NPORT-EX 2 dspy.htm NPORT-EX

Tema S&P 500® Historical Weight ETF Strategy
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 97.4%
  
Shares
    
Value
 
Aerospace & Defense - 2.9%
        
Axon Enterprise, Inc. (a)
    
1,170
    
$
631,964
  
Boeing Co. (a)
    
12,732
      
2,406,348
  
General Dynamics Corp.
    
3,869
      
1,321,767
  
General Electric Co.
    
19,723
      
5,886,329
  
Howmet Aerospace, Inc.
    
12,400
      
2,536,916
  
Huntington Ingalls Industries, Inc.
    
1,493
      
468,235
  
L3Harris Technologies, Inc.
    
2,713
      
756,086
  
Lockheed Martin Corp.
    
3,190
      
1,460,573
  
Northrop Grumman Corp.
    
2,120
      
1,213,170
  
RTX Corp.
    
25,272
      
4,420,326
  
Textron, Inc.
    
3,465
      
288,149
  
TransDigm Group, Inc.
    
848
      
1,153,424
  
             
22,543,287
  
                 
Air Freight & Logistics - 0.3%
          
CH Robinson Worldwide, Inc.
    
1,227
      
194,934
  
Expeditors International of Washington, Inc.
    
1,925
      
282,783
  
FedEx Corp.
    
3,152
      
868,943
  
United Parcel Service, Inc. - Class B
    
12,898
      
1,235,499
  
             
2,582,159
  
                 
Automobile Components - 0.0% (b)
          
Aptiv PLC (a)
    
3,743
      
290,270
  
                 
Automobiles - 1.9%
          
Ford Motor Co.
    
55,387
      
735,539
  
General Motors Co.
    
14,407
      
1,059,203
  
Tesla, Inc. (a)
    
30,785
      
13,242,783
  
             
15,037,525
  
                 
Banks - 4.1%
          
Bank of America Corp.
    
122,923
      
6,594,819
  
Citigroup, Inc.
    
32,895
      
3,407,922
  
Citizens Financial Group, Inc.
    
7,685
      
415,759
  
Fifth Third Bancorp
    
12,192
      
529,864
  
Huntington Bancshares, Inc.
    
26,698
      
435,177
  
JPMorgan Chase & Co.
    
34,505
      
10,802,825
  
KeyCorp
    
17,508
      
321,797
  
M&T Bank Corp.
    
1,970
      
374,733
  
PNC Financial Services Group, Inc.
    
6,229
      
1,187,995
  
Regions Financial Corp.
    
11,921
      
303,389
  
Truist Financial Corp.
    
22,507
      
1,046,576
  
US Bancorp
    
26,649
      
1,307,134
  
Wells Fargo & Co.
    
63,522
      
5,453,364
  
             
32,181,354
  
                 
Beverages - 1.5%
          
Brown-Forman Corp. - Class B
    
1,819
      
52,715
  
Coca-Cola Co.
    
74,955
      
5,480,710
  
Constellation Brands, Inc. - Class A
    
2,638
      
359,770
  
Keurig Dr Pepper, Inc.
    
24,867
      
693,789
  
Molson Coors Beverage Co. - Class B
    
2,653
      
123,391
  
Monster Beverage Corp. (a)
    
13,971
      
1,047,685
  
PepsiCo, Inc.
    
25,781
      
3,834,666
  
             
11,592,726
  
                 
Biotechnology - 2.1%
          
AbbVie, Inc.
    
30,122
      
6,858,779
  
Amgen, Inc.
    
8,818
      
3,046,266
  
Biogen, Inc. (a)
    
2,624
      
477,804
  
Gilead Sciences, Inc.
    
20,675
      
2,601,742
  
Incyte Corp. (a)
    
2,556
      
267,000
  
Moderna, Inc. (a)
    
6,160
      
160,037
  
Regeneron Pharmaceuticals, Inc.
    
1,805
      
1,408,243
  
Vertex Pharmaceuticals, Inc. (a)
    
4,046
      
1,754,386
  
             
16,574,257
  
                 
Broadline Retail - 2.3%
          
Amazon.com, Inc. (a)
    
74,835
      
17,453,018
  
eBay, Inc.
    
7,787
      
644,686
  
             
18,097,704
  
                 
Building Products - 0.6%
          
A.O. Smith Corp. – Class A
    
1,120
      
73,898
  
Allegion PLC
    
784
      
130,167
  
Builders FirstSource, Inc. (a)
    
1,251
      
140,400
  
Carrier Global Corp.
    
15,939
      
874,732
  
Johnson Controls International PLC
    
10,555
      
1,227,652
  
Lennox International, Inc.
    
296
      
147,665
  
Masco Corp.
    
3,361
      
218,028
  
Trane Technologies PLC
    
4,693
      
1,978,006
  
             
4,790,548
  
                 
Capital Markets - 4.2%
          
Ameriprise Financial, Inc.
    
1,475
      
672,216
  
Bank of New York Mellon Corp.
    
10,617
      
1,190,166
  
Blackrock, Inc.
    
2,405
      
2,518,756
  
Blackstone, Inc.
    
11,130
      
1,629,655
  
Cboe Global Markets, Inc.
    
1,342
      
346,464
  
Charles Schwab Corp.
    
28,587
      
2,650,872
  
CME Group, Inc. – Class A
    
5,425
      
1,526,920
  
Coinbase Global, Inc. - Class A (a)
    
3,969
      
1,082,823
  
FactSet Research Systems, Inc.
    
566
      
156,935
  
Franklin Resources, Inc.
    
5,191
      
117,265
  
Goldman Sachs Group, Inc.
    
5,943
      
4,909,156
  
Interactive Brokers Group, Inc. - Class A
    
5,981
      
388,885
  
Intercontinental Exchange, Inc.
    
8,904
      
1,400,599
  
Invesco Ltd.
    
7,458
      
182,348
  
KKR & Co., Inc.
    
10,738
      
1,313,365
  
Moody's Corp.
    
2,338
      
1,147,444
  
Morgan Stanley
    
21,837
      
3,704,865
  
MSCI, Inc.
    
1,209
      
681,537
  
Nasdaq, Inc.
    
7,410
      
673,717
  
Northern Trust Corp.
    
2,878
      
377,997
  
Raymond James Financial, Inc.
    
4,374
      
684,706
  
Robinhood Markets, Inc. - Class A (a)
    
12,993
      
1,669,471
  
S&P Global, Inc.
    
5,420
      
2,703,659
  
State Street Corp.
    
3,861
      
459,536
  
T Rowe Price Group, Inc.
    
2,635
      
269,771
  
             
32,459,128
  
                 
Chemicals - 1.3%
          
Air Products and Chemicals, Inc.
    
3,367
      
878,955
  
Albemarle Corp.
    
1,535
      
199,535
  
CF Industries Holdings, Inc.
    
11,990
      
943,613
  
Corteva, Inc.
    
9,738
      
657,023
  
Dow, Inc.
    
12,499
      
298,101
  
DuPont de Nemours, Inc.
    
9,433
      
375,150
  
Ecolab, Inc.
    
3,809
      
1,048,084
  
International Flavors & Fragrances, Inc.
    
4,634
      
321,970
  
Linde PLC
    
8,733
      
3,583,325
  
LyondellBasell Industries NV - Class A
    
4,033
      
197,577
  
Mosaic Co.
    
5,763
      
141,136
  
PPG Industries, Inc.
    
3,186
      
318,728
  
Sherwin-Williams Co.
    
3,555
      
1,221,818
  
Solstice Advanced Materials, Inc. (a)
    
2,502
      
119,295
  
             
10,304,310
  
                 
Commercial Services & Supplies - 0.5%
          
Cintas Corp.
    
5,104
      
949,446
  
Copart, Inc. (a)
    
12,511
      
487,679
  
Republic Services, Inc.
    
2,992
      
649,443
  
Rollins, Inc.
    
4,137
      
254,343
  
Veralto Corp.
    
4,440
      
449,417
  
Waste Management, Inc.
    
5,779
      
1,259,071
  
             
4,049,399
  
                 
Communications Equipment - 1.4%
          
Arista Networks, Inc. (a)
    
26,324
      
3,440,020
  
Cisco Systems, Inc.
    
80,126
      
6,164,895
  
F5, Inc. (a)
    
590
      
141,104
  
Motorola Solutions, Inc.
    
3,020
      
1,116,434
  
             
10,862,453
  
                 
Construction & Engineering - 0.4%
          
EMCOR Group, Inc.
    
602
      
370,272
  
Quanta Services, Inc.
    
5,345
      
2,484,784
  
             
2,855,056
  
                 
Construction Materials - 0.1%
          
Martin Marietta Materials, Inc.
    
862
      
537,233
  
Vulcan Materials Co.
    
1,809
      
537,707
  
             
1,074,940
  
                 
Consumer Finance - 0.8%
          
American Express Co.
    
9,346
      
3,413,813
  
Capital One Financial Corp.
    
10,114
      
2,215,674
  
Synchrony Financial
    
6,403
      
495,336
  
             
6,124,823
  
                 
Consumer Staples Distribution & Retail - 2.4%
          
Costco Wholesale Corp.
    
7,327
      
6,693,874
  
Dollar General Corp.
    
4,623
      
506,172
  
Dollar Tree, Inc. (a)
    
2,028
      
224,723
  
Kroger Co.
    
25,340
      
1,704,875
  
Sysco Corp.
    
9,222
      
702,716
  
Target Corp.
    
7,998
      
724,779
  
Walmart, Inc.
    
70,950
      
7,840,685
  
             
18,397,824
  
                 
Containers & Packaging - 0.2%
          
Amcor PLC
    
40,619
      
346,074
  
Avery Dennison Corp.
    
1,164
      
200,638
  
Ball Corp.
    
5,260
      
260,528
  
International Paper Co.
    
9,205
      
363,413
  
Packaging Corp. of America
    
811
      
165,501
  
Smurfit WestRock PLC
    
6,175
      
220,386
  
             
1,556,540
  
                 
Distributors - 0.1%
          
Genuine Parts Co.
    
5,238
      
683,035
  
LKQ Corp.
    
4,150
      
123,213
  
Pool Corp.
    
83
      
20,219
  
             
826,467
  
                 
Diversified Telecommunication Services - 0.9%
          
AT&T, Inc.
    
136,869
      
3,561,332
  
Verizon Communications, Inc.
    
79,639
      
3,273,959
  
             
6,835,291
  
                 
Electric Utilities - 1.9%
          
Alliant Energy Corp.
    
2,188
      
152,000
  
American Electric Power Co., Inc.
    
9,426
      
1,166,656
  
Constellation Energy Corp.
    
4,902
      
1,786,093
  
Duke Energy Corp.
    
13,153
      
1,630,183
  
Edison International
    
6,940
      
408,696
  
Entergy Corp.
    
7,402
      
721,843
  
Evergy, Inc.
    
3,502
      
271,930
  
Eversource Energy
    
6,928
      
465,423
  
Exelon Corp.
    
17,897
      
843,307
  
FirstEnergy Corp.
    
10,319
      
492,423
  
NextEra Energy, Inc.
    
33,689
      
2,907,024
  
NRG Energy, Inc.
    
2,613
      
442,877
  
PG&E Corp.
    
40,067
      
645,880
  
Pinnacle West Capital Corp.
    
1,085
      
98,583
  
PPL Corp.
    
13,689
      
505,124
  
Southern Co.
    
18,233
      
1,661,391
  
Xcel Energy, Inc.
    
8,472
      
695,636
  
             
14,895,069
  
                 
Electrical Equipment - 1.0%
          
AMETEK, Inc.
    
3,612
      
714,779
  
Eaton Corp. PLC
    
5,869
      
2,030,028
  
Emerson Electric Co.
    
8,396
      
1,119,859
  
GE Vernova, Inc.
    
4,911
      
2,945,470
  
Generac Holdings, Inc. (a)
    
107
      
16,224
  
Hubbell, Inc.
    
641
      
276,547
  
Rockwell Automation, Inc.
    
1,582
      
626,251
  
             
7,729,158
  
                 
Electronic Equipment, Instruments & Components - 0.9%
          
Amphenol Corp. - Class A
    
20,045
      
2,824,341
  
CDW Corp.
    
1,723
      
248,491
  
Corning, Inc.
    
12,391
      
1,043,322
  
Jabil, Inc.
    
1,123
      
236,627
  
Keysight Technologies, Inc. (a)
    
2,652
      
524,963
  
TE Connectivity PLC
    
4,444
      
1,005,011
  
Teledyne Technologies, Inc. (a)
    
779
      
389,126
  
Trimble, Inc. (a)
    
3,694
      
300,766
  
Zebra Technologies Corp. - Class A (a)
    
760
      
192,090
  
             
6,764,737
  
                 
Energy Equipment & Services - 0.4%
          
Baker Hughes Co.
    
28,457
      
1,428,541
  
Halliburton Co.
    
15,989
      
419,232
  
SLB Ltd.
    
26,213
      
949,959
  
             
2,797,732
  
                 
Entertainment - 1.8%
          
Electronic Arts, Inc.
    
3,391
      
685,084
  
Live Nation Entertainment, Inc. (a)
    
2,346
      
308,381
  
Netflix, Inc. (a)
    
73,010
      
7,854,416
  
Take-Two Interactive Software, Inc. (a)
    
2,513
      
618,374
  
TKO Group Holdings, Inc. – Class A
    
466
      
90,353
  
Walt Disney Co.
    
33,277
      
3,476,448
  
Warner Bros Discovery, Inc. (a)
    
41,013
      
984,312
  
             
14,017,368
  
                 
Financial Services - 4.1%
          
Apollo Global Management, Inc.
    
6,894
      
908,974
  
Berkshire Hathaway, Inc. - Class B (a)
    
22,227
      
11,420,455
  
Block, Inc. – Class A (a)
    
7,956
      
531,461
  
Corpay, Inc. (a)
    
802
      
237,232
  
Fidelity National Information Services, Inc.
    
9,550
      
628,103
  
Fiserv, Inc. (a)
    
9,026
      
554,828
  
Global Payments, Inc.
    
3,856
      
292,131
  
Jack Henry & Associates, Inc.
    
513
      
89,508
  
Mastercard, Inc. - Class A
    
13,737
      
7,562,631
  
PayPal Holdings, Inc.
    
15,563
      
975,644
  
Visa, Inc. - Class A
    
26,770
      
8,952,959
  
             
32,153,926
  
                 
Food Products - 0.6%
          
Archer-Daniels-Midland Co.
    
6,474
      
393,231
  
Bunge Global SA
    
1,558
      
149,677
  
Campbell's Co.
    
1,927
      
58,735
  
Conagra Brands, Inc.
    
7,395
      
132,001
  
General Mills, Inc.
    
9,971
      
472,127
  
Hershey Co.
    
2,213
      
416,221
  
Hormel Foods Corp.
    
3,779
      
87,710
  
J M Smucker Co.
    
1,895
      
197,421
  
Kellanova
    
2,656
      
222,148
  
Kraft Heinz Co.
    
15,849
      
404,308
  
Lamb Weston Holdings, Inc.
    
1,215
      
71,758
  
McCormick & Co., Inc.
    
3,855
      
260,135
  
Mondelez International, Inc. - Class A
    
21,587
      
1,242,764
  
Tyson Foods, Inc. - Class A
    
4,954
      
287,580
  
             
4,395,816
  
                 
Gas Utilities - 0.1%
          
Atmos Energy Corp.
    
5,308
      
936,172
  
                 
Ground Transportation - 1.1%
          
CSX Corp.
    
28,262
      
999,344
  
JB Hunt Transport Services, Inc.
    
2,277
      
396,107
  
Norfolk Southern Corp.
    
3,366
      
983,175
  
Old Dominion Freight Line, Inc.
    
3,060
      
413,987
  
Uber Technologies, Inc. (a)
    
37,655
      
3,296,319
  
Union Pacific Corp.
    
9,930
      
2,302,072
  
             
8,391,004
  
                 
Health Care Equipment & Supplies - 2.7%
          
Abbott Laboratories
    
32,915
      
4,242,743
  
Align Technology, Inc. (a)
    
1,079
      
158,818
  
Baxter International, Inc.
    
9,555
      
179,061
  
Becton Dickinson & Co.
    
4,562
      
885,119
  
Boston Scientific Corp. (a)
    
24,389
      
2,477,435
  
Cooper Cos., Inc. (a)
    
2,977
      
231,998
  
Dexcom, Inc. (a)
    
6,234
      
395,672
  
Edwards Lifesciences Corp. (a)
    
9,745
      
844,599
  
GE HealthCare Technologies, Inc.
    
7,681
      
614,403
  
Hologic, Inc. (a)
    
3,321
      
248,975
  
IDEXX Laboratories, Inc. (a)
    
2,809
      
2,114,840
  
Insulet Corp. (a)
    
982
      
321,300
  
Intuitive Surgical, Inc. (a)
    
5,912
      
3,390,414
  
Medtronic PLC
    
19,539
      
2,058,043
  
ResMed, Inc.
    
2,102
      
537,755
  
Solventum Corp. (a)
    
1,107
      
94,383
  
STERIS PLC
    
1,224
      
325,927
  
Stryker Corp.
    
5,551
      
2,060,420
  
Zimmer Biomet Holdings, Inc.
    
2,994
      
291,975
  
             
21,473,880
  
                 
Health Care Providers & Services - 2.6%
          
Cardinal Health, Inc.
    
14,905
      
3,163,735
  
Cencora, Inc.
    
6,520
      
2,405,424
  
Centene Corp. (a)
    
8,373
      
329,394
  
Cigna Group
    
4,122
      
1,142,948
  
CVS Health Corp.
    
20,683
      
1,662,086
  
DaVita, Inc. (a)
    
156
      
18,670
  
Elevance Health, Inc.
    
3,882
      
1,313,125
  
HCA Healthcare, Inc.
    
3,326
      
1,690,573
  
Henry Schein, Inc. (a)
    
737
      
54,958
  
Humana, Inc.
    
1,923
      
472,616
  
Labcorp Holdings, Inc.
    
1,759
      
472,784
  
McKesson Corp.
    
1,874
      
1,651,219
  
Molina Healthcare, Inc. (a)
    
890
      
131,951
  
Quest Diagnostics, Inc.
    
1,370
      
259,177
  
UnitedHealth Group, Inc.
    
16,778
      
5,532,881
  
Universal Health Services, Inc. - Class B
    
432
      
105,248
  
             
20,406,789
  
                 
Hotels, Restaurants & Leisure - 2.4%
          
Airbnb, Inc. - Class A (a)
    
6,254
      
731,655
  
Booking Holdings, Inc.
    
570
      
2,801,373
  
Carnival Corp. (a)
    
18,491
      
476,698
  
Chipotle Mexican Grill, Inc. (a)
    
19,426
      
670,586
  
Darden Restaurants, Inc.
    
2,527
      
453,799
  
Domino's Pizza, Inc.
    
180
      
75,533
  
DoorDash, Inc. - Class A (a)
    
5,753
      
1,141,223
  
Expedia Group, Inc. – Class A
    
1,687
      
431,349
  
Hilton Worldwide Holdings, Inc.
    
3,517
      
1,002,450
  
Las Vegas Sands Corp.
    
6,103
      
415,980
  
Marriott International Inc. - Class A
    
7,568
      
2,306,651
  
McDonald's Corp.
    
13,459
      
4,196,785
  
MGM Resorts International (a)
    
2,720
      
95,989
  
Norwegian Cruise Line Holdings Ltd. (a)
    
5,861
      
108,194
  
Royal Caribbean Cruises Ltd.
    
4,827
      
1,285,189
  
Starbucks Corp.
    
17,162
      
1,494,982
  
Wynn Resorts Ltd.
    
714
      
91,878
  
Yum! Brands, Inc.
    
4,287
      
656,811
  
             
18,437,125
  
                 
Household Durables - 0.5%
          
DR Horton, Inc.
    
3,987
      
633,973
  
Garmin Ltd.
    
5,139
      
1,003,750
  
Lennar Corp. - Class A
    
9,208
      
1,209,010
  
Mohawk Industries, Inc. (a)
    
227
      
26,309
  
NVR, Inc. (a)
    
42
      
315,306
  
PulteGroup, Inc.
    
4,051
      
515,247
  
             
3,703,595
  
                 
Household Products - 1.0%
          
Church & Dwight Co., Inc.
    
2,776
      
236,404
  
Clorox Co.
    
2,149
      
231,963
  
Colgate-Palmolive Co.
    
11,856
      
953,104
  
Kimberly-Clark Corp.
    
4,672
      
509,809
  
Procter & Gamble Co.
    
40,618
      
6,017,963
  
             
7,949,243
  
                 
Independent Power and Renewable Electricity Producers - 0.1%
          
AES Corp.
    
11,528
      
162,084
  
Vistra Corp.
    
4,811
      
860,495
  
             
1,022,579
  
                 
Industrial Conglomerates - 0.4%
          
3M Co.
    
8,709
      
1,498,384
  
Honeywell International, Inc.
    
10,011
      
1,924,014
  
             
3,422,398
  
                 
Insurance - 2.3%
          
Aflac, Inc.
    
7,555
      
833,392
  
Allstate Corp.
    
3,910
      
832,752
  
American International Group, Inc.
    
13,646
      
1,039,279
  
Aon PLC - Class A
    
3,270
      
1,157,318
  
Arch Capital Group Ltd. (a)
    
6,892
      
647,297
  
Arthur J Gallagher & Co.
    
3,858
      
955,318
  
Assurant, Inc.
    
227
      
51,792
  
Brown & Brown, Inc.
    
4,293
      
345,286
  
Chubb Ltd.
    
7,091
      
2,100,212
  
Cincinnati Financial Corp.
    
2,181
      
365,514
  
Erie Indemnity Co. - Class A
    
107
      
31,617
  
Everest Group Ltd.
    
1,090
      
342,576
  
Globe Life, Inc.
    
1,256
      
169,221
  
Hartford Insurance Group, Inc.
    
4,431
      
607,180
  
Loews Corp.
    
2,193
      
236,559
  
Marsh & McLennan Cos., Inc.
    
9,141
      
1,676,917
  
MetLife, Inc.
    
8,070
      
617,839
  
Principal Financial Group, Inc.
    
5,272
      
447,171
  
Progressive Corp.
    
9,111
      
2,084,506
  
Prudential Financial, Inc.
    
6,491
      
702,651
  
Travelers Cos., Inc.
    
3,375
      
988,403
  
W R Berkley Corp.
    
19,819
      
1,539,738
  
Willis Towers Watson PLC
    
1,336
      
428,856
  
             
18,201,394
  
                 
Interactive Media & Services - 4.4%
          
Alphabet, Inc. - Class A
    
39,459
      
12,633,982
  
Alphabet, Inc. - Class C
    
33,290
      
10,656,795
  
Match Group, Inc.
    
3,425
      
114,087
  
Meta Platforms, Inc. - Class A
    
17,038
      
11,039,772
  
             
34,444,636
  
                 
IT Services - 1.3%
          
Accenture PLC - Class A
    
10,629
      
2,657,250
  
Akamai Technologies, Inc. (a)
    
1,516
      
135,712
  
Cognizant Technology Solutions Corp. - Class A
    
8,542
      
663,799
  
EPAM Systems, Inc. (a)
    
895
      
167,365
  
Gartner, Inc. (a)
    
1,393
      
324,207
  
GoDaddy, Inc. - Class A (a)
    
2,106
      
269,273
  
International Business Machines Corp.
    
17,720
      
5,468,037
  
VeriSign, Inc.
    
1,023
      
257,786
  
             
9,943,429
  
                 
Leisure Products - 0.0% (b)
          
Hasbro, Inc.
    
2,035
      
168,091
  
                 
Life Sciences Tools & Services - 1.2%
          
Agilent Technologies, Inc.
    
4,616
      
708,556
  
Bio-Techne Corp.
    
2,181
      
140,696
  
Charles River Laboratories International, Inc. (a)
    
130
      
23,158
  
Danaher Corp.
    
10,322
      
2,340,823
  
IQVIA Holdings, Inc. (a)
    
2,723
      
626,317
  
Mettler-Toledo International, Inc. (a)
    
265
      
391,331
  
Revvity, Inc.
    
1,663
      
173,634
  
Thermo Fisher Scientific, Inc.
    
6,723
      
3,972,150
  
Waters Corp. (a)
    
799
      
322,333
  
West Pharmaceutical Services, Inc.
    
3,267
      
905,776
  
             
9,604,774
  
                 
Machinery - 2.1%
          
Caterpillar, Inc.
    
8,577
      
4,938,294
  
Cummins, Inc.
    
2,116
      
1,053,726
  
Deere & Co.
    
4,187
      
1,944,820
  
Dover Corp.
    
2,406
      
445,784
  
Fortive Corp.
    
5,383
      
287,883
  
IDEX Corp.
    
361
      
62,789
  
Illinois Tool Works, Inc.
    
4,060
      
1,012,077
  
Ingersoll Rand, Inc.
    
6,607
      
530,806
  
Nordson Corp.
    
311
      
73,912
  
Otis Worldwide Corp.
    
5,357
      
475,969
  
PACCAR, Inc.
    
7,689
      
810,574
  
Parker-Hannifin Corp.
    
2,000
      
1,723,400
  
Pentair PLC
    
2,439
      
256,680
  
Snap-on, Inc.
    
467
      
158,803
  
Stanley Black & Decker, Inc.
    
2,773
      
198,325
  
Westinghouse Air Brake Technologies Corp.
    
7,793
      
1,625,230
  
Xylem, Inc.
    
3,367
      
473,636
  
             
16,072,708
  
                 
Media - 0.6%
          
Charter Communications, Inc. - Class A (a)
    
1,741
      
348,409
  
Comcast Corp. - Class A
    
62,304
      
1,662,894
  
Fox Corp. - Class A
    
3,411
      
223,421
  
Fox Corp. - Class B
    
2,066
      
120,365
  
News Corp. - Class A
    
29,811
      
765,546
  
News Corp. - Class B
    
14,398
      
423,733
  
Omnicom Group, Inc.
    
6,944
      
497,361
  
Paramount Skydance Corp. – Class B
    
151
      
2,419
  
Trade Desk, Inc. - Class A (a)
    
7,298
      
288,709
  
             
4,332,857
  
                 
Metals & Mining - 0.5%
          
Freeport-McMoRan, Inc.
    
24,431
      
1,050,044
  
Newmont Corp.
    
16,753
      
1,520,000
  
Nucor Corp.
    
6,499
      
1,036,525
  
Steel Dynamics, Inc.
    
2,055
      
344,891
  
             
3,951,460
  
                 
Multi-Utilities - 0.7%
          
Ameren Corp.
    
4,712
      
501,121
  
CenterPoint Energy, Inc.
    
13,183
      
527,056
  
CMS Energy Corp.
    
3,236
      
244,124
  
Consolidated Edison, Inc.
    
6,327
      
634,978
  
Dominion Energy, Inc.
    
12,244
      
768,556
  
DTE Energy Co.
    
3,383
      
463,572
  
NiSource, Inc.
    
7,824
      
345,273
  
Public Service Enterprise Group, Inc.
    
7,651
      
639,012
  
Sempra
    
11,054
      
1,047,035
  
WEC Energy Group, Inc.
    
5,213
      
584,221
  
             
5,754,948
  
                 
Oil, Gas & Consumable Fuels - 3.5%
          
APA Corp.
    
6,013
      
150,145
  
Chevron Corp.
    
35,834
      
5,415,592
  
ConocoPhillips
    
19,076
      
1,691,850
  
Coterra Energy, Inc.
    
13,766
      
369,479
  
Devon Energy Corp.
    
13,285
      
492,342
  
Diamondback Energy, Inc.
    
6,948
      
1,060,195
  
EOG Resources, Inc.
    
9,343
      
1,007,643
  
EQT Corp.
    
11,187
      
680,841
  
Expand Energy Corp.
    
3,209
      
391,273
  
Exxon Mobil Corp.
    
68,148
      
7,899,716
  
Kinder Morgan, Inc.
    
49,428
      
1,350,373
  
Marathon Petroleum Corp.
    
4,528
      
877,210
  
Occidental Petroleum Corp.
    
12,924
      
542,808
  
ONEOK, Inc.
    
10,984
      
799,855
  
Phillips 66
    
6,911
      
946,531
  
Targa Resources Corp.
    
3,062
      
536,799
  
Texas Pacific Land Corp.
    
192
      
165,944
  
Valero Energy Corp.
    
9,800
      
1,732,248
  
Williams Cos., Inc.
    
20,914
      
1,274,290
  
             
27,385,134
  
                 
Passenger Airlines - 0.2%
          
Delta Air Lines, Inc.
    
10,490
      
672,409
  
Southwest Airlines Co.
    
9,293
      
323,489
  
United Airlines Holdings, Inc. (a)
    
5,989
      
610,639
  
             
1,606,537
  
                 
Personal Care Products - 0.1%
          
Estee Lauder Cos., Inc. - Class A
    
4,626
      
435,168
  
Kenvue, Inc.
    
34,936
      
606,139
  
             
1,041,307
  
                 
Pharmaceuticals - 4.1%
          
Bristol-Myers Squibb Co.
    
34,310
      
1,688,052
  
Eli Lilly & Co.
    
12,669
      
13,625,129
  
Johnson & Johnson
    
40,853
      
8,453,303
  
Merck & Co., Inc.
    
47,425
      
4,971,563
  
Pfizer, Inc.
    
93,166
      
2,398,093
  
Viatris, Inc.
    
21,032
      
224,832
  
Zoetis, Inc.
    
7,291
      
934,560
  
             
32,295,532
  
                 
Professional Services - 0.7%
          
Automatic Data Processing, Inc.
    
6,245
      
1,594,348
  
Broadridge Financial Solutions, Inc.
    
1,563
      
356,505
  
Dayforce, Inc. (a)
    
2,041
      
141,033
  
Equifax, Inc.
    
1,879
      
399,043
  
Jacobs Solutions, Inc.
    
3,880
      
523,063
  
Leidos Holdings, Inc.
    
2,040
      
389,844
  
Paychex, Inc.
    
4,959
      
553,871
  
Paycom Software, Inc.
    
74
      
11,926
  
Verisk Analytics, Inc.
    
5,166
      
1,162,712
  
             
5,132,345
  
                 
Real Estate Management & Development - 0.1%
          
CBRE Group, Inc. - Class A (a)
    
4,431
      
717,069
  
CoStar Group, Inc. (a)
    
6,042
      
415,689
  
             
1,132,758
  
                 
Semiconductors & Semiconductor Equipment - 10.4%
          
Advanced Micro Devices, Inc. (a)
    
30,354
      
6,602,906
  
Analog Devices, Inc.
    
7,653
      
2,030,647
  
Applied Materials, Inc.
    
12,475
      
3,146,819
  
Broadcom, Inc.
    
39,951
      
16,098,655
  
First Solar, Inc. (a)
    
1,529
      
417,295
  
Intel Corp. (a)
    
77,945
      
3,161,449
  
KLA Corp.
    
2,162
      
2,541,366
  
Lam Research Corp.
    
19,883
      
3,101,748
  
Microchip Technology, Inc.
    
10,357
      
554,928
  
Micron Technology, Inc.
    
19,055
      
4,506,126
  
Monolithic Power Systems, Inc.
    
1,285
      
1,192,698
  
NVIDIA Corp.
    
170,445
      
30,168,765
  
NXP Semiconductors NV
    
4,273
      
832,979
  
ON Semiconductor Corp. (a)
    
7,515
      
377,554
  
Qnity Electronics, Inc.
    
4,716
      
382,420
  
QUALCOMM, Inc.
    
19,063
      
3,204,300
  
Skyworks Solutions, Inc.
    
1,860
      
122,667
  
Teradyne, Inc.
    
2,096
      
381,241
  
Texas Instruments, Inc.
    
15,260
      
2,567,800
  
             
81,392,363
  
                 
Software - 8.1%
          
Adobe, Inc. (a)
    
6,776
      
2,169,201
  
AppLovin Corp. - Class A (a)
    
4,609
      
2,763,003
  
Autodesk, Inc. (a)
    
3,876
      
1,175,746
  
Cadence Design Systems, Inc. (a)
    
4,258
      
1,327,815
  
Crowdstrike Holdings, Inc. - Class A (a)
    
3,870
      
1,970,449
  
Datadog, Inc. - Class A (a)
    
4,700
      
752,047
  
Fair Isaac Corp. (a)
    
327
      
590,507
  
Fortinet, Inc. (a)
    
10,079
      
817,709
  
Gen Digital, Inc.
    
9,756
      
257,266
  
Intuit, Inc.
    
4,906
      
3,110,797
  
Microsoft Corp.
    
48,208
      
23,718,818
  
Oracle Corp.
    
28,541
      
5,763,855
  
Palantir Technologies, Inc. - Class A (a)
    
38,742
      
6,526,090
  
Palo Alto Networks, Inc. (a)
    
10,472
      
1,991,041
  
PTC, Inc. (a)
    
3,582
      
628,390
  
Roper Technologies, Inc.
    
1,596
      
712,167
  
Salesforce, Inc.
    
17,711
      
4,083,094
  
ServiceNow, Inc. (a)
    
3,751
      
3,047,350
  
Synopsys, Inc. (a)
    
3,239
      
1,353,934
  
Tyler Technologies, Inc. (a)
    
515
      
241,854
  
Workday, Inc. - Class A (a)
    
3,180
      
685,672
  
             
63,686,805
  
                 
Specialty Retail - 2.2%
          
AutoZone, Inc. (a)
    
281
      
1,111,167
  
Best Buy Co., Inc.
    
2,217
      
175,764
  
Home Depot, Inc.
    
15,888
      
5,670,745
  
Lowe's Cos., Inc.
    
9,216
      
2,234,696
  
O'Reilly Automotive, Inc. (a)
    
13,465
      
1,369,390
  
Ross Stores, Inc.
    
12,997
      
2,292,151
  
TJX Cos., Inc.
    
19,201
      
2,917,016
  
Tractor Supply Co.
    
9,434
      
516,794
  
Ulta Beauty, Inc. (a)
    
955
      
514,582
  
Williams-Sonoma, Inc.
    
1,667
      
300,077
  
             
17,102,382
  
                 
Technology Hardware, Storage & Peripherals - 3.4%
          
Apple, Inc.
    
79,192
      
22,082,689
  
Dell Technologies, Inc. - Class C
    
4,694
      
625,945
  
Hewlett Packard Enterprise Co.
    
25,314
      
553,617
  
HP, Inc.
    
17,290
      
422,222
  
NetApp, Inc.
    
3,681
      
410,652
  
Sandisk Corp. (a)
    
689
      
153,840
  
Seagate Technology Holdings PLC
    
4,476
      
1,238,464
  
Super Micro Computer, Inc. (a)
    
9,627
      
325,874
  
Western Digital Corp.
    
6,141
      
1,003,010
  
             
26,816,313
  
                 
Textiles, Apparel & Luxury Goods - 0.3%
          
Deckers Outdoor Corp. (a)
    
1,423
      
125,267
  
Lululemon Athletica, Inc. (a)
    
892
      
164,288
  
NIKE, Inc. - Class B
    
18,062
      
1,167,347
  
Ralph Lauren Corp. – Class A
    
342
      
125,627
  
Tapestry, Inc.
    
5,779
      
631,529
  
             
2,214,058
  
                 
Tobacco - 0.8%
          
Altria Group, Inc.
    
27,044
      
1,595,867
  
Philip Morris International, Inc.
    
29,388
      
4,628,022
  
             
6,223,889
  
                 
Trading Companies & Distributors - 0.5%
          
Fastenal Co.
    
20,409
      
824,524
  
United Rentals, Inc.
    
970
      
790,725
  
WW Grainger, Inc.
    
2,080
      
1,973,150
  
             
3,588,399
  
                 
Water Utilities - 0.1%
          
American Water Works Co., Inc.
    
3,687
      
479,568
  
                 
Wireless Telecommunication Services - 0.2%
          
T-Mobile US, Inc.
    
7,462
      
1,559,633
  
TOTAL COMMON STOCKS (Cost $450,630,956)
      
761,663,972
  
                 
REAL ESTATE INVESTMENT TRUSTS - COMMON - 2.4%
  
Shares
    
Value
 
Health Care REITs - 0.4%
          
Alexandria Real Estate Equities, Inc.
    
2,764
      
148,344
  
Healthpeak Properties, Inc.
    
12,581
      
229,729
  
Ventas, Inc.
    
8,281
      
667,697
  
Welltower, Inc.
    
10,214
      
2,126,759
  
             
3,172,529
  
                 
Hotel & Resort REITs - 0.0% (b)
          
Host Hotels & Resorts, Inc.
    
12,133
      
213,905
  
                 
Industrial REITs - 0.3%
          
Prologis, Inc.
    
14,497
      
1,863,299
  
                 
Office REITs - 0.0% (b)
          
BXP, Inc.
    
2,579
      
186,616
  
                 
Residential REITs - 0.2%
          
AvalonBay Communities, Inc.
    
1,917
      
348,779
  
Camden Property Trust
    
1,598
      
169,931
  
Equity Residential
    
5,584
      
344,812
  
Essex Property Trust, Inc.
    
588
      
155,008
  
Invitation Homes, Inc.
    
10,094
      
284,651
  
Mid-America Apartment Communities, Inc.
    
1,404
      
190,790
  
UDR, Inc.
    
5,397
      
196,559
  
             
1,690,530
  
                 
Retail REITs - 0.4%
          
Federal Realty Investment Trust
    
597
      
58,942
  
Kimco Realty Corp.
    
11,720
      
242,135
  
Realty Income Corp.
    
14,447
      
832,292
  
Regency Centers Corp.
    
2,036
      
144,882
  
Simon Property Group, Inc.
    
9,802
      
1,826,308
  
             
3,104,559
  
                 
Specialized REITs - 1.1%
          
American Tower Corp.
    
7,897
      
1,431,489
  
Crown Castle, Inc.
    
7,889
      
720,108
  
Digital Realty Trust, Inc.
    
5,085
      
814,210
  
Equinix, Inc.
    
1,479
      
1,114,145
  
Extra Space Storage, Inc.
    
3,850
      
512,705
  
Iron Mountain, Inc.
    
22,395
      
1,933,808
  
Public Storage
    
2,350
      
645,169
  
SBA Communications Corp.
    
1,936
      
376,107
  
VICI Properties, Inc.
    
15,077
      
434,519
  
Weyerhaeuser Co.
    
12,660
      
281,179
  
             
8,263,439
  
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $14,547,775)
      
18,494,877
  
                 
CONTINGENT VALUE RIGHTS - 0.0%
  
Shares
    
Value
 
Sycamore Partners LLC, Exercise Price $0.00 (a)(c)
    
4,913
      
0
  
TOTAL CONTINGENT VALUE RIGHTS (Cost $0)
      
0
  
                 
SHORT-TERM INVESTMENTS

  
MONEY MARKET FUNDS - 0.1%
  
Shares
    
Value
 
First American Treasury Obligations Fund - Class X, 3.91% (d)
    
1,167,218
      
1,167,218
  
TOTAL MONEY MARKET FUNDS (Cost $1,167,218)
      
1,167,218
  
                 
TOTAL INVESTMENTS - 99.9% (Cost $466,345,949)
      
781,326,067
  
Other Assets in Excess of Liabilities - 0.1%
      
512,840
  
TOTAL NET ASSETS - 100.0%
          
$
781,838,907
  
                 
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.
  

LLC - Limited Liability Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
(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 S&P 500® Historical Weight ETF Strategy
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
  
$
761,663,972
    
$
–
    
$
–
    
$
761,663,972
  
  Real Estate Investment Trusts - Common
    
18,494,877
      
–
      
–
      
18,494,877
  
  Contingent Value Rights
    
–
      
–
      
0
      
0
  
  Money Market Funds
    
1,167,218
      
–
      
–
      
1,167,218
  
Total Investments
  
$
781,326,067
    
$
–
    
$
0
    
$
781,326,067
  
   
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 S&P 500® Historical Weight ETF Strategy; 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 S&P 500® Historical Weight ETF Strategy are as follows:
  

Description
Fair Value as of 11/30/2025
Valuation Technique
Unobservable Input
Input Values (Ranges)
Sycamore Contingent
Value Right*
$ 0
Projected Final Distribution
Discount of Projected Distribution
$3.00

*
This Level 3 security was received through a corporate action. The security is being kept open due to the potential of an additional distribution. Based on the evaluation of the likelihood of an additional distribution, the security is being priced at zero.


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

United States
  
$
763,676,876
      
97.5
%
Ireland
    
10,369,161
      
1.4
  
Switzerland
    
3,450,036
      
0.5
  
United Kingdom
    
1,842,854
      
0.3
  
Bermuda
    
989,873
      
0.1
  
Netherlands
    
832,979
      
0.1
  
Canada
    
164,288
      
0.0
  
Other Assets in Excess of Liabilities
    
512,840
      
0.1
  
   
$
781,838,907
      
100.0
%

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

Information Technology
  
$
199,466,100
      
25.5
%
Financials
    
121,120,625
      
15.5
  
Health Care
    
100,355,232
      
12.7
  
Industrials
    
82,762,998
      
10.7
  
Consumer Discretionary
    
75,877,217
      
9.7
  
Communication Services
    
61,189,785
      
7.9
  
Consumer Staples
    
49,600,805
      
6.4
  
Energy
    
30,182,866
      
3.9
  
Utilities
    
23,088,336
      
2.9
  
Real Estate
    
19,627,635
      
2.5
  
Materials
    
16,887,250
      
2.1
  
Money Market Funds
    
1,167,218
      
0.1
  
Other Assets in Excess of Liabilities
    
512,840
      
0.1
  
   
$
781,838,907
      
100.0
%