NPORT-EX 2 volt.htm NPORT-EX

Tema Electrification ETF
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.0%
  
Shares
    
Value
 
Aerospace & Defense - 3.0%
        
BWX Technologies, Inc.
    
38,112
    
$
6,817,475
  
                 
Building Products - 4.9%
          
Johnson Controls International PLC
    
66,517
      
7,736,592
  
Modine Manufacturing Co. (a)
    
20,815
      
3,374,736
  
             
11,111,328
  
                 
Construction & Engineering - 5.1%
          
Quanta Services, Inc.
    
25,213
      
11,721,019
  
                 
Electric Utilities - 32.1% (b)
          
American Electric Power Co., Inc.
    
80,644
      
9,981,308
  
Entergy Corp.
    
92,008
      
8,972,620
  
Iberdrola SA
    
133,923
      
2,825,901
  
IDACORP, Inc.
    
67,571
      
8,904,506
  
NextEra Energy, Inc.
    
176,850
      
15,260,386
  
OGE Energy Corp.
    
186,932
      
8,557,747
  
Pinnacle West Capital Corp.
    
75,902
      
6,896,456
  
PPL Corp.
    
148,933
      
5,495,628
  
Xcel Energy, Inc.
    
73,861
      
6,064,727
  
             
72,959,279
  
                 
Electrical Equipment - 27.9% (b)
          
ABB Ltd.
    
94,144
      
6,766,270
  
Eaton Corp. PLC
    
20,493
      
7,088,324
  
GE Vernova, Inc.
    
10,161
      
6,094,263
  
Hubbell, Inc.
    
20,493
      
8,841,295
  
nVent Electric PLC
    
56,185
      
6,026,965
  
Powell Industries, Inc.
    
42,280
      
13,665,742
  
Schneider Electric SE
    
27,354
      
7,331,980
  
Vertiv Holdings Co. - Class A
    
42,072
      
7,561,601
  
             
63,376,440
  
                 
Electronic Equipment, Instruments & Components - 15.8%
          
Advanced Energy Industries, Inc.
    
22,038
      
4,654,205
  
Amphenol Corp. - Class A
    
77,233
      
10,882,130
  
Bel Fuse, Inc. - Class B
    
79,396
      
12,229,366
  
Itron, Inc. (a)
    
82,202
      
8,141,286
  
             
35,906,987
  
                 
Machinery - 2.2%
          
Caterpillar, Inc.
    
8,808
      
5,071,294
  
                 
Multi-Utilities - 4.0%
          
NiSource, Inc.
    
206,860
      
9,128,732
  
                 
Oil, Gas & Consumable Fuels - 4.0%
          
Energy Transfer LP
    
545,344
      
9,112,698
  
TOTAL COMMON STOCKS (Cost $198,866,537)
      
225,205,252
  
                 
SHORT-TERM INVESTMENTS

  
MONEY MARKET FUNDS - 0.8%
  
Shares
    
Value
 
First American Treasury Obligations Fund - Class X, 3.91% (c)
    
1,790,148
      
1,790,148
  
TOTAL MONEY MARKET FUNDS (Cost $1,790,148)
      
1,790,148
  
                 
TOTAL INVESTMENTS - 99.8% (Cost $200,656,685)
      
226,995,400
  
Other Assets in Excess of Liabilities - 0.2%
      
545,328
  
TOTAL NET ASSETS - 100.0%
          
$
227,540,728
  
                 
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.
  

LP - Limited Partnership
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
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.
(c)
The rate shown represents the 7-day annualized yield as of November 30, 2025.
Tema ETF Trust
Tema Electrification 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
  
$
225,205,252
    
$
–
    
$
–
    
$
225,205,252
  
  Money Market Funds
    
1,790,148
      
–
      
–
      
1,790,148
  
Total Investments
  
$
226,995,400
    
$
–
    
$
–
    
$
226,995,400
  
   
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
  
$
196,955,960
      
86.6
%
France
    
7,331,980
      
3.2
  
Ireland
    
7,088,324
      
3.1
  
Switzerland
    
6,766,270
      
3.0
  
United Kingdom
    
6,026,965
      
2.7
  
Spain
    
2,825,901
      
1.2
  
Other Assets in Excess of Liabilities
    
545,328
      
0.2
  
   
$
227,540,728
      
100.0
%

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

Industrials
  
$
94,722,820
      
41.6
%
Utilities
    
82,088,011
      
36.1
  
Information Technology
    
35,906,987
      
15.8
  
Energy
    
9,112,698
      
4.0
  
Consumer Discretionary
    
3,374,736
      
1.5
  
Money Market Funds
    
1,790,148
      
0.8
  
Other Assets in Excess of Liabilities
    
545,328
      
0.2
  
   
$
227,540,728
      
100.0
%