Tema International Defense Innovation ETF
Schedule of Investments
November 30, 2025 (Unaudited)
COMMON STOCKS - 98.1%	Shares		Value
Aerospace & Defense - 87.9% (a)
AeroVironment, Inc. (b)		60	$	16,768
Airbus SE		144		34,162
Avio SpA		548		15,865
Avon Technologies PLC		580		13,927
Babcock International Group PLC		3,556		53,331
BAE Systems PLC		2,008		43,870
Boeing Co. (b)		52		9,828
Chemring Group PLC		4,380		27,916
Dassault Aviation SA		160		50,238
Elbit Systems Ltd.		96		44,978
General Dynamics Corp.		36		12,299
Hensoldt AG		556		44,096
Kongsberg Gruppen ASA		1,144		27,102
L3Harris Technologies, Inc.		52		14,492
Leonardo DRS, Inc.		296		10,114
Leonardo SpA		824		44,852
Lockheed Martin Corp.		32		14,652
MTU Aero Engines AG		60		24,527
Northrop Grumman Corp.		20		11,445
QinetiQ Group PLC		4,496		24,722
Rheinmetall AG		28		48,101
Rocket Lab Corp. (b)		400		16,856
Rolls-Royce Holdings PLC (b)		1,400		19,792
RTX Corp.		80		13,993
Saab AB – Class B		1,116		56,219
Safran SA		52		17,516
Thales SA		192		50,216
				761,877
IT Services - 3.8%
Indra Sistemas SA		620		33,093
Machinery - 4.4%
RENK Group AG		648		37,934
Software - 2.0%
Palantir Technologies, Inc. - Class A (b)		104		17,519
TOTAL COMMON STOCKS (Cost $1,003,711)				850,423
RIGHTS - 0.0%	Shares		Value
Avio SpA, Exercise Price $23.64 (b)(c)		2,740		0
TOTAL RIGHTS (Cost $29,673)				0
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 1.8%	Shares		Value
First American Treasury Obligations Fund - Class X, 3.91% (d)		15,243		15,243
TOTAL MONEY MARKET FUNDS (Cost $15,243)				15,243
TOTAL INVESTMENTS - 99.9% (Cost $1,048,627)				865,666
Other Assets in Excess of Liabilities - 0.1%				578
TOTAL NET ASSETS - 100.0%			$	866,244

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.

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)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of November 30, 2025.
(d)	The rate shown represents the 7-day annualized yield as of November 30, 2025.

Tema ETF Trust

Tema International Defense Innovation 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	$	850,423	$	–	$	–	$	850,423
Rights		–		–		0		0
Money Market Funds		15,243		–		–		15,243
Total Investments	$	865,666	$	–	$	0	$	865,666
Refer to the Schedule of Investments for further disaggregation of investment categories.

Management has determined that the amount of Level 3 securities compared to total net assets is not material for the Tema International Defense Innovation ETF; therefore, the rollforward of Level 3 securities are not shown for the period ended November 30, 2025.

Significant unobservable valuation inputs monitored by the Adviser, the Valuation Designee pursuant to Rule 2a-5, under the supervision of the Board of Trustees for restricted securities or Level 3 investments as of November 30, 2025 for the Tema International Defense Innovation ETF are as follows:

Description	Fair Value as of 11/30/2025		Valuation Technique	Unobservable Input	Input Values (Ranges)
Avio Right*	$	0	Other – Expired Instrument	None		N/A

 * Rights received via corporate action were deemed to have expired unexercised and therefore were assigned no remaining economic value -  valued at zero.

Allocation of Portfolio Holdings by Country as of November 30, 2025

(% of Net Assets)

United Kingdom	$	183,558	21.3	%
Germany		154,658	17.9
United States		153,209	17.6
France		152,132	17.5
Italy		60,717	7.0
Sweden		56,219	6.5
Israel		44,978	5.2
Spain		33,093	3.8
Norway		27,102	3.1
Other Assets in Excess of Liabilities		578	0.1
	$	866,244	100.0	%

Sector Classification as of November 30, 2025

(% of Net Assets)

Industrials	$	799,811	92.3	%
Information Technology		50,612	5.8
Money Market Funds		15,243	1.8
Other Assets in Excess of Liabilities		578	0.1
	$	866,244	100.0	%