NPORT-EX 2 aaum.htm NPORT-EX

Tema Alternative Asset Managers ETF
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.4%
  
Shares
    
Value
 
Capital Markets - 87.3% (a)
        
3i Group PLC
    
1,380
    
$
57,687
  
Ares Management Corp. - Class A
    
802
      
125,794
  
Blackstone, Inc.
    
730
      
106,887
  
Blue Owl Capital, Inc. - Class A
    
7,492
      
112,380
  
Bridgepoint Group PLC (b)
    
18,310
      
68,590
  
Brookfield Asset Management Ltd. – Class A
    
2,189
      
115,448
  
Brookfield Corp. – Class A
    
2,709
      
127,323
  
Carlyle Group, Inc.
    
2,014
      
109,823
  
Cohen & Steers, Inc.
    
936
      
59,202
  
CVC Capital Partners PLC (b)
    
4,360
      
72,042
  
DigitalBridge Group, Inc. – Class A
    
10,425
      
101,227
  
EQT AB
    
3,452
      
119,562
  
Gimv NV
    
319
      
16,731
  
Hamilton Lane, Inc. - Class A
    
960
      
118,977
  
ICG PLC
    
4,031
      
110,772
  
KKR & Co., Inc.
    
967
      
118,274
  
Molten Ventures PLC (c)
    
4,970
      
32,328
  
Onex Corp.
    
830
      
66,105
  
Partners Group Holding AG
    
94
      
111,522
  
StepStone Group, Inc. - Class A
    
1,911
      
120,699
  
Tikehau Capital SCA
    
1,120
      
19,780
  
TPG, Inc. – Class A
    
2,179
      
128,735
  
             
2,019,888
  
                 
Financial Services - 11.6%
          
Apollo Global Management, Inc.
    
945
      
124,598
  
Eurazeo SE
    
380
      
24,097
  
Kinnevik AB – Class B (c)
    
2,840
      
26,381
  
Sofina SA
    
240
      
67,727
  
Wendel SE
    
260
      
24,256
  
             
267,059
  
                 
Metals & Mining - 0.5%
          
Wheaton Precious Metals Corp.
    
110
      
12,106
  
TOTAL COMMON STOCKS (Cost $2,453,226)
      
2,299,053
  
                 
SHORT-TERM INVESTMENTS

  
MONEY MARKET FUNDS - 0.4%
  
Shares
    
Value
 
First American Treasury Obligations Fund - Class X, 3.91% (d)
    
9,793
      
9,793
  
TOTAL MONEY MARKET FUNDS (Cost $9,793)
      
9,793
  
                 
TOTAL INVESTMENTS - 99.8% (Cost $2,463,019)
      
2,308,846
  
Other Assets in Excess of Liabilities - 0.2%
      
4,349
  
TOTAL NET ASSETS - 100.0%
          
$
2,313,195
  
                 
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)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of November 30, 2025, the value of these securities total $140,632 or 6.1% of the Fund’s net assets.
(c)
Non-income producing security.
(d)
The rate shown represents the 7-day annualized yield as of November 30, 2025.
Tema ETF Trust
Tema Alternative Asset Managers 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
  
$
2,299,053
    
$
–
    
$
–
    
$
2,299,053
  
  Money Market Funds
    
9,793
      
–
      
–
      
9,793
  
Total Investments
  
$
2,308,846
    
$
–
    
$
–
    
$
2,308,846
  
   
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
  
$
1,351,837
      
58.4
%
United Kingdom
    
269,377
      
11.7
  
Canada
    
205,534
      
8.9
  
Sweden
    
145,943
      
6.3
  
Switzerland
    
111,522
      
4.8
  
Belgium
    
84,458
      
3.6
  
Luxembourg
    
72,042
      
3.1
  
France
    
68,133
      
3.0
  
Other Assets in Excess of Liabilities
    
4,349
      
0.2
  
   
$
2,313,195
      
100.0
%


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

Financials
  
$
2,286,947
      
98.9
%
Materials
    
12,106
      
0.5
  
Money Market Funds
    
9,793
      
0.4
  
Other Assets in Excess of Liabilities
    
4,349
      
0.2
  
   
$
2,313,195
      
100.0
%