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 811-22310

ETF Managers Trust (Formerly FactorShares Trust)
(Exact name of registrant as specified in charter)

30 Maple Street, Suite 2

Summit, NJ 07901
(Address of principal executive offices) (Zip code)

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Name and address of agent for service)

(908) 897-0518

Registrant's telephone number, including area code

Date of fiscal year end: September 30, 2018

Date of reporting period: March 31, 2018

Item 1. Reports to Stockholders.

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 811-22310

ETF Managers Trust (Formerly FactorShares Trust)
(Exact name of registrant as specified in charter)

30 Maple Street, Suite 2

Summit, NJ 07901
(Address of principal executive offices) (Zip code)

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Name and address of agent for service)

(908) 897-0518

Registrant's telephone number, including area code

Date of fiscal year end: September 30, 2018

Date of reporting period: March 31, 2018

Item 1. Reports to Stockholders.

Semi-Annual Report
March 31, 2018

ETFMG Prime Junior Silver ETF

Ticker: SILJ

ETFMG Prime Cyber Security ETF

Ticker: HACK

ETFMG Prime Mobile Payments ETF

Ticker: IPAY

ETFMG Drone Economy Strategy ETF

Ticker: IFLY

ETFMG Video Game Tech ETF

Ticker: GAMR

The funds are a series of ETF Managers Trust.

ETFMG™ ETFs

TABLE OF CONTENTS

March 31, 2018

	Page
Shareholders’ Letter	2

Growth of $10,000 Investment and Top Ten Holdings	4

Important Disclosures and Key Risk Factors	14

Portfolio Allocations	17

Schedule of Investments	18

Statements of Assets and Liabilities	33

Statements of Operations	34

Statements of Changes in Net Assets	35

Financial Highlights	40

Notes to Financial Statements	45

Approval of Advisory Agreements and Board Considerations	57

Expense Examples	60

Supplementary Information	61

ETFMG™ ETFs

Shareholders’ Letter

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in these ETFs. We continue to strive to deliver thematic technology ETFs that focus on major areas of technological advancement in business and life. Below is a discussion of performance for each of the funds.

Performance Overview

During the 6-month period from October 1, 2017 to March 31, 2018, the S&P 500 Information Technology Sector Index, a broad measure of US listed technology companies, returned 12.85%. During the same period, the S&P Global 1200 Information Technology Sector Index, a broad measure of global technology companies, returned 11.79%. For all of the funds, the primary difference between fund returns and index returns were the expenses of the funds, which are not part of the indexes that each of the funds track.

ETFMG Prime Junior Silver ETF (SILJ)

The ETFMG Prime Junior Silver ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Junior Silver Miners & Explorers Index (the “Index”).

The Index was down - 8.98% during the period while the NAV return for the Fund was down -10.26%, in line with the return of the Index. The best performers in the Fund were SilverCrest Metals (up 65.26%) and Maya Gold & Silver (up 41.51%). The worst performers were Cautivo Mining (down -49.33%) and Santacruz Silver Mining (down - 45.29%).

ETFMG Prime Cyber Security ETF (HACK)

The ETFMG Prime Cyber Security ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Cyber Defense Index (the “Index”).

Over the period, the Index returned 16.72% while the NAV return for the Fund was 13.83%, in line with the return of the Index. The best performers in the Fund were Anhlab (up 100.12%) and Fortinet (up 49.50%). The worst performers were SecureWorks (down - 34.57%) and A10 Networks (down -23.02%).

ETFMG Prime Mobile Payments ETF (IPAY)

The ETFMG Prime Mobile Payments ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Mobile Payments Index (the “Index”).

Over the period, the Index returned 11.65% while the NAV return for the Fund was 11.26%, in line with the return of the Index. The best performers in the Fund were Square (up 70.77%) and USA Technologies (up 41.06%). The worst performers were MoneyGram International (down - 31.04%) and VeriFone Systems (down - 25.33%).

ETFMG Drone Economy Strategy ETF (IFLY)

The ETFMG Drone Economy Strategy ETF (“the Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Reality Shares Drone Index (“the Index”).

ETFMG™ ETFs

ETFMG Video Game Tech ETF (GAMR)

Over the period, the Index returned 3.61% while the NAV return for IFLY was -3.93%, in line with the return of the Index. The best performers in the Fund were Vestel (up 40.71%) and Intel (up 38.48%). The worst performers were GoPro (down - 56.49%) and Parrot SA (down - 46.54%).

The ETFMG Video Game Tech ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the EEFund Video Game Tech Index (the “Index”).

Over the period, the Index returned 9.56% while the NAV return for the Fund was 9.24%, in line with the return of the Index. The best performers in the Fund were Neowiz (up 102.90%) and Capcom (up 86.29%). The worst performers were Rovio Entertainment (down - 47.43%) and GameStop (down - 36.19%).

On behalf of ETFMG and our industry leading partners, I would like to thank you for your continued interest in our unique suite of ETFs. We endeavor to provide our investors with new and innovative products and look forward to continuing this for years to come.

You can find further details about SILJ, HACK, IPAY, IFLY and GAMR by visiting www.etfmgfunds.com, or by calling 1-844-383-6477.

Sincerely,

Samuel Masucci III

Chairman of the Board

Samuel Masucci III is a registered representative of ETFMG Financial, LLC.

ETFMG Prime Junior Silver ETF

Growth of $10,000

													Since
Average Annual Returns	6 Months			1 Year			3 Year			5 Year			Inception
Period Ended March 31, 2018	Return¹			Return			Return			Return			(11/29/12)
ETFMG Prime Junior Silver ETF (NAV)		-10.26	%		-17.95	%		15.76	%		-8.67	%		-10.67	%
ETFMG Prime Junior Silver ETF (Market)		-10.58	%		-18.08	%		15.46	%		-8.81	%		-10.71	%
S&P 500 Index²		5.84	%		14.07	%		10.91	%		13.30	%		14.78	%
Prime Junior Silver Miners & Explorers Index²		-8.98	%		-14.12	%		17.89	%		-6.86	%		-8.84	%

Total Fund Operating Expenses³	0.69%
1. Not annualized.

2. The return reflects the actual performance through March 29, 2018 (the last day of the New York Stock Exchange was open) to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

3. The expense ratio is taken from the Fund’s most recent prospectus dated January 31, 2018.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. All performance is historical and includes reinvestment of dividends and capital gains. Performance data current to the most recent month end may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477).

The chart illustrates the performance of a hypothetical $10,000 investment made on November 29, 2012, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sale of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The unmanaged indices do not reflect fees and are not available for direct investment.

ETFMG Prime Junior Silver ETF

Top Ten Holdings*


		% of Total
	Security	Investments†
1	Pan American Silver Corporation	12.15%
2	Coeur Mining, Inc.	11.43%
3	Hecla Mining Co.	11.20%
4	Hochschild Mining PLC	11.18%
5	Yamana Gold, Inc.	4.73%
6	First Majestic Silver Corp.	4.71%
7	MAG Silver Corporation	4.42%
8	Hudbay Minerals, Inc.	4.11%
9	Tahoe Resources, Inc.	3.83%
10	Silvercorp Metals, Inc.	3.60%

Top Ten Holdings = 71.37% of Total Investments†

* Current portfolio holdings may not be indicative of future Fund holdings.

† Percentage of total investments less cash.

ETFMG Prime Cyber Security ETF

Growth of $10,000

										Since
Average Annual Returns	6 Months			1 Year			3 Year			Inception
Period Ended March 31, 2018	Return¹			Return			Return			(11/11/14)
ETFMG Prime Cyber Security ETF (NAV)		13.83	%		16.17	%		7.49	%		10.17	%
ETFMG Prime Cyber Security ETF (Market)		13.87	%		16.10	%		7.45	%		10.17	%
S&P 500 Index²		5.84	%		14.07	%		10.91	%		10.23	%
Prime Cyber Defense Index²		16.72	%		20.73	%		8.95	%		12.24	%

Total Fund Operating Expenses³	0.60%
1. Not annualized.

3. The expense ratio is taken from the Fund’s most recent prospectus dated January 31, 2018.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund data may be lower or higher than the performance quoted. All performance is historical and includes reinvestment of dividends and capital gains. Performance data current to the most recent month end may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477).

The chart illustrates the performance of a hypothetical $10,000 investment made on November 11, 2014, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sale of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The unmanaged indices do not reflect fees and are not available for direct investment.

ETFMG Prime Cyber Security ETF

Top Ten Holdings*

		% of Total
	Security	Investments†
1	Trend Micro, Inc.	4.06%
2	CommVault Systems, Inc.	3.92%
3	Cisco Systems, Inc.	3.81%
4	Palo Alto Networks, Inc.	3.80%
5	CyberArk Software Ltd.	3.78%
6	Science Applications International Corp.	3.77%
7	Fortinet, Inc.	3.76%
8	Carbonite, Inc.	3.70%
9	CACI International, Inc.	3.65%
10	Proofpoint, Inc.	3.64%

Top Ten Holdings = 37.88% of Total Investments†

* Current portfolio holdings may not be indicative of future Fund holdings.

† Percentage of total investments less cash.

ETFMG Prime Mobile Payments ETF

Growth of $10,000

Average Annual Returns	6 Months			1 Year			Since Inception
Period Ended March 31, 2018	Return¹			Return			(7/15/15)
ETFMG Prime Mobile Payments ETF (NAV)		11.26	%		29.56	%		14.88	%
ETFMG Prime Mobile Payments ETF (Market)		11.23	%		29.60	%		15.00	%
S&P 500 Index²		5.84	%		14.07	%		11.00	%
Prime Mobile Payments Index²		11.65	%		31.08	%		15.67	%

Total Fund Operating Expenses³	0.75%
1. Not annualized.

3. The expense ratio is taken from the Fund’s most recent prospectus dated January 31, 2018.

The chart illustrates the performance of a hypothetical $10,000 investment made on July 15, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sale of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The unmanaged indices do not reflect fees and are not available for direct investment.

ETFMG Prime Mobile Payments ETF

Top Ten Holdings*


		% of Total
	Security	Investments†
1	Visa, Inc.	5.57%
2	MasterCard, Inc.	5.54%
3	American Express Co.	5.46%
4	PayPal Holdings, Inc.	5.45%
5	Fidelity National Information Services, Inc.	4.53%
6	Fiserv, Inc.	4.30%
7	Worldpay, Inc.	3.94%
8	Discover Financial Services	3.85%
9	Dai-ichi Life Holdings, Inc.	3.57%
10	Square, Inc.	3.29%

Top Ten Holdings = 45.50% of Total Investments†

* Current Fund holdings may not be indicative of future Fund holdings.

† Percentage of total investments less cash.

ETFMG Drone Economy Strategy ETF

Growth of $10,000

Average Annual Returns	6 Months			1 Year			Since Inception
Period Ended March 31, 2018	Return¹			Return			(3/8/2016)
ETMFG Drone Economy Strategy ETF (NAV)		-3.93	%		24.72	%		17.87	%
ETFMG Drone Economy Strategy ETF (Market)		-3.60	%		25.06	%		18.13	%
S&P 500 Index²		5.84	%		14.07	%		17.42	%
Reality Shares Drone^TM Index²		-3.61	%		24.78	%		17.91	%

Total Fund Operating Expenses³	0.75%
1. Not annualized.

3. The expense ratio is taken from the Fund’s most recent prospectus dated January 31, 2018.

The chart illustrates the performance of a hypothetical $10,000 investment made on March 8, 2016, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sale of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The unmanaged indices do not reflect fees and are not available for direct investment.

ETFMG Drone Economy Strategy ETF

Top Ten Holdings*

		% of Total
	Security	Investments†
1	Aerovironment, Inc.	8.08%
2	Parrot SA	6.16%
3	Boeing Co.	4.36%
4	Ambarella, Inc.	2.99%
5	Thales SA	2.36%
6	BAE Systems PLC	2.14%
7	Dassault Aviation SA	2.11%
8	GoPro, Inc.	2.09%
9	L3 Technologies, Inc.	2.05%
10	Vestel Elektronik Sanayi Ve Ticaret AS	1.96%

Top Ten Holdings = 34.30% of Total Investments†

* Current Fund holdings may not be indicative of future Fund holdings.

† Percentage of total investments less cash.

ETFMG Video Game Tech ETF

Growth of $10,000

Average Annual Returns	6 Months			1 Year			Since Inception
Period Ended March 31, 2018	Return¹			Return			(3/8/2016)
ETFMG Video Game Tech ETF (NAV)		9.24	%		42.96	%		39.23	%
ETFMG Video Game Tech ETF (Market)		9.67	%		43.23	%		39.57	%
S&P 500 Index²		5.84	%		14.07	%		17.42	%
EEFund Video Game Tech Index²		9.56	%		42.20	%		40.31	%

Total Fund Operating Expenses³	0.75%
1. Not annualized.

3. The expense ratio is taken from the Fund’s most recent prospectus dated January 31, 2018.

ETFMG Video Game Tech ETF

Top Ten Holdings*

		% of Total
	Security	Investments†
1	Capcom Co. Ltd.	3.20%
2	Micro-Star International Co. Ltd.	2.92%
3	Nintendo Co. Ltd	2.83%
4	G5 Entertainment AB	2.77%
5	Gravity Co. Ltd. - ADR	2.61%
6	Electronic Arts, Inc.	2.58%
7	Gumi, Inc.	2.55%
8	NEXON CO Ltd.	2.51%
9	Activision Blizzard, Inc.	2.40%
10	Neowiz	2.38%

Top Ten Holdings = 26.74% of Total Investments†

* Current Fund holdings may not be indicative of future Fund holdings.

† Percentage of total investments less cash.

ETFMG™ ETFs

Important Disclosures and Key Risk Factors

Past performance is no indicative of future return. A fund’s performance for very short time periods may not be indicative of future performance.

SILJ

The ETFMG Prime Junior Silver ETF (the “Fund” or the “Junior Silver ETF”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Junior Silver Miners & Explorers Index (the “Index”).

Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual issuer volatility than a diversified fund. Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds and risks associated with such countries or geographic regions may negatively affect a Fund. Investments in small capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. The ETFMG Prime Junior Silver ETF is subject to risks associated with the worldwide price of silver and the costs of extraction and production. Worldwide silver prices may fluctuate substantially over short periods of time, so the Fund’s share price may be more volatile than other types of economic conditions, tax treatment, government regulation and intervention, and world events in the regions in which the companies operation. Several foreign countries have begun a process of privatizing certain entities and industries. Privatized entities may lose money or be renationalized. The Fund invests in some economies that are heavily dependent upon trading with key partners. Any reduction in this trading may cause an adverse impact on the economy in which the Fund invests. The Fund’s return may not match or achieve a high degree of correlation with the return of the Prime Junior Silver Miners & Explorers Index. To the extent the Fund utilizes a sampling approach, it may experience tracking error to a greater extent than if the Fund had sought to replicate the Prime Junior Silver Miners & Explorers Index. IOPV or indicative optimized portfolio value is an estimated intraday fair value of one share of an ETF determined by the last trade price of the fund’s underlying securities.

The Prime Junior Silver Miners & Explorers Index is designed to provide a benchmark for investors interested in tracking public, small-cap companies that are active in silver mining exploration and production industry. The stocks are screened for liquidity and weighted according to modified free-float market capitalization. The Index generally is comprised of 25-35 securities. An investment cannot be made directly in an index.

HACK

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Cyber Defense Index (the “Index”).

The ETFMG Prime Cyber Security ETF (The “Fund”) or the “Cyber Security ETF” is concentrated in technology-related companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Such companies may have limited product lines, markets, financial resources or personnel. The products of such companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates, competition for the services of qualified personnel, and competition from foreign competitors with lower production costs. Technology companies are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. The Funds are non-diversified, meaning they may concentrate its assets in fewer individual holdings than a diversified fund. Investments in smaller companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Diversification does not assure a profit or protect against a loss in a declining market. The Fund’s return may not match or achieve a high degree of correlation with the return of the Prime Cyber Defense Index. To the extent the Fund utilizes a sampling approach, it may experience tracking error to a greater extent than if the Fund had sought to replicate the Prime Cyber Defense Index.

ETFMG™ ETFs

The Prime Cyber Defense Index provides a benchmark for investors interested in tracking companies actively involved in providing cyber security technology and services. The Index uses a market capitalization weighted allocation across the infrastructure provider and service provider categorizations as well as an equal weighted allocation methodology for all components within each sector allocation. Index components are reviewed semi-annually for eligibility, and the weights are reset accordingly. An investment cannot be made directly in an index.

IPAY

The ETFMG Prime Mobile Payments ETF (the “Fund” or the “Mobile Payments ETF”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Mobile Payments Index (the “Index”).

Mobile Payment Companies face intense competition, both domestically and internationally, and are subject to increasing regulatory constraints, particularly with respect to fees, competition and antitrust matters, cybersecurity and privacy. Mobile Payment Companies may be highly dependent on their ability to enter into agreements with merchants and other third parties to utilize a particular payment method, system, software or service, and such agreements may be subject to increased regulatory scrutiny. Additionally, certain Mobile Payment Companies have recently faced increased costs related to class-action litigation challenging such agreements. Such factors may adversely affect the profitability and value of such companies. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Investments in smaller companies tend to have limited liquidity and greater price volatility than large-capitalization companies. The Fund’s return may not match or achieve a high degree of correlation with the return of the Prime Mobile Payments Index. To the extent the Fund utilizes a sampling approach, it may experience tracking error to a greater extent than if the Fund had sought to replicate the Index. Diversification does not guarantee a profit, nor does it protect against a loss in a declining market.

The Prime Mobile Payments Index is designed to provide a benchmark for investors interested in tracking the mobile and electronic payments industry. The stocks are screened for liquidity and weighted according to a modified linear-based capitalization-weighted methodology. The Index generally is comprised of 25-40 securities. An investment cannot be made directly in an index.

IFLY

The ETFMG Drone Economy Strategy ETF (the “Fund” or the “Drone Economy ETF”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Reality Shares Drone Index (the “Index”).

ETFMG™ ETFs

Drone Economy Companies face intense competition, both domestically and internationally and are heavily dependent on the protection of patent and intellectual property rights. In addition, Drone Economy Companies may be dependent on the U.S. government and its agencies for a significant portion of their sales, and their success and growth may be affected by budgetary constraints, spending reductions, congressional appropriations, and administrative allocations of funds that affect the U.S. government and its agencies. Such factors may adversely affect the profitability and value of such companies. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Investments in smaller companies tend to have limited liquidity and greater price volatility than large-capitalization companies. The Fund’s return may not match or achieve a high degree of correlation with the return of the Reality Shares Drone™ Index. To the extent the Fund utilizes a sampling approach, it may experience tracking error to a greater extent than if the Fund had sought to replicate the Index. Diversification does not guarantee a profit, nor does it protect against a loss in a declining market.

The Reality Shares Drone™ Index provides a benchmark for investors interested in tracking companies actively involved in drone technology and services. The Index uses Modified Equal Weight capitalization-weighted methodology. The index was created and is maintained by Reality Shares Index Committee. You cannot invest directly in an index.

GAMR

The ETFMG Video Game Tech ETF (the “Fund” or the “Video Game Tech ETF”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the EEFund Video Game Tech Index (the “Index”).

Investing involves risk, including the possible loss of principal. The fund is new with limited operating history. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Narrowly focused investments typically exhibit higher volatility. Video Game Tech Companies face intense competition, both domestically and internationally, may have limited product lines, markets, financial resources or personnel, may have products that face rapid obsolescence, and are heavily dependent on the protection of patent and intellectual property rights. Video Game Tech Companies are also subject to increasing regulatory constraints, particularly with respect to cybersecurity and privacy. Such factors may adversely affect the profitability and value of such companies. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Investments in smaller companies tend to have limited liquidity and greater price volatility than large-capitalization companies. The Fund’s return may not match or achieve a high degree of correlation with the return of the EEFund Video Game Tech Index. To the extent the Fund utilizes a sampling approach, it may experience tracking error to a greater extent than if the Fund had sought to replicate the Index. Diversification does not guarantee a profit, nor does it protect against a loss in a declining market.

The EEFund Video Game Tech™ Index provides a benchmark for investors interested in tracking companies actively involved in the electronic gaming industry including the entertainment, education and simulation segments. The Index uses a market capitalization weighted allocation across the pure play and non-pure play sectors and a set weight for the conglomerate sector as well as an equal weighted allocation methodology for all components within each sector allocation. The index was created and is maintained by EEFund Management. You cannot invest directly in an index.

ETFMG™ ETFs

PORTFOLIO ALLOCATIONS

As of March 31, 2018 (Unaudited)

	ETFMG Prime Junior Silver ETF			ETFMG Prime Cyber Security ETF			ETFMG Prime Mobile Payments ETF			ETFMG Drone Economy Strategy ETF			ETFMG Video Game Tech ETF
As a percent of Net Assets:
Brazil		—	%		—	%		3.2	%		—	%		—	%
Canada		63.1			—			—			—			—
Cayman Islands		—			—			3.0			3.4			9.3
Cyprus		—			—			1.8			—			—
Finland		—			0.4			—			—			1.4
France		—			—			4.2			12.1			2.6
Germany		—			—			3.0			1.7			1.0
Hong Kong		—			—			0.3			—			3.1
Israel		—			9.4			—			1.4			—
Italy		—			—			—			2.2			—
Japan		—			5.8			6.9			9.3			25.7
Netherlands		—			0.8			—			2.0			—
Norway		—			—			—			—			1.1
Puerto Rico		—			—			1.6			—			—
Republic of Korea		—			0.9			—			2.1			12.3
Spain		—			—			—			1.7			—
Sweden		—			—			—			3.3			7.5
Switzerland		—			—			—			—			1.4
Taiwan, Province of China		—			—			—			—			4.3
Turkey		—			—			—			3.6			—
United Kingdom		11.2			7.3			0.6			6.3			1.0
United States		25.0			75.1			74.9			50.6			28.8
Short-Term and other Net Assets
(Liabilities)		0.7			0.3			0.5			0.3			0.5
		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

ETFMG™ ETFs

ETFMG Prime Junior Silver ETF

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value

COMMON STOCKS – 99.3%
Metals & Mining – 99.3%
Canada – 63.1%
Alexco Resource Corp. (a)		494,729	$	667,884
Americas Silver Corp. (a)		204,009		669,816
Arizona Mining, Inc. (a)		442,766		1,391,860
Bear Creek Mining Corp. (a)		451,888		806,724
Cautivo Mining, Inc. (a) (c)		18,219		—
Endeavour Silver Corp. (a)		530,937		1,290,177
Excellon Resources, Inc. (a)		487,094		559,552
First Majestic Silver Corp. (a)		390,282		2,384,623
Fortuna Silver Mines, Inc. (a)		230,723		1,203,445
Great Panther Silver Ltd. (a)		359,981		421,178
Hudbay Minerals, Inc. (a)		293,880		2,080,324
Kootenay Silver, Inc. (a)		758,742		106,007
MAG Silver Corp. (a)		228,309		2,236,395
Mandalay Resources Corp. (a)		1,590,059		240,666
Maya Gold & Silver, Inc. (a)		332,050		541,239
Minco Silver Corp. (a)		242,873		118,764
Mirasol Resources Ltd. (a)		201,323		303,153
Pan American Silver Corp. (a)		381,301		6,147,104
Sabina Gold & Silver Corp. (a)		445,117		545,880
Sierra Metals, Inc. (a)		277,519		710,842
Silvercorp Metals, Inc. (a)		676,438		1,821,896
SilverCrest Metals, Inc. (a)		292,963		527,554
SSR Mining, Inc. (a)		165,104		1,590,360
Tahoe Resources, Inc.		413,193		1,937,875
Trevali Mining Corp. (a)		1,155,543		1,165,992
Yamana Gold, Inc.		866,036		2,390,259
Total Canada				31,859,569

United Kingdom – 11.2%
Hochschild Mining PLC		2,024,579		5,656,812

United States – 25.0%
Coeur Mining, Inc. (a)		723,059		5,784,472
Golden Minerals Co. (a)		287,666		115,642
Hecla Mining Co.		1,543,121		5,663,254
McEwen Mining, Inc.		505,277		1,050,976
Total United States				12,614,344
Total Metals & Mining				50,130,725
TOTAL COMMON STOCKS (Cost $57,855,397)				50,130,725

The accompanying notes are an integral part of these financial statements

ETFMG™ ETFs

ETFMG Prime Junior Silver ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS - 0.9%
Money Market Funds - 0.9%
Invesco Advisers, Inc. STIT - Treasury Portfolio - Institutional Class, 1.57% (b)		455,270	$	455,270
TOTAL SHORT-TERM INVESTMENTS (Cost $455,270)				455,270

Total Investments (Cost $58,310,667) - 100.2%				50,585,995
Liabilities in Excess of Other Assets - (0.2)%				(101,683	)
TOTAL NET ASSETS - 100.0%			$	50,484,312

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	The rate quoted is the annualized seven-day yield at March 31, 2018.

(c)	Includes a security that is categorized as Level 3 per the Trust’s fair value hierarchy. This security represents $0 or 0.00% of the Fund’s net assets and is classified as a Level 3 security.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund’s Administrator, U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

ETFMG Prime Cyber Security ETF

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value

COMMON STOCKS - 99.7%
Finland - 0.4%
Software - 0.4%
F-Secure OYJ		1,075,766	$	4,838,041

Israel - 9.4%
Communications Equipment - 0.8%
Radware Ltd. (a)		454,480		9,703,148
Software - 8.6%
Check Point Software Technologies Ltd. (a) ^		523,124		51,967,138
CyberArk Software Ltd. (a)		1,060,225		54,092,680
Total Software				106,059,818
Total Israel				115,762,966

Japan - 5.8%
Software - 5.8%
Digital Arts, Inc.		184,307		7,119,043
FFRI, Inc. (a) ^		188,462		6,606,487
Trend Micro, Inc.		974,194		58,137,605
Total Software				71,863,135

Netherlands - 0.8%
Software - 0.8%
Gemalto NV		166,965		10,200,209

Republic of Korea - 0.9%
Internet Software & Services - 0.9%
Ahnlab, Inc.		132,804		10,640,268

United Kingdom - 7.3%
Aerospace & Defense - 2.4%
BAE Systems PLC		1,258,773		10,267,841
QinetiQ Group PLC		3,334,024		9,649,940
Ultra Electronics Holdings PLC		482,101		9,354,421
Total Aerospace & Defense				29,272,202
Internet Software & Services - 0.7%
Mimecast Ltd. (a)		238,055		8,434,289
IT Services - 0.6%
NCC Group PLC		2,835,999		7,484,306
Software - 3.6%
Sophos Group PLC		7,360,328		44,693,164
Total United Kingdom				89,883,961

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

ETFMG Prime Cyber Security ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Value
United States - 75.1%
Aerospace & Defense - 0.5%
The KEYW Holding Corp. (a) ^		771,340	$	6,062,732
Communications Equipment - 14.6%
Cisco Systems, Inc. ^		1,273,908		54,637,914
F5 Networks, Inc. (a)		74,122		10,718,782
Juniper Networks, Inc.		2,086,161		50,756,297
NetScout Systems, Inc. (a) ^		369,744		9,742,754
Palo Alto Networks, Inc. (a)		299,611		54,385,389
Total Communications Equipment				180,241,136
Internet Software & Services - 9.8%
Akamai Technologies, Inc. (a) ^		730,754		51,868,919
Carbonite, Inc. (a) (b) ^		1,842,902		53,075,577
VeriSign, Inc. (a) ^		90,448		10,723,516
Zix Corp. (a) ^		1,141,403		4,873,791
Total Internet Software & Services				120,541,803
IT Services - 11.0%
Booz Allen Hamilton Holding Corp.		253,718		9,823,961
CACI International, Inc. (a)		345,958		52,360,743
Leidos Holdings, Inc.		149,131		9,753,167
ManTech International Corp.		167,641		9,299,046
Science Applications International Corp.		684,627		53,948,608
Total IT Services				135,185,525
Software - 39.2%
A10 Networks, Inc. (a) ^		956,470		5,566,655
CommVault Systems, Inc. (a) ^		981,536		56,143,859
Everbridge, Inc. (a) ^		234,288		8,574,941
FireEye, Inc. (a) ^		3,026,322		51,235,632
ForeScout Technologies, Inc. (a)		278,591		9,037,492
Fortinet, Inc. (a) ^		1,005,147		53,855,776
Imperva, Inc. (a)		1,129,802		48,920,427
MobileIron, Inc. (a)		1,235,476		6,115,606
Proofpoint, Inc. (a) ^		458,309		52,086,818
Qualys, Inc. (a) ^		669,963		48,739,808
Rapid7, Inc. (a)		358,838		9,175,488
SecureWorks Corp. (a) ^		464,142		3,750,267
Splunk, Inc. (a)		518,543		51,019,446
Symantec Corp. ^		2,003,085		51,779,747
Varonis Systems, Inc. (a) ^		169,435		10,250,818
VASCO Data Security International, Inc. (a)		516,828		6,692,923
Verint Systems, Inc. (a) ^		238,836		10,174,414
Total Software				483,120,117
Total United States				925,151,313
TOTAL COMMON STOCKS (Cost $1,085,152,681)				1,228,339,893

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

ETFMG Prime Cyber Security ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS - 0.4%
Money Market Funds - 0.4%
Invesco Advisers, Inc. STIT - Treasury Portfolio – Institutional Class, 1.57% (c)		4,360,744	$	4,360,744
TOTAL SHORT-TERM INVESTMENTS (Cost $4,360,744)				4,360,744

INVESTMENTS PURCHASED WITH SECURITIES LENDING
COLLATERAL - 16.2%
Investment Companies - 16.2%
Mount Vernon Liquid Assets Portfolio, LLC, 1.89% (c) +				200,148,059
TOTAL INVESTMENTS PURCHASED WITH SECURITIES LENDING COLLATERAL (Cost $200,148,059)				200,148,059

Total Investments (Cost $1,289,661,484) - 116.3%				1,432,848,696
Liabilities in Excess of Other Assets - (16.3)%				(200,741,199	)
TOTAL NET ASSETS - 100.0%			$	1,232,107,497

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Affiliated security. Please refer to Note 10 of the Notes to Financial Statements.

(c)	The rate quoted is the annualized seven-day yield at March 31, 2018.

+ Investments purchased with cash proceeds from securities lending. Total cash collateral has a value of $200,148,059 as of March 31, 2018.

^ All or a portion of this security is out on loan as of March 31, 2018. Total value of securities out on loan is $199,470,200.

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

ETFMG Prime Mobile Payments ETF

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value

COMMON STOCKS - 99.5%
Brazil - 3.2%
IT Services - 3.2%
Cielo SA		1,542,817	$	9,678,093

Cayman Islands - 3.0%
IT Services - 3.0%
Pagseguro Digital Ltd. (a)		234,735		8,995,045

Cyprus - 1.8%
IT Services - 1.8%
QIWI PLC - ADR ^		289,845		5,538,938

France - 4.2%
Electronic Equipment, Instruments & Components - 2.0%
Ingenico Group SA		75,677		6,134,539
IT Services - 2.2%
Worldline SA (a)		132,019		6,702,396
Total France				12,836,935

Germany - 3.0%
IT Services - 3.0%
Wirecard AG		77,405		9,135,716

Hong Kong - 0.3%
Electronic Equipment, Instruments & Components - 0.3%
PAX Global Technology Ltd.		2,136,337		966,342

Japan - 6.9%
Consumer Finance - 0.7%
Jaccs Co. Ltd.		90,131		1,977,029
Insurance - 3.9%
Dai-ichi Life Holdings, Inc. (b)		635,509		11,601,675
IT Services - 2.1%
GMO Payment Gateway, Inc.		63,057		6,269,847
Software - 0.2%
Intelligent Wave, Inc.		119,575		582,114
Total Japan				20,430,665

Puerto Rico - 1.6%
IT Services - 1.6%
EVERTEC, Inc.		302,537		4,946,480

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

ETFMG Prime Mobile Payments ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Value
United Kingdom - 0.6%
Commercial Services & Supplies - 0.6%
PayPoint PLC		167,357	$	1,873,715

United States - 74.9%
Consumer Finance - 11.8%
American Express Co.		189,932		17,716,857
Discover Financial Services		173,764		12,498,845
Green Dot Corp. (a)		87,160		5,592,186
Total Consumer Finance				35,807,888
Electronic Equipment, Instruments & Components - 1.5%
VeriFone Systems, Inc. (a)		295,614		4,546,543
IT Services - 57.8%
Blackhawk Network Holdings, Inc. (a)		125,483		5,609,090
Euronet Worldwide, Inc. (a) ^		70,828		5,589,746
Fidelity National Information Services, Inc.		152,689		14,703,951
First Data Corp. (a)		601,714		9,627,424
Fiserv, Inc. (a)		195,844		13,965,636
FleetCor Technologies, Inc. (a)		51,436		10,415,790
Global Payments, Inc.		91,489		10,202,853
MasterCard, Inc.		102,596		17,970,714
MoneyGram International, Inc. (a)		100,390		865,362
Net 1 UEPS Technologies, Inc. (a) ^		99,894		944,997
PayPal Holdings, Inc. (a)		233,016		17,678,924
Square, Inc. (a) ^		217,197		10,686,092
Total System Services, Inc.		110,599		9,540,270
Visa, Inc. ^		151,047		18,068,241
Western Union Co.		384,175		7,387,685
WEX, Inc. (a)		43,746		6,851,499
Worldpay, Inc. (a)		155,659		12,801,396
Total IT Services				172,909,670
Software - 1.7%
ACI Worldwide, Inc. (a)		221,655		5,257,657
Technology Hardware, Storage & Peripherals - 2.1%
NCR Corp. (a) ^		173,035		5,454,063
USA Technologies, Inc. (a)		112,241		1,010,169
Total Technology Hardware, Storage & Peripherals				6,464,232
Total United States				224,985,990
TOTAL COMMON STOCKS (Cost $271,557,670)				299,387,919

SHORT-TERM INVESTMENTS - 0.3%
Money Market Funds - 0.3%
Invesco Advisers, Inc. STIT - Treasury Portfolio - Institutional Class, 1.57% (c)		1,017,229		1,017,229
TOTAL SHORT-TERM INVESTMENTS (Cost $1,017,229)				1,017,229

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

ETFMG Prime Mobile Payments ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares	Value
INVESTMENTS PURCHASED WITH SECURITIES LENDING
COLLATERAL - 8.1%
Investment Companies - 8.1%
Mount Vernon Liquid Assets Portfolio, LLC, 1.89% (c) +		$	24,219,887
TOTAL INVESTMENTS PURCHASED WITH SECURITIES LENDING COLLATERAL (Cost $24,219,887)			24,219,887

Total Investments (Cost $296,794,786) - 107.9%			324,625,035
Liabilities in Excess of Other Assets - (7.9)%			(23,802,054	)
TOTAL NET ASSETS - 100.0%		$	300,822,981

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a)	Non-income producing security.

(b)	Affiliated security. Please refer to Note 10 of the Notes to Financial Statements.

(c)	The rate quoted is the annualized seven-day yield at March 31, 2018.

+ Investments purchased with cash proceeds from securities lending. Total cash collateral has a value of $24,219,887 as of March 31, 2018.

^ All or a portion of this security is out on loan as of March 31, 2018. Total value of securities out on loan is $24,291,864.

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

ETFMG Drone Economy Strategy ETF

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value

COMMON STOCKS - 99.7%
Cayman Islands - 3.4%
Semiconductors & Semiconductor Equipment - 3.4%
Ambarella, Inc. (a) ^		30,914	$	1,514,478

France - 12.1%
Aerospace & Defense - 5.1%
Dassault Aviation SA		559		1,066,812
Thales SA		9,793		1,192,208
Total Aerospace & Defense				2,259,020
Communications Equipment - 7.0%
Parrot SA (a)		485,357		3,117,426
Total France				5,376,446

Germany - 1.7%
Industrial Conglomerates - 1.7%
Rheinmetall AG		5,435		771,403

Israel - 1.4%
Aerospace & Defense - 1.4%
Elbit Systems Ltd.		5,072		608,767

Italy - 2.2%
Aerospace & Defense - 2.2%
Leonardo SpA		85,915		991,388

Japan - 9.3%
Automobiles - 3.0%
Subaru Corp.		22,348		732,367
Yamaha Motor Co. Ltd.		21,080		629,993
Total Automobiles				1,362,360
Electronic Equipment, Instruments & Components - 3.1%
Hitachi Ltd.		94,091		681,597
TDK Corp.		8,107		730,662
Total Electronic Equipment, Instruments & Components				1,412,259
Household Durables - 1.6%
Sony Corp. - ADR		14,956		722,973
Technology Hardware, Storage & Peripherals - 1.6%
NEC Corp.		25,505		716,935
Total Japan				4,214,527

Netherlands - 2.0%
Aerospace & Defense - 2.0%
Airbus SE		7,960		918,714

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

ETFMG Drone Economy Strategy ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Value
Republic of Korea - 2.1%
Aerospace & Defense - 2.1%
Korea Aerospace Industries Ltd. (a)		20,101	$	941,969

Spain - 1.7%
IT Services - 1.7%
Indra Sistemas SA (a)		54,915		758,814

Sweden - 3.3%
Aerospace & Defense - 1.3%
Saab AB		13,278		600,943
Electronic Equipment, Instruments & Components - 2.0%
Hexagon AB		15,192		902,445
Total Sweden				1,503,388

Turkey - 3.6%
Aerospace & Defense - 1.4%
Aselsan Elektronik Sanayi Ve Ticaret AS		78,931		618,596
Household Durables - 2.2%
Vestel Elektronik Sanayi Ve Ticaret AS (a)		336,129		994,253
Total Turkey				1,612,849

United Kingdom - 6.3%
Aerospace & Defense - 6.3%
BAE Systems PLC		132,852		1,083,677
Cobham PLC (a)		300,200		517,630
Meggitt PLC		94,459		572,246
QinetiQ Group PLC		214,588		621,100
Total Aerospace & Defense				2,794,653

United States - 50.6%
Aerospace & Defense - 35.5%
Aerovironment, Inc. (a)		89,904		4,091,531
Boeing Co.		6,727		2,205,649
General Dynamics Corp.		4,031		890,448
Kratos Defense & Security Solutions, Inc. (a)		85,033		874,990
L3 Technologies, Inc.		4,997		1,039,376
Lockheed Martin Corp.		2,481		838,404
Northrop Grumman Corp.		2,588		903,522
Orbital ATK, Inc.		5,064		671,537
Raytheon Co. ^		4,220		910,760
Rockwell Collins, Inc.		4,220		569,067
Teledyne Technologies, Inc. (a)		2,724		509,851
Textron, Inc.		16,319		962,331
TransDigm Group, Inc. ^		2,163		663,911
United Technologies Corp.		6,349		798,831

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

ETFMG Drone Economy Strategy ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Value
Total Aerospace & Defense				15,930,208
Electronic Equipment, Instruments & Components - 5.7%
FLIR Systems, Inc.		9,946	$	497,399
Jabil, Inc. ^		27,627		793,724
Littelfuse, Inc.		3,438		715,723
Trimble, Inc. (a)		15,591		559,405
Total Electronic Equipment, Instruments & Components				2,566,251
Household Durables - 2.4%
GoPro, Inc. (a) ^		221,174		1,059,424
Industrial Conglomerates - 2.0%
Honeywell International, Inc.		6,244		902,321
Semiconductors & Semiconductor Equipment - 5.0%
Intel Corp. ^		15,731		819,270
NVIDIA Corp. ^		3,658		847,156
QUALCOMM, Inc.		10,793		598,040
Total Semiconductors & Semiconductor Equipment				2,264,466
Total United States				22,722,670
TOTAL COMMON STOCKS (Cost $44,574,828)				44,730,066

SHORT-TERM INVESTMENTS - 0.3%
Money Market Funds - 0.3%
Invesco Advisers, Inc. STIT - Treasury Portfolio - Institutional Class, 1.57% (b)		125,376		125,376
TOTAL SHORT-TERM INVESTMENTS (Cost $125,376)				125,376

INVESTMENTS PURCHASED WITH SECURITIES LENDING COLLATERAL - 12.8%
Investment Companies - 12.8%
Mount Vernon Liquid Assets Portfolio, LLC, 1.89% (b) +				5,763,924
TOTAL INVESTMENTS PURCHASED WITH SECURITIES LENDING COLLATERAL (Cost $5,763,924)				5,763,924

Total Investments (Cost $50,464,128) - 112.8%				50,619,366
Liabilities in Excess of Other Assets - (12.8)%				(5,726,628	)
TOTAL NET ASSETS - 100.0%			$	44,892,738

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt

(a)	Non-income producing security.

(b)	The rate quoted is the annualized seven-day yield at March 31, 2018.

+ Investments purchased with cash proceeds from securities lending. Total cash collateral has a value of $5,763,924 as of March 31, 2018.

^ All or a portion of this security is out on loan as of March 31, 2018. Total value of securities out on loan is $5,694,006.

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

ETFMG Video Game Tech ETF

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value

COMMON STOCKS - 99.5%
Cayman Islands - 9.3%
Internet Software & Services - 4.3%
Momo, Inc. - ADR (a)		40,727	$	1,522,375
NetEase, Inc. - ADR		3,053		856,031
SINA Corp. (a)		10,155		1,058,862
YY, Inc. - ADR (a)		9,562		1,005,922
Total Internet Software & Services				4,443,190
Software - 3.1%
Changyou.com Ltd. - ADR (a)		71,226		1,986,493
Cheetah Mobile, Inc. - ADR (a) ^		93,401		1,248,771
Total Software				3,235,264
Technology Hardware, Storage & Peripherals - 1.9%
Razer, Inc. (a)		5,446,445		1,998,657
Total Cayman Islands				9,677,111

Finland - 1.4%
Software - 1.4%
Rovio Entertainment OYJ		237,926		1,420,454

France - 2.6%
Software - 2.6%
Ubisoft Entertainment SA (a)		31,874		2,687,313

Germany - 1.0%
Health Care Equipment & Supplies - 1.0%
Carl Zeiss Meditec AG		15,974		1,019,124

Hong Kong - 3.1%
Internet Software & Services - 0.9%
Tencent Holdings Ltd.		18,774		979,827
Software - 2.2%
NetDragon Websoft Holdings Ltd.		947,672		2,306,344
Total Hong Kong				3,286,171

Japan - 25.7%
Household Durables - 1.3%
Sony Corp. - ADR		29,107		1,407,032
Internet Software & Services - 3.0%
DeNa Co. Ltd.		46,513		839,293
Gree, Inc.		407,334		2,316,029
Total Internet Software & Services				3,155,322

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

ETFMG Video Game Tech ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Value
Leisure Products - 2.2%
Bandai Namco Holdings, Inc.		30,169	$	990,937
Sega Sammy Holdings, Inc.		80,539		1,275,393
Total Leisure Products				2,266,330
Software - 19.2%
Capcom Co. Ltd.		170,066		3,674,468
Gumi, Inc. (a) ^		289,085		2,917,883
GungHo Online Entertainment, Inc. ^		387,709		1,319,023
Koei Tecmo Holdings Co. Ltd.		50,307		982,453
Konami Holdings Corp.		47,431		2,491,794
NEXON CO Ltd. (a)		174,216		2,881,633
Nintendo Co. Ltd.		7,355		3,239,089
Square Enix Holdings Co. Ltd.		54,807		2,508,436
Total Software				20,014,779
Total Japan				26,843,463

Norway - 1.1%
Semiconductors & Semiconductor Equipment - 1.1%
Nordic Semiconductor ASA (a)		199,626		1,188,007

Republic of Korea - 12.3%
Software - 12.3%
Gravity Co. Ltd. - ADR (a) ^		35,142		2,990,584
NCSoft Corp.		5,655		2,228,258
Neowiz (a)		146,694		2,731,847
Netmarble Games Corp.		15,325		2,199,761
Webzen, Inc. (a)		90,778		2,699,749
Total Software				12,850,199

Sweden - 7.5%
Software - 7.5%
G5 Entertainment AB		86,739		3,170,465
Paradox Interactive AB		52,422		788,546
Starbreeze AB (a)		1,877,959		2,146,772
THQ Nordic AB (a)		93,787		1,594,979
Total Software				7,700,762

Switzerland - 1.4%
Technology Hardware, Storage & Peripherals - 1.4%
Logitech International SA		40,732		1,496,086

Taiwan, Province of China - 4.3%
Technology Hardware, Storage & Peripherals - 4.3%
Asustek Computer, Inc.		113,621		1,069,691
Micro-Star International Co. Ltd.		1,021,912		3,350,646
Total Technology Hardware, Storage & Peripherals				4,420,337

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

ETFMG Video Game Tech ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Value
United Kingdom - 1.0%
Hotels, Restaurants & Leisure - 1.0%
International Game Technology PLC		37,987	$	1,015,393

United States - 28.8%
Household Durables - 0.8%
Vuzix Corp. (a) ^		145,268		798,974
Internet Software & Services - 2.0%
Alphabet, Inc. (a)		1,292		1,333,073
Sohu.com, Inc. (a) ^		23,178		716,664
Total Internet Software & Services				2,049,737
Leisure Products - 1.7%
Hasbro, Inc.		10,814		911,620
Mattel, Inc. ^		66,151		869,886
Total Leisure Products				1,781,506
Semiconductors & Semiconductor Equipment - 6.2%
Advanced Micro Devices, Inc. (a) ^		135,732		1,364,107
Intel Corp. ^		30,770		1,602,502
Kopin Corp. (a) ^		316,708		988,129
NVIDIA Corp. ^		6,933		1,605,613
QUALCOMM, Inc.		15,761		873,317
Total Semiconductors & Semiconductor Equipment				6,433,668
Software - 13.6%
Activision Blizzard, Inc.		40,746		2,748,725
Electronic Arts, Inc. (a)		24,357		2,953,043
Glu Mobile, Inc. (a)		590,230		2,225,167
Microsoft Corp.		15,842		1,445,899
Take-Two Interactive Software, Inc. (a)		23,359		2,284,043
Zynga, Inc. (a)		672,878		2,462,733
Total Software				14,119,610
Specialty Retail - 1.6%
GameStop Corp. ^		134,087		1,692,178
Technology Hardware, Storage & Peripherals - 2.9%
Apple, Inc.		7,890		1,323,784
Immersion Corp. (a)		140,243		1,675,904
Total Technology Hardware, Storage & Peripherals				2,999,688
Total United States				29,875,361
TOTAL COMMON STOCKS (Cost $101,303,820)				103,479,781

RIGHTS - 0.0%
Software - 0.0%
Starbreeze AB (a)		1,877,959		31,488
TOTAL RIGHTS (Cost $38,739)				31,488

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

ETFMG Video Game Tech ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS - 0.4%
Money Market Funds - 0.4%
Invesco Advisers, Inc. STIT - Treasury Portfolio - Institutional Class, 1.57% (b)		405,962	$	405,962
TOTAL SHORT-TERM INVESTMENTS (Cost $405,962)				405,962

INVESTMENTS PURCHASED WITH SECURITIES LENDING COLLATERAL - 10.3%
Investment Companies - 10.3%
Mount Vernon Liquid Assets Portfolio, LLC, 1.89% (b) +				10,731,904
TOTAL INVESTMENTS PURCHASED WITH SECURITIES
LENDING COLLATERAL (Cost $10,731,904)				10,731,904

Total Investments (Cost $112,480,425) - 110.2%				114,649,135
Liabilities in Excess of Other Assets - (10.2)%				(10,594,724	)
TOTAL NET ASSETS - 100.0%			$	104,054,411

ADR	American Depositary Receipt

(a)	Non-income producing security.

(b)	The rate quoted is the annualized seven-day yield at March 31, 2018.

+ Investments purchased with cash proceeds from securities lending. Total cash collateral has a value of $10,731,904 as of March 31, 2018.

^ All or a portion of this security is out on loan as of March 31, 2018. Total value of securities out on loan is $10,399,361.

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

STATEMENTS OF ASSETS AND LIABILITIES
As of March 31, 2018 (Unaudited)

	ETFMG Prime Junior Silver ETF			ETFMG Prime Cyber Security ETF			ETFMG Prime Mobile Payments ETF			ETFMG Drone Economy Strategy ETF			ETFMG Video Game Tech ETF
ASSETS
Investments in unaffiliated securities, at fair value*	$	50,585,995		$	1,379,773,119		$	313,023,360		$	50,619,366		$	114,649,135
Investments in affiliated securities, at fair value*		—			53,075,577			11,601,675			—			—
Cash		2,037			52,044			120,568			—			—
Foreign currency		—			—			217,689			1			—
Receivables:
Dividends and interest receivable		4,058			153,583			292,677			64,768			185,474
Securities lending income receivable		—			51,317			6,579			4,997			23,849
Total Assets		50,592,090			1,433,105,640			325,262,548			50,689,132			114,858,458

LIABILITIES
Collateral received for securities
loaned (Note 7)	$	—		$	200,148,059		$	24,219,887		$	5,763,924		$	10,731,904
Payables:
Unitary fees payable		29,609			643,239			196,241			29,471			66,914
Currency transactions		68,194			—			—			—			—
Accrued legal expenses		9,975			206,845			23,439			2,999			5,229
Total Liabilities		107,778			200,998,143			24,439,567			5,796,394			10,804,047
Net Assets	$	50,484,312		$	1,232,107,497		$	300,822,981		$	44,892,738		$	104,054,411

NET ASSETS CONSIST OF:
Paid-in Capital	$	84,987,750		$	1,234,129,988		$	257,431,172		$	41,450,962		$	98,460,035
Undistributed (accumulated) net investment income (loss)		(524,307	)		(359,331	)		270,656			63,519			113,592
Accumulated net realized gain (loss) on investments		(26,253,786	)		(144,856,771	)		15,291,209			3,223,168			3,313,225
Net unrealized appreciation (depreciation) on:
Investments in securities		(7,724,672	)		143,187,212			27,830,249			155,238			2,168,710
Foreign currency and translation of other assets and liabilities in foreign currency		(673	)		6,399			(305	)		(149	)		(1,151	)
Net Assets	$	50,484,312		$	1,232,107,497		$	300,822,981		$	44,892,738		$	104,054,411

*Identified Cost:

Investments in unaffiliated securities	$	58,310,667		$	1,228,871,920		$	283,823,916		$	50,464,128		$	112,480,425
Investments in affiliated securities		—			60,789,564			12,970,870			—			—
Foreign currency		—			—			217,994			150			1,151

Shares Outstanding^		4,750,000			35,900,000			8,300,000			1,300,000			2,150,000

Net Asset Value, Offering and Redemption Price per Share	$	10.63		$	34.32	¹	$	36.24	¹	$	34.53	¹	$	48.40	¹

^	No par value, unlimited number of shares authorized

1	The stated NAV per share may differ from a recalculation of the NAV per share due to certain foreign markets open on March 30, 2018, while US markets were closed. The stated NAV per share was calculated on the last business day markets were open for this fund. (See Note 2).

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

STATEMENTS OF OPERATIONS

Six Months Ended March 31, 2018 (Unaudited)

	ETFMG Prime Junior Silver ETF			ETFMG Prime Cyber Security ETF			ETFMG Prime Mobile Payments ETF			ETFMG Drone Economy Strategy ETF			ETFMG Video Game Tech ETF
INVESTMENT INCOME
Income:
Dividends from unaffiliated securities (net of foreign withholdings tax of $6,679, $131,169, $37,344, $9,372, $23,302)	$	43,886		$	3,935,755		$	911,301		$	193,634		$	327,860
Dividends from affiliated securities		—			—			271,276			—			—
Interest		1,087			10,789			4,775			527			1,801
Securities lending income		—			238,453			28,656			60,031			135,022
Total Investment Income		44,973			4,184,997			1,216,008			254,192			464,683

Expenses:
Unitary fees		184,393			3,484,889			945,352			167,600			269,743
Total Expenses		184,393			3,484,889			945,352			167,600			269,743
Net Investment Income (Loss)		(139,420	)		700,108			270,656			86,592			194,940

REALIZED & UNREALIZED GAIN
(LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Unaffiliated investments		(2,087,439	)		(6,115,013	)		(972,647	)		(27,819	)		(169,694	)
Affiliated investments		—			(521,439	)		(19,395	)		—			—
In-Kind redemptions		(73,946	)		93,766,615			17,551,623			3,491,292			3,709,895
Foreign currency and foreign currency translation		(5,632	)		32,332			(44,562	)		(10,776	)		(34,619	)
Net Realized Gain (Loss) on Investments and In-Kind redemptions		(2,167,017	)		87,162,495			16,515,019			3,452,697			3,505,582
Net Change in Unrealized Appreciation (Depreciation) of:
Unaffiliated Investments		(4,099,556	)		70,158,181			7,169,181			(5,393,977	)		(932,413	)
Affiliated investments		—			(7,713,987	)		(1,354,264	)		—			—
Foreign currency and foreign currency translation		(668	)		2,454			(2,321	)		818			(678	)
Net change in Unrealized Appreciation (Depreciation) of Investments		(4,100,224	)		62,446,648			5,812,596			(5,393,159	)		(933,091	)
Net Realized and Unrealized Gain (Loss) on Investments		(6,267,241	)		149,609,143			22,327,615			(1,940,462	)		2,572,491
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,406,661	)	$	150,309,251		$	22,598,271		$	(1,853,870	)	$	2,767,431

The accompanying notes are an integral part of these financial statements.

ETFMG Prime Junior Silver ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
OPERATIONS
Net investment loss	$	(139,420	)	$	(294,887	)
Net realized loss on investments and In-Kind Redemptions		(2,167,017	)		(15,573,596	)
Net change in unrealized depreciation of investments and foreign currency and foreign currency translation		(4,100,224	)		(5,423,909	)
Net decrease in net assets resulting from operations		(6,406,661	)		(21,292,392	)

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		—			(258,169	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived
from net change in outstanding shares (a)		(1,141,535	)		2,518,035
Net decrease in net assets	$	(7,548,196	)	$	(19,032,526	)

NET ASSETS
Beginning of Period		58,032,508			77,065,034
End of Period	$	50,484,312		$	58,032,508
Accumulated net investment loss	$	(524,307	)	$	(384,887	)

(a) Summary of share transactions is as follows:

	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	Shares			Amount			Shares			Amount
Shares Sold		400,000		$	4,651,260			2,400,000		$	33,356,410
Shares Redeemed		(550,000	)		(5,792,795	)		(2,450,000	)		(30,838,375	)
		(150,000	)	$	(1,141,535	)		(50,000	)	$	2,518,035
Beginning Shares		4,900,000						4,950,000
Ending Shares		4,750,000						4,900,000

The accompanying notes are an integral part of these financial statements.

ETFMG Prime Cyber Security ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
OPERATIONS
Net investment income (loss)	$	700,108		$	(338,601	)
Net realized gain (loss) on investments and In-Kind Redemptions		87,162,495			(55,182,766	)
Net change in unrealized appreciation of investments		62,446,648			122,753,939
Net increase in net assets resulting from operations		150,309,251			67,232,572

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(125,955	)		(3,740,625	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares (a)		(15,440,070	)		230,013,980
Transaction Fees (See Note 1)		4,384			60,036
Net increase (decrease) in net assets from capital share transactions		(15,435,686	)		230,074,016
Total increase in net assets	$	134,747,610		$	293,565,963

NET ASSETS
Beginning of Period		1,097,359,887			803,793,924
End of Period	$	1,232,107,497		$	1,097,359,887
Accumulated net investment loss	$	(359,331	)	$	(933,484	)

(a) Summary of share transactions is as follows:

	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	Shares			Amount			Shares			Amount
Shares Sold		9,050,000		$	309,334,165			17,650,000		$	522,222,875
Transaction Fees (See Note 1)		—			4,384			—			60,036
Shares Redeemed		(9,600,000	)		(324,774,235	)		(10,000,000	)		(292,208,895	)
		(550,000	)	$	(15,435,686	)		7,650,000		$	230,074,016
Beginning Shares		36,450,000						28,800,000
Ending Shares		35,900,000						36,450,000

The accompanying notes are an integral part of these financial statements.

ETFMG Prime Mobile Payments ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
OPERATIONS
Net investment income	$	270,656		$	104,929
Net realized gain on investments and In-Kind Redemptions		16,515,019			4,484,869
Net change in unrealized appreciation of investments		5,812,596			21,832,697
Net increase in net assets resulting from operations		22,598,271			26,422,495

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(61,070	)		(31,641	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change in outstanding shares (a)		107,275,475			135,868,135
Transaction Fees (See Note 1)		16,865			21
Net increase in net assets from capital share transactions		107,292,340			135,868,156
Total increase in net assets	$	129,829,541		$	162,259,010

NET ASSETS
Beginning of Period		170,993,440			8,734,430
End of Period	$	300,822,981		$	170,993,440
Undistributed net investment income	$	270,656		$	61,070

(a) Summary of share transactions is as follows:

	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	Shares			Amount			Shares			Amount
Shares Sold		4,650,000		$	164,845,530			5,550,000		$	155,535,335
Transaction Fees (See Note 1)		—			16,865			—			21
Shares Redeemed		(1,600,000	)		(57,570,055	)		(650,000	)		(19,667,200	)
		3,050,000		$	107,292,340			4,900,000		$	135,868,156
Beginning Shares		5,250,000						350,000
Ending Shares		8,300,000						5,250,000

The accompanying notes are an integral part of these financial statements.

ETFMG Drone Economy Strategy ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
OPERATIONS
Net investment income	$	86,592		$	120,642
Net realized gain on investments and In-Kind Redemptions		3,452,697			271,606
Net change in unrealized appreciation (depreciation) of investments		(5,393,159	)		5,251,260
Net increase (decrease) in net assets resulting from operations		(1,853,870	)		5,643,508

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(44,402	)		(101,055	)
From net realized gain		(242,738	)		(28,851	)
Total Distributions to Shareholders		(287,140	)		(129,906	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change in outstanding shares (a)		9,079,925			25,745,485
Transaction Fees (See Note 1)		5,629			2,630
Net increase in net assets from capital share transactions		9,085,554			25,748,115
Total increase in net assets	$	6,944,544		$	31,261,717

NET ASSETS
Beginning of Period		37,948,194			6,686,477
End of Period	$	44,892,738		$	37,948,194
Undistributed net investment income	$	63,519		$	21,329

(a) Summary of share transactions is as follows:

	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	Shares			Amount			Shares			Amount
Shares Sold		500,000		$	18,174,525			850,000		$	27,286,680
Transaction Fees (See Note 1)		—			5,629			—			2,630
Shares Redeemed		(250,000	)		(9,094,600	)		(50,000	)		(1,541,195	)
		250,000		$	9,085,554			800,000		$	25,748,115
Beginning Shares		1,050,000						250,000
Ending Shares		1,300,000						1,050,000

The accompanying notes are an integral part of these financial statements.

ETFMG Video Game Tech ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
OPERATIONS
Net investment income	$	194,940		$	115,714
Net realized gain on investments and In-Kind Redemptions		3,505,582			2,509,264
Net change in unrealized appreciation (depreciation) of investments		(933,091	)		2,154,494
Net increase in net assets resulting from operations		2,767,431			4,779,472

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(134,985	)		(114,780	)
From net realized gain		(33,059	)		(96,540	)
Total Distributions to Shareholders		(168,044	)		(211,320	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change in outstanding shares (a)		61,498,865			28,765,980
Transaction Fees (See Note 1)		22,483			18,631
Net increase in net assets from capital share transactions		61,521,348			28,784,611
Net increase in net assets	$	64,120,735		$	33,352,763

NET ASSETS
Beginning of Period		39,933,676			6,580,913
End of Period	$	104,054,411		$	39,933,676
Undistributed net investment income	$	113,592		$	53,637

(a) Summary of share transactions is as follows:

	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	Shares			Amount			Shares			Amount
Shares Sold		1,500,000		$	73,420,965			900,000		$	37,042,630
Transaction Fees (See Note 1)		—			22,483			—			18,631
Shares Redeemed		(250,000	)		(11,922,100	)		(200,000	)		(8,276,650	)
		1,250,000		$	61,521,348			700,000		$	28,784,611
Beginning Shares		900,000						200,000
Ending Shares		2,150,000						900,000

The accompanying notes are an integral part of these financial statements.

ETFMG Prime Junior Silver ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013¹

Net Asset Value, Beginning of Period	$	11.84		$	15.57		$	5.28		$	10.00		$	11.71		$	20.00
Income (Loss) from Investment Operations:
Net investment loss ²		(0.03	)		(0.06	)		(0.06	)		(0.03	)		(0.06	)		(0.02	)
Net realized and unrealized gain (loss) on investments		(1.18	)		(3.61	)		10.47			(4.69	)		(1.64	)		(8.27	)
Total from investment operations		(1.21	)		(3.67	)		10.41			(4.72	)		(1.70	)		(8.29	)
Less Distributions:
Distributions from net investment income		—			(0.06	)		(0.12	)		—			(0.01	)		—
Total distributions		—			(0.06	)		(0.12	)		—			(0.01	)		—
Net asset value, end of period	$	10.63		$	11.84		$	15.57		$	5.28		$	10.00		$	11.71
Total Return		-10.26	%³		-23.53	%		201.99	%		-47.20	%		-14.52	%		-41.45	%³

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	50,484		$	58,033		$	77,065		$	3,432		$	6,997		$	1,757

Expenses to Average Net Assets before legal expense		0.69	%⁴		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%⁴
Gross Expenses to Average Net Assets		0.69	%⁴		0.72	%⁵		0.69	%		0.69	%		0.69	%		0.69	%⁴
Net Investment Loss to Average Net Assets		-0.52	%⁴		-0.48	%		-0.45	%		-0.39	%		-0.52	%		-0.21	%⁴
Portfolio Turnover Rate		12	%³		69	%		33	%		55	%		44	%		69	%³

Commencement of operations on November 29, 2012.

Calculated based on average shares outstanding during the period.

Not annualized.

⁴

Annualized.

⁵

The ratio of gross expenses to average net assets includes legal expense.

The accompanying notes are an integral part of these financial statements.

ETFMG Prime Cyber Security ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015¹

Net Asset Value, Beginning of Period	$	30.11		$	27.91		$	25.28		$	25.00
Income (Loss) from Investment Operations:
Net investment income (loss) ²		0.02			(0.01	)		0.30			(0.05	)
Net realized and unrealized gain on investments		4.19			2.34			2.52			0.33
Total from investment operations		4.21			2.33			2.82			0.28
Less Distributions:
Distributions from net investment income		(0.00	)⁶		(0.13	)		(0.19	)		—
Total distributions		0.00			(0.13	)		(0.19	)		—
Net asset value, end of period	$	34.32		$	30.11		$	27.91		$	25.28
Total Return		13.83	%³		8.42	%		11.23	%		1.11	%³

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	1,232,107		$	1,097,360		$	803,794		$	1,059,125

Expenses to Average Net Assets before legal expense		0.60	%⁴		0.68	%		0.75	%		0.75	%⁴
Gross Expenses to Average Net Assets		0.60	%⁴		0.72	%⁵		0.75	%		0.75	%⁴
Net Investment Income (Loss) to Average Net Assets		0.12	%⁴		-0.03	%		1.21	%		-0.19	%⁴
Portfolio Turnover Rate		29	%³		53	%		34	%		31	%³

Commencement of operations on November 11, 2014.

Calculated based on average shares outstanding during the period.

Not annualized.

⁴

Annualized.

⁵

The ratio of gross expenses to average net assets includes legal expense.

⁶

Per share amount is less than $0.01.

The accompanying notes are an integral part of these financial statements.

ETFMG Prime Mobile Payments ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015¹

Net Asset Value, Beginning of Period	$	32.57		$	24.96		$	23.53		$	25.00
Income (Loss) from Investment Operations:
Net investment income (loss) ²		0.04			0.03			0.15			(0.01	)
Net realized and unrealized gain (loss) on investments		3.64			7.60			1.39			(1.46	)
Total from investment operations		3.68			7.63			1.54			(1.47	)
Less Distributions:
Distributions from net investment income		(0.01	)		(0.02	)		(0.11	)		—
Total distributions		(0.01	)		(0.02	)		(0.11	)		—
Net asset value, end of period	$	36.24		$	32.57		$	24.96		$	23.53
Total Return		11.26	%³		30.59	%		6.51	%		-5.86	%³

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	300,823		$	170,993		$	8,734		$	4,707

Expenses to Average Net Assets before legal expense		0.75	%⁴		0.75	%		0.75	%		0.75	%⁴
Gross Expenses to Average Net Assets		0.75	%⁴		0.80	%⁵		0.75	%		0.75	%⁴
Net Investment Income (Loss) to Average Net Assets		0.21	%⁴		0.12	%		0.63	%		-0.23	%⁴
Portfolio Turnover Rate		22	%³		31	%		32	%		8	%³

Commencement of operations on July 15, 2015.

Calculated based on average shares outstanding during the period.

Not annualized.

⁴

Annualized.

⁵

The ratio of gross expenses to average net assets includes legal expense.

The accompanying notes are an integral part of these financial statements.

ETFMG Drone Economy Strategy ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended September 30, 2016¹

Net Asset Value, Beginning of Period	$	36.14		$	26.75		$	25.00
Income from Investment Operations:
Net investment income ²		0.07			0.27			0.11
Net realized and unrealized gain (loss) on investments		(1.45	)		9.26			1.68
Total from investment operations		(1.38	)		9.53			1.79
Less Distributions:
Distributions from net investment income		(0.04	)		(0.04	)		(0.04	)
Distributions from net realized gain		(0.19	)		(0.10	)		—
Total distributions		(0.23	)		(0.14	)		(0.04	)
Net asset value, end of period	$	34.53		$	36.14		$	26.75
Total Return		-3.93	%³		36.39	%		7.15	%³

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	44,893		$	37,948		$	6,686

Expenses to Average Net Assets before legal expense		0.75	%⁴		0.75	%		0.75	%⁴
Gross Expenses to Average Net Assets		0.75	%⁴		0.79	%⁵		0.75	%⁴
Net Investment Income to Average Net Assets		0.41	%⁴		0.87	%		0.68	%⁴
Portfolio Turnover Rate		8	%³		21	%		13	%³

Commencement of operations on March 8, 2016.

Calculated based on average shares outstanding during the period.

Not annualized.

⁴

Annualized.

⁵

The ratio of gross expenses to average net assets includes legal expense.

The accompanying notes are an integral part of these financial statements.

ETFMG Video Game Tech ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended September 30, 2016¹

Net Asset Value, Beginning of Period	$	44.37		$	32.90		$	25.00
Income from Investment Operations:
Net investment income ²		0.15			0.33			0.08
Net realized and unrealized gain on investments		3.99			11.71			7.82
Total from investment operations		4.14			12.04			7.90
Less Distributions:
Distributions from net investment income		(0.10	)		(0.18	)		—
Distributions from net realized gain		(0.03	)		(0.39	)		—
Total distributions		(0.13	)		(0.57	)		—
Capital Share Transactions:
Transaction fees added to paid-in capital		0.02			—			—
Net asset value, end of period	$	48.40		$	44.37		$	32.90
Total Return		9.24	%³		37.67	%		31.62	%³

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	104,054		$	39,934		$	6,581

Expenses to Average Net Assets before legal expense		0.75	%⁴		0.75	%		0.74	%⁴
Gross Expenses to Average Net Assets		0.75	%⁴		0.82	%⁵		0.74	%⁴
Net Investment Income to Average Net Assets		0.60	%⁴		0.86	%		0.44	%⁴
Portfolio Turnover Rate		18	%³		49	%		10	%³

Commencement of operations on March 8, 2016.

Calculated based on average shares outstanding during the period.

Not annualized.

⁴

Annualized.

⁵

The ratio of gross expenses to average net assets includes legal expense.

The accompanying notes are an integral part of these financial statements.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

NOTE 1 – ORGANIZATION

ETFMG Prime Junior Silver ETF (“SILJ”), ETFMG Prime Cyber Security ETF (“HACK”), ETFMG Prime Mobile Payments ETF (“IPAY”), ETFMG Drone Economy Strategy ETF (“IFLY”), and ETFMG Video Game Tech ETF (“GAMR”) (each a “Fund”, or collectively the “Funds”) are series of ETF Managers Trust (the “Trust”), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on July 1, 2009. The Trust is registered with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”).

The following table is a summary of the Strategy Commencement Date and Strategy of the Funds:

Fund Ticker	Strategy Commencement Date	Strategy
SILJ	8/1/2017	Seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Junior Silver Miners & Explorers Index (“Prime Silver Index”).
HACK	8/1/2017	Seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield of the Prime Cyber Defense Index (“Prime Cyber Index”).
IPAY	8/1/2017	Seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Mobile Payments Index (“Prime Mobile Index”).
IFLY	3/8/2016	Seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Reality Shares Drone™ Index.
GAMR	3/8/2016	Seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the EEFund Video Game Tech™ Index.

The Funds each currently offer one class of shares, which have no front end sales load, no deferred sales charges, and no redemption fees. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of each Fund have equal rights and privileges.

Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their net asset value (“NAV”). Each Fund issues and redeems Shares on a continuous basis at NAV only in blocks of 50,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified Index. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the 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 do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and may be subject to customary brokerage commissions or fees.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

Authorized Participants transacting in Creation Units for cash may pay an additional variable charge to compensate the relevant Fund for certain transaction costs (i.e., brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Transaction Fees” in the Statements of Changes in net assets.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standard Codification Topic 946 Financial Services – Investment Companies.

The Fund may invest in certain other investment companies (underlying funds). For specific investments in underlying funds, please refer to the complete schedule of portfolio holdings on Form N-CSR(S) for this reporting period, which is filed with the U.S. Securities and Exchange Commission (SEC). For more information about the underlying Fund’s operations and policies, please refer to those Fund’s semiannual and annual reports, which are filed with the SEC.

Security Valuation. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used.

Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Funds’ Board. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of March 31, 2018, ETFMG Prime Junior Silver ETF held one fair valued security. More detail on this security can be found in the Schedule of Investments. ETFMG Prime Cyber Security ETF, ETFMG Prime Mobile Payments ETF, ETFMG Drone Economy Strategy ETF, and ETFMG Video Game Tech did not hold any fair valued securities.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

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 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.

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.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table presents a summary of the Funds’ investments in securities, at fair value, as of March 31, 2018:

ETFMG Prime Junior Silver ETF
Assets^	Level 1		Level 2		Level 3			Total
Common Stocks	$	50,130,725	$	—	$	—	⁽¹⁾	$	50,130,725
Short Term Investments		455,270		—		—			455,270
Total Investments in Securities	$	50,585,995	$	—	$	—		$	50,585,995

ETFMG Prime Cyber Security ETF+
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,228,339,893	$	—	$	—	$	1,228,339,893
Short Term Investments		4,360,744		—		—		4,360,744
Investments Purchased with Securities Lending
Collateral*		—		—		—		200,148,059
Total Investments in Securities	$	1,232,700,637	$	—	$	—	$	1,432,848,696

ETFMG Prime Mobile Payments ETF+
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	299,387,919	$	—	$	—	$	299,387,919
Short Term Investments		1,017,229		—		—		1,017,229
Investments Purchased with Securities Lending
Collateral*		—		—		—		24,219,887
Total Investments in Securities	$	300,405,148	$	—	$	—	$	324,625,035

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

ETFMG Drone Economy Strategy ETF+
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	44,730,066	$	—	$	—	$	44,730,066
Short Term Investments		125,376		—		—		125,376
Investments Purchased with Securities Lending
Collateral*		—		—		—		5,763,924
Total Investments in Securities	$	44,855,442	$	—	$	—	$	50,619,366

ETFMG Video Game Tech ETF+
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	103,479,781	$	—	$	—	$	103,479,781
Rights		31,488		—		—		31,488
Short Term Investments		405,962		—		—		405,962
Investments Purchased with Securities Lending
Collateral*		—		—		—		10,731,904
Total Investments in Securities	$	103,917,231	$	—	$	—	$	114,649,135

^	See Schedule of Investments for classifications by country and industry.

(1)	Includes a security valued at $0. The ETFMG Prime Junior Silver ETF held a Level 3 security at the end of the period. The security classified as a Level 3 is deemed immaterial. This security transferred from Level 1 to Level 3 due to being previously priced in an active market.

On March 30, 2018, US and certain other financial markets were closed, while some foreign markets were open. The Fund was re-priced for financial reporting purposes to reflect, in the valuation, the transactions related to open foreign market activities and were valued at the official closing price on the primary market or exchange on which the securities trade.

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedules of Investments.

Below are the transfers into or out of Levels 1 and 2 during the six months ended March 31, 2018:

ETFMG Prime Junior Silver ETF
Transfers into Level 1	$	118,764
Transfers out of Level 1
Net Transfers in and/(out) of Level 1	$	118,764
Transfers into Level 2	$	—
Transfers out of Level 2		(118,764	)
Net Transfers in and/(out) of Level 2	$	(118,764	)

The transfers from Level 2 to Level 1 are due to increased trading activity on March 31, 2018. Transfers between levels are recognized at the end of the reporting period.

Each of ETFMG Prime Cyber Security ETF, ETFMG Prime Mobile Payments ETF, ETFMG Drone Economy Strategy ETF and ETFMG Video Game Tech ETF did not have any transfers between Levels 1, 2, and 3 during the six months ended March 31, 2018.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

Federal Income Taxes. The Funds have each elected to be taxed as a “regulated investment company” and intend to distribute substantially all taxable income to their shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provisions for federal income taxes or excise taxes have been made.

To avoid imposition of the excise tax applicable to regulated investment companies, each Fund intends to declare each year as dividends, in each calendar year, at least 98.0% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.

Net capital losses incurred after October 31, within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year.

Each Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Each Fund has analyzed its tax position and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Funds’ 2017 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, the State of New Jersey, and the State of Delaware; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Management has reviewed the tax positions for open periods (for Federal purposes, three years from the date of filing and for state purposes, four years from the date of filing), as applicable to the Funds, and has determined that no provision for income tax is required in the Funds’ financial statements.

Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Income, including gains, from investments in foreign securities received by the Funds may be subject to income, withholding or other taxes imposed by foreign countries.

Foreign Currency Translations and Transactions. The Funds may engage in foreign currency transactions. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, assets and liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. For financial reporting purposes, the Funds do not isolate changes in the exchange rate of investment securities from the fluctuations arising from changes in the market prices of securities for unrealized gains and losses. However, for federal income tax purposes, the Funds do isolate and treat as ordinary income the effect of changes in foreign exchange rates on realized gains or losses from the sale of investment securities and payables and receivables arising from trade-date and settlement-date differences.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

Distributions to Shareholders. Distributions to shareholders from net investment income are generally declared and paid by each of the Funds on a quarterly basis. Distributions to shareholders from realized gains on securities for each Fund normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Share Valuation. The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE is closed for trading. For Authorized Participants, the offering and redemption price per share for the Funds are equal to the Funds’ respective net asset value per share.

Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

NOTE 3 – RISK FACTORS

Investing in the Funds may involve certain risks, as discussed in the Funds’ prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. As with any investment whose performance is tied to these markets, the value of an investment in a Fund will fluctuate, which means that an investor could lose money over short or long periods.

Investment Style Risk. The Funds are not actively managed. Therefore, the Funds follow the securities included in its respective index during upturns as well as downturns. Because of their indexing strategies, the Funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of the Funds’ expenses, the Funds’ performance may be below that of their respective index.

Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time.

Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

Concentration Risk. To the extent that a Fund’s or an index’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class.

NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS.

ETF Managers Group, LLC (the “Advisor”), serves as the investment advisor to the Funds. Pursuant to an Investment Advisory Agreement (“Advisory Agreement”) between the Trust, on behalf of the Funds, and the Advisor, the Advisor provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Advisor is also responsible for arranging transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate.

Under the Investment Advisory Agreement the Advisor has overall responsibility for the general management and administration of the Funds and arranges for sub-advisory, transfer agency, custody, fund administration, securities lending, and all other non-distribution related services necessary for the Funds to operate. The Funds unitary fees are accrued daily and paid monthly. The Advisor bears the costs of all advisory and non-advisory services required to operate the Funds, in exchange for a single unitary fee at the following annual rates:

ETFMG Prime Junior Silver ETF	0.69	%
ETFMG Prime Cyber Security ETF	0.60	%
ETFMG Prime Mobile Payments ETF	0.75	%
ETFMG Drone Economy Strategy ETF	0.75	%
ETFMG Video Game Tech ETF	0.75	%

The Advisor has an agreement with, and is dependent on, a third party to pay the Funds’ expenses in excess of the annual expense rates of each Funds’ average daily net assets. Additionally, under the Investment Advisory Agreement, the Advisor has agreed to pay all expenses of the Funds, except for: the fee paid to the Advisor pursuant to the Investment 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 (collectively, “Excluded Expenses”). The Sponsor provides marketing support for the Funds, including distributing marketing materials related to the Funds. The Advisor has entered into an agreement with ETFMG Financial, LLC (“the Sponsor”). The Sponsor provides marketing support for the Funds, including distributing marketing materials related to the Funds. Level ETF Ventures, LLC serves as the index provider for SILJ, HACK, IPAY, and GAMR. Reality Shares, LLC serves as the index provider for IFLY.

U.S. Bancorp Fund Services, LLC (the “Administrator”) provides fund accounting, fund administration, and transfer agency services to the Funds. The Advisor compensates the Administrator for these services under an administration agreement between the two parties.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

The Advisor pays each independent Trustee a quarterly fee for service to the Funds. Each Trustee is also reimbursed by the Advisor for all reasonable out-of-pocket expenses incurred in connection with his duties as Trustee, including travel and related expenses incurred in attending Board meetings.

NOTE 5 – DISTRIBUTION PLAN

The Funds have each adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, each Fund may pay compensation to the Distributor or any other distributor or financial institution with which the Trust has an agreement with respect to each Fund, with the amount of such compensation not to exceed an annual rate of 0.25% of each Fund’s average daily net assets. During the six months ended March 31, 2018, the Funds did not incur any 12b-1 expenses.

NOTE 6 - PURCHASES AND SALES OF SECURITIES

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, during the six months ended March 31, 2018:

	Purchases		Sales
ETFMG Prime Junior Silver ETF	$	6,417,530	$	6,856,775
ETFMG Prime Cyber Security ETF		369,155,383		331,026,631
ETFMG Prime Mobile Payments ETF		61,053,062		55,428,391
ETFMG Drone Economy Strategy ETF		3,642,787		3,441,486
ETFMG Video Game Tech ETF		22,924,954		13,001,677

The costs of purchases and sales of in-kind transactions associated with creations and redemptions during the six months ended March 31, 2018.

	Purchases In-Kind		Sales In-Kind

ETFMG Prime Junior Silver ETF	$	4,638,131	$	5,785,445
ETFMG Prime Cyber Security ETF		306,005,548		312,776,456
ETFMG Prime Mobile Payments ETF		161,762,488		54,753,822
ETFMG Drone Economy Strategy ETF		17,451,431		8,841,122
ETFMG Video Game Tech ETF		63,477,869		12,064,704

Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. Net capital gains or losses resulting from in-kind redemptions are excluded from the Funds’ determination of taxable gains and are not distributed to shareholders.

There were no purchases or sales of U.S. Government obligations during the six months ended March 31, 2018.

NOTE 7 — SECURITIES LENDING

The Funds, except for ETFMG Prime Junior Silver ETF, may lend up to 33 1⁄3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by U.S. Bank N.A. (“the Custodian”). The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any loaned securities at the time of the loan, plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral.

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss on the fair value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. During the six months ended March 31, 2018, Funds had loaned securities and received cash collateral for the loans. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Fund is indemnified from this risk by contract with the securities lending agent.

As of the six months ended March 31, 2018, the value of the securities on loan and payable for collateral due to broker were as follows:

Value of Securities on Loan Collateral Received

Fund	Values of Securities on Loan		Fund Collateral Received*
ETFMG Prime Cyber Security ETF		$199,470,200		$200,148,059
ETFMG Prime Mobile Payments ETF		24,291,864		24,219,887
ETFMG Drone Economy Strategy ETF		5,694,006		5,763,924
ETFMG Video Game Tech ETF		10,399,361		10,731,904

* The cash collateral received was invested in the Mount Vernon Prime Portfolio as shown on the Schedule of Investments, a money market fund with an overnight and continuous maturity, as shown on the Schedule of Investments.

Net interest income earned on collateral investments and recognized by the Funds during the six months ended March 31, 2018, were as follows:

Fees and Interest Income Earned

Fund	Interest income earned including applicable fees
ETFMG Prime Cyber Security ETF	$	238,453
ETFMG Prime Mobile Payments ETF		28,656
ETFMG Drone Economy Strategy ETF		60,031
ETFMG Video Game Tech ETF		135,022

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

NOTE 8 – FEDERAL INCOME TAXES

The components of distributable earnings (losses) and cost basis of investments for federal income tax purposes at September 30, 2017 were as follows:


	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
SILJ	$	67,360,521	$	1,412,448	$	(10,692,092	)	$	(9,279,644	)
HACK		1,292,858,769		116,813,291		(72,036,210	)		44,777,081
IPAY		183,951,975		23,481,359		(2,515,418	)		20,965,941
IFLY		37,964,549		6,150,972		(833,945	)		5,317,027
GAMR		40,456,291		4,257,663		(1,430,711	)		2,826,952

The difference between the tax cost of investments and the cost of investments for GAAP purposes is primarily due to the tax treatment of wash sale losses.

As of September 30, 2017, the components of distributable earnings (loss) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-term Gain		Total Distributable Earnings		Other Accumulated Loss			Undistributed Long-term Gain		Total Accumulated Gain (Loss)
SILJ	$	—	$	—	$	—	$	(18,817,133	)	$	—	$	28,096,777
HACK		—		—		—		(196,892,868	)		—		(152,205,787	)
IPAY		61,070		—		61,070		(173,403	)		—		20,854,608
IFLY		263,376		2,383		265,759		—			—		5,582,786
GAMR		168,037		—		168,037		—			—		2,994,989

The difference between the tax cost of investments and the cost of investments for GAAP purposes is primarily due to the tax treatment of wash sale losses.

As of September 30, 2017, the Funds had accumulated capital loss carryovers of:

	Capital Loss Carryover		Expires
SILJ	$	18,738,756	Indefinite
HACK		196,049,384	Indefinite
IPAY		172,403	Indefinite
IFLY		—	Indefinite
GAMR		—	Indefinite

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

Under current tax law, capital and currency losses realized after October 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Funds had deferred post-October capital and currency losses, which will be treated as arising on the first business day of the year ending September 30, 2017.


	Late Year Ordinary Loss		Post- October Capital Loss
SILJ	$	78,377	$	—
HACK		933,484		—
IPAY		—		—
IFLY		—		—
GAMR		—		—

U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the fiscal year ended September 30, 2017, the following table shows the reclassifications made:

	Undistributed Accumulated Net Investment Income/(Loss)			Accumulated Net Realized Loss			Paid-In Capital
SILJ	$	289,106		$	(3,535,059	)	$	3,245,953
HACK		(41,251	)		(60,487,918	)		60,529,169
IPAY		(21,624	)		(5,557,187	)		5,578,811
IFLY		(5,567	)		(246,956	)		252,523
GAMR		45,831			(2,668,537	)		2,622,706

NOTE 9 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Funds during the fiscal years are as follows:

	Year Ended September 30, 2017				Year Ended September 30, 2016
	From Ordinary Income		From Capital Gains		From Ordinary Income		From Capital Gains
SILJ	$	258,169	$	—	$	87,131	$	—
HACK		3,740,625		—		5,498,499		—
IPAY		31,641		—		40,000		—
IFLY		101,055		28,851		4,000		—
GAMR		114,780		96,540		—		—

ETFMG™ ETFs

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

NOTE 10 – INVESTMENTS IN AFFILIATES

ETFMG Prime Cyber Security ETF

ETFMG Prime Cyber Security ETF owned 5% or more of the voting securities of the following companies during the six months ended March 31, 2018. After ETFMG Prime Cyber Security ETF sold some of their holdings in SecureWorks Corp., the company was no longer deemed an affiliate of the Fund as defined by the 1940 Act. Carbonite, Inc. is deemed to be an affiliate of the Fund as of March 31, 2018. Transactions during the period in these securities were as follows:

Share Activity
Security Name	Balance September 30, 2017	Purchases	Sales	Balance March 31, 2018	Realized Losses¹	Net Unrealized Appreciation (Depreciation)	Dividend Income	Value March 31, 2018

SecureWorks
Corp.	768,717	370,477	(675,052)	464,142	(2,439,590)	(1,049,026)	—	3,750,267
Carbonite,
Inc.*	—	1,970,020	(127,118)	1,842,902	(521,439)	(7,713,987)	—	53,075,578
Total		2,340,497	(802,170)	2,307,044	(2,961,029)

ETFMG Prime Mobile Payments ETF

ETFMG Prime Mobile Payments ETF owned 5% or more of the voting securities of the following company during the six months ended March 31, 2018. Dai-ichi Life Holdings, Inc is deemed to be an affiliate of the Fund as of March 31, 2018 as defined by the 1940 Act. Transactions during the period in this security was as follows:

Share Activity
Security Name	Balance September 30, 2017	Purchases	Sales	Balance March 31, 2018	Realized Losses¹	Net Unrealized Appreciation (Depreciation)	Dividend Income	Value March 31, 2018
Dai-ichi Life Holdings, Inc.*	—	659,409	(23,900)	635,509	(19,395)	(1,354,264)	271,276	11,601,675

*Affiliate as of March 31, 2018.

¹	Realized Losses include transactions in affiliated investments and affiliated in-kind redemptions^.

NOTE 11 – SUBSEQUENT EVENTS

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

ETFMG™ ETFs

APPROVAL OF ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on March 28, 2018, the Board of Trustees (the “Board”) of ETF Managers Trust (the “Trust”) considered the renewal of the Investment Advisory Agreement (the “Advisory Agreement”) between ETF Managers Group LLC (the “Adviser”) and the Trust, on behalf of each of ETFMG Prime Junior Silver ETF (“SILJ”), ETFMG Prime Cyber Security ETF (“HACK”), ETFMG Prime Mobile Payments ETF (“IPAY”), ETFMG Drone Economy Strategy ETF (“IFLY”) and ETFMG Video Game Tech ETF (“GAMR”) (each a “Fund” and collectively, the “Funds”).

Pursuant to Section 15(c) of the 1940 Act, the Board must annually review and approve the Advisory Agreement after its initial two-year term: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. Each year, the Board calls and holds a meeting to decide whether to renew the Advisory Agreement for an additional one-year term. In preparation for such meeting, the Board requests and reviews a wide variety of information from the Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services provided to the Funds’ shareholders by the Adviser; (ii) the investment performance of the Funds; (iii) the Adviser’s costs and profits realized in providing services to the Funds, including any fall-out benefits enjoyed by the Adviser; (iv) comparative fee and expense data for the Funds in relation to other similar investment companies; (v) the extent to which economies of scale would be realized as the Funds grow and whether the advisory fees for the Funds reflect these economies of scale for the benefit of the Funds; and (vi) other financial benefits to the Adviser and its affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on March 28, 2018, and throughout the year. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting and throughout the year, and the Adviser’s oral presentations and any other information that the Board received at the meeting, and deliberated on the renewal of the Advisory Agreement in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the renewal of the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The matters discussed were also considered separately by the Independent Trustees in executive session with independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees considered the scope of services provided under the Advisory Agreement, noting that the Adviser provides investment management services to the Funds. The Board discussed the responsibilities of the Adviser, including: responsibility for the general management of the day-today investment and reinvestment of the assets of the Funds; determining the daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis; responsibility for daily monitoring of tracking error and quarterly reporting to the Board; and implementation of Board directives as they relate to the Funds. In considering the nature, extent and quality of the services provided by the Adviser, the Board considered the qualifications, experience and responsibilities of the Adviser’s investment personnel, the quality of the Adviser’s compliance infrastructure, and the determination of the Trust’s Chief Compliance Officer that the Adviser has appropriate compliance policies and procedures in place. The Board also considered the Adviser’s experience managing exchange-traded funds (“ETFs”).

ETFMG™ ETFs

APPROVAL OF ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited) (Continued)

The Board also considered other services provided to the Funds, such as overseeing the Funds’ service providers, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities laws.

Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser.

Historical Performance

The Board then considered the past performance of the Funds. The Board reviewed information regarding the performance history of the Funds over various time periods, including the year-to-date period, the most recent one-year period and the period since each Fund’s inception. The Board noted management’s explanation that analysis of investment performance, in absolute terms, is less relevant for the Funds than it is for actively managed funds, given the Funds’ index-based investment objectives. The Board also noted management’s further explanation that it is more relevant to review the performance of the Funds by focusing on the extent to which each Fund tracked its underlying index. The Board reviewed information regarding each Fund’s index tracking during the time it was managed by the Adviser, discussing, as applicable, factors which contributed to each Fund’s tracking error over certain periods of time. The Board noted that the Funds had underperformed their underlying indexes over certain periods, but that such underperformance was, at least in part, a result of costs incurred by the Funds not incurred by their underlying indexes. The Board considered other factors that contributed to the Funds’ tracking error, including the cash drag, the effect of trading stocks denominated in foreign currencies and the effects of rebalancing index components. The Board noted that the Funds’ performance was nonetheless generally in line with that of their underlying indexes. The Board concluded that, after taking these factors into account, each of the Funds satisfactorily tracked its underlying index. The Board further noted that it had received and would continue to receive regular reports regarding each Fund’s performance at its quarterly meetings.

Cost of Services Provided and Economies of Scale

The Board reviewed the advisory fees for the Funds and compared them to the total operating expenses of comparable ETFs, as determined by an independent third party. Among other information, the Board noted that the advisory fee for each of the Funds was higher than the average and median expense ratios for its comparable ETFs. The Board took into consideration management’s discussion of the fees, including that the Funds have niche investment strategies and limited comparable ETFs.

The Board also noted the importance of the fact that the advisory fee for each Fund is a “unified fee,” meaning that the shareholders of the Funds pay no expenses other than the advisory fee and certain other costs such as interest, brokerage and extraordinary expenses and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board further noted that the Adviser was responsible for compensating the Trust’s other service providers and paying the Funds’ other expenses out of its own fees and resources. The Board also evaluated the compensation and benefits received by the Adviser from its relationship with the Funds, taking into account an analysis of the Adviser’s profitability provided at the meeting. The Board concluded that the advisory fee for each of the Funds was reasonable in light of the factors considered.

ETFMG™ ETFs

APPROVAL OF ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited) (Continued)

In addition, the Board considered whether economies of scale may be realized for the Funds. The Board noted that the Adviser regularly considers whether fee reductions are appropriate as the Funds grow in size. The Board noted that a unitary fee provides a level of certainty in expenses for the Funds. The Trustees concluded that the flat advisory fee was reasonable.

Based on the Board’s deliberations and its evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Advisory Agreement are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the services that the Adviser provides to the Funds; and (c) approved the renewal of the Advisory Agreement for another year.

ETFMG™ ETFs

EXPENSE EXAMPLES

For the Six Months Ended March 31, 2018 (Unaudited)

As a shareholder of ETFMG Prime Junior Silver ETF, ETFMG Prime Cyber Security ETF, ETFMG Prime Mobile Payments ETF, ETFMG Drone Economy Strategy ETF, and ETFMG Video Game Tech ETF (the “Funds”) you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including unitary fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2017 to March 31, 2018).

Actual Expenses

The first line of the table provides information about actual account values based on actual returns and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table provides information about hypothetical account values based on a hypothetical return and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

Fund Name	Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Expenses Paid During the Period ^
ETFMG Prime Junior Silver ETF
Actual	$	1,000.00	$	897.40	$	3.26
Hypothetical (5% annual)		1,000.00		1,021.49		3.48
ETFMG Prime Cyber Security ETF
Actual		1,000.00		1,138.30		3.20
Hypothetical (5% annual)		1,000.00		1,021.94		3.02
ETFMG Prime Mobile Payments ETF
Actual		1,000.00		1,112.60		3.95
Hypothetical (5% annual)		1,000.00		1,021.19		3.78
ETFMG Drone Economy Strategy ETF
Actual		1,000.00		960.70		3.67
Hypothetical (5% annual)		1,000.00		1,021.19		3.78
ETFMG Video Game Tech ETF
Actual		1,000.00		1,092.40		3.91
Hypothetical (5% annual)		1,000.00		1,021.19		3.78

^ The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by 182/365 (to reflect the period from October 1, 2017 to March 31, 2018).

ETFMG™ ETFs

SUPPLEMENTARY INFORMATION

March 31, 2018

INFORMATION ABOUT PORTFOLIO HOLDINGS

Each Fund files its Form N-Q with the Securities and Exchange Commission (the ‘‘SEC’’) no more than sixty days after the Funds’ first and third fiscal quarters. For each Fund, this would be for the fiscal quarters ending June 30 and December 31. Form N-Q includes a complete schedule of the Funds’ portfolio holdings as of the end of those fiscal quarters. The Funds’ N-Q filings can be found free of charge on the SEC’s website at http://www.sec.gov, or they may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (call 800-SEC-0330 for information on the operation of the Public Reference Room). The Funds’ portfolio holdings are posted on the Funds’ website at www.ETFMG.com daily.

INFORMATION ABOUT PROXY VOTING

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free at (877) 756-7873, by accessing the SEC’s website at www.sec.gov, or by accessing the Funds’ website at www.etfmgfunds.com.

Information regarding how the Funds voted proxies relating to portfolio securities during the period ending June 30 is available by calling toll-free at (877) 756-7873 or by accessing the SEC’s website at www.sec.gov.

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477) or by visiting www.etfmgfunds.com. Read the prospectus carefully before investing.

(This page intentionally left blank)

Advisor

ETF Managers Group, LLC

30 Maple Street, Suite 2, Summit, NJ 07901

Distributor

ETFMG Financial, Inc.

30 Maple Street, Suite 2, Summit, NJ 07901

Custodian

U.S. Bank National Association

Custody Operations

1555 North River Center Drive, Suite 302, Milwaukee, Wisconsin 53212

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street, Milwaukee, Wisconsin 53202

Securities Lending Agent

U.S. Bank, National Association

Securities Lending

800 Nicolet Mall

Minneapolis, MN 55402-7020

Independent Registered Public Accounting Firm

WithumSmith + Brown, PC

1411 Broadway, 9th Floor, New York, NY 10018

Legal Counsel

Sullivan & Worcester LLP

1666 K Street NW, Washington, DC 20006

Semi-Annual Report
March 31, 2018

ETFMG Alternative Harvest ETF
Ticker: MJ

The fund is a series of ETF Managers Trust.

ETFMG Alternative Harvest ETF

TABLE OF CONTENTS
March 31, 2018

	Page
Shareholders’ Letter	2

Growth of $10,000 Investment	3

Top Ten Holdings	4

Important Disclosures and Key Risk Factors	5

Portfolio Allocations	6

Schedule of Investments	7

Statement of Assets and Liabilities	10

Statement of Operations	11

Statements of Changes in Net Assets	12

Financial Highlights	13

Notes to Financial Statements	14

Approval of Advisory Agreement and Board Considerations	23

Expense Example	26

Supplementary Information	27

ETFMG Alternative Harvest ETF

Dear Shareholder,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the ETFMG Alternative Harvest ETF Exchange-Traded Fund (“MJ” or the “Fund”). The following information pertains to the fiscal period from October 1, 2017 to March 31, 2018.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Alternative Harvest Index (the “Index”). On December 26, 2017, the Fund’s investment objective and principal investment strategy were substantially revised. The performance and average annual total returns shown for periods prior to December 26, 2017 is likely to have differed had the Fund’s current investment strategy been in effect during those periods. Over the 6-month period the Fund NAV decreased -2.80%, which reflects the cumulative result of performance of the Fund under two different investment strategies for that period.

HISTORICAL PERFORMANCE FOR THE ETFMG ALTERNATIVE HARVEST ETF
	6 Month	Cumulative Since Inception	1 Year	Annualized Since Inception
Market	-4.32	41.90	6.36	16.22
NAV	-2.80	43.30	7.38	16.71
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. All performance is historical and includes reinvestment of dividends and capital gains. Performance data current to the most recent month end may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477).

You can find further details about MJ by visiting www.etfmj.com, or by calling 1-844-ETF-MGRS (1-844-383-6477).

Sincerely,

Samuel Masucci III
Chairman of the Board

Samuel Masucci III is a registered representative of ETFMG Financial, LLC.

ETFMG Alternative Harvest ETF
Growth of $10,000 (Unaudited)

Average Annual Returns Period Ended March 31, 2018	6 Months Return¹			1 Year Return			Since Inception (12/3/2015)
ETFMG Alternative Harvest ETF (NAV)²		-2.80	%		7.38	%		16.71	%
ETFMG Alternative Harvest ETF (Market)²		-4.32	%		6.36	%		16.22	%
S&P 500 Index³		5.84	%		14.07	%		13.87	%
Prime Alternative Harvest Index³		-3.30	%		7.20	%		17.46	%

Total Fund Operating Expenses⁴								0.75	%

1. Not annualized.

2. The Fund’s investment objective changed on December 26, 2017. Performance of the Fund prior to December 26, 2017 was based on an entirely different index.

3. The return reflects the actual performance through March 29, 2018 (the last day of the New York Stock Exchange was open) to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

4. The expense ratio is taken from the Fund’s most recent prospectus dated January 31, 2018.

The chart illustrates the performance of a hypothetical $10,000 investment made on December 3, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sale of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The unmanaged indices do not reflect fees and are not available for direct investment.

ETFMG Alternative Harvest ETF

Top Ten Holdings*

		Security	% of Total Investments†
1	Canopy Growth Corp.		5.25%
2	Hydropothecary Corp.		4.82%
3	Cannabis Wheaton Income Corp.		4.70%
4	GW Pharmaceuticals PLC - ADR		4.67%
5	CannTrust Holdings, Inc.		4.58%
6	MedReleaf Corp.		4.54%
7	Emerald Health Therapeutics, Inc.		4.04%
8	Aurora Cannabis, Inc.		4.01%
9	Organigram Holdings, Inc.		3.59%
10	Corbus Pharmaceuticals Holdings, Inc.		3.59%

	Top Ten Holdings = 43.79% of Total Investments†
	* Current Fund holdings may not be indicative of future Fund holdings.
	† Percentage of total investments less cash.

ETFMG Alternative Harvest ETF

Important Disclosures and Key Risk Factors

The possession and use of marijuana, even for medical purposes, is illegal under federal and certain states’ laws, which may negatively impact the value of the Fund’s investments. Use of marijuana is regulated by both the federal government and state governments, and state and federal laws regarding marijuana often conflict. Even in those states in which the use of marijuana has been legalized, its possession and use remains a violation of federal law. Federal law criminalizing the use of marijuana pre-empts state laws that legalizes its use for medicinal and recreational purposes. Cannabis companies and pharmaceutical companies may never be able to legally produce and sell products in the United States or other national or local jurisdictions.

The Fund’s investments will be concentrated in an industry or group of industries to the extent that the Index is so concentrated. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries.

The consumer staples sector may be affected by the permissibility of using various product components and production methods, marketing campaigns and other factors affecting consumer demand. Tobacco companies, in particular, may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable factors.

ETF shares are not individually redeemable and owners of the shares may acquire those shares from the Fund and tender those shares for redemption to the Fund in Creation Units only, typically consisting of aggregations of 50,000 shares.

ETFMG Alternative Harvest ETF

PORTFOLIO ALLOCATIONS
As of March 31, 2018 (Unaudited)

	ETFMG Alternative Harvest ETF
As a percent of Net Assets:
Australia		2.6	%
Canada		62.0
Denmark		1.2
Hong Kong		1.2
Italy		1.3
Japan		1.3
Mexico	—		^
Spain		1.4
Sweden		1.3
United Kingdom		7.9
United States		17.4
Short-Term and other Net Assets (Liabilities)		2.4
		100.0	%

^ Less than 0.05%.

ETFMG Alternative Harvest ETF

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value

COMMON STOCKS - 97.6%
Australia - 2.6%
Pharmaceuticals - 2.6%
Cann Group Ltd. (a)		4,138,956	$	9,473,187

Canada - 62.0%
Cosmetics/Personal Care - 2.2%
Isodiol International, Inc. (a)		9,944,351		8,181,792
Investment Companies - 9.3%
Cannabis Wheaton Income Corp. (a)		15,813,702		19,639,014
Cronos Group, Inc. (a) ^		2,173,235		14,625,872
Total Investment Companies				34,264,886
Miscellaneous Manufacturing - 1.6%
Radient Technologies, Inc. (a)		4,976,786		5,678,484
Pharmaceuticals - 48.9%
ABcann Global Corp. (a)		7,256,969		9,688,351
Aphria, Inc. (a)		17,778		158,551
Aurora Cannabis, Inc. (a)		2,289,285		16,756,283
CannTrust Holdings, Inc. (a)		3,125,002		19,113,607
Canopy Growth Corp. (a)		838,045		21,895,133
Emerald Health Therapeutics, Inc. (a)		4,247,366		16,879,353
Hiku Brands Company Ltd. (a)		3,908,065		6,794,788
Hydropothecary Corp. (a)		6,381,571		20,110,357
MedReleaf Corp. (a)		1,392,243		18,932,819
Newstrike Resources Ltd. (a)		14,420,938		12,760,406
Organigram Holdings, Inc. (a)		4,844,817		15,004,323
Supreme Cannabis Co., Inc. (a)		10,270,600		14,030,548
TerrAscend Corp. (a)		2,026,366		7,864,191
Total Pharmaceuticals				179,988,710
Total Canada				228,113,872

Denmark - 1.2%
Tobacco - 1.2%
Scandinavian Tobacco Group AS		250,602		4,405,162

Hong Kong - 1.2%
Chemicals - 1.2%
Huabao International Holdings Ltd.		6,724,687		4,455,620

Italy - 1.3%
Machinery - 1.3%
Gima TT SpA		222,677		4,756,522

Japan - 1.3%
Tobacco - 1.3%
Japan Tobacco, Inc.		173,991		5,013,423

The accompanying notes are an integral part of these financial statements.

ETFMG Alternative Harvest ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Value
Mexico - 0.0%
Construction & Engineering - 0.0%
Empresas ICA SAB de CV (a)(c)		155,893	$	—

Spain - 1.4%
Paper & Forest Products - 1.4%
Miquel y Costas & Miquel SA		118,009		5,125,712

Sweden - 1.3%
Tobacco - 1.3%
Swedish Match AB		109,937		4,970,325

United Kingdom - 7.9%
Pharmaceuticals - 5.3%
GW Pharmaceuticals PLC - ADR (a)		172,891		19,479,628
Tobacco - 2.6%
British American Tobacco PLC		82,031		4,754,336
Imperial Brands PLC		135,248		4,603,396
Total Tobacco				9,357,732
Total United Kingdom				28,837,360

United States - 17.4%
Biotechnology - 7.5%
Arena Pharmaceuticals, Inc. (a)		114,890		4,538,155
Cara Therapeutics, Inc. (a) ^		337,486		4,178,077
Corbus Pharmaceuticals Holdings, Inc. (a) ^		2,456,921		14,987,218
Insys Therapeutics, Inc. (a) ^		649,898		3,925,384
Total Biotechnology				27,628,834
Chemicals - 1.2%
Scotts Miracle-Gro Co. ^		52,850		4,531,887
Paper & Forest Products - 1.3%
Schweitzer-Mauduit International, Inc.		120,897		4,733,118
Tobacco - 7.4%
22nd Century Group, Inc. (a) ^		1,741,659		4,092,899
Altria Group, Inc.		73,976		4,610,184
Philip Morris International, Inc.		44,841		4,457,195
Turning Point Brands, Inc.		224,595		4,366,127
Universal Corp. ^		95,692		4,641,062
Vector Group Ltd. ^		229,293		4,675,284
Total Tobacco				26,842,751
Total United States				63,736,590
TOTAL COMMON STOCKS (Cost $416,829,023)				358,887,773

The accompanying notes are an integral part of these financial statements.

ETFMG Alternative Harvest ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS - 3.6%
Money Market Funds - 3.6%
Invesco Advisers, Inc. STIT - Treasury Portfolio - Institutional Class, 1.57% (b)		13,199,605	$	13,199,605
TOTAL SHORT-TERM INVESTMENTS (Cost $13,199,605)				13,199,605

INVESTMENTS PURCHASED WITH SECURITIES LENDING COLLATERAL - 12.3%
Investment Companies - 12.3%
Mount Vernon Liquid Assets Portfolio, LLC, 1.89% (b) +				45,347,164
TOTAL INVESTMENTS PURCHASED WITH SECURITIES LENDING COLLATERAL (Cost 45,347,164)				45,347,164

Total Investments (Cost $475,375,792) - 113.5%				417,434,542
Liabilities in Excess of Other Assets - (13.5)%				(49,508,878	)
TOTAL NET ASSETS - 100.0%			$	367,925,664

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a)	Non-income producing security.

(b)	The rate quoted is the annualized seven-day yield at March 31, 2018.

(c)	Includes a security that is categorized as Level 3 per the Trust’s fair value hierachy. This security represents $0 or 0.00% of the Fund’s net assets and is classified as a Level 3 security.

+	Investments purchased with cash proceeds from securities lending. Total cash collateral has a value of $45,347,164 as of March 31, 2018.

^	All or a portion of this security is out on loan as of March 31, 2018. Total value of securities out on loan is $45,267,643.

The accompanying notes are an integral part of these financial statements.

ETFMG Alternative Harvest ETF

STATEMENT OF ASSETS AND LIABILITIES

As of March 31, 2018 (Unaudited)

	ETFMG Alternative Harvest ETF
ASSETS
Investments in securities, at fair value*	$	417,434,542
Receivables:
Dividends and interest receivable		208,832
Receivable for investments sold		22,736,626
Securities lending income receivable		350,378
Total Assets	$	440,730,378

LIABILITIES
Collateral received for securities loaned (Note 7)		45,347,164
Payables:
Payable for investments purchased		27,206,609
Unitary fees payable		250,941
Total Liabilities		72,804,714
Net Assets	$	367,925,664

NET ASSETS CONSIST OF:
Paid-in Capital	$	441,863,032
Undistributed (accumulated) net investment income		341,865
Accumulated net realized loss on investments		(16,329,386	)
Net unrealized depreciation on:
Investments in securities		(57,941,250	)
Foreign currency and translation of other assets and liabilities in foreign currency		(8,597	)
Net Assets	$	367,925,664

*Identified Cost:
Investments in unaffiliated securities	$	475,375,792

Shares Outstanding^		12,400,000
Net Asset Value, Offering and Redemption Price per Share	$	29.67

^ No par value, unlimited number of shares authorized

The accompanying notes are an integral part of these financial statements.

ETFMG Alternative Harvest ETF

STATEMENT OF OPERATIONS

Six Months Ended March 31, 2018 (Unaudited)

	ETFMG Alternative Harvest ETF
INVESTMENT INCOME
Income:
Dividends from unaffiliated securities (net of foreign withholdings tax of $6,268)	$	760,665
Interest		15,322
Securities lending Income		1,016,452
Total Investment Income		1,792,439

Expenses:
Unitary fees		690,046
Total Expenses		690,046
Net Investment Income		1,102,393
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain/(Loss) On:
Unaffiliated investments		(16,967,123	)
In-Kind redemptions		793,310
Foreign currency		(108,189	)
Net Realized Loss on Investments and Foreign Currency		(16,282,002	)
Net Change in Unrealized Depreciation of:
Unaffiliated investments in securities		(58,729,943	)
Foreign currency and foreign currency translation		(8,626	)
Net Change in unrealized depreciation of investments		(58,738,569	)
Net Realized and Unrealized Loss on Investments		(75,020,571	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(73,918,178	)

The accompanying notes are an integral part of these financial statements.

ETFMG Alternative Harvest ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017

OPERATIONS
Net investment income	$	1,102,393		$	69,004
Net realized gain (loss) on investments		(16,282,002	)		68,596
Net change in unrealized appreciation (depreciation) of investments		(58,738,569	)		415,461
Net increase (decrease) in net assets resulting from operations		(73,918,178	)		553,061

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(665,685	)		(263,218	)
From net realized gain		(40,848	)		(70,581	)
Total Distributions to Shareholders		(706,533	)		(333,799	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change in outstanding shares (a)		436,273,905			3,084,065
Transaction Fees (See Note 1)		5,063			4,359
Net increase in net assets from capital share transactions		436,278,968			3,088,424
Net increase in net assets	$	361,654,257		$	3,307,686
NET ASSETS
Beginning of Period		6,271,407			2,963,721
End of Period	$	367,925,664		$	6,271,407
Undistributed net investment income (loss)	$	341,865		$	(94,843	)

(a) Summary of share transactions is as follows:

	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	Shares			Amount			Shares		Amount
Shares Sold		12,400,000			442,731,015			100,000	$	3,084,065
Transaction Fees (See Note 1)		—			5,063			—		4,359
Shares Redeemed		(200,000	)		(6,457,110	)		—		—
Net Transactions in Fund Shares		12,200,000		$	436,278,968			100,000	$	3,088,424
Beginning Shares		200,000						100,000
Ending Shares		12,400,000						200,000

The accompanying notes are an integral part of these financial statements.

ETFMG Alternative Harvest ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended September 30, 2016¹

Net Asset Value, Beginning of Period	$	31.36		$	29.64		$	25.00
Income from Investment Operations:
Net investment income ²		0.20			0.57			0.98
Net realized and unrealized gain (loss) on investments		(1.07	)		4.42			4.59
Total from investment operations		(0.87	)		4.99			5.57
Less Distributions:
Distributions from net investment income		(0.62	)		(2.56	)		(0.93	)
Distributions from net realized gain		(0.20	)		(0.71	)		—
Total distributions		(0.82	)		(3.27	)		(0.93	)
Net asset value, end of period	$	29.67		$	31.36		$	29.64
Total Return		-2.80	%³		20.23	%		22.63	%³

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	367,926		$	6,271		$	2,964
Expenses to Average Net Assets		0.75	%⁴		0.79	%		0.79	%⁴
Net Investment Income to Average Net Assets		1.20	%⁴		1.98	%		5.88	%⁴
Portfolio Turnover Rate		86	%³		44	%		44	%³

¹	Commencement of operations on December 2, 2015.

²	Calculated based on average shares outstanding during the period.

³	Not annualized.

⁴	Annualized.

The accompanying notes are an integral part of these financial statements.

ETFMG Alternative Harvest ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

NOTE 1 – ORGANIZATION

ETFMG Alternative Harvest ETF (the “Fund”) is a series of ETF Managers Trust (the “Trust”), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on July 1, 2009. The Trust is registered with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Fund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Prime Alternative Harvest Index (the “Index”). The Fund commenced operations on December 2, 2015 as the Tierra XP Latin America Real Estate ETF. Effective December 26, 2017, the Board of Trustees of the Trust approved the following changes to the Fund: a) The Fund’s name was changed to the ETFMG Alternative Harvest ETF b) the Fund’s former underlying index, the Solactive Latin America Real Estate Index, was replaced with the Prime Alternative Harvest Index; c) The Fund’s investment objective was changed to the following: “The ETFMG Alternative Harvest ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Prime Alternative Harvest Index” (the “New Index”); and d) the non-fundamental policy that, under normal circumstances, the Fund will not invest less than 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of real estate related companies in Latin America will be eliminated.

The Fund currently offers one class of shares, which has no front end sales load, no deferred sales charges, and no redemption fees. The Fund may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Fund have equal rights and privileges.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their net asset value (“NAV”). The Fund issues and redeems Shares on a continuous basis at NAV only in blocks of 50,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in the Index. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the 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 do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Authorized Participants transacting in Creation Units for cash may pay an additional variable charge to compensate the relevant Fund for certain transaction costs (i.e., brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, are included in “Transaction Fees” in the Statement of Changes in Net Assets.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

ETFMG Alternative Harvest ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

The Fund may invest in certain other investment companies (underlying funds). For specific investments in underlying funds, please refer to the complete schedule of portfolio holdings on Form N-CSR(S) for this reporting period, which is filed with the U.S. Securities and Exchange Commission (SEC). For more information about the underlying Fund’s operations and policies, please refer to those Funds’ semiannual and annual reports, which are filed with the SEC.

Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Fund’s Board. The use of fair value pricing by the Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of March 31, 2018, the Fund held one fair value security. More detail on this security can be found in the Schedule of Investments.

As described above, the Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2

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.

ETFMG Alternative Harvest ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

The following table presents a summary of the Funds’ assets measured at fair value as of March 31, 2018:

ETFMG Alternative Harvest ETF⁺

Assets^	Level 1		Level 2		Level 3			Total
Common Stocks	$	358,887,773	$	—	$	—	⁽¹⁾	$	358,887,773
Investments Purchased with Securities Lending
Collateral*		—		—		—			45,347,164
Short-Term Investments		13,199,605		—		—			13,199,605
Total Investments in Securities	$	358,887,773	$	—	$	—		$	417,434,542

+ On March 30, 2018, US and certain other financial markets were closed, while some foreign markets were open. The Fund was re-priced for financial reporting purposes to reflect in the valuation, the transactions related to open foreign market activities called at the official closing price on the primary market of exchange on which the securities trade.

^ See Schedule of Investments for classifications by country and industry.

(1) Includes a security valued at $0.

The ETFMG Alternative Harvest ETF held a Level 3 security at the end of the period. The security classified as Level 3 is deemed immaterial. This security transferred from Level 1 to Level 3 due to being previously priced in an active market. There were no transfers into or out of Level 2 during the six months ended March 31, 2018. Transfers between levels are recognized at the end of the reporting period.

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.

Federal Income Taxes. The Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provisions for federal income taxes or excise taxes have been made.

To avoid imposition of the excise tax applicable to regulated investment companies, the Fund intends to declare each year as dividends, in each calendar year, at least 98.0% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.

ETFMG Alternative Harvest ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

Net capital losses incurred after October 31, within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Fund has analyzed its tax position and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Fund’s 2017 tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal, the State of New Jersey, and the State of Delaware; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the Fund, and has determined that no provision for income tax is required in the Fund’s financial statements.

Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Income, including gains, from investments in foreign securities received by the Fund may be subject to income, withholding or other taxes imposed by foreign countries.

Foreign Currency Translations and Transactions. The Fund may engage in foreign currency transactions. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, assets and liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. For financial reporting purposes, the Fund does not isolate changes in the exchange rate of investment securities from the fluctuations arising from changes in the market prices of securities for unrealized gains and losses. However, for federal income tax purposes, the Fund does isolate and treat as ordinary income the effect of changes in foreign exchange rates on realized gains or losses from the sale of investment securities and payables and receivables arising from trade-date and settlement-date differences.

Distributions to Shareholders. Distributions to shareholders from net investment income are declared and paid by the Fund on a quarterly basis. Distributions to Shareholders from net realized gains on securities of the Fund normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

ETFMG Alternative Harvest ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

Share Valuation. The net asset value (“NAV”) per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s net asset value per share.

Guarantees and Indemnifications. In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

NOTE 3 – RISK FACTORS

Investing in the ETFMG Alternative Harvest ETF may involve certain risks, as discussed in the Fund’s prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

Non-U.S. Regulatory Risks of the Marijuana Industry. The companies in which the Fund invests are subject to various laws, regulations and guidelines relating to the manufacture, management, transportation, storage and disposal of marijuana, as well as being subject to laws and regulations relating to health and safety, the conduct of operations and the protection of the environment. Even if a company’s operations are permitted under current law, they may not be permitted in the future, in which case such company may not be in a position to carry on its operations in its current locations. Additionally, controlled substance legislation differs between countries and legislation in certain countries may restrict or limit the ability of certain companies in which the Fund invests to sell their products.

Operational Risks of the Marijuana Industry. Companies involved in the marijuana industry face intense competition, may have limited access to the services of banks, may have substantial burdens on company resources due to litigation, complaints or enforcement actions, and are heavily dependent on receiving necessary permits and authorizations to engage in medical marijuana research or to otherwise cultivate, possess or distribute marijuana. Since the use of marijuana is illegal under United States federal law, federally regulated banking institutions may be unwilling to make financial services available to growers and sellers of marijuana.

Concentration Risk. The Fund’s investments will be concentrated in an industry or group of industries to the extent that the Index is so concentrated. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries.

Consumer Staples Sector Risk. The consumer staples sector may be affected by the permissibility of using various product components and production methods, marketing campaigns and other factors affecting consumer demand. Tobacco companies, in particular, may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable factors.

ETFMG Alternative Harvest ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests such as political, market and economic developments, as well as events that impact specific issuers.

New Fund Risk. There can be no assurance that the Fund will grow to or maintain an economically viable size.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a small number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a small number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and have a greater impact on the Fund’s performance.

NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS.

ETF Managers Group, LLC (the “Advisor”), serves as the investment advisor to the Fund. Pursuant to an Investment Advisory Agreement (“Advisory Agreement”) between the Trust, on behalf of the Fund, and the Advisor, the Advisor provides investment advice to the Fund and oversees the day-today operations of the Fund, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Advisor is also responsible for arranging transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate.

Under the Investment Advisory Agreement with the Fund, the Advisor has overall responsibility for the general management and administration of the Fund and arranges for sub-advisory, transfer agency, custody, fund administration, securities lending, and all other non-distribution related services necessary for the Fund to operate. The Advisor bears the costs of all advisory and non-advisory services required to operate the Fund, in exchange for a single unitary fee. For services provided the Fund pays the Advisor at an annual rate of 0.75% of the Fund’s average daily net assets. The Advisor has an agreement with, and is dependent on, a third party to pay the Fund’s expenses in excess of 0.75% of the Fund’s average daily net assets. Additionally, under the Investment Advisory Agreement, the Advisor has agreed to pay all expenses of the Fund, except for: the fee paid to the Advisor pursuant to the Investment 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 (collectively, “Excluded Expenses”). From the period October 1, 2017 to December 25, 2017, the Fund’s Sponsor was Tierra Funds, LLC. Tierra Funds, LLC agreed to sublicense the use of the Underlying Index to the Advisor. Effective December 26, 2017, the Advisor has entered into an Agreement with ETFMG Financial, LLC (the “Sponsor”). The Sponsor provides marketing support for the Fund, including distributing marketing materials related to the Fund.

U.S. Bancorp Fund Services, LLC (the “Administrator”) provides fund accounting, fund administration, and transfer agency services to the Fund. The Advisor compensates the Administrator for these services under an administration agreement between the two parties.

ETFMG Alternative Harvest ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

The Advisor pays each independent Trustee a quarterly fee for service to the Fund. Each Trustee is also reimbursed by the Advisor for all reasonable out-of-pocket expenses incurred in connection with his duties as Trustee, including travel and related expenses incurred in attending Board meetings.

NOTE 5 – DISTRIBUTION PLAN

The Fund has adopted a Plan of Distribution pursuant to Rule 12b-l under the 1940 Act. Under the Plan, the Fund may pay compensation to the Distributor or any other distributor or financial institution with which the Trust has an agreement with respect to the Fund, with the amount of such compensation not to exceed an annual rate of 0.25% of each Fund’s average daily net assets. For the six months ended March 31, 2018, the Fund did not incur any 12b-1 expenses.

NOTE 6 - PURCHASES AND SALES OF SECURITIES

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, six months ended March 31, 2018:

		Purchases				Sales
ETFMG Alternative Harvest ETF		$	159,823,254			$	164,853,016

The costs of purchases and sales of in-kind transactions associated with creations and redemptions for the six months ended March 31, 2018:

		Purchases In-Kind				Sales In-Kind
ETFMG Alternative Harvest ETF		$	440,383,639			$	6,484,340

Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. Net capital gains or losses resulting from in-kind redemptions are excluded from the determination of the Fund’s taxable gains and are not distributed to shareholders.

There were no purchases or sales of U.S. Government obligations for the six months ended March 31, 2018.

NOTE 7 — SECURITIES LENDING

The Fund may lend up to 33 1/3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by U.S. Bank N.A. (“the Custodian”). The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any loaned securities at the time of the loan, plus accrued interest. The Fund receives compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of the Fund. The Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Fund is indemnified from this risk by contract with the securities lending agent.

ETFMG Alternative Harvest ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

As of March 31, 2018, the value of the securities on loan and payable for collateral due to broker were as follows:

Value of Securities on Loan Collateral Received
	Values of		Fund
	Securities		Collateral
Fund	on Loan		Received*
ETFMG Alternative Harvest ETF	$	45,267,643	$	45,347,164

* The cash collateral received was invested in the Mount Vernon Securities Lending Prime Portfolio as shown on the Schedule of Investments, a money market fund with an overnight and continuous maturity.

Interest income earned on collateral investments (including applicable fees) and recognized by the Fund during the six months ended March 31, 2018, aggregated $1,016,452.

NOTE 8 – FEDERAL INCOME TAXES

The components of distributable earnings (losses) and cost basis of investments for federal income tax purposes at September 30, 2017 were as follows:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
ETFMG Alternative Harvest ETF		$	5,811,821			$	930,946			$	(387,897	)		$	543,049

		Undistributed Ordinary Income				Undistributed Long-term Gain				Total Distributable Earnings				Other Accumulated Loss				Total Accumulated Gain
ETFMG Alternative Harvest ETF		$	112,470			$	35,323			$	147,793			$	(3,499	)		$	687,343

As of September 30, 2017, the Fund had accumulated capital loss carryovers of:

	Capital Loss Carryover		Expires
ETFMG Alternative Harvest ETF	None		Indefinite

Under current tax law, capital and currency losses realized after October 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Fund had deferred post-October capital and currency losses, which will be treated as arising on the first business day of the year ended September 30, 2017.

ETFMG Alternative Harvest ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

	Late Year Ordinary Loss		Post-October Capital Loss
ETFMG Alternative Harvest ETF	None		None

		Undistributed Accumulated Net Investment Income				Accumulated Net Realized Loss				Paid-In Capital
ETFMG Alternative Harvest ETF		$	99,535			$	(93,119	)		$	(6,416	)

NOTE 9 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Fund during the fiscal years ended September 30, 2017 and September 30, 2016 are as follows:

	Year Ended September 30, 2017				Year Ended September 30, 2016
	From		From		From		From
	Ordinary Income		Capital Gains		Ordinary Income		Capital Gains
ETFMG Alternative Harvest ETF	$	263,218	$	70,581	$	93,090	$	—

NOTE 10 – SUBSEQUENT EVENTS

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

ETFMG Alternative Harvest ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited)

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services provided to the Fund’s shareholders by the Adviser; (ii) the investment performance of the Fund; (iii) the Adviser’s costs and profits realized in providing services to the Fund, including any fall-out benefits enjoyed by the Adviser; (iv) comparative fee and expense data for the Fund in relation to other similar investment companies; (v) the extent to which economies of scale would be realized as the Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and its affiliates resulting from services rendered to the Fund. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on March 28, 2018, and throughout the year. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting and throughout the year, and the Adviser’s oral presentations and any other information that the Board received at the meeting, and deliberated on the renewal of the Advisory Agreement in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the renewal of the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund. The matters discussed were also considered separately by the Independent Trustees in executive session with independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees considered the scope of services provided under the Advisory Agreement, noting that the Adviser provides investment management services to the Fund. The Board discussed the responsibilities of the Adviser, including: responsibility for the general management of the day-to-day investment and reinvestment of the assets of the Fund; determining the daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis; responsibility for daily monitoring of tracking error and quarterly reporting to the Board; and implementation of Board directives as they relate to the Fund. In considering the nature, extent and quality of the services provided by the Adviser, the Board considered the qualifications, experience and responsibilities of the Adviser’s investment personnel, the quality of the Adviser’s compliance infrastructure, and the determination of the Trust’s Chief Compliance Officer that the Adviser has appropriate compliance policies and procedures in place. The Board also considered the Adviser’s experience managing exchange-traded funds (“ETFs”).

ETFMG Alternative Harvest ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited) (Continued)

The Board also considered other services provided to the Fund, such as overseeing the Fund’s service providers, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities laws.

Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser.

Historical Performance

The Board then considered the past performance of the Fund. The Board reviewed information regarding the performance history of the Fund over various time periods, including the year-to-date period, the most recent one-year period and the period since the Fund’s inception. The Board noted management’s explanation that analysis of investment performance, in absolute terms, is less relevant for the Fund than it is for actively managed funds, given the Fund’s index-based investment objectives. The Board also noted management’s further explanation that it is more relevant to review the performance of the Fund by focusing on the extent to which the Fund tracked its underlying index. The Board reviewed information regarding the Fund’s index tracking during the time it was managed by the Adviser, discussing, as applicable, factors which contributed to the Fund’s tracking error over certain periods of time. The Board noted that the Fund converted to a new investment objective to track a substantially different underlying index, effective December 26, 2017, and the majority of the information of tracking error considered related to the prior underlying index. The Board noted that the Fund’s performance was generally in line with that of its underlying index. The Board concluded that the Fund satisfactorily tracked its underlying index. The Board further noted that it had received and would continue to receive regular reports regarding the Fund’s performance at its quarterly meetings.

Cost of Services Provided and Economies of Scale

The Board reviewed the advisory fee for the Fund and compared it to the total operating expenses of comparable ETFs, as determined by an independent third party. Among other information, the Board noted that the advisory fee for the Fund was higher than the average and median expense ratios for its comparable ETFs. The Board took into consideration management’s discussion of the fees, including that the Fund has a niche investment strategy and limited comparable ETFs.

The Board also noted the importance of the fact that the advisory fee for the Fund is a “unified fee,” meaning that the shareholders of the Fund pay no expenses other than the advisory fee and certain other costs such as interest, brokerage and extraordinary expenses and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board further noted that the Adviser was responsible for compensating the Trust’s other service providers and paying the Fund’s other expenses out of its own fees and resources. The Board also evaluated the compensation and benefits received by the Adviser from its relationship with the Fund, taking into account an analysis of the Adviser’s profitability provided at the meeting. The Board concluded that the advisory fee for the Fund was reasonable in light of the factors considered.

In addition, the Board considered whether economies of scale may be realized for the Fund. The Board noted that the Adviser regularly considers whether fee reductions are appropriate as the Fund grows in size. The Board noted that a unitary fee provides a level of certainty in expenses for the Fund. The Trustees concluded that the flat advisory fee was reasonable.

ETFMG Alternative Harvest ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited) (Continued)

Based on the Board’s deliberations and its evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Advisory Agreement are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the services that the Adviser provides to the Fund; and (c) approved the renewal of the Advisory Agreement for another year.

ETFMG Alternative Harvest ETF

EXPENSE EXAMPLE

Six Months Ended March 31, 2018 (Unaudited)

As a shareholder of ETFMG Alternative Harvest ETF (the “Fund”) you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including unitary fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2017 to March 31, 2018).

Actual Expenses

The first line of the table provides information about actual account values based on actual returns and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

ETFMG Alternative Harvest ETF

	Beginning Account Value October 1, 2017	Ending Account Value March 31, 2018	Expenses Paid During the Period^
Actual	$1,000.00	$972.00	$3.88
Hypothetical (5% annual)	$1,000.00	$1,020.99	$3.98

ETFMG Alternative Harvest ETF

SUPPLEMENTARY INFORMATION

March 31, 2018 (Unaudited)

INFORMATION ABOUT PORTFOLIO HOLDINGS

The Fund files a Form N-Q with the Securities and Exchange Commission (the “SEC”) no more than sixty days after the Fund’s first and third fiscal quarters. For the Fund, this would be for the fiscal quarters ending June 30 and December 31. Form N-Q includes a complete schedule of the Funds’ portfolio holdings as of the end of those fiscal quarters. The Fund’s N-Q filings can be found free of charge on the SEC’s website at http://www.sec.gov, or they may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (call 800-SEC-0330 for information on the operation of the Public Reference Room). The Fund’s portfolio holdings are posted on the Fund’s website at www.etfmj.com daily.

INFORMATION ABOUT PROXY VOTING

A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free at 1-844-ETF-MGRS (1-844-383-6477), by accessing the SEC’s website at www.sec.gov, or by accessing the Fund’s website at www.etfmj.com.

Information regarding how the Fund voted proxies relating to portfolio securities during the period ending June 30 is available by calling toll-free at 1-844-ETF-MGRS (1-844-383-6477) or by accessing the SEC’s website at www.sec.gov.

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477) or by visiting www.etfmj.com. Read the prospectus carefully before investing.

(This page intentionally left blank)

Advisor

ETF Managers Group, LLC

30 Maple Street, Suite 2, Summit, NJ 07901

Distributor

ETFMG Financial, LLC

30 Maple Street, Suite 2, Summit, NJ 07901

Custodian

U.S. Bank National Association

Custody Operations

1555 North River Center Drive, Suite 302, Milwaukee, Wisconsin 53212

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street, Milwaukee, Wisconsin 53202

Securities Lending Agent

U.S. Bank, National Association

Securities Lending

800 Nicolet Mall

Minneapolis, MN 55402-7020

Independent Registered Public Accounting Firm

WithumSmith + Brown, PC

1411 Broadway, 9th Floor, New York, NY 10018

Legal Counsel

Sullivan & Worcester LLP

1666 K Street NW, Washington, DC 20006

Semi-Annual Report

March 31, 2018

BlueStar Israel Technology ETF

Ticker: ITEQ

The fund is a series of ETF Managers Trust.

BlueStar Israel Technology ETF

TABLE OF CONTENTS

March 31, 2018

	Page
Shareholders’ Letter	2

Growth of $10,000 Investment	3

Top Ten Holdings	4

Important Disclosures and Key Risk Factors	5

Portfolio Allocations	6

Schedule of Investments	7

Statement of Assets and Liabilities	11

Statement of Operations	12

Statements of Changes in Net Assets	13

Financial Highlights	14

Notes to Financial Statements	15

Approval of Advisory Agreement and Board Considerations	23

Expense Example	26

Supplementary Information	27

BlueStar Israel Technology ETF

Dear Shareholder,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the BlueStar Israel Technology Exchange-Traded Fund (“ITEQ” or the “Fund”). The following information pertains to the fiscal period from October 1, 2017 to March 31, 2018.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the BlueStar Israel Global Technology Index (the “Index”).

Over the 6-month period ending March 31, 2018, the Fund NAV increased 2.49% while the Index increased 2.84%. The difference was primarily attributable to Fund expenses that are not a part of the Index. The best performers were SolarEdge (up 84.24%) and Mellanox Technologies (up 54.51%). The worst performers were Vascular Biogenics (down - 62.30%) and OPKO Health (down - 54.60%).

We believe Israeli companies play an essential role in the global high technology value chain. Most technology users, from online shoppers to Fortune 500 companies, use Israeli technology applications and solutions every day without ever being aware of it. From cybersecurity and defense to clean energy and agriculture, Israeli innovations power some of the biggest names in the tech industry today.

Even in industries where Israeli companies do not have dominant individual market share, the collective footprint of Israeli companies is significant in many key technology subsectors, and Israel-based Research & Development and non-public companies are usually significant contributors to that same sub-industry’s ecosystem.

There is much ahead for Israeli Technology companies and we are thankful you have joined us. You can find further details about ITEQ by visiting www.iteqetf.com, or by calling 1-844-ETF-MGRS. (1-844-383-6477).

Sincerely,

Samuel Masucci III

Chairman of the Board

Samuel Masucci III is a registered representative of ETFMG Financial, LLC.

BlueStar Israel Technology ETF

Growth of $10,000 (Unaudited)

							Since
Average Annual Returns	6 Months			1 Year			Inception
Period Ended March 31, 2018	Return¹			Return			(11/2/2015)
BlueStar Israel Technology ETF (NAV)		2.49	%		13.25	%		11.19	%
BlueStar Israel Technology ETF (Market)		2.59	%		13.45	%		11.44	%
S&P 500 Index²		5.84	%		14.07	%		12.26	%
BlueStar Israel Global Technology Index ²		2.84	%		14.23	%		12.03	%
Total Fund Operating Expenses³								0.75	%

1. Not annualized.

3. The expense ratio is taken from the Fund’s most recent prospectus dated January 31, 2018.

The chart illustrates the performance of a hypothetical $10,000 investment made on November 2, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sales of Fund shares. The chart assumes reinvestment of capital gains and dividends. The chart assumes reinvestment of capital gains and dividends, if any. The unmanaged indices do not reflect fees and are not available for direct investment.

BlueStar Israel Technology ETF

Top Ten Holdings*

			% of Total
		Security	Investments†
1	Nice Ltd.		6.99	%
2	Amdocs Ltd.		6.81	%
3	Check Point Software Technologies Ltd.		6.35	%
4	Mellanox Technologies Ltd.		4.37	%
5	Wix.com Ltd.		4.08	%
6	Orbotech Ltd.		3.71	%
7	Elbit Systems Ltd.		3.69	%
8	Verint Systems, Inc.		3.58	%
9	Tower Semiconductor Ltd.		3.34	%
10	Ormat Technologies, Inc.		2.85	%

Top Ten Holdings = 45.77% of Total Investments†

* Current Fund holdings may not be indicative of future Fund holdings.

† Percentage of total investments less cash.

BlueStar Israel Technology ETF

Important Disclosures and Key Risk Factors

The BlueStar Israel Technology ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the BlueStar Israel Global Technology Index (“BIGITech”).

Investment in securities of Israeli companies involves risks that may negatively affect the value of your investment in the Fund. Among other things, Israel’s economy depends on imports of certain key items, such as crude oil, coal, grains, raw materials and military equipment. Foreign investing involves special risks such as currency fluctuations and political uncertainty. Funds that invest in smaller companies may experience greater volatility. Funds that emphasize investments in technology generally will experience greater price volatility. The Fund’s return may not match or achieve a high degree of correlation with the return of the BIGITech. To the extent the Fund utilizes a sampling approach, it may experience tracking error to a greater extent than if the Fund had sought to replicate the Index. Diversification does not guarantee a profit, nor does it protect against a loss in a declining market.

The BlueStar Israel Global Technology Index (“BIGITech”) is an index of more than 60 Israeli technology companies listed on global stock exchanges in Tel Aviv, New York, London and elsewhere.

S&P 500: The S&P 500 Index is the Standard & Poor’s composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices.

BlueStar Israel Technology ETF

PORTFOLIO ALLOCATIONS

As of March 31, 2018 (Unaudited)

	BlueStar Israel
	Technology ETF
As a percent of Net Assets:
Australia		0.6	%
Guernsey		8.1
Hong Kong		0.4
Israel		60.8
Jersey		3.1
Netherlands Antilles		0.4
United Kingdom		4.2
United States		21.7
Short-Term and other Net Assets (Liabilities)		0.7
		100.0	%

BlueStar Israel Technology ETF

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Fair Value

COMMON STOCKS - 99.3%
Australia - 0.6%
Commercial Services & Supplies - 0.3%
Fluence Corp Ltd. (a)		328,475	$	133,711
Diversified Telecommunication Services - 0.3%
Sky And Space Global Ltd. (a)		1,149,962		105,987
Total Australia				239,698

Guernsey - 8.1%
IT Services - 8.1%
Amdocs Ltd.		43,392		2,895,115
SafeCharge International Group Ltd.		46,281		189,926
Total IT Services				3,085,041

Hong Kong - 0.4%
Health Care Equipment & Supplies - 0.4%
Sisram Medical Ltd. (a)		209,793		156,379

Israel - 60.8%
Aerospace & Defense - 4.7%
Aeronautics Ltd. (a)		50,635		132,867
Elbit Systems Ltd.		13,068		1,568,487
RADA Electronic Industries Ltd. (a) ^		39,999		94,398
Total Aerospace & Defense				1,795,752
Auto Components - 0.3%
Foresight Autonomous Holdings Ltd. (a)		141,632		99,776
Biotechnology - 2.9%
BioLine RX Ltd. - ADR (a)		125,698		109,357
Evogene Ltd. (a)		35,116		110,226
Galmed Pharmaceuticals Ltd. (a)		15,068		83,929
Intec Pharma Ltd. (a)		28,356		175,507
Kamada Ltd. (a)		35,633		163,455
UroGen Pharma Ltd. (a)		8,161		405,520
Vascular Biogenics Ltd. (a) ^		19,614		45,112
Total Biotechnology				1,093,106
Communications Equipment - 4.1%
AudioCodes Ltd. (a)		24,419		174,596
Ceragon Networks Ltd. (a)		69,858		187,918
Ituran Location and Control Ltd.		11,409		354,820
RADCOM Ltd. (a)		9,697		177,940
Radware Ltd. (a)		24,017		512,763
Silicom Ltd. (a)		4,255		146,415
Total Communications Equipment				1,554,452
Electronic Equipment, Instruments & Components - 4.8%
Arad Ltd.		12,369		123,175
Magal Security Systems Ltd. (a)		24,306		140,246

The accompanying notes are an integral part of these financial statements.

BlueStar Israel Technology ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Fair Value
Orbotech Ltd. (a)		25,326	$	1,574,770
Total Electronic Equipment, Instruments & Components				1,838,191
Health Care Equipment & Supplies - 2.1%
Mazor Robotics Ltd. (a)		27,250		800,191
Household Durables - 0.5%
Maytronics Ltd.		40,469		200,178
Independent Power and Renewable Electricity Producers - 0.8%
Energix-Renewable Energies Ltd. (a)		153,026		148,332
Enlight Renewable Energy Ltd. (a)		342,111		170,490
Total Independent Power and Renewable Electricity Producers				318,822
Internet Software & Services - 4.5%
Wix.com Ltd. (a)		21,775		1,732,202
IT Services - 2.0%
Formula Systems (1985) Ltd.		6,561		239,051
Malam - Team Ltd.		1,148		123,584
Matrix IT Ltd.		23,700		267,230
One Software Technologies Ltd.		3,706		145,806
Total IT Services				775,671
Life Sciences Tools & Services - 0.6%
Compugen Ltd. (a)		51,871		222,118
Machinery - 1.3%
Kornit Digital Ltd. (a) ^		20,666		266,592
Sarine Technologies Ltd.		254,030		216,995
Total Machinery				483,587
Pharmaceuticals - 1.2%
Foamix Pharmaceuticals Ltd. (a) ^		32,021		164,268
MediWound Ltd. (a)		26,955		140,166
Redhill Biopharma Ltd. - ADR (a) ^		26,266		135,795
Total Pharmaceuticals				440,229
Semiconductors & Semiconductor Equipment - 10.2%
Camtek Ltd.		25,373		171,268
Mellanox Technologies Ltd. (a)		25,497		1,857,456
Nova Measuring Instruments Ltd. (a)		18,186		489,336
Tower Semiconductor Ltd. (a)		52,647		1,418,389
Total Semiconductors & Semiconductor Equipment				3,936,449
Software - 19.3%
Allot Communications Ltd. (a)		31,120		170,612
Attunity Ltd. (a)		20,006		150,045
Check Point Software Technologies Ltd. (a) ^		27,162		2,698,273
CyberArk Software Ltd. (a)		20,010		1,020,910
Hilan Ltd.		11,499		255,446
Magic Software Enterprises Ltd.		23,058		188,337
Nice Ltd. (a)		31,992		2,970,633
Total Software				7,454,256
Technology Hardware, Storage & Peripherals - 1.5%
Stratasys Ltd. (a) ^		29,019		585,603
Total Israel				23,330,583

The accompanying notes are an integral part of these financial statements.

BlueStar Israel Technology ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Fair Value
Jersey - 3.1%
Health Care Equipment & Supplies - 2.3%
Novocure Ltd. (a) ^		41,049	$	894,869
Internet Software & Services - 0.8%
XLMedia PLC		137,959		307,754
Total Jersey				1,202,623

Netherlands Antilles - 0.4%
Software - 0.4%
Sapiens International Corporation NV		19,088		167,883

United Kingdom - 4.2%
Communications Equipment - 0.5%
Telit Communications PLC		87,114		183,575
Diversified Financial Services - 1.9%
Plus500 Ltd.		46,545		744,448
Hotels, Restaurants & Leisure - 1.4%
888 Holdings PLC		140,881		533,274
Media - 0.4%
Taptica international Ltd.		37,687		164,969
Total United Kingdom				1,626,266

United States - 21.7%
Aerospace & Defense - 0.3%
Arotech Corp. (a)		34,041		103,825
Biotechnology - 2.4%
BrainStorm Cell Therapeutics, Inc. (a) ^		30,053		94,667
OPKO Health, Inc. (a)		195,663		613,608
Pluristem Therapeutics, Inc. (a)		108,541		142,407
Protalix BioTherapeutics, Inc. (a)		199,402		103,351
Total Biotechnology				954,033
Commercial Services & Supplies - 0.3%
Pointer Telocation Ltd. (a)		7,873		115,393
Communications Equipment - 0.5%
Gilat Satellite Networks Ltd. (a)		23,603		201,872
Electric Utilities - 3.2%
Ormat Technologies, Inc.		21,232		1,213,049
Internet Software & Services - 1.5%
LivePerson, Inc. (a)		37,000		586,392
Pharmaceuticals - 0.2%
Oramed Pharmaceuticals, Inc. (a)		13,478		87,742
Semiconductors & Semiconductor Equipment - 4.4%
CEVA, Inc. (a)		13,468		487,542
DSP Group, Inc. (a)		17,215		203,137
SolarEdge Technologies, Inc. (a)		19,020		1,000,452
Total Semiconductors & Semiconductor Equipment				1,691,131

The accompanying notes are an integral part of these financial statements.

BlueStar Israel Technology ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Fair Value
Software - 8.9%
ForeScout Technologies, Inc. (a)		6,749	$	218,938
Imperva, Inc. (a)		19,074		825,904
Varonis Systems, Inc. (a)		13,433		812,697
Verint Systems, Inc. (a)		35,748		1,522,865
Total Software				3,380,404
Total United States				8,333,841
TOTAL COMMON STOCKS (Cost $35,316,838)				38,142,314

SHORT-TERM INVESTMENTS - 0.1%
Money Market Funds - 0.1%
Invesco Advisers, Inc. STIT - Treasury Portfolio - Institutional Class, 1.57% (b)		19,213		19,213
TOTAL SHORT-TERM INVESTMENTS (Cost $19,213)				19,213

INVESTMENTS PURCHASED WITH SECURITIES LENDING
COLLATERAL - 11.3%
Investment Companies - 11.3%
Mount Vernon Liquid Assets Portfolio, LLC, 1.89% (b) +				4,334,602
TOTAL INVESTMENTS PURCHASED WITH SECURITIES LENDING COLLATERAL (Cost $4,334,602)				4,334,602

Total Investments (Cost $39,670,653) - 110.7%				42,496,129
Liabilities in Excess of Other Assets - (10.7)%				(4,108,135	)
TOTAL NET ASSETS - 100.0%			$	38,387,994

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt

(a)	Non-income producing security.

(b)	The rate quoted is the annualized seven-day yield at March 31, 2018.

+	Investments purchased with cash proceeds from securities lending. Total cash collateral has a value of $4,334,602 as of March 31, 2018.

^	All or a portion of this security is out on loan as of March 31, 2018. Total value of securities out on loan is $4,271,286.

The accompanying notes are an integral part of these financial statements.

BlueStar Israel Technology ETF

STATEMENT OF ASSETS AND LIABILITIES

As of March 31, 2018 (Unaudited)

	BlueStar
	Israel
	Technology
	ETF
ASSETS
Investments in securities, at fair value*	$	42,496,129
Cash		4,883
Foreign currency		212
Receivables:
Receivable for investments sold		143,788
Dividends and interest receivable		99,611
Securities lending income receivable		2,521
Total Assets		42,747,144

LIABILITIES
Collateral received for securities loaned (Note 7)		4,334,602
Payables:
Unitary fees payable		24,548
Total Liabilities		4,359,150
Net Assets	$	38,387,994

NET ASSETS CONSIST OF:
Paid-in Capital	$	35,621,547
Undistributed (accumulated) net investment loss		(139,731	)
Accumulated net realized gain on investments		80,707
Net unrealized appreciation (depreciation) on:
Investments in securities		2,825,476
Foreign currency and translation of other assets and liabilities in foreign currency		(5	)
Net Assets	$	38,387,994

*Identified Cost:
Investments in securities	$	39,670,653
Foreign currency		217

Shares Outstanding^		1,200,000
Net Asset Value, Offering and Redemption Price per Share	$	31.99

^ No par value, unlimited number of shares authorized

The accompanying notes are an integral part of these financial statements.

BlueStar Israel Technology ETF

STATEMENT OF OPERATIONS

Six Months Ended March 31, 2018 (Unaudited)

	BlueStar
	Israel
	Technology
	ETF
INVESTMENT INCOME
Income:
Dividends from unaffiliated securities (net of foreign withholdings tax of $6,619)	$	129,988
Interest		428
Securities lending income		13,650
Total Investment Income		144,066
Expenses:
Unitary fees		118,818
Net Investment Income		25,248
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Unaffiliated investments		(102,604	)
In-Kind redemptions		463,829
Foreign currency		167
Net Realized Gain on Investments and Foreign Currency		361,392
Net Change in Unrealized Appreciation (Depreciation) of:
Unaffiliated investments		186,712
Foreign currency and foreign currency translation		(10	)
Net Change in Unrealized Appreciation of Investments and Foreign Currency		186,702
Net Realized and Unrealized Gain on Investments		548,094
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	573,342

The accompanying notes are an integral part of these financial statements.

BlueStar Israel Technology ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months
	Ended
	March 31,			Year Ended
	2018			September 30,
	(Unaudited)			2017
OPERATIONS
Net investment income	$	25,248		$	8,590
Net realized gain on investments		361,392			221,184
Net change in unrealized appreciation of investments		186,702			2,411,218
Net increase in net assets resulting from operations		573,342			2,640,992
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(163,624	)		(18,370	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived
from net change in outstanding shares (a)		14,440,025			15,800,080
Net increase in net assets	$	14,849,743		$	18,422,702
NET ASSETS
Beginning of Period		23,538,251			5,115,549
End of Period	$	38,387,994		$	23,538,251
Undistributed net investment loss	$	(139,731	)	$	(1,355	)

(a) Summary of share transactions is as follows:

	Six Months Ended
	March 31, 2018						Year Ended
	(Unaudited)						September 30, 2017
	Shares			Amount			Shares			Amount
Shares Sold		550,000		$	17,611,895			650,000		$	18,752,200
Reinvested Dividends		—			—			—			—
Shares Redeemed		(100,000	)		(3,171,870	)		(100,000	)		(2,952,120	)
		450,000		$	14,440,025			550,000		$	15,800,080
Beginning Shares		750,000						200,000
Ending Shares		1,200,000						750,000

The accompanying notes are an integral part of these financial statements.

BlueStar Israel Technology ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	Six Months
	Ended
	March 31,			Year Ended			Period Ended
	2018			September 30,			September 30,
	(Unaudited)			2017			2016¹

Net Asset Value, Beginning of Period	$	31.38		$	25.58		$	25.00
Income from Investment Operations:
Net investment income ²		0.03			0.02			0.05
Net realized and unrealized gain on investments		0.75			5.87			0.53
Total from investment operations		0.78			5.89			0.58
Less Distributions:
Distributions from net investment income		(0.17	)		(0.09	)		—
Total distributions		(0.17	)		(0.09	)		—
Net asset value, end of period	$	31.99		$	31.38		$	25.58
Total Return		2.49	%³		23.16	%		2.31	%³

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	38,388		$	23,538		$	5,116
Expenses to Average Net Assets		0.75	%⁴		0.75	%		0.75	%⁴
Net Investment Income to Average Net Assets		0.16	%⁴		0.07	%		0.23	%⁴
Portfolio Turnover Rate		6	%³		19	%		14	%³

¹	Commencement of operations on November 2, 2015.

²	Calculated based on average shares outstanding during the period.

³	Not annualized.

⁴	Annualized.

The accompanying notes are an integral part of these financial statements.

BlueStar Israel Technology ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

NOTE 1 – ORGANIZATION

BlueStar Israel Technology ETF (the “Fund”) is a series of ETF Managers Trust (the “Trust”), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on July 1, 2009. The Trust is registered with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Fund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the BlueStar Israel Global Technology Index (“BIGITech”). The Fund commenced operations on November 2, 2015.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their net asset value (“NAV”). The Fund issues and redeems Shares on a continuous basis at NAV only in blocks of 50,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in the Index. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the 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 do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and may be subject to customary brokerage commissions or fees.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The Fund may invest in certain other investment companies (underlying funds). For specific investments in underlying funds, please refer to the complete schedule of portfolio holdings on Form N-CSR(S) for this reporting period, which is filed with the U.S. Securities and Exchange Commission (SEC). For more information about the underlying Fund’s operations and policies, please refer to those Funds’ semiannual and annual reports, which are filed with the SEC.

BlueStar Israel Technology ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Fund’s Board. The use of fair value pricing by the Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of March 31, 2018, the Fund did not hold any fair valued securities.

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2

Level 3

BlueStar Israel Technology ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

The following table presents a summary of the Funds’ assets measured at fair value as of March 31, 2018:

BlueStar Israel Technology ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	38,142,314	$	—	$	—	$	38,142,314
Short-Term Investments		19,213		—		—		19,213
Investments Purchased with Securities Lending
Collateral*		—		—		—		4,334,602
Total Investments in Securities	$	38,161,527	$	—	$	—	$	42,496,129

^ See Schedule of Investments for classifications by country and industry.

There were no transfers between Levels 1, 2 and 3 during the six months ended March 31, 2018. Transfers between levels are recognized at the end of the reporting period.

Net capital losses incurred after October 31, within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Income, including gains, from investments in foreign securities received by the Fund may be subject to income, withholding or other taxes imposed by foreign countries.

BlueStar Israel Technology ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

Distributions to Shareholders. Distributions to shareholders from net investment income, if any are generally declared and paid by the Fund on a quarterly basis. Net realized gains on securities of the Fund normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

NOTE 3 – RISK FACTORS

Investing in the BlueStar Israel Technology ETF may involve certain risks, as discussed in the Fund’s prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.

BlueStar Israel Technology ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

Investment Style Risk. The Fund is not actively managed. Therefore, the Fund follows the securities included in its respective index during upturns as well as downturns. Because of its indexing strategy, the Fund does not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of the Fund’s expenses, the Fund’s performance may be below that of its index.

Concentration Risk. To the extent that the Fund’s or its underlying index’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the Fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class.

NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS.

Under the Investment Advisory Agreement with the Fund, the Advisor has overall responsibility for the general management and administration of the Fund and arranges for sub-advisory, transfer agency, custody, fund administration, securities lending, and all other non-distribution related services necessary for the Fund to operate. The Advisor bears the costs of all advisory and non-advisory services required to operate the Fund, in exchange for a single unitary fee. For services provided the Fund pays the Advisor at an annual rate of 0.75% of the Fund’s average daily net assets. The Advisor has an agreement with, and is dependent on, a third party to pay the Fund’s expenses in excess of 0.75% of the Fund’s average daily net assets. Additionally, under the Investment Advisory Agreement, the Advisor has agreed to pay all expenses of the Fund, except for: the fee paid to the Advisor pursuant to the Investment 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 (collectively, “Excluded Expenses”). The Advisor has entered into an Agreement with ITEQ ETF Partners, LLC (the “Sponsor”), under which the Sponsor agrees to sublicense the use of the Underlying Index to the Advisor. The Sponsor also provides marketing support for the Fund, including distributing marketing materials related to the Fund. ITEQ ETF Partners, LLC is a privately held business focused on bringing exchange-traded investment products to investors in the U.S. The Sponsor does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Fund. Additionally, the Sponsor is not involved in the maintenance of the Underlying Index and does not otherwise act in the capacity of an index provider.

BlueStar Israel Technology ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

US Bancorp Fund Services, LLC (the “Administrator”) provides fund accounting, fund administration, and transfer agency services to the Fund. The Advisor compensates the Administrator for these services under an administration agreement between the two parties.

NOTE 5 – DISTRIBUTION PLAN

The Fund has adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund may pay compensation to the Distributor or any other distributor or financial institution with which the Trust has an agreement with respect to the Fund, with the amount of such compensation not to exceed an annual rate of 0.25% of each Fund’s average daily net assets. For the six months ended March 31, 2018, the Fund did not incur any 12b-1 expenses.

NOTE 6 - PURCHASES AND SALES OF SECURITIES

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, for the six months ended March 31, 2018:

		Purchases				Sales
BlueStar Israel Technology ETF		$	1,904,620			$	2,415,828

The costs of purchases and sales of in-kind transactions associated with creations and redemptions for the six months ended March 31, 2018:

	Purchases		Sales
	In-Kind		In-Kind
BlueStar Israel Technology ETF	$	17,491,016	$	2,266,061

Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. Net capital gains or losses resulting from in-kind redemptions are excluded from the determination of the Fund’s taxable gains and are not distributed to shareholders.

There were no purchases or sales of U.S. Government obligations for the six months ended March 31, 2018.

NOTE 7 — SECURITIES LENDING

The Fund may lend up to 331/3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by U.S. Bank N.A. (“the Custodian”). The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any loaned securities at the time of the loan, plus accrued interest. The Fund receives compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of the Fund. The Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. As of March 31, 2018, the Fund had loaned securities and received cash collateral for the loans. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Fund is indemnified from this risk by contract with the securities lending agent.

BlueStar Israel Technology ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

As of March 31, 2018, the value of the securities on loan and payable for collateral due to broker were as follows:

Value of Securities on Loan Collateral Received

	Values of		Fund
	Securities		Collateral
Fund	on Loan		Received*
BlueStar Israel Technology ETF	$	4,271,286	$	4,334,602

* The cash collateral received was invested in the Mount Vernon Securities Lending Prime Portfolio as shown on the Schedule of Investments, an investment with an overnight and continuous maturity, as shown on the Schedule of Investments.

Interest income earned on collateral investments (including applicable fees) and recognized by the Fund during the six months ended March 31, 2018, aggregated $13,650.

NOTE 8 – FEDERAL INCOME TAXES

The components of distributable earnings (losses) and cost basis of investments for federal income tax purposes at September 30, 2017 were as follows:

									Net
			Gross			Gross			Unrealized
			Unrealized			Unrealized			Appreciation
	Cost		Appreciation			Depreciation			(Depreciation)
BlueStar Israel Technology ETF	$	26,134,679		$	3,408,844	$	(1,114,823	)		$	2,294,021

	Undistributed		Undistributed				Total		Other				Total
	Ordinary		Long-term			Distributable			Accumulated			Accumulated
	Income			Gain			Earnings		(Loss)				Gain
BlueStar Israel Technology ETF	$	163,624		$	—		$	163,624	$	(100,916	)		$	2,356,729

As of September 30, 2017, the Fund had accumulated capital loss carryovers of:

	Capital Loss
	Carryover		Expires
BlueStar Israel Technology ETF	$	100,916	Indefinite

BlueStar Israel Technology ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

	Late Year
	Ordinary	Post-October
	Loss	Capital Loss
BlueStar Israel Technology ETF	None	None

		Undistributed Accumulated Net Investment Income				Accumulated Net Realized Loss				Paid-In Capital
BlueStar Israel Technology ETF		$	1,290			$	(480,827	)		$	479,537

NOTE 9 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Fund during the fiscal years ended September 30, 2017 and September 30, 2016 are as follows:

	Year Ended September 30, 2017				Year Ended September 30, 2016
	From Ordinary Income		From Capital Gains			From Ordinary Income		From Capital Gains
BlueStar Israel Technology ETF	$	18,370	$	—		$	—	$	—

NOTE 10 – SUBSEQUENT EVENTS

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

BlueStar Israel Technology ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited)

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services provided to the Fund’s shareholders by the Adviser; (ii) the investment performance of the Fund; (iii) the Adviser’s costs and profits realized in providing services to the Fund, including any fall-out benefits enjoyed by the Adviser; (iv) comparative fee and expense data for the Fund in relation to other similar investment companies; (v) the extent to which economies of scale would be realized as the Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and its affiliates resulting from services rendered to the Fund. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on March 28, 2018, and throughout the year. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting and throughout the year, and the Adviser’s oral presentations and any other information that the Board received at the meeting, and deliberated on the renewal of the Advisory Agreement in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the renewal of the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund. The matters discussed were also considered separately by the Independent Trustees in executive session with independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees considered the scope of services provided under the Advisory Agreement, noting that the Adviser provides investment management services to the Fund. The Board discussed the responsibilities of the Adviser, including: responsibility for the general management of the day-today investment and reinvestment of the assets of the Fund; determining the daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis; responsibility for daily monitoring of tracking error and quarterly reporting to the Board; and implementation of Board directives as they relate to the Fund. In considering the nature, extent and quality of the services provided by the Adviser, the Board considered the qualifications, experience and responsibilities of the Adviser’s investment personnel, the quality of the Adviser’s compliance infrastructure, and the determination of the Trust’s Chief Compliance Officer that the Adviser has appropriate compliance policies and procedures in place. The Board also considered the Adviser’s experience managing exchange-traded funds (“ETFs”).

BlueStar Israel Technology ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited) (Continued)

Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser.

Historical Performance

The Board then considered the past performance of the Fund. The Board reviewed information regarding the performance history of the Fund over various time periods, including the year-to-date period, the most recent one-year period and the period since the Fund’s inception. The Board noted management’s explanation that analysis of investment performance, in absolute terms, is less relevant for the Fund than it is for actively managed funds, given the Fund’s index-based investment objectives. The Board also noted management’s further explanation that it is more relevant to review the performance of the Fund by focusing on the extent to which the Fund tracked its underlying index. The Board reviewed information regarding the Fund’s index tracking during the time it was managed by the Adviser, discussing, as applicable, factors which contributed to the Fund’s tracking error over certain periods of time. The Board noted that the Fund had underperformed its underlying index over certain periods, but that such underperformance was largely a result of costs incurred by the Fund not incurred by its underlying index. The Board noted that the Fund’s performance was nonetheless generally in line with that of its underlying index. The Board concluded that, after taking these factors into account, the Fund satisfactorily tracked its underlying index. The Board further noted that it had received and would continue to receive regular reports regarding the Fund’s performance at its quarterly meetings.

Cost of Services Provided and Economies of Scale

BlueStar Israel Technology ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited) (Continued)

Based on the Board’s deliberations and its evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Advisory Agreement are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the services that the Adviser provides to the Fund; and (c) approved the renewal of the Advisory Agreement for another year.

BlueStar Israel Technology ETF

Expense Example

Six Months Ended March 31, 2018 (Unaudited)

As a shareholder of BlueStar Israel Technology ETF (the “Fund”) you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including unitary fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2017 to March 31, 2018).

Actual Expenses

Hypothetical Example for Comparison Purposes

BlueStar Israel Technology ETF

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During the
	October 1, 2017	March 31, 2018	Period^
Actual	$1,000.00	$1,024.90	$3.79

Hypothetical (5% annual)	$1,000.00	$1,021.19	$3.78

BlueStar Israel Technology ETF

SUPPLEMENTARY INFORMATION

March 31, 2018 (Unaudited)

The Fund files a Form N-Q with the Securities and Exchange Commission (the ‘‘SEC’’) no more than sixty days after the Fund’s first and third fiscal quarters. For the Fund, this would be for the fiscal quarters ending June 30 and December 31. Form N-Q includes a complete schedule of the Funds’ portfolio holdings as of the end of those fiscal quarters. The Fund’s N-Q filings can be found free of charge on the SEC’s website at http://www.sec.gov, or they may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (call 800-SEC-0330 for information on the operation of the Public Reference Room). The Fund’s portfolio holdings are posted on the Fund’s website at www.iteqetf.com daily.

INFORMATION ABOUT PROXY VOTING

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477) or by visiting www.iteqetf.com. Read the prospectus carefully before investing.

(This page intentionally left blank)

Advisor

ETF Managers Group, LLC

30 Maple Street, Suite 2, Summit, NJ 07901

Distributor

ETFMG Financial, Inc.

30 Maple Street, Suite 2, Summit, NJ 07901

Custodian

U.S. Bank National Association
Custody Operations

1555 North River Center Drive, Suite 302, Milwaukee, Wisconsin 53212

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street, Milwaukee, Wisconsin 53202

Securities Lending Agent

U.S. Bank, National Association

Securities Lending

800 Nicolet Mall

Minneapolis, MN 55402-7020

Independent Registered Public Accounting Firm

WithumSmith + Brown, PC

1411 Broadway, 9th Floor, New York, NY 10018

Legal Counsel

Sullivan & Worcester LLP

1666 K Street NW, Washington, DC 20006

Semi-Annual Report

March 31, 2018

Etho Climate Leadership U.S. ETF

Ticker: ETHO

The fund is a series of ETF Managers Trust.

Etho Climate Leadership U.S. ETFE

TABLE OF CONTENTS

March 31, 2018

	Page
Shareholders’ Letter	2

Growth of $10,000 Investment	3

Top Ten Holdings	4

Important Disclosures and Key Risk Factors	5

Portfolio Allocations	6

Schedule of Investments	7

Statement of Assets and Liabilities	18

Statement of Operations	19

Statements of Changes in Net Assets	20

Financial Highlights	21

Notes to Financial Statements	22

Approval of Advisory Agreement and Board Considerations	30

Expense Example	33

Supplementary Information	34

Etho Climate Leadership U.S. ETF

Dear Shareholder,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Etho Climate Leadership U.S. Exchange-Traded Fund (“ETHO” or the “Fund”). The following information pertains to the fiscal period from October 1, 2017 to March 31, 2018.

The Fund saw positive performance during the fiscal period ended March 31, 2018. The NAV price for ETHO increased 7.66% while the Etho Climate Leadership Index – U.S. (“Index”), the Fund’s benchmark, increased 7.35% over the same period. The difference was primarily attributable to Fund expenses that are not a part of the Index.

As you may know, the Etho Climate Leadership U.S. ETF offers broad diversification across companies that have demonstrated efficiency and leadership with their use of resources and their supply chains when compared to industry peers. The Fund holds roughly 290 equities equally weighted and results in a carbon emissions profile that is, on average, 50-70% lower per dollar invested than conventional U.S. benchmark indices. ETHO avoids investment in any direct fossil fuel companies, as well as enablers of that industry, along with a series of other unsustainable industries such as Tobacco/Weapons/Gambling, etc. Equal weighting of the Fund allows for the elimination of equities that do not meet ETHO’s standards without there being a significant impact on the diversification or performance of the Fund. It also creates broad exposure to both the sectors and factors that potentially make for greater stability and higher performance.

There is much ahead for environmentally sustainable and socially responsible investing. We are thankful you have joined us by investing in the Etho Climate Leadership U.S. ETF.

You can find further details about ETHO by visiting www.ethoetf.com, or by calling 1- 844-ETF-MGRS (1-844-383-6477).

Sincerely,

Samuel Masucci III

Chairman of the Board

Samuel Masucci III is a registered representative of ETFMG Financial, LLC.

Etho Climate Leadership U.S. ETF
Growth of $10,000 (Unaudited)

							Since
Average Annual Returns	6 Months			1 Year			Inception
Period Ended March 31, 2018	Return¹			Return			(11/18/2015)
Etho Climate Leadership U.S. ETF (NAV)		7.66	%		17.87	%		15.36	%
Etho Climate Leadership U.S. ETF (Market)		7.55	%		17.34	%		15.34	%
S&P 500 Index²		5.84	%		14.07	%		12.88	%
Etho Climate Leadership Index - U.S.²		7.35	%		17.34	%		14.65	%

Total Fund Operating Expenses³								0.45	%

1. Not annualized.

3. The expense ratio is taken from the Fund’s most recent prospectus dated January 31, 2018.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more of less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. All performance is historical and includes reinvestment of dividends and capital gains. Performance data current to the most recent month end may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477).

The chart illustrates the performance of a hypothetical $10,000 investment made on November 18, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sale of Fund shares. The chart assumes reinvestment of capital gains and dividends. The chart assumes reinvestment of capital gains and dividends, if any. The unmanaged indices do not reflect fees and are not available for direct investment.

Etho Climate Leadership U.S. ETF

Top Ten Holdings*

	Security	% of Total Investments†
1	First Solar, Inc.	0.62%
2	Alnylam Pharmaceuticals, Inc.	0.55%
3	Align Technology, Inc.	0.52%
4	NVIDIA Corp.	0.50%
5	Netflix, Inc.	0.47%
6	Interactive Brokers Group, Inc.	0.46%
7	IPG Photonics Corp.	0.45%
8	ServiceNow, Inc.	0.45%
9	PayPal Holdings, Inc.	0.42%
10	Red Hat, Inc.	0.41%

Top Ten Holdings = 4.82% of Total Investments†

* Current Fund holdings may not be indicative of future Fund holdings.

† Percentage of total investments less cash.

Etho Climate Leadership U.S. ETF

Important Disclosures and Key Risk Factors

The Etho Climate Leadership U.S. ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Etho Climate Leadership Index – US (the “Index”).

Funds that invest in smaller companies may experience greater volatility. The Fund’s return may not match or achieve a high degree of correlation with the return of the Etho Climate Leadership Index – US (ticker: ETHO INDEX). To the extent the Fund utilizes a sampling approach, it may experience tracking error to a greater extent than if the Fund had sought to replicate the Index. Diversification does not guarantee a profit, nor does it protect against a loss in a declining market.

The Etho Climate Leadership Index™ (ECLI™) is an index of more than 350 companies listed on the NYSE Arca stock exchange that have the smallest carbon footprint in their industries.

S&P 500: The S&P 500 Index is the Standard & Poor’s composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices.

Etho Climate Leadership U.S. ETF

PORTFOLIO ALLOCATIONS

As of March 31, 2018 (Unaudited)

	Etho Climate
	Leadership
	U.S. ETF
As a percent of Net Assets:
Bermuda		1.9	%
Canada		0.3
Ireland		1.4
Jersey		0.4
Switzerland		0.6
United Kingdom		0.3
United States		93.7
Virgin Islands (UK)		0.4
Short-Term and other Net Assets (Liabilities)		1.0
		100.0	%

Etho Climate Leadership U.S. ETF

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 99.0%
Bermuda - 1.9%
Chemicals - 0.2%
Axalta Coating Systems Ltd. (a)		2,181	$	65,844
Insurance - 1.4%
Arch Capital Group Ltd. (a)		740		63,337
Axis Capital Holdings Ltd.		1,056		60,794
Everest Re Group Ltd.		298		76,532
RenaissanceRe Holdings Ltd.		485		67,177
Validus Holdings Ltd.		1,254		84,582
White Mountains Insurance Group Ltd.		80		65,802
Total Insurance				418,224
Professional Services - 0.3%
IHS Markit Ltd. (a)		1,672		80,657
Total Bermuda				564,725

Canada - 0.3%
Commercial Services & Supplies - 0.3%
Waste Connections, Inc.		1,193		85,586

Ireland - 1.4%
Biotechnology - 0.3%
Alkermes PLC (a)		1,201		69,610
Building Products - 0.3%
Allegion PLC		930		79,320
Insurance - 0.3%
Willis Towers Watson PLC		536		81,574
Pharmaceuticals - 0.5%
Allergan PLC		293		49,309
Jazz Pharmaceuticals PLC (a)		483		72,928
Total Pharmaceuticals				122,237
Total Ireland				352,741

Jersey - 0.4%
Auto Components - 0.4%
Aptiv PLC		873		74,179
Delphi Technologies PLC		291		13,866
Total Auto Components				88,045

Switzerland - 0.6%
Electronic Equipment, Instruments & Components - 0.3%
TE Connectivity Ltd.		946		94,505
Household Durables - 0.3%
Garmin Ltd. ^		1,383		81,500
Total Switzerland				176,005

The accompanying notes are an integral part of these financial statements.

Etho Climate Leadership U.S. ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Fair Value
United Kingdom - 0.3%
Insurance - 0.3%
Aon PLC		594	$	83,356
Software - 0.0%
Micro Focus International PLC - ADR		406		5,700
Total United Kingdom				89,056

United States - 93.7%
Air Freight & Logistics - 0.3%
CH Robinson Worldwide, Inc.		914		85,651
Airlines - 0.4%
Alaska Air Group, Inc.		760		47,090
Southwest Airlines Co.		1,305		74,750
Total Airlines				121,840
Auto Components - 0.5%
BorgWarner, Inc.		1,684		84,587
Gentex Corp. ^		3,304		76,058
Total Auto Components				160,645
Automobiles - 0.7%
Harley-Davidson, Inc. ^		1,169		50,127
Tesla, Inc. (a) ^		249		66,266
Thor Industries, Inc.		729		83,959
Total Automobiles				200,352
Banks - 5.1%
Associated Banc-Corp		2,890		71,817
BancorpSouth Bank		2,327		73,999
Bank of Hawaii Corp.		855		71,051
BOK Financial Corp.		900		89,091
Citizens Financial Group, Inc.		2,048		85,975
Commerce Bancshares, Inc.		1,316		78,842
Cullen/Frost Bankers, Inc.		791		83,901
First Horizon National Corp.		3,815		71,836
First Republic Bank		746		69,087
Fulton Financial Corp.		3,953		70,166
M &T Bank Corp.		454		83,699
People’s United Financial, Inc.		3,912		72,998
Signature Bank (a)		471		66,858
South State Corp.		788		67,216
SVB Financial Group (a)		375		90,004
Synovus Financial Corp.		1,717		85,747
Valley National Bancorp		6,001		74,772
Zions Bancorp		1,674		88,270
Total Banks				1,395,329
Biotechnology - 2.2%
Agios Pharmaceuticals, Inc. (a)		1,203		98,381
Alnylam Pharmaceuticals, Inc. (a)		1,369		163,048
BioMarin Pharmaceutical, Inc. (a)		801		64,937

The accompanying notes are an integral part of these financial statements.

Etho Climate Leadership U.S. ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Fair Value
Incyte Corp. (a)		522	$	43,498
Ionis Pharmaceuticals, Inc. (a)		1,749		77,096
Seattle Genetics, Inc. (a) ^		1,114		58,307
Vertex Pharmaceuticals, Inc. (a)		642		104,633
Total Biotechnology				609,900
Building Products - 2.1%
AO Smith Corp.		1,378		87,627
Apogee Enterprises, Inc.		1,184		51,326
Fortune Brands Home & Security, Inc.		1,157		68,136
Lennox International, Inc.		419		85,631
Masco Corp.		2,072		83,792
Simpson Manufacturing Co., Inc.		1,635		94,160
Trex Co., Inc. (a)		1,011		109,966
Total Building Products				580,638
Capital Markets - 5.7%
Ares Management LP		3,731		79,843
BlackRock, Inc.		182		98,593
Charles Schwab Corp. ^		1,722		89,923
CME Group, Inc.		594		96,074
E*TRADE Financial Corp. (a)		2,010		111,374
Interactive Brokers Group, Inc.		2,026		136,228
Intercontinental Exchange, Inc.		1,175		85,211
KKR & Co. LP		3,905		79,272
Morningstar, Inc.		896		85,586
MSCI, Inc.		724		108,216
Northern Trust Corp.		816		84,154
S&P Global, Inc.		536		102,408
SEI Investments Co.		1,398		104,724
T. Rowe Price Group, Inc. ^		1,034		111,641
TD Ameritrade Holding Corp.		1,814		107,443
Westwood Holdings Group, Inc.		1,328		75,019
Total Capital Markets				1,555,709
Chemicals - 2.8%
Albemarle Corp.		663		61,487
Celanese Corp.		787		78,865
Ecolab, Inc.		562		77,033
FMC Corp.		1,011		77,412
International Flavors & Fragrances, Inc.		531		72,699
PPG Industries, Inc.		672		74,995
RPM International, Inc.		1,285		61,256
Sherwin-Williams Co.		226		88,619
Westlake Chemical Corp.		1,063		118,153
WR Grace & Co.		1,011		61,904
Total Chemicals				772,423
Commercial Services & Supplies - 1.1%
Brink’s Co.		1,317		93,968
Cintas Corp.		552		94,160

The accompanying notes are an integral part of these financial statements.

Etho Climate Leadership U.S. ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Fair Value
Copart, Inc. (a)		2,266	$	115,407
Total Commercial Services & Supplies				303,535
Communications Equipment - 1.0%
Cisco Systems, Inc.		2,089		89,597
F5 Networks, Inc. (a)		489		70,714
Palo Alto Networks, Inc. (a)		624		113,269
Total Communications Equipment				273,580
Construction & Engineering - 0.8%
AECOM (a)		1,973		70,298
EMCOR Group, Inc.		1,114		86,814
Jacobs Engineering Group, Inc.		1,272		75,239
Total Construction & Engineering				232,351
Construction Materials - 0.5%
Martin Marietta Materials, Inc.		322		66,751
Vulcan Materials Co.		582		66,447
Total Construction Materials				133,198
Containers & Packaging - 0.6%
AptarGroup, Inc.		915		82,195
Sealed Air Corp.		1,617		69,191
Total Containers & Packaging				151,386
Distributors - 0.6%
Genuine Parts Co.		761		68,368
LKQ Corp. (a)		2,401		91,118
Total Distributors				159,486
Diversified Consumer Services - 0.3%
H&R Block, Inc. ^		3,043		77,323
Diversified Financial Services - 0.7%
Cannae Holdings, Inc. (a)		5,302		99,996
Voya Financial, Inc.		1,848		93,324
Total Diversified Financial Services				193,320
Diversified Telecommunication Services - 0.3%
Zayo Group Holdings, Inc. (a)		2,134		72,897
Electric Utilities - 1.4%
Avangrid, Inc.		1,654		84,552
Eversource Energy		1,203		70,881
IDACORP, Inc.		853		75,294
NextEra Energy, Inc.		549		89,668
PPL Corp.		1,893		53,553
Total Electric Utilities				373,948
Electrical Equipment - 2.0%
Acuity Brands, Inc.		342		47,603
AMETEK, Inc.		1,301		98,838
Emerson Electric Co.		1,178		80,457
Generac Holdings, Inc. (a)		1,881		86,357
Hubbell, Inc.		585		71,241
Rockwell Automation, Inc.		452		78,738

The accompanying notes are an integral part of these financial statements.

Etho Climate Leadership U.S. ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Fair Value
Sensata Technologies Holding PLC (a)		1,607	$	83,291
Total Electrical Equipment				546,525
Electronic Equipment, Instruments & Components - 4.7%
Amphenol Corp.		985		84,838
AVX Corp.		4,313		71,380
Badger Meter, Inc.		1,914		90,245
CDW Corp.		1,220		85,778
Dolby Laboratories, Inc.		1,346		85,552
IPG Photonics Corp. (a)		581		135,594
Itron, Inc. (a)		1,156		82,712
Keysight Technologies, Inc. (a)		1,942		101,741
Littelfuse, Inc.		438		91,183
National Instruments Corp.		2,167		109,585
OSI Systems, Inc. (a)		962		62,790
Trimble, Inc. (a)		2,195		78,757
Universal Display Corp.		817		82,517
Zebra Technologies Corp. (a)		770		107,176
Total Electronic Equipment, Instruments & Components				1,269,848
Food & Staples Retailing - 0.7%
Costco Wholesale Corp. ^		432		81,402
PriceSmart, Inc.		759		63,414
Walgreens Boots Alliance, Inc.		849		55,584
Total Food & Staples Retailing				200,400
Food Products - 0.7%
Kraft Heinz Co.		775		48,275
McCormick & Co., Inc.		722		76,813
Pinnacle Foods, Inc.		1,219		65,948
Total Food Products				191,036
Health Care Equipment & Supplies - 2.9%
Align Technology, Inc. (a)		612		153,692
Boston Scientific Corp. (a)		2,823		77,124
Cooper Cos.		352		80,541
DexCom, Inc. (a) ^		825		61,182
Edwards Lifesciences Corp. (a)		744		103,803
GenMark Diagnostics, Inc. (a)		5,480		29,811
IDEXX Laboratories, Inc. (a)		453		86,700
Intuitive Surgical, Inc. (a)		266		109,813
Stryker Corp.		533		85,770
Total Health Care Equipment & Supplies				788,436
Health Care Providers & Services - 3.0%
Aetna, Inc.		551		93,119
AMN Healthcare Services, Inc. (a)		1,730		98,178
Anthem, Inc.		423		92,933
Centene Corp. (a)		983		105,054
Cigna Corp.		480		80,515
Humana, Inc.		340		91,402
Laboratory Corp. of America Holdings (a)		487		78,772

The accompanying notes are an integral part of these financial statements.

Etho Climate Leadership U.S. ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Fair Value
MEDNAX, Inc. (a)		1,012	$	56,298
Quest Diagnostics, Inc.		714		71,614
UnitedHealth Group, Inc.		426		91,164
Total Health Care Providers & Services				859,049
Health Care Technology - 0.5%
Allscripts Healthcare Solutions, Inc. (a) ^		5,541		68,431
Cerner Corp. (a)		1,191		69,078
Total Health Care Technology				137,509
Hotels, Restaurants & Leisure - 0.6%
Choice Hotels International, Inc.		1,124		90,089
Starbucks Corp.		1,206		69,815
Total Hotels, Restaurants & Leisure				159,904
Household Durables - 0.5%
KB Home ^		3,540		100,713
Newell Brands, Inc.		1,494		38,067
Total Household Durables				138,780
Household Products - 0.2%
Spectrum Brands Holdings, Inc. ^		503		52,161
Independent Power and Renewable Electricity Producers - 1.0%
NextEra Energy Partners LP		2,149		85,939
NRG Yield, Inc.		4,087		67,190
Ormat Technologies, Inc.		1,232		69,460
Pattern Energy Group, Inc. ^		3,537		61,155
Total Independent Power and Renewable Electricity Producers				283,744
Industrial Conglomerates - 1.3%
3M Co.		369		81,003
Carlisle Cos., Inc.		660		68,911
General Electric Co. ^		2,373		31,988
Honeywell International, Inc.		563		81,359
Roper Technologies, Inc.		339		95,154
Total Industrial Conglomerates				358,415
Insurance - 2.7%
Aflac, Inc. ^		1,952		85,420
Alleghany Corp.		114		70,046
Brown & Brown, Inc.		3,374		85,835
Cincinnati Financial Corp.		978		72,626
Citizens, Inc. (a) ^		9,459		69,240
Markel Corp. (a)		70		81,918
Marsh & McLennan Cos., Inc.		951		78,543
Torchmark Corp.		913		76,847
Travelers Cos., Inc.		583		80,955
Total Insurance				701,430
Internet & Direct Marketing Retail - 1.7%
Amazon.com, Inc. (a)		80		115,787
Booking Holdings, Inc. (a)		37		76,974
Expedia Group, Inc.		554		61,167

The accompanying notes are an integral part of these financial statements.

Etho Climate Leadership U.S. ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Fair Value
Netflix, Inc. (a)		472	$	139,406
TripAdvisor, Inc. (a)		1,625		66,446
Total Internet & Direct Marketing Retail				459,780
Internet Software & Services - 1.4%
CommerceHub, Inc. - Series A (a)		4,537		102,083
Facebook, Inc. (a)		496		79,256
VeriSign, Inc. (a) ^		805		95,441
Zillow Group, Inc. (a) ^		2,087		112,280
Total Internet Software & Services				389,060
IT Services - 4.2%
Automatic Data Processing, Inc.		689		78,188
Broadridge Financial Solutions, Inc.		1,034		113,419
Cognizant Technology Solutions Corp.		1,178		94,829
Fidelity National Information Services, Inc.		884		85,129
Fiserv, Inc. (a)		1,220		86,998
FleetCor Technologies, Inc. (a)		464		93,960
Global Payments, Inc.		869		96,911
MasterCard, Inc.		625		109,475
Paychex, Inc. ^		1,205		74,216
PayPal Holdings, Inc. (a)		1,633		123,896
Visa, Inc.		789		94,380
Worldpay, Inc. (a)		1,094		89,971
Total IT Services				1,141,372
Leisure Products - 0.2%
Hasbro, Inc.		707		59,600
Life Sciences Tools & Services - 1.4%
Bio-Techne Corp.		692		104,519
Illumina, Inc. (a)		409		96,696
IQVIA Holdings, Inc. (a)		870		85,356
Waters Corp. (a)		450		89,393
Total Life Sciences Tools & Services				375,964
Machinery - 4.8%
Crane Co.		944		87,547
Donaldson Co., Inc.		1,546		69,647
Flowserve Corp.		1,456		63,088
Graco, Inc.		2,242		102,504
Hillenbrand, Inc.		1,970		90,423
IDEX Corp.		754		107,453
Illinois Tool Works, Inc.		531		83,186
ITT, Inc.		1,716		84,050
Lincoln Electric Holdings, Inc.		809		72,770
Middleby Corp. (a)		514		63,628
Snap-on, Inc. ^		418		61,672
Tennant Co.		967		65,466
Toro Co.		1,126		70,319
WABCO Holdings, Inc. (a)		597		79,920
Wabtec Corp.		900		73,260

The accompanying notes are an integral part of these financial statements.

Etho Climate Leadership U.S. ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Fair Value
Xylem, Inc.		1,401	$	107,764
Total Machinery				1,282,697
Media - 1.5%
Charter Communications, Inc. (a)		213		66,290
Comcast Corp.		1,874		64,035
Liberty Broadband Corp. (a)		823		69,790
Sirius XM Holdings, Inc. ^		13,667		85,282
Time Warner, Inc.		722		68,287
Walt Disney Co.		618		62,072
Total Media				415,756
Metals & Mining - 1.2%
Compass Minerals International, Inc. ^		1,044		62,953
Nucor Corp.		1,184		72,331
Reliance Steel & Aluminum Co.		882		75,623
Schnitzer Steel Industries, Inc.		3,444		111,413
Total Metals & Mining				322,320
Multiline Retail - 0.3%
Dollar Tree, Inc. (a)		896		85,030
Multi-Utilities - 0.8%
CenterPoint Energy, Inc.		2,567		70,336
Consolidated Edison, Inc.		912		71,081
MDU Resources Group, Inc.		2,581		72,681
Total Multi-Utilities				214,098
Personal Products - 0.3%
Coty, Inc.		3,896		71,297
Pharmaceuticals - 1.4%
Bristol-Myers Squibb Co.		1,298		82,099
Johnson & Johnson		565		72,405
Merck & Co, Inc.		1,110		60,462
Pfizer, Inc.		2,082		73,890
Zoetis, Inc.		1,318		110,065
Total Pharmaceuticals				398,921
Professional Services - 1.0%
Dun & Bradstreet Corp.		650		76,050
Equifax, Inc.		515		60,672
Nielsen Holdings PLC		1,716		54,552
Verisk Analytics, Inc. (a)		866		90,064
Total Professional Services				281,338
Road & Rail - 0.2%
AMERCO		182		62,808
Real Estate Investment Trusts (REITs) - 3.4%
Alexandria Real Estate Equities, Inc.		640		79,930
AvalonBay Communities, Inc.		385		63,317
Crown Castle International Corp.		746		81,769
Digital Realty Trust, Inc.		662		69,762
Essex Property Trust, Inc.		305		73,407
Extra Space Storage, Inc. ^		950		82,992

The accompanying notes are an integral part of these financial statements.

Etho Climate Leadership U.S. ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Fair Value
Federal Realty Investment Trust		529	$	61,422
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,512		68,484
Kimco Realty Corp.		3,210		46,224
Prologis, Inc.		1,363		85,855
Realty Income Corp.		1,190		61,559
Regency Centers Corp.		1,063		62,696
SBA Communications Corp. (a)		581		99,304
Total Real Estate Investment Trusts (REITs)				936,721
Semiconductors & Semiconductor Equipment - 7.2%
Analog Devices, Inc.		858		78,190
Applied Materials, Inc.		1,809		100,598
Cypress Semiconductor Corp.		5,141		87,191
First Solar, Inc. (a)		2,595		184,194
Integrated Device Technology, Inc. (a)		2,967		90,672
Intel Corp. ^		1,969		102,546
KLA-Tencor Corp.		741		80,776
Lam Research Corp. ^		548		111,332
Maxim Integrated Products, Inc.		1,571		94,606
Microchip Technology, Inc.		953		87,066
NVIDIA Corp.		645		149,376
ON Semiconductor Corp. (a) ^		4,535		110,926
Power Integrations, Inc.		1,072		73,271
Qorvo, Inc. (a) ^		1,025		72,211
QUALCOMM, Inc.		1,235		68,431
Rambus, Inc. (a)		5,348		71,824
Skyworks Solutions, Inc.		720		72,187
SunPower Corp. (a) ^		11,537		92,065
Teradyne, Inc.		2,261		103,350
Texas Instruments, Inc.		880		91,423
Xilinx, Inc.		1,219		88,061
Total Semiconductors & Semiconductor Equipment				2,010,296
Software - 4.0%
Activision Blizzard, Inc.		1,409		95,051
Adobe Systems, Inc. (a)		537		116,035
ANSYS, Inc. (a)		658		103,102
Autodesk, Inc. (a)		810		101,720
Intuit, Inc.		602		104,357
Red Hat, Inc. (a)		809		120,954
salesforce.com, Inc. (a)		852		99,088
ServiceNow, Inc. (a)		803		132,856
Splunk, Inc. (a)		1,126		110,787
Workday, Inc. (a)		840		106,772
Total Software				1,090,722
Specialty Retail - 2.8%
Advance Auto Parts, Inc.		471		55,837
AutoZone, Inc. (a)		97		62,923
Foot Locker, Inc.		946		43,081
L Brands, Inc.		1,506		57,544

The accompanying notes are an integral part of these financial statements.

Etho Climate Leadership U.S. ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Fair Value
O’Reilly Automotive, Inc. (a)		259	$	64,071
Ross Stores, Inc.		1,065		83,050
The Home Depot, Inc.		481		85,734
Tiffany & Co.		740		72,268
TJX Cos, Inc.		888		72,425
Tractor Supply Co.		1,018		64,154
Ulta Beauty, Inc. (a)		245		50,046
Williams-Sonoma, Inc. ^		1,321		69,696
Total Specialty Retail				780,829
Technology Hardware, Storage & Peripherals - 1.1%
3D Systems Corp. (a) ^		4,695		54,415
Apple, Inc.		488		81,877
Hewlett Packard Enterprise Co.		2,970		52,094
NetApp, Inc.		1,684		103,885
Total Technology Hardware, Storage & Peripherals				292,271
Textiles, Apparel & Luxury Goods - 2.6%
Hanesbrands, Inc. ^		3,402		62,665
Lululemon Athletica, Inc. (a)		1,352		120,491
NIKE, Inc.		1,264		83,980
PVH Corp.		677		102,518
Ralph Lauren Corp.		866		96,819
Tapestry, Inc.		1,712		90,068
Under Armour, Inc. (a) ^		3,841		55,118
VF Corp.		1,285		95,244
Total Textiles, Apparel & Luxury Goods				706,903
Thrifts & Mortgage Finance - 1.2%
Bear State Financial, Inc.		7,509		76,967
Capitol Federal Financial, Inc.		4,901		60,527
New York Community Bancorp, Inc.		5,123		66,753
TFS Financial Corp.		4,258		62,550
Washington Federal, Inc. ^		2,131		73,733
Total Thrifts & Mortgage Finance				340,530
Trading Companies & Distributors - 2.0%
Air Lease Corp.		1,814		77,313
Fastenal Co.		1,378		75,225
GATX Corp.		1,157		79,243
MSC Industrial Direct Co., Inc.		689		63,188
United Rentals, Inc. (a)		561		96,901
WESCO International, Inc. (a)		1,010		62,671
WW Grainger, Inc.		304		85,810
Total Trading Companies & Distributors				540,351
Water Utilities - 1.1%
American States Water Co.		1,591		84,418
American Water Works Co., Inc.		906		74,410
Aqua America, Inc.		2,196		74,796
Middlesex Water Co.		1,910		70,097
Total Water Utilities				303,721
Total United States				25,703,133

The accompanying notes are an integral part of these financial statements.

Etho Climate Leadership U.S. ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Fair Value
Virgin Islands (UK) - 0.4%
Textiles, Apparel & Luxury Goods - 0.4%
Michael Kors Holdings Ltd. (a)		1,843	$	114,414
TOTAL COMMON STOCKS (Cost $23,803,150)				27,173,705

SHORT-TERM INVESTMENTS - 0.9%
Money Market Funds - 0.9%
Invesco Advisers, Inc. STIT - Treasury Portfolio - Institutional Class, 1.57% (b)		252,122		252,122
TOTAL SHORT-TERM INVESTMENTS (Cost $252,122)				252,122

INVESTMENTS PURCHASED WITH SECURITIES LENDING COLLATERAL - 8.8%
Investment Companies - 8.8%
Mount Vernon Liquid Assets Portfolio, LLC, 1.89% (b) +				2,404,178
TOTAL INVESTMENTS PURCHASED WITH SECURITIES LENDING COLLATERAL (Cost $2,404,178)				2,404,178

Total Investments (Cost $26,459,450) - 108.7%				29,830,005
Liabilities in Excess of Other Assets - (8.7)%				(2,382,855	)
TOTAL NET ASSETS - 100.0%			$	27,447,150

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt.

(a)	Non-income producing security.

(b)	The rate quoted is the annualized seven-day yield at March 31, 2018.

+	Investments purchased with cash proceeds from securities lending. Total cash collateral has a value of $2,404,178 as of March 31, 2018.

^	All or a portion of this security is out on loan as of March 31, 2018. Total value of securities out on loan is $2,384,709.

The accompanying notes are an integral part of these financial statements.

Etho Climate Leadership U.S. ETF

STATEMENT OF ASSETS AND LIABILITIES

As of March 31, 2018 (Unaudited)

	Etho Climate Leadership U.S. ETF
ASSETS
Investments in securities, at fair value*	$	29,830,005
Cash		7,089
Receivables:
Dividends and interest receivable		21,638
Securities lending income receivable		3,243
Total Assets		29,861,975

LIABILITIES
Collateral received for securities loaned (Note 7)		2,404,178
Payables:
Unitary fees payable		10,647
Total Liabilities		2,414,825
Net Assets	$	27,447,150

NET ASSETS CONSIST OF:
Paid-in Capital	$	24,112,217
Undistributed (accumulated) net investment income		32,585
Accumulated net realized loss on investments		(68,207	)
Net unrealized appreciation on:
Investments in securities		3,370,555
Net Assets	$	27,447,150

*Identified Cost:
Investments in unaffiliated securities	$	26,459,450

Shares Outstanding^		800,000
Net Asset Value, Offering and Redemption Price per Share	$	34.31

^ No par value, unlimited number of shares authorized

The accompanying notes are an integral part of these financial statements.

Etho Climate Leadership U.S. ETF

STATEMENT OF OPERATIONS

Six Months Ended March 31, 2018 (Unaudited)

	Etho Climate Leadership U.S. ETF
INVESTMENT INCOME
Income:
Dividends from unaffiliated securities (net of foreign withholding tax of $76)	$	153,280
Interest		877
Securities lending income		10,412
Total Investment Income		164,569
Expenses:
Unitary fees		54,709
Net Investment Income		109,860
REALIZED & UNREALIZED GAIN ON INVESTMENTS
Net Realized Gain on:
Unaffiliated investments		11,737
Net Realized Gain on Investments and In-Kind Redemptions		11,737
Net Change in Unrealized Appreciation of:
Unaffiliated investments		1,387,636
Net Realized and Unrealized Gain on Investments		1,399,373
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,509,233

The accompanying notes are an integral part of these financial statements.

Etho Climate Leadership U.S. ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
OPERATIONS
Net investment income	$	109,860		$	128,439
Net realized gain on investments and In-Kind Redemptions		11,737			416,202
Net change in unrealized appreciation of investments		1,387,636			1,768,693
Net increase in net assets resulting from operations		1,509,233			2,313,334

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(102,363	)		(109,859	)
From net realized gain		(11,823	)		(40,845	)
Total Distributions to Shareholders		(114,186	)		(150,704	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change in outstanding shares (a)		6,844,300			10,294,350
Net increase in net assets	$	8,239,347		$	12,456,980

NET ASSETS
Beginning of Period		19,207,803			6,750,823
End of Period	$	27,447,150		$	19,207,803
Undistributed net investment income	$	32,585		$	25,088

(a) Summary of share transactions is as follows:


	Six Months Ended March 31, 2018 (Unaudited)				Year Ended September 30, 2017
	Shares		Amount		Shares			Amount
Shares Sold		200,000	$	6,844,300		450,000		$	13,209,550
Shares Redeemed		—		—		(100,000	)		(2,915,200	)
Net Transactions in Fund Shares		200,000	$	6,844,300		350,000		$	10,294,350
Beginning Shares		600,000				250,000
Ending Shares		800,000				600,000

The accompanying notes are an integral part of these financial statements.

Etho Climate Leadership U.S. ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended September 30, 2016¹

Net Asset Value, Beginning of Period	$	32.01		$	27.00		$	25.00
Income from Investment Operations:
Net investment income ²		0.15			0.31			0.23
Net realized and unrealized gain on investments		2.31			5.09			1.87
Total from investment operations		2.46			5.40			2.10
Less Distributions:
Distributions from net investment income		(0.14	)		(0.25	)		(0.10	)
Distributions from net realized gain		(0.02	)		(0.14	)		—
Total distributions		(0.16	)		(0.39	)		(0.10	)
Net asset value, end of period	$	34.31		$	32.01		$	27.00
Total Return		7.66	%³		20.14	%		8.43	%³

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	27,447		$	19,208		$	6,751

Expenses to Average Net Assets		0.45	%⁴		0.45	%		0.50	%⁴
Net Investment Income to Average Net Assets		0.90	%⁴		1.03	%		1.04	%⁴
Portfolio Turnover Rate		0	%³		45	%		25	%³

¹	Commencement of operations on November 18, 2015.

²	Calculated based on average shares outstanding during the period.

³	Not annualized.

⁴	Annualized.

The accompanying notes are an integral part of these financial statements.

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

NOTE 1 – ORGANIZATION

Etho Climate Leadership U.S. ETF (the “Fund”) is a series of ETF Managers Trust (the “Trust”), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on July 1, 2009. The Trust is registered with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Fund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Etho Climate Leadership Index™ Index (“the Index”). The Fund commenced operations on November 18, 2015.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their net asset value (“NAV”). The Fund issues and redeems Shares on a continuous basis at NAV only in blocks of 50,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in the Index. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the 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 do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and may be subject to customary brokerage commissions or fees.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The Fund may invest in certain other investment companies (underlying funds). For specific investments in underlying funds, please refer to the complete schedule of portfolio holdings on Form N-CSR(S) for this reporting period, which is filed with the U.S. Securities and Exchange Commission (SEC). For more information about the underlying Fund’s operations and policies, please refer to those Funds’ semiannual and annual reports, which are filed with the SEC.

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Fund’s Board. The use of fair value pricing by the Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of March 31, 2018, the Fund did not hold any fair valued securities.

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2

Level 3

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

The following table presents a summary of the Funds’ investments in securities, at fair value, as of March 31, 2018:

Etho Climate Leadership U.S. ETF
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	27,173,705	$	—	$	—	$	27,173,705
Short-Term Investments		252,122		—		—		252,122
Investments Purchased with Securities Lending
Collateral*		—		—		—		2,404,178
Total Investments in Securities	$	27,425,827	$	—	$	—	$	29,830,005

^ See Schedule of Investments for classifications by sector or country.

There were no transfers between Levels 1, 2 and 3 during the six months ended March 31, 2018. Transfers between levels are recognized at the end of the reporting period.

Net capital losses incurred after October 31, within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Income, including gains, from investments in foreign securities received by the Fund may be subject to income, withholding or other taxes imposed by foreign countries.

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

Distributions to Shareholders. Distributions to shareholders from net investment income, if any, are declared and paid by the Fund on a quarterly basis. Distributions to shareholders from net realized gains on securities of the Fund normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

Share Valuation. The net asset value (“NAV”) per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding by the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s net asset value per share.

NOTE 3 – RISK FACTORS

Investing in the Etho Climate Leadership U.S. ETF may involve certain risks, as discussed in the Fund’s prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS.

Under the Investment Advisory Agreement with the Fund, the Advisor has overall responsibility for the general management and administration of the Fund and arranges for sub-advisory, transfer agency, custody, fund administration, securities lending, and all other non-distribution related services necessary for the Fund to operate. The Advisor bears the costs of all advisory and non-advisory services required to operate the Fund, in exchange for a single unitary fee. For services provided the Fund pays the Advisor at an annual rate of 0.45% of the Fund’s average daily net assets. The Advisor has an agreement with, and is dependent on, a third party to pay the Fund’s expenses in excess of 0.45% of the Fund’s average daily net assets. Additionally, under the Investment Advisory Agreement, the Advisor has agreed to pay all expenses of the Fund, except for: the fee paid to the Advisor pursuant to the Investment 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 (collectively, “Excluded Expenses”). The Advisor has entered into an Agreement with Etho Climate Leadership U.S. (the “Sponsor”), under which the Sponsor agrees to sublicense the use of the Underlying Index to the Advisor. The Sponsor also provides marketing support for the Fund, including distributing marketing materials related to the Fund. Etho Climate Leadership U.S. is a privately held business focused on bringing exchange-traded investment products to investors in the U.S. The Sponsor does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Fund. Additionally, the Sponsor is not involved in the maintenance of the Underlying Index and does not otherwise act in the capacity of an index provider.

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

NOTE 5 – DISTRIBUTION PLAN

NOTE 6 - PURCHASES AND SALES OF SECURITIES

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, for the six months ended March 31, 2018:

	Purchases					Sales
Etho Climate Leadership U.S. ETF		$	5,849			$	19,490

The costs of purchases and sales of in-kind transactions associated with creations and redemptions for the six months ended March 31, 2018:

	Purchases In-Kind		Sales In-Kind

Etho Climate Leadership U.S. ETF	$	6,749,644	$	—

Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. Net capital gains or losses resulting from in-kind redemptions are excluded from the determination of the Fund’s taxable gains and are not distributed to shareholders.

There were no purchases or sales of U.S. Government obligations for the six months ended March 31, 2018.

NOTE 7 — SECURITIES LENDING

The Fund may lend up to 33 1/3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by U.S. Bank N.A. (“the Custodian”). The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any loaned securities at the time of the loan, plus accrued interest. The Fund receives compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of the Fund. The Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. As of March 31, 2018, the Fund had loaned securities and received cash collateral for the loans. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Fund is indemnified from this risk by contract with the securities lending agent.

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

As of March 31, 2018, the value of the securities on loan and payable for collateral due to broker were as follows:

Value of Securities on Loan Collateral Received


Fund	Values of Securities on Loan		Fund Collateral Received*
Etho Climate Leadership U.S. ETF	$	2,384,709	$	2,404,178

* The cash collateral received was invested in the Mount Vernon Securities Lending Prime Portfolio as shown on the Schedule of Investments, an investment with an overnight and continuous maturity.

Interest income earned on collateral investments (including applicable fees) and recognized by the Fund during the six months ended March 31, 2018, aggregated $10,412.

NOTE 8 – FEDERAL INCOME TAXES

The components of distributable earnings (losses) and cost basis of investments for federal income tax purposes at September 30, 2017 were as follows:

		Cost				Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
Etho Climate Leadership U.S. ETF		$	20,030,574			$	2,438,061			$	(534,890	)		$	1,903,171

		Undistributed Ordinary Income				Undistributed Long-term Gain			Total Distributable Earnings					Other Accumulated Loss				Total Accumulated Gain
Etho Climate Leadership U.S. ETF		$	36,715			$	—			$	36,715			$	—			$	1,939,886

The difference between the tax cost of investments and the cost of investments for GAAP purposes is primarily due to the tax treatment of wash sale losses.

Etho Climate Leadership U.S. ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

As of September 30, 2017, the Fund had accumulated capital loss carryovers of:


	Capital Loss Carryover	Expires
Etho Climate Leadership U.S. ETF	None	Indefinite

Under current tax law, capital and currency losses realized after October 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Fund had deferred post-October capital and currency losses, which will be treated as arising on the first business day of the year ended September 30, 2017.


	Late Year Ordinary Loss	Post-October Capital Loss
Etho Climate Leadership U.S. ETF	None	None


	Undistributed Accumulated Net Investment Loss			Accumulated Net Realized Loss			Paid-In Capital
Etho Climate Leadership U.S. ETF	$	(408	)	$	(474,494	)	$	474,902

NOTE 9 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Fund during the fiscal years ended September 30, 2017 and September 30, 2016 are as follows:

		Year Ended September 30, 2017				Year Ended September 30, 2016
	From Ordinary Income			From Capital Gains		From Ordinary Income		From Capital Gains
Etho Climate Leadership U.S. ETF	$		109,859	$	40,845	$	22,000	$	—

NOTE 10 – SUBSEQUENT EVENTS

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Etho Climate Leadership U.S. ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited)

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services provided to the Fund’s shareholders by the Adviser; (ii) the investment performance of the Fund; (iii) the Adviser’s costs and profits realized in providing services to the Fund, including any fall-out benefits enjoyed by the Adviser; (iv) comparative fee and expense data for the Fund in relation to other similar investment companies; (v) the extent to which economies of scale would be realized as the Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and its affiliates resulting from services rendered to the Fund. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on March 28, 2018, and throughout the year. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting and throughout the year, and the Adviser’s oral presentations and any other information that the Board received at the meeting, and deliberated on the renewal of the Advisory Agreement in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the renewal of the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund. The matters discussed were also considered separately by the Independent Trustees in executive session with independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services Provided by the Adviser

Etho Climate Leadership U.S. ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited) (Continued)

Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser.

Historical Performance

The Board then considered the past performance of the Fund. The Board reviewed information regarding the performance history of the Fund over various time periods, including the year-to-date period, the most recent one-year period and the period since the Fund’s inception. The Board noted management’s explanation that analysis of investment performance, in absolute terms, is less relevant for the Fund than it is for actively managed funds, given the Fund’s index-based investment objectives. The Board also noted management’s further explanation that it is more relevant to review the performance of the Fund by focusing on the extent to which the Fund tracked its underlying index. The Board reviewed information regarding the Fund’s index tracking during the time it was managed by the Adviser, discussing, as applicable, factors which contributed to the Fund’s tracking error over certain periods of time. The Board noted that the Fund’s performance was generally in line with that of its underlying index. The Board concluded that the Fund satisfactorily tracked its underlying index. The Board further noted that it had received and would continue to receive regular reports regarding the Fund’s performance at its quarterly meetings.

Cost of Services Provided and Economies of Scale

The Board reviewed the advisory fee for the Fund and compared it to the total operating expenses of comparable ETFs, as determined by an independent third party. Among other information, the Board further noted that the expense ratio of the Fund was lower than the average and median advisory fee of its comparable ETFs. The Board took into consideration management’s discussion of the fees, including that the Fund has a niche investment strategy and limited comparable ETFs.

Etho Climate Leadership U.S. ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited) (Continued)

Based on the Board’s deliberations and its evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Advisory Agreement are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the services that the Adviser provides to the Fund; and (c) approved the renewal of the Advisory Agreement for another year.

Etho Climate Leadership U.S. ETF

EXPENSE EXAMPLE

Six Months Ended March 31, 2018 (Unaudited)

As a shareholder of Etho Climate Leadership U.S. ETF (the “Fund”) you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including Unitary fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2017 to March 31, 2018).

Actual Expenses

Hypothetical Example for Comparison Purposes

Etho Climate Leadership U.S. ETF

	Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Expenses Paid During the Period^
Actual	$	1,000.00	$	1,076.60	$	2.33

Hypothetical (5% annual)	$	1,000.00	$	1,022.69	$	2.27

Etho Climate Leadership U.S. ETF

SUPPLEMENTARY INFORMATION

March 31, 2018 (Unaudited)

INFORMATION ABOUT PORTFOLIO HOLDINGS

INFORMATION ABOUT PROXY VOTING

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477) or by visiting www.ethoetf.com. Read the prospectus carefully before investing.

Advisor

ETF Managers Group, LLC

30 Maple Street, Suite 2, Summit, NJ 07901

Distributor

ETFMG Financial, Inc.

30 Maple Street, Suite 2, Summit, NJ 07901

Custodian

U.S. Bank National Association

Custody Operations

1555 North River Center Drive, Suite 302, Milwaukee, Wisconsin 53212

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street, Milwaukee, Wisconsin 53202

Securities Lending Agent

U.S. Bank, National Association

Securities Lending

800 Nicolet Mall

Minneapolis, MN 55402-7020

Independent Registered Public Accounting Firm

WithumSmith + Brown, PC

1411 Broadway, 9th Floor, New York, NY 10018

Legal Counsel

Sullivan & Worcester LLP

1666 K Street NW, Washington, DC 20006

Semi-Annual Report
March 31, 2018

The Spirited Funds/ETFMG Whiskey & Spirits ETF Ticker: WSKY

The fund is a series of ETF Managers Trust.

Spirited Funds/ETFMG Whiskey & Spirits ETF

TABLE OF CONTENTS

March 31, 2018

	Page
Shareholders’ Letter	2

Growth of $10,000 Investment	3

Top Ten Holdings	4

Important Disclosures and Key Risk Factors	5

Portfolio Allocations	6

Schedule of Investments	7

Statement of Assets and Liabilities	9

Statement of Operations	10

Statements of Changes in Net Assets	11

Financial Highlights	12

Notes to Financial Statements	13

Approval of Advisory Agreement and Board Considerations	21

Expense Example	24

Supplementary Information	25

Spirited Funds/ETFMG Whiskey & Spirits ETF

Dear Shareholder,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Spirited Funds/ETFMG Whiskey & Spirits Exchange-Traded Fund (“WSKY” or the “Fund”). The following information pertains to the fiscal period from October 1, 2017 to March 31, 2018.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Spirited Funds/ETFMG Whiskey & Spirits Index (the “Index”).

For the 6-month period ended March 31, 2018, the Fund NAV increased 11.87% while the Index increased 13.16%. The difference was primarily attributable to Fund expenses that are not a part of the Index.

The best performing securities in the Fund were Radico Khaitan (up 99.61%) and MGP Ingredients (up 47.99%). The worst performing securities in the Fund were Marie Brizard (down - 35.06%) and Ginebra San Miguel (down - 11.13%).

You can find further details about WSKY by visiting www.spiritedfunds.com, or by calling 1-844-ETF-MGRS (1-844-383-6477).

Sincerely,

Samuel Masucci III

Chairman of the Board

Samuel Masucci III is a registered representative of ETFMG Financial, LLC.

Spirited Funds/ ETFMG Whiskey & Spirits ETF
Growth of $10,000 (Unaudited)

Average Annual Returns Period Ended March 31, 2018	6 Months Return¹			1 Year Return			Since Inception (10/12/2016)
Spirited Funds/ ETFMG Whiskey & Spirits ETF (NAV)		11.87	%		25.77	%		20.96	%
Spirited Funds/ ETFMG Whiskey & Spirits ETF (Market)		8.91	%		26.25	%		21.65	%
S&P 500 Index²		5.84	%		14.07	%		17.93	%
Spirited Funds/ETFMG Whiskey & Spirits Index²		13.16	%		29.38	%		23.28	%

Total Fund Operating Expenses³								0.60	%

1. Not annualized.

3. The expense ratio is taken from the Fund’s most recent prospectus dated January 31, 2018.

The chart illustrates the performance of a hypothetical $10,000 investment made on October 12, 2016, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sale of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The unmanaged indices do not reflect fees and are not available for direct investment.

Spirited Funds/ETFMG Whiskey & Spirits ETF

Top Ten Holdings*

	Security	% of Total Investments†
1	Diageo PLC	16.79%
2	Pernod Ricard SA	8.91%
3	MGP Ingredients, Inc.	5.59%
4	Brown-Forman Corp.	5.26%
5	Remy Cointreau SA	4.96%
6	LVMH Moet Hennessy Louis Vuitton SE	4.96%
7	Davide Campari-Milano SpA	4.89%
8	Marie Brizard Wine & Spirits SA	4.80%
9	Thai Beverage PLC	4.68%
10	Corby Spirit and Wine Ltd.	4.68%

Top Ten Holdings = 65.52% of Total Investments†

* Current portfolio holdings may not be indicative of future fund holdings.

† Percentage of total investments less cash.

Spirited Funds/ETFMG Whiskey & Spirits ETF

Important Disclosures and Key Risk Factors

The Spirited Funds/ETFMG Whiskey & Spirits ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Spirited Funds/ETFMG Whiskey & Spirits Index (the “Index”). The Index is comprised of core companies that are principally engaged in the production, distillation, storage, or aging of whiskey and non-core companies that derive a portion of their revenue from whiskey and spirits.

The industries in which Bourbon and Whiskey Economy Companies operate are very competitive and companies in such industries are subject to a number of risks. Demographic and product trends, changing consumer preferences, nutritional and health-related concerns, competitive pricing, marketing campaigns, environmental factors, adverse changes in general economic conditions, government regulation, food inspection and processing control, consumer boycotts, risks of product tampering, product liability claims, and the availability and expense of liability insurance can affect the demand for, and success of, such companies’ products in the marketplace. Such companies also face risks associated with changing market prices as a result of, among other things, changes in government support and trading policies and agricultural conditions influencing the growth and harvest seasons.

Spirited Funds/ETFMG Whiskey & Spirits ETF

PORTFOLIO ALLOCATIONS

As of March 31, 2018 (Unaudited)

	Spirited Funds/ETFMG Whiskey & Spirits ETF
As a percent of Net Assets:
Canada		5.8	%
Chile		1.0
France		24.0
India		10.2
Ireland		0.9
Italy		4.9
Japan		4.6
Mexico		1.0
Philippines		4.5
Republic of Korea		1.0
South Africa		4.6
Thailand		4.7
United Kingdom		18.1
United States		14.3
Short-Term and other Net Assets (Liabilities)		0.4
		100.0	%

Spirited Funds/ETFMG Whiskey & Spirits ETF

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 99.6%
Canada - 5.8%
Beverages - 5.8%
Brick Brewing Co. Ltd. (a)		43,207	$	152,592
Corby Spirit and Wine Ltd. (a)		45,970		693,644
Total Beverages				846,236

Chile -1.0%
Beverages -1.0%
Cia Cervecerias Unidas SA - ADR		5,115		150,432

France - 24.0%
Beverages -19.0%
Marie Brizard Wine & Spirits SA (a)		65,259		710,637
Pernod Ricard SA		7,932		1,320,033
Remy Cointreau SA		5,162		735,514
Total Beverages				2,766,184
Textiles, Apparel & Luxury Goods - 5.0%
LVMH Moet Hennessy Louis Vuitton SE		2,386		734,551
Total France				3,500,735

India -10.2%
Beverages -10.2%
Radico Khaitan Ltd.		128,323		653,698
SOM Distilleries And Breweries Ltd.		43,953		152,201
United Spirits Ltd. (a)		14,394		690,693
Total Beverages				1,496,592

Ireland - 0.9%
Beverages - 0.9%
C&C Group PLC		42,474		139,017

Italy - 4.9%
Beverages - 4.9%
Davide Campari-Milano SpA		95,737		724,468

Japan - 4.6%
Beverages - 4.6%
Asahi Group Holdings Ltd.		5,300		282,271
Kirin Holdings Co. Ltd.		10,000		266,200
Takara Holdings, Inc.		12,504		138,783
Total Beverages				687,254

Mexico -1.0%
Beverages -1.0%
Becle SAB de CV (a)		74,544		151,302

The accompanying notes are an integral part of these financial statements.

Spirited Funds/ETFMG Whiskey & Spirits ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)

	Shares		Fair Value
Philippines - 4.5%
Beverages - 4.5%
Ginebra San Miguel, Inc. (a)		1,344,000	$	656,835
Republic of Korea - 1.0%
Beverages - 1.0%
Hite Jinro Co. Ltd.		6,724		141,621
South Africa - 4.6%
Beverages - 4.6%
Distell Group Ltd.		58,172		673,176
Thailand - 4.7%
Beverages - 4.7%
Thai Beverage PLC		1,166,749		694,096
United Kingdom - 18.1%
Beverages - 18.1%
Diageo PLC		73,523		2,488,040
Stock Spirits Group PLC		41,485		144,635
Total Beverages				2,632,675
United States - 14.3%
Beverages - 14.3%
Brown-Forman Corp.		14,317		778,831
Constellation Brands, Inc.		2,126		484,558
MGP Ingredients, Inc. ^˄		9,249		828,619
Total Beverages				2,092,008
TOTAL COMMON STOCKS (Cost $13,761,167)				14,586,447
SHORT-TERM INVESTMENTS - 0.0%
Money Market Funds - 0.0%
Invesco Advisers, Inc. STIT - Treasury Portfolio - Institutional Class, 1.57% (b)		2,495	$	2,495
TOTAL SHORT-TERM INVESTMENTS (Cost $2,495)				2,495
INVESTMENTS PURCHASED WITH SECURITIES LENDING
COLLATERAL - 1.6%
Investment Companies - 1.6%
Mount Vernon Liquid Assets Portfolio, LLC, 1.89% (b) +				227,970
TOTAL INVESTMENTS PURCHASED WITH SECURITIES LENDING
COLLATERAL (Cost $227,970)				227,970
Total Investments (Cost $13,991,632) - 101.2%				14,816,912
Liabilities in Excess of Other Assets - (1.2)%				(174,781	)
TOTAL NET ASSETS -100.0%			$	14,642,131

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a)	Non-income producing security.

(b)	The rate quoted is the annualized seven-day yield at March 31, 2018.

+ Investments purchased with cash proceeds from securities lending. Total cash collateral has a value of $227,970 as of March 31, 2018.

^˄ All or a portion of this security is out on loan as of March 31, 2018. Total value of securities out on loan is $226,931.

The accompanying notes are an integral part of these financial statements.

Spirited Funds/ETFMG Whiskey & Spirits ETF

STATEMENT OF ASSETS AND LIABILITIES

As of March 31, 2018 (Unaudited)

	Spirited Funds/ ETFMG Whiskey & Spirits ETF
ASSETS
Investments in securities, at fair value*	$	14,816,912
Cash		1,825
Foreign currency		250
Receivables:
Dividends and interest receivable		58,546
Securities lending income receivable		49
Total Assets		14,877,582

LIABILITIES
Collateral received for securities loaned (Note 7)		227,970
Payables:
Unitary fees payable		7,481
Total Liabilities		235,451
Net Assets	$	14,642,131

NET ASSETS CONSIST OF:
Paid-in Capital	$	13,751,323
Undistributed net investment income		10,042
Accumulated net realized gain on investments		54,875
Net unrealized appreciation on:
Investments in securities		825,280
Foreign currency and translation of other assets and liabilities in foreign currency		611
Net Assets	$	14,642,131

* Identified Cost:
Investments in securities	$	13,991,632
Foreign currency		249

Shares Outstanding^{^}		450,000
Net Asset Value, Offering and Redemption Price per Share	$	32.54	¹

^{^} No par value, unlimited number of shares authorized

¹ The stated NAV per share may differ from a recalculation of the NAV per share due to certain foreign markets open on March 30, 2018, while US markets were closed. The stated NAV per share was calculated on the last business day markets were open for this fund. (See Note 2).

The accompanying notes are an integral part of these financial statements.

Spirited Funds/ETFMG Whiskey & Spirits ETF

STATEMENT OF OPERATIONS

Six Months ended March 31, 2018 (Unaudited)

	Spirited Funds/ ETFMG Whiskey & Spirits ETF
INVESTMENT INCOME
Income:
Dividends from unaffiliated securities (net of foreign withholdings tax of $7,419)	$	91,769
Interest		103
Securities lending income		494
Total Investment Income		92,366
Expenses:
Unitary fees		32,087
Net Investment Income		60,279
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Unaffiliated investments		(73,655	)
In-Kind redemptions		230,689
Foreign currency and foreign currency translation		(46,999	)
Net Realized Gain on Investments and Foreign Currency		110,035
Net Change in Unrealized Appreciation of:
Unaffiliated investments		521,727
Foreign currency and foreign currency translation		39
Net Change in Unrealized Appreciation of Investments and Foreign Currency		521,766
Net Realized and Unrealized Gain on Investments		631,801
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	692,080

The accompanying notes are an integral part of these financial statements.

Spirited Funds/ETFMG Whiskey & Spirits ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2018 (Unaudited)			Period Ended September 30, 2017*
OPERATIONS
Net investment income	$	60,279		$	42,082
Net realized gain on investments		110,035			178,501
Net change in unrealized appreciation of investments		521,766			304,125
Net increase in net assets resulting from operations		692,080			524,708
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(59,003	)		(22,801	)
From net realized gain		(63,027	)		—
Total Distributions to Shareholders		(122,030	)		(22,801	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change in outstanding
shares (a)		8,181,595			5,373,635
Transaction Fees (Note 1)		10,091			4,853
Net increase in net assets from capital chare transactions		8,191,686			5,378,488
Net increase in net assets		8,761,736			5,880,395
NET ASSETS
Beginning of Period		5,880,395			—
End of Period	$	14,642,131		$	5,880,395
Undistributed net investment income	$	10,042		$	8,766

(a) Summary of share transactions is as follows:

	Six Months Ended March 31, 2018 (Unaudited)						Period Ended September 30, 2017*
	Shares			Amount			Shares			Amount
Shares Sold		350,000		$	11,441,730			350,000		$	9,624,840
Transaction Fees (Note 1)		—			10,091			—			4,853
Shares Redeemed		(100,000	)		(3,260,135	)		(150,000	)		(4,251,205	)
		250,000		$	8,191,686			200,000		$	5,378,488
Beginning Shares		200,000						—
Ending Shares		450,000						200,000

* Fund commenced operations on October 12, 2016. The information presented is for the period from October 12, 2016 to September 30, 2017.

The accompanying notes are an integral part of these financial statements.

Spirited Funds/ETFMG Whiskey & Spirits ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	Six Months Ended March 31, 2018 (Unaudited)			Period Ended September 30, 2017¹
Net Asset Value, Beginning of Period	$	29.40		$	25.00
Income from Investment Operations:
Net investment income ²		0.18			0.36
Net realized and unrealized gain on investments		3.29			4.06
Total from investment operations		3.47			4.42
Less Distributions:
Distributions from net investment income		(0.15	)		(0.02	)
Distributions from net realized gain		(0.21	)		—
Total distributions		(0.36	)		(0.02	)
Capital Share Transactions:
Transaction fees added to paid-in capital		0.03			—
Net asset value, end of period		32.54			29.40
Total Return³		11.87	%		18.22	%

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	14,642		$	5,880
Expenses to Average Net Assets⁴		0.60	%		0.67	%
Net Investment Income to Average Net Assets⁴		1.13	%		1.40	%
Portfolio Turnover Rate³		28	%		96	%

1	Commencement of operations on October 12, 2016.

2	Calculated based on average shares outstanding during the period.

3	Not annualized.

4	Annualized.

The accompanying notes are an integral part of these financial statements.

Spirited Funds/ETFMG Whiskey & Spirits ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

NOTE 1 – ORGANIZATION

Spirited Funds/ETFMG Whiskey & Spirits ETF (the “Fund”) is a series of ETF Managers Trust (the “Trust”), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on July 1, 2009. The Trust is registered with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Fund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Spirited Funds/ETFMG Whiskey & Spirits Index. The Fund commenced operations on October 12, 2016.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their net asset value (“NAV”). The Fund issues and redeems Shares on a continuous basis at NAV only in blocks of 50,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified Index. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the 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 do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The Fund may invest in certain other investment companies (underlying funds). For specific investments in underlying funds, please refer to the complete schedule of portfolio holdings on Form N-CSR(S) for this reporting period, which is filed with the U.S. Securities and Exchange Commission (SEC). For more information about the underlying Fund’s operations and policies, please refer to those Funds’ semiannual and annual reports, which are filed with the SEC.

Spirited Funds/ETFMG Whiskey & Spirits ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Fund’s Board. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of March 31, 2018, the Fund did not hold any fair valued securities.

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2

Level 3

The following is a table that presents a summary of the Fund’s investments in securities, at fair value as of March 31, 2018:

Spirited Funds/ETFMG Whiskey & Spirits ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

Spirited Funds/ETFMG Whiskey & Spirits ETF+

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	14,586,447	$	—	$	—	$	14,586,447
Short-Term Investments		2,495		—		—		2,495
Investments Purchased with Securities Lending Collateral*		—		—		—		227,970
Total Investments in Securities	$	14,588,942	$	—	$	—	$	14,816,912

^ See Schedule of Investments for classifications by sector or country.

There were no transfers between Levels 1, 2 and 3 during the six months ended March 31, 2018. Transfers between levels are recognized at the end of the reporting period.

Net capital losses incurred after October 31, within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

Management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the Fund and has determined that no provision for income tax is required in the Fund’s financial statements.

Spirited Funds/ETFMG Whiskey & Spirits ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Income, including gains, from investments in foreign securities received by the Fund may be subject to income, withholding or other taxes imposed by foreign countries.

E.	Distributions to Shareholders. Distributions to shareholders from net investment income are declared and paid for the Fund on a quarterly basis. Net realized gains on securities for the Fund normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

Share Valuation. The net asset value (“NAV”) per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s net asset value per share.

NOTE 3 – RISK FACTORS

Investing in Spirited Funds/ETFMG Whiskey & Spirits ETF may involve certain risks, as discussed in the Fund’s prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

Spirited Funds/ETFMG Whiskey & Spirits ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. As with any investment whose performance is tied to these markets, the value of an investment in the Fund will fluctuate, which means that an investor could lose money over short or long periods.

Concentration Risk. To the extent that the Fund or its working index’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the Fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class.

NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS.

ETF Managers Group, LLC (the “Advisor”), serves as the investment advisor to the Fund. Pursuant to an Investment Advisory Agreement (“Advisory Agreement”) between the Trust, on behalf of the Fund, and the Advisor, the Advisor provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Advisor is also responsible for arranging transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate.

Under the Investment Advisory Agreement with the Fund, the Advisor has overall responsibility for the general management and administration of the Fund and arranges for sub-advisory, transfer agency, custody, fund administration, securities lending, and all other non-distribution related services necessary for the Fund to operate. The Advisor bears the costs of all advisory and non-advisory services required to operate the Fund, in exchange for a single unitary fee. For services provided the Fund pays the Advisor at an annual rate of 0.60% of the Fund’s average daily net assets. The Advisor has an agreement with, and is dependent on, a third party to pay the Fund’s expenses in excess of 0.60% of the Fund’s average daily net assets. Additionally, under the Investment Advisory Agreement, the Advisor has agreed to pay all expenses of the Fund, except for: the fee paid to the Advisor pursuant to the Investment 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 (collectively, “Excluded Expenses”). The Advisor has entered into an Agreement with Spirited Funds, LLC (the “Sponsor”), under which the Sponsor agrees to sublicense the use of the Underlying Index to the Advisor. The Sponsor also provides marketing support for the Fund, including distributing marketing materials related to the Fund. Spirited Funds, LLC is a privately held business focused on bringing exchange-traded investment products to investors in the U.S. The Sponsor does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Fund. Additionally, the Sponsor is not involved in the maintenance of the Underlying Index and does not otherwise act in the capacity of an index provider.

Spirited Funds/ETFMG Whiskey & Spirits ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

NOTE 5 – DISTRIBUTION PLAN

The Fund has adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund may pay compensation to the Distributor or any other distributor or financial institution with which the Trust has an agreement with respect to the Fund, with the amount of such compensation not to exceed an annual rate of 0.25% of each Fund’s daily average net assets. For the six months ended March 31, 2018, the Fund did not incur any 12b-1 expenses.

NOTE 6 - PURCHASES AND SALES OF SECURITIES

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, for the six months ended March 31, 2018:

		Purchases				Sales
Spirited Funds/ETFMG Whiskey & Spirits ETF		$	2,946,329			$	4,212,057

The costs of purchases and sales of in-kind transactions associated with creations and redemptions for the six months ended March 31, 2018:

	Purchases		Sales
	In-Kind		In-Kind
Spirited Funds/ETFMG Whiskey & Spirits ETF	$	9,932,111	$	805,637

Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. Net capital gains or losses resulting from in-kind redemptions are excluded from the Fund’s taxable gains and are not distributed to shareholders.

There were no purchases or sales of U.S. Government obligations for the six months ended March 31, 2018.

NOTE 7 — SECURITIES LENDING

The Fund may lend up to 331⁄3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by U.S. Bank N.A. (“the Custodian”). The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any loaned securities at the time of the loan, plus accrued interest. The Fund receives compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of the Fund. The Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Fund is indemnified from this risk by contract with the securities lending agent.

Spirited Funds/ETFMG Whiskey & Spirits ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

As of March 31, 2018, the value of the securities on loan and payable for collateral due to broker were as follows:

	Values of		Fund
	Securities		Collateral
Fund	on Loan		Received*
Spirited Funds/ETFMG Whiskey & Spirits ETF	$	226,931		$	227,970

Interest income earned on collateral investments (including applicable fees) and recognized by the Fund during the six months ended March 31, 2018 aggregated $494.

NOTE 8 – FEDERAL INCOME TAXES

The components of distributable earnings (losses) and cost basis of investments for federal income tax purposes at September 30, 2017 were as follows:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
Spirited Funds/ETFMG Whiskey & Spirits ETF		$	5,603,751			$	460,979			$	(208,708	)		$	252,271

		Undistributed Ordinary Income				Undistributed Long-term Gain				Total Distributable Earnings				Other Accumulated Loss				Total Accumulated Gain
Spirited Funds/ETFMG Whiskey & Spirits ETF		$	68,487			$	—			$	68,487			$	—			$	320,758

Spirited Funds/ETFMG Whiskey & Spirits ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited) (Continued)

As of September 30, 2017, the Fund had accumulated capital loss carryovers of:

	Capital Loss Carryover		Expires
Spirited Funds/ETFMG Whiskey & Spirits ETF	None		Indefinite

	Late Year Ordinary Loss		Post-October Capital Loss
Spirited Funds/ETFMG Whiskey & Spirits ETF	None		None

		Undistributed Accumulated Net Investment Loss				Accumulated Net Realized Loss				Paid-In Capital
Spirited Funds/ETFMG Whiskey & Spirits ETF		$	(10,515	)		$	(170,634	)		$	181,149

NOTE 9 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Fund during the fiscal year ended September 30, 2017 are as follows:

	Year Ended September 30, 2017
	From Ordinary Income		From Capital Gains
Spirited Funds/ETFMG Whiskey & Spirits ETF	$	22,801	$	—

NOTE 10 – SUBSEQUENT EVENTS

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Spirited Funds/ETFMG Whiskey & Spirits ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited)

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services provided to the Fund’s shareholders by the Adviser; (ii) the investment performance of the Fund; (iii) the Adviser’s costs and profits realized in providing services to the Fund, including any fall-out benefits enjoyed by the Adviser; (iv) comparative fee and expense data for the Fund in relation to other similar investment companies; (v) the extent to which economies of scale would be realized as the Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and its affiliates resulting from services rendered to the Fund. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on March 28, 2018, and throughout the year. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting and throughout the year, and the Adviser’s oral presentations and any other information that the Board received at the meeting, and deliberated on the renewal of the Advisory Agreement in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the renewal of the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund. The matters discussed were also considered separately by the Independent Trustees in executive session with independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services Provided by the Adviser

Spirited Funds/ETFMG Whiskey & Spirits ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited) (Continued)

Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser.

Historical Performance

The Board then considered the past performance of the Fund. The Board reviewed information regarding the performance history of the Fund over various time periods, including the year-to-date period, the most recent one-year period and the period since the Fund’s inception. The Board noted management’s explanation that analysis of investment performance, in absolute terms, is less relevant for the Fund than it is for actively managed funds, given the Fund’s index-based investment objectives. The Board also noted management’s further explanation that it is more relevant to review the performance of the Fund by focusing on the extent to which the Fund tracked its underlying index. The Board reviewed information regarding the Fund’s index tracking during the time it was managed by the Adviser, discussing, as applicable, factors which contributed to the Fund’s tracking error over certain periods of time. The Board noted that the Fund had underperformed its underlying index over certain periods, but that such underperformance was largely a result of costs incurred by the Fund not incurred by its underlying index. The Board noted that the Fund’s performance was nonetheless generally in line with that of its underlying index. The Board concluded that, after taking these factors into account, the Fund satisfactorily tracked its underlying index. The Board further noted that it had received and would continue to receive regular reports regarding the Fund’s performance at its quarterly meetings.

Cost of Services Provided and Economies of Scale

Spirited Funds/ETFMG Whiskey & Spirits ETF

APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited) (Continued)

Based on the Board’s deliberations and its evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Advisory Agreement are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the services that the Adviser provides to the Fund; and (c) approved the renewal of the Advisory Agreement for another year.

Spirited Funds/ETFMG Whiskey & Spirits ETF

EXPENSE EXAMPLE

Six Months Ended March 31, 2018 (Unaudited)

As a shareholder of Spirited Funds/ETFMG Whiskey & Spirits ETF (the “Fund”) you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including unitary fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2017 to March 31, 2018).

Actual Expenses

Hypothetical Example for Comparison Purposes

Spirited Funds/ETFMG Whiskey & Spirits ETF

	Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Expenses Paid During the Period^
Actual	$	1,000.00	$	1,118.70	$	3.54

Hypothetical (5% annual)	$	1,000.00	$	1,021.59	$	3.38

^ The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio for the period since inception multiplied by the average account value during the period, multiplied by 182/365 (to reflect the period from October 1, 2017 to March 31, 2018).

Spirited Funds/ETFMG Whiskey & Spirits ETF

SUPPLEMENTARY INFORMATION

March 31, 2018 (Unaudited)

INFORMATION ABOUT PORTFOLIO HOLDINGS

INFORMATION ABOUT PROXY VOTING

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477) or by visiting www.spiritedfunds.com. Read the prospectus carefully before investing.

(This page intentionally left blank)

Advisor

ETF Managers Group, LLC

30 Maple Street, Suite 2, Summit, NJ 07901

Distributor

ETFMG Financial, Inc.

30 Maple Street, Suite 2, Summit, NJ 07901

Custodian

U.S. Bank National Association

Custody Operations

1555 North River Center Drive, Suite 302, Milwaukee, Wisconsin 53212

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street, Milwaukee, Wisconsin 53202

Securities Lending Agent

U.S. Bank, National Association

Securities Lending

800 Nicolet Mall

Minneapolis, MN 55402-7020

Independent Registered Public Accounting Firm

WithumSmith + Brown, PC

1411 Broadway, 9th Floor, New York, NY 10018

Legal Counsel

Sullivan & Worcester LLP

1666 K Street NW, Washington, DC 20006

Semi-Annual Report
March 31, 2018

AI Powered Equity ETF

Ticker: AIEQ

The fund is a series of ETF Managers Trust.

AI Powered Equity ETF

TABLE OF CONTENTS
March 31, 2018

	Page
Shareholders’ Letter	2

Growth of $10,000 Investment	3

Top Ten Holdings	4

Important Disclosures and Key Risk Factors	5

Portfolio Allocations	6

Schedule of Investments	7

Statement of Assets and Liabilities	11

Statement of Operations	12

Statement of Changes in Net Assets	13

Financial Highlights	14

Notes to Financial Statements	15

Approval of Advisory Agreement and Board Considerations	23

Expense Example	26

Supplementary Information	27

AI Powered Equity ETF

Dear Shareholder,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the AI Powered Equity Exchange-Traded Fund (“AIEQ” or the “Fund”). The following information pertains to the fiscal period from the Fund’s inception, October 18, 2017, to March 31, 2018.

The Fund is actively managed and seeks capital appreciation. Over the fiscal period, the Fund saw positive performance. The NAV price for the Fund increased by 4.47%.

AIEQ invests primarily in equity securities listed on a U.S. exchange based on the results of a proprietary, quantitative model developed by EquBot, Inc. that runs on the Watson™ platform. Each day, the EquBot Model ranks each company based on the probability of the company benefiting from current economic conditions, trends, and world events and identifies approximately 30 to 70 companies with the greatest potential over the next twelve months for appreciation and weights those companies to seek a level of volatility comparable to that of the broader U.S. equity market. EquBot, the Fund’s sub-adviser, is a technology based company focused on applying artificial intelligence (“AI”) based solutions to investment analyses.

You can find further details about AIEQ by visiting www.aieqetf.com, or by calling 1-844-ETF-MGRS (1-844-383-6477).

Sincerely,

Samuel Masucci III
Chairman of the Board

Samuel Masucci III is a registered representative of ETFMG Financial, LLC.

AI Powered Equity ETF
Growth of $10,000 (Unaudited)

Cumulative Returns	Since Inception
Period Ended March 31, 2018	(10/18/2017)
AI Powered Equity ETF (NAV)		4.47	%
AI Powered Equity ETF (Market)		4.51	%
S&P 500 Index ¹		4.02	%
Total Fund Operating Expenses²		0.75	%

1. The return reflects the actual performance through March 29, 2018 (the last day of the New York Stock Exchange was open) to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

2. The expense ratio is taken from the Fund’s most recent prospectus dated October 18, 2017.

The chart illustrates the performance of a hypothetical $10,000 investment made on October 18, 2017, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sales of Fund shares. The chart assumes reinvestment of capital gains and dividends. The chart assumes reinvestment of capital gains and dividends, if any. The unmanaged indices do not reflect fees and are not available for direct investment.

AI Powered Equity ETF

Top Ten Holdings*


	Security	% of Total Investments†
1	S&P Global, Inc.	3.29%
2	NVIDIA Corp.	3.08%
3	Alphabet, Inc.	3.07%
4	Amazon.com, Inc.	2.98%
5	Penn National Gaming, Inc.	2.79%
6	Radian Group, Inc.	2.70%
7	Nasdaq, Inc.	2.58%
8	salesforce.com, Inc.	2.54%
9	Forest City Realty Trust, Inc.	2.53%
10	Capital One Financial Corp.	2.31%

Top Ten Holdings = 27.87% of Total Investments†

* Current Fund holdings may not be indicative of future Fund holdings.

† Percentage of total investments less cash.

AI Powered Equity ETF

Important Disclosures and Key Risk Factors

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Narrowly focused investments typically exhibit higher volatility. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests such as political, market and economic developments, as well as events that impact specific issuers.

Past performance is no indicative of future return. A Fund’s performance for very short time periods may not be indicative of future performance.

The Fund issues and redeems shares on a continuous basis, at NAV, only in blocks of 25,000 shares (“Creation Units”), principally in-kind for securities included in the Fund’s portfolio, and only Authorized Participants (typically, broker-dealers) may purchase or redeem Creation Units.

The Fund is actively-managed and may not meet its investment objective based on the success or failure of the Equbot Model to identify investment opportunities.

The portfolio managers may actively and frequently trade securities or other instruments in the Fund’s portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

Some of the models used by the Adviser for the Fund are predictive in nature. The use of predictive models has inherent risks. When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. For example, by relying on Models and Data, the Adviser may be induced to buy certain investments at prices that are too high, to sell certain other investments at prices that are too low, or to miss favorable opportunities altogether. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful.

AI Powered Equity ETF

PORTFOLIO ALLOCATIONS

As of March 31, 2018 (Unaudited)

	AI Powered Equity ETF
As a percent of Net Assets:
Puerto Rico		1.8	%
Singapore		1.2
United States		96.9
Short-Term and other Net Assets (Liabilities)		0.1
		100	%

AI Powered Equity ETF

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value

COMMON STOCKS - 99.9%
Puerto Rico - 1.8%
Banks - 1.8%
Popular, Inc.		57,025	$	2,373,381

Singapore - 1.2%
Semiconductors & Semiconductor Equipment - 1.2%
Broadcom Ltd.		6,710		1,581,212

United States - 96.9%
Automobiles - 1.1%
Thor Industries, Inc.		13,147		1,514,140
Banks - 4.9%
BankUnited, Inc.		29,519		1,180,170
Hancock Holding Co.		50,169		2,593,737
Hilltop Holdings, Inc. ^		12,214		286,540
Investors Bancorp, Inc.		43,310		590,748
Texas Capital Bancshares, Inc. (a)		18,241		1,639,866
Wintrust Financial Corp.		5,052		434,725
Total Banks				6,725,786
Biotechnology - 1.1%
AbbVie, Inc.		15,922		1,507,017
Building Products - 1.3%
Owens Corning		21,342		1,715,896
Capital Markets - 17.7%
Ameriprise Financial, Inc.		16,149		2,389,083
Apollo Global Management, LLC.		103,123		3,054,503
BGC Partners, Inc.		162,227		2,181,953
Intercontinental Exchange, Inc.		8,682		629,619
LPL Financial Holdings, Inc. ^		30,723		1,876,254
Nasdaq, Inc.		44,422		3,830,065
S&P Global, Inc.		25,552		4,881,964
SEI Investments Co.		40,987		3,070,336
T. Rowe Price Group, Inc. ^		12,462		1,345,522
TD Ameritrade Holding Corp.		11,360		672,853
Total Capital Markets				23,932,152
Chemicals - 3.0%
LSB Industries, Inc. (a)		65,256		400,019
Platform Specialty Products Corp. (a)		192,320		1,852,042
Valvoline, Inc.		80,831		1,788,790
Total Chemicals				4,040,851
Communications Equipment - 1.6%
Ciena Corp. (a)		37,403		968,738
InterDigital, Inc.		15,778		1,161,261
Total Communications Equipment				2,129,999
Construction & Engineering - 0.1%
Orion Group Holdings, Inc. (a)		20,922		137,876

The accompanying notes are an integral part of these financial statements.

AI Powered Equity ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)


	Shares		Value
Consumer Finance - 4.2%
Ally Financial, Inc.		84,873	$	2,304,302
Capital One Financial Corp.		35,683		3,419,145
Total Consumer Finance				5,723,447
Diversified Telecommunication Services - 0.6%
Verizon Communications, Inc.		16,963		811,171
Electrical Equipment - 0.5%
Sunrun, Inc. (a)		74,733		667,366
Electronic Equipment, Instruments & Components - 2.6%
CDW Corp.		10,184		716,037
Systemax, Inc.		23,711		676,949
Tech Data Corp. (a)		24,062		2,048,398
Total Electronic Equipment, Instruments & Components				3,441,384
Equity Real Estate Investment Trusts (REITs) - 2.8%
Forest City Realty Trust, Inc.		184,856		3,745,183
Food & Staples Retailing - 3.3%
Costco Wholesale Corp. ^		14,644		2,759,369
Walmart, Inc. ^		19,067		1,696,391
Total Food & Staples Retailing				4,455,760
Food Products - 1.5%
Pinnacle Foods, Inc.		37,259		2,015,712
Health Care Equipment & Supplies - 1.6%
Baxter International, Inc.		33,520		2,180,141
Health Care Providers & Services - 6.2%
Centene Corp. (a)		9,528		1,018,257
Encompass Health Corp.		10,860		620,866
Premier, Inc. (a) ^		73,989		2,316,596
UnitedHealth Group, Inc.		14,008		2,997,712
WellCare Health Plans, Inc. (a)		7,085		1,371,869
Total Health Care Providers & Services				8,325,300
Hotels, Restaurants & Leisure - 4.7%
Boyd Gaming Corp.		69,288		2,207,516
Penn National Gaming, Inc. (a)		157,318		4,131,171
Total Hotels, Restaurants & Leisure				6,338,687
Household Durables - 0.7%
Mohawk Industries, Inc. (a)		4,006		930,273
Insurance - 0.2%
Allstate Corp.		2,413		228,752
Internet & Direct Marketing Retail - 3.3%
Amazon.com, Inc. (a)		3,057		4,424,518
Internet Software & Services - 5.7%
Alphabet, Inc. (a)		4,384		4,546,822
Facebook, Inc. (a) ^		20,093		3,210,660
Total Internet Software & Services				7,757,482
IT Services - 0.7%
Gartner, Inc. (a)		8,092		951,781
Machinery - 0.4%
Greenbrier Cos., Inc. ^		9,986		501,797

The accompanying notes are an integral part of these financial statements.

AI Powered Equity ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)


	Shares		Value
Media - 3.6%
CBS Corp.		32,519	$	1,671,151
Charter Communications, Inc. (a)		6,496		2,021,686
TEGNA, Inc.		103,973		1,184,252
Total Media				4,877,089
Oil, Gas & Consumable Fuels - 7.8%
Andeavor		19,734		1,984,451
Noble Energy, Inc.		81,369		2,465,481
Penn Virginia Corp. (a)		73,420		2,572,637
Pioneer Natural Resources Co.		8,092		1,390,044
Targa Resources Corp.		37,754		1,661,176
Williams Cos., Inc.		19,054		473,682
Total Oil, Gas & Consumable Fuels				10,547,471
Pharmaceuticals - 0.4%
Intra-Cellular Therapies, Inc. (a)		23,765		500,253
Professional Services - 0.2%
RPX Corp.		26,895		287,508
Semiconductors & Semiconductor Equipment - 3.8%
Microchip Technology, Inc. ^		7,438		679,536
NVIDIA Corp.		19,709		4,564,406
Total Semiconductors & Semiconductor Equipment				5,243,942
Software - 4.1%
salesforce.com, Inc. (a)		32,391		3,767,074
Tableau Software, Inc. (a)		3,337		269,696
Zynga, Inc. (a)		391,778		1,433,907
Total Software				5,470,677
Specialty Retail - 0.5%
O’Reilly Automotive, Inc. (a)		2,651		655,804
Technology Hardware, Storage & Peripherals - 3.2%
Apple, Inc.		11,514		1,931,819
Xerox Corp.		80,598		2,319,610
Total Technology Hardware, Storage & Peripherals				4,251,429
Thrifts & Mortgage Finance - 3.5%
Clifton Bancorp, Inc.		44,354		694,140
Radian Group, Inc.		209,915		3,996,782
Total Thrifts & Mortgage Finance				4,690,922
Total United States				130,727,566
TOTAL COMMON STOCKS (Cost $137,211,013)				134,682,159

RIGHTS - 0.0%
NewStar Financial, Inc. (a)(c)		115,783		—
TOTAL RIGHTS (Cost $0)				—

The accompanying notes are an integral part of these financial statements.

AI Powered Equity ETF

Schedule of Investments

March 31, 2018 (Unaudited) (Continued)


	Shares	Value
INVESTMENTS PURCHASED WITH SECURITIES LENDING
COLLATERAL - 10.1%
Investment Companies - 10.1%
Mount Vernon Liquid Assets Portfolio, LLC, 1.89% (b) +		$	13,551,223
TOTAL INVESTMENTS PURCHASED WITH SECURITIES LENDING COLLATERAL (Cost $13,551,223)			13,551,223

Total Investments (Cost $150,762,236) - 110.0%			148,233,382
Liabilities in Excess of Other Assets - (10.0)%			(13,416,528	)
TOTAL NET ASSETS - 100.0%		$	134,816,854

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	The rate quoted is the annualized seven-day yield at March 31, 2018.

(c)	Includes a security that is categorized as Level 3 per the Trust’s fair value hierarchy. This security represents $0 or 0.00% of the Fund’s net assets and is classified as a Level 3 security.

+	Investments purchased with cash proceeds from securities lending. Total cash collateral has a value of $13,551,223 as of March 31, 2018.

^	All or a portion of this security is out on loan as of March 31, 2018. Total value of securities out on loan is $13,569,002.

The accompanying notes are an integral part of these financial statements.

AI Powered Equity ETF

STATEMENT OF ASSETS AND LIABILITIES

As of March 31, 2018 (Unaudited)


	AI Powered Equity ETF
ASSETS
Investments in securities, at fair value*	$	148,233,382
Cash		220,466
Receivables:
Dividends and interest receivable		79,213
Securities lending income receivable		1,928
Receivable for investments sold		2,205,056
Total Assets		150,740,045

LIABILITIES
Collateral received for securities loaned (Note 7)		13,551,223
Payables:
Payable for investments purchased		2,283,316
Unitary fees payable		88,652
Total Liabilities		15,923,191
Net Assets	$	134,816,854

NET ASSETS CONSIST OF:
Paid-in Capital	$	134,723,138
Undistributed net investment income		138,017
Accumulated net realized gain on investments		2,484,553
Net unrealized depreciation on:
Investments in securities		(2,528,854	)
Net Assets	$	134,816,854

*Identified Cost:
Investments in securities	$	150,762,236

Shares Outstanding^		5,175,000
Net Asset Value, Offering and Redemption Price per Share	$	26.05

^	No par value, unlimited number of shares authorized

The accompanying notes are an integral part of these financial statements.

AI Powered Equity ETF

STATEMENT OF OPERATIONS

Period Ended March 31, 2018 (Unaudited)


	AI Powered Equity ETF ¹
INVESTMENT INCOME
Income:
Dividends from unaffiliated securities (net of foreign withholdings tax of $1,927)	$	731,458
Securities lending income		5,676
Total Investment Income		737,134
Expenses:
Unitary fees		350,476
Net Investment Income		386,658
REALIZED & UNREALIZED GAIN ON INVESTMENTS
Net Realized Gain on:
Unaffiliated investments		1,464,702
In-Kind redemptions		1,041,485
Net Realized Gain on Investments and Foreign Currency		2,506,187
Net Change in Unrealized Depreciation of:
Unaffiliated investments		(2,528,854	)
Net Change in Unrealized Depreciation of Investments and Foreign Currency		(2,528,854	)
Net Realized and Unrealized Loss on Investments		(22,667	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	363,991

¹	Fund commenced operations on October 18, 2017. The information presented is for the period from October 18, 2017 to March 31, 2018.

The accompanying notes are an integral part of these financial statements.

AI Powered Equity ETF

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended March 31, 2018 (Unaudited) *
OPERATIONS
Net investment income	$	386,658
Net realized gain on investments		2,506,187
Net change in unrealized depreciation of investments		(2,528,854	)
Net increase in net assets resulting from operations		363,991
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(248,641	)
From Net Realized Gain		(21,634	)
Total Distributions to Shareholders		(270,275	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change in outstanding shares (a)		134,723,138
Transaction Fees (Note 1)		—
Net increase in net assets from capital chare transactions		134,723,138
Net increase in net assets		134,816,854
NET ASSETS
Beginning of Period		—
End of Period	$	134,816,854
Undistributed net investment income	$	138,017

(a)	Summary of share transactions is as follows:

	Period Ended March 31, 2018 (Unaudited) *
	Shares			Amount
Shares Sold		6,225,000		$	161,540,043
Transaction Fees (Note 1)		—			—
Shares Redeemed		(1,050,000	)		(26,816,905	)
		5,175,000		$	134,723,138
Beginning Shares		—
Ending Shares		5,175,000

*	Fund commenced operations on October 18, 2017. The information presented is for the period from October 18, 2017 to March 31, 2018.

The accompanying notes are an integral part of these financial statements.

AI Powered Equity ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period


	Period Ended March 31, 2018 (Unaudited) ¹
Net Asset Value, Beginning of Period	$	25.00
Income from Investment Operations:
Net investment income ²		0.10
Net realized and unrealized gain on investments		1.02
Total from investment operations		1.12
Less Distributions:
Distributions from net investment income		(0.06	)
Distributions from net realized gain		(0.01	)
Total distributions		(0.07	)
Net asset value, end of period		26.05
Total Return		4.47	%³

Ratios/Supplemental Data:
Net assets at end of period (000’s)	$	134,817
Expenses to Average Net Assets		0.75	%⁴
Net Investment Income to Average Net Assets		0.83	%⁴
Portfolio Turnover Rate		144	%³

¹	Commencement of operations on October 18, 2017.

²	Calculated based on average shares outstanding during the period.

³	Not annualized.

⁴	Annualized.

The accompanying notes are an integral part of these financial statements.

AI Powered Equity ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

NOTE 1 – ORGANIZATION

AI Powered Equity ETF (the “Fund”) is a series of ETF Managers Trust (the “Trust”), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on July 1, 2009. The Trust is registered with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Fund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). The investment objective of the Fund is capital appreciation. The Fund commenced operations on October 18, 2017.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their net asset value (“NAV”). The Fund issues and redeems Shares on a continuous basis at NAV only in blocks of 25,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified Index. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the 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 do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

AI Powered Equity ETF

NOTES TO FINANCIAL STATEMENTS
March 31, 2018 (Unaudited)

Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Fund’s Board. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of March 31, 2018, the Fund held one fair valued security. More detail about this security can be found in the Schedule of Investments.

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2

Level 3

AI Powered Equity ETF

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

The following table presents a summary of the Funds’ investments in securities, at fair value, as of March 31, 2018:

AI Powered Equity ETF

Assets^	Level 1		Level 2		Level 3			Total
Common Stocks	$	134,682,159	$	—	$	—		$	134,682,159
Rights		—		—		—	⁽¹⁾		—
Investments Purchased with Securities
Lending Collateral*		—		—		—			13,551,223
Total Investments in Securities	$	134,682,159	$	—	$	—		$	148,233,382

^	See Schedule of Investments for classifications by sector or country.

(1)	Includes a security valued at $0.

The AI Powered Equity ETF held a Level 3 security at the end of the period. The security classified as Level 3 is deemed immaterial. There were no transfers between Levels 1, 2 and 3 during the period ended March 31, 2018. Transfers between levels are recognized at the end of the reporting period.

Net capital losses incurred after October 31, within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

AI Powered Equity ETF

NOTES TO FINANCIAL STATEMENTS
March 31, 2018 (Unaudited)

Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Income, including gains, from investments in foreign securities received by the Fund may be subject to income, withholding or other taxes imposed by foreign countries.

E.	Distributions to Shareholders. Distributions to shareholders from net investment income are declared and paid for the Fund on a quarterly basis. Net realized gains on securities for the Fund normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

Share Valuation. The net asset value (“NAV”) per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s net asset value per share.

NOTE 3 – RISK FACTORS

Investing in the AI Powered Equity ETF may involve certain risks, as discussed in the Fund’s prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

AI Powered Equity ETF

NOTES TO FINANCIAL STATEMENTS
March 31, 2018 (Unaudited)

Management Risk. The Fund is subject to management risk as an actively-managed investment portfolio. The Adviser’s investment approach may fail to produce the intended results. If the Adviser’s implementation of the EquBot Model is inaccurate or incomplete, the Fund may not perform as expected and your investment could lose value over short or long-term periods. Additionally, the Adviser has not previously managed a Fund whose strategy relies on the use of AI, which may create additional risks for the Fund.

Market Trading Risk. An investment in the Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. Any of these factors, among others, may lead to the Fund’s shares trading at a premium or discount to NAV.

Models and Data Risk. The Fund relies heavily on proprietary quantitative models as well as information and data supplied by third parties (“Models and Data”). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks.

New Fund Risk. There can be no assurance that the Fund will grow to or maintain an economically viable size.

Portfolio Turnover Risk. The portfolio managers may actively and frequently trade securities or other instruments in the Fund’s portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

REIT Investment Risk. Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. REITs may be affected by changes in the value of their underlying properties or mortgages or by defaults by their borrowers or tenants. Furthermore, these entities depend upon specialized management skills, have limited diversification and are, therefore, subject to risks inherent in financing a limited number of projects. In addition, the performance of a REIT may be affected by changes in the tax laws or by its failure to qualify for tax-free pass-through of income.

Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

Smaller Companies Risk. Smaller companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies, and may underperform other segments of the market or the equity market as a whole. The securities of smaller companies also tend to be bought and sold less frequently and at significantly lower trading volumes than the securities of larger companies. As a result, it may be more difficult for the Fund to buy or sell a significant amount of the securities of a smaller company without an adverse impact on the price of the company’s securities, or the Fund may have to sell such securities in smaller quantities over a longer period of time, which may increase the Fund’s tracking error.

AI Powered Equity ETF

NOTES TO FINANCIAL STATEMENTS
March 31, 2018 (Unaudited)

NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS.

Under the Investment Advisory Agreement with the Fund, the Advisor has overall responsibility for the general management and administration of the Fund and arranges for sub-advisory, transfer agency, custody, fund administration, securities lending, and all other non-distribution related services necessary for the Fund to operate. The Advisor bears the costs of all advisory and non-advisory services required to operate the Fund, in exchange for a single unitary fee. For services provided the Fund pays the Advisor at an annual rate of 0.75% of the Fund’s average daily net assets. The Advisor has an agreement with, and is dependent on, a third party to pay the Fund’s expenses in excess of 0.75% of the Fund’s average daily net assets. Additionally, under the Investment Advisory Agreement, the Advisor has agreed to pay all expenses of the Fund, except for: the fee paid to the Advisor pursuant to the Investment 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 (collectively, “Excluded Expenses”). The Advisor has entered into an Agreement with EquBot, Inc. (the “Sub-Advisor”), under which the Sub-Advisor agrees to provide marketing support for the Fund, including distributing marketing materials related to the Fund. EquBot, Inc. is a privately held business focused on bringing exchange-traded investment products to investors in the U.S. The Fund’s investment adviser utilizes the recommendations of the EquBot Model to decide which securities to purchase and sell, while complying with the 1940 Act and its rules and regulations. The Fund’s investment advisor anticipates primarily making purchase and sale decisions based on information from the EquBot Model. The Fund may frequently and actively purchase and sell securities.

NOTE 5 – DISTRIBUTION PLAN

The Fund has adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund may pay compensation to the Distributor or any other distributor or financial institution with which the Trust has an agreement with respect to the Fund, with the amount of such compensation not to exceed an annual rate of 0.25% of each Fund’s daily average net assets. For the period ended March 31, 2018, the Fund did not incur any 12b-1 expenses.

AI Powered Equity ETF

NOTES TO FINANCIAL STATEMENTS
March 31, 2018 (Unaudited)

NOTE 6 - PURCHASES AND SALES OF SECURITIES

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, for the period ended March 31, 2018:

	Purchases				Sales
AI Powered Equity ETF		$	161,209,795			$	159,282,897

The costs of purchases and sales of in-kind transactions associated with creations and redemptions for the period ended March 31, 2018:

	Purchases In-Kind				Sales In-Kind
AI Powered Equity ETF		$	160,673,285			$	26,509,376

Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. Net capital gains or losses resulting from in-kind redemptions are excluded from the Fund’s taxable gains and are not distributed to shareholders.

There were no purchases or sales of U.S. Government obligations for the period ended March 31, 2018.

NOTE 7 — SECURITIES LENDING

The Fund may lend up to 331/3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by U.S. Bank N.A. (“the Custodian”). The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any loaned securities at the time of the loan, plus accrued interest. The Fund receives compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of the Fund. The Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Fund is indemnified from this risk by contract with the securities lending agent.

AI Powered Equity ETF

NOTES TO FINANCIAL STATEMENTS
March 31, 2018 (Unaudited)

As of March 31, 2018, the value of the securities on loan and payable for collateral due to broker were as follows:

Value of Securities on Loan Collateral Received

Fund		Values of Securities on Loan				Fund Collateral Received*
AI Powered Equity ETF		$	13,569,002			$	13,551,223

Interest income earned on collateral investments (including applicable fees) and recognized by the Fund during the period ended March 31, 2018, aggregated $5,676.

NOTE 8 – SUBSEQUENT EVENTS

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

AI Powered Equity ETF

APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on September 21, 2017, the Board of Trustees (the “Board”) of ETF Managers Trust (the “Trust”) considered the approval of the following agreements:

●

an Investment Advisory Agreement between ETF Managers Group, LLC (the “Adviser”) and the Trust, on behalf of AI Powered Equity ETF (the “Fund”) (the “Advisory Agreement”); and

●

a Sub-Advisory Agreement between the Adviser and Equbot LLC (the “Sub-Adviser”) with respect to the Fund (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Agreements”).

The Agreements must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. Each year after the initial two-year term, the Board will call and hold a meeting to decide whether to renew each Agreement for an additional one-year term. In preparation for such meeting, the Board requests and reviews a wide variety of information from the Adviser and Sub-Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to the Fund’s shareholders by the Adviser and Sub-Adviser; (ii) comparative fee and expense data for the Fund and other similar investment companies; (iii) the extent to which economies of scale may be realized as the Fund grows and whether the proposed advisory fee for the Fund reflects these expected economies of scale for the benefit of the Fund; and (iv) other financial benefits to the Adviser or Sub-Adviser or their affiliates resulting from services to be rendered to the Fund. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on September 21, 2017, and throughout the year. Among other things, each of the Adviser and Sub-adviser provided responses to detailed series of questions, which included information about the Adviser’s and Sub-adviser’s operations, service offerings, personnel, compliance program and financial condition. Representatives of the Adviser and the Sub-Adviser discussed the services to be provided to the Fund, the rationale for launching the Fund, and the Fund’s proposed fees in comparison to the fees of comparable investment companies. The Board then discussed the written and oral information that it received before the meeting and throughout the year, and the Adviser’s and Sub-Adviser’s oral presentations and any other information that the Board received at the meeting, and deliberated on the approval of the Agreements in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the approval of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund. The matters discussed were also considered separately by the Independent Trustees in executive session with independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees considered the scope of services to be provided under the Advisory Agreement, noting that the Adviser will be providing investment management services to the Fund. The Board discussed the responsibilities of the Adviser, including: responsibility for the general management of the day-to-day investment and reinvestment of the assets of the Fund, based on recommendations provided by the Sub-Adviser; determining the daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis; and implementation of Board directives as they relate to the Funds. In considering the nature, extent and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser’s compliance program. The Board also considered the Adviser’s experience managing exchange-traded funds (“ETFs”). The Board considered the experience of the portfolio managers of the Fund.

AI Powered Equity ETF

APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited) (Continued)

The Board further considered other services to be provided to the Fund, such as overseeing the activities of the Sub-Adviser, as well as the Fund’s other service providers, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities laws.

The Board then considered the scope of services to be provided under the Sub-Advisory Agreement, noting that the Sub-Adviser will be providing investment sub-advisory services to the Adviser in the form of recommendations based on the Sub-Adviser’s quantitative model. The Board noted that the responsibility for trading the Fund’s portfolio securities would rest with the Adviser. In considering the nature, extent and quality of the services to be provided by the Sub-Adviser, the Board noted that it had received a copy of the Sub-Adviser’s Form ADV, as well as the response of the Sub-Adviser to a detailed series of questions which included, among other things, information about the background and experience of the Sub-Adviser’s personnel. The Board considered the experience of the Sub-Adviser’s personnel in the financial services and artificial intelligence businesses. The Board also considered the quality of the Sub-Adviser’s compliance program and Code of Ethics.

Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by the Adviser and Sub-Adviser.

Cost of Services Provided and Economies of Scale

The Board reviewed the proposed investment advisory fee for the Fund and compared it to the total operating expenses of comparable ETFs. The Board noted that the expense ratio for the Fund was lower than the average and median expense ratios for its peer ETFs. The Board considered management’s explanation that an actively managed strategy would justify a higher management fee than an index based strategy because of the additional effort required to manage an active fund.

The Board noted the importance of the fact that the proposed advisory fee for the Fund is a “unified fee,” meaning that the shareholders of the Fund would pay no expenses other than the advisory fee and certain other costs such as interest, brokerage and extraordinary expenses and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board also noted that the Adviser would be responsible for compensating the Fund’s other service providers (including the Sub-Adviser) and paying the Fund’s other expenses out of its own fee and resources. The Board further noted that because the Fund was new, it was difficult to estimate the profitability of the Fund to the Adviser. The Board, however, evaluated other compensation and benefits expected to be received by the Adviser from its relationship with the Fund.

The Board noted that because the Fund was new, it also was difficult to estimate whether the Fund would experience economies of scale. The Board noted that the Adviser will review expenses as Fund assets grow, and the Board determined to evaluate economies of scale on an ongoing basis if the Fund achieved asset growth.

AI Powered Equity ETF

APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS

For the Period Ended March 31, 2018 (Unaudited)

The Board also reviewed the proposed sub-advisory fee to be paid to the Sub-Adviser for its services to the Fund under the Sub-Advisory Agreement. The Board considered this fee in light of the services the Sub-Adviser would provide as investment sub-adviser to the Fund. The Board also considered that the sub-advisory fee to be paid to the Sub-Adviser was to be paid out of the Adviser’s unified fee and represented an arm’s-length negotiation between the Adviser and the Sub-Adviser. In considering the proposed sub-advisory fee, the Board considered other compensation to be received by the Sub-Adviser in its role as the Fund’s sponsor. The Board determined that the fee reflected an appropriate allocation of the advisory fee to be paid to the Adviser and the Sub-Adviser given the work performed by each firm. The Board concluded that the proposed sub-advisory fee was reasonable in light of the services to be rendered. The Board considered that, because the proposed sub-advisory fee would be paid by the Adviser out of its unified fee, any economies of scale would not benefit shareholders and, thus, were not relevant for the consideration of the approval of the sub-advisory fee.

Based on the Board’s deliberations and its evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Agreements are fair and reasonable; (b) concluded that the Adviser’s and Sub-Adviser’s fee is reasonable in light of the services that the Adviser and Sub-Adviser will each provide to the Fund; and (c) approved the Agreements for an initial term of two years.

AI Powered Equity ETF

Expense Example

For the Period Ended March 31, 2018 (Unaudited)

As a shareholder of AI Powered Equity ETF (the “Fund”) you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including Unitary fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2017 to March 31, 2018).

Actual Expenses

Hypothetical Example for Comparison Purposes

AI Powered Equity ETF

	Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Expenses Paid During the Period
Actual	$	1,000.00	$	1,044.70	$	3.45	^{^}

Hypothetical (5% annual)	$	1,000.00	$	1,619.10	$	3.78	⁺

^ The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by 165/365 (to reflect the period from October 18, 2017 to March 31, 2018).

+ The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by 182/365 (to reflect the period from October 1, 2017 to March 31, 2018).

AI Powered Equity ETF

SUPPLEMENTARY INFORMATION

March 31, 2018 (Unaudited)

INFORMATION ABOUT PORTFOLIO HOLDINGS

INFORMATION ABOUT PROXY VOTING

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477) or by visiting www.AIEQetf.com. Read the prospectus carefully before investing.

(This page intentionally left blank)

Advisor

ETF Managers Group, LLC
30 Maple Street, Suite 2, Summit, NJ 07901

Sub-Advisor

Equbot, Inc.
450 Townsend St.
San Francisco, CA 94107

Distributor

ETFMG Financial, Inc.

30 Maple Street, Suite 2, Summit, NJ 07901

Custodian

U.S. Bank National Association
Custody Operations

1555 North River Center Drive, Suite 302, Milwaukee, Wisconsin 53212

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street, Milwaukee, Wisconsin 53202

Securities Lending Agent

U.S. Bank, National Association
Securities Lending
800 Nicolet Mall
Minneapolis, MN 55402-7020

Independent Registered Public Accounting Firm

WithumSmith + Brown, PC

1411 Broadway, 9th Floor, New York, NY 10018

Legal Counsel

Sullivan & Worcester LLP
1666 K Street NW, Washington, DC 20006

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a)

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

The Registrant’s Principal Executive Officer and Principal Financial Officer/Treasurer 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable for semi-annual reports.

(2) A separate certification for each principal executive and Treasurer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(b)	Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith.

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) ETF Managers Trust

By (Signature and Title /s/ Samuel Masucci III

Samuel Masucci III, Principal Executive Officer

Date May 31, 2018

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/ Samuel Masucci III

Samuel Masucci III, Principal Executive Officer

Date May 31, 2018

By (Signature and Title)* /s/ John A. Flanagan

John A. Flanagan, Principal Financial Officer/Treasurer

Date May 31, 2018

* Print the name and title of each signing officer under his or her signature.

Date: May 31, 2018		/s/ John A. Flanagan John A. Flanagan Principal Financial Officer/Treasurer, ETF Managers Trust

/s/ Samuel Masucci III Samuel Masucci III Principal Executive Officer, ETF Managers Trust	/s/ John A. Flanagan John A. Flanagan Principal Financial Officer/Treasurer, ETF Managers Trust
Dated: May 31, 2018	Dated: May 31, 2018