NPORT-EX 2 cybersecurity.htm SPAM

Themes Cybersecurity ETF
  
Schedule of Investments
  
December 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.7%
  
Shares
    
Value
 
Industrial Services - 2.7%
        
Alarm.com Holdings, Inc. (a)
    
1,302
    
$
66,428
  
                 
Software & Technology Services - 90.5% (b)
          
Akamai Technologies, Inc. (a)
    
1,686
      
147,104
  
BlackBerry Ltd. (a)
    
15,851
      
60,075
  
Booz Allen Hamilton Holding Corp.
    
1,256
      
105,956
  
BTQ Technologies Corp. (a)
    
2,544
      
13,141
  
CACI International, Inc. - Class A (a)
    
244
      
130,006
  
Check Point Software Technologies Ltd. (a)
    
640
      
118,758
  
Clear Secure, Inc. - Class A
    
2,344
      
82,228
  
CoreWeave, Inc. - Class A (a)
    
922
      
66,024
  
Crowdstrike Holdings, Inc. - Class A (a)
    
252
      
118,128
  
CyberArk Software Ltd. (a)
    
250
      
111,515
  
Digital Arts, Inc.
    
300
      
11,970
  
Fastly, Inc. - Class A (a)
    
3,761
      
38,287
  
Fortinet, Inc. (a)
    
1,489
      
118,242
  
GB Group PLC
    
6,662
      
23,079
  
Gorilla Technology Group, Inc. (a)
    
585
      
6,388
  
Nebius Group NV (a)
    
1,057
      
88,476
  
Netcompany Group AS (a)(c)
    
784
      
44,161
  
Okta, Inc. (a)
    
1,397
      
120,799
  
OneSpan, Inc.
    
981
      
12,596
  
Palo Alto Networks, Inc. (a)
    
591
      
108,862
  
Qoria Ltd. (a)
    
27,401
      
10,697
  
Qualys, Inc. (a)
    
982
      
130,508
  
Radware Ltd. (a)
    
967
      
23,295
  
Rapid7, Inc. (a)
    
1,741
      
26,463
  
SailPoint, Inc. (a)
    
1,901
      
38,457
  
SentinelOne, Inc. - Class A (a)
    
7,155
      
107,325
  
SUNeVision Holdings Ltd.
    
17,566
      
10,383
  
Tenable Holdings, Inc. (a)
    
3,258
      
76,661
  
Trend Micro, Inc. (a)
    
2,500
      
103,773
  
Varonis Systems, Inc. (a)
    
2,033
      
66,682
  
Zscaler, Inc. (a)
    
410
      
92,217
  
             
2,212,256
  
                 
Tech Hardware & Semiconductors - 1.4%
          
A10 Networks, Inc.
    
1,919
      
33,947
  
                 
Telecommunications - 5.1%
          
NEXTDC Ltd. (a)
    
11,874
      
99,289
  
Vnet Group, Inc. - ADR (a)
    
3,095
      
26,184
  
             
125,473
  
TOTAL COMMON STOCKS (Cost $2,638,526)
      
2,438,104
  
                 
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 0.2%
  
Shares
    
Value
 
First American Treasury Obligations Fund - Class X, 3.68% (d)
    
4,122
      
4,122
  
TOTAL MONEY MARKET FUNDS (Cost $4,122)
      
4,122
  
                 
TOTAL INVESTMENTS - 99.9% (Cost $2,642,648)
      
2,442,226
  
Other Assets in Excess of Liabilities - 0.1%
      
1,701
  
TOTAL NET ASSETS - 100.0%
          
$
2,443,927
  
                 
Percentages are stated as a percent of net assets.
          

ADR - American Depositary Receipt
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
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 December 31, 2025, the value of these securities total $44,161 or 1.8% of the Fund’s net assets.
(d)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
 
Themes Cybersecurity ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
2,438,104
    
$
–
    
$
–
    
$
2,438,104
  
  Money Market Funds
    
4,122
      
–
      
–
      
4,122
  
Total Investments
  
$
2,442,226
    
$
–
    
$
–
    
$
2,442,226
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.