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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23872
Themes ETF Trust
(Exact name of registrant as specified in charter)
34 East
Putnam Avenue Suite 112
Greenwich,
CT 06830
(Address of principal executive offices) (Zip code)
Themes Management
Company, LLC
34 East
Putnam Avenue Suite 112
Greenwich,
CT 06830
(Name and address of agent for service)
(646) 206-1788
Registrant’s telephone number, including area code
Date of fiscal year end: October
31, 2025
Date of reporting period: April
30, 2025
Item 1. Reports to Stockholders.
|
|
|
|
|
Leverage Shares 2X Long ADBE Daily ETF
|
|
|
ADBG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ )
|
|
Semi-Annual Shareholder Report | April 30, 2025
|
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long ADBE Daily ETF for the period of March 20, 2025 to April 30, 2025. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-adbe-daily-etf/. You can also request this information by contacting us at 1-866-584-3637.
|
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Leverage Shares 2X Long ADBE Daily ETF
|
$*
|
%**
|
| * |
Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations for the full six month period. |
| ** |
Percentage shown is annualized. |
KEY FUND STATISTICS (as of April 30, 2025)
|
|
|
Net Assets
|
$336,021
|
|
Number of Holdings
|
4
|
|
Portfolio Turnover
|
0%
|
Visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-adbe-daily-etf/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
|
|
|
Market Exposure
|
(% of net assets)
|
|
Adobe, Inc.
|
200.0%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-adbe-daily-etf/.
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.
| Leverage Shares 2X Long ADBE Daily ETF
|
PAGE 1
|
TSR-SAR-882927387 |
|
|
|
|
|
Leverage Shares 2X Long AMD Daily ETF
|
|
|
AMDG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ )
|
|
Semi-Annual Shareholder Report | April 30, 2025
|
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long AMD Daily ETF for the period of January 23, 2025 to April 30, 2025. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-amd-long-etf/. You can also request this information by contacting us at 1-866-584-3637.
|
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Leverage Shares 2X Long AMD Daily ETF
|
$*
|
%**
|
| * |
Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations for the full six month period. |
| ** |
Percentage shown is annualized. |
KEY FUND STATISTICS (as of April 30, 2025)
|
|
|
Net Assets
|
$1,470,299
|
|
Number of Holdings
|
4
|
|
Portfolio Turnover
|
0%
|
Visit https://leverageshares.com/us/etfs/leverage-shares-2x-amd-long-etf/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
|
|
|
Market Exposure
|
(% of net assets)
|
|
Advanced Micro Devices, Inc.
|
200.0%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-amd-long-etf/.
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.
| Leverage Shares 2X Long AMD Daily ETF
|
PAGE 1
|
TSR-SAR-882927627 |
|
|
|
|
|
Leverage Shares 2X Long ARM Daily ETF
|
|
|
ARMG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ )
|
|
Semi-Annual Shareholder Report | April 30, 2025
|
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long ARM Daily ETF for the period of January 13, 2025 to April 30, 2025. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-arm-long-etf/. You can also request this information by contacting us at 1-866-584-3637.
|
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Leverage Shares 2X Long ARM Daily ETF
|
$*
|
%**
|
| * |
Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations for the full six month period. |
| ** |
Percentage shown is annualized. |
KEY FUND STATISTICS (as of April 30, 2025)
|
|
|
Net Assets
|
$4,493,890
|
|
Number of Holdings
|
4
|
|
Portfolio Turnover
|
0%
|
Visit https://leverageshares.com/us/etfs/leverage-shares-2x-arm-long-etf/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
|
|
|
Market Exposure
|
(% of net assets)
|
|
ARM Holdings PLC
|
200.0%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-arm-long-etf/.
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.
| Leverage Shares 2X Long ARM Daily ETF
|
PAGE 1
|
TSR-SAR-882927577 |
|
|
|
|
|
Leverage Shares 2X Long ASML Daily ETF
|
|
|
ASMG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ )
|
|
Semi-Annual Shareholder Report | April 30, 2025
|
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long ASML Daily ETF for the period of January 13, 2025 to April 30, 2025. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-asml-long-etf/. You can also request this information by contacting us at 1-866-584-3637.
|
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Leverage Shares 2X Long ASML Daily ETF
|
$*
|
%**
|
| * |
Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations for the full six month period. |
| ** |
Percentage shown is annualized. |
KEY FUND STATISTICS (as of April 30, 2025)
|
|
|
Net Assets
|
$1,871,919
|
|
Number of Holdings
|
4
|
|
Portfolio Turnover
|
0%
|
Visit https://leverageshares.com/us/etfs/leverage-shares-2x-asml-long-etf/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
|
|
|
Market Exposure
|
(% of net assets)
|
|
ASML Holding NV
|
200.0%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-asml-long-etf/.
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.
| Leverage Shares 2X Long ASML Daily ETF
|
PAGE 1
|
TSR-SAR-882927668 |
|
|
|
|
|
Leverage Shares 2X Long COIN Daily ETF
|
|
|
COIG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ )
|
|
Semi-Annual Shareholder Report | April 30, 2025
|
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long COIN Daily ETF for the period of March 13, 2025 to April 30, 2025. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-coin-daily-etf/. You can also request this information by contacting us at 1-866-584-3637.
|
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Leverage Shares 2X Long COIN Daily ETF
|
$*
|
%**
|
| * |
Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations for the full six month period. |
| ** |
Percentage shown is annualized. |
KEY FUND STATISTICS (as of April 30, 2025)
|
|
|
Net Assets
|
$531,229
|
|
Number of Holdings
|
4
|
|
Portfolio Turnover
|
0%
|
Visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-coin-daily-etf/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
|
|
|
Market Exposure
|
(% of net assets)
|
|
Coinbase Global, Inc.
|
200.0%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-coin-daily-etf/.
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.
| Leverage Shares 2X Long COIN Daily ETF
|
PAGE 1
|
TSR-SAR-882927635 |
|
|
|
|
|
Leverage Shares 2X Long CRM Daily ETF
|
|
|
CRMG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ )
|
|
Semi-Annual Shareholder Report | April 30, 2025
|
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long CRM Daily ETF for the period of April 3, 2025 to April 30, 2025. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-crm-daily-etf/. You can also request this information by contacting us at 1-866-584-3637.
|
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Leverage Shares 2X Long CRM Daily ETF
|
$*
|
%**
|
| * |
Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations for the full six month period. |
| ** |
Percentage shown is annualized. |
KEY FUND STATISTICS (as of April 30, 2025)
|
|
|
Net Assets
|
$322,584
|
|
Number of Holdings
|
4
|
|
Portfolio Turnover
|
0%
|
Visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-crm-daily-etf/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
|
|
|
Market Exposure
|
(% of net assets)
|
|
Salesforce, Inc.
|
200.0%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-crm-daily-etf/.
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.
| Leverage Shares 2X Long CRM Daily ETF
|
PAGE 1
|
TSR-SAR-882927338 |
|
|
|
|
|
Leverage Shares 2X Long HOOD Daily ETF
|
|
|
HOOG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ )
|
|
Semi-Annual Shareholder Report | April 30, 2025
|
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long HOOD Daily ETF for the period of March 20, 2025 to April 30, 2025. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-hood-daily-etf/. You can also request this information by contacting us at 1-866-584-3637.
|
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Leverage Shares 2X Long HOOD Daily ETF
|
$*
|
%**
|
| * |
Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations for the full six month period. |
| ** |
Percentage shown is annualized. |
KEY FUND STATISTICS (as of April 30, 2025)
|
|
|
Net Assets
|
$1,648,290
|
|
Number of Holdings
|
4
|
|
Portfolio Turnover
|
0%
|
Visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-hood-daily-etf/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
|
|
|
Market Exposure
|
(% of net assets)
|
|
Robinhood Markets, Inc.
|
200.0%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-hood-daily-etf/.
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.
| Leverage Shares 2X Long HOOD Daily ETF
|
PAGE 1
|
TSR-SAR-882927460 |
|
|
|
|
|
Leverage Shares 2X Long NVDA Daily ETF
|
|
|
NVDG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ )
|
|
Semi-Annual Shareholder Report | April 30, 2025
|
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long NVDA Daily ETF for the period of December 12, 2024 to April 30, 2025. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-nvidia-long-etf/. You can also request this information by contacting us at 1-866-584-3637.
|
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Leverage Shares 2X Long NVDA Daily ETF
|
$*
|
%**
|
| * |
Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations for the full six month period. |
| ** |
Percentage shown is annualized. |
KEY FUND STATISTICS (as of April 30, 2025)
|
|
|
Net Assets
|
$12,185,386
|
|
Number of Holdings
|
4
|
|
Portfolio Turnover
|
0%
|
Visit https://leverageshares.com/us/etfs/leverage-shares-2x-nvidia-long-etf/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
|
|
|
Market Exposure
|
(% of net assets)
|
|
NVIDIA Corp.
|
200.0%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-nvidia-long-etf/.
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.
| Leverage Shares 2X Long NVDA Daily ETF
|
PAGE 1
|
TSR-SAR-882927676 |
|
|
|
|
|
Leverage Shares 2X Long PANW Daily ETF
|
|
|
PANG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ )
|
|
Semi-Annual Shareholder Report | April 30, 2025
|
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long PANW Daily ETF for the period of March 20, 2025 to April 30, 2025. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-panw-daily-etf/. You can also request this information by contacting us at 1-866-584-3637.
|
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Leverage Shares 2X Long PANW Daily ETF
|
$*
|
%**
|
| * |
Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations for the full six month period. |
| ** |
Percentage shown is annualized. |
KEY FUND STATISTICS (as of April 30, 2025)
|
|
|
Net Assets
|
$733,565
|
|
Number of Holdings
|
4
|
|
Portfolio Turnover
|
0%
|
Visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-panw-daily-etf/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
|
|
|
Market Exposure
|
(% of net assets)
|
|
Palo Alto Networks, Inc.
|
200.0%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-panw-daily-etf/.
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.
| Leverage Shares 2X Long PANW Daily ETF
|
PAGE 1
|
TSR-SAR-882927429 |
|
|
|
|
|
Leverage Shares 2X Long PLTR Daily ETF
|
|
|
PLTG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ )
|
|
Semi-Annual Shareholder Report | April 30, 2025
|
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long PLTR Daily ETF for the period of April 24, 2025 to April 30, 2025. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-pltr-daily-etf/. You can also request this information by contacting us at 1-866-584-3637.
|
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Leverage Shares 2X Long PLTR Daily ETF
|
$*
|
%**
|
| * |
Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations for the full six month period. |
| ** |
Percentage shown is annualized. |
KEY FUND STATISTICS (as of April 30, 2025)
|
|
|
Net Assets
|
$450,435
|
|
Number of Holdings
|
4
|
|
Portfolio Turnover
|
0%
|
Visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-pltr-daily-etf/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
|
|
|
Market Exposure
|
(% of net assets)
|
|
Palantir Technologies, Inc.
|
200.0%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-pltr-daily-etf/.
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.
| Leverage Shares 2X Long PLTR Daily ETF
|
PAGE 1
|
TSR-SAR-882927395 |
|
|
|
|
|
Leverage Shares 2X Long PYPL Daily ETF
|
|
|
PYPG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ )
|
|
Semi-Annual Shareholder Report | April 30, 2025
|
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long PYPL Daily ETF for the period of April 3, 2025 to April 30, 2025. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-pypl-daily-etf/. You can also request this information by contacting us at 1-866-584-3637.
|
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Leverage Shares 2X Long PYPL Daily ETF
|
$*
|
%**
|
| * |
Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations for the full six month period. |
| ** |
Percentage shown is annualized. |
KEY FUND STATISTICS (as of April 30, 2025)
|
|
|
Net Assets
|
$496,042
|
|
Number of Holdings
|
4
|
|
Portfolio Turnover
|
0%
|
Visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-pypl-daily-etf/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
|
|
|
Market Exposure
|
(% of net assets)
|
|
PayPal Holdings, Inc.
|
200.0%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-pypl-daily-etf/.
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.
| Leverage Shares 2X Long PYPL Daily ETF
|
PAGE 1
|
TSR-SAR-882927452 |
|
|
|
|
|
Leverage Shares 2X Long TSLA Daily ETF
|
|
|
TSLG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ )
|
|
Semi-Annual Shareholder Report | April 30, 2025
|
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long TSLA Daily ETF for the period of December 12, 2024 to April 30, 2025. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-tesla-long-etf/. You can also request this information by contacting us at 1-866-584-3637.
|
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Leverage Shares 2X Long TSLA Daily ETF
|
$*
|
%**
|
| * |
Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations for the full six month period. |
| ** |
Percentage shown is annualized. |
KEY FUND STATISTICS (as of April 30, 2025)
|
|
|
Net Assets
|
$20,123,066
|
|
Number of Holdings
|
4
|
|
Portfolio Turnover
|
0%
|
Visit https://leverageshares.com/us/etfs/leverage-shares-2x-tesla-long-etf/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
|
|
|
Market Exposure
|
(% of net assets)
|
|
Tesla, Inc.
|
200.0%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-tesla-long-etf/.
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.
| Leverage Shares 2X Long TSLA Daily ETF
|
PAGE 1
|
TSR-SAR-882927684 |
|
|
|
|
|
Leverage Shares 2X Long TSM Daily ETF
|
|
|
TSMG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ )
|
|
Semi-Annual Shareholder Report | April 30, 2025
|
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long TSM Daily ETF for the period of January 13, 2025 to April 30, 2025. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-tsm-long-etf/. You can also request this information by contacting us at 1-866-584-3637.
|
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Leverage Shares 2X Long TSM Daily ETF
|
$*
|
%**
|
| * |
Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations for the full six month period. |
| ** |
Percentage shown is annualized. |
KEY FUND STATISTICS (as of April 30, 2025)
|
|
|
Net Assets
|
$1,347,389
|
|
Number of Holdings
|
4
|
|
Portfolio Turnover
|
0%
|
Visit https://leverageshares.com/us/etfs/leverage-shares-2x-tsm-long-etf/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
|
|
|
Market Exposure
|
(% of net assets)
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
200.0%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-tsm-long-etf/.
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.
| Leverage Shares 2X Long TSM Daily ETF
|
PAGE 1
|
TSR-SAR-882927585 |
|
|
|
|
|
Leverage Shares 2X Long XYZ Daily ETF
|
|
|
XYZG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLCNASDAQ )
|
|
Semi-Annual Shareholder Report | April 30, 2025
|
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long XYZ Daily ETF for the period of April 3, 2025 to April 30, 2025. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-xyz-daily-etf/. You can also request this information by contacting us at 1-866-584-3637.
|
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Leverage Shares 2X Long XYZ Daily ETF
|
$*
|
%**
|
| * |
Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations for the full six month period. |
| ** |
Percentage shown is annualized. |
KEY FUND STATISTICS (as of April 30, 2025)
|
|
|
Net Assets
|
$421,371
|
|
Number of Holdings
|
4
|
|
Portfolio Turnover
|
0%
|
Visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-xyz-daily-etf/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
|
|
|
Market Exposure
|
(% of net assets)
|
|
Block, Inc.
|
200.0%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-xyz-daily-etf/.
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.
| Leverage Shares 2X Long XYZ Daily ETF
|
PAGE 1
|
TSR-SAR-882927478 |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial
Expert.
Not applicable for semi-annual reports.
Item 4.
Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5.
Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6.
Investments.
|
(a) |
Schedule of Investments is within the financial statements filed
under Item 7(a) of this Form. |
Item
7. Financial Statements and Financial Highlights for Open-End Investment Companies.
Themes
ETF Trust
Leverage
Shares 2X Long ADBE Daily ETF | ADBG
Leverage
Shares 2X Long AMD Daily ETF | AMDG
Leverage
Shares 2X Long ARM Daily ETF | ARMG
Leverage
Shares 2X Long ASML Daily ETF | ASMG
Leverage
Shares 2X Long COIN Daily ETF | COIG
Leverage
Shares 2X Long CRM Daily ETF | CRMG
Leverage
Shares 2X Long HOOD Daily ETF | HOOG
Leverage
Shares 2X Long NVDA Daily ETF | NVDG
Leverage
Shares 2X Long PANW Daily ETF | PANG
Leverage
Shares 2X Long PLTR Daily ETF | PLTG
Leverage
Shares 2X Long PYPL Daily ETF | PYPG
Leverage
Shares 2X Long TSLA Daily ETF | TSLG
Leverage
Shares 2X Long TSM Daily ETF | TSMG
Leverage
Shares 2X Long XYZ Daily ETF | XYZG
Semi-Annual
Financial Statements and Additional Information
April 30, 2025
TABLE OF CONTENTS
Leverage
Shares 2X Long ADBE Daily ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS - 4.5%
|
|
|
|
|
|
|
|
Money
Market Funds - 4.5%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X, 4.25%(a) |
|
|
14,978 |
|
|
$14,978
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$14,978) |
|
|
|
|
|
14,978
|
|
TOTAL
INVESTMENTS - 4.5%
(Cost
$14,978) |
|
|
|
|
|
$14,978
|
|
Other
Assets in Excess of Liabilities - 95.5% |
|
|
|
|
|
321,043
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$336,021 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
Schedule
of Total Return Swap Contracts
April 30,
2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adobe,
Inc. |
|
|
Cantor
Fitzgerald & Co. |
|
|
Receive |
|
|
OBFR
+ 2.50% |
|
|
Termination |
|
|
04/21/2026 |
|
|
$187,490 |
|
|
$(7,391)
|
|
Adobe,
Inc. |
|
|
Clear
Street LLC |
|
|
Receive |
|
|
OBFR
+ 1.25% |
|
|
Termination |
|
|
04/22/2026 |
|
|
334,482 |
|
|
3,269
|
|
Adobe,
Inc. |
|
|
Marex
Capital Markets Inc. |
|
|
Receive |
|
|
OBFR
+ 3.00% |
|
|
Termination |
|
|
04/21/2026 |
|
|
149,992 |
|
|
(682)
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
$(4,804) |
|
|
|
|
|
There
are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.
OBFR
- Overnight Bank Funding Rate was 4.33% as of April 30, 2025.
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
LEVERAGE
SHARES 2X LONG AMD DAILY ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS - 14.6%
|
|
|
|
|
|
|
|
Money
Market Funds - 14.6%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X, 4.25%(a) |
|
|
214,467 |
|
|
$214,467
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$214,467) |
|
|
|
|
|
214,467
|
|
TOTAL
INVESTMENTS - 14.6%
(Cost
$214,467) |
|
|
|
|
|
$214,467
|
|
Other
Assets in Excess of
Liabilities
- 85.4% |
|
|
|
|
|
1,255,832
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$1,470,299 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
SCHEDULE
OF TOTAL RETURN SWAP CONTRACTS
April 30,
2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced
Micro Devices, Inc. |
|
|
Cantor
Fitzgerald & Co. |
|
|
Receive |
|
|
OBFR
+ 1.25% |
|
|
Termination |
|
|
02/24/2026 |
|
|
$1,654,561 |
|
|
$13,504
|
|
Advanced
Micro Devices, Inc. |
|
|
Clear
Street LLC |
|
|
Receive |
|
|
OBFR
+ 1.25% |
|
|
Termination |
|
|
03/03/2026 |
|
|
710,071 |
|
|
4,909
|
|
Advanced
Micro Devices, Inc. |
|
|
Marex
Capital Markets Inc. |
|
|
Receive |
|
|
OBFR
+ 1.25% |
|
|
Termination |
|
|
02/24/2026 |
|
|
596,463 |
|
|
(1,437)
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
$16,976 |
|
|
|
|
|
There
are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.
OBFR
- Overnight Bank Funding Rate was 4.33% as of April 30, 2025.
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long ARM Daily ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS - 5.0%
|
|
|
|
|
|
|
|
Money
Market Funds - 5.0%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X, 4.25%(a) |
|
|
222,882 |
|
|
$222,882
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$222,882) |
|
|
|
|
|
222,882
|
|
TOTAL
INVESTMENTS - 5.0%
(Cost
$222,882) |
|
|
|
|
|
$222,882
|
|
Other
Assets in Excess of
Liabilities
- 95.0% |
|
|
|
|
|
4,271,008
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$
4,493,890 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
Schedule
of Total Return Swap Contracts
April 30,
2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arm
Holdings Plc. ADR |
|
|
Cantor
Fitzgerald & Co. |
|
|
Receive |
|
|
OBFR
+ 1.25% |
|
|
Termination |
|
|
02/17/2026 |
|
|
$
2,425,844 |
|
|
$36,900
|
|
Arm
Holdings Plc. ADR |
|
|
Clear
Street LLC |
|
|
Receive |
|
|
OBFR
+ 1.25% |
|
|
Termination |
|
|
02/10/2026 |
|
|
5,841,983 |
|
|
91,171
|
|
Arm
Holdings Plc. ADR |
|
|
Marex
Capital Markets Inc. |
|
|
Receive |
|
|
OBFR
+ 1.25% |
|
|
Termination |
|
|
02/13/2026 |
|
|
789,796 |
|
|
(1,078)
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
$
126,993 |
|
|
|
|
|
There
are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.
OBFR
- Overnight Bank Funding Rate was 4.33% as of April 30, 2025.
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
LEVERAGE
SHARES 2X LONG ASML DAILY ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS - 8.3%
|
|
|
|
|
|
|
|
Money
Market Funds - 8.3%
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X, 4.25%(a) |
|
|
154,635 |
|
|
$154,635
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$154,635) |
|
|
|
|
|
154,635
|
|
TOTAL
INVESTMENTS - 8.3%
(Cost
$154,635) |
|
|
|
|
|
$154,635
|
|
Other
Assets in Excess of
Liabilities
- 91.7% |
|
|
|
|
|
1,717,284
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$1,871,919 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
SCHEDULE
OF TOTAL RETURN SWAP CONTRACTS
April 30,
2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASML
Holding N.V. ADR |
|
|
Cantor
Fitzgerald & Co. |
|
|
Receive |
|
|
OBFR
+ 2.50% |
|
|
Termination |
|
|
02/17/2026 |
|
|
$1,102,332 |
|
|
$(842)
|
|
ASML
Holding N.V. ADR |
|
|
Clear
Street LLC |
|
|
Receive |
|
|
OBFR
+ 1.25% |
|
|
Termination |
|
|
02/17/2026 |
|
|
1,821,854 |
|
|
585
|
|
ASML
Holding N.V. ADR |
|
|
Marex
Capital Markets Inc. |
|
|
Receive |
|
|
OBFR
+ 1.25% |
|
|
Termination |
|
|
02/13/2026 |
|
|
849,130 |
|
|
503
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
$246 |
|
|
|
|
|
There
are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.
OBFR
- Overnight Bank Funding Rate was 4.33% as of April 30, 2025.
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long COIN Daily ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS - 10.2%
|
|
|
|
|
|
|
|
Money
Market Funds - 10.2%
|
|
|
|
|
|
|
|
First
American Treasury Obligations
Fund
- Class X, 4.25%(a) |
|
|
54,277 |
|
|
$54,277
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$54,277) |
|
|
|
|
|
54,277
|
|
TOTAL
INVESTMENTS - 10.2%
(Cost
$54,277) |
|
|
|
|
|
$54,277
|
|
Other
Assets in Excess of Liabilities - 89.8% |
|
|
|
|
|
476,952
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$531,229 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
Schedule
of Total Return Swap Contracts
April 30,
2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coinbase
Global, Inc. |
|
|
Cantor
Fitzgerald & Co. |
|
|
Receive |
|
|
OBFR + 2.00% |
|
|
Termination |
|
|
04/14/2026 |
|
|
$371,492 |
|
|
$(5,541)
|
|
Coinbase
Global, Inc. |
|
|
Clear
Street LLC |
|
|
Receive |
|
|
OBFR + 1.25% |
|
|
Termination |
|
|
04/14/2026 |
|
|
182,601 |
|
|
(4,659)
|
|
Coinbase
Global, Inc. |
|
|
Marex
Capital Markets Inc. |
|
|
Receive |
|
|
OBFR + 2.50% |
|
|
Termination |
|
|
04/14/2026 |
|
|
513,312 |
|
|
(4,018)
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
$(14,218) |
|
|
|
|
|
There
are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.
OBFR
- Overnight Bank Funding Rate was 4.33% as of April 30, 2025.
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long CRM Daily ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS - 10.4%
|
|
|
|
|
|
|
|
Money
Market Funds - 10.4%
|
|
|
|
|
|
|
|
First
American Treasury Obligations
Fund
- Class X, 4.25%(a) |
|
|
33,629 |
|
|
$33,629
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$33,629) |
|
|
|
|
|
33,629
|
|
TOTAL
INVESTMENTS - 10.4%
(Cost
$33,629) |
|
|
|
|
|
$33,629
|
|
Other
Assets in Excess of Liabilities - 89.6% |
|
|
|
|
|
288,955
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$322,584 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
Schedule
of Total Return Swap Contracts
April 30,
2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salesforce,
Inc. |
|
|
Cantor
Fitzgerald & Co. |
|
|
Receive |
|
|
OBFR + 2.50% |
|
|
Termination |
|
|
05/04/2026 |
|
|
$507,862 |
|
|
$2,674
|
|
Salesforce,
Inc. |
|
|
Clear
Street LLC |
|
|
Receive |
|
|
OBFR + 1.25% |
|
|
Termination |
|
|
05/05/2026 |
|
|
110,977 |
|
|
(941)
|
|
Salesforce,
Inc. |
|
|
Marex
Capital Markets Inc. |
|
|
Receive |
|
|
OBFR + 3.00% |
|
|
Termination |
|
|
05/04/2026 |
|
|
26,871 |
|
|
105
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
$1,838 |
|
|
|
|
|
There
are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.
OBFR
- Overnight Bank Funding Rate was 4.33% as of April 30, 2025.
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long HOOD Daily ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS - 6.7%
|
|
|
|
|
|
|
|
Money
Market Funds - 6.7%
|
|
|
|
|
|
|
|
First
American Treasury Obligations
Fund
- Class X, 4.25%(a) |
|
|
110,036 |
|
|
$110,036
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$110,036) |
|
|
|
|
|
110,036
|
|
TOTAL
INVESTMENTS - 6.7%
(Cost
$110,036) |
|
|
|
|
|
$110,036
|
|
Other
Assets in Excess of
Liabilities
- 93.3% |
|
|
|
|
|
1,538,254
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$1,648,290 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
Schedule
of Total Return Swap Contracts
April 30,
2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Robinhood
Markets, Inc. |
|
|
Cantor
Fitzgerald & Co. |
|
|
Receive |
|
|
OBFR
+ 3.75% |
|
|
Termination |
|
|
04/21/2026 |
|
|
$730,511 |
|
|
$(2,936)
|
|
Robinhood
Markets, Inc. |
|
|
Clear
Street LLC |
|
|
Receive |
|
|
OBFR
+ 3.50% |
|
|
Termination |
|
|
04/22/2026 |
|
|
2,345,494 |
|
|
(30,510)
|
|
Robinhood
Markets, Inc. |
|
|
Marex
Capital Markets Inc. |
|
|
Receive |
|
|
OBFR
+ 4.00% |
|
|
Termination |
|
|
04/21/2026 |
|
|
255,372 |
|
|
(526)
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
$(33,972) |
|
|
|
|
|
There
are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.
OBFR
- Overnight Bank Funding Rate was 4.33% as of April 30, 2025.
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long NVDA Daily ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS - 10.4%
|
|
|
|
|
|
|
|
Money
Market Funds - 10.4%
|
|
|
|
|
|
|
|
First
American Treasury Obligations
Fund
- Class X, 4.25%(a) |
|
|
1,270,694 |
|
|
$1,270,694
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$1,270,694) |
|
|
|
|
|
1,270,694
|
|
TOTAL
INVESTMENTS - 10.4%
(Cost
$1,270,694) |
|
|
|
|
|
$1,270,694
|
|
Other
Assets in Excess of
Liabilities
- 89.6% |
|
|
|
|
|
10,914,692
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$12,185,386 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
Schedule
of Total Return Swap Contracts
April 30,
2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NVIDIA
Corp. |
|
|
Cantor
Fitzgerald & Co. |
|
|
Receive |
|
|
OBFR + 3.50% |
|
|
Termination |
|
|
01/19/2026 |
|
|
$2,559,620 |
|
|
$(342,077)
|
|
NVIDIA
Corp. |
|
|
Clear
Street LLC |
|
|
Receive |
|
|
OBFR + 1.25% |
|
|
Termination |
|
|
01/20/2026 |
|
|
15,907,004 |
|
|
(101,955)
|
|
NVIDIA
Corp. |
|
|
Marex
Capital Markets Inc. |
|
|
Receive |
|
|
OBFR + 2.00% |
|
|
Termination |
|
|
01/14/2026 |
|
|
6,048,872 |
|
|
(12,602)
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
$(456,634) |
|
|
|
|
|
There
are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.
OBFR
- Overnight Bank Funding Rate was 4.33% as of April 30, 2025.
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long PANW Daily ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS - 6.5%
|
|
|
|
|
|
|
|
Money
Market Funds - 6.5%
|
|
|
|
|
|
|
|
First
American Treasury Obligations
Fund
- Class X, 4.25%(a) |
|
|
47,486 |
|
|
$47,486
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$47,486) |
|
|
|
|
|
47,486
|
|
TOTAL
INVESTMENTS - 6.5%
(Cost
$47,486) |
|
|
|
|
|
$47,486
|
|
Other
Assets in Excess of Liabilities - 93.5% |
|
|
|
|
|
686,079
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$
733,565 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
Schedule
of Total Return Swap Contracts
April 30,
2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palo
Alto Networks, Inc. |
|
|
Cantor
Fitzgerald & Co. |
|
|
Receive |
|
|
OBFR + 2.50% |
|
|
Termination |
|
|
04/21/2026 |
|
|
$275,722 |
|
|
$5,048
|
|
Palo
Alto Networks, Inc. |
|
|
Clear
Street LLC |
|
|
Receive |
|
|
OBFR + 1.25% |
|
|
Termination |
|
|
04/22/2026 |
|
|
1,032,601 |
|
|
13,823
|
|
Palo
Alto Networks, Inc. |
|
|
Marex
Capital Markets Inc. |
|
|
Receive |
|
|
OBFR + 3.00% |
|
|
Termination |
|
|
04/21/2026 |
|
|
158,891 |
|
|
(249)
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
$
18,622 |
|
|
|
|
|
There
are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.
OBFR
- Overnight Bank Funding Rate was 4.33% as of April 30, 2025.
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long PLTR Daily ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS - 6.6%
|
|
|
|
|
|
|
|
Money
Market Funds - 6.6%
|
|
|
|
|
|
|
|
First
American Treasury Obligations
Fund
- Class X, 4.25%(a) |
|
|
29,784 |
|
|
$29,784
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$29,784) |
|
|
|
|
|
29,784
|
|
TOTAL
INVESTMENTS - 6.6%
(Cost
$29,784) |
|
|
|
|
|
$29,784
|
|
Other
Assets in Excess of Liabilities - 93.4% |
|
|
|
|
|
420,651
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$450,435 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
Schedule
of Total Return Swap Contracts
April 30,
2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palantir
Technologies, Inc. |
|
|
Cantor
Fitzgerald & Co. |
|
|
Receive |
|
|
OBFR + 3.50% |
|
|
Termination |
|
|
05/27/2026 |
|
|
$355,320 |
|
|
$31,547
|
|
Palantir
Technologies, Inc. |
|
|
Clear
Street LLC |
|
|
Receive |
|
|
OBFR + 3.50% |
|
|
Termination |
|
|
05/27/2026 |
|
|
367,875 |
|
|
28,128
|
|
Palantir
Technologies, Inc. |
|
|
Marex
Capital Markets Inc. |
|
|
Receive |
|
|
OBFR + 4.00% |
|
|
Termination |
|
|
05/26/2026 |
|
|
177,660 |
|
|
(198)
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
$59,477 |
|
|
|
|
|
There
are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.
OBFR
- Overnight Bank Funding Rate was 4.33% as of April 30, 2025.
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long PYPL Daily ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS - 6.9%
|
|
|
|
|
|
|
|
Money
Market Funds - 6.9%
|
|
|
|
|
|
|
|
First
American Treasury Obligations
Fund
- Class X, 4.25%(a) |
|
|
34,419 |
|
|
$34,419
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$34,419) |
|
|
|
|
|
34,419
|
|
TOTAL
INVESTMENTS - 6.9%
(Cost
$34,419) |
|
|
|
|
|
$34,419
|
|
Other
Assets in Excess of Liabilities - 93.1% |
|
|
|
|
|
461,623
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$496,042 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
Schedule
of Total Return Swap Contracts
April 30,
2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PayPal
Holdings, Inc. |
|
|
Cantor
Fitzgerald & Co. |
|
|
Receive |
|
|
OBFR + 2.50% |
|
|
Termination |
|
|
05/04/2026 |
|
|
$184,352 |
|
|
$9,783
|
|
PayPal
Holdings, Inc. |
|
|
Clear
Street LLC |
|
|
Receive |
|
|
OBFR + 1.25% |
|
|
Termination |
|
|
05/05/2026 |
|
|
727,664 |
|
|
33,132
|
|
PayPal
Holdings, Inc. |
|
|
Marex
Capital Markets Inc. |
|
|
Receive |
|
|
OBFR + 3.00% |
|
|
Termination
|
|
|
05/04/2026 |
|
|
79,996 |
|
|
(247)
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
$42,668 |
|
|
|
|
|
There
are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.
OBFR
- Overnight Bank Funding Rate was 4.33% as of April 30, 2025.
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long TSLA Daily ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS - 12.2%
|
|
|
|
|
|
|
|
Money
Market Funds - 12.2%
|
|
|
|
|
|
|
|
First
American Treasury Obligations
Fund
- Class X, 4.25%(a) |
|
|
2,448,933 |
|
|
$2,448,933
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$2,448,933) |
|
|
|
|
|
2,448,933
|
|
TOTAL
INVESTMENTS - 12.2%
(Cost
$2,448,933) |
|
|
|
|
|
$2,448,933
|
|
Other
Assets in Excess of
Liabilities
- 87.8% |
|
|
|
|
|
17,674,133
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$20,123,066 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
Schedule
of Total Return Swap Contracts
April 30,
2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tesla,
Inc. |
|
|
Cantor
Fitzgerald & Co. |
|
|
Receive |
|
|
OBFR + 3.00% |
|
|
Termination |
|
|
01/19/2026 |
|
|
$4,119,536 |
|
|
$691,780
|
|
Tesla,
Inc. |
|
|
Clear
Street LLC |
|
|
Receive |
|
|
OBFR + 1.25% |
|
|
Termination |
|
|
01/20/2026 |
|
|
26,969,135 |
|
|
(369,527)
|
|
Tesla,
Inc. |
|
|
Marex
Capital Markets Inc. |
|
|
Receive |
|
|
OBFR + 2.00% |
|
|
Termination |
|
|
01/14/2026 |
|
|
9,316,077 |
|
|
(18,411)
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
$303,842 |
|
|
|
|
|
There
are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.
OBFR
- Overnight Bank Funding Rate was 4.33% as of April 30, 2025.
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long TSM Daily ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS - 3.4%
|
|
|
|
|
|
|
|
Money
Market Funds - 3.4%
|
|
|
|
|
|
|
|
First
American Treasury Obligations
Fund
- Class X, 4.25%(a) |
|
|
45,940 |
|
|
$45,940
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$45,940) |
|
|
|
|
|
45,940
|
|
TOTAL
INVESTMENTS - 3.4%
(Cost
$45,940) |
|
|
|
|
|
$45,940
|
|
Other
Assets in Excess of Liabilities - 96.6% |
|
|
|
|
|
1,301,449
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$1,347,389 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
Schedule
of Total Return Swap Contracts
April 30,
2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taiwan
Semiconductor Manufacturing Co., Ltd. ADR |
|
|
Cantor
Fitzgerald & Co. |
|
|
Receive |
|
|
OBFR + 1.25% |
|
|
Termination |
|
|
02/17/2026 |
|
|
$637,589 |
|
|
$7,532
|
|
Taiwan
Semiconductor Manufacturing Co., Ltd. ADR |
|
|
Clear
Street LLC |
|
|
Receive |
|
|
OBFR + 1.25% |
|
|
Termination |
|
|
02/24/2026 |
|
|
1,889,931 |
|
|
18,226
|
|
Taiwan
Semiconductor Manufacturing Co., Ltd. ADR |
|
|
Marex
Capital Markets Inc. |
|
|
Receive |
|
|
OBFR + 1.25% |
|
|
Termination |
|
|
02/13/2026 |
|
|
189,860 |
|
|
362
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
$26,120 |
|
|
|
|
|
There
are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.
OBFR
- Overnight Bank Funding Rate was 4.33% as of April 30, 2025.
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long XYZ Daily ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS - 22.3%
|
|
|
|
|
|
|
|
Money
Market Funds - 22.3%
|
|
|
|
|
|
|
|
First
American Treasury Obligations
Fund
- Class X, 4.25%(a) |
|
|
94,160 |
|
|
$94,160
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$94,160) |
|
|
|
|
|
94,160
|
|
TOTAL
INVESTMENTS - 22.3%
(Cost
$94,160) |
|
|
|
|
|
$94,160
|
|
Other
Assets in Excess of Liabilities - 77.7% |
|
|
|
|
|
327,211
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$421,371 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a)
|
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
Schedule
of Total Return Swap Contracts
April 30,
2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Block,
Inc. |
|
|
Cantor
Fitzgerald & Co. |
|
|
Receive |
|
|
OBFR + 4.00% |
|
|
Termination |
|
|
05/04/2026 |
|
|
$208,095 |
|
|
$15,008
|
|
Block,
Inc. |
|
|
Clear
Street LLC |
|
|
Receive |
|
|
OBFR + 3.50% |
|
|
Termination |
|
|
05/05/2026 |
|
|
155,706 |
|
|
6,393
|
|
Block,
Inc. |
|
|
Marex
Capital Markets Inc. |
|
|
Receive |
|
|
OBFR + 3.00% |
|
|
Termination |
|
|
05/04/2026 |
|
|
478,518 |
|
|
(1,883)
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
$19,518 |
|
|
|
|
|
There
are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.
OBFR
- Overnight Bank Funding Rate was 4.33% as of April 30, 2025.
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes
ETF Trust
STATEMENTS
OF ASSETS AND LIABILITIES
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at value |
|
|
$14,978 |
|
|
$214,467 |
|
|
$222,882 |
|
|
$154,635 |
|
|
$54,277
|
|
Cash |
|
|
— |
|
|
25,134 |
|
|
14,762 |
|
|
18,634 |
|
|
—
|
|
Deposit
at broker |
|
|
308,962 |
|
|
1,211,254 |
|
|
3,877,929 |
|
|
1,643,237 |
|
|
493,671
|
|
Unrealized
appreciation on swap contracts |
|
|
3,269 |
|
|
18,413 |
|
|
128,071 |
|
|
1,088 |
|
|
—
|
|
Due
from broker for swap contracts |
|
|
18,099 |
|
|
5,059 |
|
|
252,822 |
|
|
171,436 |
|
|
60,229 |
|
Interest
receivable |
|
|
85 |
|
|
242 |
|
|
617 |
|
|
871 |
|
|
193
|
|
Total
assets |
|
|
345,393 |
|
|
1,474,569 |
|
|
4,497,083 |
|
|
1,989,901 |
|
|
608,370
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
depreciation on swap contracts |
|
|
8,073 |
|
|
1,437 |
|
|
1,078 |
|
|
842 |
|
|
14,218
|
|
Payable
to adviser |
|
|
190 |
|
|
758 |
|
|
2,115 |
|
|
1,922 |
|
|
312
|
|
Payable
for investments purchased |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Due
to broker for swap contracts |
|
|
1,109 |
|
|
2,075 |
|
|
— |
|
|
115,218 |
|
|
62,611
|
|
Total
liabilities |
|
|
9,372 |
|
|
4,270 |
|
|
3,193 |
|
|
117,982 |
|
|
77,141
|
|
NET
ASSETS |
|
|
$
336,021 |
|
|
$1,470,299 |
|
|
$4,493,890 |
|
|
$1,871,919 |
|
|
$531,229
|
|
Net
Assets Consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in
capital |
|
|
$375,000 |
|
|
$2,526,473 |
|
|
$8,370,181 |
|
|
$2,984,690 |
|
|
$430,463
|
|
Total
distributable earnings/(accumulated losses) |
|
|
(38,979) |
|
|
(1,056,174) |
|
|
(3,876,291) |
|
|
(1,112,771) |
|
|
100,766
|
|
Total
net assets |
|
|
$
336,021 |
|
|
$1,470,299 |
|
|
$4,493,890 |
|
|
$1,871,919 |
|
|
$531,229
|
|
Net
assets |
|
|
$336,021 |
|
|
$1,470,299 |
|
|
$4,493,890 |
|
|
$1,871,919 |
|
|
$531,229
|
|
Shares
issued and outstanding(a) |
|
|
25,000 |
|
|
185,000 |
|
|
550,000 |
|
|
165,000 |
|
|
30,000
|
|
Net
asset value per share |
|
|
$13.44 |
|
|
$7.95 |
|
|
$8.17 |
|
|
$11.34 |
|
|
$17.71
|
|
COST:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at cost |
|
|
$14,978 |
|
|
$214,467 |
|
|
$222,882 |
|
|
$154,635 |
|
|
$54,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Unlimited shares authorized
without par value. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes
ETF Trust
STATEMENTS
OF ASSETS AND LIABILITIES
April
30, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at value |
|
|
$33,629 |
|
|
$110,036 |
|
|
$1,270,694 |
|
|
$47,486 |
|
|
$29,784
|
|
Cash |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Deposit
at broker |
|
|
281,122 |
|
|
1,509,412 |
|
|
11,850,171 |
|
|
472,655 |
|
|
345,216
|
|
Unrealized
appreciation on swap contracts |
|
|
2,779 |
|
|
— |
|
|
— |
|
|
18,871 |
|
|
59,675
|
|
Due
from broker for swap contracts |
|
|
6,062 |
|
|
65,415 |
|
|
13,322 |
|
|
21,823 |
|
|
15,958
|
|
Interest
receivable |
|
|
136 |
|
|
196 |
|
|
3,546 |
|
|
73 |
|
|
26
|
|
Receivable
for fund shares sold |
|
|
— |
|
|
— |
|
|
— |
|
|
220,104 |
|
|
—
|
|
Prepaid
expenses and other assets |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Total
assets |
|
|
323,728 |
|
|
1,685,059 |
|
|
13,137,733 |
|
|
781,012 |
|
|
450,659
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
depreciation on swap contracts |
|
|
941 |
|
|
33,972 |
|
|
456,634 |
|
|
249 |
|
|
198
|
|
Payable
to adviser |
|
|
203 |
|
|
523 |
|
|
6,269 |
|
|
189 |
|
|
26
|
|
Payable
for investments purchased |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Due
to broker for swap contracts |
|
|
— |
|
|
2,274 |
|
|
489,444 |
|
|
47,009 |
|
|
—
|
|
Total
liabilities |
|
|
1,144 |
|
|
36,769 |
|
|
952,347 |
|
|
47,447 |
|
|
224
|
|
NET
ASSETS |
|
|
$
322,584 |
|
|
$1,648,290 |
|
|
$12,185,386 |
|
|
$733,565 |
|
|
$450,435
|
|
Net
Assets Consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in
capital |
|
|
$291,185 |
|
|
$1,362,271 |
|
|
$16,290,298 |
|
|
$761,422 |
|
|
$375,000
|
|
Total
distributable earnings/(accumulated losses) |
|
|
31,399 |
|
|
286,019 |
|
|
(4,104,912) |
|
|
(27,857) |
|
|
75,435
|
|
Total
net assets |
|
|
$
322,584 |
|
|
$1,648,290 |
|
|
$12,185,386 |
|
|
$733,565 |
|
|
$450,435
|
|
Net
assets |
|
|
$322,584 |
|
|
$1,648,290 |
|
|
$12,185,386 |
|
|
$733,565 |
|
|
$450,435
|
|
Shares
issued and outstanding(a) |
|
|
20,000 |
|
|
100,000 |
|
|
1,645,000 |
|
|
50,000 |
|
|
25,000
|
|
Net
asset value per share |
|
|
$16.13 |
|
|
$16.48 |
|
|
$7.41 |
|
|
$14.67 |
|
|
$18.02
|
|
COST:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at cost |
|
|
$33,629 |
|
|
$110,036 |
|
|
$1,270,694 |
|
|
$47,486 |
|
|
$29,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Unlimited shares authorized
without par value. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes
ETF Trust
STATEMENTS
OF ASSETS AND LIABILITIES
April
30, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at value |
|
|
$34,419 |
|
|
$2,448,933 |
|
|
$45,940 |
|
|
$94,160
|
|
Cash |
|
|
— |
|
|
— |
|
|
46,357 |
|
|
—
|
|
Deposit
at broker |
|
|
410,435 |
|
|
17,936,047 |
|
|
1,188,048 |
|
|
325,398
|
|
Unrealized
appreciation on swap contracts |
|
|
42,915 |
|
|
691,780 |
|
|
26,120 |
|
|
21,401
|
|
Due
from broker for swap contracts |
|
|
15,317 |
|
|
433,523 |
|
|
155,334 |
|
|
—
|
|
Interest
receivable |
|
|
124 |
|
|
8,671 |
|
|
121 |
|
|
200
|
|
Prepaid
expenses and other assets |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Total
assets |
|
|
503,210 |
|
|
21,518,954 |
|
|
1,461,920 |
|
|
441,159
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
depreciation on swap contracts |
|
|
247 |
|
|
387,938 |
|
|
— |
|
|
1,883
|
|
Payable
to adviser |
|
|
185 |
|
|
9,990 |
|
|
598 |
|
|
183
|
|
Payable
for investments purchased |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Due
to broker for swap contracts |
|
|
6,736 |
|
|
997,960 |
|
|
113,933 |
|
|
17,722
|
|
Total
liabilities |
|
|
7,168 |
|
|
1,395,888 |
|
|
114,531 |
|
|
19,788
|
|
NET
ASSETS |
|
|
$
496,042 |
|
|
$20,123,066 |
|
|
$1,347,389 |
|
|
$421,371
|
|
Net
Assets Consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in
capital |
|
|
$456,553 |
|
|
$30,537,034 |
|
|
$1,639,900 |
|
|
$375,000
|
|
Total
distributable earnings/(accumulated losses) |
|
|
39,489 |
|
|
(10,413,968) |
|
|
(292,511) |
|
|
46,371
|
|
Total
net assets |
|
|
$
496,042 |
|
|
$20,123,066 |
|
|
$1,347,389 |
|
|
$421,371
|
|
Net
assets |
|
|
$496,042 |
|
|
$20,123,066 |
|
|
$1,347,389 |
|
|
$421,371
|
|
Shares
issued and outstanding(a) |
|
|
30,000 |
|
|
3,990,000 |
|
|
150,000 |
|
|
25,000
|
|
Net
asset value per share |
|
|
$16.53 |
|
|
$5.04 |
|
|
$8.98 |
|
|
$16.85
|
|
COST:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at cost |
|
|
$34,419 |
|
|
$2,448,933 |
|
|
$45,940 |
|
|
$94,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Unlimited shares authorized
without par value. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes
ETF Trust
Statements
of Operations
For
the Period Ended April 30, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
$142 |
|
|
$1,794 |
|
|
$3,629 |
|
|
$3,973 |
|
|
$320
|
|
Total
investment income |
|
|
142 |
|
|
1,794 |
|
|
3,629 |
|
|
3,973 |
|
|
320
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
advisory fee |
|
|
253 |
|
|
3,568 |
|
|
8,239 |
|
|
6,803 |
|
|
483
|
|
Total
expenses |
|
|
253 |
|
|
3,568 |
|
|
8,239 |
|
|
6,803 |
|
|
483
|
|
Net
investment loss |
|
|
(111) |
|
|
(1,774) |
|
|
(4,610) |
|
|
(2,830) |
|
|
(163)
|
|
REALIZED
AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap
contracts |
|
|
(34,064) |
|
|
(1,071,376) |
|
|
(3,998,674) |
|
|
(1,110,187) |
|
|
115,147
|
|
Net
realized gain (loss) |
|
|
(34,064) |
|
|
(1,071,376) |
|
|
(3,998,674) |
|
|
(1,110,187) |
|
|
115,147
|
|
Net
change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap
contracts |
|
|
(4,804) |
|
|
16,976 |
|
|
126,993 |
|
|
246 |
|
|
(14,218)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(4,804) |
|
|
16,976 |
|
|
126,993 |
|
|
246 |
|
|
(14,218)
|
|
Net
realized and unrealized gain (loss) |
|
|
(38,868) |
|
|
(1,054,400) |
|
|
(3,871,681) |
|
|
(1,109,941) |
|
|
100,929
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$
(38,979) |
|
|
$(1,056,174) |
|
|
$(3,876,291) |
|
|
$(1,112,771) |
|
|
$100,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes
ETF Trust
Statements
of Operations
For
the Period Ended April 30, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
$135 |
|
|
$248 |
|
|
$9,614 |
|
|
$128 |
|
|
$26
|
|
Total
investment income |
|
|
135 |
|
|
248 |
|
|
9,614 |
|
|
128 |
|
|
26
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
advisory fee |
|
|
203 |
|
|
597 |
|
|
16,949 |
|
|
258 |
|
|
26
|
|
Total
expenses |
|
|
203 |
|
|
597 |
|
|
16,949 |
|
|
258 |
|
|
26
|
|
Net
investment loss |
|
|
(68) |
|
|
(349) |
|
|
(7,335) |
|
|
(130) |
|
|
0
|
|
REALIZED
AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap
contracts |
|
|
29,629 |
|
|
320,340 |
|
|
(3,640,943) |
|
|
(46,349) |
|
|
15,958
|
|
Net
realized gain (loss) |
|
|
29,629 |
|
|
320,340 |
|
|
(3,640,943) |
|
|
(46,349) |
|
|
15,958
|
|
Net
change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap
contracts |
|
|
1,838 |
|
|
(33,972) |
|
|
(456,634) |
|
|
18,622 |
|
|
59,477
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
1,838 |
|
|
(33,972) |
|
|
(456,634) |
|
|
18,622 |
|
|
59,477
|
|
Net
realized and unrealized gain (loss) |
|
|
31,467 |
|
|
286,368 |
|
|
(4,097,577) |
|
|
(27,727) |
|
|
75,435
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$
31,399 |
|
|
$286,019 |
|
|
$(4,104,912) |
|
|
$(27,857) |
|
|
$75,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes
ETF Trust
Statements
of Operations
For
the Period Ended April 30, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
$125 |
|
|
$24,976 |
|
|
$793 |
|
|
$200
|
|
Total
investment income |
|
|
125 |
|
|
24,976 |
|
|
793 |
|
|
200
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
advisory fee |
|
|
185 |
|
|
33,029 |
|
|
1,725 |
|
|
183
|
|
Total
expenses |
|
|
185 |
|
|
33,029 |
|
|
1,725 |
|
|
183
|
|
Net
investment income/(loss) |
|
|
(60) |
|
|
(8,053) |
|
|
(932) |
|
|
17
|
|
REALIZED
AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap
contracts |
|
|
(3,119) |
|
|
(10,709,757) |
|
|
(317,699) |
|
|
26,836
|
|
Net
realized gain (loss) |
|
|
(3,119) |
|
|
(10,709,757) |
|
|
(317,699) |
|
|
26,836
|
|
Net
change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap
contracts |
|
|
42,668 |
|
|
303,842 |
|
|
26,120 |
|
|
19,518
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
42,668 |
|
|
303,842 |
|
|
26,120 |
|
|
19,518
|
|
Net
realized and unrealized gain (loss) |
|
|
39,549 |
|
|
(10,405,915) |
|
|
(291,579) |
|
|
46,354
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$
39,489 |
|
|
$(10,413,968) |
|
|
$(292,511) |
|
|
$46,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes
ETF Trust
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$(111) |
|
|
$(1,774) |
|
|
$(4,610) |
|
|
$(2,830)
|
|
Net
realized gain (loss) |
|
|
(34,064) |
|
|
(1,071,376) |
|
|
(3,998,674) |
|
|
(1,110,187)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(4,804) |
|
|
16,976 |
|
|
126,993 |
|
|
246
|
|
Net
increase (decrease) in net assets from operations |
|
|
(38,979) |
|
|
(1,056,174) |
|
|
(3,876,291) |
|
|
(1,112,771)
|
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions |
|
|
507,436 |
|
|
4,793,812 |
|
|
9,856,790 |
|
|
5,661,653
|
|
Redemptions |
|
|
(132,436) |
|
|
(2,267,339) |
|
|
(1,486,609) |
|
|
(2,676,963)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
375,000 |
|
|
2,526,473 |
|
|
8,370,181 |
|
|
2,984,690
|
|
Net
increase (decrease) in net assets |
|
|
336,021 |
|
|
1,470,299 |
|
|
4,493,890 |
|
|
1,871,919
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of the period |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
End
of the period |
|
|
$336,021 |
|
|
$1,470,299 |
|
|
$4,493,890 |
|
|
$1,871,919
|
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions |
|
|
35,000 |
|
|
385,000 |
|
|
715,000 |
|
|
390,000
|
|
Redemptions |
|
|
(10,000) |
|
|
(200,000) |
|
|
(165,000) |
|
|
(225,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
25,000 |
|
|
185,000 |
|
|
550,000 |
|
|
165,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was March 20, 2025.
|
|
(b)
|
Inception date of
the Fund was January 23, 2025.
|
|
(c)
|
Inception date of
the Fund was January 13, 2025. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes
ETF Trust
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$(163) |
|
|
$(68) |
|
|
$(349) |
|
|
$(7,335)
|
|
Net
realized gain (loss) |
|
|
115,147 |
|
|
29,629 |
|
|
320,340 |
|
|
(3,640,943)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(14,218) |
|
|
1,838 |
|
|
(33,972) |
|
|
(456,634)
|
|
Net
increase (decrease) in net assets from operations |
|
|
100,766 |
|
|
31,399 |
|
|
286,019 |
|
|
(4,104,912)
|
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions |
|
|
1,942,409 |
|
|
1,133,857 |
|
|
2,047,818 |
|
|
18,772,093
|
|
Redemptions |
|
|
(1,511,946) |
|
|
(842,672) |
|
|
(685,547) |
|
|
(2,481,795)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
430,463 |
|
|
291,185 |
|
|
1,362,271 |
|
|
16,290,298
|
|
Net
increase (decrease) in net assets |
|
|
531,229 |
|
|
322,584 |
|
|
1,648,290 |
|
|
12,185,386
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of the period |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
End
of the period |
|
|
$531,229 |
|
|
$322,584 |
|
|
$1,648,290 |
|
|
$12,185,386
|
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions |
|
|
140,000 |
|
|
75,000 |
|
|
160,000 |
|
|
1,960,000
|
|
Redemptions |
|
|
(110,000) |
|
|
(55,000) |
|
|
(60,000) |
|
|
(315,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
30,000 |
|
|
20,000 |
|
|
100,000 |
|
|
1,645,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was March 13, 2025.
|
|
(b)
|
Inception date of
the Fund was April 3, 2025.
|
|
(c)
|
Inception date of
the Fund was March 20, 2025.
|
|
(d)
|
Inception date of
the Fund was December 12, 2024. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes
ETF Trust
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$(130) |
|
|
$— |
|
|
$(60) |
|
|
$(8,053)
|
|
Net
realized gain (loss) |
|
|
(46,349) |
|
|
15,958 |
|
|
(3,119) |
|
|
(10,709,757)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
18,622 |
|
|
59,477 |
|
|
42,668 |
|
|
303,842
|
|
Net
increase (decrease) in net assets from operations |
|
|
(27,857) |
|
|
75,435 |
|
|
39,489 |
|
|
(10,413,968)
|
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions |
|
|
942,778 |
|
|
375,000 |
|
|
685,714 |
|
|
42,315,616
|
|
Redemptions |
|
|
(181,356) |
|
|
— |
|
|
(229,161) |
|
|
(11,778,582)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
761,422 |
|
|
375,000 |
|
|
456,553 |
|
|
30,537,034
|
|
Net
increase (decrease) in net assets |
|
|
733,565 |
|
|
450,435 |
|
|
496,042 |
|
|
20,123,066
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of the period |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
End
of the period |
|
|
$733,565 |
|
|
$450,435 |
|
|
$496,042 |
|
|
$20,123,066
|
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions |
|
|
65,000 |
|
|
25,000 |
|
|
45,000 |
|
|
5,670,000
|
|
Redemptions |
|
|
(15,000) |
|
|
— |
|
|
(15,000) |
|
|
(1,680,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
50,000 |
|
|
25,000 |
|
|
30,000 |
|
|
3,990,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was March 20, 2025.
|
|
(b)
|
Inception date of
the Fund was April 24, 2025.
|
|
(c)
|
Inception date of
the Fund was April 3, 2025.
|
|
(d)
|
Inception date of
the Fund was December 12, 2024. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes
ETF Trust
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
$(932) |
|
|
$17
|
|
Net
realized gain (loss) |
|
|
(317,699) |
|
|
26,836
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
26,120 |
|
|
19,518
|
|
Net
increase (decrease) in net assets from operations |
|
|
(292,511) |
|
|
46,371
|
|
CAPITAL
TRANSACTIONS:
|
|
|
|
|
|
|
|
Subscriptions |
|
|
2,639,053 |
|
|
751,986
|
|
Redemptions |
|
|
(999,153) |
|
|
(376,986)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
1,639,900 |
|
|
375,000
|
|
Net
increase (decrease) in net assets |
|
|
1,347,389 |
|
|
421,371
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
Beginning
of the period |
|
|
— |
|
|
—
|
|
End
of the period |
|
|
$
1,347,389 |
|
|
$421,371
|
|
SHARES
TRANSACTIONS
|
|
|
|
|
|
|
|
Subscriptions |
|
|
210,000 |
|
|
50,000
|
|
Redemptions |
|
|
(60,000) |
|
|
(25,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
150,000 |
|
|
25,000 |
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was January 13, 2025.
|
|
(b)
|
Inception date of
the Fund was April 3, 2025. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long ADBE Daily ETF
Financial
Highlights
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$15.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment income(b) |
|
|
(0.00)(c)
|
|
Net
realized and unrealized gain (loss) on investments(d) |
|
|
(1.56)
|
|
Total
from investment operations |
|
|
(1.56)
|
|
LESS
DISTRIBUTIONS
|
|
|
|
|
Net
asset value, end of period |
|
|
$13.44
|
|
Total
return(e) |
|
|
−10.39%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$336
|
|
Ratio
of expenses to average net assets(f) |
|
|
0.75%
|
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
(0.33)%
|
|
Portfolio
turnover rate(e)(g) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was March 20, 2025.
|
|
(b)
|
Net investment income
per share has been calculated based on average shares outstanding during the period.
|
|
(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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
(e)
|
Not annualized for
periods less than one year.
|
|
(f)
|
Annualized for periods
less than one year.
|
|
(g)
|
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long AMD Daily ETF
Financial
Highlights
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$15.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment loss(b) |
|
|
(0.01)
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
(7.04)
|
|
Total
from investment operations |
|
|
(7.05)
|
|
LESS
DISTRIBUTIONS
|
|
|
|
|
Net
asset value, end of period |
|
|
$7.95
|
|
Total
return(d) |
|
|
−47.02%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$1,470
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.75%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
(0.37)%
|
|
Portfolio
turnover rate(d)(f) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was January 23, 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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
(d)
|
Not annualized for
periods less than one year.
|
|
(e)
|
Annualized for periods
less than one year.
|
|
(f)
|
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long ARM Daily ETF
Financial
Highlights
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$15.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment loss(b) |
|
|
(0.01)
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
(6.82)
|
|
Total
from investment operations |
|
|
(6.83)
|
|
LESS
DISTRIBUTIONS
|
|
|
|
|
Net
asset value, end of period |
|
|
$8.17
|
|
Total
return(d) |
|
|
−45.53%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$4,494
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.75%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
(0.42)%
|
|
Portfolio
turnover rate(d)(f) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was January 13, 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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
(d)
|
Not annualized for
periods less than one year.
|
|
(e)
|
Annualized for periods
less than one year.
|
|
(f)
|
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long ASML Daily ETF
Financial
Highlights
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$15.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment loss(b) |
|
|
(0.01)
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
(3.65)
|
|
Total
from investment operations |
|
|
(3.66)
|
|
LESS
DISTRIBUTIONS
|
|
|
|
|
Net
asset value, end of period |
|
|
$11.34
|
|
Total
return(d) |
|
|
−24.37%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$1,872
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.75%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
(0.31)%
|
|
Portfolio
turnover rate(d)(f) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was January 13, 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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
(d)
|
Not annualized for
periods less than one year.
|
|
(e)
|
Annualized for periods
less than one year.
|
|
(f)
|
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long COIN Daily ETF
Financial
Highlights
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$15.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment income(b) |
|
|
(0.00)(c)
|
|
Net
realized and unrealized gain (loss) on investments(d) |
|
|
2.71
|
|
Total
from investment operations |
|
|
2.71
|
|
LESS
DISTRIBUTIONS
|
|
|
|
|
Net
asset value, end of period |
|
|
$17.71
|
|
Total
return(e) |
|
|
18.05%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$531
|
|
Ratio
of expenses to average net assets(f) |
|
|
0.75%
|
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
(0.25)%
|
|
Portfolio
turnover rate(e)(g) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was March 13, 2025.
|
|
(b)
|
Net investment income
per share has been calculated based on average shares outstanding during the period.
|
|
(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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
(e)
|
Not annualized for
periods less than one year.
|
|
(f)
|
Annualized for periods
less than one year.
|
|
(g)
|
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long CRM Daily ETF
Financial
Highlights
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$15.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment income(b) |
|
|
(0.00)(c)
|
|
Net
realized and unrealized gain (loss) on investments(d) |
|
|
1.13
|
|
Total
from investment operations |
|
|
1.13
|
|
LESS
DISTRIBUTIONS
|
|
|
|
|
Net
asset value, end of period |
|
|
$16.13
|
|
Total
return(e) |
|
|
7.53%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$323
|
|
Ratio
of expenses to average net assets(f) |
|
|
0.75%
|
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
(0.25)%
|
|
Portfolio
turnover rate(e)(g) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was April 3, 2025.
|
|
(b)
|
Net investment income
per share has been calculated based on average shares outstanding during the period.
|
|
(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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
(e)
|
Not annualized for
periods less than one year.
|
|
(f)
|
Annualized for periods
less than one year.
|
|
(g)
|
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long HOOD Daily ETF
Financial
Highlights
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$15.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment loss(b) |
|
|
(0.01)
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
1.49
|
|
Total
from investment operations |
|
|
1.48
|
|
LESS
DISTRIBUTIONS
|
|
|
|
|
Net
asset value, end of period |
|
|
$16.48
|
|
Total
return(d) |
|
|
9.89%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$1,648
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.75%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
(0.44)%
|
|
Portfolio
turnover rate(d)(f) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was March 20, 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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
(d)
|
Not annualized for
periods less than one year.
|
|
(e)
|
Annualized for periods
less than one year.
|
|
(f)
|
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long NVDA Daily ETF
Financial
Highlights
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$15.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment loss(b) |
|
|
(0.01)
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
(7.58)
|
|
Total
from investment operations |
|
|
(7.59)
|
|
LESS
DISTRIBUTIONS
|
|
|
|
|
Net
asset value, end of period |
|
|
$7.41
|
|
Total
return(d) |
|
|
−50.62%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$12,185
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.75%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
(0.32)%
|
|
Portfolio
turnover rate(d)(f) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was December 12, 2024.
|
|
(b)
|
Net investment income
per share has been calculated based on average shares outstanding during the period.
|
|
(c)
|
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
(d)
|
Not annualized for
periods less than one year.
|
|
(e)
|
Annualized for periods
less than one year.
|
|
(f)
|
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long PANW Daily ETF
Financial
Highlights
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$15.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment loss(b) |
|
|
(0.01)
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
(0.32)
|
|
Total
from investment operations |
|
|
(0.33)
|
|
LESS
DISTRIBUTIONS
|
|
|
|
|
Net
asset value, end of period |
|
|
$14.67
|
|
Total
return(d) |
|
|
−2.19%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$734
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.75%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
(0.38)%
|
|
Portfolio
turnover rate(d)(f) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was March 20, 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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
(d)
|
Not annualized for
periods less than one year.
|
|
(e)
|
Annualized for periods
less than one year.
|
|
(f)
|
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long PLTR Daily ETF
Financial
Highlights
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$15.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment income(b) |
|
|
0.00(c)
|
|
Net
realized and unrealized gain (loss) on investments(d) |
|
|
3.02
|
|
Total
from investment operations |
|
|
3.02
|
|
LESS
DISTRIBUTIONS
|
|
|
|
|
Net
asset value, end of period |
|
|
$18.02
|
|
Total
return(e) |
|
|
20.12%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$450
|
|
Ratio
of expenses to average net assets(f) |
|
|
0.75%
|
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
0.00%
|
|
Portfolio
turnover rate(e)(g) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was April 24, 2025.
|
|
(b)
|
Net investment income
per share has been calculated based on average shares outstanding during the period.
|
|
(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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
(e)
|
Not annualized for
periods less than one year.
|
|
(f)
|
Annualized for periods
less than one year.
|
|
(g)
|
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long PYPL Daily ETF
Financial
Highlights
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$15.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment income(b) |
|
|
(0.00)(c)
|
|
Net
realized and unrealized gain (loss) on investments(d) |
|
|
1.53
|
|
Total
from investment operations |
|
|
1.53
|
|
LESS
DISTRIBUTIONS
|
|
|
|
|
Net
asset value, end of period |
|
|
$16.53
|
|
Total
return(e) |
|
|
10.23%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$496
|
|
Ratio
of expenses to average net assets(f) |
|
|
0.75%
|
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
(0.24)%
|
|
Portfolio
turnover rate(e)(g) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was April 3, 2025.
|
|
(b)
|
Net investment income
per share has been calculated based on average shares outstanding during the period.
|
|
(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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
(e)
|
Not annualized for
periods less than one year.
|
|
(f)
|
Annualized for periods
less than one year.
|
|
(g)
|
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long TSLA Daily ETF
Financial
Highlights
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$15.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment income(b) |
|
|
(0.00)(c)
|
|
Net
realized and unrealized gain (loss) on investments(d) |
|
|
(9.96)
|
|
Total
from investment operations |
|
|
(9.96)
|
|
LESS
DISTRIBUTIONS
|
|
|
|
|
Net
asset value, end of period |
|
|
$5.04
|
|
Total
return(e) |
|
|
−66.38%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$20,123
|
|
Ratio
of expenses to average net assets(f) |
|
|
0.75%
|
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
(0.18)%
|
|
Portfolio
turnover rate(e)(g) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was December 12, 2024.
|
|
(b)
|
Net investment income
per share has been calculated based on average shares outstanding during the period.
|
|
(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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
(e)
|
Not annualized for
periods less than one year.
|
|
(f)
|
Annualized for periods
less than one year.
|
|
(g)
|
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long TSM Daily ETF
Financial
Highlights
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$15.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment loss(b) |
|
|
(0.01)
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
(6.01)
|
|
Total
from investment operations |
|
|
(6.02)
|
|
LESS
DISTRIBUTIONS
|
|
|
|
|
Net
asset value, end of period |
|
|
$8.98
|
|
Total
return(d) |
|
|
−40.12%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$1,347
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.75%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
(0.41)%
|
|
Portfolio
turnover rate(d)(f) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was January 13, 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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
(d)
|
Not annualized for
periods less than one year.
|
|
(e)
|
Annualized for periods
less than one year.
|
|
(f)
|
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Leverage
Shares 2X Long XYZ Daily ETF
Financial
Highlights
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$15.00
|
|
INVESTMENT
OPERATIONS:
|
|
|
|
|
Net
investment income(b) |
|
|
0.00(c)
|
|
Net
realized and unrealized gain (loss) on investments(d) |
|
|
1.85
|
|
Total
from investment operations |
|
|
1.85
|
|
LESS
DISTRIBUTIONS
|
|
|
|
|
Net
asset value, end of period |
|
|
$16.85
|
|
Total
return(e) |
|
|
12.37%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$421
|
|
Ratio
of expenses to average net assets(f) |
|
|
0.75%
|
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
0.07%
|
|
Portfolio
turnover rate(e)(g) |
|
|
—% |
|
|
|
|
|
|
(a)
|
Inception date of
the Fund was April 3, 2025.
|
|
(b)
|
Net investment income
per share has been calculated based on average shares outstanding during the period.
|
|
(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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
(e)
|
Not annualized for
periods less than one year.
|
|
(f)
|
Annualized for periods
less than one year.
|
|
(g)
|
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Themes
ETF Trust
Notes
to the Financial Statements
April 30,
2025 (Unaudited)
1.
ORGANIZATION
The
Leverage Shares 2X Long ADBE Daily ETF, Leverage Shares 2X Long AMD Daily ETF, Leverage Shares 2X Long ARM Daily ETF, Leverage Shares
2X Long ASML Daily ETF, Leverage Shares 2X Long COIN Daily ETF, Leverage Shares 2X Long CRM Daily ETF, Leverage Shares 2X Long HOOD Daily
ETF, Leverage Shares 2X Long NVDA Daily ETF, Leverage Shares 2X Long PANW Daily ETF, Leverage Shares 2X Long PLTR Daily ETF, Leverage
Shares 2X Long PYPL Daily ETF, Leverage Shares 2X Long TSLA Daily ETF, Leverage Shares 2X Long TSM Daily ETF and Leverage Shares 2X Long
XYZ Daily 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
Funds seek daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price
of an underlying security as summarized below.
|
|
|
|
|
|
Leverage
Shares 2X Long ADBE Daily ETF |
|
|
Common
stock of Adobe, Inc. (NASDAQ: ADBE) |
|
Leverage
Shares 2X Long AMD Daily ETF |
|
|
Common
stock of Advanced Micro Devices, Inc. (NASDAQ: AMD) |
|
Leverage
Shares 2X Long ARM Daily ETF |
|
|
Common
stock of Arm Holdings Plc. ADR (NASDAQ: ARM) |
|
Leverage
Shares 2X Long ASML Daily ETF |
|
|
Common
stock of ASML Holding N.V. ADR (NASDAQ: ASML) |
|
Leverage
Shares 2X Long COIN Daily ETF |
|
|
Common
stock of Coinbase Global, Inc. (NASDAQ: COIN) |
|
Leverage
Shares 2X Long CRM Daily ETF |
|
|
Common
stock of Salesforce, Inc. (NASDAQ: CRM) |
|
Leverage
Shares 2X Long HOOD Daily ETF |
|
|
Common
stock of Robinhood Markets, Inc. (NASDAQ: HOOD) |
|
Leverage
Shares 2X Long NVDA Daily ETF |
|
|
Common
stock of NVIDIA Corp. (NASDAQ: NVDA) |
|
Leverage
Shares 2X Long PANW Daily ETF |
|
|
Common
stock of Palo Alto Networks, Inc. (NASDAQ: PANW) |
|
Leverage
Shares 2X Long PLTR Daily ETF |
|
|
Common
stock of Palantir Technologies, Inc. (NYSE: PLTR) |
|
Leverage
Shares 2X Long PYPL Daily ETF |
|
|
Common
stock of PayPal Holdings, Inc. (NASDAQ: PYPL) |
|
Leverage
Shares 2X Long TSLA Daily ETF |
|
|
Common
stock of Tesla, Inc. (NASDAQ: TSLA) |
|
Leverage
Shares 2X Long TSM Daily ETF |
|
|
Common
stock of Taiwan Semiconductor Manufacturing Co., Ltd. ADR (NYSE: TSM) |
|
Leverage
Shares 2X Long XYZ Daily ETF |
|
|
Common
stock of Block, Inc. (NYSE: XYZ) |
|
|
|
|
|
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
TABLE OF CONTENTS
Themes
ETF Trust
Notes
to the Financial Statements
April
30, 2025 (Unaudited)(Continued)
exchange
or market on which the security is primarily traded at the time of valuation. Securities listed on the NASDAQ Stock Market, Inc. are generally
valued at the NASDAQ official closing price. Such valuations are typically categorized as Level 1 in the fair value hierarchy described
below.
Swap
contracts are valued based on the closing price of the underlying security. Such valuations are typically categorized as Level 2
in the fair value hierarchy described below.
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. |
|
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.
TABLE OF CONTENTS
Themes
ETF Trust
Notes
to the Financial Statements
April
30, 2025 (Unaudited)(Continued)
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 April 30, 2025, are as follows:
Leverage
Shares 2X Long ADBE Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds |
|
|
$14,978 |
|
|
$— |
|
|
$— |
|
|
$14,978
|
|
Total
Investments |
|
|
$14,978 |
|
|
$— |
|
|
$— |
|
|
$14,978
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$3,269 |
|
|
$— |
|
|
$3,269
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$3,269 |
|
|
$— |
|
|
$3,269
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$(8,073) |
|
|
$— |
|
|
$(8,073)
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$(8,073) |
|
|
$— |
|
|
$(8,073) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
Shares 2X Long AMD Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds |
|
|
$214,467 |
|
|
$— |
|
|
$— |
|
|
$214,467
|
|
Total
Investments |
|
|
$214,467 |
|
|
$— |
|
|
$— |
|
|
$214,467
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$18,413 |
|
|
$— |
|
|
$18,413
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$18,413 |
|
|
$— |
|
|
$18,413
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$(1,437) |
|
|
$— |
|
|
$(1,437)
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$(1,437) |
|
|
$— |
|
|
$(1,437) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
Themes
ETF Trust
Notes
to the Financial Statements
April
30, 2025 (Unaudited)(Continued)
Leverage
Shares 2X Long ARM Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds |
|
|
$222,882 |
|
|
$— |
|
|
$— |
|
|
$222,882
|
|
Total
Investments |
|
|
$222,882 |
|
|
$— |
|
|
$— |
|
|
$222,882
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$128,071 |
|
|
$— |
|
|
$128,071
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$128,071 |
|
|
$— |
|
|
$128,071
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$(1,078) |
|
|
$— |
|
|
$(1,078)
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$(1,078) |
|
|
$— |
|
|
$(1,078) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
Shares 2X Long ASML Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds |
|
|
$154,635 |
|
|
$— |
|
|
$— |
|
|
$154,635
|
|
Total
Investments |
|
|
$154,635 |
|
|
$— |
|
|
$— |
|
|
$154,635
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$1,088 |
|
|
$— |
|
|
$1,088
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$1,088 |
|
|
$— |
|
|
$1,088
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$(842) |
|
|
$— |
|
|
$(842)
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$(842) |
|
|
$— |
|
|
$(842) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
Shares 2X Long COIN Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds |
|
|
$54,277 |
|
|
$— |
|
|
$— |
|
|
$54,277
|
|
Total
Investments |
|
|
$54,277 |
|
|
$— |
|
|
$— |
|
|
$54,277
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$(14,218) |
|
|
$— |
|
|
$(14,218)
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$(14,218) |
|
|
$— |
|
|
$(14,218) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
Themes
ETF Trust
Notes
to the Financial Statements
April
30, 2025 (Unaudited)(Continued)
Leverage
Shares 2X Long CRM Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds |
|
|
$33,629 |
|
|
$— |
|
|
$— |
|
|
$33,629
|
|
Total
Investments |
|
|
$33,629 |
|
|
$— |
|
|
$— |
|
|
$33,629
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$2,779 |
|
|
$— |
|
|
$2,779
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$2,779 |
|
|
$— |
|
|
$2,779
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$(941) |
|
|
$— |
|
|
$(941)
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$(941) |
|
|
$— |
|
|
$(941) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
Shares 2X Long HOOD Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds |
|
|
$110,036 |
|
|
$— |
|
|
$— |
|
|
$110,036
|
|
Total
Investments |
|
|
$110,036 |
|
|
$— |
|
|
$— |
|
|
$110,036
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$(33,972) |
|
|
$— |
|
|
$(33,972)
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$(33,972) |
|
|
$— |
|
|
$(33,972) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
Shares 2X Long NVDA Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds |
|
|
$1,270,694 |
|
|
$— |
|
|
$— |
|
|
$1,270,694
|
|
Total
Investments |
|
|
$1,270,694 |
|
|
$— |
|
|
$— |
|
|
$1,270,694
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$(456,634) |
|
|
$— |
|
|
$(456,634)
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$(456,634) |
|
|
$— |
|
|
$(456,634) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
Themes
ETF Trust
Notes
to the Financial Statements
April
30, 2025 (Unaudited)(Continued)
Leverage
Shares 2X Long PANW Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds |
|
|
$47,486 |
|
|
$— |
|
|
$— |
|
|
$47,486
|
|
Total
Investments |
|
|
$47,486 |
|
|
$— |
|
|
$— |
|
|
$47,486
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$18,871 |
|
|
$— |
|
|
$18,871
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$18,871 |
|
|
$— |
|
|
$18,871
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$(249) |
|
|
$— |
|
|
$(249)
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$(249) |
|
|
$— |
|
|
$(249) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
Shares 2X Long PLTR Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds |
|
|
$29,784 |
|
|
$— |
|
|
$— |
|
|
$29,784
|
|
Total
Investments |
|
|
$29,784 |
|
|
$— |
|
|
$— |
|
|
$29,784
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$59,675 |
|
|
$— |
|
|
$59,675
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$59,675 |
|
|
$— |
|
|
$59,675
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$(198) |
|
|
$— |
|
|
$(198)
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$(198) |
|
|
$— |
|
|
$(198) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
Shares 2X Long PYPL Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds |
|
|
$34,419 |
|
|
$— |
|
|
$— |
|
|
$34,419
|
|
Total
Investments |
|
|
$34,419 |
|
|
$— |
|
|
$— |
|
|
$34,419
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$42,915 |
|
|
$— |
|
|
$42,915
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$42,915 |
|
|
$— |
|
|
$42,915
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$(247) |
|
|
$— |
|
|
$(247)
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$(247) |
|
|
$— |
|
|
$(247) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
Themes
ETF Trust
Notes
to the Financial Statements
April
30, 2025 (Unaudited)(Continued)
Leverage
Shares 2X Long TSLA Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds |
|
|
$2,448,933 |
|
|
$— |
|
|
$— |
|
|
$2,448,933
|
|
Total
Investments |
|
|
$2,448,933 |
|
|
$— |
|
|
$— |
|
|
$2,448,933
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$691,780 |
|
|
$— |
|
|
$691,780
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$691,780 |
|
|
$— |
|
|
$691,780
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$(387,938) |
|
|
$— |
|
|
$(387,938)
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$(387,938) |
|
|
$— |
|
|
$(387,938) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
Shares 2X Long TSM Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds |
|
|
$45,940 |
|
|
$— |
|
|
$— |
|
|
$45,940
|
|
Total
Investments |
|
|
$45,940 |
|
|
$— |
|
|
$— |
|
|
$45,940
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$26,120 |
|
|
$— |
|
|
$26,120
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$26,120 |
|
|
$— |
|
|
$26,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
Shares 2X Long XYZ Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds |
|
|
$94,160 |
|
|
$— |
|
|
$— |
|
|
$94,160
|
|
Total
Investments |
|
|
$94,160 |
|
|
$— |
|
|
$— |
|
|
$94,160
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$21,401 |
|
|
$— |
|
|
$21,401
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$21,401 |
|
|
$— |
|
|
$21,401
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swaps* |
|
|
$— |
|
|
$(1,883) |
|
|
$— |
|
|
$(1,883)
|
|
Total
Other Financial Instruments |
|
|
$— |
|
|
$(1,883) |
|
|
$— |
|
|
$(1,883) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
The fair value of the Fund’s investment represents
the net unrealized appreciation (depreciation) as of April 30, 2025. |
Derivatives
– Each Fund may enter into total return swap contracts, which may be used either as economically similar substitutes for owning
the reference asset specified in the swap, such as the securities that comprise a given market index, particular securities or commodities,
or other assets or indicators. They also may be used as a means of obtaining exposure in markets where the reference asset is unavailable
or it may otherwise be impossible or impracticable for a Fund to own that asset. “Total return” refers to the payment (or
receipt) of the total return on the
TABLE OF CONTENTS
Themes
ETF Trust
Notes
to the Financial Statements
April
30, 2025 (Unaudited)(Continued)
underlying
reference asset, which is then exchanged for the receipt (or payment) of an interest rate. Total return swaps provide a Fund with the
additional flexibility of gaining exposure to a market or sector index in a potentially more economical way.
Most
swaps entered into by a Fund provide for the calculation and settlement of the obligations of the parties to the agreement on a “net
basis” with a single payment. Consequently, a Fund’s current obligations (or rights) under a swap will generally be equal
only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to
the agreement (the “net amount”). Other swaps may require initial premium (discount) payments as well as periodic payments
(receipts) related to the interest leg of the swap or to the return on the reference entity. A Fund’s current obligations under
the types of swaps that the Funds expect to enter into (e.g., total return swaps) will be accrued daily (offset against any amounts owed
to a Fund by the counterparty to the swap) and any accrued but unpaid net amounts owed to a swap counterparty will be collateralized by
the Fund posting collateral to a tri-party account between the Fund’s custodian, the Fund, and the counterparty. However, typically
no payments will be made until the settlement date.
Swap
agreements do not involve the delivery of securities or other underlying assets. Accordingly, if a swap is entered into on a net basis
and if the counterparty to a swap agreement defaults, a Fund’s risk of loss consists of the net amount of payments that the Fund
is contractually entitled to receive, if any.
The
following table presents the Funds’ gross derivative assets and liabilities by counterparty and contract type, net of amounts available
for the offset under a master netting agreement and the related collateral received or pledged by each Fund as of April 30, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
Shares 2X Long ADBE Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cantor
Fitzgerald |
|
|
$— |
|
|
$(7,391) |
|
|
$(7,391) |
|
|
$7,391 |
|
|
$—
|
|
Clear
Street |
|
|
3,269 |
|
|
— |
|
|
3,269 |
|
|
— |
|
|
3,269
|
|
Marex |
|
|
— |
|
|
(682) |
|
|
(682) |
|
|
682 |
|
|
—
|
|
|
|
|
$3,269 |
|
|
$(8,073) |
|
|
$(4,804) |
|
|
$8,073 |
|
|
$3,269
|
|
Leverage
Shares 2X Long AMD Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cantor
Fitzgerald |
|
|
$13,504 |
|
|
$— |
|
|
$13,504 |
|
|
$— |
|
|
$13,504
|
|
Clear
Street |
|
|
4,909 |
|
|
— |
|
|
4,909 |
|
|
— |
|
|
4,909
|
|
Marex |
|
|
— |
|
|
(1,437) |
|
|
(1,437) |
|
|
1,437 |
|
|
—
|
|
|
|
|
$18,413 |
|
|
$(1,437) |
|
|
$16,976 |
|
|
$1,437 |
|
|
$18,413
|
|
Leverage
Shares 2X Long ARM Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cantor
Fitzgerald |
|
|
$36,900 |
|
|
$— |
|
|
$36,900 |
|
|
$— |
|
|
$36,900
|
|
Clear
Street |
|
|
91,171 |
|
|
— |
|
|
91,171 |
|
|
— |
|
|
91,171
|
|
Marex |
|
|
— |
|
|
(1,078) |
|
|
(1,078) |
|
|
1,078 |
|
|
—
|
|
|
|
|
$128,071 |
|
|
$(1,078) |
|
|
$126,993 |
|
|
$1,078 |
|
|
$128,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
Themes
ETF Trust
Notes
to the Financial Statements
April
30, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
Shares 2X Long ASML Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cantor
Fitzgerald |
|
|
$— |
|
|
$(842) |
|
|
$(842) |
|
|
$842 |
|
|
$—
|
|
Clear
Street |
|
|
585 |
|
|
— |
|
|
585 |
|
|
— |
|
|
585
|
|
Marex |
|
|
503 |
|
|
— |
|
|
503 |
|
|
— |
|
|
503
|
|
|
|
|
$1,088 |
|
|
$(842) |
|
|
$246 |
|
|
$842 |
|
|
$1,088
|
|
Leverage
Shares 2X Long COIN Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cantor
Fitzgerald |
|
|
$— |
|
|
$(5,541) |
|
|
$(5,541) |
|
|
$5,541 |
|
|
$—
|
|
Clear
Street |
|
|
— |
|
|
(4,659) |
|
|
(4,659) |
|
|
4,659 |
|
|
—
|
|
Marex |
|
|
— |
|
|
(4,018) |
|
|
(4,018) |
|
|
4,018 |
|
|
—
|
|
|
|
|
$— |
|
|
$(14,218) |
|
|
$(14,218) |
|
|
$14,218 |
|
|
$—
|
|
Leverage
Shares 2X Long CRM Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cantor
Fitzgerald |
|
|
$2,674 |
|
|
$— |
|
|
$2,674 |
|
|
$— |
|
|
$2,674
|
|
Clear
Street |
|
|
— |
|
|
(941) |
|
|
(941) |
|
|
941 |
|
|
—
|
|
Marex |
|
|
105 |
|
|
— |
|
|
105 |
|
|
— |
|
|
105
|
|
|
|
|
$2,779 |
|
|
$(941) |
|
|
$1,838 |
|
|
$941 |
|
|
$2,779
|
|
Leverage
Shares 2X Long HOOD Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cantor
Fitzgerald |
|
|
$— |
|
|
$(2,936) |
|
|
$(2,936) |
|
|
$2,936 |
|
|
$—
|
|
Clear
Street |
|
|
— |
|
|
(30,510) |
|
|
(30,510) |
|
|
30,510 |
|
|
—
|
|
Marex |
|
|
— |
|
|
(526) |
|
|
(526) |
|
|
526 |
|
|
—
|
|
|
|
|
$— |
|
|
$(33,972) |
|
|
$(33,972) |
|
|
$33,972 |
|
|
$—
|
|
Leverage
Shares 2X Long NVDA Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cantor
Fitzgerald |
|
|
$— |
|
|
$(342,077) |
|
|
$(342,077) |
|
|
$342,077 |
|
|
$—
|
|
Clear
Street |
|
|
— |
|
|
(101,955) |
|
|
(101,955) |
|
|
101,955 |
|
|
—
|
|
Marex |
|
|
— |
|
|
(12,602) |
|
|
(12,602) |
|
|
12,602 |
|
|
—
|
|
|
|
|
$— |
|
|
$(456,634) |
|
|
$(456,634) |
|
|
$456,634 |
|
|
$—
|
|
Leverage
Shares 2X Long PANW Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cantor
Fitzgerald |
|
|
$5,048 |
|
|
$— |
|
|
$5,048 |
|
|
$— |
|
|
$5,048
|
|
Clear
Street |
|
|
13,823 |
|
|
— |
|
|
13,823 |
|
|
— |
|
|
13,823
|
|
Marex |
|
|
— |
|
|
(249) |
|
|
(249) |
|
|
249 |
|
|
—
|
|
|
|
|
$18,871 |
|
|
$(249) |
|
|
$18,622 |
|
|
$249 |
|
|
$18,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
Themes
ETF Trust
Notes
to the Financial Statements
April
30, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
Shares 2X Long PLTR Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cantor
Fitzgerald |
|
|
$31,547 |
|
|
$— |
|
|
$31,547 |
|
|
$— |
|
|
$31,547
|
|
Clear
Street |
|
|
28,128 |
|
|
— |
|
|
28,128 |
|
|
— |
|
|
28,128
|
|
Marex |
|
|
— |
|
|
(198) |
|
|
(198) |
|
|
198 |
|
|
—
|
|
|
|
|
$59,675 |
|
|
$(198) |
|
|
$59,477 |
|
|
$198 |
|
|
$59,675
|
|
Leverage
Shares 2X Long PYPL Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cantor
Fitzgerald |
|
|
$9,783 |
|
|
$— |
|
|
$9,783 |
|
|
$— |
|
|
$9,783
|
|
Clear
Street |
|
|
33,132 |
|
|
— |
|
|
33,132 |
|
|
— |
|
|
33,132
|
|
Marex |
|
|
— |
|
|
(247) |
|
|
(247) |
|
|
247 |
|
|
—
|
|
|
|
|
$42,915 |
|
|
$(247) |
|
|
$42,668 |
|
|
$247 |
|
|
$42,915
|
|
Leverage
Shares 2X Long TSLA Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cantor
Fitzgerald |
|
|
$691,780 |
|
|
$— |
|
|
$691,780 |
|
|
$— |
|
|
$691,780
|
|
Clear
Street |
|
|
— |
|
|
(369,527) |
|
|
(369,527) |
|
|
369,527 |
|
|
—
|
|
Marex |
|
|
— |
|
|
(18,411) |
|
|
(18,411) |
|
|
18,411 |
|
|
—
|
|
|
|
|
$691,780 |
|
|
$(387,938) |
|
|
$303,842 |
|
|
$387,938 |
|
|
$691,780
|
|
Leverage
Shares 2X Long TSM Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cantor
Fitzgerald |
|
|
$7,532 |
|
|
$— |
|
|
$7,532 |
|
|
$— |
|
|
$7,532
|
|
Clear
Street |
|
|
18,226 |
|
|
— |
|
|
18,226 |
|
|
— |
|
|
18,226
|
|
Marex |
|
|
362 |
|
|
— |
|
|
362 |
|
|
— |
|
|
362
|
|
|
|
|
$26,120 |
|
|
$— |
|
|
$26,120 |
|
|
$— |
|
|
$26,120
|
|
Leverage
Shares 2X Long XYZ Daily ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cantor
Fitzgerald |
|
|
$15,008 |
|
|
$— |
|
|
$15,008 |
|
|
$— |
|
|
$15,008
|
|
Clear
Street |
|
|
6,393 |
|
|
— |
|
|
6,393 |
|
|
— |
|
|
6,393
|
|
Marex |
|
|
— |
|
|
(1,883) |
|
|
(1,883) |
|
|
1,883 |
|
|
—
|
|
|
|
|
$21,401 |
|
|
$(1,883) |
|
|
$19,518 |
|
|
$1,883 |
|
|
$21,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Statement of Assets
and Liabilities location: Unrealized appreciation on swap contracts.
|
|
**
|
Statement of Assets
and Liabilities location: Unrealized depreciation on swap contracts.
|
|
***
|
The actual collateral
pledged (received) may be more than the amounts shown. |
TABLE OF CONTENTS
Themes
ETF Trust
Notes
to the Financial Statements
April
30, 2025 (Unaudited)(Continued)
The
average monthly notional amount of the total return swap contracts during the period ended April 30, 2025 were as follows:
|
|
|
|
|
|
Leverage
Shares 2X Long ADBE Daily ETF |
|
|
$699,377
|
|
Leverage
Shares 2X Long AMD Daily ETF |
|
|
3,742,266
|
|
Leverage
Shares 2X Long ARM Daily ETF |
|
|
8,190,095
|
|
Leverage
Shares 2X Long ASML Daily ETF |
|
|
6,033,093
|
|
Leverage
Shares 2X Long COIN Daily ETF |
|
|
949,035
|
|
Leverage
Shares 2X Long CRM Daily ETF |
|
|
645,710
|
|
Leverage
Shares 2X Long HOOD Daily ETF |
|
|
2,001,832
|
|
Leverage
Shares 2X Long NVDA Daily ETF |
|
|
13,644,525
|
|
Leverage
Shares 2X Long PANW Daily ETF |
|
|
1,056,884
|
|
Leverage
Shares 2X Long PLTR Daily ETF |
|
|
900,855
|
|
Leverage
Shares 2X Long PYPL Daily ETF |
|
|
992,011
|
|
Leverage
Shares 2X Long TSLA Daily ETF |
|
|
27,686,352
|
|
Leverage
Shares 2X Long TSM Daily ETF |
|
|
1,779,140
|
|
Leverage
Shares 2X Long XYZ Daily ETF |
|
|
842,319 |
|
|
|
|
|
The
Funds utilize this volume of derivatives to obtain leverage in order to meet the investment objectives of 200% daily performance of their
respective underlying security.
The
Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. As of April 30,
2025, the Funds were invested in total return swap contracts, whose primary risk is equity price risk, which are reflected in the Statements
of Assets and Liabilities as follows:
|
|
|
|
|
|
Leverage
Shares 2X Long ADBE Daily ETF |
|
|
$3,269
|
|
Leverage
Shares 2X Long AMD Daily ETF |
|
|
18,413
|
|
Leverage
Shares 2X Long ARM Daily ETF |
|
|
128,071
|
|
Leverage
Shares 2X Long ASML Daily ETF |
|
|
1,088
|
|
Leverage
Shares 2X Long CRM Daily ETF |
|
|
2,779
|
|
Leverage
Shares 2X Long PANW Daily ETF |
|
|
18,871
|
|
Leverage
Shares 2X Long PLTR Daily ETF |
|
|
59,675
|
|
Leverage
Shares 2X Long PYPL Daily ETF |
|
|
42,915
|
|
Leverage
Shares 2X Long TSLA Daily ETF |
|
|
691,780
|
|
Leverage
Shares 2X Long TSM Daily ETF |
|
|
26,120
|
|
Leverage
Shares 2X Long XYZ Daily ETF |
|
|
21,401 |
|
|
|
|
|
|
|
|
|
|
|
Leverage
Shares 2X Long ADBE Daily ETF |
|
|
$8,073
|
|
Leverage
Shares 2X Long AMD Daily ETF |
|
|
1,437
|
|
Leverage
Shares 2X Long ARM Daily ETF |
|
|
1,078
|
|
Leverage
Shares 2X Long ASML Daily ETF |
|
|
842
|
|
Leverage
Shares 2X Long COIN Daily ETF |
|
|
14,218
|
|
Leverage
Shares 2X Long CRM Daily ETF |
|
|
941
|
|
Leverage
Shares 2X Long HOOD Daily ETF |
|
|
33,972
|
|
Leverage
Shares 2X Long NVDA Daily ETF |
|
|
456,634
|
|
Leverage
Shares 2X Long PANW Daily ETF |
|
|
249
|
|
Leverage
Shares 2X Long PLTR Daily ETF |
|
|
198
|
|
Leverage
Shares 2X Long PYPL Daily ETF |
|
|
247
|
|
Leverage
Shares 2X Long TSLA Daily ETF |
|
|
387,938
|
|
Leverage
Shares 2X Long XYZ Daily ETF |
|
|
1,883 |
|
|
|
|
|
TABLE OF CONTENTS
Themes
ETF Trust
Notes
to the Financial Statements
April
30, 2025 (Unaudited)(Continued)
|
1
|
Statement of Assets
and Liabilities location: Unrealized appreciation on swap contracts.
|
|
2
|
Statement of Assets
and Liabilities location: Unrealized depreciation on swap contracts. |
The
effect of derivative instruments on the Statements of Operations and whose underlying risk exposure
is
equity price risk for the period ended April 30, 2025 is as follows:
|
|
|
|
|
|
|
|
|
Leverage
Shares 2X Long ADBE Daily ETF |
|
|
$(34,064) |
|
|
$(4,804)
|
|
Leverage
Shares 2X Long AMD Daily ETF |
|
|
(1,071,376) |
|
|
16,976
|
|
Leverage
Shares 2X Long ARM Daily ETF |
|
|
(3,998,674) |
|
|
126,993
|
|
Leverage
Shares 2X Long ASML Daily ETF |
|
|
(1,110,187) |
|
|
246
|
|
Leverage
Shares 2X Long COIN Daily ETF |
|
|
115,147 |
|
|
(14,218)
|
|
Leverage
Shares 2X Long CRM Daily ETF |
|
|
29,629 |
|
|
1,838
|
|
Leverage
Shares 2X Long HOOD Daily ETF |
|
|
320,340 |
|
|
(33,972)
|
|
Leverage
Shares 2X Long NVDA Daily ETF |
|
|
(3,640,943) |
|
|
(456,634)
|
|
Leverage
Shares 2X Long PANW Daily ETF |
|
|
(46,349) |
|
|
18,622
|
|
Leverage
Shares 2X Long PLTR Daily ETF |
|
|
15,958 |
|
|
59,477
|
|
Leverage
Shares 2X Long PYPL Daily ETF |
|
|
(3,119) |
|
|
42,668
|
|
Leverage
Shares 2X Long TSLA Daily ETF |
|
|
(10,709,757) |
|
|
303,842
|
|
Leverage
Shares 2X Long TSM Daily ETF |
|
|
(317,699) |
|
|
26,120
|
|
Leverage
Shares 2X Long XYZ Daily ETF |
|
|
26,836 |
|
|
19,518 |
|
|
|
|
|
|
|
|
|
1
|
Statement of Operations
location: Net realized gain (loss) from swap contracts.
|
|
2
|
Statement of Operations
location: Net change in unrealized appreciation (depreciation) on swap contracts. |
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.
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. The Funds made no distributions to shareholders during the period ended April 30, 2025.
TABLE OF CONTENTS
Themes
ETF Trust
Notes
to the Financial Statements
April
30, 2025 (Unaudited)(Continued)
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 April 30, 2025. The Funds’ Federal income tax returns are subject
to examination by the Internal Revenue Service for a period of three fiscal years after they are filed. State and local tax returns may
be subject to examination for an additional fiscal year depending on the jurisdiction.
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
of 0.75%, which is calculated daily and paid monthly at an annual rate.
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.
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.
TABLE OF CONTENTS
Themes
ETF Trust
Notes
to the Financial Statements
April
30, 2025 (Unaudited)(Continued)
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
April 30, 2025, 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 NASDAQ Stock Market LLC. Each Fund issues and redeems shares on a continuous basis at NAV only
in large blocks of shares called “Creation Units.” Creation Units are to be issued and redeemed principally in kind for a
basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation
Unit at market prices that change throughout the day. Market prices for the shares may be different from their NAV. The NAV is determined
as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the NYSE is open for trading. The NAV of the shares of each
Fund will be equal to a Fund’s total assets minus a Fund’s total liabilities divided by the total number of shares outstanding.
The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV
will be calculated to four decimal places.
Creation
Unit Transaction Fee – Authorized Participants will be required to pay to the Custodian a fixed
transaction fee (the “Creation Unit Transaction Fee”) in connection with the issuance or redemption of Creation Units. The
standard Creation Unit Transaction Fee will be the same regardless of the number of Creation Units purchased or redeemed by an investor
on the applicable business day. The Creation Unit Transaction Fee charged by each Fund for each creation order is $300.
The
fixed creation unit transaction fee may be waived on certain orders if the applicable Fund’s custodian has determined to waive some
or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.
An
additional variable fee of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for (i)
creations effected outside the Clearing Process and (ii) creations made in an all cash amount (to offset the Trust’s brokerage and
other transaction costs associated with using cash to purchase or redeem the requisite deposit securities). Each Fund may determine to
not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.
Variable fees received by each Fund are displayed in the Capital Transactions section of the Statement of Changes in Net Assets.
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.
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
During
the period ended April 30, 2025, there were no purchases or sales of long-term securities, or purchases and sales of in-kind transactions
associated with creations and redemptions. There were no long-term purchases or sales of U.S. Government Securities in the Funds.
TABLE OF CONTENTS
Themes
ETF Trust
Notes
to the Financial Statements
April
30, 2025 (Unaudited)(Continued)
6.
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.”
7.
NEW ACCOUNTING PRONOUNCEMENT
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU
2023-07”). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures
about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit
or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity’s
segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision
maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim
disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.
Management
has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect
to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment
entity. The Fund’s income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as
the chief operating decision maker, using the information presented in the financial statements and financial highlights.
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.
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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
August 2024
meeting
At
a meeting held on August 8, 2024 (the “Meeting”), the Board of Trustees (the “Board”) of Themes ETF Trust
(the “Trust”), including those trustees who are not “interested persons” of the Trust, as defined in the Investment
Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the approval of an advisory agreement
(the “Agreement”) between Themes Management Company, LLC (the “Adviser” or “Themes”) and the Trust,
on behalf of 13 series of shares (each, a “Fund” and together, the “Funds”), including Leverage Shares 2X Long
AMD Daily ETF, Leverage Shares 2X Long ARM Daily ETF, Leverage Shares 2X Long ASML Daily ETF, Leverage Shares 2X Long COIN Daily ETF,
Leverage Shares 2X Long NVDA Daily ETF, Leverage Shares 2X Long TSLA Daily ETF and Leverage Shares 2X Long TSM Daily 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 New Fund, including information presented to the Board by representatives
of Themes. The Independent Trustees noted having met with Counsel to the Independent Trustees prior to the Meeting and that they discussed
at length their duties and responsibilities in considering approval of the Advisory Agreement and the information provided in Themes’
15c response and the various exhibits. The Board noted that it requested and/or was provided with information and reports relevant to
the approval of the Advisory Agreement, including: (i) reports regarding the services and support to be provided to each New Fund
and its shareholders; (ii) presentations by management of Themes addressing the investment strategy, personnel and operations to
be utilized in managing each New Fund; (iii) disclosure information contained in the registration statement of the Trust and the
Form ADV and/or policies and procedures of Themes; and (iv) a summary of the fiduciary duties and responsibilities of the Board
in reviewing and approving the Advisory Agreement, including the material factors set forth above and the types of information included
in each factor that should be considered by the Board in order to make an informed decision.
The
Board also requested and received various informational materials including, without limitation: (i) documents containing information
about Themes, including financial information, a description of personnel and the services to be provided to each New 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 New Fund’s performance and expenses; and (iv) benefits to be realized by
Themes from its relationship with the New Funds.
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ETF TRUST
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N-CSR ITEMS (Unaudited)(Continued)
The
Board reflected on its discussions regarding the Advisory Agreement and the anticipated manner in which each New Fund would be managed
with representatives of Themes. The Board did not identify any particular information that was most relevant to its consideration to approve
the Advisory Agreement and each Trustee may have afforded different weight to the various factors. In deciding whether to approve the
Advisory Agreement, the Trustees considered numerous factors, including:
1.
The nature, extent, and quality of the services to be provided by Themes.
The
Board considered the responsibilities of Themes under the Advisory Agreement and the services to be provided including, without limitation,
the process for assuring compliance with each New Fund’s investment objectives and limitations, the anticipated coordination of
services for the New Funds among the service providers, and the anticipated efforts of Themes to promote the New Funds and grow their
assets. The Board considered Themes’ staffing, personnel, shared services arrangement with an affiliated company and methods of
operating, the education and experience of its personnel, and its compliance programs, policies and procedures. The Board considered that
while Themes was a recently formed entity and that it had limited experience managing registered funds, its personnel had significant
experience in managing the investment strategies of the New Funds, the portfolios of other registered funds and the overall operations
of a large family of funds. The Board also considered the financial condition of Themes and the commitment of financial support from its
owners. The Board considered the measures that Themes had put in place to ensure compliance with applicable law and regulations, including
the hiring of an independent compliance firm to assist with the development and maintenance of its compliance policies and procedures
and the hiring of an independent chief compliance officer to oversee its compliance program. The Board also considered the trading and
operational capabilities of Themes, noting in particular the highly automated trading, portfolio management and compliance systems and
the significant past experience of the New Funds’ portfolio managers in trading options. After reviewing the foregoing and further
information from Themes, the Board concluded that the personnel at Themes have the resources, experience and expertise to provide the
New Funds with the quality, extent, and nature of the services required by the Advisory Agreement.
2.
Investment Performance of the New Funds and Themes.
The
Board noted that the New Funds had not commenced operations, and that the other operational series of the Trust launched in December 2023
and 2024 with only limited performance information available, and that, therefore, consideration of the performance of the New Funds or
the other series of the Trust was not relevant at this time. It was also noted that Themes was an entity formed in 2023 expressly to manage
funds and did not manage any other accounts. As such, there was no relevant investment performance to review at this time. The Board acknowledged
that the investment management, operational, trading and compliance teams at Themes have extensive experience in their respective roles
and are qualified to manage the New Funds in accordance with their respective investment objectives and strategies.
3.
The costs of services to be provided and profits to be realized by Themes from its relationship
with the New Funds.
The
Board considered the financial condition of Themes and the level of commitment to the New Funds by its owners and the estimated expenses
of each New Fund, including the nature and frequency of advisory fee payments. The Board noted projections from Themes as to the level
of assets under management needed in each New Fund in order for it to become profitable. The Board reviewed comparative information on
other ETFs that employ an investment strategy that is similar to the respective New Funds. The Board considered how the New Funds’
proposed management fees compare to other similar funds, noting that each New Fund’s proposed management fee was lower than the
management fees charged by similar funds. They also compared the New Funds’ estimated expense ratios to the respective group of
similar funds, finding that each New Fund’s estimated expense ratio was below that of the similar funds. The Board considered the
complexity of the New Funds’ investment strategies and the operational burdens of overseeing daily trading. The differences in certain
of the New Funds’ investment strategies from the group of similar funds was also considered. 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
to be paid to Themes were fair and reasonable.
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ETF TRUST
FORM
N-CSR ITEMS (Unaudited)(Continued)
4.
The extent to which economies of scale would be realized as a New Fund grows and whether advisory
fee levels reflect these economies of scale for the benefit of the New Fund’s investors.
The
Board considered each New Fund’s proposed fee arrangements with Themes, noting that each New Fund has a unitary fee structure. The
Board noted that none of the proposed advisory fees include a breakpoint but that the unitary fee structure would have the effect of capping
the expenses for each New Fund. Following further discussion of each New Fund’s projected asset levels, expectations for growth,
and levels of fees, the Board determined that each New Fund’s proposed fee arrangement with Themes was fair and reasonable in relation
to the nature and quality of the services to be provided by Themes.
5.
Possible conflicts of interest and other benefits.
In
evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory
personnel assigned to the New Funds; the basis of decisions to buy or sell securities for the New Funds; the substance and administration
of the Code of Ethics and other relevant policies described in Themes’ Form ADV and compliance policies and procedures; and
the use of the name of the Adviser’s affiliate, Leverage Shares, in the name of the New Funds and the compliance policies and procedures
and legal protections to be put in place related thereto. The Board considered that Themes does not currently manage any investments for
clients other than the Trust. The Board also considered potential benefits for Themes in managing the New 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 New 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.
November 2024
meeting
At
a meeting held on November 15, 2024 (the “Meeting”), the Board of Trustees (the “Board”) of Themes ETF Trust (the
“Trust”), including those trustees who are not “interested persons” of the Trust, as defined in the Investment
Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the approval of an advisory agreement
(the “Agreement”) between Themes Management Company, LLC (the “Adviser” or “Themes”) and the Trust,
on behalf of 22 series of shares (each, a “Fund” and together, the “Funds”), Leverage Shares 2X Long ADBE Daily
ETF, Leverage Shares 2X Long PANW Daily ETF, Leverage Shares 2X Long PLTR Daily ETF, Leverage Shares 2X Long PYPL Daily ETF and Leverage
Shares 2X Long XYZ Daily 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 New Fund, including information presented to the Board by representatives
of Themes. The Independent Trustees noted having met with Independent Trustee Counsel prior to the Meeting and that they discussed at
length their duties and responsibilities in considering approval of the Advisory Agreement and the information provided in Themes’
15c response and the various exhibits. The Board noted that it requested and/or was provided with information and reports relevant to
the approval of the Advisory Agreement, including: (i) reports regarding the services and support to be provided to each New Fund
and its shareholders; (ii) presentations by management of Themes addressing the investment strategy, personnel and operations to
be utilized in managing each New 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
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THEMES
ETF TRUST
FORM
N-CSR ITEMS (Unaudited)(Continued)
duties
and responsibilities of the Board in reviewing and approving the Advisory Agreement, including the material factors set forth above and
the types of information included in each factor that should be considered by the Board in order to make an informed decision.
The
Board also requested and received various informational materials including, without limitation: (i) documents containing information
about Themes, including financial information, a description of personnel and the services to be provided to each New 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 New Fund’s performance and expenses; and (iv) benefits to be realized by
Themes from its relationship with the New Funds.
The
Board reflected on its discussions regarding the Advisory Agreement and the anticipated manner in which each New Fund would be managed
with representatives of Themes. The Board did not identify any particular information that was most relevant to its consideration to approve
the Advisory Agreement and each Trustee may have afforded different weight to the various factors. In deciding whether to approve the
Advisory Agreement, the Trustees considered numerous factors, including:
1.
The nature, extent, and quality of the services to be provided by Themes.
The
Board considered the responsibilities of Themes under the Advisory Agreement and the services to be provided including, without limitation,
the process for assuring compliance with each New Fund’s investment objectives and limitations, the anticipated coordination of
services for the New Funds among the service providers, and the anticipated efforts of Themes to promote the New Funds and grow their
assets. The Board considered Themes’ staffing, personnel, shared services arrangement with an affiliated company and methods of
operating, the education and experience of its personnel, and its compliance programs, policies and procedures. The Board considered that
while Themes was a recently formed entity and that it had limited experience managing registered funds, its personnel had significant
experience in managing the investment strategies of the New Funds, the portfolios of other registered funds and the overall operations
of a large family of funds. The Board also considered the financial condition of Themes and the commitment of financial support from its
owners. The Board considered the measures that Themes had put in place to ensure compliance with applicable law and regulations, including
the hiring of an independent compliance firm to assist with the development and maintenance of its compliance policies and procedures
and the hiring of an independent chief compliance officer to oversee its compliance program. The Board also considered the trading and
operational capabilities of Themes, noting in particular the highly automated trading, portfolio management and compliance systems and
the significant past experience of the New Funds’ portfolio managers in trading total return swaps and options. After reviewing
the foregoing and further information from Themes, the Board concluded that Themes has the resources, experience and expertise to provide
the New Funds with the quality, extent, and nature of the services required by the Advisory Agreement.
2.
Investment Performance of the New Funds and Themes.
The
Board noted that, as the New Funds had not commenced operations and the other operational series of the Trust had only limited performance
information available, the consideration of the performance of the New Funds or other series of the Trust was not relevant at this time.
It was also noted that Themes was an entity formed in 2023 expressly to manage funds and did not manage any other accounts. As such, there
was no relevant investment performance to review at this time. The Board acknowledged that the investment management, operational, trading
and compliance teams at Themes have extensive experience in their respective roles and are qualified to manage the New Funds in accordance
with their respective investment objectives and strategies.
3.
The costs of services to be provided and profits to be realized by Themes from its relationship
with the New Funds.
The
Board considered the financial condition of Themes and the level of commitment to the New Funds by its owners and the estimated expenses
of each New Fund, including the nature and frequency of advisory fee payments. 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 reviewed comparative information
on other ETFs that employ an investment strategy that is similar to the respective New Funds. The Board considered how the New Funds’
proposed management fees compare to other similar funds, noting that each New Fund’s proposed management fee was lower than the
management fees charged by similar funds. They also compared the New Funds’ estimated expense ratios to the
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ETF TRUST
FORM
N-CSR ITEMS (Unaudited)(Continued)
respective
group of similar funds, finding that each New Fund’s estimated expense ratio was below that of the similar funds. The Board considered
the complexity of the New Funds’ investment strategies and the operational burdens of overseeing daily trading. The differences
in certain of the New Funds’ investment strategies from the group of similar funds was also considered. 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 to be paid to Themes were fair and reasonable.
4.
The extent to which economies of scale would be realized as a New Fund grows and whether advisory
fee levels reflect these economies of scale for the benefit of the New Fund’s investors.
The
Board considered each New Fund’s proposed fee arrangements with Themes, noting that each New Fund has a unitary fee structure. The
Board noted that none of the proposed advisory fees include a breakpoint but that the unitary fee structure would have the effect of capping
the expenses for each New Fund. Following further discussion of each New Fund’s projected asset levels, expectations for growth,
and levels of fees, the Board determined that each New Fund’s proposed fee arrangement with Themes was fair and reasonable in relation
to the nature and quality of the services to be provided by Themes.
5.
Possible conflicts of interest and other benefits.
In
evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory
personnel assigned to the New Funds; the basis of decisions to buy or sell securities for the New Funds; the substance and administration
of the Code of Ethics and other relevant policies described in Themes’ Form ADV and compliance policies and procedures; and
the use of the name of the Adviser’s affiliate, Leverage Shares, in the name of the New Funds and the compliance policies and procedures
and legal protections to be put in place related thereto. The Board considered that Themes does not currently manage any investments for
clients other than the Trust. The Board also considered potential benefits for Themes in managing the New 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 New 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 2025
At
a meeting held on February 28, 2025 (the “Meeting”), the Board of Trustees (the “Board”) of Themes ETF Trust (the
“Trust”), including those trustees who are not “interested persons” of the Trust, as defined in the Investment
Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the approval of an advisory agreement
(the “Agreement”) between Themes Management Company, LLC (the “Adviser” or “Themes”) and the Trust,
on behalf of 36 series of shares (each, a “Fund” and together, the “Funds”), including Leverage Shares 2X Long
CRM Daily ETF and Leverage Shares 2X Long HOOD Daily 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 New Fund, including information presented to the Board by representatives
of Themes. The Independent Trustees noted having met with Independent Trustee Counsel prior to the Meeting and that they discussed at
length their duties and responsibilities in considering approval of the Advisory Agreement and the information provided in Themes’
15c response and the various
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ETF TRUST
FORM
N-CSR ITEMS (Unaudited)(Continued)
exhibits.
The Board noted that it requested and/or was provided with information and reports relevant to the approval of the Advisory Agreement,
including: (i) reports regarding the services and support to be provided to each New Fund and its shareholders; (ii) presentations
by management of Themes addressing the investment strategy, personnel and operations to be utilized in managing each New Fund; (iii) disclosure
information contained in the registration statement of the Trust and the Form ADV and/or policies and procedures of Themes; and (iv) a
summary of the fiduciary duties and responsibilities of the Board in reviewing and approving the Advisory Agreement, including the material
factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an
informed decision.
The
Board also requested and received various informational materials including, without limitation: (i) documents containing information
about Themes, including financial information, a description of personnel and the services to be provided to each New 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 New Fund’s performance and expenses; and (iv) benefits to be realized by
Themes from its relationship with the New Funds.
The
Board reflected on its discussions regarding the Advisory Agreement and the anticipated manner in which each New Fund would be managed
with representatives of Themes. The Board did not identify any particular information that was most relevant to its consideration to approve
the Advisory Agreement and each Trustee may have afforded different weight to the various factors. In deciding whether to approve the
Advisory Agreement, the Trustees considered numerous factors, including:
1.
The nature, extent, and quality of the services to be provided by Themes.
The
Board considered the responsibilities of Themes under the Advisory Agreement and the services to be provided including, without limitation,
the process for assuring compliance with each New Fund’s investment objectives and limitations, the anticipated coordination of
services for the New Funds among the service providers, and the anticipated efforts of Themes to promote the New Funds and grow their
assets. The Board considered Themes’ staffing, personnel, shared services arrangement with an affiliated company and methods of
operating, the education and experience of its personnel, and its compliance programs, policies and procedures. The Board considered that
while Themes was a recently formed entity and that it had limited experience managing registered funds, its personnel had significant
experience in managing the investment strategies of the New Funds, the portfolios of other registered funds and the overall operations
of a large family of funds. The Board also considered the financial condition of Themes and the commitment of financial support from its
owners. The Board considered the measures that Themes had put in place to ensure compliance with applicable law and regulations, including
the hiring of an independent compliance firm to assist with the development and maintenance of its compliance policies and procedures
and the hiring of an independent chief compliance officer to oversee its compliance program. The Board also considered the trading and
operational capabilities of Themes, noting in particular the highly automated trading, portfolio management and compliance systems and
the significant past experience of the New Funds’ portfolio managers in trading total return swaps and options. After reviewing
the foregoing and further information from Themes, the Board concluded that Themes has the resources, experience and expertise to provide
the New Funds with the quality, extent, and nature of the services required by the Advisory Agreement.
2.
Investment Performance of the New Funds and Themes.
The
Board noted that, as the New Funds had not commenced operations and the other operational series of the Trust had only limited performance
information available, the consideration of the performance of the New Funds or other series of the Trust was not relevant at this time.
It was also noted that Themes was an entity formed in 2023 expressly to manage funds and did not manage any other accounts. As such, there
was no relevant investment performance to review at this time. The Board acknowledged that the investment management, operational, trading
and compliance teams at Themes have extensive experience in their respective roles and are qualified to manage the New Funds in accordance
with their respective investment objectives and strategies.
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ETF TRUST
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N-CSR ITEMS (Unaudited)(Continued)
3.
The costs of services to be provided and profits to be realized by Themes from its relationship
with the New Funds.
The
Board considered the financial condition of Themes and the level of commitment to the New Funds by its owners and the estimated expenses
of each New Fund, including the nature and frequency of advisory fee payments. 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 reviewed comparative information
on other ETFs that employ an investment strategy that is similar to the respective New Funds. The Board considered how the New Funds’
proposed management fees compare to other similar funds, noting that each New Fund’s proposed management fee was lower than the
management fees charged by similar funds. They also compared the New Funds’ estimated expense ratios to the respective group of
similar funds, finding that each New Fund’s estimated expense ratio was below that of the similar funds. The Board considered the
complexity of the New Funds’ investment strategies and the operational burdens of overseeing daily trading. The differences in certain
of the New Funds’ investment strategies from the group of similar funds was also considered. 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
to be paid to Themes were fair and reasonable.
4.
The extent to which economies of scale would be realized as a New Fund grows and whether advisory
fee levels reflect these economies of scale for the benefit of the New Fund’s investors.
The
Board considered each New Fund’s proposed fee arrangements with Themes, noting that each New Fund has a unitary fee structure. The
Board noted that none of the proposed advisory fees include a breakpoint but that the unitary fee structure would have the effect of capping
the expenses for each New Fund. Following further discussion of each New Fund’s projected asset levels, expectations for growth,
and levels of fees, the Board determined that each New Fund’s proposed fee arrangement with Themes was fair and reasonable in relation
to the nature and quality of the services to be provided by Themes.
5.
Possible conflicts of interest and other benefits.
In
evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory
personnel assigned to the New Funds; the basis of decisions to buy or sell securities for the New Funds; the substance and administration
of the Code of Ethics and other relevant policies described in Themes’ Form ADV and compliance policies and procedures; and
the use of the name of the Adviser’s affiliate, Leverage Shares, in the name of the New Funds and the compliance policies and procedures
and legal protections to be put in place related thereto. The Board considered that Themes does not currently manage any investments for
clients other than the Trust. The Board also considered potential benefits for Themes in managing the New 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 New 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.
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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.
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.
|
(b) |
Financial Highlights are included within the financial statements filed under Item 7(a)
of this Form. |
Item
8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
See item 7(a).
Item
9. Proxy Disclosure for Open-End Investment Companies.
See item 7(a).
Item
10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See item 7(a).
Item
11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers
of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters
to a Vote of Security Holders.
There have been no material changes to the procedures
by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
|
(a) |
The Registrant’s Principal Executive Officer and Principal
Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b)
under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have
concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report
is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s
service provider. |
|
(b) |
There were no changes in the Registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected,
or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities
Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously
Awarded Compensation.
Not applicable.
Item 19. Exhibits.
|
(a) |
(1) Any code of ethics or amendment thereto, that is the subject
of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing
an exhibit. Not applicable. |
(2) Not applicable.
(3) A
separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a)
under the Investment Company Act of 1940 (17 CFR 270.30a2(a)). Filed herewith.
(4) Not applicable.
(5) Not applicable.
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
| |
(Registrant) |
Themes
ETF Trust |
|
| |
By
(Signature and Title) |
/s/ Jose Gonzalez |
|
| |
|
Jose
Gonzalez |
|
| |
|
Principal Executive Officer |
|
Pursuant to the requirements of
the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the dates indicated.
| |
By
(Signature and Title) |
/s/ Jose Gonzalez |
|
| |
|
Jose
Gonzalez |
|
| |
|
Principal Executive Officer |
|
| |
By
(Signature and Title) |
/s/ Dobromir Kamburov |
|
| |
|
Dobromir
Kamburov |
|
| |
|
Principal Financial Officer |
|
