| ETFMG Alternative Harvest ETF | ||||||||
| Schedule of Investments | ||||||||
| December 31, 2023 (Unaudited) | ||||||||
COMMON STOCKS - 50.1% | Shares | Value | ||||||
Canada - 28.2%(a) | ||||||||
| Food Products - 0.7% | ||||||||
Village Farms International, Inc.(c)(d) | 2,022,647 | $ | 1,539,234 | |||||
| $ | – | |||||||
Pharmaceuticals - 27.5%(b) | ||||||||
Aurora Cannabis, Inc.(c)(d) | 11,438,643 | 5,447,082 | ||||||
Canopy Growth Corp.(c)(d) | 1,498,072 | 7,655,148 | ||||||
Cronos Group, Inc.(c)(d) | 5,399,750 | 11,285,478 | ||||||
High Tide, Inc.(c)(d) | 1,835,404 | 2,950,387 | ||||||
Organigram Holdings, Inc.(c)(d) | 1,757,265 | 2,302,017 | ||||||
SNDL, Inc.(c)(d) | 7,016,448 | 11,506,975 | ||||||
Tilray Brands, Inc.(c)(d) | 8,792,652 | 20,223,099 | ||||||
61,370,186 | ||||||||
| Total Canada | 62,909,420 | |||||||
Denmark - 0.3% | ||||||||
| Tobacco - 0.3% | ||||||||
Scandinavian Tobacco Group AS(e)(f) | 37,228 | 646,681 | ||||||
Israel - 0.2% | ||||||||
| Pharmaceuticals - 0.2% | ||||||||
Intercure Ltd.(c)(d) | 300,572 | 384,732 | ||||||
Mexico - 0.0%(g) | ||||||||
Construction & Engineering – 0.0%(g) | ||||||||
Empresas ICA SAB de CV(c)(h) | 155,893 | 0 | ||||||
United Kingdom - 0.9% | ||||||||
| Tobacco - 0.9% | ||||||||
| British American Tobacco PLC | 33,880 | 991,314 | ||||||
| Imperial Brands PLC | 47,573 | 1,095,441 | ||||||
2,086,755 | ||||||||
| Total United Kingdom | 2,086,755 | |||||||
United States - 20.5% | ||||||||
| Chemicals - 1.1% | ||||||||
| Schweitzer-Mauduit International, Inc. | 78,943 | 1,208,617 | ||||||
Scotts Miracle-Gro Co.(d) | 19,769 | 1,260,274 | ||||||
2,468,891 | ||||||||
| Industrial REITs - 8.1% | ||||||||
Innovative Industrial Properties, Inc.(d) | 180,300 | 18,177,846 | ||||||
| $ | – | |||||||
| Machinery - 0.4% | ||||||||
Hydrofarm Holdings Group, Inc.(c)(d) | 1,050,516 | 963,848 | ||||||
| $ | – | |||||||
| Mortgage Real Estate Investment Trusts (REITs) - 5.2% | ||||||||
| AFC Gamma, Inc. | 430,732 | 5,181,706 | ||||||
Chicago Atlantic Real Estate Finance, Inc.(d) | 398,898 | 6,454,170 | ||||||
11,635,876 | ||||||||
| Pharmaceuticals - 1.1% | ||||||||
Charlottes Web Holdings, Inc.(c)(d) | 439,794 | 89,615 | ||||||
Incannex Healthcare, Inc.(c) | 314,609 | 1,459,784 | ||||||
Jazz Pharmaceuticals PLC(c) | 8,052 | 990,396 | ||||||
2,539,795 | ||||||||
| Software - 0.7% | ||||||||
WM Technology, Inc.(c) | 2,115,872 | 1,524,063 | ||||||
| $ | – | |||||||
| Specialty Retail - 1.8% | ||||||||
GrowGeneration Corp.(c)(d) | 1,586,590 | 3,982,341 | ||||||
| $ | – | |||||||
| Tobacco - 2.1% | ||||||||
22nd Century Group, Inc.(c) | 205,844 | 38,328 | ||||||
| Altria Group, Inc. | 25,528 | 1,029,800 | ||||||
| Philip Morris International, Inc. | 11,416 | 1,074,017 | ||||||
| Turning Point Brands, Inc. | 50,385 | 1,326,133 | ||||||
| Vector Group, Ltd. | 98,679 | 1,113,099 | ||||||
4,581,377 | ||||||||
| Total United States | 45,874,037 | |||||||
TOTAL COMMON STOCKS (Cost $167,701,323) | 111,901,625 | |||||||
| EXCHANGE TRADED FUNDS - 49.2% | ||||||||
ETFMG U.S. Alternative Harvest ETF(c)(d)(i) | 67,853,579 | 109,834,588 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $136,772,248) | 109,834,588 | |||||||
| SHORT-TERM INVESTMENTS - 32.8% | ||||||||
Investments Purchased with Proceeds from Securities Lending - 32.7% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.61%(j) | 72,866,929 | 72,866,929 | ||||||
Money Market Funds - 0.1% | ||||||||
First American Government Obligations Fund - Class X, 5.28%(j) | 166,973 | 166,973 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $73,033,902) | 73,033,902 | |||||||
TOTAL INVESTMENTS - 132.1% (Cost $377,507,473) | 294,770,115 | |||||||
| Liabilities in Excess of Other Assets - (32.1)% | (71,685,259 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 223,084,856 | ||||||
| Percentages are stated as a percent of net assets. | ||||||||
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
| PLC - Public Limited Company |
(a) (b) | To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region. As of December 31, 2023, the Fund had a significant portion of its assets invested in this sector and therefore is subject to additional risks. |
| (c) | Non-income producing security. |
| (d) | All or a portion of this security is on loan as of December 31, 2023. The total market value of these securities was $64,777,599 which represented 29.0% of net assets. |
| (e) | Security considered restricted. The total market value of these securities was $646,681 which represented 0.3% of net assets as of December 31, 2023. |
| (f) | 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 December 31, 2023, the value of these securities total $646,681 or 0.3% of the Fund’s net assets. |
| (g) | Represents less than 0.05% of net assets. |
| (h) | 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 December 31, 2023. |
| (i) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
| (j) | The rate shown represents the 7-day effective yield as of December 31, 2023. |
| Security Name | Value at September 30, 2023 | Purchases | Sales | Net Realized Gain (Losses) | Net Change in Unrealized Appreciation (Depreciation) | Dividend Income | Value at December 31, 2023 | Endin g Shares | ||||||||||||||||||||||||
| ETFMG U.S. Alternative Harvest ETF | 132,937,993 | - | (5,469,527 | ) | (2,401,957 | ) | (15,231,921 | ) | - | 109,834,588 | 67,853,579 | |||||||||||||||||||||
| $ | 132,937,993 | $ | - | $ | (5,469,527 | ) | $ | (2,401,957 | ) | $ | (15,231,921 | ) | $ | - | $ | 109,834,588 | 67,853,579 | |||||||||||||||
ETF Managers Trust
| The following is a summary of significant accounting policies consistently followed by ETFMG Prime Junior Silver Miners ETF (“SILJ”), ETFMG Prime Cyber Security ETF (“HACK”), ETFMG Prime Mobile Payments ETF (“IPAY”), ETFMG Travel Tech ETF (“AWAY”), ETFMG Treatments, Testing and Advancements ETF (“GERM”), ETFMG Alternative Harvest U.S. ETF (“MJUS”), ETFMG Alternative Harvest ETF (“MJ”), ETFMG Wedbush ETFMG Video Game Tech ETF (“GAMR”), Wedbush ETFMG Global Cloud Technology ETF (“IVES”), BlueStar Israel Technology ETF (“ITEQ”), Etho Climate Leadership U.S. ETF (“ETHO”) and AI Powered Equity ETF (“AIEQ”)(each a “Fund,” or collectively the “Funds”). |
Security Valuation. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by ETF Managers Group, LLC (the “Adviser”), using procedures adopted by the Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Funds’ Board. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of December 31, 2023, AIEQ, HACK, AWAY, MJUS, IVES, ITEQ and ETHO did not hold any fair valued securities. As of December 31, 2023, SILJ held three fair valued securities, IPAY, MJ, GERM, and GAMR held one fair valued security. As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: |
| Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. | |
| Level 2 | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | |
| Level 3 | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available. | |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2023: | ||
| ETFMG Alternative Harvest ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Canada | $ | 62,909,420 | $ | – | $ | – | 62,909,420 | |||||||||
| Denmark | 646,681 | – | – | 646,681 | ||||||||||||
| Israel | 384,732 | – | – | 384,732 | ||||||||||||
| Mexico | – | – | 0 | 0 | ||||||||||||
| United Kingdom | 2,086,755 | – | – | 2,086,755 | ||||||||||||
| United States | 45,874,037 | – | – | 45,874,037 | ||||||||||||
| Common Stocks - Total | $ | 111,901,625 | $ | – | $ | – | $ | 111,901,625 | ||||||||
| Exchange Traded Funds | $ | 109,834,588 | $ | – | $ | – | $ | 109,834,588 | ||||||||
Investments Purchased with Proceeds from Securities Lending(a) | – | – | – | 72,866,929 | ||||||||||||
| Money Market Funds | 166,973 | – | – | 166,973 | ||||||||||||
| Total Investments | $ | 221,903,186 | $ | – | $ | 0 | $ | 294,770,115 | ||||||||
| Refer to the Schedule of Investments for industry classifications. | ||||||||||||||||
| (a) | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. |