ETFMG U.S. Alternative Harvest ETF
 
Schedule of Investments
 
December 31, 2023 (Unaudited)
 
   
COMMON STOCKS - 6.5%
Shares
   
Value
 
United States - 6.5%
       
Industrial REITs - 2.2%
         
Innovative Industrial Properties, Inc.(a)
   
25,465
   
$
2,567,381
 
           
$
 
Mortgage Real Estate Investment Trusts (REITs) - 2.1%
               
AFC Gamma, Inc.(a)
   
90,574
     
1,089,605
 
Chicago Atlantic Real Estate Finance, Inc.(a)
   
84,137
     
1,361,337
 
             
2,450,942
 
Pharmaceuticals - 0.4%
               
Bright Green Corp.(b)
   
1,395,395
     
460,620
 
           
$
 
Software - 1.1%
               
WM Technology, Inc.
   
1,727,057
     
1,243,999
 
           
$
 
Specialty Retail - 0.7%
               
GrowGeneration Corp.(b)
   
328,290
     
824,008
 
Total United States
     
7,546,950
 
TOTAL COMMON STOCKS (Cost $8,218,709)
     
7,546,950
 
                 
SHORT-TERM INVESTMENTS - 95.6%
               
Investments Purchased with Proceeds from Securities Lending - 2.4%
               
Mount Vernon Liquid Assets Portfolio, LLC, 5.61%(c)
   
2,810,900
     
2,810,900
 
                 
Money Market Funds - 4.5%
               
First American Government Obligations Fund - Class X, 5.28%(c)
   
5,217,061
     
5,217,061
 
                 
U.S. Treasury Bills - 88.7%
Par
         
5.34%, 01/04/2024(d)
   
3,041,000
     
3,039,664
 
5.33%, 01/25/2024(d)
   
13,719,000
     
13,670,892
 
5.30%, 02/01/2024(d)
   
6,069,000
     
6,041,668
 
5.27%, 02/06/2024(d)
   
5,246,000
     
5,218,721
 
5.23%, 02/08/2024(d)
   
5,225,000
     
5,196,539
 
5.25%, 02/13/2024(d)
   
8,693,000
     
8,639,212
 
5.25%, 02/15/2024(d)
   
5,506,000
     
5,470,307
 
5.24%, 02/20/2024(d)
   
4,055,000
     
4,025,879
 
5.25%, 02/27/2024(d)
   
2,440,000
     
2,419,988
 
5.24%, 03/05/2024(d)
   
25,523,000
     
25,291,087
 
5.25%, 03/14/2024(d)
   
6,384,000
     
6,317,817
 
5.14%, 03/28/2024(d)
   
18,264,000
     
18,037,481
 
             
103,369,255
 
TOTAL SHORT-TERM INVESTMENTS (Cost $111,396,410)
     
111,397,216
 
                 
TOTAL INVESTMENTS - 102.1% (Cost $119,615,119)
   
$
118,944,166
 
Liabilities in Excess of Other Assets - (2.1)%
     
(2,461,481
)
TOTAL NET ASSETS - 100.0%
         
$
116,482,685
 
                 
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.

(a)
All or a portion of this security is on loan as of December 31, 2023. The total market value of these securities was $2,724,008 which represented 2.3% of net assets.
(b)
Non-income producing security.
(c)
The rate shown represents the 7-day effective yield as of December 31, 2023.
(d)
The rate shown is the effective yield.


ETFMG U.S. Alternative Harvest ETF
 
Schedule of Total Return Swaps
           
December 31, 2023 (Unaudited)
           
                     
Long Total Return Equity Swaps*
Counterparty
Payment Frequency
Financing Rate
Expiration Date
 
Notional
Amount
   
Unrealized
Appreciation (Depreciation)
 
Ayr Wellness, Inc.
National Bank of Canada
Monthly
SOFRRATE Index + 1.50%
November 4, 2024
 
$
2,462,659
   
$
-
 
Cannabist Co. Holdings
National Bank of Canada
Monthly
SOFRRATE Index + 1.50%
November 4, 2024
   
3,074,022
     
-
 
Cresco Labs
National Bank of Canada
Monthly
SOFRRATE Index + 1.50%
November 4, 2024
   
9,079,677
     
-
 
Curaleaf Holdings
National Bank of Canada
Monthly
SOFRRATE Index + 1.50%
November 4, 2024
   
19,588,964
     
-
 
4Front Ventures Corp.
National Bank of Canada
Monthly
SOFRRATE Index + 1.50%
November 4, 2024
   
673,880
     
-
 
Glass House Brands
National Bank of Canada
Monthly
SOFRRATE Index + 1.50%
November 4, 2024
   
3,998,136
     
-
 
Green Thumb Industries
National Bank of Canada
Monthly
SOFRRATE Index + 1.50%
November 4, 2024
   
16,554,279
     
-
 
Jushi Holdings Inc.
National Bank of Canada
Monthly
SOFRRATE Index + 1.50%
November 4, 2024
   
1,437,852
     
-
 
Marimed Inc.
National Bank of Canada
Monthly
SOFRRATE Index + 1.50%
November 4, 2024
   
1,382,520
     
-
 
Planet 13 Holdings Inc.
National Bank of Canada
Monthly
SOFRRATE Index + 1.50%
November 4, 2024
   
1,827,918
     
-
 
Terrascend Corp.
National Bank of Canada
Monthly
SOFRRATE Index + 1.50%
November 4, 2024
   
8,999,756
     
-
 
Trulieve Cannabis
National Bank of Canada
Monthly
SOFRRATE Index + 1.50%
November 4, 2024
   
15,778,657
     
-
 
Verano Holdings Corp. - Class A
National Bank of Canada
Monthly
SOFRRATE Index + 1.50%
November 4, 2024
   
18,389,544
     
-
 
                   
$
103,247,864
   
$
-
 
* Total return swaps are in a basket swap agreement.
                     


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 U.S. Alternative Harvest ETF
 
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                       
  Common Stocks
 
$
7,546,950
   
$
   
$
   
$
7,546,950
 
  Investments Purchased with Proceeds from Securities Lending(a)
   
     
     
     
2,810,900
 
  Money Market Funds
   
5,217,061
     
     
     
5,217,061
 
  U.S. Treasury Bills
   
     
103,369,255
     
     
103,369,255
 
Total Investments
 
$
12,764,011
   
$
103,369,255
   
$
   
$
118,944,166
 
                                 
Other Financial Instruments:*
                               
Long
                               
  Total Return Swaps
 
$
   
$
   
$
   
$
 
Total Short
 
$
   
$
   
$
   
$
 
   
* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of December 31, 2023.
 
   
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.