UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23872
Themes ETF Trust
(Exact name of registrant as specified in charter)
34 East Putnam Avenue Suite 112
Greenwich, CT 06830
(Address of principal executive offices) (Zip code)
Themes Management Company, LLC
34 East Putnam Avenue Suite 112
Greenwich, CT 06830
(Name and address of agent for service)
(646) 206-1788
Registrant’s telephone number, including area code
Date of fiscal year end: September 30, 2024
Date of reporting period: September 30, 2024
Item 1. Reports to Stockholders.
| (a) | A copy of the reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (“Act”), is filed herewith. |
| | |
| Themes Airlines ETF | |
AIRL (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes Airlines ETF for the period of December 8, 2023 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/AIRL. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes Airlines ETF | $29* | 0.35%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes Airlines ETF (AIRL) launched December 8, 2023 and has seen a 6.63% return since inception. AIRL seeks to track the Solactive Airlines Index (SOLAIRN), which identifies the largest 30 airline companies by market capitalization. AIRL seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLAIRN Index.
Airline stocks have had a mixed performance in 2024, with some volatility influenced by multiple factors, including fluctuating fuel prices, economic uncertainty, and political unrest. Although fuel costs per gallon in the U.S. dipped slightly from July 2024 to August 2024, reaching $2.47, they remain significantly higher than pre-pandemic levels. Fuel costs and price volatility are crucial as they can impact operational costs, especially for budget carriers heavily reliant on cost control. The industry also faces global challenges, including inflation, supply chain issues, and sporadic disruptions from political instability in certain regions. However, a strong travel demand has largely offset these factors, especially with Asia-Pacific markets recovering and airlines forecasting higher passenger revenue growth. This demand has boosted industry performance. Despite this recovery, the industry still trades below pre-pandemic levels.
The top contributor and detractor AIRL’s performance included Skywest, which increased by 73.47%, and Spirit Airlines, which declined 82.91%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes Airlines ETF | PAGE 1 | TSR-AR-882927106 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(12/08/2023) |
Themes Airlines ETF | 6.63 |
MSCI ACWI Index | 24.05 |
Solactive Airlines Index | 6.98 |
Visit www.themesetfs.com/etfs/AIRL for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $799,707 |
Number of Holdings | 30 |
Net Advisory Fee | $1,592 |
Portfolio Turnover | 27% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
Alaska Air Group, Inc. | 5.2% |
International Consolidated Airlines Group SA | 5.1% |
Qantas Airways Ltd. | 5.1% |
United Airlines Holdings, Inc. | 5.1% |
Deutsche Lufthansa AG | 4.8% |
ANA Holdings, Inc. | 4.8% |
easyJet PLC | 4.8% |
Japan Airlines Co. Ltd. | 4.6% |
Southwest Airlines Co. | 4.5% |
Delta Air Lines, Inc. | 4.5% |
| |
Top Sectors | (% of net assets) |
Industrials | 99.3% |
Cash & Other | 0.7% |
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes Airlines ETF | PAGE 2 | TSR-AR-882927106 |
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| | |
| Themes Cloud Computing ETF | |
CLOD (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes Cloud Computing ETF for the period of December 15, 2023 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/CLOD. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes Cloud Computing ETF | $29* | 0.35%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes Cloud Computing ETF (CLOD) launched on December 15, 2023 and has seen a 12.21% return since inception. CLOD seeks to track the Solactive Cloud Computing Index (SOLCLOUN), which identifies the largest 50 companies by market capitalization that derive their revenues from: (1) Digital Security, (2) E-Commerce, (3) Infrastructure, (4) Data Infrastructure, (5) Data Architecture, (6) Internet Infrastructure, and (7) Data Support. CLOD seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLCLOUN Index.
Cloud computing stock have seen solid growth in 2024, largely fueled by increasing corporate investments in digital infrastructure and AI-driven solutions, as organizations scale up remote work solutions and data storage needs. However, this sector has faced some challenges due to rising costs associated with expanding cloud infrastructure and operational expenses. These expenses are compounded by global supply chain issues that have affected the availability of necessary components for data centers and cloud servers. Political factors, such as regulations on data privacy and security, have also impacted the industry. Despite these obstacles, strong demand for cloud services across sectors like e-commerce, entertainment, and artificial intelligence applications has sustained positive performance, reinforcing cloud computing as a critical component of business modernization strategies.
The top contributor and detractor to CLOD’s performance included Oracle Corp, which increased by 66.56%, and Snowflake Inc – Class A, which declined 42.28%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes Cloud Computing ETF | PAGE 1 | TSR-AR-882927205 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(12/15/2023) |
Themes Cloud Computing ETF | 12.21 |
MSCI ACWI Index | 20.49 |
Solactive Cloud Computing Index | 12.53 |
Visit www.themesetfs.com/etfs/CLOD for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $1,402,619 |
Number of Holdings | 51 |
Net Advisory Fee | $3,076 |
Portfolio Turnover | 11% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
ServiceNow, Inc. | 5.2% |
Oracle Corp. | 5.2% |
MercadoLibre, Inc. | 5.0% |
SAP SE | 4.9% |
Salesforce, Inc. | 4.7% |
Palo Alto Networks, Inc. | 4.4% |
Intuit, Inc. | 4.3% |
Amazon.com, Inc. | 4.1% |
Microsoft Corp. | 4.0% |
Adobe, Inc. | 4.0% |
| |
Top Sectors | (% of net assets) |
Technology | 79.8% |
Communications | 10.4% |
Consumer Discretionary | 9.0% |
Cash & Other | 0.8% |
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes Cloud Computing ETF | PAGE 2 | TSR-AR-882927205 |
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| | |
| Themes Copper Miners ETF | |
COPA (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.CboeBZX) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes Copper Miners ETF for the period of September 24, 2024 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/COPA. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes Copper Miners ETF | $1* | 0.35%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes Copper Miners ETF (COPA) launched September 24, 2024 and has seen a 12.03% return since inception. COPA seeks to track the BITA Global Copper Mining Select Index (BGCMSI), which identifies companies that derive their revenues from copper mining, explorations, refining, and royalties. COPA seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the BGCMSI Index.
Copper mining stocks have seen strong performance this year, largely driven by a surge in demand linked to the global transition to clean energy technologies. The critical role of copper in electric vehicles, solar panels, and wind energy systems has led to increased demand for copper. As of September 2024, copper prices are hovering around $4.31 per pound, which reflects a recovery from earlier lows this year, boosting investor sentiment and leading to increased interest in copper-related investments.
The top contributor and detractor to COPA’s performance included Jiujiang Defu Technologies Class - A, which increased by 29.81%, and Ero Copper Corp, which declined 1.20%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes Copper Miners ETF | PAGE 1 | TSR-AR-882927783 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(09/24/2024) |
Themes Copper Miners ETF | 12.03 |
MSCI ACWI Index | 1.46 |
BITA Global Copper Mining Select Index | 12.26 |
Visit www.themesetfs.com/etfs/COPA for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $560,610 |
Number of Holdings | 47 |
Net Advisory Fee | $31 |
Portfolio Turnover | 0% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
Freeport-McMoRan, Inc. | 10.0% |
First Quantum Minerals Ltd. | 4.8% |
BHP Group Ltd. | 4.7% |
Capstone Copper Corp. | 4.5% |
Jiujiang Defu Technology Co. Ltd. | 4.5% |
Glencore PLC | 4.4% |
Southern Copper Corp. | 4.2% |
Antofagasta PLC | 4.2% |
China Nonferrous Mining Corp. Ltd. | 4.0% |
Jiangxi Copper Co. Ltd. | 3.5% |
| |
Top Sectors | (% of net assets) |
Materials | 99.7% |
Cash & Other | 0.3% |
The Fund is distributed by ALPS Distributors, Inc
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes Copper Miners ETF | PAGE 2 | TSR-AR-882927783 |
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| | |
| Themes Cybersecurity ETF | |
SPAM (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes Cybersecurity ETF for the period of December 8, 2023 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/SPAM. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes Cybersecurity ETF | $31* | 0.36%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes Cybersecurity ETF (SPAM) was launched on December 8, 2023 and has seen a 15.83% return since inception. SPAM seeks to track the Solactive Cybersecurity Index (SOCYBERN), which identifies the largest 35 companies by market capitalization in digital security software. SPAM seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOCYBERN Index.
Cybersecurity stocks have seen impressive gains this year as the demand for robust digital defenses continues to grow globally. With a surge in cyber threats affecting sectors from finance to healthcare, companies are investing heavily in insecurity solutions to protect sensitive data and infrastructure. High-profile incidents, like ransomware attacks on critical infrastructure, have highlighted vulnerabilities, prompting both corporate and government spending in cybersecurity. Additionally, the rise of AI-powered cyber tools and services has expanded the scope of cybersecurity, attracting investors looking to capitalize on this technological growth area.
The top contributor and detractor of SPAM’s performance included Darktrace, which increased by 68.68%, and Fastly Inc –Class A, which declined 67.47%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes Cybersecurity ETF | PAGE 1 | TSR-AR-882927304 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(12/08/2023) |
Themes Cybersecurity ETF | 15.83 |
MSCI ACWI Index | 24.05 |
Solactive Cybersecurity Index | 16.31 |
Visit www.themesetfs.com/etfs/SPAM for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $1,737,515 |
Number of Holdings | 34 |
Net Advisory Fee | $3,582 |
Portfolio Turnover | 24% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
Trend Micro, Inc. | 5.8% |
Fortinet, Inc. | 5.7% |
Clear Secure, Inc. | 5.2% |
Varonis Systems, Inc. | 5.1% |
SentinelOne, Inc. | 5.0% |
CACI International, Inc. | 4.9% |
Check Point Software Technologies Ltd. | 4.7% |
CyberArk Software Ltd. | 4.5% |
Booz Allen Hamilton Holding Corp. | 4.4% |
Darktrace PLC | 4.3% |
| |
Top Sectors | (% of net assets) |
Technology | 90.4% |
Communications | 5.7% |
Industrials | 3.6% |
Financials | 0.1% |
Cash & Other | 0.2% |
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes Cybersecurity ETF | PAGE 2 | TSR-AR-882927304 |
115831240511631
| | |
| Themes European Luxury ETF | |
FINE (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes European Luxury ETF for the period of December 15, 2023 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/FINE. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes European Luxury ETF | $27* | 0.35%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes European Luxury ETF (FINE) launched December 15, 2023 and has seen a -5.02% return since inception. FINE seeks to track the Solactive European Luxury Index (SOLELUXN), which identifies 25 European luxury companies that generate their revenues from either: (1) Luxury Accessories, (2) Premium Clothing, (3) Luxury Beauty Products, (4) Cars & Yachts or (5) Upscale Hospitality. FINE seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLELUXN Index.
Luxury stocks have seen notable volatility this year, as demand for high-end goods has been heavily influenced by economic conditions in China, a critical market for luxury brands. As one of the world’s largest consumer bases for luxury products, China’s economic fluctuations directly impact the performance of luxury-focused stocks. With China experiencing slower-than-expected economic recovery and consumer spending tightening, luxury companies that rely on affluent Chinese shoppers have faced softer sales growth. However, despite these headwinds, the global demand for luxury goods remains resilient, especially in the U.S. and Europe, helping to balance some of the downturn in Asia.
The top contributor and detractor to FINE’s performance included COATS Group PLC, which increased by 41.85%, and Burberry Group PLC, which declined 49.10%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes European Luxury ETF | PAGE 1 | TSR-AR-882927403 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(12/15/2023) |
Themes European Luxury ETF | -5.02 |
MSCI ACWI Index | 20.49 |
Solactive European Luxury Index | -4.53 |
Visit www.themesetfs.com/etfs/FINE for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $712,362 |
Number of Holdings | 26 |
Net Advisory Fee | $1,412 |
Portfolio Turnover | 47% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
Capri Holdings Ltd. | 4.7% |
Watches of Switzerland Group PLC | 4.7% |
Interparfums SA | 4.6% |
Coats Group PLC | 4.6% |
Prada SpA | 4.4% |
Givaudan SA | 4.4% |
Brunello Cucinelli SpA | 4.3% |
Hugo Boss AG | 4.3% |
Ferrari NV | 4.2% |
Swatch Group AG | 4.2% |
| |
Top Sectors | (% of net assets) |
Consumer Discretionary | 90.6% |
Consumer Staples | 4.6% |
Materials | 4.4% |
Cash & Other | 0.4% |
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes European Luxury ETF | PAGE 2 | TSR-AR-882927403 |
9498120499547
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| Themes Generative Artificial Intelligence ETF | |
WISE (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes Generative Artificial Intelligence ETF for the period of December 8, 2023 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/WISE. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes Generative Artificial Intelligence ETF | $31* | 0.35%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes Generative Artificial Intelligence ETF (WISE) was launched December 8, 2023 and has seen a 19.35% return since inception. WISE seeks to track the Solactive Generative Artificial Intelligence Index (SOLGAIN), which identifies 40 companies that derive their revenues from either (1) Artificial Intelligence, (2) Data Analytics & Big Data, (3) Natural Language Processing or (4) Artificial Intelligence-Driven Services. WISE seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLGAIN Index.
AI-focused stocks have experienced notable success in 2024, primarily due to the rapid acceleration of artificial intelligence technologies across various industries. The integration of AI into sectors such as healthcare, finance, and manufacturing has created a surge in demand for AI-related solutions, benefiting companies involved in developing and deploying AI technologies. Additionally, significant investments in AI infrastructure and research have bolstered investor confidence, leading to increased capital inflows into AI-focused funds. The combination of these factors has propelled AI stocks to strong performance, with many recording substantial year-to-date gains.
The top contributor and detractor to WISE’s performance was Nvidia, which increased by 155.69%, and Quicklogic Corporation, which declined 52.57%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes Generative Artificial Intelligence ETF | PAGE 1 | TSR-AR-882927502 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(12/08/2023) |
Themes Generative Artificial Intelligence ETF | 19.35 |
MSCI ACWI Index | 24.05 |
Solactive Generative Artificial Intelligence Index | 20.02 |
Visit www.themesetfs.com/etfs/WISE for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $13,128,895 |
Number of Holdings | 41 |
Net Advisory Fee | $37,541 |
Portfolio Turnover | 58% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
Advanced Micro Devices, Inc. | 5.0% |
Microsoft Corp. | 4.8% |
Intel Corp. | 4.8% |
Amazon.com, Inc. | 4.6% |
NVIDIA Corp. | 4.5% |
UiPath, Inc. | 4.2% |
Alphabet, Inc. | 4.1% |
Oracle Corp. | 3.9% |
Broadcom, Inc. | 3.6% |
PKSHA Technology, Inc. | 3.6% |
| |
Top Sectors | (% of net assets) |
Technology | 81.5% |
Communications | 9.0% |
Consumer Discretionary | 6.4% |
Financials | 2.5% |
Health Care | 0.2% |
Cash & Other | 0.4% |
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes Generative Artificial Intelligence ETF | PAGE 2 | TSR-AR-882927502 |
119351240512002
| | |
| Themes Global Systemically Important Banks ETF | |
GSIB (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes Global Systemically Important Banks ETF for the period of December 15, 2023 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/GSIB. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes Global Systemically Important Banks ETF | $31* | 0.35%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes Global Systemically Important Banks ETF (GSIB) launched December 15, 2023 and has seen a 25.09% return since inception. GSIB actively invests in the 28 publicly traded global banks that have been identified as “systemically important” by the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (BCBS). A bank is deemed “systemically important” due to its size, interconnectedness, financial infrastructure, complexity, and cross juris dictional activity.
Global Systemically Important Banks stocks have performed well this year, supported by rising net interest income (NII) due to higher interest rates, which allow banks to earn more from the spread between what they pay on deposits and what they earn on loans. Additionally, there has been a gradual recovery in investment banking activities, with increased mergers and acquisitions, IPOs, and other capital markets transactions boosting fee income. This rebound in investment banking, combined with stable or growing NII, has bolstered profits for many GSIBs, even as they navigate regulatory requirements and market uncertainties.
The top contributor and detractor to GSIB’s performance was Barclays PLC - Sponsored ADR, which increased by 69.72%, and Société Generale SA, which declined 1.10%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes Global Systemically Important Banks ETF | PAGE 1 | TSR-AR-882927601 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(12/15/2023) |
Themes Global Systemically Important Banks ETF | 25.09 |
MSCI ACWI Index | 20.49 |
KBW Nasdaq Global Bank Index | 26.28 |
Visit www.themesetfs.com/etfs/GSIB for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $2,189,148 |
Number of Holdings | 29 |
Net Advisory Fee | $3,211 |
Portfolio Turnover | 28% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
Bank of New York Mellon Corp. | 4.0% |
State Street Corp. | 4.0% |
Royal Bank of Canada | 4.0% |
Bank of Communications Co. Ltd. | 3.8% |
Bank of China Ltd. | 3.6% |
Industrial & Commercial Bank of China Ltd. | 3.6% |
Mizuho Financial Group, Inc. | 3.6% |
China Construction Bank Corp. | 3.6% |
Credit Agricole SA | 3.6% |
Citigroup, Inc. | 3.6% |
| |
Top Sectors | (% of net assets) |
Financials | 99.9% |
Cash & Other | 0.1% |
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes Global Systemically Important Banks ETF | PAGE 2 | TSR-AR-882927601 |
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| Themes Gold Miners ETF | |
AUMI (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes Gold Miners ETF for the period of December 13, 2023 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/AUMI. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes Gold Miners ETF | $35* | 0.35%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes Gold Miners ETF (AUMI) launched December 13, 2023 and has seen a 50.48% return since inception. AUMI seeks to track the Solactive Global Pure Gold Miners Index (SOLGLPGM), which identifies the largest 30 companies by market capitalization that derive their revenues from gold mining. AUMI seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLGLPGM Index.
Overall, gold mining stocks have performed exceptionally well this year, largely driven by the rising price of gold, which as of September surged to over $2,600 per ounce. The increase in gold prices has been fueled by global economic uncertainty, inflationary pressures, and geopolitical tensions, all of which have bolstered demand for gold as a safe-haven asset. Additionally, central bank purchases of gold and a weaker U.S. dollar have further supported the metal’s price, leading to strong profitability for gold mining companies and boosting the performance of related stocks.
The top contributor and detractor to AUMI’s performance included IAMGOLD, which increased by 123.31%, and Gold Resources LTD, which declined 0.26%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes Gold Miners ETF | PAGE 1 | TSR-AR-882927700 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(12/13/2023) |
Themes Gold Miners ETF | 50.48 |
MSCI ACWI Index | 22.88 |
Solactive Global Pure Gold Miners Index | 51.41 |
Visit www.themesetfs.com/etfs/AUMI for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $2,257,169 |
Number of Holdings | 23 |
Net Advisory Fee | $4,252 |
Portfolio Turnover | 14% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
Centamin PLC | 5.3% |
De Grey Mining Ltd. | 5.3% |
Endeavour Mining PLC | 5.0% |
B2Gold Corp. | 4.9% |
Northern Star Resources Ltd. | 4.9% |
Ramelius Resources Ltd. | 4.9% |
OceanaGold Corp. | 4.8% |
Lundin Gold, Inc. | 4.8% |
Gold Fields Ltd. | 4.8% |
Perseus Mining Ltd. | 4.7% |
| |
Top Sectors | (% of net assets) |
Materials | 99.2% |
Cash & Other | 0.8% |
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes Gold Miners ETF | PAGE 2 | TSR-AR-882927700 |
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| | |
| Themes Lithium & Battery Metal Miners ETF | |
LIMI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.CboeBZX) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes Lithium & Battery Metal Miners ETF for the period of September 24, 2024 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/LIMI. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes Lithium & Battery Metal Miners ETF | $1* | 0.35%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes Lithium & Battery Metal Miners ETF (LIMI) launched September 24, 2024 and has seen a 22.44% return since inception. LIMI seeks to track the BITA Global Lithium and Battery Metals Index (BGLISI), which identifies companies that derive their revenues from lithium and battery metals mining, explorations, refining, and royalties. LIMI seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the BGLISI Index.
Lithium mining stocks have performed exceptionally well this year, driven by the growing demand for electric vehicles (EVs) and renewable energy storage. With lithium prices hovering around $10,400 per ton in September, the battery metal remains a crucial component for EV batteries. The global shift toward clean energy, coupled with government incentives for EV production and adoption, has intensified the demand for lithium. Supply chain bottlenecks and production challenges have kept lithium prices elevated, further boosting the profitability of lithium mining stocks.
The top contributor and detractor to LIMI’s performance included Tianqi Lithium Corp - A, which increased by 28.62%, and Canada Nickel Co. Inc., which declined 3.71%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes Lithium & Battery Metal Miners ETF | PAGE 1 | TSR-AR-882927775 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(09/24/2024) |
Themes Lithium & Battery Metal Miners ETF | 22.44 |
MSCI ACWI Index | 1.46 |
BITA Global Lithium and Battery Metals Index | 21.95 |
Visit www.themesetfs.com/etfs/LIMI for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $615,118 |
Number of Holdings | 48 |
Net Advisory Fee | $32 |
Portfolio Turnover | 0% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
Pilbara Minerals Ltd. | 4.3% |
Albemarle Corp. | 4.0% |
Tianqi Lithium Corp. | 3.9% |
Guangzhou Tinci Materials Technology Co. Ltd. | 3.4% |
Core Lithium Ltd. | 3.3% |
Sayona Mining Ltd. | 3.3% |
Beijing Easpring Material Technology Co. Ltd. | 3.2% |
Arcadium Lithium PLC | 3.2% |
Lithium Americas Argentina Corp. | 3.0% |
GEM Co. Ltd. | 2.9% |
| |
Top Sectors | (% of net assets) |
Materials | 99.9% |
Cash & Other | 0.1% |
The Fund is distributed by ALPS Distributors, Inc
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes Lithium & Battery Metal Miners ETF | PAGE 2 | TSR-AR-882927775 |
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| | |
| Themes Natural Monopoly ETF | |
CZAR (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes Natural Monopoly ETF for the period of December 13, 2023 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/CZAR. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes Natural Monopoly ETF | $31* | 0.35%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes Natural Monopoly ETF (CZAR) launched December 13, 2023 and has seen an 18.71% return since inception. CZAR seeks to track the Solactive Natural Monopoly Index (SOLNMONN), which identifies the top 5 companies within 19 different sectors that have: (1) High Sales, (2) Stable Profitability, (3) Stable Return on Equity, (4) Operational Efficiency and (5) Reinvestment of Profits. CZAR seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLNMONN Index.
Natural monopoly stocks have seen strong performance this year as investors increasingly turn to stable, income-generating sectors amid market volatility. Natural monopolies—industries where a single provider is most efficient due to high infrastructure costs and economies of scale, such as utilities, railroads, and some telecommunications—offer steady, predictable cash flows. With rising inflation and economic uncertainty, these sectors are attractive for their defensive qualities and potential for inflation-linked revenue. Additionally, increased government spending on infrastructure and regulatory support has bolstered these companies.
The top contributor and detractor to CZAR’s performance included Meta Platforms Inc - Class A, which increased by 71.52%, and Open Text Corp, which declined 18.94%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes Natural Monopoly ETF | PAGE 1 | TSR-AR-882927809 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(12/13/2023) |
Themes Natural Monopoly ETF | 18.71 |
MSCI ACWI Index | 22.88 |
Solactive Natural Monopoly Index | 19.01 |
Visit www.themesetfs.com/etfs/CZAR for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $1,483,837 |
Number of Holdings | 96 |
Net Advisory Fee | $2,419 |
Portfolio Turnover | 113% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
Legrand SA | 3.8% |
Cisco Systems, Inc. | 3.6% |
Meta Platforms, Inc. | 3.5% |
Singapore Exchange Ltd. | 3.5% |
Fortive Corp. | 3.5% |
Open Text Corp. | 3.4% |
BlackRock, Inc. | 3.3% |
Analog Devices, Inc. | 3.3% |
Dassault Systemes SE | 3.2% |
American Express Co. | 3.2% |
| |
Top Sectors | (% of net assets) |
Technology | 19.9% |
Industrials | 19.2% |
Financials | 17.9% |
Consumer Staples | 11.8% |
Health Care | 11.0% |
Communications | 6.8% |
Consumer Discretionary | 3.8% |
Materials | 3.6% |
Energy | 3.0% |
Cash & Other | 3.0% |
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes Natural Monopoly ETF | PAGE 2 | TSR-AR-882927809 |
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| | |
| Themes Robotics & Automation ETF | |
BOTT (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes Robotics & Automation ETF for the period of April 22, 2024 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/BOTT. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes Robotics & Automation ETF | $16* | 0.35%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes Robotics & Automation ETF (BOTT) launched April 22, 2024 and has seen a 12.51% return since inception. BOTT seeks to track the Solactive Industrial Robotics & Automation Index (SOLIROBO), which identifies the largest 30companies with a positive total return over the past 12 months in the following industry groups: (1) Factory Automation Equipment, (2) General/Processor/Specialized Semiconductors, (3) Industrial Machine Parts and Support Equipment, and (4) Programmable Logic and ASIC Semiconductors.
This year has been strong for the robotics and automation sector, driven by escalating demand for artificial intelligence and automation in industries like healthcare, manufacturing, and logistics. Companies producing advanced robotic and AI-enabled technologies have thrived as businesses worldwide seek efficiency and cost-saving measures. High-profile firms involved in robotic-assisted surgery, autonomous systems, and AI chips have seen growth in line with rising AI adoption. Economic and political factors have added complexity, with trade restrictions and supply chain disruptions impacting the availability of robotic components.
The top contributor and detractor to BOTT’s performance included Credo Technology Group, which increased by 75.10%, and DMG Mori Co. LTD, which declined 20.40%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes Robotics & Automation ETF | PAGE 1 | TSR-AR-882927833 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(04/22/2024) |
Themes Robotics & Automation ETF | 12.51 |
MSCI ACWI Index | 15.54 |
Solactive Industrial Robotics & Automation Index | 6.39 |
Visit www.themesetfs.com/etfs/BOTT for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $562,547 |
Number of Holdings | 30 |
Net Advisory Fee | $822 |
Portfolio Turnover | 46% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
Japan Steel Works Ltd. | 4.3% |
Impinj, Inc. | 4.3% |
Konecranes Oyj | 4.3% |
Semtech Corp. | 4.2% |
Cargotec Oyj | 4.1% |
ANDRITZ AG | 3.8% |
Haitian International Holdings Ltd. | 3.8% |
Esab Corp. | 3.8% |
GEA Group AG | 3.7% |
Valmet Oyj | 3.6% |
| |
Top Sectors | (% of net assets) |
Industrials | 57.7% |
Technology | 38.9% |
Consumer Discretionary | 2.7% |
Cash & Other | 0.7% |
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes Robotics & Automation ETF | PAGE 2 | TSR-AR-882927833 |
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| | |
| Themes Silver Miners ETF | |
AGMI (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes Silver Miners ETF for the period of May 3, 2024 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/AGMI. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes Silver Miners ETF | $15* | 0.35%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes Silver Miners ETF (AGMI) launched May 3, 2024 and has seen a 16.01% return since inception. AGMI seeks to track the STOXX Global Silver Miners Index (STXSILVV), which identifies companies that derive their revenues from silver mining. AGMI seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the STXSILVV Index.
Silver mining stocks have seen strong gains this year, supported by the rising price of silver, which has hovered between $24 to $31 per ounce since the fund’s inception in May 2024. Silver’s performance has been driven by increased industrial demand, particularly from the renewable energy and electronics sectors, where silver is a key component. Additionally, inflation concerns and market volatility have pushed investors toward precious metals as a hedge, benefiting silver alongside gold. The combination of robust industrial use and safe haven buying has contributed to the performance of silver mining stocks.
The top contributor and detractor to AGMI’s performance included Newmont Corp, which increased by 32.90%, and Industrias Penoles SAB DE CV, which declined 10.78%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes Silver Miners ETF | PAGE 1 | TSR-AR-882927817 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(05/03/2024) |
Themes Silver Miners ETF | 16.01 |
MSCI ACWI Index | 12.82 |
STOXX Global Silver Mining Index | 16.38 |
Visit www.themesetfs.com/etfs/AGMI for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $580,070 |
Number of Holdings | 26 |
Net Advisory Fee | $770 |
Portfolio Turnover | 38% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
Pan American Silver Corp. | 9.3% |
Industrias Penoles SAB de CV | 9.2% |
Wheaton Precious Metals Corp. | 9.1% |
Southern Copper Corp. | 8.2% |
First Majestic Silver Corp. | 6.6% |
Jiangxi Copper Co. Ltd. | 5.4% |
KGHM Polska Miedz SA | 4.9% |
Silvercorp Metals, Inc. | 4.8% |
Fresnillo PLC | 4.8% |
Aya Gold & Silver, Inc. | 4.7% |
| |
Top Sectors | (% of net assets) |
Materials | 99.6% |
Cash & Other | 0.4% |
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes Silver Miners ETF | PAGE 2 | TSR-AR-882927817 |
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| | |
| Themes Uranium & Nuclear ETF | |
URAN (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.CboeBZX) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes Uranium & Nuclear ETF for the period of September 24, 2024 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/URAN. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes Uranium & Nuclear ETF | $1* | 0.35%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes Uranium & Nuclear ETF (URAN) launched September 24, 2024 and has seen a 5.64% return since inception. URAN seeks to track the BITA Global Uranium and Nuclear Select Index (BGUNSI), which identifies companies that derive their revenues from uranium mining, explorations, refining, processing, and royalties, as well as nuclear energy, equipment, technology, and infrastructure. URAN seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the BGUNSI Index.
Uranium and nuclear energy stocks have surged this year, fueled by growing demand for clean and reliable energy. With uranium prices climbing above $70 per pound in September 2024, the highest in over a decade, nuclear energy has regained attention as countries push toward low-carbon energy solutions. Governments around the world, including the U.S. and China, are investing heavily in expanding nuclear capacity to meet energy transition goals, driving up demand for uranium. Supply constraints, along with geopolitical uncertainties, have also played a role in pushing uranium prices higher, further boosting the performance of related mining and nuclear energy stocks.
The top contributor and detractor to URAN’s performance included Chengdu Guoguang Electric - A, which increased by 38.53%, and Uranium Energy Corp, which declined 3.72%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes Uranium & Nuclear ETF | PAGE 1 | TSR-AR-882927759 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(09/24/2024) |
Themes Uranium & Nuclear ETF | 5.64 |
MSCI ACWI Index | 1.46 |
BITA Global Uranium and Nuclear Select Index | 5.78 |
Visit www.themesetfs.com/etfs/URAN for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $558,203 |
Number of Holdings | 34 |
Net Advisory Fee | $32 |
Portfolio Turnover | 0% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
Constellation Energy Corp. | 11.0% |
Cameco Corp. | 8.5% |
NuScale Power Corp. | 5.8% |
Uranium Energy Corp. | 5.2% |
PG&E Corp. | 5.1% |
Paladin Energy Ltd. | 5.1% |
China National Nuclear Power Co. Ltd. | 4.6% |
NexGen Energy Ltd. | 4.5% |
Centrus Energy Corp. | 4.5% |
Yellow Cake PLC | 4.1% |
| |
Top Sectors | (% of net assets) |
Materials | 53.1% |
Utilities | 30.5% |
Industrials | 14.6% |
Technology | 1.6% |
Cash & Other | 0.2% |
The Fund is distributed by ALPS Distributors, Inc
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes Uranium & Nuclear ETF | PAGE 2 | TSR-AR-882927759 |
105641014610578
| | |
| Themes US Cash Flow Champions ETF | |
USCF (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes US Cash Flow Champions ETF for the period of December 13, 2023 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/USCF. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes US Cash Flow Champions ETF | $26* | 0.30%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes US Cash Flow Champions ETF (USCF) was launched on December 13, 2023 and has seen a 20.80% return since inception. USCF seeks to track the Solactive US Cash Flow Champions Index (SOLUCFCT), which identifies the top 75 large/mid capitalization companies with the highest 3 years of positive cash flow yield. USCF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLUCFCT Index.
U.S. Cash Flow stocks have performed well this year as companies with strong cash flow become increasingly attractive in a volatile economic environment. With persistent inflationary pressures and rising costs, investors have been favoring firms that generate steady, high cash flows, which can provide a buffer against economic downturns. Additionally, as the Federal Reserve signaled a potential pause in interest rate hikes, companies with healthy cash positions are less affected by borrowing costs, further boosting their appeal.
The top contributor and detractor of USCF’s performance included Broadcom Inc, which increased by 60.72%, and Humana, which declined 34.32%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes US Cash Flow Champions ETF | PAGE 1 | TSR-AR-882927882 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(12/13/2023) |
Themes US Cash Flow Champions ETF | 20.80 |
S&P 500 Index | 25.49 |
Solactive US Cash Flow Champions Index | 21.14 |
Visit www.themesetfs.com/etfs/USCF for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $905,969 |
Number of Holdings | 76 |
Net Advisory Fee | $1,486 |
Portfolio Turnover | 20% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
AbbVie, Inc. | 5.4% |
Broadcom, Inc. | 5.0% |
JPMorgan Chase & Co. | 4.9% |
Exxon Mobil Corp. | 4.8% |
Wells Fargo & Co. | 4.4% |
Chevron Corp. | 4.4% |
Pfizer, Inc. | 3.7% |
American Express Co. | 3.6% |
Progressive Corp. | 3.4% |
ConocoPhillips | 2.9% |
| |
Top Sectors | (% of net assets) |
Financials | 39.3% |
Energy | 20.8% |
Health Care | 19.8% |
Technology | 7.7% |
Consumer Discretionary | 4.2% |
Consumer Staples | 3.9% |
Materials | 2.2% |
Communications | 1.1% |
Industrials | 0.3% |
Cash & Other | 0.7% |
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes US Cash Flow Champions ETF | PAGE 2 | TSR-AR-882927882 |
120801254912114
| | |
| Themes US Infrastructure ETF | |
HWAY (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes US Infrastructure ETF for the period of September 12, 2024 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/HWAY. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes US Infrastructure ETF | $1* | 0.29%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes US Infrastructure ETF (HWAY) launched September 12, 2024 and has seen an 8.31% return since inception. HWAY seeks to track the Solactive United States Infrastructure Index (SOLUSIST), which identifies 100 US infrastructure companies that derive their revenues from either:(1) Building Materials & Equipment, (2) Construction, (3) Logistics or (4) Engineering Services. HWAY seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLUSIST Index.
U.S. infrastructure stocks have gained momentum this year, driven by increased government investment in rebuilding and modernizing American infrastructure. The passing of substantial federal legislation, including the Infrastructure Investment and Jobs Act, has earmarked billions for projects like roads, bridges, clean energy, and broadband expansion. This influx of funding benefits companies involved in construction, engineering, utilities, and materials, all key holdings in infrastructure-focused ETFs.
The top contributor and detractor to HWAY’s performance included Caterpillar Inc, which increased by 15.18%, and Norfolk Southern Corp, which declined 2.39%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes US Infrastructure ETF | PAGE 1 | TSR-AR-882927726 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(09/12/2024) |
Themes US Infrastructure ETF | 8.31 |
S&P 500 Index | 3.82 |
Solactive United States Infrastructure Index | 8.33 |
Visit www.themesetfs.com/etfs/HWAY for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $541,571 |
Number of Holdings | 102 |
Net Advisory Fee | $75 |
Portfolio Turnover | 0% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
Caterpillar, Inc. | 4.7% |
Union Pacific Corp. | 4.6% |
Deere & Co. | 4.5% |
Norfolk Southern Corp. | 4.5% |
United Rentals, Inc. | 4.3% |
Emerson Electric Co. | 4.3% |
CSX Corp. | 4.3% |
Quanta Services, Inc. | 3.4% |
WW Grainger, Inc. | 3.3% |
Fastenal Co. | 3.3% |
| |
Top Sectors | (% of net assets) |
Industrials | 71.6% |
Materials | 23.0% |
Consumer Discretionary | 4.3% |
Energy | 0.4% |
Utilities | 0.3% |
Technology | 0.3% |
Cash & Other | 0.1% |
The Fund is distributed by ALPS Distributors, Inc
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes US Infrastructure ETF | PAGE 2 | TSR-AR-882927726 |
108311038210833
| | |
| Themes US R&D Champions ETF | |
USRD (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes US R&D Champions ETF for the period of December 13, 2023 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/USRD. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes US R&D Champions ETF | $26* | 0.29%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes US R&D Champions ETF (USRD) was launched December 13, 2023 and has seen a 24.56% return since inception. USRD seeks to track the Solactive US R&D Champions Index (SOLURDCT), which identifies 50 profitable R&D companies with (1) 3 years of Increasing R&D Spending, (2) 3 years of Positive Return on Equity (ROE), and (3) Positive Profit Margins. USRD seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLURDCT Index.
US R&D stocks have seen strong performance in 2024 due to several favorable economic and market factors. Companies with substantial R&D investment tend to have stronger competitive advantages, creating valuable intellectual property and improving long-term growth potential. This makes them attractive to investors, especially as global innovation and technology continue to expand. Additionally, many R&D-heavy companies, especially in the U.S., have benefited from recent government policies supporting technology and infrastructure, such as the CHIPS Act, which boosts domestic tech manufacturing. Furthermore, U.S. markets overall have been relatively resilient, supported by stable earnings and reduced inflation, which has allowed the Federal Reserve to maintain a less aggressive stance on interest rates. This environment has driven investor interest toward growth-focused sectors like technology and healthcare, where R&D spending is traditionally high.
The top contributor and detractor of USRD’s performance included Nvidia, which increased by 86.91%, and Super Micro Computer Inc, which declined 23.03%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes US R&D Champions ETF | PAGE 1 | TSR-AR-882927874 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(12/13/2023) |
Themes US R&D Champions ETF | 24.56 |
S&P 500 Index | 25.49 |
Solactive US R&D Champions Index | 24.98 |
Visit www.themesetfs.com/etfs/USRD for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $1,245,571 |
Number of Holdings | 51 |
Net Advisory Fee | $1,898 |
Portfolio Turnover | 34% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
Oracle Corp. | 2.4% |
Keysight Technologies, Inc. | 2.4% |
Expedia Group, Inc. | 2.3% |
Carrier Global Corp. | 2.3% |
Trade Desk, Inc. | 2.3% |
Zoom Video Communications, Inc. | 2.3% |
Advanced Micro Devices, Inc. | 2.2% |
Trimble, Inc. | 2.2% |
Hewlett Packard Enterprise Co. | 2.2% |
Align Technology, Inc. | 2.1% |
| |
Top Sectors | (% of net assets) |
Technology | 47.7% |
Health Care | 19.3% |
Industrials | 10.8% |
Communications | 10.2% |
Consumer Discretionary | 5.8% |
Materials | 2.1% |
Energy | 1.9% |
Real Estate | 1.9% |
Cash & Other | 0.3% |
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes US R&D Champions ETF | PAGE 2 | TSR-AR-882927874 |
124561254912498
| | |
| Themes US Small Cap Cash Flow Champions ETF | |
SMCF (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ) |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Themes US Small Cap Cash Flow Champions ETF for the period of December 13, 2023 to September 30, 2024. You can find additional information about the Fund at www.themesetfs.com/etfs/SMCF. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Themes US Small Cap Cash Flow Champions ETF | $26* | 0.29%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
| ** | Percentage shown is annualized. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Themes US Small Cap Cash Flow Champions ETF (SMCF) was launched on December 13, 2023 and has seen a 23.74% return since inception. SMCF seeks to track the Solactive US Small Cap Cash Flow Champions Index (SOLSUCCT), which identifies the top 75 small capitalization companies with the highest 3 years of positive cash flow yield. SMCF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the SOLSUCCT Index.
Small-cap cash flow stocks have seen solid performance this year, benefiting from favorable economic factors. The Federal Reserve’s recent rate cuts have reduced borrowing costs, which is particularly beneficial for small-cap companies that rely more heavily on debt financing to fuel growth. Strong consumer spending has further boosted revenues for many small-cap companies in sectors like retail, technology, and consumer services. Additionally, SMCF’s exposure to regional banks—some of which are key holdings—has helped drive returns as these banks have rebounded with improved lending conditions and better profitability in a lower-rate environment.
The top contributor and detractor of SMCF’s performance included Williams-Sonoma Inc, which increased by 58.76%, and APA Corp, which declined 28.12%.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Themes US Small Cap Cash Flow Champions ETF | PAGE 1 | TSR-AR-882927866 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(12/13/2023) |
Themes US Small Cap Cash Flow Champions ETF | 23.74 |
S&P 500 Index | 25.49 |
Solactive US Small Cap Cash Flow Champions Index | 24.19 |
Visit www.themesetfs.com/etfs/SMCF for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $928,022 |
Number of Holdings | 75 |
Net Advisory Fee | $1,637 |
Portfolio Turnover | 46% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top 10 Issuers | (% of net assets) |
Builders FirstSource, Inc. | 5.8% |
Molina Healthcare, Inc. | 4.9% |
Williams-Sonoma, Inc. | 4.8% |
Marathon Oil Corp. | 4.4% |
CF Industries Holdings, Inc. | 4.2% |
Toll Brothers, Inc. | 4.1% |
Reinsurance Group of America, Inc. | 3.7% |
Flex Ltd. | 3.5% |
East West Bancorp, Inc. | 3.0% |
Stifel Financial Corp. | 2.4% |
| |
Top Sectors | (% of net assets) |
Financials | 38.0% |
Consumer Discretionary | 17.5% |
Energy | 17.2% |
Materials | 10.0% |
Industrials | 5.5% |
Health Care | 5.0% |
Technology | 4.3% |
Consumer Staples | 0.8% |
Real Estate | 0.6% |
Cash & Other | 1.1% |
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Themes ETFs at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes ETFs or your financial intermediary.
| Themes US Small Cap Cash Flow Champions ETF | PAGE 2 | TSR-AR-882927866 |
123741254912419
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Sanjay R. Bharwani, Neil Fleming and Tracy N. Packwood are each determined to be an “audit committee financial expert” and are considered “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past fiscal year. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for the last fiscal year for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
| | FYE 9/30/2024 | |
| (a) Audit Fees | $196,000 | |
| (b) Audit-Related Fees | $0 | |
| (c) Tax Fees | $59,500 | |
| (d) All Other Fees | $0 | |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Cohen & Company, Ltd. to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| | FYE 9/30/2024 | |
| Audit-Related Fees | 0% | |
| Tax Fees | 0% | |
| All Other Fees | 0% | |
(f) Not applicable.
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last year.
| Non-Audit Related Fees | FYE 9/30/2024 | |
| Registrant | NONE | |
| Registrant’s Investment Adviser | NONE | |
(h) Because no non-audit services were rendered, the audit committee of the board of trustees did not consider whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence, and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
| (a) | Schedule of Investments is included as part of the report to shareholders filed under Item 7(a) of this Form. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) | The registrant’s Financial Statements are filed herewith. |
Themes ETF Trust
Themes Airlines ETF | AIRL
Themes Cloud Computing ETF | CLOD
Themes Copper Miners ETF | COPA
Themes Cybersecurity ETF | SPAM
Themes European Luxury ETF | FINE
Themes Generative Artificial Intelligence ETF | WISE
Themes Global Systemically Important Banks ETF | GSIB
Themes Gold Miners ETF | AUMI
Themes Lithium & Battery Metal Miners ETF | LIMI
Themes Natural Monopoly ETF | CZAR
Themes Robotics & Automation ETF | BOTT
Themes Silver Miners ETF | AGMI
Themes Uranium & Nuclear ETF | URAN
Themes US Cash Flow Champions ETF | USCF
Themes US Infrastructure ETF | HWAY
Themes US R&D Champions ETF | USRD
Themes US Small Cap Cash Flow Champions ETF | SMCF
Annual Financial Statements and Additional Information
September 30, 2024
TABLE OF CONTENTS
Themes Airlines ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 99.3%
|
Industrial Services - 99.3%(a)
| | | | | | |
Air Canada(b) | | | 2,651 | | | $32,127 |
Air France-KLM(b) | | | 1,818 | | | 18,250 |
Air Transport Services Group, Inc.(b) | | | 761 | | | 12,320 |
Alaska Air Group, Inc.(b) | | | 911 | | | 41,186 |
Allegiant Travel Co. | | | 247 | | | 13,600 |
American Airlines Group, Inc.(b) | | | 3,025 | | | 34,001 |
ANA Holdings, Inc. | | | 1,800 | | | 38,436 |
Cathay Pacific Airways Ltd. | | | 9,225 | | | 9,909 |
Copa Holdings SA - Class A | | | 364 | | | 34,158 |
Delta Air Lines, Inc. | | | 701 | | | 35,604 |
Deutsche Lufthansa AG | | | 5,253 | | | 38,476 |
easyJet PLC | | | 5,492 | | | 38,181 |
El Al Israel Airlines(b) | | | 3,205 | | | 5,542 |
Exchange Income Corp. | | | 686 | | | 26,082 |
Frontier Group Holdings, Inc.(b) | | | 901 | | | 4,820 |
International Consolidated Airlines Group SA | | | 14,917 | | | 40,963 |
Japan Airlines Co. Ltd. | | | 2,100 | | | 36,784 |
JetBlue Airways Corp.(b) | | | 5,291 | | | 34,709 |
Mainfreight Ltd. | | | 755 | | | 34,228 |
Norwegian Air Shuttle ASA(b) | | | 10,715 | | | 13,159 |
Qantas Airways Ltd.(b) | | | 7,983 | | | 40,951 |
Ryanair Holdings PLC - ADR | | | 703 | | | 31,739 |
Singapore Airlines Ltd. | | | 6,307 | | | 33,369 |
SkyWest, Inc.(b) | | | 405 | | | 34,433 |
Southwest Airlines Co. | | | 1,228 | | | 36,386 |
Spirit Airlines, Inc. | | | 1,697 | | | 4,073 |
Sun Country Airlines Holdings, Inc.(b) | | | 540 | | | 6,053 |
United Airlines Holdings, Inc.(b) | | | 715 | | | 40,798 |
Wizz Air Holdings PLC(b)(c) | | | 1,206 | | | 23,379 |
| | | | | | 793,716 |
TOTAL COMMON STOCKS
(Cost $731,317) | | | | | | 793,716 |
SHORT-TERM INVESTMENTS - 0.3%
|
Money Market Funds - 0.3%
|
First American Treasury Obligations Fund - Class X, 4.79%(d) | | | 2,609 | | | 2,609 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,609) | | | | | | 2,609 |
TOTAL INVESTMENTS - 99.6%
(Cost $733,926) | | | | | | $796,325 |
Other Assets in Excess of Liabilities - 0.4% | | | | | | 3,382 |
TOTAL NET ASSETS - 100.0% | | | | | | $799,707 |
| | | | | | | |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
AG - Aktiengesellschaft
ASA - Advanced Subscription Agreement
PLC - Public Limited Company
SA - Sociedad Anónima
(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)
| 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 September 30, 2024, the value of these securities total $23,379 or 2.9% of the Fund’s net assets. |
(d)
| The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Cloud Computing ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 99.2%
|
Media - 10.0%
| | | | | | |
Alphabet, Inc. - Class A | | | 319 | | | $52,906 |
AppLovin Corp. - Class A(a) | | | 135 | | | 17,624 |
GoDaddy, Inc. - Class A(a) | | | 96 | | | 15,051 |
Prosus NV | | | 969 | | | 42,348 |
VeriSign, Inc.(a) | | | 61 | | | 11,587 |
| | | | | | 139,516 |
Retail & Wholesale - Discretionary - 9.0%
| | | | | | |
Amazon.com, Inc.(a) | | | 306 | | | 57,017 |
MercadoLibre, Inc.(a) | | | 34 | | | 69,767 |
| | | | | | 126,784 |
Software & Technology Services - 79.0%(b)
|
Adobe, Inc.(a) | | | 108 | | | 55,920 |
Akamai Technologies, Inc.(a) | | | 106 | | | 10,701 |
ANSYS, Inc.(a) | | | 62 | | | 19,755 |
Atlassian Corp. - Class A(a) | | | 112 | | | 17,787 |
Autodesk, Inc.(a) | | | 154 | | | 42,424 |
Booz Allen Hamilton Holding Corp. | | | 91 | | | 14,811 |
CACI International, Inc. - Class A(a) | | | 16 | | | 8,073 |
Cadence Design Systems, Inc.(a) | | | 190 | | | 51,496 |
Check Point Software Technologies Ltd.(a) | | | 63 | | | 12,147 |
Cloudflare, Inc. - Class A(a) | | | 212 | | | 17,149 |
CommVault Systems, Inc.(a) | | | 31 | | | 4,769 |
Confluent, Inc. - Class A(a) | | | 160 | | | 3,261 |
Crowdstrike Holdings, Inc. - Class A(a) | | | 162 | | | 45,436 |
CyberArk Software Ltd.(a) | | | 31 | | | 9,040 |
Dassault Systemes SE | | | 485 | | | 19,236 |
Datadog, Inc. - Class A(a) | | | 187 | | | 21,516 |
Dropbox, Inc. - Class A(a) | | | 171 | | | 4,348 |
Dynatrace, Inc.(a) | | | 217 | | | 11,603 |
Fortinet, Inc.(a) | | | 438 | | | 33,967 |
Gen Digital, Inc. | | | 393 | | | 10,780 |
HubSpot, Inc.(a) | | | 35 | | | 18,606 |
Intuit, Inc. | | | 97 | | | 60,237 |
Manhattan Associates, Inc.(a) | | | 44 | | | 12,381 |
Microsoft Corp. | | | 131 | | | 56,369 |
MicroStrategy, Inc. - Class A(a) | | | 110 | | | 18,546 |
MongoDB, Inc.(a) | | | 50 | | | 13,517 |
Nutanix, Inc. - Class A(a) | | | 173 | | | 10,250 |
Okta, Inc.(a) | | | 114 | | | 8,475 |
Oracle Corp. | | | 430 | | | 73,272 |
Palo Alto Networks, Inc.(a) | | | 181 | | | 61,866 |
Sage Group PLC | | | 713 | | | 9,766 |
Salesforce, Inc. | | | 242 | | | 66,238 |
SAP SE | | | 304 | | | 69,169 |
ServiceNow, Inc.(a) | | | 82 | | | 73,340 |
Snowflake, Inc. - Class A(a) | | | 224 | | | 25,729 |
Synopsys, Inc.(a) | | | 98 | | | 49,626 |
Wix.com Ltd.(a) | | | 38 | | | 6,352 |
Workday, Inc. - Class A(a) | | | 148 | | | 36,173 |
| | | | | | | |
| | | | | | | |
Zoom Video Communications, Inc. - Class A(a) | | | 188 | | | $13,111 |
Zscaler, Inc.(a) | | | 65 | | | 11,111 |
| | | | | | 1,108,353 |
Tech Hardware & Semiconductors - 0.8%
|
F5, Inc.(a) | | | 42 | | | 9,249 |
InterDigital, Inc. | | | 18 | | | 2,549 |
| | | | | | 11,798 |
Telecommunications - 0.4%
| | | | | | |
NextDC Ltd.(a) | | | 429 | | | 5,190 |
TOTAL COMMON STOCKS
(Cost $1,289,279) | | | | | | 1,391,641 |
SHORT-TERM INVESTMENTS - 0.7%
|
Money Market Funds - 0.7%
|
First American Treasury Obligations Fund - Class X, 4.79%(c) | | | 10,013 | | | 10,013 |
TOTAL SHORT-TERM INVESTMENTS (Cost $10,013) | | | | | | 10,013 |
TOTAL INVESTMENTS - 99.9%
(Cost $1,299,292) | | | | | | $1,401,654 |
Other Assets in Excess of
Liabilities - 0.1% | | | | | | 965 |
TOTAL NET ASSETS - 100.0% | | | | | | $1,402,619 |
| | | | | | | |
Percentages are stated as a percent of net assets.
NV - Naamloze Vennootschap
PLC - Public Limited Company
(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)
| The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Copper Miners ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 99.7%
|
Materials - 99.7%(a)
| | | | | | |
29Metals Ltd.(b) | | | 10,376 | | | $3,694 |
Aeris Resources Ltd.(b) | | | 11,088 | | | 1,801 |
Altius Minerals Corp. | | | 240 | | | 4,621 |
Antofagasta PLC | | | 872 | | | 23,468 |
Arizona Sonoran Copper Co., Inc.(b) | | | 456 | | | 523 |
Atalaya Mining PLC | | | 1,054 | | | 5,679 |
Aurubis AG | | | 168 | | | 12,315 |
BHP Group Ltd. | | | 838 | | | 26,627 |
Boliden AB | | | 344 | | | 11,669 |
Capstone Copper Corp.(b) | | | 3,236 | | | 25,315 |
Central Asia Metals PLC | | | 1,132 | | | 2,960 |
Chalice Mining Ltd.(b) | | | 9,460 | | | 10,072 |
China Nonferrous Mining Corp. Ltd. | | | 27,200 | | | 22,428 |
Cia de Minas Buenaventura SAA - ADR | | | 942 | | | 13,038 |
Collective Mining Ltd.(b) | | | 200 | | | 642 |
ERO Copper Corp.(b) | | | 776 | | | 17,276 |
Filo Corp.(b) | | | 278 | | | 6,625 |
First Quantum Minerals Ltd.(b) | | | 1,982 | | | 27,024 |
Foran Mining Corp.(b) | | | 2,080 | | | 6,444 |
Freeport-McMoRan, Inc. | | | 1,120 | | | 55,910 |
Ganzhou Teng Yuan Cobalt New Material Co. Ltd. - Class A | | | 1,800 | | | 13,497 |
Glencore PLC | | | 4,362 | | | 24,943 |
Hudbay Minerals, Inc. | | | 1,822 | | | 16,759 |
Ivanhoe Electric, Inc.(b) | | | 1,350 | | | 11,421 |
Ivanhoe Mines Ltd. - Class A(b) | | | 1,294 | | | 19,250 |
Jiangxi Copper Co. Ltd. - Class A | | | 5,600 | | | 19,483 |
Jinchuan Group International Resources Co. Ltd. | | | 106,200 | | | 9,153 |
Jiujiang Defu Technology Co. Ltd. -
Class A | | | 11,600 | | | 24,999 |
Lundin Mining Corp. | | | 1,848 | | | 19,362 |
Meteoric Resources NL(b) | | | 32,410 | | | 2,465 |
Mitsubishi Materials Corp. | | | 400 | | | 7,166 |
MMG Ltd.(b) | | | 53,600 | | | 19,099 |
NGEx Minerals Ltd.(b) | | | 808 | | | 6,667 |
Nittetsu Mining Co. Ltd. | | | 200 | | | 5,942 |
Ramelius Resources Ltd. | | | 1,566 | | | 2,382 |
Rex Minerals Ltd.(b) | | | 14,360 | | | 4,616 |
Sandfire Resources Ltd.(b) | | | 1,054 | | | 7,899 |
Seabridge Gold, Inc.(b) | | | 176 | | | 2,959 |
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. - Class A | | | 9,800 | | | 6,928 |
Solaris Resources, Inc.(b) | | | 1,658 | | | 4,291 |
SolGold PLC(b) | | | 22,636 | | | 3,044 |
Southern Copper Corp. | | | 204 | | | 23,597 |
Taseko Mines Ltd.(b) | | | 2,242 | | | 5,686 |
Teck Resources Ltd. - Class B | | | 214 | | | 11,179 |
| | | | | | | |
| | | | | | | |
WA1 Resources Ltd.(b) | | | 726 | | | $7,569 |
Western Copper & Gold Corp.(b) | | | 450 | | | 540 |
| | | | | | 559,027 |
TOTAL COMMON STOCKS
(Cost $499,033) | | | | | | 559,027 |
SHORT-TERM INVESTMENTS - 0.2%
|
Money Market Funds - 0.2%
| |
First American Treasury Obligations Fund - Class X, 4.79%(c) | | | 1,208 | | | 1,208 |
TOTAL SHORT-TERM INVESTMENTS (Cost $1,208) | | | | | | 1,208 |
TOTAL INVESTMENTS - 99.9%
(Cost $500,241) | | | | | | $560,235 |
Other Assets in Excess of Liabilities - 0.1% | | | | | | 375 |
TOTAL NET ASSETS - 100.0% | | | | | | $560,610 |
| | | | | | | |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
AG - Aktiengesellschaft
AB - Aktiebolag
PLC - Public Limited Company
SAA - Sociedad Anomina Abierta
(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 September 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Cybersecurity ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 99.8%
|
Industrial Services - 3.6%
| | | | | | |
Alarm.com Holdings, Inc.(a) | | | 1,126 | | | $61,558 |
Software & Technology Services - 88.6%(b)
|
Alarum Technologies Ltd.(a) | | | 2,005 | | | 2,161 |
BlackBerry Ltd.(a) | | | 18,501 | | | 48,473 |
Booz Allen Hamilton Holding Corp. | | | 467 | | | 76,009 |
CACI International, Inc. - Class A(a) | | | 170 | | | 85,775 |
Change Holdings, Inc. | | | 1,100 | | | 10,677 |
Check Point Software Technologies Ltd.(a) | | | 427 | | | 82,330 |
Clear Secure, Inc. - Class A | | | 2,703 | | | 89,577 |
Crowdstrike Holdings, Inc. - Class A(a) | | | 193 | | | 54,131 |
Cyber Security Cloud, Inc.(a) | | | 200 | | | 2,672 |
CyberArk Software Ltd.(a) | | | 268 | | | 78,151 |
Darktrace PLC(a) | | | 9,687 | | | 74,702 |
Digital Arts, Inc. | | | 300 | | | 10,290 |
Elements, Inc.(a) | | | 300 | | | 1,428 |
Fastly, Inc. - Class A(a) | | | 4,099 | | | 31,029 |
Fortinet, Inc.(a) | | | 1,268 | | | 98,333 |
Hennge KK(a) | | | 500 | | | 4,042 |
Netcompany Group AS(a)(c) | | | 1,404 | | | 64,533 |
Okta, Inc.(a) | | | 784 | | | 58,283 |
OneSpan, Inc.(a) | | | 1,141 | | | 19,020 |
Palo Alto Networks, Inc.(a) | | | 215 | | | 73,487 |
Qualys, Inc.(a) | | | 515 | | | 66,157 |
Radware Ltd.(a) | | | 1,135 | | | 25,288 |
Rapid7, Inc.(a) | | | 1,854 | | | 73,956 |
SentinelOne, Inc. - Class A(a) | | | 3,634 | | | 86,925 |
Tenable Holdings, Inc.(a) | | | 1,727 | | | 69,978 |
Trend Micro, Inc. | | | 1,700 | | | 100,374 |
Varonis Systems, Inc.(a) | | | 1,570 | | | 88,705 |
Zscaler, Inc.(a) | | | 368 | | | 62,906 |
| | | | | | 1,539,392 |
Tech Hardware & Semiconductors - 1.9%
| | | | | | |
A10 Networks, Inc. | | | 2,308 | | | 33,328 |
Telecommunications - 5.7%
| | | | | | |
Applied Digital Corp.(a) | | | 3,024 | | | 24,948 |
Broadband Tower, Inc. | | | 1,500 | | | 2,181 |
NextDC Ltd.(a) | | | 5,981 | | | 72,362 |
| | | | | | 99,491 |
TOTAL COMMON STOCKS
(Cost $1,610,695) | | | | | | 1,733,769 |
| | | | | | | |
| | | | | | | |
SHORT-TERM INVESTMENTS - 0.1%
|
Money Market Funds - 0.1%
| | | | | | |
First American Treasury Obligations Fund - Class X, 4.79%(d) | | | 2,564 | | | $2,564 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,564) | | | | | | 2,564 |
TOTAL INVESTMENTS - 99.9%
(Cost $1,613,259) | | | | | | $1,736,333 |
Other Assets in Excess of
Liabilities - 0.1% | | | | | | 1,182 |
TOTAL NET ASSETS - 100.0% | | | | | | $1,737,515 |
| | | | | | | |
Percentages are stated as a percent of net assets.
PLC - Public Limited Company
(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 September 30, 2024, the value of these securities total $64,533 or 3.7% of the Fund’s net assets. |
(d)
| The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes European Luxury ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 95.7%
|
Consumer Discretionary Products - 58.9%(a)
|
Aston Martin Lagonda Global Holdings PLC(b)(c) | | | 14,022 | | | $22,571 |
Beneteau SACA | | | 2,385 | | | 25,805 |
Burberry Group PLC | | | 2,850 | | | 26,710 |
Capri Holdings Ltd.(b) | | | 793 | | | 33,655 |
Cie Financiere Richemont SA | | | 178 | | | 28,140 |
Coats Group PLC | | | 24,165 | | | 32,437 |
Ermenegildo Zegna NV | | | 2,440 | | | 24,010 |
Ferrari NV | | | 64 | | | 29,900 |
Hermes International SCA | | | 12 | | | 29,467 |
Kering SA - ADR | | | 790 | | | 22,618 |
LVMH Moet Hennessy Louis Vuitton SE | | | 36 | | | 27,590 |
Prada SpA | | | 4,018 | | | 31,012 |
Salvatore Ferragamo SpA | | | 2,961 | | | 22,842 |
Swatch Group AG | | | 138 | | | 29,553 |
Watches of Switzerland Group PLC(b)(c) | | | 5,206 | | | 33,200 |
| | | | | | 419,510 |
Consumer Discretionary Services - 11.2%
| | | | | | |
Accor SA | | | 655 | | | 28,435 |
InterContinental Hotels Group PLC | | | 250 | | | 27,194 |
Playa Hotels & Resorts NV(b) | | | 3,135 | | | 24,296 |
| | | | | | 79,925 |
Consumer Staple Products - 4.6%
| | | | | | |
Interparfums SA | | | 654 | | | 33,015 |
Materials - 4.4%
| | | | | | |
Givaudan SA - ADR | | | 283 | | | 30,972 |
Retail & Wholesale - Discretionary - 16.6%
| | | | | | |
Brunello Cucinelli SpA | | | 285 | | | 30,694 |
Frasers Group PLC(b) | | | 2,551 | | | 28,427 |
Hugo Boss AG | | | 666 | | | 30,462 |
Pandora AS | | | 175 | | | 28,812 |
| | | | | | 118,395 |
TOTAL COMMON STOCKS
(Cost $680,464) | | | | | | 681,817 |
PREFERRED STOCKS - 3.7%
|
Consumer Discretionary Products - 3.7%
| | | | | | |
Porsche Automobil Holding SE 0.00%, | | | 582 | | | 26,614 |
TOTAL PREFERRED STOCKS
(Cost $28,425) | | | | | | 26,614 |
| | | | | | | |
| | | | | | | |
SHORT-TERM INVESTMENTS - 0.2%
|
Money Market Funds - 0.2%
| | | | | | |
First American Treasury Obligations Fund - Class X, 4.79%(d) | | | 1,343 | | | $1,343 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,343) | | | | | | 1,343 |
TOTAL INVESTMENTS - 99.6%
(Cost $710,232) | | | | | | $709,774 |
Other Assets in Excess of Liabilities - 0.4% | | | | | | 2,588 |
TOTAL NET ASSETS - 100.0% | | | | | | $712,362 |
| | | | | | | |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
AG - Aktiengesellschaft
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima
(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)
| 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 September 30, 2024, the value of these securities total $55,771 or 7.8% of the Fund’s net assets. |
(d)
| The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Generative Artificial Intelligence ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 99.6%
|
Consumer Discretionary Products - 1.0%
| | | | | | |
Tesla, Inc.(a) | | | 491 | | | $128,460 |
Financial Services - 2.5%
| | | | | | |
Fair Isaac Corp.(a) | | | 35 | | | 68,023 |
Northern Data AG(a) | | | 9,240 | | | 262,795 |
| | | | | | 330,818 |
Health Care - 0.2%
| | | | | | |
CorVel Corp.(a) | | | 96 | | | 31,382 |
Media - 9.0%
| | | | | | |
Alphabet, Inc. - Class A | | | 3,272 | | | 542,661 |
Baidu, Inc. - Class A(a) | | | 32,600 | | | 442,839 |
Meta Platforms, Inc. - Class A | | | 345 | | | 197,492 |
| | | | | | 1,182,992 |
Retail & Wholesale - Discretionary - 5.4%
|
Alibaba Group Holding Ltd. | | | 7,400 | | | 104,710 |
Amazon.com, Inc.(a) | | | 3,253 | | | 606,132 |
| | | | | | 710,842 |
Software & Tech Services - 6.8%
| | | | | | |
Pagaya Technologies Ltd. - Class A(a) | | | 21,597 | | | 228,280 |
Palantir Technologies, Inc. - Class A(a) | | | 6,614 | | | 246,041 |
Veritone, Inc.(a) | | | 114,459 | | | 410,908 |
| | | | | | 885,229 |
Software & Technology Services - 42.5%(b)
|
Accenture PLC - Class A | | | 46 | | | 16,260 |
Augmedix, Inc.(a) | | | 52,098 | | | 122,430 |
BigBear.ai Holdings, Inc.(a) | | | 240,570 | | | 351,232 |
C3.ai, Inc. - Class A(a) | | | 19,027 | | | 461,024 |
ExlService Holdings, Inc.(a) | | | 5,618 | | | 214,327 |
Grid Dynamics Holdings, Inc.(a) | | | 31,622 | | | 442,708 |
International Business Machines Corp. | | | 860 | | | 190,129 |
Microsoft Corp. | | | 1,479 | | | 636,414 |
Oracle Corp. | | | 2,977 | | | 507,281 |
PKSHA Technology, Inc.(a) | | | 20,000 | | | 471,038 |
Salesforce, Inc. | | | 1,384 | | | 378,815 |
SentinelOne, Inc. - Class A(a) | | | 3,925 | | | 93,886 |
Snowflake, Inc. - Class A(a) | | | 2,959 | | | 339,871 |
SoundHound AI, Inc. - Class A(a) | | | 94,534 | | | 440,528 |
Synopsys, Inc.(a) | | | 276 | | | 139,764 |
TELUS International CDA, Inc.(a) | | | 13,157 | | | 51,365 |
UiPath, Inc. - Class A(a) | | | 43,485 | | | 556,608 |
Zeta Global Holdings Corp. - Class A(a) | | | 5,557 | | | 165,765 |
| | | | | | 5,579,445 |
Tech Hardware & Semiconductors - 32.2%(b)
|
Advanced Micro Devices, Inc.(a) | | | 3,979 | | | 652,874 |
Ambarella, Inc.(a) | | | 6,053 | | | 341,420 |
Apple, Inc. | | | 1,475 | | | 343,675 |
Arista Networks, Inc.(a) | | | 904 | | | 346,973 |
Broadcom, Inc. | | | 2,744 | | | 473,340 |
CEVA, Inc.(a) | | | 11,506 | | | 277,870 |
| | | | | | | |
| | | | | | | |
Intel Corp. | | | 26,870 | | | $630,370 |
Lattice Semiconductor Corp.(a) | | | 2,478 | | | 131,508 |
NVIDIA Corp. | | | 4,891 | | | 593,963 |
QuickLogic Corp.(a) | | | 57,029 | | | 437,412 |
| | | | | | 4,229,405 |
TOTAL COMMON STOCKS
(Cost $13,923,482) | | | | | | 13,078,573 |
SHORT-TERM INVESTMENTS - 0.3%
|
Money Market Funds - 0.3%
|
First American Treasury Obligations Fund - Class X, 4.79%(c) | | | 37,909 | | | 37,909 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $37,909) | | | | | | 37,909 |
TOTAL INVESTMENTS - 99.9%
(Cost $13,961,391) | | | | | | $13,116,482 |
Other Assets in Excess of
Liabilities - 0.1% | | | | | | 12,413 |
TOTAL NET ASSETS - 100.0% | | | | | | $13,128,895 |
| | | | | | | |
Percentages are stated as a percent of net assets.
AG - Aktiengesellschaft
PLC - Public Limited Company
(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)
| The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Global Systemically Important Banks ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 99.9%
|
Banking - 81.3%(a)
| | | | | | |
Agricultural Bank of China Ltd. -
Class H | | | 162,661 | | | $76,582 |
Banco Santander SA - ADR | | | 14,885 | | | 75,913 |
Bank of America Corp. | | | 1,889 | | | 74,956 |
Bank of China Ltd. - Class H | | | 168,274 | | | 79,441 |
Bank of Communications Co. Ltd. - Class H | | | 107,611 | | | 82,502 |
Barclays PLC - ADR | | | 6,320 | | | 76,788 |
BNP Paribas SA - ADR | | | 2,097 | | | 71,990 |
China Construction Bank Corp. -
Class H | | | 104,518 | | | 79,056 |
Citigroup, Inc. | | | 1,251 | | | 78,313 |
Credit Agricole SA | | | 5,133 | | | 78,422 |
Deutsche Bank AG | | | 4,493 | | | 77,774 |
HSBC Holdings PLC - ADR | | | 1,703 | | | 76,959 |
Industrial & Commercial Bank of China Ltd. - ADR | | | 6,793 | | | 79,342 |
ING Groep NV - ADR | | | 4,071 | | | 73,929 |
JPMorgan Chase & Co. | | | 360 | | | 75,910 |
Mitsubishi UFJ Financial Group, Inc. - ADR | | | 7,387 | | | 75,200 |
Mizuho Financial Group, Inc. - ADR | | | 18,922 | | | 79,094 |
Royal Bank of Canada | | | 697 | | | 86,937 |
Societe Generale SA | | | 2,974 | | | 73,990 |
Standard Chartered PLC - ADR | | | 3,626 | | | 77,488 |
Sumitomo Mitsui Financial Group, Inc. - ADR | | | 5,961 | | | 75,287 |
Toronto-Dominion Bank | | | 1,193 | | | 75,469 |
Wells Fargo & Co. | | | 1,374 | | | 77,617 |
| | | | | | 1,778,959 |
Financial Services - 18.6%
| | | | | | |
Bank of New York Mellon Corp. | | | 1,225 | | | 88,029 |
Goldman Sachs Group, Inc. | | | 156 | | | 77,237 |
Morgan Stanley | | | 750 | | | 78,180 |
State Street Corp. | | | 992 | | | 87,762 |
UBS Group AG | | | 2,495 | | | 77,120 |
| | | | | | 408,328 |
TOTAL COMMON STOCKS
(Cost $1,973,309) | | | | | | 2,187,287 |
SHORT-TERM INVESTMENTS - 1.6%
|
Money Market Funds - 1.6%
| | | | | | |
First American Treasury Obligations Fund - Class X, 4.79%(b) | | | 35,725 | | | 35,725 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $35,725) | | | | | | 35,725 |
TOTAL INVESTMENTS - 101.5%
(Cost $2,009,034) | | | | | | $2,223,012 |
Liabilities in Excess of Other
Assets - (1.5)% | | | | | | (33,864) |
TOTAL NET ASSETS - 100.0% | | | | | | $2,189,148 |
| | | | | | | |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
AG - Aktiengesellschaft
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima
(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)
| The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Gold Miners ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 99.2%
|
Materials - 99.2%(a)
| | | | | | |
Agnico Eagle Mines Ltd. | | | 1,235 | | | $99,489 |
Alamos Gold, Inc. - Class A | | | 5,203 | | | 103,679 |
Anglogold Ashanti PLC | | | 3,276 | | | 87,240 |
B2Gold Corp. | | | 35,678 | | | 110,270 |
Capricorn Metals Ltd.(b) | | | 20,640 | | | 82,049 |
Centamin PLC | | | 60,843 | | | 119,576 |
De Grey Mining Ltd.(b) | | | 124,135 | | | 119,290 |
Endeavour Mining PLC | | | 4,712 | | | 111,977 |
Equinox Gold Corp.(b) | | | 17,195 | | | 104,890 |
Gold Fields Ltd. - ADR | | | 7,034 | | | 107,972 |
Gold Road Resources Ltd. | | | 68,068 | | | 80,470 |
IAMGOLD Corp.(b) | | | 19,641 | | | 102,965 |
K92 Mining, Inc.(b) | | | 15,197 | | | 88,432 |
Kinross Gold Corp. | | | 11,162 | | | 104,568 |
Lundin Gold, Inc. | | | 4,994 | | | 108,007 |
Northern Star Resources Ltd. | | | 9,982 | | | 110,209 |
OceanaGold Corp. | | | 38,467 | | | 108,935 |
Perseus Mining Ltd. | | | 58,916 | | | 106,309 |
Ramelius Resources Ltd. | | | 72,165 | | | 109,760 |
Regis Resources Ltd.(b) | | | 49,913 | | | 70,395 |
Torex Gold Resources, Inc.(b) | | | 5,197 | | | 99,179 |
Zhaojin Mining Industry Co. Ltd. -
Class H | | | 58,232 | | | 103,223 |
| | | | | | 2,238,884 |
TOTAL COMMON STOCKS
(Cost $1,926,982) | | | | | | 2,238,884 |
SHORT-TERM INVESTMENTS - 0.3%
|
Money Market Funds - 0.3%
| | | | | | |
First American Treasury Obligations Fund - Class X, 4.79%(c) | | | 5,959 | | | 5,959 |
TOTAL SHORT-TERM INVESTMENTS (Cost $5,959) | | | | | | 5,959 |
TOTAL INVESTMENTS - 99.5%
(Cost $1,932,941) | | | | | | $2,244,843 |
Other Assets in Excess of
Liabilities - 0.5% | | | | | | 12,326 |
TOTAL NET ASSETS - 100.0% | | | | | | $2,257,169 |
| | | | | | | |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
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 September 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Lithium & Battery Metal Miners ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 99.9%
| | | | | | |
Materials - 99.9%(a)
| | | | | | |
Albemarle Corp. | | | 258 | | | $24,436 |
Altius Minerals Corp. | | | 28 | | | 539 |
AMG Critical Materials NV | | | 264 | | | 5,028 |
Arcadium Lithium PLC(b) | | | 6,890 | | | 19,636 |
Atlantic Lithium Ltd.(b) | | | 58,906 | | | 10,348 |
Atlas Lithium Corp.(b) | | | 758 | | | 5,154 |
Beijing Easpring Material Technology Co. Ltd. - Class A | | | 3,200 | | | 19,758 |
Canada Nickel Co., Inc.(b) | | | 16,694 | | | 13,701 |
Chalice Mining Ltd.(b) | | | 7,712 | | | 8,211 |
Core Lithium Ltd.(b) | | | 228,552 | | | 20,541 |
Energy Fuels, Inc.(b) | | | 116 | | | 637 |
Eramet SA | | | 178 | | | 14,028 |
Ganfeng Lithium Group Co.
Ltd. - Class A | | | 2,600 | | | 12,774 |
Ganzhou Teng Yuan Cobalt New Material Co. Ltd. - Class A | | | 1,200 | | | 8,998 |
GEM Co. Ltd. - Class A | | | 17,800 | | | 18,089 |
Guangzhou Tinci Materials Technology Co. Ltd. - Class A | | | 8,000 | | | 21,117 |
IGO Ltd. | | | 3,872 | | | 15,687 |
ioneer Ltd.(b) | | | 63,658 | | | 10,122 |
Jiangsu Ruitai New Energy Materials Co. Ltd. - Class A | | | 6,400 | | | 16,164 |
Largo, Inc.(b) | | | 7,568 | | | 15,892 |
Latin Resources Ltd.(b) | | | 59,974 | | | 9,329 |
Liontown Resources Ltd.(b) | | | 24,808 | | | 13,807 |
Lithium Americas Argentina
Corp.(b) | | | 5,586 | | | 18,297 |
Lithium Americas Corp.(b) | | | 5,784 | | | 15,610 |
Lithium Royalty Corp.(b) | | | 100 | | | 440 |
Mineral Resources Ltd. | | | 338 | | | 12,160 |
Ningbo Shanshan Co. Ltd. - Class A | | | 5,400 | | | 7,173 |
Nouveau Monde Graphite, Inc.(b) | | | 8,816 | | | 13,950 |
Patriot Battery Metals, Inc.(b) | | | 2,928 | | | 9,028 |
Piedmont Lithium, Inc.(b) | | | 1,900 | | | 16,967 |
Pilbara Minerals Ltd.(b) | | | 11,630 | | | 26,292 |
Sanergy Group Ltd.(b) | | | 126,000 | | | 7,861 |
Sayona Mining Ltd.(b) | | | 827,198 | | | 20,016 |
Shanghai Putailai New Energy Technology Co. Ltd. - Class A | | | 5,200 | | | 11,080 |
Shenzhen Capchem Technology Co.
Ltd. - Class A | | | 2,200 | | | 12,746 |
Sichuan Yahua Industrial Group Co.
Ltd. - Class A | | | 6,200 | | | 9,606 |
Sigma Lithium Corp.(b) | | | 1,412 | | | 17,488 |
Sociedad Quimica y Minera de Chile
SA - ADR | | | 404 | | | 16,839 |
Standard Lithium Ltd.(b) | | | 11,096 | | | 17,229 |
Syrah Resources Ltd.(b) | | | 90,552 | | | 15,651 |
Talga Group Ltd.(b) | | | 14,048 | | | 3,836 |
Tianqi Lithium Corp. - Class A | | | 4,800 | | | 24,082 |
| | | | | | | |
| | | | | | | |
Umicore SA | | | 188 | | | $2,440 |
Vulcan Energy Resources Ltd.(b) | | | 2,600 | | | 8,125 |
Xiamen Tungsten Co. Ltd. | | | 2,800 | | | 8,349 |
Youngy Co. Ltd. - Class A | | | 3,200 | | | 17,277 |
Zhejiang Huayou Cobalt Co.
Ltd. - Class A | | | 4,200 | | | 17,665 |
| | | | | | 614,203 |
TOTAL COMMON STOCKS
(Cost $501,039) | | | | | | 614,203 |
SHORT-TERM INVESTMENTS - 0.1%
| | | | | | |
Money Market Funds - 0.1%
| | | | | | |
First American Treasury Obligations
Fund - Class X, 4.79%(c) | | | 811 | | | 811 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $811) | | | | | | 811 |
TOTAL INVESTMENTS - 100.0%
(Cost $501,850)
| | | | | | $615,014 |
Other Assets in Excess of
Liabilities - 0.0%(d) | | | | | | 104 |
TOTAL NET ASSETS - 100.0% | | | | | | $615,118 |
| | | | | | | |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima
(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 September 30, 2024.
|
(d)
| Represents less than 0.05% of net assets. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Natural Monopoly ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 99.1%
| | | | | | |
Consumer Discretionary Products - 1.8%
| | | | | | |
LVMH Moet Hennessy Louis Vuitton SE | | | 19 | | | $14,562 |
Mercedes-Benz Group AG | | | 110 | | | 7,107 |
Stellantis NV | | | 385 | | | 5,317 |
| | | | | | 26,986 |
Consumer Discretionary Services - 0.5%
| | | | | | |
Restaurant Brands International, Inc. | | | 97 | | | 6,999 |
Consumer Staple Products - 4.6%
| | | | | | |
Coca-Cola Co. | | | 230 | | | 16,528 |
Haleon PLC | | | 616 | | | 3,236 |
Kenvue, Inc. | | | 808 | | | 18,689 |
PepsiCo, Inc. | | | 89 | | | 15,134 |
Procter & Gamble Co. | | | 89 | | | 15,415 |
| | | | | | 69,002 |
Financial Services - 14.9%
| | | | | | |
American Express Co. | | | 177 | | | 48,002 |
Apollo Global Management, Inc. | | | 347 | | | 43,344 |
BlackRock, Inc. | | | 52 | | | 49,374 |
Corpay, Inc.(a) | | | 25 | | | 7,819 |
Global Payments, Inc. | | | 68 | | | 6,965 |
Mastercard, Inc. - Class A | | | 15 | | | 7,407 |
Singapore Exchange Ltd. | | | 5,853 | | | 52,006 |
Visa, Inc. - Class A | | | 25 | | | 6,874 |
| | | | | | 221,791 |
Health Care - 11.0%
| | | | | | |
Bristol-Myers Squibb Co. | | | 657 | | | 33,993 |
EssilorLuxottica SA | | | 127 | | | 30,055 |
Fresenius Medical Care AG | | | 104 | | | 4,421 |
Gilead Sciences, Inc. | | | 398 | | | 33,368 |
IQVIA Holdings, Inc.(a) | | | 19 | | | 4,503 |
Novo Nordisk AS | | | 188 | | | 22,089 |
Quest Diagnostics, Inc. | | | 29 | | | 4,502 |
Ramsay Health Care Ltd. | | | 126 | | | 3,626 |
Vertex Pharmaceuticals, Inc.(a) | | | 58 | | | 26,975 |
| | | | | | 163,532 |
Industrial Products - 15.5%
| | | | | | |
AMETEK, Inc. | | | 77 | | | 13,222 |
Assa Abloy AB - Class B | | | 452 | | | 15,203 |
Atlas Copco AB - Class A | | | 681 | | | 13,173 |
Fortive Corp. | | | 651 | | | 51,383 |
Hexagon AB - Class B | | | 4,261 | | | 45,816 |
Legrand SA | | | 486 | | | 55,885 |
Schneider Electric SE | | | 53 | | | 13,935 |
Snap-on, Inc. | | | 29 | | | 8,402 |
Xylem, Inc. | | | 95 | | | 12,828 |
| | | | | | 229,847 |
Industrial Services - 3.7%
| | | | | | |
Canadian National Railway Co. | | | 47 | | | 5,504 |
Canadian Pacific Kansas City Ltd. | | | 70 | | | 5,987 |
| | | | | | | |
| | | | | | | |
FedEx Corp. | | | 18 | | | $4,926 |
RELX PLC | | | 143 | | | 6,709 |
Republic Services, Inc. | | | 17 | | | 3,414 |
Rollins, Inc. | | | 140 | | | 7,081 |
Stantec, Inc. | | | 40 | | | 3,217 |
Sweco AB | | | 245 | | | 4,152 |
Vinci SA | | | 32 | | | 3,738 |
Waste Connections, Inc. | | | 31 | | | 5,541 |
WSP Global, Inc. | | | 22 | | | 3,909 |
| | | | | | 54,178 |
Insurance - 3.0%
| | | | | | |
Arthur J Gallagher & Co. | | | 158 | | | 44,456 |
Materials - 3.6%
| | | | | | |
Agnico Eagle Mines Ltd. | | | 66 | | | 5,317 |
Air Liquide SA | | | 31 | | | 5,979 |
CRH PLC | | | 57 | | | 5,286 |
Ecolab, Inc. | | | 23 | | | 5,873 |
Heidelberg Materials AG | | | 41 | | | 4,455 |
Holcim AG | | | 48 | | | 4,682 |
Linde PLC | | | 12 | | | 5,722 |
Nippon Paint Holdings Co. Ltd. | | | 800 | | | 6,109 |
Sika AG | | | 19 | | | 6,288 |
Vulcan Materials Co. | | | 17 | | | 4,257 |
| | | | | | 53,968 |
Media - 5.3%
| | | | | | |
Airbnb, Inc. - Class A(a) | | | 45 | | | 5,706 |
Charter Communications, Inc. - Class A(a) | | | 23 | | | 7,454 |
Comcast Corp. - Class A | | | 175 | | | 7,310 |
Meta Platforms, Inc. - Class A | | | 91 | | | 52,092 |
Uber Technologies, Inc.(a) | | | 76 | | | 5,712 |
| | | | | | 78,274 |
Oil & Gas - 3.0%
| | | | | | |
Chevron Corp. | | | 61 | | | 8,983 |
Repsol SA | | | 605 | | | 7,977 |
Suncor Energy, Inc. | | | 251 | | | 9,265 |
TotalEnergies SE | | | 143 | | | 9,312 |
Var Energi ASA | | | 2,697 | | | 8,357 |
| | | | | | 43,894 |
Retail & Wholesale - Discretionary - 1.0%
| | | | | | |
Bunzl PLC | | | 66 | | | 3,118 |
Ferguson Enterprises, Inc. | | | 13 | | | 2,582 |
Genuine Parts Co. | | | 18 | | | 2,514 |
LKQ Corp. | | | 183 | | | 7,305 |
| | | | | | 15,519 |
Retail & Wholesale - Staples - 7.2%
| | | | | | |
Alimentation Couche-Tard, Inc. | | | 322 | | | 17,802 |
Dollarama, Inc. | | | 198 | | | 20,282 |
George Weston Ltd. | | | 126 | | | 21,148 |
ITOCHU Corp. | | | 100 | | | 5,342 |
Koninklijke Ahold Delhaize NV | | | 611 | | | 21,105 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Natural Monopoly ETF
Schedule of Investments
September 30, 2024(Continued)
| | | | | | | |
Loblaw Cos. Ltd. | | | 156 | | | $20,772 |
| | | | | | 106,451 |
Software & Technology Services - 13.0%
| | | | | | |
Adobe, Inc.(a) | | | 83 | | | 42,976 |
Dassault Systemes SE | | | 1,214 | | | 48,149 |
Open Text Corp. | | | 1,530 | | | 50,930 |
Pro Medicus Ltd. | | | 42 | | | 5,176 |
Sage Group PLC | | | 3,339 | | | 45,735 |
| | | | | | 192,966 |
Tech Hardware & Semiconductors - 6.9%
| | | | | | |
Analog Devices, Inc. | | | 211 | | | 48,566 |
Cisco Systems, Inc. | | | 1,015 | | | 54,018 |
| | | | | | 102,584 |
Telecommunications - 1.5%
| | | | | | |
AT&T, Inc. | | | 212 | | | 4,664 |
BCE, Inc. | | | 125 | | | 4,346 |
Swisscom AG | | | 7 | | | 4,570 |
Telekom Austria AG | | | 406 | | | 3,977 |
Verizon Communications, Inc. | | | 98 | | | 4,401 |
| | | | | | 21,958 |
Utilities - 2.6%
| | | | | | |
Exelon Corp. | | | 191 | | | 7,745 |
Fortis, Inc. | | | 170 | | | 7,724 |
Iberdrola SA | | | 509 | | | 7,870 |
National Grid PLC | | | 593 | | | 8,166 |
Terna - Rete Elettrica Nazionale | | | 855 | | | 7,698 |
| | | | | | 39,203 |
TOTAL COMMON STOCKS
(Cost $1,376,726) | | | | | | 1,471,608 |
PREFERRED STOCKS - 0.5%
| | | | | | |
Consumer Discretionary Products - 0.5%
| | | | | | |
Volkswagen AG 0.00%, | | | 67 | | | 7,097 |
TOTAL PREFERRED STOCKS
(Cost $7,713) | | | | | | 7,097 |
SHORT-TERM INVESTMENTS - 0.2%
| | | | | | |
Money Market Funds - 0.2%
| | | | | | |
First American Treasury Obligations
Fund - Class X, 4.79%(b) | | | 2,527 | | | 2,527 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,527) | | | | | | 2,527 |
TOTAL INVESTMENTS - 99.8%
(Cost $1,386,966) | | | | | | $1,481,232 |
Other Assets in Excess of
Liabilities - 0.2% | | | | | | 2,605 |
TOTAL NET ASSETS - 100.0% | | | | | | $1,483,837 |
| | | | | | | |
Percentages are stated as a percent of net assets.
AG - Aktiengesellschaft
AB - Aktiebolag
ASA - Advanced Subscription Agreement
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima
(a)
| Non-income producing security.
|
(b)
| The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Robotics & Automation ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 99.3%
| | | | | | |
Consumer Discretionary Products - 2.7%
| | | | | | |
Toyota Industries Corp. | | | 200 | | | $15,342 |
Industrial Products - 57.7%(a)
| | | | | | |
AmadaCo. Ltd. | | | 2,000 | | | 20,282 |
ANDRITZ AG | | | 300 | | | 21,256 |
Cargotec Oyj | | | 394 | | | 23,017 |
Daifuku Co. Ltd. | | | 900 | | | 17,292 |
DMG Mori Co. Ltd. | | | 900 | | | 18,886 |
Esab Corp. | | | 199 | | | 21,156 |
GEA Group AG | | | 427 | | | 20,895 |
Haitian International Holdings Ltd. | | | 6,600 | | | 21,225 |
Halma PLC | | | 544 | | | 18,968 |
Japan Steel Works Ltd. | | | 700 | | | 24,469 |
Kadant, Inc. | | | 57 | | | 19,266 |
Keyence Corp. | | | 42 | | | 19,976 |
KION Group AG | | | 340 | | | 13,364 |
Konecranes Oyj | | | 319 | | | 23,933 |
Valmet Oyj | | | 641 | | | 20,521 |
Yokogawa Electric Corp. | | | 800 | | | 20,344 |
| | | | | | 324,850 |
Tech Hardware & Semiconductors - 38.9%(a)
| | | | | | |
Advanced Micro Devices, Inc.(b) | | | 102 | | | 16,736 |
Comet Holding AG | | | 44 | | | 17,338 |
Credo Technology Group Holding Ltd.(b) | | | 614 | | | 18,911 |
Impinj, Inc.(b) | | | 113 | | | 24,467 |
MACOM Technology Solutions Holdings, Inc.(b) | | | 169 | | | 18,803 |
Marvell Technology, Inc. | | | 259 | | | 18,679 |
Microchip Technology, Inc. | | | 206 | | | 16,540 |
NVIDIA Corp. | | | 145 | | | 17,609 |
QUALCOMM, Inc. | | | 93 | | | 15,815 |
Renesas Electronics Corp. | | | 1,100 | | | 15,912 |
Semtech Corp.(b) | | | 513 | | | 23,423 |
Silicon Motion Technology Corp. - ADR | | | 238 | | | 14,456 |
| | | | | | 218,689 |
TOTAL COMMON STOCKS
(Cost $498,216) | | | | | | 558,881 |
SHORT-TERM INVESTMENTS - 0.5%
| | | | | | |
Money Market Funds - 0.5%
| | | | | | |
First American Treasury Obligations
Fund - Class X, 4.79%(c) | | | 2,741 | | | 2,741 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,741) | | | | | | 2,741 |
TOTAL INVESTMENTS - 99.8%
(Cost $500,957) | | | | | | $561,622 |
Other Assets in Excess of
Liabilities - 0.2% | | | | | | 925 |
TOTAL NET ASSETS - 100.0% | | | | | | $562,547 |
| | | | | | | |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
AG - Aktiengesellschaft
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 September 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Silver Miners ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 99.6%
| | | | | | |
Materials - 99.6%(a)
| | | | | | |
Aya Gold & Silver, Inc.(b) | | | 2,079 | | | $27,055 |
Coeur Mining, Inc.(b) | | | 1,862 | | | 12,811 |
Endeavour Silver Corp.(b) | | | 6,828 | | | 26,902 |
First Majestic Silver Corp. | | | 6,384 | | | 38,329 |
Fortuna Mining Corp.(b) | | | 355 | | | 1,651 |
Franco-Nevada Corp. | | | 133 | | | 16,519 |
Fresnillo PLC | | | 3,380 | | | 27,633 |
Hecla Mining Co. | | | 2,936 | | | 19,583 |
Hochschild Mining PLC(b) | | | 1,481 | | | 3,635 |
Industrias Penoles SAB de CV(b) | | | 4,042 | | | 53,649 |
Jiangxi Copper Co. Ltd. - Class A | | | 1,500 | | | 5,219 |
Jiangxi Copper Co. Ltd. - Class H | | | 12,800 | | | 26,048 |
KGHM Polska Miedz SA | | | 683 | | | 28,276 |
MAG Silver Corp.(b) | | | 1,738 | | | 24,455 |
MMG Ltd.(b) | | | 4,578 | | | 1,631 |
Newmont Corp. | | | 350 | | | 18,708 |
Pan American Silver Corp. | | | 2,575 | | | 53,740 |
Silvercorp Metals, Inc. | | | 6,423 | | | 27,973 |
SilverCrest Metals, Inc.(b) | | | 2,670 | | | 24,776 |
Southern Copper Corp. | | | 412 | | | 47,655 |
SSR Mining, Inc. | | | 235 | | | 1,335 |
Teck Resources Ltd. - Class B | | | 360 | | | 18,803 |
Wheaton Precious Metals Corp. | | | 861 | | | 52,586 |
Zhuzhou Smelter Group Co. Ltd. -
Class A(b) | | | 100 | | | 125 |
Zijin Mining Group Co. Ltd. - Class A | | | 1,400 | | | 3,620 |
Zijin Mining Group Co. Ltd. - Class H | | | 6,500 | | | 14,766 |
| | | | | | 577,483 |
TOTAL COMMON STOCKS
(Cost $534,487) | | | | | | 577,483 |
TOTAL INVESTMENTS - 99.6%
(Cost $534,487) | | | | | | $577,483 |
Other Assets in Excess of
Liabilities - 0.4% | | | | | | 2,587 |
TOTAL NET ASSETS - 100.0% | | | | | | $580,070 |
| | | | | | | |
Percentages are stated as a percent of net assets.
PLC - Public Limited Company
SA - Sociedad Anónima
SAB de CV - Sociedad Anónima Bursátil de Capital Variable
(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. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Uranium & Nuclear ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 99.8%
| | | | | | |
Industrial Products - 14.6%
| | | | | | |
BWX Technologies, Inc. | | | 76 | | | $8,261 |
Chengdu Guoguang Electric Co. Ltd. - Class A | | | 1,800 | | | 13,515 |
Mirion Technologies, Inc.(a) | | | 1,356 | | | 15,011 |
NuScale Power Corp.(a) | | | 2,798 | | | 32,401 |
RongFa Nuclear Equipment Co. Ltd. - Class A(a) | | | 22,200 | | | 12,214 |
| | | | | | 81,402 |
Materials - 53.1%(b)
| | | | | | |
Alligator Energy Ltd.(a) | | | 39,260 | | | 1,357 |
Boss Energy Ltd.(a) | | | 9,490 | | | 21,585 |
Cameco Corp. | | | 988 | | | 47,198 |
Centrus Energy Corp. - Class A(a) | | | 462 | | | 25,341 |
CGN Mining Co. Ltd. | | | 102,400 | | | 21,603 |
Denison Mines Corp.(a) | | | 11,428 | | | 20,787 |
Encore Energy Corp.(a) | | | 942 | | | 3,866 |
Energy Fuels, Inc.(a) | | | 1,922 | | | 10,552 |
Fission Uranium Corp.(a) | | | 18,840 | | | 14,348 |
IsoEnergy Ltd.(a) | | | 1,090 | | | 2,797 |
Lotus Resources Ltd.(a) | | | 40,380 | | | 7,398 |
NAC Kazatomprom JSC - GDR | | | 304 | | | 11,096 |
NexGen Energy Ltd.(a) | | | 3,888 | | | 25,356 |
Paladin Energy Ltd.(a) | | | 3,550 | | | 28,346 |
Uranium Energy Corp.(a) | | | 4,658 | | | 28,926 |
Uranium Royalty Corp.(a) | | | 824 | | | 1,992 |
Ur-Energy, Inc.(a) | | | 602 | | | 717 |
Yellow Cake PLC(a)(c) | | | 3,084 | | | 23,048 |
| | | | | | 296,313 |
Tech Hardware & Semiconductors - 1.6%
| | | | | | |
Silex Systems Ltd.(a) | | | 2,976 | | | 8,847 |
Utilities - 30.5%(b)
| | | | | | |
American Electric Power Co., Inc. | | | 110 | | | 11,286 |
China National Nuclear Power Co. Ltd. - Class A | | | 16,200 | | | 25,745 |
Constellation Energy Corp. | | | 236 | | | 61,365 |
Duke Energy Corp. | | | 186 | | | 21,446 |
Endesa SA | | | 36 | | | 787 |
Kyushu Electric Power Co., Inc. | | | 600 | | | 6,523 |
Oklo, Inc.(a) | | | 1,096 | | | 8,867 |
PG&E Corp. | | | 1,452 | | | 28,706 |
TXNM Energy, Inc. | | | 124 | | | 5,427 |
| | | | | | 170,152 |
TOTAL COMMON STOCKS
(Cost $526,959) | | | | | | 556,714 |
| | | | | | | |
| | | | | | | |
SHORT-TERM INVESTMENTS - 0.2%
| | | | | | |
Money Market Funds - 0.2%
| | | | | | |
First American Treasury Obligations Fund - Class X, 4.79%(d) | | | 1,374 | | | $1,374 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,374) | | | | | | 1,374 |
TOTAL INVESTMENTS - 100.0%
(Cost $528,333) | | | | | | $558,088 |
Other Assets in Excess of
Liabilities - 0.0%(e) | | | | | | 115 |
TOTAL NET ASSETS - 100.0% | | | | | | $558,203 |
| | | | | | | |
Percentages are stated as a percent of net assets.
GDR - Global Depositary Receipt
PLC - Public Limited Company
SA - Sociedad Anónima
(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 September 30, 2024, the value of these securities total $23,048 or 4.1% of the Fund’s net assets.
|
(d)
| The rate shown represents the 7-day annualized effective yield as of September 30, 2024.
|
(e)
| Represents less than 0.05% of net assets. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes US Cash Flow Champions ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 99.3%
|
Banking - 13.2%
| | | | | | |
Citizens Financial Group, Inc. | | | 93 | | | $3,819 |
Fifth Third Bancorp | | | 135 | | | 5,783 |
Huntington Bancshares, Inc./OH | | | 301 | | | 4,425 |
JPMorgan Chase & Co. | | | 210 | | | 44,281 |
M&T Bank Corp. | | | 35 | | | 6,234 |
PNC Financial Services Group, Inc. | | | 83 | | | 15,343 |
Wells Fargo & Co. | | | 707 | | | 39,938 |
| | | | | | 119,823 |
Consumer Discretionary Products - 2.8%
| | | | | | |
Lennar Corp. - Class A | | | 51 | | | 9,562 |
NVR, Inc.(a) | | | 1 | | | 9,812 |
PulteGroup, Inc. | | | 44 | | | 6,315 |
| | | | | | 25,689 |
Consumer Staple Products - 2.3%
| | | | | | |
Altria Group, Inc. | | | 374 | | | 19,089 |
Molson Coors Beverage Co. - Class B | | | 30 | | | 1,726 |
| | | | | | 20,815 |
Financial Services - 9.8%
| | | | | | |
American Express Co. | | | 120 | | | 32,544 |
Ameriprise Financial, Inc. | | | 21 | | | 9,866 |
Apollo Global Management, Inc. | | | 82 | | | 10,243 |
Capital One Financial Corp. | | | 79 | | | 11,829 |
Cboe Global Markets, Inc. | | | 20 | | | 4,097 |
Discover Financial Services | | | 52 | | | 7,295 |
Fidelity National Financial, Inc. | | | 54 | | | 3,351 |
Synchrony Financial | | | 85 | | | 4,240 |
T Rowe Price Group, Inc. | | | 46 | | | 5,011 |
| | | | | | 88,476 |
Health Care - 19.8%
| | | | | | |
AbbVie, Inc. | | | 247 | | | 48,778 |
Bristol-Myers Squibb Co. | | | 419 | | | 21,679 |
Cardinal Health, Inc. | | | 48 | | | 5,305 |
CVS Health Corp. | | | 264 | | | 16,600 |
Gilead Sciences, Inc. | | | 255 | | | 21,379 |
Pfizer, Inc. | | | 1,173 | | | 33,947 |
Quest Diagnostics, Inc. | | | 21 | | | 3,260 |
Regeneron Pharmaceuticals, Inc.(a) | | | 22 | | | 23,127 |
Royalty Pharma PLC - Class A | | | 75 | | | 2,122 |
Viatris, Inc. | | | 251 | | | 2,914 |
| | | | | | 179,111 |
Industrial Products - 0.3%
| | | | | | |
Snap-on, Inc. | | | 10 | | | 2,897 |
Insurance - 16.3%
| | | | | | |
Aflac, Inc. | | | 109 | | | 12,186 |
Allstate Corp. | | | 55 | | | 10,431 |
American International Group, Inc. | | | 139 | | | 10,179 |
Arch Capital Group Ltd.(a) | | | 75 | | | 8,391 |
Chubb Ltd. | | | 85 | | | 24,513 |
| | | | | | | |
| | | | | | | |
Cincinnati Financial Corp. | | | 32 | | | $4,356 |
Everest Group Ltd. | | | 6 | | | 2,351 |
Hartford Financial Services Group, Inc. | | | 62 | | | 7,292 |
Loews Corp. | | | 35 | | | 2,767 |
Markel Group, Inc.(a) | | | 3 | | | 4,706 |
MetLife, Inc. | | | 127 | | | 10,475 |
Principal Financial Group, Inc. | | | 49 | | | 4,209 |
Progressive Corp. | | | 122 | | | 30,958 |
Travelers Cos., Inc. | | | 48 | | | 11,238 |
W R Berkley Corp. | | | 63 | | | 3,574 |
| | | | | | 147,626 |
Materials - 2.2%
| | | | | | |
Dow, Inc. | | | 148 | | | 8,085 |
LyondellBasell Industries NV - Class A | | | 53 | | | 5,083 |
Nucor Corp. | | | 48 | | | 7,216 |
| | | | | | 20,384 |
Media - 1.1%
| | | | | | |
Expedia Group, Inc.(a) | | | 25 | | | 3,700 |
Fox Corp. - Class A | | | 50 | | | 2,117 |
Omnicom Group, Inc. | | | 41 | | | 4,239 |
| | | | | | 10,056 |
Oil & Gas - 20.8%
| | | | | | |
Cheniere Energy, Inc. | | | 49 | | | 8,812 |
Chevron Corp. | | | 271 | | | 39,910 |
ConocoPhillips | | | 246 | | | 25,899 |
Coterra Energy, Inc. | | | 156 | | | 3,736 |
Devon Energy Corp. | | | 133 | | | 5,203 |
Diamondback Energy, Inc. | | | 36 | | | 6,206 |
EOG Resources, Inc. | | | 122 | | | 14,998 |
Exxon Mobil Corp. | | | 368 | | | 43,137 |
Marathon Petroleum Corp. | | | 76 | | | 12,381 |
Occidental Petroleum Corp. | | | 146 | | | 7,525 |
Phillips 66 | | | 89 | | | 11,699 |
Valero Energy Corp. | | | 69 | | | 9,317 |
| | | | | | 188,823 |
Retail & Wholesale - Discretionary - 1.4%
| | | | | | |
Best Buy Co., Inc. | | | 41 | | | 4,235 |
eBay, Inc. | | | 108 | | | 7,032 |
LKQ Corp. | | | 47 | | | 1,876 |
| | | | | | 13,143 |
Retail & Wholesale - Staples - 1.6%
| | | | | | |
Archer-Daniels-Midland Co. | | | 100 | | | 5,974 |
Kroger Co. | | | 149 | | | 8,538 |
| | | | | | 14,512 |
Software & Technology Services - 1.3%
| | | | | | |
Cognizant Technology Solutions Corp. - Class A | | | 102 | | | 7,872 |
Zoom Video Communications, Inc. - Class A(a) | | | 50 | | | 3,487 |
| | | | | | 11,359 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes US Cash Flow Champions ETF
Schedule of Investments
September 30, 2024(Continued)
| | | | | | | |
COMMON STOCKS - (Continued)
|
Tech Hardware & Semiconductors - 6.4%
| | | | | | |
Broadcom, Inc. | | | 260 | | | $44,850 |
HP, Inc. | | | 206 | | | 7,389 |
NetApp, Inc. | | | 43 | | | 5,311 |
| | | | | | 57,550 |
TOTAL COMMON STOCKS
(Cost $823,083) | | | | | | 900,264 |
SHORT-TERM INVESTMENTS - 0.6%
|
Money Market Funds - 0.6%
| | | | | | |
First American Treasury Obligations Fund - Class X, 4.79%(b) | | | 5,049 | | | 5,049 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,049) | | | | | | 5,049 |
TOTAL INVESTMENTS - 99.9%
(Cost $828,132) | | | | | | $905,313 |
Other Assets in Excess of
Liabilities - 0.1% | | | | | | 656 |
TOTAL NET ASSETS - 100.0% | | | | | | $905,969 |
| | | | | | | |
Percentages are stated as a percent of net assets.
NV - Naamloze Vennootschap
PLC - Public Limited Company
(a)
| Non-income producing security. |
(b)
| The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes US Infrastructure ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 99.9%
|
Consumer Discretionary Products - 1.2%
| | | | | | |
AZEK Co., Inc.(a) | | | 62 | | | $2,902 |
Cavco Industries, Inc.(a) | | | 3 | | | 1,285 |
Champion Homes, Inc.(a) | | | 24 | | | 2,276 |
| | | | | | 6,463 |
Industrial Products - 30.8%(b)
| | | | | | |
AGCO Corp. | | | 28 | | | 2,740 |
Alamo Group, Inc. | | | 4 | | | 721 |
Astec Industries, Inc. | | | 10 | | | 319 |
Atkore, Inc. | | | 16 | | | 1,356 |
AZZ, Inc. | | | 11 | | | 909 |
Caterpillar, Inc. | | | 65 | | | 25,424 |
Crane Co. | | | 21 | | | 3,324 |
Deere & Co. | | | 59 | | | 24,622 |
Donaldson Co., Inc. | | | 52 | | | 3,832 |
Dover Corp. | | | 60 | | | 11,504 |
Emerson Electric Co. | | | 214 | | | 23,405 |
Enpro, Inc. | | | 9 | | | 1,460 |
Gibraltar Industries, Inc.(a) | | | 13 | | | 909 |
Graco, Inc. | | | 72 | | | 6,301 |
Greenbrier Cos., Inc. | | | 13 | | | 662 |
Helios Technologies, Inc. | | | 14 | | | 668 |
IDEX Corp. | | | 33 | | | 7,079 |
Janus International Group, Inc.(a) | | | 59 | | | 596 |
Lindsay Corp. | | | 5 | | | 623 |
Mueller Industries, Inc. | | | 49 | | | 3,631 |
Oshkosh Corp. | | | 28 | | | 2,806 |
SPX Technologies, Inc.(a) | | | 19 | | | 3,030 |
Terex Corp. | | | 28 | | | 1,481 |
Trinity Industries, Inc. | | | 35 | | | 1,219 |
Valmont Industries, Inc. | | | 9 | | | 2,610 |
Vontier Corp. | | | 66 | | | 2,227 |
Watts Water Technologies, Inc. - Class A | | | 12 | | | 2,486 |
Westinghouse Air Brake Technologies Corp. | | | 77 | | | 13,996 |
Worthington Enterprises, Inc. | | | 14 | | | 580 |
Xylem, Inc. | | | 103 | | | 13,908 |
Zurn Elkay Water Solutions Corp. | | | 62 | | | 2,228 |
| | | | | | 166,656 |
Industrial Services - 40.8%(b)
| | | | | | |
AECOM | | | 58 | | | 5,990 |
API Group Corp.(a) | | | 75 | | | 2,477 |
Applied Industrial Technologies, Inc. | | | 16 | | | 3,570 |
Arcosa, Inc. | | | 21 | | | 1,990 |
Comfort Systems USA, Inc. | | | 15 | | | 5,855 |
Construction Partners, Inc. - Class A(a) | | | 18 | | | 1,256 |
CSX Corp. | | | 669 | | | 23,101 |
DXP Enterprises, Inc.(a) | | | 6 | | | 320 |
Dycom Industries, Inc.(a) | | | 12 | | | 2,365 |
EMCOR Group, Inc. | | | 20 | | | 8,611 |
Fastenal Co. | | | 247 | | | 17,641 |
Fluor Corp.(a) | | | 73 | | | 3,483 |
| | | | | | | |
| | | | | | | |
Granite Construction, Inc. | | | 19 | | | $1,506 |
H&E Equipment Services, Inc. | | | 14 | | | 682 |
Herc Holdings, Inc. | | | 11 | | | 1,754 |
Jacobs Solutions, Inc. | | | 54 | | | 7,069 |
MRC Global, Inc.(a) | | | 36 | | | 459 |
MSC Industrial Direct Co., Inc. - Class A | | | 19 | | | 1,635 |
MYR Group, Inc.(a) | | | 7 | | | 716 |
Norfolk Southern Corp. | | | 97 | | | 24,104 |
NV5 Global, Inc.(a) | | | 6 | | | 561 |
Quanta Services, Inc. | | | 62 | | | 18,486 |
Ryder System, Inc. | | | 19 | | | 2,770 |
Sterling Infrastructure, Inc.(a) | | | 13 | | | 1,885 |
Tetra Tech, Inc. | | | 115 | | | 5,423 |
TopBuild Corp.(a) | | | 14 | | | 5,695 |
Union Pacific Corp. | | | 101 | | | 24,893 |
United Rentals, Inc. | | | 29 | | | 23,481 |
Verra Mobility Corp.(a) | | | 65 | | | 1,808 |
WESCO International, Inc. | | | 19 | | | 3,192 |
WW Grainger, Inc. | | | 17 | | | 17,660 |
| | | | | | 220,438 |
Materials - 23.0%
| | | | | | |
Advanced Drainage Systems, Inc. | | | 29 | | | 4,558 |
Alcoa Corp. | | | 76 | | | 2,932 |
Apogee Enterprises, Inc. | | | 9 | | | 630 |
ATI, Inc.(a) | | | 53 | | | 3,546 |
Boise Cascade Co. | | | 18 | | | 2,538 |
Carlisle Cos., Inc. | | | 21 | | | 9,445 |
Carpenter Technology Corp. | | | 21 | | | 3,351 |
Century Aluminum Co.(a) | | | 22 | | | 357 |
Cleveland-Cliffs, Inc.(a) | | | 201 | | | 2,567 |
Commercial Metals Co. | | | 50 | | | 2,748 |
Eagle Materials, Inc. | | | 15 | | | 4,315 |
Haynes International, Inc. | | | 5 | | | 298 |
Kaiser Aluminum Corp. | | | 7 | | | 508 |
Knife River Corp.(a) | | | 23 | | | 2,056 |
Martin Marietta Materials, Inc. | | | 27 | | | 14,532 |
MDU Resources Group, Inc. | | | 83 | | | 2,275 |
Metallus, Inc.(a) | | | 16 | | | 237 |
Nucor Corp. | | | 104 | | | 15,635 |
Owens Corning | | | 37 | | | 6,531 |
Reliance, Inc. | | | 25 | | | 7,230 |
Ryerson Holding Corp. | | | 13 | | | 259 |
Simpson Manufacturing Co., Inc. | | | 18 | | | 3,443 |
Steel Dynamics, Inc. | | | 64 | | | 8,069 |
Summit Materials, Inc. - Class A(a) | | | 51 | | | 1,991 |
Trex Co., Inc.(a) | | | 47 | | | 3,129 |
UFP Industries, Inc. | | | 26 | | | 3,411 |
United States Steel Corp. | | | 96 | | | 3,392 |
Vulcan Materials Co. | | | 57 | | | 14,274 |
Worthington Steel, Inc. | | | 14 | | | 476 |
| | | | | | 124,733 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes US Infrastructure ETF
Schedule of Investments
September 30, 2024(Continued)
| | | | | | | |
COMMON STOCKS - (Continued)
|
Oil & Gas - 0.4%
| | | | | | |
DNOW, Inc.(a) | | | 45 | | | $582 |
Noble Corp. PLC | | | 50 | | | 1,807 |
| | | | | | 2,389 |
Retail & Wholesale - Discretionary - 3.1%
| | | | | | |
BlueLinx Holdings, Inc.(a) | | | 4 | | | 422 |
Builders FirstSource, Inc.(a) | | | 51 | | | 9,887 |
Pool Corp. | | | 17 | | | 6,405 |
| | | | | | 16,714 |
Software & Tech Services - 0.3%
| | | | | | |
Amentum Holdings, Inc.(a) | | | 54 | | | 1,742 |
Utilities - 0.3%
| | | | | | |
Southwest Gas Holdings, Inc. | | | 25 | | | 1,844 |
TOTAL COMMON STOCKS
(Cost $499,613) | | | | | | 540,979 |
SHORT-TERM INVESTMENTS - 0.1%
|
Money Market Funds - 0.1%
| | | | | | |
First American Treasury Obligations Fund - Class X, 4.79%(c) | | | 425 | | | 425 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $425) | | | | | | 425 |
TOTAL INVESTMENTS - 100.0%
(Cost $500,038) | | | | | | $541,404 |
Other Assets in Excess of
Liabilities - 0.0%(d) | | | | | | 167 |
TOTAL NET ASSETS - 100.0% | | | | | | $541,571 |
| | | | | | | |
Percentages are stated as a percent of net assets.
PLC - Public Limited Company
(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)
| The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
(d)
| Represents less than 0.05% of net assets. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes US R&D Champions ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 99.7%
|
Consumer Discretionary Products - 3.8%
| | | | | | |
Aptiv PLC(a) | | | 331 | | | $23,835 |
General Motors Co. | | | 528 | | | 23,676 |
| | | | | | 47,511 |
Health Care - 19.3%
| | | | | | |
Align Technology, Inc.(a) | | | 105 | | | 26,704 |
Boston Scientific Corp.(a) | | | 300 | | | 25,140 |
Edwards Lifesciences Corp.(a) | | | 357 | | | 23,558 |
Eli Lilly & Co. | | | 27 | | | 23,920 |
GE HealthCare Technologies, Inc. | | | 276 | | | 25,903 |
Hologic, Inc.(a) | | | 271 | | | 22,076 |
Intuitive Surgical, Inc.(a) | | | 49 | | | 24,072 |
Johnson & Johnson | | | 141 | | | 22,850 |
Medtronic PLC | | | 275 | | | 24,758 |
Regeneron Pharmaceuticals, Inc.(a) | | | 20 | | | 21,025 |
| | | | | | 240,006 |
Industrial Products - 10.8%
| | | | | | |
Carrier Global Corp. | | | 351 | | | 28,252 |
Cummins, Inc. | | | 76 | | | 24,608 |
Keysight Technologies, Inc.(a) | | | 186 | | | 29,561 |
Northrop Grumman Corp. | | | 46 | | | 24,291 |
Trimble, Inc.(a) | | | 438 | | | 27,196 |
| | | | | | 133,908 |
Materials - 2.1%
| | | | | | |
Corteva, Inc. | | | 443 | | | 26,044 |
Media - 10.2%
| | | | | | |
Alphabet, Inc. - Class A | | | 138 | | | 22,887 |
Electronic Arts, Inc. | | | 154 | | | 22,090 |
Expedia Group, Inc.(a) | | | 192 | | | 28,420 |
Meta Platforms, Inc. - Class A | | | 45 | | | 25,760 |
Trade Desk, Inc. - Class A(a) | | | 257 | | | 28,180 |
| | | | | | 127,337 |
Renewable Energy - 1.9%
| | | | | | |
Enphase Energy, Inc.(a) | | | 208 | | | 23,508 |
Retail & Wholesale - Discretionary - 2.0%
| | | | | | |
MercadoLibre, Inc.(a) | | | 12 | | | 24,623 |
Software & Technology Services - 33.8%(b)
|
Adobe, Inc.(a) | | | 43 | | | 22,265 |
Akamai Technologies, Inc.(a) | | | 238 | | | 24,026 |
Amdocs Ltd. | | | 271 | | | 23,707 |
ANSYS, Inc.(a) | | | 74 | | | 23,579 |
Autodesk, Inc.(a) | | | 95 | | | 26,171 |
Cadence Design Systems, Inc.(a) | | | 85 | | | 23,038 |
CoStar Group, Inc.(a) | | | 307 | | | 23,160 |
Fortinet, Inc.(a) | | | 326 | | | 25,281 |
International Business Machines Corp. | | | 118 | | | 26,087 |
Intuit, Inc. | | | 36 | | | 22,356 |
Leidos Holdings, Inc. | | | 157 | | | 25,591 |
| | | | | | | |
| | | | | | | |
Oracle Corp. | | | 175 | | | $29,820 |
Roper Technologies, Inc. | | | 44 | | | 24,483 |
ServiceNow, Inc.(a) | | | 29 | | | 25,937 |
Synopsys, Inc.(a) | | | 44 | | | 22,281 |
Veeva Systems, Inc. - Class A(a) | | | 122 | | | 25,604 |
Zoom Video Communications, Inc. - Class A(a) | | | 404 | | | 28,175 |
| | | | | | 421,561 |
Tech Hardware & Semiconductors - 15.8%
|
Advanced Micro Devices, Inc.(a) | | | 170 | | | 27,894 |
Applied Materials, Inc. | | | 120 | | | 24,246 |
Arista Networks, Inc.(a) | | | 68 | | | 26,100 |
Cisco Systems, Inc. | | | 497 | | | 26,450 |
Hewlett Packard Enterprise Co. | | | 1,320 | | | 27,007 |
NetApp, Inc. | | | 190 | | | 23,467 |
QUALCOMM, Inc. | | | 137 | | | 23,297 |
Super Micro Computer, Inc.(a) | | | 45 | | | 18,738 |
| | | | | | 197,199 |
TOTAL COMMON STOCKS
(Cost $1,120,944) | | | | | | 1,241,697 |
SHORT-TERM INVESTMENTS - 0.3%
|
Money Market Funds - 0.3%
| | | | | | |
First American Treasury Obligations Fund - Class X, 4.79%(c) | | | 3,657 | | | 3,657 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,657) | | | | | | 3,657 |
TOTAL INVESTMENTS - 100.0%
(Cost $1,124,601) | | | | | | $1,245,354 |
Other Assets in Excess of
Liabilities - 0.0%(d) | | | | | | 217 |
TOTAL NET ASSETS - 100.0% | | | | | | $1,245,571 |
| | | | | | | |
Percentages are stated as a percent of net assets.
PLC - Public Limited Company
(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)
| The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
(d)
| Represents less than 0.05% of net assets. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes US Small Cap Cash Flow Champions ETF
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 98.8%
|
Banking - 15.2%
| | | | | | |
Ameris Bancorp | | | 161 | | | $10,045 |
Axos Financial, Inc.(a) | | | 130 | | | 8,174 |
Bancorp, Inc.(a) | | | 126 | | | 6,741 |
Bank OZK | | | 247 | | | 10,619 |
East West Bancorp, Inc. | | | 333 | | | 27,552 |
Eastern Bankshares, Inc. | | | 407 | | | 6,671 |
First BanCorp Puerto Rico | | | 410 | | | 8,680 |
First Horizon Corp. | | | 1,322 | | | 20,531 |
Heartland Financial USA, Inc. | | | 90 | | | 5,103 |
Hope Bancorp, Inc. | | | 308 | | | 3,868 |
International Bancshares Corp. | | | 134 | | | 8,012 |
Live Oak Bancshares, Inc. | | | 92 | | | 4,358 |
S&T Bancorp, Inc. | | | 104 | | | 4,365 |
TriCo Bancshares | | | 85 | | | 3,625 |
Trustmark Corp. | | | 150 | | | 4,773 |
WSFS Financial Corp. | | | 150 | | | 7,648 |
| | | | | | 140,765 |
Consumer Discretionary Products - 6.5%
| | | | | | |
Taylor Morrison Home Corp.(a) | | | 240 | | | 16,862 |
Toll Brothers, Inc. | | | 244 | | | 37,696 |
Vista Outdoor, Inc.(a) | | | 141 | | | 5,524 |
| | | | | | 60,082 |
Consumer Discretionary Services - 0.4%
| | | | | | |
Perdoceo Education Corp. | | | 174 | | | 3,870 |
Consumer Staple Products - 0.8%
| | | | | | |
Cal-Maine Foods, Inc. | | | 105 | | | 7,858 |
Financial Services - 10.5%
| | | | | | |
Artisan Partners Asset Management, Inc. - Class A | | | 151 | | | 6,541 |
BGC Group, Inc. - Class A | | | 916 | | | 8,409 |
Bread Financial Holdings, Inc. | | | 126 | | | 5,995 |
Enova International, Inc.(a) | | | 69 | | | 5,782 |
Evercore, Inc. - Class A | | | 86 | | | 21,787 |
MGIC Investment Corp. | | | 645 | | | 16,512 |
Stifel Financial Corp. | | | 236 | | | 22,160 |
Virtu Financial, Inc. - Class A | | | 218 | | | 6,640 |
Virtus Investment Partners, Inc. | | | 15 | | | 3,142 |
| | | | | | 96,968 |
Health Care - 5.0%
| | | | | | |
Dynavax Technologies Corp.(a) | | | 1 | | | 11 |
Ironwood Pharmaceuticals, Inc.(a) | | | 1 | | | 4 |
Molina Healthcare, Inc.(a) | | | 131 | | | 45,138 |
Vir Biotechnology, Inc.(a) | | | 202 | | | 1,513 |
| | | | | | 46,666 |
Industrial Products - 2.2%
| | | | | | |
Mueller Industries, Inc. | | | 270 | | | 20,007 |
| | | | | | | |
| | | | | | | |
Industrial Services - 3.3%
| | | | | | |
Matson, Inc. | | | 85 | | | $12,123 |
Scorpio Tankers, Inc. | | | 106 | | | 7,558 |
Sterling Infrastructure, Inc.(a) | | | 75 | | | 10,876 |
| | | | | | 30,557 |
Insurance - 12.3%
| | | | | | |
Axis Capital Holdings Ltd. | | | 185 | | | 14,728 |
CNA Financial Corp. | | | 63 | | | 3,083 |
Hanover Insurance Group, Inc. | | | 86 | | | 12,738 |
Jackson Financial, Inc. - Class A | | | 169 | | | 15,418 |
NMI Holdings, Inc. - Class A(a) | | | 197 | | | 8,114 |
Old Republic International Corp. | | | 622 | | | 22,031 |
Reinsurance Group of America, Inc. | | | 156 | | | 33,988 |
SiriusPoint Ltd.(a) | | | 262 | | | 3,757 |
| | | | | | 113,857 |
Materials - 10.0%
| | | | | | |
Alpha Metallurgical Resources, Inc. | | | 1 | | | 236 |
Boise Cascade Co. | | | 100 | | | 14,098 |
CF Industries Holdings, Inc. | | | 451 | | | 38,696 |
CONSOL Energy, Inc. | | | 69 | | | 7,221 |
Peabody Energy Corp. | | | 285 | | | 7,564 |
Ternium SA - ADR | | | 1 | | | 37 |
UFP Industries, Inc. | | | 136 | | | 17,844 |
Warrior Met Coal, Inc. | | | 117 | | | 7,476 |
| | | | | | 93,172 |
Media - 0.5%
| | | | | | |
Magnite, Inc.(a) | | | 342 | | | 4,737 |
Oil & Gas - 17.2%
| | | | | | |
Antero Resources Corp.(a) | | | 655 | | | 18,766 |
APA Corp. | | | 600 | | | 14,676 |
Chord Energy Corp. | | | 62 | | | 8,074 |
Civitas Resources, Inc. | | | 116 | | | 5,878 |
CVR Energy, Inc. | | | 1 | | | 23 |
Hess Midstream LP - Class A | | | 203 | | | 7,160 |
Magnolia Oil & Gas Corp. - Class A | | | 603 | | | 14,725 |
Marathon Oil Corp. | | | 1,540 | | | 41,010 |
Matador Resources Co. | | | 264 | | | 13,047 |
Murphy Oil Corp. | | | 337 | | | 11,370 |
PBF Energy, Inc. - Class A | | | 1 | | | 31 |
Permian Resources Corp. | | | 1,007 | | | 13,705 |
SM Energy Co. | | | 278 | | | 11,112 |
| | | | | | 159,577 |
Retail & Wholesale - Discretionary - 10.6%
|
Builders FirstSource, Inc.(a) | | | 279 | | | 54,087 |
Dillard's, Inc. - Class A | | | 1 | | | 384 |
Williams-Sonoma, Inc. | | | 285 | | | 44,152 |
| | | | | | 98,623 |
Software & Technology Services - 0.8%
| | | | | | |
Clear Secure, Inc. - Class A | | | 218 | | | 7,225 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes US Small Cap Cash Flow Champions ETF
Schedule of Investments
September 30, 2024(Continued)
| | | | | | | |
COMMON STOCKS - (Continued)
|
Tech Hardware & Semiconductors - 3.5%
| | | | | | |
Flex Ltd.(a) | | | 981 | | | $32,795 |
TOTAL COMMON STOCKS
(Cost $793,624) | | | | | | 916,759 |
REAL ESTATE INVESTMENT TRUSTS - 0.6%
|
Equity Commonwealth(a) | | | 262 | | | 5,214 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $5,090) | | | | | | 5,214 |
SHORT-TERM INVESTMENTS - 0.6%
|
Money Market Funds - 0.6%
| | | | | | |
First American Treasury Obligations Fund - Class X, 4.79%(b) | | | 5,939 | | | 5,938 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,938) | | | | | | 5,938 |
TOTAL INVESTMENTS - 100.0%
(Cost $804,652) | | | | | | $927,911 |
Other Assets in Excess of
Liabilities - 0.0%(c) | | | | | | 111 |
TOTAL NET ASSETS - 100.0% | | | | | | $928,022 |
| | | | | | | |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
SA - Sociedad Anónima
(a)
| Non-income producing security. |
(b)
| The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
(c)
| Represents less than 0.05% of net assets. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes ETF Trust
Statements of Assets and Liabilities
September 30, 2024
| | | | | | | | | | | | | | | | |
ASSETS:
| | | | | | | | | | | | | | | |
Investments, at value | | | $796,325 | | | $1,401,654 | | | $560,235 | | | $1,736,333 | | | $709,774 |
Foreign currency, at value | | | 2,722 | | | 1,219 | | | — | | | 1,579 | | | 1,385 |
Due from broker | | | — | | | — | | | — | | | — | | | 1,255 |
Dividends receivable | | | 865 | | | 97 | | | 362 | | | 75 | | | 136 |
Interest receivable | | | 10 | | | 41 | | | 1 | | | 10 | | | 6 |
Prepaid expenses and other assets | | | — | | | — | | | 43 | | | — | | | — |
Total assets | | | 799,922 | | | 1,403,011 | | | 560,641 | | | 1,737,997 | | | 712,556 |
LIABILITIES:
| | | | | | | | | | | | | | | |
Payable to adviser | | | 215 | | | 392 | | | 31 | | | 482 | | | 194 |
Total liabilities | | | 215 | | | 392 | | | 31 | | | 482 | | | 194 |
NET ASSETS | | | $799,707 | | | $1,402,619 | | | $560,610 | | | $1,737,515 | | | $712,362 |
Net Assets Consists of:
| | | | | | | | | | | | | | | |
Paid-in capital | | | $756,037 | | | $1,329,169 | | | $500,444 | | | $1,637,130 | | | $715,806 |
Total distributable earnings/
(accumulated losses) | | | 43,670 | | | 73,450 | | | 60,166 | | | 100,385 | | | (3,444) |
Total net assets | | | $799,707 | | | $1,402,619 | | | $560,610 | | | $1,737,515 | | | $712,362 |
Net assets | | | $799,707 | | | $1,402,619 | | | $560,610 | | | $1,737,515 | | | $712,362 |
Shares issued and outstanding | | | 30,000 | | | 50,000 | | | 20,000 | | | 60,000 | | | 30,000 |
Net asset value per share | | | $26.66 | | | $28.05 | | | $28.03 | | | $28.96 | | | $23.75 |
Cost:
| | | | | | | | | | | | | | | |
Investments, at cost | | | $733,926 | | | $1,299,292 | | | $500,241 | | | $1,613,259 | | | $710,232 |
Foreign currency, at cost | | | $2,686 | | | $1,189 | | | $— | | | $1,530 | | | $1,342 |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes ETF Trust
Statements of Assets and Liabilities
September 30, 2024(Continued)
| | | | | | | | | | | | | | | | |
ASSETS:
| | | | | | | | | | | | | | | |
Investments, at value | | | $13,116,482 | | | $2,223,012 | | | $2,244,843 | | | $615,014 | | | $1,481,232 |
Foreign currency, at value | | | 15,390 | | | 1,942 | | | 6,197 | | | — | | | 2,384 |
Dividends receivable | | | 602 | | | 1,436 | | | 6,767 | | | — | | | 632 |
Interest receivable | | | 174 | | | 101 | | | 7 | | | 5 | | | 6 |
Prepaid expenses and other assets | | | — | | | — | | | — | | | 131 | | | — |
Total assets | | | 13,132,648 | | | 2,226,491 | | | 2,257,814 | | | 615,150 | | | 1,484,254 |
LIABILITIES:
| | | | | | | | | | | | | | | |
Payable to adviser | | | 3,753 | | | 616 | | | 645 | | | 32 | | | 417 |
Payable to custodian | | | — | | | 36,727 | | | — | | | — | | | — |
Total liabilities | | | 3,753 | | | 37,343 | | | 645 | | | 32 | | | 417 |
NET ASSETS | | | $13,128,895 | | | $2,189,148 | | | $2,257,169 | | | $615,118 | | | $1,483,837 |
Net Assets Consists of:
| | | | | | | | | | | | | | | |
Paid-in capital | | | $15,362,048 | | | $1,940,080 | | | $1,935,292 | | | $502,531 | | | $1,401,872 |
Total distributable earnings/
(accumulated losses) | | | (2,233,153) | | | 249,068 | | | 321,877 | | | 112,587 | | | 81,965 |
Total net assets | | | $13,128,895 | | | $2,189,148 | | | $2,257,169 | | | $615,118 | | | $1,483,837 |
Net assets | | | $13,128,895 | | | $2,189,148 | | | $2,257,169 | | | $615,118 | | | $1,483,837 |
Shares issued and outstanding | | | 440,000 | | | 70,000 | | | 60,000 | | | 20,000 | | | 50,000 |
Net asset value per share | | | $29.84 | | | $31.27 | | | $37.62 | | | $30.76 | | | $29.68 |
Cost:
| | | | | | | | | | | | | | | |
Investments, at cost | | | $13,961,391 | | | $2,009,034 | | | $1,932,941 | | | $501,850 | | | $1,386,966 |
Foreign currency, at cost | | | $15,104 | | | $1,945 | | | $6,149 | | | $— | | | $2,337 |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes ETF Trust
Statements of Assets and Liabilities
September 30, 2024(Continued)
| | | | | | | | | | | | | | | | |
ASSETS:
| | | | | | | | | | | | | | | |
Investments, at value | | | $561,622 | | | $577,483 | | | $558,088 | | | $905,313 | | | $541,404 |
Foreign currency, at value | | | — | | | 3,075 | | | — | | | — | | | — |
Dividends receivable | | | 1,447 | | | — | | | 109 | | | 852 | | | 194 |
Interest receivable | | | 11 | | | 6 | | | 1 | | | 16 | | | 1 |
Prepaid expenses and other assets | | | — | | | — | | | 37 | | | — | | | 47 |
Total assets | | | 563,080 | | | 580,564 | | | 558,235 | | | 906,181 | | | 541,646 |
LIABILITIES:
| | | | | | | | | | | | | | | |
Payable to custodian foreign currency, at value | | | 379 | | | — | | | — | | | — | | | — |
Payable to adviser | | | 154 | | | 166 | | | 32 | | | 212 | | | 75 |
Payable to custodian | | | — | | | 328 | | | — | | | — | | | — |
Total liabilities | | | 533 | | | 494 | | | 32 | | | 212 | | | 75 |
NET ASSETS | | | $562,547 | | | $580,070 | | | $558,203 | | | $905,969 | | | $541,571 |
Net Assets Consists of:
| | | | | | | | | | | | | | | |
Paid-in capital | | | $500,231 | | | $538,063 | | | $528,437 | | | $823,061 | | | $500,047 |
Total distributable earnings | | | 62,316 | | | 42,007 | | | 29,766 | | | 82,908 | | | 41,524 |
Total net assets | | | $562,547 | | | $580,070 | | | $558,203 | | | $905,969 | | | $541,571 |
Net assets | | | $562,547 | | | $580,070 | | | $558,203 | | | $905,969 | | | $541,571 |
Shares issued and outstanding | | | 20,000 | | | 20,000 | | | 20,000 | | | 30,000 | | | 20,000 |
Net asset value per share | | | $28.13 | | | $29.00 | | | $27.91 | | | $30.20 | | | $27.08 |
Cost:
| | | | | | | | | | | | | | | |
Investments, at cost | | | $500,957 | | | $534,487 | | | $528,333 | | | $828,132 | | | $500,038 |
Foreign currency, at cost | | | $— | | | $3,084 | | | $— | | | $— | | | $— |
| | | | | | | | | | | | | | | |
Proceeds:
| | | | | | | | | | | | | | | |
Foreign currency proceeds | | | $387 | | | $— | | | $— | | | $— | | | $— |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes ETF Trust
Statements of Assets and Liabilities
September 30, 2024(Continued)
| | | | | | | |
ASSETS:
| | | | | | |
Investments, at value | | | $1,245,354 | | | $927,911 |
Dividends receivable | | | 494 | | | 304 |
Interest receivable | | | 13 | | | 21 |
Total assets | | | 1,245,861 | | | 928,236 |
LIABILITIES:
| | | | | | |
Payable to adviser | | | 290 | | | 214 |
Total liabilities | | | 290 | | | 214 |
NET ASSETS | | | $1,245,571 | | | $928,022 |
Net Assets Consists of:
| | | | | | |
Paid-in capital | | | $1,104,208 | | | $796,119 |
Total distributable earnings | | | 141,363 | | | 131,903 |
Total net assets | | | $1,245,571 | | | $928,022 |
Net assets | | | $1,245,571 | | | $928,022 |
Shares issued and outstanding | | | 40,000 | | | 30,000 |
Net asset value per share | | | $31.14 | | | $30.93 |
Cost:
| | | | | | |
Investments, at cost | | | $1,124,601 | | | $804,652 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes ETF Trust
STATEMENTS OF OPERATIONS
For the Period Ended September 30, 2024
| | | | | | | | | | | | | | | | |
INVESTMENT INCOME:
| | | | | | | | | | | | | | | |
Dividend income | | | $9,807 | | | $2,552 | | | $385 | | | $5,032 | | | $ 8,961 |
Less: Dividend withholding taxes | | | (686) | | | (223) | | | (25) | | | (436) | | | (2,044) |
Less: Issuance fees | | | (7) | | | — | | | — | | | — | | | (53) |
Interest income | | | 55 | | | 244 | | | — | | | 92 | | | 36 |
Other income | | | 21 | | | 7 | | | — | | | 31 | | | — |
Total investment income | | | 9,190 | | | 2,580 | | | 360 | | | 4,719 | | | 6,900 |
EXPENSES:
| | | | | | | | | | | | | | | |
Investment advisory fee | | | 1,592 | | | 3,076 | | | 31 | | | 3,582 | | | 1,412 |
Income tax expense | | | 7 | | | — | | | — | | | 88 | | | — |
Total expenses | | | 1,599 | | | 3,076 | | | 31 | | | 3,670 | | | 1,412 |
Net investment income/(loss) | | | 7,591 | | | (496) | | | 329 | | | 1,049 | | | 5,488 |
REALIZED AND UNREALIZED GAIN/(LOSS)
| | | | | | | | | | | | | | | |
Net realized gain/(loss) from:
| | | | | | | | | | | | | | | |
Investments | | | (25,693) | | | (28,450) | | | — | | | (23,510) | | | (8,604) |
In-kind redemptions | | | 10,876 | | | 18,347 | | | — | | | 40,688 | | | — |
Foreign currency transaction | | | (674) | | | (59) | | | (158) | | | (380) | | | 86 |
Net realized gain/(loss) | | | (15,491) | | | (10,162) | | | (158) | | | 16,798 | | | (8,518) |
Net change in unrealized appreciation/
(depreciation) on:
| | | | | | | | | | | | | | | |
Investments | | | 62,399 | | | 102,362 | | | 59,994 | | | 123,074 | | | (458) |
Foreign currency translation | | | 40 | | | 31 | | | 1 | | | 51 | | | 44 |
Net change in unrealized appreciation/
(depreciation) | | | 62,439 | | | 102,393 | | | 59,995 | | | 123,125 | | | (414) |
Net realized and unrealized gain/(loss) | | | 46,948 | | | 92,231 | | | 59,837 | | | 139,923 | | | (8,932) |
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | $54,539 | | | $91,735 | | | $60,166 | | | $140,972 | | | $(3,444) |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes ETF Trust
STATEMENTS OF OPERATIONS
For the Period Ended September 30, 2024(Continued)
| | | | | | | | | | | | | | | | |
INVESTMENT INCOME:
| | | | | | | | | | | | | | | |
Dividend income | | | $19,022 | | | $47,971 | | | $25,992 | | | $— | | | $12,464 |
Less: Dividend withholding taxes | | | — | | | (4,391) | | | (2,063) | | | — | | | (853) |
Less: Issuance fees | | | (445) | | | (1,027) | | | — | | | — | | | — |
Interest income | | | 2,523 | | | 209 | | | 183 | | | 5 | | | 86 |
Other income | | | — | | | — | | | — | | | — | | | 79 |
Total investment income | | | 21,100 | | | 42,762 | | | 24,112 | | | 5 | | | 11,776 |
EXPENSES:
| | | | | | | | | | | | | | | |
Investment advisory fee | | | 37,541 | | | 3,211 | | | 4,252 | | | 32 | | | 2,419 |
Income tax expense | | | — | | | 4 | | | — | | | — | | | 11 |
Total expenses | | | 37,541 | | | 3,215 | | | 4,252 | | | 32 | | | 2,430 |
Net investment income/(loss) | | | (16,441) | | | 39,547 | | | 19,860 | | | (27) | | | 9,346 |
REALIZED AND UNREALIZED GAIN/(LOSS)
| | | | | | | | | | | | | | | |
Net realized gain/(loss) from:
| | | | | | | | | | | | | | | |
Investments | | | (1,250,608) | | | (4,507) | | | (10,578) | | | — | | | (21,739) |
In-kind redemptions | | | 580,541 | | | — | | | 298,420 | | | — | | | 84,198 |
Foreign currency transaction | | | 1,735 | | | 49 | | | 328 | | | (550) | | | (102) |
Net realized gain/(loss) | | | (668,332) | | | (4,458) | | | 288,170 | | | (550) | | | 62,357 |
Net change in unrealized appreciation/
(depreciation) on:
| | | | | | | | | | | | | | | |
Investments | | | (844,909) | | | 213,978 | | | 311,902 | | | 113,164 | | | 94,266 |
Foreign currency translation | | | 286 | | | (3) | | | 170 | | | — | | | 49 |
Net change in unrealized appreciation/
(depreciation) | | | (844,623) | | | 213,975 | | | 312,072 | | | 113,164 | | | 94,315 |
Net realized and unrealized gain/(loss) | | | (1,512,955) | | | 209,517 | | | 600,242 | | | 112,614 | | | 156,672 |
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | $(1,529,396) | | | $249,064 | | | $620,102 | | | $112,587 | | | $166,018 |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes ETF Trust
STATEMENTS OF OPERATIONS
For the Period Ended September 30, 2024(Continued)
| | | | | | | | | | | | | | | | |
INVESTMENT INCOME:
| | | | | | | | | | | | | | | |
Dividend income | | | $4,016 | | | $3,316 | | | $118 | | | $14,666 | | | $232 |
Less: Dividend withholding taxes | | | (648) | | | (312) | | | (10) | | | — | | | — |
Less: Issuance fees | | | (1) | | | — | | | — | | | — | | | — |
Interest income | | | 36 | | | 30 | | | 1 | | | 109 | | | 1 |
Other income | | | — | | | — | | | — | | | 30 | | | — |
Total investment income | | | 3,403 | | | 3,034 | | | 109 | | | 14,805 | | | 233 |
EXPENSES:
| | | | | | | | | | | | | | | |
Investment advisory fee | | | 822 | | | 770 | | | 32 | | | 1,486 | | | 75 |
Income tax expense | | | — | | | — | | | — | | | 40 | | | — |
Total expenses | | | 822 | | | 770 | | | 32 | | | 1,526 | | | 75 |
Net investment income | | | 2,581 | | | 2,264 | | | 77 | | | 13,279 | | | 158 |
REALIZED AND UNREALIZED GAIN
| | | | | | | | | | | | | | | |
Net realized gain/(loss) from:
| | | | | | | | | | | | | | | |
Investments | | | (361) | | | (3,863) | | | — | | | (7,592) | | | — |
In-kind redemptions | | | — | | | 49,638 | | | — | | | 44,190 | | | — |
Foreign currency transaction | | | (582) | | | 619 | | | (67) | | | — | | | — |
Net realized gain/(loss) | | | (943) | | | 46,394 | | | (67) | | | 36,598 | | | — |
Net change in unrealized appreciation on:
| | | | | | | | | | | | | | | |
Investments | | | 60,665 | | | 42,996 | | | 29,755 | | | 77,181 | | | 41,366 |
Foreign currency translation | | | 13 | | | (9) | | | 1 | | | — | | | — |
Net change in unrealized appreciation | | | 60,678 | | | 42,987 | | | 29,756 | | | 77,181 | | | 41,366 |
Net realized and unrealized gain | | | 59,735 | | | 89,381 | | | 29,689 | | | 113,779 | | | 41,366 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | $62,316 | | | $91,645 | | | $29,766 | | | $127,058 | | | $41,524 |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes ETF Trust
STATEMENTS OF OPERATIONS
For the Period Ended September 30, 2024(Continued)
| | | | | | | |
INVESTMENT INCOME:
| | | | | | |
Dividend income | | | $4,809 | | | $11,366 |
Less: Dividend withholding taxes | | | — | | | (24) |
Interest income | | | 158 | | | 152 |
Total investment income | | | 4,967 | | | 11,494 |
EXPENSES:
| | | | | | |
Investment advisory fee | | | 1,898 | | | 1,637 |
Income tax expense | | | 3 | | | 16 |
Total expenses | | | 1,901 | | | 1,653 |
Net investment income | | | 3,066 | | | 9,841 |
REALIZED AND UNREALIZED GAIN
| | | | | | |
Net realized gain/(loss) from:
| | | | | | |
Investments | | | 17,541 | | | (1,213) |
In-kind redemptions | | | 40,512 | | | — |
Net realized gain/(loss) | | | 58,053 | | | (1,213) |
Net change in unrealized appreciation on:
| | | | | | |
Investments | | | 120,753 | | | 123,259 |
Net change in unrealized appreciation | | | 120,753 | | | 123,259 |
Net realized and unrealized gain | | | 178,806 | | | 122,046 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | $181,872 | | | $131,887 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes ETF Trust
Statements of Changes in Net Assets
| | | | | | | | | | | | | |
OPERATIONS:
| | | | | | | | | | | | |
Net investment income/(loss) | | | $7,591 | | | $(496) | | | $329 | | | $1,049 |
Net realized gain/(loss) | | | (15,491) | | | (10,162) | | | (158) | | | 16,798 |
Net change in unrealized appreciation | | | 62,439 | | | 102,393 | | | 59,995 | | | 123,125 |
Net increase in net assets from operations | | | 54,539 | | | 91,735 | | | 60,166 | | | 140,972 |
CAPITAL TRANSACTIONS:
| | | | | | | | | | | | |
Subscriptions | | | 963,950 | | | 1,559,957 | | | 500,400 | | | 1,855,013 |
Redemptions | | | (219,869) | | | (249,495) | | | — | | | (259,432) |
ETF transaction fees (See Note 4) | | | 1,087 | | | 422 | | | 44 | | | 962 |
Net increase in net assets from capital transactions | | | 745,168 | | | 1,310,884 | | | 500,444 | | | 1,596,543 |
Net increase in net assets | | | 799,707 | | | 1,402,619 | | | 560,610 | | | 1,737,515 |
NET ASSETS:
| | | | | | | | | | | | |
Beginning of the period | | | — | | | — | | | — | | | — |
End of the period | | | $799,707 | | | $1,402,619 | | | $560,610 | | | $1,737,515 |
SHARES TRANSACTIONS
| | | | | | | | | | | | |
Subscriptions | | | 40,000 | | | 60,000 | | | 20,000 | | | 70,000 |
Redemptions | | | (10,000) | | | (10,000) | | | — | | | (10,000) |
Total increase in shares outstanding | | | 30,000 | | | 50,000 | | | 20,000 | | | 60,000 |
| | | | | | | | | | | | | |
(a)
| Inception date of the Fund was December 8, 2023.
|
(b)
| Inception date of the Fund was December 15, 2023.
|
(c)
| Inception date of the Fund was September 24, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes ETF Trust
Statements of Changes in Net Assets(Continued)
| | | | | | | | | | | | | |
OPERATIONS:
| | | | | | | | | | | | |
Net investment income/(loss) | | | $5,488 | | | $(16,441) | | | $39,547 | | | $19,860 |
Net realized gain/(loss) | | | (8,518) | | | (668,332) | | | (4,458) | | | 288,170 |
Net change in unrealized appreciation/
(depreciation) | | | (414) | | | (844,623) | | | 213,975 | | | 312,072 |
Net increase/(decrease) in net assets from operations | | | (3,444) | | | (1,529,396) | | | 249,064 | | | 620,102 |
CAPITAL TRANSACTIONS:
| | | | | | | | | | | | |
Subscriptions | | | 714,714 | | | 26,651,555 | | | 1,939,867 | | | 2,650,072 |
Redemptions | | | — | | | (11,994,162) | | | — | | | (1,013,200) |
ETF transaction fees (See Note 4) | | | 1,092 | | | 898 | | | 217 | | | 195 |
Net increase in net assets from capital transactions | | | 715,806 | | | 14,658,291 | | | 1,940,084 | | | 1,637,067 |
Net increase in net assets | | | 712,362 | | | 13,128,895 | | | 2,189,148 | | | 2,257,169 |
NET ASSETS:
| | | | | | | | | | | | |
Beginning of the period | | | — | | | — | | | — | | | — |
End of the period | | | $712,362 | | | $13,128,895 | | | $2,189,148 | | | $2,257,169 |
SHARES TRANSACTIONS
| | | | | | | | | | | | |
Subscriptions | | | 30,000 | | | 890,000 | | | 70,000 | | | 90,000 |
Redemptions | | | — | | | (450,000) | | | — | | | (30,000) |
Total increase/(decrease) in shares outstanding | | | 30,000 | | | 440,000 | | | 70,000 | | | 60,000 |
| | | | | | | | | | | | | |
(a)
| Inception date of the Fund was December 15, 2023.
|
(b)
| Inception date of the Fund was December 8, 2023.
|
(c)
| Inception date of the Fund was December 13, 2023. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes ETF Trust
Statements of Changes in Net Assets(Continued)
| | | | | | | | | | | | | |
OPERATIONS:
| | | | | | | | | | | | |
Net investment income/(loss) | | | $(27) | | | $9,346 | | | $2,581 | | | $2,264 |
Net realized gain/(loss) | | | (550) | | | 62,357 | | | (943) | | | 46,394 |
Net change in unrealized appreciation | | | 113,164 | | | 94,315 | | | 60,678 | | | 42,987 |
Net increase in net assets from operations | | | 112,587 | | | 166,018 | | | 62,316 | | | 91,645 |
CAPITAL TRANSACTIONS:
| | | | | | | | | | | | |
Subscriptions | | | 502,400 | | | 2,428,707 | | | 500,000 | | | 771,845 |
Redemptions | | | — | | | (1,112,188) | | | — | | | (283,999) |
ETF transaction fees (See Note 4) | | | 131 | | | 1,300 | | | 231 | | | 579 |
Net increase in net assets from capital transactions | | | 502,531 | | | 1,317,819 | | | 500,231 | | | 488,425 |
Net increase in net assets | | | 615,118 | | | 1,483,837 | | | 562,547 | | | 580,070 |
NET ASSETS:
| | | | | | | | | | | | |
Beginning of the period | | | — | | | — | | | — | | | — |
End of the period | | | $615,118 | | | $1,483,837 | | | $562,547 | | | $580,070 |
SHARES TRANSACTIONS
| | | | | | | | | | | | |
Subscriptions | | | 20,000 | | | 90,000 | | | 20,000 | | | 30,000 |
Redemptions | | | — | | | (40,000) | | | — | | | (10,000) |
Total increase in shares outstanding | | | 20,000 | | | 50,000 | | | 20,000 | | | 20,000 |
| | | | | | | | | | | | | |
(a)
| Inception date of the Fund was September 24, 2024.
|
(b)
| Inception date of the Fund was December 13, 2023.
|
(c)
| Inception date of the Fund was April 22, 2024.
|
(d)
| Inception date of the Fund was May 3, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes ETF Trust
Statements of Changes in Net Assets(Continued)
| | | | | | | | | | | | | |
OPERATIONS:
| | | | | | | | | | | | |
Net investment income | | | $77 | | | $13,279 | | | $158 | | | $3,066 |
Net realized gain/(loss) | | | (67) | | | 36,598 | | | — | | | 58,053 |
Net change in unrealized appreciation | | | 29,756 | | | 77,181 | | | 41,366 | | | 120,753 |
Net increase in net assets from operations | | | 29,766 | | | 127,058 | | | 41,524 | | | 181,872 |
CAPITAL TRANSACTIONS:
| | | | | | | | | | | | |
Subscriptions | | | 528,400 | | | 1,061,362 | | | 500,000 | | | 1,351,213 |
Redemptions | | | — | | | (282,937) | | | — | | | (287,557) |
ETF transaction fees (See Note 4) | | | 37 | | | 486 | | | 47 | | | 43 |
Net increase in net assets from capital transactions | | | 528,437 | | | 778,911 | | | 500,047 | | | 1,063,699 |
Net increase in net assets | | | 558,203 | | | 905,969 | | | 541,571 | | | 1,245,571 |
NET ASSETS:
| | | | | | | | | | | | |
Beginning of the period | | | — | | | — | | | — | | | — |
End of the period | | | $558,203 | | | $905,969 | | | $541,571 | | | $1,245,571 |
SHARES TRANSACTIONS
| | | | | | | | | | | | |
Subscriptions | | | 20,000 | | | 40,000 | | | 20,000 | | | 50,000 |
Redemptions | | | — | | | (10,000) | | | — | | | (10,000) |
Total increase in shares outstanding | | | 20,000 | | | 30,000 | | | 20,000 | | | 40,000 |
| | | | | | | | | | | | | |
(a)
| Inception date of the Fund was September 24, 2024.
|
(b)
| Inception date of the Fund was December 13, 2023.
|
(c)
| Inception date of the Fund was September 12, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes ETF Trust
Statements of Changes in Net Assets(Continued)
| | | | |
OPERATIONS:
| | | |
Net investment income | | | $9,841 |
Net realized loss | | | (1,213) |
Net change in unrealized appreciation | | | 123,259 |
Net increase in net assets from operations | | | 131,887 |
CAPITAL TRANSACTIONS:
| | | |
Subscriptions | | | 795,242 |
ETF transaction fees (See Note 4) | | | 893 |
Net increase in net assets from capital transactions | | | 796,135 |
Net increase in net assets | | | 928,022 |
NET ASSETS:
| | | |
Beginning of the period | | | — |
End of the period | | | $928,022 |
SHARES TRANSACTIONS
| | | |
Subscriptions | | | 30,000 |
Redemptions | | | — |
Total increase in shares outstanding | | | 30,000 |
| | | | |
(a)
| Inception date of the Fund was December 13, 2023. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Airlines ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.00 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.33 |
Net realized and unrealized gain on investments(c) | | | 1.28 |
Total from investment operations | | | 1.61 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.05 |
Net asset value, end of period | | | $26.66 |
TOTAL RETURN(d) | | | 6.63% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $800 |
Ratio of expenses to average net assets(e) | | | 0.35% |
Ratio of net investment income to average net assets(e) | | | 1.66% |
Portfolio turnover rate(d)(f) | | | 27% |
| | | | |
(a)
| Inception date of the Fund was December 8, 2023.
|
(b)
| Net investment income per share has been calculated based on average shares outstanding during the period. |
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
(d)
| Not annualized for periods less than one year. |
(e)
| Annualized for periods less than one year. |
(f)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Cloud Computing ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.00 |
INVESTMENT OPERATIONS:
| | | |
Net investment loss(b) | | | (0.01) |
Net realized and unrealized gain on investments(c) | | | 3.05 |
Total from investment operations | | | 3.04 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.01 |
Net asset value, end of period | | | $28.05 |
TOTAL RETURN(d) | | | 12.21% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $1,403 |
Ratio of expenses to average net assets(e) | | | 0.35% |
Ratio of net investment loss to average net assets(e) | | | (0.06)% |
Portfolio turnover rate(d)(f) | | | 11% |
| | | | |
(a)
| Inception date of the Fund was December 15, 2023.
|
(b)
| Net investment loss per share has been calculated based on average shares outstanding during the period.
|
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(d)
| Not annualized for periods less than one year.
|
(e)
| Annualized for periods less than one year.
|
(f)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Copper Miners ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.02 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.02 |
Net realized and unrealized gain on investments(c) | | | 2.99 |
Total from investment operations | | | 3.01 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.00(d) |
Net asset value, end of period | | | $28.03 |
TOTAL RETURN(e) | | | 12.03% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $561 |
Ratio of expenses to average net assets(f) | | | 0.35% |
Ratio of net investment income to average net assets(f) | | | 3.67% |
Portfolio turnover rate(e)(g) | | | 0% |
| | | | |
(a)
| Inception date of the Fund was September 24, 2024.
|
(b)
| Net investment income per share has been calculated based on average shares outstanding during the period.
|
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(d)
| Amount represents less than $0.005 per share.
|
(e)
| Not annualized for periods less than one year.
|
(f)
| Annualized for periods less than one year.
|
(g)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Cybersecurity ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.00 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.02 |
Net realized and unrealized gain on investments(c) | | | 3.92 |
Total from investment operations | | | 3.94 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.02 |
Net asset value, end of period | | | $28.96 |
TOTAL RETURN(d) | | | 15.83% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $1,738 |
Ratio of expenses to average net assets(e) | | | 0.36% |
Ratio of net investment income to average net assets(e) | | | 0.10% |
Portfolio turnover rate(d)(f) | | | 24% |
| | | | |
(a)
| Inception date of the Fund was December 8, 2023.
|
(b)
| Net investment income per share has been calculated based on average shares outstanding during the period.
|
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(d)
| Not annualized for periods less than one year.
|
(e)
| Annualized for periods less than one year.
|
(f)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes European Luxury ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.00 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.25 |
Net realized and unrealized loss on investments(c) | | | (1.55) |
Total from investment operations | | | (1.30) |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.05 |
Net asset value, end of period | | | $23.75 |
TOTAL RETURN(d) | | | (5.02)% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $712 |
Ratio of expenses to average net assets(e) | | | 0.35% |
Ratio of net investment income to average net assets(e) | | | 1.36% |
Portfolio turnover rate(d)(f) | | | 47% |
| | | | |
(a)
| Inception date of the Fund was December 15, 2023.
|
(b)
| Net investment income per share has been calculated based on average shares outstanding during the period.
|
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(d)
| Not annualized for periods less than one year.
|
(e)
| Annualized for periods less than one year.
|
(f)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Generative Artificial Intelligence ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.00 |
INVESTMENT OPERATIONS:
| | | |
Net investment loss(b) | | | (0.04) |
Net realized and unrealized gain on investments(c) | | | 4.88 |
Total from investment operations | | | 4.84 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.00(d) |
Net asset value, end of period | | | $29.84 |
TOTAL RETURN(e) | | | 19.35% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $13,129 |
Ratio of expenses to average net assets(f) | | | 0.35% |
Ratio of net investment loss to average net assets(f) | | | (0.15)% |
Portfolio turnover rate(e)(g) | | | 58% |
| | | | |
(a)
| Inception date of the Fund was December 8, 2023.
|
(b)
| Net investment loss per share has been calculated based on average shares outstanding during the period.
|
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(d)
| Amount represents less than $0.005 per share.
|
(e)
| Not annualized for periods less than one year.
|
(f)
| Annualized for periods less than one year.
|
(g)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Global Systemically Important Banks ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.00 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.98 |
Net realized and unrealized gain on investments(c) | | | 5.28 |
Total from investment operations | | | 6.26 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.01 |
Net asset value, end of period | | | $31.27 |
TOTAL RETURN(d) | | | 25.09% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $2,189 |
Ratio of expenses to average net assets(e) | | | 0.35% |
Ratio of net investment income to average net assets(e) | | | 4.30% |
Portfolio turnover rate(d)(f) | | | 28% |
| | | | |
(a)
| Inception date of the Fund was December 15, 2023.
|
(b)
| Net investment income per share has been calculated based on average shares outstanding during the period.
|
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(d)
| Not annualized for periods less than one year.
|
(e)
| Annualized for periods less than one year.
|
(f)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Gold Miners ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.00 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.40 |
Net realized and unrealized gain on investments(c) | | | 12.22 |
Total from investment operations | | | 12.62 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.00(d) |
Net asset value, end of period | | | $37.62 |
TOTAL RETURN(e) | | | 50.48% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $2,257 |
Ratio of expenses to average net assets(f) | | | 0.35% |
Ratio of net investment income to average net assets(f) | | | 1.63% |
Portfolio turnover rate(e)(g) | | | 14% |
| | | | |
(a)
| Inception date of the Fund was December 13, 2023.
|
(b)
| Net investment income per share has been calculated based on average shares outstanding during the period.
|
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(d)
| Amount represents less than $0.005 per share.
|
(e)
| Not annualized for periods less than one year.
|
(f)
| Annualized for periods less than one year.
|
(g)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Lithium & Battery Metal Miners ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.12 |
INVESTMENT OPERATIONS:
| | | |
Net investment loss(b) | | | (0.00)(c) |
Net realized and unrealized gain on investments(d) | | | 5.63 |
Total from investment operations | | | 5.63 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.01 |
Net asset value, end of period | | | $30.76 |
TOTAL RETURN(e) | | | 22.44% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $615 |
Ratio of expenses to average net assets(f) | | | 0.35% |
Ratio of net investment loss to average net assets(f) | | | (0.30)% |
Portfolio turnover rate(e)(g) | | | 0% |
| | | | |
(a)
| Inception date of the Fund was September 24, 2024.
|
(b)
| Net investment loss per share has been calculated based on average shares outstanding during the period.
|
(c)
| Amount represents less than $0.005 per share.
|
(d)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(e)
| Not annualized for periods less than one year.
|
(f)
| Annualized for periods less than one year.
|
(g)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Natural Monopoly ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.00 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.30 |
Net realized and unrealized gain on investments(c) | | | 4.34 |
Total from investment operations | | | 4.64 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.04 |
Net asset value, end of period | | | $29.68 |
TOTAL RETURN(d) | | | 18.71% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $1,484 |
Ratio of expenses to average net assets(e) | | | 0.35% |
Ratio of net investment income to average net assets(e) | | | 1.35% |
Portfolio turnover rate(d)(f) | | | 113% |
| | | | |
(a)
| Inception date of the Fund was December 13, 2023.
|
(b)
| Net investment income per share has been calculated based on average shares outstanding during the period.
|
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(d)
| Not annualized for periods less than one year.
|
(e)
| Annualized for periods less than one year.
|
(f)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Robotics & Automation ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.00 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.13 |
Net realized and unrealized gain on investments(c) | | | 2.99 |
Total from investment operations | | | 3.12 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.01 |
Net asset value, end of period | | | $28.13 |
TOTAL RETURN(d) | | | 12.51% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $563 |
Ratio of expenses to average net assets(e) | | | 0.35% |
Ratio of net investment income to average net assets(e) | | | 1.10% |
Portfolio turnover rate(d)(f) | | | 46% |
| | | | |
(a)
| Inception date of the Fund was April 22, 2024.
|
(b)
| Net investment income per share has been calculated based on average shares outstanding during the period.
|
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(d)
| Not annualized for periods less than one year.
|
(e)
| Annualized for periods less than one year.
|
(f)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Silver Miners ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.00 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.11 |
Net realized and unrealized gain on investments(c) | | | 3.86 |
Total from investment operations | | | 3.97 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.03 |
Net asset value, end of period | | | $29.00 |
TOTAL RETURN(d) | | | 16.01% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $580 |
Ratio of expenses to average net assets(e) | | | 0.35% |
Ratio of net investment income to average net assets(e) | | | 1.03% |
Portfolio turnover rate(d)(f) | | | 38% |
| | | | |
(a)
| Inception date of the Fund was May 3, 2024.
|
(b)
| Net investment income per share has been calculated based on average shares outstanding during the period.
|
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(d)
| Not annualized for periods less than one year.
|
(e)
| Annualized for periods less than one year.
|
(f)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes Uranium & Nuclear ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $26.42 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.00(c) |
Net realized and unrealized gain on investments(d) | | | 1.49 |
Total from investment operations | | | 1.49 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.00(c) |
Net asset value, end of period | | | $27.91 |
TOTAL RETURN(e) | | | 5.64% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $558 |
Ratio of expenses to average net assets(f) | | | 0.35% |
Ratio of net investment income to average net assets(f) | | | 0.84% |
Portfolio turnover rate(e)(g) | | | 0% |
| | | | |
(a)
| Inception date of the Fund was September 24, 2024.
|
(b)
| Net investment income per share has been calculated based on average shares outstanding during the period.
|
(c)
| Amount represents less than $0.005 per share.
|
(d)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(e)
| Not annualized for periods less than one year.
|
(f)
| Annualized for periods less than one year.
|
(g)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes US Cash Flow Champions ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.00 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.58 |
Net realized and unrealized gain on investments(c) | | | 4.60 |
Total from investment operations | | | 5.18 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.02 |
Net asset value, end of period | | | $30.20 |
TOTAL RETURN(d) | | | 20.80% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $906 |
Ratio of expenses to average net assets(e) | | | 0.30% |
Ratio of net investment income to average net assets(e) | | | 2.59% |
Portfolio turnover rate(d)(f) | | | 20% |
| | | | |
(a)
| Inception date of the Fund was December 13, 2023.
|
(b)
| Net investment income per share has been calculated based on average shares outstanding during the period.
|
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(d)
| Not annualized for periods less than one year.
|
(e)
| Annualized for periods less than one year.
|
(f)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes US Infrastructure ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.00 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.01 |
Net realized and unrealized gain on investments(c) | | | 2.07 |
Total from investment operations | | | 2.08 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.00(d) |
Net asset value, end of period | | | $27.08 |
TOTAL RETURN(e) | | | 8.31% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $542 |
Ratio of expenses to average net assets(f) | | | 0.29% |
Ratio of net investment income to average net assets(f) | | | 0.61% |
Portfolio turnover rate(e)(g) | | | 0% |
| | | | |
(a)
| Inception date of the Fund was September 12, 2024.
|
(b)
| Net investment income per share has been calculated based on average shares outstanding during the period.
|
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(d)
| Amount represents less than $0.005 per share.
|
(e)
| Not annualized for periods less than one year.
|
(f)
| Annualized for periods less than one year.
|
(g)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes US R&D Champions ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.00 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.11 |
Net realized and unrealized gain on investments(c) | | | 6.03 |
Total from investment operations | | | 6.14 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.00(d) |
Net asset value, end of period | | | $31.14 |
TOTAL RETURN(e) | | | 24.56% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $1,246 |
Ratio of expenses to average net assets(f) | | | 0.29% |
Ratio of net investment income to average net assets(f) | | | 0.47% |
Portfolio turnover rate(e)(g) | | | 34% |
| | | | |
(a)
| Inception date of the Fund was December 13, 2023.
|
(b)
| Net investment income per share has been calculated based on average shares outstanding during the period.
|
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(d)
| Amount represents less than $0.005 per share.
|
(e)
| Not annualized for periods less than one year.
|
(f)
| Annualized for periods less than one year.
|
(g)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes US Small Cap Cash Flow Champions ETF
Financial Highlights
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $25.00 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.40 |
Net realized and unrealized gain on investments(c) | | | 5.49 |
Total from investment operations | | | 5.89 |
LESS DISTRIBUTIONS FROM:
| | | |
Total distributions | | | — |
ETF transaction fees per share | | | 0.04 |
Net asset value, end of period | | | $30.93 |
TOTAL RETURN(d) | | | 23.74% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $928 |
Ratio of expenses to average net assets(e) | | | 0.29% |
Ratio of net investment income to average net assets(e) | | | 1.74% |
Portfolio turnover rate(d)(f) | | | 46% |
| | | | |
(a)
| Inception date of the Fund was December 13, 2023.
|
(b)
| Net investment income per share has been calculated based on average shares outstanding during the period.
|
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(d)
| Not annualized for periods less than one year.
|
(e)
| Annualized for periods less than one year.
|
(f)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes ETF Trust
Notes to the Financial Statements
September 30, 2024
1. ORGANIZATION
The Themes Airlines ETF, Themes Cloud Computing ETF, Themes Copper Miners ETF, Themes Cybersecurity ETF, Themes European Luxury ETF, Themes Generative Artificial Intelligence ETF, Themes Global Systemically Important Banks ETF, Themes Gold Miners ETF, Themes Lithium & Battery Metal Miners ETF, Themes Natural Monopoly ETF, Themes Robotics & Automation ETF, Themes Silver Miners ETF, Themes Uranium & Nuclear ETF, Themes US Cash Flow Champions ETF, Themes US Infrastructure ETF, Themes US R&D Champions ETF, and Themes US Small Cap Cash Flow Champions ETF, (collectively, the “Funds”) are non-diversified series of Themes ETF Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on February 22, 2023 and is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).
Costs incurred by the Fund in connection with the organization, registration and the initial public offering of shares were paid by Themes Management Company, LLC (“Themes” or the “Adviser”), the Funds’ Investment Adviser.
The below Funds use a "passive" or indexing approach to achieve their investment objective of tracking the performance, before fees and expenses, of an index comprised of:
| | | | |
Themes Airlines ETF | | | Companies that have business operations in the airlines industry |
Themes Cloud Computing ETF | | | Companies that have business operations in the field of cloud computing |
Themes Copper Miners ETF | | | Companies that derive significant revenues from the mining, exploration, and refining of copper |
Themes Cybersecurity ETF | | | Companies that have business operations in the cybersecurity industry |
Themes European Luxury ETF | | | European companies that have business operations in the luxury industry |
Themes Generative Artificial Intelligence ETF | | | Companies that have business operations in the field of artificial intelligence related industries |
Themes Gold Miners ETF | | | Companies that are active in the gold mining industry |
Themes Lithium & Battery Metal Miners ETF | | | Companies that derive significant revenues from the mining, exploration, and refining of lithium and battery metals |
Themes Natural Monopoly ETF | | | Global companies which exhibit a strong competitive advantage in their sector |
Themes Robotics & Automation ETF | | | Companies whose products and services are focused on robotics and automation solutions in an industrial context |
Themes Silver Miners ETF | | | Companies with significant exposure to the silver mining industry |
Themes Uranium & Nuclear ETF | | | Companies that derive significant revenues from the uranium and nuclear industries |
Themes US Cash Flow Champions ETF | | | U.S. companies with a high cash flow yield |
Themes US Infrastructure ETF | | | Companies that have business operations involving the building materials and equipment, logistics, construction, and engineering services used for the development and maintenance of infrastructure projects |
Themes US R&D Champions ETF | | | Innovative U.S. companies which exhibit strong and consistent investment in research and development as well as profitability |
Themes US Small Cap Cash Flow Champions ETF | | | Small capitalization U.S. companies with a high cash flow yield |
| | | | |
Themes Global Systemically Important Banks ETF is actively managed with an investment objective to seek growth of capital by investing in companies that operate in the global bank sector.
TABLE OF CONTENTS
Themes ETF Trust
Notes to the Financial Statements
September 30, 2024(Continued)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. Each Fund prepares its financial statement in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and follows the significant accounting policies described below.
Use of Estimates – The preparation of the financial statement in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Share Transactions – The net asset value (“NAV”) per share of each Fund will be equal to a Fund’s total assets minus a Fund’s total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the New York Stock Exchange (“NYSE”) is open for trading.
Fair Value Measurement – In calculating the NAV, each Fund’s exchange-traded equity securities will be valued at fair value, which will generally be determined using the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Such valuations are typically categorized as Level 1 in the fair value hierarchy described below.
Securities listed on the NASDAQ Stock Market, Inc. are generally valued at the NASDAQ official closing price. Foreign securities will be priced at their local currencies as of the close of their primary exchange or market or as of the time each Fund calculates its NAV on the valuation date, whichever is earlier.
If market quotations are not readily available, or if it is determined that a quotation of a security does not represent fair value, then the security is valued at fair value as determined in good faith by the Adviser using procedures adopted by the Board of Trustees of the Trust (the “Board”). The valuation of each Fund’s investments is performed in accordance with the principles found in Rule 2a-5 of the 1940 Act. The Board has delegated the Adviser as the valuation designed of the Funds. The circumstances in which a security may be fair valued include, among others: the occurrence of events that are significant to a particular issuer, such as mergers, restructurings or defaults; the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or government actions; trading restrictions on securities; thinly traded securities; and market events such as trading halts and early market closings. Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an active market existed. Fair valuation could result in a different NAV than a NAV determined by using market quotations. Such valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy described below.
FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurements. Under ASC 820, various inputs are used in determining the value of each Funds’ investments. These inputs are summarized in the following hierarchy:
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 securities, 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. |
TABLE OF CONTENTS
Themes ETF Trust
Notes to the Financial Statements
September 30, 2024(Continued)
The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).
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.
All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board, although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value the Funds’ investments on September 30, 2024, are as follows:
Themes Airlines ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $793,716 | | | $ — | | | $ — | | | $793,716 |
Money Market Funds | | | 2,609 | | | — | | | — | | | 2,609 |
Total Investments | | | $796,325 | | | $— | | | $— | | | $796,325 |
| | | | | | | | | | | | | |
Themes Cloud Computing ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $1,391,641 | | | $ — | | | $ — | | | $1,391,641 |
Money Market Funds | | | 10,013 | | | — | | | — | | | 10,013 |
Total Investments | | | $1,401,654 | | | $— | | | $— | | | $1,401,654 |
| | | | | | | | | | | | | |
Themes Copper Miners ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $559,027 | | | $ — | | | $ — | | | $559,027 |
Money Market Funds | | | 1,208 | | | — | | | — | | | 1,208 |
Total Investments | | | $560,235 | | | $— | | | $— | | | $560,235 |
| | | | | | | | | | | | | |
TABLE OF CONTENTS
Themes ETF Trust
Notes to the Financial Statements
September 30, 2024(Continued)
Themes Cybersecurity ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $1,733,769 | | | $ — | | | $ — | | | $1,733,769 |
Money Market Funds | | | 2,564 | | | — | | | — | | | 2,564 |
Total Investments | | | $1,736,333 | | | $— | | | $— | | | $1,736,333 |
| | | | | | | | | | | | | |
Themes European Luxury ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $681,817 | | | $ — | | | $ — | | | $681,817 |
Preferred Stocks | | | 26,614 | | | — | | | — | | | 26,614 |
Money Market Funds | | | 1,343 | | | — | | | — | | | 1,343 |
Total Investments | | | $709,774 | | | $— | | | $— | | | $709,774 |
| | | | | | | | | | | | | |
Themes Generative Artificial Intelligence ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $13,078,573 | | | $ — | | | $ — | | | $13,078,573 |
Money Market Funds | | | 37,909 | | | — | | | — | | | 37,909 |
Total Investments | | | $13,116,482 | | | $— | | | $— | | | $13,116,482 |
| | | | | | | | | | | | | |
Themes Global Systemically Important Banks ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $2,187,287 | | | $ — | | | $ — | | | $2,187,287 |
Money Market Funds | | | 35,725 | | | — | | | — | | | 35,725 |
Total Investments | | | $2,223,012 | | | $— | | | $— | | | $2,223,012 |
| | | | | | | | | | | | | |
Themes Gold Miners ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $2,238,884 | | | $ — | | | $ — | | | $2,238,884 |
Money Market Funds | | | 5,959 | | | — | | | — | | | 5,959 |
Total Investments | | | $2,244,843 | | | $— | | | $— | | | $2,244,843 |
| | | | | | | | | | | | | |
Themes Lithium & Battery Metal Miners ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $614,203 | | | $ — | | | $ — | | | $614,203 |
Money Market Funds | | | 811 | | | — | | | — | | | 811 |
Total Investments | | | $615,014 | | | $— | | | $— | | | $615,014 |
| | | | | | | | | | | | | |
TABLE OF CONTENTS
Themes ETF Trust
Notes to the Financial Statements
September 30, 2024(Continued)
Themes Natural Monopoly ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $1,471,608 | | | $ — | | | $ — | | | $1,471,608 |
Preferred Stocks | | | 7,097 | | | — | | | — | | | 7,097 |
Money Market Funds | | | 2,527 | | | — | | | — | | | 2,527 |
Total Investments | | | $1,481,232 | | | $— | | | $— | | | $1,481,232 |
| | | | | | | | | | | | | |
Themes Robotics & Automation ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $558,881 | | | $ — | | | $ — | | | $558,881 |
Money Market Funds | | | 2,741 | | | — | | | — | | | 2,741 |
Total Investments | | | $561,622 | | | $— | | | $— | | | $561,622 |
| | | | | | | | | | | | | |
Themes Silver Miners ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $577,483 | | | $ — | | | $ — | | | $577,483 |
Total Investments | | | $577,483 | | | $— | | | $— | | | $577,483 |
| | | | | | | | | | | | | |
Themes Uranium & Nuclear ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $556,714 | | | $ — | | | $ — | | | $556,714 |
Money Market Funds | | | 1,374 | | | — | | | — | | | 1,374 |
Total Investments | | | $558,088 | | | $— | | | $— | | | $558,088 |
| | | | | | | | | | | | | |
Themes US Cash Flow Champions ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $900,264 | | | $ — | | | $ — | | | $900,264 |
Money Market Funds | | | 5,049 | | | — | | | — | | | 5,049 |
Total Investments | | | $905,313 | | | $— | | | $— | | | $905,313 |
| | | | | | | | | | | | | |
Themes US Infrastructure ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $540,979 | | | $ — | | | $ — | | | $540,979 |
Money Market Funds | | | 425 | | | — | | | — | | | 425 |
Total Investments | | | $541,404 | | | $— | | | $— | | | $541,404 |
| | | | | | | | | | | | | |
TABLE OF CONTENTS
Themes ETF Trust
Notes to the Financial Statements
September 30, 2024(Continued)
Themes US R&D Champions ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $1,241,697 | | | $ — | | | $ — | | | $1,241,697 |
Money Market Funds | | | 3,657 | | | — | | | — | | | 3,657 |
Total Investments | | | $1,245,354 | | | $— | | | $— | | | $1,245,354 |
| | | | | | | | | | | | | |
Themes US Small Cap Cash Flow Champions ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $916,759 | | | $ — | | | $ — | | | $916,759 |
Real Estate Investments Trust | | | 5,214 | | | — | | | — | | | 5,214 |
Money Market Funds | | | 5,938 | | | — | | | — | | | 5,938 |
Total Investments | | | $927,911 | | | $— | | | $— | | | $927,911 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for industry classifications.
Security Transactions – Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated based on the specific identification basis.
Investment Income – Dividend income is recognized on the ex-dividend date. Interest income is accrued daily. Withholding taxes on foreign dividends has been provided for in accordance with Funds’ understanding of the applicable tax rules and regulations.
Foreign Currency Translation – The books and records of the Funds are maintained in U.S. dollars. A Fund’s assets and liabilities in foreign currencies are translated into U.S. dollars at the prevailing exchange rate at the valuation date. Transactions denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The Fund’s income earned and expenses incurred in foreign denominated currencies are translated into U.S. dollars at the prevailing exchange rate on the date of such activity.
The Funds do not isolate that portion of the results of operations arising from changes in the foreign exchange rates on investments from the fluctuations that result from changes in the market prices of investments held or sold during the period. Accordingly, such foreign currency gains (losses) are included in the reported net realized gain (loss) on investments in securities and net change in unrealized appreciation (depreciation) on investments in securities on the Statements of Operations.
Net realized gains (losses) on foreign currency transactions reported on the Statements of Operations arise from sales of foreign currency, including net currency gains and losses, realized between the trade and settlement dates on securities transactions and the difference in the amounts of dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net changes in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies reported on the Statements of Operations arise from changes (due to the changes in the exchange rate) in the value of foreign currency and assets and liabilities (other than investments) denominated in foreign currencies, which are held at period end.
Tax Information, Dividends and Distributions to Shareholders and Uncertain Tax Positions – The Funds are treated as separate entities for Federal income tax purposes. Each Fund has qualified and intends to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended. To qualify and remain eligible for the special tax treatment accorded to RICs, each Fund must meet certain annual income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i) its investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii) certain net tax-exempt income, if any. If so qualified, each Fund will not be subject to Federal income tax.
TABLE OF CONTENTS
Themes ETF Trust
Notes to the Financial Statements
September 30, 2024(Continued)
Distributions to shareholders are recorded on the ex-dividend date. The Funds generally pay out dividends from net investment income, if any, annually, and distribute its net capital gains, if any, to shareholders at least annually. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their Federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed earnings and profit for tax purposes are reported as a tax return of capital. For the period ended September 30, 2024, the Funds made no distributions to shareholders.
Management evaluates the Funds’ tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as income tax expense. Based on this evaluation, Management has concluded that there are no uncertain tax positions that require recognition in the financial statements as of September 30, 2024. The Funds’ Federal income tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Indemnification – In the normal course of business, the Funds expect to enter into contracts that contain a variety of representations and warranties, and which provide general indemnifications. The Funds’ maximum exposure under these anticipated arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser expects the risk of loss to be remote.
3. INVESTMENT ADVISORY AND OTHER AGREEMENTS
Investment Advisory Agreement – The Trust has entered into an Investment Advisory Agreement (the “Advisory Agreement”) with the Adviser. Under the Advisory Agreement, the Adviser provides a continuous investment program for the Funds’ assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of the Funds subject to the supervision of the Board, including the Trustees who are not “interested persons” of the Trust as defined in the 1940 Act.
Pursuant to the Advisory Agreement between the Trust, on behalf of the Funds and Themes, each Fund pays a unified management fee to the Adviser, which is calculated daily and paid monthly at an annual rate.
| | | | |
Themes Airlines ETF | | | 0.35% |
Themes Cloud Computing ETF | | | 0.35% |
Themes Copper Miners ETF | | | 0.35% |
Themes Cybersecurity ETF | | | 0.35% |
Themes European Luxury ETF | | | 0.35% |
Themes Generative Artificial Intelligence ETF | | | 0.35% |
Themes Global Systemically Important Banks ETF | | | 0.35% |
Themes Gold Miners ETF | | | 0.35% |
Themes Lithium & Battery Metal Miners ETF | | | 0.35% |
Themes Natural Monopoly ETF | | | 0.35% |
Themes Robotics & Automation ETF | | | 0.35% |
Themes Silver Miners ETF | | | 0.35% |
Themes Uranium & Nuclear ETF | | | 0.35% |
Themes US Cash Flow Champions ETF | | | 0.29% |
Themes US Infrastructure ETF | | | 0.29% |
Themes US R&D Champions ETF | | | 0.29% |
Themes US Small Cap Cash Flow Champions ETF | | | 0.29% |
| | | | |
TABLE OF CONTENTS
Themes ETF Trust
Notes to the Financial Statements
September 30, 2024(Continued)
The Adviser has agreed to pay all expenses of the Funds except the fee paid to the Adviser under the Advisory Agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses (if any) (collectively, “Excluded Expenses”). The Trust acknowledges and agrees that the Adviser may delegate its responsibility to pay some or all expenses incurred by the Funds, except for Excluded Expenses, to one or more third parties, including but not limited to, sub-advisers.
Distribution Agreement and 12b-1 Plan – ALPS Distributors, Inc. (the “Distributor”) serves as each Fund’s distributor pursuant to a Distribution Agreement. The Distributor receives compensation from the Adviser for certain statutory underwriting services it provides to the Funds. The Distributor enters into agreements with certain broker-dealers and others that will allow those parties to be “Authorized Participants” and to subscribe for and redeem shares of the Funds. The Distributor will not distribute shares in less than whole Creation Units and does not maintain a secondary market in shares.
The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act (“Rule 12b-1 Plan”). In accordance with the Rule 12b-1 Plan, each Fund is authorized to pay an amount up to 0.25% of the Fund’s average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of each Fund’s assets. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.
Other Services – U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services” or “Administrator”) serves as administrator, transfer agent and fund accounting agent of the Funds pursuant to an Administration Agreement, Transfer Agency and Service Agreement and Fund Accounting Agreement. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian pursuant to a Custody Agreement. Under the terms of these agreements, the Adviser pays each Fund’s administrative, custody and transfer agency fees.
Pursuant to an agreement between the Trust, on behalf of the Funds, and ACA Global, an employee of ACA Global serves as Chief Compliance Officer of the Trust. Fees for these services are paid by the Adviser under the terms of the Advisory Agreement.
At September 30, 2024, certain Officers and a Trustee of the Trust were also officers or employees of the Adviser.
4. CREATION AND REDEMPTION TRANSACTIONS
Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. or NASDAQ Stock Market LLC. Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called “Creation Units.” Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Market prices for the shares may be different from their NAV. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the NYSE is open for trading. The NAV of the shares of each Fund will be equal to a Fund’s total assets minus a Fund’s total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to four decimal places.
Creation Unit Transaction Fee – Authorized Participants will be required to pay to the Custodian a fixed transaction fee (the “Creation Unit Transaction Fee”) in connection with the issuance or redemption of Creation Units. The standard Creation Unit Transaction Fee will be the same regardless of the number of Creation Units purchased or redeemed by an investor on the applicable business day. The Creation Unit Transaction Fee charged by each Fund for each creation order is $300.
The fixed creation unit transaction fee may be waived on certain orders if the applicable Fund’s custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.
TABLE OF CONTENTS
Themes ETF Trust
Notes to the Financial Statements
September 30, 2024(Continued)
An additional variable fee of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for (i) creations effected outside the Clearing Process and (ii) creations made in an all cash amount (to offset the Trust’s brokerage and other transaction costs associated with using cash to purchase or redeem the requisite deposit securities). Each Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders. Variable fees received by each Fund are displayed in the Capital Transactions section of the Statement of Changes in Net Assets.
Only “Authorized Participants” may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.
A creation unit will generally not be issued until the transfer of good title of the deposit securities to the Funds and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of the Funds will be issued to such authorized participant notwithstanding the fact that the Funds’ deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant to deliver the missing deposit securities as soon as possible. If the Funds or their agents do not receive all of the deposit securities, or the required cash amounts, by such time, then the order may be deemed rejected and the authorized participant shall be liable to the Funds for losses, if any.
5. INVESTMENT TRANSACTIONS
For the period ended September 30, 2024, the aggregate purchases and sales of securities by the Funds (excluding short-term and in-kind transactions) and the in-kind transactions associated with creations and redemptions were as follows:
| | | | | | | | | | | | | |
Themes Airlines ETF | | | $542,088 | | | $139,314 | | | $459,169 | | | $114,672 |
Themes Cloud Computing ETF | | | 118,257 | | | 249,639 | | | 1,541,177 | | | 110,429 |
Themes Copper Miners ETF | | | 49,075 | | | — | | | 449,958 | | | — |
Themes Cybersecurity ETF | | | 704,647 | | | 292,993 | | | 1,358,261 | | | 176,075 |
Themes European Luxury ETF | | | 236,861 | | | 225,675 | | | 707,523 | | | — |
Themes Generative Artificial Intelligence ETF | | | 7,893,161 | | | 7,165,280 | | | 25,591,530 | | | 11,725,416 |
Themes Global Systemically Important Banks ETF | | | 404,966 | | | 312,238 | | | 1,885,585 | | | — |
Themes Gold Miners ETF | | | 263,738 | | | 198,564 | | | 2,533,834 | | | 959,879 |
Themes Lithium & Battery Metal Miners ETF | | | 148,725 | | | — | | | 352,315 | | | — |
Themes Natural Monopoly ETF | | | 927,278 | | | 911,759 | | | 2,408,208 | | | 1,101,151 |
Themes Robotics & Automation ETF | | | 712,316 | | | 213,470 | | | — | | | — |
Themes Silver Miners ETF | | | 665,348 | | | 173,062 | | | 270,384 | | | 274,142 |
Themes Uranium & Nuclear ETF | | | 42,078 | | | — | | | 484,881 | | | — |
Themes US Cash Flow Champions ETF | | | 128,732 | | | 115,432 | | | 1,050,592 | | | 278,406 |
Themes US Infrastructure ETF | | | 499,613 | | | — | | | — | | | — |
Themes US R&D Champions ETF | | | 256,729 | | | 263,667 | | | 1,337,358 | | | 267,526 |
Themes US Small Cap Cash Flow Champions ETF | | | 324,479 | | | 302,853 | | | 782,061 | | | — |
| | | | | | | | | | | | | |
For the period ended September 30, 2024, there were no long-term purchases or sales of U.S. Government Securities in the Funds.
TABLE OF CONTENTS
Themes ETF Trust
Notes to the Financial Statements
September 30, 2024(Continued)
6. INCOME TAX INFORMATION
The components of accumulated earnings/losses for federal income tax purposes as of September 30, 2024, were as follows:
| | | | | | | | | | | | | | | | |
Tax cost of investments | | | $764,830 | | | $1,323,230 | | | $506,036 | | | $1,632,306 | | | $718,193 |
Gross unrealized appreciation | | | 93,903 | | | 167,673 | | | 54,416 | | | 243,133 | | | 64,609 |
Gross unrealized depreciation | | | (62,409) | | | (89,249) | | | (216) | | | (139,105) | | | (73,027) |
Net unrealized appreciation/
(depreciation) | | | $31,494 | | | $78,424 | | | $54,200 | | | $104,028 | | | $(8,418) |
Undistributed ordinary income (loss) | | | 12,135 | | | — | | | 5,966 | | | 1,434 | | | 5,522 |
Undistributed capital gain (loss) | | | — | | | — | | | — | | | — | | | — |
Total distributable earnings (losses) | | | 12,135 | | | — | | | 5,966 | | | 1,434 | | | 5,522 |
Other accumulated earnings (losses) | | | 41 | | | (4,974) | | | — | | | (5,077) | | | (548) |
Total accumulated earnings (losses) | | | $43,670 | | | $73,450 | | | $60,166 | | | $100,385 | | | $(3,444) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Tax cost of investments | | | $14,300,100 | | | $2,010,298 | | | $1,956,197 | | | $524,098 | | | $1,398,620 |
Gross unrealized appreciation | | | 848,032 | | | 221,879 | | | 307,394 | | | 92,070 | | | 119,104 |
Gross unrealized depreciation | | | (2,031,650) | | | (9,165) | | | (18,626) | | | (1,154) | | | (36,490) |
Net unrealized appreciation/
(depreciation) | | | $(1,183,618) | | | $212,714 | | | $288,768 | | | $90,916 | | | $82,614 |
Undistributed ordinary income
(loss) | | | — | | | 39,694 | | | 38,239 | | | 21,671 | | | 9,299 |
Undistributed capital gain (loss) | | | — | | | — | | | — | | | — | | | — |
Total distributable earnings (losses) | | | — | | | 39,694 | | | 38,239 | | | 21,671 | | | 9,299 |
Other accumulated earnings (losses) | | | (1,049,535) | | | (3,340) | | | (5,130) | | | — | | | (9,948) |
Total accumulated earnings (losses) | | | $(2,233,153) | | | $249,068 | | | $321,877 | | | $112,587 | | | $81,965 |
| | | | | | | | | | | | | | | | |
TABLE OF CONTENTS
Themes ETF Trust
Notes to the Financial Statements
September 30, 2024(Continued)
| | | | | | | | | | | | | | | | |
Tax cost of investments | | | $500,991 | | | $543,744 | | | $533,659 | | | $834,416 | | | $500,038 |
Gross unrealized appreciation | | | 77,188 | | | 42,329 | | | 25,629 | | | 90,334 | | | 42,068 |
Gross unrealized depreciation | | | (16,554) | | | (8,590) | | | (1,199) | | | (19,437) | | | (702) |
Net unrealized appreciation/
(depreciation) | | | $60,634 | | | $33,739 | | | $24,430 | | | $70,897 | | | $41,366 |
Undistributed ordinary income
(loss) | | | 2,270 | | | 8,491 | | | 5,336 | | | 13,453 | | | 158 |
Undistributed capital gain (loss) | | | — | | | — | | | — | | | — | | | — |
Total distributable earnings (losses) | | | 2,270 | | | 8,491 | | | 5,336 | | | 13,453 | | | 158 |
Other accumulated earnings (losses) | | | (588) | | | (223) | | | — | | | (1,442) | | | — |
Total accumulated earnings (losses) | | | $62,316 | | | $42,007 | | | $29,766 | | | $82,908 | | | $41,524 |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
Tax cost of investments | | | $1,131,700 | | | $804,934 | | | | | | | | | |
Gross unrealized appreciation | | | 140,511 | | | 144,215 | | | | | | | | | |
Gross unrealized depreciation | | | (26,857) | | | (21,238) | | | | | | | | | |
Net unrealized appreciation/
(depreciation) | | | $113,654 | | | $122,977 | | | | | | | | | |
Undistributed ordinary income (loss) | | | 27,709 | | | 9,857 | | | | | | | | | |
Undistributed capital gain (loss) | | | — | | | — | | | | | | | | | |
Total distributable earnings (losses) | | | 27,709 | | | 9,857 | | | | | | | | | |
Other accumulated earnings (losses) | | | — | | | (931) | | | | | | | | | |
Total accumulated earnings (losses) | | | $141,363 | | | $131,903 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
The difference between book-basis and tax-basis unrealized appreciation/depreciation is attributable primarily to the tax deferral of losses on wash sales and mark-to-market on passive foreign investment companies.
TABLE OF CONTENTS
Themes ETF Trust
Notes to the Financial Statements
September 30, 2024(Continued)
On the Statements of Assets and Liabilities, the following adjustments were made for permanent tax differences between accounting for total distributable earnings and capital stock under GAAP and tax reporting:
| | | | | | | |
Themes Airlines ETF | | | $(10,869) | | | $10,869 |
Themes Cloud Computing ETF | | | (18,285) | | | 18,285 |
Themes Copper Miners ETF | | | — | | | — |
Themes Cybersecurity ETF | | | (40,587) | | | 40,587 |
Themes European Luxury ETF | | | — | | | — |
Themes Generative Artificial Intelligence ETF | | | (703,757) | | | 703,757 |
Themes Global Systemically Important Banks ETF | | | 4 | | | (4) |
Themes Gold Miners ETF | | | (298,225) | | | 298,225 |
Themes Lithium & Battery Metal Miners ETF | | | — | | | — |
Themes Natural Monopoly ETF | | | (84,053) | | | 84,053 |
Themes Robotics & Automation ETF | | | — | | | — |
Themes Silver Miners ETF | | | (49,638) | | | 49,638 |
Themes Uranium & Nuclear ETF | | | — | | | — |
Themes US Cash Flow Champions ETF | | | (44,150) | | | 44,150 |
Themes US Infrastructure ETF | | | — | | | — |
Themes US R&D Champions ETF | | | (40,509) | | | 40,509 |
Themes US Small Cap Cash Flow Champions ETF | | | 16 | | | (16) |
| | | | | | | |
These permanent tax differences relate to net operating losses, in-kind redemptions and non-deductible excise tax.
Net capital losses incurred after October 31 and late year losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. For the period ended September 30, 2024, the Funds had the following post-October and late year losses:
| | | | | | | |
Themes Airlines ETF | | | $ — | | | $ — |
Themes Cloud Computing ETF | | | — | | | 513 |
Themes Copper Miners ETF | | | — | | | — |
Themes Cybersecurity ETF | | | — | | | — |
Themes European Luxury ETF | | | — | | | — |
Themes Generative Artificial Intelligence ETF | | | — | | | — |
Themes Global Systemically Important Banks ETF | | | — | | | 13,345 |
Themes Gold Miners ETF | | | — | | | — |
Themes Lithium & Battery Metal Miners ETF | | | — | | | — |
Themes Natural Monopoly ETF | | | — | | | — |
Themes Robotics & Automation ETF | | | — | | | — |
Themes Silver Miners ETF | | | — | | | — |
Themes Uranium & Nuclear ETF | | | — | | | — |
Themes US Cash Flow Champions ETF | | | — | | | — |
Themes US Infrastructure ETF | | | — | | | — |
Themes US R&D Champions ETF | | | — | | | — |
Themes US Small Cap Cash Flow Champions ETF | | | — | | | — |
| | | | | | | |
TABLE OF CONTENTS
Themes ETF Trust
Notes to the Financial Statements
September 30, 2024(Continued)
Capital loss carry forwards will retain their character as either short-term or long-term capital losses and may be carried forward indefinitely. At September 30, 2024, the Funds had capital loss carryforwards on a tax basis of:
| | | | | | | |
Themes Airlines ETF | | | $ — | | | $ — |
Themes Cloud Computing ETF | | | (4,492) | | | — |
Themes Copper Miners ETF | | | — | | | — |
Themes Cybersecurity ETF | | | (5,127) | | | — |
Themes European Luxury ETF | | | (591) | | | — |
Themes Generative Artificial Intelligence ETF | | | (1,036,476) | | | — |
Themes Global Systemically Important Banks ETF | | | (3,337) | | | — |
Themes Gold Miners ETF | | | (5,178) | | | — |
Themes Lithium & Battery Metal Miners ETF | | | — | | | — |
Themes Natural Monopoly ETF | | | (9,995) | | | — |
Themes Robotics & Automation ETF | | | (597) | | | — |
Themes Silver Miners ETF | | | (214) | | | — |
Themes Uranium & Nuclear ETF | | | — | | | — |
Themes US Cash Flow Champions ETF | | | (1,442) | | | — |
Themes US Infrastructure ETF | | | — | | | — |
Themes US R&D Champions ETF | | | — | | | — |
Themes US Small Cap Cash Flow Champions ETF | | | (931) | | | — |
| | | | | | | |
To the extent that a Fund realizes future net capital gains, those gains will be offset by any unused capital loss carryover.
7. PRINCIPAL RISKS
As with all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. Each Fund is subject to the principal risks, any of which may adversely affect a Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. A complete description of the principal risks is included in the Funds’ prospectuses under the heading “Principal Investment Risks.”
8. SUBSEQUENT EVENTS
Management has evaluated subsequent events through the date the financial statements were available for issuance. Based on this evaluation, no additional adjustments or disclosures were required to the financial statements.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of
Trustees of Themes ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Themes ETF Trust comprising the funds listed below (the “Funds”) as of September 30, 2024, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2024, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.
| | | | | | | | | | |
Themes Airlines ETF,
Themes Cybersecurity ETF, and
Themes Generative Artificial Intelligence ETF | | | For the period from December 8, 2023 (commencement of operations) through September 30, 2024 | | | |
Themes Gold Miners ETF,
Themes Natural Monopoly ETF,
Themes US Cash Flow Champions ETF,
Themes US R&D Champions ETF, and
Themes US Small Cap Cash Flow Champions ETF | | | For the period from December 13, 2023 (commencement of operations) through September 30, 2024 | | | |
Themes Cloud Computing ETF,
Themes European Luxury ETF, and
Themes Global Systemically Important Banks ETF | | | For the period from December 15, 2023 (commencement of operations) through September 30, 2024 | | | |
Themes Robotics & Automation ETF | | | For the period from April 22, 2024 (commencement of operations) through September 30, 2024 | | | |
Themes Silver Miners ETF | | | For the period from May 3, 2024 (commencement of operations) through September 30, 2024 | | | |
Themes US Infrastructure ETF | | | For the period from September 12, 2024 (commencement of operations) through September 30, 2024 | | | |
Themes Copper Miners ETF,
Themes Lithium & Battery Metal Miners ETF, and
Themes Uranium & Nuclear ETF | | | For the period from September 24, 2024 (commencement of operations) through September 30, 2024 | | | |
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Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)
included confirmation of securities owned as of September 30, 2024, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2024.
COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
November 22, 2024
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BOARD CONSIDERATION AND APPROVAL OF ADVISORY AGREEMENT (Unaudited)
At a meeting held on March 15, 2024 (the “Meeting”), the Board of Trustees (the “Board”) of Themes ETF Trust (the “Trust”), including those trustees who are not “interested persons” of the Trust, as defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the approval of an advisory agreement (the “Agreement”) between Themes Management Company, LLC (the “Adviser” or “Themes”) and the Trust, on behalf of 31 series of shares (each, a “Fund” and together, the “Funds”), including Themes Copper Miners ETF, Themes Lithium & Battery Metal Miners ETF, Themes Uranium & Nuclear ETF and Themes US Infrastructure ETF.
At the Meeting, the Board and the Independent Trustees evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by Themes; (ii) the investment performance of the Fund and Themes; (iii) the costs of the services to be provided and profits to be realized by Themes from its relationship with each Fund; (iv) the extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors; and (v) Themes’ practices regarding possible conflicts of interest.
In assessing these factors and reaching its decisions, the Board took into consideration information specifically prepared and/or presented in connection with the approval process with respect to each Fund, including information presented to the Board by representatives of Themes. The Trustees noted having met with Independent Trustee Counsel prior to today’s Meeting and that they discussed at length their duties and responsibilities in considering approval of the Advisory Agreement and the information provided in Themes’ 15c response along with the various exhibits. The Board noted that it requested and/or was provided with information and reports relevant to the approval of the Advisory Agreement, including: (i) reports regarding the services and support to be provided to each Fund and its shareholders; (ii) presentations by management of Themes addressing the investment strategy, personnel and operations to be utilized in managing each Fund; (iii) disclosure information contained in the registration statement of the Trust and the Form ADV and/or policies and procedures of Themes; and (iv) the memorandum from Practus that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the Advisory Agreement, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision.
The Board also requested and received various informational materials including, without limitation: (i) documents containing information about Themes, including financial information, a description of personnel and the services to be provided to each Fund, information on the indexes that will be utilized by the respective Funds along with information on the index providers, summaries of its compliance program, including Themes Code of Ethics and other general information; (ii) comparative expense information; (iii) the anticipated effect of size on each Fund’s performance and expenses; and (iv) benefits to be realized by Themes from its relationship with the Funds.
The Board reflected on its discussions regarding the Advisory Agreement and the anticipated manner in which each Fund would be managed with representatives of Themes. The Board did not identify any particular information that was most relevant to its consideration to approve the Advisory Agreement and each Trustee may have afforded different weight to the various factors. In deciding whether to approve the Advisory Agreement, the Trustees considered numerous factors, including:
1. The nature, extent, and quality of the services to be provided by Themes.
In this regard, the Board considered the responsibilities of Themes under the Advisory Agreement and the services to be provided including, without limitation, the process for tracking each Fund’s benchmark index (where applicable) and assuring compliance with each Fund’s investment objectives and limitations; the anticipated coordination of services for the Funds among the service providers, and the anticipated efforts of Themes to promote the Funds and grow their assets. The Board considered that an initial wave of Themes ETFs was launched in December 2023 and while Themes was a newly formed entity with limited experience managing registered funds, its personnel had significant experience in managing the portfolios of other registered funds and the overall operations of a large family of funds. The Board also considered the trading and operational capabilities of Themes, noting that Themes had recently hired a new marketing project manager and a new portfolio manager to further build the infrastructure to support the Funds. After reviewing the foregoing and further information from Themes, and notwithstanding the limited operating experience of Themes as an entity, the Board concluded that the personnel at Themes have the resources, experience and expertise to provide the Funds with the quality, extent, and nature of the services required by the Advisory Agreement.
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BOARD CONSIDERATION AND APPROVAL OF ADVISORY AGREEMENT (Unaudited)(Continued)
2. Investment Performance of the Funds and Themes.
The Board noted that the Funds had not commenced operations and therefore consideration of a Fund’s performance was not relevant at this time. As such, there was no investment performance to review at this time. The Board acknowledged examples of previously launched Themes ETFs which experienced rapid growth and outperformed their respective benchmark.
3. The costs of services to be provided and profits to be realized by Themes from its relationship with the Funds.
In this regard, the Board considered the financial condition of Themes and the level of commitment to the Funds by its owners and the expenses of each Fund, including the nature and frequency of advisory fee payments. The Board noted projections from Themes as to the level of assets under management needed in each Fund in order for it to become profitable. The Board reviewed comparative information on other ETFs that employ an investment strategy that is similar to the respective Funds. The Board considered how the Funds’ management fees compare to other similar funds, noting that each Fund’s management fee was in line with or lower than the management fees charged by the similar fund. They also compared the Funds’ expense ratios to the respective group of similar funds, as applicable, finding that each Fund’s expense ratio was lowest to an average similar fund. Following a review of the comparative information provided for each Fund and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to Themes were fair and reasonable.
4. The extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of the Fund’s investors.
In this regard, the Board considered each Fund’s proposed fee arrangements with Themes, noting that each Fund has a unitary fee structure. The Board noted that none of the proposed advisory fees include a breakpoint but that the unitary fee structure would have the effect of capping the expenses for each Fund. The Board considered that economies of scale would be realized as the Funds grow as operationally Themes is able to handle significant growth without a corresponding increase in costs. Following further discussion of each Fund’s projected asset levels, expectations for growth, and levels of fees, the Board determined that each Fund’s proposed fee arrangement with Themes was fair and reasonable in relation to the nature and quality of the services to be provided by Themes.
5. Possible conflicts of interest and other benefits.
In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory personnel assigned to the Funds; the basis of decisions to buy or sell securities for the Funds; the substance and administration of the Code of Ethics and other relevant policies described in Themes’ Form ADV and compliance policies and procedures. The Board considered that Themes does not currently manage any other investments for clients. The Board also considered potential benefits for Themes in managing the Funds. Following further consideration and discussion, the Board indicated that Themes’ standards and practices relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by Themes from managing the Funds were satisfactory.
Based on a consideration of all the factors in their totality, the Board, including a majority of the Independent Trustees, determined that the terms of the Agreement, including the compensation payable under the Agreement, are fair and reasonable to each Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Agreement for an initial term of two years was in the best interests of each Fund and its respective shareholders.
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SUPPLEMENTAL INFORMATION (Unaudited)
Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the Funds. Please read the prospectus carefully before investing. A copy of the prospectus for the Funds may be obtained without charge by writing to the Funds, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701 or by calling 1-866-584-3637, or by visiting the Funds’ website at www.ThemesETFs.com.
FEDERAL TAX INFORMATION
For the fiscal period ended September 30, 2024, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was 0% for each Fund.
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended September 30, 2024, was 0% for each Fund.
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) was 0% for each Fund.
For the period ended September 30, 2024, the Themes European Luxury ETF earned $8,961 of foreign sourced income and paid $1,974 of foreign taxes which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code.
QUARTERLY PORTFOLIO HOLDING INFORMATION
Each Fund files its complete schedule of portfolio holdings for its first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling toll-free at 1-866-584-3637. Furthermore, you may obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov.
PROXY VOTING INFORMATION
Each Fund is required to file a Form N-PX, with the Fund’s complete proxy voting record for the 12 months ended June 30, no later than August 31 of each year. The Fund’s proxy voting record will be available without charge, upon request, by calling toll-free 1-866-584-3637 and on the SEC’s website at www.sec.gov.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
Information regarding how often shares of the Funds trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available without charge, on the Funds’ website at www.ThemesETFs.com.
| (b) | Financial Highlights are included within the financial statements filed under Item 7(a) of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
Certain officers and a Trustee of the Trust are affiliated with the Adviser and are not paid any fees by the registrant for serving in such capacities. Each current Independent Trustee of the Board is paid $32,250 for his or her services as a Board member to the Trust. Independent Trustee fees are paid by Themes Management Company, LLC through a unitary management fee, not by the registrant.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required |
to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(2) Not applicable.
(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a2(a)). Filed herewith.
(4) Not applicable.
(5) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | (Registrant) | Themes ETF Trust | |
| | By (Signature and Title) | /s/ Jose Gonzalez | |
| | | Jose Gonzalez Principal Executive Officer | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | By (Signature and Title) | /s/ Jose Gonzalez | |
| | | Jose Gonzalez Principal Executive Officer | |
| | By (Signature and Title) | /s/ Dobromir Kamburov | |
| | | Dobromir Kamburov, Principal Financial Officer | |
