TEMA ETFS LLC

2. Key Holdings

The top holdings reveal a distinct tilt toward the industrial and technology sectors, specifically those benefiting from electrification, automation, and artificial intelligence infrastructure.

• Top Position: NVIDIA Corporation remains the largest holding at $32.88 million (2.55%). While the position size increased slightly in absolute value (+3.4%), its percentage of the portfolio actually shrank relative to the total AUM growth, indicating the fund took profits or did not buy aggressively during the price run-up, preferring to maintain a fixed weight.
• Industrial Leaders: Powell Industries ($24.34M) and Caterpillar Inc ($21.90M) feature prominently in the top five. Powell Industries, a smaller-cap electrical equipment manufacturer, is the second-largest holding, which is a strong signal regarding the fund's conviction in the electrical infrastructure theme.
• Technology & Healthcare: Major tech names such as Apple ($24.24M), Microsoft ($19.40M), and Amazon ($16.34M) appear as core holdings. Eli Lilly ($23.11M) represents the fund's significant exposure to the healthcare/biotech sector, likely weight-loss and therapeutics.
• Equal Weighting Characteristics: The drop-off from the top position to the 50th position is relatively gradual (from $32.88M to $7.13M), reinforcing the observation that this is a diversified strategy likely designed to capture sector performance rather than stock-picking alpha through high conviction bets.