# EDGAR Filing Document

**Accession Number:** 0000919160
**File Stem:** 0001398344-25-017810
**Filing Date:** 2025-9
**Character Count:** 128932
**Document Hash:** ebfa209ab16e9e6c2203fd9e76d5af69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017810.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001398344-25-017810

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08360
- **FILM NUMBER:** 251299316

**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

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

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

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

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

### SmartETFs Dividend Builder ETF (Series ID: S000069135)

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

### SmartETFs Sustainable Energy II ETF (Series ID: S000069963)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000222800 | SmartETFs Sustainable Energy II ETF | SOLR            |

?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>June 30, 2025</u>**

**<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:

---

| | |
|:---|:---|
| ![](smartetfs_logo.jpg) | **SmartETFs 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>**Semi-Annual Shareholder Report** |

---

**June 30, 2025**

*This semi-annual shareholder report contains important information about the SmartETFs Smart Transportation & Technology ETF ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.smartetfs.com/our-etfs/moto/. You can also request this information by contacting us at (866) 307-5990.*

#### What were the Fund costs for the last six months?
*(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**  |
| SmartETFs Smart Transportation & Technology ETF | $36 | 0.68% |

---

#### How did the Fund perform during the reporting period?
In the first half of 2025, the SmartETFs Smart Transportation & Technology ETF produced a total return of 10.61% vs the MSCI World Index (net return) of 9.47%.

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

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

* EV manufacturers (23.00% exposure) was the strongest category over the period, delivering an average +15.60% total return over the period. Equipment (64.80% exposure) was the second strongest category, returning +9.50%). The weakest category was Services (10.60% exposure), where the average company delivered 8.50%.

* Within EV manufacturers, BYD was a notable performer, delivering a positive return of +37.90%, after beating earnings estimates and reiterating its ambitious guidance of 30.00% volume growth for 2025, despite overall weakness in the automotive sector. BYD also unveiled new fast-charging technology, allowing its newest EV models to gain 249 miles of range in just 5 minutes. The company also hosted a successful "vehicle intelligence strategy" conference where it announced 21 new smart driving vehicle model launches equipped with its "God's Eye" smart driving system, making advanced ADAS features standard in its mass market models.

* Within Equipment, we hold a 35.10% weighting to Components and a 29.70% weighting to Semiconductors. The average Components name returned +14.00% and the average Semiconductor name returned +2.20% in the period. Within Components, the Batteries subsegment (+5.50%) was boosted by strong performance from Johnson Matthey after the company announced the surprise sale of its Catalyst Technologies division to Honeywell for £1.8bn at an implied valuation well above market levels. The company expects to return £1.4bn (~60.00% of its current market cap) to investors in a welcome development after a period of challenging performance.

* The Fund's three top performers were Dana (+50.30%), Amphenol (+42.80%) and Johnson Matthey (+46.60%). Dana performed strongly over the period after the company announced strong full year guidance that comfortably beat consensus. The improved guidance was driven by better-than-expected cost savings of $300m versus the $200m that was initially planned and positive progress on the sale of the company's highway business.

* The Fund's three weakest performers were Gentherm (-29.10%), Samsung SDI (-22.40%) and Tesla (-21.30%). Shares in Gentherm declined with the broader automotive space as the threat of tariffs and the resulting uncertainty continues to be a headwind for the sector. Share saw further weakness after the company missed expectations on sales (driven by non-core automotive products) and margins (due to higher plant ramp-up costs and higher freight) with softer-than-expected guidance driven by more conservative industry production assumptions, mix, and slower growth in non-core portions of the portfolio.

#### 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](fp0094684-7_sa61.jpg)

#### Average Annual Total Return

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Months (Actual)** | **1 Year** | **5 Year** | **Since Inception**<br> (11/14/2019)**  |
| Smart Transportation & Technology ETF | 10.61% | 6.93% | 13.77% | 13.74% |
| MSCI World Index (Net Return) | 9.47% | 16.26% | 14.55% | 12.32% |

---

**The fund's past performance is not a good predictor of how the fund will perform in the future.** **The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.**

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

#### What are some key Fund statistics?
*(as of June 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $7035606 |
| Number of Portfolio Holdings | 35 |
| Portfolio Turnover Rate (%) | 0% |

---

#### What did the Fund invest in?
*(as of June 30, 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** |
| Amphenol Corp | 5.80% |
| Taiwan Semiconductor Manufacturing Co Ltd | 5.10% |
| Quanta Services Inc | 5.00% |
| NVIDIA Corp | 5.00% |
| Eaton Corp PLC | 4.30% |
| BYD Co Ltd | 4.00% |
| Tesla Inc | 4.00% |
| Alphabet Inc | 3.90% |
| Volvo AB | 3.70% |
| Siemens AG | 3.70% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0094684-7_sa62.jpg)

#### &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.smartetfs.com/our-etfs/moto/. You can also request this information by contacting us at (866) 307-5990.

---

| | |
|:---|:---|
| ![](smartetfs_logo.jpg) | **SmartETFs Sustainable Energy II 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>**Semi-Annual Shareholder Report** |

---

**June 30, 2025**

*This semi-annual shareholder report contains important information about the SmartETFs Sustainable Energy II ETF ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.smartetfs.com/our-etfs/solr/. You can also request this information by contacting us at (866) 307-5990.*

#### What were the Fund costs for the last six months?
*(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**  |
| SmartETFs Sustainable Energy II ETF | $42 | 0.79% |

---

#### How did the Fund perform during the reporting period?
In the first half of 2025, the SmartETFs Sustainable Energy II ETF produced a total return of 11.87% vs the MSCI World Index (net return) of 9.47%.

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

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

Within our portfolio, the top contributing segments were our electrical installation and electrification sectors, while underperforming segments included our solar/wind equipment and auto-exposed electrification names. We are encouraged at the diversity and breadth of contribution within the portfolio, with our top ten contributors equally split across US and Europe and representing all five of our master themes. Key discussion points were as follows:

* Our electrical equipment companies all performed well, driven by an acceleration in global electrification activity, grid spending and, in select cases (such as Legrand), exposure to the data centre sub-sector. One of the fund's top contributors was SPIE which delivered upgraded guidance at its Capital Markets Day and benefitted from higher German infrastructure spending.

* Amphenol shares performed strongly, having materially beaten revenue and operating margins expectations in 1Q results. Amphenol's IT interconnect solutions "IT Datacom" segment delivered +134.00% YoY growth (reflecting data centre and AI exposure) while four of its seven non-AI end markets posted mid-teens or better growth.

* Deal activity remained strong within the space, with Johnson Matthey contributing well having accepted a bid for its Catalyst Technologies division for £1.8bn from Honeywell, at an implied attractive valuation of 15x TTM EBITDA. Management plan to return ~£1.4bn (60.00% of current market cap) to shareholders once the deal is closed.

* Sectors and companies in the portfolio that were relatively weaker over the period included: Enphase was directly affected by the cuts in subsidy to residential solar tax credits. Gentherm suffered from auto cycle weakness and uncertainties around Trump's tariffs. Owens Corning suffered after highlighting weakness in the North America Residential market. Ameresco was weak after management noted some uncertainty around federal government projects in its $2.5 billion backlog of contracted projects.

#### 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](fp0094684-3_sa61.jpg)

#### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
|  | **6 Months (Actual)** | **1 Year** | **Since Inception**<br> (11/11/2020)**  |
| Sustainable Energy II ETF | 11.87% | 2.69% | 2.96% |
| MSCI World Index (Net Return) | 9.47% | 16.26% | 12.26% |

---

**The fund's past performance is not a good predictor of how the fund will perform in the future.** **The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.**

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

#### What are some key Fund statistics?
*(as of June 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $3879019 |
| Number of Portfolio Holdings | 31 |
| Portfolio Turnover Rate (%) | 15% |

---

#### What did the Fund invest in?
*(as of June 30, 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** |
| Legrand SA | 4.90% |
| Iberdrola SA | 4.80% |
| Eaton Corp PLC | 4.80% |
| Trane Technologies PLC | 4.70% |
| Schneider Electric SE | 4.70% |
| Siemens AG | 4.60% |
| Hubbell Inc | 4.40% |
| Amphenol Corp | 4.20% |
| Spie SA | 4.10% |
| Nextera Energy Inc | 4.10% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0094684-3_sa62.jpg)

#### &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.smartetfs.com/our-etfs/solr/. You can also request this information by contacting us at (866) 307-5990.

---

| | |
|:---|:---|
| ![](smartetfs_logo.jpg) | **SmartETFs 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>**Semi-Annual Shareholder Report** |

---

**June 30, 2025**

*This semi-annual shareholder report contains important information about the SmartETFs Asia Pacific Dividend Builder ETF ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.smartetfs.com/our-etfs/adiv/. You can also request this information by contacting us at (866) 307-5990.*

#### What were the Fund costs for the last six months?
*(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**  |
| SmartETFs Asia Pacific Dividend Builder ETF | $42 | 0.78% |

---

#### How did the Fund perform during the reporting period?
In the first half of 2025, the SmartETFs Asia Pacific Dividend Builder ETF produced a total return of 15.87% vs the MSCI AC Pacific ex Japan Index (net return) of 15.91%.

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

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

* Asian markets performed well over the period despite uncertainties over trade tariffs. AI-associated capital expenditure plans benefited Asian technology stocks while the combination of a stabilizing domestic economy and low valuations boosted China. Leading performers by country were China, Hong Kong, Korea and Singapore. India, Indonesia, Taiwan and Thailand were the laggards.

* Portfolio performance was led by NetEase in Communication Services, Metcash in Consumer Staples, China Medical System in Health Care, Elite Material in Technology and by Link REIT in Real Estate.

* Drags on performance came from Tech Mahindra in Indian IT services, Shenzhou International a Chinese textile manufacturer and China Resources Gas in Utilities. Stocks that we do not hold that performed well also constituted a drag on relative performance. Samsung Electronics in Korea for example, does not make it into our investment universe because of big swings in historic profitability while Tencent and Alibaba in China pay out little or nothing in dividends.

#### 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](fp0094684-5_sa61.jpg)

#### Average Annual Total Return

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Months (Actual)** | **1 Year** | **5 Year** | **10 Year** |
| Asia Pacific Dividend Builder ETF | 15.87% | 24.80% | 11.25% | 7.22% |
| MSCI AC Pacific ex Japan Index (Net Return) | 15.91% | 19.50% | 5.89% | 5.26% |

---

**The fund's past performance is not a good predictor of how the fund will perform in the future.** **The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.**

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

#### What are some key Fund statistics?
*(as of June 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $12338740 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate (%) | 6% |

---

#### What did the Fund invest in?
*(as of June 30, 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** |
| China Merchants Bank Co Ltd - H Shares | 4.00% |
| Industrial & Commercial Bank of China Ltd - H Shares | 3.30% |
| China Construction Bank Corp - H Shares | 3.30% |
| Taiwan Semiconductor Manufacturing Co Ltd | 3.30% |
| China Medical System Holdings Ltd | 3.10% |
| BOC Hong Kong Holdings Ltd | 3.10% |
| Broadcom Inc | 3.00% |
| Metcash Ltd | 3.00% |
| Ping An Insurance Group Co of China Ltd - H Shares | 3.00% |
| Novatek Microelectronics Corp | 3.00% |

---

*Sectors (% of net assets)*

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Consumer, Cyclical | 15.30% |
| Consumer, Non-cyclical | 11.40% |
| Financial | 42.40% |
| Industrial | 11.20% |
| Technology | 17.50% |
| Utilities | 2.20% |

---

#### &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.smartetfs.com/our-etfs/adiv/. You can also request this information by contacting us at (866) 307-5990.

---

| | |
|:---|:---|
| ![](smartetfs_logo.jpg) | **SmartETFs 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>**Semi-Annual Shareholder Report** |

---

**June 30, 2025**

*This semi-annual shareholder report contains important information about the SmartETFs Dividend Builder ETF ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.smartetfs.com/our-etfs/divs/. You can also request this information by contacting us at (866) 307-5990.*

#### What were the Fund costs for the last six months?
*(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**  |
| SmartETFs Dividend Builder ETF | $34 | 0.65% |

---

#### How did the Fund perform during the reporting period?
In the first half of 2025, the SmartETFs Dividend Builder ETF produced a total return of 8.82% vs the MSCI World Index (net return) of 9.47%.

**Fund performance can be attributed to:**

* The large overweight allocation to Industrials (23.90% vs 11.1% for the index) and the smaller overweight allocation to Financials (17.00% vs 16.80% for the index). Both acted as a tailwind as these were the two best performing sectors year to date returning +17.90% and +17.00% (in USD).

* Additionally, the zero weight allocation to Consumer Discretionary, Energy, and Real Estate was a tailwind as these were the three worst performing sectors year to date.

* However, the Fund has an underweight allocation to Communication Services (2.50% vs 8.20% for the index) and a zero weight allocation to Materials & Utilities. This was a drag to performance as all three sectors outperformed the benchmark posting gains of +13.90%, +10.60% and +16.40% (in USD) respectively.

* From a stock selection perspective, weaker performance from the Fund's Industrials (Illinois Tool Works, Paychex, Assa Abloy) and Consumer Staples (Diageo, PepsiCo) was a drag to performance. However, this was offset by strong performance from IT (Broadcom, Cisco), Healthcare (Roche), and Financials (Deutsche Boerse, CME 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](fp0094684-4_sa61.jpg)

#### Average Annual Total Return

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Months (Actual)** | **1 Year** | **5 Year** | **10 Year** |
| Dividend Builder ETF | 8.82% | 13.79% | 13.88% | 10.57% |
| MSCI World Index (Net Return) | 9.47% | 16.26% | 14.55% | 10.66% |

---

**The fund's past performance is not a good predictor of how the fund will perform in the future.** **The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.**

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

#### What are some key Fund statistics?
*(as of June 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $41592157 |
| Number of Portfolio Holdings | 35 |
| Portfolio Turnover Rate (%) | 6% |

---

#### What did the Fund invest in?
*(as of June 30, 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** |
| Deutsche Boerse AG | 3.50% |
| Microsoft Corp | 3.20% |
| Danone SA | 3.20% |
| Broadcom Inc | 3.20% |
| Nestle SA | 3.10% |
| Mondelez International Inc. | 3.10% |
| Texas Instruments Inc | 3.10% |
| CME Group Inc | 3.10% |
| Eaton Corp PLC | 3.00% |
| Cisco Systems Inc | 3.00% |

---

*Sectors (% of net assets)*

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Consumer, Non-cyclical | 40.80% |
| Industrial | 22.20% |
| Technology | 15.10% |
| Financial | 14.90% |
| Communications | 5.70% |

---

#### &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.smartetfs.com/our-etfs/divs/. You can also request this information by contacting us at (866) 307-5990.

(b) Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

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

![](fp0094684_01.jpg)

**Smart Transportation & Technology ETF** 

 **Sustainable Energy II ETF**

**Asia Pacific Dividend Builder ETF** 

 **Dividend Builder ETF**

*The SmartETFs are each a series of Guinness Atkinson*™ *Funds*

**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;&nbsp; Smart Transportation & Technology ETF 3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Energy II ETF 5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia Pacific Dividend Builder ETF 6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Builder ETF 8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets and Liabilities 10 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Operations 12 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets 14 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights 17 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements 21
*This report and the financial statements contained herein are provided for the general information of the shareholders of the SmartETF 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.*

**www.smartetfs.com** 

**SmartETFs Smart Transportation & Technology ETF Schedule of Investments at June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 95.8%** | **Value** |
|  | **Other: 6.6%** | |
| 2976 | Darling Ingredients Inc.\* | $112909 |
| 932 | Quanta Services Inc. | 352370 |
|  |  | 465279 |
|  | **Smart Transportation: 32.7%** |  |
| 1974 | Aptiv PLC\* | 134666 |
| 18000 | BYD Co. Ltd. | 280894 |
| 1464 | Continental AG | 127776 |
| 1093 | Daimler Truck Holding AG | 51714 |
| 12000 | Denso Corp. | 162547 |
| 108000 | Geely Automobile Holdings Ltd. | 219578 |
| 6978 | Johnson Matthey PLC | 166268 |
| 3024 | Kia Corp. | 216549 |
| 2664 | Mercedes-Benz Group AG\* | 155917 |
| 5220 | Mobileye Global Inc - A\* | 93856 |
| 4908 | Sensata Technologies Holding | 147780 |
| 878 | Tesla Inc.\* | 278905 |
| 9396 | Volvo AB Class B | 263550 |
|  |  | 2300000 |
|  | **Technology: 5.1%** |  |
| 1596 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 361478 |
|  | **Transportation Technology: 51.3%** |  |
| 1536 | Alphabet Inc. Class C | 272471 |
| 4152 | Amphenol Corp. Class A | 410010 |
| 1026 | Analog Devices Inc. | 244208 |
| 9864 | Dana Inc. | 169168 |
| 856 | Eaton Corp. PLC | 305583 |
| 3396 | Gentherm Inc.\* | 96073 |
| 17544 | Hexagon AB Class B | 176442 |
| 5586 | Infineon Technologies AG - ADR | 237618 |
| 372 | LG Chem Ltd. | 58144 |
| 2212 | NVIDIA Corp. | 349474 |
| 936 | NXP Semiconductors NV | 204507 |
| 2520 | ON Semiconductor Corp.\* | 132073 |
| 2574 | Power Integrations Inc. | 143887 |
| 10900 | Renesas Electronics Corp.\* | 135422 |
| 500 | Samsung SDI Co., Ltd. | 63851 |
| 1014 | Siemens AG | 259948 |
| 1626 | Skyworks Solutions Inc. | 121170 |
| 1368 | TE Connectivity Ltd. | 230741 |
|  |  | 3610790 |
|  | **Total Common Stocks (Cost $6,568,281)** | 6737547 |

---

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

**SmartETFs Smart Transportation & Technology ETF Schedule of Investments at June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Preferred Stocks: 2.0%** | **Value** |
|  | **Preferred Stocks** |  |
|  | **Smart Transportation: 2.0%** |  |
| 1356 | Volkswagen AG | $143138 |
|  | **Total Preferred Stocks (Cost $277,433)** | 143138 |
|  | **Total Investments (Cost $6,845,714): 97.8%** | 6880685 |
|  | Other Assets in Excess of Liabilities: 2.2% | 154921 |
|  | **Total Net Assets - 100.0%** | $**7035606** |

---

\* Non-income producing security.

ADR - American Depository Receipt

PLC - Public Limited Company

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

**SmartETFs Sustainable Energy II ETF Schedule of Investments at June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 96.7%** | **Value** |
|  | **Electrification: 23.8%** |  |
| 1698 | Aptiv PLC\* | $115838 |
| 1650 | Amphenol Corp | 162938 |
| 3408 | Infineon Technologies AG | 144970 |
| 5048 | Johnson Matthey PLC | 120281 |
| 406 | LG Chem Ltd. | 63458 |
| 548 | NXP Semiconductors NV | 119733 |
| 1854 | ON Semiconductor Corporation\* | 97168 |
| 3272 | Sensata Technologies Holding | 98520 |
|  |  | 922906 |
|  | **Energy Efficiency: 20.0%** |  |
| 2722 | Ameresco Inc.\* | 41347 |
| 6524 | Atlas Copco AB | 105390 |
| 266 | Carlisle Cos Inc | 99324 |
| 418 | Hubbell Inc. | 170715 |
| 516 | Installed Building Products Inc | 93045 |
| 608 | Owens Corning | 83612 |
| 420 | Trane Technologies PLC | 183712 |
|  |  | 777145 |
|  | **Renewable Energy Generation: 18.4%** |  |
| 105994 | China Longyuan Power Group Corp Ltd. | 95463 |
| 9710 | Iberdrola SA | 186307 |
| 2268 | Nextera Energy Inc. | 157445 |
| 1652 | Ormat Technologies Inc. | 138372 |
| 1930 | Prysmian SpA | 136486 |
|  |  | 714073 |
|  | **Renewable Equipment Manufacturing: 34.5%** |  |
| 4432 | Canadian Solar Inc.\* | 48929 |
| 518 | Eaton Corp. PLC | 184921 |
| 846 | Enphase Energy Inc.\* | 33544 |
| 634 | First Solar Inc.\* | 104952 |
| 1115 | Itron Inc.\* | 146767 |
| 1410 | Legrand SA | 188497 |
| 686 | Schneider Electric SE | 182448 |
| 702 | Siemens AG | 179964 |
| 2842 | Spie SA | 159673 |
| 3794 | Vestas Wind Systems A/S | 56914 |
| 158000 | Xinyi Solar Holdings Ltd. | 50118 |
|  |  | 1336727 |
|  | **Total Common Stocks (Cost $3,880,671)** | 3750851 |
|  | **Total Investments (Cost $3,880,671): 96.7%** | 3750851 |
|  | Other Assets in Excess of Liabilities: 3.3% | 128168 |
|  | **Total Net Assets - 100.0%** | $**3879019** |

---

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

*PLC - Public Limited Company*

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

**SmartETFs Asia Pacific Dividend Builder ETF Schedule of Investments at June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 100.0%** | **Value** |
|  | **Australia: 10.8%** | |
| 33327 | Corporate Travel Management Ltd. | $303742 |
| 4556 | JB Hi-Fi Ltd. | 330838 |
| 144915 | Metcash Ltd. | 372863 |
| 18671 | Sonic Healthcare Ltd. | 329154 |
|  |  | 1336597 |
|  | **China: 33.9%** |  |
| 402000 | China Construction Bank Corp. - H Shares | 405587 |
| 252000 | China Medical System Holdings | 385225 |
| 70000 | China Merchants Bank Co., Ltd. - H Shares | 489111 |
| 174500 | China Overseas Land & Investment Ltd. | 302765 |
| 108600 | China Resources Gas Group Ltd. | 277381 |
| 512000 | Industrial and Commercial Bank of China Ltd. - H Shares | 405689 |
| 81700 | Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares | 318206 |
| 2551 | NetEase Inc. - ADR | 343314 |
| 58500 | Ping An Insurance Group Company of China Ltd. - H Shares | 371496 |
| 42200 | Shenzhou International | 299971 |
| 150900 | Suofeiya Home Collection - A Shares | 295339 |
| 40094 | Zhejiang Supor Cookware - A Shares | 293441 |
|  |  | 4187525 |
|  | **Hong Kong: 5.8%** |  |
| 87500 | BOC Hong Kong Holdings Ltd. | 380098 |
| 62477 | Link REIT/The | 333478 |
|  |  | 713576 |
|  | **India: 2.6%** |  |
| 16612 | Tech Mahindra Ltd. | 326696 |
|  | **Indonesia: 2.3%** |  |
| 1209200 | Bank Rakyat Indonesia Persero | 278559 |
|  | **Malaysia: 2.5%** |  |
| 302400 | Public Bank Bhd | 309436 |
|  | **Singapore: 8.2%** |  |
| 165254 | Capland Ascendas - REIT | 348286 |
| 197800 | CapitaLand Integrated Commercial Trust - REIT | 337548 |
| 9305 | DBS Group Holdings Ltd. | 328631 |
|  |  | 1014465 |
|  | **South Korea: 2.8%** |  |
| 44954 | Korean Reinsurance Co | 340188 |

---

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

**SmartETFs Asia Pacific Dividend Builder ETF Schedule of Investments at June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 100.0%** | **Value** |
|  | **Taiwan: 20.4%** |  |
| 47000 | Catcher Technology Co., Ltd. | $340999 |
| 11260 | Elite Material Co., Ltd. | 339881 |
| 64317 | Hon Hai Precision Industry Co., Ltd. | 354382 |
| 4265 | Largan Precision Co., Ltd. | 347389 |
| 26000 | Nien Made Enterprise Co., Ltd. | 362594 |
| 19800 | Novatek Microelectronics Corp. | 369302 |
| 1785 | Taiwan Semiconductor Manufacturing Co., Ltd. | 404285 |
|  |  | 2518832 |
|  | **Thailand: 2.4%** |  |
| 99000 | Tisco Financial Group PCL/Foreign | 295124 |
|  | **United States: 8.3%** |  |
| 2889 | Aflac Inc. | 304674 |
| 1364 | Broadcom Inc. | 375987 |
| 2130 | QUALCOMM Inc. | 339224 |
|  |  | 1019885 |
|  | **Total Common Stocks (Cost $10,361,486)** | 12340883 |
|  | **Total Investments (Cost $10,361,486): 100.0%** | 12340883 |
|  | Liabilities in Excess of Other Assets: 0.0% | (2143) |
|  | **Total Net Assets - 100.0%** | $**12338740** |

---

*ADR - American Depository Receipt*

*PCL - Public Company Limited*

*REIT - Real Estate Investment Trust*

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

**SmartETFs Dividend Builder ETF Schedule of Investments at June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 98.7%** | **Value** |
|  | **Denmark: 2.2%** |  |
| 13376 | Novo Nordisk A/S | 928308 |
|  | **France: 8.8%** |  |
| 16233 | Danone SA | 1326166 |
| 10221 | Publicis Groupe | 1151873 |
| 4409 | Schneider Electric SE | 1172611 |
|  |  | 3650650 |
|  | **Germany: 3.5%** |  |
| 4456 | Deutsche Boerse AG | 1453310 |
|  | **Ireland: 2.6%** |  |
| 12273 | Medtronic PLC | 1069837 |
|  | **Sweden: 5.3%** |  |
| 36832 | Assa Abloy AB-B | 1149108 |
| 66055 | Atlas Copco | 1067064 |
|  |  | 2216172 |
|  | **Switzerland: 8.7%** |  |
| 20192 | ABB Ltd. | 1203886 |
| 13049 | Nestle SA | 1296349 |
| 3521 | Roche Holding AG | 1146599 |
|  |  | 3646834 |
|  | **Taiwan: 2.9%** |  |
| 5373 | Taiwan Semiconductor Manufacturing Co., Ltd. | 1216931 |
|  | **United Kingdom: 10.7%** |  |
| 41435 | Diageo PLC | 1039613 |
| 212049 | Haleon PLC | 1089683 |
| 17067 | Reckitt Benckiser Group PLC | 1160724 |
| 19053 | Unilever PLC | 1157190 |
|  |  | 4447210 |
|  | **United States: 54.0%** |  |
| 5900 | AbbVie Inc. | 1095158 |
| 10890 | Aflac Inc. | 1148459 |
| 3463 | Arthur J Gallagher & Co. | 1108576 |
| 1139 | BlackRock Inc. | 1195096 |
| 4804 | Broadcom Inc. | 1324223 |
| 17836 | Cisco Systems Inc. | 1237462 |
| 4642 | CME Group Inc. | 1279428 |
| 3538 | Eaton Corp. PLC | 1263031 |
| 8833 | Emerson Electric Co. | 1177704 |
| 4345 | Illinois Tool Works Inc. | 1074301 |
| 7210 | Johnson & Johnson | 1101328 |
| 2717 | Microsoft Corp. | 1351463 |
| 19028 | Mondelez International Inc. | 1283248 |
| 11587 | Otis Worldwide Corp. | 1147345 |

---

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

**SmartETFs Dividend Builder ETF Schedule of Investments at June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 98.7%** | **Value** |
|  | **Common Stocks (Continued)** |  |
|  | **United States (Continued)** |  |
| 7606 | Paychex Inc. | $1106369 |
| 7744 | PepsiCo Inc. | 1022518 |
| 6676 | Procter & Gamble Co./The | 1063620 |
| 6170 | Texas Instruments Inc. | 1281015 |
| 16675 | The Coca-Cola Co. - ADR | 1179756 |
|  |  | 22440100 |
|  | **Total Common Stocks (Cost $29,653,592)** | 41069352 |
|  | **Total Investments in Securities (Cost $29,653,592): 98.7%** | 41069352 |
|  | Other Assets in Excess of Liabilities: 1.3% | 522805 |
|  | **Total Net Assets - 100.0%** | $**41592157** |

---

*ADR - American Depository Receipt*

*PLC - Public Limited Company*

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

**SmartETFs**

**STATEMENTS OF ASSETS AND LIABILITIES**

**at June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Smart Transportation**<br> **& Technology ETF** | **Sustainable**<br> **Energy II ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at cost | $6845714 | $3880671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at value | $6880685 | $3750851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 111787 | 136773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0 and $60, respectively) |  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 17503 | 7581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim | 36726 | 3793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Adviser, net |  | 7355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expense | - | 5417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $7046701 | $3911830 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Adviser, net | 1713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued administration fees |  | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 6982 | 6982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO fees | 1274 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees |  | 7411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Accounting fees |  | 3940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 590 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fees |  | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees |  | 6751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent fees |  | 3671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees | 536 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 11095 | 32811 |
| **Net Assets** | $7035606 | $3879019 |
| **Composition of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $6970867 | $4858180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable loss | 64739 | (979161) |
| **Net Assets** | $7035606 | $3879019 |
| **Number of shares issued and outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(unlimited number of shares authorized, no par value) | 150002 | 140000 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $46.90 | $27.71 |

---

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

**SmartETFs**

**STATEMENTS OF ASSETS AND LIABILITIES**

**at June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Asia Pacific Dividend Builder ETF** | **Dividend Builder ETF** |
| **Assets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at cost | $10361486 | $29653592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at value | $12340883 | $41069352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 65395 | 568985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $15,703 and $0, respectively) | 15703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 41869 | 35871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim |  | 121176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivable | 534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Adviser, net | 5466 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 3705 | 6989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $12473555 | $41802373 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for securities purchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend payable | 91950 | 175488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Adviser, net |  | 3760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued administration fees | 103 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 7446 | 7446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO fees | 1144 | 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 10720 | 6850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred foreign tax liability | 9693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Accounting fees | 4250 | 5631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 329 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fees | 687 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | 3105 | 3276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent fees | 5208 | 3368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees | 180 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 134815 | 210216 |
| **Net Assets** | $12338740 | $41592157 |
| **Composition of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $10297191 | $29559111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | 2041549 | 12033046 |
| **Net Assets** | $12338740 | $41592157 |
| **Number of shares issued and outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(unlimited number of shares authorized, no par value) | 707305 | 1349899 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $17.44 | $30.81 |

---

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

**SmartETFs**

**STATEMENTS OF OPERATIONS**

**For the Six Months ended June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Smart Transportation & Technology ETF** | **Sustainable Energy II ETF** |
| **Investment Income:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends\* | $110949 | $37933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 110949 | 37933 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 25994 | 14987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses |  | 6336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fee and expenses |  | 7703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees |  | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees and expenses |  | 11458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 6982 | 6982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 2660 | 2657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Listing fees |  | 4959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing |  | 8778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 4770 | 4638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance |  | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;CCO fees and expenses | 4980 | 3409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | - | 1969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 45386 | 74992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: fees waived and expenses absorbed | (19392) | (60005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 25994 | 14987 |
| **Net Investment Income** | 84955 | 22946 |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (99194) | (626560) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in-kind | 242490 | 60739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | (403) | (252) |
|  | 142893 | (566073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 556905 | 945936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | 4087 | 467 |
|  | 560992 | 946403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 703885 | 380330 |
| **Net Increase in Net Assets Resulting from Operations** | $788840 | $403276 |

---

<sup>\*</sup> *Net of foreign taxes withheld of $15,304 and $3,580, respectively.*

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

**SmartETFs**

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Asia Pacific Dividend Builder ETF** | **Dividend Builder ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends\* | $203346 | $557644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 203346 | 557644 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 27972 | 88912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 3440 | 5074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fee and expenses | 8522 | 10469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 1790 | 9633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees and expenses | 26172 | 13507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 7446 | 7446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 3287 | 21027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Listing fees | 5846 | 4959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing | 5736 | 7054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 4871 | 7559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 163 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;CCO fees and expenses | 3833 | 7175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 2438 | 3040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 137 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 101653 | 186769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: fees waived and expenses absorbed | (72425) | (58340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 29228 | 128429 |
| **Net investment income** | 174118 | 429215 |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign** **Currency** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 55709 | 242666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in-kind |  | 246793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | (263) | 4507 |
|  | 55446 | 493966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1189075 | 2454321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred foreign taxes | (2882) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | 49 | 13444 |
|  | 1186242 | 2467765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments and foreign currency | 1241688 | 2961731 |
| **Net Increase in Net Assets from Operations** | $1415806 | $3390946 |

---

<sup>\*</sup> *Net of foreign taxes withheld of $18,364 and $28,115, respectively.*

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

**SmartETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Smart Transportation & Technology ETF** | **Smart Transportation & Technology ETF** |
|  | **Six Months Ended**<br>**June 30, 2025<sup>†</sup>**  | **Year Ended**<br>**December 31, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment income | $84955 | $110579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (99194) | 6641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in-kind | 242490 | 790614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | (403) | (2006) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 556905 | (670868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | 4087 | (1828) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 788840 | 233132 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | - | (90301) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distribution to shareholders** | - | (90301) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold |  | 1076073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction fees | 484 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2235223) | (4248870) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in Net Assets from Capital Transactions** | (2234739) | (3172372) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (1445899) | (3029541) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 8481505 | 11511046 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $7035606 | $8481505 |
| **Capital Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (50000) | (100000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Share Transactions** | (50000) | (75000) |

---

<sup>†</sup> *Unaudited*

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

**SmartETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Sustainable Energy II ETF** | **Sustainable Energy II ETF** |
|  | **Six Months Ended June 30, 2025<sup>†</sup>** | **Year Ended December 31, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment income | $22946 | $30076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (626560) | (198738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in-kind | 60739 | 95539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | (252) | (690) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 945936 | (460885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | 467 | (218) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Resulting from Operations** | 403276 | (534916) |
| **Distributions to shareholders:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | - | (36400) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (36400) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (485689) | (536130) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in Net Assets from Capital Transactions** | (485689) | (536130) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (82413) | (1107446) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 3961432 | 5068878 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $3879019 | $3961432 |
| **Capital Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (20000) | (20000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Share Transactions** | (20000) | (20000) |

---

<sup>†</sup> *Unaudited*

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

**SmartETFs**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Asia Pacific Dividend Builder ETF** | &nbsp;&nbsp;**Asia Pacific Dividend Builder ETF** | **Dividend Builder ETF** | **Dividend Builder ETF** |
|  | **Six Months Ended<br> June 30, 2025†** | **Year Ended** <br> **December 31, 2024** | **Six Months Ended** <br> **June 30, 2025†** | **Year Ended** <br> **December 31, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income | 174118 | $123407 | $429215 | $587554 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 55709 | 98596 | 242666 | 1320045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in-kind |  |  | 246793 | 706510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred foreign taxes |  | (764) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | (263) | (69) | 4507 | 1919 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1189075 | 275195 | 2454321 | 1271173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred foreign taxes | (2882) | (4257) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | 49 | (187) | 13444 | (6388) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 1415806 | 491921 | 3390946 | 3880813 |
| **Distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions | (142680) | (210717) | (323976) | (963951) |
| &nbsp;&nbsp;&nbsp;**Total distribution to shareholders** | (142680) | (210717) | (323976) | (963951) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 6366543 | 1146984 |  | 7614328 |
| &nbsp;&nbsp;&nbsp;Transaction fees | 5372 | 391 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | - | - | (569846) | (1670101) |
| &nbsp;&nbsp;&nbsp;**Net change in Net Assets from capital transactions** | 6371915 | 1147375 | (569846) | 5944227 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 7645041 | 1428579 | 2497124 | 8861089 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 4693699 | 3265120 | 39095033 | 30233944 |
| &nbsp;&nbsp;&nbsp;End of period | 12338740 | $4693699 | $41592157 | $39095033 |
| **Capital Share Activity:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 400000 | 75000 |  | 260000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | - | - | (20000) | (60000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Share Transactions** | 400000 | 75000 | (20000) | 200000 |

---

 

<sup>†</sup> *Unaudited*

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** | **For the Six <br> Months **Ended**<br>**June 30, 2025†** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $42.41 | $41.86 | $34.00 | $47.45 | $40.74 | $26.36 |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.60 | 0.59 | 0.42 | 0.56 | 0.44 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 3.89 | 0.41 | 8.58 | (13.19) | 6.53 | 15.42 |
| Total from investment operations | 4.49 | 1.00 | 9.00 | (12.63) | 6.97 | 15.48 |
| **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Net investment income |  | (0.45) | (0.42) | (0.77) | (0.22) | (0.08) |
| &nbsp;&nbsp;&nbsp;From Realized gain |  |  | (0.72) | (0.02) | (0.04) | (1.02) |
| &nbsp;&nbsp;&nbsp;From Return of Capital | - | - | - | (0.03) | - | - |
| Total distributions | - | (0.45) | (1.14) | (0.82) | (0.26) | (1.10) |
| **Net asset value, end of period** | $46.90 | $42.41 | $41.86 | $34.00 | $47.45 | $40.74 |
| Total return | 10.61%<sup>(1)</sup> | 2.36% | 26.69% | (26.77%) | 17.12% | 59.08% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $7 | $8.5 | $11.5 | $10.2 | $16.6 | $7.1 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |  |
| Before fee waived | 1.19%<sup>(2)</sup> | 1.02% | 0.96% | 0.92% | 0.88% | 1.51% |
| After fees waived <sup>(3)</sup> | 0.68%<sup>(2)</sup> | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
| **Ratio of net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Before fees waived | 1.71%<sup>(2)</sup> | 0.75% | 0.54% | 1.06% | 0.87% | (0.45%) |
| After fees waived | 2.22%<sup>(2)</sup> | 1.09% | 0.82% | 1.30% | 1.07% | 0.38% |
| Portfolio turnover rate <sup>(4)</sup> | 0.10%<sup>(1)</sup> | 7.68% | 24.25% | 4.84% | 12.20% | 16.10% |

---

 

<sup>†</sup> *Unaudited*

<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 0.68%, excluding acquired fund fees and expenses, interest, taxes, dividends on short positions 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.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
| <br>**Sustainable Energy II ETF** | **For the Six**<br>**Months Ended**<br>**June 30, 2025†** | **2024** | **2023** | **2022** | **2021** | **For the Period**<br>**November 11,**<br>**2020\*** |
| Net asset value, beginning of period | $24.76 | $28.16 | $28.56 | $32.93 | $30.16 | $25.48 |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.16 | 0.19 | 0.12 | 0.10 | 0.08 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on foreign currency | 2.79 | (3.36) | (0.40) | (4.10) | 3.56 | 4.69 |
| Total from investment operations | 2.95 | (3.17) | (0.28) | (4.00) | 3.64 | 4.68 |
| **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Net investment income |  | (0.19) | (0.11) | (0.08) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;From Realized gain |  | (0.04) |  | (0.29) | (0.78) |  |
| &nbsp;&nbsp;&nbsp;From Returning Capital | - | - | (0.01) | - | - | - |
| Total distributions | - | (0.23) | (0.12) | (0.37) | (0.87) | - |
| **Net asset value, end of period** | $27.71 | $24.76 | $28.16 | $28.56 | $32.93 | $30.16 |
| Total return | 11.87%*<sup>(1)</sup>* | (11.31%) | (0.95%) | (12.23%) | 12.11% | 18.37%<sup>(1)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $3.9 | $4.0 | $5.1 | $5.1 | $5.9 | $0.9 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |  |
| Before fee waived | 3.95%<sup>(2)</sup> | 3.12% | 3.18% | 3.29% | 2.84% | 30.82%<sup>(2)</sup> |
| After fees waived <sup>(3)</sup> | 0.79%<sup>(2)</sup> | 0.79% | 0.79% | 0.79% | 0.79% | 0.78%<sup>(2)</sup> |
| **Ratio of net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Before fees waived | (1.95%)<sup>(2)</sup> | (1.71%) | (2.05%) | (2.17%) | (1.76%) | (30.22%)<sup>(2)</sup> |
| After fees waived | 1.21%<sup>(2)</sup> | 0.62% | 0.34% | 0.33% | 0.29% | (0.18%)<sup>(2)</sup> |
| Portfolio turnover rate <sup>(4)</sup> | 15.22%<sup>(1)</sup> | 21.40% | 11.73% | 19.02% | 24.21% | 4.55%<sup>(1)</sup> |

---

<sup>†</sup> *Unaudited* 

<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 0.79%, excluding acquired fund fees and expenses, interest, taxes, dividends on short positions 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>**Asia Pacific Dividend Builder ETF** | **For the Six <br> Months Ended**<br>**June 30, 2025†** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $15.27 | $14.06 | $13.22 | $16.39 | $16.92 | $16.58 |
| **Investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.30 | 0.48 | 0.49 | 0.51 | 0.96 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 2.10 | 1.47 | 0.99 | (3.29) | 0.84 | 1.84 |
| Total from investment operations | 2.40 | 1.95 | 1.48 | (2.78) | 1.80 | 2.21 |
| **Less distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Net investment income | (0.23) | (0.44) | (0.60) | (0.39) | (0.89) | (0.38) |
| &nbsp;&nbsp;&nbsp;From Realized gain | - | (0.30) | (0.04) | - | (1.44) | (1.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.23) | (0.74) | (0.64) | (0.39) | (2.33) | (1.87) |
| Redemption fee proceeds | - | - |  | - | - | -<sup>(1)</sup> |
| **Net asset value, end of period** | $17.44 | $15.27 | $14.06 | $13.22 | $16.39 | $16.92 |
| Total return | 15.87%<sup>(2)</sup> | 13.93% | 11.51% | (16.92%) | 0.11 | 13.90% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $12.3 | $4.7 | $3.3 | $3.4 | $4.2 | $4.2 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |  |
| Before fee waived | 2.71%<sup>(3)</sup> | 4.11% | 5.08% | 4.94% | 3.55% | 3.00% |
| After fees waived <sup>(4)</sup> | 0.78%<sup>(3)</sup> | 0.78% | 0.78% | 0.78% | 0.86% | 1.11%<sup>(5)</sup> |
| **Ratio of net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Before fees waived | 2.71%<sup>(3)</sup> | (0.03%) | (0.80%) | (0.51%) | (0.04%) | 0.01 |
| After fees waived | 4.64%<sup>(3)</sup> | 3.30% | 3.50% | 3.64% | 2.65% | 2.87% |
| Portfolio turnover rate <sup>(6)</sup> | 6.17%<sup>(2)</sup> | 18.84% | 11.56% | 7.27% | 27.21% | 217.65% |

---

*<sup>†</sup>* *Unaudited* 

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

*<sup>(2)</sup>* *Not annualized.*

*<sup>(3)</sup>* *Annualized.*

*<sup>(4)</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>(5)</sup>* *If interest expense had been excluded, expenses would have been lowered by 0.01%, for the year ended December 31, 2020.*

*<sup>(6)</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** | **For the Six <br> Months Ended**<br>**June 30, 2025†** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $28.44 | $25.84 | $23.02 | $26.89 | $22.77 | $20.74 |
| **Investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.32 | 0.48 | 0.42 | 0.49 | 0.50 | 0.45 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 2.29 | 2.98 | 3.21 | (2.99) | 4.78 | 2.00 |
| Total from investment operations | 2.61 | 3.46 | 3.63 | (2.50) | 5.28 | 2.45 |
| **Less distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Net investment income | (0.24) | (0.56) | (0.46) | (0.44) | (0.48) | (0.42) |
| &nbsp;&nbsp;&nbsp;From Realized gain | - | (0.30) | (0.35) | (0.93) | (0.68) | -<sup>(1)</sup> |
| Total distributions | (0.24) | (0.86) | (0.81) | (1.37) | (1.16) | (0.42) |
| **Net asset value, end of period** | $30.81 | $28.44 | $25.84 | $23.02 | $26.89 | $22.77 |
| Total return | 8.82%<sup>(2)</sup> | 13.35% | 15.99% | (9.39%) | 23.60% | 12.26% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $41.6 | $39.1 | $30.2 | $20.9 | $24.5 | $22.1 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fee waived | 0.95%<sup>(3)</sup> | 1.01%<sup>(6)</sup> | 1.09% | 1.22% | 1.04% | 1.56% |
| &nbsp;&nbsp;&nbsp;After fees waived <sup>(4)</sup> | 0.65%<sup>(3)</sup> | 0.66%<sup>(6)</sup> | 0.65% | 0.65% | 0.66% | 0.68% |
| **Ratio of net investment income to average net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived | 1.87%<sup>(3)</sup> | 1.44% | 1.35% | 1.43% | 1.56% | 1.43% |
| &nbsp;&nbsp;&nbsp;After fees waived | 2.17%<sup>(3)</sup> | 1.79% | 1.79% | 2.00% | 1.94% | 2.31% |
| Portfolio turnover rate <sup>(5)</sup> | 5.75%<sup>(2)</sup> | 10.07% | 9.40% | 20.66% | 18.47% | 11.48% |

---

*<sup>†</sup>* *Unaudited* 

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

*<sup>(2)</sup>* *Not annualized.*

*<sup>(3)</sup>* *Annualized.*

*<sup>(4)</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>(5)</sup>* *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.*

*<sup>(6)</sup>* *If tax agent expense had been excluded, the expense ratios 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.

**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 nine separate series portfolios, each of which has unique investment objectives and strategies. This report covers four series, which are operated as exchange-traded funds ("ETFs"): SmartETFs Smart Transportation & Technology ETF ("Smart Transportation & Technology ETF"), SmartETFs Sustainable Energy II ETF ("Sustainable Energy II ETF"), SmartETFs Asia Pacific Dividend Builder ETF ("Asia Pacific Dividend Builder ETF") and SmartETFs Dividend Builder ETF ("Dividend Builder ETF") (individually each a "Fund" or collectively the "Funds"). Each Fund is a diversified fund. 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. 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. Smart Transportation & Technology ETF commenced operations on November 14, 2019. Sustainable Energy II 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 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.

**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.

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**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.

**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, 2021-2024, 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.

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**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.

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 June 30, 2025, based on the inputs used to value them:

**Smart Transportation & Technology ETF\***

---

| | | | |
|:---|:---|:---|:---|
| Investments | Level 1 | Level 2 | Level 3 |
| &nbsp;&nbsp;&nbsp;Common Stocks | $6737547 | $- | $- |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 143138 | - | - |
| Total | $6880685 | $- | $- |

---

---

| | | | |
|:---|:---|:---|:---|
| **Sustainable Energy II ETF\*** | | | |
| Investments | Level 1 | Level 2 | Level 3 |
| &nbsp;&nbsp;&nbsp;Common Stocks | $3750851 | $- | $- |
| Total | $3750851 | $- | $- |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**Asia Pacific Dividend Builder ETF\***

---

| | | | |
|:---|:---|:---|:---|
| Investments | Level 1 | Level 2 | Level 3 |
| &nbsp;&nbsp;&nbsp;Common Stocks | $12340883 | $- | $- |
| Total | $12340883 | $- | $- |

---

---

| | | | |
|:---|:---|:---|:---|
| **Dividend Builder ETF\*** | | | |
| Investments | Level 1 | Level 2 | Level 3 |
| &nbsp;&nbsp;&nbsp;Common Stocks | $41069352 | $- | $- |
| Total | $41069352 | $- | $- |

---

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

**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 and 10,000 Shares for the Sustainable Energy II 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.

**Note 5 - Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | Purchases | Sales |
| &nbsp;&nbsp;Smart Transportation & Technology ETF | $7347 | $111651 |
| &nbsp;&nbsp;Sustainable Energy II ETF | 565684 | 624778 |
| &nbsp;&nbsp;Asia Pacific Dividend Builder ETF | 2247031 | 478460 |
| &nbsp;&nbsp;Dividend Builder ETF | 3457068 | 3698581 |

---

Purchases, sales, and realized gain/(loss) of in-kind transactions for the period ended June 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | In-kind Purchases | In-kind Sales | Gain/(Loss) |
| &nbsp;&nbsp;Smart Transportation & Technology ETF | $- | $2070453 | $242490 |
| &nbsp;&nbsp;Sustainable Energy II ETF | - | 442492 | 60739 |
| &nbsp;&nbsp;Asia Pacific Dividend Builder ETF | 4650576 | - | - |
| &nbsp;&nbsp;Dividend Builder ETF | - | 565209 | - |

---

**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 more risky 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.

**NOTES TO FINANCIAL STATEMENTS (Continued)**

*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.

*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.

**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.

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 Sustainable Energy II ETF pays the Adviser 0.79%, the Asia Pacific Dividend Builder ETF pays the Adviser 0.75%, and the Dividend Builder ETF pays the Adviser 0.45% an annual advisory fee rate based on each Fund's average daily net assets.

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<br> Limitation | Expiration Date |
| Smart Transportation & Technology ETF | 0.68% | June 30, 2028 |
| Sustainable Energy II ETF | 0.79% | June 30, 2028 |
| Asia Pacific Dividend Builder ETF | 0.78% | June 30, 2028 |
| Dividend Builder ETF | 0.65% | June 30, 2028 |

---

Penserra Capital Management, LLC ("Penserra") serves as sub-adviser to the Smart Transportation & Technology ETF and Sustainable Energy II 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 period ended June 30, 2025, are reported on the Statements of Operations.

The fees paid to non-interested Trustees for the period ended June 30, 2025 are reported on the Statements of Operations.

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Smart<br> Transportation & Technology ETF | Sustainable<br> Energy II ETF | Asia Pacific<br> Dividend Builder<br> ETF | Dividend Builder<br> ETF |
| &nbsp;&nbsp;Tax cost of investments | $6845714 | $3880671 | $10361486 | $29653592 |
| &nbsp;&nbsp;Gross tax unrealized appreciation | $1609101 | $910691 | $2215712 | $12158770 |
| &nbsp;&nbsp;Gross tax unrealized depreciation | (1574130) | (1040511) | (236315) | (743010) |
| &nbsp;&nbsp;Net tax unrealized appreciation (depreciation)\* | 34971 | (129820) | 1979397 | 11415760 |

---

\* 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, 2024, the Funds have the following capital loss carryforwards available to offset future realized capital gains:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Capital losses expiring in: | Smart<br> Transportation & Technology ETF | Sustainable Energy<br> II ETF | Asia Pacific<br> Dividend<br> Builder ETF | Dividend<br> Builder ETF |
| &nbsp;&nbsp;No Expiration Long-term | $176060 |  |  |  |
| &nbsp;&nbsp;No Expiration Short-term | 9042 |  |  |  |
| &nbsp;&nbsp;Total | $185102 |  |  |  |

---

For the year ended December 31, 2024, the Sustainable Energy II ETF, utilized capital losses carryforwards of $52,175.

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The character of distributions (other than return of capital distributions) paid by the Funds during the fiscal years ended December 31, 2024 and December 31, 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 2024 | 2024 | 2023 | 2023 |
| | Ordinary<br> Income | Capital<br> Gains | Ordinary<br> Income | Capital<br> Gains |
| &nbsp;&nbsp;Smart Transportation & Technology ETF | $81132 | 9169 | $222256 | $91438 |
| &nbsp;&nbsp;Sustainable Energy II ETF\* | 30782 | 5618 | 19690 | 43 |
| &nbsp;&nbsp;Asia Pacific Dividend Builder ETF | 130726 | 79991 | 138323 | 9818 |
| &nbsp;&nbsp;Dividend Builder ETF | 589550 | 374401 | 580116 | 337117 |

---

\* The Sustainable Energy II ETF had $1,795 return of capital distribution in 2023.

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

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023- 07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and the Funds have adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

**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 and has determined that there were no events or transactions that occurred through the date of issuance of the Funds' financial statements.

![](fp0094684_02.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 mail@SmartETFs.com, by calling 866-307-5990 (toll free in the United States), visiting the ETF's website, www.SmartETFs.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.SmartETFs.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.

**<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 and Sub-Advisory Agreements***

At a board meeting held on May 5, 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 continuation of the investment advisory agreement (the "Advisory Agreement") between the Trust and the Adviser and the sub-advisory agreement (the "Sub-Advisory Agreement") between the Adviser and Penserra Capital Management LLC (the "Sub-Adviser") with respect to the SmartETFs Smart Transportation & Technology ETF, and SmartETFs Sustainable Energy II ETF. The Advisory Agreement and the Sub-Advisory Agreement are collectively referred to below as the "Fund Advisory Agreements." In approving each Fund Advisory Agreement, the Board, including the Independent Trustees, determined that such approval was in the best interests of the Funds 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 Fund Advisory Agreements and their obligation to obtain and review information relevant and necessary to their consideration of the Fund Advisory Agreements. The Trustees received a memorandum summarizing the duties of the Trustees under, and the fiduciary standards established by, the 1940 Act and applicable 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 Fund Advisory Agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-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 and the Sub-Adviser to the Funds (including the relevant personnel responsible for these services and their experience); the fee rate or management fee rate payable by the Funds as compared to fees charged to a relevant peer group of each Fund and as compared to fees charged to other clients of the Adviser and the compensation to be received by the Sub-Adviser from 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 each Fund and the potential for economies of scale, if any; financial data on the Adviser and the Sub-Adviser; any fall-out benefits accruing to the Adviser or the Sub-Adviser; and information on the Adviser's and the Sub-Adviser's compliance programs. The Independent Trustees also met separately with their Independent Legal Counsel to discuss the information provided by the Adviser and the Sub-Adviser. In their deliberations, the Trustees considered the factors summarized below, and in approving the continuance of the Fund Advisory Agreements with respect to each Fund, the Trustees did not identify any single factor, or information provided with respect to any single factor, as controlling. The Trustees evaluated all information available to them on a Fund-by-Fund basis, and their determinations were made separately with respect to each Fund.

***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 Funds as well as to 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 each Fund is expected to invest. The Trustees also considered the operational and structural differences between mutual funds and ETFs generally. The Trustees also considered information gained from their experience as Trustees of the Guinness Atkinson traditional open-end mutual 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 Funds. With respect to the Sub-Adviser, the Trustees considered the Sub-Adviser's specialized role in sub-advising third party exchange-traded funds and acting as a passive manager in that capacity. With respect to fees and expenses, the Trustees also considered difference in how services are delivered to ETFs and investor and market expectations concerning appropriate and competitive levels of total expense ratios for ETFs, as well as investor preferences for intraday liquidity offered by ETFs and the expansion of distribution channels for ETFs.

***Fund Performances, Advisory Fees and Expenses***

 ****

For each Fund and its peer group of funds, the Trustees reviewed the performance and expense information compiled from Morningstar Inc. data regarding performance for periods ended March 31, 2025, and expense information as of March 31, 2025. The Trustees considered that they receive from the Adviser and review on a regular basis over the course of the year, data regarding the Funds' performance, including information about each Fund's performance in comparison to its peers and benchmarks, and analyses by the Adviser of the Fund's performance. The Trustees compared each Fund's performance, advisory fee and expenses with its peer group, and considered the differences between each Fund and funds in the peer group. The Trustees considered the size of each Fund in comparison to its peers, including whether the peer funds were part of a larger fund complex. The Trustees considered the following Fund-specific factors:

*<u>SmartETFs Smart Transportation & Technology ETF</u>*

 ****

The Fund's annual advisory fee (gross of waivers) was slightly above the median advisory fee charged to comparable ETFs in the peer group (all of which are passively managed funds), and annual total expenses paid by the Fund (net of fee waivers) were slightly above the peer group median. With respect to the performance results, the Fund's annualized total return for the one-year period was below the peer group median and the return of the MSCI World Index Net Return, its benchmark index. The Fund's annualized total return for the three-year period was above the peer group median return but below the benchmark index. The Fund's annualized total return for the five-year period was above the peer group median return and the benchmark index return.

*<u>SmartETFs Asia Pacific Dividend Builder ETF</u>*

 ****

The Fund's annual advisory fee (gross of waivers) was slightly above the median advisory fee charged to comparable ETFs classified in the Morningstar categories containing the word "World", objectives classified by Morningstar containing the word "Pacific Stock" and fund names containing the word "Dividend", and annual total expenses paid by the Fund (net of fee waivers) were slightly above the peer group median. With respect to the performance results, the Fund's annualized total returns for the one- and ten-year periods were above the peer group median returns and the returns of the MSCI AC Pacific ex Japan Index Net Total Return, its benchmark index. The Fund's annualized total return for the three-year period was below the peer group median return and the Fund's annualized total return for the five-year period was the same as the peer group median return. The Fund's annualized total returns for the one-, three-, five-, and ten-year periods were above the returns of the MSCI AC Pacific ex Japan Index Net Total Return, its benchmark index.

*<u>SmartETFs Dividend Builder ETF</u>*

 ****

The Fund's annual advisory fee (gross of waivers) was below the median advisory fee charged to comparable ETFs classified in the Morningstar categories containing the word "World", objectives classified by Morningstar containing the word "Pacific Stock" and fund names containing the word "Dividend" and the annual total expenses (net of fee waivers) were slightly above the peer group median. With respect to the performance results, the Fund's annualized total return for the one-year period was below the peer group median return. The Fund's annualized total returns for the three-, five, and ten-year periods were above the peer group median returns. The Fund's annualized total returns for the one-, three-, and ten-year periods were above the MSCI World Index Net Return Index returns, its benchmark index, but below the benchmark index return for the five-year period.

*<u>SmartETFs Sustainable Energy II ETF</u>*

 ****

The Fund's annual advisory fee (gross of waivers) was slightly above the median advisory fee charged to comparable ETFs classified in the Morningstar categories containing the word "Energy" or "Clean", and the annual total expenses (net of fee waivers) were slightly above the peer group median. With respect to the performance results, the Fund's annualized total returns for the one- and three-year periods were above the peer group median returns but below the returns of the MSCI World Index Net Return, its benchmark index.

With respect to each Fund, the Trustees observed that the Adviser agreed to limit the Fund's expense ratios through June 30, 2028, at a level at which it can maintain the viability of the Fund and provide stability to the Fund's expenses during that period.

The Board reviewed information regarding the sub-advisory fee charged by the Sub-Adviser with respect to the SmartETFs Smart Transportation & Technology ETF and SmartETFs Sustainable Energy II ETF, and noted that the Sub-Adviser serves as sub-adviser to a large number of other exchange-traded funds in a similar capacity to which it serves each Fund. The Trustees considered the types of services provided by the Sub-Adviser with respect to the SmartETFs Smart Transportation & Technology ETF and SmartETFs Sustainable Energy II ETF, particularly that that the Sub-Adviser specializes in sub-advising third-party exchange-traded funds and acts as a passive manager in that capacity, and that the Adviser remains solely responsible for security selection for the SmartETFs Smart Transportation & Technology ETF and SmartETFs Sustainable Energy II ETF. The Trustees also observed that the Adviser pays the Sub-Adviser's sub-advisory fee out of the Adviser's advisory fee and that the size of the fee paid to the Sub-Adviser appears reasonable.

***Costs of Services and Profitability***

 ****

The Trustees considered the financial information provided by the Adviser, including the profitability of each Fund to the Adviser, the Adviser's profitability in general and the firm's retention of key personnel. The Trustees noted that the Adviser had waived a portion of its advisory fee for each Fund, and that with respect to the SmartETFs Asia Pacific Dividend Builder ETF and SmartETFs Sustainable Energy II ETF, the Adviser's net advisory fee was zero due to expense reimbursements by the Adviser. The Trustees also observed that the Adviser pays the Sub-Adviser's sub-advisory fee out of the Adviser's advisory fee with respect to the SmartETFs Smart Transportation & Technology ETF and SmartETFs Sustainable Energy II ETF and considered the relative levels and types of services provided by the Adviser and Sub-Adviser.

***Economies of Scale***

 ****

The Trustees considered whether each Fund would realize any economies of scale. They noted that each Fund's asset levels were too low to achieve significant economies of scale and that the matter of such economies would be reviewed in the future as the Fund's assets grew. The Trustees considered the Adviser's willingness to use expense limitation agreements to reduce total expenses as evidence that to the extent economies of scale existed for each Fund, the Adviser was willing to share such economies of scale for the benefit of shareholders.

***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 provided by the Adviser and Sub-Adviser to each applicable Fund was satisfactory; the compensation payable to the Adviser and the Sub-Adviser pursuant to each Fund's Advisory Agreement and Sub-Advisory Agreement, respectively, was fair and reasonable in light of the nature and quality of the services the Adviser and Sub-Adviser provides to each applicable Fund; and the continuance of the Advisory Agreement and Sub-Advisory Agreement would be in the best interests of each Fund and its shareholders, and accordingly, approved the continuance of the Advisory Agreement and Sub-Advisory Agreement, respectively, through May 31, 2026.

**<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>**

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| | |
|:---|:---|
| (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) |

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| | |
|:---|:---|
| (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. |

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(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](fp0094684-1_ex99cert.htm)

(a)(4) Not Applicable

(a)(5) Not Applicable

*(b)* [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0094684-1_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.

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| | |
|:---|:---|
| (Registrant) | Guinness Atkinson Funds |
| By (Signature and Title) | /s/ James J. Atkinson |
|  | James J. Atkinson, President and Principal Executive Officer |
| Date | 9/8/2025 |

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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.

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| | |
|:---|:---|
| By (Signature and Title) | /s/ James J. Atkinson |
|  | James J. Atkinson, President and Principal Executive Officer |
| Date | 9/8/2025 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer and Principal Financial Officer |
| Date | 9/8/2025 |

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## 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>SmartETFs</u>** , a series of Guinness Atkinson
Funds;

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: | 9/8/2025 | /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>SmartETFs</u>** , a series of Guinness Atkinson
Funds;

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: | 9/8/2025 | /s/ Rita Dam |
|  |  | Rita Dam <br> Treasurer and Principal Financial Officer  |

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## 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>SmartETFs</u>**, a series of Guinness Atkinson Funds**<u>,</u>** (the "Trust"), for the six months ended **June 30, 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:

(1) the Report fully complies with the requirements
 of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report
 fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| Date | 9/8/2025 |
| /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.