# EDGAR Filing Document

**Accession Number:** 0001976322
**File Stem:** 0001133228-26-008958
**Filing Date:** 2026-6
**Character Count:** 318001
**Document Hash:** 51ba351d4c4b44645163be3e6fc82c95
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008958.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001133228-26-008958

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23872
- **FILM NUMBER:** 261071692

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

### Themes China Generative Artificial Intelligence ETF (Series ID: S000081032)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2026-02-24194120_ThemesChinaGenerativeArtificialIntelligenceETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30, 2026</u>**

Date of reporting period: **<u>March 31, 2026</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img590645_202511031353200.jpg) | **Themes China Generative Artificial** **Intelligence ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img590645_202511031353200.jpg) | DRGN (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img220230_202504142046153.jpg) |
| ![image](img590645_202511031353200.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes China Generative Artificial Intelligence ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/drgn. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes China Generative Artificial Intelligence ETF | $18 | 0.39% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $22236760 |
| **Number of Holdings** | 23 |
| **Portfolio Turnover** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Xiaomi Corp.  | 6.7% |
|  Baidu, Inc.  | 6.6% |
|  Foxconn Industrial Internet Co. Ltd.  | 6.6% |
|  Yuanjie Semiconductor Technology Co. Ltd.  | 6.4% |
|  Hygon Information Technology Co. Ltd.  | 6.1% |
|  Cambricon Technologies Corp. Ltd.  | 6.0% |
|  Montage Technology Co. Ltd.  | 5.8% |
|  Zhejiang Dahua Technology Co. Ltd.  | 5.0% |
|  Kuaishou Technology  | 4.9% |
|  360 Security Technology, Inc.  | 4.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 66.5% |
|  Communications  | 21.1% |
|  Consumer Discretionary  | 9.8% |
|  Cash & Other  | 2.6% |

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img229731_202411191733751.jpg) | **Themes Cloud Computing ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229731_202411191733751.jpg) | CLOD (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229731_202411191733751.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Cloud Computing ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/clod. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes Cloud Computing ETF | $15 | 0.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $1541624 |
| **Number of Holdings** | 49 |
| **Portfolio Turnover** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Palo Alto Networks, Inc.  | 5.6% |
|  Alphabet, Inc.  | 5.3% |
|  Amazon.com, Inc.  | 5.1% |
|  Crowdstrike Holdings, Inc.  | 4.7% |
|  Microsoft Corp.  | 4.5% |
|  Oracle Corp.  | 4.4% |
|  Adobe, Inc.  | 4.2% |
|  Salesforce, Inc.  | 4.1% |
|  SAP SE  | 4.1% |
|  ServiceNow, Inc.  | 4.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 74.7% |
|  Communications  | 13.5% |
|  Consumer Discretionary  | 9.1% |
|  Industrials  | 2.4% |
|  Financials  | 0.2% |
|  Cash & Other  | 0.1% |

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Themes Cloud Computing ETF PAGE 1 TSR-SAR-882927205

------

---

| | | |
|:---|:---|:---|
| ![image](img229732_202411191734539.jpg) | **Themes Copper Miners ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229732_202411191734539.jpg) | COPA (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img220230_202504142046153.jpg) |
| ![image](img229732_202411191734539.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Copper Miners ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/copa. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes Copper Miners ETF | $19 | 0.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $11587342 |
| **Number of Holdings** | 50 |
| **Portfolio Turnover** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Freeport-McMoRan, Inc.  | 8.8% |
|  BHP Group Ltd.  | 4.3% |
|  Glencore PLC  | 4.1% |
|  First Quantum Minerals Ltd.  | 4.0% |
|  Lundin Mining Corp.  | 3.9% |
|  Teck Resources Ltd.  | 3.6% |
|  Antofagasta PLC  | 3.3% |
|  Southern Copper Corp.  | 3.3% |
|  Jiujiang Defu Technology Co. Ltd.  | 3.2% |
|  Ivanhoe Mines Ltd.  | 3.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Materials  | 98.2% |
|  Industrials  | 1.7% |
|  Cash & Other  | 0.1% |

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Themes Copper Miners ETF PAGE 1 TSR-SAR-882927783

------

---

| | | |
|:---|:---|:---|
| ![image](img229733_s20241119173606.jpg) | **Themes Cybersecurity ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229733_s20241119173606.jpg) | SPAM (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229733_s20241119173606.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Cybersecurity ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/spam. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes Cybersecurity ETF | $16 | 0.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $2296525 |
| **Number of Holdings** | 35 |
| **Portfolio Turnover** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Palo Alto Networks, Inc.  | 7.9% |
|  Akamai Technologies, Inc.  | 6.5% |
|  Nebius Group NV  | 5.4% |
|  Fortinet, Inc.  | 5.1% |
|  CoreWeave, Inc.  | 5.0% |
|  CACI International, Inc.  | 4.8% |
|  Clear Secure, Inc.  | 4.7% |
|  NEXTDC Ltd.  | 4.6% |
|  Fastly, Inc.  | 4.5% |
|  Booz Allen Hamilton Holding Corp.  | 4.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 91.9% |
|  Communications  | 5.6% |
|  Industrials  | 2.3% |
|  Cash & Other  | 0.2% |

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Themes Cybersecurity ETF PAGE 1 TSR-SAR-882927304

------

---

| | | |
|:---|:---|:---|
| ![image](img229737_202411191744945.jpg) | **Themes Generative Artificial Intelligence** **ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229737_202411191744945.jpg) | WISE (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229737_202411191744945.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Generative Artificial Intelligence ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/wise. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes Generative Artificial Intelligence ETF | $15 | 0.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $30825094 |
| **Number of Holdings** | 42 |
| **Portfolio Turnover** | 46% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Brand Engagement Network, Inc.  | 6.8% |
|  Blaize Holdings, Inc.  | 5.0% |
|  NVIDIA Corp.  | 4.9% |
|  Advanced Micro Devices, Inc.  | 4.8% |
|  Palantir Technologies, Inc.  | 4.8% |
|  SoundHound AI, Inc.  | 4.3% |
|  QuickLogic Corp.  | 4.2% |
|  Datavault AI, Inc.  | 4.0% |
|  BigBear.ai Holdings, Inc.  | 3.9% |
|  Information Services Group, Inc.  | 3.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 85.4% |
|  Industrials  | 6.9% |
|  Consumer Discretionary  | 3.6% |
|  Communications  | 2.8% |
|  Health Care  | 0.8% |
|  Energy  | 0.3% |
|  Cash & Other  | 0.2% |

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img229738_202411191745107.jpg) | **Themes Global Systemically Important** **Banks ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229738_202411191745107.jpg) | GSIB (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229738_202411191745107.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Global Systemically Important Banks ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/gsib. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes Global Systemically Important Banks ETF | $18 | 0.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $27356070 |
| **Number of Holdings** | 29 |
| **Portfolio Turnover** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Industrial & Commercial Bank of China Ltd.  | 3.7% |
|  Bank of China Ltd.  | 3.7% |
|  UBS Group AG  | 3.7% |
|  Goldman Sachs Group, Inc.  | 3.6% |
|  Agricultural Bank of China Ltd.  | 3.7% |
|  State Street Corp.  | 3.6% |
|  Banco Santander SA  | 3.6% |
|  HSBC Holdings PLC  | 3.6% |
|  Wells Fargo & Co.  | 3.6% |
|  Morgan Stanley  | 3.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 99.9% |
|  Cash & Other  | 0.1% |

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img229740_202411191746205.jpg) | **Themes Gold Miners ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229740_202411191746205.jpg) | AUMI (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229740_202411191746205.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Gold Miners ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/aumi. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes Gold Miners ETF | $19 | 0.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $30613496 |
| **Number of Holdings** | 31 |
| **Portfolio Turnover** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alamos Gold, Inc.  | 5.2% |
|  Endeavour Mining PLC  | 5.1% |
|  Agnico Eagle Mines Ltd.  | 5.0% |
|  Equinox Gold Corp.  | 4.9% |
|  Kinross Gold Corp.  | 4.8% |
|  Anglogold Ashanti PLC  | 4.7% |
|  IAMGOLD Corp.  | 4.6% |
|  Lundin Gold, Inc.  | 4.6% |
|  DPM Metals, Inc.  | 4.6% |
|  Gold Fields Ltd.  | 4.4% |

---

---

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

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Themes Gold Miners ETF PAGE 1 TSR-SAR-882927700

------

---

| | | |
|:---|:---|:---|
| ![image](img229745_202411191751639.jpg) | **Themes Humanoid Robotics ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229745_202411191751639.jpg) | BOTT (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229745_202411191751639.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Humanoid Robotics ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/bott. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes Humanoid Robotics ETF | $19 | 0.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $30801885 |
| **Number of Holdings** | 31 |
| **Portfolio Turnover** | 54% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Yujin Robot Co. Ltd.  | 7.6% |
|  Neuromeka Co. Ltd.  | 6.9% |
|  Teradyne, Inc.  | 6.8% |
|  Palladyne AI Corp.  | 5.4% |
|  Rainbow Robotics  | 5.1% |
|  NVIDIA Corp.  | 4.8% |
|  Leader Harmonious Drive Systems Co. Ltd.  | 4.7% |
|  MDA Space Ltd.  | 4.5% |
|  Tesla, Inc.  | 4.5% |
|  Hyulim ROBOT Co. Ltd.  | 4.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrials  | 67.7% |
|  Technology  | 15.5% |
|  Consumer Discretionary  | 14.0% |
|  Communications  | 2.3% |
|  Cash & Other  | 0.5% |

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Themes Humanoid Robotics ETF PAGE 1 TSR-SAR-882927833

------

---

| | | |
|:---|:---|:---|
| ![image](img229741_202411191747807.jpg) | **Themes Lithium & Battery Metal Miners** **ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229741_202411191747807.jpg) | LIMI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img220230_202504142046153.jpg) |
| ![image](img229741_202411191747807.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Lithium & Battery Metal Miners ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/limi. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes Lithium & Battery Metal Miners ETF | $20 | 0.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $2913836 |
| **Number of Holdings** | 47 |
| **Portfolio Turnover** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  PLS Group Ltd.  | 10.7% |
|  Albemarle Corp.  | 8.6% |
|  Guangzhou Tinci Materials Technology Co. Ltd.  | 6.1% |
|  Tianqi Lithium Corp.  | 4.7% |
|  Ganfeng Lithium Group Co. Ltd.  | 4.3% |
|  Liontown Ltd.  | 4.1% |
|  Zhejiang Huayou Cobalt Co. Ltd.  | 4.0% |
|  IGO Ltd.  | 3.6% |
|  Elevra Lithium Ltd.  | 3.3% |
|  GEM Co. Ltd.  | 2.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Materials  | 99.6% |
|  Cash & Other  | 0.4% |

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img229743_m20241119174944.jpg) | **Themes Natural Monopoly ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229743_m20241119174944.jpg) | CZAR (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229743_m20241119174944.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Natural Monopoly ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/czar. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes Natural Monopoly ETF | $17 | 0.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $1518841 |
| **Number of Holdings** | 97 |
| **Portfolio Turnover** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  BAE Systems PLC  | 5.3% |
|  Honeywell International, Inc.  | 4.8% |
|  Cisco Systems, Inc.  | 4.2% |
|  Fortive Corp.  | 4.1% |
|  ASX Ltd.  | 4.0% |
|  Broadcom, Inc.  | 3.7% |
|  Blackrock, Inc.  | 3.4% |
|  Raymond James Financial, Inc.  | 3.4% |
|  Mastercard, Inc.  | 3.4% |
|  Visa, Inc.  | 3.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrials  | 27.6% |
|  Technology  | 18.5% |
|  Financials  | 18.0% |
|  Health Care  | 8.9% |
|  Consumer Staples  | 7.4% |
|  Consumer Discretionary  | 5.2% |
|  Energy  | 3.6% |
|  Utilities  | 3.6% |
|  Materials  | 3.4% |
|  Cash & Other  | 3.8% |

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Themes Natural Monopoly ETF PAGE 1 TSR-SAR-882927809

------

---

| | | |
|:---|:---|:---|
| ![image](img229746_202411191753406.jpg) | **Themes Silver Miners ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229746_202411191753406.jpg) | AGMI (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229746_202411191753406.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Silver Miners ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/agmi. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes Silver Miners ETF | $20 | 0.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $14740871 |
| **Number of Holdings** | 39 |
| **Portfolio Turnover** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Newmont Corp.  | 10.6% |
|  Fresnillo PLC  | 10.1% |
|  First Majestic Silver Corp.  | 9.7% |
|  Wheaton Precious Metals Corp.  | 6.5% |
|  Industrias Penoles SAB de CV  | 5.3% |
|  Discovery Silver Corp.  | 4.6% |
|  Pan American Silver Corp.  | 4.6% |
|  Zijin Mining Group Co. Ltd.  | 4.4% |
|  Endeavour Silver Corp.  | 4.3% |
|  Silvercorp Metals, Inc.  | 3.8% |

---

---

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

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Themes Silver Miners ETF PAGE 1 TSR-SAR-882927817

------

---

| | | |
|:---|:---|:---|
| ![image](img368166_202504241337865.jpg) | **Themes Transatlantic Defense ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img368166_202504241337865.jpg) | NATO (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img368166_202504241337865.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Transatlantic Defense ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/nato. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes Transatlantic Defense ETF | $17 | 0.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $101846826 |
| **Number of Holdings** | 81 |
| **Portfolio Turnover** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  RTX Corp.  | 8.8% |
|  General Electric Co.  | 7.4% |
|  Boeing Co.  | 7.0% |
|  Rolls-Royce Holdings PLC  | 5.9% |
|  Lockheed Martin Corp.  | 5.8% |
|  Honeywell International, Inc.  | 5.4% |
|  Northrop Grumman Corp.  | 4.7% |
|  Airbus SE  | 4.7% |
|  Safran SA  | 4.7% |
|  Howmet Aerospace, Inc.  | 4.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrials  | 96.9% |
|  Technology  | 1.6% |
|  Communications  | 0.1% |
|  Consumer Discretionary  | 0.1% |
|  Materials  | 0.0% |
|  Cash & Other  | 1.3% |

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Themes Transatlantic Defense ETF PAGE 1 TSR-SAR-882927767

------

---

| | | |
|:---|:---|:---|
| ![image](img229747_n20241119175407.jpg) | **Themes Uranium & Nuclear ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229747_n20241119175407.jpg) | URAN (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img220230_202504142046153.jpg) |
| ![image](img229747_n20241119175407.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes Uranium & Nuclear ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/uran. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes Uranium & Nuclear ETF | $17 | 0.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $27912801 |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Cameco Corp.  | 9.3% |
|  Constellation Energy Corp.  | 7.6% |
|  PG&E Corp.  | 3.6% |
|  American Electric Power Co., Inc.  | 3.6% |
|  Duke Energy Corp.  | 3.6% |
|  Uranium Energy Corp.  | 3.3% |
|  NexGen Energy Ltd.  | 3.2% |
|  CGN Power Co. Ltd.  | 3.1% |
|  NAC Kazatomprom JSC  | 3.1% |
|  Public Service Enterprise Group, Inc.  | 3.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Materials  | 52.5% |
|  Utilities  | 33.4% |
|  Industrials  | 12.4% |
|  Technology  | 1.3% |
|  Cash & Other  | 0.4% |

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img229749_202411191755495.jpg) | **Themes US Cash Flow Champions ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229749_202411191755495.jpg) | LGCF (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229749_202411191755495.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes US Cash Flow Champions ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/lgcf. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes US Cash Flow Champions ETF | $15 | 0.29% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $3110795 |
| **Number of Holdings** | 77 |
| **Portfolio Turnover** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Exxon Mobil Corp.  | 7.0% |
|  Chevron Corp.  | 6.7% |
|  AbbVie, Inc.  | 4.7% |
|  JPMorgan Chase & Co.  | 4.5% |
|  Goldman Sachs Group, Inc.  | 4.4% |
|  Wells Fargo & Co.  | 4.2% |
|  Gilead Sciences, Inc.  | 2.9% |
|  American Express Co.  | 2.8% |
|  ConocoPhillips  | 2.8% |
|  Pfizer, Inc.  | 2.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 35.7% |
|  Energy  | 25.7% |
|  Health Care  | 15.8% |
|  Communications  | 7.7% |
|  Consumer Discretionary  | 5.0% |
|  Technology  | 4.1% |
|  Consumer Staples  | 2.5% |
|  Materials  | 2.0% |
|  Industrials  | 1.1% |
|  Cash & Other  | 0.4% |

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img229750_202411191757677.jpg) | **Themes US Infrastructure ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229750_202411191757677.jpg) | HWAY (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229750_202411191757677.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes US Infrastructure ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/hway. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes US Infrastructure ETF | $15 | 0.29% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $2648697 |
| **Number of Holdings** | 99 |
| **Portfolio Turnover** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Caterpillar, Inc.  | 5.9% |
|  Deere & Co.  | 5.1% |
|  Parker-Hannifin Corp.  | 5.0% |
|  Quanta Services, Inc.  | 4.9% |
|  CSX Corp.  | 4.7% |
|  Union Pacific Corp.  | 4.4% |
|  Emerson Electric Co.  | 4.2% |
|  Norfolk Southern Corp.  | 4.1% |
|  CRH PLC  | 3.7% |
|  Fastenal Co.  | 3.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrials  | 77.8% |
|  Materials  | 19.9% |
|  Consumer Discretionary  | 1.5% |
|  Utilities  | 0.3% |
|  Energy  | 0.1% |
|  Cash & Other  | 0.4% |

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Themes US Infrastructure ETF PAGE 1 TSR-SAR-882927726

------

---

| | | |
|:---|:---|:---|
| ![image](img229751_202411191758361.jpg) | **Themes US R&D Champions ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229751_202411191758361.jpg) | USRD (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229751_202411191758361.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes US R&D Champions ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/usrd. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes US R&D Champions ETF | $14 | 0.29% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $938972 |
| **Number of Holdings** | 51 |
| **Portfolio Turnover** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  ARM Holdings PLC  | 3.1% |
|  Vertiv Holdings Co.  | 2.9% |
|  Keysight Technologies, Inc.  | 2.8% |
|  Corteva, Inc.  | 2.5% |
|  Motorola Solutions, Inc.  | 2.4% |
|  Deere & Co.  | 2.3% |
|  Applied Materials, Inc.  | 2.3% |
|  Regeneron Pharmaceuticals, Inc.  | 2.2% |
|  Fortinet, Inc.  | 2.1% |
|  Electronic Arts, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 53.9% |
|  Health Care  | 15.1% |
|  Industrials  | 11.9% |
|  Communications  | 9.3% |
|  Consumer Discretionary  | 3.5% |
|  Materials  | 2.5% |
|  Consumer Staples  | 2.1% |
|  Real Estate  | 1.4% |
|  Cash & Other  | 0.3% |

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img229752_202411191800322.jpg) | **Themes US Small Cap Cash Flow** **Champions ETF**  | ![image](img220230_202504142046153.jpg) |
| ![image](img229752_202411191800322.jpg) | SMCF (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC) | ![image](img220230_202504142046153.jpg) |
| ![image](img229752_202411191800322.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img220230_202504142046153.jpg) |

---

This semi-annual shareholder report contains important information about the Themes US Small Cap Cash Flow Champions ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/smcf. You can also request this information by contacting us at 1-866-584-3637.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Themes US Small Cap Cash Flow Champions ETF | $15 | 0.29% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $2788710 |
| **Number of Holdings** | 74 |
| **Portfolio Turnover** | 46% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  APA Corp.  | 4.9% |
|  East West Bancorp, Inc.  | 4.7% |
|  RenaissanceRe Holdings Ltd.  | 4.5% |
|  Reinsurance Group of America, Inc.  | 4.5% |
|  Fidelity National Financial, Inc.  | 4.0% |
|  Sterling Infrastructure, Inc.  | 3.9% |
|  Mueller Industries, Inc.  | 3.8% |
|  HF Sinclair Corp.  | 3.1% |
|  Builders FirstSource, Inc.  | 3.0% |
|  UMB Financial Corp.  | 2.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 50.3% |
|  Energy  | 16.9% |
|  Industrials  | 14.3% |
|  Consumer Discretionary  | 6.7% |
|  Technology  | 2.8% |
|  Health Care  | 2.5% |
|  Materials  | 2.4% |
|  Consumer Staples  | 2.0% |
|  Communications  | 1.3% |
|  Cash & Other  | 0.8% |

---

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

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

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

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

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

**Themes ETF Trust**

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

**Themes Cloud Computing ETF \| CLOD**

**Themes Copper Miners ETF \| COPA**

**Themes Cybersecurity ETF \| SPAM**

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

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

**Themes Gold Miners ETF \| AUMI** 

**Themes Humanoid Robotics ETF \| BOTT** 

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

**Themes Natural Monopoly ETF \| CZAR**

**Themes Silver Miners ETF \| AGMI**

**Themes Transatlantic Defense ETF \| NATO** 

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

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

**Themes US Infrastructure ETF \| HWAY**

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

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

Semi-Annual Financial Statements and Additional Information

March 31, 2026

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#i1) |  |
| &nbsp;&nbsp;&nbsp; [Themes China Generative Artificial Intelligence ETF](#i1) | [1](#i1) |
| &nbsp;&nbsp;&nbsp; [Themes Cloud Computing ETF](#i2) | [2](#i2) |
| &nbsp;&nbsp;&nbsp; [Themes Copper Miners ETF](#i3) | [3](#i3) |
| &nbsp;&nbsp;&nbsp; [Themes Cybersecurity ETF](#i4) | [4](#i4) |
| &nbsp;&nbsp;&nbsp; [Themes Generative Artificial Intelligence ETF](#i5) | [5](#i5) |
| &nbsp;&nbsp;&nbsp; [Themes Global Systemically Important Banks ETF](#i6) | [6](#i6) |
| &nbsp;&nbsp;&nbsp; [Themes Gold Miners ETF](#i7) | [7](#i7) |
| &nbsp;&nbsp;&nbsp; [Themes Humanoid Robotics ETF](#i8) | [8](#i8) |
| &nbsp;&nbsp;&nbsp; [Themes Lithium & Battery Metal Miners ETF](#i9) | [9](#i9) |
| &nbsp;&nbsp;&nbsp; [Themes Natural Monopoly ETF](#i10) | [10](#i10) |
| &nbsp;&nbsp;&nbsp; [Themes Silver Miners ETF](#i11) | [12](#i11) |
| &nbsp;&nbsp;&nbsp; [Themes Transatlantic Defense ETF](#i12) | [13](#i12) |
| &nbsp;&nbsp;&nbsp; [Themes Uranium & Nuclear ETF](#i13) | [15](#i13) |
| &nbsp;&nbsp;&nbsp; [Themes US Cash Flow Champions ETF](#i14) | [16](#i14) |
| &nbsp;&nbsp;&nbsp; [Themes US Infrastructure ETF](#i15) | [18](#i15) |
| &nbsp;&nbsp;&nbsp; [Themes US R&D Champions ETF](#i16) | [20](#i16) |
| &nbsp;&nbsp;&nbsp; [Themes US Small Cap Cash Flow Champions ETF](#i17) | [21](#i17) |
| [Statements of Assets and Liabilities](#sal1) | [23](#sal1) |
| [Statements of Operations](#sop) | [27](#sop) |
| [Statements of Changes in Net Assets](#scna) | [31](#scna) |
| [Financial Highlights](#fihi) | [40](#fihi) |
| [Notes to the Financial Statements](#notes) | [57](#notes) |
| [Form N-CSR Items (Unaudited)](#ai2) | [70](#ai2) |
| [Supplemental Information (Unaudited)](#ai3) | [75](#ai3) |

---

------

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

**THEMES CHINA GENERATIVE ARTIFICIAL INTELLIGENCE ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4%**<br>|  |  |
| **Consumer Discretionary Products - 0.4%** | **Consumer Discretionary Products - 0.4%** |  |
| ECARX Holdings, Inc. - Class A<sup>(a)</sup> | 102625 | $100347  |
| **Financial Services - 1.0%** | **Financial Services - 1.0%** |  |
| Bairong, Inc.<sup>(a)(b)</sup> | 218800 | 222394  |
| **Industrial Products - 4.4%** | **Industrial Products - 4.4%** |  |
| RoboSense Technology Co. Ltd.<sup>(a)</sup> | 219100 | 972945  |
| **Media - 21.1%** | **Media - 21.1%** |  |
| 360 Security Technology, Inc. - Class A | 696500 | 1078798  |
| Baidu, Inc. - ADR<sup>(a)</sup> | 13248 | 1476092  |
| Kingsoft Corp. Ltd. | 370400 | 1061903  |
| Kuaishou Technology<sup>(b)</sup> | 187700 | 1080067  |
|  |  | 4696860  |
| **Retail & Wholesale - Discretionary - 5.0%** | **Retail & Wholesale - Discretionary - 5.0%** |  |
|  Zhejiang Dahua Technology Co. Ltd. - Class A | 452000 | 1102487  |
| **Software & Technology Services - 29.1%<sup>(c)</sup>** | **Software & Technology Services - 29.1%<sup>(c)</sup>** |  |
| Arcsoft Corp. Ltd. - Class A | 135000 | 750217  |
|  Cambricon Technologies Corp. Ltd. - Class A<sup>(a)</sup> | 9300 | 1323340  |
| Iflytek Co. Ltd. - Class A | 159900 | 1069595  |
| Kingsoft Cloud Holdings Ltd.<sup>(a)</sup> | 1175300 | 1034226  |
| Phancy Group Co. Ltd. - Class H<sup>(a)</sup> | 163000 | 730893  |
|  TRS Information Technology Corp. Ltd. - Class A<sup>(a)</sup> | 392900 | 1015778  |
| Tuya, Inc. - ADR | 125615 | 290171  |
| Yidu Tech, Inc.<sup>(a)(b)</sup> | 415400 | 260115  |
|  |  | 6474335  |
| **Tech Hardware & Semiconductors - 36.4%<sup>(c)</sup>** | **Tech Hardware & Semiconductors - 36.4%<sup>(c)</sup>** |  |
|  Foxconn Industrial Internet Co. Ltd. - Class A | 198100 | 1475670  |
|  Hygon Information Technology Co. Ltd. - Class A | 44500 | 1354415  |
| IEIT Systems Co. Ltd. | 131900 | 1070750  |
| Montage Technology Co. Ltd. - Class A | 71300 | 1293024  |
| Xiaomi Corp. - Class B<sup>(a)(b)</sup> | 365300 | 1479611  |
| &nbsp;&nbsp;&nbsp; Yuanjie Semiconductor Technology Co. <br>Ltd. - Class A | 9800 | 1426321  |
|  |  | 8099791  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $24,416,423)** |  | 21669159  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.3%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(d)</sup> | 66856 | $66856  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $66,856)** |  | 66856  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.7%** <br>**(Cost $24,483,279)** |  | $21736015  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 2.3% |  | 500745  |
| **TOTAL NET ASSETS - 100.0%** |  | $22236760 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

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

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2026, the value of these securities total $3,042,187 or 13.7% of the Fund's net assets.

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

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

1<br>

------

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

**THEMES CLOUD COMPUTING ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Financial Services - 0.2%** | **Financial Services - 0.2%** |  |
| Hut 8 Corp.<sup>(a)</sup> | 73 | $3424  |
| **Industrial Products - 1.0%** | **Industrial Products - 1.0%** |  |
| Hexagon AB - Class B | 1584 | 15066  |
| **Industrial Services - 1.4%** | **Industrial Services - 1.4%** |  |
| Paychex, Inc. | 243 | 22385  |
| **Media - 13.2%** | **Media - 13.2%** |  |
| Alphabet, Inc. - Class A | 282 | 81092  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 144 | 57312  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 97 | 8019  |
| Prosus NV | 921 | 41496  |
| VeriSign, Inc. | 61 | 15150  |
|  |  | 203069  |
| **Retail & Wholesale - Discretionary - 9.1%** | **Retail & Wholesale - Discretionary - 9.1%** |  |
| Amazon.com, Inc.<sup>(a)</sup> | 374 | 77893  |
| MercadoLibre, Inc.<sup>(a)</sup> | 36 | 62245  |
|  |  | 140138  |
| **Software & Technology Services - 73.5%<sup>(b)</sup>** | **Software & Technology Services - 73.5%<sup>(b)</sup>** |  |
| Adobe, Inc.<sup>(a)</sup> | 267 | 64902  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 105 | 12059  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 129 | 8804  |
| Autodesk, Inc.<sup>(a)</sup> | 159 | 38065  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 205 | 56963  |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 61 | 8714  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 234 | 48284  |
| Commvault Systems, Inc.<sup>(a)</sup> | 32 | 2493  |
| CoreWeave, Inc. - Class A<sup>(a)</sup> | 182 | 14100  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 187 | 73007  |
| Dassault Systemes SE | 511 | 10200  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 237 | 27978  |
| Dynatrace, Inc.<sup>(a)</sup> | 222 | 8210  |
| Fortinet, Inc.<sup>(a)</sup> | 471 | 38490  |
| HubSpot, Inc.<sup>(a)</sup> | 38 | 9276  |
| Intuit, Inc. | 138 | 59668  |
| Microsoft Corp. | 186 | 68852  |
| MongoDB, Inc.<sup>(a)</sup> | 60 | 14686  |
| Nebius Group NV<sup>(a)</sup> | 162 | 16809  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 194 | 7374  |
| Okta, Inc.<sup>(a)</sup> | 127 | 9996  |
| Oracle Corp. | 465 | 68406  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 543 | 87054  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 102 | 4995  |
| Salesforce, Inc. | 342 | 63841  |
| SAP SE | 373 | 63334  |
| ServiceNow, Inc.<sup>(a)</sup> | 596 | 62312  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 242 | 36498  |
| Strategy, Inc. - Class A<sup>(a)</sup> | 200 | 24960  |
| Synopsys, Inc.<sup>(a)</sup> | 144 | 57093  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 105 | 13211  |
| Unity Software, Inc.<sup>(a)</sup> | 242 | 5310  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Workday, Inc. - Class A<sup>(a)</sup> | 158 | $20527  |
| Zoom Communications, Inc. - Class A<sup>(a)</sup> | 201 | 16158  |
| Zscaler, Inc.<sup>(a)</sup> | 74 | 10381  |
|  |  | 1133010  |
| **Tech Hardware & Semiconductors - 1.2%** | **Tech Hardware & Semiconductors - 1.2%** |  |
| F5, Inc.<sup>(a)</sup> | 44 | 12730  |
| InterDigital, Inc. | 18 | 5436  |
|  |  | 18166  |
| **Telecommunications - 0.3%** | **Telecommunications - 0.3%** |  |
| Applied Digital Corp.<sup>(a)</sup> | 169 | 4012  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,797,897)** |  | 1539270  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.1%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(c)</sup> | 1668 | 1668  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,668)** |  | 1668  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $1,799,565)** |  | $1540938  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(d)</sup> |  | 686  |
| **TOTAL NET ASSETS - 100.0%** |  | $1541624 |

---

Percentages are stated as a percent of net assets.

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

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

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

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

2<br>

------

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

**THEMES COPPER MINERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Industrial Services - 1.7%** | **Industrial Services - 1.7%** |  |
|  Guangdong Feinan Resources Recycling Co. Ltd. - Class A | 69540 | $193877  |
| **Materials - 98.2%<sup>(a)</sup>** | **Materials - 98.2%<sup>(a)</sup>** |  |
| 29Metals Ltd.<sup>(b)</sup> | 829180 | 197372  |
| Aeris Resources Ltd.<sup>(b)</sup> | 598448 | 163095  |
| Altius Minerals Corp. | 3249 | 114279  |
| Amarc Resources Ltd.<sup>(b)</sup> | 41753 | 29714  |
| Antofagasta PLC | 8744 | 385050  |
| Arizona Sonoran Copper Co., Inc.<sup>(b)</sup> | 64822 | 326184  |
| Atalaya Mining Copper, S.A. | 28979 | 271947  |
| Aurubis AG | 1441 | 249838  |
| Avino Silver & Gold Mines Ltd.<sup>(b)</sup> | 16879 | 107139  |
| BHP Group Ltd. | 14172 | 492712  |
| Boliden AB<sup>(b)</sup> | 3478 | 178444  |
| Capstone Copper Corp.<sup>(b)</sup> | 45521 | 343265  |
| Central Asia Metals PLC | 86964 | 186009  |
| Chalice Mining Ltd.<sup>(b)</sup> | 85472 | 83445  |
|  China Gold International Resources Corp. Ltd. | 6628 | 133551  |
| China Nonferrous Mining Corp. Ltd. | 196397 | 287788  |
| Cia de Minas Buenaventura SAA - ADR | 3924 | 141421  |
| Collective Mining Ltd.<sup>(b)</sup> | 6633 | 116486  |
| ERO Copper Corp.<sup>(b)</sup> | 9580 | 255288  |
| First Quantum Minerals Ltd.<sup>(b)</sup> | 19169 | 458314  |
| Foran Mining Corp.<sup>(b)</sup> | 23425 | 90763  |
| Freeport-McMoRan, Inc. | 17298 | 1016776  |
|  Ganzhou Teng Yuan Cobalt New Material Co. Ltd. - Class A | 18200 | 158336  |
| Glencore PLC | 62918 | 470936  |
| GoldMining, Inc.<sup>(b)</sup> | 82775 | 98775  |
| Hot Chili Ltd.<sup>(b)</sup> | 89244 | 77583  |
| Hudbay Minerals, Inc. | 11090 | 232228  |
| Imperial Metals Corp.<sup>(b)</sup> | 32928 | 183920  |
| Ivanhoe Electric, Inc.<sup>(b)</sup> | 13388 | 158246  |
| Ivanhoe Mines Ltd. - Class A<sup>(b)</sup> | 42615 | 364239  |
| Jiangxi Copper Co. Ltd. - Class A | 41300 | 257071  |
|  Jinchuan Group International Resources Co. Ltd.<sup>(b)(c)</sup> | 97134 | 0  |
|  Jiujiang Defu Technology Co. Ltd. - Class A<sup>(b)</sup> | 65800 | 370995  |
| Lundin Mining Corp. | 18239 | 454828  |
| LunR Royalties Corp.<sup>(b)</sup> | 8087 | 176785  |
| Mitsubishi Materials Corp. | 3700 | 112255  |
| MMG Ltd.<sup>(b)</sup> | 245925 | 226442  |
| NGEx Minerals Ltd.<sup>(b)</sup> | 9167 | 166721  |
| Nittetsu Mining Co. Ltd. | 9700 | 151699  |
| Power Metallic Mines, Inc.<sup>(b)</sup> | 107654 | 81257  |
| Sandfire Resources Ltd.<sup>(b)</sup> | 24245 | 268147  |
| &nbsp;&nbsp;&nbsp; Shenzhen Zhongjin Lingnan Nonfemet Co. <br>Ltd. - Class A | 100100 | 88679  |
| Solaris Resources, Inc.<sup>(b)</sup> | 24560 | 212038  |
| Southern Copper Corp. | 2238 | 385045  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Talon Metals Corp.<sup>(b)</sup> | 17855 | $80862  |
| Taseko Mines Ltd.<sup>(b)</sup> | 46359 | 300262  |
| Teck Resources Ltd. - Class B | 8089 | 419249  |
| US Goldmining, Inc.<sup>(b)</sup> | 11960 | 139095  |
| WA1 Resources Ltd.<sup>(b)</sup> | 11657 | 112277  |
|  |  | 11376850  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $11,863,306)** |  | 11570727  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $11,863,306)** |  | $11570727  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 16615  |
| **TOTAL NET ASSETS - 100.0%** |  | $11587342 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

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

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

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of March 31, 2026. 

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

3<br>

------

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

**THEMES CYBERSECURITY ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%**<br>|  |  |
| **Industrial Services - 2.3%** | **Industrial Services - 2.3%** |  |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 1198 | $51742  |
| **Software & Technology Services - 90.1%<sup>(b)</sup>** | **Software & Technology Services - 90.1%<sup>(b)</sup>** |  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 1301 | 149420  |
| BlackBerry Ltd.<sup>(a)</sup> | 14693 | 47605  |
| Booz Allen Hamilton Holding Corp. | 1276 | 99566  |
| BTQ Technologies Corp.<sup>(a)</sup> | 2384 | 6341  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 204 | 110950  |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 606 | 86567  |
| Clear Secure, Inc. - Class A | 2237 | 108293  |
| CoreWeave, Inc. - Class A<sup>(a)</sup> | 1489 | 115353  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 239 | 93308  |
| Digital Arts, Inc. | 300 | 9754  |
| Fastly, Inc. - Class A<sup>(a)</sup> | 3548 | 103105  |
| Fortinet, Inc.<sup>(a)</sup> | 1432 | 117023  |
| GB Group PLC | 6190 | 16468  |
| Nebius Group NV<sup>(a)</sup> | 1199 | 124408  |
| Netcompany Group AS<sup>(a)(c)</sup> | 1079 | 65189  |
| Netskope, Inc. - Class A<sup>(a)</sup> | 2058 | 17472  |
| Okta, Inc.<sup>(a)</sup> | 1219 | 95948  |
| OneSpan, Inc. | 833 | 8772  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 1132 | 181482  |
| Qoria Ltd.<sup>(a)</sup> | 25518 | 4930  |
| Qualys, Inc.<sup>(a)</sup> | 867 | 76166  |
| Radware Ltd.<sup>(a)</sup> | 889 | 23398  |
| Rapid7, Inc.<sup>(a)</sup> | 1624 | 8948  |
| SailPoint, Inc.<sup>(a)</sup> | 1381 | 18284  |
| SentinelOne, Inc. - Class A<sup>(a)</sup> | 7418 | 95544  |
| SUNeVision Holdings Ltd. | 15566 | 10720  |
| Tenable Holdings, Inc.<sup>(a)</sup> | 2989 | 50559  |
| Trend Micro, Inc. | 2800 | 92448  |
| Varonis Systems, Inc.<sup>(a)</sup> | 2883 | 61898  |
| Zscaler, Inc.<sup>(a)</sup> | 498 | 69864  |
|  |  | 2069783  |
| **Tech Hardware & Semiconductors - 1.8%** | **Tech Hardware & Semiconductors - 1.8%** |  |
| A10 Networks, Inc. | 1744 | 40321  |
| **Telecommunications - 5.6%** | **Telecommunications - 5.6%** |  |
| NEXTDC Ltd.<sup>(a)</sup> | 13510 | 105516  |
| Vnet Group, Inc. - ADR<sup>(a)</sup> | 2887 | 24222  |
|  |  | 129738  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,616,329)** |  | 2291584  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.1%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(d)</sup> | 2338 | $2338  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,338)** |  | 2338  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $2,618,667)** |  | $2293922  |
| Other Assets in Excess of Liabilities - 0.1% |  | 2603  |
| **TOTAL NET ASSETS - 100.0%** |  | $2296525 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

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

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

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2026, the value of these securities total $65,189 or 2.8% of the Fund's net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

4<br>

------

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

**THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%**<br>|  |  |
| **Financial Services - 0.7%**<br>|  |  |
| Bairong, Inc.<sup>(a)(b)</sup> | 216496 | $220052  |
| Josh Gibson Stablecoin Tokens<sup>(a)</sup> | 1977904 | 0  |
|  |  | 220052  |
| **Health Care - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Inc. - <br>Class A<sup>(a)</sup> | 77000 | 236390  |
| **Industrial Products - 2.4%**<br>|  |  |
| Palladyne AI Corp.<sup>(a)</sup> | 119242 | 723799  |
| **Industrial Services - 4.5%**<br>|  |  |
| Information Services Group, Inc. | 310400 | 1191936  |
| Innodata, Inc.<sup>(a)</sup> | 5415 | 209127  |
|  |  | 1401063  |
| **Media - 2.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 3014 | 866706  |
| **Oil & Gas - 0.3%**<br>|  |  |
| NextNRG, Inc.<sup>(a)</sup> | 250000 | 100000  |
| **Retail & Wholesale - Discretionary - 3.6%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 5377 | 1119868  |
| **Software & Technology Services - 56.5%<sup>(c)</sup>** | **Software & Technology Services - 56.5%<sup>(c)</sup>** |  |
| Appier Group, Inc. | 79200 | 390249  |
| BigBear.ai Holdings, Inc.<sup>(a)</sup> | 340097 | 1197141  |
| Brand Engagement Network, Inc.<sup>(a)</sup> | 55540 | 2104966  |
| C3.ai, Inc. - Class A<sup>(a)</sup> | 113915 | 959164  |
| Cerence, Inc.<sup>(a)</sup> | 48505 | 306067  |
| CoreWeave, Inc. - Class A<sup>(a)</sup> | 7800 | 604266  |
| Datasection, Inc.<sup>(a)</sup> | 53200 | 425721  |
| Datavault AI, Inc.<sup>(a)</sup> | 1977904 | 1222938  |
| Digital China Holdings Ltd. | 2063000 | 557767  |
| Duos Technologies Group, Inc.<sup>(a)</sup> | 13370 | 91718  |
| Gorilla Technology Group, Inc.<sup>(a)</sup> | 102240 | 1076587  |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> | 66978 | 381775  |
| Kingsoft Cloud Holdings Ltd.<sup>(a)</sup> | 1222000 | 1075320  |
| MongoDB, Inc.<sup>(a)</sup> | 400 | 97908  |
| nCino, Inc.<sup>(a)</sup> | 4965 | 74376  |
| Oracle Corp. | 3930 | 578142  |
| Pagaya Technologies Ltd. - Class A<sup>(a)</sup> | 44300 | 516095  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 10061 | 1471723  |
| PKSHA Technology, Inc.<sup>(a)</sup> | 44300 | 740264  |
| Rezolve AI PLC<sup>(a)</sup> | 158849 | 406653  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 7473 | 1127078  |
| SoundHound AI, Inc. - Class A<sup>(a)</sup> | 191444 | 1315220  |
| Veritone, Inc.<sup>(a)</sup> | 326550 | 643303  |
| Zeta Global Holdings Corp. - Class A<sup>(a)</sup> | 2592 | 41265  |
|  |  | 17405706  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Tech Hardware & Semiconductors - 28.2%<sup>(c)</sup>** | **Tech Hardware & Semiconductors - 28.2%<sup>(c)</sup>** |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 7264 | $1477716  |
| Ambarella, Inc.<sup>(a)</sup> | 9077 | 467239  |
| Arista Networks, Inc.<sup>(a)</sup> | 3679 | 451708  |
| Blaize Holdings, Inc.<sup>(a)</sup> | 841000 | 1530620  |
| BrainChip Holdings Ltd.<sup>(a)</sup> | 9076499 | 876726  |
| Broadcom, Inc. | 3450 | 1067809  |
| NVIDIA Corp. | 8687 | 1515013  |
| QuickLogic Corp.<sup>(a)</sup> | 139500 | 1308510  |
|  |  | 8695341  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $34,315,213)** |  | 30768925  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.2%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(d)</sup> | 64520 | 64520  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $64,520)** |  | 64520  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $34,379,733)** |  | $30833445  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(e)</sup> |  | (8351)  |
| **TOTAL NET ASSETS - 100.0%** |  | $30825094 |

---

Percentages are stated as a percent of net assets.

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 March 31, 2026, the value of these securities total $220,052 or 0.7% of the Fund's net assets.

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

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

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

5<br>

------

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

**THEMES GLOBAL SYSTEMICALLY IMPORTANT BANKS ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Banking - 81.7%<sup>(a)</sup>**<br>|  |  |
| Agricultural Bank of China Ltd. - Class H | 1407527 | $999837  |
| Banco Santander SA - ADR | 88215 | 995065  |
| Bank of America Corp. | 20297 | 989479  |
| Bank of China Ltd. - Class H | 1583282 | 1003534  |
|  Bank of Communications Co. Ltd. - Class H | 1081268 | 970786  |
| Barclays PLC - ADR | 46255 | 978756  |
| BNP Paribas SA - ADR | 19402 | 923341  |
| China Construction Bank Corp. - Class H | 908879 | 972491  |
| Citigroup, Inc. | 8685 | 984966  |
| Credit Agricole SA | 50289 | 925960  |
| Deutsche Bank AG | 32703 | 973895  |
| HSBC Holdings PLC - ADR | 12052 | 994169  |
|  Industrial & Commercial Bank of China Ltd. - ADR | 56785 | 1005095  |
| ING Groep NV - ADR | 36997 | 963772  |
| JPMorgan Chase & Co. | 3341 | 982789  |
|  Mitsubishi UFJ Financial Group, Inc. - ADR | 56606 | 960604  |
| Mizuho Financial Group, Inc. - ADR | 123420 | 979955  |
| Royal Bank of Canada | 5925 | 958547  |
| Societe Generale SA | 12939 | 923659  |
| Standard Chartered PLC - ADR | 22525 | 946275  |
|  Sumitomo Mitsui Financial Group, Inc. - ADR | 48975 | 967256  |
| Toronto-Dominion Bank | 10168 | 948776  |
| Wells Fargo & Co. | 12487 | 994090  |
|  |  | 22343097  |
| **Financial Services - 18.2%**<br>|  |  |
| Bank of New York Mellon Corp. | 8278 | 982019  |
| Goldman Sachs Group, Inc. | 1180 | 998268  |
| Morgan Stanley | 6024 | 991370  |
| State Street Corp. | 7877 | 996913  |
| UBS Group AG | 25660 | 1002536  |
|  |  | 4971106  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $25,937,468)** |  | 27314203  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.1%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(b)</sup> | 40471 | 40471  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $40,471)** |  | 40471  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $25,977,939)** |  | $27354674  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 1396  |
| **TOTAL NET ASSETS - 100.0%** |  | $27356070 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

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

6<br>

------

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

**THEMES GOLD MINERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.5%**<br>|  |  |
| **Materials - 99.5%<sup>(a)</sup>**<br>|  |  |
| Agnico Eagle Mines Ltd. | 7517 | $1525825  |
| Alamos Gold, Inc. - Class A | 35993 | 1601328  |
| Allied Gold Corp.<sup>(b)</sup> | 16761 | 519542  |
| Anglogold Ashanti PLC | 14899 | 1450567  |
| Aris Mining Corp.<sup>(b)</sup> | 36323 | 674447  |
| B2Gold Corp. | 230260 | 1046110  |
| Capricorn Metals Ltd. | 72346 | 549067  |
| DPM Metals, Inc. | 39740 | 1399227  |
| Emerald Resources NL<sup>(b)</sup> | 96049 | 355865  |
| Endeavour Mining PLC | 26105 | 1565249  |
| Equinox Gold Corp. | 102995 | 1487434  |
| G Mining Ventures Corp.<sup>(b)</sup> | 31487 | 1105021  |
| Genesis Minerals Ltd.<sup>(b)</sup> | 180064 | 731745  |
| Gold Fields Ltd. - ADR | 29966 | 1360456  |
| IAMGOLD Corp.<sup>(b)</sup> | 75119 | 1412632  |
| K92 Mining, Inc.<sup>(b)</sup> | 43822 | 743755  |
| Kinross Gold Corp. | 47590 | 1454966  |
| Lundin Gold, Inc. | 18328 | 1400654  |
| Northern Star Resources Ltd. | 81127 | 1139622  |
| OceanaGold Corp. | 42287 | 1333267  |
| Orla Mining Ltd. | 55953 | 899769  |
| Pan African Resources PLC | 310313 | 572554  |
| Perseus Mining Ltd. | 247352 | 878902  |
| Ramelius Resources Ltd. | 345766 | 875520  |
| Regis Resources Ltd. | 135216 | 620394  |
| Torex Gold Resources, Inc. | 17628 | 809106  |
| Vault Minerals Ltd. | 178337 | 513092  |
| Wesdome Gold Mines Ltd.<sup>(b)</sup> | 27795 | 496318  |
| Westgold Resources Ltd. | 172474 | 700901  |
| &nbsp;&nbsp;&nbsp; Zhaojin Mining Industry Co. Ltd. - <br>Class H | 304931 | 1234315  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $28,675,069)** |  | 30457650  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.4%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(c)</sup> | 122256 | 122256  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $122,256)** |  | 122256  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $28,797,325)** |  | $30579906  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 33590  |
| **TOTAL NET ASSETS - 100.0%** |  | $30613496 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

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

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

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

7<br>

------

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

**THEMES HUMANOID ROBOTICS ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.5%**<br>|  |  |
| **Consumer Discretionary Products - 14.0%** | **Consumer Discretionary Products - 14.0%** |  |
| Aishida Co. Ltd. - Class A | 744100 | $1136368  |
| Ecovacs Robotics Co. Ltd. - Class A | 127100 | 1122672  |
| Tesla, Inc.<sup>(a)</sup> | 3702 | 1376219  |
| XPeng, Inc. - Class A<sup>(a)</sup> | 80007 | 667813  |
|  |  | 4303072  |
| **Industrial Products - 67.7%<sup>(b)</sup>**<br>|  |  |
| AMC Robotics Corp.<sup>(a)</sup> | 39035 | 212936  |
| Clobot Co. Ltd.<sup>(a)</sup> | 8772 | 276908  |
| CMES, Inc./Korea<sup>(a)</sup> | 12398 | 236361  |
| EFORT Intelligent Robot Co. Ltd.<sup>(a)</sup> | 340888 | 815680  |
| Estun Automation Co. Ltd. - Class A<sup>(a)</sup> | 130800 | 379248  |
|  Guangdong Topstar Technology Co. Ltd. - Class A<sup>(a)</sup> | 38700 | 140443  |
| Hesai Group - ADR<sup>(a)</sup> | 31346 | 599335  |
| Hirata Corp. | 34300 | 509189  |
| Hyulim ROBOT Co. Ltd.<sup>(a)</sup> | 200272 | 1346784  |
|  Leader Harmonious Drive Systems Co. Ltd. - Class A | 53988 | 1462667  |
| MDA Space Ltd.<sup>(a)</sup> | 54335 | 1376440  |
| Neuromeka Co. Ltd.<sup>(a)</sup> | 54704 | 2139372  |
|  Ningbo PIA Automation Holding Corp. - Class A<sup>(a)</sup> | 877829 | 1141094  |
| Palladyne AI Corp.<sup>(a)</sup> | 273017 | 1657213  |
| Rainbow Robotics<sup>(a)</sup> | 4577 | 1556894  |
| Richtech Robotics, Inc. - Class B<sup>(a)</sup> | 467030 | 976093  |
|  Shanghai Kelai Mechatronics Engineering Co. Ltd. - Class A | 218200 | 644347  |
|  Shenzhen Zhaowei Machinery & Electronic Co. Ltd. - Class A | 5100 | 70872  |
| T-Robotics Co. Ltd.<sup>(a)</sup> | 68188 | 748815  |
| UBTech Robotics Corp. Ltd. - Class H<sup>(a)</sup> | 89264 | 972191  |
| Yijiahe Technology Co. Ltd. - Class A<sup>(a)</sup> | 325100 | 1244267  |
| Yujin Robot Co. Ltd.<sup>(a)</sup> | 148112 | 2349833  |
|  |  | 20856982  |
| **Media - 2.3%**<br>|  |  |
| Serve Robotics, Inc.<sup>(a)</sup> | 84703 | 714893  |
| **Tech Hardware & Semiconductors - 15.5%** | **Tech Hardware & Semiconductors - 15.5%** |  |
| NVIDIA Corp. | 8437 | 1471413  |
| Teradyne, Inc. | 7059 | 2092711  |
|  Zhejiang Hechuan Technology Corp. Ltd. - Class A<sup>(a)</sup> | 276170 | 1205710  |
|  |  | 4769834  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $32,297,051)** |  | 30644781  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.3%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(c)</sup> | 92289 | $92289  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $92,289)** |  | 92289  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%**<br>**(Cost $32,389,340)** |  | $30737070  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 64815  |
| **TOTAL NET ASSETS - 100.0%** |  | $30801885 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

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

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

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

8<br>

------

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

**THEMES LITHIUM & BATTERY METAL MINERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%**<br>|  |  |
| **Materials - 99.6%<sup>(a)</sup>**<br>|  |  |
| Albemarle Corp. | 1394 | $250265  |
| American Lithium Corp.<sup>(b)</sup> | 14596 | 5876  |
| AMG Critical Materials NV | 702 | 27604  |
| Atlas Lithium Corp.<sup>(b)</sup> | 4372 | 19018  |
|  Beijing Easpring Material Technology Co. Ltd. - Class A | 10000 | 74346  |
| Canada Nickel Co., Inc.<sup>(b)</sup> | 42505 | 48888  |
| Chalice Mining Ltd.<sup>(b)</sup> | 31361 | 30617  |
| Core Lithium Ltd.<sup>(b)</sup> | 465794 | 78737  |
| Elevra Lithium Ltd.<sup>(b)</sup> | 16545 | 95431  |
| Energy Transition Minerals Ltd.<sup>(b)</sup> | 364944 | 23417  |
| Eramet SA | 1185 | 69169  |
| Ganfeng Lithium Group Co. Ltd. - Class A | 11100 | 125940  |
|  Ganzhou Teng Yuan Cobalt New Material Co. Ltd. - Class A | 2100 | 18270  |
| GEM Co. Ltd. - Class A | 70800 | 80862  |
|  Guangzhou Tinci Materials Technology Co. Ltd. - Class A | 26516 | 176564  |
| IGO Ltd.<sup>(b)</sup> | 19560 | 105939  |
| ioneer Ltd.<sup>(b)</sup> | 318416 | 28560  |
| &nbsp;&nbsp;&nbsp; Jiangsu Ruitai New Energy Materials Co. <br>Ltd. - Class A | 13100 | 36636  |
| Lake Resources NL<sup>(b)</sup> | 985344 | 50308  |
| Largo, Inc.<sup>(b)</sup> | 5144 | 5880  |
| Latin Resources Pty Ltd.<sup>(b)(c)</sup> | 2024 | 0  |
| Liontown Ltd.<sup>(b)</sup> | 101061 | 118536  |
| Lithium Americas Corp.<sup>(b)</sup> | 20275 | 80599  |
| Lithium Argentina AG<sup>(b)</sup> | 10179 | 68050  |
| Lithium Ionic Corp.<sup>(b)</sup> | 11054 | 9535  |
| Mineral Resources Ltd.<sup>(b)</sup> | 1909 | 70611  |
| Minerals 260 Ltd.<sup>(b)</sup> | 58065 | 27442  |
| Ningbo Shanshan Co. Ltd. - Class A<sup>(b)</sup> | 18400 | 35345  |
| PLS Group Ltd.<sup>(b)</sup> | 88449 | 312450  |
| PMET Resources, Inc.<sup>(b)</sup> | 11253 | 35916  |
| Q2 Metals Corp.<sup>(b)</sup> | 10526 | 16268  |
|  Shanghai Putailai New Energy Technology Group Co. Ltd. - Class A | 13100 | 60644  |
|  Shenzhen Capchem Technology Co. Ltd. - Class A | 6900 | 56253  |
|  Sichuan Yahua Industrial Group Co. Ltd. - Class A | 12300 | 41307  |
| Sigma Lithium Corp.<sup>(b)</sup> | 2071 | 25398  |
|  Sociedad Quimica y Minera de Chile SA - ADR<sup>(b)</sup> | 529 | 42817  |
| St George Mining Ltd.<sup>(b)</sup> | 610154 | 48412  |
| Standard Lithium Ltd.<sup>(b)</sup> | 10901 | 39025  |
| Syrah Resources Ltd.<sup>(b)</sup> | 163373 | 14654  |
| Talon Metals Corp.<sup>(b)</sup> | 9044 | 40958  |
| Tianqi Lithium Corp. - Class A<sup>(b)</sup> | 17200 | 138134  |
| Vulcan Energy Resources Ltd.<sup>(b)</sup> | 10417 | 22927  |
| Xiamen Tungsten Co. Ltd. | 7500 | 60385  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Youngy Co. Ltd. - Class A | 6000 | $66252  |
| &nbsp;&nbsp;&nbsp; Zhejiang Huayou Cobalt Co. Ltd. - <br>Class A | 13800 | 117321  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,732,359)** |  | 2901566  |
| **RIGHTS - 0.0%<sup>(d)</sup>**<br>|  |  |
| **Materials - 0.0%<sup>(a)(d)</sup>**<br>|  |  |
|  Syrah Resources Ltd., Expires 04/18/2026, Exercise Price $0.11<sup>(b)</sup> | 123767 | 2135  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $4,081)** |  | 2135  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.3%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(e)</sup> | 8495 | 8495  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $8,495)** |  | 8495  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $2,744,935)** |  | $2912196  |
| Other Assets in Excess of Liabilities - 0.1% |  | 1640  |
| **TOTAL NET ASSETS - 100.0%** |  | $2913836 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

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

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

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of March 31, 2026.

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

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

9<br>

------

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

**THEMES NATURAL MONOPOLY ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.0%**<br>|  |  |
| **Consumer Discretionary Products - 0.5%**<br>|  |  |
| Suzuki Motor Corp. | 700 | $8272  |
| **Consumer Staple Products - 4.4%**<br>|  |  |
| Anheuser-Busch InBev SA/NV | 206 | 14220  |
| Coca-Cola Co. | 190 | 14449  |
| General Mills, Inc. | 285 | 10608  |
| PepsiCo, Inc. | 93 | 14442  |
| Procter & Gamble Co. | 93 | 13433  |
|  |  | 67152  |
| **Financial Services - 18.0%**<br>|  |  |
| ASX Ltd. | 1668 | 60189  |
| Blackrock, Inc. | 54 | 51932  |
| Corpay, Inc.<sup>(a)</sup> | 13 | 3783  |
| Experian PLC | 83 | 2854  |
| Mastercard, Inc. - Class A | 102 | 50965  |
| Moody's Corp. | 9 | 3926  |
| Raymond James Financial, Inc. | 354 | 51256  |
| Visa, Inc. - Class A | 163 | 49265  |
|  |  | 274170  |
| **Health Care - 8.9%**<br>|  |  |
| AbbVie, Inc. | 117 | 25446  |
| Cencora, Inc. | 9 | 2827  |
| EssilorLuxottica SA | 84 | 19263  |
| Fresenius SE & Co. KGaA | 56 | 2869  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 118 | 20124  |
| Johnson & Johnson | 129 | 31533  |
| Labcorp Holdings, Inc. | 11 | 2935  |
| Medtronic PLC | 278 | 24089  |
| Quest Diagnostics, Inc. | 15 | 2939  |
| Sonic Healthcare Ltd. | 173 | 2441  |
|  |  | 134466  |
| **Industrial Products - 20.9%**<br>|  |  |
| AMETEK, Inc. | 75 | 16077  |
| Assa Abloy AB - Class B | 259 | 9204  |
| Atlas Copco AB - Class A | 834 | 14373  |
| BAE Systems PLC | 2740 | 79786  |
| Fortive Corp. | 1138 | 62909  |
| Honeywell International, Inc. | 322 | 72782  |
| Schneider Electric SE | 55 | 14564  |
| Siemens AG | 54 | 12839  |
| Snap-on, Inc. | 29 | 10533  |
| Techtronic Industries Co. Ltd. | 900 | 11719  |
| Xylem, Inc. | 111 | 13264  |
|  |  | 318050  |
| **Industrial Services - 6.7%**<br>|  |  |
| Brambles Ltd. | 353 | 5504  |
| Canadian Pacific Kansas City Ltd. | 74 | 5823  |
| Cintas Corp. | 36 | 6089  |
| Compass Group PLC<sup>(a)</sup> | 214 | 5906  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| FedEx Corp. | 19 | $6768  |
| Kuehne + Nagel International AG | 27 | 6088  |
| Paychex, Inc. | 475 | 43757  |
| Persol Holdings Co. Ltd. | 2200 | 3202  |
| RELX PLC | 101 | 3310  |
| Republic Services, Inc. | 18 | 3943  |
| Stantec, Inc. | 40 | 3458  |
| Vinci SA | 29 | 4302  |
| Waste Management, Inc. | 19 | 4366  |
|  |  | 102516  |
| **Materials - 3.4%**<br>|  |  |
| Air Liquide SA | 27 | 5552  |
| BHP Group Ltd. | 193 | 6710  |
| CRH PLC | 50 | 5256  |
| Heidelberg Materials AG | 22 | 4535  |
| Holcim AG | 62 | 5034  |
| Nippon Paint Holdings Co. Ltd. | 700 | 4306  |
| Nippon Sanso Holdings Corp. | 200 | 6973  |
| Sherwin-Williams Co. | 14 | 4488  |
| Sika AG | 20 | 3249  |
| Vulcan Materials Co. | 18 | 4901  |
|  |  | 51004  |
| **Media - 1.6%**<br>|  |  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 33 | 7124  |
| Comcast Corp. - Class A | 222 | 6374  |
| Expedia Group, Inc. | 24 | 5541  |
| Uber Technologies, Inc.<sup>(a)</sup> | 63 | 4532  |
| Versant Media Group, Inc. | 8 | 296  |
|  |  | 23867  |
| **Oil & Gas - 3.6%**<br>|  |  |
| Aker BP ASA | 330 | 12307  |
| SLB Ltd. | 97 | 4985  |
| Suncor Energy, Inc. | 183 | 12104  |
| TotalEnergies SE | 125 | 11690  |
| Var Energi ASA | 2625 | 13701  |
|  |  | 54787  |
| **Retail & Wholesale - Discretionary - 4.2%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 520 | 17264  |
| eBay, Inc. | 233 | 21208  |
| Ferguson Enterprises, Inc. | 12 | 2799  |
| Home Depot, Inc. | 60 | 19733  |
| Reece Ltd. | 312 | 2855  |
|  |  | 63859  |
| **Retail & Wholesale - Staples - 3.0%**<br>|  |  |
| Alimentation Couche-Tard, Inc. | 372 | 21086  |
| George Weston Ltd. | 285 | 20135  |
| ITOCHU Corp. | 200 | 2488  |
| Sysco Corp. | 36 | 2568  |
|  |  | 46277  |

---

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

10<br>

------

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

**THEMES NATURAL MONOPOLY ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Software & Technology Services - 10.6%**<br>|  |  |
| Accenture PLC - Class A | 200 | $39658  |
| Autodesk, Inc.<sup>(a)</sup> | 182 | 43571  |
| Intuit, Inc. | 81 | 35023  |
| Pro Medicus Ltd. | 18 | 1452  |
| Sage Group PLC | 3690 | 40918  |
|  |  | 160622  |
| **Tech Hardware & Semiconductors - 7.9%**<br>|  |  |
| Broadcom, Inc. | 182 | 56331  |
| Cisco Systems, Inc. | 816 | 63313  |
|  |  | 119644  |
| **Telecommunications - 1.7%**<br>|  |  |
| AT&T, Inc. | 181 | 5247  |
| HKT Trust & HKT Ltd. | 3060 | 4769  |
| KDDI Corp. | 300 | 5148  |
| SoftBank Corp. | 3300 | 4390  |
| Verizon Communications, Inc. | 116 | 5823  |
|  |  | 25377  |
| **Utilities - 3.6%**<br>|  |  |
| American Water Works Co., Inc. | 60 | 8165  |
| Duke Energy Corp. | 70 | 9166  |
| Exelon Corp. | 186 | 9118  |
| National Grid PLC | 572 | 9611  |
| Origin Energy Ltd. | 1062 | 9071  |
| Severn Trent PLC | 216 | 8834  |
|  |  | 53965  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,502,607)** |  | 1504028  |
| **PREFERRED STOCKS - 0.5%**<br>|  |  |
| **Consumer Discretionary Products - 0.5%**<br>|  |  |
| Volkswagen AG, 0.00% | 83 | 8289  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $9,929)** |  | 8289  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.2%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(b)</sup> | 2538 | 2538  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,538)** |  | 2538  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%**<br>**(Cost $1,515,074)** |  | $1514855  |
| Other Assets in Excess of Liabilities - 0.3% |  | 3986  |
| **TOTAL NET ASSETS - 100.0%** |  | $1518841 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

11<br>

------

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

**THEMES SILVER MINERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%**<br>|  |  |
| **Materials - 99.7%<sup>(a)</sup>**<br>|  |  |
| AbraSilver Resource Corp.<sup>(b)</sup> | 36090 | $326629  |
| Americas Gold & Silver Corp.<sup>(b)</sup> | 63873 | 333346  |
| Andean Silver Ltd.<sup>(b)</sup> | 47632 | 64577  |
| Avino Silver & Gold Mines Ltd.<sup>(b)</sup> | 6073 | 38548  |
| Aya Gold & Silver, Inc.<sup>(b)</sup> | 31992 | 488010  |
| &nbsp;&nbsp;&nbsp; Baiyin Nonferrous Group Co. Ltd. - <br>Class A | 2200 | 2586  |
| Coeur Mining, Inc.<sup>(b)</sup> | 22271 | 418027  |
| Discovery Silver Corp.<sup>(b)</sup> | 105910 | 680638  |
| Endeavour Silver Corp.<sup>(b)</sup> | 68688 | 639485  |
| First Majestic Silver Corp. | 66714 | 1430100  |
| Fortuna Mining Corp.<sup>(b)</sup> | 1501 | 14923  |
| Freeport-McMoRan, Inc. | 7067 | 415398  |
| Fresnillo PLC | 33976 | 1485820  |
| GoGold Resources, Inc.<sup>(b)</sup> | 100449 | 192074  |
| Hecla Mining Co. | 23238 | 432924  |
| Hochschild Mining PLC | 11596 | 91630  |
| Industrias Penoles SAB de CV<sup>(b)</sup> | 17646 | 784298  |
|  Inner Mongolia Xingye Silver&Tin Mining Co. Ltd. - Class A | 3700 | 21542  |
| Jiangxi Copper Co. Ltd. - Class A | 4200 | 26143  |
| Jiangxi Copper Co. Ltd. - Class H | 34764 | 151183  |
| KGHM Polska Miedz SA<sup>(b)</sup> | 4677 | 337527  |
| MMG Ltd.<sup>(b)</sup> | 20928 | 19270  |
| Newmont Corp. | 14373 | 1555877  |
| OR Royalties, Inc. | 6498 | 247429  |
| Pan American Silver Corp. | 12375 | 676046  |
| Shandong Gold Mining Co. Ltd. - Class A | 1100 | 6409  |
|  Shandong Gold Mining Co. Ltd. - Class H<sup>(c)</sup> | 4922 | 20300  |
| Silvercorp Metals, Inc. | 52048 | 559728  |
| Southern Copper Corp. | 3035 | 522221  |
| SSR Mining, Inc.<sup>(b)</sup> | 7036 | 206858  |
| Teck Resources Ltd. - Class B | 2244 | 116305  |
| Triple Flag Precious Metals Corp. | 14591 | 506610  |
| Vizsla Silver Corp.<sup>(b)</sup> | 82291 | 272706  |
| Wheaton Precious Metals Corp. | 7298 | 957958  |
|  Yunnan Chihong Zinc&Germanium Co. Ltd. | 1500 | 1707  |
|  Zhuzhou Smelter Group Co. Ltd. - Class A<sup>(b)</sup> | 300 | 755  |
| Zijin Mining Group Co. Ltd. - Class A | 24800 | 117463  |
| Zijin Mining Group Co. Ltd. - Class H | 119977 | 525737  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $13,778,539)** |  | 14688787  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.3%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(d)</sup> | 46069 | $46069  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $46,069)** |  | 46069  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $13,824,608)** |  | $14734856  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(e)</sup> |  | 6015  |
| **TOTAL NET ASSETS - 100.0%** |  | $14740871 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

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

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2026, the value of these securities total $20,300 or 0.1% of the Fund's net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

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

12<br>

------

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

**THEMES TRANSATLANTIC DEFENSE ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.7%**<br>|  |  |
| **Consumer Discretionary Products - 0.1%**<br>|  |  |
| Colt CZ Group SE | 1147 | $48833  |
| Smith & Wesson Brands, Inc. | 5039 | 72209  |
|  |  | 121042  |
| **Financial Services - 1.2%**<br>|  |  |
| FTAI Aviation Ltd. | 5016 | 1228920  |
| **Industrial Products - 95.7%<sup>(a)</sup>**<br>|  |  |
| AAR Corp.<sup>(b)</sup> | 1890 | 206879  |
| AeroVironment, Inc.<sup>(b)</sup> | 1472 | 269450  |
| Airbus SE | 25844 | 4804004  |
| AIRO Group Holdings, Inc.<sup>(b)</sup> | 2530 | 19241  |
| Altinay Savunma Teknolojileri AS<sup>(b)</sup> | 126570 | 40756  |
| Archer Aviation, Inc. - Class A<sup>(b)</sup> | 26148 | 135185  |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 57960 | 417675  |
| Astronics Corp.<sup>(b)</sup> | 1435 | 95758  |
| Avio SpA | 1634 | 62515  |
| Avon Technologies PLC | 1983 | 43517  |
| Axon Enterprise, Inc.<sup>(b)</sup> | 3626 | 1539926  |
| BAE Systems PLC | 148897 | 4335734  |
| Beta Technologies, Inc. - Class A<sup>(b)</sup> | 6183 | 90890  |
| Bodycote PLC | 8566 | 69218  |
| Boeing Co.<sup>(b)</sup> | 35905 | 7146172  |
| Bombardier, Inc. - Class B<sup>(b)</sup> | 4272 | 755515  |
| BWX Technologies, Inc. | 4540 | 928385  |
| Byrna Technologies, Inc.<sup>(b)</sup> | 2218 | 20361  |
| Cadre Holdings, Inc. | 1338 | 41050  |
| Chemring Group PLC | 13280 | 89293  |
| Cirrus Aircraft Ltd. | 6761 | 30506  |
| Cohort PLC | 3967 | 63743  |
| Crane Co. | 2384 | 407664  |
| Curtiss-Wright Corp. | 1850 | 1260072  |
| Dassault Aviation SA | 861 | 317665  |
| Ducommun, Inc.<sup>(b)</sup> | 617 | 75274  |
| Eve Holding, Inc.<sup>(b)</sup> | 12005 | 29772  |
| Exail Technologies SA<sup>(b)</sup> | 369 | 50755  |
| Firefly Aerospace, Inc.<sup>(b)</sup> | 3478 | 99019  |
| General Dynamics Corp. | 10933 | 3752424  |
| General Electric Co. | 26572 | 7540336  |
| HEICO Corp. | 2007 | 550319  |
| Hensoldt AG | 3057 | 267129  |
| Hexcel Corp. | 3833 | 310205  |
| Honeywell International, Inc. | 24303 | 5493207  |
| Howmet Aerospace, Inc. | 19676 | 4534531  |
| Huntington Ingalls Industries, Inc. | 1883 | 715352  |
| Innovative Solutions and Support, Inc.<sup>(b)</sup> | 2932 | 60194  |
| Intuitive Machines, Inc.<sup>(b)</sup> | 5315 | 98646  |
| Joby Aviation, Inc.<sup>(b)</sup> | 25615 | 211580  |
| Karman Holdings, Inc.<sup>(b)</sup> | 3758 | 300828  |
| &nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, <br>Inc.<sup>(b)</sup> | 8184 | 577054  |
| L3Harris Technologies, Inc. | 9245 | 3190912  |
| Leonardo DRS, Inc. | 2523 | 112324  |
| Leonardo SpA | 19420 | 1302807  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| LISI SA | 868 | $52572  |
| Loar Holdings, Inc.<sup>(b)</sup> | 884 | 50644  |
| Lockheed Martin Corp. | 9719 | 5874066  |
| Melrose Industries PLC | 62045 | 412911  |
| Mercury Systems, Inc.<sup>(b)</sup> | 2532 | 184608  |
| Mirion Technologies, Inc.<sup>(b)</sup> | 11727 | 218005  |
| Momentus, Inc.<sup>(b)</sup> | 3816 | 14043  |
| Moog, Inc. - Class A | 1370 | 400917  |
| MTU Aero Engines AG | 2652 | 950252  |
| National Presto Industries, Inc. | 381 | 52220  |
| Northrop Grumman Corp. | 7046 | 4807063  |
| OSI Systems, Inc.<sup>(b)</sup> | 773 | 205239  |
| QinetiQ Group PLC | 23544 | 141478  |
| Redwire Corp.<sup>(b)</sup> | 5303 | 45076  |
| RENK Group AG | 4000 | 234130  |
| Rheinmetall AG | 2261 | 3775041  |
| Rocket Lab Corp.<sup>(b)</sup> | 24085 | 1546739  |
| Rolls-Royce Holdings PLC | 399234 | 5981746  |
| RTX Corp. | 46261 | 8923747  |
| Saab AB | 14867 | 969602  |
| Safran SA | 14831 | 4789613  |
| SDT Uzay VE Savunma Teknolojileri AS | 9601 | 44116  |
| Senior PLC | 19822 | 75036  |
| Textron, Inc. | 8865 | 776219  |
| Thales SA | 4271 | 1244532  |
| TransDigm Group, Inc. | 2721 | 3153530  |
| Vertical Aerospace Ltd.<sup>(b)</sup> | 8808 | 19466  |
| Virgin Galactic Holdings, Inc.<sup>(b)</sup> | 12548 | 30492  |
|  |  | 97436945  |
| **Materials - 0.0%<sup>(c)</sup>**<br>|  |  |
| Solstice Advanced Materials, Inc. | 6 | 457  |
| **Software & Technology Services - 0.2%**<br>|  |  |
| Amentum Holdings, Inc.<sup>(b)</sup> | 6961 | 181543  |
| **Tech Hardware & Semiconductors - 1.4%**<br>|  |  |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 2295 | 1388498  |
| **Telecommunications - 0.1%**<br>|  |  |
| Satellogic, Inc.<sup>(b)</sup> | 22287 | 121241  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $96,725,331)** |  | 100478646  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.4%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(d)</sup> | 457332 | 457332  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $457,332)** |  | 457332  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.1%**<br>**(Cost $97,182,663)** |  | $100935978  |
| Other Assets in Excess of Liabilities - 0.9% |  | 910848  |
| **TOTAL NET ASSETS - 100.0%** |  | $101846826 |

---

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

13<br>

------

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

**THEMES TRANSATLANTIC DEFENSE ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

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

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

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

14<br>

------

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

**THEMES URANIUM & NUCLEAR ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%**<br>|  |  |
| **Industrial Products - 12.4%**<br>|  |  |
| BWX Technologies, Inc. | 2391 | $488935  |
|  Chengdu Guoguang Electric Co. Ltd. - Class A<sup>(a)</sup> | 17300 | 212112  |
| Lightbridge Corp.<sup>(a)</sup> | 65648 | 699808  |
| Mirion Technologies, Inc.<sup>(a)</sup> | 27110 | 503975  |
| NANO Nuclear Energy, Inc.<sup>(a)</sup> | 24449 | 500715  |
| NuScale Power Corp.<sup>(a)</sup> | 69214 | 750280  |
|  RongFa Nuclear Equipment Co. Ltd. - Class A<sup>(a)</sup> | 282600 | 300673  |
|  |  | 3456498  |
| **Materials - 52.5%<sup>(b)</sup>**<br>|  |  |
| Atha Energy Corp.<sup>(a)</sup> | 407253 | 240060  |
| Bannerman Energy Ltd.<sup>(a)</sup> | 255449 | 643302  |
| Boss Energy Ltd.<sup>(a)</sup> | 661388 | 695895  |
| Cameco Corp. | 23937 | 2603112  |
| Centrus Energy Corp. - Class A<sup>(a)</sup> | 3438 | 596802  |
| CGN Mining Co. Ltd. | 1341182 | 660226  |
| Deep Yellow Ltd.<sup>(a)</sup> | 505883 | 609064  |
| Denison Mines Corp.<sup>(a)</sup> | 221315 | 784331  |
| Encore Energy Corp.<sup>(a)</sup> | 246624 | 446763  |
| Energy Fuels, Inc.<sup>(a)</sup> | 21767 | 397248  |
| IsoEnergy Ltd.<sup>(a)</sup> | 71791 | 760693  |
| Laramide Resources Ltd.<sup>(a)</sup> | 166506 | 82589  |
| Lotus Resources Ltd.<sup>(a)</sup> | 567589 | 499300  |
| Mega Uranium Ltd.<sup>(a)</sup> | 356281 | 153669  |
| NAC Kazatomprom JSC - GDR | 10971 | 855738  |
| NexGen Energy Ltd.<sup>(a)</sup> | 76340 | 885722  |
| Paladin Energy Ltd.<sup>(a)</sup> | 96427 | 735155  |
| Uranium Energy Corp.<sup>(a)</sup> | 68294 | 921969  |
| Uranium Royalty Corp.<sup>(a)</sup> | 140715 | 515884  |
| Ur-Energy, Inc.<sup>(a)</sup> | 537427 | 795845  |
| Yellow Cake PLC<sup>(a)(c)</sup> | 96334 | 760579  |
|  |  | 14643946  |
| **Tech Hardware & Semiconductors - 1.3%**<br>|  |  |
| Silex Systems Ltd.<sup>(a)</sup> | 101661 | 371046  |
| **Utilities - 33.4%<sup>(b)</sup>**<br>|  |  |
| American Electric Power Co., Inc. | 7665 | 1004728  |
| CGN Power Co. Ltd. - Class A | 1303900 | 870122  |
|  China National Nuclear Power Co. Ltd. - Class A | 620100 | 812354  |
| Constellation Energy Corp. | 7591 | 2119787  |
| Duke Energy Corp. | 7629 | 998941  |
| Endesa SA | 8215 | 342592  |
| Kyushu Electric Power Co., Inc. | 24500 | 279109  |
| Oklo, Inc.<sup>(a)</sup> | 15684 | 777770  |
| PG&E Corp. | 57646 | 1012840  |
| Public Service Enterprise Group, Inc. | 10488 | 849004  |
| TXNM Energy, Inc. | 4593 | 268507  |
|  |  | 9335754  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $27,654,138)** |  | 27807244  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.4%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(d)</sup> | 107928 | $107928  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $107,928)** |  | 107928  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $27,762,066)** |  | $27915172  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(e)</sup> |  | (2371)  |
| **TOTAL NET ASSETS - 100.0%** |  | $27912801 |

---

Percentages are stated as a percent of net assets.

GDR - Global Depositary Receipt

JSC - Public Joint Stock Company

PLC - Public Limited Company

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

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

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2026, the value of these securities total $760,579 or 2.7% of the Fund's net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

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

15<br>

------

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

**THEMES US CASH FLOW CHAMPIONS ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%**<br>|  |  |
| **Banking - 12.2%**<br>|  |  |
| Citizens Financial Group, Inc. | 228 | $13673  |
| Fifth Third Bancorp | 350 | 16261  |
| Huntington Bancshares, Inc. | 775 | 12129  |
| JPMorgan Chase & Co. | 472 | 138843  |
| KeyCorp | 440 | 8822  |
| M&T Bank Corp. | 83 | 17158  |
| US Bancorp | 797 | 41452  |
| Wells Fargo & Co. | 1634 | 130083  |
|  |  | 378421  |
| **Consumer Discretionary Products - 0.6%**<br>|  |  |
| NVR, Inc.<sup>(a)</sup> | 1 | 6590  |
| PulteGroup, Inc. | 111 | 13054  |
|  |  | 19644  |
| **Consumer Discretionary Services - 1.6%**<br>|  |  |
| Carnival Corp. | 520 | 13458  |
| Royal Caribbean Cruises Ltd. | 130 | 35773  |
|  |  | 49231  |
| **Consumer Staple Products - 1.9%**<br>|  |  |
| Altria Group, Inc. | 892 | 58863  |
| **Financial Services - 12.6%**<br>|  |  |
| American Express Co. | 290 | 87719  |
| Ameriprise Financial, Inc. | 50 | 22220  |
| Apollo Global Management, Inc. | 224 | 24958  |
| Capital One Financial Corp. | 337 | 61479  |
| Corpay, Inc.<sup>(a)</sup> | 40 | 11640  |
| Goldman Sachs Group, Inc. | 162 | 137050  |
| PayPal Holdings, Inc. | 533 | 24108  |
| Synchrony Financial | 197 | 13400  |
| T Rowe Price Group, Inc. | 115 | 10366  |
|  |  | 392940  |
| **Health Care - 15.8%**<br>|  |  |
| AbbVie, Inc. | 672 | 146153  |
| Biogen, Inc.<sup>(a)</sup> | 77 | 14116  |
| Bristol-Myers Squibb Co. | 1080 | 65502  |
| Cigna Group | 139 | 37078  |
| Gilead Sciences, Inc. | 658 | 91706  |
| Pfizer, Inc. | 3069 | 86178  |
| Regeneron Pharmaceuticals, Inc. | 53 | 40950  |
| Royalty Pharma PLC - Class A | 222 | 10649  |
|  |  | 492332  |
| **Industrial Products - 0.4%**<br>|  |  |
| Snap-on, Inc. | 30 | 10897  |
| **Industrial Services - 0.7%**<br>|  |  |
| Delta Air Lines, Inc. | 330 | 21938  |
| **Insurance - 10.9%**<br>|  |  |
| Allstate Corp. | 139 | 28820  |
| American International Group, Inc. | 293 | 22048  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Arch Capital Group Ltd.<sup>(a)</sup> | 208 | $19966  |
| Chubb Ltd. | 197 | 64208  |
| Cincinnati Financial Corp. | 92 | 14476  |
| Everest Group Ltd. | 23 | 7518  |
| Hartford Insurance Group, Inc. | 149 | 20149  |
| Loews Corp. | 103 | 10994  |
| Markel Group, Inc.<sup>(a)</sup> | 7 | 13399  |
| MetLife, Inc. | 295 | 20863  |
| Principal Financial Group, Inc. | 118 | 10633  |
| Progressive Corp. | 310 | 61454  |
| Travelers Cos., Inc. | 119 | 34710  |
| W R Berkley Corp. | 159 | 10539  |
|  |  | 339777  |
| **Materials - 2.0%**<br>|  |  |
| Newmont Corp. | 575 | 62244  |
| **Media - 7.7%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 220 | 27782  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 135 | 53730  |
| Comcast Corp. - Class A | 1965 | 56415  |
| Expedia Group, Inc. | 62 | 14315  |
| Fox Corp. - Class A | 124 | 7242  |
| Uber Technologies, Inc.<sup>(a)</sup> | 1068 | 76821  |
| Versant Media Group, Inc. | 45 | 1666  |
|  |  | 237971  |
| **Oil & Gas - 25.7%<sup>(b)</sup>**<br>|  |  |
| Cheniere Energy, Inc. | 115 | 32632  |
| Chevron Corp. | 1009 | 208762  |
| ConocoPhillips | 663 | 87516  |
| Coterra Energy, Inc. | 444 | 15602  |
| Diamondback Energy, Inc. | 99 | 19581  |
| EOG Resources, Inc. | 290 | 41925  |
| Exxon Mobil Corp. | 1275 | 216317  |
| Marathon Petroleum Corp. | 161 | 39313  |
| Occidental Petroleum Corp. | 409 | 26585  |
| ONEOK, Inc. | 353 | 31908  |
| Phillips 66 | 214 | 38987  |
| Valero Energy Corp. | 164 | 40521  |
|  |  | 799649  |
| **Retail & Wholesale - Discretionary - 2.8%**<br>|  |  |
| Carvana Co.<sup>(a)</sup> | 72 | 22635  |
| eBay, Inc. | 242 | 22027  |
| MercadoLibre, Inc.<sup>(a)</sup> | 25 | 43226  |
|  |  | 87888  |
| **Retail & Wholesale - Staples - 0.6%**<br>|  |  |
| Archer-Daniels-Midland Co. | 253 | 18390  |
| **Software & Technology Services - 1.1%**<br>|  |  |
|  Cognizant Technology Solutions Corp. - Class A | 259 | 15889  |
| Gen Digital, Inc. | 324 | 6101  |
| Zoom Communications, Inc. - Class A<sup>(a)</sup> | 153 | 12300  |
|  |  | 34290  |

---

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

16<br>

------

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

**THEMES US CASH FLOW CHAMPIONS ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |  |
| **Tech Hardware & Semiconductors - 3.0%**<br>|  |  |
| HP, Inc. | 495 | $9509  |
| NetApp, Inc. | 106 | 10853  |
| QUALCOMM, Inc. | 567 | 73018  |
|  |  | 93380  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,841,710)** |  | 3097855  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.3%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(c)</sup> | 9762 | 9762  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $9,762)** |  | 9762  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $2,851,472)** |  | $3107617  |
| Other Assets in Excess of Liabilities - 0.1% |  | 3178  |
| **TOTAL NET ASSETS - 100.0%** |  | $3110795 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

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

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

17<br>

------

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

**THEMES US INFRASTRUCTURE ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%**<br>|  |  |
| **Consumer Discretionary Products - 0.5%**<br>|  |  |
| Cavco Industries, Inc.<sup>(a)</sup> | 13 | $6296  |
| Champion Homes, Inc.<sup>(a)</sup> | 88 | 6545  |
|  |  | 12841  |
| **Industrial Products - 35.3%<sup>(b)</sup>**<br>|  |  |
| AGCO Corp. | 99 | 11471  |
| Astec Industries, Inc. | 35 | 1884  |
| Atkore, Inc. | 51 | 3004  |
| AZZ, Inc. | 49 | 6131  |
| Caterpillar, Inc. | 220 | 155861  |
| Crane Co. | 74 | 12654  |
| Deere & Co. | 242 | 136319  |
| Donaldson Co., Inc. | 178 | 15107  |
| Dover Corp. | 217 | 45234  |
| Emerson Electric Co. | 842 | 110319  |
| Enpro, Inc. | 33 | 8271  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 49 | 1954  |
| Graco, Inc. | 259 | 21924  |
| Greenbrier Cos., Inc. | 49 | 2580  |
| Helios Technologies, Inc. | 56 | 3624  |
| IDEX Corp. | 120 | 22746  |
| Insteel Industries, Inc. | 16 | 538  |
| Janus International Group, Inc.<sup>(a)</sup> | 233 | 1200  |
| Lindsay Corp. | 17 | 2024  |
| Modine Manufacturing Co.<sup>(a)</sup> | 79 | 17120  |
| Mueller Industries, Inc. | 168 | 18614  |
| Mueller Water Products, Inc. - Class A | 258 | 7092  |
| Oshkosh Corp. | 100 | 14721  |
| Parker-Hannifin Corp. | 147 | 131600  |
| SPX Technologies, Inc.<sup>(a)</sup> | 73 | 14596  |
| Terex Corp. | 100 | 5910  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 51 | 2570  |
| Trinity Industries, Inc. | 137 | 4409  |
| Valmont Industries, Inc. | 31 | 12387  |
| Vontier Corp. | 218 | 7733  |
| Watts Water Technologies, Inc. - Class A | 41 | 11902  |
| Westinghouse Air Brake Technologies Corp. | 273 | 68225  |
| Xylem, Inc. | 387 | 46247  |
| Zurn Elkay Water Solutions Corp. | 224 | 10044  |
|  |  | 936015  |
| **Industrial Services - 41.3%<sup>(b)</sup>**<br>|  |  |
| AECOM | 204 | 17303  |
| API Group Corp.<sup>(a)</sup> | 484 | 19612  |
| Applied Industrial Technologies, Inc. | 58 | 15389  |
| Arcosa, Inc. | 75 | 7961  |
| Argan, Inc. | 19 | 10348  |
| Comfort Systems USA, Inc. | 56 | 77223  |
| Construction Partners, Inc. - Class A<sup>(a)</sup> | 75 | 8334  |
| CSX Corp. | 3001 | 123191  |
| DXP Enterprises, Inc./TX<sup>(a)</sup> | 19 | 2655  |
| Dycom Industries, Inc.<sup>(a)</sup> | 48 | 16263  |
| EMCOR Group, Inc. | 72 | 53158  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Fastenal Co. | 1848 | $85747  |
| Fluor Corp.<sup>(a)</sup> | 289 | 13482  |
| Granite Construction, Inc. | 73 | 8751  |
| Herc Holdings, Inc. | 48 | 4778  |
| IES Holdings, Inc.<sup>(a)</sup> | 33 | 15724  |
| Jacobs Solutions, Inc. | 185 | 23547  |
| MSC Industrial Direct Co., Inc. - Class A | 73 | 6736  |
| MYR Group, Inc.<sup>(a)</sup> | 25 | 7058  |
| Norfolk Southern Corp. | 375 | 107625  |
| NPK International, Inc.<sup>(a)</sup> | 72 | 1043  |
| Quanta Services, Inc. | 235 | 129020  |
| Ryder System, Inc. | 64 | 13101  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 44 | 17920  |
| Tetra Tech, Inc. | 395 | 11897  |
| Tutor Perini Corp. | 73 | 5635  |
| Union Pacific Corp. | 475 | 115245  |
| United Rentals, Inc. | 104 | 75770  |
| Verra Mobility Corp.<sup>(a)</sup> | 251 | 3587  |
| WESCO International, Inc. | 73 | 19974  |
| WW Grainger, Inc. | 70 | 76357  |
|  |  | 1094434  |
| **Materials - 21.1%**<br>|  |  |
| Advanced Drainage Systems, Inc. | 112 | 15359  |
| Alcoa Corp. | 409 | 27129  |
| Apogee Enterprises, Inc. | 33 | 1107  |
| ATI, Inc.<sup>(a)</sup> | 216 | 31419  |
| Boise Cascade Co. | 64 | 4854  |
| Carlisle Cos., Inc. | 66 | 22019  |
| Carpenter Technology Corp. | 76 | 29955  |
| Century Aluminum Co.<sup>(a)</sup> | 88 | 5165  |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> | 801 | 6769  |
| Commercial Metals Co. | 168 | 10320  |
| CRH PLC | 937 | 98497  |
| Eagle Materials, Inc. | 56 | 10609  |
| Kaiser Aluminum Corp. | 25 | 3013  |
| Knife River Corp.<sup>(a)</sup> | 89 | 7267  |
| Martin Marietta Materials, Inc. | 96 | 56513  |
| Nucor Corp. | 363 | 61383  |
| Owens Corning | 129 | 13960  |
| Reliance, Inc. | 82 | 24922  |
| Ryerson Holding Corp. | 42 | 944  |
| Simpson Manufacturing Co., Inc. | 66 | 11327  |
| Steel Dynamics, Inc. | 220 | 39600  |
| Trex Co., Inc.<sup>(a)</sup> | 179 | 6519  |
| UFP Industries, Inc. | 90 | 8291  |
| United States Lime & Minerals, Inc. | 17 | 2220  |
| Vulcan Materials Co. | 209 | 56911  |
| Worthington Steel, Inc. | 56 | 1700  |
|  |  | 557772  |
| **Oil & Gas - 0.1%**<br>|  |  |
| DNOW, Inc.<sup>(a)</sup> | 315 | 3752  |

---

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

18<br>

------

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

**THEMES US INFRASTRUCTURE ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Renewable Energy - 0.0%<sup>(c)</sup>**<br>|  |  |
| ASP Isotopes, Inc.<sup>(a)</sup> | 64 | $283  |
| **Retail & Wholesale - Discretionary - 1.0%**<br>|  |  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 169 | 13914  |
| Pool Corp. | 58 | 11735  |
|  |  | 25649  |
| **Utilities - 0.3%**<br>|  |  |
| Southwest Gas Holdings, Inc. | 90 | 7821  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,433,498)** |  | 2638567  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.4%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(d)</sup> | 9546 | 9546  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $9,546)** |  | 9546  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $2,443,044)** |  | $2648113  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 584  |
| **TOTAL NET ASSETS - 100.0%** |  | $2648697 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

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

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

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

19<br>

------

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

**THEMES US R&D CHAMPIONS ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%**<br>|  |  |
| **Consumer Discretionary Products - 1.9%**<br>|  |  |
| Tesla, Inc.<sup>(a)</sup> | 47 | $17472  |
| **Consumer Staple Products - 2.1%**<br>|  |  |
| Kenvue, Inc. | 1155 | 19912  |
| **Health Care - 15.1%**<br>|  |  |
| Boston Scientific Corp.<sup>(a)</sup> | 215 | 13491  |
| Eli Lilly & Co. | 19 | 17476  |
| GE HealthCare Technologies, Inc. | 254 | 18080  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 39 | 17979  |
| Regeneron Pharmaceuticals, Inc. | 27 | 20861  |
| ResMed, Inc. | 78 | 17509  |
| Stryker Corp. | 54 | 17744  |
| Zoetis, Inc. | 161 | 19032  |
|  |  | 142172  |
| **Industrial Products - 11.9%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 42 | 17837  |
| Carrier Global Corp. | 337 | 18977  |
| Deere & Co. | 38 | 21405  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 93 | 26260  |
| Vertiv Holdings Co. - Class A | 108 | 27063  |
|  |  | 111542  |
| **Materials - 2.5%**<br>|  |  |
| Corteva, Inc. | 276 | 23104  |
| **Media - 9.3%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 155 | 19573  |
| Alphabet, Inc. - Class A | 59 | 16966  |
| Electronic Arts, Inc. | 99 | 20183  |
| Meta Platforms, Inc. - Class A | 28 | 16020  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 662 | 15021  |
|  |  | 87763  |
| **Retail & Wholesale - Discretionary - 1.6%**<br>|  |  |
| MercadoLibre, Inc.<sup>(a)</sup> | 9 | 15561  |
| **Software & Technology Services - 28.2%<sup>(b)</sup>** | **Software & Technology Services - 28.2%<sup>(b)</sup>** |  |
| Adobe, Inc.<sup>(a)</sup> | 69 | 16773  |
| Autodesk, Inc.<sup>(a)</sup> | 79 | 18913  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 68 | 18895  |
| CoStar Group, Inc.<sup>(a)</sup> | 327 | 13191  |
| Fortinet, Inc.<sup>(a)</sup> | 247 | 20185  |
| International Business Machines Corp. | 68 | 16483  |
| Intuit, Inc. | 40 | 17295  |
| Microsoft Corp. | 47 | 17398  |
| Oracle Corp. | 122 | 17947  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 114 | 18276  |
| Roper Technologies, Inc. | 54 | 19108  |
| ServiceNow, Inc.<sup>(a)</sup> | 172 | 17983  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Synopsys, Inc.<sup>(a)</sup> | 43 | $17049  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 99 | 17390  |
| Zoom Communications, Inc. - Class A<sup>(a)</sup> | 218 | 17525  |
|  |  | 264411  |
| **Tech Hardware & Semiconductors - 27.1%<sup>(b)</sup>** | **Tech Hardware & Semiconductors - 27.1%<sup>(b)</sup>** |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 85 | 17292  |
| Apple, Inc. | 77 | 19542  |
| Applied Materials, Inc. | 62 | 21191  |
| Arista Networks, Inc.<sup>(a)</sup> | 142 | 17435  |
| ARM Holdings PLC - ADR<sup>(a)</sup> | 191 | 28894  |
| Broadcom, Inc. | 61 | 18880  |
| Cisco Systems, Inc. | 257 | 19941  |
| Lam Research Corp. | 86 | 18375  |
| Monolithic Power Systems, Inc. | 18 | 19680  |
| Motorola Solutions, Inc. | 51 | 22132  |
| QUALCOMM, Inc. | 133 | 17128  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 690 | 15711  |
| Texas Instruments, Inc. | 93 | 18055  |
|  |  | 254256  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $957,710)** |  | 936193  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.3%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(c)</sup> | 2781 | 2781  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,781)** |  | 2781  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $960,491)** |  | $938974  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(d)</sup> |  | (2)  |
| **TOTAL NET ASSETS - 100.0%** |  | $938972 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

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

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

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

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

20<br>

------

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

**THEMES US SMALL CAP CASH FLOW CHAMPIONS ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.2%**<br>|  |  |
| **Banking - 18.4%**<br>|  |  |
| Atlantic Union Bankshares Corp. | 1300 | $46462  |
| Bancorp, Inc.<sup>(a)</sup> | 398 | 21385  |
| Bank OZK | 1009 | 46303  |
| East West Bancorp, Inc. | 1228 | 131101  |
| Eastern Bankshares, Inc. | 1774 | 34699  |
| FB Financial Corp. | 386 | 20049  |
| First BanCorp Puerto Rico | 1441 | 30780  |
| First Bancorp Southern Pines NC | 366 | 20624  |
| Live Oak Bancshares, Inc. | 316 | 10450  |
| OFG Bancorp | 401 | 16224  |
| Park National Corp. | 130 | 21249  |
| S&T Bancorp, Inc. | 347 | 14515  |
| Simmons First National Corp. - Class A | 1313 | 25538  |
| UMB Financial Corp. | 660 | 74441  |
|  |  | 513820  |
| **Consumer Discretionary Products - 2.7%**<br>|  |  |
| Garrett Motion, Inc. | 864 | 15699  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 780 | 36449  |
| Visteon Corp. | 246 | 22413  |
|  |  | 74561  |
| **Consumer Discretionary Services - 0.2%**<br>|  |  |
| Coursera, Inc.<sup>(a)</sup> | 1166 | 6786  |
| **Consumer Staple Products - 1.2%**<br>|  |  |
| Cal-Maine Foods, Inc. | 417 | 33006  |
| **Financial Services - 10.8%**<br>|  |  |
|  Artisan Partners Asset Management, Inc. - Class A | 579 | 21070  |
| Bread Financial Holdings, Inc. | 424 | 31753  |
| Dave, Inc.<sup>(a)</sup> | 72 | 12534  |
| Enova International, Inc.<sup>(a)</sup> | 219 | 29747  |
| Fidelity National Financial, Inc. | 2396 | 111127  |
| MGIC Investment Corp. | 2083 | 54679  |
| Virtu Financial, Inc. - Class A | 744 | 32721  |
| Virtus Investment Partners, Inc. | 62 | 8330  |
|  |  | 301961  |
| **Health Care - 2.5%**<br>|  |  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 2132 | 19210  |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 420 | 11764  |
| &nbsp;&nbsp;&nbsp; Kiniksa Pharmaceuticals International <br>PLC<sup>(a)</sup> | 381 | 18345  |
| Progyny, Inc.<sup>(a)</sup> | 670 | 11377  |
| Teladoc Health, Inc.<sup>(a)</sup> | 1616 | 8807  |
|  |  | 69503  |
| **Industrial Products - 4.6%**<br>|  |  |
| Mueller Industries, Inc. | 957 | 106035  |
| Symbotic, Inc.<sup>(a)</sup> | 404 | 21493  |
|  |  | 127528  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrial Services - 9.7%**<br>|  |  |
| Argan, Inc. | 121 | $65903  |
| Costamare, Inc. | 402 | 6794  |
| FLEX LNG Ltd. | 291 | 8645  |
| Scorpio Tankers, Inc. | 435 | 32477  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 269 | 109556  |
| Teekay Tankers Ltd. | 225 | 16497  |
| Tutor Perini Corp. | 400 | 30876  |
|  |  | 270748  |
| **Insurance - 21.1%**<br>|  |  |
| CNA Financial Corp. | 201 | 9230  |
| F&G Annuities & Life, Inc. | 340 | 8609  |
| Hanover Insurance Group, Inc. | 325 | 56339  |
| HCI Group, Inc. | 99 | 15306  |
| Horace Mann Educators Corp. | 371 | 15834  |
| Jackson Financial, Inc. - Class A | 630 | 66604  |
| Mercury General Corp. | 243 | 21420  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | 693 | 25994  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 240 | 28680  |
| Reinsurance Group of America, Inc. | 611 | 124742  |
| RenaissanceRe Holdings Ltd. | 424 | 126026  |
| Selective Insurance Group, Inc. | 550 | 41465  |
| White Mountains Insurance Group Ltd. | 22 | 48333  |
|  |  | 588582  |
| **Materials - 2.4%**<br>|  |  |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 99 | 20322  |
| Core Natural Resources, Inc. | 446 | 46709  |
|  |  | 67031  |
| **Media - 0.9%**<br>|  |  |
| Magnite, Inc.<sup>(a)</sup> | 1202 | 14280  |
| TripAdvisor, Inc.<sup>(a)</sup> | 1006 | 10724  |
|  |  | 25004  |
| **Oil & Gas - 16.9%**<br>|  |  |
| APA Corp. | 3224 | 136827  |
| Chord Energy Corp. | 521 | 74076  |
| DNOW, Inc.<sup>(a)</sup> | 961 | 11445  |
| Hess Midstream LP - Class A | 1248 | 48510  |
| HF Sinclair Corp. | 1401 | 87408  |
| Murphy Oil Corp. | 1227 | 50614  |
| Weatherford International PLC | 645 | 61004  |
|  |  | 469884  |
| **Retail & Wholesale - Discretionary - 3.8%**<br>|  |  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 1005 | 82742  |
| ePlus, Inc. | 240 | 18060  |
| PC Connection, Inc. | 99 | 5787  |
|  |  | 106589  |
| **Retail & Wholesale - Staples - 0.8%**<br>|  |  |
| Andersons, Inc. | 298 | 21390  |

---

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

21<br>

------

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

**THEMES US SMALL CAP CASH FLOW CHAMPIONS ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Software & Technology Services - 2.1%**<br>|  |  |
| Clear Secure, Inc. - Class A | 786 | $38050  |
| DXC Technology Co.<sup>(a)</sup> | 1654 | 20791  |
|  |  | 58841  |
| **Tech Hardware & Semiconductors - 0.7%**<br>|  |  |
| NetScout Systems, Inc.<sup>(a)</sup> | 636 | 20218  |
| **Telecommunications - 0.4%**<br>|  |  |
| VEON Ltd. - ADR<sup>(a)</sup> | 241 | 11158  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,607,832)** |  | 2766610  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.8%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(b)</sup> | 21925 | 21925  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $21,925)** |  | 21925  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $2,629,757)** |  | $2788535  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 175  |
| **TOTAL NET ASSETS - 100.0%** |  | $2788710 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LP - Limited Partnership

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

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

22<br>

------

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

**THEMES ETF TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**China Generative** <br>**Artificial** <br>**Intelligence** <br>**ETF** | **Themes** <br>**Cloud** <br>**Computing** <br>**ETF** | **Themes** <br>**Copper** <br>**Miners** <br>**ETF** | **Themes** <br>**Cybersecurity** <br>**ETF** | **Themes** <br>**Generative** <br>**Artificial** <br>**Intelligence** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | &nbsp;&nbsp; $21736015 | $1540938 | $11570727 | $2293922 | $30833445  |
| Receivable for investments sold | &nbsp;&nbsp; 513275 |  |  |  | —  |
| Dividends receivable | &nbsp;&nbsp; 7209 | 17 | 3141 | 2587 | 415  |
| Dividend tax reclaims receivable | &nbsp;&nbsp; — |  | 669 | 160 | 676  |
| Foreign currency, at value | &nbsp;&nbsp; — | 1138 | 30089 | 556 | 150  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 22256499 | 1542093 | 11604626 | 2297225 | 30834686  |
| **LIABILITIES:**<br>|  |  |  |  |  |
|  Payable to custodian foreign currency, at value | &nbsp;&nbsp; 11831 |  |  |  | —  |
| Payable to Adviser | &nbsp;&nbsp; 7908 | 469 | 3663 | 700 | 9592  |
| Payable to custodian | &nbsp;&nbsp; — |  | 13621 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 19739 | 469 | 17284 | 700 | 9592  |
| **NET ASSETS** | &nbsp;&nbsp; $22236760 | $1541624 | $11587342 | $2296525 | $30825094  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $25973192 | $1697943 | $11991917 | $2497443 | $39557635  |
| Total accumulated losses | &nbsp;&nbsp; (3736432) | (156319) | (404575) | (200918) | (8732541)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $22236760 | $1541624 | $11587342 | $2296525 | $30825094  |
| Net assets | &nbsp;&nbsp; $22236760 | $1541624 | $11587342 | $2296525 | $30825094  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 740000 | 60000 | 270000 | 80000 | 960000  |
| Net asset value per share | &nbsp;&nbsp; $30.05 | $25.69 | $42.92 | $28.71 | $32.11  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $24483279 | $1799565 | $11863306 | $2618667 | $34379733  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | &nbsp;&nbsp; $— | $1169 | $30376 | $536 | $150  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency proceeds | &nbsp;&nbsp; $11854 | $— | $— | $— | $— |

---

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

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

23<br>

------

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

**THEMES ETF TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**Global** <br>**Systemically** <br>**Important** <br>**Banks ETF** | **Themes** <br>**Gold Miners** <br>**ETF** | **Themes** <br>**Humanoid** <br>**Robotics** <br>**ETF** | **Themes** <br>**Lithium &** <br>**Battery** <br>**Metal Miners** <br>**ETF** | **Themes** <br>**Natural** <br>**Monopoly** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $27354674 | $30579906 | $30737070 | $2912196 | $1514855  |
| Dividends receivable | 57364 | 74434 | 12323 | 732 | 1104  |
| Dividend tax reclaims receivable | 4241 | 6583 | 747 |  | 134  |
| Foreign currency, at value |  |  | 62035 | 1771 | 3208  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 27416279 | 30660923 | 30812175 | 2914699 | 1519301  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable for fund shares redeemed | 50519 |  |  |  | —  |
| Payable to Adviser | 9154 | 10283 | 10290 | 863 | 460  |
|  Payable to custodian foreign currency, at value | 536 | 37144 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 60209 | 47427 | 10290 | 863 | 460  |
| **NET ASSETS** | $27356070 | $30613496 | $30801885 | $2913836 | $1518841  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $24325359 | $25328474 | $32187405 | $2718406 | $1510143  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 3030711 | 5285022 | (1385520) | 195430 | 8698  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $27356070 | $30613496 | $30801885 | $2913836 | $1518841  |
| Net assets | $27356070 | $30613496 | $30801885 | $2913836 | $1518841  |
| Shares issued and outstanding<sup>(a)</sup> | 540000 | 320000 | 690000 | 60000 | 50000  |
| Net asset value per share | $50.66 | $95.67 | $44.64 | $48.56 | $30.38  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $25977939 | $28797325 | $32389340 | $2744935 | $1515074  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $— | $— | $63608 | $1792 | $3243  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency proceeds | $536 | $37687 | $— | $— | $— |

---

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

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

24<br>

------

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

**THEMES ETF TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes** <br>**Silver Miners** <br>**ETF** | **Themes** <br>**Transatlantic** <br>**Defense** <br>**ETF** | **Themes** <br>**Uranium &** <br>**Nuclear** <br>**ETF** | **Themes** <br>**US Cash Flow** <br>**Champions** <br>**ETF** | **Themes** <br>**US Infrastructure** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $14734856 | $100935978 | $27915172 | $3107617 | &nbsp;&nbsp;&nbsp; $2648113  |
| Foreign currency, at value | 8997 | 695 |  |  | &nbsp;&nbsp;&nbsp; —  |
| Dividends receivable | 1503 | 17323 | 6339 | 3935 | &nbsp;&nbsp;&nbsp; 1154  |
| Dividend tax reclaims receivable | 254 | 1953 | 590 |  | &nbsp;&nbsp;&nbsp; 91  |
| Receivable for investments sold |  | 920317 |  |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 14745610 | 101876266 | 27922101 | 3111552 | &nbsp;&nbsp;&nbsp; 2649358  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to Adviser | 4739 | 29440 | 8725 | 757 | &nbsp;&nbsp;&nbsp; 661  |
|  Payable to custodian foreign currency, at value |  |  | 575 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 4739 | 29440 | 9300 | 757 | &nbsp;&nbsp;&nbsp; 661  |
| **NET ASSETS** | $14740871 | $101846826 | $27912801 | $3110795 | &nbsp;&nbsp;&nbsp; $2648697  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $13463154 | $97357663 | $27671765 | $2848715 | &nbsp;&nbsp;&nbsp; $2375267  |
| Total distributable earnings | 1277717 | 4489163 | 241036 | 262080 | &nbsp;&nbsp;&nbsp; 273430  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $14740871 | $101846826 | $27912801 | $3110795 | &nbsp;&nbsp;&nbsp; $2648697  |
| Net assets | $14740871 | $101846826 | $27912801 | $3110795 | &nbsp;&nbsp;&nbsp; $2648697  |
| Shares issued and outstanding<sup>(a)</sup> | 220000 | 2640000 | 650000 | 90000 | &nbsp;&nbsp;&nbsp; 80000  |
| Net asset value per share | $67.00 | $38.58 | $42.94 | $34.56 | &nbsp;&nbsp;&nbsp; $33.11  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $13824608 | $97182663 | $27762066 | $2851472 | &nbsp;&nbsp;&nbsp; $2443044  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $8928 | $699 | $— | $— | &nbsp;&nbsp;&nbsp; $—  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency proceeds | $— | $— | $651 | $— | &nbsp;&nbsp;&nbsp; $— |

---

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

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

25<br>

------

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

**THEMES ETF TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Themes** <br>**US R&D** <br>**Champions** <br>**ETF** | **Themes US** <br>**Small Cap** <br>**Cash Flow** <br>**Champions** <br>**ETF**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | $938974 | $2788535  |
| Dividends receivable | 237 | 830  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 939211 | 2789365  |
| **LIABILITIES:**<br>|  |  |
| Payable to Adviser | 239 | 655  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 239 | 655  |
| **NET ASSETS** | $938972 | $2788710  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | $956952 | $2658527  |
| Total distributable earnings/(accumulated losses) | (17980) | 130183  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $938972 | $2788710  |
| Net assets | $938972 | $2788710  |
| Shares issued and outstanding<sup>(a)</sup> | 30000 | 80000  |
| Net asset value per share | $31.30 | $34.86  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $960491 | $2629757 |

---

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

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

26<br>

------

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

**THEMES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended March 31, 2026 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes**<br>**China Generative**<br>**Artificial**<br>**Intelligence**<br>**ETF** | **Themes**<br>**Cloud**<br>**Computing**<br>**ETF** | **Themes**<br>**Copper**<br>**Miners**<br>**ETF** | **Themes**<br>**Cybersecurity**<br>**ETF** | **Themes**<br>**Generative**<br>**Artificial**<br>**Intelligence**<br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | &nbsp;&nbsp; $33854 | $1412 | $24862 | $5722 | $34211  |
| Less: issuance fees | &nbsp;&nbsp;&nbsp;&nbsp;(273) |  |  |  | (501)  |
| Less: dividend withholding taxes | &nbsp;&nbsp; (2140) | (22) | (1368) | (309) | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 31441 | 1390 | 23494 | 5413 | 33710  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 45575 | 2350 | 11285 | 4200 | 65776  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 45575 | 2350 | 11285 | 4200 | 65776  |
| **Net investment income/(loss)** | &nbsp;&nbsp; (14134) | (960) | 12209 | 1213 | (32066)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (842133) | (24602) | (176296) | (55207) | (691340)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; 93103 | 137688 | 151889 | 195985 | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; (8178) | 21 | (2162) | (51) | (676)  |
| Net realized gain (loss) | &nbsp;&nbsp; (757208) | 113107 | (26569) | 140727 | (692016)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (4603391) | (518398) | (570962) | (623316) | (8858572)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; 534 | (42) | (292) | 13 | (197)  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (4602857) | (518440) | (571254) | (623303) | (8858769)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; (5360065) | (405333) | (597823) | (482576) | (9550785)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $(5374199) | $(406293) | $(585614) | $(481363) | $(9582851) |

---

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

27<br>

------

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

**THEMES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended March 31, 2026 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes**<br>**Global**<br>**Systemically**<br>**Important**<br>**Banks ETF** | **Themes**<br>**Gold Miners**<br>**ETF** | **Themes**<br>**Humanoid**<br>**Robotics**<br>**ETF** | **Themes**<br>**Lithium &**<br>**Battery**<br>**Metal Miners**<br>**ETF** | **Themes**<br>**Natural**<br>**Monopoly**<br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $341077 | $246580 | $17207 | $1642 | $14848  |
| Less: issuance fees | (8973) | (152) |  |  | —  |
| Less: dividend withholding taxes | (22036) | (18120) | (1409) | (45) | (761)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 310068 | 228308 | 15798 | 1597 | 14087  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 46033 | 50191 | 35264 | 3104 | 2786  |
| Income tax expense | 229 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 46262 | 50191 | 35264 | 3104 | 2786  |
| **Net investment income/(loss)** | 263806 | 178117 | (19466) | (1507) | 11301  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (37211) | (50832) | 335384 | (15915) | 11210  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 1581892 | 3401857 |  | 84176 | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 56 | 1699 | (47709) | (449) | 63  |
| Net realized gain (loss) | 1544737 | 3352724 | 287675 | 67812 | 11273  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (958938) | (19500) | (2064397) | 60653 | (109400)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (39) | (731) | (1491) | (27) | (56)  |
|  Net change in unrealized appreciation (depreciation) | (958977) | (20231) | (2065888) | 60626 | (109456)  |
| **Net realized and unrealized gain (loss)** | 585760 | 3332493 | (1778213) | 128438 | (98183)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $849566 | $3510610 | $(1797679) | $126931 | $(86882) |

---

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

28<br>

------

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

**THEMES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended March 31, 2026 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Themes**<br>**Silver Miners**<br>**ETF** | **Themes**<br>**Transatlantic**<br>**Defense**<br>**ETF** | **Themes**<br>**Uranium &**<br>**Nuclear**<br>**ETF** | **Themes**<br>**US Cash Flow**<br>**Champions**<br>**ETF** | **Themes**<br>**US Infrastructure**<br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $21452 | $156382 | $71421 | &nbsp;&nbsp; $40181 | &nbsp;&nbsp;&nbsp;&nbsp; $10940  |
| Less: dividend withholding taxes | (1405) | (1055) | (2079) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 20047 | 155327 | 69342 | &nbsp;&nbsp; 40181 | &nbsp;&nbsp;&nbsp;&nbsp; 10940  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 17739 | 126790 | 44173 | &nbsp;&nbsp; 4342 | &nbsp;&nbsp;&nbsp;&nbsp; 2886  |
| &nbsp;&nbsp;&nbsp; Total expenses | 17739 | 126790 | 44173 | &nbsp;&nbsp; 4342 | &nbsp;&nbsp;&nbsp;&nbsp; 2886  |
| **Net investment income** | 2308 | 28537 | 25169 | &nbsp;&nbsp; 35839 | &nbsp;&nbsp;&nbsp;&nbsp; 8054  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (199558) | (269287) | (1062511) | &nbsp;&nbsp; 36047 | &nbsp;&nbsp;&nbsp;&nbsp; (2517)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 626114 | 1097216 | 2000696 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66304  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 1680 | 76 | (1050) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gain (loss) | 428236 | 828005 | 937135 | &nbsp;&nbsp; 36047 | &nbsp;&nbsp;&nbsp;&nbsp; 63787  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 412559 | (5012140) | (3293467) | &nbsp;&nbsp; 53480 | &nbsp;&nbsp;&nbsp;&nbsp; 52099  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 87 | 96 | 67 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Net change in unrealized appreciation (depreciation) | 412646 | (5012044) | (3293400) | &nbsp;&nbsp; 53480 | &nbsp;&nbsp;&nbsp;&nbsp; 52099  |
| **Net realized and unrealized gain (loss)** | 840882 | (4184039) | (2356265) | &nbsp;&nbsp; 89527 | &nbsp;&nbsp;&nbsp;&nbsp; 115886  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $843190 | $(4155502) | $(2331096) | &nbsp;&nbsp; $125366 | &nbsp;&nbsp;&nbsp;&nbsp; $123940 |

---

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

29<br>

------

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

**THEMES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Themes**<br>**US R&D**<br>**Champions**<br>**ETF** | **Themes US**<br>**Small Cap**<br>**Cash Flow**<br>**Champions**<br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | $3434 | $35533  |
| Less: dividend withholding taxes |  | (96)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3434 | 35437  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | 1446 | 4176  |
| Income tax expense |  | 35  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1446 | 4211  |
| **Net investment income** | 1988 | 31226  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 48283 | (49024)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 125100  |
| Net realized gain (loss) | 48283 | 76076  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | (106829) | 90088  |
| Net change in unrealized appreciation (depreciation) | (106829) | 90088  |
| **Net realized and unrealized gain (loss)** | (58546) | 166164  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(56558) | $197390 |

---

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

30<br>

------

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

**THEMES ETF TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes China Generative**<br>**Artificial Intelligence ETF** | **Themes China Generative**<br>**Artificial Intelligence ETF** | **Themes Cloud**<br>**Computing ETF**  | **Themes Cloud**<br>**Computing ETF**  |
|  | **Period Ended**<br>**March 31,**<br>**2026**<br>(Unaudited) | **Period Ended**<br>**September 30,**<br>**2025<sup>(a)</sup>** | **Period Ended**<br>**March 31,** <br>**2026**<br>(Unaudited) | **Year Ended**<br>**September 30,**<br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(14134) | $11920 | $(960) | $(1985)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (757208) | 27763 | 113107 | 176082  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (4602857) | 1855616 | (518440) | 157388  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (5374199) | 1895299 | (406293) | 331485  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (257532) |  | (19098) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (257532) |  | (19098) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 8078444 | 21707779 | 890536 | 324860  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3861366) |  | (352547) | (629938)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 25061 | 23274 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 4242139 | 21731053 | 537989 | (305078)  |
| **Net increase (decrease) in net assets** | (1389592) | 23626352 | 112598 | 26407  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 23626352 |  | 1429026 | 1402619  |
| &nbsp;&nbsp;&nbsp; End of the period | $22236760 | $23626352 | $1541624 | $1429026  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 220000 | 630000 | 30000 | 10000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (110000) |  | (10000) | (20000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 110000 | 630000 | 20000 | (10000) |

---

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

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

31<br>

------

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

**THEMES ETF TRUST** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes Copper Miners ETF** | **Themes Copper Miners ETF** | **Themes Cybersecurity ETF**  | **Themes Cybersecurity ETF**  |
|  | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $12209 | $6533 | $1213 | $(733)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (26569) | 60761 | 140727 | 209846  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (571254) | 218399 | (623303) | 175451  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from** <br>**operations** | (585614) | 285693 | (481363) | 384564  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (147180) | (5966) | (12004) | (2250)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (147180) | (5966) | (12004) | (2250)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 11613601 | 788167 | 1034997 | 592470  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (402046) | (525801) | (340151) | (617253)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 2569 | 3309 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 11214124 | 265675 | 694846 | (24783)  |
| **Net increase (decrease) in net assets** | 10481330 | 545402 | 201479 | 357531  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 1106012 | 560610 | 2095046 | 1737515  |
| &nbsp;&nbsp;&nbsp; End of the period | $11587342 | $1106012 | $2296525 | $2095046  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 250000 | 30000 | 30000 | 20000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (10000) | (20000) | (10000) | (20000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 240000 | 10000 | 20000 |  |

---

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

32<br>

------

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

**THEMES ETF TRUST** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes Generative Artificial** <br>**Intelligence ETF** | **Themes Generative Artificial** <br>**Intelligence ETF** | **Themes Global Systemically** <br>**Important Banks ETF**  | **Themes Global Systemically** <br>**Important Banks ETF**  |
|  | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(32066) | $(17651) | $263806 | $216044  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (692016) | 1946361 | 1544737 | 1057162  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (8858769) | 6157040 | (958977) | 2121761  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (9582851) | 8085750 | 849566 | 3394967  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1542394) |  | (450907) | (49789)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1542394) |  | (450907) | (49789)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1715725 | 32921210 | 15000938 | 17859250  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | (13902043) | (8240292) | (3203226)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 173 | 629 | 4052 | 2363  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1715898 | 19019796 | 6764698 | 14658387  |
| **Net increase (decrease) in net assets** | (9409347) | 27105546 | 7163357 | 18003565  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 40234441 | 13128895 | 20192713 | 2189148  |
| &nbsp;&nbsp;&nbsp; End of the period | $30825094 | $40234441 | $27356070 | $20192713  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 40000 | 860000 | 290000 | 430000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | (380000) | (170000) | (80000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 40000 | 480000 | 120000 | 350000 |

---

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

33<br>

------

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

**THEMES ETF TRUST** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes Gold Miners ETF** | **Themes Gold Miners ETF** | **Themes Humanoid Robotics ETF**  | **Themes Humanoid Robotics ETF**  |
|  | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $178117 | $89168 | $(19466) | $2348  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3352724 | 5118281 | 287675 | 189694  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (20231) | 1490045 | (2065888) | 351482  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3510610 | 6697494 | (1797679) | 543524  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (222613) | (45286) | (17878) | (9566)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (222613) | (45286) | (17878) | (9566)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 20465038 | 24969958 | 26874707 | 5778112  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (11427936) | (15594580) |  | (1320660)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 809 | 2833 | 186746 | 2033  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 9037911 | 9378211 | 27061453 | 4459485  |
| **Net increase (decrease) in net assets** | 12325908 | 16030419 | 25245896 | 4993443  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 18287588 | 2257169 | 5555989 | 562547  |
| &nbsp;&nbsp;&nbsp; End of the period | $30613496 | $18287588 | $30801885 | $5555990  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 210000 | 410000 | 550000 | 160000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (120000) | (240000) |  | (40000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 90000 | 170000 | 550000 | 120000 |

---

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

34<br>

------

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

**THEMES ETF TRUST** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes Lithium & Battery** <br>**Metal Miners ETF** | **Themes Lithium & Battery** <br>**Metal Miners ETF** | **Themes Natural Monopoly ETF**  | **Themes Natural Monopoly ETF**  |
|  | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1507) | $760 | $11301 | $23935  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 67812 | 30538 | 11273 | 121816  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 60626 | (6550) | (109456) | 14886  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 126931 | 24748 | (86882) | 160637  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (5060) | (39963) | (23482) | (13503)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (5060) | (39963) | (23482) | (13503)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2808974 | 627597 |  | 638042  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (407804) | (862252) |  | (639808)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 16705 | 8842 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 2417875 | (225813) |  | (1766)  |
| **Net increase (decrease) in net assets** | 2539746 | (241028) | (110364) | 145368  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 374090 | 615118 | 1629205 | 1483837  |
| &nbsp;&nbsp;&nbsp; End of the period | $2913836 | $374090 | $1518841 | $1629205  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 60000 | 20000 |  | 20000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (10000) | (30000) |  | (20000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 50000 | (10000) |  |  |

---

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

35<br>

------

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

**THEMES ETF TRUST** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes Silver Miners ETF** | **Themes Silver Miners ETF** | **Themes Transatlantic Defense ETF**  | **Themes Transatlantic Defense ETF**  |
|  | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2308 | $7397 | $28537 | $268918  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 428236 | 375200 | 828005 | 1051236  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 412646 | 454684 | (5012044) | 8765382  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 843190 | 837281 | (4155502) | 10085536  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (372447) | (8894) | (270814) | (1498)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (372447) | (8894) | (270814) | (1498)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 12349851 | 2656891 | 53500639 | 52094647  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1838436) | (307828) | (4399912) | (5008908)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 1076 | 117 | 1045 | 1593  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 10512491 | 2349180 | 49101772 | 47087332  |
| **Net increase (decrease) in net assets** | 10983234 | 3177567 | 44675456 | 57171370  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3757637 | 580070 | 57171370 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $14740871 | $3757637 | $101846826 | $57171370  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 180000 | 60000 | 1290000 | 1630000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (30000) | (10000) | (120000) | (160000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 150000 | 50000 | 1170000 | 1470000 |

---

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

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

36<br>

------

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

**THEMES ETF TRUST** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes Uranium &** <br>**Nuclear ETF** | **Themes Uranium &** <br>**Nuclear ETF** | **Themes US Cash Flow** <br>**Champions ETF**  | **Themes US Cash Flow** <br>**Champions ETF**  |
|  | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $25169 | $55536 | $35839 | $49100  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 937135 | 1123109 | 36047 | 88932  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (3293400) | 3416860 | 53480 | 125484  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (2331096) | 4595505 | 125366 | 263516  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (585391) | (9067) | (56294) | (24947)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (585391) | (9067) | (56294) | (24947)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 16715804 | 18188581 | 332990 | 2192082  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (6341684) | (2884301) |  | (627887)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 2945 | 3302 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 10377065 | 15307582 | 332990 | 1564195  |
| **Net increase (decrease) in net assets** | 7460578 | 19894020 | 402062 | 1802764  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 20452223 | 558203 | 2708733 | 905969  |
| &nbsp;&nbsp;&nbsp; End of the period | $27912801 | $20452223 | $3110795 | $2708733  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 350000 | 500000 | 10000 | 70000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (150000) | (70000) |  | (20000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 200000 | 430000 | 10000 | 50000 |

---

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

37<br>

------

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

**THEMES ETF TRUST** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Themes US Infrastructure ETF** | **Themes US Infrastructure ETF** | **Themes US R&D Champions ETF**  | **Themes US R&D Champions ETF**  |
|  | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $8054 | $9431 | &nbsp;&nbsp;&nbsp; $1988 | &nbsp;&nbsp; $4420  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 63787 | 16481 | &nbsp;&nbsp;&nbsp; 48283 | &nbsp;&nbsp; 93028  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 52099 | 111604 | &nbsp;&nbsp;&nbsp; (106829) | &nbsp;&nbsp; (35441)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 123940 | 137516 | &nbsp;&nbsp;&nbsp; (56558) | &nbsp;&nbsp; 62007  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (19973) | (1705) | &nbsp;&nbsp;&nbsp; (4208) | &nbsp;&nbsp; (28970)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (19973) | (1705) | &nbsp;&nbsp;&nbsp; (4208) | &nbsp;&nbsp; (28970)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1630698 | 803610 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 909785  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (313152) | (253808) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1188655)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1317546 | 549802 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (278870)  |
| **Net increase (decrease) in net assets** | 1421513 | 685613 | &nbsp;&nbsp;&nbsp; (60766) | &nbsp;&nbsp; (245833)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 1227184 | 541571 | &nbsp;&nbsp;&nbsp; 999738 | &nbsp;&nbsp; 1245571  |
| &nbsp;&nbsp;&nbsp; End of the period | $2648697 | $1227184 | &nbsp;&nbsp;&nbsp; $938972 | &nbsp;&nbsp; $999738  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 50000 | 30000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 30000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (10000) | (10000) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (40000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 40000 | 20000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (10000) |

---

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

38<br>

------

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

**THEMES ETF TRUST** 

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

---

| | | |
|:---|:---|:---|
|  | **Themes US Small Cap** <br>**Cash Flow Champions ETF**  | **Themes US Small Cap** <br>**Cash Flow Champions ETF**  |
|  | **Period Ended** <br>**March 31,** <br>**2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $31226 | $75838  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 76076 | 122881  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 90088 | (54569)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 197390 | 144150  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (89650) | (15253)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (89650) | (15253)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 347155 | 5387151  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2000112) | (2110151)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees |  | 8  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (1652957) | 3277008  |
| **Net increase (decrease) in net assets** | (1545217) | 3405905  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 4333927 | 928022  |
| &nbsp;&nbsp;&nbsp; End of the period | $2788710 | $4333927  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 10000 | 170000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (60000) | (70000)  |
| &nbsp;&nbsp;&nbsp; Total increase (decrease) in shares outstanding | (50000) | 100000 |

---

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

39<br>

------

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

**THEMES CHINA GENERATIVE ARTIFICIAL INTELLIGENCE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $37.50 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.09  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (7.07) | &nbsp;&nbsp;&nbsp;&nbsp;12.24  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (7.09) | &nbsp;&nbsp;&nbsp;&nbsp;12.33  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $30.05 | &nbsp;&nbsp;&nbsp; $37.50  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; -18.87% | &nbsp;&nbsp;&nbsp; 50.05%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $22237 | &nbsp;&nbsp;&nbsp; $23626  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.39% | &nbsp;&nbsp;&nbsp; 0.39%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (0.12)% | &nbsp;&nbsp;&nbsp; 1.23%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 35% | &nbsp;&nbsp;&nbsp; 16% |

---

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

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

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

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

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

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

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

40<br>

------

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

**THEMES CLOUD COMPUTING ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $35.73 | &nbsp;&nbsp;&nbsp;&nbsp; $28.05 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (9.54) | &nbsp;&nbsp;&nbsp;&nbsp;7.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.05  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (9.56) | &nbsp;&nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.04  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $25.69 | &nbsp;&nbsp;&nbsp;&nbsp; $35.73 | &nbsp;&nbsp;&nbsp;&nbsp; $28.05  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; -27.02% | &nbsp;&nbsp;&nbsp;&nbsp; 27.35% | &nbsp;&nbsp;&nbsp;&nbsp; 12.21%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1542 | &nbsp;&nbsp;&nbsp;&nbsp; $1429 | &nbsp;&nbsp;&nbsp;&nbsp; $1403  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of expenses to average net assets excluding tax expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (0.14)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp;&nbsp; 11% |

---

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

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

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

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

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

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

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

41<br>

------

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

**THEMES COPPER MINERS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $36.87 | &nbsp;&nbsp;&nbsp;&nbsp; $28.03 | &nbsp;&nbsp;&nbsp;&nbsp; $25.02  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.78 | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.99  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;7.87 | &nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.01  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.84) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.84) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $42.92 | &nbsp;&nbsp;&nbsp;&nbsp; $36.87 | &nbsp;&nbsp;&nbsp;&nbsp; $28.03  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 20.95% | &nbsp;&nbsp;&nbsp;&nbsp; 33.24% | &nbsp;&nbsp;&nbsp;&nbsp; 12.03%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $11587 | &nbsp;&nbsp;&nbsp;&nbsp; $1106 | &nbsp;&nbsp;&nbsp;&nbsp; $561  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of expenses to average net assets excluding tax expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 3.67%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; 42% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

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

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

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

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

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

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

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

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

42<br>

------

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

**THEMES CYBERSECURITY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $34.92 | &nbsp;&nbsp;&nbsp;&nbsp; $28.96 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (6.08) | &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.92  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (6.06) | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.94  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $28.71 | &nbsp;&nbsp;&nbsp;&nbsp; $34.92 | &nbsp;&nbsp;&nbsp;&nbsp; $28.96  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; -17.39% | &nbsp;&nbsp;&nbsp;&nbsp; 20.73% | &nbsp;&nbsp;&nbsp;&nbsp; 15.83%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $2297 | &nbsp;&nbsp;&nbsp;&nbsp; $2095 | &nbsp;&nbsp;&nbsp;&nbsp; $1738  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp; 0.36%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| Ratio of expenses to average net assets excluding tax expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)% | &nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp;&nbsp; 24% |

---

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

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

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

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

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

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

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

43<br>

------

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

**THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $43.73 | &nbsp;&nbsp;&nbsp; $29.84 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.04)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (9.98) | &nbsp;&nbsp;&nbsp;&nbsp;13.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.88  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (10.01) | &nbsp;&nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.84  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.61) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.61) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $32.11 | &nbsp;&nbsp;&nbsp; $43.73 | &nbsp;&nbsp;&nbsp; $29.84  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -23.48% | &nbsp;&nbsp;&nbsp; 46.57% | &nbsp;&nbsp;&nbsp; 19.35%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $30825 | &nbsp;&nbsp;&nbsp; $40234 | &nbsp;&nbsp;&nbsp; $13129  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.17)% | &nbsp;&nbsp;&nbsp; (0.07)% | &nbsp;&nbsp;&nbsp; (0.15)%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp; 74% | &nbsp;&nbsp;&nbsp; 58% |

---

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

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

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

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

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

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

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

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

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

44<br>

------

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

**THEMES GLOBAL SYSTEMICALLY IMPORTANT BANKS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $48.08 | &nbsp;&nbsp;&nbsp; $31.27 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.98  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;16.21 | &nbsp;&nbsp;&nbsp;&nbsp;5.28  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;17.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.26  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.89) | &nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.01) | &nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $50.66 | &nbsp;&nbsp;&nbsp; $48.08 | &nbsp;&nbsp;&nbsp;&nbsp; $31.27  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 7.42% | &nbsp;&nbsp;&nbsp; 56.30% | &nbsp;&nbsp;&nbsp;&nbsp; 25.09%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $27356 | &nbsp;&nbsp;&nbsp; $20193 | &nbsp;&nbsp;&nbsp;&nbsp; $2189  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(f)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2.01% | &nbsp;&nbsp;&nbsp; 2.74% | &nbsp;&nbsp;&nbsp;&nbsp; 4.30%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; 28% |

---

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

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

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

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

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

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

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

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

45<br>

------

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

**THEMES GOLD MINERS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $79.51 | &nbsp;&nbsp;&nbsp; $37.62 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.40  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16.38 | &nbsp;&nbsp;&nbsp;&nbsp;41.85 | &nbsp;&nbsp;&nbsp;&nbsp;12.22  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;16.96 | &nbsp;&nbsp;&nbsp;&nbsp;42.52 | &nbsp;&nbsp;&nbsp;&nbsp;12.62  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.78) | &nbsp;&nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d</sup><sup>)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d</sup><sup>)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $95.67 | &nbsp;&nbsp;&nbsp; $79.51 | &nbsp;&nbsp;&nbsp; $37.62  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 21.37% | &nbsp;&nbsp;&nbsp; 115.31% | &nbsp;&nbsp;&nbsp; 50.48%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $30613 | &nbsp;&nbsp;&nbsp; $18288 | &nbsp;&nbsp;&nbsp; $2257  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 1.63%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp; 16% | &nbsp;&nbsp;&nbsp; 29% | &nbsp;&nbsp;&nbsp; 14% |

---

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

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

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

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

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

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

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

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

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

46<br>

------

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

**THEMES HUMANOID ROBOTICS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $39.69 | &nbsp;&nbsp;&nbsp;&nbsp; $28.13 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.13  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;11.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.99  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;11.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.12  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $44.64 | &nbsp;&nbsp;&nbsp;&nbsp; $39.69 | &nbsp;&nbsp;&nbsp;&nbsp; $28.13  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 12.65% | &nbsp;&nbsp;&nbsp;&nbsp; 43.51% | &nbsp;&nbsp;&nbsp;&nbsp; 12.51%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $30802 | &nbsp;&nbsp;&nbsp;&nbsp; $5556 | &nbsp;&nbsp;&nbsp;&nbsp; $563  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of expenses to average net assets excluding tax expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (0.19)% | &nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp; 1.10%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 54% | &nbsp;&nbsp;&nbsp;&nbsp; 197% | &nbsp;&nbsp;&nbsp;&nbsp; 46% |

---

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

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

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

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

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

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

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

47<br>

------

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

**THEMES LITHIUM & BATTERY METAL MINERS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $37.41 | &nbsp;&nbsp;&nbsp;&nbsp; $30.76 | &nbsp;&nbsp;&nbsp;&nbsp; $25.12  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10.99 | &nbsp;&nbsp;&nbsp;&nbsp;8.22 | &nbsp;&nbsp;&nbsp;&nbsp;5.63  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp;&nbsp;&nbsp;5.63  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (2.00) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (2.00) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $48.56 | &nbsp;&nbsp;&nbsp;&nbsp; $37.41 | &nbsp;&nbsp;&nbsp;&nbsp; $30.76  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30.59% | &nbsp;&nbsp;&nbsp;&nbsp; 31.27% | &nbsp;&nbsp;&nbsp;&nbsp; 22.44%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $2914 | &nbsp;&nbsp;&nbsp;&nbsp; $374 | &nbsp;&nbsp;&nbsp;&nbsp; $615  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of expenses to average net assets excluding tax expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.17)% | &nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp; (0.30)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 35% | &nbsp;&nbsp;&nbsp;&nbsp; 127% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

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

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

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

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

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

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

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

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

48<br>

------

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

**THEMES NATURAL MONOPOLY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $32.58 | &nbsp;&nbsp;&nbsp;&nbsp; $29.68 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.30  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1.96) | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.34  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (1.73) | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;4.64  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $30.38 | &nbsp;&nbsp;&nbsp;&nbsp; $32.58 | &nbsp;&nbsp;&nbsp;&nbsp; $29.68  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -5.40% | &nbsp;&nbsp;&nbsp;&nbsp; 10.82% | &nbsp;&nbsp;&nbsp;&nbsp; 18.71%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1519 | &nbsp;&nbsp;&nbsp;&nbsp; $1629 | &nbsp;&nbsp;&nbsp;&nbsp; $1484  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of expenses to average net assets excluding tax expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp;&nbsp; 1.35%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 33% | &nbsp;&nbsp;&nbsp;&nbsp; 84% | &nbsp;&nbsp;&nbsp;&nbsp; 113% |

---

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

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

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

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

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

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

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

49<br>

------

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

**THEMES SILVER MINERS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $53.68 | &nbsp;&nbsp;&nbsp;&nbsp; $29.00 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.11  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16.16 | &nbsp;&nbsp;&nbsp;&nbsp;24.82<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.86  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;16.18 | &nbsp;&nbsp;&nbsp;&nbsp;25.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.97  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (2.12) | &nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (2.87) | &nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $67.00 | &nbsp;&nbsp;&nbsp;&nbsp; $53.68 | &nbsp;&nbsp;&nbsp;&nbsp; $29.00  |
| Total return<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 30.62% | &nbsp;&nbsp;&nbsp;&nbsp; 88.37%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 16.01%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $14741 | &nbsp;&nbsp;&nbsp;&nbsp; $3758 | &nbsp;&nbsp;&nbsp;&nbsp; $580  |
| Ratio of expenses to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of expenses to average net assets excluding tax expense<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03%  |
| Portfolio turnover rate<sup>(f)(h)</sup> | &nbsp;&nbsp;&nbsp; 13% | &nbsp;&nbsp;&nbsp;&nbsp; 124% | &nbsp;&nbsp;&nbsp;&nbsp; 38% |

---

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

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

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

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

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

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

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

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

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

50<br>

------

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

**THEMES TRANSATLANTIC DEFENSE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $38.89 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.47  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;13.44  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;13.91  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.02)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.02)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $38.58 | &nbsp;&nbsp;&nbsp; $38.89  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -0.35% | &nbsp;&nbsp;&nbsp; 55.70%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $101847 | &nbsp;&nbsp;&nbsp; $57171  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp; 1.40%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp; 20% |

---

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

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

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

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

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

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

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

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

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

51<br>

------

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

**THEMES URANIUM & NUCLEAR ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $45.45 | &nbsp;&nbsp;&nbsp; $27.91 | &nbsp;&nbsp;&nbsp;&nbsp; $26.42  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (1.51) | &nbsp;&nbsp;&nbsp;&nbsp;17.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.49  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (1.46) | &nbsp;&nbsp;&nbsp;&nbsp;17.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.49  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.06) | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.06) | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $42.94 | &nbsp;&nbsp;&nbsp; $45.45 | &nbsp;&nbsp;&nbsp;&nbsp; $27.91  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -3.03% | &nbsp;&nbsp;&nbsp; 63.20% | &nbsp;&nbsp;&nbsp;&nbsp; 5.64%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $27913 | &nbsp;&nbsp;&nbsp; $20452 | &nbsp;&nbsp;&nbsp;&nbsp; $558  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp; 52% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

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

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

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

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

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

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

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

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

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

52<br>

------

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

**THEMES US CASH FLOW CHAMPIONS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $33.86 | &nbsp;&nbsp;&nbsp;&nbsp; $30.20 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.58  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.60  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.18  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $34.56 | &nbsp;&nbsp;&nbsp;&nbsp; $33.86 | &nbsp;&nbsp;&nbsp;&nbsp; $30.20  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.97% | &nbsp;&nbsp;&nbsp;&nbsp; 13.44% | &nbsp;&nbsp;&nbsp;&nbsp; 20.80%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $3111 | &nbsp;&nbsp;&nbsp;&nbsp; $2709 | &nbsp;&nbsp;&nbsp;&nbsp; $906  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| Ratio of expenses to average net assets excluding tax expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.39% | &nbsp;&nbsp;&nbsp;&nbsp; 2.37% | &nbsp;&nbsp;&nbsp;&nbsp; 2.59%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp;&nbsp; 20% |

---

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

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

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

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

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

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

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

53<br>

------

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

**THEMES US INFRASTRUCTURE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $30.68 | &nbsp;&nbsp;&nbsp;&nbsp; $27.08 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.07  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.08  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $33.11 | &nbsp;&nbsp;&nbsp;&nbsp; $30.68 | &nbsp;&nbsp;&nbsp;&nbsp; $27.08  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.30% | &nbsp;&nbsp;&nbsp;&nbsp; 13.54% | &nbsp;&nbsp;&nbsp;&nbsp; 8.31%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $2649 | &nbsp;&nbsp;&nbsp;&nbsp; $1227 | &nbsp;&nbsp;&nbsp;&nbsp; $542  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of expenses to average net assets excluding tax expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.61%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp;&nbsp; 10% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

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

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

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

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

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

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

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

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

54<br>

------

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

**THEMES US R&D CHAMPIONS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $33.32 | &nbsp;&nbsp;&nbsp;&nbsp; $31.14 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.11  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1.95) | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;6.03  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (1.88) | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.14  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $31.30 | &nbsp;&nbsp;&nbsp;&nbsp; $33.32 | &nbsp;&nbsp;&nbsp;&nbsp; $31.14  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -5.68% | &nbsp;&nbsp;&nbsp;&nbsp; 9.56% | &nbsp;&nbsp;&nbsp;&nbsp; 24.56%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $939 | &nbsp;&nbsp;&nbsp;&nbsp; $1000 | &nbsp;&nbsp;&nbsp;&nbsp; $1246  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup>  |
| Ratio of expenses to average net assets excluding tax expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp;&nbsp;&nbsp; 0.47%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23% | &nbsp;&nbsp;&nbsp;&nbsp; 56% | &nbsp;&nbsp;&nbsp;&nbsp; 34% |

---

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

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

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

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

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

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

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

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

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

55<br>

------

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

**THEMES US SMALL CAP CASH FLOW CHAMPIONS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $33.34 | &nbsp;&nbsp;&nbsp;&nbsp; $30.93 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.40  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;5.49  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;5.89  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (1.28) | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (1.28) | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $34.86 | &nbsp;&nbsp;&nbsp;&nbsp; $33.34 | &nbsp;&nbsp;&nbsp;&nbsp; $30.93  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.58% | &nbsp;&nbsp;&nbsp;&nbsp; 8.43% | &nbsp;&nbsp;&nbsp;&nbsp; 23.74%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $2789 | &nbsp;&nbsp;&nbsp;&nbsp; $4334 | &nbsp;&nbsp;&nbsp;&nbsp; $928  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup>  |
| Ratio of expenses to average net assets excluding tax expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.17% | &nbsp;&nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp;&nbsp; 1.74%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp;&nbsp; 42% | &nbsp;&nbsp;&nbsp;&nbsp; 46% |

---

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

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

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

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

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

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

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

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

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

56<br>

------

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

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)** 

1. ORGANIZATION

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

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

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

---

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

---

57<br>

------

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

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Level 2 –<br>| Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

58<br>

------

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

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.  |

---

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value the Funds' investments on March 31, 2026, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Themes China Generative Artificial Intelligence ETF** | **Themes China Generative Artificial Intelligence ETF** |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $21669159 | $— | $— | $21669159  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 66856 |  |  | 66856  |
| **Total Investments** | $21736015 | $— | $— | $21736015 |

---

**Themes Cloud Computing ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1539270 | $— | $1539270  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1668 |  | 1668  |
| **Total Investments** | $1540938 | $— | $1540938 |
| **Themes Copper Miners ETF** <br>|  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $11570727 | $— | $0 \* |
| **Total Investments** | $11570727 | $— | $0 |
| **Themes Cybersecurity ETF**<br>|  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $2291584 | $— | $2291584  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2338 |  | 2338  |
| **Total Investments** | $2293922 | $— | $2293922 |

---

59<br>

------

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

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Themes Generative Artificial Intelligence ETF**  | **Themes Generative Artificial Intelligence ETF**  | **Themes Generative Artificial Intelligence ETF**  | **Themes Generative Artificial Intelligence ETF**  | **Themes Generative Artificial Intelligence ETF**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $30768925 | $— | $0 \* | $30768925  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 64520 |  |  | 64520  |
| **Total Investments** | $30833445 | $— | $0 | $30833445 |

---

**Themes Global Systemically Important Banks ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $27314203 | $— | $27314203  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 40471 |  | 40471  |
| **Total Investments** | $27354674 | $— | $27354674 |
| **Themes Gold Miners ETF**<br>|  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $30457650 | $— | $30457650  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 122256 |  | 122256  |
| **Total Investments** | $30579906 | $— | $30579906 |

---

**Themes Humanoid Robotics ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $30644781 | $— | $30644781  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 92289 |  | 92289  |
| **Total Investments** | $30737070 | $— | $30737070 |
| **Themes Lithium & Battery Metal Miners ETF**<br>|  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $2878149 | $23417 | $0\* | $2901566  |
| &nbsp;&nbsp;&nbsp; Rights |  | 2135 |  | 2135  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 8495 |  |  | 8495  |
| **Total Investments** | $2886644 | $25552 | $0 | $2912196 |
| **Themes Natural Monopoly ETF**<br>|  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1504028 | $— | $1504028  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 8289 |  | 8289  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2538 |  | 2538  |
| **Total Investments** | $1514855 | $— | $1514855 |
| **Themes Silver Miners ETF**<br>|  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $14688787 | $— | $14688787  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 46069 |  | 46069  |
| **Total Investments** | $14734856 | $— | $14734856 |

---

60<br>

------

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

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Themes Transatlantic Defense ETF**  | **Themes Transatlantic Defense ETF**  | **Themes Transatlantic Defense ETF**  | **Themes Transatlantic Defense ETF**  | **Themes Transatlantic Defense ETF**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $100478646 | $— | $— | $100478646  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 457332 |  |  | 457332  |
| **Total Investments** | $100935978 | $— | $— | $100935978 |

---

**Themes Uranium & Nuclear ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $27807244 | $— | $27807244  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 107928 |  | 107928  |
| **Total Investments** | $27915172 | $— | $27915172 |
| **Themes US Cash Flow Champions ETF**<br>|  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $3097855 | $— | $3097855  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 9762 |  | 9762  |
| **Total Investments** | $3107617 | $— | $3107617 |

---

**Themes US Infrastructure ETF** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $2638567 | $— | $2638567  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 9546 |  | 9546  |
| **Total Investments** | $2648113 | $— | $2648113 |
| **Themes US R&D Champions ETF** <br>|  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $936193 | $— | $936193  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2781 |  | 2781  |
| **Total Investments** | $938974 | $— | $938974 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Investments:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $2766610 | $— | $2766610  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 21925 |  | 21925  |
| **Total Investments** | $2788535 | $— | $2788535 |

---

Refer to the Schedule of Investments for industry classifications.

\* Includes a position valued at zero.

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

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

61<br>

------

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

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

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

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

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

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

Distributions to shareholders are recorded on the ex-dividend date. The Funds generally pay out dividends from net investment income, if any, annually, and distribute its net capital gains, if any, to shareholders at least annually. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their Federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed earnings and profit for tax purposes are reported as a tax return of capital. See Note 6. Income Tax Information for information on the distributions made to shareholders.

Management evaluates the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as income tax expense. Based on this evaluation, Management has concluded that there are no uncertain tax positions that require recognition in the financial statements as of March 31, 2026. The Funds' Federal income tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

**Operating Segments – The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the** 

62<br>

------

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

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

segment and assess its performance, and has discrete financial information available. The CODM is the Treasurer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

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

3. INVESTMENT ADVISORY AND OTHER AGREEMENTS

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

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

---

| | |
|:---|:---|
| Themes China Generative Artificial Intelligence ETF | 0.39%  |
| Themes Cloud Computing ETF | 0.35%  |
| Themes Copper Miners ETF | 0.35%  |
| Themes Cybersecurity ETF | 0.35%  |
| Themes Generative Artificial Intelligence ETF | 0.35%  |
| Themes Global Systemically Important Banks ETF | 0.35%  |
| Themes Gold Miners ETF | 0.35%  |
| Themes Humanoid Robotics ETF | 0.35%  |
| Themes Lithium & Battery Metal Miners ETF | 0.35%  |
| Themes Natural Monopoly ETF | 0.35%  |
| Themes Silver Miners ETF | 0.35%  |
| Themes Transatlantic Defense ETF | 0.35%  |
| Themes Uranium & Nuclear ETF | 0.35%  |
| Themes US Cash Flow Champions ETF | 0.29%  |
| Themes US Infrastructure ETF | 0.29%  |
| Themes US R&D Champions ETF | 0.29%  |
| Themes US Small Cap Cash Flow Champions ETF | 0.29% |

---

The Adviser has agreed to pay all expenses of the Funds except the fee paid to the Adviser under the Advisory Agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses (if any) (collectively, "Excluded Expenses"). The Trust acknowledges and agrees that the Adviser may delegate its responsibility to pay some or all expenses incurred by the Funds, except for Excluded Expenses, to one or more third parties, including but not limited to, sub-advisers.

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

63<br>

------

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

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

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

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

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

At March 31, 2026, certain Officers and a Trustee of the Trust were also officers or employees of the Adviser.

4. CREATION AND REDEMPTION TRANSACTIONS

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

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

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

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

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

64<br>

------

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

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

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

5. INVESTMENT TRANSACTIONS

For the period ended March 31, 2026, the aggregate purchases and sales of securities by the Funds (excluding short-term and in-kind transactions) and the in-kind transactions associated with creations and redemptions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **In-Kind** <br>**Purchases** | **In-Kind** <br>**Sales**  |
| Themes China Generative Artificial Intelligence ETF | $11573424 | $8380021 | $705001 | $319955  |
| Themes Cloud Computing ETF | 124396 | 133553 | 879244 | 352507  |
| Themes Copper Miners ETF | 3111929 | 1470162 | 9810180 | 388384  |
| Themes Cybersecurity ETF | 512404 | 510220 | 1028798 | 344592  |
| Themes Generative Artificial Intelligence ETF | 17072595 | 18541884 | 1605009 | —  |
| Themes Global Systemically Important Banks ETF | 3831479 | 2194716 | 12696714 | 7749777  |
| Themes Gold Miners ETF | 4658109 | 4594229 | 19909521 | 11079207  |
| Themes Humanoid Robotics ETF | 28926889 | 11116278 | 9031306 | —  |
| Themes Lithium & Battery Metal Miners ETF | 1522893 | 610889 | 1741011 | 250703  |
| Themes Natural Monopoly ETF | 524083 | 537974 |  | —  |
| Themes Silver Miners ETF | 1477787 | 1315565 | 11677464 | 1730814  |
| Themes Transatlantic Defense ETF | 4254017 | 4287268 | 52199309 | 4329517  |
| Themes Uranium & Nuclear ETF | 5021570 | 4264941 | 15000898 | 5917305  |
| Themes US Cash Flow Champions ETF | 595164 | 590622 | 324482 | —  |
| Themes US Infrastructure ETF | 126667 | 114351 | 1595625 | 306413  |
| Themes US R&D Champions ETF | 228671 | 231587 |  | —  |
| Themes US Small Cap Cash Flow Champions ETF | 1370061 | 1457109 | 341289 | 1968642 |

---

For the period ended March 31, 2026, there were no long-term purchases or sales of U.S. Government Securities in the Funds.

65<br>

------

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

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

6. INCOME TAX INFORMATION

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

---

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

---

---

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

---

---

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

---

66<br>

------

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

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

---

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

---

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

Net capital losses incurred after October 31 and late year losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of each Fund's next taxable year. For the period ended September 30, 2025, the Funds had the following post-October and late year losses:

---

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

---

67<br>

------

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

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

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

---

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

---

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

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

---

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

---

68<br>

------

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

**THEMES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

7. PRINCIPAL RISKS

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

8. SUBSEQUENT EVENTS

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

69<br>

------

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

**THEMES ETF TRUST** 

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

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

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

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

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

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

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

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

**<u>November 2025 meeting</u>** 

At a meeting held on November 14, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Themes ETF Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the renewal of an advisory agreement (the "Agreement") between Themes Management Company, LLC (the "Adviser" or "Themes") and the Trust, on behalf of 16 series of shares (each, a "Fund" and together, the "Funds"), including Themes Cloud Computing ETF, Themes Cybersecurity ETF, Themes Generative Artificial Intelligence ETF, Themes Global Systemically Important Banks ETF, Themes Gold Miners ETF, Themes Humanoid Robotics ETF, Themes Natural Monopoly ETF, Themes Silver Miners ETF, Themes US Cash Flow Champions ETF, Themes US R&D Champions ETF and Themes US Small Cap Cash Flow Champions ETF.

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

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

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

70<br>

------

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

**THEMES ETF TRUST** 

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

The Board did not identify any particular information that was most relevant to its consideration to approve the renewal of the Advisory Agreement on behalf of the Funds, and each Trustee may have assigned different weight to the various factors. In deciding whether to approve the renewal of the Advisory Agreement, the Trustees considered numerous factors, including:

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

The Board considered the responsibilities of Themes under the Advisory Agreement and the services provided including, without limitation, the process for assuring compliance with each Fund's investment objectives and limitations, the coordination of services for the Funds among the service providers, and the efforts of Themes to promote the Funds and grow their assets. The Board considered Themes' staffing, the experience of its personnel managing the Funds, and its compliance programs, policies and procedures. The Board also considered the financial condition of Themes and the commitment of financial support from its owners. The Board considered the measures that Themes had put in place to ensure compliance with applicable law and regulations, including the hiring of an independent compliance firm to assist with the development and maintenance of its compliance policies and procedures and the hiring of an independent chief compliance officer to oversee its compliance program. The Board also considered the trading and operational capabilities of Themes, noting in particular the highly automated trading, portfolio management and compliance systems and the significant past experience of the portfolio managers. The Board also considered Themes' distribution plan for the Funds, focusing on marketing and advertising and the addition of employees to assist in this plan. After reviewing the foregoing and further information from Themes, the Board concluded that Themes has the resources, experience and expertise to provide the Funds with the quality, extent, and nature of the services required by the Advisory Agreement.

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

In evaluating the performance of each Fund, the Board considered performance reports and data provided at each regular Board meeting throughout the year. The Board considered the extent each passively-managed Fund tracked its respective thematic benchmark index. Given the investment objective of each of these Funds, the Board considered tracking error to be a more meaningful indicator of the quality of the Adviser's services. The Board considered a peer group comparison of performance for the actively-managed Themes Global Systemically Important Banks ETF. After reviewing the performance of each Fund, the Board found the Funds' performance to be reasonable.

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

The Board considered comparative information of the Funds' management fees to other similar funds, where applicable, noting that each Fund's proposed management fee was the same or lower than the median management fees charged by Peer Funds. The Board considered the profitability of each of the Funds. The Board noted projections from Themes as to the level of assets under management required in each New Fund in order for it to become profitable. The Board considered the financial condition of Themes and the Adviser's level of commitment to the Funds. The Board considered the complexity of the Funds' investment strategies and the operational burdens of overseeing daily trading. Following a review of the comparative information provided for each New Fund and upon further consideration and discussion of the foregoing, the Board concluded that the fees paid to Themes were fair and reasonable.

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

The Board considered that each Fund has a unitary fee structure. The Board noted that the advisory fee does not include a breakpoint but that the unitary fee structure has the effect of capping the expenses for each Fund.

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

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

71<br>

------

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

**THEMES ETF TRUST** 

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

noted that Themes represented that it does not currently utilize soft dollars but may at some point in the future. Following further consideration and discussion, the Board indicated that Themes' standards and practices relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by Themes from managing the Funds were satisfactory.

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

**<u>February 2026 meeting</u>** 

At a meeting held on February 25, 2026 (the "Meeting"), the Board of Trustees (the "Board") of Themes ETF Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the renewal of an advisory agreement (the "Agreement") between Themes Management Company, LLC (the "Adviser" or "Themes") and the Trust, on behalf of 16 series of shares (each, a "Fund" and together, the "Funds"), including Themes Copper Miners ETF, Themes Lithium & Battery Metal Miners ETF, Themes Transatlantic Defense ETF, Themes Uranium & Nuclear ETF and Themes US Infrastructure ETF.

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

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

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

The Board did not identify any particular information that was most relevant to its consideration to approve the renewal of the Advisory Agreement on behalf of the Funds, and each Trustee may have assigned different weight to the various factors. In deciding whether to approve the renewal of the Advisory Agreement, the Trustees considered numerous factors, including:

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

The Board considered the responsibilities of Themes under the Advisory Agreement and the services provided including, without limitation, the process for assuring compliance with each Fund's investment objectives and limitations, the coordination of services for the Funds among the service providers, and the efforts of Themes to

72<br>

------

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

**THEMES ETF TRUST** 

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

promote the Funds and grow their assets. The Board considered Themes' staffing, the experience of its personnel managing the Funds, and its compliance programs, policies and procedures. The Board also considered the financial condition of Themes and the commitment of financial support from its owners. The Board considered the measures that Themes had put in place to ensure compliance with applicable law and regulations, including the hiring of an independent compliance firm to assist with the development and maintenance of its compliance policies and procedures and the hiring of an independent chief compliance officer to oversee its compliance program. The Board also considered the trading and operational capabilities of Themes, noting in particular the highly automated trading, portfolio management and compliance systems and the significant past experience of the portfolio managers. The Board also considered Themes' sales and marketing strategy for the Funds, focusing on marketing and advertising and the addition of employees to assist in this plan. After reviewing the foregoing and further information from Themes, the Board concluded that Themes has the resources, experience and expertise to provide the Funds with the quality, extent, and nature of the services required by the Advisory Agreement.

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

In evaluating the performance of each Fund, the Board considered performance reports and data provided at each regular Board meeting throughout the year. The Board considered the extent each passively-managed Fund tracked its respective thematic benchmark index. Given the investment objective of each of these Funds, the Board considered tracking error to be a more meaningful indicator of the quality of the Adviser's services. The Board considered the extent each leveraged Fund tracked the return of its respective underlying stock. Given the structural characteristics of daily resetting leveraged ETFs, the Board considered that factors such as the underlying stock's volatility over the full holding period dictated a Fund's performance in relation to its underlying stock and that this factor, and not tracking error, was primarily responsible for any under-performance. After reviewing the performance of each Fund, the Board found the Funds' performance to be reasonable.

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

The Board considered comparative information of the Funds' management fees to other similar funds, where applicable, noting that each Fund's proposed management fee was the same or lower than the median management fees charged by Peer funds. The Board considered the profitability of each of the Funds. The Board noted projections from Themes as to the level of assets under management required in each Fund in order for it to become profitable. The Board considered the financial condition of Themes and the Adviser's level of commitment to the Funds. The Board considered the complexity of the Funds' investment strategies and the operational burdens of overseeing daily trading. Following a review of the comparative information provided for each Fund and upon further consideration and discussion of the foregoing, the Board concluded that the fees paid to Themes were fair and reasonable.

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

The Board considered that each Fund has a unitary fee structure. The Board noted that the advisory fee does not include a breakpoint but that the unitary fee structure has the effect of capping the expenses for each Fund.

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

In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory personnel; the basis of decisions to buy or sell securities for the Funds; the substance and administration of the Code of Ethics and other relevant policies described in Themes' Form ADV and compliance policies and procedures. The Board considered that Themes does not currently manage any investments for clients other than the Trust. The Board also considered potential benefits for Themes in managing the Funds. The Board noted that Themes represented that it does not currently utilize soft dollars but may at some point in the future. Following further consideration and discussion, the Board indicated that Themes' standards and practices relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by Themes from managing the Funds were satisfactory.

73<br>

------

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

**THEMES ETF TRUST** 

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

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

74<br>

------

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

**THEMES ETF TRUST** 

**SUPPLEMENTAL INFORMATION (Unaudited)** 

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

**FEDERAL TAX INFORMATION** 

For the fiscal period ended September 30, 2025, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income for each Fund was as follows:

---

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

---

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

---

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

---

75<br>

------

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

**THEMES ETF TRUST** 

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

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) was 5.22% for Themes Lithium & Battery Metal Miners ETF and 0% for all other Funds.

**QUARTERLY PORTFOLIO HOLDING INFORMATION** 

Each Fund files its complete schedule of portfolio holdings for its first and third fiscal quarters with the Securities and Exchange Commission ("SEC") on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available without charge, upon request, by calling toll-free at 1-866-584-3637. Furthermore, you may obtain the Part F of Form N-PORT on the SEC's website at www.sec.gov.

**PROXY VOTING INFORMATION** 

Each Fund is required to file a Form N-PX, with the Fund's complete proxy voting record for the 12 months ended June 30, no later than August 31 of each year. The Fund's proxy voting record will be available without charge, upon request, by calling toll-free 1-866-584-3637 and on the SEC's website at www.sec.gov.

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of the Funds trade on an exchange at a price above (*i.e.*, at a premium) or below (*i.e.*, at a discount) the NAV of the Funds is available without charge, on the Funds' website at www.ThemesETFs.com.

76<br>

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

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

See item 7(a).

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

See item 7(a).

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

See item 7(a).

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

See Item 7(a).

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely
 to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a2(a)).* Filed herewith.](th-efp24795_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications required by Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a2(b)).* Furnished herewith.](th-efp24795_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Themes ETF Trust

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jose Gonzalez |
|  | Jose Gonzalez Principal Executive Officer |

---

Date <u>June 5, 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 (Signature and Title) | /s/ Jose Gonzalez |
|  | Jose Gonzalez Principal Executive Officer |

---

Date <u>June 5, 2026</u>

---

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

---

Date <u>June 5, 2026</u>

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Jose Gonzalez, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Themes ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 5, 2026 | /s/ Jose Gonzalez |
|  |  | Jose Gonzalez |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Dobromir Kamburov, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Themes ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 5, 2026 | /s/ Dobromir Kamburov |
|  |  | Dobromir Kamburov |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Themes ETF Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Themes ETF Trust, for the period ended March 31, 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 Themes ETF Trust for the stated period.

---

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

---

Dated: <u>June 5, 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 Themes ETF Trust for purposes of Section 18 of the Securities Exchange Act of 1934.