Tema ETF Trust NPORT-P Tema GLP-1, Obesity & Cardiometabolic ETF (Nov 2024 report)

Tema GLP-1, Obesity & Cardiometabolic ETF
Schedule of Investments
November 30, 2024 (Unaudited)
COMMON STOCKS - 99.6%	Shares		Value
Biotechnology - 58.5%(a)
Akero Therapeutics, Inc. (b)		34,513	$	1,107,867
Alnylam Pharmaceuticals, Inc. (b)		15,395		3,896,013
Amgen, Inc.		10,598		2,997,856
Arrowhead Pharmaceuticals, Inc. (b)		66,025		1,718,631
Ascendis Pharma AS - ADR (b)		20,434		2,780,659
Bridgebio Pharma, Inc. (b)		116,034		3,143,361
Corbus Pharmaceuticals Holdings, Inc. (b)		24,525		437,035
Crinetics Pharmaceuticals, Inc. (b)		53,834		3,079,305
Cytokinetics, Inc. (b)		50,868		2,638,014
Intellia Therapeutics, Inc. (b)		88,015		1,374,794
Ionis Pharmaceuticals, Inc. (b)		52,096		1,861,390
Keros Therapeutics, Inc. (b)		28,002		1,616,835
Madrigal Pharmaceuticals, Inc. (b)		3,875		1,271,736
Mereo Biopharma Group PLC - ADR (b)		524,031		1,889,132
Mineralys Therapeutics, Inc. (b)		124,502		1,589,891
Mirum Pharmaceuticals, Inc. (b)		45,045		2,081,980
Regeneron Pharmaceuticals, Inc. (b)		2,436		1,827,536
Rocket Pharmaceuticals, Inc. (b)		97,666		1,405,414
Silence Therapeutics PLC - ADR (b)		76,769		608,010
Soleno Therapeutics, Inc. (b)		14,147		745,688
Tenaya Therapeutics, Inc. (b)		170,501		608,689
Ultragenyx Pharmaceutical, Inc. (b)		28,806		1,372,030
Vertex Pharmaceuticals, Inc. (b)		9,352		4,377,952
Verve Therapeutics, Inc. (b)		95,801		537,444
Viking Therapeutics, Inc. (b)		21,694		1,148,480
Zealand Pharma AS (b)		9,460		978,540
				47,094,282
Health Care Equipment & Supplies - 16.1%
Boston Scientific Corp. (b)		27,391		2,483,268
Dexcom, Inc. (b)		27,667		2,157,749
Edwards Lifesciences Corp. (b)		23,216		1,656,462
Inari Medical, Inc. (b)		15,878		824,386
Insulet Corp. (b)		5,776		1,540,921
Masimo Corp. (b)		11,975		2,066,167
Medtronic PLC		26,054		2,254,713
				12,983,666
Life Sciences Tools & Services - 2.3%
Gubra AS (b)		7,590		742,088
West Pharmaceutical Services, Inc.		3,401		1,107,637
				1,849,725
Pharmaceuticals - 22.7%
AstraZeneca PLC		20,583		2,779,356
Chugai Pharmaceutical Co. Ltd.		64,728		2,854,495
Edgewise Therapeutics, Inc. (b)		23,547		777,051
Eli Lilly & Co.		6,894		5,483,143
Novartis AG		9,721		1,029,204
Novo Nordisk AS		27,891		2,992,930
Rani Therapeutics Holdings, Inc. - Class A (b)		105,604		213,320
Structure Therapeutics, Inc. - ADR (b)		47,590		1,577,609
Terns Pharmaceuticals, Inc. (b)		85,544		533,795
				18,240,903
TOTAL COMMON STOCKS (Cost $78,529,764)				80,168,576
SHORT-TERM INVESTMENTS - 0.4%		Shares		Value
Money Market Funds - 0.4%
First American Treasury Obligations Fund - Class X, 4.55% (c)		312,820		312,820
TOTAL SHORT-TERM INVESTMENTS (Cost $312,820)				312,820
TOTAL INVESTMENTS - 100.0% (Cost $78,842,584)				80,481,396
Other Assets in Excess of Liabilities - 0.0% (d)				5,975
TOTAL NET ASSETS - 100.0%			$	80,487,371
two				–	%
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.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

AS - Aksjeselskap

PLC - Public Limited Company

(a)	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.
(b)	Non-income producing security.
(c)	The rate shown represents the 7-day annualized effective yield as of November 30, 2024.
(d)	Represents less than 0.05% of net assets.

Tema ETF Trust
Tema GLP-1, Obesity and Cardiometabolic ETF
Notes to Quarterly Schedule of Investments
November 30, 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 November 30, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	80,168,576	$	–	$	–	$	80,168,576
Money Market Funds		312,820		–		–		312,820
Total Investments	$	80,481,396	$	–	$	–	$	80,481,396
Refer to the Schedule of Investments for further disaggregation of investment categories.

Tema GLP-1, Obesity & Cardiometabolic ETF invested, as a percentage of net assets, in the following countries and sectors as of November 30, 2024 (Unaudited):

Allocation of Portfolio Holdings by Country as of November 30, 2024
(% of Net Assets)
United States	$	61,572,269	76.5	%
Denmark		7,494,217	9.3
United Kingdom		5,276,498	6.6
Japan		2,854,495	3.5
Ireland		2,254,713	2.8
Switzerland		1,029,204	1.3
Other Assets in Excess of Liabilities		5,975	0.0	(a)
	$	80,487,371	100.0	%

Sector Classification as of November 30, 2024
(% of Net Assets)
Health Care	$	80,168,576	99.6	%
Money Market Funds		312,820	0.4
Other Assets in Excess of Liabilities		5,975	0.0	(a)
	$	80,487,371	100.0	%

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