NPORT-EX 2 infrastructure.htm HWAY

Themes US Infrastructure ETF
  
Schedule of Investments
  
December 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.4%
  
Shares
    
Value
 
Consumer Discretionary Products - 0.6%
        
Cavco Industries, Inc. (a)
    
8
    
$
4,726
  
Champion Homes, Inc. (a)
    
66
      
5,577
  
             
10,303
  
                 
Industrial Products - 34.5% (b)
          
AGCO Corp.
    
69
      
7,198
  
Astec Industries, Inc.
    
27
      
1,170
  
Atkore, Inc.
    
39
      
2,467
  
AZZ, Inc.
    
37
      
3,966
  
Caterpillar, Inc.
    
164
      
93,951
  
Crane Co.
    
56
      
10,328
  
Deere & Co.
    
178
      
82,871
  
Donaldson Co., Inc.
    
134
      
11,880
  
Dover Corp.
    
163
      
31,824
  
Emerson Electric Co.
    
632
      
83,879
  
Enpro, Inc.
    
25
      
5,353
  
Gibraltar Industries, Inc. (a)
    
37
      
1,829
  
Graco, Inc.
    
195
      
15,984
  
Greenbrier Cos., Inc.
    
37
      
1,729
  
Helios Technologies, Inc.
    
42
      
2,247
  
IDEX Corp.
    
90
      
16,015
  
Insteel Industries, Inc.
    
12
      
380
  
Janus International Group, Inc. (a)
    
175
      
1,145
  
Lindsay Corp.
    
13
      
1,532
  
Modine Manufacturing Co. (a)
    
55
      
7,343
  
Mueller Industries, Inc.
    
126
      
14,465
  
Mueller Water Products, Inc. - Class A
    
194
      
4,621
  
Oshkosh Corp.
    
76
      
9,548
  
Parker-Hannifin Corp.
    
109
      
95,807
  
SPX Technologies, Inc. (a)
    
55
      
11,003
  
Terex Corp.
    
76
      
4,057
  
Thermon Group Holdings, Inc. (a)
    
18
      
669
  
Trinity Industries, Inc.
    
103
      
2,723
  
Valmont Industries, Inc.
    
22
      
8,851
  
Vontier Corp.
    
164
      
6,098
  
Watts Water Technologies, Inc. - Class A
    
31
      
8,557
  
Westinghouse Air Brake Technologies Corp.
    
205
      
43,757
  
Xylem, Inc.
    
291
      
39,628
  
Zurn Elkay Water Solutions Corp.
    
168
      
7,810
  
             
640,685
  
                 
Industrial Services - 39.9% (b)
          
AECOM
    
154
      
14,681
  
API Group Corp. (a)
    
364
      
13,927
  
Applied Industrial Technologies, Inc.
    
44
      
11,298
  
Arcosa, Inc.
    
57
      
6,060
  
Argan, Inc.
    
15
      
4,700
  
Comfort Systems USA, Inc.
    
42
      
39,198
  
Construction Partners, Inc. - Class A (a)
    
57
      
6,187
  
CSX Corp.
    
2,251
      
81,599
  
DXP Enterprises, Inc./TX (a)
    
15
      
1,647
  
Dycom Industries, Inc. (a)
    
36
      
12,164
  
EMCOR Group, Inc.
    
52
      
31,813
  
Fastenal Co.
    
1,386
      
55,620
  
Fluor Corp. (a)
    
217
      
8,600
  
Granite Construction, Inc.
    
55
      
6,344
  
Great Lakes Dredge & Dock Corp. (a)
    
81
      
1,063
  
Herc Holdings, Inc.
    
36
      
5,342
  
IES Holdings, Inc. (a)
    
21
      
8,169
  
Jacobs Solutions, Inc.
    
139
      
18,412
  
MSC Industrial Direct Co., Inc. - Class A
    
55
      
4,625
  
MYR Group, Inc. (a)
    
19
      
4,152
  
Norfolk Southern Corp.
    
279
      
80,553
  
NPK International, Inc. (a)
    
54
      
644
  
Quanta Services, Inc.
    
177
      
74,705
  
Ryder System, Inc.
    
45
      
8,613
  
Sterling Infrastructure, Inc. (a)
    
34
      
10,412
  
Tetra Tech, Inc.
    
297
      
9,961
  
Tutor Perini Corp.
    
55
      
3,686
  
Union Pacific Corp.
    
357
      
82,581
  
United Rentals, Inc.
    
78
      
63,127
  
Verra Mobility Corp. (a)
    
189
      
4,235
  
WESCO International, Inc.
    
55
      
13,455
  
WW Grainger, Inc.
    
52
      
52,471
  
             
740,044
  
                 
Materials - 22.7%
          
Advanced Drainage Systems, Inc.
    
76
      
11,007
  
Alcoa Corp.
    
307
      
16,314
  
Apogee Enterprises, Inc.
    
25
      
910
  
ATI, Inc. (a)
    
162
      
18,591
  
Boise Cascade Co.
    
48
      
3,533
  
Carlisle Cos., Inc.
    
50
      
15,993
  
Carpenter Technology Corp.
    
58
      
18,261
  
Century Aluminum Co. (a)
    
66
      
2,586
  
Cleveland-Cliffs, Inc. (a)
    
601
      
7,981
  
Commercial Metals Co.
    
126
      
8,722
  
CRH PLC
    
703
      
87,734
  
Eagle Materials, Inc.
    
42
      
8,681
  
Kaiser Aluminum Corp.
    
19
      
2,182
  
Knife River Corp. (a)
    
67
      
4,713
  
Martin Marietta Materials, Inc.
    
72
      
44,832
  
Nucor Corp.
    
273
      
44,529
  
Owens Corning
    
97
      
10,855
  
Reliance, Inc.
    
62
      
17,910
  
Ryerson Holding Corp.
    
32
      
805
  
Simpson Manufacturing Co., Inc.
    
50
      
8,073
  
Steel Dynamics, Inc.
    
166
      
28,129
  
Trex Co., Inc. (a)
    
135
      
4,736
  
UFP Industries, Inc.
    
68
      
6,191
  
United States Lime & Minerals, Inc.
    
13
      
1,557
  
Vulcan Materials Co.
    
157
      
44,780
  
Worthington Steel, Inc.
    
42
      
1,454
  
             
421,059
  
                 
Oil & Gas - 0.2%
          
DNOW, Inc. (a)
    
237
      
3,140
  
                 
Renewable Energy - 0.0% (c)
          
ASP Isotopes, Inc. (a)
    
48
      
257
  
                 
Retail & Wholesale - Discretionary - 1.2%
          
Builders FirstSource, Inc. (a)
    
127
      
13,067
  
Pool Corp.
    
44
      
10,065
  
             
23,132
  
                 
Utilities - 0.3%
          
Southwest Gas Holdings, Inc.
    
68
      
5,441
  
TOTAL COMMON STOCKS (Cost $1,738,415)
      
1,844,061
  
                 
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 0.6%
  
Shares
    
Value
 
First American Treasury Obligations Fund - Class X, 3.68% (d)
    
11,490
      
11,490
  
TOTAL MONEY MARKET FUNDS (Cost $11,490)
      
11,490
  
                 
                 
TOTAL INVESTMENTS - 100.0% (Cost $1,749,905)
      
1,855,551
  
Other Assets in Excess of Liabilities - 0.0% (c)
      
165
  
TOTAL NET ASSETS - 100.0%
          
$
1,855,716
  
                 
Percentages are stated as a percent of net assets.
          

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)
Represents less than 0.05% of 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 US Infrastructure 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
  
$
1,844,061
    
$
–
    
$
–
    
$
1,844,061
  
  Money Market Funds
    
11,490
      
–
      
–
      
11,490
  
Total Investments
  
$
1,855,551
    
$
–
    
$
–
    
$
1,855,551
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.