BlueStar Israel Technology ETF
 
Schedule of Investments
 
December 31, 2023 (Unaudited)
 
   
COMMON STOCKS - 99.6%
 
Shares
   
Value
 
Cayman Islands - 0.9%
       
Software - 0.9%(e)
           
Sapiens International Corp. NV
   
28,046
   
$
811,651
 
                 
Gibraltar - 0.5%
         
Hotels, Restaurants & Leisure - 0.5%
               
888 Holdings PLC(a)
   
363,436
     
442,638
 
                 
Guernsey - 7.1%
         
IT Services - 7.1%
               
Amdocs, Ltd.
   
68,896
     
6,055,269
 
                 
Israel - 75.7%(b)
         
Aerospace & Defense - 4.7%
               
Elbit Systems, Ltd.(c)
   
18,907
     
4,031,918
 
           
$
 
Automobile Components - 1.2%
               
Mobileye Global, Inc. - Class A(a)(c)
   
24,159
     
1,046,568
 
           
$
 
Biotechnology - 0.0%(d)
               
Pluri, Inc.(a)
   
1
     
1
 
           
$
 
Broadline Retail - 3.3%
               
Global-e Online, Ltd.(a)
   
71,464
     
2,832,118
 
           
$
 
Communications Equipment - 0.8%
               
AudioCodes, Ltd.
   
24,934
     
300,953
 
Gilat Satellite Networks, Ltd.(a)
   
58,121
     
355,120
 
             
656,073
 
Electronic Equipment, Instruments & Components - 0.6%
               
Innoviz Technologies, Ltd.(a)(c)
   
203,681
     
515,313
 
           
$
 
Financial Services - 1.3%
               
Plus500, Ltd.
   
52,105
     
1,104,491
 
           
$
 
Health Care Equipment & Supplies - 2.3%
               
Inmode, Ltd.(a)(c)
   
69,541
     
1,546,592
 
Nano-X Imaging, Ltd.(a)(c)
   
67,455
     
429,688
 
             
1,976,280
 
Household Durables - 0.6%
               
Maytronics, Ltd.
   
46,794
     
530,299
 
           
$
 
Independent Power and Renewable Electricity Producers - 2.5%
               
Energix-Renewable Energies, Ltd.
   
231,405
     
849,421
 
Enlight Renewable Energy, Ltd.(a)
   
61,494
     
1,191,471
 
             
2,040,892
 
Interactive Media & Services - 0.9%
               
Taboola.com, Ltd.(a)
   
186,635
     
808,130
 
           
$
 
IT Services - 7.1%
               
Formula Systems 1985, Ltd.
   
6,899
     
442,269
 
Matrix IT, Ltd.
   
29,111
     
548,361
 
One Software Technologies, Ltd.
   
31,749
     
405,221
 
Wix.com, Ltd.(a)
   
37,688
     
4,636,378
 
             
6,032,229
 
Machinery - 1.8%
               
Kornit Digital, Ltd.(a)
   
38,528
     
738,196
 
Stratasys, Ltd.(a)(c)
   
54,022
     
771,435
 
             
1,509,631
 
Media - 1.8%
               
Perion Network, Ltd.(a)
   
38,898
     
1,200,781
 
Tremor International, Ltd.(a)
   
131,991
     
343,214
 
             
1,543,995
 
Professional Services - 1.6%
               
Fiverr International, Ltd.(a)(c)
   
32,134
     
874,687
 
Hilan, Ltd.
   
10,484
     
551,050
 
             
1,425,737
 
Semiconductors & Semiconductor Equipment - 11.9%
               
Camtek, Ltd.(a)(c)
   
21,417
     
1,485,911
 
Nova, Ltd.(a)
   
15,106
     
2,075,413
 
SolarEdge Technologies, Inc.(a)(c)
   
42,902
     
4,015,627
 
Tower Semiconductor, Ltd.(a)
   
84,164
     
2,568,686
 
             
10,145,637
 
Software - 32.6%(e)
               
Cellebrite DI, Ltd.(a)
   
60,081
     
520,301
 
Check Point Software Technologies, Ltd.(a)
   
40,584
     
6,200,829
 
Cognyte Software, Ltd.(a)
   
62,354
     
400,936
 
CyberArk Software, Ltd.(a)(c)
   
29,248
     
6,406,773
 
JFrog, Ltd.(a)
   
74,055
     
2,563,044
 
Magic Software Enterprises, Ltd.
   
30,000
     
288,354
 
Monday.com, Ltd.(a)(c)
   
20,382
     
3,827,943
 
Nice, Ltd. - ADR(a)(c)
   
29,541
     
5,893,725
 
Pagaya Technologies, Ltd. - Class A(a)
   
311,910
     
430,436
 
Radware, Ltd.(a)
   
26,664
     
444,756
 
Riskified, Ltd. - Class A(a)
   
102,175
     
478,179
 
WalkMe, Ltd.(a)
   
33,952
     
362,268
 
             
27,817,544
 
Technology Hardware, Storage & Peripherals - 0.7%
               
Nano Dimension, Ltd. - ADR(a)(c)
   
232,089
     
557,014
 
Total Israel
     
64,573,870
 
                 
Jersey - 0.8%
         
Health Care Equipment & Supplies - 0.8%
               
Novocure, Ltd.(a)
   
46,402
     
692,782
 
                 
Luxembourg - 0.5%
         
Hotels, Restaurants & Leisure - 0.5%
               
NEOGAMES SA(a)
   
15,677
     
448,833
 
                 
United States - 14.1%
         
Aerospace & Defense - 1.2%
               
Leonardo DRS, Inc.(a)
   
49,974
     
1,001,479
 
           
$
 
Biotechnology - 0.5%
               
UroGen Pharma, Ltd.(a)
   
28,862
     
432,930
 
           
$
 
Electronic Equipment, Instruments & Components - 0.5%
               
Vishay Precision Group, Inc.(a)
   
12,765
     
434,904
 
           
$
 
Entertainment - 0.8%
               
Playtika Holding Corp.(a)
   
73,585
     
641,661
 
           
$
 
Financial Services - 1.3%
               
Payoneer Global, Inc.(a)
   
206,023
     
1,073,380
 
           
$
 
Independent Power and Renewable Electricity Producers - 3.0%
               
Ormat Technologies, Inc.
   
33,867
     
2,606,053
 
           
$
 
Insurance - 0.8%
               
Lemonade, Inc.(a)(c)
   
43,590
     
703,107
 
           
$
 
Semiconductors & Semiconductor Equipment - 0.5%
               
CEVA, Inc.(a)
   
18,912
     
429,492
 
           
$
 
Software - 5.5%(e)
               
LivePerson, Inc.(a)
   
90,363
     
342,476
 
SentinelOne, Inc. - Class A(a)(c)
   
162,116
     
4,448,462
 
             
4,790,938
 
Total United States
     
12,113,944
 
TOTAL COMMON STOCKS (Cost $107,416,067)
     
85,138,987
 
                 
SHORT-TERM INVESTMENTS - 26.9%
               
Investments Purchased with Proceeds from Securities Lending - 26.5%
               
Mount Vernon Liquid Assets Portfolio, LLC, 5.61%(f)
   
22,697,410
     
22,697,410
 
                 
Money Market Funds - 0.4%
               
First American Government Obligations Fund - Class X, 5.28%(f)
   
366,664
     
366,664
 
TOTAL SHORT-TERM INVESTMENTS (Cost $23,064,074)
     
23,064,074
 
                 
TOTAL INVESTMENTS - 126.5% (Cost $130,480,141)
     
108,203,061
 
Liabilities in Excess of Other Assets - (26.5)%
     
(22,699,912
)
TOTAL NET ASSETS - 100.0%
         
$
85,503,149
 
                 
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)
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.
(c)
All or a portion of this security is on loan as of December 31, 2023. The total market value of these securities was $21,780,553 which represented 25.5% of net assets.
(d)
Represents less than 0.05% of net assets.
(e)
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.
(f)
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:

BlueStar Israel Technology ETF
 
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                       
                         
  Common Stocks
 
$
85,138,987
   
$
   
$
   
$
85,138,987
 
  Investments Purchased with Proceeds from Securities Lending(a)
   
     
     
     
22,697,410
 
  Money Market Funds
   
366,664
     
     
     
366,664
 
Total Investments
 
$
85,505,651
   
$
   
$
   
$
108,203,061
 
                                 
   
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.