ETF Evaluator:
Tema Listed Private Managers ETF ()
Follow This ETF
(as of Aug 20)
Best Performing in Financial Over the Last Year
| 46.8% | Themes Global Systemically Imp Bks ETF (GSIB) |
| 33.6% | Invesco KBW Bank ETF (KBWB) |
| 30.8% | First Trust NASDAQ® ABA Community Bk ETF (QABA) |
| 30.6% | iShares US Regional Banks ETF (IAT) |
| 29.8% | State Street® SPDR® S&PRgnllBkgETF (KRE) |
Risk
Index
Risk
Index
ETF Details
Tema Listed Private Managers ETF Overview
Tema Listed Private Managers ETF (PRVT) is an actively managed Sector Equity Financial exchange-traded fund (ETF). Tema ETFs launched the ETF in 2025.
The investment seeks to provide long-term growth.
Under normal circumstances, the fund invests at least 80% of its net assets, which include borrowings for investment purposes, in publicly listed asset management companies within the Asset Management and Custody Banks sub-industry category according to the GICS categorization. The fund generally is expected to consist of more than 15 companies but not more than 100 companies. The fund is non-diversified.
About Tema Listed Private Managers ETF (PRVT)
There are 5 members of the management team with an average tenure of 0.67 years: Yuri Khodjamirian (2025), Andrew Hicks (2026), Qiao Duan (2026), Maurits Pot (2025) and Kaimon Chung (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Tema Listed Private Managers ETF has 30 securities in its portfolio. The top 10 holdings constitute 53.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Tema Listed Private Managers ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Tema Listed Private Managers ETF has 42.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 57.0% There is 42.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Tema Listed Private Managers ETF has -2.0% of the portfolio in cash.
Assets Under Management
The fund has $427 million in total assets, which is below the $2 billion average for the Financial category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PRVT Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Tema Listed Private Managers ETF expense ratio is above average compared to funds in the Financial category. Tema Listed Private Managers ETF has an expense ratio of 0.75%, which is 51% lower than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Tema Listed Private Managers ETF has a portfolio turnover rate of 7%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 27% for the Financial category.
Recently, in the month of July 2026, Tema Listed Private Managers ETF returned 9.9%, which earned it a grade of A, as the Financial category had an average return of 4.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Tema Listed Private Managers ETF has a trailing yield of 0.00%, which is below the 3.85% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Tema Listed Private Managers ETF Grades
Year to date, the ETF has returned -12.4%, 17.2 percentage points worse than the category, which translates into a grade of F.
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Tema Listed Private Managers ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PRVT Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PRVT Return (NAV) | 9.9% | 1.8% | na | na | na | na |
| PRVT Return (Price) | 1.2% | 0.7% | na | na | na | na |
| NAV +/- Price Return | 8.669% | 1.124% | na | na | na | na |
| Financial Avg | 4.6% | 6.3% | 9.3% | 15.6% | 8.6% | 10.8% |
| PRVT Grade (NAV) | A | D | na | na | na | na |
| +/- Category (NAV) | 5.3% | -4.5% | na | na | na | na |
| PRVT Tax-Cost Ratio | na | na | na | na | na | na |
PRVT Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PRVT Return (NAV) | -12.4% | na | na | na | na | na | na | na | na | na | na |
| PRVT Return (Price) | -12.4% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.005% | na | na | na | na | na | na | na | na | na | na |
| Financial Avg | 4.8% | 11.7% | 23.9% | 13.9% | -13.8% | 32.1% | -1.0% | 28.6% | -12.8% | 14.2% | 22.3% |
| PRVT Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -17.2% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 0 Mil |
| Share Class Assets: | $ 0 Mil |
| Turnover: | 7.0% |
| Expense Ratio: | 0.75% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 0.8 years | |||
| Average Tenure: 0.7 years | |||
| Managers (Year): Khodjamirian Yuri (2025), Pot Maurits (2025), Chung Kaimon (2025), Hicks Andrew (2026), Duan Qiao (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 30 |
| % in Top 10 Holdings: | 53.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 42.1% |
Portfolio Allocation |
|
| Domestic Stock: | 57.0% |
| Foreign Stock: | 42.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 3.0% |
| Cash: | -2.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Tema ETFs |
| Phone Number: | 332-900-1687 |
| Website: | www.tema.co |
| Inception Date: | September 30, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.75% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 1.52% |
