UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
 


Investment Company Act file number:  811-22310



ETF Managers Trust
_________________________________
(Exact name of registrant as specified in charter)



30 Maple Street, Suite 2
Summit, NJ 07901
_______________________________________
(Address of principal executive offices) (Zip code)



U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
_______________________________________
(Name and address of agent for service)



(908) 897-0518
_________________________________________________
Registrant's telephone number, including area code


Date of fiscal year end: September 30, 2020

Date of reporting period:  December 31, 2019


 
Item 1. Schedule of Investments.


AI Powered Equity ETF
           
Schedule of Investments
           
December 31, 2019 (Unaudited)
           
   
Shares
   
Value
 
COMMON STOCKS - 96.7%
           
Canada - 0.6%
           
Commercial Services & Supplies - 0.6%
           
Waste Connections, Inc.
   
7,014
   
$
636,801
 
                 
United States - 96.1%
               
Aerospace & Defense - 3.5%
               
Huntington Ingalls Industries, Inc.
   
1,290
     
323,635
 
Lockheed Martin Corp.
   
2,943
     
1,145,945
 
Northrop Grumman Corp.
   
1,328
     
456,792
 
Raytheon Co.
   
5,586
     
1,227,467
 
United Technologies Corp.
   
6,576
     
984,822
 
Total Aerospace & Defense
           
4,138,661
 
Automobiles - 0.3%
               
Tesla, Inc. (a)(b)
   
903
     
377,752
 
Banks - 2.8%
               
CIT Group, Inc.
   
17,269
     
787,984
 
Hancock Whitney Corp.
   
17,753
     
779,002
 
KeyCorp
   
29,626
     
599,630
 
PNC Financial Services Group Inc.
   
2,092
     
333,946
 
SVB Financial Group (b)
   
3,017
     
757,388
 
Total Banks
           
3,257,950
 
Beverages - 2.1%
               
Brown-Forman Corp. - Class B (a)
   
18,369
     
1,241,743
 
Constellation Brands, Inc. - Class A
   
3,694
     
700,937
 
Monster Beverage Corp. (b)
   
5,152
     
327,410
 
Total Beverages
           
2,270,090
 
Biotechnology - 1.3%
               
ACADIA Pharmaceuticals, Inc. (b)
   
10,932
     
467,671
 
Exelixis, Inc. (b)
   
61,296
     
1,080,035
 
Total Biotechnology
           
1,547,706
 
Capital Markets - 2.2%
               
Cboe Global Markets, Inc.
   
9,133
     
1,095,959
 
CME Group, Inc.
   
2,986
     
599,350
 
Moody's Corp.
   
3,655
     
867,734
 
Total Capital Markets
           
2,563,043
 
Chemicals - 1.0%
               
Ecolab, Inc.
   
4,429
     
854,753
 
Element Solutions, Inc. (b)
   
20,405
     
238,330
 
Total Chemicals
           
1,093,083
 
Commercial Services & Supplies - 1.2%
               
Waste Management, Inc. (b)
   
12,309
     
1,402,734
 
Communications Equipment - 1.0%
               
Arista Networks, Inc. (a)(b)
   
3,144
     
639,490
 
Motorola Solutions, Inc.
   
3,153
     
508,074
 
Total Communications Equipment
           
1,147,564
 
Construction & Engineering - 0.3%
               
MasTec, Inc. (a)(b)
   
6,027
     
386,692
 
Construction Materials - 1.9%
               
Martin Marietta Materials, Inc. (a)
   
5,482
     
1,532,987
 
Vulcan Materials Co.
   
5,625
     
809,944
 
Total Construction Materials
           
2,342,931
 
Consumer Finance - 1.0%
               
Discover Financial Services
   
13,496
     
1,144,731
 


Diversified Consumer Services - 0.3%
               
ServiceMaster Global Holdings, Inc. (b)
   
9,394
     
363,172
 
Electric Utilities - 2.8%
               
Alliant Energy Corp.
   
8,066
     
441,372
 
Duke Energy Corp.
   
5,068
     
462,252
 
Eversource Energy
   
13,597
     
1,156,696
 
Exelon Corp.
   
17,795
     
811,274
 
NextEra Energy, Inc.
   
1,722
     
417,000
 
Total Electric Utilities
           
3,288,594
 
Electronic Equipment, Instruments & Components - 2.2%
               
Amphenol Corp. - Class A
   
9,895
     
1,070,936
 
Dolby Laboratories, Inc. - Class A
   
8,175
     
562,440
 
Trimble, Inc. (b)
   
6,238
     
260,062
 
Zebra Technologies Corp. - Class A (b)
   
2,305
     
588,789
 
Total Electronic Equipment, Instruments & Components
           
2,482,227
 
Entertainment - 2.5%
               
Activision Blizzard, Inc.
   
14,385
     
854,757
 
Netflix, Inc. (a)(b)
   
2,668
     
863,285
 
Roku, Inc. (a)(b)
   
1,592
     
213,169
 
Take-Two Interactive Software, Inc. (b)
   
7,534
     
922,387
 
Total Entertainment
           
2,853,598
 
Food & Staples Retailing - 1.3%
               
Costco Wholesale Corp.
   
2,533
     
744,499
 
Sysco Corp.
   
9,386
     
802,879
 
Total Food & Staples Retailing
           
1,547,378
 
Food Products - 1.0%
               
Archer Daniels Midland Co.
   
7,167
     
332,190
 
Campbell Soup Co. (a)
   
17,331
     
856,498
 
Total Food Products
           
1,188,688
 
Gas Utilities - 0.5%
               
Atmos Energy Corp.
   
5,065
     
566,571
 
Health Care Equipment & Supplies - 3.9%
               
Align Technology, Inc. (b)
   
892
     
248,904
 
Baxter International, Inc.
   
4,500
     
376,290
 
Danaher Corp.
   
3,431
     
526,590
 
DexCom, Inc. (a)(b)
   
4,811
     
1,052,358
 
Globus Medical, Inc. - Class A (b)
   
14,830
     
873,190
 
Haemonetics Corp. (b)
   
7,836
     
900,356
 
Stryker Corp.
   
2,058
     
432,057
 
Total Health Care Equipment & Supplies
           
4,409,745
 
Health Care Providers & Services - 2.8%
               
Centene Corp. (a)(b)
   
10,610
     
667,051
 
Cigna Corp.
   
3,374
     
689,949
 
UnitedHealth Group, Inc.
   
5,901
     
1,734,776
 
Total Health Care Providers & Services
           
3,091,776
 
Health Care Technology - 1.4%
               
Teladoc Health, Inc. (a)(b)
   
9,756
     
816,772
 
Veeva Systems, Inc. - Class A (b)
   
5,462
     
768,285
 
Total Health Care Technology
           
1,585,057
 
Hotels, Restaurants & Leisure - 4.3%
               
Chipotle Mexican Grill, Inc. (a)(b)
   
892
     
746,702
 
Domino's Pizza, Inc.
   
2,288
     
672,169
 
Las Vegas Sands Corp.
   
11,949
     
824,959
 
Marriott International Inc. - Class A (a)
   
6,224
     
942,500
 
Vail Resorts, Inc. (a)
   
4,451
     
1,067,483
 
Yum! Brands, Inc.
   
5,856
     
589,875
 
Total Hotels, Restaurants & Leisure
           
4,843,688
 
Household Durables - 0.7%
               
NVR, Inc. (b)
   
221
     
841,659
 


Household Products - 0.6%
               
Kimberly-Clark Corp.
   
5,003
     
688,163
 
Insurance - 2.5%
               
Loews Corp.
   
10,384
     
545,056
 
MetLife, Inc.
   
12,261
     
624,943
 
Prudential Financial, Inc.
   
17,557
     
1,645,794
 
Total Insurance
           
2,815,793
 
Interactive Media & Services - 5.6%
               
Alphabet, Inc. - Class A (b)
   
2,712
     
3,632,425
 
Facebook, Inc. - Class A (b)
   
10,041
     
2,060,915
 
IAC/InterActiveCorp. (b)
   
2,987
     
744,092
 
Total Interactive Media & Services
           
6,437,432
 
Internet & Direct Marketing Retail - 3.6%
               
Amazon.com, Inc. (b)
   
1,782
     
3,292,851
 
Booking Holdings, Inc. (a)(b)
   
197
     
404,585
 
Wayfair, Inc. - Class A (a)(b)
   
4,604
     
416,063
 
Total Internet & Direct Marketing Retail
           
4,113,499
 
IT Services - 4.8%
               
Cognizant Technology Solutions Corp. - Class A
   
13,662
     
847,317
 
Fiserv, Inc. (b)
   
7,640
     
883,413
 
FleetCor Technologies, Inc. (b)
   
2,310
     
664,633
 
Leidos Holdings, Inc.
   
5,935
     
580,977
 
MasterCard, Inc. - Class A
   
6,363
     
1,899,928
 
Visa, Inc. - Class A (a)
   
4,085
     
767,572
 
Total IT Services
           
5,643,840
 
Life Sciences Tools & Services - 1.8%
               
IQVIA Holdings, Inc. (b)
   
4,227
     
653,114
 
Thermo Fisher Scientific, Inc.
   
4,471
     
1,452,494
 
Total Life Sciences Tools & Services
           
2,105,608
 
Machinery - 1.5%
               
Allison Transmission Holdings, Inc.
   
21,634
     
1,045,355
 
Fortive Corp. (a)
   
8,530
     
651,607
 
Total Machinery
           
1,696,962
 
Media - 0.6%
               
Liberty Broadband Corp. - Class C (b)
   
5,038
     
633,529
 
Metals & Mining - 0.3%
               
Newmont Goldcorp Corp.
   
6,685
     
290,463
 
Multiline Retail - 1.8%
               
Dollar General Corp.
   
5,981
     
932,917
 
Dollar Tree, Inc. (b)
   
3,558
     
334,630
 
Target Corp.
   
6,321
     
810,415
 
Total Multiline Retail
           
2,077,962
 
Multi-Utilities - 1.3%
               
DTE Energy Co.
   
6,924
     
899,220
 
Sempra Energy
   
3,613
     
547,297
 
Total Multi-Utilities
           
1,446,517
 
Oil, Gas & Consumable Fuels - 1.9%
               
ONEOK, Inc. (a)
   
9,064
     
685,873
 
Parsley Energy, Inc. - Class A
   
63,068
     
1,192,615
 
Williams Cos., Inc.
   
10,630
     
252,144
 
Total Oil, Gas & Consumable Fuels
           
2,130,632
 
Personal Products - 0.8%
               
Estee Lauder Cos., Inc. - Class A
   
4,388
     
906,298
 
Pharmaceuticals - 1.9%
               
Catalent, Inc. (b)
   
11,939
     
672,166
 
Johnson & Johnson
   
10,690
     
1,559,350
 
Total Pharmaceuticals
           
2,231,516
 
Professional Services - 1.0%
               
Verisk Analytics, Inc.
   
7,498
     
1,119,751
 


Real Estate Investment Trusts (REITs) - 1.3%
               
Invitation Homes, Inc.
   
25,579
     
766,603
 
Medical Properties Trust, Inc. (a)
   
33,467
     
706,488
 
Total Equity Real Estate Investment Trusts (REITs)
           
1,473,091
 
Road & Rail - 0.6%
               
Union Pacific Corp.
   
3,659
     
661,511
 
Semiconductors & Semiconductor Equipment - 4.3%
               
Broadcom, Inc. (a)
   
985
     
311,280
 
KLA Corp.
   
4,332
     
771,832
 
Microchip Technology, Inc. (a)
   
3,722
     
389,768
 
NVIDIA Corp.
   
3,949
     
929,200
 
Qualcomm, Inc.
   
15,433
     
1,361,653
 
Skyworks Solutions, Inc.
   
3,703
     
447,619
 
Xilinx, Inc.
   
7,013
     
685,661
 
Total Semiconductors & Semiconductor Equipment
           
4,897,013
 
Software - 10.8%
               
Alteryx, Inc. - Class A (a)(b)
   
9,958
     
996,497
 
Citrix Systems, Inc.
   
9,751
     
1,081,386
 
Coupa Software, Inc. (a)(b)
   
4,965
     
726,131
 
Everbridge, Inc. (b)
   
3,736
     
291,707
 
Fair Isaac Corp. (b)
   
886
     
331,966
 
Guidewire Software, Inc. (a)(b)
   
4,298
     
471,791
 
Intuit, Inc.
   
10,267
     
2,689,236
 
New Relic, Inc. (a)(b)
   
16,590
     
1,090,130
 
Paylocity Holding Corp. (a)(b)
   
6,204
     
749,567
 
Q2 Holdings, Inc. (a)(b)
   
6,170
     
500,264
 
salesforce.com, Inc. (b)
   
5,277
     
858,251
 
Splunk, Inc. (b)
   
6,164
     
923,182
 
SS&C Technologies Holdings, Inc.
   
24,428
     
1,499,880
 
Zendesk, Inc. (a)(b)
   
3,338
     
255,791
 
Total Software
           
12,465,779
 
Specialty Retail - 2.0%
               
Aaron's, Inc. (a)
   
8,802
     
502,682
 
AutoZone, Inc. (b)
   
403
     
480,098
 
RH (a)(b)
   
2,413
     
515,176
 
Ross Stores, Inc.
   
7,001
     
815,056
 
Total Specialty Retail
           
2,313,012
 
Technology Hardware, Storage & Peripherals - 2.3%
               
Apple, Inc.
   
2,252
     
661,300
 
NetApp, Inc. (a)
   
23,845
     
1,484,351
 
Pure Storage, Inc. - Class A (b)
   
25,697
     
439,676
 
Total Technology Hardware, Storage & Peripherals
           
2,585,327
 
Textiles, Apparel & Luxury Goods - 0.8%
               
Tapestry, Inc.
   
33,781
     
911,074
 
Trading Companies & Distributors - 0.9%
               
Fastenal Co.
   
27,066
     
1,000,089
 
Water Utilities - 0.8%
               
Aqua America, Inc. (a)
   
19,381
     
909,744
 
Total United States
           
110,289,695
 
TOTAL COMMON STOCKS (Cost $102,626,333)
           
110,926,496
 
                 
CLOSED-ENDED FUNDS - 0.6%
               
United States - 0.6%
               
Ares Capital Corp. (a)
   
37,859
     
706,070
 
TOTAL CLOSED-ENDED FUNDS (Cost $657,025)
           
706,070
 
                 
RIGHTS - 0%
               
United States - 0.0%
               
NewStar Financial, Inc. (b)(c)
   
115,783
     
0
 
TOTAL RIGHTS (Cost $0)
           
0
 


SHORT-TERM INVESTMENTS - 2.7%
               
Money Market Funds - 2.7%
               
Invesco Advisers, Inc. STIT-Treasury Portfolio - Institutional Class - 1.49% (d)
   
3,113,936
     
3,113,936
 
TOTAL SHORT-TERM INVESTMENTS (Cost $3,113,936)
           
3,113,936
 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 18.5%
               
Mount Vernon Liquid Assets Portfolio, LLC, 1.80% (d)
   
21,172,581
     
21,172,581
 
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $21,172,581)
           
21,172,581
 
                 
Total Investments (Cost $127,569,875) - 118.5%
           
135,919,083
 
Liabilities in Excess of Other Assets - (18.5)%
           
(21,223,594
)
TOTAL NET ASSETS - 100.0%
         
$
114,695,489
 
                 
Percentages are stated as a percent of net assets.
         

(a)
 
All or a portion of this security was out on loan at December 31, 2019.
 
(b)
 
Non-income producing security.
 
(c)
 
Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.
 
(d)
 
The rate quote is the annualized seven-day yield at December 31, 2019.
 
                 
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC., doing business as U.S. Bank Global Fund Services ("Fund Services").
 


 
BlueStar Israel Technology ETF
           
Schedule of Investments
           
December 31, 2019 (Unaudited)
           
   
Shares
   
Value
 
COMMON STOCKS - 99.8%
           
Guernsey - 7.5%
           
IT Services - 7.5%
           
Amdocs, Ltd.
   
93,511
   
$
6,750,558
 
                 
Israel - 58.9%
               
Aerospace & Defense - 4.5%
               
Elbit Systems, Ltd.
   
23,730
     
3,694,220
 
RADA Electronic Industries, Ltd. (a)
   
63,043
     
327,193
 
Total Aerospace & Defense
           
4,021,413
 
Biotechnology - 1.6%
               
Galmed Pharmaceuticals, Ltd. (a)
   
37,856
     
218,808
 
Intec Pharma, Ltd. (a)(b)
   
302,909
     
151,455
 
Kamada, Ltd. (a)
   
45,011
     
308,911
 
UroGen Pharma, Ltd. (a)(b)
   
21,494
     
717,254
 
Total Biotechnology
           
1,396,428
 
Communications Equipment - 3.6%
               
AudioCodes, Ltd.
   
26,745
     
687,080
 
Ceragon Networks, Ltd. (a)(b)
   
147,100
     
308,910
 
Ituran Location and Control, Ltd.
   
25,434
     
639,156
 
Radware, Ltd. (a)
   
44,216
     
1,139,889
 
Silicom, Ltd. (a)
   
11,154
     
370,982
 
Total Communications Equipment
           
3,146,017
 
Health Care Equipment & Supplies - 1.2%
               
Brainsway, Ltd. (a)
   
47,402
     
230,744
 
Inmode, Ltd. (a)(b)
   
14,731
     
577,455
 
Intercure, Ltd. (a)
   
184,572
     
199,094
 
Total Health Care Equipment & Supplies
           
1,007,293
 
Household Durables - 0.5%
               
Maytronics, Ltd.
   
58,051
     
484,980
 
Independent Power and Renewable Electricity Producers - 1.7%
               
Energix-Renewable Energies, Ltd. (a)
   
208,997
     
623,971
 
Enlight Renewable Energy, Ltd. (a)
   
713,653
     
896,897
 
Total Independent Power and Renewable Electricity Producers
           
1,520,868
 
Internet & Direct Marketing Retail - 0.5%
               
Fiverr International, Ltd. (a)
   
17,231
     
404,929
 
IT Services - 8.2%
               
Formula Systems 1985, Ltd.
   
8,905
     
605,993
 
Matrix IT, Ltd.
   
37,572
     
756,271
 
Splitit Payments, Ltd. (a)
   
506,911
     
234,778
 
Wix.com, Ltd. (a)
   
45,212
     
5,533,045
 
Total IT Services
           
7,130,087
 
Life Sciences Tools & Services - 0.6%
               
Compugen, Ltd. (a)(b)
   
89,365
     
532,615
 
Machinery - 1.7%
               
Kornit Digital, Ltd. (a)(b)
   
42,865
     
1,467,269
 
Pharmaceuticals - 0.8%
               
Foamix Pharmaceuticals, Ltd. (a)(b)
   
114,087
     
379,910
 
Redhill Biopharma, Ltd. - ADR (a)(b)
   
56,431
     
342,536
 
Total Pharmaceuticals
           
722,446
 
Semiconductors & Semiconductor Equipment - 10.8%
               
Camtek, Ltd.
   
36,594
     
396,313
 
Mellanox Technologies, Ltd. (a)
   
50,078
     
5,868,140
 
Nova Measuring Instruments, Ltd. (a)
   
27,404
     
1,042,738
 
Tower Semiconductor, Ltd. (a)
   
94,930
     
2,269,820
 
Total Semiconductors & Semiconductor Equipment
           
9,577,011
 


Software - 21.9% (d)
               
Allot Communications, Ltd. (a)
   
49,336
     
419,356
 
Check Point Software Technologies, Ltd. (a)(b)
   
57,479
     
6,377,870
 
CyberArk Software, Ltd. (a)
   
35,926
     
4,188,253
 
Hilan, Ltd.
   
17,507
     
704,680
 
Magic Software Enterprises, Ltd.
   
39,358
     
382,946
 
Nice, Ltd. (a)
   
44,572
     
6,913,030
 
Tufin Software Technologies, Ltd. (a)
   
22,065
     
388,123
 
Total Software
           
19,374,258
 
Technology Hardware, Storage & Peripherals - 1.3%
               
Stratasys, Ltd. (a)(b)
   
56,129
     
1,135,209
 
Total Israel
           
51,920,823
 
                 
Jersey - 7.4%
               
Health Care Equipment & Supplies - 7.2%
               
Novocure, Ltd. (a)
   
76,355
     
6,434,436
 
Interactive Media & Services - 0.2%
               
XLMedia PLC
   
361,960
     
210,960
 
Total Jersey
           
6,645,396
 
                 
United Kingdom - 3.9%
               
Communications Equipment - 0.3%
               
BATM Advanced Communications (a)
   
617,552
     
304,301
 
Diversified Financial Services - 1.4%
               
Plus500, Ltd.
   
106,683
     
1,252,035
 
Hotels, Restaurants & Leisure - 1.0%
               
888 Holdings PLC
   
394,167
     
861,493
 
Media - 0.4%
               
Tremore International, Ltd. (a)
   
161,195
     
341,633
 
Software - 0.8% (d)
               
Sapiens International Corp. NV
   
30,471
     
688,251
 
Total United Kingdom
           
3,447,713
 
                 
United States - 22.1%
               
Biotechnology - 0.9%
               
BrainStorm Cell Therapeutics, Inc. (a)(b)
   
60,313
     
258,140
 
Oncocyte Corp. (a)
   
134,213
     
301,979
 
Pluristem Therapeutics, Inc. (a)
   
59,090
     
235,278
 
Total Biotechnology
           
795,397
 
Communications Equipment - 0.4%
               
Gilat Satellite Networks, Ltd.
   
45,159
     
357,264
 
Electric Utilities - 3.8%
               
Ormat Technologies, Inc.
   
44,527
     
3,357,609
 
Electronic Equipment, Instruments & Components - 0.4%
               
Powerfleet, Inc. (a)
   
54,897
     
357,379
 
Semiconductors & Semiconductor Equipment - 6.4%
               
CEVA, Inc. (a)
   
26,317
     
709,506
 
DSP Group, Inc. (a)
   
31,855
     
501,398
 
SolarEdge Technologies, Inc. (a)
   
46,671
     
4,437,945
 
Total Semiconductors & Semiconductor Equipment
           
5,648,849
 
Software - 10.2% (d)
               
ForeScout Technologies, Inc. (a)
   
38,757
     
1,271,230
 
LivePerson, Inc. (a)
   
60,369
     
2,223,652
 
Varonis Systems, Inc. (a)
   
29,083
     
2,260,040
 
Verint Systems, Inc. (a)
   
59,493
     
3,293,532
 
Total Software
           
9,048,454
 
Total United States
           
19,564,952
 
TOTAL COMMON STOCKS (Cost $70,054,109)
           
88,329,442
 


SHORT-TERM INVESTMENTS - 0.4%
               
Money Market Funds - 0.4%
               
Invesco Advisers, Inc. STIT-Treasury Portfolio - Institutional Class 1.49% (c)
   
321,442
     
321,442
 
TOTAL SHORT-TERM INVESTMENTS (Cost $321,442)
           
321,442
 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 11.6%
               
Mount Vernon Liquid Assets Portfolio, LLC, 1.80% (c)
   
10,281,900
     
10,281,900
 
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $10,281,900)
           
10,281,900
 
                 
Total Investments (Cost $80,657,451) - 111.8%
           
98,932,784
 
Liabilities in Excess of Other Assets - (11.8)%
           
(10,434,643
)
TOTAL NET ASSETS - 100.0%
         
$
88,498,141
 

Percentages are stated as a percent of net assets.
       
 
ADR
American Depositary Receipt
           
(a)
Non-income producing security.
           
(b)
All or a portion of this security was out on loan as of December 31, 2019.
           
(c)
The rate quoted is the annualized seven-day yield at December 31, 2019.
           
(d)
As of December 31, 2019, the Fund had a significant portion of its assets invested in the Software Industry.
   


 
Etho Climate Leadership U.S. ETF
           
Schedule of Investments
           
December 31, 2019 (Unaudited)
           
   
Shares
   
Value
 
COMMON STOCKS - 99.3%
           
Bermuda - 1.5%
           
Capital Markets - 0.7%
           
Invesco, Ltd.
   
13,249
   
$
238,217
 
Lazard, Ltd. - Class A
   
7,010
     
280,120
 
Total Capital Markets
           
518,337
 
Chemicals - 0.4%
               
Axalta Coating Systems, Ltd. (a)
   
9,810
     
298,224
 
Insurance - 0.4%
               
White Mountains Insurance Group, Ltd.
   
269
     
300,072
 
Total Bermuda
           
1,116,633
 
                 
Ireland - 0.8%
               
Machinery - 0.4%
               
Ingersoll-Rand PLC
   
2,300
     
305,716
 
Technology Hardware, Storage & Peripherals - 0.4%
               
Seagate Technology PLC
   
5,269
     
313,506
 
Total Ireland
           
619,222
 
                 
Switzerland - 0.8%
               
Electronic Equipment, Instruments & Components - 0.4%
               
TE Connectivity, Ltd.
   
3,084
     
295,571
 
Insurance - 0.4%
               
Chubb, Ltd.
   
1,771
     
275,674
 
Total Switzerland
           
571,245
 
                 
United States - 96.2%
               
Airlines - 0.7%
               
Southwest Airlines Co.
   
4,783
     
258,186
 
United Airlines Holdings, Inc. (a)
   
3,096
     
272,727
 
Total Airlines
           
530,913
 
Auto Components - 0.5%
               
Gentex Corp. (b)
   
12,399
     
359,323
 
Automobiles - 0.5%
               
Tesla, Inc. (a)(b)
   
882
     
368,967
 
Banks - 2.4%
               
Bank of Hawaii Corp.
   
3,172
     
301,848
 
Commerce Bancshares, Inc. (b)
   
4,498
     
305,608
 
First Republic Bank
   
2,467
     
289,749
 
KeyCorp
   
15,950
     
322,827
 
Popular, Inc.
   
4,785
     
281,119
 
SVB Financial Group (a)
   
1,106
     
277,650
 
Total Banks
           
1,778,801
 
Biotechnology - 1.4%
               
Agios Pharmaceuticals, Inc. (a)
   
3,660
     
174,765
 
Alnylam Pharmaceuticals, Inc. (a)(b)
   
2,642
     
304,279
 
Ionis Pharmaceuticals, Inc. (a)
   
3,047
     
184,069
 
Seattle Genetics, Inc. (a)(b)
   
3,373
     
385,399
 
Total Biotechnology
           
1,048,512
 
Building Products - 2.7%
               
A.O. Smith Corp. (b)
   
4,667
     
222,336
 
Apogee Enterprises, Inc.
   
6,879
     
223,568
 
Armstrong World Industries, Inc.
   
3,120
     
293,186
 
Lennox International, Inc. (b)
   
932
     
227,380
 
Masco Corp.
   
6,524
     
313,087
 
Simpson Manufacturing Co., Inc.
   
4,311
     
345,872
 


Trex Co., Inc. (a)(b)
   
4,025
     
361,766
 
Total Building Products
           
1,987,195
 
Capital Markets - 5.4%
               
Affiliated Managers Group, Inc.
   
2,319
     
196,512
 
Ameriprise Financial, Inc.
   
1,945
     
323,998
 
Cboe Global Markets, Inc.
   
2,601
     
312,120
 
CME Group, Inc.
   
1,509
     
302,886
 
E*TRADE Financial Corp.
   
5,355
     
242,956
 
Eaton Vance Corp. (b)
   
6,203
     
289,618
 
FactSet Research Systems, Inc.
   
995
     
266,959
 
Federated Investors, Inc. - Class B
   
8,527
     
277,895
 
Intercontinental Exchange, Inc.
   
3,261
     
301,806
 
Morningstar, Inc.
   
2,018
     
305,344
 
Nasdaq, Inc.
   
2,845
     
304,700
 
S&P Global, Inc.
   
1,208
     
329,843
 
SEI Investments Co.
   
4,747
     
310,834
 
T. Rowe Price Group, Inc.
   
2,492
     
303,625
 
Total Capital Markets
           
4,069,096
 
Chemicals - 2.0%
               
Albemarle Corp. (b)
   
3,034
     
221,603
 
Ecolab, Inc.
   
1,404
     
270,958
 
Ingevity Corp. (a)
   
2,334
     
203,945
 
International Flavors & Fragrances, Inc. (b)
   
1,933
     
249,396
 
Intrepid Potash, Inc. (a)
   
65,259
     
176,852
 
RPM International, Inc. (b)
   
4,431
     
340,123
 
Total Chemicals
           
1,462,877
 
Commercial Services & Supplies - 2.1%
               
Brink's Co.
   
3,290
     
298,337
 
Copart, Inc. (a)
   
4,079
     
370,944
 
Herman Miller, Inc.
   
7,082
     
294,965
 
SP Plus Corp. (a)
   
7,248
     
307,533
 
Stericycle, Inc. (a)(b)
   
4,539
     
289,634
 
Total Commercial Services & Supplies
           
1,561,413
 
Communications Equipment - 1.4%
               
Ciena Corp. (a)
   
6,622
     
282,693
 
Cisco Systems, Inc.
   
4,800
     
230,208
 
F5 Networks, Inc. (a)
   
1,576
     
220,088
 
Motorola Solutions, Inc.
   
1,766
     
284,574
 
Total Communications Equipment
           
1,017,563
 
Construction & Engineering - 0.9%
               
EMCOR Group, Inc.
   
3,484
     
300,669
 
Northwest Pipe Co. (a)
   
10,344
     
344,559
 
Total Construction & Engineering
           
645,228
 
Consumer Finance - 0.8%
               
American Express Co.
   
2,346
     
292,054
 
Capital One Financial Corp.
   
3,046
     
313,463
 
Total Consumer Finance
           
605,517
 
Containers & Packaging - 1.4%
               
AptarGroup, Inc.
   
2,331
     
269,510
 
Avery Dennison Corp.
   
2,196
     
287,281
 
Ball Corp.
   
4,285
     
277,111
 
Sonoco Products Co.
   
4,050
     
249,966
 
Total Containers & Packaging
           
1,083,868
 
Distributors - 0.7%
               
Genuine Parts Co.
   
2,226
     
236,468
 
LKQ Corp. (a)
   
8,717
     
311,197
 
Total Distributors
           
547,665
 
Diversified Consumer Services - 0.3%
               
H&R Block, Inc.
   
10,475
     
245,953
 
Diversified Financial Services - 0.4%
               
MSCI, Inc.
   
1,243
     
320,918
 


Diversified Telecommunication Services - 0.4%
               
Zayo Group Holdings, Inc. (a)
   
8,698
     
301,386
 
Electrical Equipment - 0.7%
               
First Solar, Inc. (a)(b)
   
4,675
     
261,613
 
Rockwell Automation, Inc.
   
1,417
     
287,183
 
Total Electrical Equipment
           
548,796
 
Electronic Equipment, Instruments & Components - 4.3%
               
Badger Meter, Inc.
   
4,461
     
289,653
 
CDW Corp.
   
2,571
     
367,242
 
Dolby Laboratories, Inc. - Class A
   
3,939
     
271,003
 
IPG Photonics Corp. (a)
   
1,627
     
235,785
 
Itron, Inc. (a)
   
5,416
     
454,672
 
Keysight Technologies, Inc. (a)(b)
   
2,836
     
291,059
 
Littelfuse, Inc.
   
1,354
     
259,020
 
National Instruments Corp.
   
5,619
     
237,908
 
OSI Systems, Inc. (a)
   
2,818
     
283,885
 
Trimble, Inc. (a)
   
6,114
     
254,893
 
Zebra Technologies Corp. - Class A (a)(b)
   
1,175
     
300,142
 
Total Electronic Equipment, Instruments & Components
           
3,245,262
 
Entertainment - 1.5%
               
Activision Blizzard, Inc. (b)
   
5,431
     
322,709
 
Electronic Arts, Inc. (a)
   
2,430
     
261,249
 
Netflix, Inc. (a)(b)
   
687
     
222,293
 
Walt Disney Co.
   
2,230
     
322,525
 
Total Entertainment
           
1,128,776
 
Food & Staples Retailing - 1.2%
               
Northern Trust Corp.
   
2,756
     
292,797
 
PriceSmart, Inc.
   
4,214
     
299,278
 
Sysco Corp.
   
3,836
     
328,132
 
Total Food & Staples Retailing
           
920,207
 
Food Products - 0.4%
               
Hain Celestial Group, Inc. (a)(b)
   
10,693
     
277,537
 
Health Care Equipment & Supplies - 4.5%
               
Align Technology, Inc. (a)
   
863
     
240,812
 
Becton Dickinson & Co. (b)
   
991
     
269,522
 
Boston Scientific Corp. (a)
   
6,444
     
291,398
 
Cooper Cos.
   
828
     
266,028
 
DexCom, Inc. (a)
   
2,126
     
465,042
 
Edwards Lifesciences Corp. (a)
   
1,330
     
310,276
 
GenMark Diagnostics, Inc. (a)
   
34,881
     
167,778
 
IDEXX Laboratories, Inc. (a)(b)
   
1,102
     
287,765
 
Intuitive Surgical, Inc. (a)
   
442
     
261,288
 
ResMed, Inc. (b)
   
2,387
     
369,914
 
Stryker Corp.
   
1,249
     
262,215
 
Varian Medical Systems, Inc. (a)
   
1,738
     
246,813
 
Total Health Care Equipment & Supplies
           
3,438,851
 
Health Care Providers & Services - 3.5%
               
AMN Healthcare Services, Inc. (a)
   
5,252
     
327,252
 
Anthem, Inc.
   
860
     
259,746
 
Centene Corp. (a)(b)
   
4,658
     
292,848
 
Henry Schein, Inc. (a)
   
4,111
     
274,286
 
Humana, Inc. (b)
   
928
     
340,130
 
Laboratory Corp. of America Holdings (a)
   
1,615
     
273,210
 
MEDNAX, Inc. (a)
   
9,119
     
253,417
 
Quest Diagnostics, Inc.
   
2,850
     
304,352
 
UnitedHealth Group, Inc.
   
1,001
     
294,274
 
Total Health Care Providers & Services
           
2,619,515
 
Health Care Technology - 0.8%
               
Allscripts Healthcare Solutions, Inc. (a)(b)
   
25,922
     
254,424
 
Cerner Corp.
   
4,341
     
318,586
 
Total Health Care Technology
           
573,010
 


Hotels, Restaurants & Leisure - 0.4%
               
Chipotle Mexican Grill, Inc. (a)(b)
   
356
     
298,011
 
Household Durables - 2.3%
               
Leggett & Platt, Inc. (b)
   
5,940
     
301,930
 
PulteGroup, Inc.
   
8,890
     
344,932
 
Stanley Black & Decker, Inc.
   
1,828
     
302,973
 
Tempur Sealy International, Inc. (a)
   
4,285
     
373,052
 
TopBuild Corp. (a)
   
3,902
     
402,218
 
Total Household Durables
           
1,725,105
 
Household Products - 0.3%
               
Church & Dwight Co., Inc.
   
3,483
     
244,994
 
Independent Power and Renewable Electricity Producers - 0.9%
               
Ormat Technologies, Inc.
   
4,493
     
334,818
 
Pattern Energy Group, Inc. - Class A (b)
   
11,515
     
308,084
 
Total Independent Power and Renewable Electricity Producers
           
642,902
 
Industrial Conglomerates - 0.7%
               
Nordstrom, Inc. (b)
   
5,661
     
231,705
 
Teleflex, Inc. (b)
   
816
     
307,175
 
Total Industrial Conglomerates
           
538,880
 
Insurance - 1.9%
               
Aflac, Inc. (b)
   
4,981
     
263,495
 
Cincinnati Financial Corp.
   
2,894
     
304,304
 
Globe Life, Inc.
   
3,116
     
327,960
 
Marsh & McLennan Cos., Inc.
   
2,742
     
305,486
 
Travelers Cos., Inc.
   
1,811
     
248,016
 
Total Insurance
           
1,449,261
 
Interactive Media & Services - 0.2%
               
TripAdvisor, Inc.
   
4,805
     
145,976
 
Internet & Direct Marketing Retail - 1.0%
               
Amazon.com, Inc. (a)
   
142
     
262,393
 
Booking Holdings, Inc. (a)(b)
   
144
     
295,738
 
Expedia Group, Inc. (b)
   
2,081
     
225,039
 
Total Internet & Direct Marketing Retail
           
783,170
 
IT Services - 3.9%
               
Broadridge Financial Solutions, Inc. (b)
   
2,395
     
295,878
 
Cognizant Technology Solutions Corp. - Class A
   
3,430
     
212,729
 
Fidelity National Information Services, Inc.
   
2,190
     
304,607
 
Fiserv, Inc. (a)(b)
   
2,803
     
324,111
 
FleetCor Technologies, Inc. (a)
   
998
     
287,145
 
Global Payments, Inc.
   
1,806
     
329,702
 
MasterCard, Inc. - Class A
   
1,051
     
313,818
 
Paychex, Inc.
   
3,116
     
265,047
 
PayPal Holdings, Inc. (a)
   
2,382
     
257,661
 
Visa, Inc. - Class A (b)
   
1,585
     
297,822
 
Total IT Services
           
2,888,520
 
Leisure Products - 0.4%
               
Hasbro, Inc. (b)
   
3,001
     
316,936
 
Life Sciences Tools & Services - 2.8%
               
Agilent Technologies, Inc.
   
3,084
     
263,096
 
Bio-Techne Corp.
   
1,243
     
272,851
 
Illumina, Inc. (a)(b)
   
790
     
262,075
 
IQVIA Holdings, Inc. (a)
   
1,719
     
265,603
 
Mettler-Toledo International, Inc. (a)(b)
   
336
     
266,542
 
PerkinElmer, Inc. (b)
   
2,565
     
249,062
 
Thermo Fisher Scientific, Inc.
   
898
     
291,732
 
Waters Corp. (a)(b)
   
982
     
229,444
 
Total Life Sciences Tools & Services
           
2,100,405
 
Machinery - 5.6%
               
Deere & Co. (b)
   
1,554
     
269,246
 
Donaldson Co., Inc.
   
4,960
     
285,795
 
Dover Corp.
   
2,650
     
305,439
 
Fortive Corp.
   
2,950
     
225,351
 
Graco, Inc.
   
5,015
     
260,780
 
ITT, Inc.
   
4,280
     
316,335
 


Lincoln Electric Holdings, Inc. (b)
   
2,965
     
286,804
 
Lindsay Corporation
   
2,660
     
255,333
 
Mueller Water Products, Inc. - Class A
   
24,820
     
297,344
 
Parker-Hannifin Corp.
   
1,448
     
298,027
 
Snap-on, Inc. (b)
   
1,590
     
269,346
 
Toro Co.
   
3,608
     
287,449
 
WABCO Holdings, Inc. (a)
   
1,872
     
253,656
 
Watts Water Technologies, Inc. - Class A
   
3,162
     
315,441
 
Xylem, Inc.
   
3,137
     
247,164
 
Total Machinery
           
4,173,510
 
Media - 1.7%
               
Charter Communications, Inc. - Class A (a)
   
726
     
352,168
 
Discovery Communications, Inc. (a)
   
9,732
     
296,729
 
Liberty Broadband Corp. (a)
   
2,696
     
339,022
 
Omnicom Group, Inc. (b)
   
3,421
     
277,169
 
Total Media
           
1,265,088
 
Metals & Mining - 0.4%
               
Reliance Steel & Aluminum Co.
   
2,754
     
329,819
 
Personal Products - 0.4%
               
Estee Lauder Cos., Inc. - Class A
   
1,493
     
308,364
 
Pharmaceuticals - 1.6%
               
Bristol-Myers Squibb Co. (b)
   
5,404
     
346,883
 
Merck & Co, Inc.
   
2,996
     
272,486
 
Pfizer, Inc.
   
5,894
     
230,927
 
Zoetis, Inc.
   
2,460
     
325,581
 
Total Pharmaceuticals
           
1,175,877
 
Professional Services - 0.8%
               
CoStar Group, Inc. (a)
   
541
     
323,681
 
Verisk Analytics, Inc.
   
1,863
     
278,220
 
Total Professional Services
           
601,901
 
Real Estate Investment Trusts (REITs) - 6.0%
               
Alexandria Real Estate Equities, Inc.
   
1,751
     
282,927
 
AvalonBay Communities, Inc.
   
1,241
     
260,238
 
Crown Castle International Corp. (b)
   
1,948
     
276,908
 
Duke Realty Corp.
   
8,166
     
283,114
 
Equity Commonwealth
   
7,814
     
256,534
 
Equity Residential
   
3,310
     
267,845
 
Essex Property Trust, Inc.
   
858
     
258,138
 
Extra Space Storage, Inc.
   
2,453
     
259,086
 
Federal Realty Investment Trust
   
1,805
     
232,358
 
Gladstone Land Corp.
   
19,801
     
256,819
 
Prologis, Inc.
   
3,470
     
309,315
 
Realty Income Corp. (b)
   
3,406
     
250,784
 
Regency Centers Corp.
   
3,585
     
226,178
 
SBA Communications Corp.
   
1,237
     
298,104
 
Simon Property Group, Inc.
   
1,378
     
205,267
 
UDR, Inc.
   
5,661
     
264,369
 
Welltower, Inc. (b)
   
3,232
     
264,313
 
Total Real Estate Investment Trusts (REITs)
           
4,452,297
 
Real Estate Management & Development - 0.8%
               
Jones Lang LaSalle, Inc.
   
1,600
     
278,544
 
St. Joe Co. (a)(b)
   
14,996
     
297,371
 
Total Real Estate Management & Development
           
575,915
 
Road & Rail - 0.5%
               
Amerco
   
670
     
251,800
 
Lyft, Inc. - Class A (a)
   
3,157
     
135,814
 
Total Road & Rail
           
387,614
 
Semiconductors & Semiconductor Equipment - 9.1%
               
Advanced Micro Devices, Inc. (a)
   
9,695
     
444,613
 
Analog Devices, Inc.
   
2,362
     
280,700
 
Applied Materials, Inc.
   
6,276
     
383,087
 
Cree, Inc. (a)(b)
   
4,319
     
199,322
 


Cypress Semiconductor Corp.
   
17,082
     
398,523
 
Intel Corp. (b)
   
4,641
     
277,764
 
KLA Corp. (b)
   
2,087
     
371,841
 
Lam Research Corp.
   
1,423
     
416,085
 
Maxim Integrated Products, Inc.
   
4,706
     
289,466
 
Microchip Technology, Inc.
   
3,087
     
323,271
 
Micron Technology, Inc. (a)
   
5,985
     
321,873
 
NVIDIA Corp.
   
1,376
     
323,773
 
ON Semiconductor Corp. (a)
   
12,020
     
293,048
 
Power Integrations, Inc.
   
3,545
     
350,636
 
Qorvo, Inc. (a)
   
3,444
     
400,296
 
Skyworks Solutions, Inc.
   
3,019
     
364,937
 
SunPower Corp. (a)(b)
   
38,924
     
303,607
 
Teradyne, Inc.
   
6,377
     
434,848
 
Texas Instruments, Inc.
   
2,351
     
301,610
 
Universal Display Corp.
   
1,617
     
333,215
 
Total Semiconductors & Semiconductor Equipment
           
6,812,515
 
Software - 3.7%
               
Adobe Systems, Inc. (a)
   
924
     
304,744
 
Ansys, Inc. (a)
   
1,349
     
347,246
 
Autodesk, Inc. (a)
   
1,585
     
290,784
 
Cadence Design System, Inc. (a)
   
3,892
     
269,949
 
Intuit, Inc.
   
948
     
248,310
 
Palo Alto Networks, Inc. (a)
   
1,018
     
235,413
 
salesforce.com, Inc. (a)
   
1,557
     
253,230
 
ServiceNow, Inc. (a)
   
999
     
282,038
 
Splunk, Inc. (a)
   
1,979
     
296,395
 
Workday, Inc. - Class A (a)
   
1,277
     
210,003
 
Total Software
           
2,738,112
 
Specialty Retail - 4.0%
               
Advance Auto Parts, Inc.
   
1,448
     
231,912
 
American Eagle Outfitters, Inc. (b)
   
11,870
     
174,489
 
Foot Locker, Inc. (b)
   
4,325
     
168,632
 
The Gap, Inc. (b)
   
10,161
     
179,646
 
Guess?, Inc.
   
12,744
     
285,211
 
Lowe's Cos., Inc.
   
2,275
     
272,454
 
Ross Stores, Inc.
   
2,665
     
310,259
 
The Home Depot, Inc.
   
1,300
     
283,894
 
TJX Cos., Inc.
   
4,672
     
285,272
 
Ulta Beauty, Inc. (a)(b)
   
707
     
178,970
 
Urban Outfitters, Inc. (a)(b)
   
8,344
     
231,713
 
Williams-Sonoma, Inc.
   
4,445
     
326,440
 
Total Specialty Retail
           
2,928,892
 
Technology Hardware, Storage & Peripherals - 1.2%
               
Apple, Inc.
   
1,306
     
383,506
 
Hewlett Packard Enterprise Co.
   
16,209
     
257,075
 
HP, Inc.
   
12,882
     
264,725
 
Total Technology Hardware, Storage & Peripherals
           
905,306
 
Textiles, Apparel & Luxury Goods - 1.7%
               
Hanesbrands, Inc.
   
14,043
     
208,539
 
Lululemon Athletica, Inc. (a)(b)
   
1,508
     
349,358
 
Nike, Inc. - Class B
   
2,947
     
298,561
 
Ralph Lauren Corp. (b)
   
1,926
     
225,766
 
Tapestry, Inc.
   
7,752
     
209,071
 
Total Textiles, Apparel & Luxury Goods
           
1,291,295
 
Thrifts & Mortgage Finance - 0.3%
               
Capitol Federal Financial, Inc.
   
18,923
     
259,813
 
Trading Companies & Distributors - 0.8%
               
MSC Industrial Direct Co., Inc. - Class A
   
3,014
     
236,509
 
United Rentals, Inc. (a)(b)
   
2,226
     
371,230
 
Total Trading Companies & Distributors
           
607,739
 


Water Utilities - 1.9%
               
American States Water Co.
   
3,482
     
301,680
 
American Water Works Co., Inc.
   
2,384
     
292,874
 
Aqua America, Inc.
   
6,840
     
321,071
 
California Water Service Group
   
4,572
     
235,732
 
Middlesex Water Co.
   
4,435
     
281,933
 
Total Water Utilities
           
1,433,290
 
Total United States
           
72,068,656
 
TOTAL COMMON STOCKS (Cost $64,207,848)
           
74,375,756
 
                 
INVESTMENT COMPANIES - 0.4%
               
Money Markets - 0.4%
               
Oaktree Specialty Lending Corp.
   
48,948
     
267,256
 
TOTAL INVESTMENT COMPANIES (Cost $259,324)
           
267,256
 
                 
SHORT-TERM INVESTMENTS - 0.5%
               
Money Market Funds - 0.5%
               
Invesco Advisers, Inc. STIT-Treasury Portfolio - Institutional Class, 1.49% (c)
   
389,625
     
389,625
 
TOTAL SHORT-TERM INVESTMENTS (Cost $389,625)
           
389,625
 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 20.6%
               
Mount Vernon Liquid Assets Portfolio, LLC, 1.80% (c)
   
15,404,352
     
15,404,352
 
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $15,404,352)
           
15,404,352
 
                 
Total Investments (Cost $80,261,149) - 120.8%
           
90,436,989
 
Liabilities in Excess of Other Assets - (20.8)%
           
(15,568,059
)
TOTAL NET ASSETS - 100.0%
         
$
74,868,930
 

Percentages are stated as a percent of net assets.
 
 
(a)
Non-income producing security.
     
(b)
All or a portion of this security was out on loan as of December 31, 2019.
     
(c)
The rate quoted is the annualized seven-day yield at December 31, 2019.
     


 
ETF Managers Trust

 
 
 
 
The following is a summary of significant accounting policies consistently followed AI Powered Equity ETF (“AIEQ”), BlueStar Israel Technology ETF (“ITEQ”) and Etho Climate Leadership U.S. ETF (“ETHO”), (each a “Fund,” or collectively the “Funds”).  These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
 
 
 
 
 
Security Valuation. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used.
 
Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Funds’ Board. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of December 31, 2019, ETHO and ITEQ did not hold any fair valued securities. As of December 31, 2019, AIEQ held one security that was fair valued by the Board.
 
As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
 
 
 
 
 
 
Level 1
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
 
 
 
Level 2
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
 
Level 3
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.
 
 
 
 
 
 
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
 
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
 
The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2019:
 

                         
AIEQ
                       
Assets^
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
 
$
110,926,496
   
$
-
   
$
-
   
$
110,926,496
 
Closed-End Funds
   
706,070
     
-
     
-
     
706,070
 
Rights
   
-
     
-
     
-
(1)
   
-
 
Short Term Investments
   
3,113,936
     
-
     
-
     
3,113,936
 
Investments Purchased with Securities Lending Collateral*
   
-
     
-
     
-
     
21,172,581
 
Total Investments in Securities
 
$
114,746,502
   
$
-
   
$
-
   
$
135,919,083
 
                                 
ITEQ
                               
Assets^
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
 
$
88,329,442
   
$
-
   
$
-
   
$
88,329,442
 
Short Term Investments
   
321,442
     
-
     
-
     
321,442
 
Investments Purchased with Securities Lending Collateral*
   
-
     
-
     
-
     
10,281,900
 
Total Investments in Securities
 
$
88,650,884
   
$
-
   
$
-
   
$
98,932,784
 
                                 
ETHO
                               
Assets^
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
 
$
74,375,756
   
$
-
   
$
-
   
$
74,375,756
 
Closed-End Funds
   
267,256
     
-
     
-
     
267,256
 
Short Term Investments
   
389,625
     
-
     
-
     
389,625
 
Investments Purchased with Securities Lending Collateral*
   
-
     
-
     
-
     
15,404,352
 
Total Investments in Securities
 
$
75,032,637
   
$
-
   
$
-
   
$
90,436,989
 

 ^
See Schedule of Investments for classifications by country and industry
                               
 (1)
Includes a security valued at $0. AIEQ had a level 3 security at the end of the period.
                         
 
The security classified as Level 3 is deemed immaterial.
                               
 *
Certain investments that are measured at fair value used the net asset value per share (or its equivalent) practical expediant have not been
         
 
categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value
         
 
hierarchy to the amounts presented in the Schedules of Investments.
                               

 

 
Item 2. Controls and Procedures.
 
(a)
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b)
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.


 
 
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) ETF Managers Trust                                                               


By (Signature and Title)  /s/ Samuel Masucci, III                                       
Samuel Masucci, III, Principal Executive Officer

Date  February 25, 2020                                                                              


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/ Samuel Masucci, III                                      
Samuel Masucci, III, Principal Executive Officer

Date February 25, 2020                                                                                


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/ John A. Flanagan                                           
John A. Flanagan, Principal Financial Officer

   Date  February 25, 2020                                                                             
* Print the name and title of each signing officer under his or her signature.

 

 
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