ETFMG Prime Mobile Payments ETF
 
Schedule of Investments
 
December 31, 2023 (Unaudited)
 
   
COMMON STOCKS - 99.1%
 
Shares
   
Value
 
Australia - 0.2%
       
Financial Services - 0.2%
           
EML Payments, Ltd.(a)
   
1,621,967
   
$
873,178
 
                 
Bermuda - 0.9%
         
Electronic Equipment, Instruments & Components - 0.5%
               
PAX Global Technology, Ltd.
   
2,322,296
     
1,799,307
 
           
$
 
Financial Services - 0.4%
               
Paysafe Ltd.(a)
   
130,871
     
1,673,840
 
Total Bermuda
     
3,473,147
 
                 
Brazil - 1.6%
         
Financial Services - 1.6%
               
Cielo SA
   
6,045,533
     
5,836,946
 
                 
Canada - 1.7%
         
Financial Services - 1.7%
               
Nuvei Corp. (b)(c)
   
247,260
     
6,495,695
 
                 
Cayman Islands - 5.5%
         
Financial Services - 5.5%
               
Dlocal Ltd.(a)(d)
   
322,519
     
5,705,361
 
Pagseguro Digital, Ltd. - Class A(a)
   
514,136
     
6,411,276
 
StoneCo, Ltd. - Class A(a)
   
355,027
     
6,401,137
 
Yeahka, Ltd.(a)
   
960,529
     
1,810,717
 
             
20,328,491
 
Total Cayman Islands
     
20,328,491
 
                 
Cyprus - 0.0%(e)
         
Financial Services – 0.0%(e)
               
QIWI PLC - ADR(a)(d)(f)
   
235,051
     
0
 
                 
France - 1.6%
         
Financial Services - 1.6%
               
Worldline SA(a)(b)(c)
   
350,496
     
6,063,181
 
                 
Italy - 1.9%
         
Financial Services - 1.9%
               
Nexi SpA(a)(b)(c)
   
869,662
     
7,110,215
 
                 
Japan - 3.3%
         
Consumer Finance - 1.3%
               
Jaccs Co., Ltd.
   
130,215
     
4,793,020
 
           
$
 
Financial Services - 2.0%
               
GMO Financial Gate, Inc.
   
14,886
     
1,104,309
 
GMO Payment Gateway, Inc.(d)
   
92,815
     
6,449,655
 
             
7,553,964
 
Total Japan
     
12,346,984
 
                 
Netherlands - 3.9%
         
Financial Services - 3.9%
               
Adyen NV (a)(b)(c)
   
10,864
     
13,991,371
 
                 
Puerto Rico - 1.5%
         
Financial Services - 1.5%
               
EVERTEC, Inc.
   
134,432
     
5,503,646
 
                 
Republic of Korea - 3.1%
         
Consumer Finance - 1.4%
               
Samsung Card Co., Ltd.
   
200,916
     
5,046,690
 
           
$
 
Financial Services - 1.7%
               
Danal Co., Ltd.(a)
   
194,114
     
703,115
 
Kakaopay Corp.(a)
   
155,562
     
5,954,816
 
             
6,657,931
 
Total Republic of Korea
     
11,704,621
 
                 
United Kingdom - 3.7%
         
Financial Services - 3.7%
               
Network International Holdings PLC (a)(b)(c)
   
1,017,835
     
5,057,195
 
PayPoint PLC
   
157,280
     
1,042,479
 
Wise PLC - Class A(a)
   
682,304
     
7,601,158
 
             
13,700,832
 
Total United Kingdom
     
13,700,832
 
                 
United States - 70.2%(g)
         
Consumer Finance - 12.4%
               
American Express Co.
   
118,595
     
22,217,588
 
Bread Financial Holdings, Inc.(d)
   
168,737
     
5,558,197
 
Discover Financial Services
   
104,545
     
11,750,858
 
Green Dot Corp. - Class A(a)
   
116,400
     
1,152,360
 
PROG Holdings, Inc.(a)(d)
   
172,539
     
5,333,180
 
             
46,012,183
 
Financial Services - 54.8%(h)
               
Affirm Holdings, Inc.(a)(d)
   
197,345
     
9,697,533
 
Block, Inc.(a)
   
209,647
     
16,216,195
 
Cantaloupe, Inc.(a)
   
132,794
     
984,004
 
Euronet Worldwide, Inc.(a)
   
61,250
     
6,216,263
 
Fidelity National Information Services, Inc.
   
210,426
     
12,640,290
 
Fiserv, Inc.(a)
   
155,061
     
20,598,303
 
FleetCor Technologies, Inc.(a)
   
34,850
     
9,848,959
 
Flywire Corp.(a)
   
217,600
     
5,037,440
 
Global Payments, Inc.
   
97,319
     
12,359,513
 
I3 Verticals, Inc. - Class A(a)(d)
   
65,920
     
1,395,526
 
International Money Express, Inc.(a)
   
82,096
     
1,813,501
 
Jack Henry & Associates, Inc.
   
44,479
     
7,268,313
 
Marqeta, Inc. - Class A(a)
   
815,829
     
5,694,486
 
MasterCard, Inc. - Class A
   
48,941
     
20,873,827
 
Paymentus Holdings, Inc. - Class A(a)
   
284,442
     
5,082,979
 
Payoneer Global, Inc.(a)
   
936,797
     
4,880,712
 
PayPal Holdings, Inc.(a)
   
322,396
     
19,798,338
 
Remitly Global, Inc.(a)(d)
   
247,640
     
4,809,169
 
Shift4 Payments, Inc. - Class A(a)(d)
   
86,017
     
6,394,504
 
Visa, Inc. - Class A(d)
   
78,903
     
20,542,396
 
Western Union Co.
   
463,534
     
5,525,325
 
WEX, Inc.(a)
   
34,799
     
6,770,145
 
             
204,447,721
 
Software - 3.0%
               
ACI Worldwide, Inc.(a)
   
190,274
     
5,822,384
 
NCR Voyix Corp.(a)
   
314,413
     
5,316,724
 
             
11,139,108
 
Total United States
     
261,599,012
 
TOTAL COMMON STOCKS (Cost $452,629,051)
     
369,027,319
 
                 
SHORT-TERM INVESTMENTS - 8.0%
               
Investments Purchased with Proceeds from Securities Lending - 7.1%
 
Shares
         
Mount Vernon Liquid Assets Portfolio, LLC, 5.61%(i)
   
26,280,613
     
26,280,613
 
                 
Money Market Funds - 0.9%
 
Shares
         
First American Government Obligations Fund - Class X, 5.28%(i)
   
3,419,632
     
3,419,632
 
TOTAL SHORT-TERM INVESTMENTS (Cost $29,700,245)
     
29,700,245
 
                 
TOTAL INVESTMENTS - 107.1% (Cost $482,329,296)
     
398,727,564
 
Liabilities in Excess of Other Assets - (7.1)%
     
(26,430,273
)
TOTAL NET ASSETS - 100.0%
         
$
372,297,291
 
                 
Percentages are stated as a percent of net assets.
         

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt
PLC - Public Limited Company
SA - Sociedad Anónima

(a)
Non-income producing security.
(b)
Security considered restricted. The total market value of these securities was $38,717,657 which represented 10.4% of net assets as of December 31, 2023.
(c)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2023, the value of these securities total $38,717,657 or 10.4% of the Fund’s net assets.
(d)
All or a portion of this security is on loan as of December 31, 2023. The total market value of these securities was $25,233,658 which represented 6.8% of net assets.
(e)
Represents less than 0.05% of net assets.
(f)
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 December 31, 2023.
(g)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.
(h)
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.
(i)
The rate shown represents the 7-day effective yield as of December 31, 2023.


 ETF Managers Trust

The following is a summary of significant accounting policies consistently followed by ETFMG Prime Junior Silver Miners ETF (“SILJ”), ETFMG Prime Cyber Security ETF (“HACK”), ETFMG Prime Mobile Payments ETF (“IPAY”), ETFMG Travel Tech ETF (“AWAY”), ETFMG Treatments, Testing and Advancements ETF (“GERM”), ETFMG Alternative Harvest U.S. ETF (“MJUS”), ETFMG Alternative Harvest ETF (“MJ”), ETFMG Wedbush ETFMG Video Game Tech ETF (“GAMR”), Wedbush ETFMG Global Cloud Technology ETF (“IVES”), BlueStar Israel Technology ETF (“ITEQ”), Etho Climate Leadership U.S. ETF (“ETHO”) and AI Powered Equity ETF (“AIEQ”)(each a “Fund,” or collectively the “Funds”).
 
Security Valuation. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used.
 
Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by ETF Managers Group, LLC (the “Adviser”), using procedures adopted by the Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Funds’ Board. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of December 31, 2023, AIEQ, HACK, AWAY, MJUS, IVES, ITEQ and ETHO did not hold any fair valued securities. As of December 31, 2023, SILJ held three fair valued securities, IPAY, MJ, GERM, and GAMR held one fair valued security.
 
As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

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 instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the 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 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.
 
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
 
The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2023:

ETFMG Prime Mobile Payments ETF
 
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                       
  Common Stocks
                       
        Australia
   
873,178
     
     
     
873,178
 
        Bermuda
   
3,473,147
     
     
     
3,473,147
 
        Brazil
   
5,836,946
     
     
     
5,836,946
 
        Canada
   
6,495,695
     
     
     
6,495,695
 
        Cayman Islands
   
20,328,491
     
     
     
20,328,491
 
        Cyprus
   
     
     
     
 
        France
   
6,063,181
     
     
     
6,063,181
 
        Italy
   
7,110,215
     
     
     
7,110,215
 
        Japan
   
12,346,984
     
     
     
12,346,984
 
        Netherlands
   
13,991,371
     
     
     
13,991,371
 
        Puerto Rico
   
5,503,646
     
     
     
5,503,646
 
        Republic of Korea
   
11,704,621
     
     
     
11,704,621
 
        United Kingdom
   
13,700,832
     
     
     
13,700,832
 
        United States
   
261,599,012
     
     
     
261,599,012
 
  Common Stocks - Total
 
$
369,027,319
   
$
   
$
   
$
369,027,319
 
  Investments Purchased with Proceeds from Securities Lending(a)
   
     
     
     
26,280,613
 
  Money Market Funds
   
3,419,632
     
     
     
3,419,632
 
Total Investments
 
$
372,446,951
   
$
   
$
   
$
398,727,564
 
                                 
   
Refer to the Schedule of Investments for industry classifications.
 

(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.