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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Syndax Pharmaceuticals Inc</name>
        <lei>529900OF94TRHKZVBS87</lei>
        <title>Syndax Pharmaceuticals Inc</title>
        <cusip>87164F105</cusip>
        <identifiers>
          <isin value="US87164F1057"/>
          <ticker value="SNDX"/>
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        <balance>72212.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1414633.080000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UroGen Pharma Ltd</name>
        <lei>549300C0YCX7CG2G5D50</lei>
        <title>UroGen Pharma Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IL0011407140"/>
          <ticker value="URGN"/>
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        <balance>58518.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1646111.340000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Immatics NV</name>
        <lei>984500DC691EZ96AF394</lei>
        <title>Immatics NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0015285941"/>
          <ticker value="IMTX"/>
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        <balance>171499.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1973953.490000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AbbVie Inc</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie Inc</title>
        <cusip>00287Y109</cusip>
        <identifiers>
          <isin value="US00287Y1091"/>
          <ticker value="ABBV"/>
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        <balance>22700.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4942244.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AnaptysBio Inc</name>
        <lei>529900HH4WQT03IG1A12</lei>
        <title>AnaptysBio Inc</title>
        <cusip>032724106</cusip>
        <identifiers>
          <isin value="US0327241065"/>
          <ticker value="ANAB"/>
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        <balance>31270.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1740800.900000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BeOne Medicines Ltd</name>
        <lei>549300JFUK6FRD5MH739</lei>
        <title>BeOne Medicines Ltd</title>
        <cusip>07725L102</cusip>
        <identifiers>
          <isin value="US07725L1026"/>
          <ticker value="ONC"/>
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        <balance>11505.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3312519.600000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AstraZeneca PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0009895292"/>
          <ticker value="AZN"/>
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        <balance>33501.000000000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt=".742560000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bridgebio Pharma Inc</name>
        <lei>54930028YG89VTY2J114</lei>
        <title>Bridgebio Pharma Inc</title>
        <cusip>10806X102</cusip>
        <identifiers>
          <isin value="US10806X1028"/>
          <ticker value="BBIO"/>
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        <balance>73191.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4849635.660000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Celcuity Inc</name>
        <lei>25490070W7UU7W2SEY87</lei>
        <title>Celcuity Inc</title>
        <cusip>15102K100</cusip>
        <identifiers>
          <isin value="US15102K1007"/>
          <ticker value="CELC"/>
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        <balance>47450.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6305156.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cogent Biosciences Inc</name>
        <lei>N/A</lei>
        <title>Cogent Biosciences Inc</title>
        <cusip>19240Q201</cusip>
        <identifiers>
          <isin value="US19240Q2012"/>
          <ticker value="COGT"/>
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        <balance>206419.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7216408.240000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Corvus Pharmaceuticals Inc</name>
        <lei>549300I3AVJ8F75NCX65</lei>
        <title>Corvus Pharmaceuticals Inc</title>
        <cusip>221015100</cusip>
        <identifiers>
          <isin value="US2210151005"/>
          <ticker value="CRVS"/>
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        <balance>108477.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1346199.570000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First American Treasury Obliga</name>
        <lei>549300UU586IAH2B8H03</lei>
        <title>First American Treasury Obligations Fund</title>
        <cusip>31846V328</cusip>
        <identifiers>
          <isin value="US31846V3289"/>
          <ticker value="FXFXX"/>
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        <balance>1920308.950000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1920308.950000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Genmab A/S</name>
        <lei>529900MTJPDPE4MHJ122</lei>
        <title>Genmab A/S</title>
        <cusip>372303206</cusip>
        <identifiers>
          <isin value="US3723032062"/>
          <ticker value="GMAB"/>
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        <balance>158861.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4182810.130000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Immunome Inc</name>
        <lei>N/A</lei>
        <title>Immunome Inc</title>
        <cusip>45257U108</cusip>
        <identifiers>
          <isin value="US45257U1088"/>
          <ticker value="IMNM"/>
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        <balance>315648.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Janux Therapeutics Inc</name>
        <lei>N/A</lei>
        <title>Janux Therapeutics Inc</title>
        <cusip>47103J105</cusip>
        <identifiers>
          <isin value="US47103J1051"/>
          <ticker value="JANX"/>
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        <balance>51522.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>751705.980000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Legend Biotech Corp</name>
        <lei>254900EIUFZTW136H859</lei>
        <title>Legend Biotech Corp</title>
        <cusip>52490G102</cusip>
        <identifiers>
          <isin value="US52490G1022"/>
          <ticker value="LEGN"/>
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        <balance>194092.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5271538.720000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eli Lilly &amp; Co</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co</title>
        <cusip>532457108</cusip>
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          <isin value="US5324571083"/>
          <ticker value="LLY"/>
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        <balance>7684.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8490820.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Merck &amp; Co Inc</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co Inc</title>
        <cusip>58933Y105</cusip>
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          <isin value="US58933Y1055"/>
          <ticker value="MRK"/>
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        <balance>52978.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6289548.160000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chugai Pharmaceutical Co Ltd</name>
        <lei>529900T9LAII161DCN95</lei>
        <title>Chugai Pharmaceutical Co Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3519400000"/>
          <ticker value="4519"/>
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        <balance>23697.000000000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Olema Pharmaceuticals Inc</name>
        <lei>N/A</lei>
        <title>Olema Pharmaceuticals Inc</title>
        <cusip>68062P106</cusip>
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          <isin value="US68062P1066"/>
          <ticker value="OLMA"/>
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        <balance>79759.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1052021.210000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Regeneron Pharmaceuticals Inc</name>
        <lei>549300RCBFWIRX3HYQ56</lei>
        <title>Regeneron Pharmaceuticals Inc</title>
        <cusip>75886F107</cusip>
        <identifiers>
          <isin value="US75886F1075"/>
          <ticker value="REGN"/>
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        <balance>2138.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1314399.640000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Roche Holding AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>Roche Holding AG</title>
        <cusip>771195104</cusip>
        <identifiers>
          <isin value="US7711951043"/>
          <ticker value="RHHBY"/>
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        <balance>141653.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7422617.200000000000</valUSD>
        <pctVal>4.2140257559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SELLAS Life Sciences Group Inc</name>
        <lei>549300VZIH50VYURLQ98</lei>
        <title>SELLAS Life Sciences Group Inc</title>
        <cusip>81642T209</cusip>
        <identifiers>
          <isin value="US81642T2096"/>
          <ticker value="SLS"/>
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        <balance>40702.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>378935.620000000000</valUSD>
        <pctVal>0.2151322666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tyra Biosciences Inc</name>
        <lei>N/A</lei>
        <title>Tyra Biosciences Inc</title>
        <cusip>90240B106</cusip>
        <identifiers>
          <isin value="US90240B1061"/>
          <ticker value="TYRA"/>
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        <balance>15780.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>527209.800000000000</valUSD>
        <pctVal>0.2993116331</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>Guardant Health Inc</name>
        <lei>254900M8C3E5VC8BR186</lei>
        <title>Guardant Health Inc</title>
        <cusip>40131M109</cusip>
        <identifiers>
          <isin value="US40131M1099"/>
          <ticker value="GH"/>
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        <balance>10986.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1424774.340000000000</valUSD>
        <pctVal>0.8088839291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Exelixis Inc</name>
        <lei>254900PJQB59O2O95R37</lei>
        <title>Exelixis Inc</title>
        <cusip>30161Q104</cusip>
        <identifiers>
          <isin value="US30161Q1040"/>
          <ticker value="EXEL"/>
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        <balance>96885.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4890754.800000000000</valUSD>
        <pctVal>2.7766172144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arcus Biosciences Inc</name>
        <lei>N/A</lei>
        <title>Arcus Biosciences Inc</title>
        <cusip>03969F109</cusip>
        <identifiers>
          <isin value="US03969F1093"/>
          <ticker value="RCUS"/>
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        <balance>83140.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2106767.600000000000</valUSD>
        <pctVal>1.1960704276</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ArriVent Biopharma Inc</name>
        <lei>N/A</lei>
        <title>ArriVent Biopharma Inc</title>
        <cusip>04272N102</cusip>
        <identifiers>
          <isin value="US04272N1028"/>
          <ticker value="AVBP"/>
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        <balance>42744.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1293860.880000000000</valUSD>
        <pctVal>0.7345607251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arvinas Inc</name>
        <lei>N/A</lei>
        <title>Arvinas Inc</title>
        <cusip>04335A105</cusip>
        <identifiers>
          <isin value="US04335A1051"/>
          <ticker value="ARVN"/>
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        <balance>84124.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>755433.520000000000</valUSD>
        <pctVal>0.4288805720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BridgeBio Oncology Therapeutic</name>
        <lei>N/A</lei>
        <title>BridgeBio Oncology Therapeutics Inc</title>
        <cusip>107924102</cusip>
        <identifiers>
          <isin value="US1079241022"/>
          <ticker value="BBOT"/>
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        <balance>93339.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>837250.830000000000</valUSD>
        <pctVal>0.4753305292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bristol-Myers Squibb Co</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co</title>
        <cusip>110122108</cusip>
        <identifiers>
          <isin value="US1101221083"/>
          <ticker value="BMY"/>
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        <balance>101680.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5814062.400000000000</valUSD>
        <pctVal>3.3008045599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CytomX Therapeutics Inc</name>
        <lei>5493004VW2FW0QLL3345</lei>
        <title>CytomX Therapeutics Inc</title>
        <cusip>23284F105</cusip>
        <identifiers>
          <isin value="US23284F1057"/>
          <ticker value="CTMX"/>
        </identifiers>
        <balance>228987.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>824353.200000000000</valUSD>
        <pctVal>0.4680081868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enliven Therapeutics Inc</name>
        <lei>N/A</lei>
        <title>Enliven Therapeutics Inc</title>
        <cusip>29337E102</cusip>
        <identifiers>
          <isin value="US29337E1029"/>
          <ticker value="ELVN"/>
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        <balance>58197.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2302855.290000000000</valUSD>
        <pctVal>1.3073948505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nuvation Bio Inc</name>
        <lei>N/A</lei>
        <title>Nuvation Bio Inc</title>
        <cusip>67080N101</cusip>
        <identifiers>
          <isin value="US67080N1019"/>
          <ticker value="NUVB"/>
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        <balance>395313.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1889596.140000000000</valUSD>
        <pctVal>1.0727761634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Revolution Medicines Inc</name>
        <lei>549300JU3X0LBCQ65892</lei>
        <title>Revolution Medicines Inc</title>
        <cusip>76155X100</cusip>
        <identifiers>
          <isin value="US76155X1000"/>
          <ticker value="RVMD"/>
        </identifiers>
        <balance>86450.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13614146.000000000000</valUSD>
        <pctVal>7.7291284655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zai Lab Ltd</name>
        <lei>549300P2UYQ9U5LY1T58</lei>
        <title>Zai Lab Ltd</title>
        <cusip>98887Q104</cusip>
        <identifiers>
          <isin value="US98887Q1040"/>
          <ticker value="ZLAB"/>
        </identifiers>
        <balance>196972.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3484434.680000000000</valUSD>
        <pctVal>1.9782102580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zymeworks Inc</name>
        <lei>894500AHOYAGYLYZJL67</lei>
        <title>Zymeworks Inc</title>
        <cusip>98985Y108</cusip>
        <identifiers>
          <isin value="US98985Y1082"/>
          <ticker value="ZYME"/>
        </identifiers>
        <balance>105615.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2654104.950000000000</valUSD>
        <pctVal>1.5068090293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Tema ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ Fred Teufel</ncom:signature>
      <ncom:signerName>Fred Teufel</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
