Tema ETF Trust NPORT-P Tema American Reshoring ETF (May 2023 report)

Tema ETF Trust
Tema American Reshoring ETF
Schedule of Investments
May 31, 2023 (Unaudited)
Investments	Number of Shares		Value
COMMON STOCKS - 99.1%
Aerospace & Defense - 3.1%
Boeing Co. (The)*		912	$	187,598
Air Freight & Logistics - 3.1%
GXO Logistics, Inc.*		3,360		187,891
Building Products - 2.9%
Allegion plc - ADR^		1,656		173,449
Chemicals - 4.8%
Linde plc - ADR^		816		288,587
Commercial Services & Supplies - 3.0%
Clean Harbors, Inc.*		1,296		181,958
Construction & Engineering - 5.0%
API Group Corp.*		5,424		122,582
Fluor Corp.*		6,600		175,296
				297,878
Construction Materials - 13.0%
CRH plc - SP-ADR^		6,072		288,663
Summit Materials, Inc., Class A *		5,904		186,744
Vulcan Materials Co.		1,536		300,288
				775,695
Electrical Equipment - 15.9%
ABB Ltd.^		4,968		181,428
Eaton Corp. plc - ADR^		1,752		308,177
Emerson Electric Co.		2,136		165,924
Rockwell Automation, Inc.		1,056		294,202
				949,731
Electronic Equipment, Instruments & Components - 1.2%
Flex Ltd. - ADR*^		2,880		73,123
Ground Transportation - 2.9%
Union Pacific Corp.		888		170,958
Hotels, Restaurants & Leisure - 3.2%
Compass Group plc^		6,888		188,675
Machinery - 23.4%
Caterpillar, Inc.		816		167,892
Federal Signal Corp.		3,384		179,318
Ingersoll Rand, Inc.		3,048		172,700
Lincoln Electric Holdings, Inc.		1,056		179,161
Parker-Hannifin Corp.		528		169,192
SPX Technologies, Inc.*		2,496		190,595
Terex Corp.		3,768		174,722
Timken Co. (The)		2,352		168,286
				1,401,866
Metals & Mining - 2.7%
ATI, Inc.*		4,752		164,324
Semiconductors & Semiconductor Equipment - 1.1%
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR^		696		68,619
Trading Companies & Distributors - 13.8%
Applied Industrial Technologies, Inc.		2,304		283,300
Fastenal Co.		3,312		178,351
Herc Holdings, Inc.		1,752		177,688
WESCO International, Inc.		1,368		187,936
				827,275
TOTAL COMMON STOCKS (Cost $6,065,117)				5,937,627
SHORT-TERM INVESTMENTS — 0.8%
Money Market Fund
First American Treasury Obligations Fund - Class X, 5.016% (a)		46,901		46,901
SHORT-TERM INVESTMENTS (Cost $46,901)				46,901
TOTAL INVESTMENTS (Cost $6,112,018)  - 99.9%				5,984,528
OTHER ASSETS LESS LIABILITIES - 0.1%				3,350
NET ASSETS - 100.0%			$	5,987,878

* Non-income producing security.

^ Foreign security.

(a) 7-day net yield.

ADR - American Depositary Receipt

SP-ADR - Sponsored American Depositary Receipt

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor 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.

Tema American Reshoring ETF invested, as a percentage of net assets, in the following countries as of May 31, 2023:
United States	72.9%
Ireland	17.7%
United Kingdom	3.2%
Switzerland	3.0%
Singapore	1.2%
Taiwan	1.1%
Other(1)	0.9%
	100.0%
(1) Includes cash and net other assets (liabilities).

Tema ETF Trust

Tema American Reshoring ETF

Notes to Quarterly Schedule of Investments

May 31, 2023 (Unaudited)

Investment Valuation

The Fund discloses 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 Fund's (observable inputs) and (2) the Fund's’ 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 Fund's 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 Fund's 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 the Fund's investments as of May 31, 2023:

Tema American Reshoring ETF	Level 1		Level 2		Level 3		Total
Investments
Common Stocks *	$	5,937,627	$	-	$	-	$	5,937,627
Money Market Fund		46,901		-		-		46,901
Total Investments	$	5,984,528	$	-	$	-	$	5,984,528
* See Schedule of Investments for segregation by industry type.