Themes ETF Trust NPORT-P/A Themes Transatlantic Defense ETF (Dec 2024 report)

Themes Transatlantic Defense ETF
Schedule of Investments
December 31, 2024 (Unaudited)
COMMON STOCKS - 99.6%	Shares		Value
Consumer Discretionary Products - 0.1%
Smith & Wesson Brands, Inc.		98	$	990
Financial Services - 1.9%
FTAI Aviation Ltd.		238		34,282
Industrial Products - 92.0%(a)
AAR Corp. (b)		80		4,902
AeroVironment, Inc. (b)		64		9,849
Airbus SE		575		92,188
Archer Aviation, Inc. - Class A (b)		514		5,012
Astronics Corp. (b)		63		1,005
Axon Enterprise, Inc. (b)		165		98,062
BAE Systems PLC		4,727		67,965
Bodycote PLC		400		3,170
Boeing Co. (b)		534		94,517
Bombardier, Inc. - Class B (b)		199		13,532
BWX Technologies, Inc.		212		23,615
Byrna Technologies, Inc. (b)		105		3,025
Cadre Holdings, Inc.		57		1,841
Chemring Group PLC		575		2,365
Crane Co.		114		17,300
Curtiss-Wright Corp.		86		30,519
Dassault Aviation SA		43		8,784
Ducommun, Inc. (b)		22		1,401
General Dynamics Corp.		267		70,352
HEICO Corp.		94		22,348
Heroux-Devtek, Inc. (b)		92		2,034
Hexcel Corp.		189		11,850
Honeywell International, Inc.		373		84,257
Howmet Aerospace, Inc.		772		84,433
Huntington Ingalls Industries, Inc.		87		16,440
Intuitive Machines, Inc. (b)		329		5,975
Joby Aviation, Inc. (b)		981		7,976
Kongsberg Gruppen ASA		203		22,826
Kratos Defense & Security Solutions, Inc. (b)		344		9,075
L3Harris Technologies, Inc.		329		69,182
Leonardo DRS, Inc. (b)		112		3,619
Leonardo SpA		961		25,812
Loar Holdings, Inc. (b)		42		3,104
Lockheed Martin Corp.		133		64,630
Melrose Industries PLC		2,978		20,646
Mercury Systems, Inc. (b)		121		5,082
Mirion Technologies, Inc. (b)		478		8,341
Moog, Inc. - Class A		64		12,598
MTU Aero Engines AG		126		42,027
National Presto Industries, Inc.		21		2,067
Northrop Grumman Corp.		149		69,924
OSI Systems, Inc. (b)		35		5,860
QinetiQ Group PLC		1,071		5,570
RENK Group AG (b)		127		2,412
Rheinmetall AG		101		64,300
Rocket Lab USA, Inc. (b)		659		16,785
Rolls-Royce Holdings PLC (b)		11,446		81,476
RTX Corp.		639		73,945
Saab AB		735		15,525
Safran SA		357		78,434
Senior PLC		847		1,692
Spirit AeroSystems Holdings, Inc. - Class A (b)		268		9,133
Textron, Inc.		434		33,197
Thales SA		204		29,299
TransDigm Group, Inc.		57		72,235
Triumph Group, Inc. (b)		161		3,004
Virgin Galactic Holdings, Inc. (b)		245		1,441
				1,637,958
Software & Technology Services - 2.5%
Leidos Holdings, Inc.		310		44,659
Tech Hardware & Semiconductors - 3.1%
Hensoldt AG		133		4,753
Teledyne Technologies, Inc. (b)		106		49,198
				53,951
TOTAL COMMON STOCKS (Cost $1,796,955)				1,771,840
SHORT-TERM INVESTMENTS - 0.4%			Value
Money Market Funds - 0.4%	Shares
First American Treasury Obligations Fund - Class X, 4.40% (c)		6,750		6,750
TOTAL SHORT-TERM INVESTMENTS (Cost $6,750)				6,750
TOTAL INVESTMENTS - 100.0% (Cost $1,803,705)				1,778,590
Other Assets in Excess of Liabilities - 0.0% (d)				384
TOTAL NET ASSETS - 100.0%			$	1,778,974
two				–	%
Percentages are stated as a percent of net assets.				–	%

ASA - Advanced Subscription Agreement

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 December 31, 2024.
(d)	Represents less than 0.05% of net assets.

Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)

Themes Transatlantic Defense ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 instruments, 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 Fund’s 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.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	1,771,840	$	–	$	–	$	1,771,840
Money Market Funds		6,750		–		–		6,750
Total Investments	$	1,778,590	$	–	$	–	$	1,778,590
Refer to the Schedule of Investments for further disaggregation of investment categories.