# EDGAR Filing Document

**Accession Number:** 0001944285
**File Stem:** 0001133228-25-011788
**Filing Date:** 2025-11
**Character Count:** 189051
**Document Hash:** 5db66ca2b88106769e8cf202febd0181
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011788.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001133228-25-011788

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**EFFECTIVENESS DATE**: 20251106

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23823
- **FILM NUMBER:** 251457487

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-07-30195915_TemaAmericanReshoringETF_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>(811-23823)</u>**

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

(Exact name of registrant as specified in charter)

**Brookfield Place**

**200 Vesey Street, Suite 24106**

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

(Address of principal executive offices) (Zip code)

**Matthew Keeling, President**

**Brookfield Place**

**200 Vesey Street, Suite 24106**

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

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

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

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

---

| | | |
|:---|:---|:---|
| ![image](img342607_202503211836839.jpg) | **Tema American Reshoring ETF**  | ![image](img171470_202509051646898.jpg) |
| ![image](img342607_202503211836839.jpg) | RSHO (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img171470_202509051646898.jpg) |
| ![image](img342607_202503211836839.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img171470_202509051646898.jpg) |

---

This semi-annual shareholder report contains important information about the Tema American Reshoring ETF for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://temaetfs.com/rsho. You can also request this information by contacting us toll-free at 1-888-744-1377.

**WHAT WERE THE FUND COSTS FOR THE 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** **\*** |
| Tema American Reshoring ETF | $41 | 0.75% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $166603558 |
| **Number of Holdings** | 28 |
| **Net Advisory Fee** | $604650 |
| **Portfolio Turnover** | 23% |

---

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

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Cognex Corp.  | 6.7% |
|  Rockwell Automation, Inc.  | 5.9% |
|  Applied Industrial Technologies, Inc.  | 5.8% |
|  Caterpillar, Inc.  | 5.2% |
|  Fastenal Co.  | 5.2% |
|  Timken Co.  | 5.0% |
|  API Group Corp.  | 4.8% |
|  SPX Technologies, Inc.  | 4.6% |
|  Parker-Hannifin Corp.  | 4.6% |
|  CRH PLC  | 4.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Industrials  | 71.4% |
|  Materials  | 13.3% |
|  Information Technology  | 9.1% |
|  Health Care  | 4.3% |
|  Consumer Discretionary  | 1.5% |
|  Cash & Other  | 0.4% |

---

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

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

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

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Tema ETFs LLC documents not be householded, please contact Tema ETFs LLC at 1-888-744-1377, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tema ETFs LLC or your financial intermediary.

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

------

---

| | | |
|:---|:---|:---|
| ![image](img342611_202503211841349.jpg) | **Tema Durable Quality ETF**  | ![image](img171470_202509051646898.jpg) |
| ![image](img342611_202503211841349.jpg) | TOLL (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img171470_202509051646898.jpg) |
| ![image](img342611_202503211841349.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img171470_202509051646898.jpg) |

---

This semi-annual shareholder report contains important information about the Tema Durable Quality ETF for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://temaetfs.com/toll. You can also request this information by contacting us toll-free at 1-888-744-1377.

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

**WHAT WERE THE FUND COSTS FOR THE 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** **\*** |
| Tema Durable Quality ETF | $28 | 0.55% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $58795027 |
| **Number of Holdings** | 43 |
| **Net Advisory Fee** | $153224 |
| **Portfolio Turnover** | 32% |

---

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

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  General Electric Co.  | 5.9% |
|  Visa, Inc.  | 5.8% |
|  Intuit, Inc.  | 4.4% |
|  Performance Food Group Co.  | 4.2% |
|  Intercontinental Exchange, Inc.  | 3.5% |
|  Moody's Corp.  | 3.4% |
|  S&P Global, Inc.  | 3.2% |
|  CME Group, Inc.  | 3.1% |
|  Aon PLC  | 3.1% |
|  MSCI, Inc.  | 3.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Financials  | 30.1% |
|  Information Technology  | 20.2% |
|  Industrials  | 19.1% |
|  Health Care  | 15.6% |
|  Consumer Staples  | 7.4% |
|  Materials  | 4.3% |
|  Consumer Discretionary  | 2.0% |
|  Utilities  | 1.1% |
|  Cash & Other  | 0.2% |

---

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

**Fund Name Change:**

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

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

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

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Tema ETFs LLC documents not be householded, please contact Tema ETFs LLC at 1-888-744-1377, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tema ETFs LLC or your financial intermediary.

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

------

---

| | | |
|:---|:---|:---|
| ![image](img342608_202503211837985.jpg) | **Tema Electrification ETF**  | ![image](img171470_202509051646898.jpg) |
| ![image](img342608_202503211837985.jpg) | VOLT (Principal U.S. Listing Exchange: NASDAQ Stock Market LLC) | ![image](img171470_202509051646898.jpg) |
| ![image](img342608_202503211837985.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img171470_202509051646898.jpg) |

---

This semi-annual shareholder report contains important information about the Tema Electrification ETF for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://temaetfs.com/volt. You can also request this information by contacting us toll-free at 1-888-744-1377.

**WHAT WERE THE FUND COSTS FOR THE 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** **\*** |
| Tema Electrification ETF | $42 | 0.75% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $121767041 |
| **Number of Holdings** | 30 |
| **Net Advisory Fee** | $311343 |
| **Portfolio Turnover** | 15% |

---

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

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  NextEra Energy, Inc.  | 5.8% |
|  Bel Fuse, Inc.  | 5.6% |
|  Powell Industries, Inc.  | 5.3% |
|  Quanta Services, Inc.  | 4.9% |
|  Itron, Inc.  | 4.9% |
|  Hubbell, Inc.  | 4.3% |
|  OGE Energy Corp.  | 4.1% |
|  ABB Ltd.  | 4.0% |
|  Amphenol Corp.  | 4.0% |
|  Entergy Corp.  | 3.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Industrials  | 41.7% |
|  Utilities  | 36.9% |
|  Information Technology  | 18.7% |
|  Energy  | 2.0% |
|  Cash & Other  | 0.7% |

---

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

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

Tema Electrification ETF PAGE 1 TSR-SAR-87975E834

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Tema ETFs LLC documents not be householded, please contact Tema ETFs LLC at 1-888-744-1377, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tema ETFs LLC or your financial intermediary.

Tema Electrification ETF PAGE 2 TSR-SAR-87975E834

------

---

| | | |
|:---|:---|:---|
| ![image](img342609_202503211838123.jpg) | **Tema Heart & Health ETF**  | ![image](img171470_202509051646898.jpg) |
| ![image](img342609_202503211838123.jpg) | HRTS (Principal U.S. Listing Exchange: NASDAQ Stock Market LLC) | ![image](img171470_202509051646898.jpg) |
| ![image](img342609_202503211838123.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img171470_202509051646898.jpg) |

---

This semi-annual shareholder report contains important information about the Tema Heart & Health ETF for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://temaetfs.com/hrts. You can also request this information by contacting us toll-free at 1-888-744-1377.

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

**WHAT WERE THE FUND COSTS FOR THE 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** **\*** |
| Tema Heart & Health ETF | $37 | 0.75% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $51326583 |
| **Number of Holdings** | 45 |
| **Net Advisory Fee** | $200186 |
| **Portfolio Turnover** | 18% |

---

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

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Eli Lilly & Co.  | 8.0% |
|  Abbott Laboratories  | 4.7% |
|  UnitedHealth Group, Inc.  | 4.7% |
|  AstraZeneca PLC  | 4.5% |
|  Roche Holding AG  | 4.2% |
|  Boston Scientific Corp.  | 3.8% |
|  AbbVie, Inc.  | 3.5% |
|  Novo Nordisk AS  | 3.5% |
|  Gilead Sciences, Inc.  | 3.4% |
|  Thermo Fisher Scientific, Inc.  | 3.3% |

---

---

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

---

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

**Fund Name Change:**

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

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

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

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Tema ETFs LLC documents not be householded, please contact Tema ETFs LLC at 1-888-744-1377, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tema ETFs LLC or your financial intermediary.

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

------

---

| | | |
|:---|:---|:---|
| ![image](img342613_202503211844351.jpg) | **Tema Oncology ETF**  | ![image](img171470_202509051646898.jpg) |
| ![image](img342613_202503211844351.jpg) | CANC (Principal U.S. Listing Exchange: NASDAQ Stock Market LLC) | ![image](img171470_202509051646898.jpg) |
| ![image](img342613_202503211844351.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img171470_202509051646898.jpg) |

---

This semi-annual shareholder report contains important information about the Tema Oncology ETF for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://temaetfs.com/canc. You can also request this information by contacting us toll-free at 1-888-744-1377.

**WHAT WERE THE FUND COSTS FOR THE 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** **\*** |
| Tema Oncology ETF | $39 | 0.75% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $72544515 |
| **Number of Holdings** | 52 |
| **Net Advisory Fee** | $254113 |
| **Portfolio Turnover** | 30% |

---

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

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Bridgebio Pharma, Inc.  | 5.5% |
|  Revolution Medicines, Inc.  | 5.5% |
|  Roche Holding AG  | 4.9% |
|  Novartis AG  | 4.6% |
|  Merus NV  | 4.4% |
|  AstraZeneca PLC  | 4.4% |
|  Genmab AS  | 4.2% |
|  Eli Lilly & Co.  | 4.0% |
|  Nuvalent, Inc.  | 3.2% |
|  BeOne Medicines Ltd.  | 3.1% |

---

---

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

---

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

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

Tema Oncology ETF PAGE 1 TSR-SAR-87975E701

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Tema ETFs LLC documents not be householded, please contact Tema ETFs LLC at 1-888-744-1377, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tema ETFs LLC or your financial intermediary.

Tema Oncology ETF PAGE 2 TSR-SAR-87975E701

------

---

| | | |
|:---|:---|:---|
| ![image](img552221_202510011701206.jpg) | **Tema S&P 500® Historical Weight ETF** **Strategy**  | ![image](img171470_202509051646898.jpg) |
| ![image](img552221_202510011701206.jpg) | DSPY (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img171470_202509051646898.jpg) |
| ![image](img552221_202510011701206.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img171470_202509051646898.jpg) |

---

This semi-annual shareholder report contains important information about the Tema S&P 500® Historical Weight ETF Strategy for the period of April 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://temaetfs.com/dspy. You can also request this information by contacting us toll-free at 1-888-744-1377.

**WHAT WERE THE FUND COSTS FOR THE 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** **\*\*** |
| Tema S&P 500® Historical Weight ETF Strategy | $8 | 0.18% |

---

\* Amount shown reflects the expenses of the Fund from inception date through August 31, 2025. Expenses would be higher if the Fund had been in operations for the full 6 month reporting period.

\*\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $625106267 |
| **Number of Holdings** | 509 |
| **Net Advisory Fee** | $24796 |
| **Portfolio Turnover** | 0%\* |

---

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

\* Represents less than 0.05%.

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  NVIDIA Corp.  | 6.9% |
|  Microsoft Corp.  | 6.0% |
|  Alphabet, Inc.  | 3.3% |
|  Meta Platforms, Inc.  | 3.1% |
|  Amazon.com, Inc.  | 2.7% |
|  Apple, Inc.  | 2.7% |
|  Broadcom, Inc.  | 2.4% |
|  JPMorgan Chase & Co.  | 1.6% |
|  Tesla, Inc.  | 1.5% |
|  Berkshire Hathaway, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Information Technology  | 29.9% |
|  Financials  | 15.2% |
|  Consumer Discretionary  | 10.2% |
|  Communication Services  | 10.0% |
|  Health Care  | 9.9% |
|  Industrials  | 9.9% |
|  Consumer Staples  | 5.6% |
|  Energy  | 3.1% |
|  Utilities  | 2.1% |
|  Cash & Other  | 4.1% |

---

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

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

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

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Tema ETFs LLC documents not be householded, please contact Tema ETFs LLC at 1-888-744-1377, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tema ETFs LLC or your financial intermediary.

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

------

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

(b) Not Applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are filed herewith.

![](tema_logo.jpg)

**Semi-Annual Financial Statements and** 

**Additional Information** 

**August 31, 2025 (Unaudited)** 

---

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

---

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#soi1) |  |
| &nbsp;&nbsp;&nbsp; [Tema American Reshoring ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Tema Durable Quality ETF](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp; [Tema Electrification ETF](#soi3) | [4](#soi3) |
| &nbsp;&nbsp;&nbsp; [Tema Heart & Health ETF](#soi4) | [5](#soi4) |
| &nbsp;&nbsp;&nbsp; [Tema Oncology ETF](#soi5) | [6](#soi5) |
| &nbsp;&nbsp;&nbsp; [Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy](#soi6) | [7](#soi6) |
| [Statements of Assets and Liabilities](#sal) | [14](#sal) |
| [Statements of Operations](#sop) | [16](#sop) |
| [Statements of Changes in Net Assets](#scna) | [18](#scna) |
| [Financial Highlights](#fihi1) |  |
| &nbsp;&nbsp;&nbsp; [Tema American Reshoring ETF](#fihi1) | [21](#fihi1) |
| &nbsp;&nbsp;&nbsp; [Tema Durable Quality ETF](#fihi2) | [22](#fihi2) |
| &nbsp;&nbsp;&nbsp; [Tema Electrification ETF](#fihi3) | [23](#fihi3) |
| &nbsp;&nbsp;&nbsp; [Tema Heart & Health ETF](#fihi4) | [24](#fihi4) |
| &nbsp;&nbsp;&nbsp; [Tema Oncology ETF](#fihi5) | [25](#fihi5) |
| &nbsp;&nbsp;&nbsp; [Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy](#fihi6) | [26](#fihi6) |
| [Notes to the Financial Statements](#notes) | [27](#notes) |
| [Other Non-Audited Information](#other) | [37](#other) |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#change) | [38](#change) |
| [Proxy Disclosures for Open-End Management Investment Companies](#dis) | [39](#dis) |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#remun) | [40](#remun) |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#state) | [41](#state) |
| [Statement Regarding Basis for Approval of Sub-Advisory Contract](#state1) | [44](#state1) |

---

------

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

**TEMA AMERICAN RESHORING ETF** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%**<br>|  |  |
| **Chemicals - 5.2%**<br>|  |  |
| Air Liquide SA | 15446 | $3184358  |
| Linde PLC | 11568 | 5532859  |
|  |  | 8717217  |
| **Commercial Services & Supplies - 3.3%**<br>|  |  |
| Clean Harbors, Inc.<sup>(a)</sup> | 22874 | 5540312  |
| **Construction & Engineering - 4.8%**<br>|  |  |
| API Group Corp.<sup>(a)</sup> | 226226 | 8071744  |
| **Construction Materials - 8.1%**<br>|  |  |
| CRH PLC | 64083 | 7238175  |
| Vulcan Materials Co. | 21590 | 6286144  |
|  |  | 13524319  |
| **Electrical Equipment - 16.6%**<br>|  |  |
| ABB Ltd. | 82179 | 5513177  |
| Eaton Corp. PLC | 18455 | 6443379  |
| Emerson Electric Co. | 25858 | 3413256  |
| Powell Industries, Inc. | 9231 | 2456923  |
| Rockwell Automation, Inc. | 28650 | 9839269  |
|  |  | 27666004  |
|  **Electronic Equipment, Instruments & Components - 6.7%**<br>|  |  |
| Cognex Corp. | 254288 | 11173415  |
| **Hotels, Restaurants & Leisure - 1.5%**<br>|  |  |
| Compass Group PLC | 71409 | 2424505  |
| **Industrial Conglomerates - 1.4%**<br>|  |  |
| Honeywell International, Inc. | 10283 | 2257119  |
| **Life Sciences Tools & Services - 4.3%**<br>|  |  |
| Lonza Group AG | 9990 | 7079085  |
| **Machinery - 29.2%<sup>(b)</sup>**<br>|  |  |
| Atmus Filtration Technologies, Inc. | 56661 | 2522548  |
| Caterpillar, Inc. | 20834 | 8730279  |
| Ingersoll Rand, Inc. | 82918 | 6586177  |
| Parker-Hannifin Corp. | 10105 | 7673232  |
| SPX Technologies, Inc.<sup>(a)</sup> | 41288 | 7725398  |
| Terex Corp. | 139808 | 6982011  |
| Timken Co. | 108650 | 8391039  |
|  |  | 48610684  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Metals & Mining - 3.5%**<br>|  |  |
| ATI, Inc.<sup>(a)</sup> | 76016 | $5894281  |
|  **Semiconductors & Semiconductor Equipment - 2.4%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 17159 | 3961498  |
| **Trading Companies & Distributors - 12.6%** | **Trading Companies & Distributors - 12.6%** |  |
| Applied Industrial Technologies, Inc. | 36418 | 9599056  |
| Fastenal Co. | 175361 | 8708427  |
| Herc Holdings, Inc. | 20183 | 2639734  |
|  |  | 20947217  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $148,212,811)** |  | 165867400  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 4.20%<sup>(c)</sup> | 662415 | 662415  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $662,415)** |  | 662415  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $148,875,226)** |  | $166529815  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(d)</sup> |  | 73743  |
| **TOTAL NET ASSETS - 100.0%** |  | $166603558 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

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

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

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

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

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

1<br>

------

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

**TEMA DURABLE QUALITY ETF** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%**<br>|  |  |
| **Aerospace & Defense - 7.4%**<br>|  |  |
| Airbus SE | 4256 | $891561  |
| General Electric Co. | 12622 | 3473574  |
|  |  | 4365135  |
| **Banks - 1.0%**<br>|  |  |
| JPMorgan Chase & Co. | 2052 | 618514  |
| **Biotechnology - 3.7%**<br>|  |  |
| Gilead Sciences, Inc. | 11841 | 1337678  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2124 | 830526  |
|  |  | 2168204  |
| **Capital Markets - 19.2%**<br>|  |  |
| Cboe Global Markets, Inc. | 7357 | 1735884  |
| CME Group, Inc. - Class A | 6920 | 1844249  |
| Intercontinental Exchange, Inc. | 11696 | 2065514  |
| Moody's Corp. | 3879 | 1977359  |
| MSCI, Inc. | 3135 | 1779802  |
| S&P Global, Inc. | 3397 | 1863051  |
|  |  | 11265859  |
| **Chemicals - 2.4%**<br>|  |  |
| Sherwin-Williams Co. | 3879 | 1419055  |
| **Commercial Services & Supplies - 2.6%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 31153 | 1520578  |
| **Construction & Engineering - 3.5%**<br>|  |  |
| Ferrovial SE | 27372 | 1495137  |
| Vinci SA | 3979 | 539521  |
|  |  | 2034658  |
| **Construction Materials - 1.9%**<br>|  |  |
| Martin Marietta Materials, Inc. | 1824 | 1124314  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 5.8%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 5.8%** |  |
| Performance Food Group Co.<sup>(a)</sup> | 24157 | 2449520  |
| US Foods Holding Corp.<sup>(a)</sup> | 12197 | 946487  |
|  |  | 3396007  |
| **Electric Utilities - 1.1%**<br>|  |  |
| Entergy Corp. | 7125 | 627641  |
|  **Electronic Equipment, Instruments & Components - 1.1%**<br>|  |  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 3886 | 635089  |
| **Financial Services - 6.8%**<br>|  |  |
| Mastercard, Inc. - Class A | 1023 | 608982  |
| Visa, Inc. - Class A | 9707 | 3414728  |
|  |  | 4023710  |
| **Ground Transportation - 1.1%**<br>|  |  |
| Canadian Pacific Kansas City Ltd. | 8448 | 643653  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care Equipment & Supplies - 4.7%** | **Health Care Equipment & Supplies - 4.7%** |  |
| Align Technology, Inc.<sup>(a)</sup> | 7455 | $1058312  |
| Becton Dickinson & Co. | 2434 | 469713  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 1924 | 1245001  |
|  |  | 2773026  |
| **Health Care Providers & Services - 1.4%** | **Health Care Providers & Services - 1.4%** |  |
| Elevance Health, Inc. | 2632 | 838687  |
| **Household Products - 1.6%**<br>|  |  |
| Church & Dwight Co., Inc. | 9966 | 928433  |
| **Insurance - 3.1%**<br>|  |  |
| Aon PLC - Class A | 5020 | 1842340  |
| **Life Sciences Tools & Services - 5.8%**<br>|  |  |
| ICON PLC<sup>(a)</sup> | 4924 | 876176  |
| Thermo Fisher Scientific, Inc. | 3258 | 1605282  |
| Waters Corp.<sup>(a)</sup> | 3037 | 916567  |
|  |  | 3398025  |
| **Machinery - 2.1%**<br>|  |  |
| Deere & Co. | 2579 | 1234412  |
|  **Semiconductors & Semiconductor Equipment - 7.6%**<br>|  |  |
| KLA Corp. | 1759 | 1533848  |
| Lam Research Corp. | 16349 | 1637352  |
| ON Semiconductor Corp.<sup>(a)</sup> | 25786 | 1278728  |
|  |  | 4449928  |
| **Software - 11.5%**<br>|  |  |
| Fair Isaac Corp.<sup>(a)</sup> | 955 | 1453166  |
| Fortinet, Inc.<sup>(a)</sup> | 11388 | 897033  |
| Intuit, Inc. | 3922 | 2615974  |
| Synopsys, Inc.<sup>(a)</sup> | 2938 | 1773142  |
|  |  | 6739315  |
| **Specialty Retail - 2.0%**<br>|  |  |
| Lowe's Cos., Inc. | 4681 | 1207979  |
| **Transportation Infrastructure - 2.4%**<br>|  |  |
| Aena SME SA<sup>(b)</sup> | 48623 | 1407318  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $52,874,911)** |  | 58661880  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 4.20%<sup>(c)</sup> | 125154 | 125154  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $125,154)** |  | 125154  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $53,000,065)** |  | $58787034  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(d)</sup> |  | 7993  |
| **TOTAL NET ASSETS - 100.0%** |  | $58795027 |

---

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

2<br>

------

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

**TEMA DURABLE QUALITY ETF** 

**SCHEDULE OF INVESTMENTS** 

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

Percentages are stated as a percent of net assets.

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

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 August 31, 2025, the value of these securities total $1,407,318 or 2.4% of the Fund's net assets.

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

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

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

3<br>

------

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

**TEMA ELECTRIFICATION ETF** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.3%**<br>|  |  |
| **Aerospace & Defense - 3.3%**<br>|  |  |
| BWX Technologies, Inc. | 24482 | $3967063  |
| **Building Products - 3.7%**<br>|  |  |
| Johnson Controls International PLC | 41831 | 4471316  |
| **Communications Equipment - 1.3%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 11501 | 1570462  |
| **Construction & Engineering - 4.9%**<br>|  |  |
| Quanta Services, Inc. | 15930 | 6020903  |
| **Electric Utilities - 32.0%<sup>(b)</sup>**<br>|  |  |
| American Electric Power Co., Inc. | 42765 | 4747770  |
| Entergy Corp. | 54498 | 4800729  |
| Iberdrola SA | 163920 | 3082717  |
| IDACORP, Inc. | 31727 | 3969048  |
| NextEra Energy, Inc. | 97434 | 7020120  |
| OGE Energy Corp. | 110672 | 4942612  |
| Pinnacle West Capital Corp. | 44902 | 4012443  |
| PPL Corp. | 88173 | 3215669  |
| Xcel Energy, Inc. | 43791 | 3170030  |
|  |  | 38961138  |
| **Electrical Equipment - 29.8%<sup>(b)</sup>**<br>|  |  |
| ABB Ltd. | 73227 | 4912611  |
| Eaton Corp. PLC | 12123 | 4232624  |
| GE Vernova, Inc. | 7381 | 4524332  |
| Hubbell, Inc. | 12123 | 5224892  |
| nVent Electric PLC | 33245 | 3005016  |
| Powell Industries, Inc. | 24103 | 6415254  |
| Schneider Electric SE | 16194 | 3979491  |
| Vertiv Holdings Co. - Class A | 31284 | 3990274  |
|  |  | 36284494  |
|  **Electronic Equipment, Instruments & Components - 16.0%**<br>|  |  |
| Advanced Energy Industries, Inc. | 13048 | 1953025  |
| Amphenol Corp. - Class A | 44425 | 4836105  |
| Bel Fuse, Inc. - Class B | 50320 | 6771059  |
| Itron, Inc.<sup>(a)</sup> | 48722 | 5989883  |
|  |  | 19550072  |
|  **Independent Power and Renewable Electricity Producers - 1.8%**<br>|  |  |
| Brookfield Renewable Partners LP | 84277 | 2138950  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Multi-Utilities - 3.1%**<br>|  |  |
| NiSource, Inc. | 90249 | $3814825  |
| **Oil, Gas & Consumable Fuels - 2.0%**<br>|  |  |
| Energy Transfer LP | 134714 | 2387132  |
|  **Semiconductors & Semiconductor Equipment - 1.4%**<br>|  |  |
| Infineon Technologies AG - ADR | 41443 | 1699577  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $106,572,268)** |  | 120865932  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 4.20%<sup>(c)</sup> | 645504 | 645504  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $645,504)** |  | 645504  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $107,217,772)** |  | $121511436  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 255605  |
| **TOTAL NET ASSETS - 100.0%** |  | $121767041 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

LP - Limited Partnership

PLC - Public Limited Company

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

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

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

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

4<br>

------

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

**TEMA HEART & HEALTH ETF** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.2%**<br>|  |  |
| **Biotechnology - 35.0%<sup>(a)</sup>**<br>|  |  |
| AbbVie, Inc. | 8628 | $1815331  |
| Akero Therapeutics, Inc.<sup>(b)</sup> | 7165 | 334820  |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 2762 | 1233261  |
| Amgen, Inc. | 4355 | 1252977  |
| Arrowhead Pharmaceuticals, Inc.<sup>(b)</sup> | 34369 | 757149  |
| Ascendis Pharma AS - ADR<sup>(b)</sup> | 3968 | 770863  |
| Avidity Biosciences, Inc.<sup>(b)</sup> | 6550 | 305099  |
| Bridgebio Pharma, Inc.<sup>(b)</sup> | 30675 | 1587738  |
| Cytokinetics, Inc.<sup>(b)</sup> | 23326 | 824108  |
| Gilead Sciences, Inc. | 15235 | 1721098  |
| Insmed, Inc.<sup>(b)</sup> | 4635 | 630823  |
| Intellia Therapeutics, Inc.<sup>(b)</sup> | 15916 | 180726  |
| Ionis Pharmaceuticals, Inc.<sup>(b)</sup> | 13294 | 566790  |
| Madrigal Pharmaceuticals, Inc.<sup>(b)</sup> | 1751 | 766675  |
| Mirum Pharmaceuticals, Inc.<sup>(b)</sup> | 9672 | 714471  |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 3944 | 550582  |
| Regeneron Pharmaceuticals, Inc. | 1888 | 1096362  |
| Revolution Medicines, Inc.<sup>(b)</sup> | 10442 | 396483  |
| Scholar Rock Holding Corp.<sup>(b)</sup> | 10037 | 327708  |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 3344 | 1307571  |
| Viking Therapeutics, Inc.<sup>(b)</sup> | 3858 | 104359  |
| Zealand Pharma AS<sup>(b)</sup> | 10412 | 713748  |
|  |  | 17958742  |
| **Health Care Equipment & Supplies - 18.5%** | **Health Care Equipment & Supplies - 18.5%** |  |
| Abbott Laboratories | 18097 | 2400748  |
| Boston Scientific Corp.<sup>(b)</sup> | 18664 | 1969052  |
| Dexcom, Inc.<sup>(b)</sup> | 12301 | 926757  |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 13617 | 1107607  |
| Insulet Corp.<sup>(b)</sup> | 2636 | 895924  |
| Masimo Corp.<sup>(b)</sup> | 4837 | 675777  |
| Medtronic PLC | 16739 | 1553547  |
|  |  | 9529412  |
| **Health Care Providers & Services - 6.5%** | **Health Care Providers & Services - 6.5%** |  |
| McKesson Corp. | 1350 | 926964  |
| UnitedHealth Group, Inc. | 7721 | 2392506  |
|  |  | 3319470  |
| **Life Sciences Tools & Services - 6.1%**<br>|  |  |
| Danaher Corp. | 5781 | 1189845  |
| Thermo Fisher Scientific, Inc. | 3469 | 1709246  |
| West Pharmaceutical Services, Inc. | 1018 | 251395  |
|  |  | 3150486  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Pharmaceuticals - 33.1%<sup>(a)</sup>**<br>|  |  |
| AstraZeneca PLC | 14366 | $2289287  |
| Bristol-Myers Squibb Co. | 21689 | 1023287  |
| Chugai Pharmaceutical Co. Ltd. | 22571 | 999726  |
| Crinetics Pharmaceuticals, Inc.<sup>(b)</sup> | 43770 | 1356432  |
| Eli Lilly & Co. | 5628 | 4122960  |
| Merck & Co., Inc. | 15251 | 1282914  |
| Novartis AG | 13321 | 1684125  |
| Novo Nordisk AS – Class B | 31784 | 1787280  |
| Roche Holding AG - ADR | 53430 | 2178341  |
| Structure Therapeutics, Inc. - ADR<sup>(b)</sup> | 13547 | 261457  |
|  |  | 16985809  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $51,063,713)** |  | 50943919  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 4.20%<sup>(c)</sup> | 302755 | 302755  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $302,755)** |  | 302755  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $51,366,468)** |  | $51246674  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 79909  |
| **TOTAL NET ASSETS - 100.0%** |  | $51326583 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

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

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

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

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

5<br>

------

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

**TEMA ONCOLOGY ETF** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%**<br>|  |  |
| **Biotechnology - 69.8%<sup>(a)</sup>**<br>|  |  |
| AbbVie, Inc. | 9985 | $2100844  |
| Amgen, Inc. | 5674 | 1632467  |
| AnaptysBio, Inc.<sup>(b)</sup> | 10741 | 218365  |
| Arcellx, Inc.<sup>(b)</sup> | 31897 | 2213333  |
| Arcus Biosciences, Inc.<sup>(b)</sup> | 56177 | 594914  |
| Argenx SE - ADR<sup>(b)</sup> | 1989 | 1416566  |
|  Ascentage Pharma Group International - ADR<sup>(b)</sup> | 14594 | 618494  |
| Autolus Therapeutics PLC - ADR<sup>(b)</sup> | 113333 | 170000  |
| BeOne Medicines Ltd. - ADR<sup>(b)</sup> | 7265 | 2223453  |
| Bridgebio Pharma, Inc.<sup>(b)</sup> | 76870 | 3978791  |
| Celcuity, Inc.<sup>(b)</sup> | 21553 | 1104160  |
| CG oncology, Inc.<sup>(b)</sup> | 29577 | 793255  |
| Cogent Biosciences, Inc.<sup>(b)</sup> | 87991 | 1062931  |
| Cullinan Therapeutics, Inc.<sup>(b)</sup> | 40193 | 303055  |
| Day One Biopharmaceuticals, Inc.<sup>(b)</sup> | 44703 | 335720  |
| Exelixis, Inc.<sup>(b)</sup> | 57987 | 2169874  |
| Genmab AS - ADR<sup>(b)</sup> | 122584 | 3048664  |
| Gilead Sciences, Inc. | 12387 | 1399359  |
| Ideaya Biosciences, Inc.<sup>(b)</sup> | 65614 | 1610824  |
| Immunocore Holdings PLC - ADR<sup>(b)</sup> | 20914 | 673849  |
| Immunome, Inc.<sup>(b)</sup> | 108665 | 1033404  |
| Iovance Biotherapeutics, Inc.<sup>(b)</sup> | 170134 | 379399  |
| Janux Therapeutics, Inc.<sup>(b)</sup> | 39487 | 897145  |
| Legend Biotech Corp. - ADR<sup>(b)</sup> | 53373 | 1853644  |
| Merus NV<sup>(b)</sup> | 48223 | 3175002  |
| Nurix Therapeutics, Inc.<sup>(b)</sup> | 76369 | 713286  |
| Nuvalent, Inc. - Class A<sup>(b)</sup> | 29909 | 2290431  |
| Regeneron Pharmaceuticals, Inc. | 1772 | 1029000  |
| Relay Therapeutics, Inc.<sup>(b)</sup> | 91455 | 328323  |
| Replimune Group, Inc.<sup>(b)</sup> | 42042 | 227027  |
| Revolution Medicines, Inc.<sup>(b)</sup> | 104755 | 3977547  |
| Summit Therapeutics, Inc.<sup>(b)</sup> | 85888 | 2035546  |
| Syndax Pharmaceuticals, Inc.<sup>(b)</sup> | 81252 | 1326845  |
| UroGen Pharma Ltd.<sup>(b)</sup> | 38575 | 750284  |
| Zai Lab Ltd. - ADR<sup>(b)</sup> | 60735 | 2010328  |
| Zymeworks, Inc.<sup>(b)</sup> | 62295 | 922589  |
|  |  | 50618718  |
| **Health Care Providers & Services - 0.9%** | **Health Care Providers & Services - 0.9%** |  |
| Guardant Health, Inc.<sup>(b)</sup> | 10069 | 678852  |
| **Health Care Technology - 0.4%**<br>|  |  |
| Schrodinger, Inc.<sup>(b)</sup> | 16473 | 321388  |
| **Life Sciences Tools & Services - 0.4%** | **Life Sciences Tools & Services - 0.4%** |  |
| Illumina, Inc.<sup>(b)</sup> | 3078 | 307677  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Pharmaceuticals - 28.2%<sup>(a)</sup>**<br>|  |  |
| Arvinas, Inc.<sup>(b)</sup> | 37992 | $293678  |
| AstraZeneca PLC | 19861 | 3164939  |
| Bristol-Myers Squibb Co. | 46838 | 2209817  |
| Chugai Pharmaceutical Co. Ltd. | 15336 | 679269  |
| Daiichi Sankyo Co. Ltd. | 44095 | 1058904  |
| Eli Lilly & Co. | 3963 | 2903215  |
| Enliven Therapeutics, Inc.<sup>(b)</sup> | 30675 | 621782  |
| HUTCHMED China Ltd. - ADR<sup>(b)</sup> | 40083 | 601646  |
| Merck & Co., Inc. | 19063 | 1603580  |
| Novartis AG | 26267 | 3320839  |
| Nuvation Bio, Inc. - Class A<sup>(b)</sup> | 131471 | 390469  |
| Roche Holding AG - ADR | 87614 | 3572023  |
|  |  | 20420161  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $66,671,474)** |  | 72346796  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 4.20%<sup>(c)</sup> | 146198 | 146198  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $146,198)** |  | 146198  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $66,817,672)** |  | $72492994  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 51521  |
| **TOTAL NET ASSETS - 100.0%** |  | $72544515 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

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

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

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

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

6<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.0%**<br>|  |  |
| **Aerospace & Defense - 2.9%** | **Aerospace & Defense - 2.9%** |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 1057 | $789886  |
| Boeing Co.<sup>(a)</sup> | 9477 | 2224062  |
| General Dynamics Corp. | 3728 | 1209997  |
| General Electric Co. | 16319 | 4490989  |
| Howmet Aerospace, Inc. | 12400 | 2158840  |
| Huntington Ingalls Industries, Inc. | 1493 | 404289  |
| L3Harris Technologies, Inc. | 917 | 254578  |
| Lockheed Martin Corp. | 2430 | 1107181  |
| Northrop Grumman Corp. | 1906 | 1124616  |
| RTX Corp. | 20298 | 3219263  |
| Textron, Inc. | 3465 | 277754  |
| TransDigm Group, Inc. | 483 | 675659  |
|  |  | 17937114  |
| **Air Freight & Logistics - 0.2%** | **Air Freight & Logistics - 0.2%** |  |
| CH Robinson Worldwide, Inc. | 239 | 30759  |
|  Expeditors International of Washington, Inc. | 1737 | 209378  |
| FedEx Corp. | 1220 | 281906  |
| United Parcel Service, Inc. - Class B | 5539 | 484330  |
|  |  | 1006373  |
| **Automobile Components - 0.0%<sup>(b)</sup>** | **Automobile Components - 0.0%<sup>(b)</sup>** |  |
| Aptiv PLC<sup>(a)</sup> | 524 | 41674  |
| Phinia, Inc. | 91 | 5321  |
|  |  | 46995  |
| **Automobiles - 1.6%** | **Automobiles - 1.6%** |  |
| Ford Motor Co. | 41311 | 486230  |
| General Motors Co. | 9647 | 565218  |
| Tesla, Inc.<sup>(a)</sup> | 27172 | 9071916  |
|  |  | 10123364  |
| **Banks - 4.2%** | **Banks - 4.2%** |  |
| Bank of America Corp. | 118027 | 5988690  |
| Citigroup, Inc. | 23765 | 2294986  |
| Citizens Financial Group, Inc. | 2358 | 123276  |
| Fifth Third Bancorp | 3724 | 170448  |
| Huntington Bancshares, Inc. | 16312 | 290517  |
| JPMorgan Chase & Co. | 34041 | 10260638  |
| KeyCorp | 2037 | 39436  |
| M&T Bank Corp. | 324 | 65338  |
| PNC Financial Services Group, Inc. | 3374 | 699903  |
| Regions Financial Corp. | 11921 | 326516  |
| Truist Financial Corp. | 20032 | 937898  |
| US Bancorp | 22187 | 1083391  |
| Wells Fargo & Co. | 45784 | 3762529  |
|  |  | 26043566  |
| **Beverages - 1.4%** | **Beverages - 1.4%** |  |
| Brown-Forman Corp. - Class B | 244 | 7305  |
| Coca-Cola Co. | 60685 | 4186658  |
| Constellation Brands, Inc. - Class A | 362 | 58622  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Keurig Dr Pepper, Inc. | 17819 | $518355  |
| Molson Coors Beverage Co. - Class B | 475 | 23983  |
| Monster Beverage Corp.<sup>(a)</sup> | 13971 | 871930  |
| PepsiCo, Inc. | 19254 | 2862107  |
|  |  | 8528960  |
| **Biotechnology - 1.8%** | **Biotechnology - 1.8%** |  |
| AbbVie, Inc. | 25660 | 5398864  |
| Amgen, Inc. | 6430 | 1849975  |
| Biogen, Inc.<sup>(a)</sup> | 443 | 58574  |
| Gilead Sciences, Inc. | 14280 | 1613212  |
| Incyte Corp.<sup>(a)</sup> | 230 | 19460  |
| Moderna, Inc.<sup>(a)</sup> | 6160 | 148394  |
| Regeneron Pharmaceuticals, Inc. | 1414 | 821110  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 3141 | 1228194  |
|  |  | 11137783  |
| **Broadline Retail - 2.9%** | **Broadline Retail - 2.9%** |  |
| Amazon.com, Inc.<sup>(a)</sup> | 74835 | 17137215  |
| eBay, Inc. | 7787 | 705580  |
|  |  | 17842795  |
| **Building Products - 0.6%** | **Building Products - 0.6%** |  |
| A O Smith Corp. – Class A | 359 | 25593  |
| Allegion PLC | 49 | 8320  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 51 | 7073  |
| Carrier Global Corp. | 15939 | 1039223  |
| Johnson Controls International PLC | 8235 | 880239  |
| Lennox International, Inc. | 38 | 21198  |
| Masco Corp. | 125 | 9174  |
| Trane Technologies PLC | 4693 | 1950411  |
|  |  | 3941231  |
| **Capital Markets - 3.7%** | **Capital Markets - 3.7%** |  |
| Ameriprise Financial, Inc. | 1452 | 747504  |
| Bank of New York Mellon Corp. | 6596 | 696538  |
| Blackrock, Inc. | 1846 | 2080700  |
| Blackstone, Inc. | 7246 | 1241964  |
| Cboe Global Markets, Inc. | 1342 | 316645  |
| Charles Schwab Corp. | 28059 | 2689175  |
| CME Group, Inc. | 3828 | 1020200  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 698 | 212569  |
| FactSet Research Systems, Inc. | 38 | 14186  |
| Franklin Resources, Inc. | 53 | 1360  |
| Goldman Sachs Group, Inc. | 4567 | 3403557  |
| Intercontinental Exchange, Inc. | 6228 | 1099865  |
| Invesco Ltd. | 3000 | 65670  |
| KKR & Co., Inc. | 8033 | 1120523  |
| MarketAxess Holdings, Inc. | 864 | 158838  |
| Moody's Corp. | 2054 | 1047047  |
| Morgan Stanley | 17283 | 2600746  |
| MSCI, Inc. | 1115 | 633008  |
| Nasdaq, Inc. | 4297 | 407098  |
| Northern Trust Corp. | 257 | 33739  |
| Raymond James Financial, Inc. | 4374 | 741131  |

---

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

7<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Capital Markets - (Continued)** | **Capital Markets - (Continued)** | **Capital Markets - (Continued)** |
| S&P Global, Inc. | 4385 | $2404909  |
| State Street Corp. | 1803 | 207291  |
| T Rowe Price Group, Inc. | 267 | 28734  |
|  |  | 22972997  |
| **Chemicals - 1.5%** | **Chemicals - 1.5%** |  |
| Air Products and Chemicals, Inc. | 3245 | 954387  |
| Albemarle Corp. | 1488 | 126361  |
| CF Industries Holdings, Inc. | 11990 | 1038694  |
| Corteva, Inc. | 5960 | 442172  |
| Dow, Inc. | 1643 | 40467  |
| DuPont de Nemours, Inc. | 9433 | 725586  |
| Eastman Chemical Co. | 219 | 15404  |
| Ecolab, Inc. | 3146 | 871568  |
| International Flavors & Fragrances, Inc. | 1917 | 129417  |
| Linde PLC | 7559 | 3615394  |
| LyondellBasell Industries NV - Class A | 149 | 8396  |
| Mosaic Co. | 5693 | 190146  |
| PPG Industries, Inc. | 403 | 44826  |
| Sherwin-Williams Co. | 2950 | 1079199  |
|  |  | 9282017  |
| **Commercial Services & Supplies - 0.5%** | **Commercial Services & Supplies - 0.5%** |  |
| Cintas Corp. | 3385 | 710952  |
| Copart, Inc.<sup>(a)</sup> | 7336 | 358070  |
| Republic Services, Inc. | 1504 | 351891  |
| Rollins, Inc. | 2249 | 127158  |
| Veralto Corp. | 3175 | 337153  |
| Waste Management, Inc. | 4282 | 969402  |
|  |  | 2854626  |
| **Communications Equipment - 1.5%** | **Communications Equipment - 1.5%** |  |
| Arista Networks, Inc.<sup>(a)</sup> | 26324 | 3594542  |
| Cisco Systems, Inc. | 64749 | 4473508  |
| F5, Inc.<sup>(a)</sup> | 40 | 12526  |
| Motorola Solutions, Inc. | 3020 | 1426829  |
|  |  | 9507405  |
| **Construction & Engineering - 0.3%** | **Construction & Engineering - 0.3%** |  |
| Quanta Services, Inc. | 5345 | 2020196  |
| **Construction Materials - 0.1%** | **Construction Materials - 0.1%** |  |
| Martin Marietta Materials, Inc. | 195 | 120198  |
| Vulcan Materials Co. | 1809 | 526708  |
|  |  | 646906  |
| **Consumer Finance - 0.8%** | **Consumer Finance - 0.8%** |  |
| American Express Co. | 8962 | 2968931  |
| Capital One Financial Corp. | 7327 | 1664841  |
| Synchrony Financial | 5619 | 428955  |
|  |  | 5062727  |
| **Consumer Staples Distribution & Retail - 2.1%** | **Consumer Staples Distribution & Retail - 2.1%** |  |
| Costco Wholesale Corp. | 4213 | 3974207  |
| Dollar General Corp. | 4623 | 502798  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Dollar Tree, Inc.<sup>(a)</sup> | 355 | $38755  |
| Kroger Co. | 25340 | 1719066  |
| Sysco Corp. | 9222 | 742094  |
| Target Corp. | 4780 | 458784  |
| Walmart, Inc. | 58158 | 5640163  |
|  |  | 13075867  |
| **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** |  |
| Amcor PLC | 4990 | 43064  |
| Avery Dennison Corp. | 49 | 8411  |
| Ball Corp. | 5260 | 276886  |
| International Paper Co. | 1800 | 89424  |
| Packaging Corp. of America | 170 | 37053  |
| Smurfit WestRock PLC | 597 | 28274  |
|  |  | 483112  |
| **Distributors - 0.1%** | **Distributors - 0.1%** |  |
| Genuine Parts Co. | 5238 | 729810  |
| LKQ Corp. | 508 | 16571  |
| Pool Corp. | 14 | 4350  |
|  |  | 750731  |
| **Diversified Telecommunication Services - 1.1%** | **Diversified Telecommunication Services - 1.1%** |  |
| AT&T, Inc. | 130174 | 3812796  |
| Verizon Communications, Inc. | 65668 | 2904496  |
|  |  | 6717292  |
| **Electric Utilities - 1.3%** | **Electric Utilities - 1.3%** |  |
| Alliant Energy Corp. | 196 | 12754  |
| American Electric Power Co., Inc. | 6598 | 732510  |
| Constellation Energy Corp. | 3254 | 1002167  |
| Duke Energy Corp. | 10817 | 1324974  |
| Edison International | 2954 | 165808  |
| Entergy Corp. | 4098 | 360993  |
| Evergy, Inc. | 1845 | 131475  |
| Eversource Energy | 2155 | 138071  |
| Exelon Corp. | 9843 | 429942  |
| FirstEnergy Corp. | 10319 | 450115  |
| NextEra Energy, Inc. | 28571 | 2058541  |
| NRG Energy, Inc. | 429 | 62445  |
| PG&E Corp. | 5166 | 78936  |
| Pinnacle West Capital Corp. | 27 | 2413  |
| PPL Corp. | 1081 | 39424  |
| Southern Co. | 10948 | 1010500  |
| Xcel Energy, Inc. | 2919 | 211306  |
|  |  | 8212374  |
| **Electrical Equipment - 0.8%** | **Electrical Equipment - 0.8%** |  |
| AMETEK, Inc. | 3447 | 637006  |
| Eaton Corp. PLC | 4238 | 1479655  |
| Emerson Electric Co. | 5061 | 668052  |
| GE Vernova, Inc. | 3236 | 1983571  |
| Generac Holdings, Inc.<sup>(a)</sup> | 15 | 2779  |
| Hubbell, Inc. | 39 | 16809  |
| Rockwell Automation, Inc. | 1052 | 361288  |
|  |  | 5149160  |

---

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

8<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 0.6%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 0.6%** |  |
| Amphenol Corp. - Class A | 15349 | $1670892  |
| CDW Corp. | 595 | 98032  |
| Corning, Inc. | 10411 | 697849  |
| Jabil, Inc. | 116 | 23760  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 2393 | 391088  |
| Ralliant Corp.<sup>(a)</sup> | 348 | 14550  |
| TE Connectivity PLC | 2246 | 463799  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 132 | 71039  |
| Trimble, Inc.<sup>(a)</sup> | 219 | 17700  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 737 | 233695  |
|  |  | 3682404  |
| **Energy Equipment & Services - 0.3%** | **Energy Equipment & Services - 0.3%** |  |
| Baker Hughes Co. | 28457 | 1291948  |
| Halliburton Co. | 11788 | 267941  |
| Schlumberger NV | 17133 | 631180  |
|  |  | 2191069  |
| **Entertainment - 1.8%** | **Entertainment - 1.8%** |  |
| Electronic Arts, Inc. | 2121 | 364706  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 306 | 50946  |
| Netflix, Inc.<sup>(a)</sup> | 6001 | 7250708  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 1385 | 323079  |
| TKO Group Holdings, Inc. – Class A | 16 | 3033  |
| Walt Disney Co. | 27525 | 3258410  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 24411 | 284144  |
|  |  | 11535026  |
| **Financial Services - 4.1%** | **Financial Services - 4.1%** |  |
| Apollo Global Management, Inc. | 5710 | 777873  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 17303 | 8703063  |
| Block, Inc.<sup>(a)</sup> | 897 | 71437  |
| Corpay, Inc.<sup>(a)</sup> | 73 | 23774  |
|  Fidelity National Information Services, Inc. | 5198 | 362872  |
| Fiserv, Inc.<sup>(a)</sup> | 7453 | 1029856  |
| Global Payments, Inc. | 766 | 68036  |
| Jack Henry & Associates, Inc. | 16 | 2612  |
| Mastercard, Inc. - Class A | 10800 | 6429132  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 13253 | 930228  |
| Visa, Inc. - Class A | 21389 | 7524223  |
|  |  | 25923106  |
| **Food Products - 0.3%** | **Food Products - 0.3%** |  |
| Archer-Daniels-Midland Co. | 3908 | 244797  |
| Bunge Global SA | 28 | 2358  |
| Conagra Brands, Inc. | 3922 | 75028  |
| General Mills, Inc. | 1280 | 63142  |
| Hershey Co. | 1954 | 359048  |
| Hormel Foods Corp. | 682 | 17350  |
| J M Smucker Co. | 764 | 84430  |
| Kellanova | 306 | 24327  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Kraft Heinz Co. | 7443 | $208181  |
| Lamb Weston Holdings, Inc. | 576 | 33137  |
| McCormick & Co., Inc. | 556 | 39126  |
| Mondelez International, Inc. - Class A | 12346 | 758538  |
| The Campbell's Co. | 1645 | 52525  |
| Tyson Foods, Inc. - Class A | 1031 | 58540  |
|  |  | 2020527  |
| **Gas Utilities - 0.1%** | **Gas Utilities - 0.1%** |  |
| Atmos Energy Corp. | 5308 | 881818  |
| **Ground Transportation - 0.9%** | **Ground Transportation - 0.9%** |  |
| CSX Corp. | 23892 | 776729  |
| JB Hunt Transport Services, Inc. | 2277 | 330142  |
| Norfolk Southern Corp. | 1928 | 539801  |
| Old Dominion Freight Line, Inc. | 1669 | 251969  |
| Uber Technologies, Inc.<sup>(a)</sup> | 22143 | 2075906  |
| Union Pacific Corp. | 7850 | 1755025  |
|  |  | 5729572  |
| **Health Care Equipment & Supplies - 2.5%** | **Health Care Equipment & Supplies - 2.5%** |  |
| Abbott Laboratories | 25897 | 3435496  |
| Align Technology, Inc.<sup>(a)</sup> | 79 | 11215  |
| Baxter International, Inc. | 1136 | 28048  |
| Becton Dickinson & Co. | 3486 | 672728  |
| Boston Scientific Corp.<sup>(a)</sup> | 20216 | 2132788  |
| Cooper Cos., Inc.<sup>(a)</sup> | 1492 | 100553  |
| Dexcom, Inc.<sup>(a)</sup> | 639 | 48142  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 7969 | 648199  |
| GE HealthCare Technologies, Inc. | 4160 | 306717  |
| Hologic, Inc.<sup>(a)</sup> | 301 | 20203  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 2809 | 1817676  |
| Insulet Corp.<sup>(a)</sup> | 864 | 293656  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 4980 | 2357009  |
| Medtronic PLC | 16670 | 1547143  |
| ResMed, Inc. | 1265 | 347255  |
| Solventum Corp.<sup>(a)</sup> | 233 | 17030  |
| STERIS PLC | 1224 | 299954  |
| Stryker Corp. | 4401 | 1722595  |
| Zimmer Biomet Holdings, Inc. | 209 | 22175  |
|  |  | 15828582  |
| **Health Care Providers & Services - 2.1%** | **Health Care Providers & Services - 2.1%** |  |
| Cardinal Health, Inc. | 14905 | 2217566  |
| Cencora, Inc. | 6520 | 1901297  |
| Centene Corp.<sup>(a)</sup> | 1173 | 34064  |
| Cigna Group | 2783 | 837321  |
| CVS Health Corp. | 14454 | 1057310  |
| DaVita, Inc.<sup>(a)</sup> | 14 | 1929  |
| Elevance Health, Inc. | 484 | 154227  |
| HCA Healthcare, Inc. | 3326 | 1343571  |
| Henry Schein, Inc.<sup>(a)</sup> | 27 | 1879  |
| Humana, Inc. | 304 | 92313  |
| Labcorp Holdings, Inc. | 1759 | 488984  |
| McKesson Corp. | 1386 | 951683  |

---

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

9<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Health Care Providers & Services - (Continued)** | **Health Care Providers & Services - (Continued)** | **Health Care Providers & Services - (Continued)** |
| Molina Healthcare, Inc.<sup>(a)</sup> | 111 | $20072  |
| Quest Diagnostics, Inc. | 99 | 17982  |
| UnitedHealth Group, Inc. | 12439 | 3854473  |
| Universal Health Services, Inc. - Class B | 267 | 48482  |
|  |  | 13023153  |
| **Hotels, Restaurants & Leisure - 2.3%** | **Hotels, Restaurants & Leisure - 2.3%** |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 3708 | 484005  |
| Booking Holdings, Inc. | 367 | 2054851  |
| Caesars Entertainment, Inc.<sup>(a)</sup> | 27 | 723  |
| Carnival Corp.<sup>(a)</sup> | 12402 | 395500  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 13120 | 552877  |
| Darden Restaurants, Inc. | 2527 | 522937  |
| Domino's Pizza, Inc. | 38 | 17415  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 3859 | 946420  |
| Expedia Group, Inc. – Class A | 250 | 53700  |
| Hilton Worldwide Holdings, Inc. | 2437 | 672758  |
| Las Vegas Sands Corp. | 294 | 16943  |
| Marriott International Inc. - Class A | 7568 | 2027164  |
| McDonald's Corp. | 10687 | 3350802  |
| MGM Resorts International<sup>(a)</sup> | 50 | 1985  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 2403 | 59691  |
| Royal Caribbean Cruises Ltd. | 4827 | 1753263  |
| Starbucks Corp. | 14097 | 1243214  |
| Wynn Resorts Ltd. | 25 | 3169  |
| Yum! Brands, Inc. | 2943 | 432533  |
|  |  | 14589950  |
| **Household Durables - 0.6%** | **Household Durables - 0.6%** |  |
| DR Horton, Inc. | 2832 | 479968  |
| Garmin Ltd. | 5139 | 1242713  |
| Lennar Corp. - Class A | 9208 | 1225953  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 62 | 8227  |
| NVR, Inc.<sup>(a)</sup> | 42 | 340941  |
| PulteGroup, Inc. | 4051 | 534813  |
|  |  | 3832615  |
| **Household Products - 0.8%** | **Household Products - 0.8%** |  |
| Church & Dwight Co., Inc. | 1145 | 106668  |
| Clorox Co. | 432 | 51063  |
| Colgate-Palmolive Co. | 9576 | 805054  |
| Kimberly-Clark Corp. | 4144 | 535156  |
| Procter & Gamble Co. | 20848 | 3273970  |
|  |  | 4771911  |
|  **Independent Power and Renewable Electricity Producers - 0.1%** | **Independent Power and Renewable Electricity Producers - 0.1%** |  |
| AES Corp. | 998 | 13513  |
| Vistra Corp. | 2843 | 537640  |
|  |  | 551153  |
| **Industrial Conglomerates - 0.5%** | **Industrial Conglomerates - 0.5%** |  |
| 3M Co. | 6844 | 1064447  |
| Honeywell International, Inc. | 9015 | 1978793  |
|  |  | 3043240  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Insurance - 2.4%** | **Insurance - 2.4%** |  |
| Aflac, Inc. | 7532 | $804870  |
| Allstate Corp. | 2901 | 590209  |
| American International Group, Inc. | 13646 | 1109693  |
| Aon PLC - Class A | 3270 | 1200090  |
| Arch Capital Group Ltd. | 1034 | 94642  |
| Arthur J Gallagher & Co. | 2477 | 749912  |
| Assurant, Inc. | 15 | 3234  |
| Brown & Brown, Inc. | 316 | 30636  |
| Chubb Ltd. | 7091 | 1950521  |
| Cincinnati Financial Corp. | 1893 | 290765  |
| Erie Indemnity Co. - Class A | 13 | 4607  |
| Everest Group Ltd. | 1090 | 372649  |
| Globe Life, Inc. | 176 | 24631  |
| Hartford Insurance Group, Inc. | 3067 | 405795  |
| Loews Corp. | 498 | 48206  |
| Marsh & McLennan Cos., Inc. | 9141 | 1881309  |
| MetLife, Inc. | 4965 | 403952  |
| Principal Financial Group, Inc. | 5272 | 424449  |
| Progressive Corp. | 8173 | 2019221  |
| Prudential Financial, Inc. | 3425 | 375586  |
| Travelers Cos., Inc. | 2241 | 608454  |
| W R Berkley Corp. | 19819 | 1420824  |
| Willis Towers Watson PLC | 233 | 76142  |
|  |  | 14890397  |
| **Interactive Media & Services - 6.4%** | **Interactive Media & Services - 6.4%** |  |
| Alphabet, Inc. - Class A | 41266 | 8785944  |
| Alphabet, Inc. - Class C | 55210 | 11788991  |
| Match Group, Inc. | 1316 | 49139  |
| Meta Platforms, Inc. - Class A | 26078 | 19263819  |
|  |  | 39887893  |
| **IT Services - 1.0%** | **IT Services - 1.0%** |  |
| Accenture PLC - Class A | 6897 | 1793013  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 1084 | 85777  |
|  Cognizant Technology Solutions Corp. - Class A | 5944 | 429454  |
| EPAM Systems, Inc.<sup>(a)</sup> | 15 | 2645  |
| Gartner, Inc.<sup>(a)</sup> | 766 | 192411  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 161 | 23878  |
| International Business Machines Corp. | 14624 | 3560798  |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 64 | 2035  |
| VeriSign, Inc. | 192 | 52487  |
|  |  | 6142498  |
| **Leisure Products - 0.0%<sup>(b)</sup>** | **Leisure Products - 0.0%<sup>(b)</sup>** |  |
| Hasbro, Inc. | 621 | 50407  |
| **Life Sciences Tools & Services - 0.9%** | **Life Sciences Tools & Services - 0.9%** |  |
| Agilent Technologies, Inc. | 1830 | 229958  |
| Bio-Techne Corp. | 429 | 23436  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 130 | 21230  |
| Danaher Corp. | 7910 | 1628036  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 1451 | 276865  |

---

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

10<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Life Sciences Tools & Services - (Continued)** | **Life Sciences Tools & Services - (Continued)** | **Life Sciences Tools & Services - (Continued)** |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 94 | $122298  |
| Revvity, Inc. | 27 | 2433  |
| Thermo Fisher Scientific, Inc. | 4815 | 2372447  |
| Waters Corp.<sup>(a)</sup> | 775 | 233895  |
| West Pharmaceutical Services, Inc. | 3267 | 806786  |
|  |  | 5717384  |
| **Machinery - 1.7%** | **Machinery - 1.7%** |  |
| Caterpillar, Inc. | 6608 | 2769016  |
| Cummins, Inc. | 703 | 280103  |
| Deere & Co. | 4187 | 2004066  |
| Dover Corp. | 399 | 71365  |
| Fortive Corp. | 3277 | 156837  |
| IDEX Corp. | 25 | 4113  |
| Illinois Tool Works, Inc. | 2959 | 783099  |
| Ingersoll Rand, Inc. | 3368 | 267520  |
| Nordson Corp. | 15 | 3376  |
| Otis Worldwide Corp. | 4589 | 396398  |
| PACCAR, Inc. | 5763 | 576185  |
| Parker-Hannifin Corp. | 1522 | 1155731  |
| Pentair PLC | 122 | 13119  |
| Snap-on, Inc. | 302 | 98222  |
| Stanley Black & Decker, Inc. | 2773 | 206006  |
|  Westinghouse Air Brake Technologies Corp. | 7793 | 1507946  |
| Xylem, Inc. | 2134 | 302089  |
|  |  | 10595191  |
| **Media - 0.5%** | **Media - 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. - <br>Class A<sup>(a)</sup> | 264 | 70113  |
| Comcast Corp. - Class A | 39726 | 1349492  |
| Fox Corp. - Class A | 54 | 3224  |
| Fox Corp. - Class B | 28 | 1527  |
| Interpublic Group of Cos., Inc. | 640 | 17178  |
| News Corp. - Class A | 29811 | 876742  |
| News Corp. - Class B | 14398 | 487660  |
| Omnicom Group, Inc. | 4877 | 382015  |
| Paramount Skydance Corp. – Class B<sup>(a)</sup> | 127 | 1867  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 682 | 37278  |
|  |  | 3227096  |
| **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** |  |
| Freeport-McMoRan, Inc. | 12469 | 553624  |
| Newmont Corp. | 11958 | 889675  |
| Nucor Corp. | 6499 | 966596  |
| Steel Dynamics, Inc. | 113 | 14794  |
|  |  | 2424689  |
| **Multi-Utilities - 0.5%** | **Multi-Utilities - 0.5%** |  |
| Ameren Corp. | 2864 | 285770  |
| CenterPoint Energy, Inc. | 13183 | 497131  |
| CMS Energy Corp. | 340 | 24334  |
| Consolidated Edison, Inc. | 6281 | 616983  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Dominion Energy, Inc. | 9643 | $577616  |
| DTE Energy Co. | 1952 | 266741  |
| NiSource, Inc. | 6197 | 261947  |
| Public Service Enterprise Group, Inc. | 5064 | 416919  |
| Sempra | 4254 | 351210  |
| WEC Energy Group, Inc. | 971 | 103421  |
|  |  | 3402072  |
| **Oil, Gas & Consumable Fuels - 2.8%** | **Oil, Gas & Consumable Fuels - 2.8%** |  |
| APA Corp. | 1687 | 39172  |
| Chevron Corp. | 26451 | 4248031  |
| ConocoPhillips | 15991 | 1582629  |
| Coterra Energy, Inc. | 5689 | 139039  |
| Devon Energy Corp. | 13285 | 479589  |
| Diamondback Energy, Inc. | 6948 | 1033584  |
| EOG Resources, Inc. | 9320 | 1163322  |
| EQT Corp. | 1376 | 71332  |
| Expand Energy Corp. | 234 | 22647  |
| Exxon Mobil Corp. | 19885 | 2272657  |
| Kinder Morgan, Inc. | 49428 | 1333567  |
| Marathon Petroleum Corp. | 3131 | 562672  |
| Occidental Petroleum Corp. | 12540 | 597029  |
| ONEOK, Inc. | 10624 | 811461  |
| Phillips 66 | 4648 | 620880  |
| Targa Resources Corp. | 709 | 118942  |
| Texas Pacific Land Corp. | 29 | 27071  |
| Valero Energy Corp. | 9800 | 1489698  |
| Williams Cos., Inc. | 16032 | 927932  |
|  |  | 17541254  |
| **Paper & Forest Products - 0.0%<sup>(b)</sup>** | **Paper & Forest Products - 0.0%<sup>(b)</sup>** |  |
| Sylvamo Corp. | 35 | 1615  |
| **Passenger Airlines - 0.2%** | **Passenger Airlines - 0.2%** |  |
| Delta Air Lines, Inc. | 6800 | 420104  |
| Southwest Airlines Co. | 4541 | 149399  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 4570 | 479850  |
|  |  | 1049353  |
| **Personal Care Products - 0.1%** | **Personal Care Products - 0.1%** |  |
| Estee Lauder Cos., Inc. - Class A | 4626 | 424343  |
| Kenvue, Inc. | 9403 | 194736  |
|  |  | 619079  |
| **Pharmaceuticals - 2.6%** | **Pharmaceuticals - 2.6%** |  |
| Bristol-Myers Squibb Co. | 19733 | 931003  |
| Eli Lilly & Co. | 10076 | 7381476  |
| Johnson & Johnson | 23800 | 4216646  |
| Merck & Co., Inc. | 32794 | 2758631  |
| Pfizer, Inc. | 17333 | 429165  |
| Viatris, Inc. | 5076 | 53552  |
| Zoetis, Inc. | 3545 | 554438  |
|  |  | 16324911  |
| **Professional Services - 0.8%** | **Professional Services - 0.8%** |  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 3004 | 74950  |
| Automatic Data Processing, Inc. | 6081 | 1848928  |

---

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

11<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Professional Services - (Continued)** | **Professional Services - (Continued)** |  |
| Broadridge Financial Solutions, Inc. | 337 | $86144  |
| Dayforce, Inc.<sup>(a)</sup> | 2041 | 142401  |
| Equifax, Inc. | 463 | 114037  |
| Jacobs Solutions, Inc. | 3880 | 567372  |
| Leidos Holdings, Inc. | 243 | 43964  |
| Paychex, Inc. | 4223 | 588918  |
| Paycom Software, Inc. | 74 | 16809  |
| Verisk Analytics, Inc. | 5166 | 1385108  |
|  |  | 4868631  |
| **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 3167 | 513434  |
| CoStar Group, Inc.<sup>(a)</sup> | 1185 | 106046  |
|  |  | 619480  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 12.7%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 12.7%** |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 24537 | 3990452  |
| Analog Devices, Inc. | 5975 | 1501577  |
| Applied Materials, Inc. | 10214 | 1642003  |
| Broadcom, Inc. | 51311 | 15259378  |
| Enphase Energy, Inc.<sup>(a)</sup> | 171 | 6447  |
| First Solar, Inc.<sup>(a)</sup> | 1364 | 266239  |
| Intel Corp.<sup>(a)</sup> | 9102 | 221634  |
| KLA Corp. | 2115 | 1844280  |
| Lam Research Corp. | 18971 | 1899946  |
| Microchip Technology, Inc. | 10357 | 673205  |
| Micron Technology, Inc. | 12958 | 1542132  |
| Monolithic Power Systems, Inc. | 1285 | 1073952  |
| NVIDIA Corp. | 249325 | 43427428  |
| NXP Semiconductors NV | 2387 | 560587  |
| ON Semiconductor Corp.<sup>(a)</sup> | 1401 | 69476  |
| QUALCOMM, Inc. | 16577 | 2664421  |
| Skyworks Solutions, Inc. | 1077 | 80710  |
| Teradyne, Inc. | 1496 | 176887  |
| Texas Instruments, Inc. | 12886 | 2609157  |
|  |  | 79509911  |
| **Software - 10.9%** | **Software - 10.9%** |  |
| Adobe, Inc.<sup>(a)</sup> | 5697 | 2032120  |
| Autodesk, Inc.<sup>(a)</sup> | 3876 | 1219777  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 3349 | 1173590  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 3131 | 1326605  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 40 | 5467  |
| Fair Isaac Corp.<sup>(a)</sup> | 327 | 497576  |
| Fortinet, Inc.<sup>(a)</sup> | 9248 | 728465  |
| Gen Digital, Inc. | 478 | 14436  |
| Intuit, Inc. | 4594 | 3064198  |
| Microsoft Corp. | 74448 | 37722057  |
| Oracle Corp. | 26249 | 5935686  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 33886 | 5310275  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 8848 | 1685721  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| PTC, Inc.<sup>(a)</sup> | 3582 | $764757  |
| Roper Technologies, Inc. | 737 | 387891  |
| Salesforce, Inc. | 10893 | 2791331  |
| ServiceNow, Inc.<sup>(a)</sup> | 2709 | 2485399  |
| Synopsys, Inc.<sup>(a)</sup> | 962 | 580586  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 431 | 242601  |
| Workday, Inc. - Class A<sup>(a)</sup> | 809 | 186734  |
|  |  | 68155272  |
| **Specialty Retail - 2.4%** | **Specialty Retail - 2.4%** |  |
| AutoZone, Inc.<sup>(a)</sup> | 234 | 982456  |
| Best Buy Co., Inc. | 76 | 5597  |
| CarMax, Inc.<sup>(a)</sup> | 245 | 15031  |
| Home Depot, Inc. | 13846 | 5632137  |
| Lowe's Cos., Inc. | 8546 | 2205381  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 10657 | 1104918  |
| Ross Stores, Inc. | 12997 | 1912639  |
| TJX Cos., Inc. | 14248 | 1946419  |
| Tractor Supply Co. | 6320 | 390323  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 955 | 470557  |
| Williams-Sonoma, Inc. | 160 | 30110  |
|  |  | 14695568  |
| &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 3.2%** | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 3.2%** |  |
| Apple, Inc. | 72384 | 16803222  |
| Dell Technologies, Inc. - Class C | 3910 | 477606  |
| Hewlett Packard Enterprise Co. | 25314 | 571337  |
| HP, Inc. | 14339 | 409235  |
| NetApp, Inc. | 1586 | 178885  |
| Seagate Technology Holdings PLC | 4476 | 749282  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 2140 | 88896  |
| Western Digital Corp. | 6047 | 485816  |
|  |  | 19764279  |
| **Textiles, Apparel & Luxury Goods - 0.3%** | **Textiles, Apparel & Luxury Goods - 0.3%** |  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 98 | 11724  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 124 | 25073  |
| NIKE, Inc. - Class B | 14933 | 1155366  |
| Ralph Lauren Corp. – Class A | 177 | 52556  |
| Tapestry, Inc. | 5779 | 588418  |
|  |  | 1833137  |
| **Tobacco - 0.9%** | **Tobacco - 0.9%** |  |
| Altria Group, Inc. | 21791 | 1464573  |
| Philip Morris International, Inc. | 24643 | 4118585  |
|  |  | 5583158  |
| **Trading Companies & Distributors - 0.5%** | **Trading Companies & Distributors - 0.5%** |  |
| Fastenal Co. | 14294 | 709840  |
| United Rentals, Inc. | 333 | 318461  |
| WW Grainger, Inc. | 2080 | 2108080  |
|  |  | 3136381  |
| **Water Utilities - 0.0%<sup>(b)</sup>** | **Water Utilities - 0.0%<sup>(b)</sup>** |  |
| American Water Works Co., Inc. | 863 | 123849  |

---

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

12<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Wireless Telecommunication Services - 0.2%** | **Wireless Telecommunication Services - 0.2%** |  |
| T-Mobile US, Inc. | 5932 | $1494805  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $302,792,224)** |  | 612606027  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 2.0%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 2.0%** |  |
| **Health Care REITs - 0.3%** | **Health Care REITs - 0.3%** |  |
| Alexandria Real Estate Equities, Inc. | 914 | 75350  |
| Healthpeak Properties, Inc. | 2854 | 51201  |
| Ventas, Inc. | 5728 | 389962  |
| Welltower, Inc. | 8383 | 1410691  |
|  |  | 1927204  |
| **Hotel & Resort REITs - 0.0%<sup>(b)</sup>** | **Hotel & Resort REITs - 0.0%<sup>(b)</sup>** |  |
| Host Hotels & Resorts, Inc. | 200 | 3442  |
| **Industrial REITs - 0.2%** | **Industrial REITs - 0.2%** |  |
| Prologis, Inc. | 9005 | 1024589  |
| **Office REITs - 0.0%<sup>(b)</sup>** | **Office REITs - 0.0%<sup>(b)</sup>** |  |
| BXP, Inc. | 508 | 36835  |
| **Residential REITs - 0.1%** | **Residential REITs - 0.1%** |  |
| AvalonBay Communities, Inc. | 404 | 79123  |
| Camden Property Trust | 284 | 31802  |
| Equity Residential | 937 | 61954  |
| Essex Property Trust, Inc. | 136 | 36749  |
| Invitation Homes, Inc. | 1257 | 39332  |
|  Mid-America Apartment Communities, Inc. | 627 | 91429  |
| UDR, Inc. | 678 | 26829  |
|  |  | 367218  |
| **Retail REITs - 0.4%** | **Retail REITs - 0.4%** |  |
| Federal Realty Investment Trust | 309 | 31070  |
| Kimco Realty Corp. | 2752 | 61892  |
| Realty Income Corp. | 7188 | 422367  |
| Regency Centers Corp. | 342 | 24795  |
| Simon Property Group, Inc. | 9802 | 1770829  |
|  |  | 2310953  |
| **Specialized REITs - 1.0%** | **Specialized REITs - 1.0%** |  |
| American Tower Corp. | 5506 | 1122398  |
| Crown Castle, Inc. | 7093 | 703200  |
| Digital Realty Trust, Inc. | 4468 | 749016  |
| Equinix, Inc. | 966 | 759460  |
| Extra Space Storage, Inc. | 1928 | 276822  |
| Iron Mountain, Inc. | 22395 | 2067730  |
| Public Storage | 1990 | 586234  |
| SBA Communications Corp. | 243 | 49779  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| VICI Properties, Inc. | 3732 | $126067  |
| Weyerhaeuser Co. | 2644 | 68400  |
|  |  | 6509106  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $8,157,749)** |  | 12179347  |
| **CONTINGENT VALUE RIGHTS - 0.0%<sup>(b)</sup>**<br>|  |  |
|  Sycamore Partners LLC, Exercise Price $0.00<sup>(a)(c)</sup> | 4913 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONTINGENT VALUE RIGHTS** <br>**(Cost $0)** |  | 0  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **Money Market Funds - 0.0%<sup>(b)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 4.20%<sup>(d)</sup> | 288711 | 288711  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $288,711)** |  | 288711  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $311,238,684)** |  | $625074085  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(b)</sup> |  | 32182  |
| **TOTAL NET ASSETS - 100.0%** |  | $625106267 |

---

Percentages are stated as a percent of net assets.

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

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

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

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of August 31, 2025.

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

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

13<br>

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**STATEMENTS OF ASSETS AND LIABILITIES** 

**August 31, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Tema American** <br>**Reshoring** <br>**ETF** | **Tema** <br>**Durable Quality** <br>**ETF** | **Tema** <br>**Electrification** <br>**ETF** | **Tema** <br>**Heart & Health** <br>**ETF** | **Tema** <br>**Oncology** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $166529815 | $58787034 | $121511436 | $51246674 | $72492994  |
| Dividends receivable | 137032 | 32843 | 306894 | 35521 | 41119  |
| Dividend tax reclaims receivable | 40167 | 2745 | 24771 | 43156 | 30094  |
| Receivable for fund shares sold |  |  |  | 1483425 | 2125848  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 166707014 | 58822622 | 121843101 | 52808776 | 74690055  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to adviser | 103456 | 27595 | 76060 | 30694 | 43876  |
| Payable for investments purchased |  |  |  | 1451499 | 2101664  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 103456 | 27595 | 76060 | 1482193 | 2145540  |
| **NET ASSETS** | $166603558 | $58795027 | $121767041 | $51326583 | $72544515  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $153890721 | $53868867 | $107208113 | $58338005 | $69230886  |
|  Total distributable earnings/ (accumulated losses) | 12712837 | 4926160 | 14558928 | (7011422) | 3313629  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $166603558 | $58795027 | $121767041 | $51326583 | $72544515  |
| Net assets | $166603558 | $58795027 | $121767041 | $51326583 | $72544515  |
| Shares issued and outstanding<sup>(a)</sup> | 3970000 | 1730000 | 4490000 | 1730000 | 2730000  |
| Net asset value per share | $41.97 | $33.99 | $27.12 | $29.67 | $26.57  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $148875226 | $53000065 | $107217772 | $51366468 | $66817672 |

---

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

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

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**STATEMENTS OF ASSETS AND LIABILITIES** 

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

---

| | |
|:---|:---|
|  | **Tema S&P 500<sup>®</sup>** <br>**Historical Weight** <br>**ETF Strategy**  |
| **ASSETS:**<br>|  |
| Investments, at value | $625074085 |
| Receivable for fund shares sold | 13277712  |
| Dividends receivable | 152800  |
| Dividend tax reclaims receivable | 371  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 638504968  |
| **LIABILITIES:**<br>|  |
| Payable for investments purchased | 13376181  |
| Payable to adviser | 22520  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 13398701  |
| **NET ASSETS** | $625106267 |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $617187705 |
| Total distributable earnings | 7918562  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $625106267 |
| Net assets | $625106267 |
| Shares issued and outstanding<sup>(a)</sup> | 11299057  |
| Net asset value per share | $55.32  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $311238684 |

---

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

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

15<br>

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

**STATEMENTS OF OPERATIONS** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Tema American** <br>**Reshoring** <br>**ETF** | **Tema** <br>**Durable Quality** <br>**ETF** | **Tema** <br>**Electrification** <br>**ETF** | **Tema** <br>**Heart &** <br>**Health ETF** | **Tema** <br>**Oncology** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $1121550 | $316823 | $832539 | $501297 | $445234  |
| Dividend tax reclaim | 86206 |  |  | 47340 | 43321  |
| Less: Dividend withholding taxes | (125245) | (15937) | (36827) | (86988) | (86865)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1082511 | 300886 | 795712 | 461649 | 401690  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 799675 | 153224 | 311343 | 264571 | 335672  |
| Tax expense |  | 89 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 799675 | 153313 | 311343 | 264571 | 335672  |
| Expense reimbursement by Adviser | (195025) |  |  | (64385) | (81559)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 604650 | 153313 | 311343 | 200186 | 254113  |
| **Net investment income** | 477861 | 147573 | 484369 | 261463 | 147577  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (4227605) | (1430769) | 912130 | (1133718) | (947210)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | (708074) | 440447 | 344886 | 786384 | 1579233  |
| &nbsp;&nbsp;&nbsp; Foreign currency transaction | (38003) | (1792) | 3864 | (2275) | (5383)  |
| Net realized gain (loss) | (4973682) | (992114) | 1260880 | (349609) | 626640  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 17694256 | 2369878 | 16215564 | (2947437) | 2162870  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 3029 | 49 | 2040 | 2625 | 2383  |
|  Net change in unrealized appreciation (depreciation) | 17697285 | 2369927 | 16217604 | (2944812) | 2165253  |
| **Net realized and unrealized gain (loss)** | 12723603 | 1377813 | 17478484 | (3294421) | 2791893  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $13201464 | $1525386 | $17962853 | $(3032958) | $2939470 |

---

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

16<br>

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**STATEMENTS OF OPERATIONS** 

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

---

| | |
|:---|:---|
|  | **Tema S&P 500<sup>®</sup>** <br>**Historical Weight** <br>**ETF Strategy<sup>(a)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | &nbsp;&nbsp;&nbsp; $172282  |
| Less: Dividend withholding taxes | &nbsp;&nbsp;&nbsp; (7)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 172275  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 24796  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 24796  |
| **Net investment income** | &nbsp;&nbsp;&nbsp; 147479  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 14891  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 14891  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 7764403<sup>(b)</sup>  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 7764403  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 7779294  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $7926773 |

---

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

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

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

17<br>

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**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tema American Reshoring ETF** | **Tema American Reshoring ETF** | **Tema Durable Quality ETF**  | **Tema Durable Quality ETF**  |
|  | **Period Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Period Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $477861 | $162099 | $147573 | $61337  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4973682) | 1298086 | (992114) | 189094  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 17697285 | (2871516) | 2369927 | 2056053  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 13201464 | (1411331) | 1525386 | 2306484  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | (367594) |  | (246800)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (367594) |  | (246800)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 7047929 | 211477891 | 5893320 | 43640654  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (71113076) | (4859741) | (1700090) | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (64065147) | 206618150 | 4193230 | 43640654  |
| **Net increase (decrease) in net assets** | (50863683) | 204839225 | 5718616 | 45700338  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 217467241 | 12628016 | 53076411 | 7376073  |
| &nbsp;&nbsp;&nbsp; End of the period | $166603558 | $217467241 | $58795027 | $53076411  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 170000 | 5710000 | 180000 | 1360000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2150000) | (130000) | (50000) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1980000) | 5580000 | 130000 | 1360000 |

---

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

18<br>

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tema Electrification ETF** | **Tema Electrification ETF** | **Tema Heart & Health ETF**  | **Tema Heart & Health ETF**  |
|  | **Period Ended** <br>**August 31, 2025** <br>(Unaudited) | **Period Ended** <br>**February 28,** <br>**2025<sup>(a)</sup>** | **Period Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $484369 | $48915 | $261463 | $(107763)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1260880 | (1530023) | (349609) | (3247908)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 16217604 | (1922043) | (2944812) | (2468371)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 17962853 | (3403151) | (3032958) | (5824042)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | (774) |  | (1163896)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (774) |  | (1163896)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 50353690 | 59342161 | 1483425 | 41640992  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2487738) |  | (11907568) | (17768292)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 47865952 | 59342161 | (10424143) | 23872700  |
| **Net increase (decrease) in net assets** | 65828805 | 55938236 | (13457101) | 16884762  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 55938236 |  | 64783684 | 47898922  |
| &nbsp;&nbsp;&nbsp; End of the period | $121767041 | $55938236 | $51326583 | $64783684  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2070000 | 2530000 | 50000 | 1250000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (110000) |  | (420000) | (570000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1960000 | 2530000 | (370000) | 680000 |

---

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

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

19<br>

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Tema Oncology ETF** | **Tema Oncology ETF** | **Tema S&P 500<sup>®</sup>** <br>**Historical** <br>**Weight ETF** <br>**Strategy**  |
|  | **Period Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Period Ended** <br>**August 31, 2025<sup>(a)</sup>**<br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $147577 | $(14355) | $147479  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 626640 | (2259982) | 14891  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2165253 | 636290 | 7764403  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 2939470 | (1638047) | 7926773  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | (1281756) | (8211)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (1281756) | (8211)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 9434802 | 51605583 | 311116707  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold in connection with in-kind contribution <br>(Note 12) |  |  | 306070998  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (7395387) |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 2039415 | 51605583 | 617187705  |
| **Net increase (decrease) in net assets** | 4978885 | 48685780 | 625106267  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 67565630 | 18879850 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $72544515 | $67565630 | $625106267  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 380000 | 1970000 | 490000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold in connection with in-kind contribution <br>(Note 12) |  |  | 10809057  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (290000) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 90000 | 1970000 | 11299057 |

---

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

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

20<br>

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

**TEMA AMERICAN RESHORING ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended**<br>**August 31, 2025** <br>(Unaudited) | **Year Ended**<br>**February 28,** <br>**2025** | **Period Ended**<br>**February 29,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $36.55 | $34.13 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.10  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.31 | 2.46 | &nbsp;&nbsp;&nbsp;&nbsp;9.11  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;5.42 | 2.52 | &nbsp;&nbsp;&nbsp;&nbsp;9.21  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.02) | &nbsp;&nbsp; (0.08)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | (0.08) | &nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.10) | &nbsp;&nbsp; (0.08)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $41.97 | $36.55 | &nbsp;&nbsp; $34.13  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 14.82% | 7.35% | &nbsp;&nbsp; 36.88%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $166604 | $217467 | &nbsp;&nbsp; $12628  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.99% | 0.99% | &nbsp;&nbsp; 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.75% | 0.75% | &nbsp;&nbsp; 0.75%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.59% | 0.17% | &nbsp;&nbsp; 0.43%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 23% | 37% | &nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was May 11, 2023.

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

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

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

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

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

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

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

21<br>

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**TEMA DURABLE QUALITY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Period Ended** <br>**February 29,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $33.17 | &nbsp;&nbsp; $30.73 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | 2.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.76  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | 3.07 | &nbsp;&nbsp;&nbsp;&nbsp;5.83  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; (0.08)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp; —  |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp; (0.10)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $33.99 | &nbsp;&nbsp; $33.17 | &nbsp;&nbsp;&nbsp; $30.73  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 10.02% | &nbsp;&nbsp;&nbsp; 23.38%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $58795 | &nbsp;&nbsp; $53076 | &nbsp;&nbsp;&nbsp; $7376  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp; 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.75%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp; 0.31%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp; 29% | &nbsp;&nbsp;&nbsp; 6% |

---

<sup>(a)</sup> Inception date of the Fund was May 11, 2023.

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

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

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

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

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

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

22<br>

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

**TEMA ELECTRIFICATION ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**August 31, 2025** <br>(Unaudited) | **Period Ended** <br>**February 28,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $22.11 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp; (2.93)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp; (2.89)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $27.12 | &nbsp;&nbsp; $22.11  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 22.66% | &nbsp;&nbsp; -11.56%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $121767 | &nbsp;&nbsp; $55938  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 0.66%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp; 37% |

---

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

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

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

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

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

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

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

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

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**TEMA HEART & HEALTH ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended**<br>**August 31, 2025** <br>(Unaudited) | **Year Ended**<br>**February 28,**<br>**2025** | **Period Ended**<br>**February 29,**<br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $30.85 | &nbsp;&nbsp; $33.73 | &nbsp;&nbsp; $26.47  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.02)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1.32) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp;&nbsp;&nbsp;7.28  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (1.18) | &nbsp;&nbsp; (2.41) | &nbsp;&nbsp;&nbsp;&nbsp;7.26  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $29.67 | &nbsp;&nbsp; $30.85 | &nbsp;&nbsp; $33.73  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -3.83% | &nbsp;&nbsp; -7.20% | &nbsp;&nbsp; 27.43%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $51327 | &nbsp;&nbsp; $64784 | &nbsp;&nbsp; $47899  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; (0.15)% | &nbsp;&nbsp; (0.25)%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp; 85% | &nbsp;&nbsp; 8% |

---

<sup>(a)</sup> Inception date of the Fund was November 21, 2023.

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

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

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

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

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

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

24<br>

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

**TEMA ONCOLOGY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended**<br>**August 31, 2025** <br>(Unaudited) | **Year Ended**<br>**February 28,**<br>**2025** | **Period Ended**<br>**February 29,**<br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $25.59 | &nbsp;&nbsp; $28.18 | &nbsp;&nbsp; $25.12  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.03)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp;&nbsp;&nbsp;3.23  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp; (1.86) | &nbsp;&nbsp;&nbsp;&nbsp;3.20  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.13)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.01)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (0.14)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $26.57 | &nbsp;&nbsp; $25.59 | &nbsp;&nbsp; $28.18  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.83% | &nbsp;&nbsp; -6.64% | &nbsp;&nbsp; 12.84%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $72545 | &nbsp;&nbsp; $67566 | &nbsp;&nbsp; $18880  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp; (0.03)% | &nbsp;&nbsp; (0.18)%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30% | &nbsp;&nbsp; 95% | &nbsp;&nbsp; 26% |

---

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

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

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

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

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

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

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

25<br>

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

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

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**August 31, 2025<sup>(a)</sup>**<br>(Unaudited)  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $49.48  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.75  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;6.00  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.16)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.16)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $55.32  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.16%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $625106  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.07%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0%<sup>(g)</sup> |

---

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

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

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

<sup>(d)</sup> 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.

<sup>(g)</sup> Amount represents less than 0.5%. 

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

26<br>

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**August 31, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

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

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

NEOS Investment Management, LLC is the investment sub-adviser to each Fund.

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

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

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

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

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

When reliable market quotations are not readily available, securities are priced at their fair value as determined in good faith by the Adviser in accordance with the Trust's valuation guidelines. Pursuant to Rule 2a-5 under the 1940 Act, each Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. The Funds may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a security has been materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted. Such valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy

27<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

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

described below. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of such security. As of August 31, 2025, there was only one Fund, the Tema S&P 500<sup>®</sup> Historical Weight ETF, with a portfolio security there was that was internally fair valued and/or valued using a Level 3 valuation. Refer to below for further valuation disclosures.

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

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

The three levels defined by the hierarchy are as follows:

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

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates,

prepayment speeds, credit risk, etc.).

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

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

The following is a summary of the inputs used to value each Fund's investments as of August 31, 2025:

**Tema American Reshoring ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $165867400 | $— | $— | $165867400  |
| &nbsp;&nbsp;&nbsp; Short-term Investments | 662415 |  |  | 662415  |
| **Total Investments** | $166529815 | $— | $— | $166529815 |

---

**Tema Durable Quality ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $58661880 | $— | $— | $58661880  |
| &nbsp;&nbsp;&nbsp; Short-term Investments | 125154 |  |  | $125154  |
| **Total Investments** | $58787034 | $— | $— | $58787034 |

---

**Tema Electrification ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $120865932  | $— | $— | $120865932  |
| &nbsp;&nbsp;&nbsp; Short-term Investments | 645504 |  |  | 645504  |
| **Total Investments** | $121511436  | $— | $— | $121511436 |

---

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

**NOTES TO THE FINANCIAL STATEMENTS** 

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

**Tema Heart & Health ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $50943919 | $— | $— | $50943919  |
| &nbsp;&nbsp;&nbsp; Short-term Investments | 302755 |  |  | 302755  |
| **Total Investments** | $51246674 | $— | $— | $51246674 |

---

**Tema Oncology ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $72346796 | $— | $— | $72346796  |
| &nbsp;&nbsp;&nbsp; Short-term Investments | 146198 |  |  | 146198  |
| **Total Investments** | $72492994 | $— | $— | $72492994 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $612606027 | $— | $— | $612606027  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 12179347 |  |  | 12179347  |
| &nbsp;&nbsp;&nbsp; Contingent Value Rights |  |  | 0 | 0  |
| &nbsp;&nbsp;&nbsp; Short-term Investments | 228711 |  |  | 228711  |
| **Total Investments** | $625074085 | $— | $0 | $625074085 |

---

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material for the Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy ETF; therefore, the rollforward of Level 3 securities are not shown for the period ended August 31, 2025.

Significant unobservable valuation inputs monitored by the Adviser, the Valuation Designee pursuant to Rule 2a-5 under the oversight of the Board of Trustees, for restricted securities or Level 3 investments as of August 31, 2025 for the Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy ETF are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value as** <br>**of 8/31/2025** | **Valuation** <br>**Technique** | **Unobservable Input** | **Input values** <br>(Ranges)  |
| Contingent Value Right\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | Projected Final<br>Distribution | Discount of Projected<br>Distribution | &nbsp;&nbsp;&nbsp; $3.00 |

---

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

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**NOTES TO THE FINANCIAL STATEMENTS** 

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;C. *Use of Estimates.* The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that
 affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
 statement. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Federal Income Taxes.* Each Fund intends to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue
 Code of 1986, as amended. If so qualified, the Funds will not be subject to federal income tax to the extent each Fund distributes substantially
 all its taxable net investment income and net capital gains to its shareholders. Therefore, no provision for federal income tax should
 be required. Management is required to determine whether a tax position taken by the Funds is more likely than not to be sustained upon
 examination by the applicable taxing authority. Based on its analysis, management has concluded that there are no significant uncertain
 tax positions that would require recognition in the financial statements as of the fiscal period ended August 31, 2025. The Funds
 recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations.
 Management is required to determine whether a tax position taken by the Funds is more likely than not to be sustained upon examination
 by the applicable taxing authority. Based on its analysis, management has concluded that the Funds do not have any unrecognized tax benefits
 or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties
 for the period ended August 31, 2025.

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

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

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**NOTES TO THE FINANCIAL STATEMENTS** 

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

&nbsp;&nbsp;&nbsp;&nbsp;F. *Reclassification of Capital Accounts.* GAAP requires that certain components of net assets relating to permanent differences be reclassified between
 financial and tax reporting. These reclassifications have no effect on net assets or NAV per share and are primarily due to differing
 book and tax treatments for in-kind redemptions. For the year ended February 28, 2025, the following adjustments were made:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings** <br>**(Accumulated** <br>**Loss)** | **Paid-in** <br>**Capital**  |
| Tema American Reshoring ETF | $(1545757) | $1545757  |
| Tema Durable Quality ETF | $— | $—  |
| Tema Electrification ETF | $— | $—  |
| Tema Heart & Health ETF | $(2515466) | $2515466  |
| Tema Oncology ETF | $— | $— |

---

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

**Management** 

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

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

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

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

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

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

The Adviser has contractually agreed to waive its fees and reimburse expenses to the extent necessary to keep total annual operating expenses for RSHO, HRTS, and CANC including acquired fund fees and expenses for money market funds (excluding acquired fund fees and expenses of investment companies other than money market funds, amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.75% of the average daily net assets of each Fund until at least June 28, 2027. The Adviser may not terminate the fee waiver during the contractual period. Each waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the Funds in the three years following the date the waiver/expense

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**NOTES TO THE FINANCIAL STATEMENTS** 

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

payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment.

For the period ended August 31, 2025, the table below represents the amount each Fund incurred in management fees:

---

| | |
|:---|:---|
|  | **Management** <br>**Fees**  |
| Tema American Reshoring ETF | $799675  |
| Tema Durable Quality ETF | $153224  |
| Tema Electrification ETF | $311343  |
| Tema Heart & Health ETF | $264571  |
| Tema Oncology ETF | $335672  |
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy | $27796 |

---

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

Any such repayment must be made within three years from the date the expense was borne by the Adviser. Any such repayment made under any prior expense cap cannot cause each Fund's Operating Expenses to exceed the lower of 0.75% of average daily net assets or the annual rate of daily net assets for each Fund under the terms of a prior expense cap. For the period ended August 31, 2025, the Funds did not repay expenses to the Adviser.

As of August 31, 2025, the amounts eligible for repayment and the associated period of expiration are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Expires**<br>**February 28, 2029** | **Expires**<br>**February 29, 2028** | **Expires**<br>**February 28, 2027**  |
| Tema American Reshoring ETF | &nbsp;&nbsp;&nbsp;&nbsp; $195025 | &nbsp;&nbsp;&nbsp;&nbsp; $226285 | &nbsp;&nbsp;&nbsp;&nbsp; $18237  |
| Tema Durable Quality ETF\* | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6287  | &nbsp;&nbsp;&nbsp;&nbsp; $11618  |
| Tema Heart & Health ETF | &nbsp;&nbsp;&nbsp;&nbsp; $64384 | &nbsp;&nbsp;&nbsp;&nbsp; $174797 | &nbsp;&nbsp;&nbsp;&nbsp; $15517  |
| Tema Oncology ETF | &nbsp;&nbsp;&nbsp;&nbsp; $81559 | &nbsp;&nbsp;&nbsp;&nbsp; $99431  | &nbsp;&nbsp;&nbsp;&nbsp; $14178 |

---

\* Contractual waiver for Fund was removed effective July 1, 2024. These fees will not be able to be recouped.

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

U.S. Bancorp Fund Services, LLC dba U.S. Bank Global Fund Services ("Fund Services"), an indirect wholly-owned subsidiary of U.S. Bancorp, serves as the Funds' administrator and, in that capacity performs various administrative and accounting services for the Funds. Fund Services also serves as the Funds' fund accountant, transfer agent, dividend disbursing agent and registrar. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the trustees; monitors the activities of the Funds' custodian, transfer agent and accountants; reviews the Funds' advisory fee expense accrual and coordinates the preparation and payment of the advisory fees. U.S. Bank, N.A., an affiliate of Fund Services, serves as the Funds' custodian. For the period ended August 31, 2025, there were no fees incurred by the Funds from the service providers described above as the Adviser bore all such costs.

**Distributor and Fund Officers** 

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

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**NOTES TO THE FINANCIAL STATEMENTS** 

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

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

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

**NOTE 4 – RELATED PARTIES** 

As of August 31, 2025, certain officers and Trustees of the Trust were also officers or employees of the Adviser or affiliated with the Distributor, and received no fees from the Trust for serving as officers.

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

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, during the period ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Tema American Reshoring ETF | $38378704 | $38501018  |
| Tema Durable Quality ETF | 18773898 | 17639858  |
| Tema Electrification ETF | 13914164 | 12644838  |
| Tema Heart & Health ETF | 9627773 | 9571742  |
| Tema Oncology ETF | 20730412 | 20315236  |
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy | 413907 | 267771 |

---

The costs of purchases and sales of in-kind transactions, during the period ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**In-Kind** | **Sales**<br>**In-Kind**  |
| Tema American Reshoring ETF | $6960808 | $69507249  |
| Tema Durable Quality ETF | 5724208 | 1644683  |
| Tema Electrification ETF | 49721486 | 2451634  |
| Tema Heart & Health ETF | 1451499 | 11687509  |
| Tema Oncology ETF | 9277378 | 7308452  |
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy | 26328994 | 0 |

---

For the period ended August 31, 2025, there were no purchases or sales of long-term U.S. government securities.

**NOTE 6 – TAX MATTERS** 

The tax character of the distributions paid during the period ended August 31, 2025 and the year ended February 28, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**August 31, 2025** | **Period Ended** <br>**August 31, 2025** | **Year Ended** <br>**February 28, 2025**  | **Year Ended** <br>**February 28, 2025**  |
|  | **Ordinary** <br>**Income** | **Capital** <br>**Gains** | **Ordinary** <br>**Income** | **Capital**<br>**Gains**  |
| Tema American Reshoring ETF | $— | $— | $200128 | $167466  |
| Tema Durable Quality ETF |  |  | 246800 | —  |
| Tema Electrification ETF |  |  | 774 | —  |
| Tema Heart & Health ETF |  |  | 1163896 | —  |
| Tema Oncology ETF |  |  | 1281756 | —  |
| Tema S&P 500<sup>®</sup> Historical Weight ETF Strategy | 8211 |  |  |  |

---

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 year ended February 28, 2025, Tema American Reshoring ETF and Tema Heart & Health ETF had $396,799 and $6,027,168 respectively of

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**NOTES TO THE FINANCIAL STATEMENTS** 

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

Post-October Capital losses. There were no late year losses. Capital loss carry forwards will retain their character as either short-term or long-term capital losses. At February 28, 2025, the following capital loss carry forwards were available:

---

| | | | |
|:---|:---|:---|:---|
|  | **Indefinite** <br>**Short-Term** <br>**Losses** | **Indefinite** <br>**Long-Term** <br>**Losses** | **Total**  |
| Tema American Reshoring ETF | $— | $— | $—  |
| Tema Durable Quality ETF |  |  | —  |
| Tema Electrification ETF | 1267414 |  | 1267414  |
| Tema Heart & Health ETF |  |  | —  |
| Tema Oncology ETF | 1549811 | 216132 | 1765943 |

---

As of February 28, 2025, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Tema** <br>**American** <br>**Reshoring** <br>**ETF** | **Tema** <br>**Durable** <br>**Quality** <br>**ETF** | **Tema** <br>**Electrification** <br>**ETF** | **Tema** <br>**Heart & Health** <br>**ETF** | **Tema** <br>**Oncology**<br>**ETF**  |
|  Federal income tax cost of investments\* | $217528487 | $49309654 | $57146575 | $62696453 | $65435377  |
|  Aggregate gross unrealized appreciation | 9455490 | 4389606 | 1352810 | 8080034 | 7916349  |
|  Aggregate gross unrealized (depreciation) | (9607909) | (1027712) | (3537323) | (6031330) | (5836194)  |
|  Net unrealized appreciation (depreciation) | (152419) | 3361894 | (2184513) | 2048704 | 2080155  |
| Undistributed Ordinary Income | 60590 | 38880 | 48002 |  | 59947  |
|  Undistributed Long Term Capital Gains |  |  |  |  | —  |
| Distributable earnings | 60590 | 38880 | 48002 |  | 59947  |
|  Accumulated capital and other gain/(loss) | (396798) |  | (1267414) | (6027168) | (1765943)  |
|  Total distributable earnings (accumulated loss) | $(488627) | $3400774 | $(3403925) | $(3978464) | $374159 |

---

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

**NOTE 7 – SHARE TRANSACTIONS** 

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

Shares of TOLL are listed and traded on the Cboe BZX Exchange, Inc., shares of RSHO and DSPY are listed and traded on the NYSE Arca, Inc. and shares of VOLT, HRTS and CANC are traded on the NASDAQ Stock Market LLC (the "Exchanges"). Market prices for the shares may be different from their NAV. The Funds will issue and redeem

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**NOTES TO THE FINANCIAL STATEMENTS** 

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

shares on a continuous basis at NAV only in large blocks of shares, typically 10,000 shares, called "Creation Units." Creation Unit transactions are conducted in exchange for the deposit or delivery of a designated basket of in-kind securities and/or cash. Once created, shares generally will trade in the secondary market in amounts less than a Creation Unit and at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation ("NSCC") or (ii) a participant in the Depository Trust Company ("DTC") and, in each case, must have executed a Participant Agreement with the Funds' Distributor. Retail investors will not qualify as Authorized Participants. Therefore, they will be unable to purchase or redeem shares directly from the Funds. Rather, retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

For the period ended August 31, 2025, the table below represents the amount of variable rate transaction fees each Fund assessed:

---

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

---

**NOTE 8 – BENEFICIAL OWNERSHIP** 

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

**NOTE 9 – PRINCIPAL RISKS** 

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

**NOTE 10 – GUARANTEES AND INDEMNIFICATIONS** 

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

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**NOTES TO THE FINANCIAL STATEMENTS** 

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

**NOTE 11 – ACCOUNTING PRONOUNCEMENTS AND/OR REGULATORY UPDATES** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the consolidated financial statements.

**NOTE 12 – SEGMENT REPORTING** 

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

**NOTE 13 – TEMA S&P 500 HISTORICAL WEIGHT ETF STRATEGY IN-KIND CONTRIBUTION** 

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

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

**NOTE 14 – SUBSEQUENT EVENTS** 

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require recognition or disclosure in the Funds' financial statements.

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**OTHER NON-AUDITED INFORMATION** 

**August 31, 2025 (Unaudited)** 

**TAX INFORMATION** 

For the year ended February 28, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income were as follows:

---

| | |
|:---|:---|
| Tema American Reshoring ETF | 100%  |
| Tema Durable Quality ETF | 51%  |
| Tema Electrification ETF | 100%  |
| Tema Heart & Health ETF | 38.36%  |
| Tema Oncology ETF | 2.40% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended February 28, 2025 were as follows:

---

| | |
|:---|:---|
| Tema American Reshoring ETF | 100%  |
| Tema Durable Quality ETF | 38.15%  |
| Tema Electrification ETF | 100%  |
| Tema Heart & Health ETF | 18.42%  |
| Tema Oncology ETF | 1.38% |

---

For the year ended February 28, 2025, the percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for the Funds were as follows:

---

| | |
|:---|:---|
| Tema American Reshoring ETF | 58.44%  |
| Tema Durable Quality ETF | 80.91%  |
| Tema Electrification ETF | —%  |
| Tema Heart & Health ETF | 69.55%  |
| Tema Oncology ETF | 31.40% |

---

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

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

**PROXY VOTING POLICIES AND PROCEDURES** 

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

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

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

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

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**PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (Unaudited)** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(Unaudited)

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

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

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

**Response: During the Meeting of the Board of Trustees of Tema ETF Trust held on June 3, 2025, the Board reviewed and discussed the written materials that were provided by Tema ETFs LLC (the "Adviser") in advance of the Meeting and deliberated on the approval of the Investment Advisory Agreement between the Adviser and Tema International Monopolies and Moats ETF; Tema Emerging Markets Monopolies and Moats ETF; Tema Small & Mid-Cap Monopolies and Moats ETF; Tema S&P 500 Growth Historical Weight ETF Strategy; Tema S&P Total U.S. Market; Historical Weight ETF Strategy; Tema International Defense ETF (each a "Fund" and Collectively the "Funds"). The Board, including the Independent Trustees, reviewed: (i) the nature and quality of the advisory services to be provided by the Adviser, including the experience and qualifications of the personnel providing such services; (ii) the performance history of the Fund, noting that it had not yet launched; (iii) the proposed fees and expenses of the Fund, including the proposed advisory fee to be paid by the Fund to the Adviser; (iv) the anticipated profitability of the Fund to the Adviser; (v) potential economies of scale; (vi) possible fall-out benefits to the Adviser and its affiliates (i.e., the ancillary benefits realized by the Adviser and its affiliates from the Adviser's relationship with the Trust); and (vii) possible conflicts of interest. In considering the approval of the Investment Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.** 

The Board exercised its own business judgment in determining its conclusions, which were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching their conclusions with respect to the Advisory Agreement.

<u>Nature, Extent and Quality of Service</u>.

The Board reviewed the background information of the Adviser's investment personnel that would service the Funds, including the individual's prior professional experience. The Board acknowledged that it was very familiar with the Adviser and was satisfied with the level of service provided to the other funds in the Trust. The Board noted that the Adviser was responsible for overseeing the sub-adviser NEOS Investment Management, LLC (the "Sub-Adviser"), for which it had previous experience in doing so. The Board discussed the Adviser's compliance program and the infrastructure in place for risk management for the Fund, noting that the Adviser utilized a systematic approach to portfolio construction and risk management in an effort to mitigate risk exposure to individual companies and sectors. The Board discussed the processes the Adviser had in order to ensure compliance with Fund's investment strategy as well as Fund and Trust limitations and policies. The Board noted that the Adviser assembled an "upside case" and a "downside case" for each company prior to investing and focused on securities where the upside outweighed the downside by 2 to 1. The Board agreed that the Adviser had sufficient quality and depth of personnel, compliance program along with the resources to perform its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services to be provided by the Adviser to the Funds would be satisfactory.

41<br>

------

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

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

(Unaudited)(Continued)

<u>Performance</u>.

The Board acknowledged that the Funds had not yet commenced operations, and therefore did not have performance information. The Board noted that Tema International Monopolies and Moats ETF, Tema Emerging Markets Monopolies and Moats ETF, and Tema Small & Mid-Cap Monopolies and Moats ETF had similar investment strategies to TOLL which it observed underperformed the S&P 500 Index since inception but outperformed the Morningstar category.

<u>Fees and Expenses</u>.

The Board discussed the proposed advisory fees and total operating expense data for each Fund in comparison to the funds in each Fund's peer group. The Board noted that the proposed fee for each Fund was a unitary fee, and the Adviser would be contractually obligated to pay the fees of each Fund's service providers, with the exception of the Adviser's advisory fee, and certain other expenses.

Tema International Monopolies and Moats ETF: The Board noted that the Fund had a proposed unitary fee of 0.60%. The Board recognized that the proposed fee was above the average and equal with the high for the peer group but was below the average for the Morningstar category. The Board noted that proposed expense ratio equaled the high in the peer group but was far below average for the Morningstar category. The Board noted that the Fund was an actively managed fund, unlike a number of funds in the peer group which accounted for the increased advisory fee and expense ratio.

Tema Emerging Markets Monopolies and Moats ETF: The Board noted that the Fund had a proposed unitary fee of 0.85%. The Board observed that the proposed advisory fee and expense ratios were above the high for peer group and above the average for the Morningstar category but were below the high. The Board noted that the Fund was actively managed and noted that the advisory fee was reflected the higher custodial fees charged to the adviser for investing in emerging market securities.

Tema Small & Mid-Cap Monopolies and Moats ETF: The Board noted that the Fund had a proposed unitary fee of 0.55%. The Board noted that the proposed advisory fee and expense ratio were slightly above the peer group average but below the high for each. The Board acknowledged the proposed fee was below the Morningstar category average and significantly lower than the high in the category.

Tema S&P 500<sup>®</sup> Growth Historical Weight ETF Strategy: The Board noted that the Fund had a proposed unitary fee of 0.2045% which was above the average for the peer group and Morningstar category and slightly above the range for each. The Board noted that the Fund is the only actively managed fund in the peer group and had a more complex investment strategy than the Fund's in the peer group.

Tema S&P Total U.S. Market; Historical Weight ETF Strategy: The Board noted that the Fund had a proposed unitary fee of 0.2045% which was above the highest in the range for the both the peer group and Morningstar category. The Board acknowledged that the Fund was actively managed unlike the Funds in the peer group and utilized a more complex investment strategy.

Tema International Defense ETF: The Board noted that the Fund had a proposed unitary fee of 0.75%. The Board observed that the proposed fee was above the high for the peer group and above the average for the Morningstar category but within the range. The Board acknowledged that the Fund was actively managed unlike most of the funds in the peer group and that the Adviser explained that the higher fees accounted for higher custodial fees due to the types of securities held by the Fund.

<u>Profitability</u>.

The Board evaluated the profitability analysis provided by the Adviser for each of the Funds. The Board discussed the factors included by the Adviser to support the overall level of profit and loss, including, without limitation, ongoing investments in each Fund's strategies and the resources required for each Fund's strategy, noting that each Fund was focused on international markets which included very large universes of securities for the Adviser to research. The Board acknowledged that the Adviser did not anticipate earning a profit from any of the Fund's within the first two years and therefore excessive profitability was not an issue.

42<br>

------

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

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

(Unaudited)(Continued)

<u>Economies of Scale</u>.

The Board discussed the projected size of each Fund and the possibility for asset growth in the near future. The Board determined that it was unlikely the Adviser would achieve meaningful benefits in the near future for any of the Funds based on projected asset levels.

<u>Conclusion</u>.

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

43<br>

------

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

**Statement Regarding Basis for Approval of Sub-Advisory Contract** 

(Unaudited)

During the Meeting of the Board of Trustees of Tema ETF Trust held on June 3, 2025, the Board reviewed and discussed the written materials that were provided by NEOS Investment Management, LLC (the "Sub-Adviser") in advance of the Meeting and deliberated on the approval of the Sub-Advisory Agreement between Tema ETFs LLC (the "Adviser") and the Sub-Adviser on behalf of the Tema International Monopolies and Moats ETF; Tema Emerging Markets Monopolies and Moats ETF; Tema Small & Mid-Cap Monopolies and Moats ETF; Tema S&P 500<sup>®</sup> Growth Historical Weight ETF Strategy; Tema S&P Total U.S. Market; Historical Weight ETF Strategy; Tema International Defense ETF (each a "Fund" and Collectively the "Funds"). The Board, including the Independent Trustees, reviewed: (i) the nature and quality of the trading advisory services and related services to be provided by the Sub-Adviser, including the experience and qualifications of the personnel providing such services; (ii) the performance history of the Fund, noting that it had not yet launched; (iii) the proposed fees and expense of the Fund, including the proposed sub-advisory fee to be paid by the Adviser to the Sub-Adviser; (iv) the anticipated profitability of the Fund to the Sub-Adviser; (v) potential economies of scale; (vi) possible fall-out benefits to the Sub-Adviser and its affiliates (i.e., the ancillary benefits realized by the Sub-Adviser and its affiliates from the Sub-Adviser's relationship with the Trust); and (vii) possible conflicts of interest. In considering the approval of the Sub-Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

<u>Nature, Extent and Quality of Services</u> 

The Board discussed the Sub-Adviser's personnel and the experience, education and industry credentials each individual provided and acknowledged that it was familiar with Sub-Adviser. The Board discussed the Sub-Adviser's compliance program and policies and procedures along with its broker-dealer selection process. The Board noted that the Funds were similar strategies and current funds in the Trust and that the Sub-Adviser had extensive experience in working with the Adviser. The Board noted that each Fund would be an actively managed fund, and that the Sub-Adviser had significant experience with actively managed ETFs. The Board agreed that the Sub-Adviser had the resources and ability to appropriately perform its duties under the Sub-Advisory Agreement. The Board concluded the Sub-Advisers' services to each of the Funds would be satisfactory.

<u>Performance</u> 

The Board noted that the Sub-Adviser would select broker-dealers to execute purchase and sale transactions and other services for each of the new Funds. The Board acknowledged that the Funds had not begun operations and that did not have performance information but determined that it was very familiar with the sub-advisory services the Sub-Adviser provided.

<u>Fees and Expenses</u> 

The Board reviewed the proposed sub-advisory fee payable by the Adviser to the Sub-Adviser under the Sub-Advisory Agreement for each Fund. The Board discussed the fee in connection with the allocation of fees and responsibilities between the Adviser and Sub-Adviser. The Board acknowledged that the Sub-Adviser would be paid by the Adviser rather than the Funds. The Board understood that the Adviser believed that the sub-advisory fees to be paid to the Sub-Adviser were reasonable in based on the services to be performed by the Sub-Adviser. Based on the representations of the Adviser and Sub-Adviser and the meeting materials provided, the Board concluded that the sub-advisory fee to be paid to the Sub-Adviser was reasonable.

<u>Profitability</u> 

The Board reviewed the profit analysis provided by the Sub-Adviser for each Fund. The Board discussed the factors cited by the Sub-Adviser to support the overall level of profit and loss, including, without limitation, the resources required for providing trading services to the Funds. The Board noted that the Sub-Adviser did not anticipate earning a profit from sub-advising any of the Funds within the first two years. The Board determined that the Sub-Adviser's overall profitability with respect to the Funds was not excessive.

<u>Economies of Scale</u>.

The Board recognized that this was primarily an adviser level issue and had been considered with respect to the overall advisory agreement, taking into consideration the impact of the sub-advisory expense and the estimated growth of each of the Funds.

44<br>

------

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

**Statement Regarding Basis for Approval of Sub-Advisory Contract** 

(Unaudited)(Continued)

<u>Conclusion</u>.

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

45<br>

&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>**

 

Response included within Item 7(a) of this Form.

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

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

Response included within Item 7(a) of this Form.

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

Response included within Item 7(a) of this Form.

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

Response included within Item 7(a) of this Form.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely
 to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

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

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

**<u>Item 19. Exhibits.</u>**

---

| | |
|:---|:---|
| (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 to Semi-Annual Reports.** |
|  | (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or national securities association upon which the registrant's securities are listed. **Not Applicable.** |
|  | [(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* **Filed herewith.**](tet-efp18271_ex99cert.htm) |
|  | (4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. **Not applicable to open-end investment companies.** |
|  | (5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. **Not applicable to open-end investment companies and ETFs.** |
| **(b)** | [**Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith**](tet-efp18271_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.

---

| | |
|:---|:---|
| Tema ETF Trust | Tema ETF Trust |
| By: | /s/ Matthew Keeling |
|  | Matthew Keeling |
|  | President/Principal Executive Officer |
| Date | 11/3/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Matthew Keeling |
|  | Matthew Keeling |
|  | President/Principal Executive Officer |
| Date | 11/3/2025 |
| By: | /s/ Josh Hunter |
|  | Josh Hunter |
|  | Treasurer/Principal Financial Officer |
| Date | 11/3/2025 |

---

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002:</u>**

I, Matthew Keeling, certify that:

1. I have reviewed this report on Form N-CSR of Tema ETF Trust;

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;

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;

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;&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;&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;&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;&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

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;&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;&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: | 11/3/2025 | /s/ Matthew Keeling |
|  |  | Matthew Keeling<br> President/Principal Executive Officer President |

---

**<u>CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002:</u>**

I, Josh Hunter, certify that:

1. I have reviewed this report on Form N-CSR of Tema ETF Trust;

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;

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;

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;&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;&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;&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;&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

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;&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;&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: | 11/3/2025 | /s/ Josh Hunter |
|  |  | Josh Hunter<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

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

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Tema ETF Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Tema ETF Trust for the period ended August 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Tema ETF Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Matthew Keeling | /s/ Josh Hunter |
| Matthew Keeling<br> President/Principal Executive Officer, | Josh Hunter<br> Treasurer/Principal Financial Officer, |

---

Dated: <u>11/3/2025</u> Dated: <u>11/3/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Tema ETF Trust for purposes of Section 18 of the Securities Exchange Act of 1934.