176616 MJ Print

1 ALTERNATIVE HARVEST ETFMJSemi- annual ReportMarch 31, 2018 ETFMG Alternative Harvest ETF Ticker: MJThe fund is a series of ETF Managers Trust. ETFMG Alternative Harvest ETF TABLE OF CONTENTS march 31, 2018 PageShareholders Letter 2 Growth of $10,000 Investment 3 Top Ten Holdings 4 Important Disclosures and Key Risk Factors5 Portfolio Allocations 6 Schedule of Investments7 Statement of Assets and Liabilities10 Statement of Operations11 Statements of Changes in Net Assets12 Financial Highlights 13 Notes to the Financial Statements14 Approval of Advisory Agreement and Board Consideration23 Expense Example 26 Supplementary Information27 2 ETFMG Alternative Harvest ETF Dear Shareholder, On behalf of the entire team.

2 We want to express our appreciation for the confidence you have placed in the ETFMG Alternative Harvest ETF Exchange-Traded Fund ( MJ or the Fund ). The following information pertains to the fiscal period from October 1, 2017 to march 31, 2018. The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Alternative Harvest Index (the Index ). On December 26, 2017, the Fund s investment objective and principal investment strategy were substantially revised. The performance and average annual total returns shown for periods prior to December 26, 2017 is likely to have differed had the Fund s current investment strategy been in effect during those periods. Over the 6-month period the Fund NAV decreased , which reflects the cumulative result of performance of the Fund under two different investment strategies for that period.

3 HISTORICAL PERFORMANCE FOR THE ETFMG ALTERNATIVE HARVEST ETF 6 Month Cumulative Since Inception 1 Year Annualized Since Inception Market NAV Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. All performance is historical and includes reinvestment of dividends and capital gains.

4 Performance data current to the most recent month end may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477). You can find further details about MJ by visiting , or by calling 1-844-ETF-MGRS (1-844-383-6477). Sincerely, Samuel Masucci III Chairman of the Board Samuel Masucci III is a registered representative of ETFMG Financial, LLC. 3 Average annual Returns 6 Months 1 Year Since Inception Period Ended march 31, 2018 Return1 Return (12/3/2015) ETFMG Alternative Harvest ETF (NAV) Alternative Harvest ETF (Market) 500 Index3 Alternative Harvest Total Fund Operating Expenses4 1.

5 Not annualized. 2. The Fund's investment objective changed on December 26, 2017. Performance of the Fund prior to December 26, 2017 was based on an entirely different index. 3. The return reflects the actual performance through march 29, 2018 (the last day of the New York Stock Exchange was open) to maintain consistency with the Fund's net asset value calculations used for shareholder transactions. 4. The expense ratio is taken from the Fund s most recent prospectus dated January 31, 2018. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted.

6 All performance is historical and includes reinvestment of dividends and capital gains. Performance data current to the most recent month end may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477). The chart illustrates the performance of a hypothetical $10,000 investment made on December 3, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions from the sale of Fund shares. The chart assumes reinvestment of capital gains and dividends, if any. The unmanaged indices do not reflect fees and are not available for direct investment. $8,000$9,000$10,000$11,000$12,000$13,000 $14,000$15,000$16,000$17,000 ETFMG Alternative Harvest ETFG rowth of $10,000 (Unaudited)ETFMG Alternative Harvest ETF (NAV)ETFMG Alternative Harvest ETF (Market)S&P 500 IndexPrime Alternative Harvest Index 4 ETFMG Alternative Harvest ETF Top Ten Holdings* Security % of Total Investments 1 Canopy Growth Hydropothecary Corp.

7 Cannabis Wheaton Income Corp. GW Pharmaceuticals PLC - CannTrust Holdings, MedReleaf Corp. Emerald Health Therapeutics, Inc. Aurora Cannabis, Inc. Organigram Holdings, Inc. Corbus Pharmaceuticals Holdings, Inc. Top Ten Holdings = of Total Investments * Current Fund holdings may not be indicative of future Fund holdings. Percentage of total investments less cash. 5 ETFMG Alternative Harvest ETF Important Disclosures and Key Risk Factors Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Narrowly focused investments typically exhibit higher volatility.

8 The possession and use of marijuana, even for medical purposes, is illegal under federal and certain states laws, which may negatively impact the value of the Fund s investments. Use of marijuana is regulated by both the federal government and state governments, and state and federal laws regarding marijuana often conflict. Even in those states in which the use of marijuana has been legalized, its possession and use remains a violation of federal law. Federal law criminalizing the use of marijuana pre-empts state laws that legalizes its use for medicinal and recreational purposes. Cannabis companies and pharmaceutical companies may never be able to legally produce and sell products in the United States or other national or local jurisdictions. The Fund s investments will be concentrated in an industry or group of industries to the extent that the Index is so concentrated.

9 In such event, the value of the Fund s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. The consumer staples sector may be affected by the permissibility of using various product components and production methods, marketing campaigns and other factors affecting consumer demand. Tobacco companies, in particular, may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable factors. ETF shares are not individually redeemable and owners of the shares may acquire those shares from the Fund and tender those shares for redemption to the Fund in Creation Units only, typically consisting of aggregations of 50,000 shares.

10 6 ETFMG Alternative Harvest ETF PORTFOLIO ALLOCATIONS As of march 31, 2018 (Unaudited) ETFMG Alternative Harvest ETF As a percent of Net Assets:Australia Kong -^Spain Kingdom States and other Net Assets (Liabilities) ^ Less than 7 ETFMG Alternative Harvest ETF Schedule of Investments march 31, 2018 (Unaudited) Shares Value COMMON STOCKS - - Pharmaceuticals - Group Ltd. (a) 4,138,956 $9,473,187 Canada - Cosmetics/Personal Care - International, Inc. (a)9,944,3518,181,792 Investment Companies - Wheaton Income Corp. (a)15,813,70219,639,014 Cronos Group, Inc. (a) ^2,173,23514,625,872 Total Investment Companies34,264,886 Miscellaneous Manufacturing - Technologies, Inc.