2025-10-14194120_ThemesChinaGenerativeArtificialIntelligenceETF_TF_TSRAnnual
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Themes
China Generative Artificial Intelligence
ETF |
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DRGN
(Principal U.S. Listing Exchange: Cboe
BZX Exchange, Inc.CboeBZX) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
China Generative Artificial Intelligence ETF for
the period of July
14, 2025 to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/DRGN.
You can also request this information by contacting us at 1-866-584-3637.
|
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| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
China Generative Artificial Intelligence ETF |
$* |
%** |
| * |
Amount
shown reflects the expenses of the Fund from inception date through
September 30, 2025. Expenses would be higher
if the Fund had been in operations for the full
year. |
| ** |
Percentage
shown is annualized. |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes China Generative Artificial Intelligence ETF (DRGN) seeks to track the
BITA China Generative AI Select Index (BCGAIS),
which derive significant revenue from Generative AI-related activities. These
activities include AI model training and
provision, generative AI application software, AI infrastructure and hardware,
physical AI applications, and general AI application
software.
China’s
AI sector has accelerated sharply in 2025, driven by strong government support,
rapid advances in model development,
and expanding commercial adoption across industries. Major Chinese tech firms
are investing heavily in large-language
models, AI-driven cloud services, and enterprise automation tools, while
startups are emerging in fields such
as AI-generated content, robotics, and chip design. Beijing’s national AI
strategy—emphasizing domestic innovation, data
sovereignty, and semiconductor independence—has created a robust ecosystem that
integrates AI into manufacturing,
healthcare, and consumer platforms. Despite ongoing U.S.–China tech
tensions, China’s AI landscape continues
to expand rapidly, positioning the country as a global leader in the
commercialization and application of generative
AI technologies.
The
top contributor and detractor to DRGN’s performance included Kuaishou
Technology, which contributed by 1.09% and Bairong,
which detracted by 0.18% versus the index for the period ending
9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
| Themes
China Generative Artificial Intelligence ETF |
PAGE
1 |
TSR-AR-882927296 |
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| |
|
|
Since
Inception
(07/14/2025) |
|
Themes
China Generative Artificial Intelligence ETF
NAV |
50.05 |
|
MSCI
ACWI Net Total Return Index (USD)
|
6.93 |
|
BITA
China Generative AI Select Index |
50.02 |
Visit
www.themesetfs.com/etfs/DRGN
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$23,626,352 |
|
Number
of Holdings |
24 |
|
Net
Advisory Fee |
$3,778 |
|
Portfolio
Turnover |
16% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
Montage
Technology Co. Ltd. |
7.9% |
|
Baidu,
Inc. |
7.4% |
|
Foxconn
Industrial Internet Co. Ltd. |
6.8% |
|
Kuaishou
Technology |
6.6% |
|
SenseTime
Group, Inc. |
6.3% |
|
Cambricon
Technologies Corp. Ltd. |
5.9% |
|
Xiaomi
Corp. |
5.8% |
|
Iflytek
Co. Ltd. |
4.8% |
|
Zhejiang
Dahua Technology Co. Ltd. |
4.7% |
|
IEIT
Systems Co. Ltd. |
4.7% |
|
| |
|
Top
Sectors |
(%) |
|
Technology
|
67.3% |
|
Communications
|
23.1% |
|
Consumer
Discretionary |
5.2% |
|
Industrials
|
3.2% |
|
Financials
|
0.5% |
|
Cash
& Other |
0.7% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/DRGN.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
China Generative Artificial Intelligence ETF |
PAGE
2 |
TSR-AR-882927296 |
100001500110000106931000015002
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Themes
Cloud Computing ETF |
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CLOD
(Principal U.S. Listing Exchange: The
NASDAQ Stock Market LLCNASDAQ) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
Cloud Computing ETF for the period of October
1, 2024 to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/CLOD.
You can also request this information by contacting us at 1-866-584-3637.
WHAT
WERE THE FUND COSTS FOR THE PAST YEAR? (based
on a hypothetical $10,000 investment)
|
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| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
Cloud Computing ETF |
$41 |
0.36% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes Cloud Computing ETF (CLOD), launched on December 15, 2023, seeks to track
the Solactive Cloud Computing Index
(SOLCLOUN), which identifies the largest 50 companies by market capitalization
that derive their revenues from: (1) Digital
Security, (2) E-Commerce, (3) Infrastructure, (4) Data Infrastructure, (5) Data
Architecture, (6) Internet Infrastructure,
and (7)Data Support. CLOD seeks to provide investment results that correspond
generally to the price and yield
performance, before fees and expenses, of the SOLCLOUN
Index.
Cloud-computing
focused ETFs are benefiting greatly in 2025 as enterprises accelerate digital
infrastructure investment and
AI-driven workloads proliferate. Global public-cloud spending is projected at
approximately $723 billion this year, up from
about $595 billion in 2024.Companies across sectors — from e-commerce and
entertainment to manufacturing and enterprise
software — are scaling remote work platforms, data lakes, and generative-AI
services. At the same time, cloud providers
face rising costs: capex to expand data-centers, operational expenses, and
supply-chain constraints for specialized
hardware remain headwinds.
The
top contributor and detractor to CLOD’s performance was Alphabet Inc, adding
0.92% to relative returns, while the top
detractor was Applovin Corp., which reduced performance by 1.00% versus the
index for the period ending 9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(12/15/2023) |
|
Themes
Cloud Computing ETF |
27.35 |
21.97 |
|
MSCI
ACWI Index |
17.27 |
21.21 |
|
Solactive
Cloud Computing Index |
27.86 |
22.44 |
| Themes
Cloud Computing ETF |
PAGE
1 |
TSR-AR-882927205 |
Visit
www.themesetfs.com/etfs/CLOD
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$1,429,026 |
|
Number
of Holdings |
50 |
|
Net
Advisory Fee |
$5,088 |
|
Portfolio
Turnover |
15% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
AppLovin
Corp. |
6.4% |
|
Alphabet,
Inc. |
6.1% |
|
Oracle
Corp. |
5.3% |
|
Microsoft
Corp. |
4.6% |
|
Palo
Alto Networks, Inc. |
4.4% |
|
Amazon.com,
Inc. |
4.4% |
|
Crowdstrike
Holdings, Inc. |
4.3% |
|
Adobe,
Inc. |
4.2% |
|
ServiceNow,
Inc. |
4.0% |
|
MercadoLibre,
Inc. |
3.9% |
|
| |
|
Top
Sectors |
(%) |
|
Technology
|
73.6% |
|
Communications
|
17.1% |
|
Consumer
Discretionary |
8.3% |
|
Industrials
|
0.8% |
|
Cash
& Other |
0.2% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/CLOD.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
Cloud Computing ETF |
PAGE
2 |
TSR-AR-882927205 |
100001122114290100001204914129100001125314388
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Themes
Copper Miners ETF |
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COPA
(Principal U.S. Listing Exchange: Cboe
BZX Exchange, Inc.CboeBZX) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
Copper Miners ETF for the period of October
1,
2024 to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/COPA.
You can
also request this information by contacting us at 1-866-584-3637.
WHAT
WERE THE FUND COSTS FOR THE PAST YEAR? (based
on a hypothetical $10,000 investment)
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
Copper Miners ETF |
$44 |
0.38% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes Copper Miners ETF (COPA), launched September 24, 2024 seeks to track the
BITA Global Copper Mining Select
Index (BGCMSI), which identifies companies that derive their revenues from
copper mining, explorations, refining, and
royalties. COPA seeks to provide investment results that correspond generally to
the price and yield performance, before
fees and expenses, of the BGCMSI Index.
Copper-mining
ETFs have seen strong performance, underpinned by a resurgence in copper demand
tied to the global clean-energy
transition. With copper trading around US $4.40–$5.00 per lb. this year, the
metal has rebounded from earlier lows.
As key components in electric vehicles, solar and wind energy systems, and grid
infrastructure, copper’s industrial importance
is being amplified by climate-tech investments. At the same time, the
International Energy Agency projects a sizeable
future supply shortfall — warning that copper supply will fall 30 % short of
demand by 2035 if new mining and recycling
investment doesn’t ramp up. These twin forces — robust demand for clean-tech and
a tightening supply backdrop
— have positioned copper miners and related ETFs to benefit from structural
shifts in energy, transportation and infrastructure.
The
top contributor and detractor to COPA’s performance attribution included
Nittetsu Mining Co LTD, which contributed by
0.29% and Jinchuan Group International, which detracted by 0.44% versus the
index for the period ending 9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
| Themes
Copper Miners ETF |
PAGE
1 |
TSR-AR-882927783 |
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(9/24/2024) |
|
Themes
Copper Miners ETF |
33.24 |
49.19 |
|
MSCI
ACWI Index |
17.27 |
18.59 |
|
BITA
Global Copper Mining Select Index |
31.10 |
46.11 |
Visit
www.themesetfs.com/etfs/COPA
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$1,106,012 |
|
Number
of Holdings |
55 |
|
Net
Advisory Fee |
$2,420 |
|
Portfolio
Turnover |
42% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
Freeport-McMoRan,
Inc. |
6.7% |
|
Jiangxi
Copper Co. Ltd. |
5.9% |
|
First
Quantum Minerals Ltd. |
4.7% |
|
Antofagasta
PLC |
4.0% |
|
Ivanhoe
Mines Ltd. |
4.0% |
|
Teck
Resources Ltd. |
4.0% |
|
Lundin
Mining Corp. |
3.8% |
|
Capstone
Copper Corp. |
3.5% |
|
China
Nonferrous Mining Corp. Ltd. |
3.5% |
|
Glencore
PLC |
3.4% |
|
| |
|
Top
Sectors |
(%) |
|
Materials
|
97.9% |
|
Industrials
|
1.8% |
|
Cash
& Other |
0.3% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/COPA.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
Copper Miners ETF |
PAGE
2 |
TSR-AR-882927783 |
100001503410000118981000014718
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| |
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|
Themes
Cybersecurity ETF |
|
|
SPAM
(Principal U.S. Listing Exchange: The
NASDAQ Stock Market LLCNASDAQ) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
Cybersecurity ETF for the period of October
1,
2024 to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/SPAM.
You can
also request this information by contacting us at 1-866-584-3637.
WHAT
WERE THE FUND COSTS FOR THE PAST YEAR? (based
on a hypothetical $10,000 investment)
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
Cybersecurity ETF |
$40 |
0.36% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes Cybersecurity ETF (SPAM), launched on December 8, 2023, seeks to track
the Solactive Cybersecurity Index (SOCYBERN),
which identifies the largest 35 companies by market capitalization in digital
security software. SPAM seeks to
provide investment results that correspond generally to the price and yield
performance, before fees and expenses, of the
SOCYBERN Index.
Cybersecurity
ETFs have posted strong gains in 2025 as demand for advanced digital protection
continues to surge worldwide.
Global information-security spending is expected to reach around $212 billion,
up roughly 15% from 2024, driven
by rising threats linked to cloud adoption, AI integration, and remote-work
expansion. High-profile ransomware and infrastructure
attacks have prompted both corporate and government entities to boost
cybersecurity budgets, while the rapid
growth of AI-powered defense tools has created new opportunities for the sector.
Because cybersecurity remains an essential
business priority regardless of economic cycles, ETFs in this space have
demonstrated resilience.
The
top contributor and detractor of SPAM’s performance was Nebius Group NV, adding
2.91% to relative returns, while the
top detractor was Rapid7, Inc., which reduced performance by 0.56% versus the
index for the period ending 9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(12/8/2023) |
|
Themes
Cybersecurity ETF |
20.73 |
20.28 |
|
MSCI
ACWI Index |
17.27 |
22.92 |
|
Solactive
Cyber Security Index |
21.45 |
20.94 |
| Themes
Cybersecurity ETF |
PAGE
1 |
TSR-AR-882927304 |
Visit
www.themesetfs.com/etfs/SPAM
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$2,095,046 |
|
Number
of Holdings |
36 |
|
Net
Advisory Fee |
$6,468 |
|
Portfolio
Turnover |
38% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
Nebius
Group NV |
10.5% |
|
NEXTDC
Ltd. |
5.4% |
|
CyberArk
Software Ltd. |
5.1% |
|
Varonis
Systems, Inc. |
4.6% |
|
CACI
International, Inc. |
4.4% |
|
Palo
Alto Networks, Inc. |
4.2% |
|
Crowdstrike
Holdings, Inc. |
4.1% |
|
SentinelOne,
Inc. |
4.1% |
|
Zscaler,
Inc. |
4.1% |
|
Akamai
Technologies, Inc. |
4.0% |
|
| |
|
Top
Sectors |
(%) |
|
Technology
|
90.1% |
|
Communications
|
6.7% |
|
Industrials
|
2.9% |
|
Cash
& Other |
0.3% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/SPAM.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
Cybersecurity ETF |
PAGE
2 |
TSR-AR-882927304 |
100001158313984100001240514548100001163114125
|
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| |
|
|
Themes
Generative Artificial Intelligence ETF
|
|
|
WISE
(Principal U.S. Listing Exchange: The
NASDAQ Stock Market LLCNASDAQ) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
Generative Artificial Intelligence ETF for the period
of October
1, 2024 to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/WISE.
You can also request this information by contacting us at 1-866-584-3637.
WHAT
WERE THE FUND COSTS FOR THE PAST YEAR? (based
on a hypothetical $10,000 investment)
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
Generative Artificial Intelligence ETF |
$43 |
0.35% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes Generative Artificial Intelligence ETF (WISE), launched on December 8,
2023, seeks to track the Solactive Generative
Artificial Intelligence Index (SOLGAIN), which includes companies deriving
revenue from one or more of the following
areas: (1) Artificial Intelligence, (2) Data Analytics & Big Data, (3)
Natural Language Processing, and (4) AI-Driven Services.
WISE seeks to provide investment results that correspond generally to the price
and yield performance, before fees
and expenses, of the SOLGAIN Index.
AI-focused
ETFs have remained in the spotlight throughout 2025, driven by the rapid
adoption of artificial intelligence across
healthcare, finance, manufacturing, and infrastructure. Companies developing and
deploying AI technologies—such
as cloud providers, semiconductor manufacturers, enterprise software firms, and
automation companies—continue to
benefit from robust demand. Significant capital investments in AI
infrastructure, generative model development, and research
are reinforcing investor confidence and driving inflows into dedicated AI
strategies. As a result, many AI-themed ETFs
have outperformed broader equity indices year to
date.
For
WISE, the top contributor to performance was Pagaya Technologies, adding 4.72%
to relative returns, while the top detractor
was SoundHound AI Inc., which reduced performance by 3.51% versus the index for
the period ending 9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
| Themes
Generative Artificial Intelligence ETF |
PAGE
1 |
TSR-AR-882927502 |
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(12/8/2023) |
|
Themes
Generative Artificial Intelligence ETF
|
46.57 |
36.05 |
|
MSCI
ACWI Index |
17.27 |
22.92 |
|
Solactive
Generative Artificial Intelligence Index
|
47.35 |
36.87 |
Visit
www.themesetfs.com/etfs/WISE
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$40,234,441 |
|
Number
of Holdings |
41 |
|
Net
Advisory Fee |
$88,912 |
|
Portfolio
Turnover |
74% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
Veritone,
Inc. |
7.0% |
|
Apple,
Inc. |
4.8% |
|
NVIDIA
Corp. |
4.4% |
|
Gorilla
Technology Group, Inc. |
4.3% |
|
SoundHound
AI, Inc. |
4.1% |
|
Bairong,
Inc. |
3.9% |
|
Beijing
Fourth Paradigm Technology Co. Ltd. |
3.8% |
|
Advanced
Micro Devices, Inc. |
3.8% |
|
Microsoft
Corp. |
3.7% |
|
Broadcom,
Inc. |
3.7% |
|
| |
|
Top
Sectors |
(%) |
|
Technology
|
87.2% |
|
Consumer
Discretionary |
4.7% |
|
Financials
|
3.9% |
|
Communications
|
2.9% |
|
Health
Care |
1.2% |
|
Cash
& Other |
0.1% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/WISE.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
Generative Artificial Intelligence ETF |
PAGE
2 |
TSR-AR-882927502 |
100001193517493100001240514548100001200217684
|
|
| |
|
|
Themes
Global Systemically Important Banks
ETF |
|
|
GSIB
(Principal U.S. Listing Exchange: The
NASDAQ Stock Market LLCNASDAQ) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
Global Systemically Important Banks ETF for
the period of October
1, 2024 to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/GSIB.
You can also request this information by contacting us at 1-866-584-3637.
WHAT
WERE THE FUND COSTS FOR THE PAST YEAR? (based
on a hypothetical $10,000 investment)
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
Global Systemically Important Banks ETF |
$45 |
0.35% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes Global Systemically Important Banks ETF (GSIB), launched December 15,
2023, actively invests in traded global
banks that have been identified as “systemically important” by the Financial
Stability Board and the Basel Committee
on Banking Supervision. A bank is deemed “systemically important” due to its
size, interconnectedness, financial
infrastructure, complexity, and cross jurisdictional
activity.
Global
Systemically Important Banks - focused ETFs have delivered strong results this
year, driven by a combination of expanded
net interest income from elevated interest rates and a rebound in investment
banking activity. Large global banks
are benefiting from the wider spread between what they pay on deposits and what
they earn on loans, and many are seeing
improved fee income from increased mergers & acquisitions, equity
underwriting, and capital markets transactions. Coupled
with regulatory stability and their dominant competitive position, this has
reinforced profitability for many of these
institutions.
The
top contributors to GSIB’s performance was Banco Santander SA, Duetsche Bank AG
and Societe Generale SA which returned
133.90%, 113.55% and 112.15% respectively. There were no retractors in the
period ending 9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
| Themes
Global Systemically Important Banks ETF |
PAGE
1 |
TSR-AR-882927601 |
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(12/15/2023) |
|
Themes
Global Systemically Important Banks ETF
|
56.30 |
45.22 |
|
MSCI
ACWI Index |
17.27 |
21.21 |
|
KBW
Nasdaq Global Bank Index |
57.64 |
46.68 |
Visit
www.themesetfs.com/etfs/GSIB
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$20,192,713 |
|
Number
of Holdings |
29 |
|
Net
Advisory Fee |
$27,610 |
|
Portfolio
Turnover |
11% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
HSBC
Holdings PLC |
3.6% |
|
Banco
Santander SA |
3.6% |
|
ING
Groep NV |
3.6% |
|
Standard
Chartered PLC |
3.6% |
|
Barclays
PLC |
3.6% |
|
State
Street Corp. |
3.6% |
|
BNP
Paribas SA |
3.6% |
|
Toronto-Dominion
Bank |
3.6% |
|
UBS
Group AG |
3.6% |
|
Agricultural
Bank of China Ltd. |
3.6% |
|
| |
|
Top
Sectors |
(%) |
|
Financials
|
99.7% |
|
Cash
& Other |
0.3% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/GSIB.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
Global Systemically Important Banks ETF |
PAGE
2 |
TSR-AR-882927601 |
100001250919552100001204914129100001262819906
|
|
| |
|
|
Themes
Gold Miners ETF |
|
|
AUMI
(Principal U.S. Listing Exchange: The
NASDAQ Stock Market LLCNASDAQ) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
Gold Miners ETF for the period of October
1, 2024
to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/AUMI.
You can also
request this information by contacting us at 1-866-584-3637.
WHAT
WERE THE FUND COSTS FOR THE PAST YEAR? (based
on a hypothetical $10,000 investment)
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
Gold Miners ETF |
$55 |
0.35% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes Gold Miners ETF (AUMI), launched December 13, 2023, seeks to track the
Solactive Global Pure Gold Miners Index
(SOLGLPGM), which identifies the largest companies by market capitalization that
derive their revenues from gold mining.
AUMI seeks to provide investment results that corresponds generally to the price
and yield performance, before fees
and expenses, of the SOLGLPGM Index.
Many
gold-mining ETFs delivered outstanding returns this year, propelled by a surge
in the gold price which recently topped
$4,000 per ounce, a new milestone. The rally is driven by elevated geopolitical
tensions, a weaker U.S. dollar, inflationary
pressures and strong safe-haven demand — all amplifying gold’s appeal.
Central-bank purchases of bullion and
robust investor flows into gold-backed ETFs have further strengthened the
metal’s up-trend. As a result, mining companies
are enjoying improved profitability and many gold-mining ETFs are reaping the
benefits of rising revenues and margins.
The
top contributor to AUMI’s performance attribution of the underlying included
Gold Fields Ltd, which contributed by 2.57%,
there were no detractors versus the index for the period ending
9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(12/13/2023) |
|
Themes
Gold Miners ETF |
115.31 |
91.95 |
|
MSCI
ACWI Index |
17.27 |
22.46 |
|
Solactive
Global Pure Gold Miners Index |
116.09 |
93.00 |
Visit
www.themesetfs.com/etfs/AUMI
for more recent performance
information.
| Themes
Gold Miners ETF |
PAGE
1 |
TSR-AR-882927700 |
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$18,287,588 |
|
Number
of Holdings |
27 |
|
Net
Advisory Fee |
$24,411 |
|
Portfolio
Turnover |
29% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
IAMGOLD
Corp. |
5.5% |
|
Zhaojin
Mining Industry Co. Ltd. |
5.4% |
|
Equinox
Gold Corp. |
5.2% |
|
Gold
Fields Ltd. |
5.1% |
|
Northern
Star Resources Ltd. |
5.1% |
|
Anglogold
Ashanti PLC |
4.8% |
|
Kinross
Gold Corp. |
4.7% |
|
B2Gold
Corp. |
4.7% |
|
Endeavour
Mining PLC |
4.6% |
|
Agnico
Eagle Mines Ltd. |
4.6% |
|
| |
|
Top
Sectors |
(%) |
|
Materials
|
99.7% |
|
Cash
& Other |
0.3% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/AUMI.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
Gold Miners ETF |
PAGE
2 |
TSR-AR-882927700 |
100001504832399100001228814409100001514132717
|
|
| |
|
|
Themes
Humanoid Robotics ETF |
|
|
BOTT
(Principal U.S. Listing Exchange: The
NASDAQ Stock Market LLCNASDAQ) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
Humanoid Robotics ETF for the period of October
1, 2024 to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/BOTT.
You can also request this information by contacting us at 1-866-584-3637.
WHAT
WERE THE FUND COSTS FOR THE PAST YEAR? (based
on a hypothetical $10,000 investment)
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
Humanoid Robotics ETF |
$45 |
0.37% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes Robotics & Automation ETF (BOTT), launched April 22, 2024, underwent
a strategy and name change in August
of 2025 to Themes Humanoid Robotics ETF (BOTT). Before the strategy and name
change, BOTT tracked the Solactive
Industrial Robotics & Automation Index (SOLIROBO), which identified the
largest 30 companies with a positive total
return over the past 12 months in the following industry groups: (1) Factory
Automation Equipment, (2) General/Processor/Specialized
Semiconductors, (3) Industrial Machine Parts and Support Equipment, and (4)
Programmable
Logic and ASIC Semiconductors.
After
its strategy change BOTT now seeks to track the Solactive Global Humanoid
Robotics Index (SOLGHRBN), which represents
companies active across the humanoid robotics value chain, including service
robotics and AI-driven automation
technologies. It includes firms developing humanoid and service robots designed
for human interaction, industrial
and autonomous robots for manufacturing and logistics, assistive and wearable
robotics for mobility and healthcare,
as well as companies providing AI, cognitive computing, and advanced hardware
technologies that power next-generation
robotic systems. BOTT seeks to provide investment results that correspond
generally to the price and yield
performance, before fees and expenses, of the SOLGHRBN
Index.
The
robotics and automation sector continues to gain momentum in 2025 as demand
accelerates for AI-enabled machines, advanced
automation in healthcare, manufacturing and logistics, and smart robotics in
general. The global advanced robotics
market is projected to reach about US $53.7 billion this year, poised for a
compound annual growth rate of approximately
20% through 2034. While high-profile companies delivering robotic-assisted
surgery systems, autonomous logistics
platforms and AI chips continue to thrive, the industry is still managing
headwinds such as component shortages, geopolitical
trade restrictions and supply-chain disruptions. Nonetheless, labor-shortage
pressures, rising wage costs and a
global push toward factory modernization underpin strong long-term prospects for
automation.
The
top contributor and detractor to BOTT’s performance attribution before its
strategy change included Hesai Group, which
contributed by 0.64% and Richtech Robotics Inc, which detracted 0.91% versus the
index for the period ending 8/15/2025.
The top contributor and detractor to BOTT’s performance attribution after its
strategy change included Flex LTD, which
contributed by 0.24% and Williams-Sonoma, which detracted 0.21% versus the index
for the period ending 9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
| Themes
Humanoid Robotics ETF |
PAGE
1 |
TSR-AR-882927833 |
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(4/22/2024) |
|
Themes
Humanoid Robotics ETF |
43.51 |
39.17 |
|
MSCI
ACWI Index |
17.27 |
23.31 |
|
Solactive
Industrial Robotics & Automation Index
|
30.51 |
25.42 |
Visit
www.themesetfs.com/etfs/BOTT
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$5,555,989 |
|
Number
of Holdings |
31 |
|
Net
Advisory Fee |
$2,946 |
|
Portfolio
Turnover |
197% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
Richtech
Robotics, Inc. |
7.8% |
|
UBTech
Robotics Corp. Ltd. |
7.0% |
|
Ecovacs
Robotics Co. Ltd. |
6.5% |
|
Tesla,
Inc. |
5.2% |
|
Teradyne,
Inc. |
4.6% |
|
Hesai
Group |
4.2% |
|
Neuromeka
Co. Ltd. |
4.0% |
|
NVIDIA
Corp. |
3.9% |
|
Rainbow
Robotics |
3.9% |
|
EFORT
Intelligent Robot Co. Ltd. |
3.8% |
|
| |
|
Top
Sectors |
(%) |
|
Industrials
|
70.8% |
|
Consumer
Discretionary |
14.5% |
|
Technology
|
10.6% |
|
Communications
|
3.7% |
|
Cash
& Other |
0.4% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/BOTT.
The
Fund is distributed by ALPS
Distributors, Inc.
| Themes
Humanoid Robotics ETF |
PAGE
2 |
TSR-AR-882927833 |
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
Humanoid Robotics ETF |
PAGE
3 |
TSR-AR-882927833 |
100001125116146100001155413548100001063913885
|
|
| |
|
|
Themes
Lithium & Battery Metal Miners ETF
|
|
|
LIMI
(Principal U.S. Listing Exchange: Cboe
BZX Exchange, Inc.CboeBZX) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
Lithium & Battery Metal Miners ETF for the period
of October
1, 2024 to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/LIMI.
You can also request this information by contacting us at 1-866-584-3637.
WHAT
WERE THE FUND COSTS FOR THE PAST YEAR? (based
on a hypothetical $10,000 investment)
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
Lithium & Battery Metal Miners ETF |
$44 |
0.38% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes Lithium & Battery Metal Miners ETF (LIMI), launched September 24,
2024 seeks to track the BITA Global Lithium
and Battery Metals Index (BGLISI), which identifies companies that derive their
revenues from lithium and battery metals
mining, explorations, refining, and royalties. LIMI seeks to provide investment
results that correspond generally to the
price and yield performance, before fees and expenses, of the BGLISI
Index.
Lithium-mining
ETFs have shown renewed strength in 2025, supported by a rebound in lithium
demand as global electric-vehicle
(EV) production accelerates and energy-storage projects expand. After a period
of price normalization in 2024,
lithium prices have stabilized around $20,000–$25,000 per ton, reflecting a
healthier balance between supply and demand.
Government incentives for EV manufacturing in the U.S., Europe, and
Asia—combined with major investments in battery
recycling and next-generation solid-state technologies—have reinforced long-term
demand for the metal. Although
new supply from Australia and South America has eased some market tightness,
continued growth in renewable energy
storage keeps lithium a central pillar of the clean-energy transition. As a
result, lithium-focused ETFs remain well-positioned
to benefit from the ongoing global shift toward electrification and
decarbonization.
The
top contributor and detractor to LIMI’s performance attribution included Ganzhou
Teng Yuan, which contributed by 0.24%
and Arcadium Lithium, which detracted by 1.34% versus the index for the period
ending 9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
| Themes
Lithium & Battery Metal Miners ETF |
PAGE
1 |
TSR-AR-882927775 |
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(9/24/2024) |
|
Themes
Lithium & Battery Metal Miners ETF
|
31.27 |
59.29 |
|
MSCI
ACWI Index |
17.27 |
18.59 |
|
BITA
Global Lithium and Battery Metals Select Index
|
31.32 |
58.73 |
Visit
www.themesetfs.com/etfs/LIMI
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$374,090 |
|
Number
of Holdings |
39 |
|
Net
Advisory Fee |
$2,088 |
|
Portfolio
Turnover |
127% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
Mineral
Resources Ltd. |
6.1% |
|
IGO
Ltd. |
5.9% |
|
Liontown
Resources Ltd. |
5.8% |
|
Pilbara
Minerals Ltd. |
5.8% |
|
AMG
Critical Materials NV |
5.6% |
|
Albemarle
Corp. |
5.5% |
|
Lithium
Americas Corp. |
4.5% |
|
Vulcan
Energy Resources Ltd. |
3.9% |
|
Guangzhou
Tinci Materials Technology Co. Ltd.
|
3.7% |
|
Ganfeng
Lithium Group Co. Ltd. |
3.4% |
|
| |
|
Top
Sectors |
(%) |
|
Materials
|
99.5% |
|
Cash
& Other |
0.5% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/LIMI.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
Lithium & Battery Metal Miners ETF |
PAGE
2 |
TSR-AR-882927775 |
100001607210000118981000016014
|
|
| |
|
|
Themes
Natural Monopoly ETF |
|
|
CZAR
(Principal U.S. Listing Exchange: The
NASDAQ Stock Market LLCNASDAQ) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
Natural Monopoly ETF for the period of October
1, 2024 to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/CZAR.
You can also request this information by contacting us at 1-866-584-3637.
WHAT
WERE THE FUND COSTS FOR THE PAST YEAR? (based
on a hypothetical $10,000 investment)
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
Natural Monopoly ETF |
$38 |
0.36% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes Natural Monopoly ETF (CZAR), launched December 13, 2023, seeks to track
the Solactive Natural Monopoly Index
(SOLNMONN), which identifies the top 5 companies within 19 different sectors
that have: (1) High Sales, (2) Stable Profitability,
(3) Stable Return on Equity, (4) Operational Efficiency, and (5) Reinvestment of
Profits. CZAR seeks to provide
investment results that correspond generally to the price and yield performance,
before fees and expenses, of the SOLNMONN
Index.
Natural-monopoly
ETFs have posted solid performance this year as investors gravitate toward
sectors offering stable, income-generating
cash flows amid market turbulence. Industries such as utilities, railroads,
pipelines, and certain telecoms
benefit from high infrastructure costs and economies of scale that limit
competition and support steady earnings.
However, these sectors are also facing headwinds in 2025, including elevated
regulatory scrutiny, rising capital-expenditure
needs, and sensitivity to interest-rate movements—all of which can pressure
valuations and limit near-term
growth.
The
top contributor and detractor to CZAR’s performance Broadcom Inc, adding 1.29%
to relative returns, while the top detractor
was Adobe Inc., which reduced performance by 1.09% versus the index for the
period ending 9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(12/13/2023) |
|
Themes
Natural Monopoly ETF |
10.82 |
16.43 |
|
MSCI
ACWI Index |
17.27 |
22.46 |
|
Solactive
Natural Monopoly Index |
11.13 |
16.77 |
| Themes
Natural Monopoly ETF |
PAGE
1 |
TSR-AR-882927809 |
Visit
www.themesetfs.com/etfs/CZAR
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$1,629,205 |
|
Number
of Holdings |
96 |
|
Net
Advisory Fee |
$5,328 |
|
Portfolio
Turnover |
84% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
Amphenol
Corp. |
4.5% |
|
Broadcom,
Inc. |
4.3% |
|
Blackrock,
Inc. |
3.9% |
|
BAE
Systems PLC |
3.8% |
|
Autodesk,
Inc. |
3.6% |
|
Mastercard,
Inc. |
3.6% |
|
Cisco
Systems, Inc. |
3.5% |
|
Aon
PLC |
3.5% |
|
Meta
Platforms, Inc. |
3.5% |
|
Arthur
J Gallagher & Co. |
3.4% |
|
| |
|
Top
Sectors |
(%) |
|
Industrials
|
21.2% |
|
Technology
|
20.9% |
|
Financials
|
18.6% |
|
Health
Care |
9.6% |
|
Consumer
Staples |
7.7% |
|
Communications
|
7.5% |
|
Consumer
Discretionary |
5.5% |
|
Materials
|
3.4% |
|
Energy
|
2.7% |
|
Cash
& Other |
2.9% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/CZAR.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
Natural Monopoly ETF |
PAGE
2 |
TSR-AR-882927809 |
100001187113155100001228814409100001190113226
|
|
| |
|
|
Themes
Silver Miners ETF |
|
|
AGMI
(Principal U.S. Listing Exchange: The
NASDAQ Stock Market LLCNASDAQ) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
Silver Miners ETF for the period of October
1, 2024
to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/AGMI.
You can also
request this information by contacting us at 1-866-584-3637.
WHAT
WERE THE FUND COSTS FOR THE PAST YEAR? (based
on a hypothetical $10,000 investment)
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
Silver Miners ETF |
$53 |
0.37% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes Silver Miners ETF (AGMI), launched May 03, 2023, seeks to track the STOXX
Global Silver Miners Index (STXSILVV),
which identifies companies that derive their revenues from silver mining. AGMI
seeks to provide investment results
that correspond generally to the price and yield performance, before fees and
expenses, of the STXSILVV Index.
Silver-mining
ETFs have delivered impressive performance in 2025, supported by a sharp rise in
silver prices, which recently
climbed above $31 per ounce, reaching multi-year highs. The rally has been
fueled by surging industrial demand—particularly
from the renewable-energy and electronics sectors, where silver remains
essential for solar panels, electric
vehicles, and semiconductors. Inflation concerns, a weaker U.S. dollar, and
persistent market volatility have further
boosted investor appetite for precious metals as a hedge, allowing silver to
outperform many commodities. This combination
of robust industrial use and renewed safe-haven demand has driven strong
profitability among silver producers.
The
top contributor and detractor to AGMI’s performance attribution included Wheaton
Precious Metals Corp, which contributed
by 1.35%, there were no detractors for this fund versus the index for the period
ending 9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(5/3/2024) |
|
Themes
Silver Miners ETF |
88.37 |
73.84 |
|
MSCI
ACWI Index |
17.27 |
21.89 |
|
STOXX
Global Silver Mining Index |
89.76 |
75.15 |
Visit
www.themesetfs.com/etfs/AGMI
for more recent performance
information.
| Themes
Silver Miners ETF |
PAGE
1 |
TSR-AR-882927817 |
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$3,757,637 |
|
Number
of Holdings |
38 |
|
Net
Advisory Fee |
$2,897 |
|
Portfolio
Turnover |
124% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
Fresnillo
PLC |
9.7% |
|
Newmont
Corp. |
9.6% |
|
Industrias
Penoles SAB de CV |
9.4% |
|
First
Majestic Silver Corp. |
6.2% |
|
Wheaton
Precious Metals Corp. |
5.9% |
|
Endeavour
Silver Corp. |
5.2% |
|
Discovery
Silver Corp. |
4.6% |
|
Zijin
Mining Group Co. Ltd. |
4.5% |
|
Pan
American Silver Corp. |
4.3% |
|
Triple
Flag Precious Metals Corp. |
3.8% |
|
| |
|
Top
Sectors |
(%) |
|
Materials
|
99.5% |
|
Cash
& Other |
0.5% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/AGMI.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
Silver Miners ETF |
PAGE
2 |
TSR-AR-882927817 |
100001160121853100001128213230100001163822085
|
|
| |
|
|
Themes
Transatlantic Defense ETF
|
|
|
NATO
(Principal U.S. Listing Exchange: The
NASDAQ Stock Market LLCNASDAQ) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
Transatlantic Defense ETF for the period of October
10, 2024 to September
30, 2025. You
can find additional information about the Fund at https://themesetfs.com/etfs/NATO.
You can also request this information by contacting us at 1-866-584-3637.
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
Transatlantic Defense ETF |
$* |
%** |
| * |
Amount
shown reflects the expenses of the Fund from inception date through
September 30, 2025. Expenses would be higher
if the Fund had been in operations for the full
year. |
| ** |
Percentage
shown is annualized. |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes Transatlantic Defense ETF (NATO), launched October 11, 2024 seeks to
track the Solactive Transatlantic Aerospace
and Defense Index (SOLNATON), which represents companies engaged in the
aerospace and defense industry and
headquartered in countries that are members of the North Atlantic Treaty
Organization (NATO). The index identifies firms
involved in defense technology, aerospace manufacturing, cybersecurity, and
military support systems—sectors that
play a critical role in global security and allied defense cooperation. NATO
seeks to provide investment results that correspond
generally to the price and yield performance, before fees and expenses, of the
SOLNATON Index.
Aerospace
and defense ETFs have gained momentum in 2025 as heightened geopolitical
tensions and increased defense spending
among NATO member nations drive demand for advanced military and security
technologies. Governments are boosting
budgets for modernization, missile defense, and aerospace innovation, while
companies supplying critical equipment
and technology benefit from multi-year procurement programs. The continued
commitment to collective defense
and innovation within the North Atlantic Treaty Organization has strengthened
earnings visibility across the sector
benefiting defense-focused ETFs.
The
top contributor and detractor to NATO’s performance attribution included Axon
Enterprise Inc, which contributed by 0.24%
and Aselsan Elektronik Sanayi, which detracted by 0.16% versus the index for the
period ending 9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
| Themes
Transatlantic Defense ETF |
PAGE
1 |
TSR-AR-882927767 |
|
| |
|
|
Since
Inception
(10/10/2024) |
|
Themes
Transatlantic Defense ETF NAV |
55.70 |
|
MSCI
ACWI Net Total Return Index (USD) |
17.73 |
|
Solactive
Transatlantic Aerospace and Defense Index NTR
|
56.19 |
Visit
https://themesetfs.com/etfs/NATO
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$57,171,370 |
|
Number
of Holdings |
71 |
|
Net
Advisory Fee |
$66,931 |
|
Portfolio
Turnover |
20% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
GE
Aerospace |
8.8% |
|
RTX
Corp. |
8.5% |
|
Boeing
Co. |
7.0% |
|
Airbus
SE |
6.2% |
|
Honeywell
International, Inc. |
6.2% |
|
Safran
SA |
5.6% |
|
Rolls-Royce
Holdings PLC |
5.0% |
|
Lockheed
Martin Corp. |
4.5% |
|
Rheinmetall
AG |
4.4% |
|
Northrop
Grumman Corp. |
4.2% |
|
| |
|
Top
Sectors |
(%) |
|
Industrials
|
97.7% |
|
Technology
|
1.8% |
|
Consumer
Discretionary |
0.1% |
|
Cash
& Other |
0.4% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit https://themesetfs.com/etfs/NATO.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
Transatlantic Defense ETF |
PAGE
2 |
TSR-AR-882927767 |
100001557010000117731000015619
|
|
| |
|
|
Themes
Uranium & Nuclear ETF
|
|
|
URAN
(Principal U.S. Listing Exchange: Cboe
BZX Exchange, Inc.CboeBZX) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
Uranium & Nuclear ETF for the period of October
1, 2024 to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/URAN.
You can also request this information by contacting us at 1-866-584-3637.
WHAT
WERE THE FUND COSTS FOR THE PAST YEAR? (based
on a hypothetical $10,000 investment)
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
Uranium & Nuclear ETF |
$46 |
0.35% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes Uranium & Nuclear ETF (URAN), launched September 24, 2024 seeks to
track the BITA Global Uranium and Nuclear
Select Index (BGUNSI), which identifies companies that derive their revenues
from uranium mining, explorations, refining,
processing, and royalties, as well as nuclear energy, equipment, technology, and
infrastructure. URAN seeks to provide
investment results that correspond generally to the price and yield performance,
before fees and expenses, of the BGUNSI
Index.
Uranium-
and nuclear-energy ETFs have surged as global demand for clean, dependable power
mounts. With uranium spot prices
climbing from around US $70–80 per pound to highs near US $83 per pound, supply
constraints and heightened geopolitical
tensions have added fuel to the advance. Countries including the U.S. and China
are ramping up nuclear-capacity
investment and accelerating deployment of small-modular reactors (SMRs),
bolstering the appeal of nuclear
as a strategic energy vector. As a result, nuclear- and uranium-mining companies
are posting stronger earnings, and
related ETFs are benefiting.
The
top contributor and detractor to URAN’s performance attribution included Chengdu
Guoguang Electric, which contributed
by 1.97% and CGN Power Co LTD, which detracted by 0.66% versus the index for the
period ending 9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
| Themes
Uranium & Nuclear ETF |
PAGE
1 |
TSR-AR-882927759 |
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(9/24/2024) |
|
Themes
Uranium & Nuclear ETF |
63.20 |
70.63 |
|
MSCI
ACWI Index |
17.27 |
18.59 |
|
BITA
Global Uranium and Nuclear Select Index
|
63.51 |
71.19 |
Visit
www.themesetfs.com/etfs/URAN
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$20,452,223 |
|
Number
of Holdings |
42 |
|
Net
Advisory Fee |
$25,642 |
|
Portfolio
Turnover |
52% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
Constellation
Energy Corp. |
8.6% |
|
Cameco
Corp. |
7.7% |
|
Oklo,
Inc. |
4.9% |
|
Silex
Systems Ltd. |
3.9% |
|
Lightbridge
Corp. |
3.6% |
|
American
Electric Power Co., Inc. |
3.4% |
|
Duke
Energy Corp. |
3.4% |
|
PG&E
Corp. |
3.2% |
|
Centrus
Energy Corp. |
3.2% |
|
NexGen
Energy Ltd. |
3.1% |
|
| |
|
Top
Sectors |
(%) |
|
Materials
|
46.3% |
|
Utilities
|
34.9% |
|
Industrials
|
14.3% |
|
Technology
|
3.9% |
|
Cash
& Other |
0.6% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/URAN.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
Uranium & Nuclear ETF |
PAGE
2 |
TSR-AR-882927759 |
100001723810000118981000017296
|
|
| |
|
|
Themes
US Cash Flow Champions ETF
|
|
|
LGCF
(Principal U.S. Listing Exchange: The
NASDAQ Stock Market LLCNASDAQ) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
US Cash Flow Champions ETF for the period of
October
1, 2024 to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/LGCF.
You can also request this information by contacting us at 1-866-584-3637.
WHAT
WERE THE FUND COSTS FOR THE PAST YEAR? (based
on a hypothetical $10,000 investment)
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
US Cash Flow Champions ETF |
$32 |
0.30% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes US Cash Flow Champions ETF (LGCF), launched on December 13, 2023, seeks
to track the Solactive US Cash Flow
Champions Index (SOLUCFCT), which identifies the top 75 large/mid capitalization
companies with the highest 3 years
of positive cash flow yield. LGCF seeks to provide investment results that
correspond generally to the price and yield
performance, before fees and expenses, of the SOLUCFCT
Index.
U.S.
Cash-Flow ETFs have gained traction this year as investors favor companies
generating strong, stable cash flows amid
ongoing economic volatility. With persistent inflation and rising input costs,
firms that reliably convert earnings into cash
and maintain solid balance sheets remain attractive. Signals from the Federal
Reserve that a pause in rate hikes may be
approaching have also supported sentiment toward businesses with lower leverage
and reduced interest-rate sensitivity.
Still, elevated costs and uneven demand trends have pressured some
cash-flow-focused companies, creating pockets
of performance dispersion. Even so, the emphasis on U.S.-based firms with strong
free-cash-flow profiles continues
to offer relative stability in an uncertain global
environment.
The
top contributor and detractor of LGCF’s performance was Applovin Corp, adding
1.28% to relative returns, while the top
detractor was Bristol-Myers Squibb., which reduced performance by 0.72% versus
the index for the period ending 9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
| Themes
US Cash Flow Champions ETF |
PAGE
1 |
TSR-AR-882927882 |
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(12/13/2023) |
|
Themes
US Cash Flow Champions ETF |
13.44 |
19.10 |
|
S&P
500 Index |
17.60 |
24.09 |
|
Solactive
US Cash Flow Champions Index |
13.91 |
19.55 |
Visit
www.themesetfs.com/etfs/LGCF
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$2,708,733 |
|
Number
of Holdings |
76 |
|
Net
Advisory Fee |
$6,002 |
|
Portfolio
Turnover |
20% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
AbbVie,
Inc. |
5.8% |
|
JPMorgan
Chase & Co. |
5.1% |
|
Chevron
Corp. |
5.0% |
|
Wells
Fargo & Co. |
4.9% |
|
Exxon
Mobil Corp. |
4.9% |
|
Uber
Technologies, Inc. |
3.9% |
|
American
Express Co. |
3.6% |
|
AppLovin
Corp. |
3.6% |
|
Progressive
Corp. |
2.8% |
|
Pfizer,
Inc. |
2.8% |
|
| |
|
Top
Sectors |
(%) |
|
Financials
|
39.1% |
|
Energy
|
20.2% |
|
Health
Care |
18.3% |
|
Communications
|
9.5% |
|
Consumer
Discretionary |
4.4% |
|
Consumer
Staples |
2.8% |
|
Technology
|
2.4% |
|
Industrials
|
1.4% |
|
Materials
|
0.8% |
|
Cash
& Other |
1.1% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/LGCF.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
US Cash Flow Champions ETF |
PAGE
2 |
TSR-AR-882927882 |
100001208013703100001254914757100001211413798
|
|
| |
|
|
Themes
US Infrastructure ETF |
|
|
HWAY
(Principal U.S. Listing Exchange: The
NASDAQ Stock Market LLCNASDAQ) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
US Infrastructure ETF for the period of October
1, 2024 to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/HWAY.
You can also request this information by contacting us at 1-866-584-3637.
WHAT
WERE THE FUND COSTS FOR THE PAST YEAR? (based
on a hypothetical $10,000 investment)
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
US Infrastructure ETF |
$33 |
0.31% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes US Infrastructure ETF (HWAY) launched September 12, 2024, seeks to track
the Solactive United States Infrastructure
Index (SOLUSIST), which identifies US infrastructure companies that derive their
revenues from either: (1) Building
Materials & Equipment, (2) Construction, (3) Logistics or (4) Engineering
Services. HWAY seeks to provide investment
results that correspond generally to the price and yield performance, before
fees and expenses, of the SOLUSIST
Index.
U.S.
infrastructure ETFs have continued to build momentum in 2025, supported by
a steady rollout of federal and state spending
tied to the Infrastructure Investment and Jobs Act and the Inflation Reduction
Act. These programs are channeling
hundreds of billions of dollars into projects spanning transportation, renewable
energy, broadband expansion, and
water systems, creating sustained demand for construction, engineering, and
materials companies. Private-sector participation—particularly
in clean energy and advanced manufacturing—has further amplified growth across
the infrastructure
value chain. As the U.S. prioritizes modernization, energy transition, and
climate resilience, infrastructure-focused
ETFs have benefited from strong earnings in industrial and utility holdings.
However, performance has
been limited at times by project delays, rising construction and labor costs,
and higher interest rates, which have pressured
margins for capital-intensive companies and introduced volatility into the
sector’s overall returns.
The
top contributor and detractor to HWAY’s performance attribution included
Caterpillar Inc, which contributed by.03% and
Norfolk Southern Corp, which detracted by.04% versus the index for the period
ending 9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
| Themes
US Infrastructure ETF |
PAGE
1 |
TSR-AR-882927726 |
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(9/12/2024) |
|
Themes
US Infrastructure ETF |
13.54 |
21.73 |
|
S&P
500 Index |
17.60 |
20.89 |
|
Solactive
United States Infrastructure Index |
13.60 |
21.80 |
Visit
www.themesetfs.com/etfs/HWAY
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$1,227,184 |
|
Number
of Holdings |
97 |
|
Net
Advisory Fee |
$3,110 |
|
Portfolio
Turnover |
10% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
Caterpillar,
Inc. |
5.9% |
|
CRH
PLC |
4.8% |
|
Norfolk
Southern Corp. |
4.7% |
|
Emerson
Electric Co. |
4.5% |
|
CSX
Corp. |
4.4% |
|
United
Rentals, Inc. |
4.4% |
|
Quanta
Services, Inc. |
4.2% |
|
Fastenal
Co. |
3.9% |
|
Union
Pacific Corp. |
3.8% |
|
Deere
& Co. |
3.8% |
|
| |
|
Top
Sectors |
(%) |
|
Industrials
|
74.3% |
|
Materials
|
22.4% |
|
Consumer
Discretionary |
2.4% |
|
Utilities
|
0.3% |
|
Energy
|
0.1% |
|
Technology
|
0.0% |
|
Cash
& Other |
0.5% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/HWAY.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
US Infrastructure ETF |
PAGE
2 |
TSR-AR-882927726 |
100001229810000122091000012306
|
|
| |
|
|
Themes
US R&D Champions ETF
|
|
|
USRD
(Principal U.S. Listing Exchange: The
NASDAQ Stock Market LLCNASDAQ) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
US R&D Champions ETF for the period of October
1, 2024 to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/USRD.
You can also request this information by contacting us at 1-866-584-3637.
WHAT
WERE THE FUND COSTS FOR THE PAST YEAR? (based
on a hypothetical $10,000 investment)
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
US R&D Champions ETF |
$32 |
0.31% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes US R&D Champions ETF (USRD) was launched December 13, 2023, seeks to
track the Solactive US R&D Champions
Index (SOLURDCT), which identifies 50 profitable R&D companies with (1) 3
years of Increasing R&D Spending, (2)
3 years of Positive Return on Equity (ROE), and (3) Positive Profit Margins.
USRD seeks to provide investment results that
correspond generally to the price and yield performance, before fees and
expenses, of the SOLURDCT Index.
U.S.
R&D-themed ETFs continue to perform well in 2025 as companies with strong
research and development investment maintain
a competitive edge and drive long-term growth. Firms ramping up R&D in areas
like AI, biotech, and advanced manufacturing
are viewed as innovation leaders, supported in part by federal incentives under
programs such as the CHIPS
and Science Act. U.S. equities more broadly have remained resilient, backed by
solid earnings and steady growth in technology
and healthcare. However, R&D-focused companies also face challenges,
including rising development costs, longer
commercialization timelines, and increased competition for technical talent,
which can pressure margins and create performance
dispersion within the sector.
The
top contributor and detractor of USRD’s performance was Lam Research Corp,
adding 1.24% to relative returns, while the
top detractor was Trade Desk Inc., which reduced performance by 1.82% versus the
index for the period ending 9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
| Themes
US R&D Champions ETF |
PAGE
1 |
TSR-AR-882927874 |
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(12/13/2023) |
|
Themes
US R&D Champions ETF |
9.56 |
18.82 |
|
S&P
500 Index |
17.60 |
24.09 |
|
Solactive
US R&D Champions Index |
10.28 |
19.48 |
Visit
www.themesetfs.com/etfs/USRD
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$999,738 |
|
Number
of Holdings |
51 |
|
Net
Advisory Fee |
$3,071 |
|
Portfolio
Turnover |
56% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
Tesla,
Inc. |
2.8% |
|
Lam
Research Corp. |
2.8% |
|
Electronic
Arts, Inc. |
2.6% |
|
Alphabet,
Inc. |
2.6% |
|
Apple,
Inc. |
2.4% |
|
Arista
Networks, Inc. |
2.3% |
|
Applied
Materials, Inc. |
2.3% |
|
QUALCOMM,
Inc. |
2.2% |
|
Broadcom,
Inc. |
2.2% |
|
Johnson
& Johnson |
2.2% |
|
| |
|
Top
Sectors |
(%) |
|
Technology
|
50.7% |
|
Health
Care |
17.8% |
|
Communications
|
10.0% |
|
Industrials
|
9.6% |
|
Consumer
Discretionary |
4.7% |
|
Consumer
Staples |
3.4% |
|
Materials
|
1.8% |
|
Real
Estate |
1.8% |
|
Cash
& Other |
0.2% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/USRD.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
US R&D Champions ETF |
PAGE
2 |
TSR-AR-882927874 |
100001245613647100001254914757100001249813783
|
|
| |
|
|
Themes
US Small Cap Cash Flow Champions
ETF |
|
|
SMCF
(Principal U.S. Listing Exchange: The
NASDAQ Stock Market LLCNASDAQ) |
|
Annual
Shareholder Report | September
30, 2025 |
This
annual
shareholder report
contains important information about the Themes
US Small Cap Cash Flow Champions ETF for the
period of October
1, 2024 to September
30, 2025. You
can find additional information about the Fund at www.themesetfs.com/etfs/SMCF.
You can also request this information by contacting us at 1-866-584-3637.
WHAT
WERE THE FUND COSTS FOR THE PAST YEAR? (based
on a hypothetical $10,000 investment)
|
|
| |
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a
$10,000 investment |
|
Themes
US Small Cap Cash Flow Champions ETF |
$31 |
0.30% |
HOW
DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS
PERFORMANCE?
The
Themes US Small Cap Cash Flow Champions ETF (SMCF), launched on December 13,
2023, seeks to track the Solactive
US Small Cap Cash Flow Champions Index (SOLSUCCT), which identifies the top
small capitalization companies with
the highest 3 years of positive cash flow yield. SMCF seeks to provide
investment results that correspond generally to
the price and yield performance, before fees and expenses, of the SOLSUCCT
Index.
U.S.
small-cap cash-flow ETFs have seen encouraging performance this year as
macro conditions lean in favor of agile, cash-generating
companies. With the Federal Reserve signaling a pause in rate hikes and
borrowing costs stabilizing, small-cap
firms that rely on financing to fuel growth are benefiting, supported by steady
consumer spending and improving
conditions among regional banks. Small caps still faced meaningful headwinds in
2025, including elevated wage
costs, lingering supply-chain pressures, and tighter credit standards than those
available to larger firms. Their limited
pricing power also makes it harder to absorb rising input costs, contributing to
periods of volatility.
The
top contributor and detractor of SMCF’s performance to the attribution of the
underlying included Flex LTD, which contributed
by.24% and Williams-Sonoma, which detracted.21% versus the index for the period
ending 9/30/2025.
HOW
DID THE FUND PERFORM SINCE ITS INCEPTION?*
The
$10,000
chart reflects a hypothetical $10,000
investment. The chart uses total return NAV performance and assumes
reinvestment
of dividends and capital gains. Fund expenses, including management fees, were
deducted.
CUMULATIVE
PERFORMANCE (Initial
Investment of $10,000)
| Themes
US Small Cap Cash Flow Champions ETF |
PAGE
1 |
TSR-AR-882927866 |
ANNUAL
AVERAGE TOTAL RETURN (%)
|
|
| |
|
|
1
Year |
Since
Inception
(12/13/2023) |
|
Themes
US Small Cap Cash Flow Champions ETF |
8.43 |
17.71 |
|
S&P
500 Index |
17.60 |
24.09 |
|
Solactive
US Small Cap Cash Flow Champions Index
|
7.97 |
17.67 |
Visit
www.themesetfs.com/etfs/SMCF
for more recent performance information.
| * |
The
Fund’s past performance is not a good predictor of how the Fund will
perform in the future.The
graph and table do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or
redemption of Fund shares.
|
KEY
FUND STATISTICS (as
of September
30, 2025)
|
| |
|
Net
Assets |
$4,333,927 |
|
Number
of Holdings |
75 |
|
Net
Advisory Fee |
$10,454 |
|
Portfolio
Turnover |
42% |
WHAT
DID THE FUND INVEST IN? (as
of September
30, 2025)
|
| |
|
Top
10 Issuers |
(%) |
|
East
West Bancorp, Inc. |
4.7% |
|
Toll
Brothers, Inc. |
4.4% |
|
Builders
FirstSource, Inc. |
4.3% |
|
Reinsurance
Group of America, Inc. |
4.1% |
|
Mueller
Industries, Inc. |
3.7% |
|
Old
Republic International Corp. |
3.3% |
|
Sterling
Infrastructure, Inc. |
3.2% |
|
APA
Corp. |
2.8% |
|
UMB
Financial Corp. |
2.6% |
|
HF
Sinclair Corp. |
2.6% |
|
| |
|
Top
Sectors |
(%) |
|
Financials
|
48.2% |
|
Energy
|
17.4% |
|
Consumer
Discretionary |
13.2% |
|
Industrials
|
9.9% |
|
Materials
|
4.6% |
|
Technology
|
1.8% |
|
Consumer
Staples |
1.7% |
|
Health
Care |
1.5% |
|
Communications
|
1.4% |
|
Cash
& Other |
0.3% |
For
additional information about the Fund; including its prospectus, financial
information, holdings and proxy information, scan
the QR code or visit www.themesetfs.com/etfs/SMCF.
The
Fund is distributed by ALPS
Distributors, Inc.
HOUSEHOLDING
To
reduce Fund expenses, only one copy of most shareholder documents may be mailed
to shareholders with multiple accounts
at the same address (Householding). If you would prefer that your Themes
Management Company documents not
be householded, please contact Themes
Management Company at 1-866-584-3637,
or contact your financial intermediary.
Your instructions will typically be effective within 30 days of receipt by
Themes
Management Company or your
financial intermediary.
| Themes
US Small Cap Cash Flow Champions ETF |
PAGE
2 |
TSR-AR-882927866 |
100001237413417100001254914757100001241913409
2025-10-14194120_ThemesChinaGenerativeArtificialIntelligenceETF_TF_TSRAnnual
Themes
ETF Trust
Themes
China Generative Artificial Intelligence ETF | DRGN
Themes
Cloud Computing ETF | CLOD
Themes
Copper Miners ETF | COPA
Themes
Cybersecurity ETF | SPAM
Themes
Generative Artificial Intelligence ETF | WISE
Themes
Global Systemically Important Banks ETF | GSIB
Themes
Gold Miners ETF | AUMI
Themes
Humanoid Robotics ETF | BOTT
Themes
Lithium & Battery Metal Miners ETF | LIMI
Themes
Natural Monopoly ETF | CZAR
Themes
Silver Miners ETF | AGMI
Themes
Transatlantic Defense ETF | NATO
Themes
Uranium & Nuclear ETF | URAN
Themes
US Cash Flow Champions ETF | USCF
Themes
US Infrastructure ETF | HWAY
Themes
US R&D Champions ETF | USRD
Themes
US Small Cap Cash Flow Champions ETF | SMCF
Annual
Financial Statements and Additional Information
September
30, 2025
TABLE OF CONTENTS
THEMES
CHINA GENERATIVE ARTIFICIAL INTELLIGENCE ETF
SCHEDULE OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.3%
|
|
|
|
|
|
|
|
Consumer
Discretionary Products - 0.5%
|
|
|
|
|
|
|
|
ECARX
Holdings, Inc. - Class A(a) |
|
|
55,076 |
|
|
$110,703
|
|
Financial
Services - 0.5%
|
|
|
|
|
|
|
|
Bairong,
Inc.(a)(b) |
|
|
92,200 |
|
|
128,905
|
|
Industrial
Products - 3.2%
|
|
|
|
|
|
|
|
RoboSense
Technology Co. Ltd.(a) |
|
|
137,800 |
|
|
748,325
|
|
Media
- 23.1%
|
|
|
|
|
|
|
|
360
Security Technology, Inc. - Class A |
|
|
672,800 |
|
|
1,068,964 |
|
Baidu,
Inc. - ADR(a) |
|
|
13,249 |
|
|
1,745,821 |
|
Kingsoft
Corp. Ltd. |
|
|
241,600 |
|
|
1,074,820 |
|
Kuaishou
Technology(b) |
|
|
144,300 |
|
|
1,568,730
|
|
|
|
|
|
|
|
5,458,335
|
|
Retail
& Wholesale - Discretionary - 4.7%
|
|
|
|
|
|
|
|
Zhejiang
Dahua Technology Co. Ltd. -
Class A |
|
|
392,600 |
|
|
1,111,322
|
|
Software
& Technology Services - 33.2%(c)
|
|
Arcsoft
Corp. Ltd. - Class A |
|
|
87,000 |
|
|
724,751 |
|
Beijing
Fourth Paradigm Technology Co. Ltd. - Class H(a) |
|
|
101,100 |
|
|
900,968 |
|
Cambricon
Technologies Corp. Ltd. -
Class A(a) |
|
|
7,500 |
|
|
1,396,020 |
|
Iflytek
Co. Ltd. - Class A |
|
|
143,000 |
|
|
1,125,968 |
|
Kingsoft
Cloud Holdings Ltd.(a) |
|
|
889,600 |
|
|
938,533 |
|
SenseTime
Group, Inc. - Class B(a)(b) |
|
|
3,998,600 |
|
|
1,484,969 |
|
TRS
Information Technology Corp. Ltd. -
Class A(a) |
|
|
265,800 |
|
|
836,780 |
|
Tuya,
Inc. - ADR |
|
|
68,622 |
|
|
169,496 |
|
Yidu
Tech, Inc.(a)(b) |
|
|
309,700 |
|
|
262,662
|
|
|
|
|
|
|
|
7,840,147
|
|
Tech
Hardware & Semiconductors - 34.1%(c)
|
|
|
|
|
Foxconn
Industrial Internet Co. Ltd. - Class A |
|
|
172,600 |
|
|
1,600,535 |
|
Hygon
Information Technology Co. Ltd. -
Class A |
|
|
29,200 |
|
|
1,036,169 |
|
IEIT
Systems Co. Ltd. |
|
|
106,000 |
|
|
1,108,180 |
|
Montage
Technology Co. Ltd. - Class A |
|
|
85,300 |
|
|
1,854,960 |
|
Xiaomi
Corp. - Class B(a)(b) |
|
|
196,100 |
|
|
1,360,764 |
|
Yuanjie
Semiconductor Technology Co.
Ltd.
- Class A |
|
|
18,000 |
|
|
1,084,787
|
|
|
|
|
|
|
|
8,045,395
|
|
TOTAL COMMON STOCKS
(Cost $21,587,005) |
|
|
|
|
|
23,443,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 0.6%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund -
Class X,
4.02%(d) |
|
|
152,623 |
|
|
$152,623
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $152,623) |
|
|
|
|
|
152,623
|
|
TOTAL
INVESTMENTS - 99.9%
(Cost $21,739,628) |
|
|
|
|
|
$23,595,755
|
|
Other
Assets in Excess of
Liabilities
- 0.1% |
|
|
|
|
|
30,597
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$23,626,352 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
|
(a)
|
Non-income producing security.
|
|
(b)
|
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 September 30, 2025, the
value of these securities total $4,806,030 or 20.3% of the Fund’s net
assets.
|
|
(c)
|
To the extent that the Fund invests more heavily in
a particular industry or sector of the economy, its performance will be
especially sensitive to developments that significantly affect those
industries or sectors.
|
|
(d)
|
The rate shown represents the 7-day annualized
yield as of September 30, 2025.
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
THEMES
CLOUD COMPUTING ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.8%
|
|
|
|
|
|
|
|
Industrial
Products - 0.8%
|
|
|
|
|
|
|
|
Hexagon
AB - Class B |
|
|
1,039 |
|
|
$12,350
|
|
Media
- 17.1%
|
|
|
|
|
|
|
|
Alphabet,
Inc. - Class A |
|
|
358 |
|
|
87,030 |
|
AppLovin
Corp. - Class A(a) |
|
|
127 |
|
|
91,255 |
|
GoDaddy,
Inc. - Class A(a) |
|
|
66 |
|
|
9,031 |
|
Prosus
NV |
|
|
644 |
|
|
45,320 |
|
VeriSign,
Inc. |
|
|
41 |
|
|
11,462
|
|
|
|
|
|
|
|
244,098
|
|
Retail
& Wholesale - Discretionary - 8.3%
|
|
|
|
|
|
|
|
Amazon.com,
Inc.(a) |
|
|
284 |
|
|
62,358 |
|
MercadoLibre,
Inc.(a) |
|
|
24 |
|
|
56,087
|
|
|
|
|
|
|
|
118,445
|
|
Software
& Technology Services - 72.6%(b)
|
|
|
|
|
Adobe,
Inc.(a) |
|
|
169 |
|
|
59,615 |
|
Akamai
Technologies, Inc.(a) |
|
|
73 |
|
|
5,530 |
|
Atlassian
Corp. - Class A(a) |
|
|
83 |
|
|
13,255 |
|
Autodesk,
Inc.(a) |
|
|
108 |
|
|
34,308 |
|
Booz
Allen Hamilton Holding Corp. |
|
|
63 |
|
|
6,297 |
|
CACI
International, Inc. - Class A(a) |
|
|
11 |
|
|
5,487 |
|
Cadence
Design Systems, Inc.(a) |
|
|
136 |
|
|
47,771 |
|
Check
Point Software Technologies Ltd.(a) |
|
|
43 |
|
|
8,897 |
|
Cloudflare,
Inc. - Class A(a) |
|
|
155 |
|
|
33,261 |
|
Commvault
Systems, Inc.(a) |
|
|
24 |
|
|
4,531 |
|
Confluent,
Inc. - Class A(a) |
|
|
128 |
|
|
2,534 |
|
CoreWeave,
Inc. - Class A(a) |
|
|
93 |
|
|
12,727 |
|
Crowdstrike
Holdings, Inc. - Class A(a) |
|
|
124 |
|
|
60,807 |
|
CyberArk
Software Ltd.(a) |
|
|
25 |
|
|
12,079 |
|
Dassault
Systemes SE |
|
|
346 |
|
|
11,581 |
|
Datadog,
Inc. - Class A(a) |
|
|
154 |
|
|
21,930 |
|
Dropbox,
Inc. - Class A(a) |
|
|
118 |
|
|
3,565 |
|
Dynatrace,
Inc.(a) |
|
|
142 |
|
|
6,880 |
|
Fortinet,
Inc.(a) |
|
|
308 |
|
|
25,897 |
|
HubSpot,
Inc.(a) |
|
|
25 |
|
|
11,695 |
|
Intuit,
Inc. |
|
|
82 |
|
|
55,999 |
|
Microsoft
Corp. |
|
|
126 |
|
|
65,262 |
|
MongoDB,
Inc.(a) |
|
|
39 |
|
|
12,105 |
|
Nutanix,
Inc. - Class A(a) |
|
|
133 |
|
|
9,894 |
|
Okta,
Inc.(a) |
|
|
87 |
|
|
7,978 |
|
Oracle
Corp. |
|
|
268 |
|
|
75,372 |
|
Palo
Alto Networks, Inc.(a) |
|
|
307 |
|
|
62,511 |
|
Rubrik,
Inc. - Class A(a) |
|
|
48 |
|
|
3,948 |
|
Salesforce,
Inc. |
|
|
233 |
|
|
55,221 |
|
SAP
SE |
|
|
203 |
|
|
54,316 |
|
ServiceNow,
Inc.(a) |
|
|
62 |
|
|
57,057 |
|
Snowflake,
Inc. - Class A(a) |
|
|
162 |
|
|
36,539 |
|
Strategy,
Inc. - Class A(a) |
|
|
132 |
|
|
42,532 |
|
Synopsys,
Inc.(a) |
|
|
94 |
|
|
46,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wix.com
Ltd.(a) |
|
|
29 |
|
|
$5,151 |
|
Workday,
Inc. - Class A(a) |
|
|
109 |
|
|
26,239 |
|
Xero
Ltd.(a) |
|
|
81 |
|
|
8,442 |
|
Zoom
Communications, Inc. - Class A(a) |
|
|
130 |
|
|
10,725 |
|
Zscaler,
Inc.(a) |
|
|
47 |
|
|
14,084
|
|
|
|
|
|
|
|
1,038,401
|
|
Tech
Hardware & Semiconductors - 1.0%
|
|
|
|
|
|
|
|
F5,
Inc.(a) |
|
|
29 |
|
|
9,372 |
|
InterDigital,
Inc. |
|
|
13 |
|
|
4,488
|
|
|
|
|
|
|
|
13,860
|
|
TOTAL COMMON STOCKS
(Cost $1,167,383) |
|
|
|
|
|
1,427,154
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 0.1%
|
|
|
|
|
|
|
|
First
American Treasury Obligations
Fund
- Class X, 4.02%(c) |
|
|
1,060 |
|
|
1,060
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $1,060) |
|
|
|
|
|
1,060
|
|
TOTAL
INVESTMENTS - 99.9%
(Cost $1,168,443) |
|
|
|
|
|
$1,428,214
|
|
Other
Assets in Excess of
Liabilities
- 0.1% |
|
|
|
|
|
812
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$1,429,026 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
Non-income producing security.
|
|
(b)
|
To the extent that the Fund invests more heavily in
a particular industry or sector of the economy, its performance will be
especially sensitive to developments that significantly affect those
industries or sectors.
|
|
(c)
|
The rate shown represents the 7-day annualized
yield as of September 30, 2025.
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
THEMES
COPPER MINERS ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.7%
|
|
|
|
|
|
|
|
Industrial
Services - 1.8%
|
|
|
|
|
|
|
|
Guangdong
Feinan Resources Recycling Co. Ltd. - Class A |
|
|
8,040 |
|
|
$20,229
|
|
Materials
- 97.9%(a)
|
|
|
|
|
|
|
|
29Metals
Ltd.(b) |
|
|
26,936 |
|
|
7,219 |
|
Aeris
Resources Ltd.(b) |
|
|
15,872 |
|
|
5,094 |
|
Altius
Minerals Corp. |
|
|
422 |
|
|
10,149 |
|
Antofagasta
PLC |
|
|
1,206 |
|
|
44,620 |
|
Arizona
Sonoran Copper Co., Inc.(b) |
|
|
1,797 |
|
|
3,951 |
|
Atalaya
Mining Copper, S.A. |
|
|
2,124 |
|
|
17,911 |
|
Aurubis
AG |
|
|
186 |
|
|
23,191 |
|
Avino
Silver & Gold Mines Ltd.(b) |
|
|
2,697 |
|
|
14,147 |
|
BHP
Group Ltd. |
|
|
1,350 |
|
|
37,992 |
|
Boliden
AB(b) |
|
|
503 |
|
|
20,447 |
|
Capstone
Copper Corp.(b) |
|
|
4,611 |
|
|
39,162 |
|
Central
Asia Metals PLC |
|
|
4,409 |
|
|
8,989 |
|
Chalice
Mining Ltd.(b) |
|
|
8,735 |
|
|
14,392 |
|
Chilean
Metals, Inc.(b)(c) |
|
|
78 |
|
|
0 |
|
China
Gold International Resources Corp. Ltd. |
|
|
133 |
|
|
2,382 |
|
China
Nonferrous Mining Corp. Ltd. |
|
|
20,197 |
|
|
38,879 |
|
Cia
de Minas Buenaventura SAA - ADR |
|
|
603 |
|
|
14,671 |
|
Collective
Mining Ltd.(b) |
|
|
726 |
|
|
10,543 |
|
ERO
Copper Corp.(b) |
|
|
1,518 |
|
|
30,748 |
|
First
Quantum Minerals Ltd.(b) |
|
|
2,310 |
|
|
52,252 |
|
Foran
Mining Corp.(b) |
|
|
4,057 |
|
|
11,340 |
|
Freeport-McMoRan,
Inc. |
|
|
1,905 |
|
|
74,714 |
|
Ganzhou
Teng Yuan Cobalt New Material Co. Ltd. - Class A |
|
|
1,600 |
|
|
17,109 |
|
Glencore
PLC |
|
|
8,331 |
|
|
38,274 |
|
GoldMining,
Inc.(b) |
|
|
1,382 |
|
|
1,688 |
|
Hot
Chili Ltd.(b) |
|
|
2,272 |
|
|
1,383 |
|
Hudbay
Minerals, Inc. |
|
|
1,602 |
|
|
24,265 |
|
Imperial
Metals Corp.(b) |
|
|
716 |
|
|
3,035 |
|
Ivanhoe
Electric, Inc.(b) |
|
|
1,691 |
|
|
21,222 |
|
Ivanhoe
Mines Ltd. - Class A(b) |
|
|
4,174 |
|
|
44,268 |
|
Jiangxi
Copper Co. Ltd. - Class A |
|
|
6,500 |
|
|
32,407 |
|
Jiangxi
Copper Co. Ltd. - Class H |
|
|
8,550 |
|
|
33,510 |
|
Jinchuan
Group International Resources Co. Ltd.(b)(c) |
|
|
97,134 |
|
|
0 |
|
Jiujiang
Defu Technology Co. Ltd. - Class A(b) |
|
|
6,300 |
|
|
31,852 |
|
Lundin
Mining Corp. |
|
|
2,842 |
|
|
42,394 |
|
Mitsubishi
Materials Corp. |
|
|
700 |
|
|
13,149 |
|
MMG
Ltd.(b) |
|
|
34,225 |
|
|
29,687 |
|
NGEx
Minerals Ltd.(b) |
|
|
1,000 |
|
|
18,646 |
|
Nittetsu
Mining Co. Ltd. |
|
|
1,500 |
|
|
20,245 |
|
Power
Metallic Mines, Inc.(b) |
|
|
1,955 |
|
|
2,037 |
|
Ramelius
Resources Ltd. |
|
|
7,642 |
|
|
19,620 |
|
Sandfire
Resources Ltd.(b) |
|
|
2,198 |
|
|
20,755 |
|
Sandstorm
Gold Ltd. |
|
|
887 |
|
|
11,103 |
|
Shenzhen
Zhongjin Lingnan Nonfemet Co.
Ltd.
- Class A |
|
|
12,900 |
|
|
10,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solaris
Resources, Inc.(b) |
|
|
2,688 |
|
|
$17,151 |
|
SolGold
PLC(b) |
|
|
62,338 |
|
|
12,609 |
|
Southern
Copper Corp. |
|
|
315 |
|
|
38,235 |
|
St
Augustine Gold and Copper Ltd.(b) |
|
|
7,524 |
|
|
2,217 |
|
Talon
Metals Corp.(b) |
|
|
19,578 |
|
|
6,190 |
|
Taseko
Mines Ltd.(b) |
|
|
5,802 |
|
|
24,597 |
|
Teck
Resources Ltd. - Class B |
|
|
1,007 |
|
|
44,174 |
|
US
Goldmining, Inc.(b) |
|
|
443 |
|
|
5,695 |
|
WA1
Resources Ltd.(b) |
|
|
958 |
|
|
11,664
|
|
|
|
|
|
|
|
1,082,304
|
|
TOTAL COMMON STOCKS
(Cost $824,150) |
|
|
|
|
|
1,102,533
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 0.2%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X,
4.02%(d) |
|
|
2,051 |
|
|
2,051
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $2,051) |
|
|
|
|
|
2,051
|
|
TOTAL
INVESTMENTS - 99.9%
(Cost $826,201) |
|
|
|
|
|
$1,104,584
|
|
Other
Assets in Excess of Liabilities - 0.1% |
|
|
|
|
|
1,428
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$1,106,012 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
PLC
- Public Limited Company
|
(a)
|
To the extent that the Fund invests more heavily in
a particular industry or sector of the economy, its performance will be
especially sensitive to developments that significantly affect those
industries or sectors.
|
|
(b)
|
Non-income producing security.
|
|
(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 September 30,
2025.
|
|
(d)
|
The rate shown represents the 7-day annualized
yield as of September 30, 2025.
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
THEMES
CYBERSECURITY ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.7%
|
|
|
|
|
|
|
|
Industrial
Services - 2.9%
|
|
|
|
|
|
|
|
Alarm.com
Holdings, Inc.(a) |
|
|
1,131 |
|
|
$60,033
|
|
Software
& Technology Services - 88.7%(b)
|
|
|
|
|
Akamai
Technologies, Inc.(a) |
|
|
1,117 |
|
|
84,624 |
|
Arqit
Quantum, Inc.(a) |
|
|
147 |
|
|
5,696 |
|
BlackBerry
Ltd.(a) |
|
|
13,928 |
|
|
67,969 |
|
Booz
Allen Hamilton Holding Corp. |
|
|
842 |
|
|
84,158 |
|
BTQ
Technologies Corp.(a) |
|
|
2,120 |
|
|
14,685 |
|
CACI
International, Inc. - Class A(a) |
|
|
186 |
|
|
92,773 |
|
Check
Point Software Technologies Ltd.(a) |
|
|
390 |
|
|
80,695 |
|
Clear
Secure, Inc. - Class A |
|
|
1,974 |
|
|
65,892 |
|
Crowdstrike
Holdings, Inc. - Class A(a) |
|
|
175 |
|
|
85,817 |
|
CyberArk
Software Ltd.(a) |
|
|
222 |
|
|
107,259 |
|
Digital
Arts, Inc. |
|
|
200 |
|
|
10,386 |
|
Fastly,
Inc. - Class A(a) |
|
|
3,223 |
|
|
27,557 |
|
Fortinet,
Inc.(a) |
|
|
837 |
|
|
70,375 |
|
Gorilla
Technology Group, Inc.(a) |
|
|
520 |
|
|
9,599 |
|
Nebius
Group NV(a) |
|
|
1,956 |
|
|
219,600 |
|
Netcompany
Group AS(a)(c) |
|
|
682 |
|
|
25,915 |
|
Okta,
Inc.(a) |
|
|
908 |
|
|
83,264 |
|
OneSpan,
Inc. |
|
|
849 |
|
|
13,491 |
|
OVH
Groupe SA(a) |
|
|
529 |
|
|
7,627 |
|
Palo
Alto Networks, Inc.(a) |
|
|
437 |
|
|
88,982 |
|
Qoria
Ltd.(a) |
|
|
23,546 |
|
|
11,296 |
|
Qualys,
Inc.(a) |
|
|
617 |
|
|
81,648 |
|
Radware
Ltd.(a) |
|
|
843 |
|
|
22,331 |
|
Rapid7,
Inc.(a) |
|
|
1,507 |
|
|
28,256 |
|
SailPoint,
Inc.(a) |
|
|
1,654 |
|
|
36,520 |
|
SentinelOne,
Inc. - Class A(a) |
|
|
4,863 |
|
|
85,637 |
|
SUNeVision
Holdings Ltd. |
|
|
14,900 |
|
|
13,154 |
|
Tenable
Holdings, Inc.(a) |
|
|
2,540 |
|
|
74,066 |
|
Trend
Micro, Inc. |
|
|
1,400 |
|
|
76,681 |
|
Varonis
Systems, Inc.(a) |
|
|
1,681 |
|
|
96,607 |
|
Zscaler,
Inc.(a) |
|
|
285 |
|
|
85,403
|
|
|
|
|
|
|
|
1,857,963
|
|
Tech
Hardware & Semiconductors - 1.4%
|
|
|
|
|
|
|
|
A10
Networks, Inc. |
|
|
1,670 |
|
|
30,311
|
|
Telecommunications
- 6.7%
|
|
|
|
|
|
|
|
NEXTDC
Ltd.(a) |
|
|
10,030 |
|
|
112,295 |
|
Vnet
Group, Inc. - ADR(a) |
|
|
2,699 |
|
|
27,881
|
|
|
|
|
|
|
|
140,176
|
|
TOTAL COMMON STOCKS
(Cost $1,789,912) |
|
|
|
|
|
2,088,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 0.3%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund -
Class X,
4.02%(d) |
|
|
6,907 |
|
|
$6,907
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $6,907) |
|
|
|
|
|
6,907
|
|
TOTAL
INVESTMENTS - 100.0%
(Cost $1,796,819) |
|
|
|
|
|
$2,095,390
|
|
Liabilities
in Excess of Other
Assets
- (0.0)%(e) |
|
|
|
|
|
(344) |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$2,095,046 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
|
(a)
|
Non-income producing security.
|
|
(b)
|
To the extent that the Fund invests more heavily in
a particular industry or sector 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 September 30, 2025, the
value of these securities total $25,915 or 1.2% of the Fund’s net
assets.
|
|
(d)
|
The rate shown represents the 7-day annualized
yield as of September 30, 2025.
|
|
(e)
|
Represents less than 0.05% of net assets.
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
THEMES
GENERATIVE ARTIFICIAL INTELLIGENCE ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.9%
|
|
|
|
|
|
|
|
Consumer
Discretionary Products - 1.4%
|
|
|
|
|
|
|
|
Pony
AI, Inc. - ADR(a) |
|
|
25,059 |
|
|
$563,577
|
|
Financial
Services - 3.9%
|
|
|
|
|
|
|
|
Bairong,
Inc.(a)(b) |
|
|
1,122,496 |
|
|
1,569,370
|
|
Health
Care - 1.2%
|
|
|
|
|
|
|
|
CorVel
Corp.(a) |
|
|
4,871 |
|
|
377,113 |
|
JMDC,
Inc. |
|
|
3,300 |
|
|
99,969
|
|
|
|
|
|
|
|
477,082
|
|
Media
- 2.9%
|
|
|
|
|
|
|
|
Alphabet,
Inc. - Class A |
|
|
4,762 |
|
|
1,157,642
|
|
Retail
& Wholesale - Discretionary - 3.3%
|
|
|
|
|
|
|
|
Amazon.com,
Inc.(a) |
|
|
6,115 |
|
|
1,342,670
|
|
Software
& Technology Services - 53.8%(c)
|
|
|
|
|
|
|
|
Amdocs
Ltd. |
|
|
3,537 |
|
|
290,211 |
|
Beijing
Fourth Paradigm Technology Co. Ltd. - Class H(a) |
|
|
173,211 |
|
|
1,543,595 |
|
BigBear.ai
Holdings, Inc.(a) |
|
|
206,009 |
|
|
1,343,179 |
|
C3.ai,
Inc. - Class A(a) |
|
|
66,799 |
|
|
1,158,295 |
|
Cerence,
Inc.(a) |
|
|
58,679 |
|
|
731,140 |
|
Datasection,
Inc.(a) |
|
|
39,300 |
|
|
593,413 |
|
Duos
Technologies Group, Inc.(a) |
|
|
42,392 |
|
|
312,005 |
|
Gorilla
Technology Group, Inc.(a) |
|
|
92,929 |
|
|
1,715,469 |
|
Grid
Dynamics Holdings, Inc.(a) |
|
|
141,812 |
|
|
1,093,371 |
|
Informatica,
Inc. - Class A(a) |
|
|
14,290 |
|
|
354,964 |
|
Microsoft
Corp. |
|
|
2,885 |
|
|
1,494,286 |
|
nCino,
Inc.(a) |
|
|
20,685 |
|
|
560,770 |
|
Palantir
Technologies, Inc. - Class A(a) |
|
|
7,477 |
|
|
1,363,954 |
|
PKSHA
Technology, Inc.(a) |
|
|
36,200 |
|
|
944,869 |
|
Pluszero,
Inc.(a) |
|
|
2,000 |
|
|
50,918 |
|
Rezolve
AI PLC(a) |
|
|
263,266 |
|
|
1,311,065 |
|
Salesforce,
Inc. |
|
|
867 |
|
|
205,479 |
|
Snowflake,
Inc. - Class A(a) |
|
|
2,658 |
|
|
599,512 |
|
SoundHound
AI, Inc. - Class A(a) |
|
|
101,995 |
|
|
1,640,080 |
|
UiPath,
Inc. - Class A(a) |
|
|
10,780 |
|
|
144,236 |
|
Veritone,
Inc.(a) |
|
|
587,820 |
|
|
2,833,292 |
|
Yidu
Tech, Inc.(a)(b) |
|
|
199,445 |
|
|
169,153 |
|
Zeta
Global Holdings Corp. - Class A(a) |
|
|
60,019 |
|
|
1,192,578
|
|
|
|
|
|
|
|
21,645,834
|
|
Tech
Hardware & Semiconductors - 33.4%(c)
|
|
|
|
|
|
|
|
Advanced
Micro Devices, Inc.(a) |
|
|
9,451 |
|
|
1,529,077 |
|
Ambarella,
Inc.(a) |
|
|
9,886 |
|
|
815,793 |
|
Apple,
Inc. |
|
|
7,624 |
|
|
1,941,299 |
|
Arista
Networks, Inc.(a) |
|
|
6,110 |
|
|
890,288 |
|
BrainChip
Holdings Ltd.(a) |
|
|
3,865,196 |
|
|
511,520 |
|
Broadcom,
Inc. |
|
|
4,467 |
|
|
1,473,708 |
|
CEVA,
Inc.(a) |
|
|
42,998 |
|
|
1,135,577 |
|
Intel
Corp. |
|
|
43,154 |
|
|
1,447,817 |
|
Lattice
Semiconductor Corp.(a) |
|
|
14,595 |
|
|
1,070,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NVIDIA
Corp. |
|
|
9,542 |
|
|
$1,780,346 |
|
Zepp
Health Corp. - ADR(a) |
|
|
18,161 |
|
|
831,411
|
|
|
|
|
|
|
|
13,426,941
|
|
TOTAL COMMON STOCKS
(Cost $34,870,832) |
|
|
|
|
|
40,183,116
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
Money
Market Funds - 0.1%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X,
4.02%(d) |
|
|
57,874 |
|
|
57,874
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $57,874) |
|
|
|
|
|
57,874
|
|
TOTAL
INVESTMENTS - 100.0%
(Cost $34,928,706) |
|
|
|
|
|
$40,240,990
|
|
Liabilities
in Excess of Other
Assets
- (0.0)%(e) |
|
|
|
|
|
(6,549) |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$40,234,441 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
PLC
- Public Limited Company
|
(a)
|
Non-income producing security.
|
|
(b)
|
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 September 30, 2025, the
value of these securities total $1,738,523 or 4.3% of the Fund’s net
assets.
|
|
(c)
|
To the extent that the Fund invests more heavily in
a particular industry or sector of the economy, its performance will be
especially sensitive to developments that significantly affect those
industries or sectors.
|
|
(d)
|
The rate shown represents the 7-day annualized
yield as of September 30, 2025.
|
|
(e)
|
Represents less than 0.05% of net assets.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
GLOBAL SYSTEMICALLY IMPORTANT BANKS ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.7%
|
|
|
|
|
|
|
|
Banking
- 81.9%(a)
|
|
|
|
|
|
|
|
Agricultural
Bank of China Ltd. - Class H |
|
|
1,071,082 |
|
|
$722,593 |
|
Banco
Santander SA - ADR |
|
|
69,960 |
|
|
733,181 |
|
Bank
of America Corp. |
|
|
13,765 |
|
|
710,136 |
|
Bank
of China Ltd. - Class H |
|
|
1,309,429 |
|
|
716,808 |
|
Bank
of Communications Co. Ltd. - Class H |
|
|
846,714 |
|
|
710,496 |
|
Barclays
PLC - ADR |
|
|
35,178 |
|
|
727,129 |
|
BNP
Paribas SA - ADR |
|
|
15,951 |
|
|
726,089 |
|
China
Construction Bank Corp. - Class H |
|
|
747,902 |
|
|
718,882 |
|
Citigroup,
Inc. |
|
|
6,990 |
|
|
709,485 |
|
Credit
Agricole SA |
|
|
36,780 |
|
|
721,998 |
|
Deutsche
Bank AG |
|
|
20,293 |
|
|
718,575 |
|
HSBC
Holdings PLC - ADR |
|
|
10,363 |
|
|
735,566 |
|
Industrial
& Commercial Bank of China Ltd. - ADR |
|
|
49,198 |
|
|
722,227 |
|
ING
Groep NV - ADR |
|
|
27,918 |
|
|
728,101 |
|
JPMorgan
Chase & Co. |
|
|
2,278 |
|
|
718,550 |
|
Mitsubishi
UFJ Financial Group, Inc. - ADR |
|
|
44,992 |
|
|
717,172 |
|
Mizuho
Financial Group, Inc. - ADR |
|
|
105,379 |
|
|
706,039 |
|
Royal
Bank of Canada |
|
|
4,880 |
|
|
718,922 |
|
Societe
Generale SA |
|
|
10,745 |
|
|
710,993 |
|
Standard
Chartered PLC - ADR |
|
|
18,512 |
|
|
727,892 |
|
Sumitomo
Mitsui Financial Group, Inc. - ADR |
|
|
42,371 |
|
|
709,291 |
|
Toronto-Dominion
Bank |
|
|
9,063 |
|
|
724,587 |
|
Wells
Fargo & Co. |
|
|
8,481 |
|
|
710,877
|
|
|
|
|
|
|
|
16,545,589
|
|
Financial
Services - 17.8%
|
|
|
|
|
|
|
|
Bank
of New York Mellon Corp. |
|
|
6,562 |
|
|
714,995 |
|
Goldman
Sachs Group, Inc. |
|
|
901 |
|
|
717,511 |
|
Morgan
Stanley |
|
|
4,506 |
|
|
716,274 |
|
State
Street Corp. |
|
|
6,262 |
|
|
726,455 |
|
UBS
Group AG |
|
|
17,657 |
|
|
723,937
|
|
|
|
|
|
|
|
3,599,172
|
|
TOTAL COMMON STOCKS
(Cost $17,809,088) |
|
|
|
|
|
20,144,761
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
Money
Market Funds - 0.1%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X,
4.02%(b) |
|
|
15,694 |
|
|
15,694
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $15,694) |
|
|
|
|
|
15,694
|
|
TOTAL
INVESTMENTS - 99.8%
(Cost $17,824,782) |
|
|
|
|
|
$20,160,455
|
|
Other
Assets in Excess of
Liabilities
- 0.2% |
|
|
|
|
|
32,258
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$20,192,713 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
PLC
- Public Limited Company
|
(a)
|
To the extent that the Fund invests more heavily in
a particular industry or sector of the economy, its performance will be
especially sensitive to developments that significantly affect those
industries or sectors.
|
|
(b)
|
The rate shown represents the 7-day annualized
yield as of September 30, 2025.
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
THEMES
GOLD MINERS ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.7%
|
|
|
|
|
|
|
|
Materials
- 99.7%(a)
|
|
|
|
|
|
|
|
Agnico
Eagle Mines Ltd. |
|
|
4,988 |
|
|
$840,114 |
|
Alamos
Gold, Inc. - Class A |
|
|
24,075 |
|
|
839,174 |
|
Anglogold
Ashanti PLC |
|
|
12,512 |
|
|
879,969 |
|
B2Gold
Corp. |
|
|
172,130 |
|
|
850,941 |
|
Capricorn
Metals Ltd.(b) |
|
|
59,246 |
|
|
518,656 |
|
DPM
Metals, Inc. |
|
|
27,255 |
|
|
604,165 |
|
Endeavour
Mining PLC |
|
|
20,163 |
|
|
846,971 |
|
Equinox
Gold Corp.(b) |
|
|
85,384 |
|
|
956,482 |
|
Genesis
Minerals Ltd.(b) |
|
|
161,481 |
|
|
629,358 |
|
Gold
Fields Ltd. - ADR |
|
|
22,152 |
|
|
929,498 |
|
IAMGOLD
Corp.(b) |
|
|
77,934 |
|
|
1,006,865 |
|
K92
Mining, Inc.(b) |
|
|
38,102 |
|
|
460,499 |
|
Kinross
Gold Corp. |
|
|
34,872 |
|
|
865,473 |
|
Lundin
Gold, Inc. |
|
|
11,988 |
|
|
776,718 |
|
Northern
Star Resources Ltd. |
|
|
59,078 |
|
|
927,650 |
|
OceanaGold
Corp. |
|
|
37,651 |
|
|
803,773 |
|
Orla
Mining Ltd.(b) |
|
|
33,881 |
|
|
365,419 |
|
Perseus
Mining Ltd. |
|
|
225,423 |
|
|
730,895 |
|
Ramelius
Resources Ltd. |
|
|
309,834 |
|
|
795,466 |
|
Regis
Resources Ltd. |
|
|
121,539 |
|
|
483,338 |
|
Torex
Gold Resources, Inc.(b) |
|
|
14,039 |
|
|
583,470 |
|
Vault
Minerals Ltd.(b) |
|
|
1,018,644 |
|
|
444,864 |
|
Wesdome
Gold Mines Ltd.(b) |
|
|
23,950 |
|
|
373,095 |
|
West
African Resources Ltd.(b) |
|
|
137,931 |
|
|
277,457 |
|
Westgold
Resources Ltd. |
|
|
153,080 |
|
|
453,793 |
|
Zhaojin
Mining Industry Co. Ltd. -
Class H |
|
|
245,913 |
|
|
987,830
|
|
TOTAL
COMMON STOCKS
(Cost $16,429,852) |
|
|
|
|
|
18,231,933
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
Money
Market Funds - 0.1%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X,
4.02%(c) |
|
|
16,521 |
|
|
16,521
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $16,521) |
|
|
|
|
|
16,521
|
|
TOTAL
INVESTMENTS - 99.8%
(Cost $16,446,373) |
|
|
|
|
|
$18,248,454
|
|
Other
Assets in Excess of
Liabilities
- 0.2% |
|
|
|
|
|
39,134
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$18,287,588 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
PLC
- Public Limited Company
|
(a)
|
To the extent that the Fund invests more heavily in
a particular industry or sector 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 September 30, 2025.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
HUMANOID ROBOTICS ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.6%
|
|
|
|
|
|
|
|
Consumer
Discretionary Products - 14.5%
|
|
|
|
|
|
|
|
Ecovacs
Robotics Co. Ltd. - Class A |
|
|
23,800 |
|
|
$359,418 |
|
Tesla,
Inc.(a) |
|
|
646 |
|
|
287,289 |
|
XPeng,
Inc. - Class A(a) |
|
|
13,200 |
|
|
158,004
|
|
|
|
|
|
|
|
804,711
|
|
Industrial
Products - 70.8%(b)
|
|
|
|
|
|
|
|
Clobot
Co. Ltd.(a) |
|
|
9,157 |
|
|
187,310 |
|
CMES,
Inc./Korea(a) |
|
|
4,950 |
|
|
93,846 |
|
CSG
Smart Science&Technology Co. Ltd. - Class A(a) |
|
|
24,700 |
|
|
47,051 |
|
EFORT
Intelligent Robot Co. Ltd.(a) |
|
|
59,900 |
|
|
212,557 |
|
Estun
Automation Co. Ltd. - Class A(a) |
|
|
33,900 |
|
|
121,914 |
|
Guangdong
Topstar Technology Co. Ltd. - Class A(a) |
|
|
22,900 |
|
|
115,104 |
|
Harmonic
Drive Systems, Inc. |
|
|
3,900 |
|
|
69,806 |
|
Hesai
Group - ADR(a) |
|
|
8,253 |
|
|
231,909 |
|
Hirata
Corp. |
|
|
11,000 |
|
|
144,822 |
|
Hyulim
ROBOT Co. Ltd.(a) |
|
|
89,801 |
|
|
204,813 |
|
MDA
Space Ltd.(a) |
|
|
6,645 |
|
|
165,492 |
|
Neuromeka
Co. Ltd.(a) |
|
|
11,321 |
|
|
224,314 |
|
Palladyne
AI Corp.(a) |
|
|
22,442 |
|
|
192,777 |
|
Rainbow
Robotics(a) |
|
|
992 |
|
|
218,473 |
|
Richtech
Robotics, Inc. - Class B(a) |
|
|
100,985 |
|
|
433,226 |
|
Shanghai
Kelai Mechatronics Engineering Co. Ltd. - Class A |
|
|
62,300 |
|
|
187,991 |
|
Shanghai
STEP Electric Corp. -
Class A(a) |
|
|
5,900 |
|
|
16,974 |
|
Shenzhen
Inovance Technology Co. Ltd. - Class A |
|
|
16,000 |
|
|
188,401 |
|
Shenzhen
Zhaowei Machinery & Electronic Co. Ltd. - Class A |
|
|
4,000 |
|
|
77,067 |
|
T-Robotics
Co. Ltd.(a) |
|
|
21,696 |
|
|
184,943 |
|
UBTech
Robotics Corp. Ltd. - Class H(a) |
|
|
19,500 |
|
|
386,144 |
|
Yaskawa
Electric Corp. |
|
|
1,200 |
|
|
25,617 |
|
Yijiahe
Technology Co. Ltd. - Class A(a) |
|
|
42,000 |
|
|
201,786
|
|
|
|
|
|
|
|
3,932,337
|
|
Media
- 3.7%
|
|
|
|
|
|
|
|
Serve
Robotics, Inc.(a) |
|
|
17,858 |
|
|
207,689
|
|
Software
& Technology Services - 2.0%
|
|
|
|
|
|
|
|
Cambricon
Technologies Corp. Ltd. - Class A(a) |
|
|
600 |
|
|
111,682
|
|
Tech
Hardware & Semiconductors - 8.6%
|
|
|
|
|
|
|
|
NVIDIA
Corp. |
|
|
1,171 |
|
|
218,485 |
|
Teradyne,
Inc. |
|
|
1,867 |
|
|
256,974
|
|
|
|
|
|
|
|
475,459
|
|
TOTAL COMMON STOCKS
(Cost $5,119,751) |
|
|
|
|
|
5,531,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
Money
Market Funds - 0.4%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X,
4.02%(c) |
|
|
22,154 |
|
|
$22,154
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $22,154) |
|
|
|
|
|
22,154
|
|
TOTAL
INVESTMENTS - 100.0%
(Cost $5,141,905) |
|
|
|
|
|
$5,554,032
|
|
Other
Assets in Excess of
Liabilities
- 0.0%(d) |
|
|
|
|
|
1,957
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$5,555,989 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
|
(a)
|
Non-income producing security.
|
|
(b)
|
To the extent that the Fund invests more heavily in
a particular industry or sector of the economy, its performance will be
especially sensitive to developments that significantly affect those
industries or sectors.
|
|
(c)
|
The rate shown represents the 7-day annualized
yield as of September 30, 2025.
|
|
(d)
|
Represents less than 0.05% of net assets.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
LITHIUM & BATTERY METAL MINERS ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.5%
|
|
|
|
|
|
|
|
Materials
- 99.5%(a)
|
|
|
|
|
|
|
|
Albemarle
Corp. |
|
|
252 |
|
|
$20,432 |
|
AMG
Critical Materials NV |
|
|
625 |
|
|
21,045 |
|
Beijing
Easpring Material Technology Co. Ltd. - Class A |
|
|
1,200 |
|
|
11,192 |
|
Canada
Nickel Co., Inc.(b) |
|
|
1,587 |
|
|
1,163 |
|
Chalice
Mining Ltd.(b) |
|
|
7,760 |
|
|
12,786 |
|
Core
Lithium Ltd.(b) |
|
|
37,537 |
|
|
2,608 |
|
Elevra
Lithium Ltd.(b) |
|
|
1,008 |
|
|
2,401 |
|
Eramet
SA |
|
|
148 |
|
|
9,696 |
|
Ganfeng
Lithium Group Co. Ltd. -
Class A |
|
|
1,500 |
|
|
12,829 |
|
Ganzhou
Teng Yuan Cobalt New Material Co. Ltd. - Class A |
|
|
900 |
|
|
9,624 |
|
GEM
Co. Ltd. - Class A |
|
|
9,100 |
|
|
10,764 |
|
Guangzhou
Tinci Materials Technology Co. Ltd. - Class A |
|
|
2,616 |
|
|
14,027 |
|
IGO
Ltd.(b) |
|
|
6,387 |
|
|
21,892 |
|
ioneer
Ltd.(b) |
|
|
27,047 |
|
|
2,953 |
|
Jiangsu
Ruitai New Energy Materials Co. Ltd. - Class A |
|
|
3,100 |
|
|
9,672 |
|
Latin
Resources Ltd.(b)(c) |
|
|
2,024 |
|
|
0 |
|
Liontown
Resources Ltd.(b) |
|
|
33,307 |
|
|
21,709 |
|
Lithium
Americas Corp.(b) |
|
|
2,939 |
|
|
16,789 |
|
Lithium
Argentina AG(b) |
|
|
453 |
|
|
1,510 |
|
Mineral
Resources Ltd.(b) |
|
|
835 |
|
|
22,731 |
|
Minerals
260 Ltd.(b) |
|
|
14,414 |
|
|
2,384 |
|
Ningbo
Shanshan Co. Ltd. - Class A(b) |
|
|
5,500 |
|
|
12,285 |
|
Pilbara
Minerals Ltd.(b) |
|
|
12,960 |
|
|
21,611 |
|
PMET
Resources, Inc.(b) |
|
|
861 |
|
|
2,468 |
|
Shanghai
Putailai New Energy Technology Co. Ltd. - Class A |
|
|
2,600 |
|
|
11,293 |
|
Shenzhen
Capchem Technology Co. Ltd. - Class A |
|
|
1,400 |
|
|
10,498 |
|
Sichuan
Yahua Industrial Group Co. Ltd. - Class A |
|
|
4,800 |
|
|
10,027 |
|
Sigma
Lithium Corp.(b) |
|
|
150 |
|
|
948 |
|
Sociedad
Quimica y Minera de Chile SA - ADR(b) |
|
|
210 |
|
|
9,026 |
|
St
George Mining Ltd.(b) |
|
|
37,392 |
|
|
3,093 |
|
Standard
Lithium Ltd.(b) |
|
|
477 |
|
|
1,638 |
|
Syrah
Resources Ltd.(b) |
|
|
20,573 |
|
|
3,608 |
|
Talon
Metals Corp.(b) |
|
|
6,838 |
|
|
2,162 |
|
Tianqi
Lithium Corp. - Class A(b) |
|
|
1,400 |
|
|
9,356 |
|
Vulcan
Energy Resources Ltd.(b) |
|
|
3,705 |
|
|
14,710 |
|
Xiamen
Tungsten Co. Ltd. |
|
|
2,300 |
|
|
9,564 |
|
Youngy
Co. Ltd. - Class A |
|
|
1,800 |
|
|
9,945 |
|
Zhejiang
Huayou Cobalt Co. Ltd. - Class A |
|
|
1,300 |
|
|
12,035
|
|
TOTAL
COMMON STOCKS
(Cost $265,866) |
|
|
|
|
|
372,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
Money
Market Funds - 0.4%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X,
4.02%(d) |
|
|
1,379 |
|
|
$1,379
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $1,379) |
|
|
|
|
|
1,379
|
|
TOTAL
INVESTMENTS - 99.9%
(Cost $267,245) |
|
|
|
|
|
$373,853
|
|
Other
Assets in Excess of
Liabilities
- 0.1% |
|
|
|
|
|
237
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$374,090 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
|
(a)
|
To the extent that the Fund invests more heavily in
a particular industry or sector of the economy, its performance will be
especially sensitive to developments that significantly affect those
industries or sectors.
|
|
(b)
|
Non-income producing security.
|
|
(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 September 30,
2025.
|
|
(d)
|
The rate shown represents the 7-day annualized
yield as of September 30, 2025.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
NATURAL MONOPOLY ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.7%
|
|
|
|
|
|
|
|
Consumer
Discretionary Products - 1.2%
|
|
|
|
|
|
|
|
Ferrari
NV |
|
|
19 |
|
|
$9,182 |
|
Suzuki
Motor Corp. |
|
|
700 |
|
|
10,226
|
|
|
|
|
|
|
|
19,408
|
|
Consumer
Staple Products - 4.4%
|
|
|
|
|
|
|
|
Anheuser-Busch
InBev SA/NV |
|
|
217 |
|
|
12,942 |
|
Coca-Cola
Co. |
|
|
210 |
|
|
13,927 |
|
General
Mills, Inc. |
|
|
289 |
|
|
14,571 |
|
PepsiCo,
Inc. |
|
|
113 |
|
|
15,870 |
|
Procter
& Gamble Co. |
|
|
93 |
|
|
14,290
|
|
|
|
|
|
|
|
71,600
|
|
Financial
Services - 11.6%
|
|
|
|
|
|
|
|
Blackrock,
Inc. |
|
|
55 |
|
|
64,123 |
|
Corpay,
Inc.(a) |
|
|
13 |
|
|
3,745 |
|
Experian
PLC |
|
|
83 |
|
|
4,155 |
|
Mastercard,
Inc. - Class A |
|
|
102 |
|
|
58,019 |
|
Moody’s
Corp. |
|
|
9 |
|
|
4,288 |
|
Visa,
Inc. - Class A |
|
|
162 |
|
|
55,303
|
|
|
|
|
|
|
|
189,633
|
|
Health
Care - 9.6%
|
|
|
|
|
|
|
|
AbbVie,
Inc. |
|
|
139 |
|
|
32,184 |
|
Cencora,
Inc. |
|
|
9 |
|
|
2,813 |
|
EssilorLuxottica
SA |
|
|
95 |
|
|
30,784 |
|
Fresenius
Medical Care AG |
|
|
49 |
|
|
2,569 |
|
Fresenius
SE & Co. KGaA |
|
|
56 |
|
|
3,116 |
|
Johnson
& Johnson |
|
|
169 |
|
|
31,336 |
|
Labcorp
Holdings, Inc. |
|
|
11 |
|
|
3,158 |
|
Novartis
AG |
|
|
214 |
|
|
26,915 |
|
Novo
Nordisk AS |
|
|
374 |
|
|
20,273 |
|
Quest
Diagnostics, Inc. |
|
|
16 |
|
|
3,049
|
|
|
|
|
|
|
|
156,197
|
|
Industrial
Products - 17.8%
|
|
|
|
|
|
|
|
AMETEK,
Inc. |
|
|
75 |
|
|
14,100 |
|
Amphenol
Corp. - Class A |
|
|
593 |
|
|
73,384 |
|
Assa
Abloy AB - Class B |
|
|
292 |
|
|
10,130 |
|
Atlas
Copco AB - Class A |
|
|
842 |
|
|
14,212 |
|
BAE
Systems PLC |
|
|
2,264 |
|
|
62,694 |
|
Dover
Corp. |
|
|
74 |
|
|
12,345 |
|
Honeywell
International, Inc. |
|
|
251 |
|
|
52,835 |
|
Schneider
Electric SE |
|
|
51 |
|
|
14,227 |
|
Snap-on,
Inc. |
|
|
29 |
|
|
10,049 |
|
Techtronic
Industries Co. Ltd. |
|
|
800 |
|
|
10,234 |
|
Xylem,
Inc. |
|
|
104 |
|
|
15,340
|
|
|
|
|
|
|
|
289,550
|
|
Industrial
Services - 3.4%
|
|
|
|
|
|
|
|
Canadian
Pacific Kansas City Ltd. |
|
|
74 |
|
|
5,511 |
|
Compass
Group PLC |
|
|
234 |
|
|
7,959 |
|
CSX
Corp. |
|
|
180 |
|
|
6,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FedEx
Corp. |
|
|
26 |
|
|
$6,131 |
|
Kuehne
+ Nagel International AG |
|
|
27 |
|
|
5,025 |
|
RELX
PLC |
|
|
79 |
|
|
3,779 |
|
Republic
Services, Inc. |
|
|
18 |
|
|
4,131 |
|
Stantec,
Inc. |
|
|
40 |
|
|
4,314 |
|
Vinci
SA |
|
|
30 |
|
|
4,154 |
|
Waste
Management, Inc. |
|
|
19 |
|
|
4,196 |
|
WSP
Global, Inc. |
|
|
21 |
|
|
4,127
|
|
|
|
|
|
|
|
55,719
|
|
Insurance
- 7.0%
|
|
|
|
|
|
|
|
Aon
PLC - Class A |
|
|
161 |
|
|
57,410 |
|
Arthur
J Gallagher & Co. |
|
|
180 |
|
|
55,753
|
|
|
|
|
|
|
|
113,163
|
|
Materials
- 3.4%
|
|
|
|
|
|
|
|
Air
Liquide SA |
|
|
27 |
|
|
5,606 |
|
CRH
PLC |
|
|
50 |
|
|
5,995 |
|
Ecolab,
Inc. |
|
|
20 |
|
|
5,477 |
|
Fortescue
Ltd. |
|
|
457 |
|
|
5,649 |
|
Heidelberg
Materials AG |
|
|
20 |
|
|
4,498 |
|
Holcim
AG |
|
|
62 |
|
|
5,245 |
|
Nippon
Paint Holdings Co. Ltd. |
|
|
700 |
|
|
4,781 |
|
Sherwin-Williams
Co. |
|
|
16 |
|
|
5,540 |
|
Sika
AG |
|
|
20 |
|
|
4,449 |
|
Sumitomo
Corp. |
|
|
100 |
|
|
2,900 |
|
Vulcan
Materials Co. |
|
|
18 |
|
|
5,537
|
|
|
|
|
|
|
|
55,677
|
|
Media
- 6.0%
|
|
|
|
|
|
|
|
Airbnb,
Inc. - Class A(a) |
|
|
60 |
|
|
7,285 |
|
Charter
Communications, Inc. - Class A(a) |
|
|
19 |
|
|
5,227 |
|
Comcast
Corp. - Class A |
|
|
222 |
|
|
6,975 |
|
Expedia
Group, Inc. |
|
|
47 |
|
|
10,046 |
|
Meta
Platforms, Inc. - Class A |
|
|
78 |
|
|
57,282 |
|
Omnicom
Group, Inc. |
|
|
59 |
|
|
4,811 |
|
Uber
Technologies, Inc.(a) |
|
|
63 |
|
|
6,172
|
|
|
|
|
|
|
|
97,798
|
|
Oil
& Gas - 2.7%
|
|
|
|
|
|
|
|
Aker
BP ASA |
|
|
330 |
|
|
8,369 |
|
Chevron
Corp. |
|
|
59 |
|
|
9,162 |
|
Suncor
Energy, Inc. |
|
|
225 |
|
|
9,416 |
|
TotalEnergies
SE |
|
|
137 |
|
|
8,321 |
|
Var
Energi ASA |
|
|
2,625 |
|
|
8,759
|
|
|
|
|
|
|
|
44,027
|
|
Retail
& Wholesale - Discretionary - 4.3%
|
|
|
|
|
|
|
|
Copart,
Inc.(a) |
|
|
446 |
|
|
20,057 |
|
Ferguson
Enterprises, Inc. |
|
|
12 |
|
|
2,695 |
|
Home
Depot, Inc. |
|
|
60 |
|
|
24,311 |
|
Industria
de Diseno Textil SA |
|
|
422 |
|
|
23,271
|
|
|
|
|
|
|
|
70,334
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
NATURAL MONOPOLY ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025(Continued)
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - (Continued)
|
|
Retail
& Wholesale - Staples - 3.3%
|
|
|
|
|
|
|
|
Alimentation
Couche-Tard, Inc. |
|
|
441 |
|
|
$23,528 |
|
ITOCHU
Corp. |
|
|
100 |
|
|
5,698 |
|
Koninklijke
Ahold Delhaize NV |
|
|
525 |
|
|
21,234 |
|
Sysco
Corp. |
|
|
36 |
|
|
2,964
|
|
|
|
|
|
|
|
53,424
|
|
Software
& Technology Services - 13.1%
|
|
|
|
|
|
|
|
Adobe,
Inc.(a) |
|
|
148 |
|
|
52,207 |
|
Autodesk,
Inc.(a) |
|
|
185 |
|
|
58,769 |
|
Intuit,
Inc. |
|
|
73 |
|
|
49,853 |
|
Pro
Medicus Ltd. |
|
|
15 |
|
|
3,060 |
|
Sage
Group PLC |
|
|
3,342 |
|
|
49,441
|
|
|
|
|
|
|
|
213,330
|
|
Tech
Hardware & Semiconductors - 7.8%
|
|
|
|
|
|
|
|
Broadcom,
Inc. |
|
|
212 |
|
|
69,941 |
|
Cisco
Systems, Inc. |
|
|
844 |
|
|
57,746
|
|
|
|
|
|
|
|
127,687
|
|
Telecommunications
- 1.5%
|
|
|
|
|
|
|
|
AT&T,
Inc. |
|
|
175 |
|
|
4,942 |
|
HKT
Trust & HKT Ltd. |
|
|
3,360 |
|
|
4,974 |
|
KDDI
Corp. |
|
|
300 |
|
|
4,788 |
|
SoftBank
Corp. |
|
|
3,300 |
|
|
4,858 |
|
Verizon
Communications, Inc. |
|
|
118 |
|
|
5,186
|
|
|
|
|
|
|
|
24,748
|
|
Utilities
- 2.6%
|
|
|
|
|
|
|
|
American
Water Works Co., Inc. |
|
|
60 |
|
|
8,351 |
|
Duke
Energy Corp. |
|
|
70 |
|
|
8,663 |
|
Exelon
Corp. |
|
|
192 |
|
|
8,642 |
|
National
Grid PLC |
|
|
572 |
|
|
8,212 |
|
Terna
- Rete Elettrica Nazionale |
|
|
812 |
|
|
8,235
|
|
|
|
|
|
|
|
42,103
|
|
TOTAL COMMON STOCKS
(Cost $1,515,217) |
|
|
|
|
|
1,624,398
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
Money
Market Funds - 0.2%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X,
4.02%(b) |
|
|
2,529 |
|
|
2,529
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $2,529) |
|
|
|
|
|
2,529
|
|
TOTAL
INVESTMENTS - 99.9%
(Cost $1,517,746) |
|
|
|
|
|
$1,626,927
|
|
Other
Assets in Excess of Liabilities - 0.1% |
|
|
|
|
|
2,278
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$1,629,205 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
PLC
- Public Limited Company
|
(a)
|
Non-income producing security.
|
|
(b)
|
The rate shown represents the 7-day annualized
yield as of September 30,
2025. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
SILVER MINERS ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.5%
|
|
|
|
|
|
|
|
Materials
- 99.5%(a)
|
|
|
|
|
|
|
|
AbraSilver
Resource Corp.(b) |
|
|
12,372 |
|
|
$66,941 |
|
Americas
Gold & Silver Corp.(b) |
|
|
19,636 |
|
|
73,228 |
|
Andean
Silver Ltd.(b) |
|
|
14,906 |
|
|
20,121 |
|
Avino
Silver & Gold Mines Ltd.(b) |
|
|
1,617 |
|
|
8,482 |
|
Aya
Gold & Silver, Inc.(b) |
|
|
11,641 |
|
|
134,670 |
|
Baiyin
Nonferrous Group Co. Ltd. - Class A |
|
|
300 |
|
|
177 |
|
Coeur
Mining, Inc.(b) |
|
|
6,595 |
|
|
123,722 |
|
Discovery
Silver Corp.(b) |
|
|
46,287 |
|
|
171,618 |
|
Endeavour
Silver Corp.(b) |
|
|
25,035 |
|
|
196,274 |
|
First
Majestic Silver Corp. |
|
|
19,047 |
|
|
233,896 |
|
Fortuna
Mining Corp.(b) |
|
|
413 |
|
|
3,698 |
|
Freeport-McMoRan,
Inc. |
|
|
1,988 |
|
|
77,969 |
|
Fresnillo
PLC |
|
|
11,480 |
|
|
364,371 |
|
GoGold
Resources, Inc.(b) |
|
|
33,580 |
|
|
65,148 |
|
Hecla
Mining Co. |
|
|
7,428 |
|
|
89,879 |
|
Hochschild
Mining PLC |
|
|
3,440 |
|
|
16,442 |
|
Industrias
Penoles SAB de CV(b) |
|
|
7,912 |
|
|
353,617 |
|
Inner
Mongolia Xingye Silver&Tin Mining Co. Ltd. - Class A |
|
|
1,200 |
|
|
5,545 |
|
Jiangxi
Copper Co. Ltd. - Class A |
|
|
1,000 |
|
|
4,986 |
|
Jiangxi
Copper Co. Ltd. - Class H |
|
|
11,400 |
|
|
44,680 |
|
KGHM
Polska Miedz SA(b) |
|
|
1,540 |
|
|
67,792 |
|
MMG
Ltd.(b) |
|
|
7,056 |
|
|
6,120 |
|
Newmont
Corp. |
|
|
4,280 |
|
|
360,847 |
|
OR
Royalties, Inc. |
|
|
2,093 |
|
|
83,889 |
|
Pan
American Silver Corp. |
|
|
4,167 |
|
|
161,388 |
|
Shandong
Gold Mining Co. Ltd. - Class A |
|
|
200 |
|
|
1,105 |
|
Shandong
Gold Mining Co. Ltd. - Class H(c) |
|
|
1,200 |
|
|
5,696 |
|
Silvercorp
Metals, Inc. |
|
|
19,838 |
|
|
125,155 |
|
Southern
Copper Corp. |
|
|
1,016 |
|
|
123,307 |
|
SSR
Mining, Inc.(b) |
|
|
2,248 |
|
|
54,896 |
|
Teck
Resources Ltd. - Class B |
|
|
611 |
|
|
26,803 |
|
Triple
Flag Precious Metals Corp. |
|
|
4,914 |
|
|
143,850 |
|
Vizsla
Silver Corp.(b) |
|
|
31,062 |
|
|
134,140 |
|
Wheaton
Precious Metals Corp. |
|
|
1,984 |
|
|
222,022 |
|
Yunnan
Chihong Zinc&Germanium Co. Ltd. |
|
|
200 |
|
|
181 |
|
Zijin
Mining Group Co. Ltd. - Class A |
|
|
7,400 |
|
|
30,604 |
|
Zijin
Mining Group Co. Ltd. - Class H |
|
|
32,833 |
|
|
137,543
|
|
TOTAL
COMMON STOCKS
(Cost $3,243,113) |
|
|
|
|
|
3,740,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
Money
Market Funds - 0.2%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X,
4.02%(d) |
|
|
6,071 |
|
|
$6,071
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $6,071) |
|
|
|
|
|
6,071
|
|
TOTAL
INVESTMENTS - 99.7%
(Cost $3,249,184) |
|
|
|
|
|
$3,746,873
|
|
Other
Assets in Excess of Liabilities - 0.3% |
|
|
|
|
|
10,764
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$3,757,637 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
PLC
- Public Limited Company
|
(a)
|
To the extent that the Fund invests more heavily in
a particular industry or sector of the economy, its performance will be
especially sensitive to developments that significantly affect those
industries or sectors.
|
|
(b)
|
Non-income producing security.
|
|
(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 September 30, 2025, the
value of these securities total $5,696 or 0.2% of the Fund’s net
assets.
|
|
(d)
|
The rate shown represents the 7-day annualized
yield as of September 30, 2025.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
TRANSATLANTIC DEFENSE ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.6%
|
|
|
|
|
|
|
|
Consumer
Discretionary Products - 0.1%
|
|
|
|
|
|
|
|
Colt
CZ Group SE |
|
|
703 |
|
|
$26,174 |
|
Smith
& Wesson Brands, Inc. |
|
|
2,273 |
|
|
22,344
|
|
|
|
|
|
|
|
48,518
|
|
Financial
Services - 0.8%
|
|
|
|
|
|
|
|
FTAI
Aviation Ltd. |
|
|
2,720 |
|
|
453,859
|
|
Industrial
Products - 96.9%(a)
|
|
|
|
|
|
|
|
AAR
Corp.(b) |
|
|
915 |
|
|
82,048 |
|
AeroVironment,
Inc.(b) |
|
|
862 |
|
|
271,435 |
|
Airbus
SE |
|
|
15,205 |
|
|
3,523,883 |
|
Altinay
Savunma Teknolojileri AS(b) |
|
|
12,480 |
|
|
21,762 |
|
Archer
Aviation, Inc. - Class A(b) |
|
|
14,223 |
|
|
136,256 |
|
Aselsan
Elektronik Sanayi Ve Ticaret AS |
|
|
32,242 |
|
|
166,727 |
|
Astronics
Corp.(b) |
|
|
1,209 |
|
|
55,143 |
|
Avio
SpA |
|
|
945 |
|
|
59,357 |
|
Axon
Enterprise, Inc.(b) |
|
|
2,002 |
|
|
1,436,715 |
|
BAE
Systems PLC |
|
|
82,636 |
|
|
2,288,313 |
|
Bodycote
PLC |
|
|
4,822 |
|
|
41,764 |
|
Boeing
Co.(b) |
|
|
18,574 |
|
|
4,008,826 |
|
Bombardier,
Inc. - Class B(b) |
|
|
2,270 |
|
|
318,113 |
|
BWX
Technologies, Inc. |
|
|
2,488 |
|
|
458,713 |
|
Byrna
Technologies, Inc.(b) |
|
|
1,056 |
|
|
23,401 |
|
Cadre
Holdings, Inc. |
|
|
631 |
|
|
23,038 |
|
Chemring
Group PLC |
|
|
7,430 |
|
|
58,856 |
|
Cirrus
Aircraft Ltd. |
|
|
4,939 |
|
|
39,001 |
|
Cohort
PLC |
|
|
1,240 |
|
|
23,881 |
|
Crane
Co. |
|
|
1,308 |
|
|
240,855 |
|
Curtiss-Wright
Corp. |
|
|
1,018 |
|
|
552,713 |
|
Dassault
Aviation SA |
|
|
495 |
|
|
165,397 |
|
Ducommun,
Inc.(b) |
|
|
373 |
|
|
35,857 |
|
Exail
Technologies SA(b) |
|
|
247 |
|
|
29,463 |
|
General
Dynamics Corp. |
|
|
6,049 |
|
|
2,062,709 |
|
GE
Aerospace |
|
|
16,814 |
|
|
5,057,988 |
|
HEICO
Corp. |
|
|
1,123 |
|
|
362,527 |
|
Hexcel
Corp. |
|
|
2,125 |
|
|
133,238 |
|
Honeywell
International, Inc. |
|
|
16,735 |
|
|
3,522,718 |
|
Howmet
Aerospace, Inc. |
|
|
10,943 |
|
|
2,147,345 |
|
Huntington
Ingalls Industries, Inc. |
|
|
1,052 |
|
|
302,881 |
|
Intuitive
Machines, Inc.(b) |
|
|
2,768 |
|
|
29,119 |
|
Joby
Aviation, Inc.(b) |
|
|
11,844 |
|
|
191,162 |
|
Karman
Holdings, Inc.(b) |
|
|
1,381 |
|
|
99,708 |
|
Kratos
Defense & Security Solutions, Inc.(b) |
|
|
4,462 |
|
|
407,693 |
|
L3Harris
Technologies, Inc. |
|
|
5,118 |
|
|
1,563,088 |
|
Leonardo
DRS, Inc. |
|
|
1,425 |
|
|
64,695 |
|
Leonardo
SpA |
|
|
10,981 |
|
|
696,441 |
|
Loar
Holdings, Inc.(b) |
|
|
518 |
|
|
41,440 |
|
Lockheed
Martin Corp. |
|
|
5,145 |
|
|
2,568,436 |
|
Melrose
Industries PLC |
|
|
34,550 |
|
|
282,887 |
|
Mercury
Systems, Inc.(b) |
|
|
1,386 |
|
|
107,276 |
|
Mirion
Technologies, Inc.(b) |
|
|
5,476 |
|
|
127,372 |
|
Moog,
Inc. - Class A |
|
|
760 |
|
|
157,829 |
|
MTU
Aero Engines AG |
|
|
1,449 |
|
|
665,000 |
|
National
Presto Industries, Inc. |
|
|
173 |
|
|
19,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northrop
Grumman Corp. |
|
|
3,951 |
|
|
$2,407,423 |
|
OSI
Systems, Inc.(b) |
|
|
429 |
|
|
106,924 |
|
QinetiQ
Group PLC |
|
|
13,131 |
|
|
97,041 |
|
Redwire
Corp.(b) |
|
|
1,861 |
|
|
16,730 |
|
RENK
Group AG |
|
|
1,520 |
|
|
156,345 |
|
Rheinmetall
AG |
|
|
1,084 |
|
|
2,525,621 |
|
Rocket
Lab Corp.(b) |
|
|
11,241 |
|
|
538,556 |
|
Rolls-Royce
Holdings PLC |
|
|
177,078 |
|
|
2,834,010 |
|
RTX
Corp. |
|
|
28,916 |
|
|
4,838,514 |
|
Saab
AB |
|
|
8,434 |
|
|
514,673 |
|
Safran
SA |
|
|
9,098 |
|
|
3,205,530 |
|
SDT
Uzay VE Savunma Teknolojileri AS |
|
|
6,095 |
|
|
30,287 |
|
Senior
PLC |
|
|
11,173 |
|
|
29,843 |
|
Spirit
AeroSystems Holdings, Inc. - Class A(b) |
|
|
3,062 |
|
|
118,193 |
|
Textron,
Inc. |
|
|
4,957 |
|
|
418,817 |
|
Thales
SA |
|
|
2,404 |
|
|
752,458 |
|
TransDigm
Group, Inc. |
|
|
1,578 |
|
|
2,079,836 |
|
Virgin
Galactic Holdings, Inc.(b) |
|
|
9,122 |
|
|
35,211
|
|
|
|
|
|
|
|
55,378,483
|
|
Software
& Technology Services - 0.1%
|
|
|
|
|
|
|
|
Amentum
Holdings, Inc.(b) |
|
|
3,811 |
|
|
91,273
|
|
Tech
Hardware & Semiconductors - 1.7%
|
|
|
|
|
|
|
|
Hensoldt
AG |
|
|
1,715 |
|
|
222,089 |
|
Teledyne
Technologies, Inc.(b) |
|
|
1,264 |
|
|
740,755
|
|
|
|
|
|
|
|
962,844
|
|
TOTAL COMMON STOCKS
(Cost $48,169,522) |
|
|
|
|
|
56,934,977
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
Money
Market Funds - 0.4%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X,
4.02%(c) |
|
|
228,980 |
|
|
228,980
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $228,980) |
|
|
|
|
|
228,980
|
|
TOTAL
INVESTMENTS - 100.0%
(Cost $48,398,502) |
|
|
|
|
|
$57,163,957
|
|
Other
Assets in Excess of
Liabilities
- 0.0%(d) |
|
|
|
|
|
7,413
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$57,171,370 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
PLC
- Public Limited Company
|
(a)
|
To the extent that the Fund invests more heavily in
a particular industry or sector 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 September 30, 2025. |
|
(d)
|
Represents less than 0.05% of net assets.
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
THEMES
URANIUM & NUCLEAR ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.4%
|
|
|
|
|
|
|
|
Industrial
Products - 14.3%
|
|
|
|
|
|
|
|
BWX
Technologies, Inc. |
|
|
1,810 |
|
|
$333,710 |
|
Chengdu
Guoguang Electric Co.
Ltd.
- Class A |
|
|
18,000 |
|
|
211,142 |
|
Lightbridge
Corp.(a) |
|
|
34,934 |
|
|
740,950 |
|
Mirion
Technologies, Inc.(a) |
|
|
16,362 |
|
|
380,580 |
|
NANO
Nuclear Energy, Inc.(a) |
|
|
11,945 |
|
|
460,599 |
|
NuScale
Power Corp.(a) |
|
|
15,940 |
|
|
573,840 |
|
RongFa
Nuclear Equipment Co.
Ltd.
- Class A(a) |
|
|
210,600 |
|
|
223,368
|
|
|
|
|
|
|
|
2,924,189
|
|
Materials
- 46.3%(b)
|
|
|
|
|
|
|
|
Atha
Energy Corp.(a) |
|
|
127,470 |
|
|
86,098 |
|
Aura
Energy Ltd.(a) |
|
|
173,124 |
|
|
30,930 |
|
Bannerman
Energy Ltd.(a) |
|
|
169,087 |
|
|
437,470 |
|
Boss
Energy Ltd.(a) |
|
|
349,286 |
|
|
476,112 |
|
Cameco
Corp. |
|
|
18,802 |
|
|
1,577,979 |
|
CanAlaska
Uranium Ltd.(a) |
|
|
79,283 |
|
|
66,083 |
|
Centrus
Energy Corp. - Class A(a) |
|
|
2,103 |
|
|
652,077 |
|
CGN
Mining Co. Ltd. |
|
|
1,486,004 |
|
|
601,509 |
|
Deep
Yellow Ltd.(a) |
|
|
405,517 |
|
|
525,928 |
|
Denison
Mines Corp.(a) |
|
|
224,042 |
|
|
616,570 |
|
Encore
Energy Corp.(a) |
|
|
54,563 |
|
|
176,035 |
|
Energy
Fuels, Inc.(a) |
|
|
22,456 |
|
|
344,700 |
|
IsoEnergy
Ltd.(a) |
|
|
21,909 |
|
|
220,712 |
|
Laramide
Resources Ltd.(a) |
|
|
63,432 |
|
|
32,817 |
|
Lotus
Resources Ltd.(a) |
|
|
2,280,107 |
|
|
354,555 |
|
NAC
Kazatomprom JSC - GDR |
|
|
11,011 |
|
|
586,886 |
|
NexGen
Energy Ltd.(a) |
|
|
71,732 |
|
|
642,222 |
|
Paladin
Energy Ltd.(a) |
|
|
100,735 |
|
|
554,580 |
|
Uranium
Energy Corp.(a) |
|
|
15,356 |
|
|
204,849 |
|
Uranium
Royalty Corp.(a) |
|
|
29,619 |
|
|
127,696 |
|
Ur-Energy,
Inc.(a) |
|
|
338,905 |
|
|
599,056 |
|
Yellow
Cake PLC(a)(c) |
|
|
72,558 |
|
|
556,712
|
|
|
|
|
|
|
|
9,471,576
|
|
Tech
Hardware & Semiconductors - 3.9%
|
|
|
|
|
|
|
|
Silex
Systems Ltd.(a) |
|
|
181,608 |
|
|
789,516
|
|
Utilities
- 34.9%(b)
|
|
|
|
|
|
|
|
American
Electric Power Co., Inc. |
|
|
6,177 |
|
|
694,913 |
|
CGN
Power Co. Ltd. - Class A |
|
|
1,011,400 |
|
|
514,335 |
|
China
National Nuclear Power Co. Ltd. -
Class A |
|
|
441,000 |
|
|
539,599 |
|
Constellation
Energy Corp. |
|
|
5,314 |
|
|
1,748,678 |
|
Duke
Energy Corp. |
|
|
5,545 |
|
|
686,194 |
|
Endesa
SA |
|
|
6,731 |
|
|
215,028 |
|
Kyushu
Electric Power Co., Inc. |
|
|
26,800 |
|
|
268,118 |
|
Oklo,
Inc.(a) |
|
|
8,948 |
|
|
998,865 |
|
PG&E
Corp. |
|
|
43,503 |
|
|
656,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public
Service Enterprise Group, Inc. |
|
|
7,628 |
|
|
$636,633 |
|
TXNM
Energy, Inc. |
|
|
3,159 |
|
|
178,641
|
|
|
|
|
|
|
|
7,137,029
|
|
TOTAL COMMON STOCKS
(Cost $16,875,737) |
|
|
|
|
|
20,322,310
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
Money
Market Funds - 0.6%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X,
4.02%(d) |
|
|
128,835 |
|
|
128,835
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $128,835) |
|
|
|
|
|
128,835
|
|
TOTAL
INVESTMENTS - 100.0%
(Cost $17,004,572) |
|
|
|
|
|
$20,451,145
|
|
Other
Assets in Excess of
Liabilities
- 0.0%(e) |
|
|
|
|
|
1,078
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$20,452,223 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
GDR
- Global Depositary Receipt
JSC
- Public Joint Stock Company
PLC
- Public Limited Company
|
(a)
|
Non-income producing security.
|
|
(b)
|
To the extent that the Fund invests more heavily in
a particular industry or sector 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 September 30, 2025, the
value of these securities total $556,712 or 2.7% of the Fund’s net
assets. |
|
(d)
|
The rate shown represents the 7-day annualized
yield as of September 30, 2025. |
|
(e)
|
Represents less than 0.05% of net assets.
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
THEMES
US CASH FLOW CHAMPIONS ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 98.9%
|
|
|
|
|
|
|
|
Banking
- 15.1%
|
|
|
|
|
|
|
|
Citizens
Financial Group, Inc. |
|
|
232 |
|
|
$12,333 |
|
Fifth
Third Bancorp |
|
|
355 |
|
|
15,815 |
|
Huntington
Bancshares, Inc./OH |
|
|
774 |
|
|
13,367 |
|
JPMorgan
Chase & Co. |
|
|
437 |
|
|
137,843 |
|
M&T
Bank Corp. |
|
|
86 |
|
|
16,995 |
|
PNC
Financial Services Group, Inc. |
|
|
210 |
|
|
42,195 |
|
US
Bancorp |
|
|
801 |
|
|
38,713 |
|
Wells
Fargo & Co. |
|
|
1,584 |
|
|
132,771
|
|
|
|
|
|
|
|
410,032
|
|
Consumer
Discretionary Products - 1.4%
|
|
|
|
|
|
|
|
Lennar
Corp. - Class A |
|
|
122 |
|
|
15,377 |
|
NVR,
Inc.(a) |
|
|
1 |
|
|
8,034 |
|
PulteGroup,
Inc. |
|
|
106 |
|
|
14,006
|
|
|
|
|
|
|
|
37,417
|
|
Consumer
Staple Products - 2.2%
|
|
|
|
|
|
|
|
Altria
Group, Inc. |
|
|
899 |
|
|
59,388
|
|
Financial
Services - 11.2%
|
|
|
|
|
|
|
|
American
Express Co. |
|
|
293 |
|
|
97,323 |
|
Ameriprise
Financial, Inc. |
|
|
51 |
|
|
25,054 |
|
Apollo
Global Management, Inc. |
|
|
217 |
|
|
28,920 |
|
Capital
One Financial Corp. |
|
|
338 |
|
|
71,852 |
|
Corpay,
Inc.(a) |
|
|
36 |
|
|
10,370 |
|
Fidelity
National Financial, Inc. |
|
|
139 |
|
|
8,408 |
|
PayPal
Holdings, Inc.(a) |
|
|
526 |
|
|
35,274 |
|
Synchrony
Financial |
|
|
206 |
|
|
14,636 |
|
T
Rowe Price Group, Inc. |
|
|
116 |
|
|
11,906
|
|
|
|
|
|
|
|
303,743
|
|
Health
Care - 18.3%
|
|
|
|
|
|
|
|
AbbVie,
Inc. |
|
|
683 |
|
|
158,142 |
|
Bristol-Myers
Squibb Co. |
|
|
1,084 |
|
|
48,888 |
|
Cardinal
Health, Inc. |
|
|
129 |
|
|
20,248 |
|
Cencora,
Inc. |
|
|
92 |
|
|
28,753 |
|
Cigna
Group |
|
|
144 |
|
|
41,508 |
|
Gilead
Sciences, Inc. |
|
|
659 |
|
|
73,149 |
|
Pfizer,
Inc. |
|
|
3,021 |
|
|
76,975 |
|
Quest
Diagnostics, Inc. |
|
|
58 |
|
|
11,054 |
|
Regeneron
Pharmaceuticals, Inc. |
|
|
54 |
|
|
30,363 |
|
Royalty
Pharma PLC - Class A |
|
|
198 |
|
|
6,985
|
|
|
|
|
|
|
|
496,065
|
|
Industrial
Products - 1.4%
|
|
|
|
|
|
|
|
Snap-on,
Inc. |
|
|
27 |
|
|
9,356 |
|
Vertiv
Holdings Co. - Class A |
|
|
181 |
|
|
27,306
|
|
|
|
|
|
|
|
36,662
|
|
Insurance
- 12.8%
|
|
|
|
|
|
|
|
Allstate
Corp. |
|
|
140 |
|
|
30,051 |
|
American
International Group, Inc. |
|
|
315 |
|
|
24,740 |
|
Arch
Capital Group Ltd. |
|
|
192 |
|
|
17,420 |
|
Chubb
Ltd. |
|
|
197 |
|
|
55,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cincinnati
Financial Corp. |
|
|
82 |
|
|
$12,964 |
|
Everest
Group Ltd. |
|
|
25 |
|
|
8,756 |
|
Hartford
Insurance Group, Inc. |
|
|
152 |
|
|
20,275 |
|
Loews
Corp. |
|
|
92 |
|
|
9,236 |
|
Markel
Group, Inc.(a) |
|
|
6 |
|
|
11,468 |
|
MetLife,
Inc. |
|
|
302 |
|
|
24,876 |
|
Principal
Financial Group, Inc. |
|
|
120 |
|
|
9,949 |
|
Progressive
Corp. |
|
|
312 |
|
|
77,049 |
|
Travelers
Cos., Inc. |
|
|
120 |
|
|
33,507 |
|
W
R Berkley Corp. |
|
|
160 |
|
|
12,259
|
|
|
|
|
|
|
|
348,153
|
|
Materials
- 0.8%
|
|
|
|
|
|
|
|
LyondellBasell
Industries NV - Class A |
|
|
134 |
|
|
6,571 |
|
Nucor
Corp. |
|
|
122 |
|
|
16,523
|
|
|
|
|
|
|
|
23,094
|
|
Media
- 9.5%
|
|
|
|
|
|
|
|
Airbnb,
Inc. - Class A(a) |
|
|
221 |
|
|
26,834 |
|
AppLovin
Corp. - Class A(a) |
|
|
134 |
|
|
96,284 |
|
Expedia
Group, Inc. |
|
|
65 |
|
|
13,894 |
|
Fox
Corp. - Class A |
|
|
115 |
|
|
7,252 |
|
Omnicom
Group, Inc. |
|
|
104 |
|
|
8,479 |
|
Uber
Technologies, Inc.(a) |
|
|
1,070 |
|
|
104,828
|
|
|
|
|
|
|
|
257,571
|
|
Oil
& Gas - 20.2%
|
|
|
|
|
|
|
|
Cheniere
Energy, Inc. |
|
|
117 |
|
|
27,493 |
|
Chevron
Corp. |
|
|
868 |
|
|
134,792 |
|
ConocoPhillips |
|
|
673 |
|
|
63,659 |
|
Coterra
Energy, Inc. |
|
|
402 |
|
|
9,507 |
|
Diamondback
Energy, Inc. |
|
|
99 |
|
|
14,167 |
|
EOG
Resources, Inc. |
|
|
294 |
|
|
32,963 |
|
Exxon
Mobil Corp. |
|
|
1,177 |
|
|
132,707 |
|
Marathon
Petroleum Corp. |
|
|
165 |
|
|
31,802 |
|
Occidental
Petroleum Corp. |
|
|
392 |
|
|
18,522 |
|
ONEOK,
Inc. |
|
|
332 |
|
|
24,226 |
|
Phillips
66 |
|
|
217 |
|
|
29,516 |
|
Valero
Energy Corp. |
|
|
166 |
|
|
28,263
|
|
|
|
|
|
|
|
547,617
|
|
Retail
& Wholesale - Discretionary - 3.0%
|
|
|
|
|
|
|
|
eBay,
Inc. |
|
|
246 |
|
|
22,374 |
|
MercadoLibre,
Inc.(a) |
|
|
25 |
|
|
58,423
|
|
|
|
|
|
|
|
80,797
|
|
Retail
& Wholesale - Staples - 0.6%
|
|
|
|
|
|
|
|
Archer-Daniels-Midland
Co. |
|
|
253 |
|
|
15,114
|
|
Software
& Technology Services - 1.4%
|
|
|
|
|
|
|
|
Cognizant
Technology Solutions Corp. - Class A |
|
|
262 |
|
|
17,572 |
|
Gen
Digital, Inc. |
|
|
288 |
|
|
8,176 |
|
Zoom
Communications, Inc. - Class A(a) |
|
|
139 |
|
|
11,468
|
|
|
|
|
|
|
|
37,216
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
THEMES
US CASH FLOW CHAMPIONS ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025(Continued)
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (Continued)
|
|
Tech
Hardware & Semiconductors - 1.0%
|
|
|
|
|
|
|
|
HP,
Inc. |
|
|
501 |
|
|
$13,642 |
|
NetApp,
Inc. |
|
|
108 |
|
|
12,794
|
|
|
|
|
|
|
|
26,436
|
|
TOTAL COMMON STOCKS
(Cost $2,476,640) |
|
|
|
|
|
2,679,305
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 1.0%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X,
4.02%(b) |
|
|
27,664 |
|
|
27,664
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $27,664) |
|
|
|
|
|
27,664
|
|
TOTAL
INVESTMENTS - 99.9%
(Cost $2,504,304) |
|
|
|
|
|
$2,706,969
|
|
Other
Assets in Excess of
Liabilities
- 0.1% |
|
|
|
|
|
1,764
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$2,708,733 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
PLC
- Public Limited Company
|
(a)
|
Non-income producing security.
|
|
(b)
|
The rate shown represents the 7-day annualized
yield as of September 30,
2025. |
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
THEMES
US INFRASTRUCTURE ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.5%
|
|
|
|
|
|
|
|
Consumer
Discretionary Products - 0.6%
|
|
|
|
|
|
|
|
Cavco
Industries, Inc.(a) |
|
|
6 |
|
|
$3,484 |
|
Champion
Homes, Inc.(a) |
|
|
48 |
|
|
3,666
|
|
|
|
|
|
|
|
7,150
|
|
Industrial
Products - 30.4%(b)
|
|
|
|
|
|
|
|
AGCO
Corp. |
|
|
56 |
|
|
5,996 |
|
Argan,
Inc. |
|
|
12 |
|
|
3,241 |
|
Astec
Industries, Inc. |
|
|
19 |
|
|
914 |
|
Atkore,
Inc. |
|
|
32 |
|
|
2,008 |
|
AZZ,
Inc. |
|
|
25 |
|
|
2,728 |
|
Caterpillar,
Inc. |
|
|
151 |
|
|
72,050 |
|
Crane
Co. |
|
|
43 |
|
|
7,918 |
|
Deere
& Co. |
|
|
101 |
|
|
46,183 |
|
Donaldson
Co., Inc. |
|
|
104 |
|
|
8,512 |
|
Dover
Corp. |
|
|
117 |
|
|
19,519 |
|
Emerson
Electric Co. |
|
|
422 |
|
|
55,358 |
|
Enpro,
Inc. |
|
|
17 |
|
|
3,842 |
|
Gibraltar
Industries, Inc.(a) |
|
|
25 |
|
|
1,570 |
|
Graco,
Inc. |
|
|
140 |
|
|
11,894 |
|
Greenbrier
Cos., Inc. |
|
|
25 |
|
|
1,154 |
|
Helios
Technologies, Inc. |
|
|
28 |
|
|
1,460 |
|
IDEX
Corp. |
|
|
64 |
|
|
10,417 |
|
Janus
International Group, Inc.(a) |
|
|
117 |
|
|
1,155 |
|
Lindsay
Corp. |
|
|
9 |
|
|
1,265 |
|
Mueller
Industries, Inc. |
|
|
97 |
|
|
9,808 |
|
Mueller
Water Products, Inc. - Class A |
|
|
130 |
|
|
3,317 |
|
Oshkosh
Corp. |
|
|
56 |
|
|
7,263 |
|
SPX
Technologies, Inc.(a) |
|
|
37 |
|
|
6,911 |
|
Terex
Corp. |
|
|
56 |
|
|
2,873 |
|
Trinity
Industries, Inc. |
|
|
69 |
|
|
1,935 |
|
Valmont
Industries, Inc. |
|
|
17 |
|
|
6,591 |
|
Vontier
Corp. |
|
|
132 |
|
|
5,540 |
|
Watts
Water Technologies, Inc. - Class A |
|
|
24 |
|
|
6,703 |
|
Westinghouse
Air Brake Technologies Corp. |
|
|
144 |
|
|
28,868 |
|
Xylem,
Inc. |
|
|
207 |
|
|
30,532 |
|
Zurn
Elkay Water Solutions Corp. |
|
|
124 |
|
|
5,832
|
|
|
|
|
|
|
|
373,357
|
|
Industrial
Services - 43.1%(b)
|
|
|
|
|
|
|
|
AECOM |
|
|
113 |
|
|
14,743 |
|
API
Group Corp.(a) |
|
|
259 |
|
|
8,902 |
|
Applied
Industrial Technologies, Inc. |
|
|
32 |
|
|
8,354 |
|
Arcosa,
Inc. |
|
|
41 |
|
|
3,842 |
|
Comfort
Systems USA, Inc. |
|
|
30 |
|
|
24,755 |
|
Construction
Partners, Inc. - Class A(a) |
|
|
39 |
|
|
4,953 |
|
CSX
Corp. |
|
|
1,528 |
|
|
54,259 |
|
DXP
Enterprises, Inc./TX(a) |
|
|
11 |
|
|
1,310 |
|
Dycom
Industries, Inc.(a) |
|
|
24 |
|
|
7,002 |
|
EMCOR
Group, Inc. |
|
|
38 |
|
|
24,683 |
|
Fastenal
Co. |
|
|
976 |
|
|
47,863 |
|
Fluor
Corp.(a) |
|
|
145 |
|
|
6,100 |
|
Granite
Construction, Inc. |
|
|
37 |
|
|
4,057 |
|
Great
Lakes Dredge & Dock Corp.(a) |
|
|
55 |
|
|
659 |
|
Herc
Holdings, Inc. |
|
|
24 |
|
|
2,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IES
Holdings, Inc.(a) |
|
|
17 |
|
|
$6,760 |
|
Jacobs
Solutions, Inc. |
|
|
103 |
|
|
15,436 |
|
MRC
Global, Inc.(a) |
|
|
72 |
|
|
1,038 |
|
MSC
Industrial Direct Co., Inc. - Class A |
|
|
37 |
|
|
3,409 |
|
MYR
Group, Inc.(a) |
|
|
13 |
|
|
2,704 |
|
Norfolk
Southern Corp. |
|
|
193 |
|
|
57,979 |
|
Quanta
Services, Inc. |
|
|
125 |
|
|
51,803 |
|
Ryder
System, Inc. |
|
|
37 |
|
|
6,980 |
|
Sterling
Infrastructure, Inc.(a) |
|
|
25 |
|
|
8,492 |
|
Tetra
Tech, Inc. |
|
|
231 |
|
|
7,711 |
|
Tutor
Perini Corp.(a) |
|
|
37 |
|
|
2,427 |
|
Union
Pacific Corp. |
|
|
197 |
|
|
46,565 |
|
United
Rentals, Inc. |
|
|
56 |
|
|
53,461 |
|
Verra
Mobility Corp.(a) |
|
|
139 |
|
|
3,433 |
|
WESCO
International, Inc. |
|
|
37 |
|
|
7,826 |
|
WW
Grainger, Inc. |
|
|
40 |
|
|
38,118
|
|
|
|
|
|
|
|
528,424
|
|
Materials
- 23.2%
|
|
|
|
|
|
|
|
Advanced
Drainage Systems, Inc. |
|
|
57 |
|
|
7,906 |
|
Alcoa
Corp. |
|
|
220 |
|
|
7,236 |
|
Apogee
Enterprises, Inc. |
|
|
19 |
|
|
828 |
|
ATI,
Inc.(a) |
|
|
119 |
|
|
9,679 |
|
Boise
Cascade Co. |
|
|
32 |
|
|
2,474 |
|
Carlisle
Cos., Inc. |
|
|
37 |
|
|
12,172 |
|
Carpenter
Technology Corp. |
|
|
41 |
|
|
10,067 |
|
Century
Aluminum Co.(a) |
|
|
44 |
|
|
1,292 |
|
Cleveland-Cliffs,
Inc.(a) |
|
|
401 |
|
|
4,892 |
|
Commercial
Metals Co. |
|
|
100 |
|
|
5,728 |
|
CRH
PLC |
|
|
494 |
|
|
59,231 |
|
Eagle
Materials, Inc. |
|
|
28 |
|
|
6,525 |
|
Kaiser
Aluminum Corp. |
|
|
13 |
|
|
1,003 |
|
Knife
River Corp.(a) |
|
|
45 |
|
|
3,459 |
|
Martin
Marietta Materials, Inc. |
|
|
52 |
|
|
32,775 |
|
Nucor
Corp. |
|
|
196 |
|
|
26,544 |
|
Owens
Corning |
|
|
73 |
|
|
10,327 |
|
Reliance,
Inc. |
|
|
46 |
|
|
12,918 |
|
Ryerson
Holding Corp. |
|
|
22 |
|
|
503 |
|
Simpson
Manufacturing Co., Inc. |
|
|
37 |
|
|
6,196 |
|
Steel
Dynamics, Inc. |
|
|
119 |
|
|
16,592 |
|
Trex
Co., Inc.(a) |
|
|
91 |
|
|
4,702 |
|
UFP
Industries, Inc. |
|
|
52 |
|
|
4,861 |
|
United
States Lime & Minerals, Inc. |
|
|
9 |
|
|
1,184 |
|
Vulcan
Materials Co. |
|
|
113 |
|
|
34,761 |
|
Worthington
Steel, Inc. |
|
|
28 |
|
|
851
|
|
|
|
|
|
|
|
284,706
|
|
Oil
& Gas - 0.1%
|
|
|
|
|
|
|
|
DNOW,
Inc.(a) |
|
|
91 |
|
|
1,388
|
|
Retail
& Wholesale - Discretionary - 1.8%
|
|
|
|
|
|
|
|
BlueLinx
Holdings, Inc.(a) |
|
|
8 |
|
|
585 |
|
Builders
FirstSource, Inc.(a) |
|
|
96 |
|
|
11,640 |
|
Pool
Corp. |
|
|
32 |
|
|
9,922
|
|
|
|
|
|
|
|
22,147
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
THEMES
US INFRASTRUCTURE ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025(Continued)
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - (Continued)
|
|
Software
& Technology Services - 0.0%(c)
|
|
|
|
|
|
|
|
Amentum
Holdings, Inc.(a) |
|
|
6 |
|
|
$144
|
|
Utilities
- 0.3%
|
|
|
|
|
|
|
|
Southwest
Gas Holdings, Inc. |
|
|
49 |
|
|
3,838
|
|
TOTAL COMMON STOCKS
(Cost $1,068,184) |
|
|
|
|
|
1,221,154
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
Money
Market Funds - 0.5%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X,
4.02%(d) |
|
|
5,945 |
|
|
5,945
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $5,945) |
|
|
|
|
|
5,945
|
|
TOTAL
INVESTMENTS - 100.0%
(Cost $1,074,129) |
|
|
|
|
|
$1,227,099
|
|
Other
Assets in Excess of
Liabilities
- 0.0%(c) |
|
|
|
|
|
85
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$1,227,184 |
|
|
|
|
|
|
|
|
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 industry or sector 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 September 30,
2025. |
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
THEMES
US R&D CHAMPIONS ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.8%
|
|
|
|
|
|
|
|
Consumer
Discretionary Products - 2.8%
|
|
|
|
|
|
|
|
Tesla,
Inc.(a) |
|
|
64 |
|
|
$28,462
|
|
Consumer
Staple Products - 3.4%
|
|
|
|
|
|
|
|
Estee
Lauder Cos., Inc. - Class A |
|
|
212 |
|
|
18,681 |
|
Kenvue,
Inc. |
|
|
922 |
|
|
14,964
|
|
|
|
|
|
|
|
33,645
|
|
Health
Care - 17.8%
|
|
|
|
|
|
|
|
Boston
Scientific Corp.(a) |
|
|
188 |
|
|
18,354 |
|
Cooper
Cos., Inc.(a) |
|
|
280 |
|
|
19,197 |
|
Eli
Lilly & Co. |
|
|
27 |
|
|
20,601 |
|
GE
HealthCare Technologies, Inc. |
|
|
277 |
|
|
20,803 |
|
Intuitive
Surgical, Inc.(a) |
|
|
41 |
|
|
18,336 |
|
Johnson
& Johnson |
|
|
119 |
|
|
22,065 |
|
Regeneron
Pharmaceuticals, Inc. |
|
|
36 |
|
|
20,242 |
|
Stryker
Corp. |
|
|
50 |
|
|
18,483 |
|
Zoetis,
Inc. |
|
|
136 |
|
|
19,900
|
|
|
|
|
|
|
|
177,981
|
|
Industrial
Products - 9.6%
|
|
|
|
|
|
|
|
Axon
Enterprise, Inc.(a) |
|
|
27 |
|
|
19,376 |
|
Carrier
Global Corp. |
|
|
288 |
|
|
17,194 |
|
Deere
& Co. |
|
|
38 |
|
|
17,376 |
|
Keysight
Technologies, Inc.(a) |
|
|
121 |
|
|
21,165 |
|
Vertiv
Holdings Co. - Class A |
|
|
136 |
|
|
20,517
|
|
|
|
|
|
|
|
95,628
|
|
Materials
- 1.8%
|
|
|
|
|
|
|
|
Corteva,
Inc. |
|
|
270 |
|
|
18,260
|
|
Media
- 10.0%
|
|
|
|
|
|
|
|
Airbnb,
Inc. - Class A(a) |
|
|
149 |
|
|
18,092 |
|
Alphabet,
Inc. - Class A |
|
|
105 |
|
|
25,525 |
|
Electronic
Arts, Inc. |
|
|
130 |
|
|
26,221 |
|
Meta
Platforms, Inc. - Class A |
|
|
26 |
|
|
19,094 |
|
Trade
Desk, Inc. - Class A(a) |
|
|
227 |
|
|
11,125
|
|
|
|
|
|
|
|
100,057
|
|
Retail
& Wholesale - Discretionary - 1.9%
|
|
|
|
|
|
|
|
MercadoLibre,
Inc.(a) |
|
|
8 |
|
|
18,696
|
|
Software
& Technology Services - 26.8%(b)
|
|
|
|
|
Adobe,
Inc.(a) |
|
|
55 |
|
|
19,401 |
|
Autodesk,
Inc.(a) |
|
|
65 |
|
|
20,649 |
|
Cadence
Design Systems, Inc.(a) |
|
|
54 |
|
|
18,968 |
|
CoStar
Group, Inc.(a) |
|
|
208 |
|
|
17,549 |
|
Fortinet,
Inc.(a) |
|
|
194 |
|
|
16,311 |
|
International
Business Machines Corp. |
|
|
77 |
|
|
21,726 |
|
Intuit,
Inc. |
|
|
25 |
|
|
17,073 |
|
Microsoft
Corp. |
|
|
37 |
|
|
19,164 |
|
Oracle
Corp. |
|
|
78 |
|
|
21,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Roper
Technologies, Inc. |
|
|
36 |
|
|
$17,953 |
|
ServiceNow,
Inc.(a) |
|
|
21 |
|
|
19,326 |
|
Synopsys,
Inc.(a) |
|
|
31 |
|
|
15,295 |
|
Veeva
Systems, Inc. - Class A(a) |
|
|
70 |
|
|
20,854 |
|
Zoom
Communications, Inc. - Class A(a) |
|
|
264 |
|
|
21,780
|
|
|
|
|
|
|
|
267,986
|
|
Tech
Hardware & Semiconductors - 25.7%(b)
|
|
|
|
|
Advanced
Micro Devices, Inc.(a) |
|
|
110 |
|
|
17,797 |
|
Apple,
Inc. |
|
|
95 |
|
|
24,190 |
|
Applied
Materials, Inc. |
|
|
111 |
|
|
22,726 |
|
Arista
Networks, Inc.(a) |
|
|
158 |
|
|
23,022 |
|
ARM
Holdings PLC - ADR(a) |
|
|
140 |
|
|
19,809 |
|
Broadcom,
Inc. |
|
|
67 |
|
|
22,104 |
|
Cisco
Systems, Inc. |
|
|
295 |
|
|
20,184 |
|
Lam
Research Corp. |
|
|
209 |
|
|
27,985 |
|
Motorola
Solutions, Inc. |
|
|
45 |
|
|
20,578 |
|
QUALCOMM,
Inc. |
|
|
135 |
|
|
22,459 |
|
Super
Micro Computer, Inc.(a) |
|
|
335 |
|
|
16,060 |
|
Texas
Instruments, Inc. |
|
|
109 |
|
|
20,026
|
|
|
|
|
|
|
|
256,940
|
|
TOTAL COMMON STOCKS
(Cost $912,343) |
|
|
|
|
|
997,655 |
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
Money
Market Funds - 0.2%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X,
4.02%(c) |
|
|
2,104 |
|
|
2,104
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $2,104) |
|
|
|
|
|
2,104
|
|
TOTAL
INVESTMENTS - 100.0%
(Cost $914,447) |
|
|
|
|
|
$999,759
|
|
Liabilities
in Excess of Other
Assets
– (0.0)%(d) |
|
|
|
|
|
(21) |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$999,738 |
|
|
|
|
|
|
|
|
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 industry or sector of the economy, its performance will be
especially sensitive to developments that significantly affect those
industries or sectors. |
|
(c)
|
The rate shown represents the 7-day annualized
yield as of September 30, 2025. |
|
(d)
|
Represents less than 0.05% of net assets.
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
THEMES
US SMALL CAP CASH FLOW CHAMPIONS ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - 99.7%
|
|
|
|
|
|
|
|
Banking
- 23.1%
|
|
|
|
|
|
|
|
Ameris
Bancorp |
|
|
904 |
|
|
$66,272 |
|
Bancorp,
Inc.(a) |
|
|
610 |
|
|
45,683 |
|
Bank
OZK |
|
|
1,520 |
|
|
77,490 |
|
East
West Bancorp, Inc. |
|
|
1,917 |
|
|
204,065 |
|
Eastern
Bankshares, Inc. |
|
|
2,717 |
|
|
49,313 |
|
FB
Financial Corp. |
|
|
485 |
|
|
27,034 |
|
First
BanCorp Puerto Rico |
|
|
2,219 |
|
|
48,929 |
|
First
Bancorp Southern Pines NC |
|
|
555 |
|
|
29,354 |
|
Hope
Bancorp, Inc. |
|
|
1,679 |
|
|
18,083 |
|
International
Bancshares Corp. |
|
|
765 |
|
|
52,594 |
|
Live
Oak Bancshares, Inc. |
|
|
471 |
|
|
16,589 |
|
OFG
Bancorp |
|
|
624 |
|
|
27,138 |
|
Park
National Corp. |
|
|
199 |
|
|
32,343 |
|
S&T
Bancorp, Inc. |
|
|
533 |
|
|
20,035 |
|
Simmons
First National Corp. - Class A |
|
|
1,663 |
|
|
31,880 |
|
Synovus
Financial Corp. |
|
|
1,952 |
|
|
95,804 |
|
UMB
Financial Corp. |
|
|
962 |
|
|
113,853 |
|
WSFS
Financial Corp. |
|
|
806 |
|
|
43,467
|
|
|
|
|
|
|
|
999,926
|
|
Consumer
Discretionary Products - 5.8%
|
|
|
|
|
|
|
|
Garrett
Motion, Inc. |
|
|
1,329 |
|
|
18,101 |
|
Toll
Brothers, Inc. |
|
|
1,375 |
|
|
189,942 |
|
Tri
Pointe Homes, Inc.(a) |
|
|
1,243 |
|
|
42,225
|
|
|
|
|
|
|
|
250,268
|
|
Consumer
Discretionary Services - 0.7%
|
|
|
|
|
|
|
|
Perdoceo
Education Corp. |
|
|
852 |
|
|
32,086
|
|
Consumer
Staple Products - 1.3%
|
|
|
|
|
|
|
|
Cal-Maine
Foods, Inc. |
|
|
594 |
|
|
55,895
|
|
Financial
Services - 6.3%
|
|
|
|
|
|
|
|
Artisan
Partners Asset Management, Inc. - Class A |
|
|
884 |
|
|
38,366 |
|
Bread
Financial Holdings, Inc. |
|
|
686 |
|
|
38,258 |
|
Enova
International, Inc.(a) |
|
|
347 |
|
|
39,936 |
|
MGIC
Investment Corp. |
|
|
3,417 |
|
|
96,940 |
|
Virtu
Financial, Inc. - Class A |
|
|
1,123 |
|
|
39,867 |
|
Virtus
Investment Partners, Inc. |
|
|
93 |
|
|
17,673
|
|
|
|
|
|
|
|
271,040
|
|
Health
Care - 1.5%
|
|
|
|
|
|
|
|
Dynavax
Technologies Corp.(a) |
|
|
1,649 |
|
|
16,374 |
|
Oscar
Health, Inc. - Class A(a) |
|
|
2,518 |
|
|
47,666
|
|
|
|
|
|
|
|
64,040
|
|
Industrial
Products - 4.6%
|
|
|
|
|
|
|
|
Mueller
Industries, Inc. |
|
|
1,567 |
|
|
158,440 |
|
Powell
Industries, Inc. |
|
|
131 |
|
|
39,930
|
|
|
|
|
|
|
|
198,370
|
|
Industrial
Services - 5.3%
|
|
|
|
|
|
|
|
FLEX
LNG Ltd. |
|
|
410 |
|
|
10,332 |
|
Matson,
Inc. |
|
|
450 |
|
|
44,365 |
|
Scorpio
Tankers, Inc. |
|
|
633 |
|
|
35,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sterling
Infrastructure, Inc.(a) |
|
|
410 |
|
|
$139,269
|
|
|
|
|
|
|
|
229,446
|
|
Insurance
- 18.8%
|
|
|
|
|
|
|
|
Axis
Capital Holdings Ltd. |
|
|
1,071 |
|
|
102,602 |
|
CNA
Financial Corp. |
|
|
295 |
|
|
13,706 |
|
F&G
Annuities & Life, Inc. |
|
|
300 |
|
|
9,381 |
|
Hanover
Insurance Group, Inc. |
|
|
494 |
|
|
89,725 |
|
Horace
Mann Educators Corp. |
|
|
562 |
|
|
25,386 |
|
Jackson
Financial, Inc. - Class A |
|
|
997 |
|
|
100,926 |
|
Mercury
General Corp. |
|
|
368 |
|
|
31,199 |
|
NMI
Holdings, Inc. - Class A(a) |
|
|
1,067 |
|
|
40,909 |
|
Old
Republic International Corp. |
|
|
3,360 |
|
|
142,699 |
|
Reinsurance
Group of America, Inc. |
|
|
919 |
|
|
176,568 |
|
SiriusPoint
Ltd.(a) |
|
|
1,369 |
|
|
24,765 |
|
White
Mountains Insurance Group Ltd. |
|
|
35 |
|
|
58,503
|
|
|
|
|
|
|
|
816,369
|
|
Materials
- 4.6%
|
|
|
|
|
|
|
|
Alpha
Metallurgical Resources, Inc.(a) |
|
|
151 |
|
|
24,777 |
|
Boise
Cascade Co. |
|
|
527 |
|
|
40,748 |
|
Core
Natural Resources, Inc. |
|
|
712 |
|
|
59,438 |
|
UFP
Industries, Inc. |
|
|
815 |
|
|
76,194
|
|
|
|
|
|
|
|
201,157
|
|
Media
- 0.9%
|
|
|
|
|
|
|
|
Magnite,
Inc.(a) |
|
|
1,827 |
|
|
39,792
|
|
Oil
& Gas - 17.4%
|
|
|
|
|
|
|
|
APA
Corp. |
|
|
5,011 |
|
|
121,667 |
|
Chord
Energy Corp. |
|
|
819 |
|
|
81,384 |
|
Civitas
Resources, Inc. |
|
|
1,097 |
|
|
35,652 |
|
DNOW,
Inc.(a) |
|
|
1,479 |
|
|
22,555 |
|
Hess
Midstream LP - Class A |
|
|
1,671 |
|
|
57,733 |
|
HF
Sinclair Corp. |
|
|
2,134 |
|
|
111,693 |
|
Matador
Resources Co. |
|
|
1,645 |
|
|
73,910 |
|
Murphy
Oil Corp. |
|
|
1,858 |
|
|
52,786 |
|
Permian
Resources Corp. |
|
|
8,042 |
|
|
102,938 |
|
RPC,
Inc. |
|
|
1,199 |
|
|
5,707 |
|
Talos
Energy, Inc.(a) |
|
|
1,720 |
|
|
16,495 |
|
Weatherford
International PLC |
|
|
1,021 |
|
|
69,867
|
|
|
|
|
|
|
|
752,387
|
|
Retail
& Wholesale - Discretionary - 6.7%
|
|
|
|
|
|
|
|
Builders
FirstSource, Inc.(a) |
|
|
1,550 |
|
|
187,938 |
|
Dillard’s,
Inc. - Class A |
|
|
109 |
|
|
66,978 |
|
ePlus,
Inc. |
|
|
364 |
|
|
25,848 |
|
PC
Connection, Inc. |
|
|
156 |
|
|
9,670
|
|
|
|
|
|
|
|
290,434
|
|
Retail
& Wholesale - Staples - 0.4%
|
|
|
|
|
|
|
|
Andersons,
Inc. |
|
|
448 |
|
|
17,835
|
|
Software
& Technology Services - 1.8%
|
|
|
|
|
|
|
|
Clear
Secure, Inc. - Class A |
|
|
1,257 |
|
|
41,959 |
|
DXC
Technology Co.(a) |
|
|
2,491 |
|
|
33,952
|
|
|
|
|
|
|
|
75,911
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
THEMES
US SMALL CAP CASH FLOW CHAMPIONS ETF
SCHEDULE
OF INVESTMENTS
September 30, 2025(Continued)
|
|
|
|
|
|
|
|
|
COMMON
STOCKS - (Continued)
|
|
Telecommunications
- 0.5%
|
|
|
|
|
|
|
|
VEON
Ltd. - ADR(a) |
|
|
428 |
|
|
$23,296
|
|
TOTAL COMMON STOCKS
(Cost $4,249,562) |
|
|
|
|
|
4,318,252
|
|
SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
Money
Market Funds - 0.3%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X,
4.02%(b) |
|
|
14,152 |
|
|
14,152
|
|
TOTAL
MONEY MARKET FUNDS
(Cost $14,152) |
|
|
|
|
|
14,152
|
|
TOTAL
INVESTMENTS - 100.0%
(Cost $4,263,714) |
|
|
|
|
|
$4,332,404
|
|
Other
Assets in Excess of
Liabilities
- 0.0%(c) |
|
|
|
|
|
1,523
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$4,333,927 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
LP
- Limited Partnership
PLC
- Public Limited Company
|
(a)
|
Non-income producing security.
|
|
(b)
|
The rate shown represents the 7-day annualized
yield as of September 30, 2025. |
|
(c)
|
Represents less than 0.05% of net
assets. |
The
accompanying notes are an integral part of these financial
statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
STATEMENTS
OF ASSETS AND LIABILITIES
September 30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at value |
|
|
$23,595,755 |
|
|
$1,428,214 |
|
|
$1,104,584 |
|
|
$2,095,390 |
|
|
$40,240,990
|
|
Cash |
|
|
5,600 |
|
|
— |
|
|
— |
|
|
— |
|
|
215 |
|
Foreign
currency, at value |
|
|
— |
|
|
1,115 |
|
|
600 |
|
|
159 |
|
|
1,025 |
|
Receivable
for fund shares sold |
|
|
6,377,312 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Dividends
receivable |
|
|
6,271 |
|
|
101 |
|
|
1,072 |
|
|
76 |
|
|
2,501 |
|
Dividend
tax reclaims receivable |
|
|
— |
|
|
— |
|
|
42 |
|
|
3 |
|
|
725
|
|
Total
assets |
|
|
29,984,938 |
|
|
1,429,430 |
|
|
1,106,298 |
|
|
2,095,628 |
|
|
40,245,456
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable
to custodian foreign currency, at value |
|
|
8,180 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Payable
for investments purchased |
|
|
6,347,593 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Payable
to adviser |
|
|
2,813 |
|
|
404 |
|
|
286 |
|
|
582 |
|
|
10,907 |
|
Payable
for transaction fee |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
108
|
|
Total
liabilities |
|
|
6,358,586 |
|
|
404 |
|
|
286 |
|
|
582 |
|
|
11,015
|
|
NET
ASSETS |
|
|
$
23,626,352 |
|
|
$1,429,026 |
|
|
$1,106,012 |
|
|
$2,095,046 |
|
|
$40,234,441
|
|
Net
Assets Consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in
capital |
|
|
$21,731,053 |
|
|
$1,159,954 |
|
|
$777,793 |
|
|
$1,802,597 |
|
|
$37,841,737
|
|
Total
distributable earnings |
|
|
1,895,299 |
|
|
269,072 |
|
|
328,219 |
|
|
292,449 |
|
|
2,392,704
|
|
Total
net assets |
|
|
$
23,626,352 |
|
|
$1,429,026 |
|
|
$1,106,012 |
|
|
$2,095,046 |
|
|
$40,234,441
|
|
Net
assets |
|
|
$23,626,352 |
|
|
$1,429,026 |
|
|
$1,106,012 |
|
|
$2,095,046 |
|
|
$40,234,441
|
|
Shares
issued and outstanding(a) |
|
|
630,000 |
|
|
40,000 |
|
|
30,000 |
|
|
60,000 |
|
|
920,000 |
|
Net
asset value per share |
|
|
$37.50 |
|
|
$35.73 |
|
|
$36.87 |
|
|
$34.92 |
|
|
$43.73 |
|
Cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at cost |
|
|
$21,739,628 |
|
|
$1,168,443 |
|
|
$826,201 |
|
|
$1,796,819 |
|
|
$34,928,706
|
|
Foreign
currency, at cost |
|
|
$— |
|
|
$1,105 |
|
|
$593 |
|
|
$155 |
|
|
$877 |
|
Proceeds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency proceeds |
|
|
$8,179 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Unlimited shares authorized without par value.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
STATEMENTS
OF ASSETS AND LIABILITIES
September 30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at value |
|
|
$20,160,455 |
|
|
$18,248,454 |
|
|
$5,554,032 |
|
|
$373,853 |
|
|
$1,626,927
|
|
Foreign
currency, at value |
|
|
9,288 |
|
|
9,019 |
|
|
533 |
|
|
201 |
|
|
2,050 |
|
Dividends
receivable |
|
|
22,377 |
|
|
33,273 |
|
|
630 |
|
|
160 |
|
|
667 |
|
Dividend
tax reclaims receivable |
|
|
6,359 |
|
|
503 |
|
|
18 |
|
|
— |
|
|
26 |
|
Receivable
for transaction fee |
|
|
— |
|
|
597 |
|
|
1,594 |
|
|
— |
|
|
—
|
|
Total
assets |
|
|
20,198,479 |
|
|
18,291,846 |
|
|
5,556,807 |
|
|
374,214 |
|
|
1,629,670
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable
to adviser |
|
|
5,766 |
|
|
4,258 |
|
|
818 |
|
|
124 |
|
|
465
|
|
Total
liabilities |
|
|
5,766 |
|
|
4,258 |
|
|
818 |
|
|
124 |
|
|
465
|
|
NET
ASSETS |
|
|
$
20,192,713 |
|
|
$18,287,588 |
|
|
$5,555,989 |
|
|
$374,090 |
|
|
$1,629,205
|
|
Net
Assets Consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in
capital |
|
|
$17,560,661 |
|
|
$16,290,563 |
|
|
$5,125,952 |
|
|
$300,531 |
|
|
$1,510,143
|
|
Total
distributable earnings |
|
|
2,632,052 |
|
|
1,997,025 |
|
|
430,037 |
|
|
73,559 |
|
|
119,062
|
|
Total
net assets |
|
|
$
20,192,713 |
|
|
$18,287,588 |
|
|
$5,555,989 |
|
|
$374,090 |
|
|
$1,629,205
|
|
Net
assets |
|
|
$20,192,713 |
|
|
$18,287,588 |
|
|
$5,555,989 |
|
|
$374,090 |
|
|
$1,629,205
|
|
Shares
issued and outstanding(a) |
|
|
420,000 |
|
|
230,000 |
|
|
140,000 |
|
|
10,000 |
|
|
50,000 |
|
Net
asset value per share |
|
|
$48.08 |
|
|
$79.51 |
|
|
$39.69 |
|
|
$37.41 |
|
|
$32.58 |
|
Cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at cost |
|
|
$17,824,782 |
|
|
$16,446,373 |
|
|
$5,141,905 |
|
|
$267,245 |
|
|
$1,517,746
|
|
Foreign
currency, at cost |
|
|
$9,291 |
|
|
$8,972 |
|
|
$502 |
|
|
$195 |
|
|
$2,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Unlimited shares authorized without par value.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
STATEMENTS
OF ASSETS AND LIABILITIES
September 30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at value |
|
|
$3,746,873 |
|
|
$57,163,957 |
|
|
$20,451,145 |
|
|
$2,706,969 |
|
|
$1,227,099
|
|
Cash |
|
|
46 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Foreign
currency, at value |
|
|
— |
|
|
12,761 |
|
|
673 |
|
|
— |
|
|
— |
|
Receivable
for fund shares sold |
|
|
1,085,530 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Dividends
receivable |
|
|
1,443 |
|
|
7,631 |
|
|
5,294 |
|
|
2,341 |
|
|
372 |
|
Dividend
tax reclaims receivable |
|
|
8 |
|
|
1,984 |
|
|
240 |
|
|
— |
|
|
—
|
|
Total
assets |
|
|
4,833,900 |
|
|
57,186,333 |
|
|
20,457,352 |
|
|
2,709,310 |
|
|
1,227,471
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable
to custodian foreign currency, at value |
|
|
736 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Payable
for investments purchased |
|
|
1,074,969 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Payable
to adviser |
|
|
558 |
|
|
14,963 |
|
|
5,129 |
|
|
577 |
|
|
287
|
|
Total
liabilities |
|
|
1,076,263 |
|
|
14,963 |
|
|
5,129 |
|
|
577 |
|
|
287
|
|
NET
ASSETS |
|
|
$
3,757,637 |
|
|
$57,171,370 |
|
|
$20,452,223 |
|
|
$2,708,733 |
|
|
$1,227,184
|
|
Net
Assets Consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in
capital |
|
|
$2,950,663 |
|
|
$48,255,891 |
|
|
$17,294,700 |
|
|
$2,515,725 |
|
|
$1,057,721
|
|
Total
distributable earnings |
|
|
806,974 |
|
|
8,915,479 |
|
|
3,157,523 |
|
|
193,008 |
|
|
169,463
|
|
Total
net assets |
|
|
$
3,757,637 |
|
|
$57,171,370 |
|
|
$20,452,223 |
|
|
$2,708,733 |
|
|
$1,227,184
|
|
Net
assets |
|
|
$3,757,637 |
|
|
$57,171,370 |
|
|
$20,452,223 |
|
|
$2,708,733 |
|
|
$1,227,184
|
|
Shares
issued and outstanding(a) |
|
|
70,000 |
|
|
1,470,000 |
|
|
450,000 |
|
|
80,000 |
|
|
40,000 |
|
Net
asset value per share |
|
|
$53.68 |
|
|
$38.89 |
|
|
$45.45 |
|
|
$33.86 |
|
|
$30.68 |
|
Cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at cost |
|
|
$3,249,184 |
|
|
$48,398,502 |
|
|
$17,004,572 |
|
|
$2,504,304 |
|
|
$1,074,129
|
|
Foreign
currency, at cost |
|
|
$— |
|
|
$12,906 |
|
|
$674 |
|
|
$— |
|
|
$— |
|
Proceeds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency proceeds |
|
|
$729 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Unlimited shares authorized without par value.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
STATEMENTS
OF ASSETS AND LIABILITIES
September 30, 2025(Continued)
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Investments,
at value |
|
|
$999,759 |
|
|
$4,332,404
|
|
Dividends
receivable |
|
|
214 |
|
|
2,627
|
|
Total
assets |
|
|
999,973 |
|
|
4,335,031
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
Payable
to adviser |
|
|
235 |
|
|
1,104
|
|
Total
liabilities |
|
|
235 |
|
|
1,104
|
|
NET
ASSETS |
|
|
$
999,738 |
|
|
$4,333,927
|
|
Net
Assets Consists of:
|
|
|
|
|
|
|
|
Paid-in
capital |
|
|
$956,952 |
|
|
$4,311,484 |
|
Total
distributable earnings |
|
|
42,786 |
|
|
22,443
|
|
Total
net assets |
|
|
$
999,738 |
|
|
$4,333,927
|
|
Net
assets |
|
|
$999,738 |
|
|
$4,333,927
|
|
Shares
issued and outstanding(a) |
|
|
30,000 |
|
|
130,000 |
|
Net
asset value per share |
|
|
$33.32 |
|
|
$33.34 |
|
Cost:
|
|
|
|
|
|
|
|
Investments,
at cost |
|
|
$914,447 |
|
|
$4,263,714 |
|
|
|
|
|
|
|
|
|
(a)
|
Unlimited shares authorized without par value.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
STATEMENTS
OF OPERATIONS
For the Period Ended September 30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
income |
|
|
$16,672 |
|
|
$3,453 |
|
|
$9,636 |
|
|
$6,331 |
|
|
$74,286 |
|
Less:
Dividend withholding taxes |
|
|
(974) |
|
|
(165) |
|
|
(498) |
|
|
(309) |
|
|
(2,840) |
|
Less:
Issuance fees |
|
|
— |
|
|
— |
|
|
— |
|
|
(111) |
|
|
— |
|
Other
income |
|
|
— |
|
|
— |
|
|
— |
|
|
9 |
|
|
—
|
|
Total
investment income |
|
|
15,698 |
|
|
3,288 |
|
|
9,138 |
|
|
5,920 |
|
|
71,446
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
advisory fee |
|
|
3,778 |
|
|
5,088 |
|
|
2,420 |
|
|
6,468 |
|
|
88,912 |
|
Tax
expense |
|
|
— |
|
|
185 |
|
|
185 |
|
|
185 |
|
|
185
|
|
Total
expenses |
|
|
3,778 |
|
|
5,273 |
|
|
2,605 |
|
|
6,653 |
|
|
89,097
|
|
Net
investment income/(loss) |
|
|
11,920 |
|
|
(1,985) |
|
|
6,533 |
|
|
(733) |
|
|
(17,651) |
|
REALIZED
AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
29,511 |
|
|
18,564 |
|
|
31,155 |
|
|
21 |
|
|
(1,744,400) |
|
In-kind
redemptions |
|
|
— |
|
|
157,328 |
|
|
29,587 |
|
|
209,604 |
|
|
3,692,805 |
|
Foreign
currency transaction |
|
|
(1,748) |
|
|
190 |
|
|
19 |
|
|
221 |
|
|
(2,044) |
|
Net
realized gain (loss) |
|
|
27,763 |
|
|
176,082 |
|
|
60,761 |
|
|
209,846 |
|
|
1,946,361
|
|
Net
change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
1,856,127 |
|
|
157,409 |
|
|
218,388 |
|
|
175,497 |
|
|
6,157,193 |
|
Foreign
currency translation |
|
|
(511) |
|
|
(21) |
|
|
11 |
|
|
(46) |
|
|
(153) |
|
Net
change in unrealized appreciation (depreciation) |
|
|
1,855,616 |
|
|
157,388 |
|
|
218,399 |
|
|
175,451 |
|
|
6,157,040
|
|
Net
realized and unrealized gain (loss) |
|
|
1,883,379 |
|
|
333,470 |
|
|
279,160 |
|
|
385,297 |
|
|
8,103,401
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$
1,895,299 |
|
|
$331,485 |
|
|
$285,693 |
|
|
$384,564 |
|
|
$8,085,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was July 15, 2025.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
STATEMENTS
OF OPERATIONS
For the Year Ended September 30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
income |
|
|
$274,151 |
|
|
$122,855 |
|
|
$6,523 |
|
|
$3,302 |
|
|
$32,152 |
|
Less:
Issuance fees |
|
|
(5,320) |
|
|
— |
|
|
(4) |
|
|
— |
|
|
— |
|
Less: Dividend
withholding taxes |
|
|
(24,992) |
|
|
(9,091) |
|
|
(1,041) |
|
|
(307) |
|
|
(2,704) |
|
Other
income |
|
|
— |
|
|
— |
|
|
— |
|
|
38 |
|
|
—
|
|
Total
investment income |
|
|
243,839 |
|
|
113,764 |
|
|
5,478 |
|
|
3,033 |
|
|
29,448
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
advisory fee |
|
|
27,610 |
|
|
24,411 |
|
|
2,946 |
|
|
2,088 |
|
|
5,328 |
|
Tax
expense |
|
|
185 |
|
|
185 |
|
|
185 |
|
|
185 |
|
|
185
|
|
Total
expenses |
|
|
27,795 |
|
|
24,596 |
|
|
3,131 |
|
|
2,273 |
|
|
5,513
|
|
Net
investment income |
|
|
216,044 |
|
|
89,168 |
|
|
2,347 |
|
|
760 |
|
|
23,935
|
|
REALIZED
AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
91,665 |
|
|
32,202 |
|
|
4,920 |
|
|
(20,565) |
|
|
12,462 |
|
In-kind
redemptions |
|
|
965,706 |
|
|
5,087,330 |
|
|
185,041 |
|
|
49,818 |
|
|
111,370 |
|
Foreign
currency transaction |
|
|
(209) |
|
|
(1,251) |
|
|
(267) |
|
|
1,285 |
|
|
(2,016) |
|
Net
realized gain (loss) |
|
|
1,057,162 |
|
|
5,118,281 |
|
|
189,694 |
|
|
30,538 |
|
|
121,816
|
|
Net
change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
2,121,695 |
|
|
1,490,179 |
|
|
351,462 |
|
|
(6,556) |
|
|
14,915 |
|
Foreign
currency translation |
|
|
66 |
|
|
(134) |
|
|
20 |
|
|
6 |
|
|
(29) |
|
Net
change in unrealized appreciation (depreciation) |
|
|
2,121,761 |
|
|
1,490,045 |
|
|
351,482 |
|
|
(6,550) |
|
|
14,886
|
|
Net
realized and unrealized gain (loss) |
|
|
3,178,923 |
|
|
6,608,326 |
|
|
541,176 |
|
|
23,988 |
|
|
136,702
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$
3,394,967 |
|
|
$6,697,494 |
|
|
$543,523 |
|
|
$24,748 |
|
|
$160,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
STATEMENTS
OF OPERATIONS
For the Period Ended September 30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
income |
|
|
$11,540 |
|
|
$343,942 |
|
|
$85,805 |
|
|
$55,287 |
|
|
$12,736 |
|
Less:
Dividend withholding taxes |
|
|
(1,061) |
|
|
(7,911) |
|
|
(4,295) |
|
|
— |
|
|
— |
|
Less:
Issuance fees |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(4) |
|
Other
income |
|
|
— |
|
|
3 |
|
|
— |
|
|
— |
|
|
—
|
|
Total
investment income |
|
|
10,479 |
|
|
336,034 |
|
|
81,510 |
|
|
55,287 |
|
|
12,732
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
advisory fee |
|
|
2,897 |
|
|
66,931 |
|
|
25,642 |
|
|
6,002 |
|
|
3,110 |
|
Tax
expense |
|
|
185 |
|
|
185 |
|
|
332 |
|
|
185 |
|
|
191
|
|
Total
expenses |
|
|
3,082 |
|
|
67,116 |
|
|
25,974 |
|
|
6,187 |
|
|
3,301
|
|
Net
investment income |
|
|
7,397 |
|
|
268,918 |
|
|
55,536 |
|
|
49,100 |
|
|
9,431
|
|
REALIZED
AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
263,600 |
|
|
(163,976) |
|
|
(425,267) |
|
|
(44,081) |
|
|
8,609 |
|
Increase
from payments by affiliates
(see
Note 3) |
|
|
46,314 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
In-kind
redemptions |
|
|
65,824 |
|
|
1,204,895 |
|
|
1,548,909 |
|
|
133,013 |
|
|
7,872 |
|
Contribution
from Administrator |
|
|
— |
|
|
1,010 |
|
|
— |
|
|
— |
|
|
— |
|
Foreign
currency transaction |
|
|
(538) |
|
|
9,307 |
|
|
(533) |
|
|
— |
|
|
—
|
|
Net
realized gain (loss) |
|
|
375,200 |
|
|
1,051,236 |
|
|
1,123,109 |
|
|
88,932 |
|
|
16,481
|
|
Net
change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
454,693 |
|
|
8,765,455 |
|
|
3,416,818 |
|
|
125,484 |
|
|
111,604 |
|
Foreign
currency translation |
|
|
(9) |
|
|
(73) |
|
|
42 |
|
|
— |
|
|
—
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
454,684 |
|
|
8,765,382 |
|
|
3,416,860 |
|
|
125,484 |
|
|
111,604
|
|
Net
realized and unrealized gain (loss) |
|
|
829,884 |
|
|
9,816,618 |
|
|
4,539,969 |
|
|
214,416 |
|
|
128,085
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$
837,281 |
|
|
$10,085,536 |
|
|
$4,595,505 |
|
|
$263,516 |
|
|
$137,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was October 11,
2024. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
STATEMENTS
OF OPERATIONS
For the Year Ended September 30, 2025
|
|
|
|
|
|
|
|
|
INVESTMENT
INCOME:
|
|
|
|
|
|
|
|
Dividend
income |
|
|
$7,679 |
|
|
$86,699 |
|
Less:
Dividend withholding taxes |
|
|
— |
|
|
(290) |
|
Less:
Issuance fees |
|
|
(3) |
|
|
(4) |
|
Other
income |
|
|
— |
|
|
72
|
|
Total
investment income |
|
|
7,676 |
|
|
86,477
|
|
EXPENSES:
|
|
|
|
|
|
|
|
Investment
advisory fee |
|
|
3,071 |
|
|
10,454 |
|
Tax
expense |
|
|
185 |
|
|
185
|
|
Total
expenses |
|
|
3,256 |
|
|
10,639
|
|
Net
investment income |
|
|
4,420 |
|
|
75,838
|
|
REALIZED
AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
|
|
|
Net
realized gain (loss) from:
|
|
|
|
|
|
|
|
Investments |
|
|
(50,991) |
|
|
(119,461) |
|
In-kind
redemptions |
|
|
144,019 |
|
|
242,342
|
|
Net
realized gain (loss) |
|
|
93,028 |
|
|
122,881
|
|
Net
change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|
Investments |
|
|
(35,441) |
|
|
(54,569) |
|
Net
change in unrealized appreciation (depreciation) |
|
|
(35,441) |
|
|
(54,569) |
|
Net
realized and unrealized gain (loss) |
|
|
57,587 |
|
|
68,312
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$62,007 |
|
|
$144,150 |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$11,920 |
|
|
$(1,985) |
|
|
$(496) |
|
Net
realized gain (loss) |
|
|
27,763 |
|
|
176,082 |
|
|
(10,162) |
|
Net
change in unrealized appreciation (depreciation) |
|
|
1,855,616 |
|
|
157,388 |
|
|
102,393
|
|
Net
increase (decrease) in net assets from operations |
|
|
1,895,299 |
|
|
331,485 |
|
|
91,735
|
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
21,707,779 |
|
|
324,860 |
|
|
1,559,957 |
|
Shares
redeemed |
|
|
— |
|
|
(629,938) |
|
|
(249,495) |
|
ETF
transaction fees (See Note 4) |
|
|
23,274 |
|
|
— |
|
|
422
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
21,731,053 |
|
|
(305,078) |
|
|
1,310,884
|
|
Net
increase (decrease) in net assets |
|
|
23,626,352 |
|
|
26,407 |
|
|
1,402,619
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
Beginning
of the period |
|
|
— |
|
|
1,402,619 |
|
|
—
|
|
End
of the period |
|
|
$23,626,352 |
|
|
$1,429,026 |
|
|
$1,402,619
|
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
630,000 |
|
|
10,000 |
|
|
60,000 |
|
Shares
redeemed |
|
|
— |
|
|
(20,000) |
|
|
(10,000) |
|
Total
increase (decrease) in shares outstanding |
|
|
630,000 |
|
|
(10,000) |
|
|
50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was July 15,
2025.
|
|
(b)
|
Inception date of the Fund was December 15,
2023. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$6,533 |
|
|
$329 |
|
|
$(733) |
|
|
$1,049 |
|
Net
realized gain (loss) |
|
|
60,761 |
|
|
(158) |
|
|
209,846 |
|
|
16,798 |
|
Net
change in unrealized appreciation (depreciation) |
|
|
218,399 |
|
|
59,995 |
|
|
175,451 |
|
|
123,125
|
|
Net
increase (decrease) in net assets from operations |
|
|
285,693 |
|
|
60,166 |
|
|
384,564 |
|
|
140,972
|
|
DISTRIBUTIONS
TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
earnings |
|
|
(5,966) |
|
|
— |
|
|
(2,250) |
|
|
—
|
|
Total
distributions to shareholders |
|
|
(5,966) |
|
|
— |
|
|
(2,250) |
|
|
—
|
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
788,167 |
|
|
500,400 |
|
|
592,470 |
|
|
1,855,013 |
|
Shares
redeemed |
|
|
(525,801) |
|
|
— |
|
|
(617,253) |
|
|
(259,432) |
|
ETF
transaction fees (See Note 4) |
|
|
3,309 |
|
|
44 |
|
|
— |
|
|
962
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
265,675 |
|
|
500,444 |
|
|
(24,783) |
|
|
1,596,543
|
|
Net
increase (decrease) in net assets |
|
|
545,402 |
|
|
560,610 |
|
|
357,531 |
|
|
1,737,515
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of the period |
|
|
560,610 |
|
|
— |
|
|
1,737,515 |
|
|
—
|
|
End
of the period |
|
|
$1,106,012 |
|
|
$560,610 |
|
|
$2,095,046 |
|
|
$1,737,515
|
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
30,000 |
|
|
20,000 |
|
|
20,000 |
|
|
70,000 |
|
Shares
redeemed |
|
|
(20,000) |
|
|
— |
|
|
(20,000) |
|
|
(10,000) |
|
Total
increase (decrease) in shares outstanding |
|
|
10,000 |
|
|
20,000 |
|
|
— |
|
|
60,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was September 24,
2024.
|
|
(b)
|
Inception date of the Fund was December 8,
2023. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$(17,651) |
|
|
$(16,441) |
|
|
$216,044 |
|
|
$39,547 |
|
Net
realized gain (loss) |
|
|
1,946,361 |
|
|
(668,332) |
|
|
1,057,162 |
|
|
(4,458) |
|
Net
change in unrealized appreciation (depreciation) |
|
|
6,157,040 |
|
|
(844,623) |
|
|
2,121,761 |
|
|
213,975
|
|
Net
increase (decrease) in net assets from operations |
|
|
8,085,750 |
|
|
(1,529,396) |
|
|
3,394,967 |
|
|
249,064
|
|
DISTRIBUTIONS
TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
earnings |
|
|
— |
|
|
— |
|
|
(49,789) |
|
|
—
|
|
Total
distributions to shareholders |
|
|
— |
|
|
— |
|
|
(49,789) |
|
|
—
|
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
32,921,210 |
|
|
26,651,555 |
|
|
17,859,250 |
|
|
1,939,867 |
|
Shares
redeemed |
|
|
(13,902,043) |
|
|
(11,994,162) |
|
|
(3,203,226) |
|
|
— |
|
ETF
transaction fees (See Note 4) |
|
|
629 |
|
|
898 |
|
|
2,363 |
|
|
217
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
19,019,796 |
|
|
14,658,291 |
|
|
14,658,387 |
|
|
1,940,084
|
|
NET INCREASE (DECREASE) IN NET
ASSETS |
|
|
27,105,546 |
|
|
13,128,895 |
|
|
18,003,565 |
|
|
2,189,148
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of the period |
|
|
13,128,895 |
|
|
— |
|
|
2,189,148 |
|
|
—
|
|
End
of the period |
|
|
$40,234,441 |
|
|
$13,128,895 |
|
|
$20,192,713 |
|
|
$2,189,148
|
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
860,000 |
|
|
890,000 |
|
|
430,000 |
|
|
70,000 |
|
Shares
redeemed |
|
|
(380,000) |
|
|
(450,000) |
|
|
(80,000) |
|
|
—
|
|
Total
increase (decrease) in shares outstanding |
|
|
480,000 |
|
|
440,000 |
|
|
350,000 |
|
|
70,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was December 8,
2023.
|
|
(b)
|
Inception date of the Fund was December 15,
2023. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$89,168 |
|
|
$19,860 |
|
|
$2,347 |
|
|
$2,581 |
|
Net
realized gain (loss) |
|
|
5,118,281 |
|
|
288,170 |
|
|
189,694 |
|
|
(943) |
|
Net
change in unrealized appreciation (depreciation) |
|
|
1,490,045 |
|
|
312,072 |
|
|
351,482 |
|
|
60,678
|
|
Net
increase (decrease) in net assets from
operations |
|
|
6,697,494 |
|
|
620,102 |
|
|
543,523 |
|
|
62,316
|
|
DISTRIBUTIONS
TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
earnings |
|
|
(45,286) |
|
|
— |
|
|
(9,566) |
|
|
—
|
|
Total
distributions to shareholders |
|
|
(45,286) |
|
|
— |
|
|
(9,566) |
|
|
—
|
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
24,969,958 |
|
|
2,650,072 |
|
|
5,778,112 |
|
|
500,000 |
|
Shares
redeemed |
|
|
(15,594,580) |
|
|
(1,013,200) |
|
|
(1,320,660) |
|
|
— |
|
ETF
transaction fees (See Note 4) |
|
|
2,833 |
|
|
195 |
|
|
2,033 |
|
|
231
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
9,378,211 |
|
|
1,637,067 |
|
|
4,459,485 |
|
|
500,231
|
|
NET INCREASE (DECREASE) IN NET
ASSETS |
|
|
16,030,419 |
|
|
2,257,169 |
|
|
4,993,442 |
|
|
562,547
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of the period |
|
|
2,257,169 |
|
|
— |
|
|
562,547 |
|
|
—
|
|
End
of the period |
|
|
$18,287,588 |
|
|
$2,257,169 |
|
|
$5,555,989 |
|
|
$562,547
|
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
410,000 |
|
|
90,000 |
|
|
160,000 |
|
|
20,000 |
|
Shares
redeemed |
|
|
(240,000) |
|
|
(30,000) |
|
|
(40,000) |
|
|
—
|
|
Total
increase (decrease) in shares outstanding |
|
|
170,000 |
|
|
60,000 |
|
|
120,000 |
|
|
20,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was December 13,
2023.
|
|
(b)
|
Inception date of the Fund was April 22, 2024.
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$760 |
|
|
$(27) |
|
|
$23,935 |
|
|
$9,346 |
|
Net
realized gain (loss) |
|
|
30,538 |
|
|
(550) |
|
|
121,816 |
|
|
62,357 |
|
Net
change in unrealized appreciation (depreciation) |
|
|
(6,550) |
|
|
113,164 |
|
|
14,886 |
|
|
94,315
|
|
Net
increase (decrease) in net assets from operations |
|
|
24,748 |
|
|
112,587 |
|
|
160,637 |
|
|
166,018
|
|
DISTRIBUTIONS
TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
earnings |
|
|
(39,963) |
|
|
— |
|
|
(13,503) |
|
|
—
|
|
Total
distributions to shareholders |
|
|
(39,963) |
|
|
— |
|
|
(13,503) |
|
|
—
|
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
627,597 |
|
|
502,400 |
|
|
638,042 |
|
|
2,428,707 |
|
Shares
redeemed |
|
|
(862,252) |
|
|
— |
|
|
(639,808) |
|
|
(1,112,188) |
|
ETF
transaction fees (See Note 4) |
|
|
8,842 |
|
|
131 |
|
|
— |
|
|
1,300
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
(225,813) |
|
|
502,531 |
|
|
(1,766) |
|
|
1,317,819
|
|
NET INCREASE (DECREASE) IN NET
ASSETS |
|
|
(241,028) |
|
|
615,118 |
|
|
145,368 |
|
|
1,483,837
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of the period |
|
|
615,118 |
|
|
— |
|
|
1,483,837 |
|
|
—
|
|
End
of the period |
|
|
$374,090 |
|
|
$615,118 |
|
|
$1,629,205 |
|
|
$1,483,837
|
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
|
90,000 |
|
Shares
redeemed |
|
|
(30,000) |
|
|
— |
|
|
(20,000) |
|
|
(40,000) |
|
Total
increase (decrease) in shares outstanding |
|
|
(10,000) |
|
|
20,000 |
|
|
— |
|
|
50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was September 24,
2024.
|
|
(b)
|
Inception date of the Fund was December 13,
2023. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$7,397 |
|
|
$2,264 |
|
|
$268,918 |
|
Net
realized gain (loss) |
|
|
375,200 |
|
|
46,394 |
|
|
1,051,236 |
|
Net
change in unrealized appreciation (depreciation) |
|
|
454,684 |
|
|
42,987 |
|
|
8,765,382
|
|
Net
increase (decrease) in net assets from operations |
|
|
837,281 |
|
|
91,645 |
|
|
10,085,536
|
|
DISTRIBUTIONS
TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
|
From
earnings |
|
|
(8,894) |
|
|
— |
|
|
(1,498) |
|
Total
distributions to shareholders |
|
|
(8,894) |
|
|
— |
|
|
(1,498) |
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
2,656,891 |
|
|
771,845 |
|
|
52,094,647 |
|
Shares
redeemed |
|
|
(307,828) |
|
|
(283,999) |
|
|
(5,008,908) |
|
ETF
transaction fees (See Note 4) |
|
|
117 |
|
|
579 |
|
|
1,593
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
2,349,180 |
|
|
488,425 |
|
|
47,087,332
|
|
NET INCREASE (DECREASE) IN NET
ASSETS |
|
|
3,177,567 |
|
|
580,070 |
|
|
57,171,370
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
Beginning
of the period |
|
|
580,070 |
|
|
— |
|
|
—
|
|
End
of the period |
|
|
$
3,757,637 |
|
|
$580,070 |
|
|
$57,171,370
|
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
60,000 |
|
|
30,000 |
|
|
1,630,000 |
|
Shares
redeemed |
|
|
(10,000) |
|
|
(10,000) |
|
|
(160,000) |
|
Total
increase (decrease) in shares outstanding |
|
|
50,000 |
|
|
20,000 |
|
|
1,470,000 |
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was May 3,
2024.
|
|
(b)
|
Inception date of the Fund was October 11,
2024. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$55,536 |
|
|
$77 |
|
|
$49,100 |
|
|
$13,279 |
|
Net
realized gain (loss) |
|
|
1,123,109 |
|
|
(67) |
|
|
88,932 |
|
|
36,598 |
|
Net
change in unrealized appreciation (depreciation) |
|
|
3,416,860 |
|
|
29,756 |
|
|
125,484 |
|
|
77,181
|
|
Net
increase (decrease) in net assets from operations |
|
|
4,595,505 |
|
|
29,766 |
|
|
263,516 |
|
|
127,058
|
|
DISTRIBUTIONS
TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
earnings |
|
|
(9,067) |
|
|
— |
|
|
(24,947) |
|
|
—
|
|
Total
distributions to shareholders |
|
|
(9,067) |
|
|
— |
|
|
(24,947) |
|
|
—
|
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
18,188,581 |
|
|
528,400 |
|
|
2,192,082 |
|
|
1,061,362 |
|
Shares
redeemed |
|
|
(2,884,301) |
|
|
— |
|
|
(627,887) |
|
|
(282,937) |
|
ETF
transaction fees (See Note 4) |
|
|
3,302 |
|
|
37 |
|
|
— |
|
|
486
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
15,307,582 |
|
|
528,437 |
|
|
1,564,195 |
|
|
778,911
|
|
NET INCREASE (DECREASE) IN NET
ASSETS |
|
|
19,894,020 |
|
|
558,203 |
|
|
1,802,764 |
|
|
905,969
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of the period |
|
|
558,203 |
|
|
— |
|
|
905,969 |
|
|
—
|
|
End
of the period |
|
|
$
20,452,223 |
|
|
$558,203 |
|
|
$2,708,733 |
|
|
$905,969
|
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
500,000 |
|
|
20,000 |
|
|
70,000 |
|
|
40,000 |
|
Shares
redeemed |
|
|
(70,000) |
|
|
— |
|
|
(20,000) |
|
|
(10,000) |
|
Total
increase (decrease) in shares outstanding |
|
|
430,000 |
|
|
20,000 |
|
|
50,000 |
|
|
30,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was September 24,
2024.
|
|
(b)
|
Inception date of the Fund was December 13,
2023. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$9,431 |
|
|
$158 |
|
|
$4,420 |
|
|
$3,066 |
|
Net
realized gain (loss) |
|
|
16,481 |
|
|
— |
|
|
93,028 |
|
|
58,053 |
|
Net
change in unrealized appreciation (depreciation) |
|
|
111,604 |
|
|
41,366 |
|
|
(35,441) |
|
|
120,753
|
|
Net
increase (decrease) in net assets from operations |
|
|
137,516 |
|
|
41,524 |
|
|
62,007 |
|
|
181,872
|
|
DISTRIBUTIONS
TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
earnings |
|
|
(1,705) |
|
|
— |
|
|
(28,970) |
|
|
—
|
|
Total
distributions to shareholders |
|
|
(1,705) |
|
|
— |
|
|
(28,970) |
|
|
—
|
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
803,610 |
|
|
500,000 |
|
|
909,785 |
|
|
1,351,213 |
|
Shares
redeemed |
|
|
(253,808) |
|
|
— |
|
|
(1,188,655) |
|
|
(287,557) |
|
ETF
transaction fees (See Note 4) |
|
|
— |
|
|
47 |
|
|
— |
|
|
43
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
549,802 |
|
|
500,047 |
|
|
(278,870) |
|
|
1,063,699
|
|
NET INCREASE (DECREASE) IN NET
ASSETS |
|
|
685,613 |
|
|
541,571 |
|
|
(245,833) |
|
|
1,245,571
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of the period |
|
|
541,571 |
|
|
— |
|
|
1,245,571 |
|
|
—
|
|
End
of the period |
|
|
$
1,227,184 |
|
|
$541,571 |
|
|
$999,738 |
|
|
$1,245,571
|
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
30,000 |
|
|
20,000 |
|
|
30,000 |
|
|
50,000 |
|
Shares
redeemed |
|
|
(10,000) |
|
|
— |
|
|
(40,000) |
|
|
(10,000) |
|
Total
increase (decrease) in shares outstanding |
|
|
20,000 |
|
|
20,000 |
|
|
(10,000) |
|
|
40,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was September 12,
2024.
|
|
(b)
|
Inception date of the Fund was December 13,
2023. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$75,838 |
|
|
$9,841 |
|
Net
realized gain (loss) |
|
|
122,881 |
|
|
(1,213) |
|
Net
change in unrealized appreciation (depreciation) |
|
|
(54,569) |
|
|
123,259
|
|
Net
increase (decrease) in net assets from operations |
|
|
144,150 |
|
|
131,887
|
|
DISTRIBUTIONS
TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
From
earnings |
|
|
(15,253) |
|
|
—
|
|
Total
distributions to shareholders |
|
|
(15,253) |
|
|
—
|
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
Shares
sold |
|
|
5,387,151 |
|
|
795,242 |
|
Shares
redeemed |
|
|
(2,110,151) |
|
|
— |
|
ETF
transaction fees (See Note 4) |
|
|
8 |
|
|
893
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
3,277,008 |
|
|
796,135
|
|
NET INCREASE (DECREASE) IN NET
ASSETS |
|
|
3,405,905 |
|
|
928,022
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
Beginning
of the period |
|
|
928,022 |
|
|
—
|
|
End
of the period |
|
|
$4,333,927 |
|
|
$928,022
|
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
Shares
sold |
|
|
170,000 |
|
|
30,000 |
|
Shares
redeemed |
|
|
(70,000) |
|
|
—
|
|
Total
increase (decrease) in shares outstanding |
|
|
100,000 |
|
|
30,000 |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was December 13,
2023. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
CHINA GENERATIVE ARTIFICIAL INTELLIGENCE ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment income(b) |
|
|
0.09 |
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
12.24
|
|
Total
from investment operations |
|
|
12.33
|
|
ETF
transaction fees per share |
|
|
0.17
|
|
Net
asset value, end of period |
|
|
$37.50
|
|
Total
return(d) |
|
|
50.05% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$23,626
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.39% |
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
1.23% |
|
Portfolio
turnover rate(d)(f) |
|
|
16% |
|
|
|
|
|
|
(a)
|
Inception date of the Fund was July 15,
2025.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
period.
|
|
(c)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods.
|
|
(d)
|
Not annualized for periods less than one
year. |
|
(e)
|
Annualized for periods less than one
year. |
|
(f)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
CLOUD COMPUTING ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$28.05 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment loss(b) |
|
|
(0.04) |
|
|
(0.01) |
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
7.72 |
|
|
3.05
|
|
Total
from investment operations |
|
|
7.68 |
|
|
3.04
|
|
ETF
transaction fees per share |
|
|
— |
|
|
0.01
|
|
Net
asset value, end of period |
|
|
$35.73 |
|
|
$28.05
|
|
Total
return(d) |
|
|
27.35% |
|
|
12.21% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$1,429 |
|
|
$1,403
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.36% |
|
|
0.35% |
|
Ratio
of tax expenses to average net assets(e) |
|
|
0.01% |
|
|
—% |
|
Ratio
of operational expenses to average net assets excluding tax
expense(e) |
|
|
0.35% |
|
|
0.35% |
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
(0.14)% |
|
|
(0.06)% |
|
Portfolio
turnover rate(d)(f) |
|
|
15% |
|
|
11% |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was December 15,
2023.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
periods.
|
|
(c)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods.
|
|
(d)
|
Not annualized for periods less than one
year. |
|
(e)
|
Annualized for periods less than one
year. |
|
(f)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
COPPER MINERS ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$28.03 |
|
|
$25.02
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.25 |
|
|
0.02 |
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
8.76 |
|
|
2.99
|
|
Total
from investment operations |
|
|
9.01 |
|
|
3.01
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.30) |
|
|
—
|
|
Total
distributions |
|
|
(0.30) |
|
|
—
|
|
ETF
transaction fees per share |
|
|
0.13 |
|
|
0.00(d) |
|
Net
asset value, end of period |
|
|
$36.87 |
|
|
$28.03
|
|
Total
return(e) |
|
|
33.24% |
|
|
12.03% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$1,106 |
|
|
$561 |
|
Ratio
of expenses to average net assets(f) |
|
|
0.38% |
|
|
0.35% |
|
Ratio
of tax expenses to average net assets(f) |
|
|
0.03% |
|
|
—% |
|
Ratio
of operational expenses to average net assets excluding tax
expense(f) |
|
|
0.35% |
|
|
0.35% |
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
0.94% |
|
|
3.67% |
|
Portfolio
turnover rate(e)(g) |
|
|
42% |
|
|
—% |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was September 24,
2024.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
periods.
|
|
(c)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods.
|
|
(d)
|
Amount represents less than $0.005 per
share. |
|
(e)
|
Not annualized for periods less than one
year. |
|
(f)
|
Annualized for periods less than one
year. |
|
(g)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
CYBERSECURITY ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$28.96 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income (loss)(b) |
|
|
(0.01) |
|
|
0.02 |
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
6.01 |
|
|
3.92
|
|
Total
from investment operations |
|
|
6.00 |
|
|
3.94
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.04) |
|
|
—
|
|
Total
distributions |
|
|
(0.04) |
|
|
—
|
|
ETF
transaction fees per share |
|
|
— |
|
|
0.02
|
|
Net
asset value, end of period |
|
|
$34.92 |
|
|
$28.96
|
|
Total
return(d) |
|
|
20.73% |
|
|
15.83% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$2,095 |
|
|
$1,738
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.36% |
|
|
0.36% |
|
Ratio
of tax expenses to average net assets(e) |
|
|
0.01% |
|
|
0.01% |
|
Ratio
of operational expenses to average net assets excluding tax
expense(e) |
|
|
0.35% |
|
|
0.35% |
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
(0.04)% |
|
|
0.10% |
|
Portfolio
turnover rate(d)(f) |
|
|
38% |
|
|
24% |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was December 8,
2023.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
periods.
|
|
(c)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods.
|
|
(d)
|
Not annualized for periods less than one
year. |
|
(e)
|
Annualized for periods less than one
year. |
|
(f)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
GENERATIVE ARTIFICIAL INTELLIGENCE ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$29.84 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment loss(b) |
|
|
(0.02) |
|
|
(0.04) |
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
13.91 |
|
|
4.88
|
|
Total
from investment operations |
|
|
13.89 |
|
|
4.84
|
|
ETF
transaction fees per share |
|
|
0.00(d) |
|
|
0.00(d) |
|
Net
asset value, end of period |
|
|
$43.73 |
|
|
$29.84
|
|
Total
return(e) |
|
|
46.57% |
|
|
19.35% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$40,234 |
|
|
$13,129
|
|
Ratio
of expenses to average net assets(f) |
|
|
0.35% |
|
|
0.35% |
|
Ratio
of tax expenses to average net assets(f) |
|
|
0.00%(g) |
|
|
—% |
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
(0.07)% |
|
|
(0.15)% |
|
Portfolio
turnover rate(e)(h) |
|
|
74% |
|
|
58% |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was December 8,
2023.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the periods.
|
|
(c)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods. |
|
(d)
|
Amount represents less than $0.005 per
share. |
|
(e)
|
Not annualized for periods less than one
year. |
|
(f)
|
Annualized for periods less than one
year. |
|
(g)
|
Amount represents less than
0.005%. |
|
(h)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
GLOBAL SYSTEMICALLY IMPORTANT BANKS ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$31.27 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
1.14 |
|
|
0.98 |
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
16.21 |
|
|
5.28
|
|
Total
from investment operations |
|
|
17.35 |
|
|
6.26
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.55) |
|
|
—
|
|
Total
distributions |
|
|
(0.55) |
|
|
—
|
|
ETF
transaction fees per share |
|
|
0.01 |
|
|
0.01
|
|
Net
asset value, end of period |
|
|
$48.08 |
|
|
$31.27
|
|
Total
return(d) |
|
|
56.30% |
|
|
25.09% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$20,193 |
|
|
$2,189
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.35% |
|
|
0.35% |
|
Ratio
of tax expenses to average net assets(e) |
|
|
0.00%(f) |
|
|
0.00%(f) |
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
2.74% |
|
|
4.30% |
|
Portfolio
turnover rate(d)(g) |
|
|
11% |
|
|
28% |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was December 15,
2023.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the periods.
|
|
(c)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods. |
|
(d)
|
Not annualized for periods less than one
year. |
|
(e)
|
Annualized for periods less than one
year. |
|
(f)
|
Amount represents less than
0.005%. |
|
(g)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
GOLD MINERS ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$37.62 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.67 |
|
|
0.40 |
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
41.85 |
|
|
12.22
|
|
Total
from investment operations |
|
|
42.52 |
|
|
12.62
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.65) |
|
|
—
|
|
Total
distributions |
|
|
(0.65) |
|
|
—
|
|
ETF
transaction fees per share |
|
|
0.02 |
|
|
0.00(d) |
|
Net
asset value, end of period |
|
|
$79.51 |
|
|
$37.62
|
|
Total
return(e) |
|
|
115.31% |
|
|
50.48% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$18,288 |
|
|
$2,257
|
|
Ratio
of expenses to average net assets(f) |
|
|
0.35% |
|
|
0.35% |
|
Ratio
of tax expenses to average net assets(f) |
|
|
0.00%(g) |
|
|
—% |
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
1.28% |
|
|
1.63% |
|
Portfolio
turnover rate(e)(h) |
|
|
29% |
|
|
14% |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was December 13,
2023.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the periods.
|
|
(c)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods. |
|
(d)
|
Amount represents less than $0.005 per
share. |
|
(e)
|
Not annualized for periods less than one
year. |
|
(f)
|
Annualized for periods less than one
year. |
|
(g)
|
Amount represents less than
0.005%. |
|
(h)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
HUMANOID ROBOTICS ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$28.13 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.09 |
|
|
0.13 |
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
11.88 |
|
|
2.99
|
|
Total
from investment operations |
|
|
11.97 |
|
|
3.12
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.48) |
|
|
—
|
|
Total
distributions |
|
|
(0.48) |
|
|
—
|
|
ETF
transaction fees per share |
|
|
0.07 |
|
|
0.01
|
|
Net
asset value, end of period |
|
|
$39.69 |
|
|
$28.13
|
|
Total
return(d) |
|
|
43.51% |
|
|
12.51% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$5,556 |
|
|
$563 |
|
Ratio
of expenses to average net assets(e) |
|
|
0.37% |
|
|
0.35% |
|
Ratio
of tax expenses to average net assets(e) |
|
|
0.02% |
|
|
—% |
|
Ratio
of operational expenses to average net assets excluding tax
expense(e) |
|
|
0.35% |
|
|
0.35% |
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
0.28% |
|
|
1.10% |
|
Portfolio
turnover rate(d)(f) |
|
|
197% |
|
|
46% |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was April 22,
2024.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the periods.
|
|
(c)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods. |
|
(d)
|
Not annualized for periods less than one
year. |
|
(e)
|
Annualized for periods less than one
year. |
|
(f)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
LITHIUM & BATTERY METAL MINERS ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$30.76 |
|
|
$25.12
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.03 |
|
|
(0.00)(c) |
|
Net
realized and unrealized gain (loss) on investments(d) |
|
|
8.22 |
|
|
5.63
|
|
Total
from investment operations |
|
|
8.25 |
|
|
5.63
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(2.00) |
|
|
—
|
|
Total
distributions |
|
|
(2.00) |
|
|
—
|
|
ETF
transaction fees per share |
|
|
0.40 |
|
|
0.01
|
|
Net
asset value, end of period |
|
|
$37.41 |
|
|
$30.76
|
|
Total
return(e) |
|
|
31.27% |
|
|
22.44% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$374 |
|
|
$615 |
|
Ratio
of expenses to average net assets(f) |
|
|
0.38% |
|
|
0.35% |
|
Ratio
of tax expenses to average net assets(f) |
|
|
0.03% |
|
|
—% |
|
Ratio
of operational expenses to average net assets excluding tax
expense(f) |
|
|
0.35% |
|
|
0.35% |
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
0.13% |
|
|
(0.30)% |
|
Portfolio
turnover rate(e)(g) |
|
|
127% |
|
|
—% |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was September 24,
2024.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
periods.
|
|
(c)
|
Amount represents less than $0.005 per
share.
|
|
(d)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods. |
|
(e)
|
Not annualized for periods less than one
year. |
|
(f)
|
Annualized for periods less than one
year. |
|
(g)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
NATURAL MONOPOLY ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$29.68 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.48 |
|
|
0.30 |
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
2.69 |
|
|
4.34
|
|
Total
from investment operations |
|
|
3.17 |
|
|
4.64
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.27) |
|
|
—
|
|
Total
distributions |
|
|
(0.27) |
|
|
—
|
|
ETF
transaction fees per share |
|
|
— |
|
|
0.04
|
|
Net
asset value, end of period |
|
|
$32.58 |
|
|
$29.68
|
|
Total
return(d) |
|
|
10.82% |
|
|
18.71% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$1,629 |
|
|
$1,484
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.36% |
|
|
0.35% |
|
Ratio
of tax expenses to average net assets(e) |
|
|
0.01% |
|
|
—% |
|
Ratio
of operational expenses to average net assets excluding tax
expense(e) |
|
|
0.35% |
|
|
0.35% |
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
1.57% |
|
|
1.35% |
|
Portfolio
turnover rate(d)(f) |
|
|
84% |
|
|
113% |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was December 13,
2023.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
periods.
|
|
(c)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods.
|
|
(d)
|
Not annualized for periods less than one
year. |
|
(e)
|
Annualized for periods less than one
year. |
|
(f)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
SILVER MINERS ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$29.00 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.30 |
|
|
0.11 |
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
24.82(h) |
|
|
3.86
|
|
Total
from investment operations |
|
|
25.12 |
|
|
3.97
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.44) |
|
|
—
|
|
Total
distributions |
|
|
(0.44) |
|
|
—
|
|
ETF
transaction fees per share |
|
|
0.00(d) |
|
|
0.03
|
|
Net
asset value, end of period |
|
|
$53.68 |
|
|
$29.00
|
|
Total
return(e) |
|
|
88.37%(h) |
|
|
16.01% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$3,758 |
|
|
$580 |
|
Ratio
of expenses to average net assets(f) |
|
|
0.37% |
|
|
0.35% |
|
Ratio
of tax expenses to average net assets(f) |
|
|
0.02% |
|
|
—% |
|
Ratio
of operational expenses to average net assets excluding tax
expense(f) |
|
|
0.35% |
|
|
0.35% |
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
0.89% |
|
|
1.03% |
|
Portfolio
turnover rate(e)(g) |
|
|
124% |
|
|
38% |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was May 3,
2024.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
periods.
|
|
(c)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods.
|
|
(d)
|
Amount represents less than $0.005 per
share. |
|
(e)
|
Not annualized for periods less than one
year. |
|
(f)
|
Annualized for periods less than one
year. |
|
(g)
|
Portfolio turnover rate excludes in-kind
transactions. |
|
(h)
|
During the year, 2.32% of the Fund’s total return
consists of reimbursements by the Adviser for losses on investment
transactions. Excluding this item, total return would have been 86.05%, a
$0.66 per share impact. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
TRANSATLANTIC DEFENSE ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment income(b) |
|
|
0.47 |
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
13.44
|
|
Total
from investment operations |
|
|
13.91
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
Net
investment income |
|
|
(0.02) |
|
Total
distributions |
|
|
(0.02) |
|
ETF
transaction fees per share |
|
|
0.00(d) |
|
Net
asset value, end of period |
|
|
$38.89
|
|
Total
return(e) |
|
|
55.70% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$57,171
|
|
Ratio
of expenses to average net assets(f) |
|
|
0.35% |
|
Ratio
of tax expenses to average net assets(f) |
|
|
0.00%(g) |
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
1.40% |
|
Portfolio
turnover rate(e)(h) |
|
|
20% |
|
|
|
|
|
|
(a)
|
Inception date of the Fund was October 11,
2024.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
period.
|
|
(c)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods.
|
|
(d)
|
Amount represents less than $0.005 per
share. |
|
(e)
|
Not annualized for periods less than one
year. |
|
(f)
|
Annualized for periods less than one
year. |
|
(g)
|
Amount represents less than
0.005%. |
|
(h)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
URANIUM & NUCLEAR ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$27.91 |
|
|
$26.42
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.26 |
|
|
0.00(c) |
|
Net
realized and unrealized gain (loss) on investments(d) |
|
|
17.32 |
|
|
1.49
|
|
Total
from investment operations |
|
|
17.58 |
|
|
1.49
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.06) |
|
|
—
|
|
Total
distributions |
|
|
(0.06) |
|
|
—
|
|
ETF
transaction fees per share |
|
|
0.02 |
|
|
0.00(c) |
|
Net
asset value, end of period |
|
|
$45.45 |
|
|
$27.91
|
|
Total
return(e) |
|
|
63.20% |
|
|
5.64% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$20,452 |
|
|
$558 |
|
Ratio
of expenses to average net assets(f) |
|
|
0.35% |
|
|
0.35% |
|
Ratio
of tax expenses to average net assets(f) |
|
|
0.00%(g) |
|
|
—% |
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
0.76% |
|
|
0.84% |
|
Portfolio
turnover rate(e)(h) |
|
|
52% |
|
|
—% |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was September 24,
2024.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
periods.
|
|
(c)
|
Amount represents less than $0.005 per
share.
|
|
(d)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods. |
|
(e)
|
Not annualized for periods less than one
year. |
|
(f)
|
Annualized for periods less than one
year. |
|
(g)
|
Amount represents less than
0.005%. |
|
(h)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
US CASH FLOW CHAMPIONS ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$30.20 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.74 |
|
|
0.58 |
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
3.28 |
|
|
4.60
|
|
Total
from investment operations |
|
|
4.02 |
|
|
5.18
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.36) |
|
|
—
|
|
Total
distributions |
|
|
(0.36) |
|
|
—
|
|
ETF
transaction fees per share |
|
|
— |
|
|
0.02
|
|
Net
asset value, end of period |
|
|
$33.86 |
|
|
$30.20
|
|
Total
return(d) |
|
|
13.44% |
|
|
20.80% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$2,709 |
|
|
$906 |
|
Ratio
of expenses to average net assets(e) |
|
|
0.30% |
|
|
0.30% |
|
Ratio
of tax expenses to average net assets(e) |
|
|
0.01% |
|
|
0.01% |
|
Ratio
of operational expenses to average net assets excluding tax
expense(e) |
|
|
0.29% |
|
|
0.29% |
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
2.37% |
|
|
2.59% |
|
Portfolio
turnover rate(d)(f) |
|
|
20% |
|
|
20% |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was December 13,
2023.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the
periods.
|
|
(c)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods.
|
|
(d)
|
Not annualized for periods less than one
year. |
|
(e)
|
Annualized for periods less than one
year. |
|
(f)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
US INFRASTRUCTURE ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$27.08 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.24 |
|
|
0.01 |
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
3.42 |
|
|
2.07
|
|
Total
from investment operations |
|
|
3.66 |
|
|
2.08
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.06) |
|
|
—
|
|
Total
distributions |
|
|
(0.06) |
|
|
—
|
|
ETF
transaction fees per share |
|
|
— |
|
|
0.00(d) |
|
Net
asset value, end of period |
|
|
$30.68 |
|
|
$27.08
|
|
Total
return(e) |
|
|
13.54% |
|
|
8.31% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$1,227 |
|
|
$542 |
|
Ratio
of expenses to average net assets(f) |
|
|
0.31% |
|
|
0.29% |
|
Ratio
of tax expenses to average net assets(f) |
|
|
0.02% |
|
|
—% |
|
Ratio
of operational expenses to average net assets excluding tax
expense(f) |
|
|
0.29% |
|
|
0.29% |
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
0.88% |
|
|
0.61% |
|
Portfolio
turnover rate(e)(g) |
|
|
10% |
|
|
—% |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was September 12,
2024.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the periods.
|
|
(c)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods. |
|
(d)
|
Amount represents less than $0.005 per
share. |
|
(e)
|
Not annualized for periods less than one
year. |
|
(f)
|
Annualized for periods less than one
year. |
|
(g)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
US R&D CHAMPIONS ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$31.14 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.13 |
|
|
0.11 |
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
2.77 |
|
|
6.03
|
|
Total
from investment operations |
|
|
2.90 |
|
|
6.14
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.72) |
|
|
—
|
|
Total
distributions |
|
|
(0.72) |
|
|
—
|
|
ETF
transaction fees per share |
|
|
— |
|
|
0.00(d) |
|
Net
asset value, end of period |
|
|
$33.32 |
|
|
$31.14
|
|
Total
return(e) |
|
|
9.56% |
|
|
24.56% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$1,000 |
|
|
$1,246
|
|
Ratio
of expenses to average net assets(f) |
|
|
0.31% |
|
|
0.29% |
|
Ratio
of tax expenses to average net assets(f) |
|
|
0.02% |
|
|
0.00%(g) |
|
Ratio
of operational expenses to average net assets excluding tax
expense(f) |
|
|
0.29% |
|
|
0.29% |
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
0.42% |
|
|
0.47% |
|
Portfolio
turnover rate(e)(h) |
|
|
56% |
|
|
34% |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was December 13,
2023.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the periods.
|
|
(c)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods. |
|
(d)
|
Amount represents less than $0.005 per
share. |
|
(e)
|
Not annualized for periods less than one
year. |
|
(f)
|
Annualized for periods less than one
year. |
|
(g)
|
Amount represents less than
0.005%. |
|
(h)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
US SMALL CAP CASH FLOW CHAMPIONS ETF
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$30.93 |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.64 |
|
|
0.40 |
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
1.96 |
|
|
5.49
|
|
Total
from investment operations |
|
|
2.60 |
|
|
5.89
|
|
LESS
DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.19) |
|
|
—
|
|
Total
distributions |
|
|
(0.19) |
|
|
—
|
|
ETF
transaction fees per share |
|
|
0.00(d) |
|
|
0.04
|
|
Net
asset value, end of period |
|
|
$33.34 |
|
|
$30.93
|
|
Total
return(e) |
|
|
8.43% |
|
|
23.74% |
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$4,334 |
|
|
$928 |
|
Ratio
of expenses to average net assets(f) |
|
|
0.30% |
|
|
0.29% |
|
Ratio
of tax expenses to average net assets(f) |
|
|
0.01% |
|
|
0.00%(g) |
|
Ratio
of operational expenses to average net assets excluding tax
expense(f) |
|
|
0.29% |
|
|
0.29% |
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
2.10% |
|
|
1.74% |
|
Portfolio
turnover rate(e)(h) |
|
|
42% |
|
|
46% |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was December 13,
2023.
|
|
(b)
|
Net investment income per share has been calculated
based on average shares outstanding during the periods.
|
|
(c)
|
Realized and unrealized gains and losses per share
in the caption are balancing amounts necessary to reconcile the change in
net asset value per share for the periods, and may not reconcile with the
aggregate gains and losses in the Statement of Operations due to share
transactions for the periods. |
|
(d)
|
Amount represents less than $0.005 per
share. |
|
(e)
|
Not annualized for periods less than one
year. |
|
(f)
|
Annualized for periods less than one
year. |
|
(g)
|
Amount represents less than
0.005%. |
|
(h)
|
Portfolio turnover rate excludes in-kind
transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
THEMES
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
September 30, 2025
1. ORGANIZATION
The
Themes China Generative Artificial Intelligence ETF, Themes Cloud Computing ETF,
Themes Copper Miners ETF, Themes Cybersecurity ETF, Themes Generative Artificial
Intelligence ETF, Themes Global Systemically Important Banks ETF, Themes Gold
Miners ETF, Themes Humanoid Robotics ETF, Themes Lithium & Battery Metal
Miners ETF, Themes Natural Monopoly ETF, Themes Silver Miners ETF, Themes
Transatlantic Defense ETF, Themes Uranium & Nuclear ETF, Themes US Cash Flow
Champions ETF, Themes US Infrastructure ETF, Themes US R&D Champions ETF,
and Themes US Small Cap Cash Flow Champions ETF, (collectively, the “Funds”) are
non-diversified series of Themes ETF Trust (the “Trust”). The Trust was
organized as a Delaware statutory trust on February 22, 2023 and is
registered with the U.S. Securities and Exchange Commission (the “SEC”) as an
open-end management investment company under the Investment Company Act of 1940,
as amended (the “1940 Act”).
Costs
incurred by the Fund in connection with the organization, registration and the
initial public offering of shares were paid by Themes Management Company, LLC
(“Themes” or the “Adviser”), the Funds’ Investment Adviser.
The
below Funds use a “passive” or indexing approach to achieve their investment
objective of tracking the performance, before fees and expenses, of an index
comprised of:
|
|
|
|
|
|
Themes
China Generative Artificial Intelligence ETF |
|
|
Chinese
companies which derive significant revenue from generative artificial
intelligence-related activities |
|
Themes
Cloud Computing ETF |
|
|
Companies
that have business operations in the field of cloud computing |
|
Themes
Copper Miners ETF |
|
|
Companies
that derive significant revenues from the mining, exploration, and
refining of copper |
|
Themes
Cybersecurity ETF |
|
|
Companies
that have business operations in the cybersecurity industry |
|
Themes
Generative Artificial Intelligence ETF |
|
|
Companies
that have business operations in the field of artificial intelligence
related industries |
|
Themes
Gold Miners ETF |
|
|
Companies
that are active in the gold mining industry |
|
Themes
Humanoid Robotics ETF |
|
|
Companies
which derive significant revenue from the design and development of
humanoid and service robots |
|
Themes
Lithium & Battery Metal Miners ETF |
|
|
Companies
that derive significant revenues from the mining, exploration, and
refining of lithium and battery metals |
|
Themes
Natural Monopoly ETF |
|
|
Global
companies which exhibit a strong competitive advantage in their sector
|
|
Themes
Silver Miners ETF |
|
|
Companies
with significant exposure to the silver mining industry |
|
Themes
Transatlantic Defense ETF |
|
|
Companies
from North Atlantic Treaty Organization (“NATO”) member countries that
have business operations in the aerospace and defense industry
|
|
Themes
Uranium & Nuclear ETF |
|
|
Companies
that derive significant revenues from the uranium and nuclear industries
|
|
Themes
US Cash Flow Champions ETF |
|
|
U.S.
companies with a high cash flow yield |
|
Themes
US Infrastructure ETF |
|
|
Companies
that have business operations involving the building materials and
equipment, logistics, construction, and engineering services used for the
development and maintenance of infrastructure projects |
|
Themes
US R&D Champions ETF |
|
|
Innovative
U.S. companies which exhibit strong and consistent investment in research
and development as well as profitability |
|
Themes
US Small Cap Cash Flow Champions ETF |
|
|
Small
capitalization U.S. companies with a high cash flow yield |
|
|
|
|
|
TABLE OF CONTENTS
THEMES
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
Themes
Global Systemically Important Banks ETF is actively managed with an investment
objective to seek growth of capital by investing in companies that operate in
the global bank sector.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Each
Fund is an investment company and accordingly follows the investment company
accounting and reporting guidance of the Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.
Each Fund prepares its financial statement in accordance with accounting
principles generally accepted in the United States of America (“U.S. GAAP”) and
follows the significant accounting policies described below.
Use
of Estimates – The preparation of the
financial statement in conformity with U.S. GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statement and the reported amounts of increases and decreases in
net assets from operations during the reporting period. Actual results could
differ from those estimates.
Share
Transactions – The net asset value (“NAV”) per
share of each Fund will be equal to a Fund’s total assets minus a Fund’s total
liabilities divided by the total number of shares outstanding. The NAV that is
published will be rounded to the nearest cent. The NAV is determined as of the
close of trading (generally, 4:00 p.m. Eastern Time) on each day the New York
Stock Exchange (“NYSE”) is open for trading.
Fair
Value Measurement – In calculating the NAV,
each Fund’s exchange-traded equity securities will be valued at fair value,
which will generally be determined using the last reported official closing or
last trading price on the exchange or market on which the security is primarily
traded at the time of valuation. Such valuations are typically categorized as
Level 1 in the fair value hierarchy described below.
Securities
listed on the NASDAQ Stock Market, Inc. are generally valued at the NASDAQ
official closing price. Foreign securities will be priced at their local
currencies as of the close of their primary exchange or market or as of the time
each Fund calculates its NAV on the valuation date, whichever is earlier.
Investments
in money market funds are valued at the NAV per share.
If
market quotations are not readily available, or if it is determined that a
quotation of a security does not represent fair value, then the security is
valued at fair value as determined in good faith by the Adviser using procedures
adopted by the Board of Trustees of the Trust (the “Board”). The valuation of
each Fund’s investments is performed in accordance with the principles found in
Rule 2a-5 of the 1940 Act. The Board has delegated the Adviser as the
valuation designed of the Funds. The circumstances in which a security may be
fair valued include, among others: the occurrence of events that are significant
to a particular issuer, such as mergers, restructurings or defaults; the
occurrence of events that are significant to an entire market, such as natural
disasters in a particular region or government actions; trading restrictions on
securities; thinly traded securities; and market events such as trading halts
and early market closings. Due to the inherent uncertainty of valuations, fair
values may differ significantly from the values that would have been used had an
active market existed. Fair valuation could result in a different NAV than a NAV
determined by using market quotations. Such valuations are typically categorized
as Level 2 or Level 3 in the fair value hierarchy described below.
FASB
ASC Topic 820, Fair Value Measurements and
Disclosures (“ASC 820”) defines fair value, establishes a framework for
measuring fair value in accordance with U.S. GAAP, and requires disclosure about
fair value measurements. It also provides guidance on determining when there has
been a significant decrease in the volume and level of activity for an asset or
liability, when a transaction is not orderly, and how that information must be
incorporated into fair value measurements. Under ASC 820, various inputs are
used in determining the value of each Funds’ investments. These inputs are
summarized in the following hierarchy:
|
Level 1
–
|
Unadjusted
quoted prices in active markets for identical assets or liabilities that
the Funds have 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 securities, interest rates, prepayment
speeds, credit risk, yield curves, default rates and similar data.
|
TABLE OF CONTENTS
THEMES
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
|
Level 3
–
|
Unobservable
inputs for the asset or liability, to the extent relevant observable
inputs are not available; representing the Funds’ own assumptions about
the assumptions a market participant would use in valuing the asset or
liability and would be based on the best information available.
|
The
fair value hierarchy gives the highest priority to quoted prices (unadjusted) in
active markets for identical assets or liabilities (Level 1) and the lowest
priority to unobservable inputs (Level 3).
The
availability of observable inputs can vary from security to security and is
affected by a wide variety of factors, including, for example, the type of
security, whether the security is new and not yet established in the
marketplace, the liquidity of markets, and other characteristics particular to
the security. To the extent that valuation is based on models or inputs that are
less observable or unobservable in the market, the determination of fair value
requires more judgment. Accordingly, the degree of judgment exercised in
determining fair value is greatest for instruments categorized in Level 3.
All
other securities and investments for which market values are not readily
available, including restricted securities, and those securities for which it is
inappropriate to determine prices in accordance with the aforementioned
procedures, are valued at fair value as determined in good faith under
procedures adopted by the Board, although the actual calculations may be done by
others. Factors considered in making this determination may include, but are not
limited to, information obtained by contacting the issuer, analysts, or the
appropriate stock exchange (for exchange-traded securities), analysis of the
issuer’s financial statements or other available documents and, if necessary,
available information concerning other securities in similar circumstances.
The
inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. The
hierarchy classification of inputs used to value the Funds’ investments on
September 30, 2025, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
China Generative Artificial Intelligence ETF
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$23,443,132 |
|
|
$— |
|
|
$— |
|
|
$23,443,132
|
|
Money
Market Funds |
|
|
152,623 |
|
|
— |
|
|
— |
|
|
152,623
|
|
Total
Investments |
|
|
$23,595,755 |
|
|
$— |
|
|
$— |
|
|
$23,595,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
Cloud Computing ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$1,427,154 |
|
|
$— |
|
|
$— |
|
|
$1,427,154 |
|
Money
Market Funds |
|
|
1,060 |
|
|
— |
|
|
— |
|
|
1,060
|
|
Total
Investments |
|
|
$1,428,214 |
|
|
$— |
|
|
$— |
|
|
$1,428,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
Copper Miners ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$1,102,533 |
|
|
$— |
|
|
$—** |
|
|
$1,102,533 |
|
Money
Market Funds |
|
|
2,051 |
|
|
— |
|
|
— |
|
|
2,051
|
|
Total
Investments |
|
|
$1,104,584 |
|
|
$— |
|
|
$— |
|
|
$1,104,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
Cybersecurity ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$2,088,483 |
|
|
$— |
|
|
$— |
|
|
$2,088,483 |
|
Money
Market Funds |
|
|
6,907 |
|
|
— |
|
|
— |
|
|
6,907
|
|
Total
Investments |
|
|
$2,095,390 |
|
|
$— |
|
|
$— |
|
|
$2,095,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
THEMES
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
Generative Artificial Intelligence ETF
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$40,183,116 |
|
|
$— |
|
|
$— |
|
|
$40,183,116 |
|
Money
Market Funds |
|
|
57,874 |
|
|
— |
|
|
— |
|
|
57,874
|
|
Total
Investments |
|
|
$40,240,990 |
|
|
$— |
|
|
$— |
|
|
$40,240,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
Global Systemically Important Banks ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$20,144,761 |
|
|
$— |
|
|
$— |
|
|
$20,144,761
|
|
Money
Market Funds |
|
|
15,694 |
|
|
— |
|
|
— |
|
|
15,694
|
|
Total
Investments |
|
|
$20,160,455 |
|
|
$— |
|
|
$— |
|
|
$20,160,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
Gold Miners ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$17,954,476 |
|
|
$277,457 |
|
|
$— |
|
|
$18,231,933
|
|
Money
Market Funds |
|
|
16,521 |
|
|
— |
|
|
— |
|
|
16,521
|
|
Total
Investments |
|
|
$17,970,997 |
|
|
$277,457 |
|
|
$— |
|
|
$18,248,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
Humanoid Robotics ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$5,531,878 |
|
|
$— |
|
|
$— |
|
|
$5,531,878 |
|
Money
Market Funds |
|
|
22,154 |
|
|
— |
|
|
— |
|
|
22,154
|
|
Total
Investments |
|
|
$5,554,032 |
|
|
$— |
|
|
$— |
|
|
$5,554,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
Lithium & Battery Metal Miners ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$372,474 |
|
|
$— |
|
|
$—** |
|
|
$372,474 |
|
Money
Market Funds |
|
|
1,379 |
|
|
— |
|
|
— |
|
|
1,379
|
|
Total
Investments |
|
|
$373,853 |
|
|
$— |
|
|
$— |
|
|
$373,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
Natural Monopoly ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$1,624,398 |
|
|
$— |
|
|
$— |
|
|
$1,624,398 |
|
Money
Market Funds |
|
|
2,529 |
|
|
— |
|
|
— |
|
|
2,529
|
|
Total
Investments |
|
|
$1,626,927 |
|
|
$— |
|
|
$— |
|
|
$1,626,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
Silver Miners ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$3,740,802 |
|
|
$— |
|
|
$— |
|
|
$3,740,802 |
|
Money
Market Funds |
|
|
6,071 |
|
|
— |
|
|
— |
|
|
6,071
|
|
Total
Investments |
|
|
$3,746,873 |
|
|
$— |
|
|
$— |
|
|
$3,746,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
THEMES
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
Transatlantic Defense ETF
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$56,934,977 |
|
|
$— |
|
|
$— |
|
|
$56,934,977
|
|
Money
Market Funds |
|
|
228,980 |
|
|
— |
|
|
— |
|
|
228,980
|
|
Total
Investments |
|
|
$57,163,957 |
|
|
$— |
|
|
$— |
|
|
$57,163,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
Uranium & Nuclear ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$20,322,310 |
|
|
$— |
|
|
$— |
|
|
$20,322,310
|
|
Money
Market Funds |
|
|
128,835 |
|
|
— |
|
|
— |
|
|
128,835
|
|
Total
Investments |
|
|
$20,451,145 |
|
|
$— |
|
|
$— |
|
|
$20,451,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
US Cash Flow Champions ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$2,679,305 |
|
|
$— |
|
|
$— |
|
|
$2,679,305 |
|
Money
Market Funds |
|
|
27,664 |
|
|
— |
|
|
— |
|
|
27,664
|
|
Total
Investments |
|
|
$2,706,969 |
|
|
$— |
|
|
$— |
|
|
$2,706,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
US Infrastructure ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$1,221,154 |
|
|
$— |
|
|
$— |
|
|
$1,221,154 |
|
Money
Market Funds |
|
|
5,945 |
|
|
— |
|
|
— |
|
|
5,945
|
|
Total
Investments |
|
|
$1,227,099 |
|
|
$— |
|
|
$— |
|
|
$1,227,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
US R&D Champions ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$997,655 |
|
|
$— |
|
|
$— |
|
|
$997,655 |
|
Money
Market Funds |
|
|
2,104 |
|
|
— |
|
|
— |
|
|
2,104
|
|
Total
Investments |
|
|
$999,759 |
|
|
$— |
|
|
$— |
|
|
$999,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
US Small Cap Cash Flow Champions ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks* |
|
|
$4,318,252 |
|
|
$— |
|
|
$— |
|
|
$4,318,252 |
|
Money
Market Funds |
|
|
14,152 |
|
|
— |
|
|
— |
|
|
14,152
|
|
Total
Investments |
|
|
$4,332,404 |
|
|
$— |
|
|
$— |
|
|
$4,332,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Refer to the Schedule of Investments for industry
classifications. |
|
**
|
Includes a position valued at zero.
|
Management
has determined the amount of Level 3 securities in Themes Copper Miners ETF
and Themes Lithium & Battery Metal Miners ETF is not material; therefore, a
rollforward of Level 3 securities is not presented.
The
Funds have adopted a policy of recording any transfers of investment securities
between the different levels in the fair value hierarchy as of the end of the
year.
Security
Transactions – Investment transactions are
recorded as of the date that the securities are purchased or sold (trade date).
Realized gains and losses from the sale or disposition of securities are
calculated based on the specific identification basis.
TABLE OF CONTENTS
THEMES
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
Investment
Income – Dividend income is recognized on the
ex-dividend date. Interest income is accrued daily. Withholding taxes on foreign
dividends has been provided for in accordance with Funds’ understanding of the
applicable tax rules and regulations.
Foreign
Currency Translation – The books and records
of the Funds are maintained in U.S. dollars. A Fund’s assets and liabilities in
foreign currencies are translated into U.S. dollars at the prevailing exchange
rate at the valuation date. Transactions denominated in foreign currencies are
translated into U.S. dollars at the prevailing exchange rate on the date of the
transaction. The Fund’s income earned and expenses incurred in foreign
denominated currencies are translated into U.S. dollars at the prevailing
exchange rate on the date of such activity.
The
Funds do not isolate that portion of the results of operations arising from
changes in the foreign exchange rates on investments from the fluctuations that
result from changes in the market prices of investments held or sold during the
period. Accordingly, such foreign currency gains (losses) are included in the
reported net realized gain (loss) on investments in securities and net change in
unrealized appreciation (depreciation) on investments in securities on the
Statements of Operations.
Net
realized gains (losses) on foreign currency transactions reported on the
Statements of Operations arise from sales of foreign currency, including net
currency gains and losses, realized between the trade and settlement dates on
securities transactions and the difference in the amounts of dividends and
foreign withholding taxes recorded on the Fund’s books and the U.S. dollar
equivalent of the amounts actually received or paid. Net changes in unrealized
appreciation (depreciation) on translation of assets and liabilities denominated
in foreign currencies reported on the Statements of Operations arise from
changes (due to the changes in the exchange rate) in the value of foreign
currency and assets and liabilities (other than investments) denominated in
foreign currencies, which are held at period end.
Tax
Information, Dividends and Distributions to Shareholders and Uncertain Tax
Positions – The Funds are treated as separate
entities for Federal income tax purposes. Each Fund has qualified and intends to
qualify as a regulated investment company (“RIC”) under Subchapter M of the
Internal Revenue Code of 1986, as amended. To qualify and remain eligible for
the special tax treatment accorded to RICs, each Fund must meet certain annual
income and quarterly asset diversification requirements and must distribute
annually at least 90% of the sum of (i) its investment company taxable income
(which includes dividends, interest and net short-term capital gains) and
(ii) certain net tax-exempt income, if any. If so qualified, each Fund will
not be subject to Federal income tax.
Distributions
to shareholders are recorded on the ex-dividend date. The Funds generally pay
out dividends from net investment income, if any, annually, and distribute its
net capital gains, if any, to shareholders at least annually. The Funds may also
pay a special distribution at the end of the calendar year to comply with
Federal tax requirements. The amount of dividends and distributions from
net investment income and net realized capital gains are determined in
accordance with Federal income tax regulations, which may differ from U.S. GAAP.
These “book/tax” differences are either considered temporary or permanent in
nature. To the extent these differences are permanent in nature, such amounts
are reclassified within the components of net assets based on their Federal tax
basis treatment; temporary differences do not require reclassification.
Dividends and distributions which exceed earnings and profit for tax purposes
are reported as a tax return of capital. See Note 6. Income Tax Information
for information on distributions made to shareholders.
Management
evaluates the Funds’ tax positions to determine if the tax positions taken meet
the minimum recognition threshold in connection with accounting for
uncertainties in income tax positions taken or expected to be taken for the
purposes of measuring and recognizing tax liabilities in the financial
statements. Recognition of tax benefits of an uncertain tax position is required
only when the position is “more likely than not” to be sustained assuming
examination by taxing authorities. Interest and penalties related to income
taxes would be recorded as income tax expense. Based on this evaluation,
Management has concluded that there are no uncertain tax positions that require
recognition in the financial statements as of September 30, 2025. The
Funds’ Federal income tax returns are subject to examination by the Internal
Revenue Service for a period of three fiscal years after they are filed. State
and local tax returns may be subject to examination for an additional fiscal
year depending on the jurisdiction.
Operating
Segments – The Funds have adopted FASB
Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -
Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the
standard impacted financial statement disclosures only and did not affect each
Fund’s financial position or the results of its
TABLE OF CONTENTS
THEMES
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
operations.
An operating segment is defined in Topic 280 as a component of a public entity
that engages in business activities from which it may recognize revenues and
incur expenses, has operating results that are regularly reviewed by the public
entity’s chief operating decision maker (“CODM”) to make decisions about
resources to be allocated to the segment and assess its performance, and has
discrete financial information available. The CODM is the Treasurer of the
Trust. Each Fund operates as a single operating segment. Each Fund’s income,
expenses, assets, changes in net assets resulting from operations and
performance are regularly monitored and assessed as a whole by the CODM
responsible for oversight functions of each Fund, using the information
presented in the financial statements and financial highlights.
Indemnification
– In the normal course of business, the Funds
expect to enter into contracts that contain a variety of representations and
warranties, and which provide general indemnifications. The Funds’ maximum
exposure under these anticipated arrangements is unknown, as this would involve
future claims that may be made against the Funds that have not yet occurred.
However, the Adviser expects the risk of loss to be remote.
3.
INVESTMENT ADVISORY AND OTHER AGREEMENTS
Investment
Advisory Agreement – The Trust has entered
into an Investment Advisory Agreement (the “Advisory Agreement”) with the
Adviser. Under the Advisory Agreement, the Adviser provides a continuous
investment program for the Funds’ assets in accordance with its investment
objectives, policies and limitations, and oversees the day-to-day operations of
the Funds subject to the supervision of the Board, including the Trustees who
are not “interested persons” of the Trust as defined in the 1940 Act.
Pursuant
to the Advisory Agreement between the Trust, on behalf of the Funds and Themes,
each Fund pays a unified management fee to the Adviser, which is calculated
daily and paid monthly at an annual rate.
|
|
|
|
|
|
Themes
China Generative Artificial Intelligence ETF |
|
|
0.39%
|
|
Themes
Cloud Computing ETF |
|
|
0.35%
|
|
Themes
Copper Miners ETF |
|
|
0.35%
|
|
Themes
Cybersecurity ETF |
|
|
0.35%
|
|
Themes
Generative Artificial Intelligence ETF |
|
|
0.35%
|
|
Themes
Global Systemically Important Banks ETF |
|
|
0.35%
|
|
Themes
Gold Miners ETF |
|
|
0.35%
|
|
Themes
Humanoid Robotics ETF |
|
|
0.35%
|
|
Themes
Lithium & Battery Metal Miners ETF |
|
|
0.35%
|
|
Themes
Natural Monopoly ETF |
|
|
0.35%
|
|
Themes
Transatlantic Defense ET |
|
|
0.35%
|
|
Themes
Silver Miners ETF |
|
|
0.35%
|
|
Themes
Uranium & Nuclear ETF |
|
|
0.35%
|
|
Themes
US Cash Flow Champions ETF |
|
|
0.29%
|
|
Themes
US Infrastructure ETF |
|
|
0.29%
|
|
Themes
US R&D Champions ETF |
|
|
0.29%
|
|
Themes
US Small Cap Cash Flow Champions ETF |
|
|
0.29% |
|
|
|
|
|
The
Adviser has agreed to pay all expenses of the Funds except the fee paid to the
Adviser under the Advisory Agreement, interest charges on any borrowings, taxes,
brokerage commissions and other expenses incurred in placing orders for the
purchase and sale of securities and other investment instruments, acquired fund
fees and expenses, accrued deferred tax liability, extraordinary expenses, and
distribution (12b-1) fees and expenses (if any) (collectively, “Excluded
Expenses”). The Trust acknowledges and agrees that the Adviser may delegate its
responsibility to pay some or all expenses incurred by the Funds, except for
Excluded Expenses, to one or more third parties, including but not limited to,
sub-advisers.
Distribution
Agreement and 12b-1 Plan – ALPS Distributors,
Inc. (the “Distributor”) serves as each Fund’s distributor pursuant to a
Distribution Agreement. The Distributor receives compensation from the Adviser
for certain statutory underwriting services it provides to the Funds. The
Distributor enters into agreements with certain broker-
TABLE OF CONTENTS
THEMES
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
dealers
and others that will allow those parties to be “Authorized Participants” and to
subscribe for and redeem shares of the Funds. The Distributor will not
distribute shares in less than whole Creation Units and does not maintain a
secondary market in shares.
The
Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1
under the 1940 Act (“Rule 12b-1 Plan”). In accordance with the
Rule 12b-1 Plan, each Fund is authorized to pay an amount up to 0.25% of
the Fund’s average daily net assets each year for certain distribution-related
activities. As authorized by the Board, no Rule 12b-1 fees are currently
paid by the Funds and there are no plans to impose these fees. However, in the
event Rule 12b-1 fees are charged in the future, they will be paid out of
each Fund’s assets. The Adviser and its affiliates may, out of their own
resources, pay amounts to third parties for distribution or marketing services
on behalf of the Funds.
Other
Services – U.S. Bancorp Fund Services, LLC,
doing business as U.S. Bank Global Fund Services (“Fund Services” or
“Administrator”) serves as administrator, transfer agent and fund accounting
agent of the Funds pursuant to an Administration Agreement, Transfer Agency and
Service Agreement and Fund Accounting Agreement. U.S. Bank N.A. (the
“Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian
pursuant to a Custody Agreement. Under the terms of these agreements, the
Adviser pays each Fund’s administrative, custody and transfer agency fees.
Pursuant
to an agreement between the Trust, on behalf of the Funds, and ACA Global, an
employee of ACA Global serves as Chief Compliance Officer of the Trust. Fees for
these services are paid by the Adviser under the terms of the Advisory
Agreement.
At
September 30, 2025, certain Officers and a Trustee of the Trust were also
officers or employees of the Adviser.
Increase
from Payments by Affiliates – During the year,
the Adviser reimbursed the Themes Silver Miners ETF (the “Fund”) for a trade
error that occurred as a result of a missed quarterly rebalancing trade
execution. The error resulted in trading slippage that adversely affected the
Fund’s performance. The Adviser promptly reimbursed the Fund in the amount of
$46,314. This reimbursement is reflected as an increase from payments by
affiliates within realized gain (loss) on investments in the Fund’s Statement of
Operations.
4.
CREATION AND REDEMPTION TRANSACTIONS
Shares
of the Funds are listed and traded on the Cboe BZX Exchange, Inc. or NASDAQ
Stock Market LLC. Each Fund issues and redeems shares on a continuous basis at
NAV only in large blocks of shares called “Creation Units.” Creation Units are
to be issued and redeemed principally in kind for a basket of securities and a
balancing cash amount. Shares generally will trade in the secondary market in
amounts less than a Creation Unit at market prices that change throughout the
day. Market prices for the shares may be different from their NAV. The NAV is
determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on
each day the NYSE is open for trading. The NAV of the shares of each Fund will
be equal to a Fund’s total assets minus a Fund’s total liabilities divided by
the total number of shares outstanding. The NAV that is published will be
rounded to the nearest cent; however, for purposes of determining the price of
Creation Units, the NAV will be calculated to four decimal places.
Creation
Unit Transaction Fee – Authorized Participants
will be required to pay to the Custodian a fixed transaction fee (the “Creation
Unit Transaction Fee”) in connection with the issuance or redemption of Creation
Units. The standard Creation Unit Transaction Fee will be the same regardless of
the number of Creation Units purchased or redeemed by an investor on the
applicable business day. The Creation Unit Transaction Fee charged by each Fund
for each creation order is $300.
The
fixed creation unit transaction fee may be waived on certain orders if the
applicable Fund’s custodian has determined to waive some or all of the Creation
Order Costs associated with the order or another party, such as the Adviser, has
agreed to pay such fee.
An
additional variable fee of up to a maximum of 2% of the value of the Creation
Units subject to the transaction may be imposed for (i) creations effected
outside the Clearing Process and (ii) creations made in an all cash amount (to
offset the Trust’s brokerage and other transaction costs associated with using
cash to purchase or redeem the requisite deposit securities). Each Fund may
determine to not charge a variable fee on certain orders when the Adviser has
determined that doing so is in the best interests of Fund shareholders. Variable
fees received by each Fund are displayed in the Capital Transactions section of
the Statement of Changes in Net Assets.
TABLE OF CONTENTS
THEMES
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
Only
“Authorized Participants” may purchase or redeem shares directly from the Funds.
An Authorized Participant is either (i) a broker-dealer or other participant in
the clearing process through the Continuous Net Settlement System of National
Securities Clearing Corporation or (ii) a DTC participant and, in each case,
must have executed a Participant Agreement with the Distributor. Most retail
investors will not qualify as Authorized Participants or have the resources to
buy and sell whole Creation Units. Therefore, they will be unable to purchase or
redeem the shares directly from the Funds. Rather, most retail investors will
purchase shares in the secondary market with the assistance of a broker and will
be subject to customary brokerage commissions or fees. Securities received or
delivered in connection with in-kind creates and redeems are valued as of the
close of business on the effective date of the creation or redemption.
A
creation unit will generally not be issued until the transfer of good title of
the deposit securities to the Funds and the payment of any cash amounts have
been completed. To the extent contemplated by the applicable participant
agreement, Creation Units of the Funds will be issued to such authorized
participant notwithstanding the fact that the Funds’ deposits have not been
received in part or in whole, in reliance on the undertaking of the authorized
participant to deliver the missing deposit securities as soon as possible. If
the Funds or their agents do not receive all of the deposit securities, or the
required cash amounts, by such time, then the order may be deemed rejected and
the authorized participant shall be liable to the Funds for losses, if any.
5.
INVESTMENT TRANSACTIONS
For
the year or period ended September 30, 2025, the aggregate purchases and
sales of securities by the Funds (excluding short-term and in-kind transactions)
and the in-kind transactions associated with creations and redemptions were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Themes
China Generative Artificial Intelligence ETF |
|
|
$
20,962,040 |
|
|
$1,275,371 |
|
|
$1,870,064 |
|
|
$— |
|
Themes
Cloud Computing ETF |
|
|
221,596 |
|
|
231,195 |
|
|
319,747 |
|
|
599,152 |
|
Themes
Copper Miners ETF |
|
|
398,598 |
|
|
291,999 |
|
|
616,123 |
|
|
452,816 |
|
Themes
Cybersecurity ETF |
|
|
709,072 |
|
|
696,736 |
|
|
589,319 |
|
|
632,103 |
|
Themes
Generative Artificial Intelligence ETF |
|
|
18,881,723 |
|
|
18,678,299 |
|
|
32,303,722 |
|
|
13,509,417 |
|
Themes
Global Systemically Important Banks ETF |
|
|
2,688,642 |
|
|
924,368 |
|
|
16,169,788 |
|
|
3,152,725 |
|
Themes
Gold Miners ETF |
|
|
2,764,451 |
|
|
2,062,997 |
|
|
23,573,789 |
|
|
14,883,067 |
|
Themes
Humanoid Robotics ETF |
|
|
5,044,373 |
|
|
2,132,130 |
|
|
2,803,592 |
|
|
1,284,163 |
|
Themes
Lithium & Battery Metal Miners ETF |
|
|
740,462 |
|
|
890,761 |
|
|
415,500 |
|
|
529,807 |
|
Themes
Natural Monopoly ETF |
|
|
1,303,304 |
|
|
1,276,271 |
|
|
620,982 |
|
|
640,659 |
|
Themes
Silver Miners ETF |
|
|
1,376,590 |
|
|
1,217,946 |
|
|
2,498,583 |
|
|
277,815 |
|
Themes
Transatlantic Defense ETF |
|
|
5,774,963 |
|
|
4,031,800 |
|
|
50,379,090 |
|
|
4,997,309 |
|
Themes
Uranium & Nuclear ETF |
|
|
6,055,716 |
|
|
3,950,591 |
|
|
16,029,846 |
|
|
2,909,156 |
|
Themes
US Cash Flow Champions ETF |
|
|
416,910 |
|
|
408,961 |
|
|
2,145,360 |
|
|
588,549 |
|
Themes
US Infrastructure ETF |
|
|
122,551 |
|
|
107,236 |
|
|
788,787 |
|
|
249,783 |
|
Themes
US R&D Champions ETF |
|
|
616,773 |
|
|
596,946 |
|
|
897,084 |
|
|
1,208,111 |
|
Themes
US Small Cap Cash Flow Champions ETF |
|
|
1,620,772 |
|
|
1,518,871 |
|
|
5,325,323 |
|
|
2,097,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the year or period ended September 30, 2025, there were no long-term
purchases or sales of U.S. Government Securities in the Funds.
TABLE OF CONTENTS
THEMES
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
6.
INCOME TAX INFORMATION
The
components of accumulated earnings/losses for federal income tax purposes as of
September 30, 2025, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax
cost of investments |
|
|
$21,957,477 |
|
|
$1,176,338 |
|
|
$896,114 |
|
|
$1,812,486 |
|
|
$37,048,513
|
|
Gross
unrealized appreciation |
|
|
2,034,545 |
|
|
339,875 |
|
|
310,472 |
|
|
465,406 |
|
|
7,264,957 |
|
Gross
unrealized depreciation |
|
|
(396,778) |
|
|
(87,989) |
|
|
(101,991) |
|
|
(182,497) |
|
|
(4,072,347) |
|
Net
unrealized appreciation |
|
|
$1,637,767 |
|
|
$251,886 |
|
|
$208,481 |
|
|
$282,909 |
|
|
$3,192,610
|
|
Undistributed
ordinary income |
|
|
257,532 |
|
|
— |
|
|
119,738 |
|
|
— |
|
|
1,542,394 |
|
Undistributed
capital gain |
|
|
— |
|
|
19,098 |
|
|
— |
|
|
10,386 |
|
|
—
|
|
Total
distributable earnings |
|
|
257,532 |
|
|
19,098 |
|
|
119,738 |
|
|
10,386 |
|
|
1,542,394
|
|
Other
accumulated losses |
|
|
— |
|
|
(1,912) |
|
|
— |
|
|
(846) |
|
|
(2,342,300) |
|
Total
accumulated earnings |
|
|
$1,895,299 |
|
|
$269,072 |
|
|
$328,219 |
|
|
$292,449 |
|
|
$2,392,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax
cost of investments |
|
|
$17,833,416 |
|
|
$16,436,485 |
|
|
$5,141,905 |
|
|
$296,826 |
|
|
$1,526,912
|
|
Gross
unrealized appreciation |
|
|
2,517,018 |
|
|
1,873,540 |
|
|
511,034 |
|
|
111,431 |
|
|
165,639 |
|
Gross
unrealized depreciation |
|
|
(189,916) |
|
|
(61,535) |
|
|
(98,874) |
|
|
(34,398) |
|
|
(65,604) |
|
Net
unrealized appreciation |
|
|
$2,327,102 |
|
|
$1,812,005 |
|
|
$412,160 |
|
|
$77,033 |
|
|
$100,035
|
|
Undistributed
ordinary income |
|
|
253,165 |
|
|
185,020 |
|
|
— |
|
|
— |
|
|
18,048 |
|
Undistributed
capital gain |
|
|
51,785 |
|
|
— |
|
|
17,877 |
|
|
— |
|
|
979
|
|
Total
distributable earnings |
|
|
304,950 |
|
|
185,020 |
|
|
17,877 |
|
|
— |
|
|
19,027
|
|
Other
accumulated losses |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,474) |
|
|
—
|
|
Total
accumulated earnings |
|
|
$2,632,052 |
|
|
$1,997,025 |
|
|
$430,037 |
|
|
$73,559 |
|
|
$119,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax
cost of investments |
|
|
$3,279,007 |
|
|
$48,556,321 |
|
|
$17,696,161 |
|
|
$2,530,287 |
|
|
$1,074,402
|
|
Gross
unrealized appreciation |
|
|
519,230 |
|
|
9,235,851 |
|
|
3,776,193 |
|
|
285,811 |
|
|
191,030 |
|
Gross
unrealized depreciation |
|
|
(51,382) |
|
|
(628,288) |
|
|
(1,021,166) |
|
|
(109,129) |
|
|
(38,333) |
|
Net
unrealized appreciation |
|
|
$467,848 |
|
|
$8,607,563 |
|
|
$2,755,027 |
|
|
$176,682 |
|
|
$152,697
|
|
Undistributed
ordinary income |
|
|
242,533 |
|
|
307,916 |
|
|
585,391 |
|
|
39,113 |
|
|
16,766 |
|
Undistributed
capital gain |
|
|
96,593 |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Total
distributable earnings |
|
|
339,126 |
|
|
307,916 |
|
|
585,391 |
|
|
39,113 |
|
|
16,766
|
|
Other
accumulated losses |
|
|
— |
|
|
— |
|
|
(182,895) |
|
|
(22,787) |
|
|
—
|
|
Total
accumulated earnings |
|
|
$806,974 |
|
|
$8,915,479 |
|
|
$3,157,523 |
|
|
$193,008 |
|
|
$169,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
THEMES
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
|
|
|
|
|
|
|
|
|
Tax
cost of investments |
|
|
$919,382 |
|
|
$4,272,515
|
|
Gross
unrealized appreciation |
|
|
134,734 |
|
|
402,066 |
|
Gross
unrealized depreciation |
|
|
(54,360) |
|
|
(342,177) |
|
Net
unrealized appreciation |
|
|
$80,374 |
|
|
$59,889
|
|
Undistributed
ordinary income |
|
|
3,162 |
|
|
70,442 |
|
Undistributed
capital gain |
|
|
— |
|
|
—
|
|
Total
distributable earnings |
|
|
3,162 |
|
|
70,442
|
|
Other
accumulated losses |
|
|
(40,750) |
|
|
(107,888) |
|
Total
accumulated earnings |
|
|
$42,786 |
|
|
$22,443 |
|
|
|
|
|
|
|
|
The
difference between book-basis and tax-basis unrealized appreciation/depreciation
is attributable primarily to the tax deferral of losses on wash sales.
On
the Statements of Assets and Liabilities, the following adjustments were made
for permanent tax differences between accounting for total distributable
earnings and paid-in capital under U.S. GAAP and tax reporting:
|
|
|
|
|
|
|
|
|
Themes
China Generative Artificial Intelligence ETF |
|
|
$— |
|
|
$— |
|
Themes
Cloud Computing ETF |
|
|
(135,863) |
|
|
135,863 |
|
Themes
Copper Miners ETF |
|
|
(11,674) |
|
|
11,674 |
|
Themes
Cybersecurity ETF |
|
|
(190,250) |
|
|
190,250 |
|
Themes
Generative Artificial Intelligence ETF |
|
|
(3,459,893) |
|
|
3,459,893 |
|
Themes
Global Systemically Important Banks ETF |
|
|
(962,194) |
|
|
962,194 |
|
Themes
Gold Miners ETF |
|
|
(4,977,060) |
|
|
4,977,060 |
|
Themes
Humanoid Robotics ETF |
|
|
(166,236) |
|
|
166,236 |
|
Themes
Lithium & Battery Metal Miners ETF |
|
|
(23,813) |
|
|
23,813 |
|
Themes
Natural Monopoly ETF |
|
|
(110,037) |
|
|
110,037 |
|
Themes
Silver Miners ETF |
|
|
(63,420) |
|
|
63,420 |
|
Themes
Transatlantic Defense ETF |
|
|
(1,168,559) |
|
|
1,168,559 |
|
Themes
Uranium & Nuclear ETF |
|
|
(1,458,681) |
|
|
1,458,681 |
|
Themes
US Cash Flow Champions ETF |
|
|
(128,469) |
|
|
128,469 |
|
Themes
US Infrastructure ETF |
|
|
(7,872) |
|
|
7,872 |
|
Themes
US R&D Champions ETF |
|
|
(131,614) |
|
|
131,614 |
|
Themes
US Small Cap Cash Flow Champions ETF |
|
|
(238,357) |
|
|
238,357 |
|
|
|
|
|
|
|
|
These
permanent tax differences relate to in-kind redemptions.
TABLE OF CONTENTS
THEMES
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
Net
capital losses incurred after October 31 and late year losses incurred
after December 31 and within the taxable year are deemed to arise on the
first business day of each Fund’s next taxable year. For the period ended
September 30, 2025, the Funds had the following post-October and late year
losses:
|
|
|
|
|
|
|
|
|
Themes
China Generative Artificial Intelligence ETF |
|
|
$— |
|
|
$— |
|
Themes
Cloud Computing ETF |
|
|
— |
|
|
1,912 |
|
Themes
Copper Miners ETF |
|
|
— |
|
|
— |
|
Themes
Cybersecurity ETF |
|
|
— |
|
|
846 |
|
Themes
Generative Artificial Intelligence ETF |
|
|
— |
|
|
— |
|
Themes
Global Systemically Important Banks ETF |
|
|
— |
|
|
— |
|
Themes
Gold Miners ETF |
|
|
— |
|
|
— |
|
Themes
Humanoid Robotics ETF |
|
|
— |
|
|
— |
|
Themes
Lithium & Battery Metal Miners ETF |
|
|
— |
|
|
3,474 |
|
Themes
Natural Monopoly ETF |
|
|
— |
|
|
— |
|
Themes
Silver Miners ETF |
|
|
— |
|
|
— |
|
Themes
Transatlantic Defense ETF |
|
|
— |
|
|
— |
|
Themes
Uranium & Nuclear ETF |
|
|
— |
|
|
— |
|
Themes
US Cash Flow Champions ETF |
|
|
— |
|
|
— |
|
Themes
US Infrastructure ETF |
|
|
— |
|
|
— |
|
Themes
US R&D Champions ETF |
|
|
— |
|
|
— |
|
Themes
US Small Cap Cash Flow Champions ETF |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
Capital
loss carryforwards will retain their character as either short-term or long-term
capital losses and may be carried forward indefinitely. At September 30,
2025, the Funds had capital loss carryforwards on a tax basis of:
|
|
|
|
|
|
|
|
|
|
|
|
Themes
China Generative Artificial Intelligence ETF |
|
|
$— |
|
|
$— |
|
|
$— |
|
Themes
Cloud Computing ETF |
|
|
4,492 |
|
|
— |
|
|
— |
|
Themes
Copper Miners ETF |
|
|
— |
|
|
— |
|
|
— |
|
Themes
Cybersecurity ETF |
|
|
5,127 |
|
|
— |
|
|
— |
|
Themes
Generative Artificial Intelligence ETF |
|
|
— |
|
|
(1,917,527) |
|
|
(424,773) |
|
Themes
Global Systemically Important Banks ETF |
|
|
3,337 |
|
|
— |
|
|
— |
|
Themes
Gold Miners ETF |
|
|
5,178 |
|
|
— |
|
|
— |
|
Themes
Humanoid Robotics ETF |
|
|
597 |
|
|
— |
|
|
— |
|
Themes
Lithium & Battery Metal Miners ETF |
|
|
— |
|
|
— |
|
|
— |
|
Themes
Natural Monopoly ETF |
|
|
9,995 |
|
|
— |
|
|
— |
|
Themes
Silver Miners ETF |
|
|
214 |
|
|
— |
|
|
— |
|
Themes
Transatlantic Defense ETF |
|
|
— |
|
|
— |
|
|
— |
|
Themes
Uranium & Nuclear ETF |
|
|
— |
|
|
(182,895) |
|
|
— |
|
Themes
US Cash Flow Champions ETF |
|
|
— |
|
|
(20,840) |
|
|
(1,947) |
|
Themes
US Infrastructure ETF |
|
|
— |
|
|
— |
|
|
— |
|
Themes
US R&D Champions ETF |
|
|
— |
|
|
(34,092) |
|
|
(6,658) |
|
Themes
US Small Cap Cash Flow Champions ETF |
|
|
— |
|
|
(107,888) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
To
the extent that a Fund realizes future net capital gains, those gains will be
offset by any unused capital loss carryover.
TABLE OF CONTENTS
THEMES
ETF TRUST
NOTES
TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
The
tax character of distributions during the year ended September 30, 2025
were as follows:
|
|
|
|
|
|
Themes
China Generative Artificial Intelligence ETF |
|
|
$— |
|
|
$ — |
|
|
$ —
|
|
Themes
Cloud Computing ETF |
|
|
— |
|
|
— |
|
|
— |
|
Themes
Copper Miners ETF |
|
|
5,966 |
|
|
— |
|
|
— |
|
Themes
Cybersecurity ETF |
|
|
2,250 |
|
|
— |
|
|
— |
|
Themes
Generative Artificial Intelligence ETF |
|
|
— |
|
|
— |
|
|
— |
|
Themes
Global Systemically Important Banks ETF |
|
|
49,789 |
|
|
— |
|
|
— |
|
Themes
Gold Miners ETF |
|
|
45,286 |
|
|
— |
|
|
— |
|
Themes
Humanoid Robotics ETF |
|
|
9,566 |
|
|
— |
|
|
— |
|
Themes
Lithium & Battery Metal Miners ETF |
|
|
39,963 |
|
|
— |
|
|
— |
|
Themes
Natural Monopoly ETF |
|
|
13,503 |
|
|
— |
|
|
— |
|
Themes
Silver Miners ETF |
|
|
8,894 |
|
|
— |
|
|
— |
|
Themes
Transatlantic Defense ETF |
|
|
1,498 |
|
|
— |
|
|
— |
|
Themes
Uranium & Nuclear ETF |
|
|
9,067 |
|
|
— |
|
|
— |
|
Themes
US Cash Flow Champions ETF |
|
|
24,947 |
|
|
— |
|
|
— |
|
Themes
US Infrastructure ETF |
|
|
1,705 |
|
|
— |
|
|
— |
|
Themes
US R&D Champions ETF |
|
|
28,970 |
|
|
— |
|
|
— |
|
Themes
US Small Cap Cash Flow Champions ETF |
|
|
15,253 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
There
were no distributions to shareholders made for the period ended
September 30, 2024.
7.
PRINCIPAL RISKS
As
with all ETFs, shareholders of the Funds are subject to the risk that their
investment could lose money. Each Fund is subject to the principal risks, any of
which may adversely affect a Fund’s NAV, trading price, yield, total return and
ability to meet its investment objective. A complete description of the
principal risks is included in the Funds’ prospectuses under the heading
“Principal Investment Risks.”
8.
SUBSEQUENT EVENTS
Management
has evaluated subsequent events through the date the financial statements were
available for issuance. Based on this evaluation, no additional adjustments or
disclosures were required to the financial statements.
TABLE OF CONTENTS
Themes
ETF Trust
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Shareholders and Board of Trustees of
Themes
ETF Trust
Opinion
on the Financial Statements
We
have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of Themes ETF Trust comprising the funds listed
below (the “Funds”) as of September 30, 2025, the related statements of
operations, the statements of changes in net assets, and the financial
highlights for each of the periods indicated below, and the related notes
(collectively referred to as the “financial statements”). In our opinion, the
financial statements present fairly, in all material respects, the financial
position of each of the Funds as of September 30, 2025, the results of
their operations, the changes in net assets, and the financial highlights for
each of the periods indicated below, in conformity with accounting principles
generally accepted in the United States of America.
|
|
|
|
|
|
|
|
|
|
|
|
Themes
Cybersecurity ETF and
Themes
Generative Artificial Intelligence ETF |
|
|
For
the year ended September 30, 2025 |
|
|
For
the year ended September 30, 2025, and for the period from
December 8, 2023 (commencement of operations) through
September 30, 2024 |
|
Themes
Gold Miners ETF,
Themes
Natural Monopoly ETF,
Themes
US Cash Flow Champions ETF,
Themes
US R&D Champions ETF, and
Themes
US Small Cap Cash Flow Champions ETF |
|
|
For
the year ended September 30, 2025 |
|
|
For
the year ended September 30, 2025, and for the period from December 13,
2023 (commencement of operations) through September 30, 2024
|
|
Themes
Cloud Computing ETF and
Themes
Global Systemically Important Banks ETF |
|
|
For
the year ended September 30, 2025 |
|
|
For
the year ended September 30, 2025, and for the period from December 15,
2023 (commencement of operations) through September 30, 2024
|
|
Themes
Humanoid Robotics ETF, formally known as Themes Robotics & Automation
ETF |
|
|
For
the year ended September 30, 2025 |
|
|
For
the years ended September 30, 2025, and for the period from April 22,
2024 (commencement of operations) through September 30, 2024
|
|
Themes
Silver Miners ETF |
|
|
For
the year ended September 30, 2025 |
|
|
For
the year ended September 30, 2025, and for the period from May 3,
2024 (commencement of operations) through September 30, 2024 |
|
Themes
US Infrastructure ETF |
|
|
For
the year ended September 30, 2025 |
|
|
For
the year ended September 30, 2025, and for the period from September
12, 2024 (commencement of operations) through September 30, 2024
|
|
Themes
Copper Miners ETF,
Themes
Lithium & Battery Metal Miners ETF, and Themes Uranium & Nuclear
ETF |
|
|
For
the year ended September 30, 2025 |
|
|
For
the year ended September 30, 2025, and for the period from September
24, 2024 (commencement of operations) through September 30, 2024
|
|
Themes
Transatlantic Defense ETF |
|
|
For
the period from October 11, 2024 (commencement of operations) through
September 30, 2025 |
|
Themes
China Generative
Artificial
Intelligence ETF |
|
|
For
the period from July 15, 2025 (commencement of operations) through
September 30, 2025 |
|
|
|
|
|
TABLE OF CONTENTS
Themes
ETF Trust
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM(Continued)
Basis
for Opinion
These
financial statements are the responsibility of the Funds’ management. Our
responsibility is to express an opinion on the Funds’ financial statements based
on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (“PCAOB”) and are required to
be independent with respect to the Funds in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement whether due to error or fraud.
Our
audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of September 30, 2025, by correspondence with the custodian. Our
audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of
the financial statements. We believe that our audits provide a reasonable basis
for our opinion.
We
have served as the Funds’ auditor since 2024.
COHEN
& COMPANY, LTD.
Philadelphia,
Pennsylvania
November
26, 2025
TABLE OF CONTENTS
Themes
ETF Trust
FORM N-CSR ITEMS (Unaudited)
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
FOR OPEN-END INVESTMENT COMPANIES
There
were no changes in or disagreements with accountants during the period covered
by this report.
ITEM
9. PROXY DISCLOSURES FOR OPEN-END INVESTMENT COMPANIES
There
were no matters submitted to a vote of shareholders during the period covered by
this report.
ITEM
10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS FOR OPEN-END INVESTMENT
COMPANIES
Certain
officers and a Trustee of the Trust are affiliated with the Adviser and are not
paid any fees by the registrant for serving in such capacities. Each current
Independent Trustee of the Board is paid $32,250 for his or her services as a
Board member to the Trust. Independent Trustee fees are paid by Themes
Management Company, LLC through a unitary management fee, not by the registrant.
ITEM
11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT
At
a meeting held on February 28, 2025 (the “Meeting”), the Board of Trustees
(the “Board”) of Themes ETF Trust (the “Trust”), including those trustees who
are not “interested persons” of the Trust, as defined in the Investment Company
Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the
approval of an advisory agreement (the “Agreement”) between Themes Management
Company, LLC (the “Adviser” or “Themes”) and the Trust, on behalf of 36 series
of shares (each, a “Fund” and together, the “Funds”), including Themes China
Generative Artificial Intelligence ETF.
At
the Meeting, the Board and the Independent Trustees evaluated a number of
factors, including, among other things: (i) the nature, extent, and quality
of the services to be provided by Themes; (ii) the investment performance
of the Fund and Themes; (iii) the costs of the services to be provided and
profits to be realized by Themes from its relationship with each Fund;
(iv) the extent to which economies of scale would be realized as a Fund
grows and whether advisory fee levels reflect those economies of scale for the
benefit of the Fund’s investors; and (v) Themes’ practices regarding
possible conflicts of interest.
In
assessing these factors and reaching its conclusions, the Board took into
consideration information specifically prepared and/or presented in connection
with the approval process with respect to each Fund, including information
presented to the Board by representatives of Themes. The Independent Trustees
noted having met with Independent Trustee Counsel prior to the Meeting and that
they discussed at length their duties and responsibilities in considering
approval of the Advisory Agreement and the information provided in Themes’ 15c
response and the various exhibits. The Board noted that it requested and/or was
provided with information and reports relevant to the approval of the Advisory
Agreement, including: (i) reports regarding the services and support to be
provided to each Fund and its shareholders; (ii) presentations by
management of Themes addressing the investment strategy, personnel and
operations to be utilized in managing each Fund; (iii) disclosure
information contained in the registration statement of the Trust and the
Form ADV and/or policies and procedures of Themes; and (iv) a summary
of the fiduciary duties and responsibilities of the Board in reviewing and
approving the Advisory Agreement, including the material factors set forth above
and the types of information included in each factor that should be considered
by the Board in order to make an informed decision.
The
Board also requested and received various informational materials including,
without limitation: (i) documents containing information about Themes,
including financial information, a description of personnel and the services to
be provided to each Fund, summaries of Themes’ compliance program, including its
Code of Ethics and other general information; (ii) comparative expense
information; (iii) the anticipated effect of size on each Fund’s
performance and expenses; and (iv) benefits to be realized by Themes from
its relationship with the Funds.
The
Board reflected on its discussions regarding the Advisory Agreement and the
anticipated manner in which each Fund would be managed with representatives of
Themes. The Board did not identify any particular information
that
was most relevant to its consideration to approve the Advisory Agreement and
each Trustee may have afforded
TABLE OF CONTENTS
Themes
ETF Trust
FORM N-CSR ITEMS (Unaudited)(Continued)
different
weight to the various factors. In deciding whether to approve the Advisory
Agreement, the Trustees considered numerous factors, including:
|
1.
|
The nature, extent, and quality of the
services to be provided by Themes. |
The
Board considered the responsibilities of Themes under the Advisory Agreement and
the services to be provided including, without limitation, the process for
assuring compliance with each Fund’s investment objectives and limitations, the
anticipated coordination of services for the Funds among the service providers,
and the anticipated efforts of Themes to promote the Funds and grow their
assets. The Board considered Themes’ staffing, including plans to hire
additional portfolio management personnel in 2025, the education and experience
of its personnel, and its compliance programs, policies and procedures. The
Board considered that while Themes was a recently formed entity and that it had
limited experience managing registered funds, its personnel had significant
experience in managing the investment strategies of the Funds, the portfolios of
other registered funds and the overall operations of a large family of funds.
The Board also considered the financial condition of Themes and the commitment
of financial support from its owners. The Board considered the measures that
Themes had put in place to ensure compliance with applicable law and
regulations, including the hiring of an independent compliance firm to assist
with the development and maintenance of its compliance policies and procedures
and the hiring of an independent chief compliance officer to oversee its
compliance program. The Board also considered the trading and operational
capabilities of Themes, noting in particular the highly automated trading,
portfolio management and compliance systems and the significant past experience
of the portfolio managers in trading total return swaps and options. The Board
also considered Themes distribution plan focusing on marketing and advertising
and the addition of additional employees to assist on this front. After
reviewing the foregoing and further information from Themes, the Board concluded
that Themes has the resources, experience and expertise to provide the Funds
with the quality, extent, and nature of the services required by the Advisory
Agreement.
|
2.
|
Investment Performance of the Funds and
Themes. |
The
Board considered certain data provided by the Adviser at regular Board meetings
throughout the year. Included in this data were performance reports and tracking
error analysis of the operational series of the Trust. The Board noted that a
tracking error analysis served as a meaningful indicator of the quality of the
Adviser’s services rather than a Fund’s total return. It was also noted that
Themes was formed to manage funds and did not manage any other accounts.
|
3.
|
The costs of services to be provided
and profits to be realized by Themes from its relationship with the
Funds. |
The
Board considered the financial condition of Themes and the level of commitment
to the Funds by its owners and the estimated expenses of each Fund. The Board
noted projections from Themes as to the level of assets under management
required in each Fund in order for it to become profitable. The Board reviewed
comparative information on other ETFs that employ an investment strategy that is
similar to the respective Funds where such information was available. The Board
considered how the Funds’ proposed management fees compare to other similar
funds, where applicable, noting that each Fund’s proposed management fee was
lower than the management fees charged by similar funds or in some cases, there
were no directly comparable peers. The Board considered the complexity of the
Funds’ investment strategies and the operational burdens of overseeing daily
trading. The differences in certain of the Funds’ investment strategies from the
group of similar funds was also considered. Following a review of the
comparative information provided for each Fund and upon further consideration
and discussion of the foregoing, the Board concluded that the fees to be paid to
Themes were fair and reasonable.
|
4.
|
The extent to which economies of scale
would be realized as a Fund grows and whether advisory fee levels reflect
these economies of scale
for the benefit of the Fund’s investors. |
The
Board considered each Fund’s proposed fee arrangements with Themes, noting that
each Fund has a unitary fee structure. The Board noted that none of the proposed
advisory fees include a breakpoint but that the unitary fee structure would have
the effect of capping the expenses for each Fund. Following further discussion
of each Fund’s projected asset levels, expectations for growth, and levels of
fees, the Board determined that each Fund’s proposed fee arrangement with Themes
was fair and reasonable in relation to the nature and quality of the services to
be provided by Themes.
TABLE OF CONTENTS
Themes
ETF Trust
FORM N-CSR ITEMS (Unaudited)(Continued)
|
5.
|
Possible conflicts of interest and
other benefits. |
In
evaluating the possibility for conflicts of interest, the Board considered such
matters as: the experience and ability of the advisory personnel assigned to the
Funds; the basis of decisions to buy or sell securities for the Funds; the
substance and administration of the Code of Ethics and other relevant policies
described in Themes’ Form ADV and compliance policies and procedures; and
the use of the name of the Adviser’s affiliate, Leverage Shares, in the name of
certain of the Funds and the compliance policies and procedures and legal
protections to be put in place related thereto. The Board considered that Themes
does not currently manage any investments for clients other than the Trust. The
Board also considered potential benefits for Themes in managing the Funds. The
Board noted that Themes represented that it does not currently utilize soft
dollars but may at some point in the future. Following further consideration and
discussion, the Board indicated that Themes’ standards and practices relating to
the identification and mitigation of potential conflicts of interest, as well as
the benefits to be derived by Themes from managing the Funds were satisfactory.
Based
on a consideration of all the factors in their totality, the Board, including a
majority of the Independent Trustees, determined that the terms of the
Agreement, including the compensation payable under the Agreement, are fair and
reasonable to each Fund. The Board, including a majority of the Independent
Trustees, therefore determined that the approval of the Agreement for an initial
term of two years was in the best interests of each Fund and its respective
shareholders.
TABLE OF CONTENTS
Themes
ETF Trust
SUPPLEMENTAL INFORMATION (Unaudited)
Investors should consider the investment objective
and policies, risk considerations, charges and ongoing expenses of an investment
carefully before investing. The prospectus contains this and other information
relevant to an investment in the Funds. Please read the prospectus carefully
before investing. A copy of the prospectus for the Funds may be obtained without
charge by writing to the Funds, c/o U.S. Bank Global Fund Services, P.O. Box
701, Milwaukee, Wisconsin 53201-0701 or by calling 1-866-584-3637, or by
visiting the Funds’ website at www.ThemesETFs.com.
FEDERAL
TAX INFORMATION
For
the fiscal period ended September 30, 2025, certain dividends paid by the
Fund may be subject to a maximum tax rate of 15%, as provided for by the Tax
Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary
income designated as qualified dividend income for each Fund was as follows:
|
|
|
|
|
|
Themes
China Generative Artificial Intelligence ETF |
|
|
0.00% |
|
Themes
Cloud Computing ETF |
|
|
0.00% |
|
Themes
Copper Miners ETF |
|
|
6.44% |
|
Themes
Cybersecurity ETF |
|
|
100.00%
|
|
Themes
Generative Artificial Intelligence ETF |
|
|
0.00% |
|
Themes
Global Systemically Important Banks ETF |
|
|
100.00%
|
|
Themes
Gold Miners ETF |
|
|
60.57% |
|
Themes
Humanoid Robotics ETF |
|
|
92.79% |
|
Themes
Lithium & Battery Metal Miners ETF |
|
|
7.55% |
|
Themes
Natural Monopoly ETF |
|
|
100.00%
|
|
Themes
Silver Miners ETF |
|
|
35.92% |
|
Themes
Transatlantic Defense ETF |
|
|
100.00%
|
|
Themes
Uranium & Nuclear ETF |
|
|
2.22% |
|
Themes
US Cash Flow Champions ETF |
|
|
100.00%
|
|
Themes
US Infrastructure ETF |
|
|
71.58% |
|
Themes
US R&D Champions ETF |
|
|
19.36% |
|
Themes
US Small Cap Cash Flow Champions ETF |
|
|
100.00% |
|
|
|
|
|
For
corporate shareholders, the percent of ordinary income distributions qualifying
for the corporate dividends received deduction for the fiscal period ended
September 30, 2025 for each Fund was as follows:
|
|
|
|
|
|
Themes
China Generative Artificial Intelligence ETF |
|
|
0.00% |
|
Themes
Cloud Computing ETF |
|
|
0.00% |
|
Themes
Copper Miners ETF |
|
|
0.00% |
|
Themes
Cybersecurity ETF |
|
|
100.00%
|
|
Themes
Generative Artificial Intelligence ETF |
|
|
0.00% |
|
Themes
Global Systemically Important Banks ETF |
|
|
20.23% |
|
Themes
Gold Miners ETF |
|
|
0.00% |
|
Themes
Humanoid Robotics ETF |
|
|
26.95% |
|
Themes
Lithium & Battery Metal Miners ETF |
|
|
2.06% |
|
Themes
Natural Monopoly ETF |
|
|
60.68% |
|
Themes
Silver Miners ETF |
|
|
9.11% |
|
Themes
Transatlantic Defense ETF |
|
|
72.99% |
|
Themes
Uranium & Nuclear ETF |
|
|
0.26% |
|
Themes
US Cash Flow Champions ETF |
|
|
100.00%
|
|
Themes
US Infrastructure ETF |
|
|
68.16% |
|
Themes
US R&D Champions ETF |
|
|
17.50% |
|
Themes
US Small Cap Cash Flow Champions ETF |
|
|
100.00% |
|
|
|
|
|
TABLE OF CONTENTS
Themes
ETF Trust
SUPPLEMENTAL INFORMATION (Unaudited)(Continued)
The
percentage of taxable ordinary income distributions that are designated as
short-term capital gain distributions under Internal Revenue
Section 871(k)(2)(C) was 5.22% for Themes Lithium & Battery Metal
Miners ETF and 0% for all other Funds.
QUARTERLY
PORTFOLIO HOLDING INFORMATION
Each
Fund files its complete schedule of portfolio holdings for its first and third
fiscal quarters with the Securities and Exchange Commission (“SEC”) on
Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is
available without charge, upon request, by calling toll-free at 1-866-584-3637.
Furthermore, you may obtain the Part F of Form N-PORT on the SEC’s
website at www.sec.gov.
PROXY
VOTING INFORMATION
Each
Fund is required to file a Form N-PX, with the Fund’s complete proxy voting
record for the 12 months ended June 30, no later than August 31 of
each year. The Fund’s proxy voting record will be available without charge, upon
request, by calling toll-free 1-866-584-3637 and on the SEC’s website at
www.sec.gov.
FREQUENCY
DISTRIBUTION OF PREMIUMS AND DISCOUNTS
Information
regarding how often shares of the Funds trade on an exchange at a price above
(i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is
available without charge, on the Funds’ website at www.ThemesETFs.com.
