates AI into manufacturing, healthcare, and consumer platforms. Despite ongoing U.S.–China tech tensions, China's AI landscape continues to expand rapidly, positioning the country as a global leader in the commercialization and application of generative AI technologies.

The top contributor and detractor to DRGN's performance included Kuaishou Technology, which contributed by 1.09% and Bairong, which detracted by 0.18% versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6541img003.jpg)

Themes China Generative Artificial Intelligence ETF PAGE 1 TSR-AR-882927296

------

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(07/14/2025)** |
| **Themes China Generative Artificial Intelligence ETF NAV**  | 50.05 |
| **MSCI ACWI Net Total Return Index (USD)**  | 6.93 |
| **BITA China Generative AI Select Index**  | 50.02 |

---

Visit www.themesetfs.com/etfs/DRGN for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $23626352 |
| **Number of Holdings** | 24 |
| **Net Advisory Fee** | $3778 |
| **Portfolio Turnover** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Montage Technology Co. Ltd.  | 7.9% |
|  Baidu, Inc.  | 7.4% |
|  Foxconn Industrial Internet Co. Ltd.  | 6.8% |
|  Kuaishou Technology  | 6.6% |
|  SenseTime Group, Inc.  | 6.3% |
|  Cambricon Technologies Corp. Ltd.  | 5.9% |
|  Xiaomi Corp.  | 5.8% |
|  Iflytek Co. Ltd.  | 4.8% |
|  Zhejiang Dahua Technology Co. Ltd.  | 4.7% |
|  IEIT Systems Co. Ltd.  | 4.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 67.3% |
|  Communications  | 23.1% |
|  Consumer Discretionary  | 5.2% |
|  Industrials  | 3.2% |
|  Financials  | 0.5% |
|  Cash & Other  | 0.7% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/DRGN.

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 China Generative Artificial Intelligence ETF PAGE 2 TSR-AR-882927296

------

---

| | | |
|:---|:---|:---|
| ![image](img229731_202411191733751.jpg) | **Themes Cloud Computing ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229731_202411191733751.jpg) | CLOD (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229731_202411191733751.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes Cloud Computing ETF for the period of October 1, 2024 to September 30, 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 PAST YEAR?** (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 | $41 | 0.36% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes Cloud Computing ETF (CLOD), launched on December 15, 2023, seeks to track the Solactive Cloud Computing Index (SOLCLOUN), which identifies the largest 50 companies by market capitalization that derive their revenues from: (1) Digital Security, (2) E-Commerce, (3) Infrastructure, (4) Data Infrastructure, (5) Data Architecture, (6) Internet Infrastructure, and (7)Data Support. CLOD seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLCLOUN Index.

Cloud-computing focused ETFs are benefiting greatly in 2025 as enterprises accelerate digital infrastructure investment and AI-driven workloads proliferate. Global public-cloud spending is projected at approximately $723 billion this year, up from about $595 billion in 2024.Companies across sectors — from e-commerce and entertainment to manufacturing and enterprise software — are scaling remote work platforms, data lakes, and generative-AI services. At the same time, cloud providers face rising costs: capex to expand data-centers, operational expenses, and supply-chain constraints for specialized hardware remain headwinds.

The top contributor and detractor to CLOD's performance was Alphabet Inc, adding 0.92% to relative returns, while the top detractor was Applovin Corp., which reduced performance by 1.00% versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5511img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/15/2023)** |
| **Themes Cloud Computing ETF**  | 27.35 | 21.97 |
| **MSCI ACWI Index**  | 17.27 | 21.21 |
| **Solactive Cloud Computing Index**  | 27.86 | 22.44 |

---

Themes Cloud Computing ETF PAGE 1 TSR-AR-882927205

------

Visit www.themesetfs.com/etfs/CLOD for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1429026 |
| **Number of Holdings** | 50 |
| **Net Advisory Fee** | $5088 |
| **Portfolio Turnover** | 15% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  AppLovin Corp.  | 6.4% |
|  Alphabet, Inc.  | 6.1% |
|  Oracle Corp.  | 5.3% |
|  Microsoft Corp.  | 4.6% |
|  Palo Alto Networks, Inc.  | 4.4% |
|  Amazon.com, Inc.  | 4.4% |
|  Crowdstrike Holdings, Inc.  | 4.3% |
|  Adobe, Inc.  | 4.2% |
|  ServiceNow, Inc.  | 4.0% |
|  MercadoLibre, Inc.  | 3.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 73.6% |
|  Communications  | 17.1% |
|  Consumer Discretionary  | 8.3% |
|  Industrials  | 0.8% |
|  Cash & Other  | 0.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/CLOD.

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 2 TSR-AR-882927205

------

---

| | | |
|:---|:---|:---|
| ![image](img229732_202411191734539.jpg) | **Themes Copper Miners ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229732_202411191734539.jpg) | COPA (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img220230_202504142046153.jpg) |
| ![image](img229732_202411191734539.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes Copper Miners ETF for the period of October 1, 2024 to September 30, 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 PAST YEAR?** (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 | $44 | 0.38% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes Copper Miners ETF (COPA), launched September 24, 2024 seeks to track the BITA Global Copper Mining Select Index (BGCMSI), which identifies companies that derive their revenues from copper mining, explorations, refining, and royalties. COPA seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the BGCMSI Index.

Copper-mining ETFs have seen strong performance, underpinned by a resurgence in copper demand tied to the global clean-energy transition. With copper trading around US $4.40–$5.00 per lb. this year, the metal has rebounded from earlier lows. As key components in electric vehicles, solar and wind energy systems, and grid infrastructure, copper's industrial importance is being amplified by climate-tech investments. At the same time, the International Energy Agency projects a sizeable future supply shortfall — warning that copper supply will fall 30 % short of demand by 2035 if new mining and recycling investment doesn't ramp up. These twin forces — robust demand for clean-tech and a tightening supply backdrop — have positioned copper miners and related ETFs to benefit from structural shifts in energy, transportation and infrastructure.

The top contributor and detractor to COPA's performance attribution included Nittetsu Mining Co LTD, which contributed by 0.29% and Jinchuan Group International, which detracted by 0.44% versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5512img003.jpg)

Themes Copper Miners ETF PAGE 1 TSR-AR-882927783

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(9/24/2024)** |
| **Themes Copper Miners ETF**  | 33.24 | 49.19 |
| **MSCI ACWI Index**  | 17.27 | 18.59 |
| **BITA Global Copper Mining Select Index**  | 31.10 | 46.11 |

---

Visit www.themesetfs.com/etfs/COPA for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1106012 |
| **Number of Holdings** | 55 |
| **Net Advisory Fee** | $2420 |
| **Portfolio Turnover** | 42% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Freeport-McMoRan, Inc.  | 6.7% |
|  Jiangxi Copper Co. Ltd.  | 5.9% |
|  First Quantum Minerals Ltd.  | 4.7% |
|  Antofagasta PLC  | 4.0% |
|  Ivanhoe Mines Ltd.  | 4.0% |
|  Teck Resources Ltd.  | 4.0% |
|  Lundin Mining Corp.  | 3.8% |
|  Capstone Copper Corp.  | 3.5% |
|  China Nonferrous Mining Corp. Ltd.  | 3.5% |
|  Glencore PLC  | 3.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Materials  | 97.9% |
|  Industrials  | 1.8% |
|  Cash & Other  | 0.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/COPA.

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 2 TSR-AR-882927783

------

---

| | | |
|:---|:---|:---|
| ![image](img229733_s20241119173606.jpg) | **Themes Cybersecurity ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229733_s20241119173606.jpg) | SPAM (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229733_s20241119173606.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes Cybersecurity ETF for the period of October 1, 2024 to September 30, 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 PAST YEAR?** (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 | $40 | 0.36% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes Cybersecurity ETF (SPAM), launched on December 8, 2023, seeks to track the Solactive Cybersecurity Index (SOCYBERN), which identifies the largest 35 companies by market capitalization in digital security software. SPAM seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOCYBERN Index.

Cybersecurity ETFs have posted strong gains in 2025 as demand for advanced digital protection continues to surge worldwide. Global information-security spending is expected to reach around $212 billion, up roughly 15% from 2024, driven by rising threats linked to cloud adoption, AI integration, and remote-work expansion. High-profile ransomware and infrastructure attacks have prompted both corporate and government entities to boost cybersecurity budgets, while the rapid growth of AI-powered defense tools has created new opportunities for the sector. Because cybersecurity remains an essential business priority regardless of economic cycles, ETFs in this space have demonstrated resilience.

The top contributor and detractor of SPAM's performance was Nebius Group NV, adding 2.91% to relative returns, while the top detractor was Rapid7, Inc., which reduced performance by 0.56% versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5513img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/8/2023)** |
| **Themes Cybersecurity ETF**  | 20.73 | 20.28 |
| **MSCI ACWI Index**  | 17.27 | 22.92 |
| **Solactive Cyber Security Index**  | 21.45 | 20.94 |

---

Themes Cybersecurity ETF PAGE 1 TSR-AR-882927304

------

Visit www.themesetfs.com/etfs/SPAM for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2095046 |
| **Number of Holdings** | 36 |
| **Net Advisory Fee** | $6468 |
| **Portfolio Turnover** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Nebius Group NV  | 10.5% |
|  NEXTDC Ltd.  | 5.4% |
|  CyberArk Software Ltd.  | 5.1% |
|  Varonis Systems, Inc.  | 4.6% |
|  CACI International, Inc.  | 4.4% |
|  Palo Alto Networks, Inc.  | 4.2% |
|  Crowdstrike Holdings, Inc.  | 4.1% |
|  SentinelOne, Inc.  | 4.1% |
|  Zscaler, Inc.  | 4.1% |
|  Akamai Technologies, Inc.  | 4.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 90.1% |
|  Communications  | 6.7% |
|  Industrials  | 2.9% |
|  Cash & Other  | 0.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/SPAM.

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 2 TSR-AR-882927304

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| | | |
|:---|:---|:---|
| ![image](img229737_202411191744945.jpg) | **Themes Generative Artificial Intelligence** **ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229737_202411191744945.jpg) | WISE (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229737_202411191744945.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes Generative Artificial Intelligence ETF for the period of October 1, 2024 to September 30, 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 PAST YEAR?** (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 | $43 | 0.35% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes Generative Artificial Intelligence ETF (WISE), launched on December 8, 2023, seeks to track the Solactive Generative Artificial Intelligence Index (SOLGAIN), which includes companies deriving revenue from one or more of the following areas: (1) Artificial Intelligence, (2) Data Analytics & Big Data, (3) Natural Language Processing, and (4) AI-Driven Services. WISE seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLGAIN Index.

AI-focused ETFs have remained in the spotlight throughout 2025, driven by the rapid adoption of artificial intelligence across healthcare, finance, manufacturing, and infrastructure. Companies developing and deploying AI technologies—such as cloud providers, semiconductor manufacturers, enterprise software firms, and automation companies—continue to benefit from robust demand. Significant capital investments in AI infrastructure, generative model development, and research are reinforcing investor confidence and driving inflows into dedicated AI strategies. As a result, many AI-themed ETFs have outperformed broader equity indices year to date.

For WISE, the top contributor to performance was Pagaya Technologies, adding 4.72% to relative returns, while the top detractor was SoundHound AI Inc., which reduced performance by 3.51% versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5515img003.jpg)

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

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**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/8/2023)** |
| **Themes Generative Artificial Intelligence ETF**  | 46.57 | 36.05 |
| **MSCI ACWI Index**  | 17.27 | 22.92 |
| **Solactive Generative Artificial Intelligence Index**  | 47.35 | 36.87 |

---

Visit www.themesetfs.com/etfs/WISE for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $40234441 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $88912 |
| **Portfolio Turnover** | 74% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Veritone, Inc.  | 7.0% |
|  Apple, Inc.  | 4.8% |
|  NVIDIA Corp.  | 4.4% |
|  Gorilla Technology Group, Inc.  | 4.3% |
|  SoundHound AI, Inc.  | 4.1% |
|  Bairong, Inc.  | 3.9% |
|  Beijing Fourth Paradigm Technology Co. Ltd.  | 3.8% |
|  Advanced Micro Devices, Inc.  | 3.8% |
|  Microsoft Corp.  | 3.7% |
|  Broadcom, Inc.  | 3.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 87.2% |
|  Consumer Discretionary  | 4.7% |
|  Financials  | 3.9% |
|  Communications  | 2.9% |
|  Health Care  | 1.2% |
|  Cash & Other  | 0.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/WISE.

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 2 TSR-AR-882927502

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---

| | | |
|:---|:---|:---|
| ![image](img229738_202411191745107.jpg) | **Themes Global Systemically Important** **Banks ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229738_202411191745107.jpg) | GSIB (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229738_202411191745107.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes Global Systemically Important Banks ETF for the period of October 1, 2024 to September 30, 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 PAST YEAR?** (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 | $45 | 0.35% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes Global Systemically Important Banks ETF (GSIB), launched December 15, 2023, actively invests in traded global banks that have been identified as "systemically important" by the Financial Stability Board and the Basel Committee on Banking Supervision. A bank is deemed "systemically important" due to its size, interconnectedness, financial infrastructure, complexity, and cross jurisdictional activity.

Global Systemically Important Banks - focused ETFs have delivered strong results this year, driven by a combination of expanded net interest income from elevated interest rates and a rebound in investment banking activity. Large global banks are benefiting from the wider spread between what they pay on deposits and what they earn on loans, and many are seeing improved fee income from increased mergers & acquisitions, equity underwriting, and capital markets transactions. Coupled with regulatory stability and their dominant competitive position, this has reinforced profitability for many of these institutions.

The top contributors to GSIB's performance was Banco Santander SA, Duetsche Bank AG and Societe Generale SA which returned 133.90%, 113.55% and 112.15% respectively. There were no retractors in the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5516img003.jpg)

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

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**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/15/2023)** |
| **Themes Global Systemically Important Banks ETF**  | 56.30 | 45.22 |
| **MSCI ACWI Index**  | 17.27 | 21.21 |
| **KBW Nasdaq Global Bank Index**  | 57.64 | 46.68 |

---

Visit www.themesetfs.com/etfs/GSIB for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $20192713 |
| **Number of Holdings** | 29 |
| **Net Advisory Fee** | $27610 |
| **Portfolio Turnover** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  HSBC Holdings PLC  | 3.6% |
|  Banco Santander SA  | 3.6% |
|  ING Groep NV  | 3.6% |
|  Standard Chartered PLC  | 3.6% |
|  Barclays PLC  | 3.6% |
|  State Street Corp.  | 3.6% |
|  BNP Paribas SA  | 3.6% |
|  Toronto-Dominion Bank  | 3.6% |
|  UBS Group AG  | 3.6% |
|  Agricultural Bank of China Ltd.  | 3.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 99.7% |
|  Cash & Other  | 0.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/GSIB.

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 2 TSR-AR-882927601

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---

| | | |
|:---|:---|:---|
| ![image](img229740_202411191746205.jpg) | **Themes Gold Miners ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229740_202411191746205.jpg) | AUMI (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229740_202411191746205.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes Gold Miners ETF for the period of October 1, 2024 to September 30, 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 PAST YEAR?** (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 | $55 | 0.35% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes Gold Miners ETF (AUMI), launched December 13, 2023, seeks to track the Solactive Global Pure Gold Miners Index (SOLGLPGM), which identifies the largest companies by market capitalization that derive their revenues from gold mining. AUMI seeks to provide investment results that corresponds generally to the price and yield performance, before fees and expenses, of the SOLGLPGM Index.

Many gold-mining ETFs delivered outstanding returns this year, propelled by a surge in the gold price which recently topped $4,000 per ounce, a new milestone. The rally is driven by elevated geopolitical tensions, a weaker U.S. dollar, inflationary pressures and strong safe-haven demand — all amplifying gold's appeal. Central-bank purchases of bullion and robust investor flows into gold-backed ETFs have further strengthened the metal's up-trend. As a result, mining companies are enjoying improved profitability and many gold-mining ETFs are reaping the benefits of rising revenues and margins.

The top contributor to AUMI's performance attribution of the underlying included Gold Fields Ltd, which contributed by 2.57%, there were no detractors versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5517img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/13/2023)** |
| **Themes Gold Miners ETF**  | 115.31 | 91.95 |
| **MSCI ACWI Index**  | 17.27 | 22.46 |
| **Solactive Global Pure Gold Miners Index**  | 116.09 | 93.00 |

---

Visit www.themesetfs.com/etfs/AUMI for more recent performance information.

Themes Gold Miners ETF PAGE 1 TSR-AR-882927700

------

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18287588 |
| **Number of Holdings** | 27 |
| **Net Advisory Fee** | $24411 |
| **Portfolio Turnover** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  IAMGOLD Corp.  | 5.5% |
|  Zhaojin Mining Industry Co. Ltd.  | 5.4% |
|  Equinox Gold Corp.  | 5.2% |
|  Gold Fields Ltd.  | 5.1% |
|  Northern Star Resources Ltd.  | 5.1% |
|  Anglogold Ashanti PLC  | 4.8% |
|  Kinross Gold Corp.  | 4.7% |
|  B2Gold Corp.  | 4.7% |
|  Endeavour Mining PLC  | 4.6% |
|  Agnico Eagle Mines Ltd.  | 4.6% |

---

---

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

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/AUMI.

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 2 TSR-AR-882927700

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| | | |
|:---|:---|:---|
| ![image](img229745_202411191751639.jpg) | **Themes Humanoid Robotics ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229745_202411191751639.jpg) | BOTT (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229745_202411191751639.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes Humanoid Robotics ETF for the period of October 1, 2024 to September 30, 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 PAST YEAR?** (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 Humanoid Robotics ETF | $45 | 0.37% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes Robotics & Automation ETF (BOTT), launched April 22, 2024, underwent a strategy and name change in August of 2025 to Themes Humanoid Robotics ETF (BOTT). Before the strategy and name change, BOTT tracked the Solactive Industrial Robotics & Automation Index (SOLIROBO), which identified the largest 30 companies with a positive total return over the past 12 months in the following industry groups: (1) Factory Automation Equipment, (2) General/Processor/Specialized Semiconductors, (3) Industrial Machine Parts and Support Equipment, and (4) Programmable Logic and ASIC Semiconductors.

After its strategy change BOTT now seeks to track the Solactive Global Humanoid Robotics Index (SOLGHRBN), which represents companies active across the humanoid robotics value chain, including service robotics and AI-driven automation technologies. It includes firms developing humanoid and service robots designed for human interaction, industrial and autonomous robots for manufacturing and logistics, assistive and wearable robotics for mobility and healthcare, as well as companies providing AI, cognitive computing, and advanced hardware technologies that power next-generation robotic systems. BOTT seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLGHRBN Index.

The robotics and automation sector continues to gain momentum in 2025 as demand accelerates for AI-enabled machines, advanced automation in healthcare, manufacturing and logistics, and smart robotics in general. The global advanced robotics market is projected to reach about US $53.7 billion this year, poised for a compound annual growth rate of approximately 20% through 2034. While high-profile companies delivering robotic-assisted surgery systems, autonomous logistics platforms and AI chips continue to thrive, the industry is still managing headwinds such as component shortages, geopolitical trade restrictions and supply-chain disruptions. Nonetheless, labor-shortage pressures, rising wage costs and a global push toward factory modernization underpin strong long-term prospects for automation.

The top contributor and detractor to BOTT's performance attribution before its strategy change included Hesai Group, which contributed by 0.64% and Richtech Robotics Inc, which detracted 0.91% versus the index for the period ending 8/15/2025. The top contributor and detractor to BOTT's performance attribution after its strategy change included Flex LTD, which contributed by 0.24% and Williams-Sonoma, which detracted 0.21% versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

Themes Humanoid Robotics ETF PAGE 1 TSR-AR-882927833

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**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5523img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(4/22/2024)** |
| **Themes Humanoid Robotics ETF**  | 43.51 | 39.17 |
| **MSCI ACWI Index**  | 17.27 | 23.31 |
| **Solactive Industrial Robotics & Automation Index**  | 30.51 | 25.42 |

---

Visit www.themesetfs.com/etfs/BOTT for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5555989 |
| **Number of Holdings** | 31 |
| **Net Advisory Fee** | $2946 |
| **Portfolio Turnover** | 197% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Richtech Robotics, Inc.  | 7.8% |
|  UBTech Robotics Corp. Ltd.  | 7.0% |
|  Ecovacs Robotics Co. Ltd.  | 6.5% |
|  Tesla, Inc.  | 5.2% |
|  Teradyne, Inc.  | 4.6% |
|  Hesai Group  | 4.2% |
|  Neuromeka Co. Ltd.  | 4.0% |
|  NVIDIA Corp.  | 3.9% |
|  Rainbow Robotics  | 3.9% |
|  EFORT Intelligent Robot Co. Ltd.  | 3.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrials  | 70.8% |
|  Consumer Discretionary  | 14.5% |
|  Technology  | 10.6% |
|  Communications  | 3.7% |
|  Cash & Other  | 0.4% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/BOTT.

The Fund is distributed by ALPS Distributors, Inc.

Themes Humanoid Robotics ETF PAGE 2 TSR-AR-882927833

------

**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 Humanoid Robotics ETF PAGE 3 TSR-AR-882927833

------

---

| | | |
|:---|:---|:---|
| ![image](img229741_202411191747807.jpg) | **Themes Lithium & Battery Metal Miners** **ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229741_202411191747807.jpg) | LIMI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img220230_202504142046153.jpg) |
| ![image](img229741_202411191747807.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes Lithium & Battery Metal Miners ETF for the period of October 1, 2024 to September 30, 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 PAST YEAR?** (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 | $44 | 0.38% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes Lithium & Battery Metal Miners ETF (LIMI), launched September 24, 2024 seeks to track the BITA Global Lithium and Battery Metals Index (BGLISI), which identifies companies that derive their revenues from lithium and battery metals mining, explorations, refining, and royalties. LIMI seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the BGLISI Index.

Lithium-mining ETFs have shown renewed strength in 2025, supported by a rebound in lithium demand as global electric-vehicle (EV) production accelerates and energy-storage projects expand. After a period of price normalization in 2024, lithium prices have stabilized around $20,000–$25,000 per ton, reflecting a healthier balance between supply and demand. Government incentives for EV manufacturing in the U.S., Europe, and Asia—combined with major investments in battery recycling and next-generation solid-state technologies—have reinforced long-term demand for the metal. Although new supply from Australia and South America has eased some market tightness, continued growth in renewable energy storage keeps lithium a central pillar of the clean-energy transition. As a result, lithium-focused ETFs remain well-positioned to benefit from the ongoing global shift toward electrification and decarbonization.

The top contributor and detractor to LIMI's performance attribution included Ganzhou Teng Yuan, which contributed by 0.24% and Arcadium Lithium, which detracted by 1.34% versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5518img003.jpg)

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

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**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(9/24/2024)** |
| **Themes Lithium & Battery Metal Miners ETF**  | 31.27 | 59.29 |
| **MSCI ACWI Index**  | 17.27 | 18.59 |
| **BITA Global Lithium and Battery Metals Select Index**  | 31.32 | 58.73 |

---

Visit www.themesetfs.com/etfs/LIMI for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $374090 |
| **Number of Holdings** | 39 |
| **Net Advisory Fee** | $2088 |
| **Portfolio Turnover** | 127% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mineral Resources Ltd.  | 6.1% |
|  IGO Ltd.  | 5.9% |
|  Liontown Resources Ltd.  | 5.8% |
|  Pilbara Minerals Ltd.  | 5.8% |
|  AMG Critical Materials NV  | 5.6% |
|  Albemarle Corp.  | 5.5% |
|  Lithium Americas Corp.  | 4.5% |
|  Vulcan Energy Resources Ltd.  | 3.9% |
|  Guangzhou Tinci Materials Technology Co. Ltd.  | 3.7% |
|  Ganfeng Lithium Group Co. Ltd.  | 3.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Materials  | 99.5% |
|  Cash & Other  | 0.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/LIMI.

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 2 TSR-AR-882927775

------

---

| | | |
|:---|:---|:---|
| ![image](img229743_m20241119174944.jpg) | **Themes Natural Monopoly ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229743_m20241119174944.jpg) | CZAR (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229743_m20241119174944.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes Natural Monopoly ETF for the period of October 1, 2024 to September 30, 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 PAST YEAR?** (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 | $38 | 0.36% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes Natural Monopoly ETF (CZAR), launched December 13, 2023, seeks to track the Solactive Natural Monopoly Index (SOLNMONN), which identifies the top 5 companies within 19 different sectors that have: (1) High Sales, (2) Stable Profitability, (3) Stable Return on Equity, (4) Operational Efficiency, and (5) Reinvestment of Profits. CZAR seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLNMONN Index.

Natural-monopoly ETFs have posted solid performance this year as investors gravitate toward sectors offering stable, income-generating cash flows amid market turbulence. Industries such as utilities, railroads, pipelines, and certain telecoms benefit from high infrastructure costs and economies of scale that limit competition and support steady earnings. However, these sectors are also facing headwinds in 2025, including elevated regulatory scrutiny, rising capital-expenditure needs, and sensitivity to interest-rate movements—all of which can pressure valuations and limit near-term growth.

The top contributor and detractor to CZAR's performance Broadcom Inc, adding 1.29% to relative returns, while the top detractor was Adobe Inc., which reduced performance by 1.09% versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5519img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/13/2023)** |
| **Themes Natural Monopoly ETF**  | 10.82 | 16.43 |
| **MSCI ACWI Index**  | 17.27 | 22.46 |
| **Solactive Natural Monopoly Index**  | 11.13 | 16.77 |

---

Themes Natural Monopoly ETF PAGE 1 TSR-AR-882927809

------

Visit www.themesetfs.com/etfs/CZAR for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1629205 |
| **Number of Holdings** | 96 |
| **Net Advisory Fee** | $5328 |
| **Portfolio Turnover** | 84% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Amphenol Corp.  | 4.5% |
|  Broadcom, Inc.  | 4.3% |
|  Blackrock, Inc.  | 3.9% |
|  BAE Systems PLC  | 3.8% |
|  Autodesk, Inc.  | 3.6% |
|  Mastercard, Inc.  | 3.6% |
|  Cisco Systems, Inc.  | 3.5% |
|  Aon PLC  | 3.5% |
|  Meta Platforms, Inc.  | 3.5% |
|  Arthur J Gallagher & Co.  | 3.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrials  | 21.2% |
|  Technology  | 20.9% |
|  Financials  | 18.6% |
|  Health Care  | 9.6% |
|  Consumer Staples  | 7.7% |
|  Communications  | 7.5% |
|  Consumer Discretionary  | 5.5% |
|  Materials  | 3.4% |
|  Energy  | 2.7% |
|  Cash & Other  | 2.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/CZAR.

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 2 TSR-AR-882927809

------

---

| | | |
|:---|:---|:---|
| ![image](img229746_202411191753406.jpg) | **Themes Silver Miners ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229746_202411191753406.jpg) | AGMI (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229746_202411191753406.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes Silver Miners ETF for the period of October 1, 2024 to September 30, 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 PAST YEAR?** (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 | $53 | 0.37% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes Silver Miners ETF (AGMI), launched May 03, 2023, seeks to track the STOXX Global Silver Miners Index (STXSILVV), which identifies companies that derive their revenues from silver mining. AGMI seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the STXSILVV Index.

Silver-mining ETFs have delivered impressive performance in 2025, supported by a sharp rise in silver prices, which recently climbed above $31 per ounce, reaching multi-year highs. The rally has been fueled by surging industrial demand—particularly from the renewable-energy and electronics sectors, where silver remains essential for solar panels, electric vehicles, and semiconductors. Inflation concerns, a weaker U.S. dollar, and persistent market volatility have further boosted investor appetite for precious metals as a hedge, allowing silver to outperform many commodities. This combination of robust industrial use and renewed safe-haven demand has driven strong profitability among silver producers.

The top contributor and detractor to AGMI's performance attribution included Wheaton Precious Metals Corp, which contributed by 1.35%, there were no detractors for this fund versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5524img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(5/3/2024)** |
| **Themes Silver Miners ETF**  | 88.37 | 73.84 |
| **MSCI ACWI Index**  | 17.27 | 21.89 |
| **STOXX Global Silver Mining Index**  | 89.76 | 75.15 |

---

Visit www.themesetfs.com/etfs/AGMI for more recent performance information.

Themes Silver Miners ETF PAGE 1 TSR-AR-882927817

------

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3757637 |
| **Number of Holdings** | 38 |
| **Net Advisory Fee** | $2897 |
| **Portfolio Turnover** | 124% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fresnillo PLC  | 9.7% |
|  Newmont Corp.  | 9.6% |
|  Industrias Penoles SAB de CV  | 9.4% |
|  First Majestic Silver Corp.  | 6.2% |
|  Wheaton Precious Metals Corp.  | 5.9% |
|  Endeavour Silver Corp.  | 5.2% |
|  Discovery Silver Corp.  | 4.6% |
|  Zijin Mining Group Co. Ltd.  | 4.5% |
|  Pan American Silver Corp.  | 4.3% |
|  Triple Flag Precious Metals Corp.  | 3.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Materials  | 99.5% |
|  Cash & Other  | 0.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/AGMI.

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 2 TSR-AR-882927817

------

---

| | | |
|:---|:---|:---|
| ![image](img590648_202511031440253.jpg) | **Themes Transatlantic Defense ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img590648_202511031440253.jpg) | NATO (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img590648_202511031440253.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes Transatlantic Defense ETF for the period of October 10, 2024 to September 30, 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 PAST YEAR?** (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 | $44\* | 0.35%\*\* |

---

\* **Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be** **higher if the Fund had been in operations for the full year.**

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes Transatlantic Defense ETF (NATO), launched October 11, 2024 seeks to track the Solactive Transatlantic Aerospace and Defense Index (SOLNATON), which represents companies engaged in the aerospace and defense industry and headquartered in countries that are members of the North Atlantic Treaty Organization (NATO). The index identifies firms involved in defense technology, aerospace manufacturing, cybersecurity, and military support systems—sectors that play a critical role in global security and allied defense cooperation. NATO seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLNATON Index.

Aerospace and defense ETFs have gained momentum in 2025 as heightened geopolitical tensions and increased defense spending among NATO member nations drive demand for advanced military and security technologies. Governments are boosting budgets for modernization, missile defense, and aerospace innovation, while companies supplying critical equipment and technology benefit from multi-year procurement programs. The continued commitment to collective defense and innovation within the North Atlantic Treaty Organization has strengthened earnings visibility across the sector benefiting defense-focused ETFs.

The top contributor and detractor to NATO's performance attribution included Axon Enterprise Inc, which contributed by 0.24% and Aselsan Elektronik Sanayi, which detracted by 0.16% versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5527img003.jpg)

Themes Transatlantic Defense ETF PAGE 1 TSR-AR-882927767

------

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/10/2024)** |
| **Themes Transatlantic Defense ETF NAV**  | 55.70 |
| **MSCI ACWI Net Total Return Index (USD)**  | 17.73 |
| **Solactive Transatlantic Aerospace and Defense Index NTR**  | 56.19 |

---

Visit https://themesetfs.com/etfs/NATO for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $57171370 |
| **Number of Holdings** | 71 |
| **Net Advisory Fee** | $66931 |
| **Portfolio Turnover** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  GE Aerospace  | 8.8% |
|  RTX Corp.  | 8.5% |
|  Boeing Co.  | 7.0% |
|  Airbus SE  | 6.2% |
|  Honeywell International, Inc.  | 6.2% |
|  Safran SA  | 5.6% |
|  Rolls-Royce Holdings PLC  | 5.0% |
|  Lockheed Martin Corp.  | 4.5% |
|  Rheinmetall AG  | 4.4% |
|  Northrop Grumman Corp.  | 4.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrials  | 97.7% |
|  Technology  | 1.8% |
|  Consumer Discretionary  | 0.1% |
|  Cash & Other  | 0.4% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://themesetfs.com/etfs/NATO.

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 2 TSR-AR-882927767

------

---

| | | |
|:---|:---|:---|
| ![image](img229747_n20241119175407.jpg) | **Themes Uranium & Nuclear ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229747_n20241119175407.jpg) | URAN (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img220230_202504142046153.jpg) |
| ![image](img229747_n20241119175407.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes Uranium & Nuclear ETF for the period of October 1, 2024 to September 30, 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 PAST YEAR?** (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 | $46 | 0.35% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes Uranium & Nuclear ETF (URAN), launched September 24, 2024 seeks to track the BITA Global Uranium and Nuclear Select Index (BGUNSI), which identifies companies that derive their revenues from uranium mining, explorations, refining, processing, and royalties, as well as nuclear energy, equipment, technology, and infrastructure. URAN seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the BGUNSI Index.

Uranium- and nuclear-energy ETFs have surged as global demand for clean, dependable power mounts. With uranium spot prices climbing from around US $70–80 per pound to highs near US $83 per pound, supply constraints and heightened geopolitical tensions have added fuel to the advance. Countries including the U.S. and China are ramping up nuclear-capacity investment and accelerating deployment of small-modular reactors (SMRs), bolstering the appeal of nuclear as a strategic energy vector. As a result, nuclear- and uranium-mining companies are posting stronger earnings, and related ETFs are benefiting.

The top contributor and detractor to URAN's performance attribution included Chengdu Guoguang Electric, which contributed by 1.97% and CGN Power Co LTD, which detracted by 0.66% versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5526img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(9/24/2024)** |
| **Themes Uranium & Nuclear ETF**  | 63.20 | 70.63 |
| **MSCI ACWI Index**  | 17.27 | 18.59 |
| **BITA Global Uranium and Nuclear Select Index**  | 63.51 | 71.19 |

---

Visit www.themesetfs.com/etfs/URAN for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $20452223 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $25642 |
| **Portfolio Turnover** | 52% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Constellation Energy Corp.  | 8.6% |
|  Cameco Corp.  | 7.7% |
|  Oklo, Inc.  | 4.9% |
|  Silex Systems Ltd.  | 3.9% |
|  Lightbridge Corp.  | 3.6% |
|  American Electric Power Co., Inc.  | 3.4% |
|  Duke Energy Corp.  | 3.4% |
|  PG&E Corp.  | 3.2% |
|  Centrus Energy Corp.  | 3.2% |
|  NexGen Energy Ltd.  | 3.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Materials  | 46.3% |
|  Utilities  | 34.9% |
|  Industrials  | 14.3% |
|  Technology  | 3.9% |
|  Cash & Other  | 0.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/URAN.

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 2 TSR-AR-882927759

------

---

| | | |
|:---|:---|:---|
| ![image](img229749_202411191755495.jpg) | **Themes US Cash Flow Champions ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229749_202411191755495.jpg) | LGCF (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229749_202411191755495.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes US Cash Flow Champions ETF for the period of October 1, 2024 to September 30, 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 PAST YEAR?** (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 | $32 | 0.30% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes US Cash Flow Champions ETF (LGCF), launched on December 13, 2023, seeks to track the Solactive US Cash Flow Champions Index (SOLUCFCT), which identifies the top 75 large/mid capitalization companies with the highest 3 years of positive cash flow yield. LGCF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLUCFCT Index.

U.S. Cash-Flow ETFs have gained traction this year as investors favor companies generating strong, stable cash flows amid ongoing economic volatility. With persistent inflation and rising input costs, firms that reliably convert earnings into cash and maintain solid balance sheets remain attractive. Signals from the Federal Reserve that a pause in rate hikes may be approaching have also supported sentiment toward businesses with lower leverage and reduced interest-rate sensitivity. Still, elevated costs and uneven demand trends have pressured some cash-flow-focused companies, creating pockets of performance dispersion. Even so, the emphasis on U.S.-based firms with strong free-cash-flow profiles continues to offer relative stability in an uncertain global environment.

The top contributor and detractor of LGCF's performance was Applovin Corp, adding 1.28% to relative returns, while the top detractor was Bristol-Myers Squibb., which reduced performance by 0.72% versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5520img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/13/2023)** |
| **Themes US Cash Flow Champions ETF**  | 13.44 | 19.10 |
| **S&P 500 Index**  | 17.60 | 24.09 |
| **Solactive US Cash Flow Champions Index**  | 13.91 | 19.55 |

---

Visit www.themesetfs.com/etfs/LGCF for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2708733 |
| **Number of Holdings** | 76 |
| **Net Advisory Fee** | $6002 |
| **Portfolio Turnover** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  AbbVie, Inc.  | 5.8% |
|  JPMorgan Chase & Co.  | 5.1% |
|  Chevron Corp.  | 5.0% |
|  Wells Fargo & Co.  | 4.9% |
|  Exxon Mobil Corp.  | 4.9% |
|  Uber Technologies, Inc.  | 3.9% |
|  American Express Co.  | 3.6% |
|  AppLovin Corp.  | 3.6% |
|  Progressive Corp.  | 2.8% |
|  Pfizer, Inc.  | 2.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 39.1% |
|  Energy  | 20.2% |
|  Health Care  | 18.3% |
|  Communications  | 9.5% |
|  Consumer Discretionary  | 4.4% |
|  Consumer Staples  | 2.8% |
|  Technology  | 2.4% |
|  Industrials  | 1.4% |
|  Materials  | 0.8% |
|  Cash & Other  | 1.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/LGCF.

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 2 TSR-AR-882927882

------

---

| | | |
|:---|:---|:---|
| ![image](img229750_202411191757677.jpg) | **Themes US Infrastructure ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229750_202411191757677.jpg) | HWAY (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229750_202411191757677.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes US Infrastructure ETF for the period of October 1, 2024 to September 30, 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 PAST YEAR?** (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 | $33 | 0.31% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes US Infrastructure ETF (HWAY) launched September 12, 2024, seeks to track the Solactive United States Infrastructure Index (SOLUSIST), which identifies US infrastructure companies that derive their revenues from either: (1) Building Materials & Equipment, (2) Construction, (3) Logistics or (4) Engineering Services. HWAY seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLUSIST Index.

U.S. infrastructure ETFs have continued to build momentum in 2025, supported by a steady rollout of federal and state spending tied to the Infrastructure Investment and Jobs Act and the Inflation Reduction Act. These programs are channeling hundreds of billions of dollars into projects spanning transportation, renewable energy, broadband expansion, and water systems, creating sustained demand for construction, engineering, and materials companies. Private-sector participation—particularly in clean energy and advanced manufacturing—has further amplified growth across the infrastructure value chain. As the U.S. prioritizes modernization, energy transition, and climate resilience, infrastructure-focused ETFs have benefited from strong earnings in industrial and utility holdings. However, performance has been limited at times by project delays, rising construction and labor costs, and higher interest rates, which have pressured margins for capital-intensive companies and introduced volatility into the sector's overall returns.

The top contributor and detractor to HWAY's performance attribution included Caterpillar Inc, which contributed by.03% and Norfolk Southern Corp, which detracted by.04% versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5525img003.jpg)

Themes US Infrastructure ETF PAGE 1 TSR-AR-882927726

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(9/12/2024)** |
| **Themes US Infrastructure ETF**  | 13.54 | 21.73 |
| **S&P 500 Index**  | 17.60 | 20.89 |
| **Solactive United States Infrastructure Index**  | 13.60 | 21.80 |

---

Visit www.themesetfs.com/etfs/HWAY for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1227184 |
| **Number of Holdings** | 97 |
| **Net Advisory Fee** | $3110 |
| **Portfolio Turnover** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Caterpillar, Inc.  | 5.9% |
|  CRH PLC  | 4.8% |
|  Norfolk Southern Corp.  | 4.7% |
|  Emerson Electric Co.  | 4.5% |
|  CSX Corp.  | 4.4% |
|  United Rentals, Inc.  | 4.4% |
|  Quanta Services, Inc.  | 4.2% |
|  Fastenal Co.  | 3.9% |
|  Union Pacific Corp.  | 3.8% |
|  Deere & Co.  | 3.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrials  | 74.3% |
|  Materials  | 22.4% |
|  Consumer Discretionary  | 2.4% |
|  Utilities  | 0.3% |
|  Energy  | 0.1% |
|  Technology  | 0.0% |
|  Cash & Other  | 0.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/HWAY.

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 2 TSR-AR-882927726

------

---

| | | |
|:---|:---|:---|
| ![image](img229751_202411191758361.jpg) | **Themes US R&D Champions ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229751_202411191758361.jpg) | USRD (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229751_202411191758361.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes US R&D Champions ETF for the period of October 1, 2024 to September 30, 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 PAST YEAR?** (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 | $32 | 0.31% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes US R&D Champions ETF (USRD) was launched December 13, 2023, seeks to track the Solactive US R&D Champions Index (SOLURDCT), which identifies 50 profitable R&D companies with (1) 3 years of Increasing R&D Spending, (2) 3 years of Positive Return on Equity (ROE), and (3) Positive Profit Margins. USRD seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLURDCT Index.

U.S. R&D-themed ETFs continue to perform well in 2025 as companies with strong research and development investment maintain a competitive edge and drive long-term growth. Firms ramping up R&D in areas like AI, biotech, and advanced manufacturing are viewed as innovation leaders, supported in part by federal incentives under programs such as the CHIPS and Science Act. U.S. equities more broadly have remained resilient, backed by solid earnings and steady growth in technology and healthcare. However, R&D-focused companies also face challenges, including rising development costs, longer commercialization timelines, and increased competition for technical talent, which can pressure margins and create performance dispersion within the sector.

The top contributor and detractor of USRD's performance was Lam Research Corp, adding 1.24% to relative returns, while the top detractor was Trade Desk Inc., which reduced performance by 1.82% versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5521img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/13/2023)** |
| **Themes US R&D Champions ETF**  | 9.56 | 18.82 |
| **S&P 500 Index**  | 17.60 | 24.09 |
| **Solactive US R&D Champions Index**  | 10.28 | 19.48 |

---

Visit www.themesetfs.com/etfs/USRD for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $999738 |
| **Number of Holdings** | 51 |
| **Net Advisory Fee** | $3071 |
| **Portfolio Turnover** | 56% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Tesla, Inc.  | 2.8% |
|  Lam Research Corp.  | 2.8% |
|  Electronic Arts, Inc.  | 2.6% |
|  Alphabet, Inc.  | 2.6% |
|  Apple, Inc.  | 2.4% |
|  Arista Networks, Inc.  | 2.3% |
|  Applied Materials, Inc.  | 2.3% |
|  QUALCOMM, Inc.  | 2.2% |
|  Broadcom, Inc.  | 2.2% |
|  Johnson & Johnson  | 2.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 50.7% |
|  Health Care  | 17.8% |
|  Communications  | 10.0% |
|  Industrials  | 9.6% |
|  Consumer Discretionary  | 4.7% |
|  Consumer Staples  | 3.4% |
|  Materials  | 1.8% |
|  Real Estate  | 1.8% |
|  Cash & Other  | 0.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/USRD.

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 2 TSR-AR-882927874

------

---

| | | |
|:---|:---|:---|
| ![image](img229752_202411191800322.jpg) | **Themes US Small Cap Cash Flow** **Champions ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229752_202411191800322.jpg) | SMCF (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229752_202411191800322.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220230_202504142046153.jpg) |

---

This annual shareholder report contains important information about the Themes US Small Cap Cash Flow Champions ETF for the period of October 1, 2024 to September 30, 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 PAST YEAR?** (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 | $31 | 0.30% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Themes US Small Cap Cash Flow Champions ETF (SMCF), launched on December 13, 2023, seeks to track the Solactive US Small Cap Cash Flow Champions Index (SOLSUCCT), which identifies the top small capitalization companies with the highest 3 years of positive cash flow yield. SMCF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLSUCCT Index.

U.S. small-cap cash-flow ETFs have seen encouraging performance this year as macro conditions lean in favor of agile, cash-generating companies. With the Federal Reserve signaling a pause in rate hikes and borrowing costs stabilizing, small-cap firms that rely on financing to fuel growth are benefiting, supported by steady consumer spending and improving conditions among regional banks. Small caps still faced meaningful headwinds in 2025, including elevated wage costs, lingering supply-chain pressures, and tighter credit standards than those available to larger firms. Their limited pricing power also makes it harder to absorb rising input costs, contributing to periods of volatility.

The top contributor and detractor of SMCF's performance to the attribution of the underlying included Flex LTD, which contributed by.24% and Williams-Sonoma, which detracted.21% versus the index for the period ending 9/30/2025.

**HOW DID THE FUND PERFORM SINCE ITS INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5522img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/13/2023)** |
| **Themes US Small Cap Cash Flow Champions ETF**  | 8.43 | 17.71 |
| **S&P 500 Index**  | 17.60 | 24.09 |
| **Solactive US Small Cap Cash Flow Champions Index**  | 7.97 | 17.67 |

---

Visit www.themesetfs.com/etfs/SMCF for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** ***The graph and table do not reflect*** ***the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4333927 |
| **Number of Holdings** | 75 |
| **Net Advisory Fee** | $10454 |
| **Portfolio Turnover** | 42% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  East West Bancorp, Inc.  | 4.7% |
|  Toll Brothers, Inc.  | 4.4% |
|  Builders FirstSource, Inc.  | 4.3% |
|  Reinsurance Group of America, Inc.  | 4.1% |
|  Mueller Industries, Inc.  | 3.7% |
|  Old Republic International Corp.  | 3.3% |
|  Sterling Infrastructure, Inc.  | 3.2% |
|  APA Corp.  | 2.8% |
|  UMB Financial Corp.  | 2.6% |
|  HF Sinclair Corp.  | 2.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 48.2% |
|  Energy  | 17.4% |
|  Consumer Discretionary  | 13.2% |
|  Industrials  | 9.9% |
|  Materials  | 4.6% |
|  Technology  | 1.8% |
|  Consumer Staples  | 1.7% |
|  Health Care  | 1.5% |
|  Communications  | 1.4% |
|  Cash & Other  | 0.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.themesetfs.com/etfs/SMCF.

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 2 TSR-AR-882927866

------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A copy of the registrant's Code of Ethics is filed herewith.

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

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Sanjay R. Bharwani, Neil Fleming and Tracy N. Packwood are each determined to be an "audit committee financial expert" and are considered "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past fiscal year. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for the last fiscal year for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| (a) Audit Fees | $196000 | $196000 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $59500 | $59500 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not applicable.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last year.

 

<u>Non-Audit Related Fees</u> <u>FYE 9/30/2025</u> <u>FYE 9/30/2024</u> <br> Registrant NONE NONE <br> <u>Registrant's Investment Adviser</u> <u>NONE</u> <u>NONE</u>

(h) Because no non-audit services were rendered, the audit committee of the board of trustees did not consider whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence, and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

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

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's financial statements are filed herewith.

![](tfront-logo.jpg)

**Themes ETF Trust**

**Themes China Generative Artificial Intelligence ETF \| DRGN**

**Themes Cloud Computing ETF \| CLOD**

**Themes Copper Miners ETF \| COPA**

**Themes Cybersecurity ETF \| SPAM**

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

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

**Themes Gold Miners ETF \| AUMI** 

**Themes Humanoid Robotics ETF \| BOTT** 

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

**Themes Natural Monopoly ETF \| CZAR**

**Themes Silver Miners ETF \| AGMI**

**Themes Transatlantic Defense ETF \| NATO** 

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

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

**Themes US Infrastructure ETF \| HWAY**

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

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

Annual Financial Statements and Additional Information

September 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#a_003)<br>|  |
| &nbsp;&nbsp;&nbsp; [Themes China Generative Artificial Intelligence 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 Generative Artificial Intelligence ETF](#i5) | [5](#i5) |
| &nbsp;&nbsp;&nbsp; [Themes Global Systemically Important Banks ETF](#i6) | [6](#i6) |
| &nbsp;&nbsp;&nbsp; [Themes Gold Miners ETF](#i7) | [7](#i7) |
| &nbsp;&nbsp;&nbsp; [Themes Humanoid Robotics 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 Silver Miners ETF](#i11) | [12](#i11) |
| &nbsp;&nbsp;&nbsp; [Themes Transatlantic Defense ETF](#i12) | [13](#i12) |
| &nbsp;&nbsp;&nbsp; [Themes Uranium & Nuclear ETF](#i13) | [14](#i13) |
| &nbsp;&nbsp;&nbsp; [Themes US Cash Flow Champions ETF](#i14) | [15](#i14) |
| &nbsp;&nbsp;&nbsp; [Themes US Infrastructure ETF](#i15) | [17](#i15) |
| &nbsp;&nbsp;&nbsp; [Themes US R&D Champions ETF](#i16) | [19](#i16) |
| &nbsp;&nbsp;&nbsp; [Themes US Small Cap Cash Flow Champions ETF](#i17) | [20](#i17) |
| [Statements of Assets and Liabilities](#sal1) | [22](#sal1) |
| [Statements of Operations](#sop) | [26](#sop) |
| [Statements of Changes in Net Assets](#scna) | [30](#scna) |
| [Financial Highlights](#fihi1) | [39](#fihi1) |
| [Notes to the Financial Statements](#notes) | [56](#notes) |
| [Report of Independent Registered Public Accounting Firm](#ai1) | [69](#ai1) |
| [Form N-CSR Items (Unaudited)](#ai2) | [71](#ai2) |
| [Supplemental Information (Unaudited)](#ai3) | [74](#ai3) |

---

------

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

**THEMES CHINA GENERATIVE ARTIFICIAL INTELLIGENCE ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.3%** <br>|  |  |
| **Consumer Discretionary Products - 0.5%** <br>|  |  |
| ECARX Holdings, Inc. - Class A<sup>(a)</sup> | 55076 | $110703  |
| **Financial Services - 0.5%**<br>|  |  |
| Bairong, Inc.<sup>(a)(b)</sup> | 92200 | 128905  |
| **Industrial Products - 3.2%**<br>|  |  |
| RoboSense Technology Co. Ltd.<sup>(a)</sup> | 137800 | 748325  |
| **Media - 23.1%**<br>|  |  |
| 360 Security Technology, Inc. - Class A | 672800 | 1068964  |
| Baidu, Inc. - ADR<sup>(a)</sup> | 13249 | 1745821  |
| Kingsoft Corp. Ltd. | 241600 | 1074820  |
| Kuaishou Technology<sup>(b)</sup> | 144300 | 1568730  |
|  |  | 5458335  |
| **Retail & Wholesale - Discretionary - 4.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Zhejiang Dahua Technology Co. Ltd. - <br>Class A | 392600 | 1111322  |
| **Software & Technology Services - 33.2%<sup>(c)</sup>**  | **Software & Technology Services - 33.2%<sup>(c)</sup>**  | **Software & Technology Services - 33.2%<sup>(c)</sup>**  |
| Arcsoft Corp. Ltd. - Class A | 87000 | 724751  |
|  Beijing Fourth Paradigm Technology Co. Ltd. - Class H<sup>(a)</sup> | 101100 | 900968  |
| &nbsp;&nbsp;&nbsp; Cambricon Technologies Corp. Ltd. - <br>Class A<sup>(a)</sup> | 7500 | 1396020  |
| Iflytek Co. Ltd. - Class A | 143000 | 1125968  |
| Kingsoft Cloud Holdings Ltd.<sup>(a)</sup> | 889600 | 938533  |
| SenseTime Group, Inc. - Class B<sup>(a)(b)</sup> | 3998600 | 1484969  |
| &nbsp;&nbsp;&nbsp; TRS Information Technology Corp. Ltd. - <br>Class A<sup>(a)</sup> | 265800 | 836780  |
| Tuya, Inc. - ADR | 68622 | 169496  |
| Yidu Tech, Inc.<sup>(a)(b)</sup> | 309700 | 262662  |
|  |  | 7840147  |
| **Tech Hardware & Semiconductors - 34.1%<sup>(c)</sup>**  | **Tech Hardware & Semiconductors - 34.1%<sup>(c)</sup>**  |  |
| Foxconn Industrial Internet Co. Ltd. - Class A | 172600 | 1600535  |
| &nbsp;&nbsp;&nbsp; Hygon Information Technology Co. Ltd. - <br>Class A | 29200 | 1036169  |
| IEIT Systems Co. Ltd. | 106000 | 1108180  |
| Montage Technology Co. Ltd. - Class A | 85300 | 1854960  |
| Xiaomi Corp. - Class B<sup>(a)(b)</sup> | 196100 | 1360764  |
| &nbsp;&nbsp;&nbsp; Yuanjie Semiconductor Technology Co. <br>Ltd. - Class A | 18000 | 1084787  |
|  |  | 8045395  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $21,587,005)** |  | 23443132  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations Fund - <br>Class X, 4.02%<sup>(d)</sup> | 152623 | $152623  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $152,623)** |  | 152623  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $21,739,628)** |  | $23595755  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 30597  |
| **TOTAL NET ASSETS - 100.0%** |  | $23626352 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

<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 September 30, 2025, the value of these securities total $4,806,030 or 20.3% 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 yield as of September 30, 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** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%** <br>|  |  |
| **Industrial Products - 0.8%** <br>|  |  |
| Hexagon AB - Class B | 1039 | $12350  |
| **Media - 17.1%**<br>|  |  |
| Alphabet, Inc. - Class A | 358 | 87030  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 127 | 91255  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 66 | 9031  |
| Prosus NV | 644 | 45320  |
| VeriSign, Inc. | 41 | 11462  |
|  |  | 244098  |
| **Retail & Wholesale - Discretionary - 8.3%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 284 | 62358  |
| MercadoLibre, Inc.<sup>(a)</sup> | 24 | 56087  |
|  |  | 118445  |
| **Software & Technology Services - 72.6%<sup>(b)</sup>**  | **Software & Technology Services - 72.6%<sup>(b)</sup>**  |  |
| Adobe, Inc.<sup>(a)</sup> | 169 | 59615  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 73 | 5530  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 83 | 13255  |
| Autodesk, Inc.<sup>(a)</sup> | 108 | 34308  |
| Booz Allen Hamilton Holding Corp. | 63 | 6297  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 11 | 5487  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 136 | 47771  |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 43 | 8897  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 155 | 33261  |
| Commvault Systems, Inc.<sup>(a)</sup> | 24 | 4531  |
| Confluent, Inc. - Class A<sup>(a)</sup> | 128 | 2534  |
| CoreWeave, Inc. - Class A<sup>(a)</sup> | 93 | 12727  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 124 | 60807  |
| CyberArk Software Ltd.<sup>(a)</sup> | 25 | 12079  |
| Dassault Systemes SE | 346 | 11581  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 154 | 21930  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 118 | 3565  |
| Dynatrace, Inc.<sup>(a)</sup> | 142 | 6880  |
| Fortinet, Inc.<sup>(a)</sup> | 308 | 25897  |
| HubSpot, Inc.<sup>(a)</sup> | 25 | 11695  |
| Intuit, Inc. | 82 | 55999  |
| Microsoft Corp. | 126 | 65262  |
| MongoDB, Inc.<sup>(a)</sup> | 39 | 12105  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 133 | 9894  |
| Okta, Inc.<sup>(a)</sup> | 87 | 7978  |
| Oracle Corp. | 268 | 75372  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 307 | 62511  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 48 | 3948  |
| Salesforce, Inc. | 233 | 55221  |
| SAP SE | 203 | 54316  |
| ServiceNow, Inc.<sup>(a)</sup> | 62 | 57057  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 162 | 36539  |
| Strategy, Inc. - Class A<sup>(a)</sup> | 132 | 42532  |
| Synopsys, Inc.<sup>(a)</sup> | 94 | 46379  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Wix.com Ltd.<sup>(a)</sup> | 29 | $5151  |
| Workday, Inc. - Class A<sup>(a)</sup> | 109 | 26239  |
| Xero Ltd.<sup>(a)</sup> | 81 | 8442  |
| Zoom Communications, Inc. - Class A<sup>(a)</sup> | 130 | 10725  |
| Zscaler, Inc.<sup>(a)</sup> | 47 | 14084  |
|  |  | 1038401  |
| **Tech Hardware & Semiconductors - 1.0%**<br>|  |  |
| F5, Inc.<sup>(a)</sup> | 29 | 9372  |
| InterDigital, Inc. | 13 | 4488  |
|  |  | 13860  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,167,383)** |  | 1427154  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 4.02%<sup>(c)</sup> | 1060 | 1060  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,060)** |  | 1060  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $1,168,443)** |  | $1428214  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 812  |
| **TOTAL NET ASSETS - 100.0%** |  | $1429026 |

---

Percentages are stated as a percent of net assets.

<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 yield as of September 30, 2025.

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

2<br>

------

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

**THEMES COPPER MINERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%** <br>|  |  |
| **Industrial Services - 1.8%** <br>|  |  |
|  Guangdong Feinan Resources Recycling Co. Ltd. - Class A | 8040 | $20229  |
| **Materials - 97.9%<sup>(a)</sup>** <br>|  |  |
| 29Metals Ltd.<sup>(b)</sup> | 26936 | 7219  |
| Aeris Resources Ltd.<sup>(b)</sup> | 15872 | 5094  |
| Altius Minerals Corp. | 422 | 10149  |
| Antofagasta PLC | 1206 | 44620  |
| Arizona Sonoran Copper Co., Inc.<sup>(b)</sup> | 1797 | 3951  |
| Atalaya Mining Copper, S.A. | 2124 | 17911  |
| Aurubis AG | 186 | 23191  |
| Avino Silver & Gold Mines Ltd.<sup>(b)</sup> | 2697 | 14147  |
| BHP Group Ltd. | 1350 | 37992  |
| Boliden AB<sup>(b)</sup> | 503 | 20447  |
| Capstone Copper Corp.<sup>(b)</sup> | 4611 | 39162  |
| Central Asia Metals PLC | 4409 | 8989  |
| Chalice Mining Ltd.<sup>(b)</sup> | 8735 | 14392  |
| Chilean Metals, Inc.<sup>(b)(c)</sup> | 78 | 0  |
| China Gold International Resources Corp. Ltd. | 133 | 2382  |
| China Nonferrous Mining Corp. Ltd. | 20197 | 38879  |
| Cia de Minas Buenaventura SAA - ADR | 603 | 14671  |
| Collective Mining Ltd.<sup>(b)</sup> | 726 | 10543  |
| ERO Copper Corp.<sup>(b)</sup> | 1518 | 30748  |
| First Quantum Minerals Ltd.<sup>(b)</sup> | 2310 | 52252  |
| Foran Mining Corp.<sup>(b)</sup> | 4057 | 11340  |
| Freeport-McMoRan, Inc. | 1905 | 74714  |
|  Ganzhou Teng Yuan Cobalt New Material Co. Ltd. - Class A | 1600 | 17109  |
| Glencore PLC | 8331 | 38274  |
| GoldMining, Inc.<sup>(b)</sup> | 1382 | 1688  |
| Hot Chili Ltd.<sup>(b)</sup> | 2272 | 1383  |
| Hudbay Minerals, Inc. | 1602 | 24265  |
| Imperial Metals Corp.<sup>(b)</sup> | 716 | 3035  |
| Ivanhoe Electric, Inc.<sup>(b)</sup> | 1691 | 21222  |
| Ivanhoe Mines Ltd. - Class A<sup>(b)</sup> | 4174 | 44268  |
| Jiangxi Copper Co. Ltd. - Class A | 6500 | 32407  |
| Jiangxi Copper Co. Ltd. - Class H | 8550 | 33510  |
|  Jinchuan Group International Resources Co. Ltd.<sup>(b)(c)</sup> | 97134 | 0  |
| Jiujiang Defu Technology Co. Ltd. - Class A<sup>(b)</sup> | 6300 | 31852  |
| Lundin Mining Corp. | 2842 | 42394  |
| Mitsubishi Materials Corp. | 700 | 13149  |
| MMG Ltd.<sup>(b)</sup> | 34225 | 29687  |
| NGEx Minerals Ltd.<sup>(b)</sup> | 1000 | 18646  |
| Nittetsu Mining Co. Ltd. | 1500 | 20245  |
| Power Metallic Mines, Inc.<sup>(b)</sup> | 1955 | 2037  |
| Ramelius Resources Ltd. | 7642 | 19620  |
| Sandfire Resources Ltd.<sup>(b)</sup> | 2198 | 20755  |
| Sandstorm Gold Ltd. | 887 | 11103  |
| &nbsp;&nbsp;&nbsp; Shenzhen Zhongjin Lingnan Nonfemet Co. <br>Ltd. - Class A | 12900 | 10330  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Solaris Resources, Inc.<sup>(b)</sup> | 2688 | $17151  |
| SolGold PLC<sup>(b)</sup> | 62338 | 12609  |
| Southern Copper Corp. | 315 | 38235  |
| St Augustine Gold and Copper Ltd.<sup>(b)</sup> | 7524 | 2217  |
| Talon Metals Corp.<sup>(b)</sup> | 19578 | 6190  |
| Taseko Mines Ltd.<sup>(b)</sup> | 5802 | 24597  |
| Teck Resources Ltd. - Class B | 1007 | 44174  |
| US Goldmining, Inc.<sup>(b)</sup> | 443 | 5695  |
| WA1 Resources Ltd.<sup>(b)</sup> | 958 | 11664  |
|  |  | 1082304  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $824,150)** |  | 1102533  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.2%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(d)</sup> | 2051 | 2051  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,051)** |  | 2051  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $826,201)** |  | $1104584  |
| Other Assets in Excess of Liabilities - 0.1% |  | 1428  |
| **TOTAL NET ASSETS - 100.0%** |  | $1106012 |

---

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> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of September 30, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

3<br>

------

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

**THEMES CYBERSECURITY ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%** <br>|  |  |
| **Industrial Services - 2.9%** <br>|  |  |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 1131 | $60033  |
| **Software & Technology Services - 88.7%<sup>(b)</sup>**  | **Software & Technology Services - 88.7%<sup>(b)</sup>**  |  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 1117 | 84624  |
| Arqit Quantum, Inc.<sup>(a)</sup> | 147 | 5696  |
| BlackBerry Ltd.<sup>(a)</sup> | 13928 | 67969  |
| Booz Allen Hamilton Holding Corp. | 842 | 84158  |
| BTQ Technologies Corp.<sup>(a)</sup> | 2120 | 14685  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 186 | 92773  |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 390 | 80695  |
| Clear Secure, Inc. - Class A | 1974 | 65892  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 175 | 85817  |
| CyberArk Software Ltd.<sup>(a)</sup> | 222 | 107259  |
| Digital Arts, Inc. | 200 | 10386  |
| Fastly, Inc. - Class A<sup>(a)</sup> | 3223 | 27557  |
| Fortinet, Inc.<sup>(a)</sup> | 837 | 70375  |
| Gorilla Technology Group, Inc.<sup>(a)</sup> | 520 | 9599  |
| Nebius Group NV<sup>(a)</sup> | 1956 | 219600  |
| Netcompany Group AS<sup>(a)(c)</sup> | 682 | 25915  |
| Okta, Inc.<sup>(a)</sup> | 908 | 83264  |
| OneSpan, Inc. | 849 | 13491  |
| OVH Groupe SA<sup>(a)</sup> | 529 | 7627  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 437 | 88982  |
| Qoria Ltd.<sup>(a)</sup> | 23546 | 11296  |
| Qualys, Inc.<sup>(a)</sup> | 617 | 81648  |
| Radware Ltd.<sup>(a)</sup> | 843 | 22331  |
| Rapid7, Inc.<sup>(a)</sup> | 1507 | 28256  |
| SailPoint, Inc.<sup>(a)</sup> | 1654 | 36520  |
| SentinelOne, Inc. - Class A<sup>(a)</sup> | 4863 | 85637  |
| SUNeVision Holdings Ltd. | 14900 | 13154  |
| Tenable Holdings, Inc.<sup>(a)</sup> | 2540 | 74066  |
| Trend Micro, Inc. | 1400 | 76681  |
| Varonis Systems, Inc.<sup>(a)</sup> | 1681 | 96607  |
| Zscaler, Inc.<sup>(a)</sup> | 285 | 85403  |
|  |  | 1857963  |
| **Tech Hardware & Semiconductors - 1.4%**<br>|  |  |
| A10 Networks, Inc. | 1670 | 30311  |
| **Telecommunications - 6.7%**<br>|  |  |
| NEXTDC Ltd.<sup>(a)</sup> | 10030 | 112295  |
| Vnet Group, Inc. - ADR<sup>(a)</sup> | 2699 | 27881  |
|  |  | 140176  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,789,912)** |  | 2088483  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations Fund - <br>Class X, 4.02%<sup>(d)</sup> | 6907 | $6907  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $6,907)** |  | 6907  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $1,796,819)** |  | $2095390  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(e)</sup> |  | (344)  |
| **TOTAL NET ASSETS - 100.0%** |  | $2095046 |

---

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 September 30, 2025, the value of these securities total $25,915 or 1.2% of the Fund's net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

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

4<br>

------

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

**THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%** <br>|  |  |
| **Consumer Discretionary Products - 1.4%** <br>|  |  |
| Pony AI, Inc. - ADR<sup>(a)</sup> | 25059 | $563577  |
| **Financial Services - 3.9%**<br>|  |  |
| Bairong, Inc.<sup>(a)(b)</sup> | 1122496 | 1569370  |
| **Health Care - 1.2%**<br>|  |  |
| CorVel Corp.<sup>(a)</sup> | 4871 | 377113  |
| JMDC, Inc. | 3300 | 99969  |
|  |  | 477082  |
| **Media - 2.9%**<br>|  |  |
| Alphabet, Inc. - Class A | 4762 | 1157642  |
| **Retail & Wholesale - Discretionary - 3.3%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 6115 | 1342670  |
| **Software & Technology Services - 53.8%<sup>(c)</sup>** <br>|  |  |
| Amdocs Ltd. | 3537 | 290211  |
|  Beijing Fourth Paradigm Technology Co. Ltd. - Class H<sup>(a)</sup> | 173211 | 1543595  |
| BigBear.ai Holdings, Inc.<sup>(a)</sup> | 206009 | 1343179  |
| C3.ai, Inc. - Class A<sup>(a)</sup> | 66799 | 1158295  |
| Cerence, Inc.<sup>(a)</sup> | 58679 | 731140  |
| Datasection, Inc.<sup>(a)</sup> | 39300 | 593413  |
| Duos Technologies Group, Inc.<sup>(a)</sup> | 42392 | 312005  |
| Gorilla Technology Group, Inc.<sup>(a)</sup> | 92929 | 1715469  |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> | 141812 | 1093371  |
| Informatica, Inc. - Class A<sup>(a)</sup> | 14290 | 354964  |
| Microsoft Corp. | 2885 | 1494286  |
| nCino, Inc.<sup>(a)</sup> | 20685 | 560770  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 7477 | 1363954  |
| PKSHA Technology, Inc.<sup>(a)</sup> | 36200 | 944869  |
| Pluszero, Inc.<sup>(a)</sup> | 2000 | 50918  |
| Rezolve AI PLC<sup>(a)</sup> | 263266 | 1311065  |
| Salesforce, Inc. | 867 | 205479  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 2658 | 599512  |
| SoundHound AI, Inc. - Class A<sup>(a)</sup> | 101995 | 1640080  |
| UiPath, Inc. - Class A<sup>(a)</sup> | 10780 | 144236  |
| Veritone, Inc.<sup>(a)</sup> | 587820 | 2833292  |
| Yidu Tech, Inc.<sup>(a)(b)</sup> | 199445 | 169153  |
| Zeta Global Holdings Corp. - Class A<sup>(a)</sup> | 60019 | 1192578  |
|  |  | 21645834  |
| **Tech Hardware & Semiconductors - 33.4%<sup>(c)</sup>** <br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 9451 | 1529077  |
| Ambarella, Inc.<sup>(a)</sup> | 9886 | 815793  |
| Apple, Inc. | 7624 | 1941299  |
| Arista Networks, Inc.<sup>(a)</sup> | 6110 | 890288  |
| BrainChip Holdings Ltd.<sup>(a)</sup> | 3865196 | 511520  |
| Broadcom, Inc. | 4467 | 1473708  |
| CEVA, Inc.<sup>(a)</sup> | 42998 | 1135577  |
| Intel Corp. | 43154 | 1447817  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 14595 | 1070105  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| NVIDIA Corp. | 9542 | $1780346  |
| Zepp Health Corp. - ADR<sup>(a)</sup> | 18161 | 831411  |
|  |  | 13426941  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $34,870,832)** |  | 40183116  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 0.1%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(d)</sup> | 57874 | 57874  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $57,874)** |  | 57874  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $34,928,706)** |  | $40240990  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(e)</sup> |  | (6549)  |
| **TOTAL NET ASSETS - 100.0%** |  | $40234441 |

---

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> 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 September 30, 2025, the value of these securities total $1,738,523 or 4.3% 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 yield as of September 30, 2025.

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

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

5<br>

------

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

**THEMES GLOBAL SYSTEMICALLY IMPORTANT BANKS ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%** <br>|  |  |
| **Banking - 81.9%<sup>(a)</sup>** <br>|  |  |
| Agricultural Bank of China Ltd. - Class H | 1071082 | $722593  |
| Banco Santander SA - ADR | 69960 | 733181  |
| Bank of America Corp. | 13765 | 710136  |
| Bank of China Ltd. - Class H | 1309429 | 716808  |
|  Bank of Communications Co. Ltd. - Class H | 846714 | 710496  |
| Barclays PLC - ADR | 35178 | 727129  |
| BNP Paribas SA - ADR | 15951 | 726089  |
| China Construction Bank Corp. - Class H | 747902 | 718882  |
| Citigroup, Inc.  | 6990 | 709485  |
| Credit Agricole SA | 36780 | 721998  |
| Deutsche Bank AG | 20293 | 718575  |
| HSBC Holdings PLC - ADR | 10363 | 735566  |
|  Industrial & Commercial Bank of China Ltd. - ADR | 49198 | 722227  |
| ING Groep NV - ADR | 27918 | 728101  |
| JPMorgan Chase & Co. | 2278 | 718550  |
|  Mitsubishi UFJ Financial Group, Inc. - ADR | 44992 | 717172  |
| Mizuho Financial Group, Inc. - ADR | 105379 | 706039  |
| Royal Bank of Canada | 4880 | 718922  |
| Societe Generale SA | 10745 | 710993  |
| Standard Chartered PLC - ADR | 18512 | 727892  |
|  Sumitomo Mitsui Financial Group, Inc. - ADR | 42371 | 709291  |
| Toronto-Dominion Bank | 9063 | 724587  |
| Wells Fargo & Co. | 8481 | 710877  |
|  |  | 16545589  |
| **Financial Services - 17.8%**<br>|  |  |
| Bank of New York Mellon Corp. | 6562 | 714995  |
| Goldman Sachs Group, Inc. | 901 | 717511  |
| Morgan Stanley | 4506 | 716274  |
| State Street Corp. | 6262 | 726455  |
| UBS Group AG | 17657 | 723937  |
|  |  | 3599172  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $17,809,088)** |  | 20144761  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 0.1%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(b)</sup> | 15694 | 15694  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $15,694)** |  | 15694  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $17,824,782)** |  | $20160455  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 32258  |
| **TOTAL NET ASSETS - 100.0%** |  | $20192713 |

---

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 yield as of September 30, 2025.

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

6<br>

------

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

**THEMES GOLD MINERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%** <br>|  |  |
| **Materials - 99.7%<sup>(a)</sup>** <br>|  |  |
| Agnico Eagle Mines Ltd. | 4988 | $840114  |
| Alamos Gold, Inc. - Class A | 24075 | 839174  |
| Anglogold Ashanti PLC | 12512 | 879969  |
| B2Gold Corp. | 172130 | 850941  |
| Capricorn Metals Ltd.<sup>(b)</sup> | 59246 | 518656  |
| DPM Metals, Inc. | 27255 | 604165  |
| Endeavour Mining PLC | 20163 | 846971  |
| Equinox Gold Corp.<sup>(b)</sup> | 85384 | 956482  |
| Genesis Minerals Ltd.<sup>(b)</sup> | 161481 | 629358  |
| Gold Fields Ltd. - ADR | 22152 | 929498  |
| IAMGOLD Corp.<sup>(b)</sup> | 77934 | 1006865  |
| K92 Mining, Inc.<sup>(b)</sup> | 38102 | 460499  |
| Kinross Gold Corp. | 34872 | 865473  |
| Lundin Gold, Inc. | 11988 | 776718  |
| Northern Star Resources Ltd. | 59078 | 927650  |
| OceanaGold Corp. | 37651 | 803773  |
| Orla Mining Ltd.<sup>(b)</sup> | 33881 | 365419  |
| Perseus Mining Ltd. | 225423 | 730895  |
| Ramelius Resources Ltd. | 309834 | 795466  |
| Regis Resources Ltd. | 121539 | 483338  |
| Torex Gold Resources, Inc.<sup>(b)</sup> | 14039 | 583470  |
| Vault Minerals Ltd.<sup>(b)</sup> | 1018644 | 444864  |
| Wesdome Gold Mines Ltd.<sup>(b)</sup> | 23950 | 373095  |
| West African Resources Ltd.<sup>(b)</sup> | 137931 | 277457  |
| Westgold Resources Ltd. | 153080 | 453793  |
| &nbsp;&nbsp;&nbsp; Zhaojin Mining Industry Co. Ltd. - <br>Class H | 245913 | 987830  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $16,429,852)** |  | 18231933  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **Money Market Funds - 0.1%** <br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(c)</sup> | 16521 | 16521  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $16,521)** |  | 16521  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $16,446,373)** |  | $18248454  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 39134  |
| **TOTAL NET ASSETS - 100.0%** |  | $18287588 |

---

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 yield as of September 30, 2025.

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

7<br>

------

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

**THEMES HUMANOID ROBOTICS ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%** <br>|  |  |
| **Consumer Discretionary Products - 14.5%** <br>|  |  |
| Ecovacs Robotics Co. Ltd. - Class A | 23800 | $359418  |
| Tesla, Inc.<sup>(a)</sup> | 646 | 287289  |
| XPeng, Inc. - Class A<sup>(a)</sup> | 13200 | 158004  |
|  |  | 804711  |
| **Industrial Products - 70.8%<sup>(b)</sup>** <br>|  |  |
| Clobot Co. Ltd.<sup>(a)</sup> | 9157 | 187310  |
| CMES, Inc./Korea<sup>(a)</sup> | 4950 | 93846  |
|  CSG Smart Science&Technology Co. Ltd. - Class A<sup>(a)</sup> | 24700 | 47051  |
| EFORT Intelligent Robot Co. Ltd.<sup>(a)</sup> | 59900 | 212557  |
| Estun Automation Co. Ltd. - Class A<sup>(a)</sup> | 33900 | 121914  |
|  Guangdong Topstar Technology Co. Ltd. - Class A<sup>(a)</sup> | 22900 | 115104  |
| Harmonic Drive Systems, Inc. | 3900 | 69806  |
| Hesai Group - ADR<sup>(a)</sup> | 8253 | 231909  |
| Hirata Corp. | 11000 | 144822  |
| Hyulim ROBOT Co. Ltd.<sup>(a)</sup> | 89801 | 204813  |
| MDA Space Ltd.<sup>(a)</sup> | 6645 | 165492  |
| Neuromeka Co. Ltd.<sup>(a)</sup> | 11321 | 224314  |
| Palladyne AI Corp.<sup>(a)</sup> | 22442 | 192777  |
| Rainbow Robotics<sup>(a)</sup> | 992 | 218473  |
| Richtech Robotics, Inc. - Class B<sup>(a)</sup> | 100985 | 433226  |
|  Shanghai Kelai Mechatronics Engineering Co. Ltd. - Class A | 62300 | 187991  |
| &nbsp;&nbsp;&nbsp; Shanghai STEP Electric Corp. - <br>Class A<sup>(a)</sup> | 5900 | 16974  |
|  Shenzhen Inovance Technology Co. Ltd. - Class A | 16000 | 188401  |
|  Shenzhen Zhaowei Machinery & Electronic Co. Ltd. - Class A | 4000 | 77067  |
| T-Robotics Co. Ltd.<sup>(a)</sup> | 21696 | 184943  |
| UBTech Robotics Corp. Ltd. - Class H<sup>(a)</sup> | 19500 | 386144  |
| Yaskawa Electric Corp. | 1200 | 25617  |
| Yijiahe Technology Co. Ltd. - Class A<sup>(a)</sup> | 42000 | 201786  |
|  |  | 3932337  |
| **Media - 3.7%**<br>|  |  |
| Serve Robotics, Inc.<sup>(a)</sup> | 17858 | 207689  |
| **Software & Technology Services - 2.0%**<br>|  |  |
|  Cambricon Technologies Corp. Ltd. - Class A<sup>(a)</sup> | 600 | 111682  |
| **Tech Hardware & Semiconductors - 8.6%**<br>|  |  |
| NVIDIA Corp. | 1171 | 218485  |
| Teradyne, Inc. | 1867 | 256974  |
|  |  | 475459  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,119,751)** |  | 5531878  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 0.4%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(c)</sup> | 22154 | $22154  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $22,154)** |  | 22154  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $5,141,905)** |  | $5554032  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of<br>Liabilities - 0.0%<sup>(d)</sup> |  | 1957  |
| **TOTAL NET ASSETS - 100.0%** |  | $5555989 |

---

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> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

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** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.5%** <br>|  |  |
| **Materials - 99.5%<sup>(a)</sup>** <br>|  |  |
| Albemarle Corp. | 252 | $20432  |
| AMG Critical Materials NV | 625 | 21045  |
|  Beijing Easpring Material Technology Co. Ltd. - Class A | 1200 | 11192  |
| Canada Nickel Co., Inc.<sup>(b)</sup> | 1587 | 1163  |
| Chalice Mining Ltd.<sup>(b)</sup> | 7760 | 12786  |
| Core Lithium Ltd.<sup>(b)</sup> | 37537 | 2608  |
| Elevra Lithium Ltd.<sup>(b)</sup> | 1008 | 2401  |
| Eramet SA | 148 | 9696  |
| &nbsp;&nbsp;&nbsp; Ganfeng Lithium Group Co. Ltd. - <br>Class A | 1500 | 12829  |
|  Ganzhou Teng Yuan Cobalt New Material Co. Ltd. - Class A | 900 | 9624  |
| GEM Co. Ltd. - Class A | 9100 | 10764  |
|  Guangzhou Tinci Materials Technology Co. Ltd. - Class A | 2616 | 14027  |
| IGO Ltd.<sup>(b)</sup> | 6387 | 21892  |
| ioneer Ltd.<sup>(b)</sup> | 27047 | 2953  |
|  Jiangsu Ruitai New Energy Materials Co. Ltd. - Class A | 3100 | 9672  |
| Latin Resources Ltd.<sup>(b)(c)</sup> | 2024 | 0  |
| Liontown Resources Ltd.<sup>(b)</sup> | 33307 | 21709  |
| Lithium Americas Corp.<sup>(b)</sup> | 2939 | 16789  |
| Lithium Argentina AG<sup>(b)</sup> | 453 | 1510  |
| Mineral Resources Ltd.<sup>(b)</sup> | 835 | 22731  |
| Minerals 260 Ltd.<sup>(b)</sup> | 14414 | 2384  |
| Ningbo Shanshan Co. Ltd. - Class A<sup>(b)</sup> | 5500 | 12285  |
| Pilbara Minerals Ltd.<sup>(b)</sup> | 12960 | 21611  |
| PMET Resources, Inc.<sup>(b)</sup> | 861 | 2468  |
|  Shanghai Putailai New Energy Technology Co. Ltd. - Class A | 2600 | 11293  |
|  Shenzhen Capchem Technology Co. Ltd. - Class A | 1400 | 10498  |
|  Sichuan Yahua Industrial Group Co. Ltd. - Class A | 4800 | 10027  |
| Sigma Lithium Corp.<sup>(b)</sup> | 150 | 948  |
|  Sociedad Quimica y Minera de Chile SA - ADR<sup>(b)</sup> | 210 | 9026  |
| St George Mining Ltd.<sup>(b)</sup> | 37392 | 3093  |
| Standard Lithium Ltd.<sup>(b)</sup> | 477 | 1638  |
| Syrah Resources Ltd.<sup>(b)</sup> | 20573 | 3608  |
| Talon Metals Corp.<sup>(b)</sup> | 6838 | 2162  |
| Tianqi Lithium Corp. - Class A<sup>(b)</sup> | 1400 | 9356  |
| Vulcan Energy Resources Ltd.<sup>(b)</sup> | 3705 | 14710  |
| Xiamen Tungsten Co. Ltd. | 2300 | 9564  |
| Youngy Co. Ltd. - Class A | 1800 | 9945  |
| Zhejiang Huayou Cobalt Co. Ltd. - Class A | 1300 | 12035  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $265,866)** |  | 372474  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **Money Market Funds - 0.4%** <br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(d)</sup> | 1379 | $1379  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,379)** |  | 1379  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $267,245)** |  | $373853  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 237  |
| **TOTAL NET ASSETS - 100.0%** |  | $374090 |

---

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> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of September 30, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of September 30, 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** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%** <br>|  |  |
| **Consumer Discretionary Products - 1.2%** <br>|  |  |
| Ferrari NV | 19 | $9182  |
| Suzuki Motor Corp. | 700 | 10226  |
|  |  | 19408  |
| **Consumer Staple Products - 4.4%**<br>|  |  |
| Anheuser-Busch InBev SA/NV | 217 | 12942  |
| Coca-Cola Co. | 210 | 13927  |
| General Mills, Inc. | 289 | 14571  |
| PepsiCo, Inc. | 113 | 15870  |
| Procter & Gamble Co. | 93 | 14290  |
|  |  | 71600  |
| **Financial Services - 11.6%**<br>|  |  |
| Blackrock, Inc. | 55 | 64123  |
| Corpay, Inc.<sup>(a)</sup> | 13 | 3745  |
| Experian PLC | 83 | 4155  |
| Mastercard, Inc. - Class A | 102 | 58019  |
| Moody's Corp. | 9 | 4288  |
| Visa, Inc. - Class A | 162 | 55303  |
|  |  | 189633  |
| **Health Care - 9.6%**<br>|  |  |
| AbbVie, Inc. | 139 | 32184  |
| Cencora, Inc. | 9 | 2813  |
| EssilorLuxottica SA | 95 | 30784  |
| Fresenius Medical Care AG | 49 | 2569  |
| Fresenius SE & Co. KGaA | 56 | 3116  |
| Johnson & Johnson | 169 | 31336  |
| Labcorp Holdings, Inc. | 11 | 3158  |
| Novartis AG | 214 | 26915  |
| Novo Nordisk AS | 374 | 20273  |
| Quest Diagnostics, Inc. | 16 | 3049  |
|  |  | 156197  |
| **Industrial Products - 17.8%**<br>|  |  |
| AMETEK, Inc. | 75 | 14100  |
| Amphenol Corp. - Class A | 593 | 73384  |
| Assa Abloy AB - Class B | 292 | 10130  |
| Atlas Copco AB - Class A | 842 | 14212  |
| BAE Systems PLC | 2264 | 62694  |
| Dover Corp. | 74 | 12345  |
| Honeywell International, Inc. | 251 | 52835  |
| Schneider Electric SE | 51 | 14227  |
| Snap-on, Inc. | 29 | 10049  |
| Techtronic Industries Co. Ltd. | 800 | 10234  |
| Xylem, Inc. | 104 | 15340  |
|  |  | 289550  |
| **Industrial Services - 3.4%**<br>|  |  |
| Canadian Pacific Kansas City Ltd. | 74 | 5511  |
| Compass Group PLC | 234 | 7959  |
| CSX Corp. | 180 | 6392  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| FedEx Corp. | 26 | $6131  |
| Kuehne + Nagel International AG | 27 | 5025  |
| RELX PLC | 79 | 3779  |
| Republic Services, Inc. | 18 | 4131  |
| Stantec, Inc. | 40 | 4314  |
| Vinci SA | 30 | 4154  |
| Waste Management, Inc. | 19 | 4196  |
| WSP Global, Inc. | 21 | 4127  |
|  |  | 55719  |
| **Insurance - 7.0%**<br>|  |  |
| Aon PLC - Class A | 161 | 57410  |
| Arthur J Gallagher & Co. | 180 | 55753  |
|  |  | 113163  |
| **Materials - 3.4%**<br>|  |  |
| Air Liquide SA | 27 | 5606  |
| CRH PLC | 50 | 5995  |
| Ecolab, Inc. | 20 | 5477  |
| Fortescue Ltd. | 457 | 5649  |
| Heidelberg Materials AG | 20 | 4498  |
| Holcim AG | 62 | 5245  |
| Nippon Paint Holdings Co. Ltd. | 700 | 4781  |
| Sherwin-Williams Co. | 16 | 5540  |
| Sika AG | 20 | 4449  |
| Sumitomo Corp. | 100 | 2900  |
| Vulcan Materials Co. | 18 | 5537  |
|  |  | 55677  |
| **Media - 6.0%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 60 | 7285  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 19 | 5227  |
| Comcast Corp. - Class A | 222 | 6975  |
| Expedia Group, Inc. | 47 | 10046  |
| Meta Platforms, Inc. - Class A | 78 | 57282  |
| Omnicom Group, Inc. | 59 | 4811  |
| Uber Technologies, Inc.<sup>(a)</sup> | 63 | 6172  |
|  |  | 97798  |
| **Oil & Gas - 2.7%**<br>|  |  |
| Aker BP ASA | 330 | 8369  |
| Chevron Corp. | 59 | 9162  |
| Suncor Energy, Inc. | 225 | 9416  |
| TotalEnergies SE | 137 | 8321  |
| Var Energi ASA | 2625 | 8759  |
|  |  | 44027  |
| **Retail & Wholesale - Discretionary - 4.3%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 446 | 20057  |
| Ferguson Enterprises, Inc. | 12 | 2695  |
| Home Depot, Inc. | 60 | 24311  |
| Industria de Diseno Textil SA | 422 | 23271  |
|  |  | 70334  |

---

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

10<br>

------

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

**THEMES NATURAL MONOPOLY ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Retail & Wholesale - Staples - 3.3%**<br>|  |  |
| Alimentation Couche-Tard, Inc. | 441 | $23528  |
| ITOCHU Corp. | 100 | 5698  |
| Koninklijke Ahold Delhaize NV | 525 | 21234  |
| Sysco Corp. | 36 | 2964  |
|  |  | 53424  |
| **Software & Technology Services - 13.1%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 148 | 52207  |
| Autodesk, Inc.<sup>(a)</sup> | 185 | 58769  |
| Intuit, Inc. | 73 | 49853  |
| Pro Medicus Ltd. | 15 | 3060  |
| Sage Group PLC | 3342 | 49441  |
|  |  | 213330  |
| **Tech Hardware & Semiconductors - 7.8%**<br>|  |  |
| Broadcom, Inc. | 212 | 69941  |
| Cisco Systems, Inc. | 844 | 57746  |
|  |  | 127687  |
| **Telecommunications - 1.5%**<br>|  |  |
| AT&T, Inc. | 175 | 4942  |
| HKT Trust & HKT Ltd. | 3360 | 4974  |
| KDDI Corp. | 300 | 4788  |
| SoftBank Corp. | 3300 | 4858  |
| Verizon Communications, Inc. | 118 | 5186  |
|  |  | 24748  |
| **Utilities - 2.6%**<br>|  |  |
| American Water Works Co., Inc. | 60 | 8351  |
| Duke Energy Corp. | 70 | 8663  |
| Exelon Corp. | 192 | 8642  |
| National Grid PLC | 572 | 8212  |
| Terna - Rete Elettrica Nazionale | 812 | 8235  |
|  |  | 42103  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,515,217)** |  | 1624398  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 0.2%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(b)</sup> | 2529 | 2529  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,529)** |  | 2529  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $1,517,746)** |  | $1626927  |
| Other Assets in Excess of Liabilities - 0.1% |  | 2278  |
| **TOTAL NET ASSETS - 100.0%** |  | $1629205 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

11<br>

------

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

**THEMES SILVER MINERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.5%** <br>|  |  |
| **Materials - 99.5%<sup>(a)</sup>** <br>|  |  |
| AbraSilver Resource Corp.<sup>(b)</sup> | 12372 | $66941  |
| Americas Gold & Silver Corp.<sup>(b)</sup> | 19636 | 73228  |
| Andean Silver Ltd.<sup>(b)</sup> | 14906 | 20121  |
| Avino Silver & Gold Mines Ltd.<sup>(b)</sup> | 1617 | 8482  |
| Aya Gold & Silver, Inc.<sup>(b)</sup> | 11641 | 134670  |
| Baiyin Nonferrous Group Co. Ltd. - Class A | 300 | 177  |
| Coeur Mining, Inc.<sup>(b)</sup> | 6595 | 123722  |
| Discovery Silver Corp.<sup>(b)</sup> | 46287 | 171618  |
| Endeavour Silver Corp.<sup>(b)</sup> | 25035 | 196274  |
| First Majestic Silver Corp. | 19047 | 233896  |
| Fortuna Mining Corp.<sup>(b)</sup> | 413 | 3698  |
| Freeport-McMoRan, Inc. | 1988 | 77969  |
| Fresnillo PLC | 11480 | 364371  |
| GoGold Resources, Inc.<sup>(b)</sup> | 33580 | 65148  |
| Hecla Mining Co. | 7428 | 89879  |
| Hochschild Mining PLC | 3440 | 16442  |
| Industrias Penoles SAB de CV<sup>(b)</sup> | 7912 | 353617  |
|  Inner Mongolia Xingye Silver&Tin Mining Co. Ltd. - Class A | 1200 | 5545  |
| Jiangxi Copper Co. Ltd. - Class A | 1000 | 4986  |
| Jiangxi Copper Co. Ltd. - Class H | 11400 | 44680  |
| KGHM Polska Miedz SA<sup>(b)</sup> | 1540 | 67792  |
| MMG Ltd.<sup>(b)</sup> | 7056 | 6120  |
| Newmont Corp. | 4280 | 360847  |
| OR Royalties, Inc. | 2093 | 83889  |
| Pan American Silver Corp. | 4167 | 161388  |
| Shandong Gold Mining Co. Ltd. - Class A | 200 | 1105  |
| Shandong Gold Mining Co. Ltd. - Class H<sup>(c)</sup> | 1200 | 5696  |
| Silvercorp Metals, Inc. | 19838 | 125155  |
| Southern Copper Corp. | 1016 | 123307  |
| SSR Mining, Inc.<sup>(b)</sup> | 2248 | 54896  |
| Teck Resources Ltd. - Class B | 611 | 26803  |
| Triple Flag Precious Metals Corp. | 4914 | 143850  |
| Vizsla Silver Corp.<sup>(b)</sup> | 31062 | 134140  |
| Wheaton Precious Metals Corp. | 1984 | 222022  |
| Yunnan Chihong Zinc&Germanium Co. Ltd. | 200 | 181  |
| Zijin Mining Group Co. Ltd. - Class A | 7400 | 30604  |
| Zijin Mining Group Co. Ltd. - Class H | 32833 | 137543  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,243,113)** |  | 3740802  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 0.2%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(d)</sup> | 6071 | $6071  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $6,071)** |  | 6071  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%**<br>**(Cost $3,249,184)** |  | $3746873  |
| Other Assets in Excess of Liabilities - 0.3% |  | 10764  |
| **TOTAL NET ASSETS - 100.0%** |  | $3757637 |

---

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> 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 September 30, 2025, the value of these securities total $5,696 or 0.2% of the Fund's net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

12<br>

------

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

**THEMES TRANSATLANTIC DEFENSE ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%** <br>|  |  |
| **Consumer Discretionary Products - 0.1%** <br>|  |  |
| Colt CZ Group SE | 703 | $26174  |
| Smith & Wesson Brands, Inc. | 2273 | 22344  |
|  |  | 48518  |
| **Financial Services - 0.8%** <br>|  |  |
| FTAI Aviation Ltd. | 2720 | 453859  |
| **Industrial Products - 96.9%<sup>(a)</sup>** <br>|  |  |
| AAR Corp.<sup>(b)</sup> | 915 | 82048  |
| AeroVironment, Inc.<sup>(b)</sup> | 862 | 271435  |
| Airbus SE | 15205 | 3523883  |
| Altinay Savunma Teknolojileri AS<sup>(b)</sup> | 12480 | 21762  |
| Archer Aviation, Inc. - Class A<sup>(b)</sup> | 14223 | 136256  |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 32242 | 166727  |
| Astronics Corp.<sup>(b)</sup> | 1209 | 55143  |
| Avio SpA | 945 | 59357  |
| Axon Enterprise, Inc.<sup>(b)</sup> | 2002 | 1436715  |
| BAE Systems PLC | 82636 | 2288313  |
| Bodycote PLC | 4822 | 41764  |
| Boeing Co.<sup>(b)</sup> | 18574 | 4008826  |
| Bombardier, Inc. - Class B<sup>(b)</sup> | 2270 | 318113  |
| BWX Technologies, Inc. | 2488 | 458713  |
| Byrna Technologies, Inc.<sup>(b)</sup> | 1056 | 23401  |
| Cadre Holdings, Inc. | 631 | 23038  |
| Chemring Group PLC | 7430 | 58856  |
| Cirrus Aircraft Ltd. | 4939 | 39001  |
| Cohort PLC | 1240 | 23881  |
| Crane Co. | 1308 | 240855  |
| Curtiss-Wright Corp. | 1018 | 552713  |
| Dassault Aviation SA | 495 | 165397  |
| Ducommun, Inc.<sup>(b)</sup> | 373 | 35857  |
| Exail Technologies SA<sup>(b)</sup> | 247 | 29463  |
| General Dynamics Corp. | 6049 | 2062709  |
| GE Aerospace | 16814 | 5057988  |
| HEICO Corp. | 1123 | 362527  |
| Hexcel Corp. | 2125 | 133238  |
| Honeywell International, Inc. | 16735 | 3522718  |
| Howmet Aerospace, Inc. | 10943 | 2147345  |
| Huntington Ingalls Industries, Inc. | 1052 | 302881  |
| Intuitive Machines, Inc.<sup>(b)</sup> | 2768 | 29119  |
| Joby Aviation, Inc.<sup>(b)</sup> | 11844 | 191162  |
| Karman Holdings, Inc.<sup>(b)</sup> | 1381 | 99708  |
| Kratos Defense & Security Solutions, Inc.<sup>(b)</sup> | 4462 | 407693  |
| L3Harris Technologies, Inc. | 5118 | 1563088  |
| Leonardo DRS, Inc. | 1425 | 64695  |
| Leonardo SpA | 10981 | 696441  |
| Loar Holdings, Inc.<sup>(b)</sup> | 518 | 41440  |
| Lockheed Martin Corp. | 5145 | 2568436  |
| Melrose Industries PLC | 34550 | 282887  |
| Mercury Systems, Inc.<sup>(b)</sup> | 1386 | 107276  |
| Mirion Technologies, Inc.<sup>(b)</sup> | 5476 | 127372  |
| Moog, Inc. - Class A | 760 | 157829  |
| MTU Aero Engines AG | 1449 | 665000  |
| National Presto Industries, Inc. | 173 | 19402  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Northrop Grumman Corp. | 3951 | $2407423  |
| OSI Systems, Inc.<sup>(b)</sup> | 429 | 106924  |
| QinetiQ Group PLC | 13131 | 97041  |
| Redwire Corp.<sup>(b)</sup> | 1861 | 16730  |
| RENK Group AG | 1520 | 156345  |
| Rheinmetall AG | 1084 | 2525621  |
| Rocket Lab Corp.<sup>(b)</sup> | 11241 | 538556  |
| Rolls-Royce Holdings PLC | 177078 | 2834010  |
| RTX Corp. | 28916 | 4838514  |
| Saab AB | 8434 | 514673  |
| Safran SA | 9098 | 3205530  |
| SDT Uzay VE Savunma Teknolojileri AS | 6095 | 30287  |
| Senior PLC | 11173 | 29843  |
|  Spirit AeroSystems Holdings, Inc. - Class A<sup>(b)</sup> | 3062 | 118193  |
| Textron, Inc. | 4957 | 418817  |
| Thales SA | 2404 | 752458  |
| TransDigm Group, Inc. | 1578 | 2079836  |
| Virgin Galactic Holdings, Inc.<sup>(b)</sup> | 9122 | 35211  |
|  |  | 55378483  |
| **Software & Technology Services - 0.1%** <br>|  |  |
| Amentum Holdings, Inc.<sup>(b)</sup> | 3811 | 91273  |
| **Tech Hardware & Semiconductors - 1.7%** <br>|  |  |
| Hensoldt AG | 1715 | 222089  |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 1264 | 740755  |
|  |  | 962844  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $48,169,522)** |  | 56934977  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **Money Market Funds - 0.4%** <br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(c)</sup> | 228980 | 228980  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $228,980)** |  | 228980  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $48,398,502)** |  | $57163957  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(d)</sup> |  | 7413  |
| **TOTAL NET ASSETS - 100.0%** |  | $57171370 |

---

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 yield as of September 30, 2025.

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

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

13<br>

------

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

**THEMES URANIUM & NUCLEAR ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.4%** <br>|  |  |
| **Industrial Products - 14.3%** <br>|  |  |
| BWX Technologies, Inc. | 1810 | $333710  |
| &nbsp;&nbsp;&nbsp; Chengdu Guoguang Electric Co. <br>Ltd. - Class A | 18000 | 211142  |
| Lightbridge Corp.<sup>(a)</sup> | 34934 | 740950  |
| Mirion Technologies, Inc.<sup>(a)</sup> | 16362 | 380580  |
| NANO Nuclear Energy, Inc.<sup>(a)</sup> | 11945 | 460599  |
| NuScale Power Corp.<sup>(a)</sup> | 15940 | 573840  |
| &nbsp;&nbsp;&nbsp; RongFa Nuclear Equipment Co. <br>Ltd. - Class A<sup>(a)</sup> | 210600 | 223368  |
|  |  | 2924189  |
| **Materials - 46.3%<sup>(b)</sup>** <br>|  |  |
| Atha Energy Corp.<sup>(a)</sup> | 127470 | 86098  |
| Aura Energy Ltd.<sup>(a)</sup> | 173124 | 30930  |
| Bannerman Energy Ltd.<sup>(a)</sup> | 169087 | 437470  |
| Boss Energy Ltd.<sup>(a)</sup> | 349286 | 476112  |
| Cameco Corp. | 18802 | 1577979  |
| CanAlaska Uranium Ltd.<sup>(a)</sup> | 79283 | 66083  |
| Centrus Energy Corp. - Class A<sup>(a)</sup> | 2103 | 652077  |
| CGN Mining Co. Ltd. | 1486004 | 601509  |
| Deep Yellow Ltd.<sup>(a)</sup> | 405517 | 525928  |
| Denison Mines Corp.<sup>(a)</sup> | 224042 | 616570  |
| Encore Energy Corp.<sup>(a)</sup> | 54563 | 176035  |
| Energy Fuels, Inc.<sup>(a)</sup> | 22456 | 344700  |
| IsoEnergy Ltd.<sup>(a)</sup> | 21909 | 220712  |
| Laramide Resources Ltd.<sup>(a)</sup> | 63432 | 32817  |
| Lotus Resources Ltd.<sup>(a)</sup> | 2280107 | 354555  |
| NAC Kazatomprom JSC - GDR | 11011 | 586886  |
| NexGen Energy Ltd.<sup>(a)</sup> | 71732 | 642222  |
| Paladin Energy Ltd.<sup>(a)</sup> | 100735 | 554580  |
| Uranium Energy Corp.<sup>(a)</sup> | 15356 | 204849  |
| Uranium Royalty Corp.<sup>(a)</sup> | 29619 | 127696  |
| Ur-Energy, Inc.<sup>(a)</sup> | 338905 | 599056  |
| Yellow Cake PLC<sup>(a)(c)</sup> | 72558 | 556712  |
|  |  | 9471576  |
| **Tech Hardware & Semiconductors - 3.9%** <br>|  |  |
| Silex Systems Ltd.<sup>(a)</sup> | 181608 | 789516  |
| **Utilities - 34.9%<sup>(b)</sup>** <br>|  |  |
| American Electric Power Co., Inc. | 6177 | 694913  |
| CGN Power Co. Ltd. - Class A | 1011400 | 514335  |
| &nbsp;&nbsp;&nbsp; China National Nuclear Power Co. Ltd. - <br>Class A | 441000 | 539599  |
| Constellation Energy Corp. | 5314 | 1748678  |
| Duke Energy Corp. | 5545 | 686194  |
| Endesa SA | 6731 | 215028  |
| Kyushu Electric Power Co., Inc. | 26800 | 268118  |
| Oklo, Inc.<sup>(a)</sup> | 8948 | 998865  |
| PG&E Corp. | 43503 | 656025  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Public Service Enterprise Group, Inc. | 7628 | $636633  |
| TXNM Energy, Inc. | 3159 | 178641  |
|  |  | 7137029  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $16,875,737)** |  | 20322310  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **Money Market Funds - 0.6%** <br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(d)</sup> | 128835 | 128835  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $128,835)** |  | 128835  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $17,004,572)** |  | $20451145  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(e)</sup> |  | 1078  |
| **TOTAL NET ASSETS - 100.0%** |  | $20452223 |

---

Percentages are stated as a percent of net assets.

GDR - Global Depositary Receipt

JSC - Public Joint Stock Company

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 September 30, 2025, the value of these securities total $556,712 or 2.7% of the Fund's net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

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

14<br>

------

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

**THEMES US CASH FLOW CHAMPIONS ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.9%** <br>|  |  |
| **Banking - 15.1%** <br>|  |  |
| Citizens Financial Group, Inc. | 232 | $12333  |
| Fifth Third Bancorp | 355 | 15815  |
| Huntington Bancshares, Inc./OH | 774 | 13367  |
| JPMorgan Chase & Co. | 437 | 137843  |
| M&T Bank Corp. | 86 | 16995  |
| PNC Financial Services Group, Inc. | 210 | 42195  |
| US Bancorp | 801 | 38713  |
| Wells Fargo & Co. | 1584 | 132771  |
|  |  | 410032  |
| **Consumer Discretionary Products - 1.4%**<br>|  |  |
| Lennar Corp. - Class A | 122 | 15377  |
| NVR, Inc.<sup>(a)</sup> | 1 | 8034  |
| PulteGroup, Inc. | 106 | 14006  |
|  |  | 37417  |
| **Consumer Staple Products - 2.2%**<br>|  |  |
| Altria Group, Inc. | 899 | 59388  |
| **Financial Services - 11.2%**<br>|  |  |
| American Express Co. | 293 | 97323  |
| Ameriprise Financial, Inc. | 51 | 25054  |
| Apollo Global Management, Inc. | 217 | 28920  |
| Capital One Financial Corp. | 338 | 71852  |
| Corpay, Inc.<sup>(a)</sup> | 36 | 10370  |
| Fidelity National Financial, Inc. | 139 | 8408  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 526 | 35274  |
| Synchrony Financial | 206 | 14636  |
| T Rowe Price Group, Inc. | 116 | 11906  |
|  |  | 303743  |
| **Health Care - 18.3%**<br>|  |  |
| AbbVie, Inc. | 683 | 158142  |
| Bristol-Myers Squibb Co. | 1084 | 48888  |
| Cardinal Health, Inc. | 129 | 20248  |
| Cencora, Inc. | 92 | 28753  |
| Cigna Group | 144 | 41508  |
| Gilead Sciences, Inc. | 659 | 73149  |
| Pfizer, Inc. | 3021 | 76975  |
| Quest Diagnostics, Inc. | 58 | 11054  |
| Regeneron Pharmaceuticals, Inc. | 54 | 30363  |
| Royalty Pharma PLC - Class A | 198 | 6985  |
|  |  | 496065  |
| **Industrial Products - 1.4%**<br>|  |  |
| Snap-on, Inc. | 27 | 9356  |
| Vertiv Holdings Co. - Class A | 181 | 27306  |
|  |  | 36662  |
| **Insurance - 12.8%**<br>|  |  |
| Allstate Corp. | 140 | 30051  |
| American International Group, Inc. | 315 | 24740  |
| Arch Capital Group Ltd. | 192 | 17420  |
| Chubb Ltd. | 197 | 55603  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Cincinnati Financial Corp. | 82 | $12964  |
| Everest Group Ltd. | 25 | 8756  |
| Hartford Insurance Group, Inc. | 152 | 20275  |
| Loews Corp. | 92 | 9236  |
| Markel Group, Inc.<sup>(a)</sup> | 6 | 11468  |
| MetLife, Inc. | 302 | 24876  |
| Principal Financial Group, Inc. | 120 | 9949  |
| Progressive Corp. | 312 | 77049  |
| Travelers Cos., Inc. | 120 | 33507  |
| W R Berkley Corp. | 160 | 12259  |
|  |  | 348153  |
| **Materials - 0.8%**<br>|  |  |
| LyondellBasell Industries NV - Class A | 134 | 6571  |
| Nucor Corp. | 122 | 16523  |
|  |  | 23094  |
| **Media - 9.5%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 221 | 26834  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 134 | 96284  |
| Expedia Group, Inc. | 65 | 13894  |
| Fox Corp. - Class A | 115 | 7252  |
| Omnicom Group, Inc. | 104 | 8479  |
| Uber Technologies, Inc.<sup>(a)</sup> | 1070 | 104828  |
|  |  | 257571  |
| **Oil & Gas - 20.2%**<br>|  |  |
| Cheniere Energy, Inc. | 117 | 27493  |
| Chevron Corp. | 868 | 134792  |
| ConocoPhillips | 673 | 63659  |
| Coterra Energy, Inc. | 402 | 9507  |
| Diamondback Energy, Inc. | 99 | 14167  |
| EOG Resources, Inc. | 294 | 32963  |
| Exxon Mobil Corp. | 1177 | 132707  |
| Marathon Petroleum Corp. | 165 | 31802  |
| Occidental Petroleum Corp. | 392 | 18522  |
| ONEOK, Inc. | 332 | 24226  |
| Phillips 66 | 217 | 29516  |
| Valero Energy Corp. | 166 | 28263  |
|  |  | 547617  |
| **Retail & Wholesale - Discretionary - 3.0%**<br>|  |  |
| eBay, Inc. | 246 | 22374  |
| MercadoLibre, Inc.<sup>(a)</sup> | 25 | 58423  |
|  |  | 80797  |
| **Retail & Wholesale - Staples - 0.6%**<br>|  |  |
| Archer-Daniels-Midland Co. | 253 | 15114  |
| **Software & Technology Services - 1.4%**<br>|  |  |
|  Cognizant Technology Solutions Corp. - Class A | 262 | 17572  |
| Gen Digital, Inc. | 288 | 8176  |
| Zoom Communications, Inc. - Class A<sup>(a)</sup> | 139 | 11468  |
|  |  | 37216  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  |
| **Tech Hardware & Semiconductors - 1.0%**<br>|  |  |
| HP, Inc. | 501 | $13642  |
| NetApp, Inc. | 108 | 12794  |
|  |  | 26436  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,476,640)** |  | 2679305  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.0%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(b)</sup> | 27664 | 27664  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $27,664)** |  | 27664  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $2,504,304)** |  | $2706969  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 1764  |
| **TOTAL NET ASSETS - 100.0%** |  | $2708733 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

16<br>

------

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

**THEMES US INFRASTRUCTURE ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.5%** <br>|  |  |
| **Consumer Discretionary Products - 0.6%** <br>|  |  |
| Cavco Industries, Inc.<sup>(a)</sup> | 6 | $3484  |
| Champion Homes, Inc.<sup>(a)</sup> | 48 | 3666  |
|  |  | 7150  |
| **Industrial Products - 30.4%<sup>(b)</sup>**<br>|  |  |
| AGCO Corp. | 56 | 5996  |
| Argan, Inc. | 12 | 3241  |
| Astec Industries, Inc. | 19 | 914  |
| Atkore, Inc. | 32 | 2008  |
| AZZ, Inc. | 25 | 2728  |
| Caterpillar, Inc. | 151 | 72050  |
| Crane Co. | 43 | 7918  |
| Deere & Co. | 101 | 46183  |
| Donaldson Co., Inc. | 104 | 8512  |
| Dover Corp. | 117 | 19519  |
| Emerson Electric Co. | 422 | 55358  |
| Enpro, Inc. | 17 | 3842  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 25 | 1570  |
| Graco, Inc. | 140 | 11894  |
| Greenbrier Cos., Inc. | 25 | 1154  |
| Helios Technologies, Inc. | 28 | 1460  |
| IDEX Corp. | 64 | 10417  |
| Janus International Group, Inc.<sup>(a)</sup> | 117 | 1155  |
| Lindsay Corp. | 9 | 1265  |
| Mueller Industries, Inc. | 97 | 9808  |
| Mueller Water Products, Inc. - Class A | 130 | 3317  |
| Oshkosh Corp. | 56 | 7263  |
| SPX Technologies, Inc.<sup>(a)</sup> | 37 | 6911  |
| Terex Corp. | 56 | 2873  |
| Trinity Industries, Inc. | 69 | 1935  |
| Valmont Industries, Inc. | 17 | 6591  |
| Vontier Corp. | 132 | 5540  |
| Watts Water Technologies, Inc. - Class A | 24 | 6703  |
| Westinghouse Air Brake Technologies Corp. | 144 | 28868  |
| Xylem, Inc. | 207 | 30532  |
| Zurn Elkay Water Solutions Corp. | 124 | 5832  |
|  |  | 373357  |
| **Industrial Services - 43.1%<sup>(b)</sup>** <br>|  |  |
| AECOM | 113 | 14743  |
| API Group Corp.<sup>(a)</sup> | 259 | 8902  |
| Applied Industrial Technologies, Inc. | 32 | 8354  |
| Arcosa, Inc. | 41 | 3842  |
| Comfort Systems USA, Inc. | 30 | 24755  |
| Construction Partners, Inc. - Class A<sup>(a)</sup> | 39 | 4953  |
| CSX Corp. | 1528 | 54259  |
| DXP Enterprises, Inc./TX<sup>(a)</sup> | 11 | 1310  |
| Dycom Industries, Inc.<sup>(a)</sup> | 24 | 7002  |
| EMCOR Group, Inc. | 38 | 24683  |
| Fastenal Co. | 976 | 47863  |
| Fluor Corp.<sup>(a)</sup> | 145 | 6100  |
| Granite Construction, Inc. | 37 | 4057  |
| Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 55 | 659  |
| Herc Holdings, Inc. | 24 | 2800  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| IES Holdings, Inc.<sup>(a)</sup> | 17 | $6760  |
| Jacobs Solutions, Inc. | 103 | 15436  |
| MRC Global, Inc.<sup>(a)</sup> | 72 | 1038  |
| MSC Industrial Direct Co., Inc. - Class A | 37 | 3409  |
| MYR Group, Inc.<sup>(a)</sup> | 13 | 2704  |
| Norfolk Southern Corp. | 193 | 57979  |
| Quanta Services, Inc. | 125 | 51803  |
| Ryder System, Inc. | 37 | 6980  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 25 | 8492  |
| Tetra Tech, Inc. | 231 | 7711  |
| Tutor Perini Corp.<sup>(a)</sup> | 37 | 2427  |
| Union Pacific Corp. | 197 | 46565  |
| United Rentals, Inc. | 56 | 53461  |
| Verra Mobility Corp.<sup>(a)</sup> | 139 | 3433  |
| WESCO International, Inc. | 37 | 7826  |
| WW Grainger, Inc. | 40 | 38118  |
|  |  | 528424  |
| **Materials - 23.2%**<br>|  |  |
| Advanced Drainage Systems, Inc. | 57 | 7906  |
| Alcoa Corp. | 220 | 7236  |
| Apogee Enterprises, Inc. | 19 | 828  |
| ATI, Inc.<sup>(a)</sup> | 119 | 9679  |
| Boise Cascade Co. | 32 | 2474  |
| Carlisle Cos., Inc. | 37 | 12172  |
| Carpenter Technology Corp. | 41 | 10067  |
| Century Aluminum Co.<sup>(a)</sup> | 44 | 1292  |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> | 401 | 4892  |
| Commercial Metals Co. | 100 | 5728  |
| CRH PLC | 494 | 59231  |
| Eagle Materials, Inc. | 28 | 6525  |
| Kaiser Aluminum Corp. | 13 | 1003  |
| Knife River Corp.<sup>(a)</sup> | 45 | 3459  |
| Martin Marietta Materials, Inc. | 52 | 32775  |
| Nucor Corp. | 196 | 26544  |
| Owens Corning | 73 | 10327  |
| Reliance, Inc. | 46 | 12918  |
| Ryerson Holding Corp. | 22 | 503  |
| Simpson Manufacturing Co., Inc. | 37 | 6196  |
| Steel Dynamics, Inc. | 119 | 16592  |
| Trex Co., Inc.<sup>(a)</sup> | 91 | 4702  |
| UFP Industries, Inc. | 52 | 4861  |
| United States Lime & Minerals, Inc. | 9 | 1184  |
| Vulcan Materials Co. | 113 | 34761  |
| Worthington Steel, Inc. | 28 | 851  |
|  |  | 284706  |
| **Oil & Gas - 0.1%**<br>|  |  |
| DNOW, Inc.<sup>(a)</sup> | 91 | 1388  |
| **Retail & Wholesale - Discretionary - 1.8%**<br>|  |  |
| BlueLinx Holdings, Inc.<sup>(a)</sup> | 8 | 585  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 96 | 11640  |
| Pool Corp. | 32 | 9922  |
|  |  | 22147  |

---

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

17<br>

------

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

**THEMES US INFRASTRUCTURE ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software & Technology Services - 0.0%<sup>(c)</sup>** <br>|  |  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 6 | $144  |
| **Utilities - 0.3%**<br>|  |  |
| Southwest Gas Holdings, Inc. | 49 | 3838  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,068,184)** |  | 1221154  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 0.5%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(d)</sup> | 5945 | 5945  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $5,945)** |  | 5945  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $1,074,129)** |  | $1227099  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 85  |
| **TOTAL NET ASSETS - 100.0%** |  | $1227184 |

---

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> Represents less than 0.05% of net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

18<br>

------

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

**THEMES US R&D CHAMPIONS ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%** <br>|  |  |
| **Consumer Discretionary Products - 2.8%** <br>|  |  |
| Tesla, Inc.<sup>(a)</sup> | 64 | $28462  |
| **Consumer Staple Products - 3.4%** <br>|  |  |
| Estee Lauder Cos., Inc. - Class A | 212 | 18681  |
| Kenvue, Inc. | 922 | 14964  |
|  |  | 33645  |
| **Health Care - 17.8%** <br>|  |  |
| Boston Scientific Corp.<sup>(a)</sup> | 188 | 18354  |
| Cooper Cos., Inc.<sup>(a)</sup> | 280 | 19197  |
| Eli Lilly & Co. | 27 | 20601  |
| GE HealthCare Technologies, Inc. | 277 | 20803  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 41 | 18336  |
| Johnson & Johnson | 119 | 22065  |
| Regeneron Pharmaceuticals, Inc. | 36 | 20242  |
| Stryker Corp. | 50 | 18483  |
| Zoetis, Inc. | 136 | 19900  |
|  |  | 177981  |
| **Industrial Products - 9.6%** <br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 27 | 19376  |
| Carrier Global Corp. | 288 | 17194  |
| Deere & Co. | 38 | 17376  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 121 | 21165  |
| Vertiv Holdings Co. - Class A | 136 | 20517  |
|  |  | 95628  |
| **Materials - 1.8%** <br>|  |  |
| Corteva, Inc. | 270 | 18260  |
| **Media - 10.0%** <br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 149 | 18092  |
| Alphabet, Inc. - Class A | 105 | 25525  |
| Electronic Arts, Inc. | 130 | 26221  |
| Meta Platforms, Inc. - Class A | 26 | 19094  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 227 | 11125  |
|  |  | 100057  |
| **Retail & Wholesale - Discretionary - 1.9%** <br>|  |  |
| MercadoLibre, Inc.<sup>(a)</sup> | 8 | 18696  |
| **Software & Technology Services - 26.8%<sup>(b)</sup>**  | **Software & Technology Services - 26.8%<sup>(b)</sup>**  |  |
| Adobe, Inc.<sup>(a)</sup> | 55 | 19401  |
| Autodesk, Inc.<sup>(a)</sup> | 65 | 20649  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 54 | 18968  |
| CoStar Group, Inc.<sup>(a)</sup> | 208 | 17549  |
| Fortinet, Inc.<sup>(a)</sup> | 194 | 16311  |
| International Business Machines Corp. | 77 | 21726  |
| Intuit, Inc. | 25 | 17073  |
| Microsoft Corp. | 37 | 19164  |
| Oracle Corp. | 78 | 21937  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Roper Technologies, Inc. | 36 | $17953  |
| ServiceNow, Inc.<sup>(a)</sup> | 21 | 19326  |
| Synopsys, Inc.<sup>(a)</sup> | 31 | 15295  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 70 | 20854  |
| Zoom Communications, Inc. - Class A<sup>(a)</sup> | 264 | 21780  |
|  |  | 267986  |
| **Tech Hardware & Semiconductors - 25.7%<sup>(b)</sup>**  | **Tech Hardware & Semiconductors - 25.7%<sup>(b)</sup>**  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 110 | 17797  |
| Apple, Inc. | 95 | 24190  |
| Applied Materials, Inc. | 111 | 22726  |
| Arista Networks, Inc.<sup>(a)</sup> | 158 | 23022  |
| ARM Holdings PLC - ADR<sup>(a)</sup> | 140 | 19809  |
| Broadcom, Inc. | 67 | 22104  |
| Cisco Systems, Inc. | 295 | 20184  |
| Lam Research Corp. | 209 | 27985  |
| Motorola Solutions, Inc. | 45 | 20578  |
| QUALCOMM, Inc. | 135 | 22459  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 335 | 16060  |
| Texas Instruments, Inc. | 109 | 20026  |
|  |  | 256940  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $912,343)** |  | 997655 |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **Money Market Funds - 0.2%** <br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(c)</sup> | 2104 | 2104  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,104)** |  | 2104  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $914,447)** |  | $999759  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets – (0.0)%<sup>(d)</sup> |  | (21)  |
| **TOTAL NET ASSETS - 100.0%** |  | $999738 |

---

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.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

<sup>(d)</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 SMALL CAP CASH FLOW CHAMPIONS ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%** <br>|  |  |
| **Banking - 23.1%** <br>|  |  |
| Ameris Bancorp | 904 | $66272  |
| Bancorp, Inc.<sup>(a)</sup> | 610 | 45683  |
| Bank OZK | 1520 | 77490  |
| East West Bancorp, Inc. | 1917 | 204065  |
| Eastern Bankshares, Inc. | 2717 | 49313  |
| FB Financial Corp. | 485 | 27034  |
| First BanCorp Puerto Rico | 2219 | 48929  |
| First Bancorp Southern Pines NC | 555 | 29354  |
| Hope Bancorp, Inc. | 1679 | 18083  |
| International Bancshares Corp. | 765 | 52594  |
| Live Oak Bancshares, Inc. | 471 | 16589  |
| OFG Bancorp | 624 | 27138  |
| Park National Corp. | 199 | 32343  |
| S&T Bancorp, Inc. | 533 | 20035  |
| Simmons First National Corp. - Class A | 1663 | 31880  |
| Synovus Financial Corp. | 1952 | 95804  |
| UMB Financial Corp. | 962 | 113853  |
| WSFS Financial Corp. | 806 | 43467  |
|  |  | 999926  |
| **Consumer Discretionary Products - 5.8%**<br>|  |  |
| Garrett Motion, Inc. | 1329 | 18101  |
| Toll Brothers, Inc. | 1375 | 189942  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 1243 | 42225  |
|  |  | 250268  |
| **Consumer Discretionary Services - 0.7%**<br>|  |  |
| Perdoceo Education Corp. | 852 | 32086  |
| **Consumer Staple Products - 1.3%**<br>|  |  |
| Cal-Maine Foods, Inc. | 594 | 55895  |
| **Financial Services - 6.3%**<br>|  |  |
|  Artisan Partners Asset Management, Inc. - Class A | 884 | 38366  |
| Bread Financial Holdings, Inc. | 686 | 38258  |
| Enova International, Inc.<sup>(a)</sup> | 347 | 39936  |
| MGIC Investment Corp. | 3417 | 96940  |
| Virtu Financial, Inc. - Class A | 1123 | 39867  |
| Virtus Investment Partners, Inc. | 93 | 17673  |
|  |  | 271040  |
| **Health Care - 1.5%**<br>|  |  |
| Dynavax Technologies Corp.<sup>(a)</sup> | 1649 | 16374  |
| Oscar Health, Inc. - Class A<sup>(a)</sup> | 2518 | 47666  |
|  |  | 64040  |
| **Industrial Products - 4.6%**<br>|  |  |
| Mueller Industries, Inc. | 1567 | 158440  |
| Powell Industries, Inc. | 131 | 39930  |
|  |  | 198370  |
| **Industrial Services - 5.3%**<br>|  |  |
| FLEX LNG Ltd. | 410 | 10332  |
| Matson, Inc. | 450 | 44365  |
| Scorpio Tankers, Inc. | 633 | 35480  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 410 | $139269  |
|  |  | 229446  |
| **Insurance - 18.8%**<br>|  |  |
| Axis Capital Holdings Ltd. | 1071 | 102602  |
| CNA Financial Corp. | 295 | 13706  |
| F&G Annuities & Life, Inc. | 300 | 9381  |
| Hanover Insurance Group, Inc. | 494 | 89725  |
| Horace Mann Educators Corp. | 562 | 25386  |
| Jackson Financial, Inc. - Class A | 997 | 100926  |
| Mercury General Corp. | 368 | 31199  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | 1067 | 40909  |
| Old Republic International Corp. | 3360 | 142699  |
| Reinsurance Group of America, Inc. | 919 | 176568  |
| SiriusPoint Ltd.<sup>(a)</sup> | 1369 | 24765  |
| White Mountains Insurance Group Ltd. | 35 | 58503  |
|  |  | 816369  |
| **Materials - 4.6%**<br>|  |  |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 151 | 24777  |
| Boise Cascade Co. | 527 | 40748  |
| Core Natural Resources, Inc. | 712 | 59438  |
| UFP Industries, Inc. | 815 | 76194  |
|  |  | 201157  |
| **Media - 0.9%**<br>|  |  |
| Magnite, Inc.<sup>(a)</sup> | 1827 | 39792  |
| **Oil & Gas - 17.4%**<br>|  |  |
| APA Corp. | 5011 | 121667  |
| Chord Energy Corp. | 819 | 81384  |
| Civitas Resources, Inc. | 1097 | 35652  |
| DNOW, Inc.<sup>(a)</sup> | 1479 | 22555  |
| Hess Midstream LP - Class A | 1671 | 57733  |
| HF Sinclair Corp. | 2134 | 111693  |
| Matador Resources Co. | 1645 | 73910  |
| Murphy Oil Corp. | 1858 | 52786  |
| Permian Resources Corp. | 8042 | 102938  |
| RPC, Inc. | 1199 | 5707  |
| Talos Energy, Inc.<sup>(a)</sup> | 1720 | 16495  |
| Weatherford International PLC | 1021 | 69867  |
|  |  | 752387  |
| **Retail & Wholesale - Discretionary - 6.7%**<br>|  |  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 1550 | 187938  |
| Dillard's, Inc. - Class A | 109 | 66978  |
| ePlus, Inc. | 364 | 25848  |
| PC Connection, Inc. | 156 | 9670  |
|  |  | 290434  |
| **Retail & Wholesale - Staples - 0.4%**<br>|  |  |
| Andersons, Inc. | 448 | 17835  |
| **Software & Technology Services - 1.8%**<br>|  |  |
| Clear Secure, Inc. - Class A | 1257 | 41959  |
| DXC Technology Co.<sup>(a)</sup> | 2491 | 33952  |
|  |  | 75911  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Telecommunications - 0.5%**<br>|  |  |
| VEON Ltd. - ADR<sup>(a)</sup> | 428 | $23296  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $4,249,562)** |  | 4318252  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 0.3%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(b)</sup> | 14152 | 14152  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $14,152)** |  | 14152  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $4,263,714)** |  | $4332404  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 1523  |
| **TOTAL NET ASSETS - 100.0%** |  | $4333927 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LP - Limited Partnership

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

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

21<br>

------

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

**THEMES ETF TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**China Generative** <br>**Artificial** <br>**Intelligence** <br>**ETF** | **Themes** <br>**Cloud** <br>**Computing** <br>**ETF** | **Themes** <br>**Copper** <br>**Miners** <br>**ETF** | **Themes** <br>**Cybersecurity** <br>**ETF** | **Themes** <br>**Generative** <br>**Artificial** <br>**Intelligence** <br>**ETF**  |
| **ASSETS:** <br>|  |  |  |  |  |
| Investments, at value | &nbsp;&nbsp; $23595755 | $1428214 | $1104584 | $2095390 | $40240990  |
| Cash | &nbsp;&nbsp; 5600 |  |  |  | 215  |
| Foreign currency, at value | &nbsp;&nbsp; — | 1115 | 600 | 159 | 1025  |
| Receivable for fund shares sold | &nbsp;&nbsp; 6377312 |  |  |  | —  |
| Dividends receivable | &nbsp;&nbsp; 6271 | 101 | 1072 | 76 | 2501  |
| Dividend tax reclaims receivable | &nbsp;&nbsp; — |  | 42 | 3 | 725  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 29984938 | 1429430 | 1106298 | 2095628 | 40245456  |
| **LIABILITIES:** <br>|  |  |  |  |  |
|  Payable to custodian foreign currency, at value | &nbsp;&nbsp; 8180 |  |  |  | —  |
| Payable for investments purchased | &nbsp;&nbsp; 6347593 |  |  |  | —  |
| Payable to adviser | &nbsp;&nbsp; 2813 | 404 | 286 | 582 | 10907  |
| Payable for transaction fee | &nbsp;&nbsp; — |  |  |  | 108  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 6358586 | 404 | 286 | 582 | 11015  |
| **NET ASSETS** | &nbsp;&nbsp; $23626352 | $1429026 | $1106012 | $2095046 | $40234441  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $21731053 | $1159954 | $777793 | $1802597 | $37841737  |
| Total distributable earnings | &nbsp;&nbsp; 1895299 | 269072 | 328219 | 292449 | 2392704  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $23626352 | $1429026 | $1106012 | $2095046 | $40234441  |
| Net assets | &nbsp;&nbsp; $23626352 | $1429026 | $1106012 | $2095046 | $40234441  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 630000 | 40000 | 30000 | 60000 | 920000  |
| Net asset value per share | &nbsp;&nbsp; $37.50 | $35.73 | $36.87 | $34.92 | $43.73  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $21739628 | $1168443 | $826201 | $1796819 | $34928706  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | &nbsp;&nbsp; $— | $1105 | $593 | $155 | $877  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency proceeds | &nbsp;&nbsp; $8179 | $— | $— | $— | $— |

---

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

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** 

**September 30, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**Global** <br>**Systemically** <br>**Important** <br>**Banks ETF** | **Themes** <br>**Gold Miners** <br>**ETF** | **Themes** <br>**Humanoid** <br>**Robotics** <br>**ETF** | **Themes** <br>**Lithium &** <br>**Battery** <br>**Metal Miners** <br>**ETF** | **Themes** <br>**Natural** <br>**Monopoly** <br>**ETF**  |
| **ASSETS:** <br>|  |  |  |  |  |
| Investments, at value | $20160455 | $18248454 | $5554032 | $373853 | $1626927  |
| Foreign currency, at value | 9288 | 9019 | 533 | 201 | 2050  |
| Dividends receivable | 22377 | 33273 | 630 | 160 | 667  |
| Dividend tax reclaims receivable | 6359 | 503 | 18 |  | 26  |
| Receivable for transaction fee |  | 597 | 1594 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 20198479 | 18291846 | 5556807 | 374214 | 1629670  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| Payable to adviser | 5766 | 4258 | 818 | 124 | 465  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 5766 | 4258 | 818 | 124 | 465  |
| **NET ASSETS** | $20192713 | $18287588 | $5555989 | $374090 | $1629205  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $17560661 | $16290563 | $5125952 | $300531 | $1510143  |
| Total distributable earnings | 2632052 | 1997025 | 430037 | 73559 | 119062  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $20192713 | $18287588 | $5555989 | $374090 | $1629205  |
| Net assets | $20192713 | $18287588 | $5555989 | $374090 | $1629205  |
| Shares issued and outstanding<sup>(a)</sup> | 420000 | 230000 | 140000 | 10000 | 50000  |
| Net asset value per share | $48.08 | $79.51 | $39.69 | $37.41 | $32.58  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $17824782 | $16446373 | $5141905 | $267245 | $1517746  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $9291 | $8972 | $502 | $195 | $2034 |

---

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

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

23<br>

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

**THEMES ETF TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **Themes** <br>**US Infrastructure** <br>**ETF**  |
| **ASSETS:** <br>|  |  |  |  |  |
| Investments, at value | $3746873 | $57163957 | $20451145 | $2706969 | &nbsp;&nbsp;&nbsp; $1227099  |
| Cash | 46 |  |  |  | &nbsp;&nbsp;&nbsp; —  |
| Foreign currency, at value |  | 12761 | 673 |  | &nbsp;&nbsp;&nbsp; —  |
| Receivable for fund shares sold | 1085530 |  |  |  | &nbsp;&nbsp;&nbsp; —  |
| Dividends receivable | 1443 | 7631 | 5294 | 2341 | &nbsp;&nbsp;&nbsp; 372  |
| Dividend tax reclaims receivable | 8 | 1984 | 240 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 4833900 | 57186333 | 20457352 | 2709310 | &nbsp;&nbsp;&nbsp; 1227471  |
| **LIABILITIES:** <br>|  |  |  |  |  |
|  Payable to custodian foreign currency, at value | 736 |  |  |  | &nbsp;&nbsp;&nbsp; —  |
| Payable for investments purchased | 1074969 |  |  |  | &nbsp;&nbsp;&nbsp; —  |
| Payable to adviser | 558 | 14963 | 5129 | 577 | &nbsp;&nbsp;&nbsp; 287  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1076263 | 14963 | 5129 | 577 | &nbsp;&nbsp;&nbsp; 287  |
| **NET ASSETS** | $3757637 | $57171370 | $20452223 | $2708733 | &nbsp;&nbsp;&nbsp; $1227184  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $2950663 | $48255891 | $17294700 | $2515725 | &nbsp;&nbsp;&nbsp; $1057721  |
| Total distributable earnings | 806974 | 8915479 | 3157523 | 193008 | &nbsp;&nbsp;&nbsp; 169463  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $3757637 | $57171370 | $20452223 | $2708733 | &nbsp;&nbsp;&nbsp; $1227184  |
| Net assets | $3757637 | $57171370 | $20452223 | $2708733 | &nbsp;&nbsp;&nbsp; $1227184  |
| Shares issued and outstanding<sup>(a)</sup> | 70000 | 1470000 | 450000 | 80000 | &nbsp;&nbsp;&nbsp; 40000  |
| Net asset value per share | $53.68 | $38.89 | $45.45 | $33.86 | &nbsp;&nbsp;&nbsp; $30.68  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $3249184 | $48398502 | $17004572 | $2504304 | &nbsp;&nbsp;&nbsp; $1074129  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $— | $12906 | $674 | $— | &nbsp;&nbsp;&nbsp; $—  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency proceeds | $729 | $— | $— | $— | &nbsp;&nbsp;&nbsp; $— |

---

<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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **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 | $999759 | $4332404  |
| Dividends receivable | 214 | 2627  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 999973 | 4335031  |
| **LIABILITIES:** <br>|  |  |
| Payable to adviser | 235 | 1104  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 235 | 1104  |
| **NET ASSETS** | $999738 | $4333927  |
| **Net Assets Consists of:** <br>|  |  |
| Paid-in capital | $956952 | $4311484  |
| Total distributable earnings | 42786 | 22443  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $999738 | $4333927  |
| Net assets | $999738 | $4333927  |
| Shares issued and outstanding<sup>(a)</sup> | 30000 | 130000  |
| Net asset value per share | $33.32 | $33.34  |
| **Cost:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $914447 | $4263714 |

---

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

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

25<br>

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

**THEMES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended September 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**China Generative** <br>**Artificial** <br>**Intelligence** <br>**ETF<sup>(a)</sup>** | **Themes** <br>**Cloud** <br>**Computing** <br>**ETF** | **Themes** <br>**Copper** <br>**Miners** <br>**ETF** | **Themes** <br>**Cybersecurity** <br>**ETF** | **Themes** <br>**Generative** <br>**Artificial** <br>**Intelligence** <br>**ETF**  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $16672 | $3453 | $9636 | &nbsp;&nbsp; $6331 | $74286  |
| Less: Dividend withholding taxes | &nbsp;&nbsp;&nbsp;&nbsp;(974) | (165) | (498) | (309) | (2840)  |
| Less: Issuance fees | &nbsp;&nbsp;&nbsp; — |  |  | (111) | —  |
| Other income | &nbsp;&nbsp;&nbsp; — |  |  | &nbsp;&nbsp; 9 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 15698 | 3288 | 9138 | &nbsp;&nbsp; 5920 | 71446  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 3778 | 5088 | 2420 | &nbsp;&nbsp; 6468 | 88912  |
| Tax expense | &nbsp;&nbsp;&nbsp; — | 185 | 185 | &nbsp;&nbsp; 185 | 185  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 3778 | 5273 | 2605 | &nbsp;&nbsp; 6653 | 89097  |
| **Net investment income/(loss)** | &nbsp;&nbsp;&nbsp; 11920 | (1985) | 6533 | &nbsp;&nbsp; (733) | (17651)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 29511 | 18564 | 31155 | &nbsp;&nbsp; 21 | (1744400)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp; — | 157328 | 29587 | &nbsp;&nbsp; 209604 | 3692805  |
| &nbsp;&nbsp;&nbsp; Foreign currency transaction | &nbsp;&nbsp;&nbsp; (1748) | 190 | 19 | &nbsp;&nbsp; 221 | (2044)  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 27763 | 176082 | 60761 | &nbsp;&nbsp; 209846 | 1946361  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 1856127 | 157409 | 218388 | &nbsp;&nbsp; 175497 | 6157193  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; (511) | (21) | 11 | &nbsp;&nbsp; (46) | (153)  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 1855616 | 157388 | 218399 | &nbsp;&nbsp; 175451 | 6157040  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 1883379 | 333470 | 279160 | &nbsp;&nbsp; 385297 | 8103401  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $1895299 | $331485 | $285693 | &nbsp;&nbsp; $384564 | $8085750 |

---

<sup>(a)</sup> Inception date of the Fund was July 15, 2025.

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 Year Ended September 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**Global** <br>**Systemically** <br>**Important** <br>**Banks ETF** | **Themes** <br>**Gold Miners** <br>**ETF** | **Themes** <br>**Humanoid** <br>**Robotics** <br>**ETF** | **Themes** <br>**Lithium &** <br>**Battery** <br>**Metal Miners** <br>**ETF** | **Themes** <br>**Natural** <br>**Monopoly** <br>**ETF**  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |  |
| Dividend income | $274151 | $122855 | $6523 | &nbsp;&nbsp; $3302 | $32152  |
| Less: Issuance fees | (5320) |  | (4) | &nbsp;&nbsp; — | —  |
| Less: Dividend withholding taxes | (24992) | (9091) | (1041) | (307) | (2704)  |
| Other income |  |  |  | &nbsp;&nbsp; 38 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 243839 | 113764 | 5478 | &nbsp;&nbsp; 3033 | 29448  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 27610 | 24411 | 2946 | &nbsp;&nbsp; 2088 | 5328  |
| Tax expense | 185 | 185 | 185 | &nbsp;&nbsp; 185 | 185  |
| &nbsp;&nbsp;&nbsp; Total expenses | 27795 | 24596 | 3131 | &nbsp;&nbsp; 2273 | 5513  |
| **Net investment income** | 216044 | 89168 | 2347 | &nbsp;&nbsp; 760 | 23935  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 91665 | 32202 | 4920 | &nbsp;&nbsp; (20565) | 12462  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 965706 | 5087330 | 185041 | &nbsp;&nbsp; 49818 | 111370  |
| &nbsp;&nbsp;&nbsp; Foreign currency transaction | (209) | (1251) | (267) | &nbsp;&nbsp; 1285 | (2016)  |
| Net realized gain (loss) | 1057162 | 5118281 | 189694 | &nbsp;&nbsp; 30538 | 121816  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 2121695 | 1490179 | 351462 | &nbsp;&nbsp; (6556) | 14915  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 66 | (134) | 20 | &nbsp;&nbsp; 6 | (29)  |
|  Net change in unrealized appreciation (depreciation) | 2121761 | 1490045 | 351482 | &nbsp;&nbsp; (6550) | 14886  |
| **Net realized and unrealized gain (loss)** | 3178923 | 6608326 | 541176 | &nbsp;&nbsp; 23988 | 136702  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3394967 | $6697494 | $543523 | &nbsp;&nbsp; $24748 | $160637 |

---

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

27<br>

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

**THEMES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended September 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**Silver Miners** <br>**ETF** | **Themes** <br>**Transatlantic** <br>**Defense** <br>**ETF<sup>(a)</sup>** | **Themes** <br>**Uranium &** <br>**Nuclear** <br>**ETF** | **Themes** <br>**US Cash Flow** <br>**Champions** <br>**ETF** | **Themes** <br>**US Infrastructure** <br>**ETF**  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |  |
| Dividend income | $11540 | $343942 | $85805 | &nbsp;&nbsp; $55287 | &nbsp;&nbsp;&nbsp;&nbsp; $12736  |
| Less: Dividend withholding taxes | (1061) | (7911) | (4295) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Less: Issuance fees |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(4)  |
| Other income |  | 3 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 10479 | 336034 | 81510 | &nbsp;&nbsp; 55287 | &nbsp;&nbsp;&nbsp;&nbsp; 12732  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 2897 | 66931 | 25642 | &nbsp;&nbsp; 6002 | &nbsp;&nbsp;&nbsp;&nbsp; 3110  |
| Tax expense | 185 | 185 | 332 | &nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 191  |
| &nbsp;&nbsp;&nbsp; Total expenses | 3082 | 67116 | 25974 | &nbsp;&nbsp; 6187 | &nbsp;&nbsp;&nbsp;&nbsp; 3301  |
| **Net investment income** | 7397 | 268918 | 55536 | &nbsp;&nbsp; 49100 | &nbsp;&nbsp;&nbsp;&nbsp; 9431  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 263600 | (163976) | (425267) | &nbsp;&nbsp; (44081) | &nbsp;&nbsp;&nbsp;&nbsp; 8609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase from payments by affiliates <br>(see Note 3) | 46314 |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 65824 | 1204895 | 1548909 | &nbsp;&nbsp; 133013 | &nbsp;&nbsp;&nbsp;&nbsp; 7872  |
| &nbsp;&nbsp;&nbsp; Contribution from Administrator |  | 1010 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Foreign currency transaction | (538) | 9307 | (533) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gain (loss) | 375200 | 1051236 | 1123109 | &nbsp;&nbsp; 88932 | &nbsp;&nbsp;&nbsp;&nbsp; 16481  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 454693 | 8765455 | 3416818 | &nbsp;&nbsp; 125484 | &nbsp;&nbsp;&nbsp;&nbsp; 111604  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (9) | (73) | 42 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Net change in unrealized appreciation (depreciation) | 454684 | 8765382 | 3416860 | &nbsp;&nbsp; 125484 | &nbsp;&nbsp;&nbsp;&nbsp; 111604  |
| **Net realized and unrealized gain (loss)** | 829884 | 9816618 | 4539969 | &nbsp;&nbsp; 214416 | &nbsp;&nbsp;&nbsp;&nbsp; 128085  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $837281 | $10085536 | $4595505 | &nbsp;&nbsp; $263516 | &nbsp;&nbsp;&nbsp;&nbsp; $137516 |

---

<sup>(a)</sup> Inception date of the Fund was October 11, 2024.

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 Year Ended September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **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 | $7679 | $86699  |
| Less: Dividend withholding taxes |  | (290)  |
| Less: Issuance fees | (3) | (4)  |
| Other income |  | 72  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 7676 | 86477  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | 3071 | 10454  |
| Tax expense | 185 | 185  |
| &nbsp;&nbsp;&nbsp; Total expenses | 3256 | 10639  |
| **Net investment income** | 4420 | 75838  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | (50991) | (119461)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 144019 | 242342  |
| Net realized gain (loss) | 93028 | 122881  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | (35441) | (54569)  |
| Net change in unrealized appreciation (depreciation) | (35441) | (54569)  |
| **Net realized and unrealized gain (loss)** | 57587 | 68312  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $62007 | $144150 |

---

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

29<br>

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

**THEMES ETF TRUST** 

**Statements of Changes in Net Assets** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Themes China** <br>**Generative Artificial** <br>**Intelligence ETF** | **Themes Cloud Computing ETF**  | **Themes Cloud Computing ETF**  |
|  | **Period Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>** | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $11920 | $(1985) | $(496)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 27763 | 176082 | (10162)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 1855616 | 157388 | 102393  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp; 1895299 | 331485 | 91735  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 21707779 | 324860 | 1559957  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; — | (629938) | (249495)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | &nbsp;&nbsp;&nbsp; 23274 |  | 422  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 21731053 | (305078) | 1310884  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 23626352 | 26407 | 1402619  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp; — | 1402619 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp; $23626352 | $1429026 | $1402619  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 630000 | 10000 | 60000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; — | (20000) | (10000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp; 630000 | (10000) | 50000 |

---

<sup>(a)</sup> Inception date of the Fund was July 15, 2025.

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

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

30<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**  |
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>** | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $6533 | &nbsp;&nbsp; $329 | $(733) | $1049  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 60761 | &nbsp;&nbsp; (158) | 209846 | 16798  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 218399 | &nbsp;&nbsp; 59995 | 175451 | 123125  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 285693 | &nbsp;&nbsp; 60166 | 384564 | 140972  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (5966) | &nbsp;&nbsp; — | (2250) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (5966) | &nbsp;&nbsp; — | (2250) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 788167 | &nbsp;&nbsp; 500400 | 592470 | 1855013  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (525801) | &nbsp;&nbsp; — | (617253) | (259432)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 3309 | &nbsp;&nbsp; 44 |  | 962  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 265675 | &nbsp;&nbsp; 500444 | (24783) | 1596543  |
| **Net increase (decrease) in net assets** | 545402 | &nbsp;&nbsp; 560610 | 357531 | 1737515  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 560610 | &nbsp;&nbsp; — | 1737515 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $1106012 | &nbsp;&nbsp; $560610 | $2095046 | $1737515  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 30000 | &nbsp;&nbsp; 20000 | 20000 | 70000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (20000) | &nbsp;&nbsp; — | (20000) | (10000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 10000 | &nbsp;&nbsp; 20000 |  | 60000 |

---

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

<sup>(b)</sup> Inception date of the Fund was December 8, 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 Generative Artificial** <br>**Intelligence ETF** | **Themes Generative Artificial** <br>**Intelligence ETF** | **Themes Global Systemically** <br>**Important Banks ETF**  | **Themes Global Systemically** <br>**Important Banks ETF**  |
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>** | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(17651) | $(16441) | $216044 | $39547  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1946361 | (668332) | 1057162 | (4458)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6157040 | (844623) | 2121761 | 213975  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 8085750 | (1529396) | 3394967 | 249064  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  |  | (49789) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  |  | (49789) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 32921210 | 26651555 | 17859250 | 1939867  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (13902043) | (11994162) | (3203226) | —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 629 | 898 | 2363 | 217  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 19019796 | 14658291 | 14658387 | 1940084  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 27105546 | 13128895 | 18003565 | 2189148  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 13128895 |  | 2189148 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $40234441 | $13128895 | $20192713 | $2189148  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 860000 | 890000 | 430000 | 70000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (380000) | (450000) | (80000) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 480000 | 440000 | 350000 | 70000 |

---

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

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

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

32<br>

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

**THEMES ETF TRUST** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes Gold Miners ETF** | **Themes Gold Miners ETF** | **Themes Humanoid Robotics ETF**  | **Themes Humanoid Robotics ETF**  |
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>** | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $89168 | $19860 | $2347 | &nbsp;&nbsp;&nbsp; $2581  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5118281 | 288170 | 189694 | &nbsp;&nbsp;&nbsp; (943)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1490045 | 312072 | 351482 | &nbsp;&nbsp;&nbsp; 60678  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from** <br>**operations** | 6697494 | 620102 | 543523 | &nbsp;&nbsp;&nbsp; 62316  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (45286) |  | (9566) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (45286) |  | (9566) | &nbsp;&nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 24969958 | 2650072 | 5778112 | &nbsp;&nbsp;&nbsp; 500000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (15594580) | (1013200) | (1320660) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 2833 | 195 | 2033 | &nbsp;&nbsp;&nbsp; 231  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 9378211 | 1637067 | 4459485 | &nbsp;&nbsp;&nbsp; 500231  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 16030419 | 2257169 | 4993442 | &nbsp;&nbsp;&nbsp; 562547  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 2257169 |  | 562547 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $18287588 | $2257169 | $5555989 | &nbsp;&nbsp;&nbsp; $562547  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 410000 | 90000 | 160000 | &nbsp;&nbsp;&nbsp; 20000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (240000) | (30000) | (40000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 170000 | 60000 | 120000 | &nbsp;&nbsp;&nbsp; 20000 |

---

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

<sup>(b)</sup> Inception date of the Fund was April 22, 2024.

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 Lithium & Battery** <br>**Metal Miners ETF** | **Themes Lithium & Battery** <br>**Metal Miners ETF** | **Themes Natural Monopoly ETF**  | **Themes Natural Monopoly ETF**  |
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>** | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $760 | &nbsp;&nbsp; $(27) | $23935 | $9346  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 30538 | (550) | 121816 | 62357  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (6550) | &nbsp;&nbsp; 113164 | 14886 | 94315  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 24748 | &nbsp;&nbsp; 112587 | 160637 | 166018  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (39963) | &nbsp;&nbsp; — | (13503) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (39963) | &nbsp;&nbsp; — | (13503) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 627597 | &nbsp;&nbsp; 502400 | 638042 | 2428707  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (862252) | &nbsp;&nbsp; — | (639808) | (1112188)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 8842 | &nbsp;&nbsp; 131 |  | 1300  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (225813) | &nbsp;&nbsp; 502531 | (1766) | 1317819  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (241028) | &nbsp;&nbsp; 615118 | 145368 | 1483837  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 615118 | &nbsp;&nbsp; — | 1483837 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $374090 | &nbsp;&nbsp; $615118 | $1629205 | $1483837  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 20000 | &nbsp;&nbsp; 20000 | 20000 | 90000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (30000) | &nbsp;&nbsp; — | (20000) | (40000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (10000) | &nbsp;&nbsp; 20000 |  | 50000 |

---

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

<sup>(b)</sup> 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 Silver Miners ETF** | **Themes Silver Miners ETF** | **Themes** <br>**Transatlantic** <br>**Defense ETF**  |
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**September 30,** <br>**2025<sup>(b)</sup>**  |
| **OPERATIONS:** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $7397 | $2264 | $268918  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 375200 | 46394 | 1051236  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 454684 | 42987 | 8765382  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 837281 | 91645 | 10085536  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (8894) |  | (1498)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (8894) |  | (1498)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2656891 | 771845 | 52094647  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (307828) | (283999) | (5008908)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 117 | 579 | 1593  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 2349180 | 488425 | 47087332  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 3177567 | 580070 | 57171370  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 580070 |  | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $3757637 | $580070 | $57171370  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 60000 | 30000 | 1630000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (10000) | (10000) | (160000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 50000 | 20000 | 1470000 |

---

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

<sup>(b)</sup> Inception date of the Fund was October 11, 2024.

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 Uranium & Nuclear ETF** | **Themes Uranium & Nuclear ETF** | **Themes US Cash Flow Champions ETF**  | **Themes US Cash Flow Champions ETF**  |
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>** | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $55536 | &nbsp;&nbsp;&nbsp; $77 | &nbsp;&nbsp;&nbsp; $49100 | &nbsp;&nbsp;&nbsp; $13279  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1123109 | &nbsp;&nbsp;&nbsp;&nbsp;(67) | &nbsp;&nbsp;&nbsp; 88932 | &nbsp;&nbsp;&nbsp; 36598  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3416860 | &nbsp;&nbsp;&nbsp; 29756 | &nbsp;&nbsp;&nbsp; 125484 | &nbsp;&nbsp;&nbsp; 77181  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 4595505 | &nbsp;&nbsp;&nbsp; 29766 | &nbsp;&nbsp;&nbsp; 263516 | &nbsp;&nbsp;&nbsp; 127058  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (9067) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (24947) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (9067) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (24947) | &nbsp;&nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 18188581 | &nbsp;&nbsp;&nbsp; 528400 | &nbsp;&nbsp;&nbsp; 2192082 | &nbsp;&nbsp;&nbsp; 1061362  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2884301) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (627887) | &nbsp;&nbsp;&nbsp; (282937)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 3302 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 486  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 15307582 | &nbsp;&nbsp;&nbsp; 528437 | &nbsp;&nbsp;&nbsp; 1564195 | &nbsp;&nbsp;&nbsp; 778911  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 19894020 | &nbsp;&nbsp;&nbsp; 558203 | &nbsp;&nbsp;&nbsp; 1802764 | &nbsp;&nbsp;&nbsp; 905969  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 558203 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 905969 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $20452223 | &nbsp;&nbsp;&nbsp; $558203 | &nbsp;&nbsp;&nbsp; $2708733 | &nbsp;&nbsp;&nbsp; $905969  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 500000 | &nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp; 40000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (70000) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20000) | &nbsp;&nbsp;&nbsp; (10000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 430000 | &nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 30000 |

---

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

<sup>(b)</sup> 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 ETF TRUST** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes US Infrastructure ETF** | **Themes US Infrastructure ETF** | **Themes US R&D Champions ETF**  | **Themes US R&D Champions ETF**  |
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>** | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $9431 | &nbsp;&nbsp;&nbsp; $158 | &nbsp;&nbsp; $4420 | &nbsp;&nbsp; $3066  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16481 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 93028 | &nbsp;&nbsp; 58053  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 111604 | &nbsp;&nbsp;&nbsp; 41366 | &nbsp;&nbsp; (35441) | &nbsp;&nbsp; 120753  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 137516 | &nbsp;&nbsp;&nbsp; 41524 | &nbsp;&nbsp; 62007 | &nbsp;&nbsp; 181872  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1705) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (28970) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1705) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (28970) | &nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 803610 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 909785 | &nbsp;&nbsp; 1351213  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (253808) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1188655) | &nbsp;&nbsp; (287557)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) |  | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 549802 | &nbsp;&nbsp;&nbsp; 500047 | &nbsp;&nbsp; (278870) | &nbsp;&nbsp; 1063699  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 685613 | &nbsp;&nbsp;&nbsp; 541571 | &nbsp;&nbsp; (245833) | &nbsp;&nbsp; 1245571  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 541571 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1245571 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $1227184 | &nbsp;&nbsp;&nbsp; $541571 | &nbsp;&nbsp; $999738 | &nbsp;&nbsp; $1245571  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 30000 | &nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 50000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (10000) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (40000) | &nbsp;&nbsp; (10000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 20000 | &nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; (10000) | &nbsp;&nbsp; 40000 |

---

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

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

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 Small Cap** <br>**Cash Flow Champions ETF**  | **Themes US Small Cap** <br>**Cash Flow Champions ETF**  |
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $75838 | &nbsp;&nbsp; $9841  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 122881 | &nbsp;&nbsp; (1213)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (54569) | &nbsp;&nbsp; 123259  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 144150 | &nbsp;&nbsp; 131887  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (15253) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (15253) | &nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5387151 | &nbsp;&nbsp; 795242  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2110151) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 8 | &nbsp;&nbsp; 893  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 3277008 | &nbsp;&nbsp; 796135  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 3405905 | &nbsp;&nbsp; 928022  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 928022 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $4333927 | &nbsp;&nbsp; $928022  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 170000 | &nbsp;&nbsp; 30000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (70000) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 100000 | &nbsp;&nbsp; 30000 |

---

<sup>(a)</sup> 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 CHINA GENERATIVE ARTIFICIAL INTELLIGENCE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12.24  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;12.33  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $37.50  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 50.05%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $23626  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.39%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.23%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 16% |

---

<sup>(a)</sup> Inception date of the Fund was July 15, 2025.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

**THEMES CLOUD COMPUTING ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $28.05 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.05  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.04  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $35.73 | &nbsp;&nbsp;&nbsp;&nbsp; $28.05  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 27.35% | &nbsp;&nbsp;&nbsp;&nbsp; 12.21%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1429 | &nbsp;&nbsp;&nbsp;&nbsp; $1403  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of operational expenses to average net assets excluding tax expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp;&nbsp; 11% |

---

<sup>(a)</sup> 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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.

40<br>

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**THEMES COPPER MINERS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $28.03 | &nbsp;&nbsp;&nbsp;&nbsp; $25.02  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.99  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; 9.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.01  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $36.87 | &nbsp;&nbsp;&nbsp;&nbsp; $28.03  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 33.24% | &nbsp;&nbsp;&nbsp;&nbsp; 12.03%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1106 | &nbsp;&nbsp;&nbsp;&nbsp; $561  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of operational expenses to average net assets excluding tax expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 3.67%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 42% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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 CYBERSECURITY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $28.96 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.92  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.94  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $34.92 | &nbsp;&nbsp;&nbsp;&nbsp; $28.96  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20.73% | &nbsp;&nbsp;&nbsp;&nbsp; 15.83%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $2095 | &nbsp;&nbsp;&nbsp;&nbsp; $1738  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp; 0.36%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| Ratio of operational expenses to average net assets excluding tax expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)% | &nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp;&nbsp; 24% |

---

<sup>(a)</sup> 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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 GENERATIVE ARTIFICIAL INTELLIGENCE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $29.84 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.04)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.88  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.84  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $43.73 | &nbsp;&nbsp;&nbsp; $29.84  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 46.57% | &nbsp;&nbsp;&nbsp; 19.35%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $40234 | &nbsp;&nbsp;&nbsp; $13129  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.07)% | &nbsp;&nbsp;&nbsp; (0.15)%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp; 74% | &nbsp;&nbsp;&nbsp; 58% |

---

<sup>(a)</sup> 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

<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> Amount represents less than 0.005%.

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

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

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**THEMES GLOBAL SYSTEMICALLY IMPORTANT BANKS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $31.27 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.98  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16.21 | &nbsp;&nbsp;&nbsp;&nbsp;5.28  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;17.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.26  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $48.08 | &nbsp;&nbsp;&nbsp;&nbsp; $31.27  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 56.30% | &nbsp;&nbsp;&nbsp;&nbsp; 25.09%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $20193 | &nbsp;&nbsp;&nbsp;&nbsp; $2189  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(f)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2.74% | &nbsp;&nbsp;&nbsp;&nbsp; 4.30%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; 28% |

---

<sup>(a)</sup> 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

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

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

<sup>(f)</sup> Amount represents less than 0.005%.

<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 GOLD MINERS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $37.62 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.40  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41.85 | &nbsp;&nbsp;&nbsp;&nbsp;12.22  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;42.52 | &nbsp;&nbsp;&nbsp;&nbsp;12.62  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $79.51 | &nbsp;&nbsp;&nbsp;&nbsp; $37.62  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 115.31% | &nbsp;&nbsp;&nbsp;&nbsp; 50.48%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $18288 | &nbsp;&nbsp;&nbsp;&nbsp; $2257  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp;&nbsp; 1.63%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp; 29% | &nbsp;&nbsp;&nbsp;&nbsp; 14% |

---

<sup>(a)</sup> 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

<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> Amount represents less than 0.005%.

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

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

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**THEMES HUMANOID ROBOTICS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $28.13 | &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;0.13  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.99  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;11.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.12  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $39.69 | &nbsp;&nbsp;&nbsp;&nbsp; $28.13  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 43.51% | &nbsp;&nbsp;&nbsp;&nbsp; 12.51%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $5556 | &nbsp;&nbsp;&nbsp;&nbsp; $563  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of operational expenses to average net assets excluding tax expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp; 1.10%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 197% | &nbsp;&nbsp;&nbsp;&nbsp; 46% |

---

<sup>(a)</sup> 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

<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 LITHIUM & BATTERY METAL MINERS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $30.76 | &nbsp;&nbsp;&nbsp;&nbsp; $25.12  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.22 | &nbsp;&nbsp;&nbsp;&nbsp;5.63  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp;&nbsp;&nbsp;5.63  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (2.00) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (2.00) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $37.41 | &nbsp;&nbsp;&nbsp;&nbsp; $30.76  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 31.27% | &nbsp;&nbsp;&nbsp;&nbsp; 22.44%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $374 | &nbsp;&nbsp;&nbsp;&nbsp; $615  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of operational expenses to average net assets excluding tax expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp; (0.30)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 127% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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 NATURAL MONOPOLY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $29.68 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.30  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.34  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;4.64  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $32.58 | &nbsp;&nbsp;&nbsp;&nbsp; $29.68  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.82% | &nbsp;&nbsp;&nbsp;&nbsp; 18.71%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1629 | &nbsp;&nbsp;&nbsp;&nbsp; $1484  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of operational expenses to average net assets excluding tax expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp;&nbsp; 1.35%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 84% | &nbsp;&nbsp;&nbsp;&nbsp; 113% |

---

<sup>(a)</sup> 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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 SILVER MINERS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $29.00 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.11  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24.82<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.86  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;25.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.97  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $53.68 | &nbsp;&nbsp;&nbsp;&nbsp; $29.00  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 88.37%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 16.01%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $3758 | &nbsp;&nbsp;&nbsp;&nbsp; $580  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of operational expenses to average net assets excluding tax expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 124% | &nbsp;&nbsp;&nbsp;&nbsp; 38% |

---

<sup>(a)</sup> 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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.

<sup>(h)</sup> During the year, 2.32% of the Fund's total return consists of reimbursements by the Adviser for losses on investment transactions. Excluding this item, total return would have been 86.05%, a $0.66 per share impact. 

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

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**THEMES TRANSATLANTIC DEFENSE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.47  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13.44  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;13.91  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.02)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.02)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $38.89  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 55.70%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $57171  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.40%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp; 20% |

---

<sup>(a)</sup> Inception date of the Fund was October 11, 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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Amount represents less than 0.005%.

<sup>(h)</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** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $27.91 | &nbsp;&nbsp;&nbsp;&nbsp; $26.42  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.49  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;17.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.49  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $45.45 | &nbsp;&nbsp;&nbsp;&nbsp; $27.91  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 63.20% | &nbsp;&nbsp;&nbsp;&nbsp; 5.64%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $20452 | &nbsp;&nbsp;&nbsp;&nbsp; $558  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp; 52% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

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

<sup>(g)</sup> Amount represents less than 0.005%.

<sup>(h)</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 CASH FLOW CHAMPIONS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $30.20 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.58  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.60  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.18  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $33.86 | &nbsp;&nbsp;&nbsp;&nbsp; $30.20  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.44% | &nbsp;&nbsp;&nbsp;&nbsp; 20.80%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $2709 | &nbsp;&nbsp;&nbsp;&nbsp; $906  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| Ratio of operational expenses to average net assets excluding tax expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.37% | &nbsp;&nbsp;&nbsp;&nbsp; 2.59%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp;&nbsp; 20% |

---

<sup>(a)</sup> 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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 US INFRASTRUCTURE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $27.08 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.07  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.08  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $30.68 | &nbsp;&nbsp;&nbsp;&nbsp; $27.08  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.54% | &nbsp;&nbsp;&nbsp;&nbsp; 8.31%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1227 | &nbsp;&nbsp;&nbsp;&nbsp; $542  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of operational expenses to average net assets excluding tax expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.61%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

<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 R&D CHAMPIONS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $31.14 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.11  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;6.03  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.14  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $33.32 | &nbsp;&nbsp;&nbsp;&nbsp; $31.14  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.56% | &nbsp;&nbsp;&nbsp;&nbsp; 24.56%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1000 | &nbsp;&nbsp;&nbsp;&nbsp; $1246  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup>  |
| Ratio of operational expenses to average net assets excluding tax expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp;&nbsp;&nbsp; 0.47%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 56% | &nbsp;&nbsp;&nbsp;&nbsp; 34% |

---

<sup>(a)</sup> 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

<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> Amount represents less than 0.005%.

<sup>(h)</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** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $30.93 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.40  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;5.49  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;5.89  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $33.34 | &nbsp;&nbsp;&nbsp;&nbsp; $30.93  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.43% | &nbsp;&nbsp;&nbsp;&nbsp; 23.74%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $4334 | &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; 0.29%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup>  |
| Ratio of operational expenses to average net assets excluding tax expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp;&nbsp; 1.74%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 42% | &nbsp;&nbsp;&nbsp;&nbsp; 46% |

---

<sup>(a)</sup> 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

<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> Amount represents less than 0.005%.

<sup>(h)</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** 

**September 30, 2025** 

1. ORGANIZATION

The Themes China Generative Artificial Intelligence ETF, Themes Cloud Computing ETF, Themes Copper Miners ETF, Themes Cybersecurity ETF, Themes Generative Artificial Intelligence ETF, Themes Global Systemically Important Banks ETF, Themes Gold Miners ETF, Themes Humanoid Robotics ETF, Themes Lithium & Battery Metal Miners ETF, Themes Natural Monopoly 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 China Generative Artificial Intelligence ETF | Chinese companies which derive significant revenue from generative artificial intelligence-related activities  |
| 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 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 Humanoid Robotics ETF | Companies which derive significant revenue from the design and development of humanoid and service robots  |
| 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 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 industry  |
| 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** 

**September 30, 2025(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.

Investments in money market funds are valued at the NAV per share.

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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**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(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 September 30, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Themes China Generative Artificial Intelligence ETF** | **Themes China Generative Artificial Intelligence ETF** | **Themes China Generative Artificial Intelligence ETF** | **Themes China Generative Artificial Intelligence ETF** | **Themes China Generative Artificial Intelligence ETF** |
| **Investments:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $23443132 | $— | $—  | $23443132  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 152623 |  |  | 152623  |
| **Total Investments** | $23595755 | $— | $— | $23595755 |

---

**Themes Cloud Computing ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $1427154 | $—  | $1427154  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1060 |  | 1060  |
| **Total Investments** | $1428214 | $— | $1428214 |

---

**Themes Copper Miners ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $1102533 | $—  | $—\*\* | $1102533  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2051 |  |  | 2051  |
| **Total Investments** | $1104584 | $— | $— | $1104584 |

---

**Themes Cybersecurity ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $2088483 | $—  | $2088483  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 6907 |  | 6907  |
| **Total Investments** | $2095390 | $— | $2095390 |

---

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Themes Generative Artificial Intelligence ETF** | **Themes Generative Artificial Intelligence ETF** | **Themes Generative Artificial Intelligence ETF** | **Themes Generative Artificial Intelligence ETF** | **Themes Generative Artificial Intelligence ETF** |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $40183116 | $—  | $—  | $40183116  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 57874 |  |  | 57874  |
| **Total Investments** | $40240990 | $— | $— | $40240990 |

---

**Themes Global Systemically Important Banks ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $20144761 | $—  | $20144761  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 15694 |  | 15694  |
| **Total Investments** | $20160455 | $— | $20160455 |

---

**Themes Gold Miners ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $17954476 | $277457  | $— | $18231933  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 16521 |  |  | 16521  |
| **Total Investments** | $17970997 | $277457 | $— | $18248454 |

---

**Themes Humanoid Robotics ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $5531878 | $—  | $5531878  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 22154 |  | 22154  |
| **Total Investments** | $5554032 | $— | $5554032 |

---

**Themes Lithium & Battery Metal Miners ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $372474 | $—  | $—\*\* | $372474  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1379 |  |  | 1379  |
| **Total Investments** | $373853 | $— | $— | $373853 |

---

**Themes Natural Monopoly ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $1624398 | $—  | $1624398  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2529 |  | 2529  |
| **Total Investments** | $1626927 | $— | $1626927 |

---

**Themes Silver Miners ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $3740802 | $—  | $3740802  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 6071 |  | 6071  |
| **Total Investments** | $3746873 | $— | $3746873 |

---

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Themes Transatlantic Defense ETF** | **Themes Transatlantic Defense ETF** | **Themes Transatlantic Defense ETF** | **Themes Transatlantic Defense ETF** | **Themes Transatlantic Defense ETF** |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $56934977 | $—  | $—  | $56934977  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 228980 |  |  | 228980  |
| **Total Investments** | $57163957 | $— | $— | $57163957 |

---

**Themes Uranium & Nuclear ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $20322310 | $—  | $20322310  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 128835 |  | 128835  |
| **Total Investments** | $20451145 | $— | $20451145 |

---

**Themes US Cash Flow Champions ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $2679305 | $—  | $2679305  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 27664 |  | 27664  |
| **Total Investments** | $2706969 | $— | $2706969 |

---

**Themes US Infrastructure ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $1221154 | $—  | $1221154  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 5945 |  | 5945  |
| **Total Investments** | $1227099 | $— | $1227099 |

---

**Themes US R&D Champions ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $997655 | $—  | $997655  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2104 |  | 2104  |
| **Total Investments** | $999759 | $— | $999759 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $4318252 | $—  | $4318252  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 14152 |  | 14152  |
| **Total Investments** | $4332404 | $— | $4332404 |

---

<sup>\*</sup> Refer to the Schedule of Investments for industry classifications.

<sup>\*\*</sup> Includes a position valued at zero.

Management has determined the amount of Level 3 securities in Themes Copper Miners ETF and Themes Lithium & Battery Metal Miners ETF is not material; therefore, a rollforward of Level 3 securities is not presented.

The Funds have adopted a policy of recording any transfers of investment securities between the different levels in the fair value hierarchy as of the end of the year.

**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.** 

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**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

**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 differences do not require reclassification. Dividends and distributions which exceed earnings and profit for tax purposes are reported as a tax return of capital. See Note 6. Income Tax Information for information on distributions made to shareholders.

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 September 30, 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.

**Operating Segments – The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its** 

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**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Treasurer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**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.** 

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 China Generative Artificial Intelligence ETF | 0.39%  |
| Themes Cloud Computing ETF | 0.35%  |
| Themes Copper Miners ETF | 0.35%  |
| Themes Cybersecurity 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 Humanoid Robotics ETF | 0.35%  |
| Themes Lithium & Battery Metal Miners ETF | 0.35%  |
| Themes Natural Monopoly ETF | 0.35%  |
| Themes Transatlantic Defense ET | 0.35%  |
| Themes Silver Miners 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-**

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**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

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 September 30, 2025, certain Officers and a Trustee of the Trust were also officers or employees of the Adviser.

**Increase from Payments by Affiliates – During the year, the Adviser reimbursed the Themes Silver Miners ETF (the "Fund") for a trade error that occurred as a result of a missed quarterly rebalancing trade execution. The error resulted in trading slippage that adversely affected the Fund's performance. The Adviser promptly reimbursed the Fund in the amount of $46,314. This reimbursement is reflected as an increase from payments by affiliates within realized gain (loss) on investments in the Fund's Statement of Operations.** 

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 NYSE 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.

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

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.

5. INVESTMENT TRANSACTIONS

For the year or period ended September 30, 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 China Generative Artificial Intelligence ETF | $20962040 | $1275371 | $1870064 | $—  |
| Themes Cloud Computing ETF | 221596 | 231195 | 319747 | 599152  |
| Themes Copper Miners ETF | 398598 | 291999 | 616123 | 452816  |
| Themes Cybersecurity ETF | 709072 | 696736 | 589319 | 632103  |
| Themes Generative Artificial Intelligence ETF | 18881723 | 18678299 | 32303722 | 13509417  |
| Themes Global Systemically Important Banks ETF | 2688642 | 924368 | 16169788 | 3152725  |
| Themes Gold Miners ETF | 2764451 | 2062997 | 23573789 | 14883067  |
| Themes Humanoid Robotics ETF | 5044373 | 2132130 | 2803592 | 1284163  |
| Themes Lithium & Battery Metal Miners ETF | 740462 | 890761 | 415500 | 529807  |
| Themes Natural Monopoly ETF | 1303304 | 1276271 | 620982 | 640659  |
| Themes Silver Miners ETF | 1376590 | 1217946 | 2498583 | 277815  |
| Themes Transatlantic Defense ETF | 5774963 | 4031800 | 50379090 | 4997309  |
| Themes Uranium & Nuclear ETF | 6055716 | 3950591 | 16029846 | 2909156  |
| Themes US Cash Flow Champions ETF | 416910 | 408961 | 2145360 | 588549  |
| Themes US Infrastructure ETF | 122551 | 107236 | 788787 | 249783  |
| Themes US R&D Champions ETF | 616773 | 596946 | 897084 | 1208111  |
| Themes US Small Cap Cash Flow Champions ETF | 1620772 | 1518871 | 5325323 | 2097150 |

---

For the year or period ended September 30, 2025, there were no long-term purchases or sales of U.S. Government Securities in the Funds.

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

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

6. INCOME TAX INFORMATION

The components of accumulated earnings/losses for federal income tax purposes as of September 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes China** <br>**Generative**<br>**Artificial**<br>**Intelligence** <br>**ETF**  | **Themes** <br>**Cloud**<br>**Computing** <br>**ETF**  | **Themes** <br>**Copper**<br>**Miners ETF**  | **Themes**<br>**Cybersecurity** <br>**ETF**  | **Themes** <br>**Generative**<br>**Artificial**<br>**Intelligence** <br>**ETF**  |
| Tax cost of investments | $21957477 | $1176338 | $896114 | $1812486 | $37048513  |
| Gross unrealized appreciation | 2034545 | 339875 | 310472 | 465406 | 7264957  |
| Gross unrealized depreciation | (396778) | (87989) | (101991) | (182497) | (4072347)  |
| Net unrealized appreciation | $1637767 | $251886 | $208481 | $282909 | $3192610  |
| Undistributed ordinary income | 257532 |  | 119738 |  | 1542394  |
| Undistributed capital gain |  | 19098 |  | 10386 | —  |
| Total distributable earnings | 257532 | 19098 | 119738 | 10386 | 1542394  |
| Other accumulated losses |  | (1912) |  | (846) | (2342300)  |
| Total accumulated earnings | $1895299 | $269072 | $328219 | $292449 | $2392704 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**Global** <br>**Systemically** <br>**Important** <br>**Banks ETF**  | **Themes** <br>**Gold** <br>**Miners** <br>**ETF**  | **Themes** <br>**Humanoid** <br>**Robotics** <br>**ETF**  | **Themes** <br>**Lithium &** <br>**Battery** <br>**Metal Miners** <br>**ETF**  | **Themes** <br>**Natural** <br>**Monopoly** <br>**ETF**  |
| Tax cost of investments | $17833416 | $16436485 | $5141905 | $296826 | $1526912  |
| Gross unrealized appreciation | 2517018 | 1873540 | 511034 | 111431 | 165639  |
| Gross unrealized depreciation | (189916) | (61535) | (98874) | (34398) | (65604)  |
| Net unrealized appreciation | $2327102 | $1812005 | $412160 | $77033 | $100035  |
| Undistributed ordinary income | 253165 | 185020 |  |  | 18048  |
| Undistributed capital gain | 51785 |  | 17877 |  | 979  |
| Total distributable earnings | 304950 | 185020 | 17877 |  | 19027  |
| Other accumulated losses |  |  |  | (3474) | —  |
| Total accumulated earnings | $2632052 | $1997025 | $430037 | $73559 | $119062 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes Silver** <br>**Miners ETF**  | **Themes** <br>**Transatlantic** <br>**Defense ETF**  | **Themes** <br>**Uranium &** <br>**Nuclear ETF**  | **Themes US** <br>**Cash Flow** <br>**Champions** <br>**ETF**  | **Themes US** <br>**Infrastructure** <br>**ETF**  |
| Tax cost of investments | $3279007 | $48556321 | $17696161 | $2530287 | $1074402  |
| Gross unrealized appreciation | 519230 | 9235851 | 3776193 | 285811 | 191030  |
| Gross unrealized depreciation | (51382) | (628288) | (1021166) | (109129) | (38333)  |
| Net unrealized appreciation | $467848 | $8607563 | $2755027 | $176682 | $152697  |
| Undistributed ordinary income | 242533 | 307916 | 585391 | 39113 | 16766  |
| Undistributed capital gain | 96593 |  |  |  | —  |
| Total distributable earnings | 339126 | 307916 | 585391 | 39113 | 16766  |
| Other accumulated losses |  |  | (182895) | (22787) | —  |
| Total accumulated earnings | $806974 | $8915479 | $3157523 | $193008 | $169463 |

---

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Themes US** <br>**R&D**<br>**Champions** <br>**ETF** | **Themes US**<br>**Small Cap** <br>**Cash Flow**<br>**Champions** <br>**ETF**  |
| Tax cost of investments | $919382 | $4272515  |
| Gross unrealized appreciation | 134734 | 402066  |
| Gross unrealized depreciation | (54360) | (342177)  |
| Net unrealized appreciation | $80374 | $59889  |
| Undistributed ordinary income | 3162 | 70442  |
| Undistributed capital gain |  | —  |
| Total distributable earnings | 3162 | 70442  |
| Other accumulated losses | (40750) | (107888)  |
| Total accumulated earnings | $42786 | $22443 |

---

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

On the Statements of Assets and Liabilities, the following adjustments were made for permanent tax differences between accounting for total distributable earnings and paid-in capital under U.S. GAAP and tax reporting:

---

| | | |
|:---|:---|:---|
|  | **Total Distributable**<br>**Earnings/(Loss)** | **Paid-in**<br>**Capital**  |
| Themes China Generative Artificial Intelligence ETF | &nbsp;&nbsp;&nbsp; $— | $—  |
| Themes Cloud Computing ETF | &nbsp;&nbsp;&nbsp; (135863) | 135863  |
| Themes Copper Miners ETF | &nbsp;&nbsp;&nbsp; (11674) | 11674  |
| Themes Cybersecurity ETF | &nbsp;&nbsp;&nbsp; (190250) | 190250  |
| Themes Generative Artificial Intelligence ETF | &nbsp;&nbsp;&nbsp; (3459893) | 3459893  |
| Themes Global Systemically Important Banks ETF | &nbsp;&nbsp;&nbsp; (962194) | 962194  |
| Themes Gold Miners ETF | &nbsp;&nbsp;&nbsp; (4977060) | 4977060  |
| Themes Humanoid Robotics ETF | &nbsp;&nbsp;&nbsp; (166236) | 166236  |
| Themes Lithium & Battery Metal Miners ETF | &nbsp;&nbsp;&nbsp; (23813) | 23813  |
| Themes Natural Monopoly ETF | &nbsp;&nbsp;&nbsp; (110037) | 110037  |
| Themes Silver Miners ETF | &nbsp;&nbsp;&nbsp; (63420) | 63420  |
| Themes Transatlantic Defense ETF | &nbsp;&nbsp;&nbsp; (1168559) | 1168559  |
| Themes Uranium & Nuclear ETF | &nbsp;&nbsp;&nbsp; (1458681) | 1458681  |
| Themes US Cash Flow Champions ETF | &nbsp;&nbsp;&nbsp; (128469) | 128469  |
| Themes US Infrastructure ETF | &nbsp;&nbsp;&nbsp; (7872) | 7872  |
| Themes US R&D Champions ETF | &nbsp;&nbsp;&nbsp; (131614) | 131614  |
| Themes US Small Cap Cash Flow Champions ETF | &nbsp;&nbsp;&nbsp; (238357) | 238357 |

---

These permanent tax differences relate to in-kind redemptions.

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

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, 2025, the Funds had the following post-October and late year losses:

---

| | | |
|:---|:---|:---|
|  | **Post-October**<br>**Capital Losses** | **Late Year**<br>**Ordinary Losses**  |
| Themes China Generative Artificial Intelligence ETF | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Themes Cloud Computing ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1912  |
| Themes Copper Miners ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Themes Cybersecurity ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 846  |
| Themes Generative Artificial Intelligence ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Themes Global Systemically Important Banks ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Themes Gold Miners ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Themes Humanoid Robotics ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Themes Lithium & Battery Metal Miners ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3474  |
| Themes Natural Monopoly ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Themes Silver Miners ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Themes Transatlantic Defense ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Themes Uranium & Nuclear ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Themes US Cash Flow Champions ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Themes US Infrastructure ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Themes US R&D Champions ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Themes US Small Cap Cash Flow Champions ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Capital loss carryforwards will retain their character as either short-term or long-term capital losses and may be carried forward indefinitely. At September 30, 2025, the Funds had capital loss carryforwards on a tax basis of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Utilized in** <br>**Current Year** | **Unlimited ST** | **Unlimited LT**  |
| Themes China Generative Artificial Intelligence ETF | &nbsp;&nbsp;&nbsp; $— | $— | $—  |
| Themes Cloud Computing ETF | &nbsp;&nbsp;&nbsp; 4492 |  | —  |
| Themes Copper Miners ETF | &nbsp;&nbsp;&nbsp; — |  | —  |
| Themes Cybersecurity ETF | &nbsp;&nbsp;&nbsp; 5127 |  | —  |
| Themes Generative Artificial Intelligence ETF | &nbsp;&nbsp;&nbsp; — | (1917527) | (424773)  |
| Themes Global Systemically Important Banks ETF | &nbsp;&nbsp;&nbsp; 3337 |  | —  |
| Themes Gold Miners ETF | &nbsp;&nbsp;&nbsp; 5178 |  | —  |
| Themes Humanoid Robotics ETF | &nbsp;&nbsp;&nbsp; 597 |  | —  |
| Themes Lithium & Battery Metal Miners ETF | &nbsp;&nbsp;&nbsp; — |  | —  |
| Themes Natural Monopoly ETF | &nbsp;&nbsp;&nbsp; 9995 |  | —  |
| Themes Silver Miners ETF | &nbsp;&nbsp;&nbsp; 214 |  | —  |
| Themes Transatlantic Defense ETF | &nbsp;&nbsp;&nbsp; — |  | —  |
| Themes Uranium & Nuclear ETF | &nbsp;&nbsp;&nbsp; — | (182895) | —  |
| Themes US Cash Flow Champions ETF | &nbsp;&nbsp;&nbsp; — | (20840) | (1947)  |
| Themes US Infrastructure ETF | &nbsp;&nbsp;&nbsp; — |  | —  |
| Themes US R&D Champions ETF | &nbsp;&nbsp;&nbsp; — | (34092) | (6658)  |
| Themes US Small Cap Cash Flow Champions ETF | &nbsp;&nbsp;&nbsp; — | (107888) |  |

---

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

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**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

The tax character of distributions during the year ended September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  |
|  | **Ordinary**<br>**Income** | **Long Term**<br>**Capital Gains** | **Return of**<br>**Capital**  |
| Themes China Generative Artificial Intelligence ETF | $— | &nbsp;&nbsp; $— | $—  |
| Themes Cloud Computing ETF |  | &nbsp;&nbsp; — | —  |
| Themes Copper Miners ETF | 5966 | &nbsp;&nbsp; — | —  |
| Themes Cybersecurity ETF | 2250 | &nbsp;&nbsp; — | —  |
| Themes Generative Artificial Intelligence ETF |  | &nbsp;&nbsp; — | —  |
| Themes Global Systemically Important Banks ETF | 49789 | &nbsp;&nbsp; — | —  |
| Themes Gold Miners ETF | 45286 | &nbsp;&nbsp; — | —  |
| Themes Humanoid Robotics ETF | 9566 | &nbsp;&nbsp; — | —  |
| Themes Lithium & Battery Metal Miners ETF | 39963 | &nbsp;&nbsp; — | —  |
| Themes Natural Monopoly ETF | 13503 | &nbsp;&nbsp; — | —  |
| Themes Silver Miners ETF | 8894 | &nbsp;&nbsp; — | —  |
| Themes Transatlantic Defense ETF | 1498 | &nbsp;&nbsp; — | —  |
| Themes Uranium & Nuclear ETF | 9067 | &nbsp;&nbsp; — | —  |
| Themes US Cash Flow Champions ETF | 24947 | &nbsp;&nbsp; — | —  |
| Themes US Infrastructure ETF | 1705 | &nbsp;&nbsp; — | —  |
| Themes US R&D Champions ETF | 28970 | &nbsp;&nbsp; — | —  |
| Themes US Small Cap Cash Flow Champions ETF | 15253 | &nbsp;&nbsp; — |  |

---

There were no distributions to shareholders made for the period ended September 30, 2024.

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. 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.

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**Themes ETF Trust** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of Trustees of

Themes ETF Trust

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Themes ETF Trust comprising the funds listed below (the "Funds") as of September 30, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations** | **Statements of** <br>**Changes in Net** <br>**Assets** | **Financial** <br>**Highlights**  |
| Themes Cybersecurity ETF and <br>Themes Generative Artificial Intelligence ETF | For the year ended September 30, 2025 | For the year ended September 30, 2025, and for the period from December 8, 2023 (commencement of operations) through September 30, 2024 | For the year ended September 30, 2025, and for the period from December 8, 2023 (commencement of operations) through September 30, 2024 |
| Themes Gold Miners ETF, <br>Themes Natural Monopoly ETF,<br>Themes US Cash Flow Champions ETF, <br>Themes US R&D Champions ETF, and <br>Themes US Small Cap Cash Flow Champions ETF | For the year ended September 30, 2025 | For the year ended September 30, 2025, and for the period from December 13, 2023 (commencement of operations) through September 30, 2024  | For the year ended September 30, 2025, and for the period from December 13, 2023 (commencement of operations) through September 30, 2024  |
| Themes Cloud Computing ETF and<br>Themes Global Systemically Important Banks ETF | For the year ended September 30, 2025 | For the year ended September 30, 2025, and for the period from December 15, 2023 (commencement of operations) through September 30, 2024  | For the year ended September 30, 2025, and for the period from December 15, 2023 (commencement of operations) through September 30, 2024  |
| Themes Humanoid Robotics ETF, formally known as Themes Robotics & Automation ETF | For the year ended September 30, 2025 | For the years ended September 30, 2025, and for the period from April 22, 2024 (commencement of operations) through September 30, 2024  | For the years ended September 30, 2025, and for the period from April 22, 2024 (commencement of operations) through September 30, 2024  |
| Themes Silver Miners ETF | For the year ended September 30, 2025 | For the year ended September 30, 2025, and for the period from May 3, 2024 (commencement of operations) through September 30, 2024  | For the year ended September 30, 2025, and for the period from May 3, 2024 (commencement of operations) through September 30, 2024  |
| Themes US Infrastructure ETF | For the year ended September 30, 2025 | For the year ended September 30, 2025, and for the period from September 12, 2024 (commencement of operations) through September 30, 2024  | For the year ended September 30, 2025, and for the period from September 12, 2024 (commencement of operations) through September 30, 2024  |
| Themes Copper Miners ETF, <br>Themes Lithium & Battery Metal Miners ETF, and Themes Uranium & Nuclear ETF | For the year ended September 30, 2025 | For the year ended September 30, 2025, and for the period from September 24, 2024 (commencement of operations) through September 30, 2024  | For the year ended September 30, 2025, and for the period from September 24, 2024 (commencement of operations) through September 30, 2024  |
| Themes Transatlantic Defense ETF | For the period from October 11, 2024 (commencement of operations) through September 30, 2025  | For the period from October 11, 2024 (commencement of operations) through September 30, 2025  | For the period from October 11, 2024 (commencement of operations) through September 30, 2025  |
| Themes China Generative<br>Artificial Intelligence ETF | For the period from July 15, 2025 (commencement of operations) through September 30, 2025 | For the period from July 15, 2025 (commencement of operations) through September 30, 2025 | For the period from July 15, 2025 (commencement of operations) through September 30, 2025 |

---

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**Themes ETF Trust** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

**Basis for Opinion** 

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2024.

![](a18656_cohen-sign.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 26, 2025

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**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 February 28, 2025 (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 36 series of shares (each, a "Fund" and together, the "Funds"), including Themes China Generative Artificial Intelligence 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 conclusions, 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 Independent Trustees noted having met with Independent Trustee Counsel prior to the 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 and 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) a summary of 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, summaries of Themes' compliance program, including its 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

that was most relevant to its consideration to approve the Advisory Agreement and each Trustee may have afforded

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**Themes ETF Trust** 

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

different weight to the various factors. In deciding whether to approve the Advisory Agreement, the Trustees considered numerous factors, including:

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

The Board considered the responsibilities of Themes under the Advisory Agreement and the services to be provided including, without limitation, the process for 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 Themes' staffing, including plans to hire additional portfolio management personnel in 2025, the education and experience of its personnel, and its compliance programs, policies and procedures. The Board considered that while Themes was a recently formed entity and that it had limited experience managing registered funds, its personnel had significant experience in managing the investment strategies of the Funds, the portfolios of other registered funds and the overall operations of a large family of funds. The Board also considered the financial condition of Themes and the commitment of financial support from its owners. The Board considered the measures that Themes had put in place to ensure compliance with applicable law and regulations, including the hiring of an independent compliance firm to assist with the development and maintenance of its compliance policies and procedures and the hiring of an independent chief compliance officer to oversee its compliance program. The Board also considered the trading and operational capabilities of Themes, noting in particular the highly automated trading, portfolio management and compliance systems and the significant past experience of the portfolio managers in trading total return swaps and options. The Board also considered Themes distribution plan focusing on marketing and advertising and the addition of additional employees to assist on this front. After reviewing the foregoing and further information from Themes, the Board concluded that Themes has 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;2. <u>Investment Performance of the Funds and Themes.</u> 

The Board considered certain data provided by the Adviser at regular Board meetings throughout the year. Included in this data were performance reports and tracking error analysis of the operational series of the Trust. The Board noted that a tracking error analysis served as a meaningful indicator of the quality of the Adviser's services rather than a Fund's total return. It was also noted that Themes was formed to manage funds and did not manage any other accounts.

&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> 

The Board considered the financial condition of Themes and the level of commitment to the Funds by its owners and the estimated expenses of each Fund. The Board noted projections from Themes as to the level of assets under management required 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 where such information was available. The Board considered how the Funds' proposed management fees compare to other similar funds, where applicable, noting that each Fund's proposed management fee was lower than the management fees charged by similar funds or in some cases, there were no directly comparable peers. The Board considered the complexity of the Funds' investment strategies and the operational burdens of overseeing daily trading. The differences in certain of the Funds' investment strategies from the group of similar funds was also considered. 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;4. <u>The extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect</u> <u>these economies of scale for the benefit of the Fund's investors</u>.

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. 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.

72<br>

------

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

**Themes ETF Trust** 

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

&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; and the use of the name of the Adviser's affiliate, Leverage Shares, in the name of certain of the Funds and the compliance policies and procedures and legal protections to be put in place related thereto. The Board considered that Themes does not currently manage any investments for clients other than the Trust. The Board also considered potential benefits for Themes in managing the Funds. The Board noted that Themes represented that it does not currently utilize soft dollars but may at some point in the future. Following 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, 2025, 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 for each Fund was as follows:

---

| | |
|:---|:---|
| Themes China Generative Artificial Intelligence ETF | 0.00%  |
| Themes Cloud Computing ETF | 0.00%  |
| Themes Copper Miners ETF | 6.44%  |
| Themes Cybersecurity ETF | 100.00%  |
| Themes Generative Artificial Intelligence ETF | 0.00%  |
| Themes Global Systemically Important Banks ETF | 100.00%  |
| Themes Gold Miners ETF | 60.57%  |
| Themes Humanoid Robotics ETF | 92.79%  |
| Themes Lithium & Battery Metal Miners ETF | 7.55%  |
| Themes Natural Monopoly ETF | 100.00%  |
| Themes Silver Miners ETF | 35.92%  |
| Themes Transatlantic Defense ETF | 100.00%  |
| Themes Uranium & Nuclear ETF | 2.22%  |
| Themes US Cash Flow Champions ETF | 100.00%  |
| Themes US Infrastructure ETF | 71.58%  |
| Themes US R&D Champions ETF | 19.36%  |
| Themes US Small Cap Cash Flow Champions ETF | 100.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended September 30, 2025 for each Fund was as follows:

---

| | |
|:---|:---|
| Themes China Generative Artificial Intelligence ETF | 0.00%  |
| Themes Cloud Computing ETF | 0.00%  |
| Themes Copper Miners ETF | 0.00%  |
| Themes Cybersecurity ETF | 100.00%  |
| Themes Generative Artificial Intelligence ETF | 0.00%  |
| Themes Global Systemically Important Banks ETF | 20.23%  |
| Themes Gold Miners ETF | 0.00%  |
| Themes Humanoid Robotics ETF | 26.95%  |
| Themes Lithium & Battery Metal Miners ETF | 2.06%  |
| Themes Natural Monopoly ETF | 60.68%  |
| Themes Silver Miners ETF | 9.11%  |
| Themes Transatlantic Defense ETF | 72.99%  |
| Themes Uranium & Nuclear ETF | 0.26%  |
| Themes US Cash Flow Champions ETF | 100.00%  |
| Themes US Infrastructure ETF | 68.16%  |
| Themes US R&D Champions ETF | 17.50%  |
| Themes US Small Cap Cash Flow Champions ETF | 100.00% |

---

74<br>

------

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

**Themes ETF Trust** 

**SUPPLEMENTAL INFORMATION (Unaudited)(Continued)** 

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 5.22% for Themes Lithium & Battery Metal Miners ETF and 0% for all other Funds.

**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.

75<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>**

Included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

Included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

Included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Included within the financial statements filed under Item 7(a) of this Form.

**<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.* Filed herewith.](tar-efp18656_ex99code.htm)

 

&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.](tar-efp18656_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)).* Filed herewith.](tar-efp18656_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>December 1, 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>December 1, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Dobromir Kamburov |
|  | Dobromir Kamburov, Principal Financial Officer |

---

Date <u>December 1, 2025</u>

## Ex-99.Code

**EX.99.CODE ETH**

**THEMES ETF TRUST**

**Code of Ethics for Principal Executive and Principal Financial Officers**

**Preamble**

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, Themes ETF Trust (the "Company") has adopted this Code of Ethics (the "Code").

**Statement of Policy**

It is the obligation of the senior officers of the Company to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to Company shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Company in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Company shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Company, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Company and its adviser has adopted or may adopt in the future with which Company officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

**Covered Persons**

This Code of Ethics applies to those persons appointed by the Company's Board of Trustees as Chief Executive Officer, and Chief Financial Officer, or persons performing similar functions.

**Promotion of Honest and Ethical Conduct**

In serving as an officer of the Company, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Company, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Company, he has a duty to act in the best interests of the Company and its shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Company.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Company, he should consult with the Company's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Company or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Company give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

**Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure**

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Company shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Company counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Company service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Company reports reveal, rather than conceal, the Company's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Company to provide full, fair and accurate financial information and other disclosure to regulators and Company shareholders.

Each Covered Person shall inquire of other Company officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Company, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

**Promotion of Compliance with Applicable Government Laws, Rules and Regulations**

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Company and its operations and shall act with competence and due care in serving as an officer of the Company. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Company.

Each Covered Person shall cooperate with the Company's independent auditors, regulatory agencies and internal auditors in their review or inspection of the Company and its operations.

No Covered Person shall knowingly violate any law or regulation relating to the Company or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving the Company or their operations.

**Promoting Prompt Internal Reporting of Violations**

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Company's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Company's Audit Committee. All waivers and amendments shall be disclosed as required by law.

**Sanctions**

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Company. Sanctions shall be imposed by the Company's Audit Committee, subject to review by the entire Board of Trustees of the Company.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Company's senior officers in the conduct of the Company's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

**Recordkeeping**

The Company will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**Amendments**

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

## 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: | December 1, 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: | December 1, 2025 | /s/ Dobromir Kamburov |
|  |  | Dobromir Kamburov |
|  |  | Principal Financial Officer |

---

## 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 year ended September 30, 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.

---

| | |
|:---|:---|
| /s/ Jose Gonzalez | /s/ Dobromir Kamburov |
| Jose Gonzalez | Dobromir Kamburov |
| Principal Executive Officer | Principal Financial Officer |
| Themes ETF Trust | Themes ETF Trust |

---

Dated: <u>December 1, 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.