Tema ETF Trust NPORT-P Tema Luxury ETF (Nov 2024 report)

Tema Luxury ETF
Schedule of Investments
November 30, 2024 (Unaudited)
COMMON STOCKS - 83.2%	Shares		Value
Automobiles - 14.8%
Bayerische Motoren Werke AG		807	$	59,713
Ferrari NV		469		203,621
Harley-Davidson, Inc.		226		7,600
Mercedes-Benz Group AG		2,233		124,971
				395,905
Beverages - 3.8%
Brown-Forman Corp. - Class B		330		13,886
Davide Campari-Milano NV		1,054		6,324
Pernod Ricard SA		546		61,103
Remy Cointreau SA		69		4,255
Treasury Wine Estates Ltd.		2,261		16,709
				102,277
Hotels, Restaurants & Leisure - 20.0%
Carnival Corp. (a)		2,751		69,958
Galaxy Entertainment Group Ltd.		4,000		17,763
Hilton Worldwide Holdings, Inc.		456		115,569
Hyatt Hotels Corp. - Class A		82		12,951
InterContinental Hotels Group PLC		311		38,781
Las Vegas Sands Corp.		1,009		53,538
Marriott International, Inc. - Class A		440		127,200
MGM Resorts International (a)		463		17,751
Norwegian Cruise Line Holdings Ltd. (a)		1,181		31,757
Sands China Ltd. (a)		6,000		15,301
Vail Resorts, Inc.		70		12,547
Wynn Resorts Ltd.		258		24,350
				537,466
Household Durables - 1.8%
Toll Brothers, Inc.		288		47,569
Offices of Other Holding Companies - 1.4%
Viking Holdings Ltd. (Ordinary Shares) (a)		817		37,949
Personal Care Products - 4.2%
Interparfums, Inc.		49		6,745
L'Oreal SA		248		86,131
Shiseido Co. Ltd.		1,100		20,994
				113,870
Specialty Retail - 2.9%
Chow Tai Fook Jewellery Group Ltd.		8,692		7,966
RH (a)		41		15,791
Signet Jewelers Ltd.		123		12,324
Williams-Sonoma, Inc.		235		40,425
				76,506
Textiles, Apparel & Luxury Goods - 34.3%(b)
Brunello Cucinelli SpA		844		83,615
Capri Holdings Ltd. (a)		321		7,515
Christian Dior SE		13		7,576
Cie Financiere Richemont SA		1,485		206,833
Ermenegildo Zegna NV		2,658		21,503
Hermes International SCA		98		213,854
HUGO BOSS AG		167		5,660
Kering SA		423		98,676
LVMH Moet Hennessy Louis Vuitton SE		257		160,913
Moncler SpA		759		37,176
PRADA SpA		6,138		42,051
PVH Corp.		105		11,379
Ralph Lauren Corp.		106		24,528
				921,279
TOTAL COMMON STOCKS (Cost $2,378,888)				2,232,821
PREFERRED STOCKS - 0.8%	Shares		Value
Automobiles - 0.8%
Dr Ing hc F Porsche AG  (c)		334		20,853
TOTAL PREFERRED STOCKS (Cost $41,537)				20,853
SHORT-TERM INVESTMENTS - 15.5%		Shares		Value
Money Market Funds - 15.5%
First American Treasury Obligations Fund - Class X, 4.55% (d)		417,219		417,219
TOTAL SHORT-TERM INVESTMENTS (Cost $417,219)				417,219
TOTAL INVESTMENTS - 99.5% (Cost $2,837,644)				2,670,893
Other Assets in Excess of Liabilities - 0.5%				12,907
TOTAL NET ASSETS - 100.0%			$	2,683,800
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.

AG - Aktiengesellschaft

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

SE - Societas Europeae

SpA - Societa per Azioni

(a)	Non-income producing security.
(b)	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.
(c)	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 November 30, 2024, the value of these securities total $20,853 or 0.8% of the Fund’s net assets.
(d)	The rate shown represents the 7-day annualized effective yield as of November 30, 2024.

Tema ETF Trust
Tema Luxury 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	$	2,232,821	$	–	$	–	$	2,232,821
Preferred Stocks		20,853		–		–		20,853
Money Market Funds		417,219		–		–		417,219
Total Investments	$	2,670,893	$	–	$	–	$	2,670,893
Refer to the Schedule of Investments for further disaggregation of investment categories.

Tema Luxury 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	$	1,063,087	39.5	%
France		632,508	23.7
Italy		394,290	14.6
Germany		211,197	7.9
Switzerland		206,833	7.7
United Kingdom		46,296	1.7
Bermuda		37,949	1.4
Hong Kong		25,729	1.0
Japan		20,994	0.8
Australia		16,709	0.6
Macao		15,301	0.6
Other Assets in Excess of Liabilities		12,907	0.5
	$	2,683,800	100.0	%

Sector Classification as of November 30, 2024
(% of Net Assets)
Consumer Discretionary	$	1,999,578	74.6	%
Consumer Staples		216,147	8.0
Other		37,949	1.4
Money Market Funds		417,219	15.5
Other Assets in Excess of Liabilities		12,907	0.5
	$	2,683,800	100.0	%