2026-02-24194120_ThemesChinaGenerativeArtificialIntelligenceETF_TF_TSRSemiAnnual
image
Themes China Generative Artificial Intelligence ETF
image
DRGN (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc. )
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes China Generative Artificial Intelligence ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://themesetfs.com/etfs/drgn. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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 China Generative Artificial Intelligence ETF
$18
0.39%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$22,236,760
Number of Holdings
23
Portfolio Turnover
35%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
Xiaomi Corp.
6.7%
Baidu, Inc.
6.6%
Foxconn Industrial Internet Co. Ltd.
6.6%
Yuanjie Semiconductor Technology Co. Ltd.
6.4%
Hygon Information Technology Co. Ltd.
6.1%
Cambricon Technologies Corp. Ltd.
6.0%
Montage Technology Co. Ltd.
5.8%
Zhejiang Dahua Technology Co. Ltd.
5.0%
Kuaishou Technology
4.9%
360 Security Technology, Inc.
4.9%
Top Sectors
(%)
Technology
66.5%
Communications
21.1%
Consumer Discretionary
9.8%
Cash & Other
2.6%
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/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 1  TSR-SAR-882927296
 
image
Themes Cloud Computing ETF
image
CLOD (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes Cloud Computing ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS? (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 Cloud Computing ETF
$15
0.35%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$1,541,624
Number of Holdings
49
Portfolio Turnover
9%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
Palo Alto Networks, Inc.
5.6%
Alphabet, Inc.
5.3%
Amazon.com, Inc.
5.1%
Crowdstrike Holdings, Inc.
4.7%
Microsoft Corp.
4.5%
Oracle Corp.
4.4%
Adobe, Inc.
4.2%
Salesforce, Inc.
4.1%
SAP SE
4.1%
ServiceNow, Inc.
4.0%
Top Sectors
(%)
Technology
74.7%
Communications
13.5%
Consumer Discretionary
9.1%
Industrials
2.4%
Financials
0.2%
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 https://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 1  TSR-SAR-882927205
 
image
Themes Copper Miners ETF
image
COPA (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes Copper Miners ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS? (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
$19
0.35%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$11,587,342
Number of Holdings
50
Portfolio Turnover
21%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
Freeport-McMoRan, Inc.
8.8%
BHP Group Ltd.
4.3%
Glencore PLC
4.1%
First Quantum Minerals Ltd.
4.0%
Lundin Mining Corp.
3.9%
Teck Resources Ltd.
3.6%
Antofagasta PLC
3.3%
Southern Copper Corp.
3.3%
Jiujiang Defu Technology Co. Ltd.
3.2%
Ivanhoe Mines Ltd.
3.1%
Top Sectors
(%)
Materials
98.2%
Industrials
1.7%
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 https://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 1  TSR-SAR-882927783
 
image
Themes Cybersecurity ETF
image
SPAM (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes Cybersecurity ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS? (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
$16
0.35%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$2,296,525
Number of Holdings
35
Portfolio Turnover
22%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
Palo Alto Networks, Inc.
7.9%
Akamai Technologies, Inc.
6.5%
Nebius Group NV
5.4%
Fortinet, Inc.
5.1%
CoreWeave, Inc.
5.0%
CACI International, Inc.
4.8%
Clear Secure, Inc.
4.7%
NEXTDC Ltd.
4.6%
Fastly, Inc.
4.5%
Booz Allen Hamilton Holding Corp.
4.3%
Top Sectors
(%)
Technology
91.9%
Communications
5.6%
Industrials
2.3%
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 https://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 1  TSR-SAR-882927304
 
image
Themes Generative Artificial Intelligence ETF
image
WISE (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes Generative Artificial Intelligence ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS? (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
$15
0.35%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$30,825,094
Number of Holdings
42
Portfolio Turnover
46%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
Brand Engagement Network, Inc.
6.8%
Blaize Holdings, Inc.
5.0%
NVIDIA Corp.
4.9%
Advanced Micro Devices, Inc.
4.8%
Palantir Technologies, Inc.
4.8%
SoundHound AI, Inc.
4.3%
QuickLogic Corp.
4.2%
Datavault AI, Inc.
4.0%
BigBear.ai Holdings, Inc.
3.9%
Information Services Group, Inc.
3.9%
Top Sectors
(%)
Technology
85.4%
Industrials
6.9%
Consumer Discretionary
3.6%
Communications
2.8%
Health Care
0.8%
Energy
0.3%
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 https://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 1  TSR-SAR-882927502
 
image
Themes Global Systemically Important Banks ETF
image
GSIB (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes Global Systemically Important Banks ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS? (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
$18
0.35%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$27,356,070
Number of Holdings
29
Portfolio Turnover
9%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
Industrial & Commercial Bank of China Ltd.
3.7%
Bank of China Ltd.
3.7%
UBS Group AG
3.7%
Goldman Sachs Group, Inc.
3.6%
Agricultural Bank of China Ltd.
3.7%
State Street Corp.
3.6%
Banco Santander SA
3.6%
HSBC Holdings PLC
3.6%
Wells Fargo & Co.
3.6%
Morgan Stanley
3.6%
Top Sectors
(%)
Financials
99.9%
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 https://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 1  TSR-SAR-882927601
 
image
Themes Gold Miners ETF
image
AUMI (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes Gold Miners ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS? (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
$19
0.35%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$30,613,496
Number of Holdings
31
Portfolio Turnover
16%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
Alamos Gold, Inc.
5.2%
Endeavour Mining PLC
5.1%
Agnico Eagle Mines Ltd.
5.0%
Equinox Gold Corp.
4.9%
Kinross Gold Corp.
4.8%
Anglogold Ashanti PLC
4.7%
IAMGOLD Corp.
4.6%
Lundin Gold, Inc.
4.6%
DPM Metals, Inc.
4.6%
Gold Fields Ltd.
4.4%
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 https://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 1  TSR-SAR-882927700
 
image
Themes Humanoid Robotics ETF
image
BOTT (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes Humanoid Robotics ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS? (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
$19
0.35%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$30,801,885
Number of Holdings
31
Portfolio Turnover
54%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
Yujin Robot Co. Ltd.
7.6%
Neuromeka Co. Ltd.
6.9%
Teradyne, Inc.
6.8%
Palladyne AI Corp.
5.4%
Rainbow Robotics
5.1%
NVIDIA Corp.
4.8%
Leader Harmonious Drive Systems Co. Ltd.
4.7%
MDA Space Ltd.
4.5%
Tesla, Inc.
4.5%
Hyulim ROBOT Co. Ltd.
4.4%
Top Sectors
(%)
Industrials
67.7%
Technology
15.5%
Consumer Discretionary
14.0%
Communications
2.3%
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 https://themesetfs.com/etfs/bott.
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 Humanoid Robotics ETF  PAGE 1  TSR-SAR-882927833
 
image
Themes Lithium & Battery Metal Miners ETF
image
LIMI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes Lithium & Battery Metal Miners ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS? (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
$20
0.35%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$2,913,836
Number of Holdings
47
Portfolio Turnover
35%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
PLS Group Ltd.
10.7%
Albemarle Corp.
8.6%
Guangzhou Tinci Materials Technology Co. Ltd.
6.1%
Tianqi Lithium Corp.
4.7%
Ganfeng Lithium Group Co. Ltd.
4.3%
Liontown Ltd.
4.1%
Zhejiang Huayou Cobalt Co. Ltd.
4.0%
IGO Ltd.
3.6%
Elevra Lithium Ltd.
3.3%
GEM Co. Ltd.
2.8%
Top Sectors
(%)
Materials
99.6%
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/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 1  TSR-SAR-882927775
 
image
Themes Natural Monopoly ETF
image
CZAR (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes Natural Monopoly ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS? (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
$17
0.35%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$1,518,841
Number of Holdings
97
Portfolio Turnover
33%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
BAE Systems PLC
5.3%
Honeywell International, Inc.
4.8%
Cisco Systems, Inc.
4.2%
Fortive Corp.
4.1%
ASX Ltd.
4.0%
Broadcom, Inc.
3.7%
Blackrock, Inc.
3.4%
Raymond James Financial, Inc.
3.4%
Mastercard, Inc.
3.4%
Visa, Inc.
3.2%
Top Sectors
(%)
Industrials
27.6%
Technology
18.5%
Financials
18.0%
Health Care
8.9%
Consumer Staples
7.4%
Consumer Discretionary
5.2%
Energy
3.6%
Utilities
3.6%
Materials
3.4%
Cash & Other
3.8%
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/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 1  TSR-SAR-882927809
 
image
Themes Silver Miners ETF
image
AGMI (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes Silver Miners ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS? (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
$20
0.35%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$14,740,871
Number of Holdings
39
Portfolio Turnover
13%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
Newmont Corp.
10.6%
Fresnillo PLC
10.1%
First Majestic Silver Corp.
9.7%
Wheaton Precious Metals Corp.
6.5%
Industrias Penoles SAB de CV
5.3%
Discovery Silver Corp.
4.6%
Pan American Silver Corp.
4.6%
Zijin Mining Group Co. Ltd.
4.4%
Endeavour Silver Corp.
4.3%
Silvercorp Metals, Inc.
3.8%
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 https://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 1  TSR-SAR-882927817
 
image
Themes Transatlantic Defense ETF
image
NATO (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes Transatlantic Defense ETF for the period of October 1, 2025, to March 31, 2026. 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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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 Transatlantic Defense ETF
$17
0.35%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$101,846,826
Number of Holdings
81
Portfolio Turnover
6%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
RTX Corp.
8.8%
General Electric Co.
7.4%
Boeing Co.
7.0%
Rolls-Royce Holdings PLC
5.9%
Lockheed Martin Corp.
5.8%
Honeywell International, Inc.
5.4%
Northrop Grumman Corp.
4.7%
Airbus SE
4.7%
Safran SA
4.7%
Howmet Aerospace, Inc.
4.5%
Top Sectors
(%)
Industrials
96.9%
Technology
1.6%
Communications
0.1%
Consumer Discretionary
0.1%
Materials
0.0%
Cash & Other
1.3%
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 1  TSR-SAR-882927767
 
image
Themes Uranium & Nuclear ETF
image
URAN (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes Uranium & Nuclear ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS? (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
$17
0.35%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$27,912,801
Number of Holdings
41
Portfolio Turnover
17%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
Cameco Corp.
9.3%
Constellation Energy Corp.
7.6%
PG&E Corp.
3.6%
American Electric Power Co., Inc.
3.6%
Duke Energy Corp.
3.6%
Uranium Energy Corp.
3.3%
NexGen Energy Ltd.
3.2%
CGN Power Co. Ltd.
3.1%
NAC Kazatomprom JSC
3.1%
Public Service Enterprise Group, Inc.
3.0%
Top Sectors
(%)
Materials
52.5%
Utilities
33.4%
Industrials
12.4%
Technology
1.3%
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/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 1  TSR-SAR-882927759
 
image
Themes US Cash Flow Champions ETF
image
LGCF (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes US Cash Flow Champions ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS? (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
$15
0.29%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$3,110,795
Number of Holdings
77
Portfolio Turnover
20%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
Exxon Mobil Corp.
7.0%
Chevron Corp.
6.7%
AbbVie, Inc.
4.7%
JPMorgan Chase & Co.
4.5%
Goldman Sachs Group, Inc.
4.4%
Wells Fargo & Co.
4.2%
Gilead Sciences, Inc.
2.9%
American Express Co.
2.8%
ConocoPhillips
2.8%
Pfizer, Inc.
2.8%
Top Sectors
(%)
Financials
35.7%
Energy
25.7%
Health Care
15.8%
Communications
7.7%
Consumer Discretionary
5.0%
Technology
4.1%
Consumer Staples
2.5%
Materials
2.0%
Industrials
1.1%
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/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 1  TSR-SAR-882927882
 
image
Themes US Infrastructure ETF
image
HWAY (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes US Infrastructure ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS? (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
$15
0.29%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$2,648,697
Number of Holdings
99
Portfolio Turnover
6%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
Caterpillar, Inc.
5.9%
Deere & Co.
5.1%
Parker-Hannifin Corp.
5.0%
Quanta Services, Inc.
4.9%
CSX Corp.
4.7%
Union Pacific Corp.
4.4%
Emerson Electric Co.
4.2%
Norfolk Southern Corp.
4.1%
CRH PLC
3.7%
Fastenal Co.
3.2%
Top Sectors
(%)
Industrials
77.8%
Materials
19.9%
Consumer Discretionary
1.5%
Utilities
0.3%
Energy
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/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 1  TSR-SAR-882927726
 
image
Themes US R&D Champions ETF
image
USRD (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes US R&D Champions ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS? (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
$14
0.29%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$938,972
Number of Holdings
51
Portfolio Turnover
23%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
ARM Holdings PLC
3.1%
Vertiv Holdings Co.
2.9%
Keysight Technologies, Inc.
2.8%
Corteva, Inc.
2.5%
Motorola Solutions, Inc.
2.4%
Deere & Co.
2.3%
Applied Materials, Inc.
2.3%
Regeneron Pharmaceuticals, Inc.
2.2%
Fortinet, Inc.
2.1%
Electronic Arts, Inc.
2.1%
Top Sectors
(%)
Technology
53.9%
Health Care
15.1%
Industrials
11.9%
Communications
9.3%
Consumer Discretionary
3.5%
Materials
2.5%
Consumer Staples
2.1%
Real Estate
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 https://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 1  TSR-SAR-882927874
 
image
Themes US Small Cap Cash Flow Champions ETF
image
SMCF (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about the Themes US Small Cap Cash Flow Champions ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS? (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
$15
0.29%
* Annualized
KEY FUND STATISTICS (as of March 31, 2026)
Net Assets
$2,788,710
Number of Holdings
74
Portfolio Turnover
46%
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Top 10 Issuers
(%)
APA Corp.
4.9%
East West Bancorp, Inc.
4.7%
RenaissanceRe Holdings Ltd.
4.5%
Reinsurance Group of America, Inc.
4.5%
Fidelity National Financial, Inc.
4.0%
Sterling Infrastructure, Inc.
3.9%
Mueller Industries, Inc.
3.8%
HF Sinclair Corp.
3.1%
Builders FirstSource, Inc.
3.0%
UMB Financial Corp.
2.7%
Top Sectors
(%)
Financials
50.3%
Energy
16.9%
Industrials
14.3%
Consumer Discretionary
6.7%
Technology
2.8%
Health Care
2.5%
Materials
2.4%
Consumer Staples
2.0%
Communications
1.3%
Cash & Other
0.8%
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/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 1  TSR-SAR-882927866
 2026-02-24194120_ThemesChinaGenerativeArtificialIntelligenceETF_TF_TSRSemiAnnual

 
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
Semi-Annual Financial Statements and Additional Information
March 31, 2026
TABLE OF CONTENTS
 
 
 
 
 
 
 
Page
Schedules of Investments
 
 
 
Themes China Generative Artificial Intelligence ETF
 
 
1
Themes Cloud Computing ETF
 
 
2
Themes Copper Miners ETF
 
 
3
Themes Cybersecurity ETF
 
 
4
Themes Generative Artificial Intelligence ETF
 
 
5
Themes Global Systemically Important Banks ETF
 
 
6
Themes Gold Miners ETF
 
 
7
Themes Humanoid Robotics ETF
 
 
8
Themes Lithium & Battery Metal Miners ETF
 
 
9
Themes Natural Monopoly ETF
 
 
10
Themes Silver Miners ETF
 
 
12
Themes Transatlantic Defense ETF
 
 
13
Themes Uranium & Nuclear ETF
 
 
15
Themes US Cash Flow Champions ETF
 
 
16
Themes US Infrastructure ETF
 
 
18
Themes US R&D Champions ETF
 
 
20
Themes US Small Cap Cash Flow Champions ETF
 
 
21
Statements of Assets and Liabilities
 
 
23
Statements of Operations
 
 
27
Statements of Changes in Net Assets
 
 
31
Financial Highlights
 
 
40
Notes to the Financial Statements
 
 
57
Form N-CSR Items (Unaudited)
 
 
70
Supplemental Information (Unaudited)
 
 
75
 
 
 
 

TABLE OF CONTENTS

THEMES CHINA GENERATIVE ARTIFICIAL INTELLIGENCE ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.4%
 
 
 
 
Consumer Discretionary Products - 0.4%
 
 
ECARX Holdings, Inc. - Class A(a)
 
 
102,625
 
 
$100,347
Financial Services - 1.0%
 
 
Bairong, Inc.(a)(b)
 
 
218,800
 
 
222,394
Industrial Products - 4.4%
 
 
RoboSense Technology Co. Ltd.(a)
 
 
219,100
 
 
972,945
Media - 21.1%
 
 
360 Security Technology, Inc. - Class A
 
 
696,500
 
 
1,078,798
Baidu, Inc. - ADR(a)
 
 
13,248
 
 
1,476,092
Kingsoft Corp. Ltd.
 
 
370,400
 
 
1,061,903
Kuaishou Technology(b)
 
 
187,700
 
 
1,080,067
 
 
 
 
4,696,860
Retail & Wholesale - Discretionary - 5.0%
 
 
Zhejiang Dahua Technology Co. Ltd. - Class A
 
 
452,000
 
 
1,102,487
Software & Technology Services - 29.1%(c)
 
 
Arcsoft Corp. Ltd. - Class A
 
 
135,000
 
 
750,217
Cambricon Technologies Corp. Ltd. - Class A(a)
 
 
9,300
 
 
1,323,340
Iflytek Co. Ltd. - Class A
 
 
159,900
 
 
1,069,595
Kingsoft Cloud Holdings Ltd.(a)
 
 
1,175,300
 
 
1,034,226
Phancy Group Co. Ltd. - Class H(a)
 
 
163,000
 
 
730,893
TRS Information Technology Corp. Ltd. - Class A(a)
 
 
392,900
 
 
1,015,778
Tuya, Inc. - ADR
 
 
125,615
 
 
290,171
Yidu Tech, Inc.(a)(b)
 
 
415,400
 
 
260,115
 
 
 
 
6,474,335
Tech Hardware & Semiconductors - 36.4%(c)
 
 
Foxconn Industrial Internet Co. Ltd. - Class A
 
 
198,100
 
 
1,475,670
Hygon Information Technology Co. Ltd. - Class A
 
 
44,500
 
 
1,354,415
IEIT Systems Co. Ltd.
 
 
131,900
 
 
1,070,750
Montage Technology Co. Ltd. - Class A
 
 
71,300
 
 
1,293,024
Xiaomi Corp. - Class B(a)(b)
 
 
365,300
 
 
1,479,611
Yuanjie Semiconductor Technology Co.
Ltd. - Class A
 
 
9,800
 
 
1,426,321
 
 
 
 
8,099,791
TOTAL COMMON STOCKS
(Cost $24,416,423)
 
 
 
 
21,669,159
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.3%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(d)
 
 
66,856
 
 
$66,856
TOTAL MONEY MARKET FUNDS
(Cost $66,856)
 
 
 
 
66,856
TOTAL INVESTMENTS - 97.7%
(Cost $24,483,279)
 
 
 
 
$21,736,015
Other Assets in Excess of
Liabilities - 2.3%
 
 
 
 
500,745
TOTAL NET ASSETS - 100.0%
 
 
 
 
$22,236,760
 
 
 
 
 
 
 
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 March 31, 2026, the value of these securities total $3,042,187 or 13.7% 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 March 31, 2026.
The accompanying notes are an integral part of these financial statements.
 
1
 

TABLE OF CONTENTS

THEMES CLOUD COMPUTING ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.9%
 
 
 
 
Financial Services - 0.2%
 
 
Hut 8 Corp.(a)
 
 
73
 
 
$3,424
Industrial Products - 1.0%
 
 
Hexagon AB - Class B
 
 
1,584
 
 
15,066
Industrial Services - 1.4%
 
 
Paychex, Inc.
 
 
243
 
 
22,385
Media - 13.2%
 
 
Alphabet, Inc. - Class A
 
 
282
 
 
81,092
AppLovin Corp. - Class A(a)
 
 
144
 
 
57,312
GoDaddy, Inc. - Class A(a)
 
 
97
 
 
8,019
Prosus NV
 
 
921
 
 
41,496
VeriSign, Inc.
 
 
61
 
 
15,150
 
 
 
 
203,069
Retail & Wholesale - Discretionary - 9.1%
 
 
Amazon.com, Inc.(a)
 
 
374
 
 
77,893
MercadoLibre, Inc.(a)
 
 
36
 
 
62,245
 
 
 
 
140,138
Software & Technology Services - 73.5%(b)
 
 
Adobe, Inc.(a)
 
 
267
 
 
64,902
Akamai Technologies, Inc.(a)
 
 
105
 
 
12,059
Atlassian Corp. - Class A(a)
 
 
129
 
 
8,804
Autodesk, Inc.(a)
 
 
159
 
 
38,065
Cadence Design Systems, Inc.(a)
 
 
205
 
 
56,963
Check Point Software Technologies Ltd.(a)
 
 
61
 
 
8,714
Cloudflare, Inc. - Class A(a)
 
 
234
 
 
48,284
Commvault Systems, Inc.(a)
 
 
32
 
 
2,493
CoreWeave, Inc. - Class A(a)
 
 
182
 
 
14,100
Crowdstrike Holdings, Inc. - Class A(a)
 
 
187
 
 
73,007
Dassault Systemes SE
 
 
511
 
 
10,200
Datadog, Inc. - Class A(a)
 
 
237
 
 
27,978
Dynatrace, Inc.(a)
 
 
222
 
 
8,210
Fortinet, Inc.(a)
 
 
471
 
 
38,490
HubSpot, Inc.(a)
 
 
38
 
 
9,276
Intuit, Inc.
 
 
138
 
 
59,668
Microsoft Corp.
 
 
186
 
 
68,852
MongoDB, Inc.(a)
 
 
60
 
 
14,686
Nebius Group NV(a)
 
 
162
 
 
16,809
Nutanix, Inc. - Class A(a)
 
 
194
 
 
7,374
Okta, Inc.(a)
 
 
127
 
 
9,996
Oracle Corp.
 
 
465
 
 
68,406
Palo Alto Networks, Inc.(a)
 
 
543
 
 
87,054
Rubrik, Inc. - Class A(a)
 
 
102
 
 
4,995
Salesforce, Inc.
 
 
342
 
 
63,841
SAP SE
 
 
373
 
 
63,334
ServiceNow, Inc.(a)
 
 
596
 
 
62,312
Snowflake, Inc. - Class A(a)
 
 
242
 
 
36,498
Strategy, Inc. - Class A(a)
 
 
200
 
 
24,960
Synopsys, Inc.(a)
 
 
144
 
 
57,093
Twilio, Inc. - Class A(a)
 
 
105
 
 
13,211
Unity Software, Inc.(a)
 
 
242
 
 
5,310
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Workday, Inc. - Class A(a)
 
 
158
 
 
$20,527
Zoom Communications, Inc. - Class A(a)
 
 
201
 
 
16,158
Zscaler, Inc.(a)
 
 
74
 
 
10,381
 
 
 
 
1,133,010
Tech Hardware & Semiconductors - 1.2%
 
 
F5, Inc.(a)
 
 
44
 
 
12,730
InterDigital, Inc.
 
 
18
 
 
5,436
 
 
 
 
18,166
Telecommunications - 0.3%
 
 
Applied Digital Corp.(a)
 
 
169
 
 
4,012
TOTAL COMMON STOCKS
(Cost $1,797,897)
 
 
 
 
1,539,270
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.1%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(c)
 
 
1,668
 
 
1,668
TOTAL MONEY MARKET FUNDS
(Cost $1,668)
 
 
 
 
1,668
TOTAL INVESTMENTS - 100.0%
(Cost $1,799,565)
 
 
 
 
$1,540,938
Other Assets in Excess of
Liabilities - 0.0%(d)
 
 
 
 
686
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,541,624
 
 
 
 
 
 
 
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 March 31, 2026.
(d)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
2
 

TABLE OF CONTENTS

THEMES COPPER MINERS ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.9%
 
 
 
 
Industrial Services - 1.7%
 
 
Guangdong Feinan Resources Recycling Co. Ltd. - Class A
 
 
69,540
 
 
$193,877
Materials - 98.2%(a)
 
 
29Metals Ltd.(b)
 
 
829,180
 
 
197,372
Aeris Resources Ltd.(b)
 
 
598,448
 
 
163,095
Altius Minerals Corp.
 
 
3,249
 
 
114,279
Amarc Resources Ltd.(b)
 
 
41,753
 
 
29,714
Antofagasta PLC
 
 
8,744
 
 
385,050
Arizona Sonoran Copper Co., Inc.(b)
 
 
64,822
 
 
326,184
Atalaya Mining Copper, S.A.
 
 
28,979
 
 
271,947
Aurubis AG
 
 
1,441
 
 
249,838
Avino Silver & Gold Mines Ltd.(b)
 
 
16,879
 
 
107,139
BHP Group Ltd.
 
 
14,172
 
 
492,712
Boliden AB(b)
 
 
3,478
 
 
178,444
Capstone Copper Corp.(b)
 
 
45,521
 
 
343,265
Central Asia Metals PLC
 
 
86,964
 
 
186,009
Chalice Mining Ltd.(b)
 
 
85,472
 
 
83,445
China Gold International Resources Corp. Ltd.
 
 
6,628
 
 
133,551
China Nonferrous Mining Corp. Ltd.
 
 
196,397
 
 
287,788
Cia de Minas Buenaventura SAA - ADR
 
 
3,924
 
 
141,421
Collective Mining Ltd.(b)
 
 
6,633
 
 
116,486
ERO Copper Corp.(b)
 
 
9,580
 
 
255,288
First Quantum Minerals Ltd.(b)
 
 
19,169
 
 
458,314
Foran Mining Corp.(b)
 
 
23,425
 
 
90,763
Freeport-McMoRan, Inc.
 
 
17,298
 
 
1,016,776
Ganzhou Teng Yuan Cobalt New Material Co. Ltd. - Class A
 
 
18,200
 
 
158,336
Glencore PLC
 
 
62,918
 
 
470,936
GoldMining, Inc.(b)
 
 
82,775
 
 
98,775
Hot Chili Ltd.(b)
 
 
89,244
 
 
77,583
Hudbay Minerals, Inc.
 
 
11,090
 
 
232,228
Imperial Metals Corp.(b)
 
 
32,928
 
 
183,920
Ivanhoe Electric, Inc.(b)
 
 
13,388
 
 
158,246
Ivanhoe Mines Ltd. - Class A(b)
 
 
42,615
 
 
364,239
Jiangxi Copper Co. Ltd. - Class A
 
 
41,300
 
 
257,071
Jinchuan Group International Resources Co. Ltd.(b)(c)
 
 
97,134
 
 
0
Jiujiang Defu Technology Co. Ltd. - Class A(b)
 
 
65,800
 
 
370,995
Lundin Mining Corp.
 
 
18,239
 
 
454,828
LunR Royalties Corp.(b)
 
 
8,087
 
 
176,785
Mitsubishi Materials Corp.
 
 
3,700
 
 
112,255
MMG Ltd.(b)
 
 
245,925
 
 
226,442
NGEx Minerals Ltd.(b)
 
 
9,167
 
 
166,721
Nittetsu Mining Co. Ltd.
 
 
9,700
 
 
151,699
Power Metallic Mines, Inc.(b)
 
 
107,654
 
 
81,257
Sandfire Resources Ltd.(b)
 
 
24,245
 
 
268,147
Shenzhen Zhongjin Lingnan Nonfemet Co.
Ltd. - Class A
 
 
100,100
 
 
88,679
Solaris Resources, Inc.(b)
 
 
24,560
 
 
212,038
Southern Copper Corp.
 
 
2,238
 
 
385,045
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Talon Metals Corp.(b)
 
 
17,855
 
 
$80,862
Taseko Mines Ltd.(b)
 
 
46,359
 
 
300,262
Teck Resources Ltd. - Class B
 
 
8,089
 
 
419,249
US Goldmining, Inc.(b)
 
 
11,960
 
 
139,095
WA1 Resources Ltd.(b)
 
 
11,657
 
 
112,277
 
 
 
 
11,376,850
TOTAL COMMON STOCKS
(Cost $11,863,306)
 
 
 
 
11,570,727
TOTAL INVESTMENTS - 99.9%
(Cost $11,863,306)
 
 
 
 
$11,570,727
Other Assets in Excess of
Liabilities - 0.1%
 
 
 
 
16,615
TOTAL NET ASSETS - 100.0%
 
 
 
 
$11,587,342
 
 
 
 
 
 
 
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 March 31, 2026.
The accompanying notes are an integral part of these financial statements.
 
3
 

TABLE OF CONTENTS

THEMES CYBERSECURITY ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.8%
 
 
 
 
Industrial Services - 2.3%
 
 
Alarm.com Holdings, Inc.(a)
 
 
1,198
 
 
$51,742
Software & Technology Services - 90.1%(b)
 
 
Akamai Technologies, Inc.(a)
 
 
1,301
 
 
149,420
BlackBerry Ltd.(a)
 
 
14,693
 
 
47,605
Booz Allen Hamilton Holding Corp.
 
 
1,276
 
 
99,566
BTQ Technologies Corp.(a)
 
 
2,384
 
 
6,341
CACI International, Inc. - Class A(a)
 
 
204
 
 
110,950
Check Point Software Technologies Ltd.(a)
 
 
606
 
 
86,567
Clear Secure, Inc. - Class A
 
 
2,237
 
 
108,293
CoreWeave, Inc. - Class A(a)
 
 
1,489
 
 
115,353
Crowdstrike Holdings, Inc. - Class A(a)
 
 
239
 
 
93,308
Digital Arts, Inc.
 
 
300
 
 
9,754
Fastly, Inc. - Class A(a)
 
 
3,548
 
 
103,105
Fortinet, Inc.(a)
 
 
1,432
 
 
117,023
GB Group PLC
 
 
6,190
 
 
16,468
Nebius Group NV(a)
 
 
1,199
 
 
124,408
Netcompany Group AS(a)(c)
 
 
1,079
 
 
65,189
Netskope, Inc. - Class A(a)
 
 
2,058
 
 
17,472
Okta, Inc.(a)
 
 
1,219
 
 
95,948
OneSpan, Inc.
 
 
833
 
 
8,772
Palo Alto Networks, Inc.(a)
 
 
1,132
 
 
181,482
Qoria Ltd.(a)
 
 
25,518
 
 
4,930
Qualys, Inc.(a)
 
 
867
 
 
76,166
Radware Ltd.(a)
 
 
889
 
 
23,398
Rapid7, Inc.(a)
 
 
1,624
 
 
8,948
SailPoint, Inc.(a)
 
 
1,381
 
 
18,284
SentinelOne, Inc. - Class A(a)
 
 
7,418
 
 
95,544
SUNeVision Holdings Ltd.
 
 
15,566
 
 
10,720
Tenable Holdings, Inc.(a)
 
 
2,989
 
 
50,559
Trend Micro, Inc.
 
 
2,800
 
 
92,448
Varonis Systems, Inc.(a)
 
 
2,883
 
 
61,898
Zscaler, Inc.(a)
 
 
498
 
 
69,864
 
 
 
 
2,069,783
Tech Hardware & Semiconductors - 1.8%
 
 
A10 Networks, Inc.
 
 
1,744
 
 
40,321
Telecommunications - 5.6%
 
 
NEXTDC Ltd.(a)
 
 
13,510
 
 
105,516
Vnet Group, Inc. - ADR(a)
 
 
2,887
 
 
24,222
 
 
 
 
129,738
TOTAL COMMON STOCKS
(Cost $2,616,329)
 
 
 
 
2,291,584
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.1%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(d)
 
 
2,338
 
 
$2,338
TOTAL MONEY MARKET FUNDS
(Cost $2,338)
 
 
 
 
2,338
TOTAL INVESTMENTS - 99.9%
(Cost $2,618,667)
 
 
 
 
$2,293,922
Other Assets in Excess of Liabilities - 0.1%
 
 
 
 
2,603
TOTAL NET ASSETS - 100.0%
 
 
 
 
$2,296,525
 
 
 
 
 
 
 
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)
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 March 31, 2026, the value of these securities total $65,189 or 2.8% of the Fund’s net assets.
(d)
The rate shown represents the 7-day annualized yield as of March 31, 2026.
The accompanying notes are an integral part of these financial statements.
 
4
 

TABLE OF CONTENTS

THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.8%
 
 
 
 
Financial Services - 0.7%
 
 
 
 
Bairong, Inc.(a)(b)
 
 
216,496
 
 
$220,052
Josh Gibson Stablecoin Tokens(a)
 
 
1,977,904
 
 
0
 
 
 
 
220,052
Health Care - 0.8%
 
 
 
 
Recursion Pharmaceuticals, Inc. -
Class A(a)
 
 
77,000
 
 
236,390
Industrial Products - 2.4%
 
 
 
 
Palladyne AI Corp.(a)
 
 
119,242
 
 
723,799
Industrial Services - 4.5%
 
 
 
 
Information Services Group, Inc.
 
 
310,400
 
 
1,191,936
Innodata, Inc.(a)
 
 
5,415
 
 
209,127
 
 
 
 
1,401,063
Media - 2.8%
 
 
 
 
Alphabet, Inc. - Class A
 
 
3,014
 
 
866,706
Oil & Gas - 0.3%
 
 
 
 
NextNRG, Inc.(a)
 
 
250,000
 
 
100,000
Retail & Wholesale - Discretionary - 3.6%
 
 
 
 
Amazon.com, Inc.(a)
 
 
5,377
 
 
1,119,868
Software & Technology Services - 56.5%(c)
 
 
Appier Group, Inc.
 
 
79,200
 
 
390,249
BigBear.ai Holdings, Inc.(a)
 
 
340,097
 
 
1,197,141
Brand Engagement Network, Inc.(a)
 
 
55,540
 
 
2,104,966
C3.ai, Inc. - Class A(a)
 
 
113,915
 
 
959,164
Cerence, Inc.(a)
 
 
48,505
 
 
306,067
CoreWeave, Inc. - Class A(a)
 
 
7,800
 
 
604,266
Datasection, Inc.(a)
 
 
53,200
 
 
425,721
Datavault AI, Inc.(a)
 
 
1,977,904
 
 
1,222,938
Digital China Holdings Ltd.
 
 
2,063,000
 
 
557,767
Duos Technologies Group, Inc.(a)
 
 
13,370
 
 
91,718
Gorilla Technology Group, Inc.(a)
 
 
102,240
 
 
1,076,587
Grid Dynamics Holdings, Inc.(a)
 
 
66,978
 
 
381,775
Kingsoft Cloud Holdings Ltd.(a)
 
 
1,222,000
 
 
1,075,320
MongoDB, Inc.(a)
 
 
400
 
 
97,908
nCino, Inc.(a)
 
 
4,965
 
 
74,376
Oracle Corp.
 
 
3,930
 
 
578,142
Pagaya Technologies Ltd. - Class A(a)
 
 
44,300
 
 
516,095
Palantir Technologies, Inc. - Class A(a)
 
 
10,061
 
 
1,471,723
PKSHA Technology, Inc.(a)
 
 
44,300
 
 
740,264
Rezolve AI PLC(a)
 
 
158,849
 
 
406,653
Snowflake, Inc. - Class A(a)
 
 
7,473
 
 
1,127,078
SoundHound AI, Inc. - Class A(a)
 
 
191,444
 
 
1,315,220
Veritone, Inc.(a)
 
 
326,550
 
 
643,303
Zeta Global Holdings Corp. - Class A(a)
 
 
2,592
 
 
41,265
 
 
 
 
17,405,706
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Tech Hardware & Semiconductors - 28.2%(c)
 
 
Advanced Micro Devices, Inc.(a)
 
 
7,264
 
 
$1,477,716
Ambarella, Inc.(a)
 
 
9,077
 
 
467,239
Arista Networks, Inc.(a)
 
 
3,679
 
 
451,708
Blaize Holdings, Inc.(a)
 
 
841,000
 
 
1,530,620
BrainChip Holdings Ltd.(a)
 
 
9,076,499
 
 
876,726
Broadcom, Inc.
 
 
3,450
 
 
1,067,809
NVIDIA Corp.
 
 
8,687
 
 
1,515,013
QuickLogic Corp.(a)
 
 
139,500
 
 
1,308,510
 
 
 
 
8,695,341
TOTAL COMMON STOCKS
(Cost $34,315,213)
 
 
 
 
30,768,925
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(d)
 
 
64,520
 
 
64,520
TOTAL MONEY MARKET FUNDS
(Cost $64,520)
 
 
 
 
64,520
TOTAL INVESTMENTS - 100.0%
(Cost $34,379,733)
 
 
 
 
$30,833,445
Liabilities in Excess of Other
Assets - (0.0)%(e)
 
 
 
 
(8,351)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$30,825,094
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
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 March 31, 2026, the value of these securities total $220,052 or 0.7% 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 March 31, 2026.
(e)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
5
 

TABLE OF CONTENTS

THEMES GLOBAL SYSTEMICALLY IMPORTANT BANKS ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.9%
 
 
 
 
Banking - 81.7%(a)
 
 
 
 
Agricultural Bank of China Ltd. - Class H
 
 
1,407,527
 
 
$999,837
Banco Santander SA - ADR
 
 
88,215
 
 
995,065
Bank of America Corp.
 
 
20,297
 
 
989,479
Bank of China Ltd. - Class H
 
 
1,583,282
 
 
1,003,534
Bank of Communications Co. Ltd. - Class H
 
 
1,081,268
 
 
970,786
Barclays PLC - ADR
 
 
46,255
 
 
978,756
BNP Paribas SA - ADR
 
 
19,402
 
 
923,341
China Construction Bank Corp. - Class H
 
 
908,879
 
 
972,491
Citigroup, Inc.
 
 
8,685
 
 
984,966
Credit Agricole SA
 
 
50,289
 
 
925,960
Deutsche Bank AG
 
 
32,703
 
 
973,895
HSBC Holdings PLC - ADR
 
 
12,052
 
 
994,169
Industrial & Commercial Bank of China Ltd. - ADR
 
 
56,785
 
 
1,005,095
ING Groep NV - ADR
 
 
36,997
 
 
963,772
JPMorgan Chase & Co.
 
 
3,341
 
 
982,789
Mitsubishi UFJ Financial Group, Inc. - ADR
 
 
56,606
 
 
960,604
Mizuho Financial Group, Inc. - ADR
 
 
123,420
 
 
979,955
Royal Bank of Canada
 
 
5,925
 
 
958,547
Societe Generale SA
 
 
12,939
 
 
923,659
Standard Chartered PLC - ADR
 
 
22,525
 
 
946,275
Sumitomo Mitsui Financial Group, Inc. - ADR
 
 
48,975
 
 
967,256
Toronto-Dominion Bank
 
 
10,168
 
 
948,776
Wells Fargo & Co.
 
 
12,487
 
 
994,090
 
 
 
 
22,343,097
Financial Services - 18.2%
 
 
 
 
Bank of New York Mellon Corp.
 
 
8,278
 
 
982,019
Goldman Sachs Group, Inc.
 
 
1,180
 
 
998,268
Morgan Stanley
 
 
6,024
 
 
991,370
State Street Corp.
 
 
7,877
 
 
996,913
UBS Group AG
 
 
25,660
 
 
1,002,536
 
 
 
 
4,971,106
TOTAL COMMON STOCKS
(Cost $25,937,468)
 
 
 
 
27,314,203
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.1%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(b)
 
 
40,471
 
 
40,471
TOTAL MONEY MARKET FUNDS
(Cost $40,471)
 
 
 
 
40,471
TOTAL INVESTMENTS - 100.0%
(Cost $25,977,939)
 
 
 
 
$27,354,674
Other Assets in Excess of
Liabilities - 0.0%(c)
 
 
 
 
1,396
TOTAL NET ASSETS - 100.0%
 
 
 
 
$27,356,070
 
 
 
 
 
 
 
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 March 31, 2026.
(c)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
6
 

TABLE OF CONTENTS

THEMES GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.5%
 
 
 
 
Materials - 99.5%(a)
 
 
 
 
Agnico Eagle Mines Ltd.
 
 
7,517
 
 
$1,525,825
Alamos Gold, Inc. - Class A
 
 
35,993
 
 
1,601,328
Allied Gold Corp.(b)
 
 
16,761
 
 
519,542
Anglogold Ashanti PLC
 
 
14,899
 
 
1,450,567
Aris Mining Corp.(b)
 
 
36,323
 
 
674,447
B2Gold Corp.
 
 
230,260
 
 
1,046,110
Capricorn Metals Ltd.
 
 
72,346
 
 
549,067
DPM Metals, Inc.
 
 
39,740
 
 
1,399,227
Emerald Resources NL(b)
 
 
96,049
 
 
355,865
Endeavour Mining PLC
 
 
26,105
 
 
1,565,249
Equinox Gold Corp.
 
 
102,995
 
 
1,487,434
G Mining Ventures Corp.(b)
 
 
31,487
 
 
1,105,021
Genesis Minerals Ltd.(b)
 
 
180,064
 
 
731,745
Gold Fields Ltd. - ADR
 
 
29,966
 
 
1,360,456
IAMGOLD Corp.(b)
 
 
75,119
 
 
1,412,632
K92 Mining, Inc.(b)
 
 
43,822
 
 
743,755
Kinross Gold Corp.
 
 
47,590
 
 
1,454,966
Lundin Gold, Inc.
 
 
18,328
 
 
1,400,654
Northern Star Resources Ltd.
 
 
81,127
 
 
1,139,622
OceanaGold Corp.
 
 
42,287
 
 
1,333,267
Orla Mining Ltd.
 
 
55,953
 
 
899,769
Pan African Resources PLC
 
 
310,313
 
 
572,554
Perseus Mining Ltd.
 
 
247,352
 
 
878,902
Ramelius Resources Ltd.
 
 
345,766
 
 
875,520
Regis Resources Ltd.
 
 
135,216
 
 
620,394
Torex Gold Resources, Inc.
 
 
17,628
 
 
809,106
Vault Minerals Ltd.
 
 
178,337
 
 
513,092
Wesdome Gold Mines Ltd.(b)
 
 
27,795
 
 
496,318
Westgold Resources Ltd.
 
 
172,474
 
 
700,901
Zhaojin Mining Industry Co. Ltd. -
Class H
 
 
304,931
 
 
1,234,315
TOTAL COMMON STOCKS
(Cost $28,675,069)
 
 
 
 
30,457,650
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.4%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(c)
 
 
122,256
 
 
122,256
TOTAL MONEY MARKET FUNDS
(Cost $122,256)
 
 
 
 
122,256
TOTAL INVESTMENTS - 99.9%
(Cost $28,797,325)
 
 
 
 
$30,579,906
Other Assets in Excess of
Liabilities - 0.1%
 
 
 
 
33,590
TOTAL NET ASSETS - 100.0%
 
 
 
 
$30,613,496
 
 
 
 
 
 
 
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 March 31, 2026.
The accompanying notes are an integral part of these financial statements.
 
7
 

TABLE OF CONTENTS

THEMES HUMANOID ROBOTICS ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.5%
 
 
 
 
Consumer Discretionary Products - 14.0%
 
 
Aishida Co. Ltd. - Class A
 
 
744,100
 
 
$1,136,368
Ecovacs Robotics Co. Ltd. - Class A
 
 
127,100
 
 
1,122,672
Tesla, Inc.(a)
 
 
3,702
 
 
1,376,219
XPeng, Inc. - Class A(a)
 
 
80,007
 
 
667,813
 
 
 
 
4,303,072
Industrial Products - 67.7%(b)
 
 
 
 
AMC Robotics Corp.(a)
 
 
39,035
 
 
212,936
Clobot Co. Ltd.(a)
 
 
8,772
 
 
276,908
CMES, Inc./Korea(a)
 
 
12,398
 
 
236,361
EFORT Intelligent Robot Co. Ltd.(a)
 
 
340,888
 
 
815,680
Estun Automation Co. Ltd. - Class A(a)
 
 
130,800
 
 
379,248
Guangdong Topstar Technology Co. Ltd. - Class A(a)
 
 
38,700
 
 
140,443
Hesai Group - ADR(a)
 
 
31,346
 
 
599,335
Hirata Corp.
 
 
34,300
 
 
509,189
Hyulim ROBOT Co. Ltd.(a)
 
 
200,272
 
 
1,346,784
Leader Harmonious Drive Systems Co. Ltd. - Class A
 
 
53,988
 
 
1,462,667
MDA Space Ltd.(a)
 
 
54,335
 
 
1,376,440
Neuromeka Co. Ltd.(a)
 
 
54,704
 
 
2,139,372
Ningbo PIA Automation Holding Corp. - Class A(a)
 
 
877,829
 
 
1,141,094
Palladyne AI Corp.(a)
 
 
273,017
 
 
1,657,213
Rainbow Robotics(a)
 
 
4,577
 
 
1,556,894
Richtech Robotics, Inc. - Class B(a)
 
 
467,030
 
 
976,093
Shanghai Kelai Mechatronics Engineering Co. Ltd. - Class A
 
 
218,200
 
 
644,347
Shenzhen Zhaowei Machinery & Electronic Co. Ltd. - Class A
 
 
5,100
 
 
70,872
T-Robotics Co. Ltd.(a)
 
 
68,188
 
 
748,815
UBTech Robotics Corp. Ltd. - Class H(a)
 
 
89,264
 
 
972,191
Yijiahe Technology Co. Ltd. - Class A(a)
 
 
325,100
 
 
1,244,267
Yujin Robot Co. Ltd.(a)
 
 
148,112
 
 
2,349,833
 
 
 
 
20,856,982
Media - 2.3%
 
 
 
 
Serve Robotics, Inc.(a)
 
 
84,703
 
 
714,893
Tech Hardware & Semiconductors - 15.5%
 
 
NVIDIA Corp.
 
 
8,437
 
 
1,471,413
Teradyne, Inc.
 
 
7,059
 
 
2,092,711
Zhejiang Hechuan Technology Corp. Ltd. - Class A(a)
 
 
276,170
 
 
1,205,710
 
 
 
 
4,769,834
TOTAL COMMON STOCKS
(Cost $32,297,051)
 
 
 
 
30,644,781
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.3%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(c)
 
 
92,289
 
 
$92,289
TOTAL MONEY MARKET FUNDS
(Cost $92,289)
 
 
 
 
92,289
TOTAL INVESTMENTS - 99.8%
(Cost $32,389,340)
 
 
 
 
$30,737,070
Other Assets in Excess of
Liabilities - 0.2%
 
 
 
 
64,815
TOTAL NET ASSETS - 100.0%
 
 
 
 
$30,801,885
 
 
 
 
 
 
 
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 March 31, 2026.
The accompanying notes are an integral part of these financial statements.
 
8
 

TABLE OF CONTENTS

THEMES LITHIUM & BATTERY METAL MINERS ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.6%
 
 
 
 
Materials - 99.6%(a)
 
 
 
 
Albemarle Corp.
 
 
1,394
 
 
$250,265
American Lithium Corp.(b)
 
 
14,596
 
 
5,876
AMG Critical Materials NV
 
 
702
 
 
27,604
Atlas Lithium Corp.(b)
 
 
4,372
 
 
19,018
Beijing Easpring Material Technology Co. Ltd. - Class A
 
 
10,000
 
 
74,346
Canada Nickel Co., Inc.(b)
 
 
42,505
 
 
48,888
Chalice Mining Ltd.(b)
 
 
31,361
 
 
30,617
Core Lithium Ltd.(b)
 
 
465,794
 
 
78,737
Elevra Lithium Ltd.(b)
 
 
16,545
 
 
95,431
Energy Transition Minerals Ltd.(b)
 
 
364,944
 
 
23,417
Eramet SA
 
 
1,185
 
 
69,169
Ganfeng Lithium Group Co. Ltd. - Class A
 
 
11,100
 
 
125,940
Ganzhou Teng Yuan Cobalt New Material Co. Ltd. - Class A
 
 
2,100
 
 
18,270
GEM Co. Ltd. - Class A
 
 
70,800
 
 
80,862
Guangzhou Tinci Materials Technology Co. Ltd. - Class A
 
 
26,516
 
 
176,564
IGO Ltd.(b)
 
 
19,560
 
 
105,939
ioneer Ltd.(b)
 
 
318,416
 
 
28,560
Jiangsu Ruitai New Energy Materials Co.
Ltd. - Class A
 
 
13,100
 
 
36,636
Lake Resources NL(b)
 
 
985,344
 
 
50,308
Largo, Inc.(b)
 
 
5,144
 
 
5,880
Latin Resources Pty Ltd.(b)(c)
 
 
2,024
 
 
0
Liontown Ltd.(b)
 
 
101,061
 
 
118,536
Lithium Americas Corp.(b)
 
 
20,275
 
 
80,599
Lithium Argentina AG(b)
 
 
10,179
 
 
68,050
Lithium Ionic Corp.(b)
 
 
11,054
 
 
9,535
Mineral Resources Ltd.(b)
 
 
1,909
 
 
70,611
Minerals 260 Ltd.(b)
 
 
58,065
 
 
27,442
Ningbo Shanshan Co. Ltd. - Class A(b)
 
 
18,400
 
 
35,345
PLS Group Ltd.(b)
 
 
88,449
 
 
312,450
PMET Resources, Inc.(b)
 
 
11,253
 
 
35,916
Q2 Metals Corp.(b)
 
 
10,526
 
 
16,268
Shanghai Putailai New Energy Technology Group Co. Ltd. - Class A
 
 
13,100
 
 
60,644
Shenzhen Capchem Technology Co. Ltd. - Class A
 
 
6,900
 
 
56,253
Sichuan Yahua Industrial Group Co. Ltd. - Class A
 
 
12,300
 
 
41,307
Sigma Lithium Corp.(b)
 
 
2,071
 
 
25,398
Sociedad Quimica y Minera de Chile SA - ADR(b)
 
 
529
 
 
42,817
St George Mining Ltd.(b)
 
 
610,154
 
 
48,412
Standard Lithium Ltd.(b)
 
 
10,901
 
 
39,025
Syrah Resources Ltd.(b)
 
 
163,373
 
 
14,654
Talon Metals Corp.(b)
 
 
9,044
 
 
40,958
Tianqi Lithium Corp. - Class A(b)
 
 
17,200
 
 
138,134
Vulcan Energy Resources Ltd.(b)
 
 
10,417
 
 
22,927
Xiamen Tungsten Co. Ltd.
 
 
7,500
 
 
60,385
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Youngy Co. Ltd. - Class A
 
 
6,000
 
 
$66,252
Zhejiang Huayou Cobalt Co. Ltd. -
Class A
 
 
13,800
 
 
117,321
TOTAL COMMON STOCKS
(Cost $2,732,359)
 
 
 
 
2,901,566
RIGHTS - 0.0%(d)
 
 
 
 
Materials - 0.0%(a)(d)
 
 
 
 
Syrah Resources Ltd., Expires 04/18/2026, Exercise Price $0.11(b)
 
 
123,767
 
 
2,135
TOTAL RIGHTS
(Cost $4,081)
 
 
 
 
2,135
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.3%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(e)
 
 
8,495
 
 
8,495
TOTAL MONEY MARKET FUNDS
(Cost $8,495)
 
 
 
 
8,495
TOTAL INVESTMENTS - 99.9%
(Cost $2,744,935)
 
 
 
 
$2,912,196
Other Assets in Excess of Liabilities - 0.1%
 
 
 
 
1,640
TOTAL NET ASSETS - 100.0%
 
 
 
 
$2,913,836
 
 
 
 
 
 
 
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 March 31, 2026.
(d)
Represents less than 0.05% of net assets.
(e)
The rate shown represents the 7-day annualized yield as of March 31, 2026.
The accompanying notes are an integral part of these financial statements.
 
9
 

TABLE OF CONTENTS

THEMES NATURAL MONOPOLY ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.0%
 
 
 
 
Consumer Discretionary Products - 0.5%
 
 
 
 
Suzuki Motor Corp.
 
 
700
 
 
$8,272
Consumer Staple Products - 4.4%
 
 
 
 
Anheuser-Busch InBev SA/NV
 
 
206
 
 
14,220
Coca-Cola Co.
 
 
190
 
 
14,449
General Mills, Inc.
 
 
285
 
 
10,608
PepsiCo, Inc.
 
 
93
 
 
14,442
Procter & Gamble Co.
 
 
93
 
 
13,433
 
 
 
 
67,152
Financial Services - 18.0%
 
 
 
 
ASX Ltd.
 
 
1,668
 
 
60,189
Blackrock, Inc.
 
 
54
 
 
51,932
Corpay, Inc.(a)
 
 
13
 
 
3,783
Experian PLC
 
 
83
 
 
2,854
Mastercard, Inc. - Class A
 
 
102
 
 
50,965
Moody’s Corp.
 
 
9
 
 
3,926
Raymond James Financial, Inc.
 
 
354
 
 
51,256
Visa, Inc. - Class A
 
 
163
 
 
49,265
 
 
 
 
274,170
Health Care - 8.9%
 
 
 
 
AbbVie, Inc.
 
 
117
 
 
25,446
Cencora, Inc.
 
 
9
 
 
2,827
EssilorLuxottica SA
 
 
84
 
 
19,263
Fresenius SE & Co. KGaA
 
 
56
 
 
2,869
IQVIA Holdings, Inc.(a)
 
 
118
 
 
20,124
Johnson & Johnson
 
 
129
 
 
31,533
Labcorp Holdings, Inc.
 
 
11
 
 
2,935
Medtronic PLC
 
 
278
 
 
24,089
Quest Diagnostics, Inc.
 
 
15
 
 
2,939
Sonic Healthcare Ltd.
 
 
173
 
 
2,441
 
 
 
 
134,466
Industrial Products - 20.9%
 
 
 
 
AMETEK, Inc.
 
 
75
 
 
16,077
Assa Abloy AB - Class B
 
 
259
 
 
9,204
Atlas Copco AB - Class A
 
 
834
 
 
14,373
BAE Systems PLC
 
 
2,740
 
 
79,786
Fortive Corp.
 
 
1,138
 
 
62,909
Honeywell International, Inc.
 
 
322
 
 
72,782
Schneider Electric SE
 
 
55
 
 
14,564
Siemens AG
 
 
54
 
 
12,839
Snap-on, Inc.
 
 
29
 
 
10,533
Techtronic Industries Co. Ltd.
 
 
900
 
 
11,719
Xylem, Inc.
 
 
111
 
 
13,264
 
 
 
 
318,050
Industrial Services - 6.7%
 
 
 
 
Brambles Ltd.
 
 
353
 
 
5,504
Canadian Pacific Kansas City Ltd.
 
 
74
 
 
5,823
Cintas Corp.
 
 
36
 
 
6,089
Compass Group PLC(a)
 
 
214
 
 
5,906
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
FedEx Corp.
 
 
19
 
 
$6,768
Kuehne + Nagel International AG
 
 
27
 
 
6,088
Paychex, Inc.
 
 
475
 
 
43,757
Persol Holdings Co. Ltd.
 
 
2,200
 
 
3,202
RELX PLC
 
 
101
 
 
3,310
Republic Services, Inc.
 
 
18
 
 
3,943
Stantec, Inc.
 
 
40
 
 
3,458
Vinci SA
 
 
29
 
 
4,302
Waste Management, Inc.
 
 
19
 
 
4,366
 
 
 
 
102,516
Materials - 3.4%
 
 
 
 
Air Liquide SA
 
 
27
 
 
5,552
BHP Group Ltd.
 
 
193
 
 
6,710
CRH PLC
 
 
50
 
 
5,256
Heidelberg Materials AG
 
 
22
 
 
4,535
Holcim AG
 
 
62
 
 
5,034
Nippon Paint Holdings Co. Ltd.
 
 
700
 
 
4,306
Nippon Sanso Holdings Corp.
 
 
200
 
 
6,973
Sherwin-Williams Co.
 
 
14
 
 
4,488
Sika AG
 
 
20
 
 
3,249
Vulcan Materials Co.
 
 
18
 
 
4,901
 
 
 
 
51,004
Media - 1.6%
 
 
 
 
Charter Communications, Inc. - Class A(a)
 
 
33
 
 
7,124
Comcast Corp. - Class A
 
 
222
 
 
6,374
Expedia Group, Inc.
 
 
24
 
 
5,541
Uber Technologies, Inc.(a)
 
 
63
 
 
4,532
Versant Media Group, Inc.
 
 
8
 
 
296
 
 
 
 
23,867
Oil & Gas - 3.6%
 
 
 
 
Aker BP ASA
 
 
330
 
 
12,307
SLB Ltd.
 
 
97
 
 
4,985
Suncor Energy, Inc.
 
 
183
 
 
12,104
TotalEnergies SE
 
 
125
 
 
11,690
Var Energi ASA
 
 
2,625
 
 
13,701
 
 
 
 
54,787
Retail & Wholesale - Discretionary - 4.2%
 
 
 
 
Copart, Inc.(a)
 
 
520
 
 
17,264
eBay, Inc.
 
 
233
 
 
21,208
Ferguson Enterprises, Inc.
 
 
12
 
 
2,799
Home Depot, Inc.
 
 
60
 
 
19,733
Reece Ltd.
 
 
312
 
 
2,855
 
 
 
 
63,859
Retail & Wholesale - Staples - 3.0%
 
 
 
 
Alimentation Couche-Tard, Inc.
 
 
372
 
 
21,086
George Weston Ltd.
 
 
285
 
 
20,135
ITOCHU Corp.
 
 
200
 
 
2,488
Sysco Corp.
 
 
36
 
 
2,568
 
 
 
 
46,277
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
10
 

TABLE OF CONTENTS

THEMES NATURAL MONOPOLY ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Software & Technology Services - 10.6%
 
 
 
 
Accenture PLC - Class A
 
 
200
 
 
$39,658
Autodesk, Inc.(a)
 
 
182
 
 
43,571
Intuit, Inc.
 
 
81
 
 
35,023
Pro Medicus Ltd.
 
 
18
 
 
1,452
Sage Group PLC
 
 
3,690
 
 
40,918
 
 
 
 
160,622
Tech Hardware & Semiconductors - 7.9%
 
 
 
 
Broadcom, Inc.
 
 
182
 
 
56,331
Cisco Systems, Inc.
 
 
816
 
 
63,313
 
 
 
 
119,644
Telecommunications - 1.7%
 
 
 
 
AT&T, Inc.
 
 
181
 
 
5,247
HKT Trust & HKT Ltd.
 
 
3,060
 
 
4,769
KDDI Corp.
 
 
300
 
 
5,148
SoftBank Corp.
 
 
3,300
 
 
4,390
Verizon Communications, Inc.
 
 
116
 
 
5,823
 
 
 
 
25,377
Utilities - 3.6%
 
 
 
 
American Water Works Co., Inc.
 
 
60
 
 
8,165
Duke Energy Corp.
 
 
70
 
 
9,166
Exelon Corp.
 
 
186
 
 
9,118
National Grid PLC
 
 
572
 
 
9,611
Origin Energy Ltd.
 
 
1,062
 
 
9,071
Severn Trent PLC
 
 
216
 
 
8,834
 
 
 
 
53,965
TOTAL COMMON STOCKS
(Cost $1,502,607)
 
 
 
 
1,504,028
PREFERRED STOCKS - 0.5%
 
 
 
 
Consumer Discretionary Products - 0.5%
 
 
 
 
Volkswagen AG, 0.00%
 
 
83
 
 
8,289
TOTAL PREFERRED STOCKS
(Cost $9,929)
 
 
 
 
8,289
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(b)
 
 
2,538
 
 
2,538
TOTAL MONEY MARKET FUNDS
(Cost $2,538)
 
 
 
 
2,538
TOTAL INVESTMENTS - 99.7%
(Cost $1,515,074)
 
 
 
 
$1,514,855
Other Assets in Excess of Liabilities - 0.3%
 
 
 
 
3,986
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,518,841
 
 
 
 
 
 
 
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 March 31, 2026.
The accompanying notes are an integral part of these financial statements.
 
11
 

TABLE OF CONTENTS

THEMES SILVER MINERS ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.7%
 
 
 
 
Materials - 99.7%(a)
 
 
 
 
AbraSilver Resource Corp.(b)
 
 
36,090
 
 
$326,629
Americas Gold & Silver Corp.(b)
 
 
63,873
 
 
333,346
Andean Silver Ltd.(b)
 
 
47,632
 
 
64,577
Avino Silver & Gold Mines Ltd.(b)
 
 
6,073
 
 
38,548
Aya Gold & Silver, Inc.(b)
 
 
31,992
 
 
488,010
Baiyin Nonferrous Group Co. Ltd. -
Class A
 
 
2,200
 
 
2,586
Coeur Mining, Inc.(b)
 
 
22,271
 
 
418,027
Discovery Silver Corp.(b)
 
 
105,910
 
 
680,638
Endeavour Silver Corp.(b)
 
 
68,688
 
 
639,485
First Majestic Silver Corp.
 
 
66,714
 
 
1,430,100
Fortuna Mining Corp.(b)
 
 
1,501
 
 
14,923
Freeport-McMoRan, Inc.
 
 
7,067
 
 
415,398
Fresnillo PLC
 
 
33,976
 
 
1,485,820
GoGold Resources, Inc.(b)
 
 
100,449
 
 
192,074
Hecla Mining Co.
 
 
23,238
 
 
432,924
Hochschild Mining PLC
 
 
11,596
 
 
91,630
Industrias Penoles SAB de CV(b)
 
 
17,646
 
 
784,298
Inner Mongolia Xingye Silver&Tin Mining Co. Ltd. - Class A
 
 
3,700
 
 
21,542
Jiangxi Copper Co. Ltd. - Class A
 
 
4,200
 
 
26,143
Jiangxi Copper Co. Ltd. - Class H
 
 
34,764
 
 
151,183
KGHM Polska Miedz SA(b)
 
 
4,677
 
 
337,527
MMG Ltd.(b)
 
 
20,928
 
 
19,270
Newmont Corp.
 
 
14,373
 
 
1,555,877
OR Royalties, Inc.
 
 
6,498
 
 
247,429
Pan American Silver Corp.
 
 
12,375
 
 
676,046
Shandong Gold Mining Co. Ltd. - Class A
 
 
1,100
 
 
6,409
Shandong Gold Mining Co. Ltd. - Class H(c)
 
 
4,922
 
 
20,300
Silvercorp Metals, Inc.
 
 
52,048
 
 
559,728
Southern Copper Corp.
 
 
3,035
 
 
522,221
SSR Mining, Inc.(b)
 
 
7,036
 
 
206,858
Teck Resources Ltd. - Class B
 
 
2,244
 
 
116,305
Triple Flag Precious Metals Corp.
 
 
14,591
 
 
506,610
Vizsla Silver Corp.(b)
 
 
82,291
 
 
272,706
Wheaton Precious Metals Corp.
 
 
7,298
 
 
957,958
Yunnan Chihong Zinc&Germanium Co. Ltd.
 
 
1,500
 
 
1,707
Zhuzhou Smelter Group Co. Ltd. - Class A(b)
 
 
300
 
 
755
Zijin Mining Group Co. Ltd. - Class A
 
 
24,800
 
 
117,463
Zijin Mining Group Co. Ltd. - Class H
 
 
119,977
 
 
525,737
TOTAL COMMON STOCKS
(Cost $13,778,539)
 
 
 
 
14,688,787
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.3%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(d)
 
 
46,069
 
 
$46,069
TOTAL MONEY MARKET FUNDS
(Cost $46,069)
 
 
 
 
46,069
TOTAL INVESTMENTS - 100.0%
(Cost $13,824,608)
 
 
 
 
$14,734,856
Other Assets in Excess of
Liabilities - 0.0%(e)
 
 
 
 
6,015
TOTAL NET ASSETS - 100.0%
 
 
 
 
$14,740,871
 
 
 
 
 
 
 
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 March 31, 2026, the value of these securities total $20,300 or 0.1% of the Fund’s net assets.
(d)
The rate shown represents the 7-day annualized yield as of March 31, 2026.
(e)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
12
 

TABLE OF CONTENTS

THEMES TRANSATLANTIC DEFENSE ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 98.7%
 
 
 
 
Consumer Discretionary Products - 0.1%
 
 
 
 
Colt CZ Group SE
 
 
1,147
 
 
$48,833
Smith & Wesson Brands, Inc.
 
 
5,039
 
 
72,209
 
 
 
 
121,042
Financial Services - 1.2%
 
 
 
 
FTAI Aviation Ltd.
 
 
5,016
 
 
1,228,920
Industrial Products - 95.7%(a)
 
 
 
 
AAR Corp.(b)
 
 
1,890
 
 
206,879
AeroVironment, Inc.(b)
 
 
1,472
 
 
269,450
Airbus SE
 
 
25,844
 
 
4,804,004
AIRO Group Holdings, Inc.(b)
 
 
2,530
 
 
19,241
Altinay Savunma Teknolojileri AS(b)
 
 
126,570
 
 
40,756
Archer Aviation, Inc. - Class A(b)
 
 
26,148
 
 
135,185
Aselsan Elektronik Sanayi Ve Ticaret AS
 
 
57,960
 
 
417,675
Astronics Corp.(b)
 
 
1,435
 
 
95,758
Avio SpA
 
 
1,634
 
 
62,515
Avon Technologies PLC
 
 
1,983
 
 
43,517
Axon Enterprise, Inc.(b)
 
 
3,626
 
 
1,539,926
BAE Systems PLC
 
 
148,897
 
 
4,335,734
Beta Technologies, Inc. - Class A(b)
 
 
6,183
 
 
90,890
Bodycote PLC
 
 
8,566
 
 
69,218
Boeing Co.(b)
 
 
35,905
 
 
7,146,172
Bombardier, Inc. - Class B(b)
 
 
4,272
 
 
755,515
BWX Technologies, Inc.
 
 
4,540
 
 
928,385
Byrna Technologies, Inc.(b)
 
 
2,218
 
 
20,361
Cadre Holdings, Inc.
 
 
1,338
 
 
41,050
Chemring Group PLC
 
 
13,280
 
 
89,293
Cirrus Aircraft Ltd.
 
 
6,761
 
 
30,506
Cohort PLC
 
 
3,967
 
 
63,743
Crane Co.
 
 
2,384
 
 
407,664
Curtiss-Wright Corp.
 
 
1,850
 
 
1,260,072
Dassault Aviation SA
 
 
861
 
 
317,665
Ducommun, Inc.(b)
 
 
617
 
 
75,274
Eve Holding, Inc.(b)
 
 
12,005
 
 
29,772
Exail Technologies SA(b)
 
 
369
 
 
50,755
Firefly Aerospace, Inc.(b)
 
 
3,478
 
 
99,019
General Dynamics Corp.
 
 
10,933
 
 
3,752,424
General Electric Co.
 
 
26,572
 
 
7,540,336
HEICO Corp.
 
 
2,007
 
 
550,319
Hensoldt AG
 
 
3,057
 
 
267,129
Hexcel Corp.
 
 
3,833
 
 
310,205
Honeywell International, Inc.
 
 
24,303
 
 
5,493,207
Howmet Aerospace, Inc.
 
 
19,676
 
 
4,534,531
Huntington Ingalls Industries, Inc.
 
 
1,883
 
 
715,352
Innovative Solutions and Support, Inc.(b)
 
 
2,932
 
 
60,194
Intuitive Machines, Inc.(b)
 
 
5,315
 
 
98,646
Joby Aviation, Inc.(b)
 
 
25,615
 
 
211,580
Karman Holdings, Inc.(b)
 
 
3,758
 
 
300,828
Kratos Defense & Security Solutions,
Inc.(b)
 
 
8,184
 
 
577,054
L3Harris Technologies, Inc.
 
 
9,245
 
 
3,190,912
Leonardo DRS, Inc.
 
 
2,523
 
 
112,324
Leonardo SpA
 
 
19,420
 
 
1,302,807
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
LISI SA
 
 
868
 
 
$52,572
Loar Holdings, Inc.(b)
 
 
884
 
 
50,644
Lockheed Martin Corp.
 
 
9,719
 
 
5,874,066
Melrose Industries PLC
 
 
62,045
 
 
412,911
Mercury Systems, Inc.(b)
 
 
2,532
 
 
184,608
Mirion Technologies, Inc.(b)
 
 
11,727
 
 
218,005
Momentus, Inc.(b)
 
 
3,816
 
 
14,043
Moog, Inc. - Class A
 
 
1,370
 
 
400,917
MTU Aero Engines AG
 
 
2,652
 
 
950,252
National Presto Industries, Inc.
 
 
381
 
 
52,220
Northrop Grumman Corp.
 
 
7,046
 
 
4,807,063
OSI Systems, Inc.(b)
 
 
773
 
 
205,239
QinetiQ Group PLC
 
 
23,544
 
 
141,478
Redwire Corp.(b)
 
 
5,303
 
 
45,076
RENK Group AG
 
 
4,000
 
 
234,130
Rheinmetall AG
 
 
2,261
 
 
3,775,041
Rocket Lab Corp.(b)
 
 
24,085
 
 
1,546,739
Rolls-Royce Holdings PLC
 
 
399,234
 
 
5,981,746
RTX Corp.
 
 
46,261
 
 
8,923,747
Saab AB
 
 
14,867
 
 
969,602
Safran SA
 
 
14,831
 
 
4,789,613
SDT Uzay VE Savunma Teknolojileri AS
 
 
9,601
 
 
44,116
Senior PLC
 
 
19,822
 
 
75,036
Textron, Inc.
 
 
8,865
 
 
776,219
Thales SA
 
 
4,271
 
 
1,244,532
TransDigm Group, Inc.
 
 
2,721
 
 
3,153,530
Vertical Aerospace Ltd.(b)
 
 
8,808
 
 
19,466
Virgin Galactic Holdings, Inc.(b)
 
 
12,548
 
 
30,492
 
 
 
 
97,436,945
Materials - 0.0%(c)
 
 
 
 
Solstice Advanced Materials, Inc.
 
 
6
 
 
457
Software & Technology Services - 0.2%
 
 
 
 
Amentum Holdings, Inc.(b)
 
 
6,961
 
 
181,543
Tech Hardware & Semiconductors - 1.4%
 
 
 
 
Teledyne Technologies, Inc.(b)
 
 
2,295
 
 
1,388,498
Telecommunications - 0.1%
 
 
 
 
Satellogic, Inc.(b)
 
 
22,287
 
 
121,241
TOTAL COMMON STOCKS
(Cost $96,725,331)
 
 
 
 
100,478,646
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.4%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(d)
 
 
457,332
 
 
457,332
TOTAL MONEY MARKET FUNDS
(Cost $457,332)
 
 
 
 
457,332
TOTAL INVESTMENTS - 99.1%
(Cost $97,182,663)
 
 
 
 
$100,935,978
Other Assets in Excess of Liabilities - 0.9%
 
 
 
 
910,848
TOTAL NET ASSETS - 100.0%
 
 
 
 
$101,846,826
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
13
 

TABLE OF CONTENTS

THEMES TRANSATLANTIC DEFENSE ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)(Continued)
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)
Represents less than 0.05% of net assets.
(d)
The rate shown represents the 7-day annualized yield as of March 31, 2026.
The accompanying notes are an integral part of these financial statements.
 
14
 

TABLE OF CONTENTS

THEMES URANIUM & NUCLEAR ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.6%
 
 
 
 
Industrial Products - 12.4%
 
 
 
 
BWX Technologies, Inc.
 
 
2,391
 
 
$488,935
Chengdu Guoguang Electric Co. Ltd. - Class A(a)
 
 
17,300
 
 
212,112
Lightbridge Corp.(a)
 
 
65,648
 
 
699,808
Mirion Technologies, Inc.(a)
 
 
27,110
 
 
503,975
NANO Nuclear Energy, Inc.(a)
 
 
24,449
 
 
500,715
NuScale Power Corp.(a)
 
 
69,214
 
 
750,280
RongFa Nuclear Equipment Co. Ltd. - Class A(a)
 
 
282,600
 
 
300,673
 
 
 
 
3,456,498
Materials - 52.5%(b)
 
 
 
 
Atha Energy Corp.(a)
 
 
407,253
 
 
240,060
Bannerman Energy Ltd.(a)
 
 
255,449
 
 
643,302
Boss Energy Ltd.(a)
 
 
661,388
 
 
695,895
Cameco Corp.
 
 
23,937
 
 
2,603,112
Centrus Energy Corp. - Class A(a)
 
 
3,438
 
 
596,802
CGN Mining Co. Ltd.
 
 
1,341,182
 
 
660,226
Deep Yellow Ltd.(a)
 
 
505,883
 
 
609,064
Denison Mines Corp.(a)
 
 
221,315
 
 
784,331
Encore Energy Corp.(a)
 
 
246,624
 
 
446,763
Energy Fuels, Inc.(a)
 
 
21,767
 
 
397,248
IsoEnergy Ltd.(a)
 
 
71,791
 
 
760,693
Laramide Resources Ltd.(a)
 
 
166,506
 
 
82,589
Lotus Resources Ltd.(a)
 
 
567,589
 
 
499,300
Mega Uranium Ltd.(a)
 
 
356,281
 
 
153,669
NAC Kazatomprom JSC - GDR
 
 
10,971
 
 
855,738
NexGen Energy Ltd.(a)
 
 
76,340
 
 
885,722
Paladin Energy Ltd.(a)
 
 
96,427
 
 
735,155
Uranium Energy Corp.(a)
 
 
68,294
 
 
921,969
Uranium Royalty Corp.(a)
 
 
140,715
 
 
515,884
Ur-Energy, Inc.(a)
 
 
537,427
 
 
795,845
Yellow Cake PLC(a)(c)
 
 
96,334
 
 
760,579
 
 
 
 
14,643,946
Tech Hardware & Semiconductors - 1.3%
 
 
 
 
Silex Systems Ltd.(a)
 
 
101,661
 
 
371,046
Utilities - 33.4%(b)
 
 
 
 
American Electric Power Co., Inc.
 
 
7,665
 
 
1,004,728
CGN Power Co. Ltd. - Class A
 
 
1,303,900
 
 
870,122
China National Nuclear Power Co. Ltd. - Class A
 
 
620,100
 
 
812,354
Constellation Energy Corp.
 
 
7,591
 
 
2,119,787
Duke Energy Corp.
 
 
7,629
 
 
998,941
Endesa SA
 
 
8,215
 
 
342,592
Kyushu Electric Power Co., Inc.
 
 
24,500
 
 
279,109
Oklo, Inc.(a)
 
 
15,684
 
 
777,770
PG&E Corp.
 
 
57,646
 
 
1,012,840
Public Service Enterprise Group, Inc.
 
 
10,488
 
 
849,004
TXNM Energy, Inc.
 
 
4,593
 
 
268,507
 
 
 
 
9,335,754
TOTAL COMMON STOCKS
(Cost $27,654,138)
 
 
 
 
27,807,244
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.4%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(d)
 
 
107,928
 
 
$107,928
TOTAL MONEY MARKET FUNDS
(Cost $107,928)
 
 
 
 
107,928
TOTAL INVESTMENTS - 100.0%
(Cost $27,762,066)
 
 
 
 
$27,915,172
Liabilities in Excess of Other
Assets - (0.0)%(e)
 
 
 
 
(2,371)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$27,912,801
 
 
 
 
 
 
 
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 March 31, 2026, the value of these securities total $760,579 or 2.7% of the Fund’s net assets.
(d)
The rate shown represents the 7-day annualized yield as of March 31, 2026.
(e)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
15
 

TABLE OF CONTENTS

THEMES US CASH FLOW CHAMPIONS ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.6%
 
 
 
 
Banking - 12.2%
 
 
 
 
Citizens Financial Group, Inc.
 
 
228
 
 
$13,673
Fifth Third Bancorp
 
 
350
 
 
16,261
Huntington Bancshares, Inc.
 
 
775
 
 
12,129
JPMorgan Chase & Co.
 
 
472
 
 
138,843
KeyCorp
 
 
440
 
 
8,822
M&T Bank Corp.
 
 
83
 
 
17,158
US Bancorp
 
 
797
 
 
41,452
Wells Fargo & Co.
 
 
1,634
 
 
130,083
 
 
 
 
378,421
Consumer Discretionary Products - 0.6%
 
 
 
 
NVR, Inc.(a)
 
 
1
 
 
6,590
PulteGroup, Inc.
 
 
111
 
 
13,054
 
 
 
 
19,644
Consumer Discretionary Services - 1.6%
 
 
 
 
Carnival Corp.
 
 
520
 
 
13,458
Royal Caribbean Cruises Ltd.
 
 
130
 
 
35,773
 
 
 
 
49,231
Consumer Staple Products - 1.9%
 
 
 
 
Altria Group, Inc.
 
 
892
 
 
58,863
Financial Services - 12.6%
 
 
 
 
American Express Co.
 
 
290
 
 
87,719
Ameriprise Financial, Inc.
 
 
50
 
 
22,220
Apollo Global Management, Inc.
 
 
224
 
 
24,958
Capital One Financial Corp.
 
 
337
 
 
61,479
Corpay, Inc.(a)
 
 
40
 
 
11,640
Goldman Sachs Group, Inc.
 
 
162
 
 
137,050
PayPal Holdings, Inc.
 
 
533
 
 
24,108
Synchrony Financial
 
 
197
 
 
13,400
T Rowe Price Group, Inc.
 
 
115
 
 
10,366
 
 
 
 
392,940
Health Care - 15.8%
 
 
 
 
AbbVie, Inc.
 
 
672
 
 
146,153
Biogen, Inc.(a)
 
 
77
 
 
14,116
Bristol-Myers Squibb Co.
 
 
1,080
 
 
65,502
Cigna Group
 
 
139
 
 
37,078
Gilead Sciences, Inc.
 
 
658
 
 
91,706
Pfizer, Inc.
 
 
3,069
 
 
86,178
Regeneron Pharmaceuticals, Inc.
 
 
53
 
 
40,950
Royalty Pharma PLC - Class A
 
 
222
 
 
10,649
 
 
 
 
492,332
Industrial Products - 0.4%
 
 
 
 
Snap-on, Inc.
 
 
30
 
 
10,897
Industrial Services - 0.7%
 
 
 
 
Delta Air Lines, Inc.
 
 
330
 
 
21,938
Insurance - 10.9%
 
 
 
 
Allstate Corp.
 
 
139
 
 
28,820
American International Group, Inc.
 
 
293
 
 
22,048
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Arch Capital Group Ltd.(a)
 
 
208
 
 
$19,966
Chubb Ltd.
 
 
197
 
 
64,208
Cincinnati Financial Corp.
 
 
92
 
 
14,476
Everest Group Ltd.
 
 
23
 
 
7,518
Hartford Insurance Group, Inc.
 
 
149
 
 
20,149
Loews Corp.
 
 
103
 
 
10,994
Markel Group, Inc.(a)
 
 
7
 
 
13,399
MetLife, Inc.
 
 
295
 
 
20,863
Principal Financial Group, Inc.
 
 
118
 
 
10,633
Progressive Corp.
 
 
310
 
 
61,454
Travelers Cos., Inc.
 
 
119
 
 
34,710
W R Berkley Corp.
 
 
159
 
 
10,539
 
 
 
 
339,777
Materials - 2.0%
 
 
 
 
Newmont Corp.
 
 
575
 
 
62,244
Media - 7.7%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
220
 
 
27,782
AppLovin Corp. - Class A(a)
 
 
135
 
 
53,730
Comcast Corp. - Class A
 
 
1,965
 
 
56,415
Expedia Group, Inc.
 
 
62
 
 
14,315
Fox Corp. - Class A
 
 
124
 
 
7,242
Uber Technologies, Inc.(a)
 
 
1,068
 
 
76,821
Versant Media Group, Inc.
 
 
45
 
 
1,666
 
 
 
 
237,971
Oil & Gas - 25.7%(b)
 
 
 
 
Cheniere Energy, Inc.
 
 
115
 
 
32,632
Chevron Corp.
 
 
1,009
 
 
208,762
ConocoPhillips
 
 
663
 
 
87,516
Coterra Energy, Inc.
 
 
444
 
 
15,602
Diamondback Energy, Inc.
 
 
99
 
 
19,581
EOG Resources, Inc.
 
 
290
 
 
41,925
Exxon Mobil Corp.
 
 
1,275
 
 
216,317
Marathon Petroleum Corp.
 
 
161
 
 
39,313
Occidental Petroleum Corp.
 
 
409
 
 
26,585
ONEOK, Inc.
 
 
353
 
 
31,908
Phillips 66
 
 
214
 
 
38,987
Valero Energy Corp.
 
 
164
 
 
40,521
 
 
 
 
799,649
Retail & Wholesale - Discretionary - 2.8%
 
 
 
 
Carvana Co.(a)
 
 
72
 
 
22,635
eBay, Inc.
 
 
242
 
 
22,027
MercadoLibre, Inc.(a)
 
 
25
 
 
43,226
 
 
 
 
87,888
Retail & Wholesale - Staples - 0.6%
 
 
 
 
Archer-Daniels-Midland Co.
 
 
253
 
 
18,390
Software & Technology Services - 1.1%
 
 
 
 
Cognizant Technology Solutions Corp. - Class A
 
 
259
 
 
15,889
Gen Digital, Inc.
 
 
324
 
 
6,101
Zoom Communications, Inc. - Class A(a)
 
 
153
 
 
12,300
 
 
 
 
34,290
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
16
 

TABLE OF CONTENTS

THEMES US CASH FLOW CHAMPIONS ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
 
Tech Hardware & Semiconductors - 3.0%
 
 
 
 
HP, Inc.
 
 
495
 
 
$9,509
NetApp, Inc.
 
 
106
 
 
10,853
QUALCOMM, Inc.
 
 
567
 
 
73,018
 
 
 
 
93,380
TOTAL COMMON STOCKS
(Cost $2,841,710)
 
 
 
 
3,097,855
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.3%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(c)
 
 
9,762
 
 
9,762
TOTAL MONEY MARKET FUNDS
(Cost $9,762)
 
 
 
 
9,762
TOTAL INVESTMENTS - 99.9%
(Cost $2,851,472)
 
 
 
 
$3,107,617
Other Assets in Excess of Liabilities - 0.1%
 
 
 
 
3,178
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,110,795
 
 
 
 
 
 
 
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)
The rate shown represents the 7-day annualized yield as of March 31, 2026.
The accompanying notes are an integral part of these financial statements.
 
17
 

TABLE OF CONTENTS

THEMES US INFRASTRUCTURE ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.6%
 
 
 
 
Consumer Discretionary Products - 0.5%
 
 
 
 
Cavco Industries, Inc.(a)
 
 
13
 
 
$6,296
Champion Homes, Inc.(a)
 
 
88
 
 
6,545
 
 
 
 
12,841
Industrial Products - 35.3%(b)
 
 
 
 
AGCO Corp.
 
 
99
 
 
11,471
Astec Industries, Inc.
 
 
35
 
 
1,884
Atkore, Inc.
 
 
51
 
 
3,004
AZZ, Inc.
 
 
49
 
 
6,131
Caterpillar, Inc.
 
 
220
 
 
155,861
Crane Co.
 
 
74
 
 
12,654
Deere & Co.
 
 
242
 
 
136,319
Donaldson Co., Inc.
 
 
178
 
 
15,107
Dover Corp.
 
 
217
 
 
45,234
Emerson Electric Co.
 
 
842
 
 
110,319
Enpro, Inc.
 
 
33
 
 
8,271
Gibraltar Industries, Inc.(a)
 
 
49
 
 
1,954
Graco, Inc.
 
 
259
 
 
21,924
Greenbrier Cos., Inc.
 
 
49
 
 
2,580
Helios Technologies, Inc.
 
 
56
 
 
3,624
IDEX Corp.
 
 
120
 
 
22,746
Insteel Industries, Inc.
 
 
16
 
 
538
Janus International Group, Inc.(a)
 
 
233
 
 
1,200
Lindsay Corp.
 
 
17
 
 
2,024
Modine Manufacturing Co.(a)
 
 
79
 
 
17,120
Mueller Industries, Inc.
 
 
168
 
 
18,614
Mueller Water Products, Inc. - Class A
 
 
258
 
 
7,092
Oshkosh Corp.
 
 
100
 
 
14,721
Parker-Hannifin Corp.
 
 
147
 
 
131,600
SPX Technologies, Inc.(a)
 
 
73
 
 
14,596
Terex Corp.
 
 
100
 
 
5,910
Thermon Group Holdings, Inc.(a)
 
 
51
 
 
2,570
Trinity Industries, Inc.
 
 
137
 
 
4,409
Valmont Industries, Inc.
 
 
31
 
 
12,387
Vontier Corp.
 
 
218
 
 
7,733
Watts Water Technologies, Inc. - Class A
 
 
41
 
 
11,902
Westinghouse Air Brake Technologies Corp.
 
 
273
 
 
68,225
Xylem, Inc.
 
 
387
 
 
46,247
Zurn Elkay Water Solutions Corp.
 
 
224
 
 
10,044
 
 
 
 
936,015
Industrial Services - 41.3%(b)
 
 
 
 
AECOM
 
 
204
 
 
17,303
API Group Corp.(a)
 
 
484
 
 
19,612
Applied Industrial Technologies, Inc.
 
 
58
 
 
15,389
Arcosa, Inc.
 
 
75
 
 
7,961
Argan, Inc.
 
 
19
 
 
10,348
Comfort Systems USA, Inc.
 
 
56
 
 
77,223
Construction Partners, Inc. - Class A(a)
 
 
75
 
 
8,334
CSX Corp.
 
 
3,001
 
 
123,191
DXP Enterprises, Inc./TX(a)
 
 
19
 
 
2,655
Dycom Industries, Inc.(a)
 
 
48
 
 
16,263
EMCOR Group, Inc.
 
 
72
 
 
53,158
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Fastenal Co.
 
 
1,848
 
 
$85,747
Fluor Corp.(a)
 
 
289
 
 
13,482
Granite Construction, Inc.
 
 
73
 
 
8,751
Herc Holdings, Inc.
 
 
48
 
 
4,778
IES Holdings, Inc.(a)
 
 
33
 
 
15,724
Jacobs Solutions, Inc.
 
 
185
 
 
23,547
MSC Industrial Direct Co., Inc. - Class A
 
 
73
 
 
6,736
MYR Group, Inc.(a)
 
 
25
 
 
7,058
Norfolk Southern Corp.
 
 
375
 
 
107,625
NPK International, Inc.(a)
 
 
72
 
 
1,043
Quanta Services, Inc.
 
 
235
 
 
129,020
Ryder System, Inc.
 
 
64
 
 
13,101
Sterling Infrastructure, Inc.(a)
 
 
44
 
 
17,920
Tetra Tech, Inc.
 
 
395
 
 
11,897
Tutor Perini Corp.
 
 
73
 
 
5,635
Union Pacific Corp.
 
 
475
 
 
115,245
United Rentals, Inc.
 
 
104
 
 
75,770
Verra Mobility Corp.(a)
 
 
251
 
 
3,587
WESCO International, Inc.
 
 
73
 
 
19,974
WW Grainger, Inc.
 
 
70
 
 
76,357
 
 
 
 
1,094,434
Materials - 21.1%
 
 
 
 
Advanced Drainage Systems, Inc.
 
 
112
 
 
15,359
Alcoa Corp.
 
 
409
 
 
27,129
Apogee Enterprises, Inc.
 
 
33
 
 
1,107
ATI, Inc.(a)
 
 
216
 
 
31,419
Boise Cascade Co.
 
 
64
 
 
4,854
Carlisle Cos., Inc.
 
 
66
 
 
22,019
Carpenter Technology Corp.
 
 
76
 
 
29,955
Century Aluminum Co.(a)
 
 
88
 
 
5,165
Cleveland-Cliffs, Inc.(a)
 
 
801
 
 
6,769
Commercial Metals Co.
 
 
168
 
 
10,320
CRH PLC
 
 
937
 
 
98,497
Eagle Materials, Inc.
 
 
56
 
 
10,609
Kaiser Aluminum Corp.
 
 
25
 
 
3,013
Knife River Corp.(a)
 
 
89
 
 
7,267
Martin Marietta Materials, Inc.
 
 
96
 
 
56,513
Nucor Corp.
 
 
363
 
 
61,383
Owens Corning
 
 
129
 
 
13,960
Reliance, Inc.
 
 
82
 
 
24,922
Ryerson Holding Corp.
 
 
42
 
 
944
Simpson Manufacturing Co., Inc.
 
 
66
 
 
11,327
Steel Dynamics, Inc.
 
 
220
 
 
39,600
Trex Co., Inc.(a)
 
 
179
 
 
6,519
UFP Industries, Inc.
 
 
90
 
 
8,291
United States Lime & Minerals, Inc.
 
 
17
 
 
2,220
Vulcan Materials Co.
 
 
209
 
 
56,911
Worthington Steel, Inc.
 
 
56
 
 
1,700
 
 
 
 
557,772
Oil & Gas - 0.1%
 
 
 
 
DNOW, Inc.(a)
 
 
315
 
 
3,752
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
18
 

TABLE OF CONTENTS

THEMES US INFRASTRUCTURE ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Renewable Energy - 0.0%(c)
 
 
 
 
ASP Isotopes, Inc.(a)
 
 
64
 
 
$283
Retail & Wholesale - Discretionary - 1.0%
 
 
 
 
Builders FirstSource, Inc.(a)
 
 
169
 
 
13,914
Pool Corp.
 
 
58
 
 
11,735
 
 
 
 
25,649
Utilities - 0.3%
 
 
 
 
Southwest Gas Holdings, Inc.
 
 
90
 
 
7,821
TOTAL COMMON STOCKS
(Cost $2,433,498)
 
 
 
 
2,638,567
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.4%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(d)
 
 
9,546
 
 
9,546
TOTAL MONEY MARKET FUNDS
(Cost $9,546)
 
 
 
 
9,546
TOTAL INVESTMENTS - 100.0%
(Cost $2,443,044)
 
 
 
 
$2,648,113
Other Assets in Excess of
Liabilities - 0.0%(c)
 
 
 
 
584
TOTAL NET ASSETS - 100.0%
 
 
 
 
$2,648,697
 
 
 
 
 
 
 
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 March 31, 2026.
The accompanying notes are an integral part of these financial statements.
 
19
 

TABLE OF CONTENTS

THEMES US R&D CHAMPIONS ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.7%
 
 
 
 
Consumer Discretionary Products - 1.9%
 
 
 
 
Tesla, Inc.(a)
 
 
47
 
 
$17,472
Consumer Staple Products - 2.1%
 
 
 
 
Kenvue, Inc.
 
 
1,155
 
 
19,912
Health Care - 15.1%
 
 
 
 
Boston Scientific Corp.(a)
 
 
215
 
 
13,491
Eli Lilly & Co.
 
 
19
 
 
17,476
GE HealthCare Technologies, Inc.
 
 
254
 
 
18,080
Intuitive Surgical, Inc.(a)
 
 
39
 
 
17,979
Regeneron Pharmaceuticals, Inc.
 
 
27
 
 
20,861
ResMed, Inc.
 
 
78
 
 
17,509
Stryker Corp.
 
 
54
 
 
17,744
Zoetis, Inc.
 
 
161
 
 
19,032
 
 
 
 
142,172
Industrial Products - 11.9%
 
 
 
 
Axon Enterprise, Inc.(a)
 
 
42
 
 
17,837
Carrier Global Corp.
 
 
337
 
 
18,977
Deere & Co.
 
 
38
 
 
21,405
Keysight Technologies, Inc.(a)
 
 
93
 
 
26,260
Vertiv Holdings Co. - Class A
 
 
108
 
 
27,063
 
 
 
 
111,542
Materials - 2.5%
 
 
 
 
Corteva, Inc.
 
 
276
 
 
23,104
Media - 9.3%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
155
 
 
19,573
Alphabet, Inc. - Class A
 
 
59
 
 
16,966
Electronic Arts, Inc.
 
 
99
 
 
20,183
Meta Platforms, Inc. - Class A
 
 
28
 
 
16,020
Trade Desk, Inc. - Class A(a)
 
 
662
 
 
15,021
 
 
 
 
87,763
Retail & Wholesale - Discretionary - 1.6%
 
 
 
 
MercadoLibre, Inc.(a)
 
 
9
 
 
15,561
Software & Technology Services - 28.2%(b)
 
 
Adobe, Inc.(a)
 
 
69
 
 
16,773
Autodesk, Inc.(a)
 
 
79
 
 
18,913
Cadence Design Systems, Inc.(a)
 
 
68
 
 
18,895
CoStar Group, Inc.(a)
 
 
327
 
 
13,191
Fortinet, Inc.(a)
 
 
247
 
 
20,185
International Business Machines Corp.
 
 
68
 
 
16,483
Intuit, Inc.
 
 
40
 
 
17,295
Microsoft Corp.
 
 
47
 
 
17,398
Oracle Corp.
 
 
122
 
 
17,947
Palo Alto Networks, Inc.(a)
 
 
114
 
 
18,276
Roper Technologies, Inc.
 
 
54
 
 
19,108
ServiceNow, Inc.(a)
 
 
172
 
 
17,983
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Synopsys, Inc.(a)
 
 
43
 
 
$17,049
Veeva Systems, Inc. - Class A(a)
 
 
99
 
 
17,390
Zoom Communications, Inc. - Class A(a)
 
 
218
 
 
17,525
 
 
 
 
264,411
Tech Hardware & Semiconductors - 27.1%(b)
 
 
Advanced Micro Devices, Inc.(a)
 
 
85
 
 
17,292
Apple, Inc.
 
 
77
 
 
19,542
Applied Materials, Inc.
 
 
62
 
 
21,191
Arista Networks, Inc.(a)
 
 
142
 
 
17,435
ARM Holdings PLC - ADR(a)
 
 
191
 
 
28,894
Broadcom, Inc.
 
 
61
 
 
18,880
Cisco Systems, Inc.
 
 
257
 
 
19,941
Lam Research Corp.
 
 
86
 
 
18,375
Monolithic Power Systems, Inc.
 
 
18
 
 
19,680
Motorola Solutions, Inc.
 
 
51
 
 
22,132
QUALCOMM, Inc.
 
 
133
 
 
17,128
Super Micro Computer, Inc.(a)
 
 
690
 
 
15,711
Texas Instruments, Inc.
 
 
93
 
 
18,055
 
 
 
 
254,256
TOTAL COMMON STOCKS
(Cost $957,710)
 
 
 
 
936,193
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.3%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(c)
 
 
2,781
 
 
2,781
TOTAL MONEY MARKET FUNDS
(Cost $2,781)
 
 
 
 
2,781
TOTAL INVESTMENTS - 100.0%
(Cost $960,491)
 
 
 
 
$938,974
Liabilities in Excess of Other
Assets - (0.0)%(d)
 
 
 
 
(2)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$938,972
 
 
 
 
 
 
 
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 March 31, 2026.
(d)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
20
 

TABLE OF CONTENTS

THEMES US SMALL CAP CASH FLOW CHAMPIONS ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.2%
 
 
 
 
Banking - 18.4%
 
 
 
 
Atlantic Union Bankshares Corp.
 
 
1,300
 
 
$46,462
Bancorp, Inc.(a)
 
 
398
 
 
21,385
Bank OZK
 
 
1,009
 
 
46,303
East West Bancorp, Inc.
 
 
1,228
 
 
131,101
Eastern Bankshares, Inc.
 
 
1,774
 
 
34,699
FB Financial Corp.
 
 
386
 
 
20,049
First BanCorp Puerto Rico
 
 
1,441
 
 
30,780
First Bancorp Southern Pines NC
 
 
366
 
 
20,624
Live Oak Bancshares, Inc.
 
 
316
 
 
10,450
OFG Bancorp
 
 
401
 
 
16,224
Park National Corp.
 
 
130
 
 
21,249
S&T Bancorp, Inc.
 
 
347
 
 
14,515
Simmons First National Corp. - Class A
 
 
1,313
 
 
25,538
UMB Financial Corp.
 
 
660
 
 
74,441
 
 
 
 
513,820
Consumer Discretionary Products - 2.7%
 
 
 
 
Garrett Motion, Inc.
 
 
864
 
 
15,699
Tri Pointe Homes, Inc.(a)
 
 
780
 
 
36,449
Visteon Corp.
 
 
246
 
 
22,413
 
 
 
 
74,561
Consumer Discretionary Services - 0.2%
 
 
 
 
Coursera, Inc.(a)
 
 
1,166
 
 
6,786
Consumer Staple Products - 1.2%
 
 
 
 
Cal-Maine Foods, Inc.
 
 
417
 
 
33,006
Financial Services - 10.8%
 
 
 
 
Artisan Partners Asset Management, Inc. - Class A
 
 
579
 
 
21,070
Bread Financial Holdings, Inc.
 
 
424
 
 
31,753
Dave, Inc.(a)
 
 
72
 
 
12,534
Enova International, Inc.(a)
 
 
219
 
 
29,747
Fidelity National Financial, Inc.
 
 
2,396
 
 
111,127
MGIC Investment Corp.
 
 
2,083
 
 
54,679
Virtu Financial, Inc. - Class A
 
 
744
 
 
32,721
Virtus Investment Partners, Inc.
 
 
62
 
 
8,330
 
 
 
 
301,961
Health Care - 2.5%
 
 
 
 
ADMA Biologics, Inc.(a)
 
 
2,132
 
 
19,210
Harmony Biosciences Holdings, Inc.(a)
 
 
420
 
 
11,764
Kiniksa Pharmaceuticals International
PLC(a)
 
 
381
 
 
18,345
Progyny, Inc.(a)
 
 
670
 
 
11,377
Teladoc Health, Inc.(a)
 
 
1,616
 
 
8,807
 
 
 
 
69,503
Industrial Products - 4.6%
 
 
 
 
Mueller Industries, Inc.
 
 
957
 
 
106,035
Symbotic, Inc.(a)
 
 
404
 
 
21,493
 
 
 
 
127,528
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Industrial Services - 9.7%
 
 
 
 
Argan, Inc.
 
 
121
 
 
$65,903
Costamare, Inc.
 
 
402
 
 
6,794
FLEX LNG Ltd.
 
 
291
 
 
8,645
Scorpio Tankers, Inc.
 
 
435
 
 
32,477
Sterling Infrastructure, Inc.(a)
 
 
269
 
 
109,556
Teekay Tankers Ltd.
 
 
225
 
 
16,497
Tutor Perini Corp.
 
 
400
 
 
30,876
 
 
 
 
270,748
Insurance - 21.1%
 
 
 
 
CNA Financial Corp.
 
 
201
 
 
9,230
F&G Annuities & Life, Inc.
 
 
340
 
 
8,609
Hanover Insurance Group, Inc.
 
 
325
 
 
56,339
HCI Group, Inc.
 
 
99
 
 
15,306
Horace Mann Educators Corp.
 
 
371
 
 
15,834
Jackson Financial, Inc. - Class A
 
 
630
 
 
66,604
Mercury General Corp.
 
 
243
 
 
21,420
NMI Holdings, Inc. - Class A(a)
 
 
693
 
 
25,994
Palomar Holdings, Inc.(a)
 
 
240
 
 
28,680
Reinsurance Group of America, Inc.
 
 
611
 
 
124,742
RenaissanceRe Holdings Ltd.
 
 
424
 
 
126,026
Selective Insurance Group, Inc.
 
 
550
 
 
41,465
White Mountains Insurance Group Ltd.
 
 
22
 
 
48,333
 
 
 
 
588,582
Materials - 2.4%
 
 
 
 
Alpha Metallurgical Resources, Inc.(a)
 
 
99
 
 
20,322
Core Natural Resources, Inc.
 
 
446
 
 
46,709
 
 
 
 
67,031
Media - 0.9%
 
 
 
 
Magnite, Inc.(a)
 
 
1,202
 
 
14,280
TripAdvisor, Inc.(a)
 
 
1,006
 
 
10,724
 
 
 
 
25,004
Oil & Gas - 16.9%
 
 
 
 
APA Corp.
 
 
3,224
 
 
136,827
Chord Energy Corp.
 
 
521
 
 
74,076
DNOW, Inc.(a)
 
 
961
 
 
11,445
Hess Midstream LP - Class A
 
 
1,248
 
 
48,510
HF Sinclair Corp.
 
 
1,401
 
 
87,408
Murphy Oil Corp.
 
 
1,227
 
 
50,614
Weatherford International PLC
 
 
645
 
 
61,004
 
 
 
 
469,884
Retail & Wholesale - Discretionary - 3.8%
 
 
 
 
Builders FirstSource, Inc.(a)
 
 
1,005
 
 
82,742
ePlus, Inc.
 
 
240
 
 
18,060
PC Connection, Inc.
 
 
99
 
 
5,787
 
 
 
 
106,589
Retail & Wholesale - Staples - 0.8%
 
 
 
 
Andersons, Inc.
 
 
298
 
 
21,390
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
21
 

TABLE OF CONTENTS

THEMES US SMALL CAP CASH FLOW CHAMPIONS ETF
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Software & Technology Services - 2.1%
 
 
 
 
Clear Secure, Inc. - Class A
 
 
786
 
 
$38,050
DXC Technology Co.(a)
 
 
1,654
 
 
20,791
 
 
 
 
58,841
Tech Hardware & Semiconductors - 0.7%
 
 
 
 
NetScout Systems, Inc.(a)
 
 
636
 
 
20,218
Telecommunications - 0.4%
 
 
 
 
VEON Ltd. - ADR(a)
 
 
241
 
 
11,158
TOTAL COMMON STOCKS
(Cost $2,607,832)
 
 
 
 
2,766,610
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.8%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(b)
 
 
21,925
 
 
21,925
TOTAL MONEY MARKET FUNDS
(Cost $21,925)
 
 
 
 
21,925
TOTAL INVESTMENTS - 100.0%
(Cost $2,629,757)
 
 
 
 
$2,788,535
Other Assets in Excess of
Liabilities - 0.0%(c)
 
 
 
 
175
TOTAL NET ASSETS - 100.0%
 
 
 
 
$2,788,710
 
 
 
 
 
 
 
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 March 31, 2026.
(c)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
22
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Themes
China Generative
Artificial
Intelligence
ETF
 
 
Themes
Cloud
Computing
ETF
 
 
Themes
Copper
Miners
ETF
 
 
Themes
Cybersecurity
ETF
 
 
Themes
Generative
Artificial
Intelligence
ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$21,736,015
 
 
$1,540,938
 
 
$11,570,727
 
 
$2,293,922
 
 
$30,833,445
Receivable for investments sold
 
 
513,275
 
 
—
 
 
—
 
 
—
 
 
—
Dividends receivable
 
 
7,209
 
 
17
 
 
3,141
 
 
2,587
 
 
415
Dividend tax reclaims receivable
 
 
—
 
 
—
 
 
669
 
 
160
 
 
676
Foreign currency, at value
 
 
—
 
 
1,138
 
 
30,089
 
 
556
 
 
150
Total assets
 
 
22,256,499
 
 
1,542,093
 
 
11,604,626
 
 
2,297,225
 
 
30,834,686
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable to custodian foreign currency, at value
 
 
11,831
 
 
—
 
 
—
 
 
—
 
 
—
Payable to Adviser
 
 
7,908
 
 
469
 
 
3,663
 
 
700
 
 
9,592
Payable to custodian
 
 
—
 
 
—
 
 
13,621
 
 
—
 
 
—
Total liabilities
 
 
19,739
 
 
469
 
 
17,284
 
 
700
 
 
9,592
NET ASSETS
 
 
$ 22,236,760
 
 
$1,541,624
 
 
$11,587,342
 
 
$2,296,525
 
 
$30,825,094
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$25,973,192
 
 
$1,697,943
 
 
$11,991,917
 
 
$2,497,443
 
 
$39,557,635
Total accumulated losses
 
 
(3,736,432)
 
 
(156,319)
 
 
(404,575)
 
 
(200,918)
 
 
(8,732,541)
Total net assets
 
 
$ 22,236,760
 
 
$1,541,624
 
 
$11,587,342
 
 
$2,296,525
 
 
$30,825,094
Net assets
 
 
$22,236,760
 
 
$1,541,624
 
 
$11,587,342
 
 
$2,296,525
 
 
$30,825,094
Shares issued and outstanding(a)
 
 
740,000
 
 
60,000
 
 
270,000
 
 
80,000
 
 
960,000
Net asset value per share
 
 
$30.05
 
 
$25.69
 
 
$42.92
 
 
$28.71
 
 
$32.11
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$24,483,279
 
 
$1,799,565
 
 
$11,863,306
 
 
$2,618,667
 
 
$34,379,733
Foreign currency, at cost
 
 
$—
 
 
$1,169
 
 
$30,376
 
 
$536
 
 
$150
Proceeds:
 
 
 
 
 
 
 
 
 
 
Foreign currency proceeds
 
 
$11,854
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
23
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Themes
Global
Systemically
Important
Banks ETF
 
 
Themes
Gold Miners
ETF
 
 
Themes
Humanoid
Robotics
ETF
 
 
Themes
Lithium &
Battery
Metal Miners
ETF
 
 
Themes
Natural
Monopoly
ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$27,354,674
 
 
$30,579,906
 
 
$30,737,070
 
 
$2,912,196
 
 
$1,514,855
Dividends receivable
 
 
57,364
 
 
74,434
 
 
12,323
 
 
732
 
 
1,104
Dividend tax reclaims receivable
 
 
4,241
 
 
6,583
 
 
747
 
 
—
 
 
134
Foreign currency, at value
 
 
—
 
 
—
 
 
62,035
 
 
1,771
 
 
3,208
Total assets
 
 
27,416,279
 
 
30,660,923
 
 
30,812,175
 
 
2,914,699
 
 
1,519,301
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for fund shares redeemed
 
 
50,519
 
 
—
 
 
—
 
 
—
 
 
—
Payable to Adviser
 
 
9,154
 
 
10,283
 
 
10,290
 
 
863
 
 
460
Payable to custodian foreign currency, at value
 
 
536
 
 
37,144
 
 
—
 
 
—
 
 
—
Total liabilities
 
 
60,209
 
 
47,427
 
 
10,290
 
 
863
 
 
460
NET ASSETS
 
 
$ 27,356,070
 
 
$30,613,496
 
 
$30,801,885
 
 
$2,913,836
 
 
$1,518,841
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$24,325,359
 
 
$25,328,474
 
 
$32,187,405
 
 
$2,718,406
 
 
$1,510,143
Total distributable earnings/
(accumulated losses)
 
 
3,030,711
 
 
5,285,022
 
 
(1,385,520)
 
 
195,430
 
 
8,698
Total net assets
 
 
$ 27,356,070
 
 
$30,613,496
 
 
$30,801,885
 
 
$2,913,836
 
 
$1,518,841
Net assets
 
 
$27,356,070
 
 
$30,613,496
 
 
$30,801,885
 
 
$2,913,836
 
 
$1,518,841
Shares issued and outstanding(a)
 
 
540,000
 
 
320,000
 
 
690,000
 
 
60,000
 
 
50,000
Net asset value per share
 
 
$50.66
 
 
$95.67
 
 
$44.64
 
 
$48.56
 
 
$30.38
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$25,977,939
 
 
$28,797,325
 
 
$32,389,340
 
 
$2,744,935
 
 
$1,515,074
Foreign currency, at cost
 
 
$—
 
 
$—
 
 
$63,608
 
 
$1,792
 
 
$3,243
Proceeds:
 
 
 
 
 
 
 
 
 
 
Foreign currency proceeds
 
 
$536
 
 
$37,687
 
 
$—
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
24
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Themes
Silver Miners
ETF
 
 
Themes
Transatlantic
Defense
ETF
 
 
Themes
Uranium &
Nuclear
ETF
 
 
Themes
US Cash Flow
Champions
ETF
 
 
Themes
US Infrastructure
ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$14,734,856
 
 
$100,935,978
 
 
$27,915,172
 
 
$3,107,617
 
 
$2,648,113
Foreign currency, at value
 
 
8,997
 
 
695
 
 
—
 
 
—
 
 
—
Dividends receivable
 
 
1,503
 
 
17,323
 
 
6,339
 
 
3,935
 
 
1,154
Dividend tax reclaims receivable
 
 
254
 
 
1,953
 
 
590
 
 
—
 
 
91
Receivable for investments sold
 
 
—
 
 
920,317
 
 
—
 
 
—
 
 
—
Total assets
 
 
14,745,610
 
 
101,876,266
 
 
27,922,101
 
 
3,111,552
 
 
2,649,358
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable to Adviser
 
 
4,739
 
 
29,440
 
 
8,725
 
 
757
 
 
661
Payable to custodian foreign currency, at value
 
 
—
 
 
—
 
 
575
 
 
—
 
 
—
Total liabilities
 
 
4,739
 
 
29,440
 
 
9,300
 
 
757
 
 
661
NET ASSETS
 
 
$ 14,740,871
 
 
$101,846,826
 
 
$27,912,801
 
 
$3,110,795
 
 
$2,648,697
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$13,463,154
 
 
$97,357,663
 
 
$27,671,765
 
 
$2,848,715
 
 
$2,375,267
Total distributable earnings
 
 
1,277,717
 
 
4,489,163
 
 
241,036
 
 
262,080
 
 
273,430
Total net assets
 
 
$ 14,740,871
 
 
$101,846,826
 
 
$27,912,801
 
 
$3,110,795
 
 
$2,648,697
Net assets
 
 
$14,740,871
 
 
$101,846,826
 
 
$27,912,801
 
 
$3,110,795
 
 
$2,648,697
Shares issued and outstanding(a)
 
 
220,000
 
 
2,640,000
 
 
650,000
 
 
90,000
 
 
80,000
Net asset value per share
 
 
$67.00
 
 
$38.58
 
 
$42.94
 
 
$34.56
 
 
$33.11
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$13,824,608
 
 
$97,182,663
 
 
$27,762,066
 
 
$2,851,472
 
 
$2,443,044
Foreign currency, at cost
 
 
$8,928
 
 
$699
 
 
$—
 
 
$—
 
 
$—
Proceeds:
 
 
 
 
 
 
 
 
 
 
Foreign currency proceeds
 
 
$—
 
 
$—
 
 
$651
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
25
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Themes
US R&D
Champions
ETF
 
 
Themes US
Small Cap
Cash Flow
Champions
ETF
ASSETS:
 
 
 
 
Investments, at value
 
 
$938,974
 
 
$2,788,535
Dividends receivable
 
 
237
 
 
830
Total assets
 
 
939,211
 
 
2,789,365
LIABILITIES:
 
 
 
 
Payable to Adviser
 
 
239
 
 
655
Total liabilities
 
 
239
 
 
655
NET ASSETS
 
 
$ 938,972
 
 
$2,788,710
Net Assets Consists of:
 
 
 
 
Paid-in capital
 
 
$956,952
 
 
$2,658,527
Total distributable earnings/(accumulated losses)
 
 
(17,980)
 
 
130,183
Total net assets
 
 
$ 938,972
 
 
$2,788,710
Net assets
 
 
$938,972
 
 
$2,788,710
Shares issued and outstanding(a)
 
 
30,000
 
 
80,000
Net asset value per share
 
 
$31.30
 
 
$34.86
Cost:
 
 
 
 
Investments, at cost
 
 
$960,491
 
 
$2,629,757
 
 
 
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
26
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended March 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Themes
China Generative
Artificial
Intelligence
ETF
 
 
Themes
Cloud
Computing
ETF
 
 
Themes
Copper
Miners
ETF
 
 
Themes
Cybersecurity
ETF
 
 
Themes
Generative
Artificial
Intelligence
ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$33,854
 
 
$1,412
 
 
$24,862
 
 
$5,722
 
 
$34,211
Less: issuance fees
 
 
(273)
 
 
—
 
 
—
 
 
—
 
 
(501)
Less: dividend withholding taxes
 
 
(2,140)
 
 
(22)
 
 
(1,368)
 
 
(309)
 
 
—
Total investment income
 
 
31,441
 
 
1,390
 
 
23,494
 
 
5,413
 
 
33,710
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
45,575
 
 
2,350
 
 
11,285
 
 
4,200
 
 
65,776
Total expenses
 
 
45,575
 
 
2,350
 
 
11,285
 
 
4,200
 
 
65,776
Net investment income/(loss)
 
 
(14,134)
 
 
(960)
 
 
12,209
 
 
1,213
 
 
(32,066)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(842,133)
 
 
(24,602)
 
 
(176,296)
 
 
(55,207)
 
 
(691,340)
In-kind redemptions
 
 
93,103
 
 
137,688
 
 
151,889
 
 
195,985
 
 
—
Foreign currency translation
 
 
(8,178)
 
 
21
 
 
(2,162)
 
 
(51)
 
 
(676)
Net realized gain (loss)
 
 
(757,208)
 
 
113,107
 
 
(26,569)
 
 
140,727
 
 
(692,016)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(4,603,391)
 
 
(518,398)
 
 
(570,962)
 
 
(623,316)
 
 
(8,858,572)
Foreign currency translation
 
 
534
 
 
(42)
 
 
(292)
 
 
13
 
 
(197)
Net change in unrealized appreciation (depreciation)
 
 
(4,602,857)
 
 
(518,440)
 
 
(571,254)
 
 
(623,303)
 
 
(8,858,769)
Net realized and unrealized gain (loss)
 
 
(5,360,065)
 
 
(405,333)
 
 
(597,823)
 
 
(482,576)
 
 
(9,550,785)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$(5,374,199)
 
 
$(406,293)
 
 
$(585,614)
 
 
$(481,363)
 
 
$(9,582,851)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
27
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended March 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Themes
Global
Systemically
Important
Banks ETF
 
 
Themes
Gold Miners
ETF
 
 
Themes
Humanoid
Robotics
ETF
 
 
Themes
Lithium &
Battery
Metal Miners
ETF
 
 
Themes
Natural
Monopoly
ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$341,077
 
 
$246,580
 
 
$17,207
 
 
$1,642
 
 
$14,848
Less: issuance fees
 
 
(8,973)
 
 
(152)
 
 
—
 
 
—
 
 
—
Less: dividend withholding taxes
 
 
(22,036)
 
 
(18,120)
 
 
(1,409)
 
 
(45)
 
 
(761)
Total investment income
 
 
310,068
 
 
228,308
 
 
15,798
 
 
1,597
 
 
14,087
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
46,033
 
 
50,191
 
 
35,264
 
 
3,104
 
 
2,786
Income tax expense
 
 
229
 
 
—
 
 
—
 
 
—
 
 
—
Total expenses
 
 
46,262
 
 
50,191
 
 
35,264
 
 
3,104
 
 
2,786
Net investment income/(loss)
 
 
263,806
 
 
178,117
 
 
(19,466)
 
 
(1,507)
 
 
11,301
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(37,211)
 
 
(50,832)
 
 
335,384
 
 
(15,915)
 
 
11,210
In-kind redemptions
 
 
1,581,892
 
 
3,401,857
 
 
—
 
 
84,176
 
 
—
Foreign currency translation
 
 
56
 
 
1,699
 
 
(47,709)
 
 
(449)
 
 
63
Net realized gain (loss)
 
 
1,544,737
 
 
3,352,724
 
 
287,675
 
 
67,812
 
 
11,273
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(958,938)
 
 
(19,500)
 
 
(2,064,397)
 
 
60,653
 
 
(109,400)
Foreign currency translation
 
 
(39)
 
 
(731)
 
 
(1,491)
 
 
(27)
 
 
(56)
Net change in unrealized appreciation (depreciation)
 
 
(958,977)
 
 
(20,231)
 
 
(2,065,888)
 
 
60,626
 
 
(109,456)
Net realized and unrealized gain (loss)
 
 
585,760
 
 
3,332,493
 
 
(1,778,213)
 
 
128,438
 
 
(98,183)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$849,566
 
 
$3,510,610
 
 
$(1,797,679)
 
 
$126,931
 
 
$(86,882)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
28
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended March 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Themes
Silver Miners
ETF
 
 
Themes
Transatlantic
Defense
ETF
 
 
Themes
Uranium &
Nuclear
ETF
 
 
Themes
US Cash Flow
Champions
ETF
 
 
Themes
US Infrastructure
ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$21,452
 
 
$156,382
 
 
$71,421
 
 
$40,181
 
 
$10,940
Less: dividend withholding taxes
 
 
(1,405)
 
 
(1,055)
 
 
(2,079)
 
 
—
 
 
—
Total investment income
 
 
20,047
 
 
155,327
 
 
69,342
 
 
40,181
 
 
10,940
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
17,739
 
 
126,790
 
 
44,173
 
 
4,342
 
 
2,886
Total expenses
 
 
17,739
 
 
126,790
 
 
44,173
 
 
4,342
 
 
2,886
Net investment income
 
 
2,308
 
 
28,537
 
 
25,169
 
 
35,839
 
 
8,054
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(199,558)
 
 
(269,287)
 
 
(1,062,511)
 
 
36,047
 
 
(2,517)
In-kind redemptions
 
 
626,114
 
 
1,097,216
 
 
2,000,696
 
 
—
 
 
66,304
Foreign currency translation
 
 
1,680
 
 
76
 
 
(1,050)
 
 
—
 
 
—
Net realized gain (loss)
 
 
428,236
 
 
828,005
 
 
937,135
 
 
36,047
 
 
63,787
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
412,559
 
 
(5,012,140)
 
 
(3,293,467)
 
 
53,480
 
 
52,099
Foreign currency translation
 
 
87
 
 
96
 
 
67
 
 
—
 
 
—
Net change in unrealized appreciation (depreciation)
 
 
412,646
 
 
(5,012,044)
 
 
(3,293,400)
 
 
53,480
 
 
52,099
Net realized and unrealized gain (loss)
 
 
840,882
 
 
(4,184,039)
 
 
(2,356,265)
 
 
89,527
 
 
115,886
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$843,190
 
 
$(4,155,502)
 
 
$(2,331,096)
 
 
$125,366
 
 
$123,940
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
29
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended March 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Themes
US R&D
Champions
ETF
 
 
Themes US
Small Cap
Cash Flow
Champions
ETF
INVESTMENT INCOME:
 
 
 
 
Dividend income
 
 
$3,434
 
 
$35,533
Less: dividend withholding taxes
 
 
—
 
 
(96)
Total investment income
 
 
3,434
 
 
35,437
EXPENSES:
 
 
 
 
Investment advisory fee
 
 
1,446
 
 
4,176
Income tax expense
 
 
—
 
 
35
Total expenses
 
 
1,446
 
 
4,211
Net investment income
 
 
1,988
 
 
31,226
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
Investments
 
 
48,283
 
 
(49,024)
In-kind redemptions
 
 
—
 
 
125,100
Net realized gain (loss)
 
 
48,283
 
 
76,076
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
Investments
 
 
(106,829)
 
 
90,088
Net change in unrealized appreciation (depreciation)
 
 
(106,829)
 
 
90,088
Net realized and unrealized gain (loss)
 
 
(58,546)
 
 
166,164
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$(56,558)
 
 
$197,390
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
30
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
 
 
 
 
 
 
 
 
 
 
Themes China Generative
Artificial Intelligence ETF
 
 
Themes Cloud
Computing ETF
 
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Period Ended
September 30,
2025(a)
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Year Ended
September 30,
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(14,134)
 
 
$11,920
 
 
$(960)
 
 
$(1,985)
Net realized gain (loss)
 
 
(757,208)
 
 
27,763
 
 
113,107
 
 
176,082
Net change in unrealized appreciation
(depreciation)
 
 
(4,602,857)
 
 
1,855,616
 
 
(518,440)
 
 
157,388
Net increase (decrease) in net assets from operations
 
 
(5,374,199)
 
 
1,895,299
 
 
(406,293)
 
 
331,485
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(257,532)
 
 
—
 
 
(19,098)
 
 
—
Total distributions to shareholders
 
 
(257,532)
 
 
—
 
 
(19,098)
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
8,078,444
 
 
21,707,779
 
 
890,536
 
 
324,860
Shares redeemed
 
 
(3,861,366)
 
 
—
 
 
(352,547)
 
 
(629,938)
ETF transaction fees
 
 
25,061
 
 
23,274
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
4,242,139
 
 
21,731,053
 
 
537,989
 
 
(305,078)
Net increase (decrease) in net assets
 
 
(1,389,592)
 
 
23,626,352
 
 
112,598
 
 
26,407
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
23,626,352
 
 
—
 
 
1,429,026
 
 
1,402,619
End of the period
 
 
$22,236,760
 
 
$23,626,352
 
 
$1,541,624
 
 
$1,429,026
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
220,000
 
 
630,000
 
 
30,000
 
 
10,000
Shares redeemed
 
 
(110,000)
 
 
—
 
 
(10,000)
 
 
(20,000)
Total increase (decrease) in shares outstanding
 
 
110,000
 
 
630,000
 
 
20,000
 
 
(10,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was July 15, 2025.
The accompanying notes are an integral part of these financial statements.
 
31
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Themes Copper Miners ETF
 
 
Themes Cybersecurity ETF
 
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Year Ended
September 30,
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$12,209
 
 
$6,533
 
 
$1,213
 
 
$(733)
Net realized gain (loss)
 
 
(26,569)
 
 
60,761
 
 
140,727
 
 
209,846
Net change in unrealized appreciation (depreciation)
 
 
(571,254)
 
 
218,399
 
 
(623,303)
 
 
175,451
Net increase (decrease) in net assets from
operations
 
 
(585,614)
 
 
285,693
 
 
(481,363)
 
 
384,564
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(147,180)
 
 
(5,966)
 
 
(12,004)
 
 
(2,250)
Total distributions to shareholders
 
 
(147,180)
 
 
(5,966)
 
 
(12,004)
 
 
(2,250)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
11,613,601
 
 
788,167
 
 
1,034,997
 
 
592,470
Shares redeemed
 
 
(402,046)
 
 
(525,801)
 
 
(340,151)
 
 
(617,253)
ETF transaction fees
 
 
2,569
 
 
3,309
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
11,214,124
 
 
265,675
 
 
694,846
 
 
(24,783)
Net increase (decrease) in net assets
 
 
10,481,330
 
 
545,402
 
 
201,479
 
 
357,531
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
1,106,012
 
 
560,610
 
 
2,095,046
 
 
1,737,515
End of the period
 
 
$11,587,342
 
 
$1,106,012
 
 
$2,296,525
 
 
$2,095,046
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
250,000
 
 
30,000
 
 
30,000
 
 
20,000
Shares redeemed
 
 
(10,000)
 
 
(20,000)
 
 
(10,000)
 
 
(20,000)
Total increase (decrease) in shares outstanding
 
 
240,000
 
 
10,000
 
 
20,000
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
32
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Themes Generative Artificial
Intelligence ETF
 
 
Themes Global Systemically
Important Banks ETF
 
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Year Ended
September 30,
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(32,066)
 
 
$(17,651)
 
 
$263,806
 
 
$216,044
Net realized gain (loss)
 
 
(692,016)
 
 
1,946,361
 
 
1,544,737
 
 
1,057,162
Net change in unrealized appreciation
(depreciation)
 
 
(8,858,769)
 
 
6,157,040
 
 
(958,977)
 
 
2,121,761
Net increase (decrease) in net assets from operations
 
 
(9,582,851)
 
 
8,085,750
 
 
849,566
 
 
3,394,967
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(1,542,394)
 
 
—
 
 
(450,907)
 
 
(49,789)
Total distributions to shareholders
 
 
(1,542,394)
 
 
—
 
 
(450,907)
 
 
(49,789)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
1,715,725
 
 
32,921,210
 
 
15,000,938
 
 
17,859,250
Shares redeemed
 
 
—
 
 
(13,902,043)
 
 
(8,240,292)
 
 
(3,203,226)
ETF transaction fees
 
 
173
 
 
629
 
 
4,052
 
 
2,363
Net increase (decrease) in net assets from capital transactions
 
 
1,715,898
 
 
19,019,796
 
 
6,764,698
 
 
14,658,387
Net increase (decrease) in net assets
 
 
(9,409,347)
 
 
27,105,546
 
 
7,163,357
 
 
18,003,565
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
40,234,441
 
 
13,128,895
 
 
20,192,713
 
 
2,189,148
End of the period
 
 
$30,825,094
 
 
$40,234,441
 
 
$27,356,070
 
 
$20,192,713
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
40,000
 
 
860,000
 
 
290,000
 
 
430,000
Shares redeemed
 
 
—
 
 
(380,000)
 
 
(170,000)
 
 
(80,000)
Total increase (decrease) in shares outstanding
 
 
40,000
 
 
480,000
 
 
120,000
 
 
350,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
33
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Themes Gold Miners ETF
 
 
Themes Humanoid Robotics ETF
 
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Year Ended
September 30,
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$178,117
 
 
$89,168
 
 
$(19,466)
 
 
$2,348
Net realized gain (loss)
 
 
3,352,724
 
 
5,118,281
 
 
287,675
 
 
189,694
Net change in unrealized appreciation
(depreciation)
 
 
(20,231)
 
 
1,490,045
 
 
(2,065,888)
 
 
351,482
Net increase (decrease) in net assets from operations
 
 
3,510,610
 
 
6,697,494
 
 
(1,797,679)
 
 
543,524
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(222,613)
 
 
(45,286)
 
 
(17,878)
 
 
(9,566)
Total distributions to shareholders
 
 
(222,613)
 
 
(45,286)
 
 
(17,878)
 
 
(9,566)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
20,465,038
 
 
24,969,958
 
 
26,874,707
 
 
5,778,112
Shares redeemed
 
 
(11,427,936)
 
 
(15,594,580)
 
 
—
 
 
(1,320,660)
ETF transaction fees
 
 
809
 
 
2,833
 
 
186,746
 
 
2,033
Net increase (decrease) in net assets from capital transactions
 
 
9,037,911
 
 
9,378,211
 
 
27,061,453
 
 
4,459,485
Net increase (decrease) in net assets
 
 
12,325,908
 
 
16,030,419
 
 
25,245,896
 
 
4,993,443
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
18,287,588
 
 
2,257,169
 
 
5,555,989
 
 
562,547
End of the period
 
 
$30,613,496
 
 
$18,287,588
 
 
$30,801,885
 
 
$5,555,990
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
210,000
 
 
410,000
 
 
550,000
 
 
160,000
Shares redeemed
 
 
(120,000)
 
 
(240,000)
 
 
—
 
 
(40,000)
Total increase (decrease) in shares outstanding
 
 
90,000
 
 
170,000
 
 
550,000
 
 
120,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
34
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Themes Lithium & Battery
Metal Miners ETF
 
 
Themes Natural Monopoly ETF
 
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Year Ended
September 30,
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(1,507)
 
 
$760
 
 
$11,301
 
 
$23,935
Net realized gain (loss)
 
 
67,812
 
 
30,538
 
 
11,273
 
 
121,816
Net change in unrealized appreciation
(depreciation)
 
 
60,626
 
 
(6,550)
 
 
(109,456)
 
 
14,886
Net increase (decrease) in net assets from operations
 
 
126,931
 
 
24,748
 
 
(86,882)
 
 
160,637
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(5,060)
 
 
(39,963)
 
 
(23,482)
 
 
(13,503)
Total distributions to shareholders
 
 
(5,060)
 
 
(39,963)
 
 
(23,482)
 
 
(13,503)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
2,808,974
 
 
627,597
 
 
—
 
 
638,042
Shares redeemed
 
 
(407,804)
 
 
(862,252)
 
 
—
 
 
(639,808)
ETF transaction fees
 
 
16,705
 
 
8,842
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
2,417,875
 
 
(225,813)
 
 
—
 
 
(1,766)
Net increase (decrease) in net assets
 
 
2,539,746
 
 
(241,028)
 
 
(110,364)
 
 
145,368
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
374,090
 
 
615,118
 
 
1,629,205
 
 
1,483,837
End of the period
 
 
$2,913,836
 
 
$374,090
 
 
$1,518,841
 
 
$1,629,205
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
60,000
 
 
20,000
 
 
—
 
 
20,000
Shares redeemed
 
 
(10,000)
 
 
(30,000)
 
 
—
 
 
(20,000)
Total increase (decrease) in shares outstanding
 
 
50,000
 
 
(10,000)
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
35
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Themes Silver Miners ETF
 
 
Themes Transatlantic Defense ETF
 
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Period Ended
September 30,
2025(a)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$2,308
 
 
$7,397
 
 
$28,537
 
 
$268,918
Net realized gain (loss)
 
 
428,236
 
 
375,200
 
 
828,005
 
 
1,051,236
Net change in unrealized appreciation
(depreciation)
 
 
412,646
 
 
454,684
 
 
(5,012,044)
 
 
8,765,382
Net increase (decrease) in net assets from operations
 
 
843,190
 
 
837,281
 
 
(4,155,502)
 
 
10,085,536
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(372,447)
 
 
(8,894)
 
 
(270,814)
 
 
(1,498)
Total distributions to shareholders
 
 
(372,447)
 
 
(8,894)
 
 
(270,814)
 
 
(1,498)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
12,349,851
 
 
2,656,891
 
 
53,500,639
 
 
52,094,647
Shares redeemed
 
 
(1,838,436)
 
 
(307,828)
 
 
(4,399,912)
 
 
(5,008,908)
ETF transaction fees
 
 
1,076
 
 
117
 
 
1,045
 
 
1,593
Net increase (decrease) in net assets from capital transactions
 
 
10,512,491
 
 
2,349,180
 
 
49,101,772
 
 
47,087,332
Net increase (decrease) in net assets
 
 
10,983,234
 
 
3,177,567
 
 
44,675,456
 
 
57,171,370
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
3,757,637
 
 
580,070
 
 
57,171,370
 
 
—
End of the period
 
 
$14,740,871
 
 
$3,757,637
 
 
$101,846,826
 
 
$57,171,370
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
180,000
 
 
60,000
 
 
1,290,000
 
 
1,630,000
Shares redeemed
 
 
(30,000)
 
 
(10,000)
 
 
(120,000)
 
 
(160,000)
Total increase (decrease) in shares outstanding
 
 
150,000
 
 
50,000
 
 
1,170,000
 
 
1,470,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was October 11, 2024.
The accompanying notes are an integral part of these financial statements.
 
36
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Themes Uranium &
Nuclear ETF
 
 
Themes US Cash Flow
Champions ETF
 
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Year Ended
September 30,
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$25,169
 
 
$55,536
 
 
$35,839
 
 
$49,100
Net realized gain (loss)
 
 
937,135
 
 
1,123,109
 
 
36,047
 
 
88,932
Net change in unrealized appreciation
(depreciation)
 
 
(3,293,400)
 
 
3,416,860
 
 
53,480
 
 
125,484
Net increase (decrease) in net assets from operations
 
 
(2,331,096)
 
 
4,595,505
 
 
125,366
 
 
263,516
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(585,391)
 
 
(9,067)
 
 
(56,294)
 
 
(24,947)
Total distributions to shareholders
 
 
(585,391)
 
 
(9,067)
 
 
(56,294)
 
 
(24,947)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
16,715,804
 
 
18,188,581
 
 
332,990
 
 
2,192,082
Shares redeemed
 
 
(6,341,684)
 
 
(2,884,301)
 
 
—
 
 
(627,887)
ETF transaction fees
 
 
2,945
 
 
3,302
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
10,377,065
 
 
15,307,582
 
 
332,990
 
 
1,564,195
Net increase (decrease) in net assets
 
 
7,460,578
 
 
19,894,020
 
 
402,062
 
 
1,802,764
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
20,452,223
 
 
558,203
 
 
2,708,733
 
 
905,969
End of the period
 
 
$27,912,801
 
 
$20,452,223
 
 
$3,110,795
 
 
$2,708,733
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
350,000
 
 
500,000
 
 
10,000
 
 
70,000
Shares redeemed
 
 
(150,000)
 
 
(70,000)
 
 
—
 
 
(20,000)
Total increase (decrease) in shares outstanding
 
 
200,000
 
 
430,000
 
 
10,000
 
 
50,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
37
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Themes US Infrastructure ETF
 
 
Themes US R&D Champions ETF
 
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Year Ended
September 30,
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$8,054
 
 
$9,431
 
 
$1,988
 
 
$4,420
Net realized gain (loss)
 
 
63,787
 
 
16,481
 
 
48,283
 
 
93,028
Net change in unrealized appreciation
(depreciation)
 
 
52,099
 
 
111,604
 
 
(106,829)
 
 
(35,441)
Net increase (decrease) in net assets from operations
 
 
123,940
 
 
137,516
 
 
(56,558)
 
 
62,007
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(19,973)
 
 
(1,705)
 
 
(4,208)
 
 
(28,970)
Total distributions to shareholders
 
 
(19,973)
 
 
(1,705)
 
 
(4,208)
 
 
(28,970)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
1,630,698
 
 
803,610
 
 
—
 
 
909,785
Shares redeemed
 
 
(313,152)
 
 
(253,808)
 
 
—
 
 
(1,188,655)
Net increase (decrease) in net assets from capital transactions
 
 
1,317,546
 
 
549,802
 
 
—
 
 
(278,870)
Net increase (decrease) in net assets
 
 
1,421,513
 
 
685,613
 
 
(60,766)
 
 
(245,833)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
1,227,184
 
 
541,571
 
 
999,738
 
 
1,245,571
End of the period
 
 
$2,648,697
 
 
$1,227,184
 
 
$938,972
 
 
$999,738
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
50,000
 
 
30,000
 
 
—
 
 
30,000
Shares redeemed
 
 
(10,000)
 
 
(10,000)
 
 
—
 
 
(40,000)
Total increase (decrease) in shares outstanding
 
 
40,000
 
 
20,000
 
 
—
 
 
(10,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
38
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
Themes US Small Cap
Cash Flow Champions ETF
 
 
 
Period Ended
March 31,
2026
(Unaudited)
 
 
Year Ended
September 30,
2025
OPERATIONS:
 
 
 
 
Net investment income (loss)
 
 
$31,226
 
 
$75,838
Net realized gain (loss)
 
 
76,076
 
 
122,881
Net change in unrealized appreciation (depreciation)
 
 
90,088
 
 
(54,569)
Net increase (decrease) in net assets from operations
 
 
197,390
 
 
144,150
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
From earnings
 
 
(89,650)
 
 
(15,253)
Total distributions to shareholders
 
 
(89,650)
 
 
(15,253)
CAPITAL TRANSACTIONS:
 
 
 
 
Shares sold
 
 
347,155
 
 
5,387,151
Shares redeemed
 
 
(2,000,112)
 
 
(2,110,151)
ETF transaction fees
 
 
—
 
 
8
Net increase (decrease) in net assets from capital transactions
 
 
(1,652,957)
 
 
3,277,008
Net increase (decrease) in net assets
 
 
(1,545,217)
 
 
3,405,905
NET ASSETS:
 
 
 
 
Beginning of the period
 
 
4,333,927
 
 
928,022
End of the period
 
 
$2,788,710
 
 
$4,333,927
SHARES TRANSACTIONS
 
 
 
 
Shares sold
 
 
10,000
 
 
170,000
Shares redeemed
 
 
(60,000)
 
 
(70,000)
Total increase (decrease) in shares outstanding
 
 
(50,000)
 
 
100,000
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
39
 

TABLE OF CONTENTS

THEMES CHINA GENERATIVE ARTIFICIAL INTELLIGENCE ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Period Ended
September 30,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$37.50
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income (loss)(b)
 
 
(0.02)
 
 
0.09
Net realized and unrealized gain (loss) on investments(c)
 
 
(7.07)
 
 
12.24
Total from investment operations
 
 
(7.09)
 
 
12.33
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.40)
 
 
—
Total distributions
 
 
(0.40)
 
 
—
ETF transaction fees per share
 
 
0.04
 
 
0.17
Net asset value, end of period
 
 
$30.05
 
 
$37.50
Total return(d)
 
 
−18.87%
 
 
50.05%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$22,237
 
 
$23,626
Ratio of expenses to average net assets(e)
 
 
0.39%
 
 
0.39%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.12)%
 
 
1.23%
Portfolio turnover rate(d)(f)
 
 
35%
 
 
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.
 
40
 

TABLE OF CONTENTS

THEMES CLOUD COMPUTING ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$35.73
 
 
$28.05
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment loss(b)
 
 
(0.02)
 
 
(0.04)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
(9.54)
 
 
7.72
 
 
3.05
Total from investment operations
 
 
(9.56)
 
 
7.68
 
 
3.04
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net realized gains
 
 
(0.48)
 
 
—
 
 
—
Total distributions
 
 
(0.48)
 
 
—
 
 
—
ETF transaction fees per share
 
 
—
 
 
—
 
 
0.01
Net asset value, end of period
 
 
$25.69
 
 
$35.73
 
 
$28.05
Total return(d)
 
 
−27.02%
 
 
27.35%
 
 
12.21%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$1,542
 
 
$1,429
 
 
$1,403
Ratio of expenses to average net assets(e)
 
 
0.35%
 
 
0.36%
 
 
0.35%
Ratio of tax expenses to average net assets(e)
 
 
—%
 
 
0.01%
 
 
—%
Ratio of expenses to average net assets excluding tax expense(e)
 
 
0.35%
 
 
0.35%
 
 
0.35%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.14)%
 
 
(0.14)%
 
 
(0.06)%
Portfolio turnover rate(d)(f)
 
 
9%
 
 
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.
 
41
 

TABLE OF CONTENTS

THEMES COPPER MINERS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$36.87
 
 
$28.03
 
 
$25.02
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income(b)
 
 
0.09
 
 
0.25
 
 
0.02
Net realized and unrealized gain (loss) on investments(c)
 
 
7.78
 
 
8.76
 
 
2.99
Total from investment operations
 
 
7.87
 
 
9.01
 
 
3.01
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(1.84)
 
 
(0.30)
 
 
—
Total distributions
 
 
(1.84)
 
 
(0.30)
 
 
—
ETF transaction fees per share
 
 
0.02
 
 
0.13
 
 
0.00(d)
Net asset value, end of period
 
 
$42.92
 
 
$36.87
 
 
$28.03
Total return(e)
 
 
20.95%
 
 
33.24%
 
 
12.03%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$11,587
 
 
$1,106
 
 
$561
Ratio of expenses to average net assets(f)
 
 
0.35%
 
 
0.38%
 
 
0.35%
Ratio of tax expenses to average net assets(f)
 
 
—%
 
 
0.03%
 
 
—%
Ratio of expenses to average net assets excluding tax expense(f)
 
 
0.35%
 
 
0.35%
 
 
0.35%
Ratio of net investment income (loss) to average net assets(f)
 
 
0.38%
 
 
0.94%
 
 
3.67%
Portfolio turnover rate(e)(g)
 
 
21%
 
 
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.
 
42
 

TABLE OF CONTENTS

THEMES CYBERSECURITY ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$34.92
 
 
$28.96
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)(b)
 
 
0.02
 
 
(0.01)
 
 
0.02
Net realized and unrealized gain (loss) on investments(c)
 
 
(6.08)
 
 
6.01
 
 
3.92
Total from investment operations
 
 
(6.06)
 
 
6.00
 
 
3.94
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(0.02)
 
 
(0.04)
 
 
—
Net realized gains
 
 
(0.13)
 
 
—
 
 
—
Total distributions
 
 
(0.15)
 
 
(0.04)
 
 
—
ETF transaction fees per share
 
 
—
 
 
—
 
 
0.02
Net asset value, end of period
 
 
$28.71
 
 
$34.92
 
 
$28.96
Total return(d)
 
 
−17.39%
 
 
20.73%
 
 
15.83%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$2,297
 
 
$2,095
 
 
$1,738
Ratio of expenses to average net assets(e)
 
 
0.35%
 
 
0.36%
 
 
0.36%
Ratio of tax expenses to average net assets(e)
 
 
—%
 
 
0.01%
 
 
0.01%
Ratio of expenses to average net assets excluding tax expense(e)
 
 
0.35%
 
 
0.35%
 
 
0.35%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.10%
 
 
(0.04)%
 
 
0.10%
Portfolio turnover rate(d)(f)
 
 
22%
 
 
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.
 
43
 

TABLE OF CONTENTS

THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$43.73
 
 
$29.84
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment loss(b)
 
 
(0.03)
 
 
(0.02)
 
 
(0.04)
Net realized and unrealized gain (loss) on investments(c)
 
 
(9.98)
 
 
13.91
 
 
4.88
Total from investment operations
 
 
(10.01)
 
 
13.89
 
 
4.84
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(1.61)
 
 
—
 
 
—
Total distributions
 
 
(1.61)
 
 
—
 
 
—
ETF transaction fees per share
 
 
0.00(d)
 
 
0.00(d)
 
 
0.00(d)
Net asset value, end of period
 
 
$32.11
 
 
$43.73
 
 
$29.84
Total return(e)
 
 
−23.48%
 
 
46.57%
 
 
19.35%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$30,825
 
 
$40,234
 
 
$13,129
Ratio of expenses to average net assets(f)
 
 
0.35%
 
 
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)
 
 
(0.17)%
 
 
(0.07)%
 
 
(0.15)%
Portfolio turnover rate(e)(h)
 
 
46%
 
 
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.
 
44
 

TABLE OF CONTENTS

THEMES GLOBAL SYSTEMICALLY IMPORTANT BANKS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$48.08
 
 
$31.27
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income(b)
 
 
0.51
 
 
1.14
 
 
0.98
Net realized and unrealized gain (loss) on investments(c)
 
 
3.07
 
 
16.21
 
 
5.28
Total from investment operations
 
 
3.58
 
 
17.35
 
 
6.26
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(0.89)
 
 
(0.55)
 
 
—
Net realized gains
 
 
(0.12)
 
 
—
 
 
—
Total distributions
 
 
(1.01)
 
 
(0.55)
 
 
—
ETF transaction fees per share
 
 
0.01
 
 
0.01
 
 
0.01
Net asset value, end of period
 
 
$50.66
 
 
$48.08
 
 
$31.27
Total return(d)
 
 
7.42%
 
 
56.30%
 
 
25.09%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$27,356
 
 
$20,193
 
 
$2,189
Ratio of expenses to average net assets(e)
 
 
0.35%
 
 
0.35%
 
 
0.35%
Ratio of tax expenses to average net assets(e)
 
 
0.00%(f)
 
 
0.00%(f)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
2.01%
 
 
2.74%
 
 
4.30%
Portfolio turnover rate(d)(g)
 
 
9%
 
 
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.
 
45
 

TABLE OF CONTENTS

THEMES GOLD MINERS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$79.51
 
 
$37.62
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income(b)
 
 
0.58
 
 
0.67
 
 
0.40
Net realized and unrealized gain (loss) on investments(c)
 
 
16.38
 
 
41.85
 
 
12.22
Total from investment operations
 
 
16.96
 
 
42.52
 
 
12.62
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(0.78)
 
 
(0.65)
 
 
—
Net realized gains
 
 
(0.02)
 
 
—
 
 
—
Total distributions
 
 
(0.80)
 
 
(0.65)
 
 
—
ETF transaction fees per share
 
 
0.00(d)
 
 
0.02
 
 
0.00(d)
Net asset value, end of period
 
 
$95.67
 
 
$79.51
 
 
$37.62
Total return(e)
 
 
21.37%
 
 
115.31%
 
 
50.48%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$30,613
 
 
$18,288
 
 
$2,257
Ratio of expenses to average net assets(f)
 
 
0.35%
 
 
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)
 
 
1.24%
 
 
1.28%
 
 
1.63%
Portfolio turnover rate(e)(h)
 
 
16%
 
 
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.
 
46
 

TABLE OF CONTENTS

THEMES HUMANOID ROBOTICS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$39.69
 
 
$28.13
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)(b)
 
 
(0.05)
 
 
0.09
 
 
0.13
Net realized and unrealized gain (loss) on investments(c)
 
 
4.61
 
 
11.88
 
 
2.99
Total from investment operations
 
 
4.56
 
 
11.97
 
 
3.12
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
—
 
 
(0.48)
 
 
—
Net realized gains
 
 
(0.06)
 
 
—
 
 
—
Total distributions
 
 
(0.06)
 
 
(0.48)
 
 
—
ETF transaction fees per share
 
 
0.45
 
 
0.07
 
 
0.01
Net asset value, end of period
 
 
$44.64
 
 
$39.69
 
 
$28.13
Total return(d)
 
 
12.65%
 
 
43.51%
 
 
12.51%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$30,802
 
 
$5,556
 
 
$563
Ratio of expenses to average net assets(e)
 
 
0.35%
 
 
0.37%
 
 
0.35%
Ratio of tax expenses to average net assets(e)
 
 
—%
 
 
0.02%
 
 
—%
Ratio of expenses to average net assets excluding tax expense(e)
 
 
0.35%
 
 
0.35%
 
 
0.35%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.19)%
 
 
0.28%
 
 
1.10%
Portfolio turnover rate(d)(f)
 
 
54%
 
 
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.
 
47
 

TABLE OF CONTENTS

THEMES LITHIUM & BATTERY METAL MINERS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$37.41
 
 
$30.76
 
 
$25.12
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)(b)
 
 
(0.04)
 
 
0.03
 
 
(0.00)(c)
Net realized and unrealized gain (loss) on investments(d)
 
 
10.99
 
 
8.22
 
 
5.63
Total from investment operations
 
 
10.95
 
 
8.25
 
 
5.63
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(0.18)
 
 
(2.00)
 
 
—
Net realized gains
 
 
(0.07)
 
 
—
 
 
—
Total distributions
 
 
(0.25)
 
 
(2.00)
 
 
—
ETF transaction fees per share
 
 
0.45
 
 
0.40
 
 
0.01
Net asset value, end of period
 
 
$48.56
 
 
$37.41
 
 
$30.76
Total return(e)
 
 
30.59%
 
 
31.27%
 
 
22.44%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$2,914
 
 
$374
 
 
$615
Ratio of expenses to average net assets(f)
 
 
0.35%
 
 
0.38%
 
 
0.35%
Ratio of tax expenses to average net assets(f)
 
 
—%
 
 
0.03%
 
 
—%
Ratio of expenses to average net assets excluding tax expense(f)
 
 
0.35%
 
 
0.35%
 
 
0.35%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.17)%
 
 
0.13%
 
 
(0.30)%
Portfolio turnover rate(e)(g)
 
 
35%
 
 
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.
 
48
 

TABLE OF CONTENTS

THEMES NATURAL MONOPOLY ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$32.58
 
 
$29.68
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income(b)
 
 
0.23
 
 
0.48
 
 
0.30
Net realized and unrealized gain (loss) on investments(c)
 
 
(1.96)
 
 
2.69
 
 
4.34
Total from investment operations
 
 
(1.73)
 
 
3.17
 
 
4.64
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(0.45)
 
 
(0.27)
 
 
—
Net realized gains
 
 
(0.02)
 
 
—
 
 
—
Total distributions
 
 
(0.47)
 
 
(0.27)
 
 
—
ETF transaction fees per share
 
 
—
 
 
—
 
 
0.04
Net asset value, end of period
 
 
$30.38
 
 
$32.58
 
 
$29.68
Total return(d)
 
 
−5.40%
 
 
10.82%
 
 
18.71%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$1,519
 
 
$1,629
 
 
$1,484
Ratio of expenses to average net assets(e)
 
 
0.35%
 
 
0.36%
 
 
0.35%
Ratio of tax expenses to average net assets(e)
 
 
—%
 
 
0.01%
 
 
—%
Ratio of expenses to average net assets excluding tax expense(e)
 
 
0.35%
 
 
0.35%
 
 
0.35%
Ratio of net investment income (loss) to average net assets(e)
 
 
1.42%
 
 
1.57%
 
 
1.35%
Portfolio turnover rate(d)(f)
 
 
33%
 
 
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.
 
49
 

TABLE OF CONTENTS

THEMES SILVER MINERS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$53.68
 
 
$29.00
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income(b)
 
 
0.02
 
 
0.30
 
 
0.11
Net realized and unrealized gain (loss) on investments(c)
 
 
16.16
 
 
24.82(d)
 
 
3.86
Total from investment operations
 
 
16.18
 
 
25.12
 
 
3.97
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(2.12)
 
 
(0.44)
 
 
—
Net realized gains
 
 
(0.75)
 
 
—
 
 
—
Total distributions
 
 
(2.87)
 
 
(0.44)
 
 
—
ETF transaction fees per share
 
 
0.01
 
 
0.00(e)
 
 
0.03
Net asset value, end of period
 
 
$67.00
 
 
$53.68
 
 
$29.00
Total return(f)
 
 
30.62%
 
 
88.37%(d)
 
 
16.01%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$14,741
 
 
$3,758
 
 
$580
Ratio of expenses to average net assets(g)
 
 
0.35%
 
 
0.37%
 
 
0.35%
Ratio of tax expenses to average net assets(g)
 
 
—%
 
 
0.02%
 
 
—%
Ratio of expenses to average net assets excluding tax expense(g)
 
 
0.35%
 
 
0.35%
 
 
0.35%
Ratio of net investment income (loss) to average net assets(g)
 
 
0.05%
 
 
0.89%
 
 
1.03%
Portfolio turnover rate(f)(h)
 
 
13%
 
 
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)
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.
(e)
Amount represents less than $0.005 per share.
(f)
Not annualized for periods less than one year.
(g)
Annualized for periods less than one year.
(h)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
50
 

TABLE OF CONTENTS

THEMES TRANSATLANTIC DEFENSE ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Period Ended
September 30,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$38.89
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.02
 
 
0.47
Net realized and unrealized gain (loss) on investments(c)
 
 
(0.16)
 
 
13.44
Total from investment operations
 
 
(0.14)
 
 
13.91
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.17)
 
 
(0.02)
Total distributions
 
 
(0.17)
 
 
(0.02)
ETF transaction fees per share
 
 
0.00(d)
 
 
0.00(d)
Net asset value, end of period
 
 
$38.58
 
 
$38.89
Total return(e)
 
 
−0.35%
 
 
55.70%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$101,847
 
 
$57,171
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)
 
 
0.08%
 
 
1.40%
Portfolio turnover rate(e)(h)
 
 
6%
 
 
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 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.
 
51
 

TABLE OF CONTENTS

THEMES URANIUM & NUCLEAR ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$45.45
 
 
$27.91
 
 
$26.42
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income(b)
 
 
0.05
 
 
0.26
 
 
0.00(c)
Net realized and unrealized gain (loss) on investments(d)
 
 
(1.51)
 
 
17.32
 
 
1.49
Total from investment operations
 
 
(1.46)
 
 
17.58
 
 
1.49
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(1.06)
 
 
(0.06)
 
 
—
Total distributions
 
 
(1.06)
 
 
(0.06)
 
 
—
ETF transaction fees per share
 
 
0.01
 
 
0.02
 
 
0.00(c)
Net asset value, end of period
 
 
$42.94
 
 
$45.45
 
 
$27.91
Total return(e)
 
 
−3.03%
 
 
63.20%
 
 
5.64%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$27,913
 
 
$20,452
 
 
$558
Ratio of expenses to average net assets(f)
 
 
0.35%
 
 
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)
 
 
0.20%
 
 
0.76%
 
 
0.84%
Portfolio turnover rate(e)(h)
 
 
17%
 
 
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.
 
52
 

TABLE OF CONTENTS

THEMES US CASH FLOW CHAMPIONS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$33.86
 
 
$30.20
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income(b)
 
 
0.41
 
 
0.74
 
 
0.58
Net realized and unrealized gain (loss) on investments(c)
 
 
0.92
 
 
3.28
 
 
4.60
Total from investment operations
 
 
1.33
 
 
4.02
 
 
5.18
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(0.63)
 
 
(0.36)
 
 
—
Total distributions
 
 
(0.63)
 
 
(0.36)
 
 
—
ETF transaction fees per share
 
 
—
 
 
—
 
 
0.02
Net asset value, end of period
 
 
$34.56
 
 
$33.86
 
 
$30.20
Total return(d)
 
 
3.97%
 
 
13.44%
 
 
20.80%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$3,111
 
 
$2,709
 
 
$906
Ratio of expenses to average net assets(e)
 
 
0.29%
 
 
0.30%
 
 
0.30%
Ratio of tax expenses to average net assets(e)
 
 
—%
 
 
0.01%
 
 
0.01%
Ratio of expenses to average net assets excluding tax expense(e)
 
 
0.29%
 
 
0.29%
 
 
0.29%
Ratio of net investment income (loss) to average net assets(e)
 
 
2.39%
 
 
2.37%
 
 
2.59%
Portfolio turnover rate(d)(f)
 
 
20%
 
 
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.
 
53
 

TABLE OF CONTENTS

THEMES US INFRASTRUCTURE ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$30.68
 
 
$27.08
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income(b)
 
 
0.13
 
 
0.24
 
 
0.01
Net realized and unrealized gain (loss) on investments(c)
 
 
2.70
 
 
3.42
 
 
2.07
Total from investment operations
 
 
2.83
 
 
3.66
 
 
2.08
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(0.40)
 
 
(0.06)
 
 
—
Total distributions
 
 
(0.40)
 
 
(0.06)
 
 
—
ETF transaction fees per share
 
 
—
 
 
—
 
 
0.00(d)
Net asset value, end of period
 
 
$33.11
 
 
$30.68
 
 
$27.08
Total return(e)
 
 
9.30%
 
 
13.54%
 
 
8.31%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$2,649
 
 
$1,227
 
 
$542
Ratio of expenses to average net assets(f)
 
 
0.29%
 
 
0.31%
 
 
0.29%
Ratio of tax expenses to average net assets(f)
 
 
—%
 
 
0.02%
 
 
—%
Ratio of expenses to average net assets excluding tax expense(f)
 
 
0.29%
 
 
0.29%
 
 
0.29%
Ratio of net investment income (loss) to average net assets(f)
 
 
0.81%
 
 
0.88%
 
 
0.61%
Portfolio turnover rate(e)(g)
 
 
6%
 
 
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.
 
54
 

TABLE OF CONTENTS

THEMES US R&D CHAMPIONS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$33.32
 
 
$31.14
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income(b)
 
 
0.07
 
 
0.13
 
 
0.11
Net realized and unrealized gain (loss) on investments(c)
 
 
(1.95)
 
 
2.77
 
 
6.03
Total from investment operations
 
 
(1.88)
 
 
2.90
 
 
6.14
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(0.14)
 
 
(0.72)
 
 
—
Total distributions
 
 
(0.14)
 
 
(0.72)
 
 
—
ETF transaction fees per share
 
 
—
 
 
—
 
 
0.00(d)
Net asset value, end of period
 
 
$31.30
 
 
$33.32
 
 
$31.14
Total return(e)
 
 
−5.68%
 
 
9.56%
 
 
24.56%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$939
 
 
$1,000
 
 
$1,246
Ratio of expenses to average net assets(f)
 
 
0.29%
 
 
0.31%
 
 
0.29%
Ratio of tax expenses to average net assets(f)
 
 
—%
 
 
0.02%
 
 
0.00%(g)
Ratio of expenses to average net assets excluding tax expense(f)
 
 
0.29%
 
 
0.29%
 
 
0.29%
Ratio of net investment income (loss) to average net assets(f)
 
 
0.40%
 
 
0.42%
 
 
0.47%
Portfolio turnover rate(e)(h)
 
 
23%
 
 
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.
 
55
 

TABLE OF CONTENTS

THEMES US SMALL CAP CASH FLOW CHAMPIONS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
March 31, 2026
(Unaudited)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$33.34
 
 
$30.93
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income(b)
 
 
0.36
 
 
0.64
 
 
0.40
Net realized and unrealized gain (loss) on investments(c)
 
 
2.44
 
 
1.96
 
 
5.49
Total from investment operations
 
 
2.80
 
 
2.60
 
 
5.89
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(1.28)
 
 
(0.19)
 
 
—
Total distributions
 
 
(1.28)
 
 
(0.19)
 
 
—
ETF transaction fees per share
 
 
—
 
 
0.00(d)
 
 
0.04
Net asset value, end of period
 
 
$34.86
 
 
$33.34
 
 
$30.93
Total return(e)
 
 
8.58%
 
 
8.43%
 
 
23.74%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$2,789
 
 
$4,334
 
 
$928
Ratio of expenses to average net assets(f)
 
 
0.29%
 
 
0.30%
 
 
0.29%
Ratio of tax expenses to average net assets(f)
 
 
0.00%(g)
 
 
0.01%
 
 
0.00%(g)
Ratio of expenses to average net assets excluding tax expense(f)
 
 
0.29%
 
 
0.29%
 
 
0.29%
Ratio of net investment income (loss) to average net assets(f)
 
 
2.17%
 
 
2.10%
 
 
1.74%
Portfolio turnover rate(e)(h)
 
 
46%
 
 
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.
 
56
 

TABLE OF CONTENTS

THEMES ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
March 31, 2026 (Unaudited)
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:
 
 
 
 
Fund
 
 
Investment Objectives
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 industries
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
 
 
 
 
 
57
 

TABLE OF CONTENTS

THEMES ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
March 31, 2026 (Unaudited)(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.
 
58
 

TABLE OF CONTENTS

THEMES ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
March 31, 2026 (Unaudited)(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 March 31, 2026, are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Themes China Generative Artificial Intelligence ETF
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$21,669,159
 
 
$—
 
 
$—
 
 
$21,669,159
Money Market Funds
 
 
66,856
 
 
—
 
 
—
 
 
66,856
Total Investments
 
 
$21,736,015
 
 
$—
 
 
$—
 
 
$21,736,015
 
 
 
 
 
 
 
 
 
 
 
 
 
Themes Cloud Computing ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$1,539,270
 
 
$—
 
 
$—
 
 
$1,539,270
Money Market Funds
 
 
1,668
 
 
—
 
 
—
 
 
1,668
Total Investments
 
 
$1,540,938
 
 
$—
 
 
$—
 
 
$1,540,938
Themes Copper Miners ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$11,570,727
 
 
$—
 
 
$0 *
 
 
$11,570,727
Total Investments
 
 
$11,570,727
 
 
$—
 
 
$0
 
 
$11,570,727
Themes Cybersecurity ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$2,291,584
 
 
$—
 
 
$—
 
 
$2,291,584
Money Market Funds
 
 
2,338
 
 
—
 
 
—
 
 
2,338
Total Investments
 
 
$2,293,922
 
 
$—
 
 
$—
 
 
$2,293,922
 
 
 
 
 
 
 
 
 
 
 
 
 
 
59
 

TABLE OF CONTENTS

THEMES ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
March 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Themes Generative Artificial Intelligence ETF
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$30,768,925
 
 
$—
 
 
$0 *
 
 
$30,768,925
Money Market Funds
 
 
64,520
 
 
—
 
 
—
 
 
64,520
Total Investments
 
 
$30,833,445
 
 
$—
 
 
$0
 
 
$30,833,445
 
 
 
 
 
 
 
 
 
 
 
 
 
Themes Global Systemically Important Banks ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$27,314,203
 
 
$—
 
 
$—
 
 
$27,314,203
Money Market Funds
 
 
40,471
 
 
—
 
 
—
 
 
40,471
Total Investments
 
 
$27,354,674
 
 
$—
 
 
$—
 
 
$27,354,674
Themes Gold Miners ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$30,457,650
 
 
$—
 
 
$—
 
 
$30,457,650
Money Market Funds
 
 
122,256
 
 
—
 
 
—
 
 
122,256
Total Investments
 
 
$30,579,906
 
 
$—
 
 
$—
 
 
$30,579,906
 
 
 
 
 
 
 
 
 
 
 
 
 
Themes Humanoid Robotics ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$30,644,781
 
 
$—
 
 
$—
 
 
$30,644,781
Money Market Funds
 
 
92,289
 
 
—
 
 
—
 
 
92,289
Total Investments
 
 
$30,737,070
 
 
$—
 
 
$—
 
 
$30,737,070
Themes Lithium & Battery Metal Miners ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$2,878,149
 
 
$23,417
 
 
$0*
 
 
$2,901,566
Rights
 
 
—
 
 
2,135
 
 
—
 
 
2,135
Money Market Funds
 
 
8,495
 
 
—
 
 
—
 
 
8,495
Total Investments
 
 
$2,886,644
 
 
$25,552
 
 
$0
 
 
$2,912,196
Themes Natural Monopoly ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$1,504,028
 
 
$—
 
 
$—
 
 
$1,504,028
Preferred Stocks
 
 
8,289
 
 
—
 
 
—
 
 
8,289
Money Market Funds
 
 
2,538
 
 
—
 
 
—
 
 
2,538
Total Investments
 
 
$1,514,855
 
 
$—
 
 
$—
 
 
$1,514,855
Themes Silver Miners ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$14,688,787
 
 
$—
 
 
$—
 
 
$14,688,787
Money Market Funds
 
 
46,069
 
 
—
 
 
—
 
 
46,069
Total Investments
 
 
$14,734,856
 
 
$—
 
 
$—
 
 
$14,734,856
 
 
 
 
 
 
 
 
 
 
 
 
 
 
60
 

TABLE OF CONTENTS

THEMES ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
March 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Themes Transatlantic Defense ETF
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$100,478,646
 
 
$—
 
 
$—
 
 
$100,478,646
Money Market Funds
 
 
457,332
 
 
—
 
 
—
 
 
457,332
Total Investments
 
 
$100,935,978
 
 
$—
 
 
$—
 
 
$100,935,978
 
 
 
 
 
 
 
 
 
 
 
 
 
Themes Uranium & Nuclear ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$27,807,244
 
 
$—
 
 
$—
 
 
$27,807,244
Money Market Funds
 
 
107,928
 
 
—
 
 
—
 
 
107,928
Total Investments
 
 
$27,915,172
 
 
$—
 
 
$—
 
 
$27,915,172
Themes US Cash Flow Champions ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$3,097,855
 
 
$—
 
 
$—
 
 
$3,097,855
Money Market Funds
 
 
9,762
 
 
—
 
 
—
 
 
9,762
Total Investments
 
 
$3,107,617
 
 
$—
 
 
$—
 
 
$3,107,617
 
 
 
 
 
 
 
 
 
 
 
 
 
Themes US Infrastructure ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$2,638,567
 
 
$—
 
 
$—
 
 
$2,638,567
Money Market Funds
 
 
9,546
 
 
—
 
 
—
 
 
9,546
Total Investments
 
 
$2,648,113
 
 
$—
 
 
$—
 
 
$2,648,113
Themes US R&D Champions ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$936,193
 
 
$—
 
 
$—
 
 
$936,193
Money Market Funds
 
 
2,781
 
 
—
 
 
—
 
 
2,781
Total Investments
 
 
$938,974
 
 
$—
 
 
$—
 
 
$938,974
 
 
 
 
 
 
 
 
 
 
 
 
 
Themes US Small Cap Cash Flow Champions ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$2,766,610
 
 
$—
 
 
$—
 
 
$2,766,610
Money Market Funds
 
 
21,925
 
 
—
 
 
—
 
 
21,925
Total Investments
 
 
$2,788,535
 
 
$—
 
 
$—
 
 
$2,788,535
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for industry classifications.
*
Includes a position valued at zero.
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.
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.
 
61
 

TABLE OF CONTENTS

THEMES ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
March 31, 2026 (Unaudited)(Continued)
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 the 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 March 31, 2026. 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 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
 
62
 

TABLE OF CONTENTS

THEMES ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
March 31, 2026 (Unaudited)(Continued)
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 Silver Miners ETF
 
 
0.35%
Themes Transatlantic Defense 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-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.
 
63
 

TABLE OF CONTENTS

THEMES ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
March 31, 2026 (Unaudited)(Continued)
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 March 31, 2026, certain Officers and a Trustee of the Trust were also officers or employees of the Adviser.
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 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.
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.
 
64
 

TABLE OF CONTENTS

THEMES ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
March 31, 2026 (Unaudited)(Continued)
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 period ended March 31, 2026, 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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchases
 
 
Sales
 
 
In-Kind
Purchases
 
 
In-Kind
Sales
Themes China Generative Artificial Intelligence ETF
 
 
$11,573,424
 
 
$8,380,021
 
 
$705,001
 
 
$319,955
Themes Cloud Computing ETF
 
 
124,396
 
 
133,553
 
 
879,244
 
 
352,507
Themes Copper Miners ETF
 
 
3,111,929
 
 
1,470,162
 
 
9,810,180
 
 
388,384
Themes Cybersecurity ETF
 
 
512,404
 
 
510,220
 
 
1,028,798
 
 
344,592
Themes Generative Artificial Intelligence ETF
 
 
17,072,595
 
 
18,541,884
 
 
1,605,009
 
 
—
Themes Global Systemically Important Banks ETF
 
 
3,831,479
 
 
2,194,716
 
 
12,696,714
 
 
7,749,777
Themes Gold Miners ETF
 
 
4,658,109
 
 
4,594,229
 
 
19,909,521
 
 
11,079,207
Themes Humanoid Robotics ETF
 
 
28,926,889
 
 
11,116,278
 
 
9,031,306
 
 
—
Themes Lithium & Battery Metal Miners ETF
 
 
1,522,893
 
 
610,889
 
 
1,741,011
 
 
250,703
Themes Natural Monopoly ETF
 
 
524,083
 
 
537,974
 
 
—
 
 
—
Themes Silver Miners ETF
 
 
1,477,787
 
 
1,315,565
 
 
11,677,464
 
 
1,730,814
Themes Transatlantic Defense ETF
 
 
4,254,017
 
 
4,287,268
 
 
52,199,309
 
 
4,329,517
Themes Uranium & Nuclear ETF
 
 
5,021,570
 
 
4,264,941
 
 
15,000,898
 
 
5,917,305
Themes US Cash Flow Champions ETF
 
 
595,164
 
 
590,622
 
 
324,482
 
 
—
Themes US Infrastructure ETF
 
 
126,667
 
 
114,351
 
 
1,595,625
 
 
306,413
Themes US R&D Champions ETF
 
 
228,671
 
 
231,587
 
 
—
 
 
—
Themes US Small Cap Cash Flow Champions ETF
 
 
1,370,061
 
 
1,457,109
 
 
341,289
 
 
1,968,642
 
 
 
 
 
 
 
 
 
 
 
 
 
For the period ended March 31, 2026, there were no long-term purchases or sales of U.S. Government Securities in the Funds.
 
65
 

TABLE OF CONTENTS

THEMES ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
March 31, 2026 (Unaudited)(Continued)
6. INCOME TAX INFORMATION
The components of accumulated earnings/losses for federal income tax purposes as of September 30, 2025, were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Themes China
Generative
Artificial
Intelligence
ETF
 
 
Themes
Cloud
Computing
ETF
 
 
Themes
Copper
Miners
ETF
 
 
Themes
Cybersecurity
ETF
 
 
Themes
Generative
Artificial
Intelligence
ETF
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Themes
Global
Systemically
Important
Banks ETF
 
 
Themes
Gold
Miners
ETF
 
 
Themes
Humanoid
Robotics
ETF
 
 
Themes
Lithium &
Battery
Metal Miners
ETF
 
 
Themes
Natural
Monopoly
ETF
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Themes
Silver
Miners
ETF
 
 
Themes
Transatlantic
Defense
ETF
 
 
Themes
Uranium &
Nuclear
ETF
 
 
Themes US
Cash Flow
Champions
ETF
 
 
Themes
US
Infrastructure
ETF
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
66
 

TABLE OF CONTENTS

THEMES ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
March 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Themes US
R&D
Champions
ETF
 
 
Themes US
Small Cap
Cash Flow
Champions
ETF
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.
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:
 
 
 
 
 
 
 
 
 
 
Post-October
Capital Losses
 
 
Late Year
Ordinary 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
 
 
—
 
 
—
 
 
 
 
 
 
 
 
67
 

TABLE OF CONTENTS

THEMES ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
March 31, 2026 (Unaudited)(Continued)
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
Utilized in
Current Year
 
 
Unlimited ST
 
 
Unlimited LT
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.
The tax character of distributions during the year ended September 30, 2025 were as follows:
 
 
 
 
 
 
 
Distributions Paid From:
 
 
 
Ordinary
Income
 
 
Long Term
Capital Gains
 
 
Return of
Capital
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
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
68
 

TABLE OF CONTENTS

THEMES ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
March 31, 2026 (Unaudited)(Continued)
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.
 
69
 

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
November 2025 meeting
At a meeting held on November 14, 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 renewal of an advisory agreement (the “Agreement”) between Themes Management Company, LLC (the “Adviser” or “Themes”) and the Trust, on behalf of 16 series of shares (each, a “Fund” and together, the “Funds”), including Themes Cloud Computing ETF, Themes Cybersecurity ETF, Themes Generative Artificial Intelligence ETF, Themes Global Systemically Important Banks ETF, Themes Gold Miners ETF, Themes Humanoid Robotics ETF, Themes Natural Monopoly ETF, Themes Silver Miners ETF, Themes US Cash Flow Champions ETF, Themes US R&D Champions ETF and Themes US Small Cap Cash Flow Champions 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, and information provided at past Board meetings. The Independent Trustees noted having met with Independent Trustee Counsel prior to the Meeting and that they discussed their duties and responsibilities in considering approval of the Advisory Agreement and the information provided in Themes’ 15c response. The Board noted that it requested and/or was provided with information and reports relevant to the renewal 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 renewing 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 throughout the year 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. 
 
70
 

TABLE OF CONTENTS

THEMES ETF TRUST
FORM N-CSR ITEMS (Unaudited)(Continued)
The Board did not identify any particular information that was most relevant to its consideration to approve the renewal of the Advisory Agreement on behalf of the Funds, and each Trustee may have assigned different weight to the various factors. In deciding whether to approve the renewal of the Advisory Agreement, the Trustees considered numerous factors, including: 
1.
The nature, extent, and quality of the services provided by Themes.
The Board considered the responsibilities of Themes under the Advisory Agreement and the services provided including, without limitation, the process for assuring compliance with each Fund’s investment objectives and limitations, the coordination of services for the Funds among the service providers, and the efforts of Themes to promote the Funds and grow their assets. The Board considered Themes’ staffing, the experience of its personnel managing the Funds, and its compliance programs, policies and procedures. 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. The Board also considered Themes’ distribution plan for the Funds, focusing on marketing and advertising and the addition of employees to assist in this plan. 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.
In evaluating the performance of each Fund, the Board considered performance reports and data provided at each regular Board meeting throughout the year. The Board considered the extent each passively-managed Fund tracked its respective thematic benchmark index. Given the investment objective of each of these Funds, the Board considered tracking error to be a more meaningful indicator of the quality of the Adviser’s services. The Board considered a peer group comparison of performance for the actively-managed Themes Global Systemically Important Banks ETF. After reviewing the performance of each Fund, the Board found the Funds’ performance to be reasonable.
3.
The costs of services provided and profits realized by Themes from its relationship with the Funds.
The Board considered comparative information of the Funds’ management fees to other similar funds, where applicable, noting that each Fund’s proposed management fee was the same or lower than the median management fees charged by Peer Funds. The Board considered the profitability of each of the Funds. The Board noted projections from Themes as to the level of assets under management required in each New Fund in order for it to become profitable. The Board considered the financial condition of Themes and the Adviser’s level of commitment to the Funds. The Board considered the complexity of the Funds’ investment strategies and the operational burdens of overseeing daily trading. Following a review of the comparative information provided for each New Fund and upon further consideration and discussion of the foregoing, the Board concluded that the fees 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 that each Fund has a unitary fee structure. The Board noted that the advisory fee does not include a breakpoint but that the unitary fee structure has the effect of capping the expenses for each Fund.
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; 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. 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
 
71
 

TABLE OF CONTENTS

THEMES ETF TRUST
FORM N-CSR ITEMS (Unaudited)(Continued)
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.
February 2026 meeting
At a meeting held on February 25, 2026 (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 renewal of an advisory agreement (the “Agreement”) between Themes Management Company, LLC (the “Adviser” or “Themes”) and the Trust, on behalf of 16 series of shares (each, a “Fund” and together, the “Funds”), including Themes Copper Miners ETF, Themes Lithium & Battery Metal Miners ETF, Themes Transatlantic Defense ETF, Themes Uranium & Nuclear ETF and Themes US Infrastructure 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, and information provided at past Board meetings. The Independent Trustees noted having met with Independent Trustee Counsel prior to the Meeting and that they discussed their duties and responsibilities in considering approval of the Advisory Agreement and the information provided in Themes’ 15c response. The Board noted that it requested and/or was provided with information and reports relevant to the renewal of the Advisory Agreement, including: (i) reports regarding the services and support 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 renewing 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 throughout the year including, without limitation: (i) documents containing information about Themes, including financial information, a description of personnel and the services 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 realized by Themes from its relationship with the Funds.
The Board did not identify any particular information that was most relevant to its consideration to approve the renewal of the Advisory Agreement on behalf of the Funds, and each Trustee may have assigned different weight to the various factors. In deciding whether to approve the renewal of the Advisory Agreement, the Trustees considered numerous factors, including: 
1.
The nature, extent, and quality of the services provided by Themes.
The Board considered the responsibilities of Themes under the Advisory Agreement and the services provided including, without limitation, the process for assuring compliance with each Fund’s investment objectives and limitations, the coordination of services for the Funds among the service providers, and the efforts of Themes to
 
72
 

TABLE OF CONTENTS

THEMES ETF TRUST
FORM N-CSR ITEMS (Unaudited)(Continued)
promote the Funds and grow their assets. The Board considered Themes’ staffing, the experience of its personnel managing the Funds, and its compliance programs, policies and procedures. 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. The Board also considered Themes’ sales and marketing strategy for the Funds, focusing on marketing and advertising and the addition of employees to assist in this plan. 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.
In evaluating the performance of each Fund, the Board considered performance reports and data provided at each regular Board meeting throughout the year. The Board considered the extent each passively-managed Fund tracked its respective thematic benchmark index. Given the investment objective of each of these Funds, the Board considered tracking error to be a more meaningful indicator of the quality of the Adviser’s services. The Board considered the extent each leveraged Fund tracked the return of its respective underlying stock. Given the structural characteristics of daily resetting leveraged ETFs, the Board considered that factors such as the underlying stock’s volatility over the full holding period dictated a Fund’s performance in relation to its underlying stock and that this factor, and not tracking error, was primarily responsible for any under-performance. After reviewing the performance of each Fund, the Board found the Funds’ performance to be reasonable. 
3.
The costs of services provided and profits realized by Themes from its relationship with the Funds.
The Board considered comparative information of the Funds’ management fees to other similar funds, where applicable, noting that each Fund’s proposed management fee was the same or lower than the median management fees charged by Peer funds. The Board considered the profitability of each of the Funds. 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 considered the financial condition of Themes and the Adviser’s level of commitment to the Funds. The Board considered the complexity of the Funds’ investment strategies and the operational burdens of overseeing daily trading. 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 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 that each Fund has a unitary fee structure. The Board noted that the advisory fee does not include a breakpoint but that the unitary fee structure has the effect of capping the expenses for each Fund.
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; 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. 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.
 
73
 

TABLE OF CONTENTS

THEMES ETF TRUST
FORM N-CSR ITEMS (Unaudited)(Continued)
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.
 
74
 

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%
 
 
 
 
 
75
 

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.
 
76