Tema ETF Trust NPORT-P Tema Monopolies and Oligopolies ETF (May 2024 report)

Tema Monopolies and Oligopolies ETF
Schedule of Investments
as of May 31, 2024 (Unaudited)
COMMON STOCKS - 99.2%	Shares		Value
Aerospace & Defense - 9.5%
Airbus SE		1,695	$	286,724
General Electric Co.		2,892		477,585
				764,309
Capital Markets - 19.9%
CME Group, Inc.		1,040		211,099
Intercontinental Exchange, Inc.		2,982		399,290
Moody's Corp.		1,051		417,236
MSCI, Inc.		489		242,143
S&P Global, Inc.		776		331,748
				1,601,516
Chemicals - 3.2%
Sherwin-Williams Co.		832		252,762
Commercial Services & Supplies - 3.2%
Copart, Inc.(a)		4,888		259,357
Construction & Engineering - 5.4%
Ferrovial SE		6,078		239,132
Vinci SA		1,581		196,334
				435,466
Construction Materials - 3.1%
Vulcan Materials Co.		988		252,701
Financial Services - 5.0%
Visa, Inc. - Class A		1,475		401,878
Ground Transportation - 5.7%
Canadian National Railway Co.		1,855		236,197
Canadian Pacific Kansas City Ltd.		2,777		220,383
				456,580
Health Care Equipment & Supplies - 3.2%
Carl Zeiss Meditec AG		1,112		102,136
IDEXX Laboratories, Inc.(a)		307		152,564
				254,700
Insurance - 2.2%
Aon PLC - Class A		615		173,209
Life Sciences Tools & Services - 4.9%
Bio-Techne Corp.		2,375		183,326
Thermo Fisher Scientific, Inc.		365		207,313
				390,639
Machinery - 2.0%
Otis Worldwide Corp.		1,643		162,986
Pharmaceuticals - 4.1%
Merck & Co., Inc.		1,232		154,665
Novo Nordisk AS		1,279		172,529
				327,194
Professional Services - 2.7%
Equifax, Inc.		950		219,820
Semiconductors & Semiconductor Equipment - 13.2%
ASML Holding NV		250		236,214
KLA Corp.		360		273,431
Lam Research Corp.		258		240,570
Teradyne, Inc.		2,221		313,028
				1,063,243
Software - 10.1%
Fair Isaac Corp.(a)		209		269,595
Intuit, Inc.		442		254,786
Tyler Technologies, Inc.(a)		607		291,579
				815,960
Transportation Infrastructure - 1.8%
Aena SME SA(b)		746		145,376
TOTAL COMMON STOCKS (Cost $6,831,985)				7,977,696
SHORT-TERM INVESTMENTS - 0.8%	Shares		Value
Money Market Funds - 0.8%
First American Treasury Obligations Fund - Class X, 5.22%(c)		65,310		65,310
TOTAL SHORT-TERM INVESTMENTS (Cost $65,310)				65,310
TOTAL INVESTMENTS - 100.0% (Cost $6,897,295)			$	8,043,006
Other Assets in Excess of Liabilities - 0.0%(d)				2,835
TOTAL NET ASSETS - 100.0%			$	8,045,841
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. ("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.

AG - Aktiengesellschaft

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a)	Non-income producing security.
(b)	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 May 31, 2024, the value of these securities total $145,376 or 1.8% of the Fund’s net assets.
(c)	The rate shown represents the 7-day effective yield as of May 31, 2024.
(d)	Represents less than 0.05% of net assets.

Tema ETF Trust
Tema Monopolies and Oligopolies ETF
Notes to Quarterly Schedule of Investments
May 31, 2024 (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, 2024:

Tema Monopolies and Oligopolies ETF
	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	7,977,696	$	–	$	–	$	7,977,696
Money Market Funds		65,310		–		–		65,310
Total Assets	$	8,043,006	$	–	$	–	$	8,043,006
Refer to the Schedule of Investments for industry classifications.

Tema Monopolies and Oligopolies ETF invested, as a percentage of net assets, in the following countries and sectors as of May 31, 2024 (Unaudited):

Allocation of Portfolio Holdings by Country as of May 31, 2024
(% of Net Assets)
United States	$	6,207,981	77.1	%
France		483,058	6.0
Netherlands		475,346	5.9
Canada		456,580	5.7
Denmark		172,529	2.2
Spain		145,376	1.8
Germany		102,136	1.3
Other Assets in Excess of Liabilities		2,835	0.0	(a)
	$	8,045,841	100.0	%

Sector Classification as of May 31, 2024
(% of Net Assets)
Industrials	$	2,443,894	30.3	%
Financials		2,176,603	27.1
Information Technology		1,879,203	23.3
Health Care		972,533	12.2
Materials		505,463	6.3
Money Market Funds		65,310	0.8
Other Assets in Excess of Liabilities		2,835	0.0	(a)
	$	8,045,841	100.0	%

(a) Represents less than 0.05% of net assets.