# EDGAR Filing Document

**Accession Number:** 0000919160
**File Stem:** 0001398344-26-008074
**Filing Date:** 2026-5
**Character Count:** 328447
**Document Hash:** dadbdbd0451588083f14ee52c7990d47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-008074.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001398344-26-008074

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GUINNESS ATKINSON FUNDS
- **CENTRAL INDEX KEY:** 0000919160

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08360
- **FILM NUMBER:** 26930793

**BUSINESS ADDRESS:**
- **STREET 1:** 251 SOUTH LAKE AVE
- **STREET 2:** SUITE 800
- **CITY:** PASADENA
- **STATE:** CA
- **ZIP:** 91101
- **BUSINESS PHONE:** 626-914-1041

**MAIL ADDRESS:**
- **STREET 1:** 251 SOUTH LAKE AVE
- **STREET 2:** SUITE 800
- **CITY:** PASADENA
- **STATE:** CA
- **ZIP:** 91101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INVESTEC FUNDS
- **DATE OF NAME CHANGE:** 20000927

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GUINNESS FLIGHT INVESTMENT FUNDS
- **DATE OF NAME CHANGE:** 19970506

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GUINNESS FLIGHT INVESTMENT FUNDS INC
- **DATE OF NAME CHANGE:** 19940217

## Series and Classes Contracts Data

### Guinness Atkinson Asia Focus Fund (Series ID: S000005893)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000016117 | Guinness Atkinson Asia Focus Fund | IASMX           |

### Guinness Atkinson China & Hong Kong Fund (Series ID: S000005894)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000016118 | Guinness Atkinson China & Hong Kong Fund | ICHKX           |

### Guinness Atkinson Global Innovators Fund (Series ID: S000005895)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000016119 | Guinness Atkinson Global Innovators Fund - Investor Class      | IWIRX           |
| C000161072 | Guinness Atkinson Global Innovators Fund - Institutional Class | GINNX           |

### Guinness Atkinson Global Energy Fund (Series ID: S000005896)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000016120 | Guinness Atkinson Global Energy Fund | GAGEX           |

### Guinness Atkinson Alternative Energy Fund (Series ID: S000009156)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000024897 | Guinness Atkinson Alternative Energy Fund | GAAEX           |

### Guinness Atkinson Smart Transportation & Technology ETF (Series ID: S000065017)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000210495 | Guinness Atkinson Smart Transportation & Technology ETF | MOTO            |

### Guinness Atkinson Asia Pacific Dividend Builder ETF (Series ID: S000069134)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000220961 | Guinness Atkinson Asia Pacific Dividend Builder ETF | ADIV            |

### Guinness Atkinson Dividend Builder ETF (Series ID: S000069135)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000220962 | Guinness Atkinson Dividend Builder ETF | DIVS            |

### Guinness Atkinson Sustainable Energy ETF (Series ID: S000069963)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000222800 | Guinness Atkinson Sustainable Energy ETF | SOLR            |

### Guinness Atkinson International Dividend Builder ETF (Series ID: S000097909)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000267420 | Guinness Atkinson International Dividend Builder ETF | GAID            |

### Guinness Atkinson US Dividend Builder ETF (Series ID: S000097910)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000267421 | Guinness Atkinson US Dividend Builder ETF | GAUD            |

### Guinness Atkinson Real Assets Income ETF (Series ID: S000097935)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000267448 | Guinness Atkinson Real Assets Income ETF | GARA            |

?xml version='1.0' encoding='ASCII'? Guinness Atkinson Funds TSR

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 **<u>811-08360</u>**

**<u>GUINNESS ATKINSON FUNDS</u>**

(Exact name of registrant as specified in charter)

**251 South Lake Avenue, Suite 800**

**Pasadena, CA 91101**

(Address of principal executive offices) (Zip code)

**James J. Atkinson, Jr.**

**251 South Lake Avenue, Suite 800**

**Pasadena, CA 91101**

(Name and address of agent for service)

**<u>(800) 915-6566</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31</u>**

Date of reporting period: **<u>December 31, 2025</u>**

EXPLANATORY NOTE - The Registrant is filing this amendment to its Form N-CSR for the period ended December 31, 2025 originally filed with the Securities and Exchange Commission on March 9, 2026 (Accession Number 0001398344-26-004881), to correct clerical/transcription errors in the "Composition of Net Assets" values of the Statements of Assets & Liabilities for the Guinness Atkinson China & Hong Kong Fund in Item 7 of the Form N-CSR. Other than the aforementioned revision, this Form N-CSR/A does not reflect events occurring after the filing of the original Form N-CSR, or modify or update the disclosures therein in any way.

**<u>Item 1. Report to Stockholders.</u>**

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"), is as follows:

---

| | |
|:---|:---|
| ![Guinness Logo](guinness_logo.jpg) | **Guinness Atkinson Alternative Energy Fund**<br>**GAAEX**<br>**Annual Shareholder Report** |

---

**December 31, 2025**

*This annual shareholder report contains important information about the Guinness Atkinson Alternative Energy Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/alternative-energy-fund/. You can also request this information by contacting us at (800) 915-6565.*

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Guinness Atkinson Alternative Energy Fund | $126 | 1.11% |

---

**How did the Fund perform during the reporting period?**

***What affected the Fund's performance?***

In 2025, the Guinness Atkinson Alternative Energy Fund produced a total return of 26.65% vs the MSCI World Index (net return) of 21.09%.

**Fund performance can be attributed to the following:**

Within the portfolio, the strongest performers included:

* Our electrical equipment companies all performed well, driven by an acceleration in global electrification activity, grid spending and exposure to the data centre subsector. Amphenol shares were the single largest contributor for the year as quarterly results consistently beat expectations and forward earnings guidance was steadily increased. Amphenol's "IT Datacom" segment, which includes the data centre and AI activities, was largely responsible for the growth improvements. Legrand, our fourth strongest contributor also benefitted from the data centre theme with data centres now representing 25% of sales at Legrand following 22 acquisitions in the subsector since 2010. Legrand is now the most exposed European electrical company in our sustainable energy universe to the data centre theme.

* The second largest contributor was SPIE, which delivered upgraded guidance at its Capital Markets Day and benefitted from higher German infrastructure spending. Also in the top five was Prysmian, which announced a number of significant new power cable contract awards (taking its backlog to a record level, estimated at 17 billion euros) and benefited from US steel tariffs as a result of its US domestic manufacturing activity. SPIE, Prysmian and Amphenol are all additions to the portfolio within the last 14 months.

* Other strong subsectors were renewable power generation and clean energy equipment. While our generation companies saw only muted increases in cash returns and earnings forecasts over the year, there was increased optimism over the value of electrical network assets and baseload power generation capacity. Iberdrola benefitted from its large electrical network exposure while Ormat benefitted from improving sentiment towards geothermal power generation, with the company now extending geothermal power contracts at over $100/MWh.

* After a generally weak first half, a number of clean energy equipment companies including Vestas, Canadian Solar and First Solar delivered well and ended up as top ten contributors for the year. Their strength reflects an improving cyclical outlook. Outside the US, the outlook has improved due to China's anti-involution efforts to curb overcapacity across the solar supply chain, ease supply-chain competition and support pricing across the industry. Strong performance also resulted from the fact that valuation and sentiment were particularly low in this sub-sector at the start of 2025.

* We also note strong performance of Johnson Matthey, which performed well having accepted a bid for its Catalyst Technologies division for £1.8bn from Honeywell, at an implied attractive valuation of 15x TTM EBITDA.

Sectors and companies in the portfolio that were relatively weaker over the period included:

* Within electrification we hold a number of companies that sell components into the electric vehicle (EV) supply chain and that also have exposure to the internal combustion engine (ICE) vehicle supply chain. EV penetration growth slowed further in 2025 (relative to start of year expectations) as EV launch schedules were delayed and margins were pressured due to increasing Chinese competition. Gentherm and Samsung SDI suffered from these factors, together with uncertainties around Trump's tariffs, and we exited both positions in the first half of the year. Auto sector weakness also impacted power semiconductor manufacturer Onsemi with their shares weakening as expectations for the speed of recovery in their markets proved to be too optimistic.

* Our exposure to the building sector, predominantly via efficiency and insulation companies, suffered as the outlook for US construction continued to remain weak. Owens Corning suffered due to weakness in the North America residential market while Carlisle Companies saw a slowdown in non-residential spending, with project delays and cancellations causing management to lower organic growth guidance.

* Lastly, shares in Enphase continued to be weak as the elimination of the 25D US solar residential tax credit started to bring lower demand for US customer-owned residential solar systems.

**Fund Performance**

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0097164-8_ar101.jpg)

**Average Annual Total Return**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Guinness Atkinson Alternative Energy Fund | 26.65% | 0.63% | 7.78% |
| MSCI World Index (Net Return) | 21.09% | 12.14% | 12.16% |

---

**Performance data quoted represents past performance and does not guarantee future results.**

**The graph and total returns reflect the reinvestment of distributions made by the Fund, if any. The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/alternative-energy-fund/#fund_performance.

**What are some key Fund statistics?**

*(as of December 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $18161065 |
| Number of Portfolio Holdings | 31 |
| Portfolio Turnover Rate (%) | 17% |
| Total Advisory Fees Paid ($) | $4143 |

---

**What did the Fund invest in?**

*(as of December 31, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Iberdrola SA | 4.90% |
| Amphenol Corp | 4.60% |
| Legrand SA | 4.30% |
| Nextera Energy Inc | 4.30% |
| Schneider Electric SE | 4.30% |
| Hubbell Inc | 4.30% |
| Siemens AG | 4.30% |
| First Solar Inc | 4.00% |
| Trane Technologies PLC | 3.90% |
| Eaton Corp PLC | 3.90% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0097164-8_ar102.jpg)

**How has the Fund changed over the past year?**

The Fund did not have any material changes that occurred since the beginning of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with the Fund's accountants during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where can I find additional information about the Fund?**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/alternative-energy-fund/. You can also request this information by contacting us at (800) 915-6565.

To reduce expenses, only one copy of the Fund's prospectus and each annual and semi-annual report will be sent to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 915-6565 (or contact your financial institution). You will be sent individual copies thirty days after your request is received.

---

| | |
|:---|:---|
| ![Guinness Logo](guinness_logo.jpg) | **Guinness Atkinson Asia Focus Fund**<br>**IASMX**<br>**Annual Shareholder Report** |

---

**December 31, 2025**

*This annual shareholder report contains important information about the Guinness Atkinson Asia Focus Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/asia-focus-fund/. You can also request this information by contacting us at (800) 915-6565.*

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Guinness Atkinson Asia Focus Fund | $227 | 1.98% |

---

**How did the Fund perform during the reporting period?**

The Fund rose 29.67% compared the MSCI AC Far East ex Japan Index (Net Return) which rose 40.69%.

***What affected the Fund's performance?***

**Fund performance can be attributed to the following:**

* Asia's economic performance during the year was characterized by trade resilience in the face of US tariffs, by stronger economic growth in China as the real estate market stabilized and new pillar industries achieved greater scale, and by technology manufacturing associated with the boom in artificial intelligence ("AI") capital expenditure.

* The performance of the benchmark was driven by significant stock price increases by a small group of five companies which together account for approximately 40% of the benchmark. The Fund holds four out of the five, but not with the same degree of concentration.

* The Fund's performance was led by these four stocks: Samsung Electronics (+135%) Alibaba (+75%), Taiwan Semiconductor Manufacturing Co (+52%) and Tencent (+44%). We also saw strong performance from small names like Elite Material (+181%), China Medical System, NetEase, Baidu and Ping An Insurance in China and from DBS in Singapore.

* Much of this strength is derived from demand for semiconductors and materials required for the extraordinary growth in infrastructure to support AI. In this group of outperformers we see not only China's progress in its own AI build out, but also signs of stabilization and recovery in its domestic economy.

* The weakest stocks were Corporate Travel Management (-34%), Meituan (-32%) and JD.com (-15%).

**Fund Performance**

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0097164-3_ar91.jpg)

**Average Annual Total Return**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Guinness Atkinson Asia Focus Fund | 29.67% | -0.68% | 7.23% |
| MSCI AC Far East ex Japan Index (Net Return) | 40.69% | 3.19% | 8.47% |

---

**Performance data quoted represents past performance and does not guarantee future results.**

**The graph and total returns reflect the reinvestment of distributions made by the Fund, if any. The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/asia-focus-fund/#fund_performance.

**What are some key Fund statistics?**

*(as of December 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $11220270 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate (%) | 16% |
| Total Advisory Fees Paid ($) | $69104 |

---

**What did the Fund invest in?**

*(as of December 31, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Industry Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co Ltd | 5.70% |
| Samsung Electronics Co Ltd | 5.50% |
| Elite Material Co Ltd | 4.70% |
| DBS Group Holdings Ltd | 4.50% |
| Tencent Holdings Ltd | 4.40% |
| NetEase Inc - ADR | 4.20% |
| Sany Heavy Industry Co Ltd | 3.90% |
| Alibaba Group Holding Ltd | 3.70% |
| Ping An Insurance Group Co of China Ltd - H Shares | 3.60% |
| Applied Materials Inc | 3.60% |

---

*Industry Breakdown (% of net assets)*

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Electronic Components - Semiconductor | 12.50% |
| Commercial Banks | 7.90% |
| E-Commerce/Services | 6.40% |
| Semiconductor Components - Integrated Circuits | 5.70% |
| Electronic Component Miscellaneous | 4.70% |
| E-Commerce/Products | 4.50% |
| Internet Application Software | 4.40% |
| Entertainment Software | 4.20% |
| Machinery - Construction & Mining | 3.90% |
| Insurance | 3.60% |
| Internet & Direct Marketing Retail | 3.50% |
| Auto - Cars/Light Trucks | 3.40% |
| Machinery - General Industries | 3.20% |
| Textile - Apparel | 3.10% |
| Banks | 3.10% |
| Medical Products | 3.10% |
| Food - Dairy Products | 3.00% |
| Photo Equipment & Supplies | 2.80% |
| Rental Auto/Equipment | 2.80% |
| Metal Processors & Fabricators | 2.80% |
| Pharmaceuticals | 2.70% |
| Personal Care Products | 2.60% |
| MRI/Medical Diagnostic Imaging | 2.60% |
| Building Products - Cement/Aggregates | 2.40% |
| Travel Services | 1.60% |

---

**How has the Fund changed over the past year?**

The Fund did not have any material changes that occurred since the beginning of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with the Fund's accountants during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where can I find additional information about the Fund?**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/asia-focus-fund/. You can also request this information by contacting us at (800) 915-6565.

To reduce expenses, only one copy of the Fund's prospectus and each annual and semi-annual report will be sent to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 915-6565 (or contact your financial institution). You will be sent individual copies thirty days after your request is received.

---

| | |
|:---|:---|
| ![Guinness Logo](guinness_logo.jpg) | **Guinness Atkinson China & Hong Kong Fund**<br>**ICHKX**<br>**Annual Shareholder Report** |

---

**December 31, 2025**

*This annual shareholder report contains important information about the Guinness Atkinson China & Hong Kong Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/china-hong-kong-fund/. You can also request this information by contacting us at (800) 915-6565.*

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Guinness Atkinson China & Hong Kong Fund | $213 | 1.86% |

---

**How did the Fund perform in 2025?**

In 2025, the Guinness Atkinson China & Hong Kong Fund produced a total return of 28.96% vs the MSCI China Index (net return) of 31.17%.

***What affected the Fund's performance?***

**Fund performance can be attributed to the following:**

Areas which helped the Fund's performance were:

* Stock selection in Industrials, driven by Weichai Power, Shandong Himile Mechanical, Hongfa Technology and Sany Heavy Industry.

* Stock selection in the Information Technology sector, led by Shenzhen H&T Intelligent.

* Stock selection in the Health Care sector, driven by Sino Biopharmaceutical.

Areas which detracted from the Fund's relative performance were:

* Underweight positions in Tencent and Alibaba. In the index, Tencent and Alibaba were the two largest stocks, with an index weight of 17% and 11% respectively. The Fund is run on an equally weighted basis and so each position has a neutral weight of 3.3%. As both stocks materially outperformed in the year, the structural underweight positions detracted from relative performance.

* The underweight to the Material sector, where the Fund has no exposure, reflecting our bottom-up stock selection process.

**Fund Performance**

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0097164-4_ar101.jpg)

**Average Annual Total Return**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Guinness Atkinson China & Hong Kong Fund | 28.96% | -4.71% | 3.64% |
| MSCI China Index (Net Return) | 31.17% | -3.19% | 5.53% |

---

**Performance data quoted represents past performance and does not guarantee future results.**

**The graph and total returns reflect the reinvestment of distributions made by the Fund, if any. The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/china-hong-kong-fund/#fund_performance.

**What are some key Fund statistics?**

*(as of December 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $26746828 |
| Number of Portfolio Holdings | 31 |
| Portfolio Turnover Rate (%) | 22% |
| Total Advisory Fees Paid ($) | $256883 |

---

**What did the Fund invest in?**

*(as of December 31, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Tencent Holdings Ltd | 5.10% |
| Ping An Insurance Group Co of China Ltd - H Shares | 4.20% |
| Hongfa Technology Co Ltd | 4.10% |
| Shandong Himile Mechanical Science & Technology Co Ltd | 3.90% |
| Weichai Power Co Ltd - H Shares | 3.80% |
| AIA Group Ltd | 3.70% |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 3.70% |
| NARI Technology Co Ltd - A Shares | 3.50% |
| Midea Group Co Ltd | 3.50% |
| Baidu Inc - ADR | 3.50% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0097164-4_ar102.jpg)

**How has the Fund changed over the past year?**

The Fund did not have any material changes that occurred since the beginning of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with the Fund's accountants during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where can I find additional information about the Fund?**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/china-hong-kong-fund/. You can also request this information by contacting us at (800) 915-6565.

To reduce expenses, only one copy of the Fund's prospectus and each annual and semi-annual report will be sent to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 915-6565 (or contact your financial institution). You will be sent individual copies thirty days after your request is received.

---

| | |
|:---|:---|
| ![Guinness Logo](guinness_logo.jpg) | **Guinness Atkinson Global Energy Fund**<br>**GAGEX**<br>**Annual Shareholder Report** |

---

**December 31, 2025**

*This annual shareholder report contains important information about the Guinness Atkinson Global Energy Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/global-energy-fund/. You can also request this information by contacting us at (800) 915-6565.*

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Guinness Atkinson Global Energy Fund | $159 | 1.47% |

---

**How did the Fund perform last year?**

In 2025, the Guinness Atkinson Global Energy Fund produced a total return of 16.90% vs the MSCI World Index (net return) of 21.09%.

***What affected the Fund's performance?***

**Fund performance can be attributed to the following:**

Within the portfolio, the strongest performers included:

* **European integrateds:** 5 of the top 8 contributors were European integrateds, reflecting strength in broader European stock markets and a tilting away (for BP and Shell) from low-carbon investments back towards growth from fossil fuels. Repsol's bias to middle distillate refining was also a positive, benefitting from Russian export disruption.

* **Canadian integrateds:** Canadian oil benchmarks strengthened slightly versus WTI, boosting cashflows, whilst the political environment for oil in Canada improved. Imperial Oil and Suncor were particular beneficiaries of this and higher refining margins.

* **US refining:** tighter refining capacity kept refining margins higher. Particular beneficiaries included Valero Energy and the US major Exxon.

Sectors in the portfolio that were relatively weaker over the period included:

* **Services**: Large-cap diversified service companies Halliburton, Schlumberger and Baker Hughes underperformed, driven by a declining US oil/gas rig count and continued capital discipline from exploration and production (E&P) companies and integrated oils.

* **US E&Ps:** Oil producers such as Devon, Diamondback and ConocoPhillips tend to have the greatest operational leverage in the portfolio to oil prices. With the spot Brent price down by 16% over the year, cashflows for these companies have shrunk.

**Fund Performance**

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0097164-7_ar101.jpg)

**Average Annual Total Return**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Guinness Atkinson Global Energy Fund | 16.90% | 18.24% | 5.52% |
| MSCI World Index (Net Return) | 21.09% | 12.14% | 12.16% |
| MSCI World Energy Index (Net Return) | 13.32% | 19.53% | 7.62% |

---

**Performance data quoted represents past performance and does not guarantee future results.**

**The graph and total returns reflect the reinvestment of distributions made by the Fund, if any. The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/global-energy-fund/#fund_performance.

**What are some key Fund statistics?**

*(as of December 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $10410859 |
| Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate (%) | 10% |
| Total Advisory Fees Paid ($) | ($5691) |

---

**What did the Fund invest in?**

*(as of December 31, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Exxon Mobil Corp | 5.30% |
| Shell PLC | 4.90% |
| BP PLC | 4.90% |
| Chevron Corp | 4.80% |
| TotalEnergies SE | 4.70% |
| Valero Energy Corp | 4.50% |
| ConocoPhillips | 4.30% |
| Canadian Natural Resources Ltd | 3.80% |
| Suncor Energy Inc | 3.60% |
| Diamondback Energy Inc. | 3.50% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0097164-7_ar102.jpg)

**How has the Fund changed over the past year?**

The Fund did not have any material changes that occurred since the beginning of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with the Fund's accountants during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where can I find additional information about the Fund?**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/global-energy-fund/. You can also request this information by contacting us at (800) 915-6565.

To reduce expenses, only one copy of the Fund's prospectus and each annual and semi-annual report will be sent to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 915-6565 (or contact your financial institution). You will be sent individual copies thirty days after your request is received.

---

| | |
|:---|:---|
| ![Guinness Logo](guinness_logo.jpg) | **Guinness Atkinson Global Innovators Fund**<br>**Investor Class/IWIRX**<br>**Annual Shareholder Report** |

---

**December 31, 2025**

*This annual shareholder report contains important information about the Guinness Atkinson Global Innovators Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/global-innovators-fund/. You can also request this information by contacting us at (800) 915-6565.*

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor Class | $138 | 1.25% |

---

**How did the Fund perform during the reporting period?**

In 2025, the Guinness Atkinson Global Innovators Fund – Investor Class produced a total return of 20.24% vs the MSCI World Index (Net Return) of 21.09%.

**Fund performance can be attributed to:**

* The Fund benefitted from both positive asset allocation and stock selection within the Information Technology sector, partly driven by the Fund's overweight position to names in the semiconductor industry. Fund holdings LAM Research (+139.2% USD), KLA Corp (+94.5%) and Applied Materials (+59.6%) have all seen increasing semiconductor equipment spending and heightened demand from the ongoing artificial intelligence ("AI") infrastructure buildout.

* The Fund generated positive asset allocation from its relative overweight position to the Communication Services sector. Further, having no exposure to the weaker performing sectors of Consumer Staples, Utilities and Real Estate provided a material benefit to performance.

* Stock selection within the Financials sector acted as the greatest detractor to performance primarily due to the Fund's holding in London Stock Exchange Group (-13.7%). The stock faced weakness from investor concerns over the threat posed by AI to the company's model and datasets, despite delivering strong earnings over the year.

* The Fund's quality approach was a headwind in 2025, with the factor suffering a rare year of underperformance relative to MSCI World. High-quality stocks lagged as optimism surrounding AI fuelled greater risk-taking behaviour.

**Fund Performance**

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0097164-6_ar91.jpg)

**Average Annual Total Return**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Guinness Atkinson Global Innovators Fund - Investor Class | 20.24% | 11.35% | 14.64% |
| MSCI World Index (Net Return) | 21.09% | 12.14% | 12.16% |

---

**Performance data quoted represents past performance and does not guarantee future results.**

**The graph and total returns reflect the reinvestment of distributions made by the Fund, if any. The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/global-innovators-fund/#fund_performance.

**What are some key Fund statistics?**

*(as of December 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $194281731 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate (%) | 16% |
| Total Advisory Fees Paid ($) | $1251068 |

---

**What did the Fund invest in?**

*(as of December 31, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Lam Research Corp | 3.60% |
| Applied Materials Inc | 3.60% |
| Salesforce, Inc. | 3.50% |
| Alphabet Inc - A Shares | 3.50% |
| Meta Platforms Inc. - Class A | 3.50% |
| Siemens Healthineers AG | 3.40% |
| Intercontinental Exchange Inc | 3.40% |
| ABB Ltd | 3.40% |
| Danaher Corp | 3.40% |
| Adobe Inc | 3.40% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0097164-6_ar92.jpg)

**How has the Fund changed over the past year?**

The Fund did not have any material changes that occurred since the beginning of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with the Fund's accountants during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where can I find additional information about the Fund?**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/global-innovators-fund/. You can also request this information by contacting us at (800) 915-6565.

To reduce expenses, only one copy of the Fund's prospectus and each annual and semi-annual report will be sent to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 915-6565 (or contact your financial institution). You will be sent individual copies thirty days after your request is received.

---

| | |
|:---|:---|
| ![Guinness Logo](guinness_logo.jpg) | **Guinness Atkinson Global Innovators Fund**<br>**Institutional Class/GINNX**<br>**Annual Shareholder Report** |

---

**December 31, 2025**

*This annual shareholder report contains important information about the Guinness Atkinson Global Innovators Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/global-innovators-fund/. You can also request this information by contacting us at (800) 915-6565.*

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Institutional Class | $110 | 1.00% |

---

**How did the Fund perform during the reporting period?**

In 2025, the Guinness Atkinson Global Innovators Fund – Institutional Class produced a total return of 20.54% vs the MSCI World Index (Net Return) of 21.09%.

**Fund performance can be attributed to:**

* The Fund benefitted from both positive asset allocation and stock selection within the Information Technology sector, partly driven by the Fund's overweight position to names in the semiconductor industry. Fund holdings LAM Research (+139.2% USD), KLA Corp (+94.5%) and Applied Materials (+59.6%) have all seen increasing semiconductor equipment spending and heightened demand from the ongoing artificial intelligence ("AI") infrastructure buildout.

* The Fund generated positive asset allocation from its relative overweight position to the Communication Services sector. Further, having no exposure to the weaker performing sectors of Consumer Staples, Utilities and Real Estate provided a material benefit to performance.

* Stock selection within the Financials sector acted as the greatest detractor to performance primarily due to the Fund's holding in London Stock Exchange Group (-13.7%). The stock faced weakness from investor concerns over the threat posed by AI to the company's model and datasets, despite delivering strong earnings over the year.

* The Fund's quality approach was a headwind in 2025, with the factor suffering a rare year of underperformance relative to MSCI World. High-quality stocks lagged as optimism surrounding AI fuelled greater risk-taking behaviour.

**Fund Performance**

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0097164-5_ar91.jpg)

**Average Annual Total Return**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Guinness Atkinson Global Innovators Fund - Institutional Class | 20.54% | 11.63% | 14.92% |
| MSCI World Index (Net Return) | 21.09% | 12.14% | 12.16% |

---

**Performance data quoted represents past performance and does not guarantee future results.**

**The graph and total returns reflect the reinvestment of distributions made by the Fund, if any. The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/global-innovators-fund/#fund_performance.

**What are some key Fund statistics?**

*(as of December 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $194281731 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate (%) | 16% |
| Total Advisory Fees Paid ($) | $1251068 |

---

**What did the Fund invest in?**

*(as of December 31, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Lam Research Corp | 3.60% |
| Applied Materials Inc | 3.60% |
| Salesforce, Inc. | 3.50% |
| Alphabet Inc - A Shares | 3.50% |
| Meta Platforms Inc. - Class A | 3.50% |
| Siemens Healthineers AG | 3.40% |
| Intercontinental Exchange Inc | 3.40% |
| ABB Ltd | 3.40% |
| Danaher Corp | 3.40% |
| Adobe Inc | 3.40% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0097164-5_ar92.jpg)

**How has the Fund changed over the past year?**

The Fund did not have any material changes that occurred since the beginning of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with the Fund's accountants during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where can I find additional information about the Fund?**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/global-innovators-fund/. You can also request this information by contacting us at (800) 915-6565.

To reduce expenses, only one copy of the Fund's prospectus and each annual and semi-annual report will be sent to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 915-6565 (or contact your financial institution). You will be sent individual copies thirty days after your request is received.

---

| | |
|:---|:---|
| ![Guinness Logo](guinness_logo.jpg) | **Guinness Atkinson Asia Pacific Dividend Builder ETF**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Listed on NYSE Arca: ADIV**<br>**Annual Shareholder Report** |

---

**December 31, 2025**

*This annual shareholder report contains important information about the Guinness Atkinson Asia Pacific Dividend Builder ETF ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/adiv/. You can also request this information by contacting us at (866) 307-5990.*

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Guinness Atkinson Asia Pacific Dividend Builder ETF | $87 | 0.78% |

---

**How did the Fund perform last year?**

The Fund rose 22.42% in 2025 vs MSCI AC Pacific ex-Japan Index (Net Return) which rose 35.79%.

***What affected the Fund's performance?***

**Fund performance can be attributed to the following:**

* The Fund targets dividend paying companies with a higher profitability profile (measured by their Return on Capital) that is consistent for year to year. Of the five market leaders in 2025 – Alibaba, Samsung Electronics, SK Hynix, Tencent and TSMC, only TSMC makes it into our universe of stocks with these characteristics. This year, with the significant outperformance by this small group of five largest benchmark stocks, the Fund has lagged.

* The biggest contributors to Fund performance came from good stock selection with stocks such as NetEase in Communication Services, China Medical System in Health Care outperforming. The Financials segment was also good for the Fund with banks and Insurers in China, Hong Kong, Korea and Singapore all contributing meaningfully.

* The drags on performance were evident in the Technology and Consumer Discretionary sectors. In the technology sector semiconductor makers such as SK Hynix, Samsung and TSMC moved sharply higher on demand from the AI investment boom. The fund has some exposure through Elite Material, Hon Hai Precision and Broadcom all of which did well. 

* In the Consumer Discretionary sector, our lack of exposure to Alibaba hurt this year. Furthermore, Corporate Travel Management, which operates across Asia, Europe and the USA, has an audit issue concerning its revenue recognition policy in the European division and the stock remains suspended until that is resolved.

* The Fund's positioning means it still has some exposure to the AI theme from a manufacturing standpoint, but it is primarily positioned to benefit from regional growth and the long-term development of production and sales networks across the region and emerging markets.

**Fund Performance**

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0097165-5_ar71.jpg)

**Average Annual Total Return**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Asia Pacific Dividend Builder ETF | 22.42% | 7.53% | 9.37% |
| MSCI AC Pacific ex Japan Index (Net Return) | 35.79% | 3.77% | 8.39% |

---

**Performance data quoted represents past performance and does not guarantee future results.**

**The graph and total returns reflect the reinvestment of distributions made by the Fund, if any. The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/adiv/.

**What are some key Fund statistics?**

*(as of December 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $29188699 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate (%) | 18% |
| Total Advisory Fees Paid ($) | ($56940) |

---

**What did the Fund invest in?**

*(as of December 31, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| BOC Hong Kong Holdings Ltd | 3.40% |
| Ping An Insurance Group Co of China Ltd - H Shares | 3.30% |
| Industrial & Commercial Bank of China Ltd - H Shares | 3.20% |
| Elite Material Co Ltd | 3.20% |
| China Resources Gas Group Ltd | 3.10% |
| China Construction Bank Corp - H Shares | 3.10% |
| Tech Mahindra Ltd | 3.00% |
| Sonic Healthcare Ltd | 3.00% |
| DBS Group Holdings Ltd | 3.00% |
| Suofeiya Home Collection - A Shares | 3.00% |

---

*Sectors (% of net assets)*

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financial | 39.60% |
| Technology | 17.60% |
| Consumer, Cyclical | 17.10% |
| Consumer, Non-cyclical | 11.10% |
| Industrial | 10.90% |
| Utilities | 3.10% |

---

**How has the Fund changed over the past year?**

Effective December 1, 2025, Guinness Atkinson replaced the former term "SmartETFs" with "Guinness Atkinson" in the Fund's name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with the Fund's accountants during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where can I find additional information about the Fund?**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/adiv/. You can also request this information by contacting us at (866) 307-5990.

To reduce expenses, only one copy of the Fund's prospectus and each annual and semi-annual report will be sent to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (866) 307-5990 (or contact your financial institution). You will be sent individual copies thirty days after your request is received.

---

| | |
|:---|:---|
| ![Guinness Logo](guinness_logo.jpg) | **Guinness Atkinson Dividend Builder ETF**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Listed on NYSE Arca: DIVS**<br>**Annual Shareholder Report** |

---

**December 31, 2025**

*This annual shareholder report contains important information about the Guinness Atkinson Dividend Builder ETF ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/divs/. You can also request this information by contacting us at (866) 307-5990.*

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Guinness Atkinson Dividend Builder ETF | $69 | 0.65% |

---

**How did the Fund perform last year?**

For the 12-month period ended December 31, 2025, the Fund returned +11.57% whilst the MSCI World Index (Net Return) returned +21.09%.

**Fund performance can be attributed to:**

* Over the course of 2025, the Fund's underweight portfolio exposure to Communication Services (which gained +32.4% USD) and Financials (gained +29.6% USD) acted as a headwind as these were the two best-performing sectors in the index.

* Furthermore, the overweight sector allocation to Consumer Staples was a drag as the sector returned +9.5% (USD) in 2025, notably behind the benchmark (+21.1% USD).

* However, zero-weight allocation in Consumer Discretionary (+8.7% USD), Energy (+14.4% USD) and Real Estate (+3.4% USD) were a positive as all three sectors underperformed the index.

* Additionally, strong stock selection in IT was a tailwind, with notably good performance from names like Broadcom (+50.6% USD), TSMC (+53.0% USD), and Cisco (+33.5% USD), all benefitting from the data center build-out and broader AI-driven demand.

Quality was a headwind in 2025, suffering a rare year of underperformance relative to MSCI World. High-quality stocks lagged as optimism surrounding AI fueled greater risk-taking behavior. This was exacerbated by the outperformance of Value in Europe, and especially banks, whose high yields make them a favorite among some income-seeking equity strategies. However, we had no exposure to banks as their cyclical and heavily regulated nature makes them lower-quality companies. This challenged performance relative to the benchmark and the peer group.

**Fund Performance**

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0097165-4_ar71.jpg)

**Average Annual Total Return**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Dividend Builder ETF | 11.57% | 10.44% | 11.25% |
| MSCI World Index (Net Return) | 21.09% | 12.14% | 12.16% |

---

**Performance data quoted represents past performance and does not guarantee future results.**

**The graph and total returns reflect the reinvestment of distributions made by the Fund, if any. The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/divs/.

**What are some key Fund statistics?**

*(as of December 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $41259569 |
| Number of Portfolio Holdings | 35 |
| Portfolio Turnover Rate (%) | 12% |
| Total Advisory Fees Paid ($) | $50328 |

---

**What did the Fund invest in?**

*(as of December 31, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co Ltd | 3.80% |
| ABB Ltd | 3.60% |
| Johnson & Johnson | 3.50% |
| Danone SA | 3.40% |
| Roche Holding AG | 3.40% |
| Assa Abloy AB-B | 3.40% |
| Broadcom Inc | 3.40% |
| Reckitt Benckiser Group PLC | 3.30% |
| Cisco Systems Inc | 3.20% |
| AbbVie Inc | 3.20% |

---

*Sectors (% of net assets)*

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Consumer, Non-cyclical | 41.10% |
| Industrial | 23.10% |
| Technology | 13.40% |
| Financial | 12.90% |
| Communications | 6.60% |
| Consumer, Cyclical | 2.20% |

---

**How has the Fund changed over the past year?**

Effective December 1, 2025, Guinness Atkinson replaced the former term "SmartETFs" with "Guinness Atkinson" in the Fund's name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with the Fund's accountants during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where can I find additional information about the Fund?**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/divs/. You can also request this information by contacting us at (866) 307-5990.

To reduce expenses, only one copy of the Fund's prospectus and each annual and semi-annual report will be sent to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (866) 307-5990 (or contact your financial institution). You will be sent individual copies thirty days after your request is received.

---

| | |
|:---|:---|
| ![Guinness Logo](guinness_logo.jpg) | **Guinness Atkinson International Dividend Builder ETF**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Listed on NYSE Arca: GAID**<br>**Annual Shareholder Report** |

---

**December 31, 2025**

*This annual shareholder report contains important information about the Guinness Atkinson International Dividend Builder ETF ("Fund") for the period of December 19, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/gaid/. You can also request this information by contacting us at (866) 307-5990.*

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Guinness Atkinson International Dividend Builder ETF | $45 | 0.45% |

---

**What are some key Fund statistics?**

*(as of December 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $377028 |
| Number of Portfolio Holdings | 28 |
| Portfolio Turnover Rate (%) | 0% |
| Total Advisory Fees Paid ($) | $60 |

---

**What did the Fund invest in?**

*(as of December 31, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Industry Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| DBS Group Holdings Ltd | 3.50% |
| Hong Kong Exchanges & Clearing Ltd | 3.50% |
| JB Hi-Fi Ltd | 3.50% |
| Atlas Copco AB | 3.40% |
| Assa Abloy AB | 3.40% |
| Alimentation Couche-Tard Inc | 3.40% |
| FinecoBank Banca Fineco SpA | 3.40% |
| Roche Holding AG | 3.40% |
| Daikin Industries Ltd | 3.40% |
| Euronext NV | 3.40% |

---

*Industry Breakdown (% of net assets)*

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financial | 20.50% |
| Consumer, Cyclical | 19.80% |
| Industrial | 16.70% |
| Technology | 6.50% |
| Consumer, Non-cyclical | 23.10% |
| Communications | 6.60% |

---

**How has the Fund changed over the past year?**

The Fund did not have any material changes that occurred since the beginning of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with the Fund's accountants during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where can I find additional information about the Fund?**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/gaid/. You can also request this information by contacting us at (866) 307-5990.

To reduce expenses, only one copy of the Fund's prospectus and each annual and semi-annual report will be sent to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (866) 307-5990 (or contact your financial institution). You will be sent individual copies thirty days after your request is received.

---

| | |
|:---|:---|
| ![Guinness Logo](guinness_logo.jpg) | **Guinness Atkinson Real Assets Income ETF**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Listed on NYSE Arca: GARA**<br>**Annual Shareholder Report** |

---

**December 31, 2025**

*This annual shareholder report contains important information about the Guinness Atkinson Real Assets Income ETF ("Fund") for the period of December 19, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/gara/. You can also request this information by contacting us at (866) 307-5990.*

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Guinness Atkinson Real Assets Income ETF | $45 | 0.45% |

---

**What are some key Fund statistics?**

*(as of December 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $379695 |
| Number of Portfolio Holdings | 35 |
| Portfolio Turnover Rate (%) | 0% |
| Total Advisory Fees Paid ($) | $60 |

---

**What did the Fund invest in?**

*(as of December 31, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Industry Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Engie SA | 3.20% |
| Ventas Inc | 3.10% |
| Primary Health Properties PLC | 3.00% |
| Cellnex Telecom SA | 3.00% |
| Elia Group SA/NV | 3.00% |
| Prologis Inc | 3.00% |
| 3i Infrastructure PLC | 2.90% |
| Brookfield Infrastructure Partners LP | 2.90% |
| Iberdrola SA | 2.90% |
| Severn Trent PLC | 2.90% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0097165-9_ar71.jpg)

**How has the Fund changed over the past year?**

The Fund did not have any material changes that occurred since the beginning of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with the Fund's accountants during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where can I find additional information about the Fund?**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/gara/. You can also request this information by contacting us at (866) 307-5990.

To reduce expenses, only one copy of the Fund's prospectus and each annual and semi-annual report will be sent to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (866) 307-5990 (or contact your financial institution). You will be sent individual copies thirty days after your request is received.

---

| | |
|:---|:---|
| ![Guinness Logo](guinness_logo.jpg) | **Guinness Atkinson US Dividend Builder ETF**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Listed on NYSE Arca: GAUD**<br>**Annual Shareholder Report** |

---

**December 31, 2025**

*This annual shareholder report contains important information about the Guinness Atkinson US Dividend Builder ETF ("Fund") for the period of December 19, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/gaud/. You can also request this information by contacting us at (866) 307-5990.*

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Guinness Atkinson US Dividend Builder ETF | $35 | 0.35% |

---

**What are some key Fund statistics?**

*(as of December 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $247923 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate (%) | 0% |
| Total Advisory Fees Paid ($) | $32 |

---

**What did the Fund invest in?**

*(as of December 31, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Industry Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| BlackRock Inc | 3.50% |
| AbbVie Inc | 3.40% |
| TE Connectivity PLC | 3.40% |
| FactSet Research Systems Inc | 3.40% |
| Cisco Systems Inc | 3.40% |
| Accenture PLC | 3.40% |
| Johnson & Johnson | 3.30% |
| Aflac Inc | 3.30% |
| Lockheed Martin Corp | 3.30% |
| Avery Dennison Corp | 3.30% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0097165-10_ar71.jpg)

**How has the Fund changed over the past year?**

The Fund did not have any material changes that occurred since the beginning of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with the Fund's accountants during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where can I find additional information about the Fund?**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/gaud/. You can also request this information by contacting us at (866) 307-5990.

To reduce expenses, only one copy of the Fund's prospectus and each annual and semi-annual report will be sent to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (866) 307-5990 (or contact your financial institution). You will be sent individual copies thirty days after your request is received.

---

| | |
|:---|:---|
| ![Guinness Logo](guinness_logo.jpg) | **Guinness Atkinson Smart Transportation & Technology ETF**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Listed on NYSE Arca: MOTO**<br>**Annual Shareholder Report** |

---

**December 31, 2025**

*This annual shareholder report contains important information about the Guinness Atkinson Smart Transportation & Technology ETF ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/moto/. You can also request this information by contacting us at (866) 307-5990.*

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Guinness Atkinson Smart Transportation & Technology ETF | $77 | 0.68% |

---

**How did the Fund perform last year?**

In 2025, Guinness Atkinson Smart Transportation & Technology ETF produced a total return of 27.55% vs the MSCI World Index (net return) of 21.09%.

***What affected the Fund's performance?***

**Fund performance can be attributed to the following:**

* EV Manufacturers (23.3% exposure) was the strongest category over the period, delivering an average +26.6% total return over the period. Equipment (37.1% exposure) was the second strongest category, returning +24.6%. The weakest category was Electronics (32.8% exposure), where the average company delivered 21.3%.Within EV Manufacturers, Volvo was a notable performer, delivering a positive return of +41.6%, with new product launches in the US helping to win market share and its localized manufacturing base helping to mitigate tariff impacts.Within Equipment, we hold a 58.0% weighting to Components, a 33.9% weighting to Autonomous, and a 8.1% weighting to Batteries. The average semiconductor name returned 39.4%, the average autonomous name returned 16.2%, and the average battery name returned 25.3%.Within Electronics, we hold a 61% weighting to semiconductors, a 13.8% weighting to connectivity, and a 25.2% weighting to general electronics. Amphenol was a notable strong performer in general electronics, returning 96.1% in the year as the company has benefitted from its role as a key enabler of the data centre build out.

* The Fund's three top performers were Dana Inc (+110.4%), Amphenol (+96.1%), and Johnson Matthey (+78.6%). Dana Inc has enjoyed a strong recovery in 2025 thanks to consistent execution of its cost-saving strategy and the divestiture of a key division which has enabled the company to pay down debt.

* The Fund's 3 weakest performers were Mobileye (-47.6%), Power Integrations (-41.3%), and Skyworks Solutions (-25.5%). Mobileye has suffered from excess inventories at customers, subdued demand and the removal of consumer tax credits in the US which has impacted demand for their products towards the end of the year.

**Fund Performance**

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0097165-7_ar71.jpg)

**Average Annual Total Return**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br> (11/14/2019)**  |
| Smart Transportation & Technology ETF | 27.55% | 7.24% | 15.19% |
| MSCI World Index (Net Return) | 21.09% | 12.14% | 13.24% |

---

**Performance data quoted represents past performance and does not guarantee future results.**

**The graph and total returns reflect the reinvestment of distributions made by the Fund, if any. The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/moto/.

**What are some key Fund statistics?**

*(as of December 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $8028909 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate (%) | 8% |
| Total Advisory Fees Paid ($) | $11357 |

---

**What did the Fund invest in?**

*(as of December 31, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographical Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co Ltd | 4.60% |
| NVIDIA Corp | 4.40% |
| Amphenol Corp Class A | 4.40% |
| Alphabet Inc Class C | 4.30% |
| Tesla Inc | 4.10% |
| Quanta Services Inc | 3.90% |
| TE Connectivity Ltd | 3.90% |
| Volvo AB Class B | 3.80% |
| Siemens AG | 3.70% |
| Eaton Corp PLC | 3.50% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0097165-7_ar72.jpg)

**How has the Fund changed over the past year?**

Effective December 1, 2025, Guinness Atkinson replaced the former term "SmartETFs" with "Guinness Atkinson" in the Fund's name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with the Fund's accountants during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where can I find additional information about the Fund?**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/moto/. You can also request this information by contacting us at (866) 307-5990.

To reduce expenses, only one copy of the Fund's prospectus and each annual and semi-annual report will be sent to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (866) 307-5990 (or contact your financial institution). You will be sent individual copies thirty days after your request is received.

---

| | |
|:---|:---|
| ![Guinness Logo](guinness_logo.jpg) | **Guinness Atkinson Sustainable Energy ETF**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Listed on NYSE Arca: SOLR**<br>**Annual Shareholder Report** |

---

**December 31, 2025**

*This annual shareholder report contains important information about the Guinness Atkinson Sustainable Energy ETF ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/solr/. You can also request this information by contacting us at (866) 307-5990.*

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Guinness Atkinson Sustainable Energy ETF | $89 | 0.79% |

---

**How did the Fund perform last year?**

In 2025, the Guinness Atkinson Sustainable Energy ETF produced a total return of 26.44% vs the MSCI World Index (net return) of 21.09%.

***What affected the Fund's performance?***

**Fund performance can be attributed to the following:**

Within the portfolio, the strongest performers included:

* Our electrical equipment companies all performed well, driven by an acceleration in global electrification activity, grid spending and exposure to the data centre subsector. Amphenol shares were the single largest contributor for the year as quarterly results consistently beat expectations and forward earnings guidance was steadily increased. Amphenol's "IT Datacom" segment, which includes the data centre and AI activities, was largely responsible for the growth improvements. Legrand, our fourth strongest contributor also benefitted from the data centre theme with data centres now representing 25% of sales at Legrand following 22 acquisitions in the subsector since 2010. Legrand is now the most exposed European electrical company in our sustainable energy universe to the data centre theme.

* The second largest contributor was SPIE, which delivered upgraded guidance at its Capital Markets Day and benefitted from higher German infrastructure spending. Also in the top five was Prysmian, which announced a number of significant new power cable contract awards (taking its backlog to a record level, estimated at 17 billion euros) and benefited from US steel tariffs as a result of its US domestic manufacturing activity. SPIE, Prysmian and Amphenol are all additions to the portfolio within the last 14 months.

* Other strong subsectors were renewable power generation and clean energy equipment. While our generation companies saw only muted increases in cash returns and earnings forecasts over the year, there was increased optimism over the value of electrical network assets and baseload power generation capacity. Iberdrola benefitted from its large electrical network exposure while Ormat benefitted from improving sentiment towards geothermal power generation, with the company now extending geothermal power contracts at over $100/MWh.

* After a generally weak first half, a number of clean energy equipment companies including Vestas, Canadian Solar and First Solar delivered well and ended up as top ten contributors for the year. Their strength reflects an improving cyclical outlook. Outside the US, the outlook has improved due to China's anti-involution efforts to curb overcapacity across the solar supply chain, ease supply-chain competition and support pricing across the industry. Strong performance also resulted from the fact that valuation and sentiment were particularly low in this sub-sector at the start of 2025.

* We also note strong performance of Johnson Matthey, which performed well having accepted a bid for its Catalyst Technologies division for £1.8bn from Honeywell, at an implied attractive valuation of 15x TTM EBITDA.

Sectors and companies in the portfolio that were relatively weaker over the period included:

* The more pressured parts of the portfolio also covered a range of end markets. Within electrification we hold a number of companies that sell components into the electric vehicle (EV) supply chain and that also have exposure to the internal combustion engine (ICE) vehicle supply chain. EV penetration growth slowed further in 2025 (relative to start of year expectations) as EV launch schedules were delayed and margins were pressured due to increasing Chinese competition. Gentherm and Samsung SDI suffered from these factors, together with uncertainties around Trump's tariffs, and we exited both positions in the first half of the year. Auto sector weakness also impacted power semiconductor manufacturer Onsemi with their shares weakening as expectations for the speed of recovery in their markets proved to be too optimistic.

* Our exposure to the building sector, predominantly via efficiency and insulation companies, suffered as the outlook for US construction continued to remain weak. Owens Corning suffered due to weakness in the North America residential market while Carlisle Companies saw a slowdown in non-residential spending, with project delays and cancellations causing management to lower organic growth guidance.

* Lastly, shares in Enphase continued to be weak as the elimination of the 25D US solar residential tax credit started to bring lower demand for US customer-owned residential solar systems.

**Fund Performance**

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0097165-3_ar71.jpg)

**Average Annual Total Return**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br> (11/11/2020)**  |
| Sustainable Energy ETF | 26.47% | 1.80% | 5.14% |
| MSCI World Index (Net Return) | 21.09% | 12.14% | 13.19% |

---

**Performance data quoted represents past performance and does not guarantee future results.**

**The graph and total returns reflect the reinvestment of distributions made by the Fund, if any. The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/solr/.

**What are some key Fund statistics?**

*(as of December 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $4043759 |
| Number of Portfolio Holdings | 31 |
| Portfolio Turnover Rate (%) | 18% |
| Total Advisory Fees Paid ($) | ($88126) |

---

**What did the Fund invest in?**

*(as of December 31, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Iberdrola SA | 4.80% |
| Amphenol Corp | 4.50% |
| Hubbell Inc | 4.30% |
| Legrand SA | 4.30% |
| Siemens AG | 4.30% |
| Schneider Electric SE | 4.30% |
| Nextera Energy Inc | 4.30% |
| First Solar Inc | 4.00% |
| Eaton Corp PLC | 3.80% |
| Spie SA | 3.80% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0097165-3_ar72.jpg)

**How has the Fund changed over the past year?**

Effective December 1, 2025, Guinness Atkinson replaced the former term "SmartETFs" with "Guinness Atkinson" in the Fund's name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with the Fund's accountants during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where can I find additional information about the Fund?**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/solr/. You can also request this information by contacting us at (866) 307-5990.

To reduce expenses, only one copy of the Fund's prospectus and each annual and semi-annual report will be sent to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (866) 307-5990 (or contact your financial institution). You will be sent individual copies thirty days after your request is received.

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-800-915-6565.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Jeffrey Long is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | | |
|:---|:---|:---|:---|
| | Guinness Atkinson Funds | <br> FYE 12/31/2025 | <br> FYE 12/31/2024 |
| (a) | Audit Fees | $169000 | $147250 |
| (b) | Audit-Related Fees | N/A | N/A |
| (c) | Tax Fees | $35000 | $26500 |
| (d) | All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller, & Weller LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| Guinness Atkinson Funds | <br> FYE 12/31/2025 | <br> FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent
 on auditing the registrant's financial statements were attributed to work performed by full-time
 permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment advisor (and any other controlling entity, etc.—not sub-advisor) for the last two years. The audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment advisor is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

---

| | | | |
|:---|:---|:---|:---|
| | Guinness Atkinson Funds | <br> FYE 12/31/2025 | <br> FYE 12/31/2024 |
| (g) | Registrant Non-Audit Related Fees | N/A | N/A |
| (h) | Registrant's Investment Advisor | N/A | N/A |

---

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) Not applicable to registrants who are not
 listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

(b) Not applicable.

**<u>Item 6. Investments.</u>**

(a) Schedule of Investments is included as
 part of the report to shareholders filed under Item 7 of this Form.

(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

![](fp0097164-1_01.jpg)

**Guinness Atkinson™ Funds**

**December 31, 2025**

**TABLE OF CONTENTS**

### Item 7. Financial Statements and Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alternative Energy Fund 3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia Focus Fund 5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China & Hong Kong Fund 7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Energy Fund 9 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Innovators Fund 11 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets and Liabilities 13 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Operations 15 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets 17 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights 21 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements 27 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional Information 40 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public
 Accounting Firm 41
*This report and the financial statements contained herein are provided for the general information of the shareholders of the Guinness Atkinson Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective shareholder report and prospectus.*

**https://www.gafunds.com/**

**GUINNESS ATKINSON ALTERNATIVE ENERGY FUND**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 99.5%** | **Value** |
|  | **Electrification: 25.4%** |  |
| 6152 | Amphenol Corp. | $831381 |
| 7569 | APTIV PLC\* | 575925 |
| 14166 | Infineon Technologies AG | 619186 |
| 21690 | Johnson Matthey PLC | 622779 |
| 1849 | LG Chem Ltd. | 425024 |
| 2646 | NXP Semiconductors NV | 574341 |
| 8154 | ON Semiconductor Corp.\* | 441539 |
| 15646 | Sensata Technologies Holding | 520855 |
|  |  | 4611030 |
|  | **Energy Efficiency: 20.5%** |  |
| 10448 | Ameresco\* | 306022 |
| 28108 | Atlas Copco AB | 502305 |
| 1344 | Carlisle Cos Inc. | 429892 |
| 1755 | Hubbell Inc. | 779413 |
| 2279 | Installed Building Products Inc. | 591150 |
| 3555 | Owens Corning | 397840 |
| 1836 | Trane Technologies PLC | 714571 |
|  |  | 3721193 |
|  | **Renewable Energy Generation: 15.6%** |  |
| 583000 | China Longyuan Power Group Corp. - H Shares | 497041 |
| 41027 | Iberdrola SA | 891347 |
| 9728 | Nextera Energy Inc. | 780964 |
| 6060 | Ormat Technologies Inc. | 669448 |
|  |  | 2838800 |
|  | **Renewable Equipment Manufacturing: 38.0%** |  |
| 17848 | Canadian Solar Inc.\* | 424247 |
| 2231 | Eaton Corp PLC | 710596 |
| 3830 | Enphase Energy Inc.\* | 122752 |
| 2778 | First Solar Inc.\* | 725697 |
| 5270 | Itron Inc.\* | 489372 |
| 5278 | Legrand SA | 787620 |
| 6670 | Prysmian SpA | 670428 |
| 2824 | Schneider Electric SE | 780571 |
| 2787 | Siemens AG | 776335 |
| 12182 | Spie SA | 704896 |

---

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON ALTERNATIVE ENERGY FUND**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 99.5%** | **Value** |
| 16383 | Vestas Wind Systems A/S | $445594 |
| 690200 | Xinyi Solar Holdings Ltd. | 262993 |
|  |  | 6901101 |
|  | **Total Common Stock** | 18072124 |
|  | (cost $18,326,364) |  |
|  | **Total Investments in Securities: 99.5%** | 18072124 |
|  | (cost $18,326,364) |  |
|  | Other Assets in Excess of Liabilities: 0.5% | 88941 |
|  | **Net Assets: 100.0%** | $**18161065** |

---

*\** *Non-income producing security.*

*PLC - Public Limited Company*

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON ASIA FOCUS FUND**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 100.5%** | **Value** |
|  | **Australia: 4.2%** |  |
| 34519 | Corporate Travel Management Ltd.<sup>1</sup> | $184290 |
| 19149 | Sonic Healthcare Ltd. | 288685 |
|  |  | 472975 |
|  | **China: 60.2%** |  |
| 22600 | Alibaba Group Holding Ltd. | 415274 |
| 600 | Alibaba Group Holding Ltd. - ADR | 87948 |
| 12300 | Autohome Inc. - ADR | 273798 |
| 3039 | Baidu Inc. - ADR\* | 397076 |
| 207000 | China Medical System Holdings Ltd. | 342441 |
| 55500 | China Merchants Bank Co., Ltd. - H Shares | 375718 |
| 164000 | Geely Automobile Holdings Ltd. | 376696 |
| 111000 | Haitian International Holdings Ltd. | 315564 |
| 83400 | Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares | 341786 |
| 11260 | JD.com Inc. - ADR | 323162 |
| 30000 | Meituan - Class B<sup>\*,2</sup> | 396903 |
| 111909 | NARI Technology Co., Ltd. - A Shares | 360502 |
| 3400 | NetEase Inc. - ADR | 467908 |
| 49000 | Ping An Insurance Group Company of China Ltd. - H Shares | 409411 |
| 29900 | Proya Cosmetics Co., Ltd. | 293031 |
| 143200 | Sany Heavy Industry Co., Ltd. - A Shares | 433527 |
| 44600 | Shenzhou International | 351280 |
| 377000 | Sino Biopharmaceutical Ltd. | 299342 |
| 6400 | Tencent Holdings Ltd. | 492187 |
|  |  | 6753554 |
|  | **India: 3.1%** |  |
| 9400 | HDFC Bank Ltd. - ADR | 343476 |
|  | **Singapore: 4.5%** |  |
| 11618 | DBS Group Holdings Ltd. | 509245 |
|  | **South Korea: 5.5%** |  |
| 7415 | Samsung Electronics Co., Ltd. | 613243 |
|  | **Taiwan: 16.0%** |  |
| 10000 | Elite Material Co., Ltd. | 525262 |
| 4000 | Largan Precision Co., Ltd. | 318615 |
| 48000 | Shin Zu Shing Co., Ltd. | 309806 |
| 13000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 642772 |
|  |  | 1796455 |

---

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON ASIA FOCUS FUND**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 100.5%** | **Value** |
|  | **United States: 7.0%** |  |
| 1590 | Applied Materials Inc. | $408614 |
| 1103 | Broadcom Inc. | 381748 |
|  |  | 790362 |
|  | **Total Common Stocks** | 11279310 |
|  | (cost $7,705,148) |  |
|  | **Total Investments in Securities** | 11279310 |
|  | (cost $7,705,148): 100.5% |  |
|  | Liabilities in Excess of Other Assets: -0.5% | (59040) |
|  | **Net Assets: 100.0%** | $**11220270** |

---

*\** *Non-income producing security.*

*ADR - American Depository Receipt*

*<sup>1</sup>* *The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.*

*<sup>2</sup>* *Securities noted are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.*

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON CHINA & HONG KONG FUND**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 99.1%** | **Value** |
|  | **Appliances: 10.2%** |  |
| 292600 | Haier Smart Home Co., Ltd. - H Shares | $912124 |
| 84200 | Midea Group Co., Ltd. | 942590 |
| 137509 | Zhejiang Supor Cookware - A Shares | 868244 |
|  |  | 2722958 |
|  | **Application Software: 2.9%** |  |
| 597000 | TravelSky Technology Ltd. | 788712 |
|  | **Auto/Cars - Light Trucks: 3.1%** |  |
| 363000 | Geely Automobile Holdings Ltd. | 833786 |
|  | **Auto/Trucks Parts & Equipment: 3.8%** |  |
| 420480 | Weichai Power Co., Ltd. - H Shares | 1017872 |
|  | **Automobiles: 2.6%** |  |
| 58000 | BYD Co. Ltd. | 700933 |
|  | **Commercial Banks: 3.4%** |  |
| 134500 | China Merchants Bank Co., Ltd. - H Shares | 910523 |
|  | **E-Commerce/Services: 6.3%** |  |
| 24500 | Alibaba Group Holding Ltd. | 450186 |
| 4201 | Alibaba Group Holding Ltd. - ADR | 615783 |
| 1352 | JD.com Inc. | 19475 |
| 21178 | JD.com Inc. - ADR | 607809 |
|  |  | 1693253 |
|  | **Electrical Equipment: 4.1%** |  |
| 250658 | Hongfa Technology Co., Ltd. | 1091925 |
|  | **Energy-Alternate: 3.1%** |  |
| 418070 | Hangzhou First Applied Materials Co., Ltd. | 834603 |
|  | **Finance: 3.1%** |  |
| 15800 | Hong Kong Exchanges & Clearing Ltd. | 826521 |
|  | **Food-Dairy Products: 3.7%** |  |
| 238900 | Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares | 979047 |
|  | **Home Furnishings: 3.3%** |  |
| 447200 | Suofeiya Home Collection - A Shares | 871684 |
|  | **Hotels, Restaurants & Leisure: 3.1%** |  |
| 61900 | Meituan - Class B<sup>\*,1</sup> | 818944 |

---

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON CHINA & HONG KONG FUND**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 99.1%** | **Value** |
|  | **Insurance: 7.9%** |  |
| 96200 | AIA Group Ltd. | $986678 |
| 134000 | Ping An Insurance Group Company of China Ltd. - H Shares | 1119615 |
|  |  | 2106293 |
|  | **Internet Application Software: 5.1%** |  |
| 17600 | Tencent Holdings Ltd. | 1353514 |
|  | **Internet Content - Entertainment: 3.4%** |  |
| 6669 | NetEase Inc. - ADR | 917788 |
|  | **Machinery: 17.6%** |  |
| 327000 | Haitian International Holdings Ltd. | 929633 |
| 294568 | NARI Technology Co., Ltd. - A Shares | 948918 |
| 298497 | Sany Heavy Industry Co., Ltd. - A Shares | 903677 |
| 86900 | Shandong Himile Mechanical Science & Technology Co., Ltd. | 1053317 |
| 81954 | Shenzhen Inovance Technology Co., Ltd. - A Shares | 883315 |
|  |  | 4718860 |
|  | **Pharmaceuticals: 2.7%** |  |
| 902500 | Sino Biopharmaceutical Ltd. | 716594 |
|  | **Real Estate Operations/Development: 2.8%** |  |
| 476000 | China Overseas Land & Investments Ltd. | 748229 |
|  | **Retail-Apparel: 3.4%** |  |
| 117300 | Shenzhou International Group Holdings Ltd. | 923882 |
|  | **Web Portals: 3.5%** |  |
| 7184 | Baidu Inc. - ADR\* | 938661 |
|  | **Total Common Stock** | 26514582 |
|  | (cost $24,736,116) |  |
|  | **Total Investments in Securities** | 26514582 |
|  | (cost $24,736,116): 99.1% |  |
|  | Other Assets in Excess of Liabilities: 0.9% | 232246 |
|  | **Net Assets: 100.0%** | $**26746828** |

---

*\** *Non-income producing security.*

*ADR - American Depository Receipt*

*<sup>1</sup>* *Securities noted are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.*

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON GLOBAL ENERGY FUND**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 98.6%** | **Value** |
|  | **Oil & Gas - Exploration & Production: 18.3%** |  |
| 11544 | Canadian Natural Resources Ltd. | $390981 |
| 4741 | ConocoPhillips | 443805 |
| 9419 | Devon Energy Corp. | 345018 |
| 2451 | Diamondback Energy Inc. | 368459 |
| 348 | Diversified Energy Co. PLC | 5052 |
| 28114 | EnQuest PLC | 4020 |
| 3312 | EOG Resources Inc. | 347793 |
| 16508 | Pharos Energy PLC | 4696 |
|  |  | 1909824 |
|  | **Oil & Gas - Field Services: 9.1%** |  |
| 5720 | Baker Hughes Company | 260489 |
| 11071 | Halliburton Company | 312866 |
| 9762 | Helix Energy Solutions Group, Inc.\* | 61208 |
| 8059 | Schlumberger Ltd. | 309304 |
|  |  | 943867 |
|  | **Oil & Gas - Integrated: 53.6%** |  |
| 86350 | BP PLC | 505747 |
| 18759 | Cenovus Energy Inc. | 317331 |
| 3289 | Chevron Corp. | 501277 |
| 18125 | Eni SpA | 342949 |
| 13619 | Equinor ASA | 320627 |
| 4558 | Exxon Mobil Corp. | 548510 |
| 17832 | Galp Energia Sgps Sa | 306958 |
| 4012 | Imperial Oil Ltd. | 346587 |
| 6179 | OMV AG | 344609 |
| 276000 | PetroChina Co., Ltd. - H Shares | 296642 |
| 19590 | Repsol SA | 366889 |
| 13851 | Shell PLC | 512720 |
| 8373 | Suncor Energy, Inc. | 371605 |
| 7520 | Total Energies SE | 492994 |
|  |  | 5575445 |
|  | **Oil & Gas - Pipelines and Transportation: 11.5%** |  |
| 6262 | Enbridge Inc. | 299511 |
| 10979 | Kinder Morgan Inc. | 301813 |
| 5364 | TC Energy Corp. | 295349 |
| 5004 | The Williams Cos. Inc. | 300790 |
|  |  | 1197463 |

---

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON GLOBAL ENERGY FUND**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 98.6%** | **Value** |
|  | **Oil Refining & Marketing: 6.1%** |  |
| 272000 | China Petroleum & Chemical | $163059 |
| 2892 | Valero Energy Corp. | 470789 |
|  |  | 633848 |
|  | **Total Common Stock** | 10260447 |
|  | (cost $10,311,131) |  |
|  | **Total Investments in Securities** | 10260447 |
|  | (cost $10,311,131): 98.6% |  |
|  | Other Assets in Excess of Liabilities: 1.4% | 150412 |
|  | **Net Assets: 100.0%** | $**10410859** |

---

*\** *Non-income producing security.*

*PLC - Public Limited Company*

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON GLOBAL INNOVATORS FUND**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 97.6%** | **Value** |
|  | **Application Software: 9.7%** |  |
| 9348 | Intuit Inc. | $6192302 |
| 11872 | Microsoft Corp. | 5741537 |
| 25835 | Salesforce Inc. | 6843950 |
|  |  | 18777789 |
|  | **Computers: 3.0%** |  |
| 21493 | Apple Inc. | 5843087 |
|  | **Diversified Manufacturing Operations: 9.8%** |  |
| 28845 | Danaher Corp. | 6603197 |
| 13806 | Roper Technologies, Inc. | 6145465 |
| 10803 | Thermo Fisher Scientific Inc. | 6259798 |
|  |  | 19008460 |
|  | **E-Commerce: 3.1%** |  |
| 26558 | Amazon.com Inc.\* | 6130118 |
|  | **Electronic Components - Semiconductor: 9.7%** |  |
| 45760 | Amphenol Corp. | 6184006 |
| 18635 | Broadcom Inc. | 6449573 |
| 33033 | NVIDIA Corp. | 6160654 |
|  |  | 18794233 |
|  | **Enterprise Software/Services: 3.4%** |  |
| 18709 | Adobe Inc. | 6547963 |
|  | **Finance - Other Services: 13.0%** |  |
| 40915 | Intercontinental Exchange, Inc. | 6626593 |
| 49068 | London Stock Exchange Group PL | 5918501 |
| 11365 | Mastercard Inc. | 6488051 |
| 17664 | Visa Inc. | 6194941 |
|  |  | 25228086 |
|  | **Internet Content: 9.1%** |  |
| 10212 | Meta Platforms Inc. - Class A | 6740839 |
| 54185 | Netflix Inc.\* | 5080386 |
| 75400 | Tencent Holdings Ltd. | 5798578 |
|  |  | 17619803 |

---

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON GLOBAL INNOVATORS FUND**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 97.6%** | **Value** |
|  | **Machinery - Electric Utility: 6.7%** |  |
| 89380 | ABB Ltd. | 6615799 |
| 31105 | AMETEK Inc. | 6386168 |
|  |  | 13001967 |
|  | **Medical Instrument: 6.5%** |  |
| 61814 | Medtronic PLC | 5937853 |
| 127699 | Siemens Healthineers AG<sup>1</sup> | 6690468 |
|  |  | 12628321 |
|  | **Power Conversion/ Supply Equipment: 3.3%** |  |
| 23010 | Schneider Electric SE | 6360103 |
|  | **Retail - Apparel: 2.9%** |  |
| 554400 | ANTA Sports Products Ltd. | 5729854 |
|  | **Semiconductor: 13.9%** |  |
| 27250 | Applied Materials Inc. | 7002978 |
| 5349 | KLA-Tencor Corp. | 6499463 |
| 41159 | Lam Research Corp. | 7045598 |
| 21412 | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 6506893 |
|  |  | 27054932 |
|  | **Web Portals: 3.5%** |  |
| 21704 | Alphabet Inc. - A Shares | 6793352 |
|  | **Total Common Stock** | 189518068 |
|  | (cost $93,452,327) |  |
|  | **Total Investments in Securities** | 189518068 |
|  | (cost $93,452,327): 97.6% |  |
|  | Other Assets in Excess of Liabilities: 2.4% | 4763663 |
|  | **Net Assets: 100.0%** | $**194281731** |

---

*\** *Non-income producing security.*

*ADR - American Depository Receipt*

*PLC - Public Limited Company*

*<sup>1</sup>* *Securities noted are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.*

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON™ FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES**

**at December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **Alternative<br> Energy Fund** | **Asia Focus<br> Fund** | **China & Hong Kong<br> Fund** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities, at cost | $18326364 | $7705148 | $24736116 |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value | $18072124 | $11279310 | $26514582 |
| &nbsp;&nbsp;&nbsp;Cash | 109353 |  | 313534 |
| &nbsp;&nbsp;&nbsp;Cash denominated in foreign currency (cost of $10,842, $5,117, and $20,101, respectively) | 10853 | 5164 | 20224 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 474 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 10266 | 17854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim | 15315 |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 3680 | 4762 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 18222065 | 11307090 | 26849300 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Overdraft due to custodian bank |  | 33691 |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 1331 |  | 19136 |
| &nbsp;&nbsp;&nbsp;Due to Adviser, net | 6170 | 7326 | 23355 |
| &nbsp;&nbsp;&nbsp;Accrued administration fees | 1086 | 1116 | 1072 |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing plan fees | 5392 | 1848 | 3993 |
| &nbsp;&nbsp;&nbsp;Audit fees | 19250 | 26000 | 26000 |
| &nbsp;&nbsp;&nbsp;CCO fees | 1941 | 2003 | 1595 |
| &nbsp;&nbsp;&nbsp;Custody fees | 5557 | 1647 | 2716 |
| &nbsp;&nbsp;&nbsp;Fund Accounting fees | 1244 | 1776 | 1917 |
| &nbsp;&nbsp;&nbsp;Legal fees | 5028 | 1594 | 8081 |
| &nbsp;&nbsp;&nbsp;Miscellaneous fees | 566 | 461 | 147 |
| &nbsp;&nbsp;&nbsp;Printing fees | 5508 | 3083 | 2276 |
| &nbsp;&nbsp;&nbsp;Transfer Agent fees | 6517 | 4819 | 9929 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 1410 | 1456 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 61000 | 86820 | 102472 |
| **Net Assets** | $18161065 | $11220270 | $26746828 |
| **Composition of Net Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $49133046 | $6881398 | $27308001 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (30971981) | 4338872 | (561173) |
| **Net Assets** | $18161065 | $11220270 | $26746828 |
| **Number of shares issued and outstanding (unlimited shares authorized, no par value)** | 2861907 | 606995 | 1644456 |
| **Net asset value per share** | $6.35 | $18.48 | $16.26 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| <br> **GUINNESS ATKINSON™ FUNDS** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **at December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Global Energy<br> Fund** | **Global<br> Innovators Fund** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities, at cost | $10311131 | $93452327 |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value | $10260447 | $189518068 |
| &nbsp;&nbsp;&nbsp;Cash | 139918 | 4549377 |
| &nbsp;&nbsp;&nbsp;Cash denominated in foreign currency (cost of $2,323, and $39,655, respectively) | 2323 | 39760 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 129 | 34292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 17676 | 105863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim | 40683 | 304241 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 6269 | 21413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 10467445 | 194573014 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 5476 | 35769 |
| &nbsp;&nbsp;&nbsp;Due to Adviser, net | 35 | 92673 |
| &nbsp;&nbsp;&nbsp;Accrued administration fees | 328 | 2796 |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing plan fees | 3139 | 32974 |
| &nbsp;&nbsp;&nbsp;Audit fees | 26000 | 26000 |
| &nbsp;&nbsp;&nbsp;CCO fees | 1053 | 7182 |
| &nbsp;&nbsp;&nbsp;Custody fees | 3072 | 3466 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 1916 | 3733 |
| &nbsp;&nbsp;&nbsp;Legal fees | 3504 | 53837 |
| &nbsp;&nbsp;&nbsp;Miscellaneous fees | 653 | 803 |
| &nbsp;&nbsp;&nbsp;Printing fees | 4177 | 8009 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 5769 | 16703 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 1464 | 7338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 56586 | 291283 |
| **Net Assets** | $10410859 | $194281731 |
| **Composition of Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $37204846 | $86972788 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (26793987) | 107308943 |
| **Net Assets** | $10410859 | $194281731 |
| **Number of shares issued and outstanding (unlimited shares authorized, no par value)** | 426455 |  |
| **Net asset value per share** | $24.41 | - |
| **Net asset value per share per Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding |  | $155337363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding |  | 2710537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value per share** |  | $57.31 |
| &nbsp;&nbsp;&nbsp;Institutional Class shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding |  | $38944368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding |  | 660378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value per share** |  | $58.97 |

---

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON™ FUNDS**

**STATEMENTS OF OPERATIONS**

**For the Year Ended December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **Alternative<br> Energy Fund** | **Asia Focus<br> Fund** | **China & Hong<br> Kong Fund** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends\* | $260060 | $270805 | $669014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 260060 | 270805 | 669014 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 138202 | 106020 | 256883 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing plan fees | 31436 | 9722 | 25014 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 27511 | 18517 | 35989 |
| &nbsp;&nbsp;&nbsp;Fund accounting fee and expenses | 3928 | 1724 | 5282 |
| &nbsp;&nbsp;&nbsp;Administration fees | 6910 | 6589 | 11913 |
| &nbsp;&nbsp;&nbsp;Custody fees and expenses | 16363 | 15499 | 22274 |
| &nbsp;&nbsp;&nbsp;Audit fees | 19152 | 26152 | 25998 |
| &nbsp;&nbsp;&nbsp;Legal fees | 21541 | 11614 | 31006 |
| &nbsp;&nbsp;&nbsp;Registration fees | 17629 | 18600 | 18849 |
| &nbsp;&nbsp;&nbsp;Printing | 14557 | 11108 | 12814 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 11801 | 9035 | 13411 |
| &nbsp;&nbsp;&nbsp;Insurance | 2106 | 663 | 1889 |
| &nbsp;&nbsp;&nbsp;CCO fees and expenses | 7699 | 6698 | 8596 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 5252 | 4894 | 5143 |
| &nbsp;&nbsp;&nbsp;Tax reclaim service fee | 1590 |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 419 | 306 | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 326096 | 247141 | 477147 |
| &nbsp;&nbsp;&nbsp;Less: fees waived and expenses absorbed | (134059) | (36916) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 192037 | 210225 | 477147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 68023 | 60580 | 191867 |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2445852) | 1495035 | (79039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (2670) | 1157 | (2378) |
|  | (2448522) | 1496192 | (81417) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 6166193 | 1199911 | 6372063 |
| &nbsp;&nbsp;&nbsp;Foreign currency | 2146 | 155 | 145 |
|  | 6168339 | 1200066 | 6372208 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 3719817 | 2696258 | 6290791 |
| &nbsp;&nbsp;&nbsp;Net increase from payments by affiliates | - | - | 1860 |
| **Net Increase (Decrease) in Net Assets from Operations** | $3787840 | $2756838 | $6484518 |

---

*\** *Net of foreign tax withheld of $19,060, $17,302, and $47,176, respectively.*

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON™ FUNDS**

**STATEMENTS OF OPERATIONS**

**For the Year Ended December 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Global Energy<br> Fund** | **Global<br> Innovators Fund** |
| **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends\* | $442029 | $1826385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 442029 | 1826385 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 74239 | 1466040 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing plan fees | 16075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 306717 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 20225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 61374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 18580 |
| &nbsp;&nbsp;&nbsp;Fund accounting fee and expenses | 4031 | 24935 |
| &nbsp;&nbsp;&nbsp;Administration fees | 4751 | 84995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 27291 |
| &nbsp;&nbsp;&nbsp;Custody fees and expenses | 13980 | 23728 |
| &nbsp;&nbsp;&nbsp;Audit fees | 25731 | 25996 |
| &nbsp;&nbsp;&nbsp;Legal fees | 12275 | 286609 |
| &nbsp;&nbsp;&nbsp;Registration fees | 18002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 29607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 16908 |
| &nbsp;&nbsp;&nbsp;Printing | 12677 | 26695 |
| &nbsp;&nbsp;&nbsp;Tax reclaim service fee | 1571 | 5443 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 10034 | 59637 |
| &nbsp;&nbsp;&nbsp;Insurance | 736 | 13130 |
| &nbsp;&nbsp;&nbsp;CCO fees and expenses | 5694 | 47604 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 5008 | 17259 |
| &nbsp;&nbsp;&nbsp;Interest expense | 160 | 7119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 225189 | 2549667 |
| &nbsp;&nbsp;&nbsp;Less: fees waived and expenses absorbed | (79930) | (214972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 145259 | 2334695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 296770 | (508310) |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (908578) | 34063018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (328) | (11038) |
|  | (908906) | 34051980 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2176900 | 2165452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 4472 | 35354 |
|  | 2181372 | 2200806 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 1272466 | 36252786 |
| **Net Increase (Decrease) in Net Assets from Operations** | $1569236 | $35744476 |

---

*\** *Net of foreign tax withheld of $36,825, and $72,833, respectively.*

 

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON™ FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Alternative Energy Fund** | **Alternative Energy Fund** | **Asia Focus Fund** | **Asia Focus Fund** |
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
| INCREASE/(DECREASE) IN NET ASSETS FROM: |  |  |  |  |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $68023 | $46936 | $60580 | $48185 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2445852) | 975559 | 1495035 | 161046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (2670) | (1189) | 1157 | (370) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6166193 | (3865848) | 1199911 | 203426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 2146 | (844) | 155 | (177) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3787840 | (2845386) | 2756838 | 412110 |
| **Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net dividends and distributions | (60058) | (45445) | (741961) | (149729) |
| &nbsp;&nbsp;&nbsp;Return of capital | - | (4905) | - | - |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (60058) | (50350) | (741961) | (149729) |
| **Capital Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2131582 | 3822236 | 137060 | 166160 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 57120 | 48002 | 610208 | 120327 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6499939) | (10775504) | (1330249) | (1655626) |
| &nbsp;&nbsp;&nbsp;**Net change in net assets from capital transactions** | (4311237) | (6905266) | (582981) | (1369139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (583455) | (9801002) | 1431896 | (1106758) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 18744520 | 28545522 | 9788374 | 10895132 |
| &nbsp;&nbsp;&nbsp;End of period | $18161065 | $18744520 | $11220270 | $9788374 |
| **Capital Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 369873 | 686712 | 7170 | 10460 |
| &nbsp;&nbsp;&nbsp;Shares issued on reinvestment | 8967 | 9074 | 33399 | 7793 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1245339) | (1958257) | (75502) | (111226) |
| &nbsp;&nbsp;&nbsp;**Net decrease in shares outstanding** | (866499) | (1262471) | (34933) | (92973) |

---

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON™ FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **China & Hong Kong Fund** | **China & Hong Kong Fund** |
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
| INCREASE/(DECREASE) IN NET ASSETS FROM: |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $191867 | $275731 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (79039) | (1433294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (2378) | 485 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6372063 | 889914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 145 | 101 |
| &nbsp;&nbsp;&nbsp;Net increase from payments by affiliates | 1860 | - |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6484518 | (267063) |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Net dividends and distributions | (280079) | (270001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (280079) | (270001) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 595439 | 1227894 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 267462 | 253197 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4095506)<sup>(1)</sup> | (5785580)<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;**Net change in net assets from capital transactions** | (3232605) | (4304489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total decrease in net assets** | 2971834 | (4841553) |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 23774994 | 28616547 |
| &nbsp;&nbsp;&nbsp;End of period | $26746828 | $23774994 |
| **Capital Share Activity** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 40025 | 91532 |
| &nbsp;&nbsp;&nbsp;Shares issued on reinvestment | 16239 | 19432 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (278047) | (468850) |
| &nbsp;&nbsp;&nbsp;**Net decrease in shares outstanding** | (221783) | (357886) |

---

<sup>(1)</sup> Net of redemption fees of $348 and $4,435, respectively.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| <br> **GUINNESS ATKINSON** **™ FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Global Energy Fund** | **Global Energy Fund** |
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
| INCREASE/(DECREASE) IN NET ASSETS FROM: |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $296770 | $293604 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (908578) | 358726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (328) | (744) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2176900 | (709237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 4472 | (2425) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1569236 | (60076) |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Net dividends and distributions | (290033) | (650040) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (290033) | (650040) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1357001 | 1436156 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 277651 | 614234 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2271331) | (3669057) |
| &nbsp;&nbsp;&nbsp;**Net change in net assets from capital transactions** | (636679) | (1618667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total decrease in net assets** | 642524 | (2328783) |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 9768335 | 12097118 |
| &nbsp;&nbsp;&nbsp;End of period | $10410859 | $9768335 |
| **Capital Share Activity** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 60611 | 60369 |
| &nbsp;&nbsp;&nbsp;Shares issued on reinvestment | 11347 | 27996 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (100434) | (151182) |
| &nbsp;&nbsp;&nbsp;**Net decrease in shares outstanding** | (28476) | (62817) |

---

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON** **™ FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Global Innovators Fund** | **Global Innovators Fund** |
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
| INCREASE/(DECREASE) IN NET ASSETS FROM: |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(508310) | $(463035) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 34063018 | 29645523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (11038) | (17668) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2165452 | 6850200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 35354 | (21410) |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 35744476 | 35993610 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Net dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (22745969) | (17802827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (5687747) | (5319820) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (28433716) | (23122647) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 6749813 | 14132438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 10796899 | 8569285 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 21890135 | 17189254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 5423735 | 3524512 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (35690636) | (21724823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (25372858) | (15277160) |
| &nbsp;&nbsp;&nbsp;**Net change in net assets from capital transactions** | (16202912) | 6413506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase in net assets** | (8892152) | 19284469 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 203173883 | 183889414 |
| &nbsp;&nbsp;&nbsp;End of period | $194281731 | $203173883 |
| **Capital Share Activity** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 113774 | 240498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 164824 | 141047 |
| &nbsp;&nbsp;&nbsp;Shares issued on reinvestment: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 385051 | 297032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 92713 | 59586 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (591467) | (366866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (421447) | (248209) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in shares outstanding** | (256552) | 123088 |

---

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Alternative Energy Fund** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $5.03 | $5.72 | $5.86 | $6.71 | $6.19 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.02 | 0.01 | (0.02) | (0.05) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 1.32 | (0.69) | (0.12) | (0.80) | 0.58 |
| Total from investment operations | 1.34 | (0.68) | (0.14) | (0.85) | 0.52 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.02) | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | - | -<sup>(1)</sup> | - | - | - |
| Total distributions | (0.02) | (0.01) | - | - | - |
| Net asset value, end of period | $6.35 | $5.03 | $5.72 | $5.86 | $6.71 |
| Total return | 26.65% | (11.85%) | (2.39)% | (12.67%) | 8.40% |
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (millions) | $18.2 | $18.7 | $28.5 | $27.5 | $32.2 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fee waived/recaptured | 1.89%<sup>(3)</sup> | 1.76% | 1.79% | 1.90% | 1.73% |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured <sup>(2)</sup> | 1.11%<sup>(3)</sup> | 1.10% | 1.48% | 1.98% | 1.98% |
| **Ratio of net investment income (loss) to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | -0.39% | (0.47%) | (0.62%) | (0.79%) | (0.61%) |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 0.39% | 0.19% | (0.31%) | (0.87%) | (0.86%) |
| Portfolio turnover rate | 17.30% | 14.74% | 16.38% | 17.75% | 29.03% |

---

<sup>(1)</sup> *Amount represents less than $0.01 per share.*

<sup>(2)</sup> *The Adviser has contractually agreed to limit the operating expenses of the Fund to 1.10%, prior to June 1, 2023, the limit on operating expenses was 1.98%, excluding interest expense, expenses related to dividends on short positions, brokerage commissions, taxes and other extraordinary expenses. See Note 3.*

<sup>(3)</sup> *If tax reclaim service fees had been excluded, expenses would have been lowered by 0.01% for the year ended December 31, 2025.*

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Asia Focus Fund** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $15.25 | $14.83 | $14.17 | $20.36 | $23.76 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.12 | 0.08 | 0.07 | 0.02 | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 4.39 | 0.57 | 0.76 | (5.73) | (1.46) |
| Total from investment operations | 4.51 | 0.65 | 0.83 | (5.71) | (1.54) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.19) | (0.07) | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | (1.09) | (0.16) | (0.15) | (0.48) | (1.86) |
| Total distributions | (1.28) | (0.23) | (0.17) | (0.48) | (1.86) |
| Redemption fee proceeds | - | - | - | - | - |
| Net asset value, end of period | $18.48 | $15.25 | $14.83 | $14.17 | $20.36 |
| Total return | 29.67% | 4.36% | 5.95% | (28.03)% | (6.32)% |
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (millions) | $11.2 | $9.8 | $10.9 | $11.0 | $16.4 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived | 2.33% | 2.50%<sup>(2)</sup> | 2.43% | 2.36% | 1.89% |
| &nbsp;&nbsp;&nbsp;After fees waived <sup>(1)</sup> | 1.98% | 1.99%<sup>(2)</sup> | 1.98% | 1.98% | 1.98% |
| **Ratio of net investment income (loss) to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived | 0.22% | (0.04%) | (0.03%) | (0.26%) | (0.26%) |
| &nbsp;&nbsp;&nbsp;After fees waived | 0.57% | 0.47% | 0.42% | 0.12% | (0.35%) |
| Portfolio turnover rate | 16.27% | 6.18% | 4.04% | 6.00% | 29.05% |

---

<sup>(1)</sup> *The Adviser has contractually agreed to limit the operating expenses of the Fund to 1.98%, excluding interest expense, expenses related to dividends on short positions, brokerage commissions, taxes and other extraordinary expenses. See Note 3.*

<sup>(2)</sup> *If interest expense had been excluded, expenses would have been lowered by 0.01% for the year ended December 31, 2024.*

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**China & Hong Kong Fund** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $12.74 | $12.87 | $15.16 | $20.05 | $25.92 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.13 | 0.15 | 0.07 | 0.08 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 3.56<sup>(4)</sup> | (0.14) | (2.26) | (4.84) | (1.83) |
| Total from investment operations | 3.69 | 0.01 | (2.19) | (4.76) | (1.78) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.17) | (0.14) | (0.10) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (0.08) | (4.02) |
| Total distributions | (0.17) | (0.14) | (0.10) | (0.13) | (4.09) |
| Redemption fee proceeds | -<sup>(1)</sup> | -<sup>(1)</sup> | - | - | -<sup>(1)</sup> |
| Net asset value, end of period | $16.26 | $12.74 | $12.87 | $15.16 | $20.05 |
| Total return | 28.96% | 0.07% | (14.46%) | (23.71%) | (6.70%) |
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (millions) | $26.7 | $23.8 | $28.6 | $38.1 | $56.7 |
| **Ratio of expenses to average net assets: <sup>(2)</sup>** |  |  |  |  |  |
|  | 1.86%<sup>(3)</sup> | 1.94%<sup>(3)</sup> | 1.82%<sup>(3)</sup> | 1.71%<sup>(3)</sup> | 1.50% |
| **Ratio of net investment income to average net assets:** |  |  |  |  |  |
|  | 0.75% | 1.08% | 0.36% | 0.45% | 0.20% |
| Portfolio turnover rate | 22.23% | 8.63% | 5.18% | 17.46% | 29.82% |

---

<sup>(1)</sup> *Amount represents less than $0.01 per share.*

<sup>(2)</sup> *The Adviser has contractually agreed to limit the operating expenses of the Fund to 1.98%, excluding interest expense, expenses related to dividends on short positions, brokerage commissions, taxes and other extraordinary expenses. See Note 3.*

<sup>(3)</sup> *If interest expense had been excluded, expenses would have been lowered by 0.01% , 0.02%, 0.01% and 0.01% for the years ended December 31, 2025, 2024, 2023 and 2022, respectively.*

<sup>(4)</sup> *The Adviser reimbursed the Fund $1,860 for a trade error. As of December 31, 2025, the reimbursement amount has no impact per share.*

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Global Energy Fund** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $21.47 | $23.36 | $23.78 | $17.73 | $12.47 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.72 | 0.77 | 0.95 | 0.74 | 0.49 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 2.91 | (1.14) | (0.36) | 5.35 | 5.23 |
| Total from investment operations | 3.63 | (0.37) | 0.59 | 6.09 | 5.72 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.69) | (1.52) | (1.01) | (0.04) | (0.46) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | - |
| Total distributions | (0.69) | (1.52) | (1.01) | (0.04) | (0.46) |
| Net asset value, end of period | $24.41 | $21.47 | $23.36 | $23.78 | $17.73 |
| Total return | 16.90% | (1.72%) | 2.60% | 34.33% | 45.98% |
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (millions) | $10.4 | $9.8 | $12.1 | $16.2 | $12.3 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 2.27%<sup>(3)</sup> | 2.13%<sup>(2)</sup> | 2.13%<sup>(2)</sup> | 1.91%<sup>(2)</sup> | 1.99%<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured <sup>(1)</sup> | 1.47%<sup>(3)</sup> | 1.46%<sup>(2)</sup> | 1.47%<sup>(2)</sup> | 1.46%<sup>(2)</sup> | 1.46%<sup>(2)</sup> |
| **Ratio of net investment income to average net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 2.19% | 1.91% | 2.01% | 2.55% | 2.40% |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 3.00% | 2.58% | 2.67% | 3.00% | 2.93% |
| Portfolio turnover rate | 9.62% | 9.97% | 10.45% | 70.54% | 49.58% |

---

<sup>(1)</sup> *The Adviser has contractually agreed to limit the operating expenses of the Fund to 1.45%, excluding interest expense, expenses related to dividends on short positions, brokerage commissions, taxes and other extraordinary expenses. See Note 3.*

<sup>(2)</sup> *If interest expense had been excluded, expenses would have been lowered by 0.01%, 0.02%, 0.01% and 0.01% for the years ended December 31, 2024, 2023, 2022 and 2021, respectively.*

<sup>(3)</sup> *If tax reclaim service fees had been excluded, expenses would have been lowered by 0.02% for the year ended December 31, 2025.*

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Global Innovators Fund - Investor Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $55.73 | $52.25 | $39.01 | $62.04 | $60.53 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.18) | (0.16) | (0.14) | (0.07) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 11.38 | 10.63 | 15.39 | (18.08) | 12.77 |
| Total from investment operations | 11.20 | 10.47 | 15.25 | (18.15) | 12.57 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | (9.62) | (6.99) | (2.01) | (4.88) | (11.06) |
| Total distributions | (9.62) | (6.99) | (2.01) | (4.88) | (11.06) |
| Net asset value, end of period | $57.31 | $55.73 | $52.25 | $39.01 | $62.04 |
| Total return | 20.24% | 19.54% | 39.34% | (29.67%) | 21.52% |
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (millions) | $155.3 | $156.2 | $137.5 | $100.7 | $161.4 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.34%<sup>(2)</sup> | 1.25% | 1.28% | 1.27% | 1.17% |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured <sup>(1)</sup> | 1.25%<sup>(2)</sup> | 1.24% | 1.24% | 1.24% | 1.24% |
| **Ratio of net investment income (loss) to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | (0.40%) | (0.29%) | (0.34%) | (0.17%) | (0.25%) |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | (0.31%) | (0.28%) | (0.30%) | (0.14%) | (0.32%) |
| Portfolio turnover rate | 15.67% | 25.34% | 8.77% | 14.66% | 19.01% |

---

<sup>(1)</sup> *The Adviser has contractually agreed to limit the operating expenses Fund's Investor Class to 1.24% excluding interest expense, expenses related to dividends on short positions, brokerage commissions, taxes and other extraordinary expenses. See Note 3.*

<sup>(2)</sup> *If interest and tax reclaim expense had been excluded, expenses would have been lowered by 0.01% for the year ended December 31, 2025.*

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Global Innovators Fund - Institutional Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $56.97 | $53.16 | $39.56 | $62.68 | $60.89 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.03) | (0.02) | (0.02) | 0.06 | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 11.65 | 10.82 | 15.63 | (18.30) | 12.89 |
| Total from investment operations | 11.62 | 10.80 | 15.61 | (18.24) | 12.85 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | (9.62) | (6.99) | (2.01) | (4.88) | (11.06) |
| Total distributions | (9.62) | (6.99) | (2.01) | (4.88) | (11.06) |
| Net asset value, end of period | $58.97 | $56.97 | $53.16 | $39.56 | $62.68 |
| Total return | 20.54% | 19.83% | 39.70% | (29.51%) | 21.86% |
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (millions) | $38.9 | $47 | $46.3 | $33.6 | $64.6 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived | 1.18%<sup>(2)</sup> | 1.10% | 1.13% | 1.10% | 0.99% |
| &nbsp;&nbsp;&nbsp;After fees waived <sup>(1)</sup> | 1.00%<sup>(2)</sup> | 0.99% | 0.99% | 0.99% | 0.99% |
| **Ratio of net investment income (loss) to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived | (0.24%) | (0.14%) | (0.19%) | 0.01% | (0.08%) |
| &nbsp;&nbsp;&nbsp;After fees waived | (0.06%) | (0.03%) | (0.05%) | 0.12% | (0.08%) |
| Portfolio turnover rate | 15.67% | 25.34% | 8.77% | 14.66% | 19.01% |

---

<sup>(1)</sup> *The Adviser has contractually agreed to limit the operating expenses of the Fund's Institutional Class to 0.99%, excluding interest expense, expenses related to dividends on short positions, brokerage commissions, taxes and other extraordinary expenses. See Note 3.*

<sup>(2)</sup> *If interest and tax reclaim expense had been excluded, expenses would have been lowered by 0.01% for the year ended December 31, 2025.*

The accompanying notes are an integral part of these financial statements.

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025**

**Note 1 - Organization**

Guinness Atkinson™ Funds (the "Trust"), was organized on April 28, 1997 as a Delaware business trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Currently, the Trust offers twelve separate, series portfolios, each of which has a unique investment objective and strategies. This report covers the five open-end mutual funds: Guinness Atkinson Alternative Energy Fund (the "Alternative Energy Fund"), Guinness Atkinson Asia Focus Fund (the "Asia Focus Fund"), Guinness Atkinson China & Hong Kong Fund (the "China & Hong Kong Fund"), Guinness Atkinson Global Energy Fund (the "Global Energy Fund"), and Guinness Atkinson Global Innovators Fund (the "Global Innovators Fund"), all of which (each a "Fund" and collectively, the "Funds") are covered by this report. Each Fund is a diversified Fund. The China & Hong Kong Fund began operations on June 30, 1994, the Asia Focus Fund began operations on April 29, 1996, the Global Innovators Fund began operations on December 15, 1998, the Global Energy Fund began operations on June 30, 2004, and the Alternative Energy Fund began operations on March 31, 2006. Each of the Funds is authorized to issue a single class of shares except for the Global Innovators Fund. The Global Innovators Fund is authorized to issue two classes of shares: Investor Class shares and Institutional Class shares. Institutional Class shares of the Global Innovators Fund commenced operations on December 31, 2015.

The shares of each class represent an interest in the same portfolio of investments of the Global Innovators Fund and have equal rights as to voting, redemptions, dividends and liquidation, subject to the approval of the Trustees. Income and expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative shares outstanding. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan.

The Alternative Energy Fund, Asia Focus Fund, Global Energy Fund, and Global Innovator Fund's investment objective is long-term capital appreciation. The China & Hong Kong Fund's investment objective is long-term capital appreciation primarily through investments in securities of China and Hong Kong.

Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Adviser to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the Notes to the Financials Statements and there are no resources allocated to the Fund based on performance measurements. The management of the Funds' Adviser is deemed to be the Chief Operating Decision Maker with respect to the Funds' investment decisions.

**Note 2 - 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 Standard Codification Topic 946 "Financial Services—Investment Companies".

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America. ("GAAP").

A. **Security Valuation.** Securities of the
 Funds that are traded on a principal exchange (U.S. or foreign) or NASDAQ are valued at the
 official closing price on each day that the exchanges are open for trading. Securities traded
 on an exchange for which there have been no sales, and other over-the-counter securities
 are valued at the mean between the bid and asked prices. Debt securities are valued based
 on available market quotations received from an independent pricing service approved by the
 Trust's Board of Trustees which may utilize both transaction data and market information
 such as yield, prices of securities of comparable quality, coupon rate, maturity, type of
 issue, trading characteristics and other market data. Securities for which quotations are
 not readily available are valued at their respective fair values as determined in good faith
 by the Funds' Valuation Committee in accordance with procedures established by the
 Board of Trustees. In determining fair value, the Funds' Valuation Committee take into
 account all relevant factors and available information. Consequently, the price of the security
 used to calculate its Net Asset Value may differ from quoted or published prices for the
 same security. Fair value pricing involves subjective judgments and there is no single standard
 for determining a security's fair value. As a result, different mutual funds could
 reasonably arrive at different fair value for the same security. It is possible that the
 fair value determined for a security is materially different from the value that could be
 realized upon the sale of that security or from the values that other mutual funds may determine.
 Short-term investments are stated at cost, combined with accrued interest, which approximates
 market value. Realized gains and losses from securities transactions are calculated using
 the identified cost method.

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 - Continued**

Foreign securities are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rate at the end of the period. The Funds do not isolate that portion of the results of operations resulting from changes in the currency exchange rate from the fluctuations resulting from changes in the market prices of investments.

Foreign exchange gain or loss resulting from holding of a foreign currency, expiration of a currency exchange contract, difference in exchange rates between the trade date and settlement date of an investment purchased or sold, and the difference between dividends actually received compared to the amount shown in a Fund's accounting records on the date of receipt are shown as net realized gains or losses on foreign currency transactions in the respective Fund's statement of operations.

B. **Forward Foreign Currency Exchange Contracts *.*** The Funds may utilize forward foreign currency exchange contracts ("forward
 contracts") to hedge against foreign exchange fluctuations on foreign-denominated investments
 under which they are obligated to exchange currencies at specific future dates and at specified
 rates. All commitments are "marked-to-market" daily and any resulting unrealized
 gains or losses are included as unrealized appreciation (depreciation) on foreign currency
 denominated assets and liabilities. The Funds record realized gains or losses at the time
 the forward contract is settled. Risks may arise upon entering these contracts from the potential
 inability of a counter party to meet the terms of their contracts and from unanticipated
 movements in the value of a foreign currency relative to the U.S. dollar or other currencies.
 Counterparties to these contracts are major U.S. financial institutions. Please refer to
 Note 8 for further information on forward foreign currency contracts held in each Fund.

C. **Restricted Securities *.*** A restricted
 security cannot be resold to the general public without prior registration under the Securities
 Act of 1933. If the security is subsequently registered and resold, the issuers would typically
 bear the expense of all registrations at no cost to the Fund. Restricted securities are valued
 according to the guidelines and procedures adopted by the Funds' Board of Trustees.

D. **Illiquid Securities**. Pursuant to Rule
 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program ("LRMP")
 that requires, among other things, that each Fund limits its illiquid investments that are
 assets to no more than 15% of net assets. An illiquid investment is any security which may
 not reasonably be expected to be sold or disposed of in current market conditions in seven
 calendar days or less without the sale or disposition significantly changing the market value
 of the investment. If the Adviser, at any time determines that the value of illiquid securities
 held by a Fund exceeds 15% of its net asset value, the Adviser will take steps as it considers
 appropriate to reduce them as soon as reasonably practicable in accordance with the Funds'
 written LRMP.

 ****

E. **Security Transactions, Dividend Income and Distributions *.*** Security transactions are accounted for on the trade date.
 Realized gains and losses from securities transactions are calculated using the identified
 cost method. Dividend income is recorded net of applicable withholding taxes on the ex-dividend
 date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends,
 if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance
 with the applicable country's tax rules and rates and are disclosed in the Statement
 of Operations. Withholding tax reclaims are filed in certain countries to recover a portion
 of the amounts previously withheld. The Funds record a reclaim receivable based on a number
 of factors, including a jurisdiction's legal obligation to pay reclaims as well as
 payment history and market convention. The Funds may be subject to foreign taxation related
 to capital gains on the sale of securities in the foreign jurisdictions in which they invest.
 When a capital gain tax is determined to apply, the Funds record an estimated deferred tax
 liability in an amount that may be payable if securities were disposed of on the valuation
 date.

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 - Continued**

F. **Allocation of Expenses *.*** Each
 Fund is charged for those expenses directly attributable to it. Expenses that are not directly
 attributable to a Fund are allocated among the Funds in proportion to their respective assets
 or another appropriate method. Expenses such as distribution and service fees, transfer agent
 fees and expenses with respect to the Global Innovators Fund, that are specific to individual
 share classes are accrued directly to the respective share class.

 ****

G. **Cash overdraft *.*** Per the terms
 of an agreement with Brown Brothers Harriman & Co. ("BBH"), the Funds'
 Custodian, if a Fund has a cash overdraft on a given day, it will be assessed an overdraft
 charge of BBH Overdraft Base Rate plus 2.00%. Payables, if any, are reflected as Overdraft
 Due to Custodian Bank in the Statements of Assets and Liabilities. Expenses from cash overdrafts
 are included in Interest Expense in the Statements of Operations.

H. **Concentration of Risk *.*** The Alternative
 Energy Fund invests substantially in the alternative energy or energy technology sectors.
 The Asia Focus Fund invests substantially all of its assets in the Asian continent. The China
 & Hong Kong Fund invests substantially all of its assets in securities that are traded
 in China or Hong Kong or that are issued by companies that do a substantial part of their
 business in China. The Global Energy Fund invests substantially in energy companies; the
 changes in the prices and supplies of oil and other energy fuels may affect the Fund's
 investments. The consequences of political, social, or economic changes in the countries
 or business sectors in which the securities are offered or the issuers conduct their operations
 may affect the market prices of the Funds' investments and any income generated, as well
 as the Funds' ability to repatriate such amounts.

 ****

I. **Other Risks *.*** 

*China Currency Risk*. The Funds' investments in Chinese issuers are subject to risks associated with China's currency, which is subject to economic objectives of China's government including devaluation. China has only comparatively recently moved from a pegged currency to a managed float. China's currency, the Renminbi Yuan, is not completely freely tradable and may not at all times reflect economic fundamentals of China's economy. The value of the Renminbi Yuan is subject to changes based on the economic objectives of the Chinese government, including devaluation in order to improve the competitiveness of Chinese goods in an effort to improve the Chinese balance of trade.

*Other Currency Risk.* Currencies of some countries in the Asia Pacific region are subject to greater volatility as compared to the US dollar. Currency volatility is relative and can be periodic. For some countries, their currency may not reflect entirely the fundamental components of a country's economy. For other countries, such as Australia (Australia Dollar), currency volatility is relatively low over longer terms. Some currencies, such as South Korea (Won), Taiwan (New Taiwan Dollar), Singapore (Singapore Dollar) and India (Rupee), trade only in local markets and may be more volatile than other currencies. The Fund could pay more if it had to acquire a foreign currency when the amplitude of its volatility is high as measured against the US Dollar.

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 - Continued**

 

*Capital Controls and Sanctions Risk*. In 2022, a number of countries imposed capital controls and economic and other sanctions in response to Russia's invasion of Ukraine. The range of sanctions and their impact continues to evolve but has included asset seizures, restrictions on the transfer or exchange of currency, restrictions on asset transfers, exclusions from international banking systems, export limitations and limitations on listing shares of companies that are economically tied to Russia and Belarus, including depositary receipts on shares of affected companies. Sanctions programs have been imposed by individual countries, but also on a coordinated basis. The duration of sanctions programs and capital controls in response to the invasion of Ukraine cannot be predicted with any certainty. Capital controls and/or sanctions could adversely impact a Fund's ability to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Fund shares, and otherwise cause the Fund to decline in value.

J. **Use of Estimates.** The preparation
 of financial statements in conformity with accounting principles generally accepted in the
 United States requires management to make estimates and assumptions that affect the reported
 amounts of assets and liabilities and the disclosure of contingent assets and liabilities
 at the date of the financial statements. Actual results could differ from those estimates.

K. **Reclassifications.** Accounting principles
 generally accepted in the United States require that certain components of net assets be
 reclassified between financial and tax reporting. These reclassifications have no effect
 on net assets or new asset value per share and were primarily attributed to differences in
 the treatment of foreign currency and net investment losses. For the year ended December
 31, 2025, permanent differences in book and tax accounting have been reclassified as follows:

---

| | | |
|:---|:---|:---|
| | **Distributable Earnings/(Losses)** | **Paid in Capital** |
| Alternative Energy Fund | $- | $- |
| Asia Focus Fund | - | - |
| China & Hong Kong Fund | - | - |
| Global Energy Fund | - | - |
| Global Innovators Fund | - | - |

---

L. **Indemnifications.** Under the Trust's
 organizational documents, its current and former officers and trustees are indemnified against
 certain liabilities arising out of the performance of their duties to the Funds. In addition,
 in the normal course of business, the Funds enter into contracts that contain a variety of
 representations and warranties that provide general indemnifications. The Funds' maximum
 exposure under these arrangements is unknown as this would involve future claims that may
 be made against the Funds that have not yet occurred or that would be covered by other parties.

M. **Federal Income Taxes *.*** The Funds
 intend to comply with the requirements of Subchapter M of the Internal Revenue Code applicable
 to regulated investment companies and to distribute substantially all of their net investment
 income and any net realized gains to their shareholders. Therefore, no provision is made
 for federal income or excise taxes. Due to the timing of dividend distributions and the differences
 in accounting for income and realized gains and losses for financial statement and federal
 income tax purposes, the fiscal year in which amounts are distributed may differ from the
 year in which the income and realized gains and losses are recorded by the Funds.

*Accounting for Uncertainty in Income Taxes* (the "Income Tax Statement") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Funds' tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the open tax years ended December 2022 through 2024, and as of and during the year ended December 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 - Continued**

The Funds are subject to foreign tax withholding imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of income taxes paid disaggregated by jurisdiction when material to the Fund's financial statements. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.

The Funds did not pay any federal or state and local income taxes. The Funds paid income taxes in foreign jurisdictions during the year ended December 31, 2025. Cash paid for income taxes, net of refunds received, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income taxes by foreign jurisdiction:** | **Alternative<br> Energy Fund** | **Asia Focus<br> Fund** | **China &<br> Hong Kong<br> Fund** | **Global Energy<br> Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $- | $323 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria | - | - | - | 4314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | - | - | - | 12550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 2147 | 8403 | 47176 | 2744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | 320 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | 2183 | - | - | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 4532 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | - | 614 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 2239 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | - | - | - | 3561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 1484 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | - | - | - | 5875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal | - | - | - | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 305 | 1372 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain | 5178 | - | - | 3510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 672 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | - | 6590 | - | - |
| Total Income taxes paid, net of refunds | $19060 | $17302 | $47176 | $36825 |

---

For the year ended December 31, 2025, the Global Innovators Fund had taxes paid in foreign jurisdictions, net of refunds received, that were less than 5% of total income.

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 - Continued**

**Note 3 - Investment Advisory and Other Agreements**

The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with Guinness Atkinson Asset Management, Inc. (the "Adviser"), under which the Adviser provides the Funds with investment management services. The Adviser furnishes all investment advice, office space, facilities, and most of the personnel needed by the Funds. As compensation for its services, the Adviser is entitled to a monthly fee at the following annual rates based upon the average daily net assets of the Funds:

---

| | |
|:---|:---|
| Alternative Energy Fund | 0.80% |
| Asia Focus Fund | 1.00% |
| China & Hong Kong Fund | 1.00% |
| Global Energy Fund | 0.75% |
| Global Innovators Fund | 0.75% on the 1<sup>st</sup> $250 million, 0.50% thereafter |

---

The Funds are responsible for their own operating expenses. The Adviser has contractually agreed to limit each Fund's total operating expenses (excluding interest, taxes, acquired fund fees and expenses (as defined in Form N1-A), fees and expenses related to services for reclamation or recollection of foreign taxes withheld, dividends on short positions and extraordinary expenses) by reducing all or a portion of its fees and reimbursing the Fund for expenses so that its ratio of expenses to average daily net assets will not exceed the following levels:

---

| | | |
|:---|:---|:---|
| | **Annual Expense Limit** | **Expiration Date** |
| Alternative Energy Fund | 1.10% | June 30, 2028 |
| Asia Focus Fund | 1.98% | June 30, 2028 |
| China & Hong Kong Fund | 1.98% | June 30, 2028 |
| Global Energy Fund | 1.45% | June 30, 2028 |
| Global Innovators Fund - Investor Class | 1.24% | June 30, 2028 |
| Global Innovators Fund - Institutional Class | 0.99% | June 30, 2028 |

---

The expense ratios shown in the financial highlights may exceed these levels due to expenses incurred, but not covered by the expense limitation agreement.

To the extent that the Adviser waives fees and/or absorbs expenses it may seek repayment of a portion or all of such amounts at any time within three fiscal years after the fiscal year in which such amounts were waived or absorbed and recaptured previously waived subject to the applicable cap. For the year ended December 31, 2025, the Adviser waived fees and absorbed expenses as follows:

---

| | |
|:---|:---|
| | **Fees waived<br> and Expenses<br> Absorbed** |
| Alternative Energy Fund | $134059 |
| Asia Focus Fund | 36916 |
| Global Energy Fund | 79930 |
| Global Innovators Fund | 214972 |
| &nbsp;&nbsp;&nbsp;Total | $465877 |

---

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 - Continued**

At December 31, 2025, the Adviser may recapture a portion of the following amounts that had been paid and/or waived on behalf of the Funds no later than the dates as stated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| Alternative Energy Fund | $69017 | $159088 | $134059 | $362164 |
| Asia Focus Fund | 50668 | 52511 | 36916 | 140095 |
| Global Energy Fund | 87577 | 76515 | 79930 | 244022 |
| Global Innovators Fund | 98690 | 63891 | 214972 | 377553 |

---

During the year ended December 31, 2025, the Adviser reimbursed the China & Hong Kong Fund $1,860 for a trade error. This amount is reported on the Statement of Operations under the caption "Net increase from payments by affiliates".

Foreside Fund Services, LLC acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares.

Mutual Fund Administration, LLC (the "Administrator") acts as the Funds' administrator under an administration agreement. The fees paid to the Administrator for the year ended December 31, 2025, are reported on the Statements of Operations.

Foreside Fund Officer Services, LLC provides Chief Compliance Officer ("CCO") services to the Funds. The fees paid for CCO services for the year ended December 31, 2025, are reported on the Statements of Operations.

The fees paid to non-interested Trustees for the year ended December 31, 2025, are reported on the Statements of Operations.

Certain officers of the Trust are also officers and/or Directors of the Adviser and the Administrator. None of these officers are compensated directly by the Funds.

**Note 4 - Distribution Plan**

The Trust has adopted a Distribution Plan under Rule 12b-1 of the 1940 Act. The Board of Trustees has not authorized the Funds to make payment under the Distribution Plan. Currently, no payment is being made by the Funds.

**Note 5 - Shareholder Servicing Plan**

Each Fund has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.25% of its daily average net assets of shares serviced by shareholder servicing agents who provide administrative and support services to their customers. The Global Innovators Fund – Institutional Class shares do not participate in the Shareholder Servicing Plan.

The fees paid under the Shareholder Servicing Plan for the year ended December 31, 2025, are reported on the Statements of Operations.

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 - Continued**

**Note 6 - Investment Transactions**

The following table presents purchases and sales of securities during the year ended December 31, 2025, excluding short-term investments, to indicate the volume of transactions in each Fund.

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| Alternative Energy Fund | $2950475 | $7305725 |
| Asia Focus Fund | 1711600 | 2816252 |
| China & Hong Kong Fund | 5692307 | 9350094 |
| Global Energy Fund | 934426 | 1519845 |
| Global Innovators Fund | 30388606 | 77854012 |

---

The Funds did not purchase U.S. Government securities as a part of their long-term investment strategy during the year ended December 31, 2025.

**Note 7 - Fair Value Measurements and Disclosures**

*Fair Value Measurements and Disclosures* defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands 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 a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

Under *Fair Value Measurements and Disclosures*, various inputs are used in determining the value of each Fund's investments. These inputs are summarized into three broad Levels as described below:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has 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 Fund's 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.

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 - Continued**

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of December 31, 2025, in valuing the Funds' assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alternative Energy Fund** | | | | |
| Assets Table | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments, at value |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | $- | $1047803 | $- | $1047803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | 1167075 | - | - | 1167075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 1272696 | 708587 | - | 1981283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial | 4873920 | 4222155 | - | 9096075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology | 1015880 | 619186 | - | 1635066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1756434 | 1388388 | - | 3144822 |
| Total Investments, at value | 10086005 | 7986119 | - | 18072124 |
| Total Assets | $10086005 | $7986119 | $- | $18072124 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asia Focus Fund** | | | | |
| Assets Table | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments, at value |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications | $1081984 | $1304364 | $- | $2386348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | - | 727976 | 184290 | 912266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | - | 1880849 | - | 1880849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial | 343476 | 1294374 | - | 1637850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial | - | 1947712 | - | 1947712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology | 1258270 | 1256015 | - | 2514285 |
| Total Investments, at value | 2683730 | 8411290 | - | 11279310 |
| Total Assets | $2683730 | $8411290 | $184290 | $11279310 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **China & Hong Kong Fund** | | | | |
| Assets Table | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments, at value |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications | $2162253 | $2642119 | $- | $4804372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | - | 7859827 | - | 7859827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | - | 2625274 | - | 2625274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | - | 834603 | - | 834603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial | - | 4591566 | - | 4591566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial | - | 4881152 | - | 4881152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology | 917788 | - | - | 917788 |
| Total Investments, at value | 3080041 | 23434541 | - | 26514582 |
| Total Assets | $3080041 | $23434541 | $- | $26514582 |

---

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 - Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Energy Fund** | | | | |
| Assets Table | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments, at value |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | $6598181 | $3662266 | $- | $10260447 |
| Total Investments, at value | 6598181 | 3662266 | - | 10260447 |
| Total Assets | $6598181 | $3662266 | $- | $10260447 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Innovators Fund** | | | | |
| Assets Table | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments, at value |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications | $24744695 | $5798578 | $- | $30543273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | - | 5729854 | - | 5729854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | 18800848 | 6690468 | - | 25491316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial | 19309585 | 5918501 | - | 25228086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial | 12570174 | 12975902 | - | 25546076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology | 76979463 | - | - | 76979463 |
| Total Investments, at value | 152404765 | 37113303 | - | 189518068 |
| Total Assets | $152404765 | $37113303 | $- | $189518068 |

---

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

---

| | |
|:---|:---|
|  | Asia Focus Fund |
| | Common Stocks |
| Balance as of December 31, 2024 | $- |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 | 184290 |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses for the period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized loss included in earnings (or changes in net assets) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) included in earnings (or changes in net assets) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in other comprehensive income |  |
| &nbsp;&nbsp;&nbsp;Net purchases |  |
| &nbsp;&nbsp;&nbsp;Net sales | - |
| Balance as of December 31, 2025 | $184290 |
| Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | $- |

---

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 - Continued**

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Asset Class** | **Fair Value at <br> December 31, <br> 2025** | **Valuation<br> Technique(s)** | **Unobservable<br> Input** | **Range of<br> Input** | **Weighted <br> Average** | **Impact to <br> Valuation <br> from an<br> Increase<br> in Input<sup>(1)</sup>** |
| Asia Focus Fund | Common Stocks | $184290 | Market Approach | Liquidity Discount | 50% | N/A | Decrease |

---

<sup>(1)</sup> This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

**Note 8 - Forward Foreign Currency Contracts**

In order to hedge their portfolio and to protect them against possible fluctuations in foreign exchange rates pending the settlement of securities transactions, the Funds may enter into forward foreign currency contracts that obligate them to exchange currencies at specified future dates. At the maturity of a forward contract, a Fund may either make delivery of the foreign currency from currency held, if any, or from the proceeds of the portfolio securities sold. It may also terminate its obligation to deliver the foreign currency at any time by purchasing an offsetting contract. The forward values of amounts due are netted against the forward value of the currency to be delivered, and the net amount is shown as a receivable or payable in the financial statements. The Funds do not have any outstanding forward contracts as of December 31, 2025.

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 - Continued**

**Note 9 - Tax Matters**

As of December 31, 2025, the tax basis of investments were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Alternative<br> Energy Fund** | **Asia Focus Fund** | **China & Hong<br> Kong Fund** |
| Cost of investments for tax purposes | $18327233 | $7963966 | $24736116 |
| Gross tax unrealized appreciation | 4036356 | 4508468 | 6537111 |
| Gross tax unrealized depreciation | (4291465) | (1193124) | (4758645) |
| Net tax unrealized appreciation (depreciation) on investments | (255109) | 3315344 | 1778466 |
| Net tax unrealized appreciation (depreciation) on foreign-currency denominated assets and liabilities | 291 | 34 | 127 |
| Net tax unrealized appreciation (depreciation)\* | (254818) | 3315378 | 1778593 |
| Undistributed net ordinary income | 5128 | 18619 | 26964 |
| Undistributed Long-Term Capital Gains | - | 1005202 | - |
| Post October loss | (89) | (327) | (231) |
| Capital loss carryforward | (30722202) | - | (2366499) |
| Total accumulated gain/(loss) | $(30971981) | $4338872 | $(561173) |

---

---

| | | |
|:---|:---|:---|
| | **Global Energy<br> Fund** | **Global<br> Innovators Fund** |
| Cost of investments for tax purposes | $10320878 | $93760473 |
| Gross tax unrealized appreciation | 1053260 | 96368328 |
| Gross tax unrealized depreciation | (1113691) | (610733) |
| Net tax unrealized appreciation (depreciation) on investments | (60431) | 95757595 |
| Net tax unrealized appreciation (depreciation) on foreign-currency denominated assets and liabilities | 1843 | 38604 |
| Net tax unrealized appreciation (depreciation)\* | (58588) | 95796199 |
| Undistributed net ordinary income | 5908 | 56390 |
| Undistributed Long-Term Capital Gains | - | 11456354 |
| Post October loss | - | - |
| Capital loss carryforward | (26741307) | - |
| Total accumulated gain/(loss) | $(26793987) | $107308943 |

---

\* The differences between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 - Continued**

As of December 31, 2025, the Funds have the following capital loss carryforwards available to offset future realized capital gains:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Capital losses expiring in:** | **Alternative<br> Energy<br> Fund** | **Asia Focus<br> Fund** | **China &<br> Hong Kong<br> Fund** | **Global<br> Energy <br>Fund** | **Global<br> Innovators<br> Fund** |
| No Expiration Long-term | $30722202 | $- | $2366499 | $23405277 | $- |
| No Expiration Short-term | - | - | - | 3336030 | - |
| &nbsp;&nbsp;&nbsp;Total | $30722202 | $- | $2366499 | $26741307 | $- |

---

The tax character of distributions (other than return of capital distributions) paid during 2025 and 2024 fiscal years are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| | Ordinary Income | Long-term<br> Capital Gain | Ordinary Income | Long-term<br> Capital Gain |
| Alternative Energy Fund\* | $60058 | $- | $50350 | $- |
| Asia Focus Fund | 126425 | 615536 | 46221 | 103508 |
| China & Hong Kong Fund | 280079 | - | 270001 | - |
| Global Energy Fund | 290033 | - | 650040 | - |
| Global Innovators Fund | 699696 | 27734020 | - | 23122647 |

---

\* The Alternative Energy Fund had $4,905 return of capital distribution in 2024.

**Note 10 - New Accounting Pronouncements and Regulatory Updates**

In the reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction.

**Note 11 - Events Subsequent to the Reporting Period End**

The Funds have adopted financial reporting rules regarding a subsequent event which requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds' related events and transactions that occurred through the date of issuance of the Funds' financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds' financial statements.

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 - Continued**

**Additional Information (Unaudited)**

**Supplemental Tax Information**

For the year ended December 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Alternative Energy Fund | 100% |
| Asia Focus Fund | 92% |
| China & Hong Kong Fund | 100% |
| Global Energy Fund | 100% |
| Global Innovators Fund | 100% |

---

For the year ended December 31, 2025, pursuant to Section 853(b)(3) of the Internal Revenue Code, the Asia Focus Fund and the Global Innovators Fund designate $615,536 and $27,734,020 respectively, as long-term capital gains.

Pursuant to Section 853 of the Internal Revenue Code of 1986, as amended, the Funds designate the following income earned from foreign sources and foreign taxes paid for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Foreign Sourced Income** | **Foreign Sourced Income** | **Foreign Taxes Paid** | **Foreign Taxes Paid** |
| | **Total** <br> **Amount** | **Per Share<br> Amount** | **Total Amount** | **Per Share<br> Amount** |
| Alternative Energy Fund | $162846 | $0.03 | $19060 | $0.01 |
| Asia Focus Fund | 277656 | 0.46 | 17302 | 0.03 |
| China & Hong Kong Fund | 714946 | 0.43 | 47021 | 0.03 |
| Global Energy Fund | 331562 | 0.78 | 36825 | 0.09 |
| Global Innovators Fund | N/A | N/A | N/A | N/A |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders and Board of Trustees**

**of Guinness Atkinson Funds**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Alternative Energy Fund, Asia Focus Fund, China & Hong Kong Fund, Global Energy Fund and Global Innovators Fund (the "Funds"), each a series of Guinness Atkinson Funds (the "Trust"), including the schedules of investments, as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the Funds in the Trust since 2003.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

---

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|:---|
| ![](fp0097164-1_03.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

**Philadelphia, Pennsylvania**

**February 27, 2026**

![](fp0097164-1_02.jpg)

![](fp0097165-1_01.jpg)

**Asia Pacific Dividend Builder ETF**

**Dividend Builder ETF**

**International Dividend Builder ETF**

**Real Assets Income ETF**

**US Dividend Builder ETF**

**Smart Transportation & Technology ETF**

**Sustainable Energy ETF**

*Each a series of Guinness Atkinson ETFs*

**Table of Contents**

### Item 7. Financial Statements and
 Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia Pacific Dividend Builder
 ETF 3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Builder ETF 5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Dividend Builder
 ETF 7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Assets Income ETF 9 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Dividend Builder ETF 11 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smart Transportation &
 Technology ETF 13 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Energy ETF 15 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets and
 Liabilities 16 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Operations 19 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in
 Net Assets 22 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights 27 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements 34 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered
 Public Accounting Firm 46 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Information 48
*This report and the financial statements contained herein are provided for the general information of the shareholders of the ETF Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective shareholder report and prospectus.*

 

**https://www.gafunds.com/**

**Guinness Atkinson Asia Pacific Dividend Builder ETF**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 99.4%** | **Value** |
|  | **Australia: 9.2%** |  |
| 42751 | Corporate Travel Management Ltd.<sup>(1)</sup> | $228239 |
| 13013 | JB Hi-Fi Ltd. | 835596 |
| 329307 | Metcash Ltd. | 725218 |
| 58681 | Sonic Healthcare Ltd. | 885425 |
|  |  | 2674478 |
|  | **China: 37.0%** |  |
| 906000 | China Construction Bank Corp. - H Shares | 895220 |
| 518000 | China Medical System Holdings | 858608 |
| 123500 | China Merchants Bank Co., Ltd. - H Shares | 837869 |
| 458500 | China Overseas Land & Investment Ltd. | 721690 |
| 314500 | China Resources Gas Group Ltd. | 914089 |
| 239800 | Haier Smart Home Co Ltd - /HKD/ | 748123 |
| 1160000 | Industrial and Commercial Bank of China Ltd. - H Shares | 937527 |
| 186100 | Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares | 762902 |
| 5791 | NetEase Inc. - ADR | 796957 |
| 114500 | Ping An Insurance Group Company of China Ltd. - H Shares | 958507 |
| 92400 | Shenzhou International | 726605 |
| 451700 | Suofeiya Home Collection - A Shares | 881180 |
| 122294 | Zhejiang Supor Cookware - A Shares | 772686 |
|  |  | 10811963 |
|  | **Hong Kong: 3.4%** |  |
| 195500 | BOC Hong Kong Holdings Ltd. | 990236 |
|  | **India: 3.0%** |  |
| 50143 | Tech Mahindra Ltd. | 887778 |
|  | **Indonesia: 2.6%** |  |
| 3401100 | Bank Rakyat Indonesia Persero | 746508 |
|  | **Malaysia: 2.6%** |  |
| 687600 | Public Bank Bhd | 769272 |
|  | **Singapore: 8.7%** |  |
| 374054 | Capland Ascendas - REIT | 823536 |
| 449800 | CapitaLand Integrated Commercial Trust - REIT | 836333 |
| 20105 | DBS Group Holdings Ltd. | 881529 |
|  |  | 2541398 |
|  | **South Korea: 2.8%** |  |
| 102158 | Korean Reinsurance Co | 817984 |
|  | **Taiwan: 19.2%** |  |
| 108200 | Catcher Technology Co., Ltd. | 717836 |
| 17800 | Elite Material Co., Ltd. | 933944 |
| 103817 | Hon Hai Precision Industry Co., Ltd. | 763263 |
| 9665 | Largan Precision Co., Ltd. | 769143 |
| 69000 | Nien Made Enterprise Co., Ltd. | 794495 |
| 62700 | Novatek Microelectronics Corp. | 747952 |
| 2880 | Taiwan Semiconductor Manufacturing Co., Ltd. | 875203 |
|  |  | 5601836 |

---

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson Asia Pacific Dividend Builder ETF**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 99.4%** | **Value** |
|  | **Thailand: 2.7%** |  |
| 225000 | Tisco Financial Group PCL | $789913 |
|  | **United States: 8.2%** |  |
| 6561 | Aflac Inc. | 723481 |
| 2391 | Broadcom Inc. | 827525 |
| 4830 | QUALCOMM Inc. | 826172 |
|  |  | 2377178 |
|  | **Total Common Stocks (Cost $26,396,157)** | 29008544 |
|  | **Total Investments (Cost $26,396,157): 99.4%** | 29008544 |
|  | Other Assets in Excess of Liabilities: 0.6% | 180155 |
|  | **Total Net Assets - 100.0%** | $**29188699** |

---

ADR - American Depository Receipt

PCL - Public Company Limited

<sup>(1)</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson Dividend Builder ETF**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 99.3%** | **Value** |
|  | **China: 2.2%** |  |
| 86600 | ANTA Sports Products Ltd. | $896311 |
|  | **France: 8.8%** |  |
| 15774 | Danone SA | 1423438 |
| 9932 | Publicis Groupe | 1034468 |
| 4285 | Schneider Electric SE | 1182994 |
|  |  | 3640900 |
|  | **Germany: 2.8%** |  |
| 4330 | Deutsche Boerse AG | 1138420 |
|  | **Ireland: 2.8%** |  |
| 11926 | Medtronic PLC | 1145612 |
|  | **Sweden: 6.2%** |  |
| 35789 | Assa Abloy AB-B | 1395189 |
| 64184 | Atlas Copco | 1157646 |
|  |  | 2552835 |
|  | **Switzerland: 10.0%** |  |
| 19621 | ABB Ltd. | 1467023 |
| 12680 | Nestle SA | 1260556 |
| 3422 | Roche Holding AG | 1417967 |
|  |  | 4145546 |
|  | **Taiwan: 3.9%** |  |
| 5221 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 1586610 |
|  | **United Kingdom: 10.6%** |  |
| 40261 | Diageo PLC | 870378 |
| 206042 | Haleon PLC | 1041141 |
| 16584 | Reckitt Benckiser Group PLC | 1341960 |
| 17312 | Unilever PLC | 1134209 |
|  |  | 4387688 |
|  | **United States: 52.0%** |  |
| 5734 | AbbVie Inc. | 1310162 |
| 10582 | Aflac Inc. | 1166877 |
| 3366 | Arthur J Gallagher & Co. | 871087 |
| 1107 | BlackRock Inc. | 1184866 |
| 3994 | Broadcom Inc. | 1382323 |
| 17331 | Cisco Systems Inc. | 1335007 |
| 4511 | CME Group Inc. | 1231864 |
| 3439 | Eaton Corp. PLC | 1095356 |
| 8583 | Emerson Electric Co. | 1139136 |
| 4223 | Illinois Tool Works Inc. | 1040125 |
| 7006 | Johnson & Johnson | 1449892 |
| 2641 | Microsoft Corp. | 1277240 |
| 18489 | Mondelez International Inc. | 995263 |
| 11259 | Otis Worldwide Corp. | 983474 |

---

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson Dividend Builder ETF**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 99.3%** | **Value** |
| 7391 | Paychex Inc. | $829122 |
| 7525 | PepsiCo Inc. | 1079988 |
| 6487 | Procter & Gamble Co./The | 929652 |
| 5996 | Texas Instruments Inc. | 1040246 |
| 16203 | The Coca-Cola Co. | 1132752 |
|  |  | 21474432 |
|  | **Total Common Stocks (Cost $29,219,813)** | 40968354 |
|  | **Total Investments in Securities (Cost $29,219,813): 99.3%** | 40968354 |
|  | Other Assets in Excess of Liabilities: 0.7% | 291215 |
|  | **Total Net Assets - 100.0%** | $**41259569** |

---

ADR - American Depository Receipt

PLC - Public Limited Company

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson International Dividend Builder ETF**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 93.2%** | **Value** |
|  | **Australia: 6.8%** |  |
| 108 | CSL Ltd. | $12444 |
| 203 | JB Hi-Fi Ltd. | 13035 |
|  |  | 25479 |
|  | **Britain: 16.7%** |  |
| 296 | Admiral Group PLC | 12672 |
| 203 | Intertek Group PLC | 12658 |
| 69 | Next PLC | 12724 |
| 155 | Reckitt Benckiser Group PLC | 12540 |
| 189 | Unilever PLC | 12380 |
|  |  | 62974 |
|  | **Canada: 3.4%** |  |
| 236 | Alimentation Couche-Tard Inc. | 12889 |
|  | **China: 3.0%** |  |
| 3600 | Haier Smart Home Co. Ltd. | 11231 |
|  | **France: 16.2%** |  |
| 71 | Capgemini SE | 11869 |
| 135 | Danone SA | 12181 |
| 28 | L'Oreal SA | 12063 |
| 118 | Publicis Groupe SA | 12289 |
| 46 | Schneider Electric SE | 12699 |
|  |  | 61101 |
|  | **Hong Kong: 9.9%** |  |
| 2500 | BOC Hong Kong Holdings Ltd. | 12663 |
| 250 | Hong Kong Exchanges & Clearing Ltd. | 13093 |
| 1000 | Techtronic Industries Co. Ltd. | 11551 |
|  |  | 37307 |
|  | **Italy: 3.4%** |  |
| 494 | FinecoBank Banca Fineco SpA | 12888 |
|  | **Japan: 13.3%** |  |
| 300 | BayCurrent Inc. | 12449 |
| 100 | Daikin Industries Ltd. | 12819 |
| 800 | MonotaRO Co. Ltd. | 12771 |
| 1100 | USS Co. Ltd. | 12058 |
|  |  | 50097 |
|  | **Netherlands: 3.4%** |  |
| 85 | Euronext NV<sup>1</sup> | 12786 |
|  | **Singapore: 3.5%** |  |
| 300 | DBS Group Holdings Ltd. | 13154 |

---

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson International Dividend Builder ETF**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 93.2%** | **Value** |
|  | **Spain: 3.3%** |  |
| 190 | Industria de Diseno Textil SA | 12580 |
|  | **Sweden: 6.9%** |  |
| 331 | Assa Abloy AB | 12903 |
| 720 | Atlas Copco AB | 12986 |
|  |  | 25889 |
|  | **Switzerland: 3.4%** |  |
| 31 | Roche Holding AG | 12845 |
|  | **Total Common Stocks (Cost $350,039)** | 351220 |
|  | **Total Investments in Securities (Cost $350,039): 93.2%** | 351220 |
|  | Other Assets in Excess of Liabilities: 6.8% | 25808 |
|  | **Total Net Assets - 100.0%** | $**377028** |

---

PLC - Public Limited Company

*<sup>1</sup>* *Securities noted are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.*

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson Real Assets Income ETF**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 99.0%** | **Value** |
|  | **Airport Development/Maintenance: 2.8%** |  |
| 386 | Aena SME SA<sup>1</sup> | $10805 |
|  | **Building - Heavy Construction: 5.8%** |  |
| 354 | Cellnex Telecom SA<sup>1</sup> | 11411 |
| 76 | Vinci SA | 10722 |
|  |  | 22133 |
|  | **Electric - Distribution: 2.9%** |  |
| 718 | National Grid PLC | 11048 |
|  | **Electric - Generation: 11.5%** |  |
| 994 | Enel SpA | 10370 |
| 464 | Engie SA | 12220 |
| 8288 | Greencoat UK Wind PLC/Funds | 10960 |
| 3134 | Meridian Energy Ltd. | 10105 |
|  |  | 43655 |
|  | **Electric - Integrated: 16.6%** |  |
| 3859 | A2A SpA | 10476 |
| 155 | Alliant Energy Corp. | 10077 |
| 88 | American Electric Power Co Inc. | 10147 |
| 93 | Duke Energy Corp. | 10900 |
| 511 | Iberdrola SA | 11089 |
| 98 | WEC Energy Group Inc. | 10335 |
|  |  | 63024 |
|  | **Electric - Transmission: 8.8%** |  |
| 320 | Brookfield Infrastructure Partners LP | 11123 |
| 88 | Elia Group SA/NV | 11345 |
| 1019 | Terna - Rete Elettrica Nazionale | 10842 |
|  |  | 33310 |
|  | **Gas - Transportation: 2.8%** |  |
| 1611 | Snam SpA | 10708 |
|  | **Investment Companies: 5.8%** |  |
| 2218 | 3i Infrastructure PLC | 11182 |
| 1696 | Infratil Ltd. | 10819 |
|  |  | 22001 |
|  | **Pipelines: 2.7%** |  |
| 213 | Enbridge Inc. | 10193 |
|  | **Real Estate Operation/Development: 2.8%** |  |
| 508 | CTP NV<sup>1</sup> | 10650 |
|  | **REITS - Diversified: 13.5%** |  |
| 59 | American Tower Corp. | 10359 |
| 4700 | CapitaLand Ascendas REIT | 10348 |
| 63 | Digital Realty Trust Inc. | 9747 |
| 13 | Equinix Inc. | 9960 |
| 56 | SBA Communications Corp. | 10832 |
|  |  | 51246 |

---

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson Real Assets Income ETF**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 99.0%** | **Value** |
|  | **REITS - Health Care: 11.5%** |  |
| 134 | Aedifica SA | 10630 |
| 601 | Healthpeak Properties Inc. | 9664 |
| 8733 | Primary Health Properties PLC | 11524 |
| 152 | Ventas Inc. | 11762 |
|  |  | 43580 |
|  | **REITS - Warehouse/Industrial: 3.0%** |  |
| 88 | Prologis Inc. | 11234 |
|  | **Transport - Rail: 2.8%** |  |
| 46 | Union Pacific Corp. | 10641 |
|  | **Water: 5.7%** |  |
| 276 | Essential Utilities Inc. | 10587 |
| 294 | Severn Trent PLC | 11053 |
|  |  | 21640 |
|  | **Total Common Stocks (Cost $371,684)** | 375868 |
|  | **Total Investments in Securities (Cost $371,684): 99.0%** | 375868 |
|  | Other Assets in Excess of Liabilities: 1.0% | 3827 |
|  | **Total Net Assets - 100.0%** | $**379695** |

---

*PLC - Public Limited Company*

*<sup>1</sup>* *Securities noted are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.*

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson US Dividend Builder ETF** 

**Schedule of Investments** 

**at December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 98.6%** | **Value** |
|  | **Advertising Agencies: 3.3%** |  |
| 100 | Omnicom Group Inc. | $8075 |
|  | **Aerospace/Defense: 3.3%** |  |
| 17 | Lockheed Martin Corp. | 8222 |
|  | **Commercial Services: 3.2%** |  |
| 31 | Automatic Data Processing Inc. | 7974 |
|  | **Computer Services: 3.4%** |  |
| 31 | Accenture PLC | 8317 |
|  | **Containers & Packaging: 3.3%** |  |
| 45 | Avery Dennison Corp. | 8185 |
|  | **Cosmetics & Toiletries: 3.2%** |  |
| 56 | The Procter & Gamble Co. | 8025 |
|  | **Data Processing/Management: 6.4%** |  |
| 36 | Broadridge Financial Solutions Inc. | 8034 |
| 71 | Paychex Inc. | 7965 |
|  |  | 15999 |
|  | **Diversified Manufacturing Operations: 3.3%** |  |
| 33 | Illinois Tool Works Inc. | 8128 |
|  | **Electronics: 6.7%** |  |
| 37 | TE Connectivity PLC | 8418 |
| 47 | Texas Instruments Inc. | 8154 |
|  |  | 16572 |
|  | **Financial Information Services: 3.4%** |  |
| 29 | FactSet Research Systems Inc. | 8416 |
|  | **Food: 16.2%** |  |
| 171 | General Mills Inc. | 7952 |
| 152 | Mondelez International Inc. | 8182 |
| 55 | PepsiCo Inc. | 7894 |
| 117 | The Coca-Cola Co. | 8179 |
| 44 | The Hershey Co. | 8007 |
|  |  | 40214 |
|  | **Insurance: 9.9%** |  |
| 75 | Aflac Inc. | 8270 |
| 147 | Fidelity National Financial Inc. | 8025 |
| 44 | Marsh & McLennan Cos. Inc. | 8163 |
|  |  | 24458 |

---

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson US Dividend Builder ETF** 

**Schedule of Investments** 

**at December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 98.6%** | **Value** |
|  | **Investment Management: 10.0%** |  |
| 8 | Blackrock Inc. | $8563 |
| 308 | Invesco Ltd. | 8091 |
| 79 | T Rowe Price Group Inc. | 8088 |
|  |  | 24742 |
|  | **Medical: 13.3%** |  |
| 37 | AbbVie Inc. | 8454 |
| 42 | Becton Dickinson & Co. | 8151 |
| 40 | Johnson & Johnson | 8278 |
| 84 | Medtronic PLC | 8069 |
|  |  | 32952 |
|  | **Networking: 3.3%** |  |
| 108 | Cisco Systems Inc. | 8319 |
|  | **Retail: 3.2%** |  |
| 158 | Tractor Supply Co. | 7902 |
|  | **Semiconductor Components: 3.2%** |  |
| 47 | QUALCOMM Inc. | 8039 |
|  | **Total Common Stocks (Cost $246,967)** | 244539 |
|  | **Total Investments in Securities (Cost $246,967): 98.6%** | 244539 |
|  | Other Assets in Excess of Liabilities: 1.4% | 3384 |
|  | **Total Net Assets - 100.0%** | $**247923** |

---

*ADR - American Depository Receipt*

*PLC - Public Limited Company*

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson Smart Transportation & Technology ETF**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 96.5%** | **Value** |
|  | **Other: 5.5%** |  |
| 3648 | Darling Ingredients Inc.\* | $131328 |
| 740 | Quanta Services Inc. | 312324 |
|  |  | 443652 |
|  | **Smart Transportation: 33.9%** |  |
| 2484 | Aptiv PLC\* | 189008 |
| 22500 | BYD Co. Ltd. | 275663 |
| 1764 | Continental AG | 140897 |
| 1273 | Daimler Truck Holding AG | 55837 |
| 13800 | Denso Corp. | 190144 |
| 111000 | Geely Automobile Holdings Ltd. | 255300 |
| 8118 | Johnson Matthey PLC | 233341 |
| 3168 | Kia Corp. | 267731 |
| 3054 | Mercedes-Benz Group AG\* | 215613 |
| 6000 | Mobileye Global Inc - A\* | 62640 |
| 6084 | Sensata Technologies Holding | 202536 |
| 740 | Tesla Inc.\* | 332793 |
| 9396 | Volvo AB Class B | 301994 |
|  |  | 2723497 |
|  | **Technology: 4.6%** |  |
| 1212 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 368315 |
|  | **Transportation Technology: 52.5%** |  |
| 1098 | Alphabet Inc. Class C | 344552 |
| 2604 | Amphenol Corp. Class A | 351905 |
| 1026 | Analog Devices Inc. | 278251 |
| 894 | Aumovio SE \* | 45118 |
| 10386 | Dana Inc. | 246771 |
| 886 | Eaton Corp. PLC | 282200 |
| 4044 | Gentherm Inc.\* | 147080 |
| 19992 | Hexagon AB Class B | 237783 |
| 5874 | Infineon Technologies AG - ADR | 260477 |
| 534 | LG Chem Ltd. | 123382 |
| 1900 | NVIDIA Corp. | 354350 |
| 1140 | NXP Semiconductors NV | 247448 |
| 2958 | ON Semiconductor Corp.\* | 160176 |
| 3228 | Power Integrations Inc. | 114723 |
| 12700 | Renesas Electronics Corp.\* | 173528 |
| 632 | Samsung SDI Co., Ltd. | 118180 |
| 1050 | Siemens AG | 295127 |
| 1986 | Skyworks Solutions Inc. | 125932 |
| 1368 | TE Connectivity Ltd. | 311234 |
|  |  | 4218217 |
|  | **Total Common Stocks (Cost $6,856,254)** | 7753681 |

---

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson Smart Transportation & Technology ETF**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Preferred Stocks: 2.1%** | **Value** |
|  | **Preferred Stocks** |  |
|  | **Smart Transportation: 2.1%** |  |
| 1356 | Volkswagen AG | $165028 |
|  | **Total Preferred Stocks (Cost $277,433)** | 165028 |
|  | **Total Investments (Cost $7,133,687): 98.6%** | 7918709 |
|  | Other Assets in Excess of Liabilities: 1.4% | 110200 |
|  | **Total Net Assets - 100.0%** | $**8028909** |

---

\* Non-income producing security.

ADR - American Depository Receipt

PLC - Public Limited Company

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson Sustainable Energy ETF**

**Schedule of Investments**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 97.7%** | **Value** |
|  | **Electrification: 24.9%** |  |
| 1351 | Amphenol Corp | $182574 |
| 1642 | Aptiv PLC\* | 124940 |
| 3061 | Infineon Technologies AG | 135737 |
| 4688 | Johnson Matthey PLC | 134750 |
| 416 | LG Chem Ltd. | 96118 |
| 574 | NXP Semiconductors NV | 124592 |
| 1761 | ON Semiconductor Corporation\* | 95358 |
| 3416 | Sensata Technologies Holding | 113719 |
|  |  | 1007788 |
|  | **Energy Efficiency: 20.0%** |  |
| 2320 | Ameresco Inc.\* | 67953 |
| 6162 | Atlas Copco AB | 111140 |
| 286 | Carlisle Cos Inc | 91480 |
| 389 | Hubbell Inc. | 172759 |
| 493 | Installed Building Products Inc | 127879 |
| 773 | Owens Corning | 86506 |
| 390 | Trane Technologies PLC | 151788 |
|  |  | 809505 |
|  | **Renewable Energy Generation: 19.0%** |  |
| 124994 | China Longyuan Power Group Corp Ltd. | 106643 |
| 8939 | Iberdrola SA | 193993 |
| 2145 | Nextera Energy Inc. | 172201 |
| 1326 | Ormat Technologies Inc. | 146483 |
| 1468 | Prysmian SpA | 149035 |
|  |  | 768355 |
|  | **Renewable Equipment Manufacturing: 33.8%** |  |
| 4051 | Canadian Solar Inc.\* | 96292 |
| 481 | Eaton Corp. PLC | 153203 |
| 786 | Enphase Energy Inc.\* | 25191 |
| 615 | First Solar Inc.\* | 160657 |
| 1140 | Itron Inc.\* | 105860 |
| 1154 | Legrand SA | 172589 |
| 624 | Schneider Electric SE | 172273 |
| 613 | Siemens AG | 172298 |
| 2639 | Spie SA | 152786 |
| 3523 | Vestas Wind Systems A/S | 96121 |
| 148000 | Xinyi Solar Holdings Ltd. | 56480 |
|  |  | 1363750 |
|  | **Total Common Stocks (Cost $3,682,823)** | 3949398 |
|  | **Total Investments (Cost $3,682,823): 97.7%** | 3949398 |
|  | Other Assets in Excess of Liabilities: 2.3% | 94361 |
|  | **Total Net Assets - 100.0%** | $**4043759** |

---

\* Non-income producing security.

PLC - Public Limited Company

The accompanying notes are an integral part of these financial statements.

**Guiness Atkinson ETFs**

**STATEMENTS OF ASSETS AND LIABILITIES**

**at December 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Asia Pacific Dividend<br> Builder ETF** | **Dividend Builder<br> ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities, at cost | $26396157 | $29219813 |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value | $29008544 | $40968354 |
| &nbsp;&nbsp;&nbsp;Cash | 176485 | 192611 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost of $19,870 and $0, respectively) | 19870 |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 86558 | 38689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim |  | 110081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivable | 963 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | - | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $29292420 | $41310254 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 37847 |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser, net | 484 | 903 |
| &nbsp;&nbsp;&nbsp;Accrued administration fees | 1308 | 716 |
| &nbsp;&nbsp;&nbsp;Audit fees | 14000 | 14000 |
| &nbsp;&nbsp;&nbsp;CCO fees | 1024 | 1918 |
| &nbsp;&nbsp;&nbsp;Custody fees | 16340 | 7836 |
| &nbsp;&nbsp;&nbsp;Deferred foreign tax liability | 15262 |  |
| &nbsp;&nbsp;&nbsp;Fund Accounting fees | 6271 | 7330 |
| &nbsp;&nbsp;&nbsp;Legal fees | 885 | 8592 |
| &nbsp;&nbsp;&nbsp;Miscellaneous fees | 347 | 672 |
| &nbsp;&nbsp;&nbsp;Printing fees | 2661 | 2354 |
| &nbsp;&nbsp;&nbsp;Transfer Agent fees | 6280 | 4930 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 1012 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 103721 | 50685 |
| **Net Assets** | $29188699 | $41259569 |
| **Composition of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $26607986 | $29456971 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 2580713 | 11802598 |
| **Net Assets** | $29188699 | $41259569 |
| **Number of shares issued and outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;(unlimited number of shares authorized, no par value) | 1607305 | 1329899 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $18.16 | $31.02 |

---

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson ETFs**

**STATEMENTS OF ASSETS AND LIABILITIES**

**at December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **International<br> Dividend<br> Builder ETF** | **Real Assets<br> Income ETF** | **US Dividend<br> Builder ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities, at cost | $350039 | $371684 | $246967 |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value | $351220 | $375868 | $244539 |
| &nbsp;&nbsp;&nbsp;Cash | 25169 | 3114 | 3227 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 625 | 600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 74 | 173 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim | - | - | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $377088 | $379755 | $247955 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Adviser, net | 60 | 60 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 60 | 60 | 32 |
| **Net Assets** | $377028 | $379695 | $247923 |
| **Composition of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $375830 | $375393 | $250192 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 1198 | 4302 | (2269) |
| **Net Assets** | $377028 | $379695 | $247923 |
| **Number of shares issued and outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;(unlimited number of shares authorized, no par value) | 15000 | 15000 | 10000 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $25.14 | $25.31 | $24.79 |

---

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson ETFs**

**STATEMENTS OF ASSETS AND LIABILITIES**

**at December 31, 2025** 

---

| | | |
|:---|:---|:---|
| | **Smart Transportation<br> & Technology ETF** | **Sustainable<br> Energy ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities, at cost | $7133687 | $3682823 |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value | $7918709 | $3949398 |
| &nbsp;&nbsp;&nbsp;Cash | 90237 | 122966 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost of $0 and $1,327, respectively) |  | 1326 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 7182 | 2212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim | 36195 | 3798 |
| &nbsp;&nbsp;&nbsp;Due from Adviser, net | - | 7408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $8052323 | $4087108 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser, net | 1451 |  |
| &nbsp;&nbsp;&nbsp;Accrued administration fees |  | 512 |
| &nbsp;&nbsp;&nbsp;Audit fees | 14000 | 14000 |
| &nbsp;&nbsp;&nbsp;CCO fees | 3163 | 1738 |
| &nbsp;&nbsp;&nbsp;Custody fees |  | 8790 |
| &nbsp;&nbsp;&nbsp;Fund Accounting fees |  | 6124 |
| &nbsp;&nbsp;&nbsp;Legal fees | 2837 | 1216 |
| &nbsp;&nbsp;&nbsp;Miscellaneous fees |  | 403 |
| &nbsp;&nbsp;&nbsp;Printing fees |  | 3275 |
| &nbsp;&nbsp;&nbsp;Transfer Agent fees |  | 5511 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 1963 | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 23414 | 43349 |
| **Net Assets** | $8028909 | $4043759 |
| **Composition of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $7213357 | $4698990 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 815552 | (655231) |
| **Net Assets** | $8028909 | $4043759 |
| **Number of shares issued and outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;(unlimited number of shares authorized, no par value) | 150002 | 130000 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $53.53 | $31.11 |

---

The accompanying notes are an integral part of these financial statements.

**Guiness Atkinson ETFs**

**STATEMENTS OF OPERATIONS**

**For the Year Ended December 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Asia Pacific Dividend<br> Builder ETF** | **Dividend Builder<br> ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends\* | $559760 | $969588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 559760 | 969588 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 101446 | 183646 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 2003 | 12707 |
| &nbsp;&nbsp;&nbsp;Fund accounting fee and expenses | 18313 | 21077 |
| &nbsp;&nbsp;&nbsp;Administration fees | 8493 | 22264 |
| &nbsp;&nbsp;&nbsp;Custody fees and expenses | 59346 | 23606 |
| &nbsp;&nbsp;&nbsp;Audit fees | 14000 | 14000 |
| &nbsp;&nbsp;&nbsp;Legal fees | 13430 | 56529 |
| &nbsp;&nbsp;&nbsp;Listing fees | 9472 | 10001 |
| &nbsp;&nbsp;&nbsp;Printing | 15607 | 16396 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 9927 | 16455 |
| &nbsp;&nbsp;&nbsp;Insurance | 242 | 2343 |
| &nbsp;&nbsp;&nbsp;CCO fees and expenses | 7212 | 12802 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 4398 | 6211 |
| &nbsp;&nbsp;&nbsp;Tax reclaim service fee |  | 1331 |
| &nbsp;&nbsp;&nbsp;Interest expense | 220 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 264109 | 399427 |
| &nbsp;&nbsp;&nbsp;Less: fees waived and expenses absorbed | (158386) | (133318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 105723 | 266109 |
| **Net investment income** | 454037 | 703479 |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 40860 | 405943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in-kind | 17233 | 517626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | (1174) | 8495 |
|  | 56919 | 932064 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1822065 | 2787102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred foreign taxes | (8451) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | 501 | 12331 |
|  | 1814115 | 2799433 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments and foreign currency | 1871034 | 3731497 |
| **Net Increase in Net Assets from Operations** | $2325071 | $4434976 |

---

\* *Net of foreign taxes withheld of $53,113 and $50,667, respectively.*

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson ETFs**

**STATEMENTS OF OPERATIONS**

**For the Year Ended December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **International Dividend Builder ETF^** | **Real Assets Income ETF^** | **US Dividend Builder ETF^** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends\* | $74 | $176 | $191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 74 | 176 | 191 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 67 | 67 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 67 | 67 | 36 |
| &nbsp;&nbsp;&nbsp;Less: advisory fees waived | (7) | (7) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 60 | 60 | 32 |
| **Net Investment Income** | 14 | 116 | 159 |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | 3 | 2 | - |
|  | 3 | 2 | - |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1181 | 4184 | (2428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | - | - | - |
|  | 1181 | 4184 | (2428) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 1184 | 4186 | (2428) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1198 | $4302 | $(2269) |

---

*\** Net of foreign taxes withheld of $8, $0 and $0, respectively.

*^* Fund commenced operations on December 19, 2025.

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson ETFs**

**STATEMENTS OF OPERATIONS**

**For the Year Ended December 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Smart Transportation<br> & Technology ETF** | **Sustainable<br> Energy ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends\* | $138254 | $59227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 138254 | 59227 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 52293 | 31139 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses |  | 14204 |
| &nbsp;&nbsp;&nbsp;Fund accounting fee and expenses |  | 17141 |
| &nbsp;&nbsp;&nbsp;Administration fees |  | 1892 |
| &nbsp;&nbsp;&nbsp;Custody fees and expenses |  | 22458 |
| &nbsp;&nbsp;&nbsp;Audit fees | 14544 | 14000 |
| &nbsp;&nbsp;&nbsp;Legal fees | 7818 | 5100 |
| &nbsp;&nbsp;&nbsp;Listing fees |  | 10001 |
| &nbsp;&nbsp;&nbsp;Printing |  | 14962 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 9802 | 8617 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 581 |
| &nbsp;&nbsp;&nbsp;CCO fees and expenses | 8773 | 6366 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | - | 3973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 93230 | 150434 |
| &nbsp;&nbsp;&nbsp;Less: fees waived and expenses absorbed | (40936) | (119265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 52294 | 31169 |
| **Net Investment Income** | 85960 | 28058 |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 228217 | (616319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in-kind | 242489 | 132959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | (759) | (386) |
|  | 469947 | (483746) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1306957 | 1342331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | 3684 | 523 |
|  | 1310641 | 1342854 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 1780588 | 859108 |
| **Net Increase in Net Assets Resulting from Operations** | $1866548 | $887166 |

---

*\** *Net of foreign taxes withheld of $17,231 and $4,915, respectively.*

The accompanying notes are an integral part of these financial statements.

**Guiness Atkinson ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asia Pacific Dividend Builder ETF** | **Asia Pacific Dividend Builder ETF** | **Dividend Builder ETF** | **Dividend Builder ETF** |
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income | $454037 | $123407 | $703479 | $587554 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 40860 | 98596 | 405943 | 1320045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in-kind | 17233 |  | 517626 | 706510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred foreign taxes |  | (764) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | (1174) | (69) | 8495 | 1919 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1822065 | 275195 | 2787102 | 1271173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred foreign taxes | (8451) | (4257) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | 501 | (187) | 12331 | (6388) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | 2325071 | 491921 | 4434976 | 3880813 |
| **Distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | (495548) | (210717) | (1080828) | (963951) |
| **Total distribution to shareholders** | (495548) | (210717) | (1080828) | (963951) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 22654993 | 1146984 |  | 7614328 |
| &nbsp;&nbsp;&nbsp;Transaction fees | 10484 | 391 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | - | - | (1189612) | (1670101) |
| &nbsp;&nbsp;&nbsp;**Net change in Net Assets from capital transactions** | 22665477 | 1147375 | (1189612) | 5944227 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 24495000 | 1428579 | 2164536 | 8861089 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 4693699 | 3265120 | 39095033 | 30233944 |
| &nbsp;&nbsp;&nbsp;End of period | $29188699 | $4693699 | $41259569 | $39095033 |
| **Capital Share Activity:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1300000 | 75000 |  | 260000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | - | - | (40000) | (60000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Share Transactions** | 1300000 | 75000 | (40000) | 200000 |

---

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **International Dividend<br> Builder ETF** | **Real Assets Income<br> ETF** |
|  | **For the Period<br> December 19, 2025\*<br> through**<br>**December 31, 2025** | **For the Period<br> December 19, 2025\*<br> through**<br>**December 31, 2025** |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income | $14 | $116 |
| &nbsp;&nbsp;&nbsp;Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | 3 | 2 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1181 | 4184 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1198 | 4302 |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 375205 | 374793 |
| &nbsp;&nbsp;&nbsp;Transaction fees | 625 | 600 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | - | - |
| &nbsp;&nbsp;&nbsp;**Net change in Net Assets from Capital Transactions** | 375830 | 375393 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 377028 | 379695 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - | - |
| &nbsp;&nbsp;&nbsp;End of period | $377028 | $379695 |
| **Capital Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 15000 | 15000 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Share Transactions** | 15000 | 15000 |

---

*\** Commencement of operations.

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson ETFs**

**STATEMENT OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **US Dividend Builder ETF** |
|  | **For the Period <br> December 19, 2025\*<br> through**<br>**December 31, 2025** |
| **DECREASE IN NET ASSETS FROM:** |  |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment income | $159 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2428) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (2269) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 250192 |
| &nbsp;&nbsp;&nbsp;**Net change in Net Assets from Capital Transactions** | 250192 |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | 247923 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $247923 |
| **Capital Share Activity:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 10000 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Share Transactions** | 10000 |

---

*\** Commencement of operations.

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Smart Transportation & Technology ETF** | **Smart Transportation & Technology ETF** |
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income | $85960 | $110579 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 228217 | 6641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in-kind | 242489 | 790614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | (759) | (2006) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1306957 | (670868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | 3684 | (1828) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1866548 | 233132 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and distributions | (84406) | (90301) |
| &nbsp;&nbsp;&nbsp;**Total distribution to shareholders** | (84406) | (90301) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  | 1076073 |
| &nbsp;&nbsp;&nbsp;Transaction fees | 484 | 425 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2235222) | (4248870) |
| &nbsp;&nbsp;&nbsp;**Net change in Net Assets from Capital Transactions** | (2234738) | (3172372) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (452596) | (3029541) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 8481505 | 11511046 |
| &nbsp;&nbsp;&nbsp;End of period | $8028909 | $8481505 |
| **Capital Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 25000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (50000) | (100000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Share Transactions** | (50000) | (75000) |

---

The accompanying notes are an integral part of these financial statements.

**Guinness Atkinson ETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Sustainable Energy ETF** | **Sustainable Energy ETF** |
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income | $28058 | $30076 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (616319) | (198738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in-kind | 132959 | 95539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | (386) | (690) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1342331 | (460885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | 523 | (218) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Resulting from Operations** | 887166 | (534916) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and distributions | (27001) | (36400) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (27001) | (36400) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Transaction fees | 63 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (777901) | (536130) |
| &nbsp;&nbsp;&nbsp;**Net change in Net Assets from Capital Transactions** | (777838) | (536130) |
| &nbsp;&nbsp;&nbsp;**Total Increase/Decrease in Net Assets** | 82327 | (1107446) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 3961432 | 5068878 |
| &nbsp;&nbsp;&nbsp;End of period | $4043759 | $3961432 |
| **Capital Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (30000) | (20000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Share Transactions** | (30000) | (20000) |

---

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Asia Pacific Dividend Builder ETF** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $15.27 | $14.06 | $13.22 | $16.39 | $16.92 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.51 | 0.48 | 0.49 | 0.51 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 2.88 | 1.47 | 0.99 | (3.29) | 0.84 |
| Total from investment operations | 3.39 | 1.95 | 1.48 | (2.78) | 1.80 |
| **Less distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Net investment income | (0.48) | (0.44) | (0.60) | (0.39) | (0.89) |
| &nbsp;&nbsp;&nbsp;From Realized gain | (0.02) | (0.30) | (0.04) | - | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.50) | (0.74) | (0.64) | (0.39) | (2.33) |
| Redemption fee proceeds | - | - | - | - | - |
| **Net asset value, end of period** | $18.16 | $15.27 | $14.06 | $13.22 | $16.39 |
| Total return | 22.42% | 13.93% | 11.51% | (16.92%) | 11.27% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (millions) | $29.2 | $4.7 | $3.3 | $3.4 | $4.2 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |
| Before fee waived | 1.95% | 4.11% | 5.08% | 4.94% | 3.55% |
| After fees waived <sup>(1)</sup> | 0.78% | 0.78% | 0.78% | 0.78% | 0.86% |
| **Ratio of net investment income (loss) to average net assets:** |  |  |  |  |  |
| Before fees waived | 2.17% | (0.03%) | (0.80%) | (0.51%) | (0.04%) |
| After fees waived | 3.34% | 3.30% | 3.50% | 3.64% | 2.65% |
| Portfolio turnover rate <sup>(2)</sup> | 18.13% | 18.84% | 11.56% | 7.27% | 27.21% |

---

*<sup>(1)</sup>* *The Adviser has contractually agreed to limit the operating expenses of the Fund to 0.78%, excluding interest expenses, expenses related to dividends on short positions, brokerage commissions, taxes and other extraordinary expenses. Includes financial information of the predecessor mutual fund for the period prior to March 27, 2021. The predecessor mutual fund's expense cap was 1.10%. See Note 7.*

*<sup>(2)</sup>* *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.*

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Dividend Builder ETF** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $28.54 | $25.84 | $23.02 | $26.89 | $22.77 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.52 | 0.48 | 0.42 | 0.49 | 0.50 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 2.77 | 2.98 | 3.21 | (2.99) | 4.78 |
| Total from investment operations | 3.29 | 3.46 | 3.63 | (2.50) | 5.28 |
| **Less distributions to Shareholders:** |  |  |  |  |  |
| From Net investment income | (0.53) | (0.46) | (0.46) | (0.44) | (0.48) |
| &nbsp;&nbsp;&nbsp;From Realized gain | (0.28) | (0.30) | (0.35) | (0.93) | (0.68) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.81) | (0.76) | (0.81) | (1.37) | (1.16) |
| **Net asset value, end of period** | $31.02 | $28.54 | $25.84 | $23.02 | $26.89 |
| Total return | 11.57% | 13.35% | 15.99% | (9.39%) | 23.60% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (millions) | $41.3 | $39.1 | $30.2 | $20.9 | $24.5 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fee waived | 0.98% | 1.01%<sup>(3)</sup> | 1.09% | 1.22% | 1.04% |
| &nbsp;&nbsp;&nbsp;After fees waived <sup>(1)</sup> | 0.65% | 0.66%<sup>(3)</sup> | 0.65% | 0.65% | 0.66% |
| **Ratio of net investment income to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived | 1.39% | 1.44% | 1.35% | 1.43% | 1.56% |
| &nbsp;&nbsp;&nbsp;After fees waived | 1.72% | 1.79% | 1.79% | 2.00% | 1.94% |
| Portfolio turnover rate <sup>(2)</sup> | 11.69% | 10.07% | 9.40% | 20.66% | 18.47% |

---

*<sup>(1)</sup>* *The Adviser has contractually agreed to limit the operating expenses of the Fund to 0.65%, excluding interest expenses, expenses related to dividends on short positions, brokerage commissions, taxes and other extraordinary expenses. Includes financial information of the predecessor mutual fund for the period prior to March 27, 2021. The predecessor mutual fund's expense cap was 0.68%. See Note 7.*

*<sup>(2)</sup>* *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.*

*<sup>(3)</sup>* *If tax reclaim service fees had been excluded, expenses would have been lowered by 0.01% for the year ended December 31, 2024.*

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | |
|:---|:---|:---|
| **International Dividend Builder ETF** | **For the Period<br> December 19, 2025\*<br> to December 31, 2025** | |
| Net asset value, beginning of period | $25.01 |  |
| **Income from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.00 | \*\* |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 0.13 |  |
| Total from investment operations | 0.13 |  |
| **Net asset value, end of period** | $25.14 |  |
| Total return | 0.52 | %<sup>(1)</sup> |
| **Ratios/Supplemental Data:** |  |  |
| Net assets, end of period (millions) | $0.4 |  |
| **Ratio of expenses to average net assets:** |  |  |
| Before fee waived | 0.50 | %<sup>(2)</sup> |
| After fees waived <sup>(3)</sup> | 0.45 | %<sup>(2)</sup> |
| **Ratio of net investment income (loss) to average net assets:** |  |  |
| Before fees waived | 0.05 | %<sup>(2)</sup> |
| After fees waived | 0.10 | %<sup>(2)</sup> |
| Portfolio turnover rate <sup>(4)</sup> | 0.00 | %<sup>(1)</sup> |

---

<sup>\*</sup> *Commencement of operations.*

---

| | |
|:---|:---|
| <sup>\*\*</sup> | *Less than $0.005 per share.* |

---

<sup>(1)</sup> *Not annualized.*

<sup>(2)</sup> *Annualized.*

<sup>(3)</sup> *The Adviser has contractually agreed to limit the operating expenses of the ETF to 0.45%, excluding acquired fund fees and expenses, interest, taxes, dividends on short positions, brokerage commissions and extraordinary expenses. See Note 7.*

<sup>(4)</sup> *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.*

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | |
|:---|:---|
| **Real Assets Income ETF** | **For the Period<br> December 19, 2025\*<br> to December 31, 2025** |
| Net asset value, beginning of period | $24.99 |
| **Income from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 0.31 |
| Total from investment operations | 0.32 |
| **Net asset value, end of period** | $25.31 |
| Total return | 1.28%<sup>(1)</sup> |
| **Ratios/Supplemental Data:** |  |
| Net assets, end of period (millions) | $0.4 |
| **Ratio of expenses to average net assets:** |  |
| Before fee waived | 0.50%<sup>(2)</sup> |
| After fees waived <sup>(3)</sup> | 0.45%<sup>(2)</sup> |
| **Ratio of net investment income (loss) to average net assets:** |  |
| Before fees waived | 0.81%<sup>(2)</sup> |
| After fees waived | 0.86%<sup>(2)</sup> |
| Portfolio turnover rate <sup>(4)</sup> | 0.00%<sup>(1)</sup> |

---

<sup>\*</sup> *Commencement of operations.*

<sup>(1)</sup> *Not annualized.*

<sup>(2)</sup> *Annualized.*

<sup>(3)</sup> *The Adviser has contractually agreed to limit the operating expenses of the ETF to 0.45%, excluding acquired fund fees and expenses, interest, taxes, dividends on short positions, brokerage commissions and extraordinary expenses. See Note 7.*

<sup>(4)</sup> *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.*

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout the period.**

---

| | |
|:---|:---|
| **US Dividend Builder ETF** | **For the Period<br> December 19, 2025\*<br> to December 31, 2025** |
| Net asset value, beginning of period | $25.02 |
| **Income from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | (0.25) |
| Total from investment operations | (0.23) |
| **Net asset value, end of period** | $24.79 |
| Total return | -0.92%<sup>(1)</sup> |
| **Ratios/Supplemental Data:** |  |
| Net assets, end of period (in millions) | $0.2 |
| **Ratio of expenses to average net assets:** |  |
| Before fee waived | 0.40%<sup>(2)</sup> |
| After fees waived <sup>(3)</sup> | 0.35%<sup>(2)</sup> |
| **Ratio of net investment income (loss) to average net assets:** |  |
| Before fees waived | 1.73%<sup>(2)</sup> |
| After fees waived | 1.78%<sup>(2)</sup> |
| Portfolio turnover rate <sup>(4)</sup> | 0.00%<sup>(1)</sup> |

---

*<sup>\*</sup>* *Commencement of operations.*

*<sup>(1)</sup>* *Not annualized.*

*<sup>(2)</sup>* *Annualized.*

*<sup>(3)</sup>* *The Adviser has contractually agreed to limit the operating expenses of the ETF to 0.35%, excluding acquired fund fees and expenses, interest, taxes, dividends on short positions, brokerage commissions and extraordinary expenses. See Note 7.*

*<sup>(4)</sup>* *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.*

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Smart Transportation & Technology ETF** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $42.41 | $41.86 | $34.00 | $47.45 | $40.74 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.63 | 0.59 | 0.42 | 0.56 | 0.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 11.05 | 0.41 | 8.58 | (13.19) | 6.53 |
| Total from investment operations | 11.68 | 1.00 | 9.00 | (12.63) | 6.97 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Net investment income | (0.56) | (0.45) | (0.42) | (0.77) | (0.22) |
| &nbsp;&nbsp;&nbsp;From Realized gain |  |  | (0.72) | (0.02) | (0.04) |
| &nbsp;&nbsp;&nbsp;From Return of Capital | - | - | - | (0.03) | - |
| Total distributions | (0.56) | (0.45) | (1.14) | (0.82) | (0.26) |
| **Net asset value, end of period** | $53.53 | $42.41 | $41.86 | $34.00 | $47.45 |
| Total return | 27.55% | 2.36% | 26.69% | (26.77%) | 17.12% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (millions) | $8 | $8.5 | $11.5 | $10.2 | $16.6 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |
| Before fee waived | 1.21% | 1.02% | 0.96% | 0.92% | 0.88% |
| After fees waived <sup>(1)</sup> | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
| **Ratio of net investment income (loss) to average net assets:** |  |  |  |  |  |
| Before fees waived | 0.59% | 0.75% | 0.54% | 1.06% | 0.87% |
| After fees waived | 1.12% | 1.09% | 0.82% | 1.30% | 1.07% |
| Portfolio turnover rate <sup>(2)</sup> | 8.11% | 7.68% | 24.25% | 4.84% | 12.20% |

---

<sup>(1)</sup> *The Adviser has contractually agreed to limit the operating expenses of the ETF to 0.68%, excluding acquired fund fees and expenses, interest, taxes, dividends on short positions and extraordinary expenses. See Note 7.*

<sup>(2)</sup> *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.*

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout the period.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Sustainable Energy ETF** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $24.76 | $28.16 | $28.56 | $32.93 | $30.16 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.22 | 0.19 | 0.12 | 0.10 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 6.34 | (3.36) | (0.40) | (4.10) | 3.56 |
| Total from investment operations | 6.56 | (3.17) | (0.28) | (4.00) | 3.64 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Net investment income | (0.21) | (0.19) | (0.11) | (0.08) | (0.09) |
| &nbsp;&nbsp;&nbsp;From Realized gain |  | (0.04) |  | (0.29) | (0.78) |
| &nbsp;&nbsp;&nbsp;From Return of Capital | - | - | (0.01) | - | - |
| Total distributions | (0.21) | (0.23) | (0.12) | (0.37) | (0.87) |
| **Net asset value, end of period** | $31.11 | $24.76 | $28.16 | $28.56 | $32.93 |
| Total return | 26.47% | (11.31%) | (0.95%) | (12.23%) | 12.11% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in millions) | $4.0 | $4.0 | $5.1 | $5.1 | $5.9 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |
| Before fee waived | 3.81% | 3.12% | 3.18% | 3.29% | 2.84% |
| After fees waived | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| **Ratio of net investment income (loss) to average net assets:** |  |  |  |  |  |
| Before fees waived | (2.31%) | (1.71%) | (2.05%) | (2.17%) | (1.76%) |
| After fees waived <sup>(1)</sup> | 0.71% | 0.62% | 0.34% | 0.33% | 0.29% |
| Portfolio turnover rate <sup>(2)</sup> | 18.33% | 21.40% | 11.73% | 19.02% | 24.21% |

---

*<sup>(1)</sup>* *The Adviser has contractually agreed to limit the operating expenses of the ETF to 0.79%, excluding acquired fund fees and expenses, interest, taxes, dividends on short positions and extraordinary expenses. See Note 7.*

*<sup>(2)</sup>* *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.*

The accompanying notes are an integral part of these financial statements.

**NOTES TO FINANCIAL STATEMENTS**

**Note 1 - Organization**

Guinness Atkinson™ Funds (the "Trust"), was organized on April 28, 1997 as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust comprises of twelve separate series portfolios, each of which has unique investment objectives and strategies. This report covers seven series, which are operated as exchange-traded funds ("ETFs"): Guinness Atkinson Asia Pacific Dividend Builder ETF ("Asia Pacific Dividend Builder ETF"), Guinness Atkinson Dividend Builder ETF ("Dividend Builder ETF") (formerly known as SmartETFs Asia Pacific Dividend Builder ETF and SmartETFs Dividend Builder ETF), Guinness Atkinson International Dividend Builder ETF ("International Dividend Builder ETF"), Guinness Atkinson Real Assets Income ETF ("Real Assets Income ETF"), Guinness Atkinson US Dividend Builder ETF ("US Dividend Builder ETF"), Guinness Atkinson Smart Transportation & Technology ETF ("Smart Transportation & Technology ETF"), and Guinness Atkinson Sustainable Energy ETF ("Sustainable Energy ETF") (formerly known as SmartETFs Smart Transportation & Technology ETF and SmartETFs Sustainable II ETF) (individually each a "Fund" or collectively the "Funds"). Each Fund is a diversified fund. The investment objective of the Asia Pacific Dividend Builder ETF is to provide investors with dividend income and long-term capital growth. The investment objective of the Dividend Builder ETF is to seek a moderate level of current income and consistent dividend growth at rate that exceeds inflation. The investment objective of the International Dividend Builder ETF is to seek a moderate level of current income and consistent dividend growth. The investment objective of Real Assets Income ETF is to seek a moderately high level of current income, consistent dividend growth, and capital appreciation. The investment objective of US Dividend Builder ETF is to seek a moderate level of current income. The investment objective of the Smart Transportation & Technology ETF is long term capital appreciation from investments involved in the manufacture, development, distribution, and servicing of autonomous or electric vehicles. The investment objective of the Sustainable Energy ETF is long term capital appreciation by investing in equity securities of companies that provide or support alternative or renewable sources of energy. Smart Transportation & Technology ETF commenced operations on November 14, 2019. Sustainable Energy ETF commenced operations on November 11, 2020. The Asia Pacific Dividend Builder ETF and the Dividend Builder ETF commenced operations on March 27, 2021. The International Dividend Builder ETF, Real Assets Income ETF, and US Dividend Builder ETF each commenced on December 19, 2025.

The Asia Pacific Dividend Builder ETF and the Dividend Builder ETF became a series of the Trust as of March 27, 2021 following the tax-free reorganization of the Guinness Atkinson Asia Pacific Dividend Fund and the Guinness Atkinson Dividend Builder Fund (each a "Predecessor Mutual Fund" and collectively the "Predecessor Mutual Funds"). The Agreement and Plan of Reorganization was approved by the Board of the Trust on May 14, 2020. As a result of the reorganization, the Funds assumed the performance and accounting history of the Predecessor Mutual Funds. Financial information included for the dates prior to the reorganization is that of the Predecessor Mutual Funds.

Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Adviser to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to a Fund based on performance measurements. The Management of the Funds' Adviser is deemed to be the Chief Operating Decision Maker with respect to the Funds' investment decisions.

**Note 2 - Significant Accounting Policies**

The Funds are an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services—Investment Companies".

**Securities Valuations.** Securities of the Funds that are traded on a principal exchange (U.S. or foreign) or NASDAQ are valued at the official closing price on each day that the exchanges are open for trading. Securities traded on an exchange for which there have been no sales, and other over-the-counter securities are valued at the mean between the bid and asked prices. Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Funds' Valuation Committee in accordance with procedures established by the Board of Trustees. Short term investments are stated at cost, combined with accrued interest, which approximates market value. Realized gains and losses from securities transactions are calculated using the identified cost method.

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**Foreign Currency Transactions.** The accounting records of the Funds are maintained in U.S. dollars. Financial instruments and other assets and liabilities of the Funds denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates. Purchases and sales of financial instruments, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the date of the transaction. The Funds does not isolate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in values to financial instruments. Such fluctuations are included with the net realized and unrealized gains or losses from investments. Realized foreign exchange gains or losses arise from transactions in financial instruments and foreign currencies, currency exchange fluctuations between the trade and settlement date of such transactions, and the difference between the amount of assets and liabilities recorded and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including financial instruments, resulting from changes in currency exchange rates. The Funds may be subject to foreign taxes related to foreign income received, capital gains on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invests.

**Illiquid Securities.** Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program ("LRMP") that requires, among other things, that each Fund limits its illiquid investments that are investments to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Adviser, at any time determines that the value of illiquid securities held by a Fund exceeds 15% of its net asset value, the Adviser will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Funds' written LRMP.

**Security Transactions, Dividend Income and Distributions*.*** Security transactions are accounted for on the trade date. Realized gains and losses from securities transactions are calculated using the identified cost method.

Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. The Funds may be subject to foreign taxation related to capital gains on the sale of securities in the foreign jurisdictions in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if securities were disposed of on the valuation date.

**Allocation of Expenses*.*** Each Fund is charged for those expenses directly attributable to it. Expenses that are not directly attributable to a Fund are allocated among the Funds in the Trust in proportion to their respective assets or another appropriate method.

 ****

**Use of Estimates.** The preparation of financial statements in conformity with U.S. accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

**Reclassification of Capital Accounts.** U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial tax reporting. These reclassifications have no effect on net assets or NAV per share.

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The permanent differences primarily relate to redemptions in-kind. For the year ended December 31, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| | Distributable Earnings | Paid-In Capital |
| Asia Pacific Dividend Builder ETF | (17233) | 17233 |
| Dividend Builder ETF | (517626) | 517626 |
| International Dividend Builder ETF | - | - |
| Real Assets Income ETF | - | - |
| US Dividend Builder ETF | - | - |
| Smart Transportation & Technology ETF | (242489) | 242489 |
| Sustainable Energy ETF | (132959) | 132959 |

---

**Federal Income Taxes*.*** The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all its net investment income and any net realized gains to its shareholders. Therefore, no federal income tax or excise provision is required. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds.

Management of the Funds have evaluated tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Funds recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the open tax period/year ended December 31, 2022-2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Funds are subject to foreign tax withholding imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on application foreign tax laws. In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of income taxes paid disaggregated by jurisdiction when material to the Fund's financial statements. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.

The Funds did not pay any federal or state and local income taxes. The Funds paid income taxes in foreign jurisdictions during the year ended December 31, 2025. Cash paid for income taxes, net of refunds received, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income taxes by foreign jurisdiction:** | **Asia Pacific Dividend Builder ETF** | **Dividend Builder ETF** | **Int'l Dividend Builder ETF** | **Real Assets Income ETF** |
| Australia | $169 | $- | $- | $- |
| China | 16808 | - | - | - |
| Denmark | - | 2293 | - | - |
| France | - | 16835 | - | - |
| Germany | - | 2986 | - | - |
| India | 2156 | - | - | - |
| Indonesia | 8323 | - | - | - |
| Japan | - | - | 8 | - |
| Singapore | 2305 | - | - | - |
| South Korea | 3061 | - | - | - |
| Sweden | - | 6486 | - | - |
| Switzerland | - | 18610 | - | - |
| Taiwan | 18044 | 3457 | - | - |
| Thailand | 2247 | - | - | - |
| **Total Income taxes paid, net of refunds** | $53113 | $50667 | $8 | $- |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Income taxes by foreign jurisdiction:** | **US Dividend Builder ETF** | **Smart Transp. & Tech. ETF** | **Sustainable Energy ETF** |
| China | - | 465 | 476 |
| Denmark | - | - | 268 |
| France | - | - | 1487 |
| Germany | - | 7230 | 994 |
| Ireland | - | - | 562 |
| Japan | - | 584 | - |
| Netherlands | - | 593 | 331 |
| South Korea | - | 3637 | 69 |
| Spain | - | - | 583 |
| Sweden | - | 3610 | 145 |
| Taiwan | - | 1112 | - |
| **Total Income taxes paid, net of refunds** | $- | $17231 | $4915 |

---

**Indemnifications.** Under the Trust's organizational documents, its current and former officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred or that would be covered by other parties.

**Note 3 – Valuation of Investments**

The Funds utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has 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 Fund's 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.

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 table summarizes the market value of the Funds' investments as of December 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asia Pacific Dividend Builder ETF\*** | **Asia Pacific Dividend Builder ETF\*** | **Asia Pacific Dividend Builder ETF\*** | | |
| Investments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stocks | $28780305 | $- | $228239 | $29008544 |
| Total | $28780305 | $- | $228239 | $29008544 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Dividend Builder ETF\*** | **Dividend Builder ETF\*** | **Dividend Builder ETF\*** | | |
| Investments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stocks | $40968354 | $- | $- | $40968354 |
| Total | $40968354 | $- | $- | $40968354 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Dividend Builder ETF\*** | **International Dividend Builder ETF\*** | **International Dividend Builder ETF\*** | | |
| Investments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stocks | $351220 | $- | $- | $351220 |
| Total | $351220 | $- | $- | $351220 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Real Assets Income ETF\*** | <br>**Real Assets Income ETF\*** | <br>**Real Assets Income ETF\*** | | |
| Investments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stocks | $375868 | $- | $- | $375868 |
| Total | $375868 | $- | $- | $375868 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US Dividend Builder ETF\*** | **US Dividend Builder ETF\*** | **US Dividend Builder ETF\*** | | |
| Investments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stocks | $244539 | $- | $- | $244539 |
| Total | $244539 | $- | $- | $244539 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Smart Transportation & Technology ETF\*** | **Smart Transportation & Technology ETF\*** | **Smart Transportation & Technology ETF\*** | | |
| Investments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stocks | $7753681 | $- | $- | $7753681 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 165028 | $- | $- | 165028 |
| Total | $7918709 | $- | $- | $7918709 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sustainable Energy ETF\*** | **Sustainable Energy ETF\*** | **Sustainable Energy ETF\*** | | |
| Investments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stocks | $3949398 | $- | $- | $3949398 |
| Total | $3949398 | $- | $- | $3949398 |

---

\* Please refer to the Schedule of Investments for Industry break out.

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

---

| | |
|:---|:---|
|  | Asia Pacific Dividend Builder ETF |
|  | Common Stocks |
| Balance as of December 31, 2024 | $- |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 | 228239 |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses for the period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized loss included in earnings (or changes in net assets) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) included in earnings (or changes in net assets) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in other comprehensive income |  |
| &nbsp;&nbsp;&nbsp;Net purchases |  |
| &nbsp;&nbsp;&nbsp;Net sales | - |
| Balance as of December 31, 2025 | $228239 |
| Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | $- |

---

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Asset<br> Class | Fair Value at<br> December 31,<br> 2025 | Valuation<br> Technique(s) | Unobservable<br> Input | Range<br> of Input | Weighted<br> Average | Impact to<br> Valuation<br> from an<br> Increase<br> in Input<sup>(1)</sup> |
| Asia Pacific Dividend Builder ETF | Common Stocks | $228239 | Market Approach | Liquidity Discount | 50% | N/A | Decrease |

---

<sup>(1)</sup> This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

**Note 4 – Capital Share Transactions**

Shares are created and redeemed by the ETFs only in Creation Unit size aggregations of 25,000 Shares for the Smart Transportation & Technology ETF and the Asia Pacific Dividend Builder ETF, 20,000 Shares for Dividend Builder ETF, 15,000 Shares for the Real Assets Income ETF and the International Dividend Builder ETF, and 10,000 Shares for the Sustainable Energy ETF and the US Dividend Builder ETF. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants ("AP") are permitted to purchase or redeem Creation Units from the ETFs. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transactions to the NAV per unit of the ETFs on the transaction date. Both purchases and redemptions of Creation Units are subject to a Transaction Fee.

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**Note 5 - Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | Purchases | Sales |
| Asia Pacific Dividend Builder ETF | 11017062 | 2456893 |
| Dividend Builder ETF | 4706473 | 5198814 |
| International Dividend Builder ETF | - | - |
| Real Assets Income ETF | - | - |
| US Dividend Builder ETF | - | - |
| Smart Transportation & Technology ETF | 611193 | 754934 |
| Sustainable Energy ETF | 701268 | 765864 |

---

Purchases, sales, and realized gain/(loss) of in-kind transactions for the year ended December 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | In-kind Purchases | In-kind Sales | Gain/(Loss) |
| Asia Pacific Dividend Builder ETF | 13915828 | 24562 | 17233 |
| Dividend Builder ETF | - | 1182271 | 517626 |
| International Dividend Builder ETF | 350039 | - | - |
| Real Assets Income ETF | 371684 | - | - |
| US Dividend Builder ETF | 246967 | - | - |
| Smart Transportation & Technology ETF | - | 2070453 | 242489 |
| Sustainable Energy ETF | - | 717300 | 132959 |

---

**Note 6 – Principal Risks**

The ETFs are subject to the risks common to all ETFs that invest in equity securities and foreign securities. Investing in the ETFs may be riskier than investing in an ETF that invests only in U.S. securities due to the increased volatility of foreign markets.

 

*Autonomous/Electric Vehicle Risk.* Autonomous and/or electric vehicles are a relatively new development in transportation markets. They could fail to "catch on" with consumers in a meaningful way and could suffer technical problems, supply or demand shortfalls, or be supplanted by other technologies.

*Technology Risk.* The technologies used by autonomous and electric vehicles and their support systems, such as software, grids, networks, fuel and batteries, may be unproven, susceptible to obsolescence or subject to future regulation in countries or locations of deployment.

*Cybersecurity Risk.* Technologies created or deployed for Smart Transportation, including for vehicles or drive systems as well as for networks and intelligent roadways, may be subject to greater cybersecurity risk than other companies.

 

*Product Risk.* Companies creating products and technologies for autonomous or electric transportation, for passenger, commercial or freight usage, face considerable competition.

 

*Product Regulation Risk.* Autonomous vehicles and their networks may be subject to multiple levels of regulation including local regulations and operating restrictions.

*Foreign Securities Risk*. Foreign securities experience more volatility than their domestic counterparts, in part because of higher political and economic risks, lack of reliable information, fluctuations in currency exchange rates and the risks that a foreign government may take over assets, restrict the ability to exchange currency or restrict the delivery of securities.

*Industry Risk*. Prices of energy, whether traditional or sustainable, may fluctuate or decline due to many factors, including international political or economic developments, real or perceived, demand for energy and sustainable energy, production and distribution policies of OPEC (Organization of Petroleum Exporting Countries) and other oil-producing countries, energy conservation projects, changes in governmental regulations affecting companies in the energy business or related lines of business, including Sustainable Energy companies, changes in technology affecting Sustainable Energy, and changes in tax regulations relating to energy. A decline in energy prices would likely have a negative effect on securities held by the Fund. The Fund's focus on sustainable energy businesses exposes the Fund to greater market risk and potential monetary losses than if the Fund's assets were diversified among various industries or sectors.

**NOTES TO FINANCIAL STATEMENTS (Continued)**

 

*China Currency Risk*. The Fund's investments in Chinese issuers are subject to risks associated with China's currency, which is subject to economic objectives of China's government including devaluation. China has only comparatively recently moved from a pegged currency to a managed float. China's currency, the Renminbi Yuan, is not completely freely tradable and may not at all times reflect economic fundamentals of China's economy. The value of the Renminbi Yuan is subject to changes based on the economic objectives of the Chinese government, including devaluation in order to improve the competitiveness of Chinese goods in an effort to improve the Chinese balance of trade.

*Other Currency Risk*. Currencies of some countries in the Asia Pacific region are subject to greater volatility as compared to the US dollar. Currency volatility is relative and can be periodic. For some countries, their currency may not reflect entirely the fundamental components of a country's economy. For other countries, such as Australia (Australia Dollar), currency volatility is relatively low over longer terms. Some currencies, such as South Korea (Won), Taiwan (New Taiwan Dollar), Singapore (Singapore Dollar) and India (Rupee), trade only in local markets and may be more volatile than other currencies. The Fund could pay more if it had to acquire a foreign currency when the amplitude of its volatility is high as measured against the US Dollar.

 

*Pandemic Risk*. In 2020, markets globally were impacted by the Covid-19 pandemic, which is ongoing. The pandemic adversely affected industries, including supply chains, as well as general financial conditions, and has resulted in shutdowns and economic stimulus packages. Total economic effects of Covid-19 cannot be predicted. Covid-19 may continue in the foreseeable future and could adversely affect companies in the Funds' portfolio, including by affecting their willingness or ability to pay dividends, which could negatively impact stock prices as well as yield.

 

*Capital Controls and Sanctions Risk*. In 2022, a number of countries imposed capital controls and economic and other sanctions in response to Russia's invasion of Ukraine. The range of sanctions and their impact continues to evolve but has included asset seizures, restrictions on the transfer or exchange of currency, restrictions on asset transfers, exclusions from international banking systems, export limitations and limitations on listing shares of companies that are economically tied to Russia and Belarus, including depositary receipts on shares of affected companies. Sanctions programs have been imposed by individual countries, but also on a coordinated basis. The duration of sanctions programs and capital controls in response to the invasion of Ukraine cannot be predicted with any certainty. Capital controls and/or sanctions could adversely impact a Fund's ability to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Fund shares, and otherwise cause the Fund to decline in value.

 

*Real Estate-Related Securities Risk.* The Fund's investments in real-estate related companies, including REITs (real estate investment trusts), as well as companies that own, hold, develop, manage or operate real estate assets may expose investors indirectly to the risks associated with owning real estate directly, as well as the risks of operating real estate management companies. Real estate assets can be affected by changes in property values, government actions (including levels of tax or other local regulations), zoning designations, usage limitations, environmental conditions, limitations on rental income increases or evictions, casualty events (including natural disasters) and eminent domain. Real estate investments are sensitive to local, state and federal changes and can be cyclical, including during periods of overdevelopment. REITs may be subject to additional risks including risks relating to financing or leverage to acquire real-estate related assets, financial market and leverage exposures, and potential defaults. REITs may fail to continue to qualify for favorable tax or regulatory treatment, based on changes in underlying assets.

*Infrastructure Risk.* The Fund's investments in companies in the infrastructure industry may be subject to a variety of factors that could adversely affect their business or operations, including high or variable interest costs in connection with capital spending or construction programs (including government-backed programs), higher than average degrees of leverage, costs associated with governmental, environmental and other regulations, the level of government spending on or in support of infrastructure projects, and other factors. These companies may also be more sensitive to global or local changes in inflation, tariffs, supply chain constrictions, business disruptions, and changes in commodity or energy prices. Transportation costs associated with infrastructure projects may be affected by supply and demand for specific products or services, tax policy or tariffs, government regulation, world events and global or local economic conditions.

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**Note 7 - Investment Advisory and Other Agreements**

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement with Guinness Atkinson Asset Management, Inc. (the "Adviser"), under which the Adviser provides the Funds with investment management services. The Adviser furnishes all necessary office facilities, equipment and personnel for servicing the investments of the Funds. Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Adviser based on each Fund's average daily net assets. The annual rates are listed in the table below:

---

| | |
|:---|:---|
| | Investment Advisory Fee |
| Asia Pacific Dividend Builder ETF | 0.75% |
| Dividend Builder ETF | 0.45% |
| International Dividend Builder ETF | 0.50% |
| Real Assets Income ETF | 0.50% |
| US Dividend Builder ETF | 0.40% |
| Smart Transportation & Technology ETF | 0.68% |
| Sustainable Energy ETF | 0.79% |

---

The Adviser has agreed to pay all ordinary operating expenses of the International Dividend Builder ETF, Real Assets Income ETF, and US Dividend Builder ETF (excluding acquired fund fees and expenses, fees related to services for reclamation or collection of foreign taxes withheld, interest, taxes, dividends on short positions, brokerage commissions, and extraordinary expenses). Pursuant to a fee waiver agreement, the Adviser has agreed to waive 0.05% of its management fee through June 30, 2027.

Pursuant to the investment advisory agreement between Smart Transportation & Technology ETF and the Adviser, the Fund pays the Adviser an annual advisory fee rate of 0.68% of its average daily net assets and the Adviser has agreed to pay all expenses of the Fund, except for: (i) brokerage expenses and other expenses (such as stamp taxes) connected with the execution of portfolio transactions or in connection with creation and redemption transactions; (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) compensation and expenses of the Independent Trustee; (iv) compensation and expenses of counsel to the Independent Trustees; (v) compensation and expenses of the Trust's CCO; (vi) extraordinary expenses; (vii) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; and (viii) the advisory fee payable to the Adviser. The Smart Transportation & Technology ETF is responsible for other expenses not assumed by the Adviser, including brokerage expenses in connection with portfolio transactions or creation/redemption transactions, legal fees, compensation and expenses of the Board of Trustees, compensation and expenses of the Trust's CCO, extraordinary expenses, distribution fees and expenses, interest, taxes, in addition to the advisory fee.

The Adviser has contractually agreed to limit each Fund's total operating expenses by reducing all or a portion of its fees and reimburse the Funds for expenses (excluding interest, taxes, acquired fund fees and expenses (as defined in Form N-1A), fees and expenses related to services for reclamation or collection of foreign taxes withheld, dividends on short positions, brokerage expenses, and extraordinary expenses) so that its ratio of expenses to average daily net assets will not exceed the following levels:

---

| | | |
|:---|:---|:---|
|  | Annual Expense Limitation | Expiration Date |
| Asia Pacific Dividend Builder ETF | 0.78% | June 30, 2028 |
| Dividend Builder ETF | 0.65% | June 30, 2028 |
| Smart Transportation & Technology ETF | 0.68% | June 30, 2028 |
| Sustainable Energy ETF | 0.79% | June 30, 2028 |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)**

For the year ended December 31, 2025, the Advisor waived a portion of its advisory fees and/or absorbed expenses totaling $451,923.

Penserra Capital Management, LLC ("Penserra") serves as sub-adviser to the Smart Transportation & Technology ETF and Sustainable Energy ETF. Penserra is compensated by the Adviser and does not receive payments from the Funds.

Foreside Fund Services, LLC, a Delaware limited liability company, (the "Distributor") serves as the Funds' principal underwriter and distributor of Creation Units pursuant to a distribution agreement. The Distributor does not maintain any secondary market in ETF Shares.

Mutual Fund Administration, LLC (the "Administrator") serves as the Funds' administrator under an administration agreement.

Brown Brothers Harriman & Co. (the "Custodian", "Transfer Agent" and "Fund Accounting agent") serves as the Funds' custodian, transfer agent and fund accounting agent.

Foreside Fund Officer Services, LLC provides Chief Compliance Officer ("CCO") services to the Funds'. The fees paid for CCO services for the year ended December 31, 2025, are reported on the Statements of Operations.

The fees paid to non-interested Trustees for the year ended December 31, 2025 are reported on the Statements of Operations.

Certain officers of the Trust are also officers and/or Directors of the Adviser and the Administrator. None of these officers are compensated directly by the Funds.

**Note 8 – Distribution Plan**

The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act which permits the Funds to pay Rule 12b-1 fees not to exceed 0.10% per year of each Fund's average daily net assets. The Board of Trustees has not authorized the Funds to make payments under the Distribution Plan. Currently, no payment is being made by the Funds.

**Note 9 – Tax Matters**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Asia Pacific<br> Dividend Builder<br> ETF | Dividend Builder<br> ETF | International<br> Dividend Builder<br> ETF | Real Assets<br> Income ETF |
| Tax cost of investments | $26590903 | $29234433 | $350039 | $371684 |
| Gross tax unrealized appreciation | 3193017 | 13003800 | 3511 | 4579 |
| Gross tax unrealized depreciation | (775376) | (1269879) | (2330) | (395) |
| Net tax unrealized appreciation (depreciation)\* | 2417641 | 11733921 | 1181 | 4184 |
| Net tax unrealized appreciation (depreciation) on foreign currency | 418 | 10851 | - | - |
| Unrealized Non-U.S.Taxes | (15173) | - | - | - |
| Undistributed ordinary income | 283424 | 26937 | 17 | 118 |
| Undistributed long-term capital gains | - | 30889 | - | - |
| Post October Loss\*\* | (105597) | - | - | - |
| Capital loss carryforward | - | - | - | - |
| Distributable earnings (accumulated deficit) | $2580713 | $11802598 | $1198 | $4302 |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| | US Dividend Builder ETF | Smart Transportation & Technology ETF | Sustainable Energy ETF |
| Tax cost of investments | $246967 | $7172188 | $3734210 |
| Gross tax unrealized appreciation | 498 | 2127105 | 1050670 |
| Gross tax unrealized depreciation | (2926) | (1380585) | (835483) |
| Net tax unrealized appreciation (depreciation)\* | (2428) | 746521 | 215188 |
| Net tax unrealized appreciation (depreciation) on foreign currency | - | 1950 | 265 |
| Unrealized Non-U.S.Taxes | - | - | - |
| Undistributed ordinary income | 159 | 28460 | 509 |
| Undistributed long-term capital gains | - | 38845 | - |
| Post October Loss\*\* | - | (224) | - |
| Capital loss carryforward | - | - | (871193) |
| Distributable earnings (accumulated deficit) | $(2269) | $815552 | $(655231) |

---

\* The differences between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primary to the tax deferral of losses on wash sales and passive foreign investment company (PFIC) mark to market adjustments.

\*\* Under the current tax law, capital and currency losses realized after October 31 and prior to a Fund's fiscal year end may be deferred as occurring on the first day of the following year.

As of December 31, 2025, the Funds have the following capital loss carryforwards available to offset future realized capital gains:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Capital losses expiring in: | Asia Pacific<br> Dividend Builder ETF | Dividend Builder ETF | International<br> Dividend<br> Builder ETF | Real Assets<br> Income ETF |
| No Expiration Long-term | - | - | - | - |
| No Expiration Short-term | - | - | - | - |
| Total | - | - | - | - |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| Capital losses expiring in: | US Dividend Builder ETF | Smart Transportation &<br> Technology ETF | Sustainable Energy ETF |
| No Expiration Long-term |  |  | $871193 |
| No Expiration Short-term |  |  | - |
| Total |  |  | $871193 |

---

For the year ended December 31, 2025, the Smart Transportation & Technology ETF, utilized capital losses carryforwards of $185,102.

The character of distributions (other than return of capital distributions) paid by the Funds during the fiscal years ended December 31, 2025 and December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 2025 | 2025 | 2024 | 2024 |
| | Ordinary<br> Income | Capital<br> Gains | Ordinary<br> Income | Capital<br> Gains |
| Asia Pacific Dividend Builder ETF | $491419 | $4129 | $130726 | $79991 |
| Dividend Builder ETF | 706063 | 374765 | 589550 | 374401 |
| International Dividend Builder ETF | - | - | - | - |
| Real Assets Income ETF | - | - | - | - |
| US Dividend Builder ETF | - | - | - | - |
| Smart Transportation & Technology ETF | 84406 | - | 81132 | 9169 |
| Sustainable Energy ETF\* | 27001 | - | 30782 | 5618 |

---

**Note 10 – New Accounting Pronouncements and Regulatory Updates**

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosure (ASU 2023-09), which enhances income tax disclosures, including taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only.

**Note 11 - Events Subsequent to the Reporting Period End**

The Funds have adopted financial reporting rules regarding a subsequent event which requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds' related events and transactions that occurred through the date of issuance of the Funds' financial statements.

Effective February 1, 2026, the Adviser has agreed to reduce the limit on the total annual fund operating expenses of the Guinness Atkinson Dividend Builder ETF from 0.65% to 0.45% of the average daily net assets of the Fund.

There were no other events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds' financial statements.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees**

**and Shareholders of**

**Guinness Atkinson Funds**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Guinness Atkinson Asia Pacific Dividend Builder ETF, Guinness Atkinson Dividend Builder, Guinness Atkinson Smart Transportation & Technology ETF, Guinness Atkinson Sustainable Energy ETF, (formerly known as SmartETFs Asia Pacific Dividend Builder ETF, SmartETFs Dividend Builder ETF, SmartETFs Smart Transportation & Technology ETF and SmartETFs Sustainable Energy II ETF), Guinness Atkinson International Dividend Builder ETF, Guinness Atkinson Real Assets Income ETF and Guinness Atkinson US Dividend Builder (the "Funds"), each a series of Guinness Atkinson Funds (the "Trust"), including the schedules of investments, as of December 31, 2025, the related statements of operations, the statements of changes in net assets, and financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations, the changes in their net assets, and their financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds**<br> **Constituting the**<br> **Guinness Atkinson**<br> **Trust** | **Statement Of**<br> **Operations** | **Statements Of**<br> **Changes In Net Assets** | **Financial Highlights** |
| Guinness Atkinson Asia<br> Pacific Dividend Builder ETF, Guinness Atkinson Dividend Builder ETF, Guinness Atkinson Smart Transportation & Technology ETF, Guinness Atkinson Sustainable Energy ETF, | For the year ended December 31, 2025 | For the two years in the period then ended | For the five years in the period then ended |
| Guinness Atkinson International Dividend Builder ETF, Guinness Atkinson Real Assets Income ETF, Guinness Atkinson<br> US Dividend Builder | For the period December 19, 2025 (commencement of operations) to December 31, 2025 | For the period December 19, 2025 (commencement of operations) to December 31, 2025 | For the period December 19, 2025 (commencement of operations) to December 31, 2025 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the Funds in the Trust since 2003.

**To the Board of Trustees**

**and Shareholders of**

**Guinness Atkinson Funds**

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers, when replies from brokers were not received we performed alternative audit procedures. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**February 27, 2026**

**Other Information (Unaudited)**

**Supplemental Tax Information**

For the year ended December 31, 2025, a portion of the dividends distributed by the Funds are considered qualified dividend income and are eligible for reduced tax rates. The tax rates range from 5% to 20% depending on the individual's tax bracket, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Asia Pacific Dividend Builder ETF | 31% |
| Dividend Builder ETF | 100% |
| International Dividend Builder ETF | N/A |
| Real Assets Income ETF | N/A |
| US Dividend Builder ETF | N/A |
| Smart Transportation & Technology ETF | 100% |
| Sustainable Energy ETF | 100% |

---

For the year ended December 31, 2025, pursuant to Section 853(b)(3) of the Internal Revenue Code, the Asia Pacific Dividend Builder ETF and the Dividend Builder ETF designates $4,129 and $374,765, respectively, as long-term capital gains.

Pursuant to Section 853 of the Internal Revenue Code of 1986, as amended, the Funds designate the following income earned from foreign sources and foreign taxes paid for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Foreign Sourced Income | Foreign Sourced Income | Foreign Taxes Paid | Foreign Taxes Paid |
| | Total Amount | Per Share<br> Amount | Total Amount | Per Share<br> Amount |
| Asia Pacific Dividend Builder ETF | $585966 | $0.36 | $53113 | $0.03 |
| Dividend Builder ETF | N/A | N/A | N/A | N/A |
| International Dividend Builder ETF | N/A | N/A | N/A | N/A |
| Real Assets Income ETF | N/A | N/A | N/A | N/A |
| US Dividend Builder ETF | N/A | N/A | N/A | N/A |
| Smart Transportation & Technology ETF | 129699 | 0.86 | 17231 | 0.11 |
| Sustainable Energy ETF | 36671 | 0.28 | 4915 | 0.04 |

---

**Premium/Discount Information**

Information about the differences between the daily market price on the secondary markets for shares of the Funds and the Funds NAV can be found on the Funds' website at <u>https://www.gafunds.com/.</u>

![](fp0097165-1_03.jpg)

This report is intended for the ETF's shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the ETF's prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the ETF carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, e-mail request to info@gafunds.com, by calling 866-307-5990 (toll free in the United States), visiting the ETF's website, www.gafunds.com, or by calling or writing a broker-dealer or other financial intermediary. Please read the prospectus and summary prospectus carefully before investing.

Additional information about the Trust's Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 866-307-5990, or by visiting www.gafunds.com, or on the Securities and Exchange Commission's website at http://www.sec.gov.

The ETF files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The ETF's Form N-PORT are available on the Commission's website at www.sec.gov. In addition, the ETF's full portfolio holdings are updated daily and available on the ETF's website at www.SmartETFs.com.

Foreside Fund Services, LLC, distributor.

**Form N-CSR Items 8 – 11**

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not Applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies</u>.**

Not Applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

This information is included in Item 7, as part of the financial statements.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

***Board Consideration of Investment Advisory Agreement for the Guinness Atkinson US Dividend Builder ETF, Guinness Atkinson International Dividend Builder ETF and Guinness Atkinson Real Assets Income ETF***

 ****

At a quarterly in-person meeting held on December 15, 2025, the Board of Trustees (the "Trustees" or the "Board") of Guinness Atkinson Funds (the "Trust"), including the trustees who are not "interested persons" of the Trust (the "Independent Trustees") as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), reviewed and unanimously approved the investment advisory agreement (the "Advisory Agreement") between the Trust and the Adviser with respect to the Guinness Atkinson US Dividend Builder ETF (the "US Dividend Builder ETF"), Guinness Atkinson International Dividend Builder ETF (the "International Dividend Builder ETF") and Guinness Atkinson Real Assets Income ETF (the "Real Assets Income ETF") (each, a "Fund" and together, the "Funds"), each for an initial two-year term. In approving the Advisory Agreement, the Board, including the Independent Trustees, determined that such approval was in the best interests of each Fund in light of the extent and quality of the services to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

At the meeting, the Trustees discussed with counsel to the Trust and independent legal counsel to the Independent Trustees, their fiduciary duties under the 1940 Act in reviewing the Advisory Agreement and their obligation to obtain and review information relevant and necessary to their consideration of the Advisory Agreement. The Trustees received a memorandum summarizing the duties of the Trustees under, and the fiduciary standards established by, the 1940 Act and state law, legislative and regulatory guidance, and judicial precedent with respect to evaluating the reasonableness of fees and interpretation of the applicable fiduciary standards.

To assist the Board in its evaluation of the Advisory Agreement, the Independent Trustees received a report from the Adviser in advance of the Meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services provided by the Adviser to the Funds (including the relevant personnel responsible for these services and their experience); the fee rate or management fee rate payable by each Fund as compared to fees charged to a peer group of the respective Fund and as compared to fees charged to other clients of the Adviser; the expenses of each Fund as compared to expense ratios of the funds in the respective Fund's peer group; the nature of the expenses incurred in providing services to the Funds and the potential for economies of scale, if any; financial data on the Adviser; any fall-out benefits accruing to the Adviser; and information on the Adviser's compliance program. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser. In their deliberations, the Trustees considered the factors summarized below, and in approving the Advisory Agreement with respect to the Funds, the Trustees did not identify any single factor, or information provided with respect to any single factor, as controlling.

***Nature, Extent and of Quality of Services***

 ****

The Trustees considered information about the nature, extent and quality of the services provided by the Adviser to the other series of the Trust, including the background and experience of the Adviser's senior management and portfolio managers, and their special knowledge about the areas in which the Funds are expected to invest. The Trustees also considered information gained from their experience as Trustees of the Guinness Atkinson traditional open-end mutual funds and exchange-traded funds, in addition to the overall reputation and capabilities of the Adviser and its investment professionals, the Adviser's commitment to providing high quality services to those funds, the Trustees' overall confidence in the Adviser's integrity and responsiveness to Trustee concerns, the Adviser's integrity as reflected in its adherence to compliance practices, and the Adviser's willingness and initiative in implementing changes designed to improve services to the Fund.

***Fund Performances, Advisory Fees and Expenses***

 ****

The Trustees considered each Fund's proposed unitary fee rate payable under the Advisory Agreement for the services to be provided. The Trustees compared each Fund's advisory fee and expense information compiled from peer group data, and considered the size of the relative peer funds and whether they were part of a larger fund complex.

*<u>US Dividend Builder ETF</u>*

The Trustees noted that, under the unitary fee arrangement, the Fund would pay the Advisor a unitary fee of 0.40% of its average daily net assets which was below the peer group median fee. The Trustees noted that the Advisor would be responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory Agreement and acquired fund fees and expenses (if any), interest, taxes, dividends on short positions, investment related expenses (such as brokerage commissions, and fees paid in association with a securities lending program), fees and expenses relating to tax reclamation services or collection of foreign taxes (if any), and extraordinary expenses. The Trustees also considered that the Adviser had agreed to contractually waive 0.05% of its unitary fee through June 30, 2027.

The Trustees received and reviewed information showing the fee rates and expense ratios of the peer funds, as well as fee rates charged by the Advisor to other ETFs. The Trustees considered the Fund's expense ratio compared to its peer group and based on the information provided, the Trustees observed that the total (net) expense ratio of 0.35% for the Fund was below the median total (net) expense ratio of the peer group. The Trustees considered the Adviser's observation that there are no direct comparable funds for the US Dividend Builder ETF and that the US Dividend Builder ETF's unitary fee was within the range of advisory fees paid by other series of the Trust managed by the Adviser. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Fund under the Advisory Agreement, the Board determined that the proposed unitary fee was fair and reasonable.

*<u>International Dividend Builder ETF</u>*

The Trustees noted that, under the unitary fee arrangement, the Fund would pay the Advisor a unitary fee of 0.50% of its average daily net assets which was higher than the peer group median fee by 0.01%. The Trustees noted that the Advisor would be responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory Agreement and acquired fund fees and expenses (if any), interest, taxes, dividends on short positions, investment related expenses (such as brokerage commissions, and fees paid in association with a securities lending program), fees and expenses relating to tax reclamation services or collection of foreign taxes (if any), and extraordinary expenses. The Trustees also considered that the Adviser had agreed to contractually waive 0.05% of its unitary fee through June 30, 2027.

The Trustees received and reviewed information showing the fee rates and expense ratios of the peer funds, as well as fee rates charged by the Advisor to other ETFs. The Trustees considered the Fund's expense ratio compared to its peer group and based on the information provided, the Trustees observed that the total (net) expense ratio of 0.45% for the Fund was below the median total (net) expense ratio of the peer group. The Trustees considered the Adviser's observation that there are no direct comparable funds for the International Dividend Builder ETF and that the International Dividend Builder ETF's unitary fee was within the range of advisory fees paid by other series of the Trust managed by the Adviser. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Fund under the Advisory Agreement, the Board determined that the proposed unitary fee was fair and reasonable.

*<u>Real Assets Income ETF</u>*

The Trustees noted that, under the unitary fee arrangement, the Fund would pay the Advisor a unitary fee of 0.50% of its average daily net assets which was below the peer group median fee. The Trustees noted that the Advisor would be responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory Agreement and acquired fund fees and expenses (if any), interest, taxes, dividends on short positions, investment related expenses (such as brokerage commissions, and fees paid in association with a securities lending program), fees and expenses relating to tax reclamation services or collection of foreign taxes (if any), and extraordinary expenses. The Trustees also considered that the Adviser had agreed to contractually waive 0.05% of its unitary fee through June 30, 2027.

The Trustees received and reviewed information showing the fee rates and expense ratios of the peer funds, as well as fee rates charged by the Advisor to other ETFs. The Trustees considered the Fund's expense ratio compared to its peer group and based on the information provided, the Trustees observed that the total (net) expense ratio of 0.45% for the Fund was below the median total (net) expense ratio of the peer group. The Trustees considered the unitary fee for the Real Assets Income ETF was lower than the total expense ratio of a fund managed by the Adviser that invests in a similar asset class as the Real Assets Income ETF and that the Real Assets Income ETF's unitary fee was within the range of advisory fees paid by other series of the Trust managed by the Adviser. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Fund under the Advisory Agreement, the Board determined that the proposed unitary fee was fair and reasonable.

The Board noted that because the Funds were new, the Adviser had not provided any historical performance information.

***Costs of Services and Profitability***

 ****

The Trustees considered the financial information provided by the Adviser, including the estimated profitability of each Fund to the Adviser, the Adviser's profitability in general and the firm's retention of key personnel. The Trustees considered that in light of the expected small asset size during the start-up period and the proposed unitary fee arrangement, the Adviser would not be realizing any profits during the early periods of the Funds' operations.

***Economies of Scale***

 ****

The Trustees considered whether each Fund would realize any economies of scale. They noted that during each Fund's start-up period, its asset levels would likely be too low to achieve significant economies of scale and that the matter of such economies would be reviewed in the future as the Funds' assets grew.

***Conclusion***

 ****

Based on all of the information considered and conclusions reached, the Board, including the Independent Trustees, unanimously determined that the nature, overall quality, and extent of the management and oversight services to be provided by the Adviser to each Fund was satisfactory; the compensation payable to the Adviser pursuant to the Advisory Agreement was fair and reasonable in light of the nature and quality of the services to be provided to each Fund; and the approval of the Advisory Agreement would be in the best interests of each Fund and its respective shareholders.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

(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 has materially affected, or is reasonably likely to
materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

[(a) (1) *Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated by reference to the Registrant's Form N-CSR filed March 10, 2011.](https://www.sec.gov/Archives/edgar/data/919160/000110465911013535/a11-3120_2ex99dcodeeth.htm)

(a) (2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Instruction to paragraph (a)(2).* Not Applicable.

[(a) (3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith](fp0098694-1_ex99cert.htm)

(a) (4) Not Applicable

(a) (5) Not Applicable

[*(b)*](fp0098694-1_ex99906cert.htm) [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0098694-1_ex99906cert.htm)

**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) | Guinness Atkinson Funds |
| By (Signature and Title) | /s/ James J. Atkinson |
|  | James J. Atkinson, President and Principal Executive Officer |
| Date | 5/1/2026 |

---

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/ James J. Atkinson |
|  | James J. Atkinson, President and Principal Executive Officer |
| Date | 5/1/2026 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer and Principal Financial Officer |
| Date | 5/1/2026 |

---

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, **James J. Atkinson**, certify that:

1. I have reviewed this report on Form N-CSR of  **<u>Guinness Atkinson Funds</u>** ;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/1/2026 | /s/ James J. Atkinson |
|  |  | James J. Atkinson <br> President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, **Rita Dam**, certify that:

1. I have reviewed this report on Form N-CSR of  **<u>Guinness Atkinson Funds</u>** ;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/1/2026 | /s/ Rita Dam |
|  |  | Rita Dam<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

EX.99.906CERT

**Certification of CEO and CFO Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the report on Form N-CSR of **<u>Guinness Atkinson Funds,</u>** (the "Trust"), for the year ended **December 31, 2025** (the "Report"), James J. Atkinson, as President and Principal Executive Officer of the Trust, and Rita Dam, as Treasurer and Principal Financial Officer of the Trust, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date | 5/1/2026 |
| /s/ James J. Atkinson | /s/ James J. Atkinson |
| James J. Atkinson | James J. Atkinson |
| President and Principal Executive Officer | President and Principal Executive Officer |
| /s/ Rita Dam | /s/ Rita Dam |
| Rita Dam | Rita Dam |
| Treasurer and Principal Financial Officer | Treasurer and Principal Financial Officer |

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This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Investment Managers Series Trust for purposes of Section 18 of the Securities Exchange Act of 1934.