# EDGAR Filing Document

**Accession Number:** 0001944285
**File Stem:** 0001133228-26-008150
**Filing Date:** 2026-5
**Character Count:** 257554
**Document Hash:** f5ada915b5c89d523265477f123a44f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008150.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001133228-26-008150

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260508

**EFFECTIVENESS DATE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tema ETF Trust
- **CENTRAL INDEX KEY:** 0001944285

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23823
- **FILM NUMBER:** 26960533

**BUSINESS ADDRESS:**
- **STREET 1:** 1919 M STREET, N.W., SUITE 700
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036
- **BUSINESS PHONE:** 3024994928 EXT. 801

**MAIL ADDRESS:**
- **STREET 1:** 1919 M STREET, N.W., SUITE 700
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036

## Series and Classes Contracts Data

### Tema American Reshoring ETF (Series ID: S000078298)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000239058 | Tema American Reshoring ETF | RSHO            |

### Tema Oncology ETF (Series ID: S000078299)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000239059 | Tema Oncology ETF | CANC            |

### Tema Durable Quality ETF (Series ID: S000078302)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000239062 | Tema Durable Quality ETF | TOLL            |

### Tema Alternative Asset Managers ETF (Series ID: S000078303)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000239063 | Tema Alternative Asset Managers ETF | AAUM            |

### Tema Heart & Health ETF (Series ID: S000081541)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000244455 | Tema Heart & Health ETF | HRTS            |

### Tema Electrification ETF (Series ID: S000088946)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000255347 | Tema Electrification ETF | VOLT            |

### Tema S&P 500 Historical Weight ETF Strategy (Series ID: S000090856)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000258231 | Tema S&P 500 Historical Weight ETF Strategy | DSPY            |

### Tema International Defense ETF (Series ID: S000093386)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000261603 | Tema International Defense ETF | ARMY            |

### Tema International Durable Quality ETF (Series ID: S000093387)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000261604 | Tema International Durable Quality ETF | ITOL            |

?xml version='1.0' encoding='ASCII'? 2025-12-26195449_TemaAlternativeAssetManagersETF_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>(811-23823)</u>**

**<u>Tema ETF Trust</u>**

(Exact name of registrant as specified in charter)

**Brookfield Place**

**200 Vesey Street, Suite 24106**

**<u>New York, NY 10281</u>**

(Address of principal executive offices) (Zip code)

**Maurits Pot, President**

**Brookfield Place**

**200 Vesey Street, Suite 24106**

**<u>New York, NY 10281</u>**

(Name and address of agent for service)

**<u>(302) - 499 - 4928 ext. 801</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>February 28</u>**

Date of reporting period: **<u>February 28, 2026</u>**

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

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

 

---

| | | |
|:---|:---|:---|
| ![image](img704890_202604071419303.jpg) | **Tema Alternative Asset Managers ETF**  | ![image](img171470_202509051646898.jpg) |
| ![image](img704890_202604071419303.jpg) | AAUM (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img171470_202509051646898.jpg) |
| ![image](img704890_202604071419303.jpg) | Annual Shareholder Report \| February 28, 2026  | ![image](img171470_202509051646898.jpg) |

---

This annual shareholder report contains important information about the Tema Alternative Asset Managers ETF for the period of October 1, 2025, through February 28, 2026. You can find additional information about the Fund at https://temaetfs.com/aaum. You can also request this information by contacting us toll-free at 1-888-744-1377.

**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** **\*** **<sup>,</sup>** **\*\*** |
| Tema Alternative Asset Managers ETF | $28 | 0.75% |

---

\* Amount shown reflects the expenses of the Fund from inception date through February 28, 2026. Expenses would be higher if the Fund had been in operations for the full reporting period.

\*\* Annualized

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund launched during the annual period and therefore presents performance from inception rather than a full twelve-month return. Since inception, the Fund experienced negative performance (-16.54%), reflecting concerns in private credit, exposure to feared AI disruption and general macro headwinds from geopolitics and rates.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Tikehau Capital |
| ↑ | Wheaton Precious Metals Corp. |
| ↑ | Wendel |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Stepstone Group Inc. |
| ↓ | Hamilton Lane Inc. |
| ↓ | Ares Management Corp. |

---

**HOW DID THE FUND PERFORM** **SINCE 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](ts6789img003.jpg)

Tema Alternative Asset Managers ETF PAGE 1 TSR-AR-87975E792

------

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/01/2025)** |
| **Tema Alternative Asset Managers ETF NAV**  | -16.54 |
| **S&P 500® Total Return Index**  | 3.35 |

---

Visit https://temaetfs.com/aaum 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 February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $2039471 |
| **Number of Holdings** | 30 |
| **Net Advisory Fee** | $7280 |
| **Portfolio Turnover** | 7% |

---

Visit https://temaetfs.com/aaum for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Brookfield Corp.  | 5.8% |
|  EQT AB  | 5.3% |
|  Partners Group Holding AG  | 5.1% |
|  Carlyle Group, Inc.  | 5.1% |
|  Brookfield Asset Management Ltd.  | 5.0% |
|  Hamilton Lane, Inc.  | 4.9% |
|  Apollo Global Management, Inc.  | 4.8% |
|  KKR & Co., Inc.  | 4.7% |
|  TPG, Inc.  | 4.6% |
|  Blackstone, Inc.  | 4.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Financials  | 98.0% |
|  Materials  | 0.9% |
|  Cash & Other  | 1.1% |

---

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

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

**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 Tema ETFs LLC documents not be householded, please contact Tema ETFs LLC at 1-888-744-1377, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tema ETFs LLC or your financial intermediary.

Tema Alternative Asset Managers ETF PAGE 2 TSR-AR-87975E792

------

---

| | | |
|:---|:---|:---|
| ![image](img342607_202503211836839.jpg) | **Tema American Reshoring ETF**  | ![image](img171470_202509051646898.jpg) |
| ![image](img342607_202503211836839.jpg) | RSHO (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img171470_202509051646898.jpg) |
| ![image](img342607_202503211836839.jpg) | Annual Shareholder Report \| February 28, 2026  | ![image](img171470_202509051646898.jpg) |

---

This annual shareholder report contains important information about the Tema American Reshoring ETF for the period of March 1, 2025, through February 28, 2026. You can find additional information about the Fund at https://temaetfs.com/rsho. You can also request this information by contacting us toll-free at 1-888-744-1377.

**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** |
| Tema American Reshoring ETF | $94 | 0.75% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

During the annual period, the Fund delivered strong positive performance (+49.78%), driven by robust conditions across domestic US industrial and manufacturing names. Key tailwinds included sustained policy support for domestic manufacturing investment, infrastructure spending, and strong earnings momentum across the Fund's mid-cap industrials holdings, while periodic volatility stemming from global trade uncertainty and interest rate sensitivity among capital-intensive names presented headwinds at points during the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | ATI Inc. |
| ↑ | Caterpillar Inc. |
| ↑ | Powell Industries Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Herc Holdings Inc. |
| ↓ | WESCO International Inc. |
| ↓ | Federal Signal Corp. |

---

**HOW DID THE FUND PERFORM** **SINCE 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.

**ANNUAL AVERAGE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6786img003.jpg)

Tema American Reshoring ETF PAGE 1 TSR-AR-87975E602

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/11/2023)** |
| **Tema American Reshoring ETF NAV**  | 49.78 | 32.47 |
| **S&P 500® Total Return Index**  | 16.99 | 21.55 |

---

Visit https://temaetfs.com/rsho 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 February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $264188527 |
| **Number of Holdings** | 27 |
| **Net Advisory Fee** | $1308790 |
| **Portfolio Turnover** | 52% |

---

Visit https://temaetfs.com/rsho for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Timken Co.  | 7.0% |
|  Powell Industries, Inc.  | 6.7% |
|  Gates Industrial Corp. PLC  | 6.2% |
|  Cognex Corp.  | 5.9% |
|  Caterpillar, Inc.  | 5.9% |
|  Terex Corp.  | 5.7% |
|  ATI, Inc.  | 5.3% |
|  Rockwell Automation, Inc.  | 5.2% |
|  Applied Industrial Technologies, Inc.  | 4.9% |
|  Ingersoll Rand, Inc.  | 4.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Industrials  | 85.3% |
|  Materials  | 6.9% |
|  Information Technology  | 5.9% |
|  Energy  | 0.7% |
|  Cash & Other  | 1.2% |

---

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

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

**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 Tema ETFs LLC documents not be householded, please contact Tema ETFs LLC at 1-888-744-1377, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tema ETFs LLC or your financial intermediary.

Tema American Reshoring ETF PAGE 2 TSR-AR-87975E602

------

---

| | | |
|:---|:---|:---|
| ![image](img342611_202503211841349.jpg) | **Tema Durable Quality ETF**  | ![image](img171470_202509051646898.jpg) |
| ![image](img342611_202503211841349.jpg) | TOLL (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img171470_202509051646898.jpg) |
| ![image](img342611_202503211841349.jpg) | Annual Shareholder Report \| February 28, 2026  | ![image](img171470_202509051646898.jpg) |

---

This annual shareholder report contains important information about the Tema Durable Quality ETF for the period of March 1, 2025, through February 28, 2026. You can find additional information about the Fund at https://temaetfs.com/toll. You can also request this information by contacting us toll-free at 1-888-744-1377.

***This report describes changes to the Fund that occurred during the reporting period.***

**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** |
| Tema Durable Quality ETF | $58 | 0.55% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

During the annual period, the Fund delivered positive performance (+11.05%), reflecting a broadly supportive environment for high-quality, competitively advantaged businesses across Financials, Information Technology, and Healthcare. The quality factor was generally rewarded over the period, though intermittent episodes of broader market risk appetite, where lower-quality higher-beta names outperformed, presented headwinds at points during the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Lam Research Corp. |
| ↑ | GE Aerospace |
| ↑ | KLA Corp. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Intuit Inc. |
| ↓ | Teradyne Inc. |
| ↓ | Icon PLC |

---

**HOW DID THE FUND PERFORM** **SINCE 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.

**ANNUAL AVERAGE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6790img003.jpg)

Tema Durable Quality ETF PAGE 1 TSR-AR-87975E107

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/11/2023)** |
| **Tema Durable Quality ETF NAV**  | 11.05 | 15.75 |
| **S&P 500® Total Return Index**  | 16.99 | 21.55 |

---

Visit https://temaetfs.com/toll 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 February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $48470521 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $328589 |
| **Portfolio Turnover** | 51% |

---

Visit https://temaetfs.com/toll for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  GE Aerospace  | 6.2% |
|  Lam Research Corp.  | 4.9% |
|  Visa, Inc.  | 4.9% |
|  Cboe Global Markets, Inc.  | 4.3% |
|  Performance Food Group Co.  | 4.3% |
|  KLA Corp.  | 3.9% |
|  Ferrovial SE  | 3.3% |
|  Thermo Fisher Scientific, Inc.  | 3.0% |
|  Fortinet, Inc.  | 2.9% |
|  Moody's Corp.  | 2.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Information Technology  | 27.7% |
|  Financials  | 27.2% |
|  Industrials  | 17.8% |
|  Health Care  | 13.7% |
|  Consumer Staples  | 7.5% |
|  Materials  | 3.7% |
|  Utilities  | 1.4% |
|  Cash & Other  | 1.0% |

---

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

**Fund Name Change:**

On June 27, 2025 the Tema Monopolies and Oligopolies ETF was renamed to Tema Durable Quality ETF.

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

**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 Tema ETFs LLC documents not be householded, please contact Tema ETFs LLC at 1-888-744-1377, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tema ETFs LLC or your financial intermediary.

Tema Durable Quality ETF PAGE 2 TSR-AR-87975E107

------

---

| | | |
|:---|:---|:---|
| ![image](img342608_202503211837985.jpg) | **Tema Electrification ETF**  | ![image](img171470_202509051646898.jpg) |
| ![image](img342608_202503211837985.jpg) | VOLT (Principal U.S. Listing Exchange: NASDAQ Stock Market LLC) | ![image](img171470_202509051646898.jpg) |
| ![image](img342608_202503211837985.jpg) | Annual Shareholder Report \| February 28, 2026  | ![image](img171470_202509051646898.jpg) |

---

This annual shareholder report contains important information about the Tema Electrification ETF for the period of March 1, 2025, through February 28, 2026. You can find additional information about the Fund at https://temaetfs.com/volt. You can also request this information by contacting us toll-free at 1-888-744-1377.

**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** |
| Tema Electrification ETF | $98 | 0.75% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

During the annual period, the Fund delivered exceptionally strong positive performance (+61.94%), driven by structural demand for grid modernization, data center power infrastructure, and AI-related electricity investment. The Fund's exposure to mid-cap Industrials and Utilities names proved well-positioned to capture these themes.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Bel Fuse Inc. |
| ↑ | Powell Industries Inc. |
| ↑ | GE Nernova Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Itron Inc. |
| ↓ | Mirion Technologies Inc. |
| ↓ | Infineon Technologies |

---

**HOW DID THE FUND PERFORM** **SINCE 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.

**ANNUAL AVERAGE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6787img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/04/2024)** |
| **Tema Electrification ETF NAV**  | 61.94 | 33.66 |
| **S&P 500® Total Return Index**  | 16.99 | 12.34 |

---

Visit https://temaetfs.com/volt for more recent performance information.

Tema Electrification ETF PAGE 1 TSR-AR-87975E834

------

\* *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 February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $442383480 |
| **Number of Holdings** | 32 |
| **Net Advisory Fee** | $1175493 |
| **Portfolio Turnover** | 32% |

---

Visit https://temaetfs.com/volt for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Bel Fuse, Inc.  | 6.5% |
|  Powell Industries, Inc.  | 6.4% |
|  NextEra Energy, Inc.  | 6.2% |
|  Quanta Services, Inc.  | 4.8% |
|  American Electric Power Co., Inc.  | 4.6% |
|  Amphenol Corp.  | 4.2% |
|  GE Vernova, Inc.  | 4.0% |
|  Hubbell, Inc.  | 3.9% |
|  Entergy Corp.  | 3.9% |
|  Energy Transfer LP  | 3.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Industrials  | 46.2% |
|  Utilities  | 31.9% |
|  Information Technology  | 16.9% |
|  Energy  | 4.4% |
|  Cash & Other  | 0.6% |

---

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

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

**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 Tema ETFs LLC documents not be householded, please contact Tema ETFs LLC at 1-888-744-1377, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tema ETFs LLC or your financial intermediary.

Tema Electrification ETF PAGE 2 TSR-AR-87975E834

------

---

| | | |
|:---|:---|:---|
| ![image](img342609_202503211838123.jpg) | **Tema Heart & Health ETF**  | ![image](img171470_202509051646898.jpg) |
| ![image](img342609_202503211838123.jpg) | HRTS (Principal U.S. Listing Exchange: NASDAQ Stock Market LLC) | ![image](img171470_202509051646898.jpg) |
| ![image](img342609_202503211838123.jpg) | Annual Shareholder Report \| February 28, 2026  | ![image](img171470_202509051646898.jpg) |

---

This annual shareholder report contains important information about the Tema Heart & Health ETF for the period of March 1, 2025, through February 28, 2026. You can find additional information about the Fund at https://temaetfs.com/hrts. You can also request this information by contacting us toll-free at 1-888-744-1377.

***This report describes changes to the Fund that occurred during the reporting period.***

**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** |
| Tema Heart & Health ETF | $82 | 0.75% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

During the annual period, the Fund delivered positive performance (+18.79%), underpinned by broad strength across large-cap healthcare names and meaningful contributions from holdings with exposure to the obesity drug themes. Intermittent pressure on managed care names and pharmaceutical pricing concerns presented modest headwinds at points during the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Arrowhead Pharmaceuticals Inc. |
| ↑ | Bridgebio Pharma Inc. |
| ↑ | Revolution Medicines Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Novo Nordisk |
| ↓ | UnitedHealth Group Inc. |
| ↓ | Boston Scientific Corp. |

---

**HOW DID THE FUND PERFORM** **SINCE 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.

**ANNUAL AVERAGE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6791img003.jpg)

Tema Heart & Health ETF PAGE 1 TSR-AR-87975E883

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**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(11/21/2023)** |
| **Tema Heart & Health ETF NAV**  | 18.79 | 16.12 |
| **S&P 500® Total Return Index**  | 16.99 | 21.57 |

---

Visit https://temaetfs.com/hrts 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 February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $55315427 |
| **Number of Holdings** | 45 |
| **Net Advisory Fee** | $396841 |
| **Portfolio Turnover** | 40% |

---

Visit https://temaetfs.com/hrts for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Eli Lilly & Co.  | 10.0% |
|  Roche Holding AG  | 5.5% |
|  Johnson & Johnson  | 4.9% |
|  AstraZeneca PLC  | 4.8% |
|  Merck & Co., Inc.  | 4.2% |
|  Thermo Fisher Scientific, Inc.  | 4.0% |
|  UnitedHealth Group, Inc.  | 3.8% |
|  Gilead Sciences, Inc.  | 3.6% |
|  Novartis AG  | 3.6% |
|  Abbott Laboratories  | 3.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Health Care  | 99.2% |
|  Cash & Other  | 0.8% |

---

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

**Fund Name Change:**

On June 27, 2025 the Tema GLP-1, Obesity & Cardiometabolic ETF was renamed Tema Heart & Health ETF.

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

**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 Tema ETFs LLC documents not be householded, please contact Tema ETFs LLC at 1-888-744-1377, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tema ETFs LLC or your financial intermediary.

Tema Heart & Health ETF PAGE 2 TSR-AR-87975E883

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| | | |
|:---|:---|:---|
| ![image](img704888_202604071417888.jpg) | **Tema International Defense Innovation ETF**  | ![image](img171470_202509051646898.jpg) |
| ![image](img704888_202604071417888.jpg) | GDFN (Principal U.S. Listing Exchange: NASDAQ Stock Market LLC) | ![image](img171470_202509051646898.jpg) |
| ![image](img704888_202604071417888.jpg) | Annual Shareholder Report \| February 28, 2026  | ![image](img171470_202509051646898.jpg) |

---

This annual shareholder report contains important information about the Tema International Defense Innovation ETF for the period of September 25, 2025, through February 28, 2026. You can find additional information about the Fund at https://temaetfs.com/army. You can also request this information by contacting us toll-free at 1-888-744-1377.

***This report describes changes to the Fund that occurred.***

**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** **\*** **<sup>,</sup>** **\*\*** |
| Tema International Defense Innovation ETF | $30 | 0.68% |

---

\* Amount shown reflects the expenses of the Fund from inception date through February 28, 2026. Expenses would be higher if the Fund had been in operations for the full reporting period.

\*\* Annualized

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund launched during the annual period and therefore presents performance from inception rather than a full twelve-month return. Since inception, the Fund delivered a modest positive return (+7.82%), with the European defense complex experiencing a meaningful re-rating driven by heightened geopolitical developments and increased defense spending commitments, before partially consolidating those gains later in the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Kongsberg Gruppen ASA |
| ↑ | Indra Sistemas SA |
| ↑ | Elbit Systems Ltd. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Rocket Lab Corp. |
| ↓ | Aerovironment Inc. |
| ↓ | Hensoldt AG |

---

**HOW DID THE FUND PERFORM** **SINCE 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](ts6792img003.jpg)

Tema International Defense Innovation ETF PAGE 1 TSR-AR-87975E784

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**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/25/2025)** |
| **Tema International Defense Innovation ETF NAV**  | 7.82 |
| **S&P 500® Total Return Index**  | 4.15 |

---

Visit https://temaetfs.com/army 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 February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $1374111 |
| **Number of Holdings** | 33 |
| **Net Advisory Fee** | $7230 |
| **Portfolio Turnover** | 9% |

---

Visit https://temaetfs.com/army for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Kongsberg Gruppen ASA  | 5.7% |
|  Elbit Systems Ltd.  | 5.2% |
|  Saab AB  | 4.6% |
|  Indra Sistemas SA  | 4.5% |
|  Dassault Aviation SA  | 4.4% |
|  BAE Systems PLC  | 4.4% |
|  Leonardo SpA  | 4.1% |
|  Rheinmetall AG  | 4.0% |
|  Thales SA  | 3.9% |
|  Babcock International Group PLC  | 3.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Industrials  | 92.3% |
|  Information Technology  | 6.3% |
|  Cash & Other  | 1.4% |

---

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

**Fund Name and Ticker Change:**

Effective March 25, 2026, Tema International Defense Innovation ETF changed its name to Tema International Defense ETF, and changed its ticker from GDFN to ARMY.

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

**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 Tema ETFs LLC documents not be householded, please contact Tema ETFs LLC at 1-888-744-1377, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tema ETFs LLC or your financial intermediary.

Tema International Defense Innovation ETF PAGE 2 TSR-AR-87975E784

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| | | |
|:---|:---|:---|
| ![image](img704886_320260407141551.jpg) | **Tema International Durable Quality ETF**  | ![image](img171470_202509051646898.jpg) |
| ![image](img704886_320260407141551.jpg) | ITOL (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img171470_202509051646898.jpg) |
| ![image](img704886_320260407141551.jpg) | Annual Shareholder Report \| February 28, 2026  | ![image](img171470_202509051646898.jpg) |

---

This annual shareholder report contains important information about the Tema International Durable Quality ETF for the period of September 11, 2025, through February 28, 2026. You can find additional information about the Fund at https://temaetfs.com/itol. You can also request this information by contacting us toll-free at 1-888-744-1377.

**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** **\*** **<sup>,</sup>** **\*\*** |
| Tema International Durable Quality ETF | $29 | 0.60% |

---

\* Amount shown reflects the expenses of the Fund from inception date through February 28, 2026. Expenses would be higher if the Fund had been in operations for the full reporting period.

\*\* Annualized

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund launched during the annual period and therefore presents performance from inception rather than a full twelve-month return. Since inception, the Fund delivered a modest positive return (+9.18%), with its predominantly European and APAC quality-oriented holdings facing a more challenging environment than domestic US equities, reflecting uneven international earnings trends over the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Advantest Corp. |
| ↑ | Disco Corp. |
| ↑ | Schneider Electric SE |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Icon PLC |
| ↓ | Intuit Inc. |
| ↓ | UBS Group |

---

**HOW DID THE FUND PERFORM** **SINCE 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](ts6793img003.jpg)

Tema International Durable Quality ETF PAGE 1 TSR-AR-87975E818

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**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/11/2025)** |
| **Tema International Durable Quality ETF NAV**  | 9.09 |
| **S&P 500® Total Return Index**  | 5.89 |

---

Visit https://temaetfs.com/itol 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 February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $545458 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $10811 |
| **Portfolio Turnover** | 7% |

---

Visit https://temaetfs.com/itol for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Advantest Corp.  | 5.7% |
|  Safran SA  | 4.5% |
|  Disco Corp.  | 4.4% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 3.8% |
|  Wheaton Precious Metals Corp.  | 3.4% |
|  Ferrovial SE  | 3.3% |
|  Titan SA  | 3.2% |
|  Schneider Electric SE  | 3.1% |
|  NXP Semiconductors NV  | 3.0% |
|  AstraZeneca PLC  | 2.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Industrials  | 22.1% |
|  Financials  | 22.1% |
|  Information Technology  | 19.0% |
|  Materials  | 10.9% |
|  Consumer Discretionary  | 8.5% |
|  Health Care  | 8.1% |
|  Consumer Staples  | 7.3% |
|  Communication Services  | 0.5% |
|  Cash & Other  | 1.5% |

---

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

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

**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 Tema ETFs LLC documents not be householded, please contact Tema ETFs LLC at 1-888-744-1377, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tema ETFs LLC or your financial intermediary.

Tema International Durable Quality ETF PAGE 2 TSR-AR-87975E818

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| | | |
|:---|:---|:---|
| ![image](img342613_202503211844351.jpg) | **Tema Oncology ETF**  | ![image](img171470_202509051646898.jpg) |
| ![image](img342613_202503211844351.jpg) | CANC (Principal U.S. Listing Exchange: NASDAQ Stock Market LLC) | ![image](img171470_202509051646898.jpg) |
| ![image](img342613_202503211844351.jpg) | Annual Shareholder Report \| February 28, 2026  | ![image](img171470_202509051646898.jpg) |

---

This annual shareholder report contains important information about the Tema Oncology ETF for the period of March 1, 2025, through February 28, 2026. You can find additional information about the Fund at https://temaetfs.com/canc. You can also request this information by contacting us toll-free at 1-888-744-1377.

**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** |
| Tema Oncology ETF | $93 | 0.75% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

During the annual period, the Fund delivered strong positive performance (+47.42%), reflecting a favorable environment for oncology-focused names. Key tailwinds included positive clinical data flow, active merger and acquisition activity within the oncology space, and strong earnings from large-cap pharmaceutical holdings, while binary clinical risk among smaller-cap positions represented the primary source of volatility during the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Revolution Medicines Inc. |
| ↑ | Cogent Biosciences Inc. |
| ↑ | Merus NV |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Zai Lab Ltd. |
| ↓ | Legend Biotech Corp. |
| ↓ | Janux Therapeautics Inc. |

---

**HOW DID THE FUND PERFORM** **SINCE 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.

**ANNUAL AVERAGE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6788img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(08/15/2023)** |
| **Tema Oncology ETF NAV**  | 47.42 | 18.90 |
| **S&P 500® Total Return Index**  | 16.99 | 19.90 |

---

Tema Oncology ETF PAGE 1 TSR-AR-87975E701

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Visit https://temaetfs.com/canc 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 February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $159877544 |
| **Number of Holdings** | 56 |
| **Net Advisory Fee** | $651924 |
| **Portfolio Turnover** | 68% |

---

Visit https://temaetfs.com/canc for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Revolution Medicines, Inc.  | 6.3% |
|  Novartis AG  | 5.0% |
|  Bridgebio Pharma, Inc.  | 4.8% |
|  AstraZeneca PLC  | 4.6% |
|  Eli Lilly & Co.  | 4.3% |
|  Bristol-Myers Squibb Co.  | 4.2% |
|  Roche Holding AG  | 4.1% |
|  Merck & Co., Inc.  | 3.8% |
|  Arcellx, Inc.  | 3.4% |
|  Cogent Biosciences, Inc.  | 3.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Health Care  | 99.3% |
|  Cash & Other  | 0.7% |

---

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

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

**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 Tema ETFs LLC documents not be householded, please contact Tema ETFs LLC at 1-888-744-1377, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tema ETFs LLC or your financial intermediary.

Tema Oncology ETF PAGE 2 TSR-AR-87975E701

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| | | |
|:---|:---|:---|
| ![image](img704892_202604071421913.jpg) | **Tema S&P 500® Historical Weight ETF** **Strategy**  | ![image](img171470_202509051646898.jpg) |
| ![image](img704892_202604071421913.jpg) | DSPY (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img171470_202509051646898.jpg) |
| ![image](img704892_202604071421913.jpg) | Annual Shareholder Report \| February 28, 2026  | ![image](img171470_202509051646898.jpg) |

---

This annual shareholder report contains important information about the Tema S&P 500® Historical Weight ETF Strategy for the period of April 1, 2025, through February 28, 2026. You can find additional information about the Fund at https://temaetfs.com/dspy. You can also request this information by contacting us toll-free at 1-888-744-1377.

**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** **\*** **<sup>,</sup>** **\*\*** |
| Tema S&P 500® Historical Weight ETF Strategy | $18 | 0.18% |

---

\* Amount shown reflects the expenses of the Fund from inception date through February 28, 2026. Expenses would be higher if the Fund had been in operations for the full reporting period.

\*\* Annualized

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund launched during the annual period and therefore presents performance from inception rather than a full twelve-month return. Since inception, the Fund delivered positive performance (+22.38%) consistent with its objective of reflecting the historical average weight of the constituents of the S&P 500, providing superior returns than equal-weight strategies in its peer group.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Nvidia Corp. |
| ↑ | Broadcom Inc. |
| ↑ | Alphabet Inc. - Class A |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | UnitedHealth Group Inc. |
| ↓ | Fiserv Inc. |
| ↓ | Salesforce Inc. |

---

**HOW DID THE FUND PERFORM** **SINCE 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](ts6794img003.jpg)

Tema S&P 500® Historical Weight ETF Strategy PAGE 1 TSR-AR-87975E826

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**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(04/01/2025)** |
| **Tema S&P 500® Historical Weight ETF Strategy NAV**  | 22.38 |
| **S&P 500® Total Return Index**  | 23.98 |

---

Visit https://temaetfs.com/dspy 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 February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $805918604 |
| **Number of Holdings** | 505 |
| **Net Advisory Fee** | $714308 |
| **Portfolio Turnover** | 1% |

---

Visit https://temaetfs.com/dspy for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  NVIDIA Corp.  | 3.9% |
|  Apple, Inc.  | 2.9% |
|  Alphabet, Inc.  | 2.2% |
|  Microsoft Corp.  | 2.0% |
|  Amazon.com, Inc.  | 1.8% |
|  Meta Platforms, Inc.  | 1.6% |
|  Broadcom, Inc.  | 1.6% |
|  Berkshire Hathaway, Inc.  | 1.4% |
|  Tesla, Inc.  | 1.4% |
|  Eli Lilly & Co.  | 1.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Information Technology  | 24.2% |
|  Financials  | 14.6% |
|  Health Care  | 12.2% |
|  Industrials  | 12.0% |
|  Consumer Discretionary  | 9.3% |
|  Communication Services  | 7.2% |
|  Consumer Staples  | 7.1% |
|  Energy  | 4.6% |
|  Utilities  | 3.1% |
|  Cash & Other  | 5.7% |

---

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

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

**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 Tema ETFs LLC documents not be householded, please contact Tema ETFs LLC at 1-888-744-1377, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tema ETFs LLC or your financial intermediary.

Tema S&P 500® Historical Weight ETF Strategy PAGE 2 TSR-AR-87975E826

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(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. John Jacobs is the "audit committee financial expert" and is considered to be "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 two fiscal years. "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, including reviewing the Fund's tax returns and distribution calculations. There were no "Other services" provided by the principal accountant. For the fiscal year ended February 28, 2026, the Fund's principal accountant was Cohen & Company, Ltd. 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 2/28/26 | FYE 2/28/25 |
| (a) Audit Fees | $85500 | $63000 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | $27000 | $21000 |
| (d) All Other Fees (Seed Audit) |  |  |

---

(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. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 2/28/26 | FYE 2/28/25 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees, other than the tax services as noted above, 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 2/28/26</u> <u>FYE 2/28/25</u> <br> Registrant None None <br> <u>Registrant's Investment Adviser</u> <u>None</u> <u>None</u>

(h) The audit committee of the board of trustees/directors has considered 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>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act
 of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A)
 of the Act. The independent members of the committee are as follows:

John Jacobs

Richard Keary

Robert Sherry

(b) Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within 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 Management Investment Companies.</u>**

(a) ![](tema_logo.jpg)

**Annual Financial Statements and** 

**Additional Information** 

**February 28, 2026** 

---

| | | |
|:---|:---|:---|
| Tema Alternative Asset Managers ETF | \| AAUM | \| Cboe BZX Exchange, Inc. |
| Tema American Reshoring ETF | \| RSHO | \| NYSE Arca, Inc. |
| Tema Durable Quality ETF (formerly known as "Tema Monopolies and Oligopolies ETF")  | \| TOLL | \| Cboe BZX Exchange, Inc.  |
| Tema Electrification ETF | \| VOLT | \| NASDAQ Stock Market LLC |
| Tema Heart & Health ETF (formerly known as "Tema GLP-1, Obesity & Cardiometabolic ETF")  | \| HRTS | \| NASDAQ Stock Market LLC  |
| Tema International Defense Innovation ETF  | \| GDFN | \| NASDAQ Stock Market LLC |
| Tema International Durable Quality ETF  | \| ITOL | \| Cboe BZX Exchange, Inc. |
| Tema Oncology ETF  | \| CANC | \| NASDAQ Stock Market LLC |
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy | \| DSPY | \| NYSE Arca, Inc. |

---

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#soi)<br>|  |
| &nbsp;&nbsp;&nbsp; [Tema Alternative Asset Managers ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Tema American Reshoring ETF](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp; [Tema Durable Quality ETF](#soi3) | [3](#soi3) |
| &nbsp;&nbsp;&nbsp; [Tema Electrification ETF](#soi4) | [5](#soi4) |
| &nbsp;&nbsp;&nbsp; [Tema Heart & Health ETF](#soi5) | [6](#soi5) |
| &nbsp;&nbsp;&nbsp; [Tema International Defense Innovation ETF](#soi6) | [7](#soi6) |
| &nbsp;&nbsp;&nbsp; [Tema International Durable Quality ETF](#soi7) | [8](#soi7) |
| &nbsp;&nbsp;&nbsp; [Tema Oncology ETF](#soi8) | [10](#soi8) |
| &nbsp;&nbsp;&nbsp; [Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy](#soi9) | [11](#soi9) |
| [Statements of Assets and Liabilities](#sal) | [18](#sal) |
| [Statements of Operations](#sop) | [20](#sop) |
| [Statements of Changes in Net Assets](#scna) | [22](#scna) |
| [Financial Highlights](#fihi)<br>|  |
| &nbsp;&nbsp;&nbsp; [Tema Alternative Asset Managers ETF](#fihi1) | [26](#fihi1) |
| &nbsp;&nbsp;&nbsp; [Tema American Reshoring ETF](#fihi2) | [27](#fihi2) |
| &nbsp;&nbsp;&nbsp; [Tema Durable Quality ETF](#fihi3) | [28](#fihi3) |
| &nbsp;&nbsp;&nbsp; [Tema Electrification ETF](#fihi4) | [29](#fihi4) |
| &nbsp;&nbsp;&nbsp; [Tema Heart & Health ETF](#fihi5) | [30](#fihi5) |
| &nbsp;&nbsp;&nbsp; [Tema International Defense Innovation ETF](#fihi6) | [31](#fihi6) |
| &nbsp;&nbsp;&nbsp; [Tema International Durable Quality ETF](#fihi7) | [32](#fihi7) |
| &nbsp;&nbsp;&nbsp; [Tema Oncology ETF](#fihi8) | [33](#fihi8) |
| &nbsp;&nbsp;&nbsp; [Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy](#fihi9) | [34](#fihi9) |
| [Notes to the Financial Statements](#notes) | [35](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [46](#report) |
| [Other Non-Audited Information](#tax) | [48](#tax) |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#change) | [50](#change) |
| [Proxy Disclosures for Open-End Management Investment Companies](#proxy) | [51](#proxy) |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#remun) | [52](#remun) |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#state) | [53](#state) |

---

------

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

**Tema Alternative Asset Managers ETF** 

**Schedule of Investments** 

**February 28, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.9%**<br>|  |  |
| **Capital Markets - 86.5%<sup>(a)</sup>**<br>|  |  |
| 3i Group PLC | 1100 | $49246  |
| Affiliated Managers Group, Inc. | 252 | 77157  |
| Ares Management Corp. - Class A | 839 | 93976  |
| Blackstone, Inc. | 830 | 94097  |
| Blue Owl Capital, Inc. - Class A | 7756 | 81826  |
| Bridgepoint Group PLC<sup>(b)</sup> | 18310 | 62182  |
| &nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. - <br>Class A | 2189 | 102336  |
| Brookfield Corp. – Class A | 2709 | 118763  |
| Carlyle Group, Inc. | 2014 | 104708  |
| Cohen & Steers, Inc. | 936 | 62590  |
| CVC Capital Partners PLC<sup>(b)</sup> | 4360 | 62285  |
| DigitalBridge Group, Inc. – Class A | 3013 | 46551  |
| EQT AB | 3452 | 107106  |
| Gimv NV | 319 | 17678  |
| Hamilton Lane, Inc. - Class A | 960 | 100742  |
| ICG PLC | 4031 | 91210  |
| KKR & Co., Inc. | 1086 | 95221  |
| Molten Ventures PLC<sup>(c)</sup> | 4480 | 27893  |
| Onex Corp. | 830 | 61718  |
| Partners Group Holding AG | 94 | 104826  |
| StepStone Group, Inc. - Class A | 1911 | 82441  |
| Tikehau Capital SCA | 1120 | 25012  |
| TPG, Inc. - Class A | 2179 | 94612  |
|  |  | 1764176  |
| **Financial Services - 11.5%**<br>|  |  |
| Apollo Global Management, Inc. | 945 | 98847  |
| Eurazeo SE | 380 | 22370  |
| Kinnevik AB - Class B<sup>(c)</sup> | 2202 | 15572  |
| Sofina SA | 240 | 71406  |
| Wendel SE | 260 | 27296  |
|  |  | 235491  |
| **Metals & Mining - 0.9%**<br>|  |  |
| Wheaton Precious Metals Corp. | 110 | 18001  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,452,779)** |  | 2017668  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.9%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.60%<sup>(d)</sup> | 18283 | 18283  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $18,283)** |  | 18283  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $2,471,062)** |  | $2035951  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 3520  |
| **TOTAL NET ASSETS - 100.0%** |  | $2039471 |

---

Percentages are stated as a percent of net assets.

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

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> 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 February 28, 2026, the value of these securities total $124,467 or 6.1% of the Fund's net assets.

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

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of February 28, 2026.

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

1<br>

------

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

**Tema American Reshoring ETF** 

**Schedule of Investments** 

**February 28, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.8%**<br>|  |  |
| **Building Products - 3.2%**<br>|  |  |
| Modine Manufacturing Co.<sup>(a)</sup> | 37336 | $8484606  |
| **Chemicals - 4.0%**<br>|  |  |
| Linde PLC | 19683 | 10000539  |
| Solstice Advanced Materials, Inc. | 7510 | 589610  |
|  |  | 10590149  |
| **Construction & Engineering - 3.9%**<br>|  |  |
| API Group Corp.<sup>(a)</sup> | 233093 | 10363315  |
| **Construction Materials - 1.9%**<br>|  |  |
| CRH PLC | 42937 | 5151581  |
| **Electrical Equipment - 20.4%**<br>|  |  |
| ABB Ltd. | 100188 | 9358786  |
| Eaton Corp. PLC | 28820 | 10834014  |
| Emerson Electric Co. | 16001 | 2412151  |
| Powell Industries, Inc. | 33593 | 17589295  |
| Rockwell Automation, Inc. | 33485 | 13643463  |
|  |  | 53837709  |
|  **Electronic Equipment, Instruments & Components - 5.9%**<br>|  |  |
| Cognex Corp. | 288356 | 15686566  |
| **Industrial Conglomerates - 3.9%**<br>|  |  |
| Honeywell International, Inc. | 41770 | 10174754  |
| **Machinery - 40.4%<sup>(b)</sup>**<br>|  |  |
| Atmus Filtration Technologies, Inc. | 106577 | 6877414  |
| Caterpillar, Inc. | 20862 | 15496919  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 593466 | 16361858  |
| Ingersoll Rand, Inc. | 129984 | 12236694  |
| Parker-Hannifin Corp. | 11165 | 11267495  |
| SPX Technologies, Inc.<sup>(a)</sup> | 48675 | 11046304  |
| Terex Corp. | 217014 | 14928393  |
| Timken Co. | 171028 | 18536015  |
|  |  | 106751092  |
| **Metals & Mining - 6.2%**<br>|  |  |
| ATI, Inc.<sup>(a)</sup> | 84936 | 13894680  |
| Commercial Metals Co. | 34656 | 2540285  |
|  |  | 16434965  |
| **Oil, Gas & Consumable Fuels - 0.7%**<br>|  |  |
| Expand Energy Corp. | 17309 | 1867987  |
| **Trading Companies & Distributors - 8.3%** | **Trading Companies & Distributors - 8.3%** |  |
| Applied Industrial Technologies, Inc. | 46115 | 13031177  |
| Fastenal Co. | 54007 | 2486482  |
| Herc Holdings, Inc. | 45289 | 6330949  |
|  |  | 21848608  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $194,027,453)** |  | 261191332  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 3.60%<sup>(c)</sup> | 2845076 | $2845076  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,845,076)** |  | 2845076  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $196,872,529)** |  | $264036408  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1%  |  | 152119  |
| **TOTAL NET ASSETS - 100.0%** |  | $264188527 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

<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 February 28, 2026.

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

2<br>

------

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

**TEMA DURABLE QUALITY ETF** 

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.2%**<br>|  |  |
| **Aerospace & Defense - 7.7%**<br>|  |  |
| Airbus SE | 3272 | $712308  |
| GE Aerospace | 8847 | 3027974  |
|  |  | 3740282  |
| **Banks - 1.0%**<br>|  |  |
| JPMorgan Chase & Co. | 1624 | 487687  |
| **Biotechnology - 4.4%**<br>|  |  |
| Gilead Sciences, Inc. | 7989 | 1189961  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1848 | 918142  |
|  |  | 2108103  |
| **Capital Markets - 16.8%**<br>|  |  |
| Cboe Global Markets, Inc. | 6984 | 2093244  |
| CME Group, Inc. | 4231 | 1351805  |
| Intercontinental Exchange, Inc. | 6590 | 1081617  |
| Moody's Corp. | 2900 | 1385011  |
| MSCI, Inc. | 2397 | 1370677  |
| S&P Global, Inc. | 1964 | 867852  |
|  |  | 8150206  |
| **Chemicals - 1.8%**<br>|  |  |
| Sherwin-Williams Co. | 2373 | 860426  |
| **Construction & Engineering - 4.3%**<br>|  |  |
| Ferrovial SE | 21183 | 1580884  |
| Vinci SA | 3036 | 504918  |
|  |  | 2085802  |
| **Construction Materials - 2.0%**<br>|  |  |
| Martin Marietta Materials, Inc. | 1414 | 956670  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 6.4%**<br>|  |  |
| Performance Food Group Co.<sup>(a)</sup> | 21398 | 2076890  |
| US Foods Holding Corp.<sup>(a)</sup> | 10444 | 1008995  |
|  |  | 3085885  |
| **Electric Utilities - 1.4%**<br>|  |  |
| Entergy Corp. | 6449 | 690752  |
| **Electrical Equipment - 1.2%**<br>|  |  |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | 3686 | 573800  |
|  **Electronic Equipment, Instruments & Components - 2.5%**<br>|  |  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 3957 | 1216105  |
| **Financial Services - 7.7%**<br>|  |  |
| Mastercard, Inc. - Class A | 1736 | 897877  |
| Rocket Cos., Inc. - Class A | 24238 | 440889  |
| Visa, Inc. - Class A | 7411 | 2372557  |
|  |  | 3711323  |
| **Health Care Equipment & Supplies - 3.0%**<br>|  |  |
| Align Technology, Inc.<sup>(a)</sup> | 2648 | 503385  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 1453 | 954228  |
|  |  | 1457613  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care Providers & Services - 1.5%**<br>|  |  |
| Elevance Health, Inc. | 2275 | $728000  |
| **Household Products - 1.1%**<br>|  |  |
| Church & Dwight Co., Inc. | 5083 | 533003  |
| **Insurance - 1.7%**<br>|  |  |
| Aon PLC - Class A | 2521 | 845720  |
| **Life Sciences Tools & Services - 4.9%**<br>|  |  |
| Thermo Fisher Scientific, Inc. | 2784 | 1450770  |
| Waters Corp.<sup>(a)</sup> | 2864 | 914705  |
|  |  | 2365475  |
| **Machinery - 2.2%**<br>|  |  |
| Deere & Co. | 1710 | 1076804  |
|  **Semiconductors & Semiconductor Equipment - 16.7%**<br>|  |  |
| Applied Materials, Inc. | 3442 | 1281456  |
| Broadcom, Inc. | 4103 | 1311114  |
| KLA Corp. | 1242 | 1893491  |
| Lam Research Corp. | 10156 | 2375387  |
| ON Semiconductor Corp.<sup>(a)</sup> | 18585 | 1235531  |
|  |  | 8096979  |
| **Software - 8.5%**<br>|  |  |
| Fair Isaac Corp.<sup>(a)</sup> | 750 | 1057020  |
| Fortinet, Inc.<sup>(a)</sup> | 17604 | 1391244  |
| Intuit, Inc. | 1209 | 494517  |
| Synopsys, Inc.<sup>(a)</sup> | 2835 | 1173690  |
|  |  | 4116471  |
| **Transportation Infrastructure - 2.4%**<br>|  |  |
| Aena SME SA<sup>(b)</sup> | 37102 | 1169206  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $42,071,284)** |  | 48056312  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.8%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.60%<sup>(c)</sup> | 410923 | 410923  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $410,923)** |  | 410923  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $42,482,207)** |  | $48467235  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(d)</sup> |  | 3286  |
| **TOTAL NET ASSETS - 100.0%** |  | $48470521 |

---

Percentages are stated as a percent of net assets.

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

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

3<br>

------

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

**TEMA DURABLE QUALITY ETF** 

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026(Continued)** 

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 February 28, 2026, the value of these securities total $1,169,206 or 2.4% of the Fund's net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of February 28, 2026.

<sup>(d)</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)**

**TEMA ELECTRIFICATION ETF** 

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.4%**<br>|  |  |
| **Aerospace & Defense - 2.4%**<br>|  |  |
| BWX Technologies, Inc. | 52241 | $10760601  |
| **Building Products - 6.2%**<br>|  |  |
| Johnson Controls International PLC | 96469 | 13920477  |
| Modine Manufacturing Co.<sup>(a)</sup> | 58738 | 13348210  |
|  |  | 27268687  |
| **Construction & Engineering - 4.8%**<br>|  |  |
| Quanta Services, Inc. | 37857 | 21316520  |
| **Electric Utilities - 27.3%<sup>(b)</sup>**<br>|  |  |
| American Electric Power Co., Inc. | 153321 | 20517416  |
| Entergy Corp. | 159689 | 17104289  |
| Iberdrola SA | 221191 | 5240254  |
| IDACORP, Inc. | 110469 | 15904222  |
| NextEra Energy, Inc. | 293544 | 27525621  |
| OGE Energy Corp. | 305504 | 15012467  |
| PPL Corp. | 243405 | 9487927  |
| Xcel Energy, Inc. | 120615 | 10054466  |
|  |  | 120846662  |
| **Electrical Equipment - 30.7%<sup>(b)</sup>**<br>|  |  |
| ABB Ltd. | 138407 | 12928908  |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | 62799 | 9775920  |
| Eaton Corp. PLC | 38600 | 14510512  |
| GE Vernova, Inc. | 20346 | 17774266  |
| Hubbell, Inc. | 33507 | 17143186  |
| nVent Electric PLC | 91853 | 10871721  |
| Powell Industries, Inc. | 53958 | 28252409  |
| Schneider Electric SE | 35387 | 11569735  |
| Vertiv Holdings Co. - Class A | 51131 | 13032781  |
|  |  | 135859438  |
|  **Electronic Equipment, Instruments & Components - 16.9%**<br>|  |  |
| Advanced Energy Industries, Inc. | 36016 | 12085889  |
| Amphenol Corp. - Class A | 125915 | 18391145  |
| Bel Fuse, Inc. - Class B | 124818 | 28671943  |
| Itron, Inc.<sup>(a)</sup> | 134258 | 12613539  |
| Mirion Technologies, Inc. – Class A<sup>(a)</sup> | 145795 | 3150630  |
|  |  | 74913146  |
|  **Independent Power and Renewable Electricity Producers - 1.0%**<br>|  |  |
| Capital Power Corp. | 92623 | 4347825  |
| **Machinery - 2.1%**<br>|  |  |
| Caterpillar, Inc. | 12167 | 9038013  |
| **Multi-Utilities - 3.6%**<br>|  |  |
| NiSource, Inc. | 337964 | 15985697  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Oil, Gas & Consumable Fuels - 4.4%**<br>|  |  |
| Energy Transfer LP | 870063 | $16391987  |
| Expand Energy Corp. | 29955 | 3232744  |
|  |  | 19624731  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $352,259,695)** |  | 439961320  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.5%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.60%<sup>(c)</sup> | 2073678 | 2073678  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,073,678)** |  | 2073678  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $354,333,373)** |  | $442034998  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 348482  |
| **TOTAL NET ASSETS - 100.0%** |  | $442383480 |

---

Percentages are stated as a percent of net assets.

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

LP - Limited Partnership

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 February 28, 2026.

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

5<br>

------

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

**TEMA HEART & HEALTH ETF** 

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.2%**<br>|  |  |
| **Biotechnology - 29.5%<sup>(a)</sup>**<br>|  |  |
| AbbVie, Inc. | 7045 | $1635004  |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 1972 | 656518  |
| Amgen, Inc. | 2984 | 1158269  |
| Arrowhead Pharmaceuticals, Inc.<sup>(b)</sup> | 8970 | 567532  |
| Ascendis Pharma AS - ADR<sup>(b)</sup> | 1777 | 414930  |
| Bridgebio Pharma, Inc.<sup>(b)</sup> | 18567 | 1234334  |
| Cytokinetics, Inc.<sup>(b)</sup> | 13108 | 815580  |
| Gilead Sciences, Inc. | 13435 | 2001143  |
| Insmed, Inc.<sup>(b)</sup> | 4417 | 659591  |
| Intellia Therapeutics, Inc.<sup>(b)</sup> | 14076 | 193967  |
| Ionis Pharmaceuticals, Inc.<sup>(b)</sup> | 5673 | 460364  |
| Madrigal Pharmaceuticals, Inc.<sup>(b)</sup> | 1551 | 670032  |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 2387 | 315681  |
| Regeneron Pharmaceuticals, Inc. | 1426 | 1114661  |
| Revolution Medicines, Inc.<sup>(b)</sup> | 11995 | 1223730  |
| Scholar Rock Holding Corp.<sup>(b)</sup> | 9773 | 432651  |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 3568 | 1772689  |
| Viking Therapeutics, Inc.<sup>(b)</sup> | 13867 | 469259  |
| Xenon Pharmaceuticals, Inc.<sup>(b)</sup> | 4877 | 210833  |
| Zealand Pharma AS<sup>(b)</sup> | 5363 | 308536  |
|  |  | 16315304  |
| **Health Care Equipment & Supplies - 14.3%**<br>|  |  |
| Abbott Laboratories | 16017 | 1863578  |
| Boston Scientific Corp.<sup>(b)</sup> | 17749 | 1364011  |
| Dexcom, Inc.<sup>(b)</sup> | 11549 | 848043  |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 11887 | 1027869  |
| Insulet Corp.<sup>(b)</sup> | 2871 | 708017  |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 1610 | 810651  |
| Medtronic PLC | 13377 | 1306398  |
|  |  | 7928567  |
| **Health Care Providers & Services - 6.0%**<br>|  |  |
| McKesson Corp. | 1210 | 1194718  |
| UnitedHealth Group, Inc. | 7253 | 2127087  |
|  |  | 3321805  |
| **Life Sciences Tools & Services - 7.4%**<br>|  |  |
| Danaher Corp. | 7657 | 1612870  |
| Gubra AS | 4545 | 281026  |
| Thermo Fisher Scientific, Inc. | 4239 | 2208985  |
|  |  | 4102881  |
| **Pharmaceuticals - 42.0%<sup>(a)</sup>**<br>|  |  |
| AstraZeneca PLC | 12706 | 2661303  |
| Bristol-Myers Squibb Co. | 19189 | 1196818  |
| Chugai Pharmaceutical Co. Ltd. | 16971 | 1136182  |
| Crinetics Pharmaceuticals, Inc.<sup>(b)</sup> | 8655 | 355721  |
| Eli Lilly & Co. | 5263 | 5536623  |
| Johnson & Johnson | 10810 | 2685528  |
| Merck & Co., Inc. | 18918 | 2342427  |
| Novartis AG | 11781 | 1999636  |
| Novo Nordisk AS – Class A | 31589 | 1188409  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Roche Holding AG - ADR | 50740 | $3021567  |
| Structure Therapeutics, Inc. - ADR<sup>(b)</sup> | 3395 | 213817  |
|  Teva Pharmaceutical Industries Ltd. - ADR<sup>(b)</sup> | 26392 | 893633  |
|  |  | 23231664  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $48,276,593)** |  | 54900221  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.6%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.60%<sup>(c)</sup> | 325513 | 325513  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $325,513)** |  | 325513  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%**<br>**(Cost $48,602,106)** |  | $55225734  |
| Other Assets in Excess of Liabilities - 0.2% |  | 89693  |
| **TOTAL NET ASSETS - 100.0%** |  | $55315427 |

---

Percentages are stated as a percent of net assets.

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

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 February 28, 2026.

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

6<br>

------

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

**TEMA INTERNATIONAL DEFENSE INNOVATION ETF** 

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.7%**<br>|  |  |
| **Aerospace & Defense - 88.7%<sup>(a)</sup>**<br>|  |  |
| AeroVironment, Inc.<sup>(b)</sup> | 135 | $34054  |
| Airbus SE | 210 | 45717  |
| Avio SpA | 336 | 14035  |
| Avon Technologies PLC | 725 | 17958  |
| Babcock International Group PLC | 2922 | 53240  |
| BAE Systems PLC | 2108 | 59999  |
| Boeing Co.<sup>(b)</sup> | 65 | 14789  |
| Chemring Group PLC | 7307 | 52585  |
| CSG NV<sup>(b)</sup> | 1407 | 52918  |
| Dassault Aviation SA | 151 | 60413  |
| Elbit Systems Ltd. | 93 | 71218  |
| General Dynamics Corp. | 45 | 16067  |
| Hensoldt AG | 570 | 50109  |
| Kongsberg Gruppen ASA | 1925 | 78107  |
| L3Harris Technologies, Inc. | 63 | 22966  |
| Leonardo DRS, Inc. | 370 | 16054  |
| Leonardo SpA | 836 | 56108  |
| Lockheed Martin Corp. | 40 | 26323  |
| MTU Aero Engines AG | 96 | 41449  |
| Northrop Grumman Corp. | 25 | 18109  |
| QinetiQ Group PLC | 7801 | 53091  |
| Rheinmetall AG | 28 | 55037  |
| Rocket Lab Corp.<sup>(b)</sup> | 673 | 46504  |
| Rolls-Royce Holdings PLC<sup>(b)</sup> | 2570 | 46185  |
| RTX Corp. | 100 | 20262  |
| Saab AB – Class B | 880 | 63693  |
| Safran SA | 100 | 40174  |
| Thales SA | 178 | 53612  |
| Tkms AG& Co. KGaA<sup>(b)</sup> | 338 | 38321  |
|  |  | 1219097  |
| **IT Services - 4.5%**<br>|  |  |
| Indra Sistemas SA | 825 | 61170  |
| **Machinery - 3.6%**<br>|  |  |
| RENK Group AG | 737 | 49577  |
| **Software - 1.9%**<br>|  |  |
| Palantir Technologies, Inc. - Class A<sup>(b)</sup> | 190 | 26066  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,284,192)** |  | 1355910  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.9%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.60%<sup>(c)</sup> | 12320 | $12320  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $12,320)** |  | 12320  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%**<br>**(Cost $1,296,512)** |  | $1368230  |
| Other Assets in Excess of Liabilities - 0.4% |  | 5881  |
| **TOTAL NET ASSETS - 100.0%** |  | $1374111 |

---

Percentages are stated as a percent of net assets.

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

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 February 28, 2026.

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

7<br>

------

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

**TEMA INTERNATIONAL DURABLE QUALITY ETF** 

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.6%**<br>|  |  |
| **Aerospace & Defense - 6.7%**<br>|  |  |
| Airbus SE | 54 | $11756  |
| Safran SA | 61 | 24506  |
|  |  | 36262  |
| **Banks - 6.7%**<br>|  |  |
| CaixaBank SA | 1186 | 14742  |
| NatWest Group PLC | 1000 | 8342  |
| UniCredit SpA | 160 | 13690  |
|  |  | 36774  |
| **Broadline Retail - 3.2%**<br>|  |  |
| MercadoLibre, Inc.<sup>(a)</sup> | 6 | 10545  |
| Sea Ltd. - ADR – Class A<sup>(a)</sup> | 64 | 6941  |
|  |  | 17486  |
| **Capital Markets - 11.8%**<br>|  |  |
| Deutsche Boerse AG | 53 | 14554  |
| Euronext NV<sup>(b)</sup> | 90 | 14888  |
| London Stock Exchange Group PLC | 104 | 12418  |
| S&P Global, Inc. | 22 | 9721  |
| UBS Group AG | 310 | 12907  |
|  |  | 64488  |
| **Chemicals - 1.8%**<br>|  |  |
| Air Liquide SA | 47 | 9899  |
| **Construction & Engineering - 5.4%**<br>|  |  |
| Ferrovial SE | 244 | 18210  |
| Vinci SA | 68 | 11309  |
|  |  | 29519  |
| **Construction Materials - 5.7%**<br>|  |  |
| Buzzi Spa | 232 | 13427  |
| Titan SA | 283 | 17555  |
|  |  | 30982  |
| **Consumer Staples Distribution & Retail - 2.7%**<br>|  |  |
| Performance Food Group Co.<sup>(a)</sup> | 151 | 14656  |
| **Electrical Equipment - 3.1%**<br>|  |  |
| Schneider Electric SE | 52 | 17001  |
|  **Electronic Equipment, Instruments & Components - 1.3%**<br>|  |  |
| Keyence Corp. | 16 | 6768  |
| **Entertainment - 0.5%**<br>|  |  |
| Nintendo Co. Ltd. | 50 | 2880  |
| **Financial Services - 1.0%**<br>|  |  |
| Wise PLC - Class A<sup>(a)</sup> | 479 | 5555  |
| **Food Products - 2.3%**<br>|  |  |
| Kotobuki Spirits Co. Ltd. | 1000 | 12727  |
| **Health Care Equipment & Supplies - 0.8%**<br>|  |  |
| Straumann Holding AG | 38 | 4577  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Hotels, Restaurants & Leisure - 2.6%**<br>|  |  |
| Amadeus IT Group SA | 229 | $14271  |
| **Industrial Conglomerates - 2.5%**<br>|  |  |
| Hitachi Ltd. | 400 | 13386  |
| **Insurance - 2.5%**<br>|  |  |
| Aon PLC - Class A | 41 | 13754  |
| **Metals & Mining - 3.5%**<br>|  |  |
| Wheaton Precious Metals Corp. | 115 | 18820  |
| **Passenger Airlines - 2.1%**<br>|  |  |
| Ryanair Holdings PLC | 352 | 11405  |
| **Personal Care Products - 2.3%**<br>|  |  |
| L'Oreal SA | 27 | 12678  |
| **Pharmaceuticals - 7.2%**<br>|  |  |
| AstraZeneca PLC | 74 | 15500  |
| Novartis AG | 90 | 15276  |
| Teva Pharmaceutical Industries Ltd. - ADR<sup>(a)</sup> | 254 | 8600  |
|  |  | 39376  |
|  **Semiconductors & Semiconductor Equipment - 16.9%**<br>|  |  |
| Advantest Corp. | 182 | 31292  |
| Disco Corp. | 50 | 24173  |
| NXP Semiconductors NV | 71 | 16118  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 55 | 20602  |
|  |  | 92185  |
| **Software - 0.9%**<br>|  |  |
| Intuit, Inc. | 12 | 4908  |
| **Textiles, Apparel & Luxury Goods - 2.7%**<br>|  |  |
| Hermes International SCA | 6 | 14526  |
| **Transportation Infrastructure - 2.4%**<br>|  |  |
| Aena SME SA<sup>(b)</sup> | 419 | 13204  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $478,725)** |  | 538087  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.3%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.60%<sup>(c)</sup> | 7004 | 7004  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $7,004)** |  | 7004  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $485,729)** |  | $545091  |
| Other Assets in Excess of Liabilities - 0.1% |  | 367  |
| **TOTAL NET ASSETS - 100.0%** |  | $545458 |

---

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

8<br>

------

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

**TEMA INTERNATIONAL DURABLE QUALITY ETF** 

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026(Continued)** 

Percentages are stated as a percent of net assets.

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

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 February 28, 2026, the value of these securities total $28,092 or 5.1% of the Fund's net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of February 28, 2026.

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

9<br>

------

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

**TEMA ONCOLOGY ETF** 

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.3%**<br>|  |  |
| **Biotechnology - 65.9%<sup>(a)</sup>**<br>|  |  |
| AbbVie, Inc. | 16712 | $3878521  |
| Amgen, Inc. | 10122 | 3928956  |
| AnaptysBio, Inc.<sup>(b)</sup> | 28657 | 1577568  |
| Arcellx, Inc.<sup>(b)</sup> | 48346 | 5501291  |
| Arcus Biosciences, Inc.<sup>(b)</sup> | 45953 | 936063  |
| Argenx SE - ADR<sup>(b)</sup> | 1663 | 1275388  |
| ArriVent Biopharma, Inc.<sup>(b)</sup> | 40743 | 935867  |
| BeOne Medicines Ltd. - ADR<sup>(b)</sup> | 8960 | 2840230  |
| Bridgebio Pharma, Inc.<sup>(b)</sup> | 114318 | 7599861  |
| Celcuity, Inc.<sup>(b)</sup> | 35371 | 3951294  |
| CG oncology, Inc.<sup>(b)</sup> | 45885 | 2698038  |
| Cogent Biosciences, Inc.<sup>(b)</sup> | 135358 | 5258658  |
| Compass Therapeutics, Inc.<sup>(b)</sup> | 127476 | 720239  |
| Corvus Pharmaceuticals, Inc.<sup>(b)</sup> | 82148 | 1500022  |
| Cullinan Therapeutics, Inc.<sup>(b)</sup> | 47065 | 729507  |
| Day One Biopharmaceuticals, Inc.<sup>(b)</sup> | 121928 | 1292437  |
| Erasca, Inc.<sup>(b)</sup> | 169487 | 2315192  |
| Exelixis, Inc.<sup>(b)</sup> | 79639 | 3508894  |
| Genmab AS - ADR<sup>(b)</sup> | 169724 | 4996675  |
| Gilead Sciences, Inc. | 9272 | 1381064  |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 29868 | 2076722  |
| Ideaya Biosciences, Inc.<sup>(b)</sup> | 89238 | 2873464  |
| Immunocore Holdings PLC - ADR<sup>(b)</sup> | 28275 | 913282  |
| Immunome, Inc.<sup>(b)</sup> | 195451 | 4272559  |
| Janux Therapeutics, Inc.<sup>(b)</sup> | 47193 | 642297  |
| Legend Biotech Corp. - ADR<sup>(b)</sup> | 115409 | 2192771  |
| Monte Rosa Therapeutics, Inc.<sup>(b)</sup> | 45524 | 808051  |
| Natera, Inc.<sup>(b)</sup> | 3049 | 634314  |
| Nurix Therapeutics, Inc.<sup>(b)</sup> | 97555 | 1557953  |
| Nuvalent, Inc. - Class A<sup>(b)</sup> | 49239 | 5019916  |
| Olema Pharmaceuticals, Inc.<sup>(b)</sup> | 56608 | 1369914  |
| ORIC Pharmaceuticals, Inc.<sup>(b)</sup> | 35407 | 476224  |
| Regeneron Pharmaceuticals, Inc. | 1982 | 1549270  |
| Relay Therapeutics, Inc.<sup>(b)</sup> | 142040 | 1457330  |
| Revolution Medicines, Inc.<sup>(b)</sup> | 98581 | 10057234  |
| Summit Therapeutics, Inc.<sup>(b)</sup> | 110918 | 1840130  |
| Syndax Pharmaceuticals, Inc.<sup>(b)</sup> | 127353 | 2764834  |
| Tyra Biosciences, Inc.<sup>(b)</sup> | 28438 | 947270  |
| UroGen Pharma Ltd.<sup>(b)</sup> | 67164 | 1457459  |
| Xencor, Inc.<sup>(b)</sup> | 76928 | 982371  |
| Zai Lab Ltd. - ADR<sup>(b)</sup> | 121279 | 2330982  |
| Zymeworks, Inc.<sup>(b)</sup> | 96723 | 2252679  |
|  |  | 105302791  |
| **Health Care Providers & Services - 0.6%**<br>|  |  |
| Guardant Health, Inc.<sup>(b)</sup> | 10008 | 939751  |
| **Pharmaceuticals - 32.8%<sup>(a)</sup>**<br>|  |  |
| Arvinas, Inc.<sup>(b)</sup> | 45326 | 601476  |
| AstraZeneca PLC | 35320 | 7397860  |
| Bristol-Myers Squibb Co. | 108187 | 6747623  |
| Chugai Pharmaceutical Co. Ltd. | 30652 | 2052103  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Eli Lilly & Co. | 6565 | $6906314  |
| HUTCHMED China Ltd. - ADR<sup>(b)</sup> | 62129 | 890309  |
| Johnson & Johnson | 16257 | 4038726  |
| Merck & Co., Inc. | 49630 | 6145187  |
| Novartis AG | 46684 | 7923863  |
| Nuvation Bio, Inc. – Class A<sup>(b)</sup> | 362046 | 2139692  |
| Roche Holding AG - ADR | 108952 | 6488092  |
| Terns Pharmaceuticals, Inc.<sup>(b)</sup> | 28018 | 1180118  |
|  |  | 52511363  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $121,116,671)** |  | 158753905  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.6%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.60%<sup>(c)</sup> | 1026901 | 1026901  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,026,901)** |  | 1026901  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $122,143,572)** |  | $159780806  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 96738  |
| **TOTAL NET ASSETS - 100.0%** |  | $159877544 |

---

Percentages are stated as a percent of net assets.

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

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 February 28, 2026.

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

10<br>

------

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

**Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy** 

**Schedule of Investments** 

**February 28, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.2%**<br>|  |  |
| **Aerospace & Defense - 3.3%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 1170 | $634608  |
| Boeing Co.<sup>(a)</sup> | 12723 | 2894864  |
| General Dynamics Corp. | 3867 | 1380713  |
| GE Aerospace | 19709 | 6745602  |
| Howmet Aerospace, Inc. | 12391 | 3253009  |
| Huntington Ingalls Industries, Inc. | 1492 | 663224  |
| L3Harris Technologies, Inc. | 2711 | 988268  |
| Lockheed Martin Corp. | 3188 | 2097959  |
| Northrop Grumman Corp. | 2119 | 1534961  |
| RTX Corp. | 25254 | 5116966  |
| Textron, Inc. | 3463 | 341625  |
| TransDigm Group, Inc. | 848 | 1104766  |
|  |  | 26756565  |
| **Air Freight & Logistics - 0.4%**<br>|  |  |
| CH Robinson Worldwide, Inc. | 1227 | 227302  |
|  Expeditors International of Washington, Inc. | 1924 | 279037  |
| FedEx Corp. | 3150 | 1219050  |
| United Parcel Service, Inc. - Class B | 13026 | 1510495  |
|  |  | 3235884  |
| **Automobile Components - 0.0%<sup>(b)</sup>**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 3741 | 275113  |
| **Automobiles - 1.6%**<br>|  |  |
| Ford Motor Co. | 55346 | 779825  |
| General Motors Co. | 14397 | 1133188  |
| Tesla, Inc.<sup>(a)</sup> | 27593 | 11106458  |
|  |  | 13019471  |
| **Banks - 3.9%**<br>|  |  |
| Bank of America Corp. | 122832 | 6120719  |
| Citigroup, Inc. | 32871 | 3622055  |
| Citizens Financial Group, Inc. | 7680 | 462259  |
| Fifth Third Bancorp | 12183 | 602693  |
| Huntington Bancshares, Inc. | 26679 | 448207  |
| JPMorgan Chase & Co. | 34480 | 10354344  |
| KeyCorp | 17495 | 362846  |
| M&T Bank Corp. | 1969 | 427234  |
| PNC Financial Services Group, Inc. | 6225 | 1321879  |
| Regions Financial Corp. | 11913 | 331539  |
| Truist Financial Corp. | 22491 | 1109031  |
| US Bancorp | 26630 | 1455596  |
| Wells Fargo & Co. | 63475 | 5170039  |
|  |  | 31788441  |
| **Beverages - 1.6%**<br>|  |  |
| Brown-Forman Corp. - Class B | 2580 | 74459  |
| Coca-Cola Co. | 74900 | 6108844  |
| Constellation Brands, Inc. - Class A | 2637 | 416277  |
| Keurig Dr Pepper, Inc. | 25004 | 757121  |
| Molson Coors Beverage Co. - Class B | 2652 | 129921  |
| Monster Beverage Corp.<sup>(a)</sup> | 13961 | 1190873  |
| PepsiCo, Inc. | 25762 | 4372842  |
|  |  | 13050337  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Biotechnology - 2.2%**<br>|  |  |
| AbbVie, Inc. | 30141 | $6995123  |
| Amgen, Inc. | 8812 | 3420466  |
| Biogen, Inc.<sup>(a)</sup> | 2623 | 503144  |
| Gilead Sciences, Inc. | 20660 | 3077307  |
| Incyte Corp.<sup>(a)</sup> | 2555 | 258745  |
| Moderna, Inc.<sup>(a)</sup> | 6156 | 329777  |
| Regeneron Pharmaceuticals, Inc. | 1804 | 1410132  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 4043 | 2008684  |
|  |  | 18003378  |
| **Broadline Retail - 1.9%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 70961 | 14901810  |
| eBay, Inc. | 7782 | 707073  |
|  |  | 15608883  |
| **Building Products - 0.7%**<br>|  |  |
| A.O. Smith Corp. – Class A | 1120 | 87360  |
| Allegion PLC | 784 | 126342  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 1251 | 130467  |
| Carrier Global Corp. | 15928 | 1025763  |
| Johnson Controls International PLC | 10548 | 1522076  |
| Lennox International, Inc. | 296 | 168702  |
| Masco Corp. | 3359 | 240572  |
| Trane Technologies PLC | 4690 | 2168281  |
|  |  | 5469563  |
| **Capital Markets - 3.9%**<br>|  |  |
| Ameriprise Financial, Inc. | 1474 | 692957  |
| Ares Management Corp. - Class A | 3476 | 389347  |
| Bank of New York Mellon Corp. | 10610 | 1263651  |
| Blackrock, Inc. | 2357 | 2506033  |
| Blackstone, Inc. | 12474 | 1414177  |
| Cboe Global Markets, Inc. | 1341 | 401925  |
| Charles Schwab Corp. | 28566 | 2719483  |
| CME Group, Inc. – Class A | 5421 | 1732009  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 3967 | 697597  |
| FactSet Research Systems, Inc. | 619 | 134205  |
| Franklin Resources, Inc. | 5188 | 137690  |
| Goldman Sachs Group, Inc. | 5939 | 5104986  |
| Interactive Brokers Group, Inc. - Class A | 5977 | 425503  |
| Intercontinental Exchange, Inc. | 8898 | 1460429  |
| Invesco Ltd. | 7453 | 195716  |
| KKR & Co., Inc. | 12036 | 1055316  |
| Moody's Corp. | 2337 | 1116128  |
| Morgan Stanley | 21821 | 3633415  |
| MSCI, Inc. | 1209 | 691342  |
| Nasdaq, Inc. | 7405 | 648530  |
| Northern Trust Corp. | 2876 | 411527  |
| Raymond James Financial, Inc. | 4371 | 669113  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 12984 | 984836  |
| S&P Global, Inc. | 5067 | 2239006  |
| State Street Corp. | 3859 | 496345  |
| T Rowe Price Group, Inc. | 2634 | 249255  |
|  |  | 31470521  |

---

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

11<br>

------

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

**Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy** 

**Schedule of Investments** 

**February 28, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Chemicals - 1.5%**<br>|  |  |
| Air Products and Chemicals, Inc. | 3637 | $1002612  |
| Albemarle Corp. | 1641 | 293198  |
| CF Industries Holdings, Inc. | 11982 | 1192688  |
| Corteva, Inc. | 9731 | 779648  |
| Dow, Inc. | 13184 | 405144  |
| DuPont de Nemours, Inc. | 9426 | 471677  |
| Ecolab, Inc. | 3807 | 1173888  |
| International Flavors & Fragrances, Inc. | 4631 | 380807  |
| Linde PLC | 8359 | 4247041  |
| LyondellBasell Industries NV - Class A | 4382 | 252053  |
| Mosaic Co. | 5759 | 160331  |
| PPG Industries, Inc. | 4146 | 511077  |
| Sherwin-Williams Co. | 3553 | 1288282  |
|  |  | 12158446  |
| **Commercial Services & Supplies - 0.5%**<br>|  |  |
| Cintas Corp. | 5101 | 1025964  |
| Copart, Inc.<sup>(a)</sup> | 12502 | 476201  |
| Republic Services, Inc. | 2990 | 684710  |
| Rollins, Inc. | 4134 | 251719  |
| Veralto Corp. | 4437 | 432297  |
| Waste Management, Inc. | 5775 | 1390851  |
|  |  | 4261742  |
| **Communications Equipment - 1.5%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 26168 | 3493428  |
| Ciena Corp.<sup>(a)</sup> | 681 | 237465  |
| Cisco Systems, Inc. | 80067 | 6362124  |
| F5, Inc.<sup>(a)</sup> | 590 | 160102  |
| Motorola Solutions, Inc. | 3018 | 1455461  |
|  |  | 11708580  |
| **Construction & Engineering - 0.5%**<br>|  |  |
| Comfort Systems USA, Inc. | 499 | 713256  |
| EMCOR Group, Inc. | 602 | 436221  |
| Quanta Services, Inc. | 5342 | 3007973  |
|  |  | 4157450  |
| **Construction Materials - 0.3%**<br>|  |  |
| CRH PLC | 9494 | 1139090  |
| Martin Marietta Materials, Inc. | 862 | 583203  |
| Vulcan Materials Co. | 1808 | 560480  |
|  |  | 2282773  |
| **Consumer Finance - 0.7%**<br>|  |  |
| American Express Co. | 9340 | 2885126  |
| Capital One Financial Corp. | 10107 | 1977333  |
| Synchrony Financial | 6399 | 442235  |
|  |  | 5304694  |
| **Consumer Staples Distribution & Retail - 2.6%** | **Consumer Staples Distribution & Retail - 2.6%** |  |
| Costco Wholesale Corp. | 7322 | 7401004  |
| Dollar General Corp. | 4620 | 721829  |
| Dollar Tree, Inc.<sup>(a)</sup> | 2027 | 256375  |
| Kroger Co. | 25322 | 1727973  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Sysco Corp. | 9216 | $840131  |
| Target Corp. | 8164 | 928981  |
| Walmart, Inc. | 73228 | 9369523  |
|  |  | 21245816  |
| **Containers & Packaging - 0.3%**<br>|  |  |
| Amcor PLC | 8117 | 393106  |
| Avery Dennison Corp. | 1164 | 228551  |
| Ball Corp. | 5257 | 352902  |
| International Paper Co. | 9734 | 423916  |
| Packaging Corp. of America | 811 | 188266  |
| Smurfit Westrock PLC | 9559 | 449369  |
|  |  | 2036110  |
| **Distributors - 0.1%**<br>|  |  |
| Genuine Parts Co. | 5235 | 624326  |
| Pool Corp. | 83 | 18856  |
|  |  | 643182  |
| **Diversified Telecommunication Services - 1.2%** | **Diversified Telecommunication Services - 1.2%** |  |
| AT&T, Inc. | 136768 | 3830871  |
| Comcast Corp. - Class A | 62258 | 1927508  |
| Verizon Communications, Inc. | 74157 | 3718232  |
|  |  | 9476611  |
| **Electric Utilities - 2.0%**<br>|  |  |
| Alliant Energy Corp. | 2187 | 158208  |
| American Electric Power Co., Inc. | 9419 | 1260451  |
| Constellation Energy Corp. | 5008 | 1652039  |
| Duke Energy Corp. | 13144 | 1719892  |
| Edison International | 7021 | 524750  |
| Entergy Corp. | 7397 | 792293  |
| Evergy, Inc. | 3500 | 292810  |
| Eversource Energy | 6923 | 527602  |
| Exelon Corp. | 17884 | 884721  |
| FirstEnergy Corp. | 10312 | 527562  |
| NextEra Energy, Inc. | 33692 | 3159299  |
| NRG Energy, Inc. | 2612 | 467443  |
| PG&E Corp. | 40038 | 760722  |
| Pinnacle West Capital Corp. | 1085 | 108825  |
| PPL Corp. | 13679 | 533207  |
| Southern Co. | 18220 | 1774264  |
| Xcel Energy, Inc. | 8466 | 705726  |
|  |  | 15849814  |
| **Electrical Equipment - 1.2%**<br>|  |  |
| AMETEK, Inc. | 3610 | 863584  |
| Eaton Corp. PLC | 5865 | 2204771  |
| Emerson Electric Co. | 8390 | 1264793  |
| GE Vernova, Inc. | 4908 | 4287629  |
| Generac Holdings, Inc.<sup>(a)</sup> | 527 | 118770  |
| Hubbell, Inc. | 641 | 327955  |
| Rockwell Automation, Inc. | 1581 | 644178  |
|  |  | 9711680  |

---

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

12<br>

------

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

**Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy** 

**Schedule of Investments** 

**February 28, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
|  **Electronic Equipment, Instruments & Components - 1.0%**<br>|  |  |
| Amphenol Corp. - Class A | 20031 | $2925728  |
| CDW Corp. | 1870 | 229337  |
| Corning, Inc. | 12382 | 1862005  |
| Jabil, Inc. | 1123 | 297583  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 2651 | 814732  |
| TE Connectivity PLC | 4441 | 1022096  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 779 | 530577  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 903 | 202236  |
|  |  | 7884294  |
| **Energy Equipment & Services - 0.5%**<br>|  |  |
| Baker Hughes Co. | 28436 | 1855733  |
| Halliburton Co. | 15978 | 575208  |
| SLB Ltd. | 26194 | 1344800  |
|  |  | 3775741  |
| **Entertainment - 1.7%**<br>|  |  |
| Electronic Arts, Inc. | 3389 | 679732  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 2345 | 380218  |
| Netflix, Inc.<sup>(a)</sup> | 75947 | 7309139  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 2512 | 531238  |
| TKO Group Holdings, Inc. – Class A | 466 | 104324  |
| Walt Disney Co. | 33253 | 3526148  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 40983 | 1154491  |
|  |  | 13685290  |
| **Financial Services - 3.9%**<br>|  |  |
| Apollo Global Management, Inc. | 7889 | 825189  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 22211 | 11215444  |
| Block, Inc. – Class A<sup>(a)</sup> | 10124 | 644899  |
| Corpay, Inc.<sup>(a)</sup> | 1275 | 414503  |
|  Fidelity National Information Services, Inc. | 9670 | 492783  |
| Fiserv, Inc.<sup>(a)</sup> | 9974 | 621280  |
| Global Payments, Inc. | 4338 | 331684  |
| Jack Henry & Associates, Inc. | 513 | 83342  |
| Mastercard, Inc. - Class A | 13727 | 7099742  |
| PayPal Holdings, Inc. | 16348 | 755441  |
| Visa, Inc. - Class A | 26751 | 8564065  |
|  |  | 31048372  |
| **Food Products - 0.6%**<br>|  |  |
| Archer-Daniels-Midland Co. | 6470 | 446689  |
| Bunge Global SA | 1557 | 187852  |
| Campbell's Co. | 2967 | 79961  |
| Conagra Brands, Inc. | 7801 | 150169  |
| General Mills, Inc. | 9964 | 450672  |
| Hershey Co. | 2212 | 522651  |
| Hormel Foods Corp. | 3808 | 97485  |
| J M Smucker Co. | 1894 | 219609  |
| Kraft Heinz Co. | 15838 | 389773  |
| Lamb Weston Holdings, Inc. | 1215 | 58551  |
| McCormick & Co., Inc. | 4620 | 328205  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Mondelez International, Inc. - Class A | 21571 | $1328342  |
| Tyson Foods, Inc. - Class A | 4951 | 321765  |
|  |  | 4581724  |
| **Gas Utilities - 0.1%**<br>|  |  |
| Atmos Energy Corp. | 5305 | 990921  |
| **Ground Transportation - 1.1%**<br>|  |  |
| CSX Corp. | 28241 | 1205608  |
| JB Hunt Transport Services, Inc. | 2276 | 531241  |
| Norfolk Southern Corp. | 3364 | 1058786  |
| Old Dominion Freight Line, Inc. | 3556 | 722046  |
| Uber Technologies, Inc.<sup>(a)</sup> | 37627 | 2837828  |
| Union Pacific Corp. | 9923 | 2629397  |
|  |  | 8984906  |
| **Health Care Equipment & Supplies - 2.4%** | **Health Care Equipment & Supplies - 2.4%** |  |
| Abbott Laboratories | 32891 | 3826868  |
| Align Technology, Inc.<sup>(a)</sup> | 1079 | 205118  |
| Baxter International, Inc. | 9548 | 194493  |
| Becton Dickinson & Co. | 4559 | 804572  |
| Boston Scientific Corp.<sup>(a)</sup> | 23717 | 1822651  |
| Cooper Cos., Inc.<sup>(a)</sup> | 2975 | 248918  |
| Dexcom, Inc.<sup>(a)</sup> | 7407 | 543896  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 9738 | 842045  |
| GE HealthCare Technologies, Inc. | 7676 | 646857  |
| Hologic, Inc.<sup>(a)</sup> | 3319 | 250120  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 2807 | 1843441  |
| Insulet Corp.<sup>(a)</sup> | 982 | 242171  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 5908 | 2974737  |
| Medtronic PLC | 19525 | 1906812  |
| ResMed, Inc. | 2101 | 538402  |
| Solventum Corp.<sup>(a)</sup> | 1107 | 82139  |
| STERIS PLC | 1224 | 308876  |
| Stryker Corp. | 5547 | 2149241  |
| Zimmer Biomet Holdings, Inc. | 2992 | 294533  |
|  |  | 19725890  |
| **Health Care Providers & Services - 2.4%**<br>|  |  |
| Cardinal Health, Inc. | 10140 | 2324392  |
| Cencora, Inc. | 6516 | 2424864  |
| Centene Corp.<sup>(a)</sup> | 8367 | 375511  |
| Cigna Group | 4119 | 1193769  |
| CVS Health Corp. | 20668 | 1651373  |
| DaVita, Inc.<sup>(a)</sup> | 156 | 24383  |
| Elevance Health, Inc. | 3880 | 1241600  |
| HCA Healthcare, Inc. | 3324 | 1760723  |
| Henry Schein, Inc.<sup>(a)</sup> | 737 | 60721  |
| Humana, Inc. | 1922 | 366218  |
| Labcorp Holdings, Inc. | 1758 | 508273  |
| McKesson Corp. | 1873 | 1849344  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 890 | 137104  |
| Quest Diagnostics, Inc. | 1369 | 290105  |
| UnitedHealth Group, Inc. | 16766 | 4916965  |
| Universal Health Services, Inc. - Class B | 432 | 89035  |
|  |  | 19214380  |

---

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

13<br>

------

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

**Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy** 

**Schedule of Investments** 

**February 28, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Hotels, Restaurants & Leisure - 2.4%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 6250 | $844437  |
| Booking Holdings, Inc. | 539 | 2285010  |
| Carnival Corp. | 18478 | 582981  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 23757 | 884236  |
| Darden Restaurants, Inc. | 2526 | 540185  |
| Domino's Pizza, Inc. | 180 | 72452  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 5798 | 1023173  |
| Expedia Group, Inc. – Class A | 1686 | 363653  |
| Hilton Worldwide Holdings, Inc. | 3515 | 1095907  |
| Las Vegas Sands Corp. | 6099 | 345935  |
| Marriott International Inc. - Class A | 7563 | 2584504  |
| McDonald's Corp. | 13449 | 4586916  |
| MGM Resorts International<sup>(a)</sup> | 2718 | 100185  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 5857 | 145195  |
| Royal Caribbean Cruises Ltd. | 4441 | 1380973  |
| Starbucks Corp. | 18128 | 1776907  |
| Wynn Resorts Ltd. | 714 | 77248  |
| Yum! Brands, Inc. | 4284 | 720397  |
|  |  | 19410294  |
| **Household Durables - 0.5%**<br>|  |  |
| DR Horton, Inc. | 3985 | 639154  |
| Garmin Ltd. | 5136 | 1298535  |
| Lennar Corp. - Class A | 9202 | 1052341  |
| NVR, Inc.<sup>(a)</sup> | 42 | 315747  |
| PulteGroup, Inc. | 4048 | 555386  |
|  |  | 3861163  |
| **Household Products - 1.2%**<br>|  |  |
| Church & Dwight Co., Inc. | 4113 | 431289  |
| Clorox Co. | 2188 | 278226  |
| Colgate-Palmolive Co. | 12021 | 1191762  |
| Kimberly-Clark Corp. | 6134 | 683573  |
| Procter & Gamble Co. | 43711 | 7308479  |
|  |  | 9893329  |
|  **Independent Power and Renewable Electricity Producers - 0.1%**<br>|  |  |
| AES Corp. | 11520 | 199065  |
| Vistra Corp. | 5265 | 915531  |
|  |  | 1114596  |
| **Industrial Conglomerates - 0.5%**<br>|  |  |
| 3M Co. | 8703 | 1438780  |
| Honeywell International, Inc. | 10004 | 2436874  |
|  |  | 3875654  |
| **Insurance - 2.3%**<br>|  |  |
| Aflac, Inc. | 7550 | 852621  |
| Allstate Corp. | 3908 | 838344  |
| American International Group, Inc. | 13636 | 1097562  |
| Aon PLC - Class A | 3268 | 1096316  |
| Arch Capital Group Ltd.<sup>(a)</sup> | 6887 | 689733  |
| Arthur J Gallagher & Co. | 3856 | 879939  |
| Assurant, Inc. | 227 | 52117  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Brown & Brown, Inc. | 4290 | $308108  |
| Chubb Ltd. | 7086 | 2415334  |
| Cincinnati Financial Corp. | 2180 | 357476  |
| Erie Indemnity Co. - Class A | 107 | 28830  |
| Everest Group Ltd. | 1090 | 365684  |
| Globe Life, Inc. | 1256 | 182447  |
| Hartford Insurance Group, Inc. | 4428 | 623595  |
| Loews Corp. | 2192 | 241164  |
| Marsh & McLennan Cos., Inc. | 9135 | 1705870  |
| MetLife, Inc. | 8064 | 581172  |
| Principal Financial Group, Inc. | 5269 | 502768  |
| Progressive Corp. | 9105 | 1945374  |
| Prudential Financial, Inc. | 6487 | 638191  |
| Travelers Cos., Inc. | 3373 | 1041043  |
| W.R. Berkley Corp. | 19805 | 1420019  |
| Willis Towers Watson PLC | 1336 | 407707  |
|  |  | 18271414  |
| **Interactive Media & Services - 3.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 31662 | 9870945  |
| Alphabet, Inc. - Class C | 25679 | 7997211  |
| Match Group, Inc. | 3423 | 108167  |
| Meta Platforms, Inc. - Class A | 19683 | 12758127  |
|  |  | 30734450  |
| **IT Services - 1.0%**<br>|  |  |
| Accenture PLC - Class A | 10622 | 2217024  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 1515 | 149061  |
|  Cognizant Technology Solutions Corp. - Class A | 8536 | 549974  |
| EPAM Systems, Inc.<sup>(a)</sup> | 895 | 126195  |
| Gartner, Inc.<sup>(a)</sup> | 1392 | 218822  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 2105 | 183472  |
| International Business Machines Corp. | 17707 | 4253398  |
| VeriSign, Inc. | 1023 | 233183  |
|  |  | 7931129  |
| **Leisure Products - 0.0%<sup>(b)</sup>**<br>|  |  |
| Hasbro, Inc. | 2034 | 202566  |
| **Life Sciences Tools & Services - 1.1%**<br>|  |  |
| Agilent Technologies, Inc. | 4613 | 559926  |
| Bio-Techne Corp. | 2237 | 131983  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 130 | 23204  |
| Danaher Corp. | 10315 | 2172752  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 2721 | 486542  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 265 | 362173  |
| Revvity, Inc. | 1662 | 163391  |
| Thermo Fisher Scientific, Inc. | 6718 | 3500817  |
| Waters Corp.<sup>(a)</sup> | 1416 | 452251  |
| West Pharmaceutical Services, Inc. | 3265 | 830420  |
|  |  | 8683459  |
| **Machinery - 2.4%**<br>|  |  |
| Caterpillar, Inc. | 8571 | 6366796  |
| Cummins, Inc. | 2115 | 1234885  |

---

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

14<br>

------

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

**Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy** 

**Schedule of Investments** 

**February 28, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Machinery - (Continued)** | **Machinery - (Continued)** | **Machinery - (Continued)** |
| Deere & Co. | 4184 | $2634707  |
| Dover Corp. | 2405 | 542327  |
| Fortive Corp. | 5379 | 318437  |
| IDEX Corp. | 361 | 75619  |
| Illinois Tool Works, Inc. | 4057 | 1179086  |
| Ingersoll Rand, Inc. | 6603 | 621606  |
| Nordson Corp. | 311 | 91260  |
| Otis Worldwide Corp. | 5354 | 495566  |
| PACCAR, Inc. | 7684 | 968875  |
| Parker-Hannifin Corp. | 1999 | 2017351  |
| Pentair PLC | 2438 | 241825  |
| Snap-on, Inc. | 467 | 179898  |
| Stanley Black & Decker, Inc. | 2771 | 239664  |
|  Westinghouse Air Brake Technologies Corp. | 7788 | 2055643  |
| Xylem, Inc. | 3365 | 435969  |
|  |  | 19699514  |
| **Media - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. - <br>Class A<sup>(a)</sup> | 1740 | 408256  |
| Fox Corp. - Class A | 3409 | 192063  |
| Fox Corp. - Class B | 2065 | 106823  |
| News Corp. - Class A | 29789 | 723575  |
| News Corp. - Class B | 14388 | 385311  |
| Omnicom Group, Inc. | 6939 | 591827  |
| Paramount Skydance Corp. – Class A | 940 | 12699  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 7615 | 181389  |
|  |  | 2601943  |
| **Metals & Mining - 0.7%**<br>|  |  |
| Freeport-McMoRan, Inc. | 24413 | 1662037  |
| Newmont Corp. | 16741 | 2176330  |
| Nucor Corp. | 6495 | 1148836  |
| Steel Dynamics, Inc. | 2054 | 396689  |
|  |  | 5383892  |
| **Multi-Utilities - 0.8%**<br>|  |  |
| Ameren Corp. | 4709 | 533436  |
| CenterPoint Energy, Inc. | 13174 | 573069  |
| CMS Energy Corp. | 3234 | 252478  |
| Consolidated Edison, Inc. | 6323 | 711464  |
| Dominion Energy, Inc. | 12235 | 772518  |
| DTE Energy Co. | 3381 | 501199  |
| NiSource, Inc. | 7819 | 369839  |
| Public Service Enterprise Group, Inc. | 8794 | 756900  |
| Sempra | 11046 | 1063398  |
| WEC Energy Group, Inc. | 5210 | 609362  |
|  |  | 6143663  |
| **Oil, Gas & Consumable Fuels - 4.2%**<br>|  |  |
| APA Corp. | 6009 | 182493  |
| Chevron Corp. | 35808 | 6687502  |
| ConocoPhillips | 19062 | 2162775  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Coterra Energy, Inc. | 13756 | $420796  |
| Devon Energy Corp. | 13276 | 577904  |
| Diamondback Energy, Inc. | 6943 | 1208637  |
| EOG Resources, Inc. | 9337 | 1158535  |
| EQT Corp. | 11179 | 686614  |
| Expand Energy Corp. | 3207 | 346100  |
| Exxon Mobil Corp. | 68098 | 10384945  |
| Kinder Morgan, Inc. | 49392 | 1643272  |
| Marathon Petroleum Corp. | 4525 | 896900  |
| Occidental Petroleum Corp. | 12915 | 685528  |
| ONEOK, Inc. | 10976 | 908484  |
| Phillips 66 | 6906 | 1065803  |
| Targa Resources Corp. | 3060 | 721548  |
| Texas Pacific Land Corp. | 576 | 301991  |
| Valero Energy Corp. | 9793 | 2004040  |
| Williams Cos., Inc. | 20899 | 1561573  |
|  |  | 33605440  |
| **Passenger Airlines - 0.2%**<br>|  |  |
| Delta Air Lines, Inc. | 11272 | 740570  |
| Southwest Airlines Co. | 9287 | 457478  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 5985 | 636206  |
|  |  | 1834254  |
| **Personal Care Products - 0.1%**<br>|  |  |
| Estee Lauder Cos., Inc. - Class A | 4653 | 509364  |
| Kenvue, Inc. | 34910 | 667479  |
|  |  | 1176843  |
| **Pharmaceuticals - 4.1%**<br>|  |  |
| Bristol-Myers Squibb Co. | 34285 | 2138355  |
| Eli Lilly & Co. | 10322 | 10858641  |
| Johnson & Johnson | 40823 | 10141658  |
| Merck & Co., Inc. | 47390 | 5867830  |
| Pfizer, Inc. | 93097 | 2574132  |
| Viatris, Inc. | 21017 | 313784  |
| Zoetis, Inc. | 7533 | 987576  |
|  |  | 32881976  |
| **Professional Services - 0.6%**<br>|  |  |
| Automatic Data Processing, Inc. | 6241 | 1337821  |
| Broadridge Financial Solutions, Inc. | 1562 | 290329  |
| Equifax, Inc. | 2377 | 496698  |
| Jacobs Solutions, Inc. | 3878 | 534621  |
| Leidos Holdings, Inc. | 2039 | 357029  |
| Paychex, Inc. | 4956 | 464129  |
| Paycom Software, Inc. | 393 | 49451  |
| Verisk Analytics, Inc. | 5163 | 1071684  |
|  |  | 4601762  |
|  **Real Estate Management & Development - 0.1%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 4428 | 653839  |
| CoStar Group, Inc.<sup>(a)</sup> | 6197 | 276572  |
|  |  | 930411  |

---

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

15<br>

------

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

**Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy** 

**Schedule of Investments** 

**February 28, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
|  **Semiconductors & Semiconductor Equipment - 11.0%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 30332 | $6072770  |
| Analog Devices, Inc. | 7648 | 2721082  |
| Applied Materials, Inc. | 13819 | 5144814  |
| Broadcom, Inc. | 39922 | 12757075  |
| First Solar, Inc.<sup>(a)</sup> | 1528 | 301321  |
| Intel Corp.<sup>(a)</sup> | 77887 | 3552426  |
| KLA Corp. | 2161 | 3294552  |
| Lam Research Corp. | 20063 | 4692535  |
| Microchip Technology, Inc. | 10350 | 772524  |
| Micron Technology, Inc. | 19041 | 7851937  |
| Monolithic Power Systems, Inc. | 1285 | 1468421  |
| NVIDIA Corp. | 176667 | 31303626  |
| NXP Semiconductors NV | 4270 | 969333  |
| ON Semiconductor Corp.<sup>(a)</sup> | 7510 | 499265  |
| Qnity Electronics, Inc. | 4713 | 597420  |
| QUALCOMM, Inc. | 19049 | 2711816  |
| Skyworks Solutions, Inc. | 2428 | 144660  |
| Teradyne, Inc. | 2095 | 670463  |
| Texas Instruments, Inc. | 15249 | 3234465  |
|  |  | 88760505  |
| **Software - 5.9%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 6771 | 1776778  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 4606 | 2002551  |
| Autodesk, Inc.<sup>(a)</sup> | 3874 | 952500  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 4255 | 1282457  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 3868 | 1438819  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 4697 | 525876  |
| Fair Isaac Corp.<sup>(a)</sup> | 364 | 513007  |
| Fortinet, Inc.<sup>(a)</sup> | 10072 | 795990  |
| Gen Digital, Inc. | 9749 | 220035  |
| Intuit, Inc. | 4903 | 2005474  |
| Microsoft Corp. | 40197 | 15786970  |
| Oracle Corp. | 30997 | 4506964  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 40905 | 5611757  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 10465 | 1558448  |
| PTC, Inc.<sup>(a)</sup> | 3580 | 560592  |
| Roper Technologies, Inc. | 1595 | 557819  |
| Salesforce, Inc. | 17698 | 3447394  |
| ServiceNow, Inc.<sup>(a)</sup> | 18742 | 2024323  |
| Synopsys, Inc.<sup>(a)</sup> | 3237 | 1340118  |
| Trimble, Inc.<sup>(a)</sup> | 3692 | 246884  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 515 | 182665  |
| Workday, Inc. - Class A<sup>(a)</sup> | 3178 | 425089  |
|  |  | 47762510  |
| **Specialty Retail - 2.4%**<br>|  |  |
| AutoZone, Inc.<sup>(a)</sup> | 281 | 1055318  |
| Best Buy Co., Inc. | 2216 | 137326  |
| Carvana Co. - Class A<sup>(a)</sup> | 2279 | 761551  |
| Home Depot, Inc. | 17233 | 6560948  |
| Lowe's Cos., Inc. | 9210 | 2436690  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 13455 | 1263155  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Ross Stores, Inc. | 12130 | $2494413  |
| TJX Cos., Inc. | 19187 | 3101770  |
| Tractor Supply Co. | 9427 | 488696  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 955 | 653974  |
| Williams-Sonoma, Inc. | 1666 | 342613  |
|  |  | 19296454  |
|  **Technology Hardware, Storage & Peripherals - 3.8%**<br>|  |  |
| Apple, Inc. | 89368 | 23609238  |
| Dell Technologies, Inc. - Class C | 4691 | 694643  |
| Hewlett Packard Enterprise Co. | 25296 | 543105  |
| HP, Inc. | 17278 | 328109  |
| NetApp, Inc. | 3679 | 364332  |
| Sandisk Corp.<sup>(a)</sup> | 2323 | 1475941  |
| Seagate Technology Holdings PLC | 4473 | 1824269  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 9620 | 311592  |
| Western Digital Corp. | 6137 | 1716519  |
|  |  | 30867748  |
| **Textiles, Apparel & Luxury Goods - 0.4%** | **Textiles, Apparel & Luxury Goods - 0.4%** |  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 2585 | 303143  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 1996 | 369600  |
| NIKE, Inc. - Class B | 21467 | 1334818  |
| Ralph Lauren Corp. – Class A | 342 | 124009  |
| Tapestry, Inc. | 5775 | 897839  |
|  |  | 3029409  |
| **Tobacco - 0.9%**<br>|  |  |
| Altria Group, Inc. | 27024 | 1865737  |
| Philip Morris International, Inc. | 28025 | 5235911  |
|  |  | 7101648  |
| **Trading Companies & Distributors - 0.5%** | **Trading Companies & Distributors - 0.5%** |  |
| Fastenal Co. | 20394 | 938940  |
| United Rentals, Inc. | 970 | 814800  |
| W.W. Grainger, Inc. | 1949 | 2231079  |
|  |  | 3984819  |
| **Water Utilities - 0.1%**<br>|  |  |
| American Water Works Co., Inc. | 3685 | 501271  |
| **Wireless Telecommunication Services - 0.2%** | **Wireless Telecommunication Services - 0.2%** |  |
| T-Mobile US, Inc. | 7457 | 1618840  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $460,784,297)** |  | 783167528  |
| **REAL ESTATE INVESTMENT TRUSTS - 2.5%** | **REAL ESTATE INVESTMENT TRUSTS - 2.5%** |  |
| **Health Care REITs - 0.4%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 2762 | 149258  |
| Healthpeak Properties, Inc. | 12572 | 222273  |
| Ventas, Inc. | 8275 | 712974  |
| Welltower, Inc. | 10207 | 2114074  |
|  |  | 3198579  |
| **Hotel & Resort REITs - 0.0%<sup>(b)</sup>**<br>|  |  |
| Host Hotels & Resorts, Inc. | 12124 | 237509  |

---

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

16<br>

------

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

**Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy** 

**Schedule of Investments** 

**February 28, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - (continued)** | **REAL ESTATE INVESTMENT TRUSTS - (continued)** | **REAL ESTATE INVESTMENT TRUSTS - (continued)** |
| **Industrial REITs - 0.3%**<br>|  |  |
| Prologis, Inc. | 14487 | $2065412  |
| **Office REITs - 0.0%<sup>(b)</sup>**<br>|  |  |
| BXP, Inc. | 2578 | 148441  |
| **Residential REITs - 0.2%**<br>|  |  |
| AvalonBay Communities, Inc. | 1916 | 339573  |
| Camden Property Trust | 1597 | 173019  |
| Equity Residential | 5580 | 352712  |
| Essex Property Trust, Inc. | 588 | 150005  |
| Invitation Homes, Inc. | 10087 | 265691  |
|  Mid-America Apartment Communities, Inc. | 1403 | 187806  |
| UDR, Inc. | 5393 | 202237  |
|  |  | 1671043  |
| **Retail REITs - 0.4%**<br>|  |  |
| Federal Realty Investment Trust | 597 | 64936  |
| Kimco Realty Corp. | 11712 | 275817  |
| Realty Income Corp. | 14437 | 967279  |
| Regency Centers Corp. | 2035 | 160765  |
| Simon Property Group, Inc. | 9795 | 1996711  |
|  |  | 3465508  |
| **Specialized REITs - 1.2%**<br>|  |  |
| American Tower Corp. | 7892 | 1514159  |
| Crown Castle, Inc. | 7884 | 705933  |
| Digital Realty Trust, Inc. | 5082 | 900530  |
| Equinix, Inc. | 1555 | 1514974  |
| Extra Space Storage, Inc. | 3848 | 581163  |
| Iron Mountain, Inc. | 20144 | 2182200  |
| Public Storage | 2349 | 721284  |
| SBA Communications Corp. | 1935 | 389245  |
| VICI Properties, Inc. | 15066 | 455144  |
| Weyerhaeuser Co. | 12651 | 310329  |
|  |  | 9274961  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $14,539,734)** |  | 20061453  |
| **CONTINGENT VALUE RIGHTS - 0.0%<sup>(b)</sup>** | **CONTINGENT VALUE RIGHTS - 0.0%<sup>(b)</sup>** |  |
|  Sycamore Partners LLC, Exercise Price $0.00<sup>(a)(c)</sup> | 4913 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONTINGENT VALUE RIGHTS** <br>**(Cost $0)** |  | 0  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.2%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.60%<sup>(d)</sup> | 1944076 | $1944076  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,944,076)** |  | 1944076  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $477,268,107)** |  | $805173057  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 745547  |
| **TOTAL NET ASSETS - 100.0%** |  | $805918604 |

---

Percentages are stated as a percent of net assets.

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

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

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

<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 February 28, 2026.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of February 28, 2026.

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

17<br>

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

**STATEMENTS OF ASSETS AND LIABILITIES** 

**February 28, 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Tema Alternative** <br>**Asset Managers** <br>**ETF** | **Tema American** <br>**Reshoring ETF** | **Tema Durable** <br>**Quality ETF** | **Tema** <br>**Electrification** <br>**ETF** | **Tema Heart &** <br>**Health ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | &nbsp;&nbsp; $2035951 | $264036408 | $48467235 | $442034998 | $55225734  |
| Dividends receivable | &nbsp;&nbsp; 4682 | 256751 | 22450 | 540418 | 73946  |
| Receivable for investments sold | &nbsp;&nbsp; — |  |  |  | 750993  |
| Receivable for fund shares sold | &nbsp;&nbsp; — |  |  | 712946 |  |
| Dividend tax reclaims receivable  | &nbsp;&nbsp; 110  | 35742  | 1199  | 22582  | 44946  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 2040743 | 264328901 | 48490884 | 443310944 | 56095619  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to Adviser | &nbsp;&nbsp; 1272 | 140374 | 20363 | 223652 | 32035  |
| Payable for investments purchased | &nbsp;&nbsp; — |  |  | 703814 | 748157  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 1272 | 140374 | 20363 | 927466 | 780192  |
| **NET ASSETS** | &nbsp;&nbsp; $2039471 | $264188527 | $48470521 | $442383480 | $55315427  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $2462000 | $197570273 | $45388309 | $355411674 | $54455291  |
|  Total distributable earnings/ (accumulated losses) | &nbsp;&nbsp; (422529) | 66618254 | 3082212 | 86971806 | 860136  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $2039471 | $264188527 | $48470521 | $442383480 | $55315427  |
| Net assets | &nbsp;&nbsp; $2039471 | $264188527 | $48470521 | $442383480 | $55315427  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 100000 | 4840000 | 1320000 | 12410000 | 1530000  |
| Net asset value per share | &nbsp;&nbsp; $20.39 | $54.58 | $36.72 | $35.65 | $36.15  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $2471062 | $196872529 | $42482207 | $354333373 | $48602106 |

---

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

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

18<br>

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

**STATEMENTS OF ASSETS AND LIABILITIES** 

**February 28, 2026(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tema International** <br>**Defense Innovation** <br>**ETF** | **Tema International**<br>**Durable Quality** <br>**ETF** | **Tema** <br>**Oncology** <br>**ETF** | **Tema S&P 500<sup>®</sup>** <br>**Historical Weight** <br>**ETF Strategy**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at value | &nbsp;&nbsp;&nbsp;&nbsp; $1368230 | &nbsp;&nbsp;&nbsp;&nbsp; $545091 | $159780806 | $805173057  |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 274822 | &nbsp;&nbsp;&nbsp;&nbsp; — |  | —  |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | 152133 | 853960  |
| Dividend tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 293 | 31957 | 2062  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp; 1643446 | &nbsp;&nbsp;&nbsp;&nbsp; 546054 | 159964896 | 806029079  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; 268776 | &nbsp;&nbsp;&nbsp;&nbsp; — |  | —  |
| Payable to Adviser | &nbsp;&nbsp;&nbsp;&nbsp; 559 | &nbsp;&nbsp;&nbsp;&nbsp; 247 | 87352 | 110475  |
|  Payable for estimate of foreign capital gains taxes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 349 |  |  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; 269335 | &nbsp;&nbsp;&nbsp;&nbsp; 596 | 87352 | 110475  |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp; $1374111 | &nbsp;&nbsp;&nbsp;&nbsp; $545458 | $159877544 | $805918604  |
| **Net Assets Consists of:** <br>|  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; $1324445 | &nbsp;&nbsp;&nbsp;&nbsp; $502914 | $123495043 | $476620638  |
|  Total distributable earnings/(accumulated losses) | &nbsp;&nbsp;&nbsp;&nbsp; 49666 | &nbsp;&nbsp;&nbsp;&nbsp; 42544 | 36382501 | 329297966  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp;&nbsp;&nbsp; $1374111 | &nbsp;&nbsp;&nbsp;&nbsp; $545458 | $159877544 | $805918604  |
| Net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1374111 | &nbsp;&nbsp;&nbsp;&nbsp; $545458 | $159877544 | $805918604  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | 4240000 | 13409057  |
| Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp; $27.48 | &nbsp;&nbsp;&nbsp;&nbsp; $27.27 | $37.71 | $60.10  |
| **Cost:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp;&nbsp;&nbsp; $1296512 | &nbsp;&nbsp;&nbsp;&nbsp; $485729 | $122143572 | $477268107 |

---

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

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

19<br>

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

**STATEMENTS OF OPERATIONS** 

**For the Year or Periods Ended February 28, 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Tema Alternative** <br>**Asset Managers** <br>**ETF<sup>(a)</sup>** | **Tema American** <br>**Reshoring ETF** | **Tema Durable** <br>**Quality ETF** | **Tema** <br>**Electrification** <br>**ETF** | **Tema Heart &** <br>**Health ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $18235 | $1899937 | $522404 | $2282522 | $789377  |
| Stock dividend income | &nbsp;&nbsp;&nbsp; — |  | 32609 | 116009 |  |
| Dividend tax reclaim | &nbsp;&nbsp;&nbsp; 398 | 95720 | 6487 | 49358 | 54068  |
| Less: dividend withholding taxes | &nbsp;&nbsp;&nbsp; (1213) | (139340) | (26035) | (104470) | (97340)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 17420 | 1856317 | 535465 | 2343419 | 746105  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 9618 | 1696680 | 328589 | 1175493 | 524536  |
| Tax expense | &nbsp;&nbsp;&nbsp; — |  | 89 |  |  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 9618 | 1696680 | 328678 | 1175493 | 524536  |
| Expense reimbursement by Adviser | &nbsp;&nbsp;&nbsp; (2338) | (387890) |  |  | (127695)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp;&nbsp; 7280 | 1308790 | 328678 | 1175493 | 396841  |
| **Net investment income** | &nbsp;&nbsp;&nbsp; 10140 | 547527 | 206787 | 1167926 | 349264  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 21029 | (121759) | (3023351) | 667041 | 993720  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp; — | (708074) | 7274110 | 653552 | 2627407  |
| &nbsp;&nbsp;&nbsp; Foreign currency transaction | &nbsp;&nbsp;&nbsp; (125) | (11147) | 2058 | (5145) | (5630)  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 20904 | (840980) | 4252817 | 1315448 | 3615497  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (435111) | 67203546 | 2567937 | 89623525 | 3795985  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; — | 4427 | 27 | 2063 | 3330  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (435111) | 67207973 | 2567964 | 89625588 | 3799315  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | &nbsp;&nbsp;&nbsp; (414207) | 66366993 | 6820781 | 90941036 | 7414812  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $(404067) | $66914520 | $7027568 | $92108962 | $7764076 |

---

<sup>(a)</sup> Inception date of the Fund was October 1, 2025.

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

20<br>

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

**STATEMENTS OF OPERATIONS** 

**For the Year or Periods Ended February 28, 2026(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tema International** <br>**Defense Innovation** <br>**ETF<sup>(a)</sup>** | **Tema International** <br>**Durable Quality** <br>**ETF<sup>(b)</sup>** | **Tema** <br>**Oncology** <br>**ETF** | **Tema S&P 500<sup>®</sup>** <br>**Historical Weight** <br>**ETF Strategy<sup>(c)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp;&nbsp; $6510 | &nbsp;&nbsp;&nbsp;&nbsp; $13045 | $838865 | &nbsp;&nbsp; $5615878  |
| Stock dividend income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1354 |  | &nbsp;&nbsp; — |
| Dividend tax reclaim | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 818 | 44882 | &nbsp;&nbsp; 28687  |
| Less: dividend withholding taxes | &nbsp;&nbsp;&nbsp;&nbsp; (757) | &nbsp;&nbsp;&nbsp;&nbsp; (3699) | (97311) | &nbsp;&nbsp; (30029)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp; 5864 | &nbsp;&nbsp;&nbsp;&nbsp; 11518 | 786436 | &nbsp;&nbsp; 5614536  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp; 7848 | &nbsp;&nbsp;&nbsp;&nbsp; 10811 | 861553 | &nbsp;&nbsp; 714308  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 7848 | &nbsp;&nbsp;&nbsp;&nbsp; 10811 | 861553 | &nbsp;&nbsp; 714308  |
| Expense reimbursement by Adviser | &nbsp;&nbsp;&nbsp;&nbsp; (618) | &nbsp;&nbsp;&nbsp;&nbsp; — | (209629) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 7230 | &nbsp;&nbsp;&nbsp;&nbsp; 10811 | 651924 | &nbsp;&nbsp; 714308  |
| **Net investment income/(loss)** | &nbsp;&nbsp;&nbsp;&nbsp; (1366) | &nbsp;&nbsp;&nbsp;&nbsp; 707 | 134512 | &nbsp;&nbsp; 4900228  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp; (20899) | &nbsp;&nbsp;&nbsp;&nbsp; (7560) | 1671188 | &nbsp;&nbsp; (100486)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (519180) | &nbsp;&nbsp;&nbsp;&nbsp; 321843 | 1579233 | &nbsp;&nbsp; 47767932  |
| &nbsp;&nbsp;&nbsp; Foreign currency transaction | &nbsp;&nbsp;&nbsp;&nbsp; (535) | &nbsp;&nbsp;&nbsp;&nbsp; 306 | (7826) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Foreign capital gain taxes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5184) |  | &nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (540614) | &nbsp;&nbsp;&nbsp;&nbsp; 309405 | 3242595 | &nbsp;&nbsp; 47667446  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp; 71718 | &nbsp;&nbsp;&nbsp;&nbsp; 59362 | 34124782 | &nbsp;&nbsp; 21833952<sup>(d)</sup>  |
| &nbsp;&nbsp;&nbsp; Foreign capital gains taxes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (349) |  | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 2940 | &nbsp;&nbsp; —  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 71718 | &nbsp;&nbsp;&nbsp;&nbsp; 59013 | 34127722 | &nbsp;&nbsp; 21833952<sup>(d)</sup>  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp;&nbsp; (468896) | &nbsp;&nbsp;&nbsp;&nbsp; 368418 | 37370317 | &nbsp;&nbsp; 69501398  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;&nbsp; $(470262) | &nbsp;&nbsp;&nbsp;&nbsp; $369125 | $37504829 | &nbsp;&nbsp; $74401626 |

---

<sup>(a)</sup> Inception date of the Fund was September 25, 2025.

<sup>(b)</sup> Inception date of the Fund was September 11, 2025.

<sup>(c)</sup> Inception date of the Fund was April 1, 2025.

<sup>(d)</sup> See Note 12 in Notes to Financial Statements.

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

21<br>

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

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Tema Alternative** <br>**Asset Managers ETF** | **Tema American Reshoring ETF**  | **Tema American Reshoring ETF**  |
|  | **Period Ended** <br>**February 28,** <br>**2026<sup>(a)</sup>** | **Year Ended February 28,**  | **Year Ended February 28,**  |
|  | **Period Ended** <br>**February 28,** <br>**2026<sup>(a)</sup>** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $10140 | $547527 | $162099  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 20904 | (840980) | 1298086  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (435111) | 67207973 | (2871516)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp; (404067) | 66914520 | (1411331)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp;&nbsp;&nbsp; (18462) | (535510) | (367594)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; (18462) | (535510) | (367594)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2462000 | 51455352 | 211477891  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | (71113076) | (4859741)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 2462000 | (19657724) | 206618150  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 2039471 | 46721286 | 204839225  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp; — | 217467241 | 12628016  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp; $2039471 | $264188527 | $217467241  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | 1040000 | 5710000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | (2150000) | (130000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | (1110000) | 5580000 |

---

<sup>(a)</sup> Inception date of the Fund was October 1, 2025.

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

22<br>

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tema Durable Quality ETF** | **Tema Durable Quality ETF** | **Tema Electrification ETF**  | **Tema Electrification ETF**  |
|  | **Year Ended February 28,** | **Year Ended February 28,** | **Year Ended** <br>**February 28,** <br>**2026** | **Period Ended** <br>**February 28,** <br>**2025<sup>(a)</sup>**  |
|  | **2026** | **2025**  | **Year Ended** <br>**February 28,** <br>**2026** | **Period Ended** <br>**February 28,** <br>**2025<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $206787 | $61337 | $1167926 | $48915  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4252817 | 189094 | 1315448 | (1530023)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2567964 | 2056053 | 89625588 | (1922043)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 7027568 | 2306484 | 92108962 | (3403151)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (224867) | (246800) | (1102349) | (774)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (224867) | (246800) | (1102349) | (774)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 22096516 | 43640654 | 299086197 | 59342161  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (33505107) |  | (3647566) | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (11408591) | 43640654 | 295438631 | 59342161  |
| **Net increase (decrease) in net assets** | (4605890) | 45700338 | 386445244 | 55938236  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 53076411 | 7376073 | 55938236 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $48470521 | $53076411 | $442383480 | $55938236  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 650000 | 1360000 | 10030000 | 2530000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (930000) |  | (150000) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (280000) | 1360000 | 9880000 | 2530000 |

---

<sup>(a)</sup> Inception date of the Fund was December 4, 2024.

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

23<br>

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tema Heart & Health ETF** | **Tema Heart & Health ETF** | **Tema** <br>**International** <br>**Defense** <br>**Innovation ETF** | **Tema** <br>**International** <br>**Durable** <br>**Quality ETF**  |
|  | **Year Ended February 28,** | **Year Ended February 28,** | **Period Ended** <br>**February 28,** <br>**2026<sup>(a)</sup>** | **Period Ended** <br>**February 28,** <br>**2026<sup>(b)</sup>**  |
|  | **2026** | **2025**  | **Period Ended** <br>**February 28,** <br>**2026<sup>(a)</sup>** | **Period Ended** <br>**February 28,** <br>**2026<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $349264 | $(107763) | $(1366) | $707  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3615497 | (3247908) | (540614) | 309405  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3799315 | (2468371) | 71718 | 59013  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 7764076 | (5824042) | (470262) | 369125  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (714088) | (1163896) |  | (5519)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (714088) | (1163896) |  | (5519)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5739757 | 41640992 | 5617727 | 5006000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (22258002) | (17768292) | (3773354) | (4824148)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (16518245) | 23872700 | 1844373 | 181852  |
| **Net increase (decrease) in net assets** | (9468257) | 16884762 | 1374111 | 545458  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 64783684 | 47898922 |  | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $55315427 | $64783684 | $1374111 | $545458  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 170000 | 1250000 | 220000 | 200000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (740000) | (570000) | (170000) | (180000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (570000) | 680000 | 50000 | 20000 |

---

<sup>(a)</sup> Inception date of the Fund was September 25, 2025.

<sup>(b)</sup> Inception date of the Fund was September 11, 2025.

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

24<br>

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Tema Oncology ETF** | **Tema Oncology ETF** | **Tema S&P 500<sup>®</sup>** <br>**Historical Weight** <br>**ETF Strategy**  |
|  | **Year Ended February 28,** | **Year Ended February 28,** | **Period Ended** <br>**February 28,** <br>**2026<sup>(a)</sup>**  |
|  | **2026** | **2025**  | **Period Ended** <br>**February 28,** <br>**2026<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $134512 | $(14355) | $4900228  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3242595 | (2259982) | 47667446  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 34127722 | 636290 | 21833952  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 37504829 | (1638047) | 74401626  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (59947) | (1281756) | (3405203)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (59947) | (1281756) | (3405203)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 62262419 | 51605583 | 207959164  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold in connection with in-kind contribution <br>(Note 12) |  |  | 590591717  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (7395387) |  | (63628700)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 54867032 | 51605583 | 734922181  |
| **Net increase (decrease) in net assets** | 92311914 | 48685780 | 805918604  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 67565630 | 18879850 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $159877544 | $67565630 | $805918604  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1890000 | 1970000 | 3710003  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold in connection with in-kind contribution <br>(Note 12) |  |  | 10809054  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (290000) |  | (1110000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1600000 | 1970000 | 13409057 |

---

<sup>(a)</sup> Inception date of the Fund was April 1, 2025.

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

25<br>

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

**TEMA ALTERNATIVE ASSET MANAGERS ETF** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout the period presented** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**February 28,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $24.62  |
| **INVESTMENT OPERATIONS:** <br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (4.15)  |
| **Total from investment operations** | &nbsp;&nbsp; (4.05)  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |
| Net investment income | &nbsp;&nbsp; (0.18)  |
| **Total distributions** | &nbsp;&nbsp; (0.18)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $20.39  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -16.54%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $2039  |
| Ratio of expenses to average net assets: <br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.75%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 1.04%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 7% |

---

<sup>(a)</sup> Inception date of the Fund was October 1, 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.

26<br>

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

**TEMA AMERICAN RESHORING ETF** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout the year/period presented** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended February 28,** | **Year Ended February 28,** | **Period Ended** <br>**February 29,** <br>**2024<sup>(a)</sup>**  |
|  | **2026** | **2025**  | **Period Ended** <br>**February 29,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |  |
| Net asset value, beginning of period | $36.55 | $34.13 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |
| Net investment income<sup>(b)</sup> | 0.13 | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.10  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 18.03 | 2.46 | &nbsp;&nbsp;&nbsp;&nbsp;9.11  |
| **Total from investment operations** | 18.16 | 2.52 | &nbsp;&nbsp;&nbsp;&nbsp;9.21  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |
| Net investment income | (0.13) | (0.02) | &nbsp;&nbsp; (0.08)  |
| Net realized gains |  | (0.08) | &nbsp;&nbsp; —  |
| **Total distributions** | (0.13) | (0.10) | &nbsp;&nbsp; (0.08)  |
| ETF transaction fees per share |  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | $54.58 | $36.55 | &nbsp;&nbsp; $34.13  |
| Total return<sup>(e)</sup> | 49.78% | 7.35% | &nbsp;&nbsp; 36.88%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |
| Net assets, end of period (in thousands) | $264189 | $217467 | &nbsp;&nbsp; $12628  |
| Ratio of expenses to average net assets: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | 0.97% | 0.99% | &nbsp;&nbsp; 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | 0.75% | 0.75% | &nbsp;&nbsp; 0.75%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 0.31% | 0.17% | &nbsp;&nbsp; 0.43%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 52% | 37% | &nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was May 11, 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> Portfolio turnover rate excludes in-kind transactions.

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

27<br>

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**TEMA DURABLE QUALITY ETF** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout the year/period presented** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended February 28,** | **Year Ended February 28,** | **Period Ended** <br>**February 29,** <br>**2024<sup>(a)</sup>**  |
|  | **2026** | **2025**  | **Period Ended** <br>**February 29,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |  |
| Net asset value, beginning of period | $33.17 | $30.73 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |
| Net investment income<sup>(b)</sup> | 0.12 | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.54 | 2.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.76  |
| **Total from investment operations** | 3.66 | 3.07 | &nbsp;&nbsp;&nbsp;&nbsp;5.83  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |
| Net investment income | (0.10) | (0.12) | &nbsp;&nbsp;&nbsp; (0.08)  |
| Net realized gains | (0.01) | (0.51) | &nbsp;&nbsp;&nbsp; —  |
| Return of capital |  |  | &nbsp;&nbsp;&nbsp; (0.02)  |
| **Total distributions** | (0.11) | (0.63) | &nbsp;&nbsp;&nbsp; (0.10)  |
| **Net asset value, end of period** | $36.72 | $33.17 | &nbsp;&nbsp;&nbsp; $30.73  |
| Total return<sup>(d)</sup> | 11.05% | 10.02% | &nbsp;&nbsp;&nbsp; 23.38%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |
| Net assets, end of period (in thousands) | $48471 | $53076 | &nbsp;&nbsp;&nbsp; $7376  |
| Ratio of expenses to average net assets: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | 0.55% | 0.63% | &nbsp;&nbsp;&nbsp; 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | 0.55% | 0.58% | &nbsp;&nbsp;&nbsp; 0.75%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.35% | 0.41% | &nbsp;&nbsp;&nbsp; 0.31%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 51% | 29% | &nbsp;&nbsp;&nbsp; 6% |

---

<sup>(a)</sup> Inception date of the Fund was May 11, 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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**TEMA ELECTRIFICATION ETF** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout the year/period presented** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**February 28,** <br>**2026** | **Period Ended** <br>**February 28,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period | $22.11 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:** <br>|  |  |
| Net investment income<sup>(b)</sup> | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 13.46 | &nbsp;&nbsp; (2.93)  |
| **Total from investment operations** | 13.67 | &nbsp;&nbsp; (2.89)  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income | (0.09) | &nbsp;&nbsp; (0.00)<sup>(d)</sup>  |
| Net realized gains | (0.04) | &nbsp;&nbsp; —  |
| **Total distributions** | (0.13) | &nbsp;&nbsp; —  |
| **Net asset value, end of period** | $35.65 | &nbsp;&nbsp; $22.11  |
| Total return<sup>(e)</sup> | 61.94% | &nbsp;&nbsp; -11.56%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |
| Net assets, end of period (in thousands) | $442383 | &nbsp;&nbsp; $55938  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.75% | &nbsp;&nbsp; 0.75%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 0.75% | &nbsp;&nbsp; 0.66%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 32% | &nbsp;&nbsp; 37% |

---

<sup>(a)</sup> Inception date of the Fund was December 4, 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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**TEMA HEART & HEALTH ETF** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout the year/period presented** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended February 28,** | **Year Ended February 28,** | **Period Ended** <br>**February 29,** <br>**2024<sup>(a)</sup>**  |
|  | **2026** | **2025**  | **Period Ended** <br>**February 29,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |  |
| Net asset value, beginning of period | $30.85 | $33.73 | &nbsp;&nbsp; $26.47  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.20 | (0.05) | &nbsp;&nbsp; (0.02)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 5.57 | (2.36) | &nbsp;&nbsp;&nbsp;&nbsp;7.28  |
| **Total from investment operations** | 5.77 | (2.41) | &nbsp;&nbsp;&nbsp;&nbsp;7.26  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |
| Net investment income | (0.47) | (0.14) | &nbsp;&nbsp; —  |
| Net realized gains |  | (0.33) | &nbsp;&nbsp; —  |
| **Total distributions** | (0.47) | (0.47) | &nbsp;&nbsp; —  |
| **Net asset value, end of period** | $36.15 | $30.85 | &nbsp;&nbsp; $33.73  |
| Total return<sup>(d)</sup> | 18.79% | -7.20% | &nbsp;&nbsp; 27.43%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |
| Net assets, end of period (in thousands) | $55315 | $64784 | &nbsp;&nbsp; $47899  |
| Ratio of expenses to average net assets: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | 0.99% | 0.99% | &nbsp;&nbsp; 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | 0.75% | 0.75% | &nbsp;&nbsp; 0.75%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.66% | (0.15)% | &nbsp;&nbsp; (0.25)%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 40% | 85% | &nbsp;&nbsp; 8% |

---

<sup>(a)</sup> Inception date of the Fund was November 21, 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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**TEMA INTERNATIONAL DEFENSE INNOVATION ETF** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout the period presented** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**February 28,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $25.49  |
| **INVESTMENT OPERATIONS:** <br>|  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.01)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.00  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.99  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $27.48  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 7.82%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1374  |
| Ratio of expenses to average net assets: <br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.75%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.68%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (0.13)%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 9% |

---

<sup>(a)</sup> Inception date of the Fund was September 25, 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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**TEMA INTERNATIONAL DURABLE QUALITY ETF** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout the period presented** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**February 28,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $25.03  |
| **INVESTMENT OPERATIONS:** <br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2.27  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 2.27  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.01)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.02)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.03)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $27.27  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 9.09%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $545  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.04%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 7% |

---

<sup>(a)</sup> Inception date of the Fund was September 11, 2025.

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

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

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the 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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**TEMA ONCOLOGY ETF** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout the year/period presented** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended February 28,** | **Year Ended February 28,** | **Period Ended** <br>**February 29,** <br>**2024<sup>(a)</sup>**  |
|  | **2026** | **2025**  | **Period Ended** <br>**February 29,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |  |
| Net asset value, beginning of period | $25.59 | $28.18 | &nbsp;&nbsp; $25.12  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.05 | (0.01) | &nbsp;&nbsp; (0.03)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 12.09 | (1.85) | &nbsp;&nbsp;&nbsp;&nbsp;3.23  |
| **Total from investment operations** | 12.14 | (1.86) | &nbsp;&nbsp;&nbsp;&nbsp;3.20  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |
| Net investment income | (0.02) | (0.50) | &nbsp;&nbsp; (0.13)  |
| Net realized gains |  | (0.23) | &nbsp;&nbsp; (0.01)  |
| **Total distributions** | (0.02) | (0.73) | &nbsp;&nbsp; (0.14)  |
| **Net asset value, end of period** | $37.71 | $25.59 | &nbsp;&nbsp; $28.18  |
| Total return<sup>(d)</sup> | 47.42% | -6.64% | &nbsp;&nbsp; 12.84%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |
| Net assets, end of period (in thousands) | $159878 | $67566 | &nbsp;&nbsp; $18880  |
| Ratio of expenses to average net assets: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | 0.99% | 0.99% | &nbsp;&nbsp; 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | 0.75% | 0.75% | &nbsp;&nbsp; 0.75%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.15% | (0.03)% | &nbsp;&nbsp; (0.18)%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 68% | 95% | &nbsp;&nbsp; 26% |

---

<sup>(a)</sup> Inception date of the Fund was August 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.

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**TEMA S&P 500<sup>®</sup> HISTORICAL WEIGHT ETF STRATEGY** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout the period presented** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**February 28,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $49.48  |
| **INVESTMENT OPERATIONS:** <br>|  |
| Net investment income<sup>(b)</sup> | 0.65  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 10.39  |
| **Total from investment operations** | 11.04  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |
| Net investment income | &nbsp;&nbsp; (0.42)  |
| Net realized gains | &nbsp;&nbsp; (0.00)<sup>(d)</sup>  |
| **Total distributions** | &nbsp;&nbsp; (0.42)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $60.10  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; 22.38%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $805919  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.18%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 1.23%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp; 1% |

---

<sup>(a)</sup> Inception date of the Fund was April 1, 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> 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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**NOTES TO THE FINANCIAL STATEMENTS** 

**February 28, 2026** 

**NOTE 1 – ORGANIZATION** 

The Tema ETF Trust (the "Trust") was organized as a Delaware statutory trust on July 25, 2022 and is authorized to issue multiple series or portfolios. The Trust is an open-end investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust consists of multiple operational exchange-traded funds ("ETFs"), nine of which are presented herein: Tema Alternative Asset Managers ETF ("AAUM"), Tema American Reshoring ETF ("RSHO"), Tema Durable Quality ETF ("TOLL"), Tema Electrification ETF ("VOLT"), Tema Heart & Health ETF ("HRTS"), Tema International Defense Innovation ETF ("GDFN"), Team International Durable Quality ETF ("ITOL") Tema Oncology ETF ("CANC"), and Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy ("DSPY") (collectively, the "Funds" or individually, a "Fund"). These financial statements relate only to the Funds. The Funds are each non-diversified management investment companies under the 1940 Act except for DSPY which is a diversified management investment company. The investment objective of AAUM, RSHO, TOLL, VOLT, HRTS, GDFN, ITOL, CANC, and DSPY is to seek to provide long-term growth.

Tema ETFs LLC (the "Adviser") is the investment adviser to each Fund.

Tidal Investments LLC (the "Sub-Adviser") is the investment sub-adviser to each Fund. Note that prior to February 18, 2026 NEOS Investment Management, LLC served as each Fund's sub-adviser.

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The Trust follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies" including Accounting Standards Update 2013-08.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Investment Valuation.* The net asset value ("NAV") of each Fund's shares is calculated each business day as of the close
 of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m., Eastern Time. NAV per share is computed by
 dividing the net assets of each Fund by each Fund's number of shares outstanding.

When calculating the NAV of each Fund's shares, securities held by the Funds are valued at market quotations when reliable market quotations are readily available. Exchange traded securities and instruments (including equity securities, depositary receipts and ETFs) are generally valued at the last reported sale price on the principal exchange on which such securities are traded (at the NASDAQ Official Closing Price for NASDAQ listed securities) as of the close of regular trading on the NYSE on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Over-the-counter securities and instruments not traded on an exchange are generally valued at the last traded price. Investments in open-end regulated investment companies (including money market funds) are valued at that day's published NAV. In the absence of a recorded transaction sale price; or if the last sale price is unavailable, securities are valued at the mean between last bid and ask, as quoted. If an ask price is unavailable, the last bid price is used. Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments. Such valuations would typically be categorized as Level 1 or Level 2 in the fair value hierarchy described below.

When reliable market quotations are not readily available, securities are priced at their fair value as determined in good faith by the Adviser in accordance with the Trust's valuation guidelines. Pursuant to Rule 2a-5 under the 1940 Act, each Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. The Funds may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a security has been materially affected by events occurring

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**NOTES TO THE FINANCIAL STATEMENTS** 

**February 28, 2026(Continued)** 

after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted. Such valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy described below. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of such security. As of February 28, 2026, there was only one Fund, the Tema S&P 500<sup>®</sup> Historical Weight ETF, with a portfolio security that was categorized as a Level 3 investment. Refer to below for further valuation disclosures.

Investments in open-end regulated investment companies (including money market funds) are valued at NAV. Such valuations would typically be categorized as Level 1 in the fair value hierarchy described below.

The Funds disclose the fair value of their investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds' own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).

The three levels defined by the hierarchy are as follows:

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

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used to value each Fund's investments as of February 28, 2026:

**Tema Alternative Asset Managers ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $2017668 | $— | $— | $2017668  |
| &nbsp;&nbsp;&nbsp; Short-term Investments | 18283 |  |  | 18283  |
| **Total Investments** | $2035951 | $— | $— | $2035951 |

---

**Tema American Reshoring ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $261191332 | $— | $— | $261191332  |
| &nbsp;&nbsp;&nbsp; Short-term Investments | 2845076 |  |  | 2845076  |
| **Total Investments** | $264036408 | $— | $— | $264036408 |

---

**Tema Durable Quality ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $48056312 | $— | $— | $48056312  |
| &nbsp;&nbsp;&nbsp; Short-term Investments | 410923 |  |  | 410923  |
| **Total Investments** | $48467235 | $— | $— | $48467235 |

---

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**NOTES TO THE FINANCIAL STATEMENTS** 

**February 28, 2026(Continued)** 

**Tema Electrification ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $439961320 | $— | $— | $439961320  |
| &nbsp;&nbsp;&nbsp; Short-term Investments | 2073678 |  |  | 2073678  |
| **Total Investments** | $442034998 | $— | $— | $442034998 |

---

**Tema Heart & Health ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $54900221 | $— | $— | $54900221  |
| &nbsp;&nbsp;&nbsp; Short-term Investments | 325513 |  |  | 325513  |
| **Total Investments** | $55225734 | $— | $— | $55225734 |

---

**Tema International Defense Innovation ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $1355910 | $— | $— | $1355910  |
| &nbsp;&nbsp;&nbsp; Short-term Investments | 12320 |  |  | 12320  |
| **Total Investments** | $1368230 | $— | $— | $1368230 |

---

**Tema International Durable Quality ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $538087 | $— | $— | $538087  |
| &nbsp;&nbsp;&nbsp; Short-term Investments | 7004 |  |  | 7004  |
| **Total Investments** | $545091 | $— | $— | $545091 |

---

**Tema Oncology ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $158753905 | $— | $— | $158753905  |
| &nbsp;&nbsp;&nbsp; Short-term Investments | 1026901 |  |  | 1026901  |
| **Total Investments** | $159780806 | $— | $— | $159780806 |

---

**Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $783167528 | $— | $— | $783167528  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 20061453 |  |  | 20061453  |
| &nbsp;&nbsp;&nbsp; Contingent Value Rights |  |  | 0 | 0  |
| &nbsp;&nbsp;&nbsp; Short-term Investments | 1944076 |  |  | 1944076  |
| **Total Investments** | $805173057 | $— | $— | $805173057 |

---

37<br>

------

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**February 28, 2026(Continued)** 

Refer to the Schedule of Investments for further disaggregation of investment categories.

Management has determined that the amount of Level 3 securities compared to total net assets is not material for the Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy ETF; therefore, the rollforward of Level 3 securities are not shown for the year ended February 28, 2026.

Significant unobservable valuation inputs monitored by the Adviser, the Valuation Designee pursuant to Rule 2a-5 under the oversight of the Board of Trustees, for restricted securities or Level 3 investments as of February 28, 2026 for the Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy ETF are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value as**<br>**of 2/28/2026** | **Valuation**<br>**Technique** | **Unobservable Input** | **Input values** <br>(Ranges)  |
| Contingent Value Right\*. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | Projected Final <br>Distribution | Discount of Projected <br>Distribution | &nbsp;&nbsp;&nbsp; $3.00 |

---

\* This Level 3 security was received through a corporate action. The security is being kept open due to the potential of an additional distribution. Based on the evaluation of the likelihood of an additional distribution, the security is being priced at zero.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Foreign Currency Translation.* The books and records of the Funds are maintained in U.S. dollars. The Funds' 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
 Funds' 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 foreign exchange contracts, 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 Funds' 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 year end.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Use of Estimates.* The preparation of the financial statements in conformity with 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. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Federal Income Taxes.* Each Fund intends to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue
 Code of 1986, as amended. If so qualified, the Funds will not be subject to federal income tax to the extent each Fund distributes substantially
 all its taxable net investment income and net capital gains to its shareholders. Therefore, no provision for federal income tax should
 be required. Management is required to determine whether a tax position taken by the Funds is more likely than not to be sustained upon
 examination by the applicable taxing authority. Based on its analysis, management has concluded that there are no significant uncertain
 tax positions that would require recognition in the financial statements as of the fiscal year ended February 28, 2026. The Funds
 recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations.
 Based on its analysis, management has concluded that the Funds do not have any unrecognized tax benefits or uncertain tax positions that
 would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the year or period ended
 February 28, 2026.

38<br>

------

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**February 28, 2026(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;E. *Distributions to Shareholders.* Each Fund except DSPY expects to declare and distribute all of its net investment income, if any, to shareholders
 as dividends at least annually. DSPY expects to declare and distribute all of its net investment income, if any, to shareholders as dividends
 at least quarterly. The Funds will distribute net realized capital gains, if any, annually. The Funds may distribute such income dividends
 and capital gains more frequently, if necessary, to reduce or eliminate federal excise or income taxes on the Funds.

The amount of any distribution will vary, and there is no guarantee the Funds will pay either an income dividend or a capital gains distribution.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Reclassification of Capital Accounts.* GAAP requires that certain components of net assets relating to permanent differences be reclassified between
 financial and tax reporting. These reclassifications have no effect on net assets or NAV per share and are primarily due to differing
 book and tax treatments for in-kind redemptions. For the year ended February 28, 2026, the following adjustments were made:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings** <br>**(Accumulated** <br>**Loss)** | **Paid-in** <br>**Capital**  |
| Tema Alternative Asset Managers ETF | $— | $—  |
| Tema American Reshoring ETF | 727871 | (727871)  |
| Tema Durable Quality ETF | (7121263) | 7121263  |
| Tema Electrification ETF | (630882) | 630882  |
| Tema Heart & Health ETF | (2211388) | 2211388  |
| Tema International Defense Innovation ETF | 519928 | (519928)  |
| Tema International Durable Quality ETF | (321062) | 321062  |
| Tema Oncology ETF | (1436540) | 1436540  |
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy | (47769455) | 47769455 |

---

**NOTE 3 – INVESTMENT ADVISORY AND OTHER AGREEMENT**

**Management** 

The Adviser acts as each Fund's investment adviser pursuant to an investment advisory agreement with the Trust (the "Investment Advisory Agreement").

Tidal Investments LLC (the "Sub-Adviser") acts as the sub-adviser to each of the Funds pursuant to investment sub-advisory agreement with the Adviser (the "Sub-Advisory Agreement").

Under the Investment Advisory Agreement the Adviser provides investment advisory services to the Funds, including providing oversight of the Sub-Adviser, as well as daily monitoring of the purchase and sale of securities by the Sub-Adviser for the Funds and regular review of the Sub-Adviser's performance. The Investment Advisory Agreement provides that the Adviser will furnish investment advisory services in connection with the management of the Funds. The Adviser provides portfolio management services, including developing investment recommendations, and provides certain administrative services as well as overseeing and monitoring the nature and quality of the services provided by other service providers to the Funds. The Adviser performs compliance monitoring services to help each Fund maintain compliance with applicable laws and regulations and provides services related to, among others, the valuation of Fund securities, risk management and oversight of trade execution and brokerage services carried out by the Sub-Adviser.

Pursuant to the Investment Advisory Agreement, HRTS, CANC, and AAUM pays the Adviser a monthly unitary management fee at an annual rate of 0.99%, based on each Fund's average daily net assets. TOLL pays the Adviser a monthly unitary management fee at an annual rate of 0.55%, based on the Fund's average daily net assets. VOLT and GDFN pays the Advisor a monthly unitary management fee at an annual rate of 0.75%, based on the Fund's average daily net assets. DSPY pays the Adviser a monthly unitary management fee at an annual rate of 0.18%, based on the Fund's average daily net assets. ITOL pays the Adviser a monthly unitary management fee at an annual rate of 0.60%, based on the Fund's average daily net assets. RSHO paid the adviser a monthly unitary management fee at an annual rate

39<br>

------

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**February 28, 2026(Continued)** 

of 0.99% from March 1, 2025 through February 8, 2026, and a monthly unitary management fee at an annual rate of 0.75% from February 9, 2026 through February 28, 2026, based on the Fund's average daily net assets.

Under the Investment Advisory Agreement, the Adviser has agreed to pay all operating expenses of each Fund, except for certain expenses, including but not limited to, interest expenses, taxes, brokerage expenses, future Rule 12b-1 fees (if any), and the management fee payable to the Adviser under the Investment Advisory Agreement.

Pursuant to the Sub-Advisory Agreement, the Adviser compensates the Sub-Adviser out of the management fees it receives from the Funds.

The Adviser has contractually agreed to waive its fees and reimburse expenses to the extent necessary to keep total annual operating expenses for AAUM, RSHO, HRTS, GDFN, and CANC including acquired fund fees and expenses for money market funds (excluding acquired fund fees and expenses of investment companies other than money market funds, amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.75% of the average daily net assets of each Fund except for GDFN which is from exceeding 0.68% until at least June 28, 2027 for each Fund. The Adviser may not terminate the fee waiver during the contractual period. Each waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the Funds in the three years following the date the waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment.

For the year or period ended February 28, 2026, the table below represents the amount each Fund incurred in management fees:

---

| | |
|:---|:---|
|  | **Management** <br>**Fees**  |
| Tema Alternative Asset Managers ETF | $9618  |
| Tema American Reshoring ETF | 1696680  |
| Tema Durable Quality ETF | 328589  |
| Tema Electrification ETF | 1175493  |
| Tema Heart & Health ETF | 524536  |
| Tema International Defense Innovation ETF | 7848  |
| Tema International Durable Quality ETF | 10811  |
| Tema Oncology ETF | 861553  |
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy | 714308 |

---

Each Fund has agreed that it will repay the Adviser for fees and expenses waived or reimbursed for each Fund pursuant to the contractual expense limitation described above. Such repayment would increase each Fund's expenses and would appear on the Statements of Operations as "Repayment of prior expenses waived and/or reimbursed by the Adviser." However, repayment would only occur up to the point of each Fund's expense cap.

Any such repayment must be made within three years from the date the expense was borne by the Adviser. Any such repayment made under any prior expense cap cannot cause each Fund's Operating Expenses to exceed the lower of 0.75% of average daily net assets for RSHO, HRTS, CANC, AAUM, and 0.68% of average daily net assets for GDFN, or the annual rate of daily net assets for each Fund under the terms of a prior expense cap. For the periods ended February 28, 2026, the Funds did not repay expenses to the Adviser.

40<br>

------

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**February 28, 2026(Continued)** 

As of February 28, 2026, the amounts eligible for repayment and the associated period of expiration are as

follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expires**<br>**February 28, 2029** | **Expires**<br>**February 29, 2028** | **Expires**<br>**February 28, 2027** | **Total Eligible for** <br>**Recoupment**  |
|  Tema Alternative Asset Managers ETF | &nbsp;&nbsp;&nbsp;&nbsp; $2338 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2338  |
| Tema American Reshoring ETF | &nbsp;&nbsp;&nbsp;&nbsp; $387890 | &nbsp;&nbsp;&nbsp;&nbsp; $226285 | &nbsp;&nbsp;&nbsp;&nbsp; $18237 | &nbsp;&nbsp;&nbsp; $632412  |
| Tema Heart & Health ETF | &nbsp;&nbsp;&nbsp;&nbsp; $127695 | &nbsp;&nbsp;&nbsp;&nbsp; $174797 | &nbsp;&nbsp;&nbsp;&nbsp; $15517 | &nbsp;&nbsp;&nbsp; $318009  |
|  Tema International Defense Innovation ETF | &nbsp;&nbsp;&nbsp;&nbsp; $618 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $618  |
| Tema Oncology ETF | &nbsp;&nbsp;&nbsp;&nbsp; $209629 | &nbsp;&nbsp;&nbsp;&nbsp; $99431 | &nbsp;&nbsp;&nbsp;&nbsp; $14178 | &nbsp;&nbsp;&nbsp; $323238 |

---

**Administrator, Custodian, Transfer Agent and Accounting Agent** 

U.S. Bancorp Fund Services, LLC dba U.S. Bank Global Fund Services ("Fund Services"), an indirect wholly-owned subsidiary of U.S. Bancorp, serves as the Funds' administrator and, in that capacity performs various administrative and accounting services for the Funds. Fund Services also serves as the Funds' fund accountant, transfer agent, dividend disbursing agent and registrar. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the trustees; monitors the activities of the Funds' custodian, transfer agent and accountants; reviews the Funds' advisory fee expense accrual and coordinates the preparation and payment of the advisory fees. U.S. Bank, N.A., an affiliate of Fund Services, serves as the Funds' custodian. For the periods ended February 28, 2026, there were no fees incurred by the Funds from the service providers described above as the Adviser bore all such costs.

**Distributor and Fund Officers** 

Vigilant Distributors, LLC (the "Distributor") serves as the principal underwriter for shares of the Funds and acts as each Fund's distributor in a continuous public offering of the Funds' shares and serves as the distributor of Creation Units for the Funds. Shares are continuously offered for sale by the Trust through the Distributor only in Creation Units, as described further in Note 7. Shares in less than Creation Units are not distributed by the Distributor. During the year the Distributor switched from ACA Group to Vigilant Distributors, LLC.

The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

Vigilant Compliance, LLC, an affiliate of the Distributor, provides the Trust with a Chief Compliance Officer and Principal Financial Officer.

**NOTE 4 – RELATED PARTIES** 

As of February 28, 2026, certain officers and Trustees of the Trust were also officers or employees of the Adviser or affiliated with the Distributor, and received no fees from the Trust for serving as officers.

41<br>

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**February 28, 2026(Continued)** 

**NOTE 5 – PURCHASES AND SALES OF SECURITIES** 

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, during the year or periods ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Tema Alternative Asset Managers ETF | $245786 | $153681  |
| Tema American Reshoring ETF | 92616813 | 94894995  |
| Tema Durable Quality ETF | 30222076 | 29785817  |
| Tema Electrification ETF | 58361340 | 53118181  |
| Tema Heart & Health ETF | 21486785 | 22212849  |
| Tema International Defense Innovation ETF | 220785 | 221022  |
| Tema International Durable Quality ETF | 522089 | 212246  |
| Tema Oncology ETF | 61197776 | 60804154  |
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy | 62520307 | 2685605 |

---

The costs of purchases and sales of in-kind transactions, during the year or periods ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**<br>**In-Kind** | **Sales**<br>**In-Kind**  |
| Tema Alternative Asset Managers ETF | $2341172 | $—  |
| Tema American Reshoring ETF | 50801855 | 69507249  |
| Tema Durable Quality ETF | 21471184 | 32742169  |
| Tema Electrification ETF | 292903804 | 3549959  |
| Tema Heart & Health ETF | 5612501 | 21821468  |
| Tema International Defense Innovation ETF | 5541740 | 3717172  |
| Tema International Durable Quality ETF | 4555591 | 4700906  |
| Tema Oncology ETF | 61119940 | 7308452  |
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy | 146465679 | 63044860 |

---

For the year or period ended February 28, 2026, there were no purchases or sales of long-term U.S. government securities.

**NOTE 6 – TAX MATTERS** 

The tax character of the distributions paid during the year or periods ended February 28, 2026 and the year or periods ended February 28, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year or Periods Ended February 28,**  | **Year or Periods Ended February 28,**  | **Year or Periods Ended February 28,**  | **Year or Periods Ended February 28,**  |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **Ordinary** <br>**Income** | **Capital**<br>**Gains** | **Ordinary** <br>**Income** | **Capital**<br>**Gains**  |
| Tema Alternative Asset Managers ETF | $18462  | $—  | $— | $— |
| Tema American Reshoring ETF  | 535510  |  | 200128 | 167466 |
| Tema Durable Quality ETF | 224867  |  | 246800 | —  |
| Tema Electrification ETF | 1102349  |  | 774 | —  |
| Tema Heart & Health ETF | 714088  |  | 1163896 | —  |
| Tema International Defense Innovation ETF  | —  |  |  | —  |
| Tema International Durable Quality ETF  | 5519  | —  |  | —  |
| Tema Oncology ETF | 59947  |  | 1281756 | —  |
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy | 3375941  | 29262  |  |  |

---

42<br>

------

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**February 28, 2026(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 February 28, 2026, Tema International Durable Quality ETF and Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy had $16,467 and $110,615 respectively of Post-October Capital losses. Tema International Defence Innovation ETF had $1,152 of late year losses. Capital loss carry forwards will retain their character as either short-term or long-term capital losses. Captial loss carry forwards utilized by Tema Electrification ETF were $1,267,414 and for Tema Oncology ETF $1,765,943. At February 28, 2026, the following capital loss carry forwards were available:

---

| | | | |
|:---|:---|:---|:---|
|  | **Indefinite** <br>**Short-Term** <br>**Losses** | **Indefinite** <br>**Long-Term** <br>**Losses** | **Total**  |
| Tema Alternative Asset Managers ETF  | $—  | $—  | $—  |
| Tema American Reshoring ETF  | —  | —  | —  |
| Tema Durable Quality ETF  | 2517269  | 196657  | 2713926  |
| Tema Electrification ETF  | —  | —  | —  |
| Tema Heart & Health ETF  | 5309595  | —  | 5309595  |
| Tema International Defense Innovation ETF  | 18223  | —  | 18223  |
| Tema International Durable Quality ETF | —  | —  | —  |
| Tema Oncology ETF  | —  | —  | —  |
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy  | —  | —  |  |

---

As of February 28, 2026, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Tema** <br>**Alternative** <br>**Asset** <br>**Managers** <br>**ETF** | **Tema** <br>**American** <br>**Reshoring** <br>**ETF** | **Tema** <br>**Durable** <br>**Quality** <br>**ETF** | **Tema** <br>**Electrification** <br>**ETF** | **Tema** <br>**Heart &** <br>**Health** <br>**ETF** | **Tema** <br>**International** <br>**Defense** <br>**Innovation** <br>**ETF** | **Tema** <br>**International** <br>**Durable** <br>**Quality** <br>**ETF** | **Tema** <br>**Oncology** <br>**ETF** | **Tema** <br>**S&P 500<sup>®</sup>** <br>**Historical** <br>**Weight ETF** <br>**Strategy**  |
|  Federal income tax cost of investments\* | $2477711  | $197872820  | $42693968  | $355694375  | $49059927  | &nbsp;&nbsp; $1299189  | &nbsp;&nbsp;&nbsp; $486078  | $123830587  | $477288762  |
|  Aggregate gross unrealized appreciation | 30564  | 68272624  | 8166038  | 90918911  | 11214366  | &nbsp;&nbsp; 129088  | &nbsp;&nbsp;&nbsp; 84011  | 42420361  | 346443781  |
|  Aggregate gross unrealized (depreciation) | (472324) | (2104615) | (2392759) | (4576368) | (5044635) | &nbsp;&nbsp; (60047) | &nbsp;&nbsp;&nbsp; (25000) | (6466709) | (18559487)  |
|  Net unrealized appreciation (depreciation) | (441760) | 66168009  | 5773279  | 86342543  | 6169731  | &nbsp;&nbsp; 69041  | &nbsp;&nbsp;&nbsp; 59011  | 35953652  | 327884294  |
|  Undistributed Ordinary Income | 19231  | 61460  | 22859  | 752940  | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | 428849  | 1524287  |
|  Undistributed Long Term Capital Gains | —  | 388785  | —  | 82701  | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | —  | —  |
| Distributable earnings | 19231  | 450245  | 22859  | 835641  | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | 428849  | 1524287  |
|  Accumulated capital and other gain/(loss) | —  | —  | (2713926) | (206378) | (5309595) | &nbsp;&nbsp; (19375) | &nbsp;&nbsp;&nbsp; (16467) | —  | (110615)  |
|  Total distributable earnings (accumulated loss) | $(422529) | $66618254  | $3082212  | $86971806  | $860136  | &nbsp;&nbsp; $49666  | &nbsp;&nbsp;&nbsp; $42544  | $36382501  | $329297966 |

---

\* Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes due to wash sales and passive foreign investment companies (PFICs).

The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09") for the year ended March 31, 2026. The adoption of this standard affected only the financial statement disclosures and had no impact on the Funds' financial position or operating results. A breakdown of income taxes paid by jurisdiction is provided when significant income taxes are paid. For the year ended March 31, 2026, Management determined that the income taxes paid by the Funds were not significant.

43<br>

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**February 28, 2026(Continued)** 

**NOTE 7 – SHARE TRANSACTIONS** 

Each Fund currently offers one class of shares, which has no front-end sales loads, no deferred sales charges, and no redemption fees. The standard fixed transaction fees for RSHO, VOLT, HRTS, GDFN, and AAUM are $300, and for TOLL, CANC, DSPY, and ITOL are $500, payable to the Custodian. Additionally, a variable transaction fee may be charged by the Funds of up to a maximum of 2% of the value of the Creation Units (inclusive of any transaction fees charged), for each creation or redemption. Variable transaction fees are imposed to compensate the Funds for certain transaction costs and market impact expenses related to the investing in portfolio securities associated with creation and redemption transactions. The Adviser, subject to the approval of the Board, may adjust or waive the transaction fees from time to time. The Funds may each issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

Shares of AAUM, TOLL and ITOL are listed and traded on the Cboe BZX Exchange, Inc., shares of RSHO and DSPY are listed and traded on the NYSE Arca, Inc. and shares of VOLT, HRTS, GDFN and CANC are traded on the NASDAQ Stock Market LLC (collectively the "Exchanges"). Market prices for the shares may be different from their NAV. The Funds will issue and redeem shares on a continuous basis at NAV only in large blocks of shares, typically 10,000 shares, called "Creation Units." Creation Unit transactions are conducted in exchange for the deposit or delivery of a designated basket of in-kind securities and/or cash. Once created, shares generally will trade in the secondary market in amounts less than a Creation Unit and at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation ("NSCC") or (ii) a participant in the Depository Trust Company ("DTC") and, in each case, must have executed a Participant Agreement with the Funds' Distributor. Retail investors will not qualify as Authorized Participants. Therefore, they will be unable to purchase or redeem shares directly from the Funds. Rather, 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.

For the year or period ended February 28, 2026, the table below represents the amount of variable rate transaction fees each Fund assessed:

---

| | |
|:---|:---|
|  | **Variable Rate** <br>**Transaction** <br>**Fees**  |
| Tema Alternative Asset Managers ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  |
| Tema American Reshoring ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  |
| Tema Durable Quality ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  |
| Tema Electrification ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  |
| Tema Heart & Health ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  |
| Tema International Defense Innovation ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  |
| Tema International Durable Quality ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  |
| Tema Oncology ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  |
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 |

---

**NOTE 8 – BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of the date of these financial statements, the Adviser has no voting power of the shares outstanding of the Funds. Additionally, as of the date of these financial statements, the sub-adviser has no voting power of the shares outstanding of the Funds.

**NOTE 9 – PRINCIPAL RISKS** 

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

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**NOTES TO THE FINANCIAL STATEMENTS** 

**February 28, 2026(Continued)** 

**NOTE 10 – GUARANTEES AND INDEMNIFICATIONS** 

In the normal course of business, the Trust, on behalf of the Funds, enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Trust organizational documents, the officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. The Funds' maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. The Adviser is of the view that the risk of loss to the Funds in connection with the Funds' indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.

**NOTE 11 – SEGMENT REPORTING** 

Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through Fund's investments in accordance with its investment objective. Each Fund's chief operating decision maker ("CODM") is the Chief Operating Officer of the Adviser. The CODM assesses performance based on a Fund's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund's Total Return is utilized by the CODM to compare results, including the impact of a Fund's costs, to a Fund's competitors and to a Fund's benchmark index.

**NOTE 12 – TEMA S&P 500 HISTORICAL WEIGHT ETF STRATEGY IN-KIND CONTRIBUTION** 

On August 20, 2025, Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy (the "Fund") received an in-kind contribution from accounts managed by an investor, which consisted of $590,591,717 of securities which were recorded at their current value to align the Fund's performance with ongoing financial reporting. However, as the transaction was determined to be a nontaxable transaction by management, the Fund elected to retain the securities' original cost basis for book and tax purposes. The cost of the contributed securities as of August 20, 2025 was $284,520,719, resulting in net unrealized appreciation on investments of $306,070,998 as of that date.

As a result of the in-kind contribution, the Fund issued 10,809,057 shares at a $54.64 per share net asset value.

**NOTE 13 – SUBSEQUENT EVENTS** 

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Effective March 25, 2026, Tema International Defense Innovation ETF changed its name to Tema International Defense ETF, and changed its ticker from GDFN to ARMY.

On April 17, 2026 the Board approved the liquidation of the Tema International Durable Quality ETF which is expected to take place on or about May 18, 2026.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of Trustees of

Tema ETF Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of

Tema ETF Trust comprising the funds listed below (the "Funds") as of February 28, 2026, the related statements of operations and 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 February 28, 2026, 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 Operations**  | **Statements of** <br>**Changes in Net Assets**  | **Financial Highlights** |
| Tema Alternative Asset Managers ETF<br>| For the period October 1, 2025 (inception date) through February 28, 2026 | For the period October 1, 2025 (inception date) through February 28, 2026 | For the period October 1, 2025 (inception date) through February 28, 2026 |
| Tema American Reshoring ETF & <br>Tema Durable Quality ETF (formerly Tema Monopolies and Oligopolies ETF) <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | For the year ended February 28, 2026  | For each of the two years in the period ended February 28, 2026  | For each of the two years in the period ended February 28, 2026 and for the period May 11, 2023 (inception date) through February 29, 2024  |
| Tema Electrification ETF | For the year ended February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | For the year ended February 28, 2026 and for the period December 4, 2024 (inception date) through February 28, 2025  | For the year ended February 28, 2026 and for the period December 4, 2024 (inception date) through February 28, 2025  |
| Tema Heart & Health ETF (formerly Tema GLP-1, Obesity & Cardiometabolic ETF)  | For the year ended February 28, 2026  | For each of the two years in the period ended February 28, 2026  | For each of the two years in the period ended February 28, 2026 and for the period November 21, 2023 (inception date) through February 29, 2024 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Tema International Defense Innovation ETF<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | For the period September 25, 2025 (inception date) through February 28, 2026  | For the period September 25, 2025 (inception date) through February 28, 2026  | For the period September 25, 2025 (inception date) through February 28, 2026  |
| Tema International Durable Quality ETF <br>| For the period September 11, 2025 (inception date) through February 28, 2026 | For the period September 11, 2025 (inception date) through February 28, 2026 | For the period September 11, 2025 (inception date) through February 28, 2026 |
| Tema Oncology ETF | For the year ended February 28, 2026 | For each of the two years in the period ended February 28, 2026 | For each of the two years in the period ended February 28, 2026 and for the period August 15, 2023 (inception date) through February 29, 2024 <br>|
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy <br>| For the period April 1, 2025 (inception date) through February 28, 2026 | For the period April 1, 2025 (inception date) through February 28, 2026 | For the period April 1, 2025 (inception date) through February 28, 2026 |

---

<u>Basis for Opinion</u>

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.

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements 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 February 28, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. 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 2023.

![](signature15123.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

April 29, 2026

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**Other Non-Audited Information** 

**February 28, 2026** 

**TAX INFORMATION** 

For the year or period ended February 28, 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income were as follows:

---

| | |
|:---|:---|
| Tema Alternative Asset Managers ETF  | 48%  |
| Tema American Reshoring ETF  | 100%  |
| Tema Durable Quality ETF  | 92%  |
| Tema Electrification ETF  | 100%  |
| Tema Heart & Health ETF  | 100%  |
| Tema International Defense Innovation ETF  | —%  |
| Tema International Durable Quality ETF  | 100%  |
| Tema Oncology ETF  | 100%  |
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy | 100% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year or period ended February 28, 2026 were as follows:

---

| | |
|:---|:---|
| Tema Alternative Asset Managers ETF  | 34%  |
| Tema American Reshoring ETF  | 100%  |
| Tema Durable Quality ETF  | 89%  |
| Tema Electrification ETF  | 100%  |
| Tema Heart & Health ETF  | 73%  |
| Tema International Defense Innovation ETF  | —%  |
| Tema International Durable Quality ETF  | 22%  |
| Tema Oncology ETF  | 100%  |
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy | 100% |

---

For the year or period ended February 28, 2026, the percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for the Funds were as follows:

---

| | |
|:---|:---|
| Tema Alternative Asset Managers ETF  | —%  |
| Tema American Reshoring ETF | —%  |
| Tema Durable Quality ETF  | 12%  |
| Tema Electrification ETF  | 33%  |
| Tema Heart & Health ETF  | —%  |
| Tema International Defense Innovation ETF  | —%  |
| Tema International Durable Quality ETF  | 88%  |
| Tema Oncology ETF  | —%  |
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy  | —% |

---

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**Other Non-Audited Information** 

**February 28, 2026(Continued)** 

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS**

Information regarding how often shares of the Funds traded on the Exchanges at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds are available on the Funds' website at www.temaetfs.com.

**PROXY VOTING POLICIES AND PROCEDURES**

A description of the policies and procedures the Funds uses to determine how to vote proxies relating to portfolio securities is provided in the Statements of Additional Information ("SAIs"). The SAI is available without charge upon request by calling toll-free at (833) 833-1311, by accessing the SEC's website at http://www.sec.gov, or by accessing the Funds' website at www.temaetfs.com. Information on how the Funds' voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available without charge, upon request, by calling (833) 833-1311 or by accessing the website of the SEC.

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**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the information concerning changes in and disagreements with accountants and on accounting and financial disclosure required by Item 304 of Regulation S-K [17 CFR 229.304].

**Response: None for the period contained within this report.** 

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**PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

If any matter was submitted during the period covered by the report to a vote of shareholders of an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A], through the solicitation of proxies or otherwise, the company must furnish the following information:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The date of the meeting and whether it was an
 annual or special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(2) If the meeting involved the election of directors,
 the name of each director elected at the meeting and the name of each other director whose term of office as a director continued after
 the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(3) A brief description of each matter voted upon
 at the meeting and the number of votes cast for, against or withheld, as well as the number of abstentions and broker non-votes as to
 each such matter, including a separate tabulation with respect to each matter or nominee for office.

**Response: None for the period contained within this report.** 

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**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

&nbsp;&nbsp;&nbsp;&nbsp;(1) All directors and all members of any advisory
 board for regular compensation;

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each director and each member of an advisory board
 for special compensation;

&nbsp;&nbsp;&nbsp;&nbsp;(3) All officers; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) Each person of whom any officer or director of
 the Fund is an affiliated person

**Response: Each current Independent Trustee is paid an annual retainer of $12,500 for his or her services as a Board member to the Trust, together with out-of-pocket expenses in accordance with the Board's policy on travel and other business expenses relating to attendance at meetings.** 

Independent Trustee fees are paid by the Adviser to each series of the Trust through the applicable adviser's unitary management fee, and not by the Fund. Annual Trustee fees may be reviewed periodically and changed by the Board.

The Trust does not have a bonus, profit sharing, pension or retirement plan.

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

If the board of directors approved any investment advisory contract during the Fund's most recent fiscal half-year, discuss in reasonable detail the material factors and the conclusions with respect thereto that formed the basis for the board's approval. Include the following in the discussion:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Factors relating to both the board's
 selection of the investment adviser and approval of the advisory fee and any other amounts to be paid by the Fund under the contract.
 These factors would include, but not be limited to, a discussion of the nature, extent, and quality of the services to be provided by
 the investment adviser; the investment performance of the Fund and the investment adviser; the costs of the services to be provided and
 profits to be realized by the investment adviser and its affiliates from the relationship with the Fund; the extent to which economies
 of scale would be realized as the Fund grows; and whether fee levels reflect these economies of scale for the benefit of Fund investors.
 Also indicate in the discussion whether the board relied upon comparisons of the services to be rendered and the amounts to be paid under
 the contract with those under other investment advisory contracts, such as contracts of the same 14 and other investment advisers with
 other registered investment companies or other types of clients (e.g., pension funds and other institutional investors). If the board
 relied upon such comparisons, describe the comparisons and how they assisted the board in concluding that the contract should be approved;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(2) If applicable, any benefits derived or to be
 derived by the investment adviser from the relationship with the Fund such as soft dollar arrangements by which brokers provide research
 to the Fund or its investment adviser in return for allocating Fund brokerage.

**Response: During the Meeting of the Board held on November 8, 2022, the Board reviewed and discussed the written materials that were provided by Tema ETFs LLC (the "Adviser") in advance of the Meeting and deliberated on the approval of the Investment Advisory Agreement between the Adviser and the Trust on behalf of the Tema Alternative Asset Managers ETF (the "Fund"). The Board, including the Independent Trustees, reviewed: (i) the nature and quality of the advisory services to be provided by the Adviser, including the experience and qualifications of the personnel providing such services; (ii) the performance history of the Funds, noting that they had not yet launched; (iii) the proposed fees and expenses of the Funds, including the proposed advisory fee to be paid by the Funds to the Adviser; (iv) the anticipated profitability of the Funds to the Adviser; (v) potential economies of scale; (vi) possible fall-out benefits to the Adviser and its affiliates (i.e., the ancillary benefits realized by the Adviser and its affiliates from the Adviser's relationship with the Trust); and (vii) possible conflicts of interest. In considering the approval of the Investment Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.** 

Nature, Extent and Quality of Services

The Board reviewed materials provided by the Adviser related to the proposed approval of the Investment Advisory Agreement, including a description of its oversight of the Sub-Adviser, a review of the professional personnel who will be performing services for the Trust, the Adviser's compliance and risk management infrastructure, its financial strength and resources, and how it will monitor the Sub-Adviser's performance of trading, portfolio management and operational services to the Fund. The Board also noted the extensive responsibilities that the Adviser will have as investment adviser to the Fund, including: adherence to the Fund's investment strategy and restrictions, monitoring of the Sub-Adviser's buying and selling of securities and other transactions, reviewing the Fund's performance, reviewing the proxies voted by the Adviser and oversight of the creation of custom creation or redemption baskets for authorized participants; oversight of the daily valuation of the Fund's portfolio holdings; oversight of general Fund compliance with federal and state laws; and implementation of Board directives as they relate to the Fund. The Board also considered research support available to, and management capabilities of, the Fund's management personnel and that the Adviser will provide oversight of day-to-day Fund operations, including fund accounting, tax matters, administration, compliance and legal assistance in meeting disclosure and regulatory requirements. The Board discussed the extent of the Adviser's research capabilities, the quality of its compliance infrastructure and the experience of its fund management personnel.

Additionally, the Board received satisfactory responses from the representatives of the Adviser with respect to a series of questions, including: whether the Adviser was involved in any lawsuits or pending regulatory actions; whether the management of other accounts would conflict with its management of the Trust; and whether there are procedures in place to adequately allocate trades among its respective clients.

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

(Continued)

The Board reviewed the description provided on the practices for monitoring compliance with the Trust's investment limitations, noting that the Adviser's CCO periodically reviewed portfolio managers' performance of their duties to ensure compliance under the Adviser's compliance program. The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services to be provided by the Adviser to the Fund would be satisfactory.

Performance

Because the Fund has not yet commenced operations, the Trustees could not consider past performance.

Fees and Expenses

As to the costs of the services to be provided by the Adviser, the Board discussed the comparison of advisory fees and total operating expense data and reviewed the Fund's advisory fee, which is a unitary fee, and overall expenses compared to a peer group comprised of funds in the category constructed by the Adviser and the Sub-Adviser for the Fund. The Board was aware that under the unitary fee arrangement, the Adviser is contractually obligated to pay the fees of each of the Funds' service providers, with the exception of the Adviser's advisory fee, and certain other expenses. The Board considered the fact that the Adviser would charge the Fund an investment advisory fee of 99 basis points, subject to the Expense Limitation Agreement. The Board noted that the advisory fee for the Fund was in greater than the highest fund in the peer group, noting, however, that the peer ETFs included index or passive ETFs while the Fund will be actively managed. The Board concluded that based on the nature, quality and extent of the Adviser's services to be provided to the Fund and comparative fee and expense data, the advisory fee charged by the Adviser were not unreasonable.

Profitability

The Board considered the level of profits that could be expected to accrue to the Adviser with respect to the Fund based on profitability projections and analysis reviewed by the Board and the selected financial information of the Adviser provided by the Adviser to the Board. After review and discussion, the Board acknowledged that the Adviser did not anticipate earning a profit from the advising Fund within the first two years and therefore excessive profitability was not an issue.

Economies of Scale

As to the extent to which the Adviser will realize economies of scale as the Fund grows, and whether the fee levels reflect these economies of scale for the benefit of investors, the Board discussed the Adviser's expectations for growth of the Fund. The Board determined that because the Fund had not yet commenced operations, economies of scale were not a factor. The Board further determined, however, that to the extent that material economies of scale were to be achieved in the future, and such economies of scale had not been shared with the Fund, the Board would seek to have those economies of scale shared with the Fund in connection with future renewals of the Investment Advisory Agreement.

Conclusion.

Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of counsel, the Board concluded that approval of the Advisory Agreement was in the best interest of the Fund and its future shareholders.

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

(Continued)

**APPROVAL OF Tidal SUB-ADVISORY AGREEMENT** 

During the Meeting of the Board held on January 26, 2026, the Board reviewed and discussed the written materials that were provided by Tidal Investments LLC ("Tidal" or the "Sub-Adviser") in advance of the Meeting and deliberated on the approval of the Sub-Advisory Agreement between the Adviser and the Sub-Adviser on behalf of Tema American Reshoring ETF; Tema Durable Quality ETF; Team Heart & Health ETF (HRTS); Tema Oncology ETF; Tema Electrification ETF; Tema S&P 500 Historical Weight ETF Strategy; Tema International Durable Quality ETF; Tema International Defense Innovation ETF; and Tema Alternative Asset Managers ETF, each a series of the Tema ETF Trust (each a "Fund" and, collectively, the "Funds"). The Board, including the Independent Trustees, reviewed: (i) the nature and quality of the trading advisory services and related services to be provided by the Sub-Adviser, including the experience and qualifications of the personnel providing such services; (ii) the performance history of the Fund, noting that it had not yet launched; (iii) the proposed fees and expense of the Fund, including the proposed sub-advisory fee to be paid by the Adviser to the Sub-Adviser; (iv) the anticipated profitability to the Sub-Adviser with respect to each Fund; (v) potential economies of scale; (vi) possible fall-out benefits to the Sub-Adviser and its affiliates (i.e., the ancillary benefits realized by the Sub-Adviser and its affiliates from the Sub-Adviser's relationship with the Trust); and (vii) possible conflicts of interest. In considering the approval of the Sub-Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of services to be provided, the Trustees reviewed a description of the services that would be provided by the Adviser and those services provided by the Sub-Adviser. The Board reviewed and discussed the professional experience of the personnel that would be performing services for the Funds, including the team of individuals that primarily monitor and execute the trading process. The Board noted that the Sub-Adviser had adopted a Code of Ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b) and that the Sub-Adviser has adopted procedures reasonably necessary to prevent Access Persons from violating such Code of Ethics.

The Trustees considered that the Adviser would remain responsible for the execution of each Fund's investment strategy, rather than the Sub-Adviser, which would provide trading advisory services. The Board discussed that the Sub-Adviser, among other things, would trade portfolio securities for the Funds and select broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the oversight of the Board. The Board concluded that the Sub-Adviser had sufficient quality and depth of personnel, resources, trading experience and capabilities, and compliance policies and procedures essential to performing its duties under the Sub-Advisory Agreement.

Performance. The Board recognized that Tidal would serve as the trading sub-adviser to each Fund and would not make decisions regarding the selection of the Funds' investment strategies. The Board noted that since Tidal has not become the sub-adviser to any of the Funds, there is no performance information to review.

Fees and Expenses. The Board discussed Tidal's proposed sub-advisory fee schedule for each of the Funds. The Board reviewed the allocation of fees between the Adviser and Sub-Adviser relative to their respective duties and other factors and agreed the allocation for the Funds was appropriate. After further discussion, the Board concluded that the sub-advisory fee to be charged with respect to each Fund was not unreasonable and the sub-advisory fee, in relation to the total advisory fee, was not unreasonable.

Profitability. With respect to the Sub-Adviser's estimated profitability, the Trustees reviewed the projected profitability of the Sub-Adviser, with respect to each Fund. The Board noted that it anticipated realizing a reasonable profit in connection with its relationship with each Fund during the first and second year of the Sub-Advisory Agreement. After further discussion, the Board concluded that, based on the services to be provided by the Sub-Adviser, the anticipated level of profit from the Sub-Adviser's relationship with each Fund was not excessive.

Economies of Scale. The Board considered whether there would be economies of scale with respect to Tidal's services to the Fund's. The Board agreed that this was primarily an Adviser-level issue and should be considered with respect to the overall management agreement, taking into consideration the impact of the sub-advisory expense. The Board noted that Tidal had a large trading and ETF infrastructure in place which could provide additional benefits to the Funds.

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

(Continued)

Conclusion. The Board members relied upon the advice of independent counsel, and their own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each such factor. In considering the approval of the Sub-Advisory Agreement, the Board did not identify any one factor as all important, but rather considered factors collectively and determined that approval of the Sub-Advisory Agreement was in the best interests of each Fund and its shareholders. Moreover, the Board noted that each Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Sub-Advisory Agreement.

56<br>

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a)
 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

See Item 7(a).

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

See Item 7(a).

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

See Item 7(a).

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

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&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 provide reasonable assurance that the 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;&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>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.**](tafs-efp23942_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240. 10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* **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 270.30a-2(a)).* **Filed herewith.**](tafs-efp23942_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4) Any written solicitation to purchase securities under Rule 23c 1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies. Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* **Not applicable to open-end investment companies.**

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.* **Not applicable to open-end investment companies***.*

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* **Furnished herewith.**](tafs-efp23942_ex99069cert.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.

<u>Tema ETF Trust</u>

---

| | |
|:---|:---|
| By: | /s/ Maurits Pot |
|  | Maurits Pot <br> President/Principal Executive Officer |

---

Date <u>5/8/2026</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: | /s/ Maurits Pot |
|  | Maurits Pot<br> President/Principal Executive Officer |

---

Date <u>5/8/2026</u>

---

| | |
|:---|:---|
| By: | /s/ Frederick C. Teufel, Jr. |
|  | Frederick C. Teufel, Jr.<br> Treasurer/Principal Financial Officer |

---

Date <u>5/8/2026</u>

## Ex-99.Code

**EX-99.CODEETH**

Financial Code of Ethics for Principal Executive and Financial Officers

**1. HONEST AND ETHICAL CONDUCT**

The Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers") of the Tema ETF Trust (the "Trust") shall act with honesty and integrity, ethically handle actual or apparent conflicts of interest between personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict of interest between their interests and those of the Trust to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner. A conflict of interest can arise when a person takes actions or has interests that may make it difficult to perform his or her work on behalf of the Trust objectively and effectively.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting acts or allowing their independent judgment to be subordinated or compromised.

The names of the Principal Officers covered by this Code of Ethics are listed on Schedule A hereto.

**2. FINANCIAL RECORDS AND REPORTING**

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by the Trust, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use for their personal benefit (directly or indirectly) any confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

**3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS**

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Trust with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.

**4. COMPLIANCE WITH THIS CODE OF ETHICS**

The Principal Officers shall promptly report any violations of this Code of Ethics, including violations of securities laws or other laws, rules and regulations applicable to the Trusts, to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

**5. AFFIRMATION OF THE CODE**

Upon adoption of the Code, the Principal Officers must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code.

**6. AMENDMENT AND WAIVER**

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics shall be communicated publicly in accordance with Item 2 of Form N-CSR under the 1940 Act.

**Adopted: November 8, 2022**

**SCHEDULE A**

Principal Executive Officer: Maurits Pot <br>Principal Financial Officer: Frederick C. Teufel, Jr.

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY</u>**

**<u>ACT OF 1940 AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002:</u>**

I, Maurits Pot, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Tema 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: | 5/8/2026 | /s/ Maurits Pot |
|  |  | Maurits Pot<br> President/Principal Executive Officer |

---

**<u>CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF</u>**

**<u>1940 AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002:</u>**

I, Fred Teufel, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Tema 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: | 5/8/2026 | /s/ Frederick C. Teufel, Jr. |
|  |  | Frederick C. Teufel, Jr.<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Tema ETF Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Tema ETF Trust for the period ended February 28, 2026 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 Tema ETF Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Maurits Pot | /s/ Frederick C. Teufel, Jr. |
| Maurits Pot<br> President/Principal Executive Officer, | Frederick C. Teufel, Jr.<br> Treasurer/Principal Financial Officer,<br>|

---

Dated: <u>5/8/2026</u> Dated: <u>5/8/2026</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 Tema ETF Trust for purposes of Section 18 of the Securities Exchange Act of 1934.