NPORT-EX 2 hrts.htm NPORT-EX
Tema Heart & Health ETF
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.2%
  
Shares
    
Value
 
Biotechnology - 34.4% (a)
        
AbbVie, Inc.
    
6,769
    
$
1,541,301
  
Alnylam Pharmaceuticals, Inc. (b)
    
2,019
      
911,033
  
Amgen, Inc.
    
3,239
      
1,118,945
  
Arrowhead Pharmaceuticals, Inc. (b)
    
24,089
      
1,269,490
  
Ascendis Pharma AS - ADR (b)
    
2,569
      
545,476
  
Bridgebio Pharma, Inc. (b)
    
15,436
      
1,111,546
  
Cytokinetics, Inc. (b)
    
14,950
      
1,018,544
  
Gilead Sciences, Inc.
    
15,449
      
1,944,102
  
Insmed, Inc. (b)
    
3,959
      
822,562
  
Intellia Therapeutics, Inc. (b)
    
13,524
      
121,581
  
Ionis Pharmaceuticals, Inc. (b)
    
11,318
      
936,338
  
Madrigal Pharmaceuticals, Inc. (b)
    
1,491
      
890,097
  
Mineralys Therapeutics, Inc. (b)
    
6,135
      
264,541
  
Neurocrine Biosciences, Inc. (b)
    
3,372
      
513,084
  
Regeneron Pharmaceuticals, Inc.
    
1,618
      
1,262,347
  
Revolution Medicines, Inc. (b)
    
13,975
      
1,086,696
  
Scholar Rock Holding Corp. (b)
    
12,243
      
539,427
  
uniQure NV (b)
    
6,455
      
177,577
  
Vertex Pharmaceuticals, Inc. (b)
    
3,154
      
1,367,606
  
Viking Therapeutics, Inc. (b)
    
9,221
      
339,425
  
Zealand Pharma AS (b)
    
5,153
      
413,441
  
             
18,195,159
  
                 
Health Care Equipment & Supplies - 16.8%
          
Abbott Laboratories
    
15,393
      
1,984,157
  
Boston Scientific Corp. (b)
    
17,053
      
1,732,244
  
Dexcom, Inc. (b)
    
7,334
      
465,489
  
Edwards Lifesciences Corp. (b)
    
9,702
      
840,872
  
Insulet Corp. (b)
    
2,246
      
734,869
  
Intuitive Surgical, Inc. (b)
    
1,550
      
888,894
  
Masimo Corp. (b)
    
4,118
      
586,527
  
Medtronic PLC
    
15,434
      
1,625,663
  
             
8,858,715
  
                 
Health Care Providers & Services - 6.0%
          
McKesson Corp.
    
1,168
      
1,029,148
  
UnitedHealth Group, Inc.
    
6,577
      
2,168,897
  
             
3,198,045
  
                 
Life Sciences Tools & Services - 6.2%
          
Danaher Corp.
    
6,092
      
1,381,544
  
Thermo Fisher Scientific, Inc.
    
3,186
      
1,882,384
  
             
3,263,928
  
                 
Pharmaceuticals - 35.8% (a)
          
AstraZeneca PLC
    
12,208
      
2,258,155
  
Bristol-Myers Squibb Co.
    
18,439
      
907,199
  
Chugai Pharmaceutical Co. Ltd.
    
16,311
      
874,417
  
Crinetics Pharmaceuticals, Inc. (b)
    
20,493
      
933,661
  
Eli Lilly & Co.
    
5,210
      
5,603,199
  
Johnson & Johnson
    
7,863
      
1,627,012
  
Merck & Co., Inc.
    
12,963
      
1,358,911
  
Novartis AG
    
11,319
      
1,472,555
  
Novo Nordisk AS – Class B
    
25,819
      
1,271,645
  
Roche Holding AG - ADR
    
48,754
      
2,331,904
  
Teva Pharmaceutical Industries Ltd. - ADR (b)
    
9,762
      
262,500
  
             
18,901,158
  
TOTAL COMMON STOCKS (Cost $44,880,238)
      
52,417,005
  
                 
SHORT-TERM INVESTMENTS

  
MONEY MARKET FUNDS - 0.7%
  
Shares
    
Value
 
First American Treasury Obligations Fund - Class X, 3.91% (c)
    
352,581
      
352,581
  
TOTAL MONEY MARKET FUNDS (Cost $352,581)
      
352,581
  
                 
TOTAL INVESTMENTS - 99.9% (Cost $45,232,819)
      
52,769,586
  
Other Assets in Excess of Liabilities - 0.1%
      
39,742
  
TOTAL NET ASSETS - 100.0%
          
$
52,809,328
  
                 
Percentages are stated as a percent of net assets.
          
   
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  

ADR - American Depositary Receipt
PLC - Public Limited Company

(a)
To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)
Non-income producing security.
(c)
The rate shown represents the 7-day annualized yield as of November 30, 2025.
 Tema ETF Trust
Tema Heart & Health ETF
Notes to Quarterly Schedule of Investments
November 30, 2025 (Unaudited)

Investment Valuation
The Fund discloses the fair value of their investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund’s (observable inputs) and (2) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).

The three levels defined by the hierarchy are as follows:

• Level 1 — Quoted prices in active markets for identical assets that the Fund’s have the ability to access.
• Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of November 30, 2025:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets
                        
Investments:
                        
  Common Stocks
  
$
52,417,005
    
$
–
    
$
–
    
$
52,417,005
  
  Money Market Funds
    
352,581
      
–
      
–
      
352,581
  
Total Investments
  
$
52,769,586
    
$
–
    
$
–
    
$
52,769,586
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  


Allocation of Portfolio Holdings by Country as of November 30, 2025
(% of Net Assets)

United States
  
$
41,536,253
      
78.7
%
Switzerland
    
3,804,459
      
7.2
  
United Kingdom
    
2,258,155
      
4.3
  
Denmark
    
2,230,562
      
4.2
  
Ireland
    
1,625,663
      
3.1
  
Japan
    
874,417
      
1.6
  
Israel
    
262,500
      
0.5
  
Netherlands
    
177,577
      
0.3
  
Other Assets in Excess of Liabilities
    
39,742
      
0.1
  
   
$
52,809,328
      
100.0
%

Sector Classification as of November 30, 2025
(% of Net Assets)

Health Care
  
$
52,417,005
      
99.2
%
Money Market Funds
    
352,581
      
0.7
  
Other Assets in Excess of Liabilities
    
39,742
      
0.1
  
   
$
52,809,328
      
100.0
%