NPORT-EX 2 canc.htm NPORT-EX

Tema Oncology ETF
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 98.6%
  
Shares
    
Value
 
Biotechnology - 67.7% (a)
        
AbbVie, Inc.
    
11,128
    
$
2,533,846
  
Amgen, Inc.
    
4,683
      
1,617,789
  
AnaptysBio, Inc. (b)
    
20,081
      
836,374
  
Arcellx, Inc. (b)
    
34,948
      
2,541,069
  
Arcus Biosciences, Inc. (b)
    
32,129
      
838,567
  
Argenx SE - ADR (b)
    
1,242
      
1,132,679
  
Ascentage Pharma Group International - ADR (b)
    
10,385
      
339,797
  
BeOne Medicines Ltd. - ADR (b)
    
7,179
      
2,445,239
  
BridgeBio Oncology Therapeutics, Inc. (b)
    
16,658
      
205,060
  
Bridgebio Pharma, Inc. (b)
    
64,050
      
4,612,241
  
Celcuity, Inc. (b)
    
27,354
      
2,766,584
  
CG oncology, Inc. (b)
    
32,061
      
1,437,615
  
Cogent Biosciences, Inc. (b)
    
101,162
      
4,068,736
  
Corvus Pharmaceuticals, Inc. (b)
    
62,806
      
575,931
  
Cullinan Therapeutics, Inc. (b)
    
32,857
      
373,584
  
Exelixis, Inc. (b)
    
68,039
      
3,005,283
  
Genmab AS - ADR (b)
    
123,261
      
3,988,726
  
Gilead Sciences, Inc.
    
16,672
      
2,098,004
  
Halozyme Therapeutics, Inc. (b)
    
16,616
      
1,186,382
  
Ideaya Biosciences, Inc. (b)
    
78,791
      
2,806,535
  
Immunocore Holdings PLC - ADR (b)
    
22,662
      
895,149
  
Immunome, Inc. (b)
    
85,852
      
1,581,394
  
Janux Therapeutics, Inc. (b)
    
42,799
      
1,459,018
  
Legend Biotech Corp. - ADR (b)
    
57,858
      
1,603,245
  
Nurix Therapeutics, Inc. (b)
    
68,115
      
1,204,273
  
Nuvalent, Inc. - Class A (b)
    
32,425
      
3,545,674
  
Olema Pharmaceuticals, Inc. (b)
    
39,584
      
1,121,019
  
ORIC Pharmaceuticals, Inc. (b)
    
24,783
      
294,422
  
Pyxis Oncology, Inc. (b)
    
41,743
      
216,646
  
Regeneron Pharmaceuticals, Inc.
    
1,910
      
1,490,163
  
Relay Therapeutics, Inc. (b)
    
99,160
      
785,347
  
Replimune Group, Inc. (b)
    
45,584
      
455,840
  
Revolution Medicines, Inc. (b)
    
102,315
      
7,956,014
  
Summit Therapeutics, Inc. (b)
    
85,163
      
1,523,566
  
Syndax Pharmaceuticals, Inc. (b)
    
114,677
      
2,272,898
  
UroGen Pharma Ltd. (b)
    
53,518
      
1,541,854
  
Xencor, Inc. (b)
    
53,760
      
931,123
  
Zai Lab Ltd. - ADR (b)
    
65,841
      
1,343,815
  
Zymeworks, Inc. (b)
    
67,539
      
1,803,967
  
             
71,435,468
  
                 
Health Care Providers & Services - 0.7%
          
Guardant Health, Inc. (b)
    
7,064
      
765,879
  
                 
Health Care Technology - 0.3%
          
Schrodinger, Inc. (b)
    
17,853
      
313,499
  
                 
Pharmaceuticals - 29.9% (a)
          
AstraZeneca PLC
    
22,973
      
4,249,394
  
Bristol-Myers Squibb Co.
    
50,771
      
2,497,933
  
Chugai Pharmaceutical Co. Ltd.
    
16,624
      
891,197
  
Daiichi Sankyo Co. Ltd.
    
47,798
      
1,182,366
  
Eli Lilly & Co.
    
5,674
      
6,102,217
  
Enliven Therapeutics, Inc. (b)
    
42,762
      
923,659
  
HUTCHMED China Ltd. - ADR (b)
    
43,441
      
626,419
  
Johnson & Johnson
    
12,777
      
2,643,817
  
Merck & Co., Inc.
    
20,974
      
2,198,704
  
Novartis AG
    
28,475
      
3,704,480
  
Nuvation Bio, Inc. – Class A (b)
    
238,898
      
1,918,351
  
Roche Holding AG - ADR
    
88,682
      
4,241,660
  
Terns Pharmaceuticals, Inc. (b)
    
14,967
      
420,722
  
             
31,600,919
  
TOTAL COMMON STOCKS (Cost $75,353,960)
      
104,115,765
  
                 
SHORT-TERM INVESTMENTS

  
MONEY MARKET FUNDS - 1.6%
  
Shares
    
Value
 
First American Treasury Obligations Fund - Class X, 3.91% (c)
    
1,672,347
      
1,672,347
  
TOTAL MONEY MARKET FUNDS (Cost $1,672,347)
      
1,672,347
  
                 
TOTAL INVESTMENTS - 100.2% (Cost $77,026,307)
      
105,788,112
  
Liabilities in Excess of Other Assets - (0.2)%
      
(234,797
)
TOTAL NET ASSETS - 100.0%
          
$
105,553,315
  

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 Oncology 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
  
$
104,115,765
    
$
–
    
$
–
    
$
104,115,765
  
  Money Market Funds
    
1,672,347
      
–
      
–
      
1,672,347
  
Total Investments
  
$
105,788,112
    
$
–
    
$
–
    
$
105,788,112
  
   
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
  
$
83,192,430
      
78.9
%
Switzerland
    
7,946,140
      
7.5
  
United Kingdom
    
5,144,543
      
4.8
  
Denmark
    
3,988,726
      
3.8
  
Japan
    
2,073,563
      
1.9
  
China
    
1,683,612
      
1.6
  
Netherlands
    
1,132,679
      
1.1
  
Hong Kong
    
626,419
      
0.6
  
Liabilities in Excess of Other Assets
    
(234,797
)
    
(0.2
)
   
$
105,553,315
      
100.0
%


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

Health Care
  
$
104,115,765
      
98.6
%
Money Market Funds
    
1,672,347
      
1.6
  
Liabilities in Excess of Other Assets
    
(234,797
)
    
(0.2
)
   
$
105,553,315
      
100.0
%