The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.
Form N-CEN Filer Information UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CEN
ANNUAL REPORT FOR REGISTERED INVESTMENT COMPANIES 		OMB APPROVAL


Form N-CEN

OMB Number: 3235-0729

Estimated average burden hours per response: 19.04

N-CEN:Series/Class (Contract) Information

Series ID RecordSeries IDClass ID
#1S0000058931. C000016117
#2S0000058941. C000016118
#3S0000058951. C000016119
2. C000161072
#4S0000058961. C000016120
#5S0000091561. C000024897
#6S0000650171. C000210495
#7S0000691341. C000220961
#8S0000691351. C000220962
#9S0000699631. C000222800
#10S0000979091. C000267420
#11S0000979101. C000267421
#12S0000979351. C000267448

N-CEN:Part A: General Information

Item A.1. Reporting period covered.

a. Report for period ending:
2025-12-31
b. Does this report cover a period of less than 12 months? ☐ Yes ☒ No

N-CEN:Part B: Information About the Registrant

Item B.1. Background information.

a. Full name of Registrant
GUINNESS ATKINSON FUNDS
b. Investment Company Act file number
( e.g., 811-)
811-08360
c. CIK
0000919160
d. LEI
54930097560RK2KMX577

Item B.2. Address and telephone number of Registrant.

a. Street 1
251 SOUTH LAKE AVE
Street 2
SUITE 800
b. City
PASADENA
c. State, if applicable
CALIFORNIA
d. Foreign country, if applicable
UNITED STATES OF AMERICA
e. Zip code and zip code extension, or foreign postal code
91101
f. Telephone number (including country code if foreign)
6266282739
g. Public Website, if any
www.gafunds.com

Item B.3. Location of books and records.

Instruction. Provide the requested information for each person maintaining physical possession of each account, book, or other document required to be maintained by section 31(a) of the Act (15 U.S.C. 80a-30(a)) and the rules under that section.

Location Books Record Name of person
(e.g., a custodian of records) 		TelephoneAddressBriefly describe books and records kept at this location
#1Mutual Fund Administration, LLC626-914-41412220 E. Route 66, Suite 226

Glendora, CALIFORNIA 91740
UNITED STATES OF AMERICA 		The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act
#2Foreside Fund Services, LLC (dba ACA Group)866-251-6920Three Canal Plaza, Suite 100

Portland, MAINE 04101
UNITED STATES OF AMERICA 		The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act
#3U.S. Bank Global Fund Services414-287-3387615 E. Michigan Street

Milwaukee, WISCONSIN 53202
UNITED STATES OF AMERICA 		The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act
#4Brown Brothers Harriman & Co.617-772-148050 Post Office Square

Boston, MASSACHUSETTS 02110
UNITED STATES OF AMERICA 		The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act
#5Guinness Atkinson Asset Management , Inc.800-915-6566251 South Lake Avenue, Suite 800

Pasadena, CALIFORNIA 91101
UNITED STATES OF AMERICA 		The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act
#6Guinness Atkinson Asset Management , Inc.44-207-222570318 Smith Square

Westminster London, SW1P 3HZ
UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND 		The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act

Item B.4. Initial of final filings.

Instruction. Respond "yes" to Item B.4.b only if the Registrant has filed an application to deregister or will file an application to deregister before its next required filing on this form.
a. Is this the first filing on this form by the Registrant? ☐ Yes ☒ No
b. Is this the last filing on this form by the Registrant? ☐ Yes ☒ No

Item B.5. Family of investment companies.

Instruction. "Family of investment companies" means, except for insurance company separate accounts, any two or more registered investment companies that (i) share the same investment adviser or principal underwriter; and (ii) hold themselves out to investors as related companies for purposes of investment and investor services. In responding to this item, all Registrants in the family of investment companies should report the name of the family of investment companies identically.
Insurance company separate accounts that may not hold themselves out to investors as related companies (products) for purposes of investment and investor services should consider themselves part of the same family if the operational or accounting or control systems under which these entities function are substantially similar.
a. Is the Registrant part of a family of investment companies? ☒ Yes ☐ No
i. Full name of family of investment companies
Guinness Atkinson Funds

Item B.6. Organization.

Instruction. For Item B.6.a.i., the Registrant should include all Series that have been established by the Registrant and have shares outstanding (other than shares issued in connection with an initial investment to satisfy section 14(a) of the Act).
a. Indicate the classification of the Registrant by checking the applicable item ☒ a. Open-end management investment company registered under the Act on Form N-1A
☐ b. Closed-end management investment company registered under the Act on Form N-2
☐ c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3
☐ d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4
☐ e. Small business investment company registered under the Act on Form N-5
☐ f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6
☐ g. Unit investment trust registered under the Act on Form N-8B-2
i. Total number of Series of the Registrant
12
ii. If a Series of the Registrant with a fiscal year end covered by the report was terminated during the reporting period, provide the following information:
Terminated Organization RecordName of the SeriesSeries identification numberDate of termination (month/year)
— — — —

Item B.7. Securities Act registration.

a. Is the Registrant the issuer of a class of securities registered under the Securities Act of 1933 ("Securities Act")? ☒ Yes ☐ No

Item B.8. Directors.

a. Provide the information requested below about each person serving as director of the Registrant (management investment companies only):

Director RecordFull NameCRD number, if anyIs the person an "interested person" of the Registrant as that term is defined in section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19))?Investment Company Act file number of any other registered investment company for which the person also serves as a director (e.g., 811-):
#1James I FordwoodN/A No
N/A
#2Dr. Bret A. HerscherN/A No
N/A
#3Jeffrey LongN/A No
N/A
#4Timothy W.N. GuinnessN/A Yes
N/A

Item B.9. Chief compliance officer.

a. Provide the information requested below about each person serving as chief compliance officer (CCO) of the Registrant for purposes of rule 38a-1 (17 CFR 270.38a- 1):

Chief Compliance Officer RecordFull NameCRD Number, if anyTelephoneAddressHas the CCO changed since the last filing?If the chief compliance officer is compensated or employed by any person other than the Registrant, or an affiliated person of the Registrant, for providing chief compliance officer services, provide:
#1Patrick KenistonN/AXXXXXX3 Canal Plaza, Suite 100

Portland, MAINE 04101
UNITED STATES OF AMERICA 		No
  1. Name of the person: Foreside Fund Officer Services, LLC
    IRS Employer Identification Number: 02-0757866

Item B.10. Matters for security holder vote.

Instruction. Registrants registered on Forms N-3, N-4 or N-6, should respond "yes" to this Item only if security holder votes were solicited on contract-level matters.
a. Were any matters submitted by the Registrant for its security holders' vote during the reporting period? ☐ Yes ☒ No

Item B.11. Legal proceeding.

Instruction. For purposes of this Item, the following proceedings should be described: (1) any bankruptcy, receivership or similar proceeding with respect to the Registrant or any of its significant subsidiaries; (2) any proceeding to which any director, officer or other affiliated person of the Registrant is a party adverse to the Registrant or any of its subsidiaries; and (3) any proceeding involving the revocation or suspension of the right of the Registrant to sell securities.
a. Have there been any material legal proceedings, other than routine litigation incidental to the business, to which the Registrant or any of its subsidiaries was a party or of which any of their property was the subject during the reporting period? ☐ Yes ☒ No
b. Has any proceeding previously reported been terminated? ☐ Yes ☒ No

Item B.12. Fidelity bond and insurance (management investment companies only).

a. Were any claims with respect to the Registrant filed under a fidelity bond (including, but not limited to, the fidelity insuring agreement of the bond) during the reporting period? ☐ Yes ☒ No

Item B.13. Directors and officers/errors and omissions insurance (management investment companies only).

a. Are the Registrant's officers or directors covered in their capacities as officers or directors under any directors and officers/errors and omissions insurance policy owned by the Registrant or anyone else? ☒ Yes ☐ No
i. If yes, were any claims filed under the policy during the reporting period with respect to the Registrant? ☐ Yes ☒ No

Item B.14. Provision of financial support.

Instruction. For purposes of this Item, a provision of financial support includes any (1) capital contribution, (2) purchase of a security from a Money Market Fund in reliance on rule 17a-9 under the Act (17 CFR 270.17a-9), (3) purchase of any defaulted or devalued security at fair value reasonably intended to increase or stabilize the value or liquidity of the Registrant's portfolio, (4) execution of letter of credit or letter of indemnity, (5) capital support agreement (whether or not the Registrant ultimately received support), (6) performance guarantee, or (7) other similar action reasonably intended to increase or stabilize the value or liquidity of the Registrant's portfolio. Provision of financial support does not include any (1) routine waiver of fees or reimbursement of Registrant's expenses, (2) routine inter-fund lending, (3) routine inter-fund purchases of Registrant's shares, or (4) action that would qualify as financial support as defined above, that the board of directors has otherwise determined not to be reasonably intended to increase or stabilize the value or liquidity of the Registrant's portfolio.
a. Did an affiliated person, promoter, or principal underwriter of the Registrant, or an affiliated person of such a person, provide any form of financial support to the Registrant during the reporting period? ☐ Yes ☒ No

Item B.15. Exemptive orders.

a. During the reporting period, did the Registrant rely on any orders from the Commission granting an exemption from one or more provisions of the Act, Securities Act or Exchange Act? ☐ Yes ☒ No

Item B.16. Principal underwriters.

a. Provide the information requested below about each principal underwriter:

Principal Underwriter RecordFull NameSEC file number (e.g., 8-)CRD numberIdentifying number(s)State, if applicableForeign country, if applicableIs the principal underwriter an affiliated person of the Registrant, or its investment adviser(s) or depositor?
#1Foreside Fund Services, LLC008-51293000046106LEI: N/A
RSSD ID: N/A
 MAINE UNITED STATES OF AMERICA No

b. Have any principal underwriters been hired or terminated during the reporting period? ☐ Yes ☒ No

Item B.17. Independent public accountant.

a. Provide the following information about each independent public accountant:

Public Accountant RecordFull NamePCAOB NumberIdentifying number(s)State, if applicableForeign country, if applicable
#1TAIT, WELLER & BAKER LLP00445LEI: N/A
RSSD ID: N/A
 PENNSYLVANIA UNITED STATES OF AMERICA

b. Has the independent public accountant changed since the last filing? ☐ Yes ☒ No

Item B.18. Report on internal control (management investment companies only).

Instruction. Small business investment companies are not required to respond to this item.
a. For the reporting period, did an independent public accountant's report on internal control note any material weaknesses? ☐ Yes ☒ No

Item B.19. Audit opinion.

a. For the reporting period, did an independent public accountant issue an opinion other than an unqualified opinion with respect to its audit of the Registrant's financial statements? ☐ Yes ☒ No

Item B.20. Change in valuation methods.

Instruction. Responses to this item need not include changes to valuation techniques used for individual securities (e.g., changing from market approach to income approach for a private equity security). In responding to Item B.20.c., provide the applicable "asset type" category specified in Item C.4.a. of Form N-PORT. In responding to Item B.20.d., provide a brief description of the type of investments involved. If the change in valuation methods applies only to certain sub-asset types included in the response to Item B.20.c., please provide the sub-asset types in the response to Item B.20.d. The responses to Item B.20.c. and Item B.20.d. should be identical only if the change in valuation methods applies to all assets within that category.
a. Have there been material changes in the method of valuation (e.g., change from use of bid price to mid price for fixed income securities or change in trigger threshold for use of fair value factors on international equity securities) of the Registrant's assets during the reporting period? ☐ Yes ☒ No

Item B.21. Change in accounting principles and practices.

a. Have there been any changes in accounting principles or practices, or any change in the method of applying any such accounting principles or practices, which will materially affect the financial statements filed or to be filed for the current year with the Commission and which has not been previously reported? ☐ Yes ☒ No

Item B.22. Net asset value error corrections (open-end management investment companies only).

a. During the reporting period, were any payments made to shareholders or shareholder accounts reprocessed as a result of an error in calculating the Registrant's net asset value (or net asset value per share)? ☐ Yes ☒ No

Item B.23. Rule 19a-1 notice (management investment companies only).

a. During the reporting period, did the Registrant pay any dividend or make any distribution in the nature of a dividend payment, required to be accompanied by a written statement pursuant to section 19(a) of the Act (15 U.S.C. 80a-19(a)) and rule 19a-1 thereunder (17 CFR 270.19a-1)? ☐ Yes ☒ No

N-CEN:Part C: Additional Questions for Management Investment Companies

General Instruction.

Management investment companies that offer multiple series must complete Part C as to each series separately, even if some information is the same for two or more series. To begin this section or add an additional series(s), click on the bar labeled "Add a New Series" below.
Management Investment Record: 1

Item C.1. Background information.

a. Full Name of the Fund
Guinness Atkinson Alternative Energy Fund
b. Series identication number, if any
S000009156
c. LEI
549300CFIW30C5HQIM93
d. Is this the first filing on this form by the Fund? ☐ Yes ☒ No

Item C.2. Classes of open-end management investment companies.

a. How many Classes of shares of the Fund (if any) are authorized?
1
b. How many new Classes of shares of the Fund were added during the reporting period?
0
c. How many Classes of shares of the Fund were terminated during the reporting period?
0
d. For each Class with shares outstanding, provide the information requested below:

Shares Outstanding RecordFull name of ClassClass identification number, if anyTicker symbol, if any
#1Guinness Atkinson Alternative Energy FundC000024897GAAEX

Item C.3. Type of fund.

Instructions:
1. "Fund of Funds" means a fund that acquires securities issued by any other investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)), but, for purposes of this Item, does not include a fund that acquires securities issued by another company solely in reliance on rule 12d1-1 under the Act (CFR 270.12d1-1).
2. "Index" means an investment company, including an Exchange-Traded Fund, that seeks to track the performance of a specified index.
3. "Interval Fund" means a closed-end management investment company that makes periodic repurchases of its shares pursuant to rule 23c-3 under the Act (17 CFR 270.23c-3).
4. "Master-Feeder Fund" means a two-tiered arrangement in which one or more funds (each a feeder fund) holds shares of a single Fund (the master fund) in with section 12(d)(1)(E) of the Act (15 U.S.C. 80a-12(d)(1)(E)) or pursuant to exemptive relief granted by the Commission.
5. "Target Date Fund" means an investment company that has an investment objective or strategy of providing varying degrees of long-term appreciation and capital preservation through a mix of equity and fixed income exposures that changes over time based on an investor's age, target retirement date, or life expectancy.
a. Indicate if the Fund is any one of the types listed. Check all that apply. a. Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund
     ☐ i. Exchange-Traded Fund
     ☐ ii. Exchange-Traded Managed Fund
☐ b. Index Fund
☐ c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark
☐ d. Interval Fund
☐ e. Fund of Funds
☐ f. Master-Feeder Fund
☐ g. Money Market Fund
☐ h. Target Date Fund
☐ i. Underlying fund to a variable annuity or variable life insurance contract
☒ N/A

Item C.4. Diversification.

a. Does the Fund seek to operate as a “non-diversified company” as such term is defined in section 5(b)(2) of the Act (15 U.S.C. 80a- 5(b) (2))? ☐ Yes ☒ No

Item C.5. Investments in certain foreign corporations.

Instruction. "Controlled foreign corporation" has the meaning provided in section 957 of the Internal Revenue Code [26 U.S.C. 957].
a. Does the fund invest in a controlled foreign corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities? ☐ Yes ☒ No

Item C.6. Securities lending.

Instruction. For purposes of this Item, other adverse impacts would include, for example, (1) a loss to the Fund if collateral and indemnification were not sufficient to replace the loaned securities or their value, (2) the Fund's ineligibility to vote shares in a proxy, or (3) the Fund's ineligibility to receive a direct distribution from the issuer.
a. Is the Fund authorized to engage in securities lending transactions? ☒ Yes ☐ No
b. Did the Fund lend any of its securities during the reporting period? ☐ Yes ☒ No
c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:

Securities Lending Record Full name of securities lending agent Identifying number(s) Is the securities lending agent an affiliated person, or an affiliated person of an affiliated person, of the Fund? Does the securities lending agent or any other entity indemnify the fund against borrower default on loans administered by this agent?
— — — — —

d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:

Collateral Managers Record Full name of cash collateral manager Identifying number(s) Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund? Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of the Fund?
— — — — —

e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply): ☐ i. Revenue sharing split
☐ ii. Non-revenue sharing split (other than administrative fee)
☐ iii. Administrative fee
☐ iv. Cash collateral reinvestment fee
☐ v. Indemnification fee
☐ vi. Other
☒ N/A
f. Provide the monthly average of the value of portfolio securities on loan during the reporting period
N/A
g. Provide the net income from securities lending activities
N/A

Item C.7. Reliance on certain statutory exemption and rules.

a. Did the Fund rely on the following statutory exemption or any of the rules under the Act during the reporting period? (check all that apply) ☐ a. Rule 10f-3 (17 CFR 270.10f-3)
☐ b. Rule 12d1-1 (17 CFR 270.12d1-1)
☐ c. Rule 15a-4 (17 CFR 270.15a-4)
☐ d. Rule 17a-6 (17 CFR 270.17a-6)
☐ e. Rule 17a-7 (17 CFR 270.17a-7)
☐ f. Rule 17a-8 (17 CFR 270.17a-8)
☐ g. Rule 17e-1 (17 CFR 270.17e-1)
☐ h. Rule 22d-1 (17 CFR 270.22d-1)
☐ i. Rule 23c-1 (17 CFR 270.23c-1)
☒ j. Rule 32a-4 (17 CFR 270.32a-4)
☐ k. Rule 6c-11 (17 CFR 270.6c-11)
☐ l. Rule 12d1-4 (17 CFR 270.12d1-4)
☐ m. Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))
☐ n. Rule 18f-4 (17 CFR 270.18f-4)
☐ i. Is the Fund excepted from the rule 18f-4 (17 CFR 270.18f-4) program requirement and limit on fund leverage risk under rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))?
☐ ii. Is the Fund a leveraged/inverse fund that, under rule 18f-4(c)(5) (17 CFR 270.18f-4(c)(5)), is excepted from the requirement to comply with the limit on fund leverage risk described in rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))?
☐ iii. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))?
☐ iv. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))?
☐ v. Did the Fund enter into any unfunded commitment agreements under rule 18f-4(e) (17 CFR 270.18f-4(e))?
☐ vi. Did the Fund invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, in reliance on rule 18f-4(f) (17 CFR 270.18f-4(f))?
☐ N/A

Item C.8. Expense limitations.

Instruction. Provide information concerning any direct or indirect limitations, waivers or reductions, on the level of expenses incurred by the fund during the reporting period. A limitation, for example, may be applied indirectly (such as when an adviser agrees to accept a reduced fee pursuant to a voluntary fee waiver) or it may apply only for a temporary period such as for a new fund in its start-up phase.
a. Did the Fund have an expense limitation arrangement in place during the reporting period? ☒ Yes ☐ No
b. Were any expenses of the Fund reduced or waived pursuant to an expense limitation arrangement during the reporting period? ☒ Yes ☐ No
c. Are the fees waived subject to recoupment? ☒ Yes ☐ No
d. Were any expenses previously waived recouped during the period? ☐ Yes ☒ No

Item C.9. Investment advisers.

a. Provide the following information about each investment adviser (other than a sub-adviser) of the Fund:

Investment Advisers RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableWas the investment adviser hired during the reporting period?
#1Guinness Atkinson Asset Management, Inc.801-61667000124465LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA No

b. If an investment adviser (other than a sub- adviser) to the Fund was terminated during the reporting period, provide the following with respect to each investment adviser:

Investment Advisers Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

c. For each sub-adviser to the Fund, provide the information requested:

Sub-Advisors RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableIs the sub-adviser an affiliated person of the Fund's investment adviser(s)?Was the sub-adviser hired during the reporting period?
— — — — — — — — —

d. If a sub-adviser was terminated during the reporting period, provide the following with respect to such sub-adviser:

Sub-Advisors Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

Item C.10. Transfer agents.

a. Provide the following information about each person providing transfer agency services to the Fund:

Transfer Agents RecordFull name SEC file number
( e.g., 801- ) 		Identifying number(s)State, if applicableForeign country, if applicableIs the transfer agent an affiliated person of the Fund or its investment adviser(s)?Is the transfer agent a sub-transfer agent?
#1U.S. Bank Global Fund Services85-11357LEI: N1GZ7BBF3NP8GI976H15
RSSD ID: N/A
 WISCONSIN UNITED STATES OF AMERICA No No

b. Has a transfer agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.11. Pricing services.

a. Provide the following information about each person that provided pricing services to the Fund during the reporting period:

Pricing Services RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the pricing service an affiliated person of the Fund or its investment adviser(s)?
#1Thomson ReutersLEI: 549300561UZND4C7B569
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No
#2Markit North America, Inc.LEI: 549300HLPTRASHS0E726
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA No

b. Was a pricing service hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.12. Custodians.

a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:

Custodians RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the custodian an affiliated person of the Fund or its investment adviser(s)?Is the custodian a sub-custodian? Type of custody
(describe if "Other")
#1RBC Investor Services Trust for Royal Bank of Canada (RBC)LEI: 5493002MUOV04NSPT571
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#2HSBC Bank ChinaLEI: 2CZOJRADNJXBLT55G526
RSSD ID: N/A
 CHINA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#3Skandinaviska Enskilda Banken AB (PUBL), Danmark BranchLEI: F3JS33DEI6XQ4ZBPTN86
RSSD ID: N/A
 DENMARK No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#4BNP Paribas S.A.LEI: 549300WCGB70D06XZS54
RSSD ID: N/A
 FRANCE No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#5Deutsche Bank AGLEI: 7LTWFZYICNSX8D621K86
RSSD ID: N/A
 GERMANY No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#6HSBC Bank PLCLEI: MP6I5ZYZBEU3UXPYFY54
RSSD ID: N/A
 IRELAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#7BNP Paribas S.A., Succursale ItaliaLEI: R0MUWSFPU8MPRO8K5P83
RSSD ID: N/A
 ITALY No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#8BNP Paribas S.A.LEI: R0MUWSFPU8MPRO8K5P83
RSSD ID: N/A
 NETHERLANDS No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#9HSBC Bank - Korea BranchLEI: N/A
RSSD ID: N/A
 KOREA (THE REPUBLIC OF) No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#10Banco Bilbao Vizcaya Argentaria SALEI: K8MS7FD7N5Z2WQ51AZ71
RSSD ID: N/A
 SPAIN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#11Skandinaviska Enskilda Banken AB (PUBL)LEI: F3JS33DEI6XQ4ZBPTN86
RSSD ID: N/A
 SWEDEN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#12HSBC Bank PLCLEI: MP6I5ZYZBEU3UXPYFY54
RSSD ID: N/A
 UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#13Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

b. Has a custodian been hired or terminated during the reporting period?* ☐ Yes ☒ No

Item C.13. Shareholder servicing agents.

a. Provide the following information about each shareholder servicing agent of the Fund:

Shareholder Servicing Agents RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the shareholder servicing agent an affiliated person of the Fund or its investment adviser(s)?Is the shareholder servicing agent a sub-shareholder servicing agent?
#1U.S. Bank Global Fund ServicesLEI: N1GZ7BBF3NP8GI976H15
 WISCONSIN UNITED STATES OF AMERICA No No

b. Has a shareholder servicing agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.14. Administrators.

a. Provide the following information about each administrator of the Fund:

Administrators RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the administrator an affiliated person of the Fund or its investment adviser(s)?Is the administrator a sub-administrator?
#1Mutual Fund Administration, LLCLEI: 54930097560RK2KMX577
 CALIFORNIA UNITED STATES OF AMERICA Yes No

b. Has a third-party administrator been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.15. Affiliated broker-dealers.

a. Provide the following information about each affiliated broker-dealer:

Broker-Dealers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal commissions paid to the affiliated broker-dealer for the reporting period
— — — — — — — —

Item C.16. Brokers.

Instructions to Item C.16 and Item C.17.
To help Registrants distinguish between agency and principal transactions, and to promote consistent reporting of the information required by these items, the following criteria should be used:
1. If a security is purchased or sold in a transaction for which the confirmation specifies the amount of the commission to be paid by the Registrant, the transaction should be considered an agency transaction and included in determining the answers to Item C.16.
2. If a security is purchased or sold in a transaction for which the confirmation specifies only the net amount to be paid or received by the Registrant and such net amount is equal to the market value of the security at the time of the transaction, the transaction should be considered a principal transaction and included in determining the amounts in Item C.17.
3. If a security is purchased by the Registrant in an underwritten offering, the acquisition should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the underwriters are receiving from the issuer.
4. If a security is sold by the Registrant in a tender offer, the sale should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the offeror is paying to soliciting brokers or dealers.
5. If a security is purchased directly from the issuer (such as a bank CD), the purchase should be considered a principal transaction and included in answering Item C.17.
6. The value of called or maturing securities should not be counted in either agency or principal transactions and should not be included in determining the amounts shown in Item C.16 and Item C.17. This means that the acquisition of a security may be included, but it is possible that its disposition may not be included. Disposition of a repurchase agreement at its expiration date should not be included.
7. The purchase or sales of securities in transactions not described in paragraphs (1) through (6) above should be evaluated by the Fund based upon the guidelines established in those paragraphs and classified accordingly. The agents considered in Item C.16 may be persons or companies not registered under the Exchange Act as securities brokers. The persons or companies from whom the investment company purchased or to whom it sold portfolio instruments on a principal basis may be persons or entities not registered under the Exchange Act as securities dealers.
a. For each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s portfolio transactions, provide the information below:

Brokers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableGross commissions paid by the Fund for the reporting period
#1BerenbergN/AN/ALEI: 529900ODI3047E2LIV03
RSSD ID: N/A
 GERMANY 105
#2Bernstein8-20657000008269LEI: 5493006B3ZV0S7B6XJ33
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 138
#3BTIG8-65473000122225LEI: 5493000N3YJ7R3J6N403
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 623
#4CLSA Limited8-68171000152967LEI: 213800M2DXATWY7JMS07
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 33
#5Goldman Sachs8-00129000000361LEI: FOR8UP27PHTHYVLBNG30
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 176
#6Investec Bank PlcN/AN/ALEI: 213800CU1UYX3UQ7RZ11
RSSD ID: N/A
 UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND 39
#7JP Morgan8-35008000000079LEI: ZBUT11V806EZRVTWT807
RSSD ID: N/A
 OHIO UNITED STATES OF AMERICA 145
#8KeplerN/AN/ALEI: 969500QG3QY4B8Q5S690
RSSD ID: N/A
 FRANCE 88
#9Morgan Stanley8-68191000008209LEI: IGJSJL3JD5P30I6NJZ34
RSSD ID: N/A
 MARYLAND UNITED STATES OF AMERICA 700
#10Raymond James8-10906000000705LEI: 5493001KJTIIGC8Y1R12
RSSD ID: N/A
 FLORIDA UNITED STATES OF AMERICA 45

b. Aggregate brokerage commissions paid by Fund during the reporting period:
2,099

Item C.17. Principal transactions.

a. For each of the ten entities acting as principals with which the Fund did the largest dollar amount of principal transactions (include all short-term obligations, and U.S. government and tax-free securities) in both the secondary market and in underwritten offerings, provide the information below:

Principal Transactions RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal value of purchases and sales (excluding maturing securities) with Fund
— — — — — — — —

b. Aggregate value of principal purchase/sale transactions of Fund during the reporting period:
0

Item C.18. Payments for brokerage and research.

a. During the reporting period, did the Fund pay commissions to broker-dealers for "brokerage and research services" within the meaning of section 28(e) of the Exchange Act (15 U.S.C. 78bb)? ☐ Yes ☒ No

Item C.19. Average net assets.

a. Provide the Fund's (other than a money market fund's) monthly average net assets during the reporting period
17,272,980
b. Provide the money market fund's daily average net assets during the reporting period

Item C.20. Lines of credit, interfund lending and interfund borrowing.

For open-end management investment companies, respond to the following:
a. Does the Fund have available a line of credit? ☐ Yes ☒ No
b. Did the Fund engage in interfund lending? ☐ Yes ☒ No
c. Did the Fund engage in interfund borrowing? ☐ Yes ☒ No

Item C.21. Swing pricing.

For open-end management investment companies, respond to the following:
a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing? ☐ Yes ☒ No

Item C.22. Liquidity classification services.

For open-end management investment companies subject to rule 22e-4 (17 CFR 270.22e-4), respond to the following:
a. Provide the following information about each person that provided liquidity classification services to the Fund during the reporting period:

Liquidity Classification RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the liquidity classification service an affiliated person of the Fund or its investment adviser(s)?Asset class(es) for which liquidity classification services were provided to the Fund
#1Guinness Atkinson Asset Management , Inc.LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA Yes Equity-common

b. Was a liquidity classification service hired or terminated during the reporting period? ☐ Yes ☒ No
Management Investment Record: 2

Item C.1. Background information.

a. Full Name of the Fund
Guinness Atkinson Asia Focus Fund
b. Series identication number, if any
S000005893
c. LEI
549300B83EIJXRDORS90
d. Is this the first filing on this form by the Fund? ☐ Yes ☒ No

Item C.2. Classes of open-end management investment companies.

a. How many Classes of shares of the Fund (if any) are authorized?
1
b. How many new Classes of shares of the Fund were added during the reporting period?
0
c. How many Classes of shares of the Fund were terminated during the reporting period?
0
d. For each Class with shares outstanding, provide the information requested below:

Shares Outstanding RecordFull name of ClassClass identification number, if anyTicker symbol, if any
#1Guinness Atkinson Asia Focus FundC000016117IASMX

Item C.3. Type of fund.

Instructions:
1. "Fund of Funds" means a fund that acquires securities issued by any other investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)), but, for purposes of this Item, does not include a fund that acquires securities issued by another company solely in reliance on rule 12d1-1 under the Act (CFR 270.12d1-1).
2. "Index" means an investment company, including an Exchange-Traded Fund, that seeks to track the performance of a specified index.
3. "Interval Fund" means a closed-end management investment company that makes periodic repurchases of its shares pursuant to rule 23c-3 under the Act (17 CFR 270.23c-3).
4. "Master-Feeder Fund" means a two-tiered arrangement in which one or more funds (each a feeder fund) holds shares of a single Fund (the master fund) in with section 12(d)(1)(E) of the Act (15 U.S.C. 80a-12(d)(1)(E)) or pursuant to exemptive relief granted by the Commission.
5. "Target Date Fund" means an investment company that has an investment objective or strategy of providing varying degrees of long-term appreciation and capital preservation through a mix of equity and fixed income exposures that changes over time based on an investor's age, target retirement date, or life expectancy.
a. Indicate if the Fund is any one of the types listed. Check all that apply. a. Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund
     ☐ i. Exchange-Traded Fund
     ☐ ii. Exchange-Traded Managed Fund
☐ b. Index Fund
☐ c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark
☐ d. Interval Fund
☐ e. Fund of Funds
☐ f. Master-Feeder Fund
☐ g. Money Market Fund
☐ h. Target Date Fund
☐ i. Underlying fund to a variable annuity or variable life insurance contract
☒ N/A

Item C.4. Diversification.

a. Does the Fund seek to operate as a “non-diversified company” as such term is defined in section 5(b)(2) of the Act (15 U.S.C. 80a- 5(b) (2))? ☐ Yes ☒ No

Item C.5. Investments in certain foreign corporations.

Instruction. "Controlled foreign corporation" has the meaning provided in section 957 of the Internal Revenue Code [26 U.S.C. 957].
a. Does the fund invest in a controlled foreign corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities? ☐ Yes ☒ No

Item C.6. Securities lending.

Instruction. For purposes of this Item, other adverse impacts would include, for example, (1) a loss to the Fund if collateral and indemnification were not sufficient to replace the loaned securities or their value, (2) the Fund's ineligibility to vote shares in a proxy, or (3) the Fund's ineligibility to receive a direct distribution from the issuer.
a. Is the Fund authorized to engage in securities lending transactions? ☒ Yes ☐ No
b. Did the Fund lend any of its securities during the reporting period? ☐ Yes ☒ No
c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:

Securities Lending Record Full name of securities lending agent Identifying number(s) Is the securities lending agent an affiliated person, or an affiliated person of an affiliated person, of the Fund? Does the securities lending agent or any other entity indemnify the fund against borrower default on loans administered by this agent?
— — — — —

d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:

Collateral Managers Record Full name of cash collateral manager Identifying number(s) Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund? Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of the Fund?
— — — — —

e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply): ☐ i. Revenue sharing split
☐ ii. Non-revenue sharing split (other than administrative fee)
☐ iii. Administrative fee
☐ iv. Cash collateral reinvestment fee
☐ v. Indemnification fee
☐ vi. Other
☒ N/A
f. Provide the monthly average of the value of portfolio securities on loan during the reporting period
N/A
g. Provide the net income from securities lending activities
N/A

Item C.7. Reliance on certain statutory exemption and rules.

a. Did the Fund rely on the following statutory exemption or any of the rules under the Act during the reporting period? (check all that apply) ☐ a. Rule 10f-3 (17 CFR 270.10f-3)
☐ b. Rule 12d1-1 (17 CFR 270.12d1-1)
☐ c. Rule 15a-4 (17 CFR 270.15a-4)
☐ d. Rule 17a-6 (17 CFR 270.17a-6)
☐ e. Rule 17a-7 (17 CFR 270.17a-7)
☐ f. Rule 17a-8 (17 CFR 270.17a-8)
☐ g. Rule 17e-1 (17 CFR 270.17e-1)
☐ h. Rule 22d-1 (17 CFR 270.22d-1)
☐ i. Rule 23c-1 (17 CFR 270.23c-1)
☒ j. Rule 32a-4 (17 CFR 270.32a-4)
☐ k. Rule 6c-11 (17 CFR 270.6c-11)
☐ l. Rule 12d1-4 (17 CFR 270.12d1-4)
☐ m. Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))
☐ n. Rule 18f-4 (17 CFR 270.18f-4)
☐ i. Is the Fund excepted from the rule 18f-4 (17 CFR 270.18f-4) program requirement and limit on fund leverage risk under rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))?
☐ ii. Is the Fund a leveraged/inverse fund that, under rule 18f-4(c)(5) (17 CFR 270.18f-4(c)(5)), is excepted from the requirement to comply with the limit on fund leverage risk described in rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))?
☐ iii. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))?
☐ iv. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))?
☐ v. Did the Fund enter into any unfunded commitment agreements under rule 18f-4(e) (17 CFR 270.18f-4(e))?
☐ vi. Did the Fund invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, in reliance on rule 18f-4(f) (17 CFR 270.18f-4(f))?
☐ N/A

Item C.8. Expense limitations.

Instruction. Provide information concerning any direct or indirect limitations, waivers or reductions, on the level of expenses incurred by the fund during the reporting period. A limitation, for example, may be applied indirectly (such as when an adviser agrees to accept a reduced fee pursuant to a voluntary fee waiver) or it may apply only for a temporary period such as for a new fund in its start-up phase.
a. Did the Fund have an expense limitation arrangement in place during the reporting period? ☒ Yes ☐ No
b. Were any expenses of the Fund reduced or waived pursuant to an expense limitation arrangement during the reporting period? ☒ Yes ☐ No
c. Are the fees waived subject to recoupment? ☒ Yes ☐ No
d. Were any expenses previously waived recouped during the period? ☐ Yes ☒ No

Item C.9. Investment advisers.

a. Provide the following information about each investment adviser (other than a sub-adviser) of the Fund:

Investment Advisers RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableWas the investment adviser hired during the reporting period?
#1Guinness Atkinson Asset Management, Inc.801-61667000124465LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA No

b. If an investment adviser (other than a sub- adviser) to the Fund was terminated during the reporting period, provide the following with respect to each investment adviser:

Investment Advisers Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

c. For each sub-adviser to the Fund, provide the information requested:

Sub-Advisors RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableIs the sub-adviser an affiliated person of the Fund's investment adviser(s)?Was the sub-adviser hired during the reporting period?
— — — — — — — — —

d. If a sub-adviser was terminated during the reporting period, provide the following with respect to such sub-adviser:

Sub-Advisors Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

Item C.10. Transfer agents.

a. Provide the following information about each person providing transfer agency services to the Fund:

Transfer Agents RecordFull name SEC file number
( e.g., 801- ) 		Identifying number(s)State, if applicableForeign country, if applicableIs the transfer agent an affiliated person of the Fund or its investment adviser(s)?Is the transfer agent a sub-transfer agent?
#1U.S. Bank Global Fund Services85-11357LEI: N1GZ7BBF3NP8GI976H15
RSSD ID: N/A
 WISCONSIN UNITED STATES OF AMERICA No No

b. Has a transfer agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.11. Pricing services.

a. Provide the following information about each person that provided pricing services to the Fund during the reporting period:

Pricing Services RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the pricing service an affiliated person of the Fund or its investment adviser(s)?
#1Thomson ReutersLEI: 549300561UZND4C7B569
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No
#2Markit North America, Inc.LEI: 549300HLPTRASHS0E726
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA No

b. Was a pricing service hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.12. Custodians.

a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:

Custodians RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the custodian an affiliated person of the Fund or its investment adviser(s)?Is the custodian a sub-custodian? Type of custody
(describe if "Other")
#1HSBC Bank Australia LimitedLEI: DY9DBNI4W8J63Z298033
RSSD ID: N/A
 AUSTRALIA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#2HSBC Bank ChinaLEI: 2CZOJRADNJXBLT55G526
RSSD ID: N/A
 CHINA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#3Standard Chartered Bank (Hong Kong) Ltd for Standard Chartered BankLEI: X5AV1MBDXGRPX5UGMX13
RSSD ID: N/A
 HONG KONG No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#4HSBC - India BranchLEI: 2HI3YI5320L3RW6NJ957
RSSD ID: N/A
 INDIA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#5DBS Bank LtdLEI: ATUEL7OJR5057F2PV266
RSSD ID: N/A
 SINGAPORE No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#6HSBC Bank - Korea BranchLEI: N/A
RSSD ID: N/A
 KOREA (THE REPUBLIC OF) No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#7Standard Chartered Bank (Taiwan) Ltd for Standard Chartered BankLEI: 549300QJEO1B92LSHZ06
RSSD ID: N/A
 TAIWAN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#8Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

b. Has a custodian been hired or terminated during the reporting period?* ☐ Yes ☒ No

Item C.13. Shareholder servicing agents.

a. Provide the following information about each shareholder servicing agent of the Fund:

Shareholder Servicing Agents RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the shareholder servicing agent an affiliated person of the Fund or its investment adviser(s)?Is the shareholder servicing agent a sub-shareholder servicing agent?
#1U.S. Bank Global Fund ServicesLEI: N1GZ7BBF3NP8GI976H15
 WISCONSIN UNITED STATES OF AMERICA No No

b. Has a shareholder servicing agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.14. Administrators.

a. Provide the following information about each administrator of the Fund:

Administrators RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the administrator an affiliated person of the Fund or its investment adviser(s)?Is the administrator a sub-administrator?
#1Mutual Fund Administration, LLCLEI: 54930097560RK2KMX577
 CALIFORNIA UNITED STATES OF AMERICA Yes No

b. Has a third-party administrator been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.15. Affiliated broker-dealers.

a. Provide the following information about each affiliated broker-dealer:

Broker-Dealers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal commissions paid to the affiliated broker-dealer for the reporting period
— — — — — — — —

Item C.16. Brokers.

Instructions to Item C.16 and Item C.17.
To help Registrants distinguish between agency and principal transactions, and to promote consistent reporting of the information required by these items, the following criteria should be used:
1. If a security is purchased or sold in a transaction for which the confirmation specifies the amount of the commission to be paid by the Registrant, the transaction should be considered an agency transaction and included in determining the answers to Item C.16.
2. If a security is purchased or sold in a transaction for which the confirmation specifies only the net amount to be paid or received by the Registrant and such net amount is equal to the market value of the security at the time of the transaction, the transaction should be considered a principal transaction and included in determining the amounts in Item C.17.
3. If a security is purchased by the Registrant in an underwritten offering, the acquisition should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the underwriters are receiving from the issuer.
4. If a security is sold by the Registrant in a tender offer, the sale should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the offeror is paying to soliciting brokers or dealers.
5. If a security is purchased directly from the issuer (such as a bank CD), the purchase should be considered a principal transaction and included in answering Item C.17.
6. The value of called or maturing securities should not be counted in either agency or principal transactions and should not be included in determining the amounts shown in Item C.16 and Item C.17. This means that the acquisition of a security may be included, but it is possible that its disposition may not be included. Disposition of a repurchase agreement at its expiration date should not be included.
7. The purchase or sales of securities in transactions not described in paragraphs (1) through (6) above should be evaluated by the Fund based upon the guidelines established in those paragraphs and classified accordingly. The agents considered in Item C.16 may be persons or companies not registered under the Exchange Act as securities brokers. The persons or companies from whom the investment company purchased or to whom it sold portfolio instruments on a principal basis may be persons or entities not registered under the Exchange Act as securities dealers.
a. For each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s portfolio transactions, provide the information below:

Brokers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableGross commissions paid by the Fund for the reporting period
#1Bernstein8-20657000008269LEI: 5493006B3ZV0S7B6XJ33
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 16
#2BTIG8-65473000122225LEI: 5493000N3YJ7R3J6N403
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 46
#3CLSA Limited8-68171000152967LEI: 213800M2DXATWY7JMS07
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 380
#4JP Morgan8-35008000000079LEI: ZBUT11V806EZRVTWT807
RSSD ID: N/A
 OHIO UNITED STATES OF AMERICA 84
#5Morgan Stanley8-68191000008209LEI: IGJSJL3JD5P30I6NJZ34
RSSD ID: N/A
 MARYLAND UNITED STATES OF AMERICA 553
#6Raymond James8-10906000000705LEI: 5493001KJTIIGC8Y1R12
RSSD ID: N/A
 FLORIDA UNITED STATES OF AMERICA 21

b. Aggregate brokerage commissions paid by Fund during the reporting period:
1,100

Item C.17. Principal transactions.

a. For each of the ten entities acting as principals with which the Fund did the largest dollar amount of principal transactions (include all short-term obligations, and U.S. government and tax-free securities) in both the secondary market and in underwritten offerings, provide the information below:

Principal Transactions RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal value of purchases and sales (excluding maturing securities) with Fund
— — — — — — — —

b. Aggregate value of principal purchase/sale transactions of Fund during the reporting period:
0

Item C.18. Payments for brokerage and research.

a. During the reporting period, did the Fund pay commissions to broker-dealers for "brokerage and research services" within the meaning of section 28(e) of the Exchange Act (15 U.S.C. 78bb)? ☐ Yes ☒ No

Item C.19. Average net assets.

a. Provide the Fund's (other than a money market fund's) monthly average net assets during the reporting period
10,606,124
b. Provide the money market fund's daily average net assets during the reporting period

Item C.20. Lines of credit, interfund lending and interfund borrowing.

For open-end management investment companies, respond to the following:
a. Does the Fund have available a line of credit? ☐ Yes ☒ No
b. Did the Fund engage in interfund lending? ☐ Yes ☒ No
c. Did the Fund engage in interfund borrowing? ☐ Yes ☒ No

Item C.21. Swing pricing.

For open-end management investment companies, respond to the following:
a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing? ☐ Yes ☒ No

Item C.22. Liquidity classification services.

For open-end management investment companies subject to rule 22e-4 (17 CFR 270.22e-4), respond to the following:
a. Provide the following information about each person that provided liquidity classification services to the Fund during the reporting period:

Liquidity Classification RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the liquidity classification service an affiliated person of the Fund or its investment adviser(s)?Asset class(es) for which liquidity classification services were provided to the Fund
#1Guinness Atkinson Asset Management , Inc.LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA Yes Equity-common

b. Was a liquidity classification service hired or terminated during the reporting period? ☐ Yes ☒ No
Management Investment Record: 3

Item C.1. Background information.

a. Full Name of the Fund
Guinness Atkinson China & Hong Kong Fund
b. Series identication number, if any
S000005894
c. LEI
549300DM0YHA9DTLSY91
d. Is this the first filing on this form by the Fund? ☐ Yes ☒ No

Item C.2. Classes of open-end management investment companies.

a. How many Classes of shares of the Fund (if any) are authorized?
1
b. How many new Classes of shares of the Fund were added during the reporting period?
0
c. How many Classes of shares of the Fund were terminated during the reporting period?
0
d. For each Class with shares outstanding, provide the information requested below:

Shares Outstanding RecordFull name of ClassClass identification number, if anyTicker symbol, if any
#1Guinness Atkinson China & Hong Kong FundC000016118ICHKX

Item C.3. Type of fund.

Instructions:
1. "Fund of Funds" means a fund that acquires securities issued by any other investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)), but, for purposes of this Item, does not include a fund that acquires securities issued by another company solely in reliance on rule 12d1-1 under the Act (CFR 270.12d1-1).
2. "Index" means an investment company, including an Exchange-Traded Fund, that seeks to track the performance of a specified index.
3. "Interval Fund" means a closed-end management investment company that makes periodic repurchases of its shares pursuant to rule 23c-3 under the Act (17 CFR 270.23c-3).
4. "Master-Feeder Fund" means a two-tiered arrangement in which one or more funds (each a feeder fund) holds shares of a single Fund (the master fund) in with section 12(d)(1)(E) of the Act (15 U.S.C. 80a-12(d)(1)(E)) or pursuant to exemptive relief granted by the Commission.
5. "Target Date Fund" means an investment company that has an investment objective or strategy of providing varying degrees of long-term appreciation and capital preservation through a mix of equity and fixed income exposures that changes over time based on an investor's age, target retirement date, or life expectancy.
a. Indicate if the Fund is any one of the types listed. Check all that apply. a. Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund
     ☐ i. Exchange-Traded Fund
     ☐ ii. Exchange-Traded Managed Fund
☐ b. Index Fund
☐ c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark
☐ d. Interval Fund
☐ e. Fund of Funds
☐ f. Master-Feeder Fund
☐ g. Money Market Fund
☐ h. Target Date Fund
☐ i. Underlying fund to a variable annuity or variable life insurance contract
☒ N/A

Item C.4. Diversification.

a. Does the Fund seek to operate as a “non-diversified company” as such term is defined in section 5(b)(2) of the Act (15 U.S.C. 80a- 5(b) (2))? ☐ Yes ☒ No

Item C.5. Investments in certain foreign corporations.

Instruction. "Controlled foreign corporation" has the meaning provided in section 957 of the Internal Revenue Code [26 U.S.C. 957].
a. Does the fund invest in a controlled foreign corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities? ☐ Yes ☒ No

Item C.6. Securities lending.

Instruction. For purposes of this Item, other adverse impacts would include, for example, (1) a loss to the Fund if collateral and indemnification were not sufficient to replace the loaned securities or their value, (2) the Fund's ineligibility to vote shares in a proxy, or (3) the Fund's ineligibility to receive a direct distribution from the issuer.
a. Is the Fund authorized to engage in securities lending transactions? ☒ Yes ☐ No
b. Did the Fund lend any of its securities during the reporting period? ☐ Yes ☒ No
c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:

Securities Lending Record Full name of securities lending agent Identifying number(s) Is the securities lending agent an affiliated person, or an affiliated person of an affiliated person, of the Fund? Does the securities lending agent or any other entity indemnify the fund against borrower default on loans administered by this agent?
— — — — —

d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:

Collateral Managers Record Full name of cash collateral manager Identifying number(s) Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund? Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of the Fund?
— — — — —

e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply): ☐ i. Revenue sharing split
☐ ii. Non-revenue sharing split (other than administrative fee)
☐ iii. Administrative fee
☐ iv. Cash collateral reinvestment fee
☐ v. Indemnification fee
☐ vi. Other
☒ N/A
f. Provide the monthly average of the value of portfolio securities on loan during the reporting period
N/A
g. Provide the net income from securities lending activities
N/A

Item C.7. Reliance on certain statutory exemption and rules.

a. Did the Fund rely on the following statutory exemption or any of the rules under the Act during the reporting period? (check all that apply) ☐ a. Rule 10f-3 (17 CFR 270.10f-3)
☐ b. Rule 12d1-1 (17 CFR 270.12d1-1)
☐ c. Rule 15a-4 (17 CFR 270.15a-4)
☐ d. Rule 17a-6 (17 CFR 270.17a-6)
☐ e. Rule 17a-7 (17 CFR 270.17a-7)
☐ f. Rule 17a-8 (17 CFR 270.17a-8)
☐ g. Rule 17e-1 (17 CFR 270.17e-1)
☐ h. Rule 22d-1 (17 CFR 270.22d-1)
☐ i. Rule 23c-1 (17 CFR 270.23c-1)
☒ j. Rule 32a-4 (17 CFR 270.32a-4)
☐ k. Rule 6c-11 (17 CFR 270.6c-11)
☐ l. Rule 12d1-4 (17 CFR 270.12d1-4)
☐ m. Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))
☐ n. Rule 18f-4 (17 CFR 270.18f-4)
☐ i. Is the Fund excepted from the rule 18f-4 (17 CFR 270.18f-4) program requirement and limit on fund leverage risk under rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))?
☐ ii. Is the Fund a leveraged/inverse fund that, under rule 18f-4(c)(5) (17 CFR 270.18f-4(c)(5)), is excepted from the requirement to comply with the limit on fund leverage risk described in rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))?
☐ iii. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))?
☐ iv. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))?
☐ v. Did the Fund enter into any unfunded commitment agreements under rule 18f-4(e) (17 CFR 270.18f-4(e))?
☐ vi. Did the Fund invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, in reliance on rule 18f-4(f) (17 CFR 270.18f-4(f))?
☐ N/A

Item C.8. Expense limitations.

Instruction. Provide information concerning any direct or indirect limitations, waivers or reductions, on the level of expenses incurred by the fund during the reporting period. A limitation, for example, may be applied indirectly (such as when an adviser agrees to accept a reduced fee pursuant to a voluntary fee waiver) or it may apply only for a temporary period such as for a new fund in its start-up phase.
a. Did the Fund have an expense limitation arrangement in place during the reporting period? ☒ Yes ☐ No
b. Were any expenses of the Fund reduced or waived pursuant to an expense limitation arrangement during the reporting period? ☐ Yes ☒ No
c. Are the fees waived subject to recoupment? ☐ Yes ☒ No
d. Were any expenses previously waived recouped during the period? ☐ Yes ☒ No

Item C.9. Investment advisers.

a. Provide the following information about each investment adviser (other than a sub-adviser) of the Fund:

Investment Advisers RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableWas the investment adviser hired during the reporting period?
#1Guinness Atkinson Asset Management, Inc.801-61667000124465LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA No

b. If an investment adviser (other than a sub- adviser) to the Fund was terminated during the reporting period, provide the following with respect to each investment adviser:

Investment Advisers Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

c. For each sub-adviser to the Fund, provide the information requested:

Sub-Advisors RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableIs the sub-adviser an affiliated person of the Fund's investment adviser(s)?Was the sub-adviser hired during the reporting period?
— — — — — — — — —

d. If a sub-adviser was terminated during the reporting period, provide the following with respect to such sub-adviser:

Sub-Advisors Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

Item C.10. Transfer agents.

a. Provide the following information about each person providing transfer agency services to the Fund:

Transfer Agents RecordFull name SEC file number
( e.g., 801- ) 		Identifying number(s)State, if applicableForeign country, if applicableIs the transfer agent an affiliated person of the Fund or its investment adviser(s)?Is the transfer agent a sub-transfer agent?
#1U.S. Bank Global Fund Services85-11357LEI: N1GZ7BBF3NP8GI976H15
RSSD ID: N/A
 WISCONSIN UNITED STATES OF AMERICA No No

b. Has a transfer agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.11. Pricing services.

a. Provide the following information about each person that provided pricing services to the Fund during the reporting period:

Pricing Services RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the pricing service an affiliated person of the Fund or its investment adviser(s)?
#1Thomson ReutersLEI: 549300561UZND4C7B569
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No
#2Markit North America, Inc.LEI: 549300HLPTRASHS0E726
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA No

b. Was a pricing service hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.12. Custodians.

a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:

Custodians RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the custodian an affiliated person of the Fund or its investment adviser(s)?Is the custodian a sub-custodian? Type of custody
(describe if "Other")
#1HSBC Bank ChinaLEI: 2CZOJRADNJXBLT55G526
RSSD ID: N/A
 CHINA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#2Standard Chartered Bank (Hong Kong) Ltd for Standard Chartered BankLEI: X5AV1MBDXGRPX5UGMX13
RSSD ID: N/A
 HONG KONG No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#3Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

b. Has a custodian been hired or terminated during the reporting period?* ☐ Yes ☒ No

Item C.13. Shareholder servicing agents.

a. Provide the following information about each shareholder servicing agent of the Fund:

Shareholder Servicing Agents RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the shareholder servicing agent an affiliated person of the Fund or its investment adviser(s)?Is the shareholder servicing agent a sub-shareholder servicing agent?
#1U.S. Bank Global Fund ServicesLEI: N1GZ7BBF3NP8GI976H15
 WISCONSIN UNITED STATES OF AMERICA No No

b. Has a shareholder servicing agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.14. Administrators.

a. Provide the following information about each administrator of the Fund:

Administrators RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the administrator an affiliated person of the Fund or its investment adviser(s)?Is the administrator a sub-administrator?
#1Mutual Fund Administration, LLCLEI: 54930097560RK2KMX577
 CALIFORNIA UNITED STATES OF AMERICA Yes No

b. Has a third-party administrator been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.15. Affiliated broker-dealers.

a. Provide the following information about each affiliated broker-dealer:

Broker-Dealers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal commissions paid to the affiliated broker-dealer for the reporting period
— — — — — — — —

Item C.16. Brokers.

Instructions to Item C.16 and Item C.17.
To help Registrants distinguish between agency and principal transactions, and to promote consistent reporting of the information required by these items, the following criteria should be used:
1. If a security is purchased or sold in a transaction for which the confirmation specifies the amount of the commission to be paid by the Registrant, the transaction should be considered an agency transaction and included in determining the answers to Item C.16.
2. If a security is purchased or sold in a transaction for which the confirmation specifies only the net amount to be paid or received by the Registrant and such net amount is equal to the market value of the security at the time of the transaction, the transaction should be considered a principal transaction and included in determining the amounts in Item C.17.
3. If a security is purchased by the Registrant in an underwritten offering, the acquisition should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the underwriters are receiving from the issuer.
4. If a security is sold by the Registrant in a tender offer, the sale should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the offeror is paying to soliciting brokers or dealers.
5. If a security is purchased directly from the issuer (such as a bank CD), the purchase should be considered a principal transaction and included in answering Item C.17.
6. The value of called or maturing securities should not be counted in either agency or principal transactions and should not be included in determining the amounts shown in Item C.16 and Item C.17. This means that the acquisition of a security may be included, but it is possible that its disposition may not be included. Disposition of a repurchase agreement at its expiration date should not be included.
7. The purchase or sales of securities in transactions not described in paragraphs (1) through (6) above should be evaluated by the Fund based upon the guidelines established in those paragraphs and classified accordingly. The agents considered in Item C.16 may be persons or companies not registered under the Exchange Act as securities brokers. The persons or companies from whom the investment company purchased or to whom it sold portfolio instruments on a principal basis may be persons or entities not registered under the Exchange Act as securities dealers.
a. For each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s portfolio transactions, provide the information below:

Brokers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableGross commissions paid by the Fund for the reporting period
#1BerenbergN/AN/ALEI: 529900ODI3047E2LIV04
RSSD ID: N/A
 GERMANY 25
#2Bernstein8-20657000008269LEI: 5493006B3ZV0S7B6XJ33
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 104
#3BTIG8-65473000122225LEI: 5493000N3YJ7R3J6N403
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 213
#4CLSA Limited8-68171000152967LEI: 213800M2DXATWY7JMS07
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 501
#5JP Morgan8-35008000000079LEI: ZBUT11V806EZRVTWT807
RSSD ID: N/A
 OHIO UNITED STATES OF AMERICA 912
#6Morgan Stanley8-68191000008209LEI: IGJSJL3JD5P30I6NJZ34
RSSD ID: N/A
 MARYLAND UNITED STATES OF AMERICA 1,844
#7Raymond James8-10906000000705LEI: 5493001KJTIIGC8Y1R12
RSSD ID: N/A
 FLORIDA UNITED STATES OF AMERICA 60

b. Aggregate brokerage commissions paid by Fund during the reporting period:
3,659

Item C.17. Principal transactions.

a. For each of the ten entities acting as principals with which the Fund did the largest dollar amount of principal transactions (include all short-term obligations, and U.S. government and tax-free securities) in both the secondary market and in underwritten offerings, provide the information below:

Principal Transactions RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal value of purchases and sales (excluding maturing securities) with Fund
— — — — — — — —

b. Aggregate value of principal purchase/sale transactions of Fund during the reporting period:
0

Item C.18. Payments for brokerage and research.

a. During the reporting period, did the Fund pay commissions to broker-dealers for "brokerage and research services" within the meaning of section 28(e) of the Exchange Act (15 U.S.C. 78bb)? ☐ Yes ☒ No

Item C.19. Average net assets.

a. Provide the Fund's (other than a money market fund's) monthly average net assets during the reporting period
25,697,733
b. Provide the money market fund's daily average net assets during the reporting period

Item C.20. Lines of credit, interfund lending and interfund borrowing.

For open-end management investment companies, respond to the following:
a. Does the Fund have available a line of credit? ☐ Yes ☒ No
b. Did the Fund engage in interfund lending? ☐ Yes ☒ No
c. Did the Fund engage in interfund borrowing? ☐ Yes ☒ No

Item C.21. Swing pricing.

For open-end management investment companies, respond to the following:
a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing? ☐ Yes ☒ No

Item C.22. Liquidity classification services.

For open-end management investment companies subject to rule 22e-4 (17 CFR 270.22e-4), respond to the following:
a. Provide the following information about each person that provided liquidity classification services to the Fund during the reporting period:

Liquidity Classification RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the liquidity classification service an affiliated person of the Fund or its investment adviser(s)?Asset class(es) for which liquidity classification services were provided to the Fund
#1Guinness Atkinson Asset Management , Inc.LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA Yes Equity-common

b. Was a liquidity classification service hired or terminated during the reporting period? ☐ Yes ☒ No
Management Investment Record: 4

Item C.1. Background information.

a. Full Name of the Fund
Guinness Atkinson Global Energy Fund
b. Series identication number, if any
S000005896
c. LEI
5493008FBP33QJVDNN54
d. Is this the first filing on this form by the Fund? ☐ Yes ☒ No

Item C.2. Classes of open-end management investment companies.

a. How many Classes of shares of the Fund (if any) are authorized?
1
b. How many new Classes of shares of the Fund were added during the reporting period?
0
c. How many Classes of shares of the Fund were terminated during the reporting period?
0
d. For each Class with shares outstanding, provide the information requested below:

Shares Outstanding RecordFull name of ClassClass identification number, if anyTicker symbol, if any
#1Guinness Atkinson Global Energy FundC000016120GAGEX

Item C.3. Type of fund.

Instructions:
1. "Fund of Funds" means a fund that acquires securities issued by any other investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)), but, for purposes of this Item, does not include a fund that acquires securities issued by another company solely in reliance on rule 12d1-1 under the Act (CFR 270.12d1-1).
2. "Index" means an investment company, including an Exchange-Traded Fund, that seeks to track the performance of a specified index.
3. "Interval Fund" means a closed-end management investment company that makes periodic repurchases of its shares pursuant to rule 23c-3 under the Act (17 CFR 270.23c-3).
4. "Master-Feeder Fund" means a two-tiered arrangement in which one or more funds (each a feeder fund) holds shares of a single Fund (the master fund) in with section 12(d)(1)(E) of the Act (15 U.S.C. 80a-12(d)(1)(E)) or pursuant to exemptive relief granted by the Commission.
5. "Target Date Fund" means an investment company that has an investment objective or strategy of providing varying degrees of long-term appreciation and capital preservation through a mix of equity and fixed income exposures that changes over time based on an investor's age, target retirement date, or life expectancy.
a. Indicate if the Fund is any one of the types listed. Check all that apply. a. Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund
     ☐ i. Exchange-Traded Fund
     ☐ ii. Exchange-Traded Managed Fund
☐ b. Index Fund
☐ c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark
☐ d. Interval Fund
☐ e. Fund of Funds
☐ f. Master-Feeder Fund
☐ g. Money Market Fund
☐ h. Target Date Fund
☐ i. Underlying fund to a variable annuity or variable life insurance contract
☒ N/A

Item C.4. Diversification.

a. Does the Fund seek to operate as a “non-diversified company” as such term is defined in section 5(b)(2) of the Act (15 U.S.C. 80a- 5(b) (2))? ☐ Yes ☒ No

Item C.5. Investments in certain foreign corporations.

Instruction. "Controlled foreign corporation" has the meaning provided in section 957 of the Internal Revenue Code [26 U.S.C. 957].
a. Does the fund invest in a controlled foreign corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities? ☐ Yes ☒ No

Item C.6. Securities lending.

Instruction. For purposes of this Item, other adverse impacts would include, for example, (1) a loss to the Fund if collateral and indemnification were not sufficient to replace the loaned securities or their value, (2) the Fund's ineligibility to vote shares in a proxy, or (3) the Fund's ineligibility to receive a direct distribution from the issuer.
a. Is the Fund authorized to engage in securities lending transactions? ☒ Yes ☐ No
b. Did the Fund lend any of its securities during the reporting period? ☐ Yes ☒ No
c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:

Securities Lending Record Full name of securities lending agent Identifying number(s) Is the securities lending agent an affiliated person, or an affiliated person of an affiliated person, of the Fund? Does the securities lending agent or any other entity indemnify the fund against borrower default on loans administered by this agent?
— — — — —

d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:

Collateral Managers Record Full name of cash collateral manager Identifying number(s) Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund? Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of the Fund?
— — — — —

e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply): ☐ i. Revenue sharing split
☐ ii. Non-revenue sharing split (other than administrative fee)
☐ iii. Administrative fee
☐ iv. Cash collateral reinvestment fee
☐ v. Indemnification fee
☐ vi. Other
☒ N/A
f. Provide the monthly average of the value of portfolio securities on loan during the reporting period
N/A
g. Provide the net income from securities lending activities
N/A

Item C.7. Reliance on certain statutory exemption and rules.

a. Did the Fund rely on the following statutory exemption or any of the rules under the Act during the reporting period? (check all that apply) ☐ a. Rule 10f-3 (17 CFR 270.10f-3)
☐ b. Rule 12d1-1 (17 CFR 270.12d1-1)
☐ c. Rule 15a-4 (17 CFR 270.15a-4)
☐ d. Rule 17a-6 (17 CFR 270.17a-6)
☐ e. Rule 17a-7 (17 CFR 270.17a-7)
☐ f. Rule 17a-8 (17 CFR 270.17a-8)
☐ g. Rule 17e-1 (17 CFR 270.17e-1)
☐ h. Rule 22d-1 (17 CFR 270.22d-1)
☐ i. Rule 23c-1 (17 CFR 270.23c-1)
☒ j. Rule 32a-4 (17 CFR 270.32a-4)
☐ k. Rule 6c-11 (17 CFR 270.6c-11)
☐ l. Rule 12d1-4 (17 CFR 270.12d1-4)
☐ m. Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))
☐ n. Rule 18f-4 (17 CFR 270.18f-4)
☐ i. Is the Fund excepted from the rule 18f-4 (17 CFR 270.18f-4) program requirement and limit on fund leverage risk under rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))?
☐ ii. Is the Fund a leveraged/inverse fund that, under rule 18f-4(c)(5) (17 CFR 270.18f-4(c)(5)), is excepted from the requirement to comply with the limit on fund leverage risk described in rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))?
☐ iii. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))?
☐ iv. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))?
☐ v. Did the Fund enter into any unfunded commitment agreements under rule 18f-4(e) (17 CFR 270.18f-4(e))?
☐ vi. Did the Fund invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, in reliance on rule 18f-4(f) (17 CFR 270.18f-4(f))?
☐ N/A

Item C.8. Expense limitations.

Instruction. Provide information concerning any direct or indirect limitations, waivers or reductions, on the level of expenses incurred by the fund during the reporting period. A limitation, for example, may be applied indirectly (such as when an adviser agrees to accept a reduced fee pursuant to a voluntary fee waiver) or it may apply only for a temporary period such as for a new fund in its start-up phase.
a. Did the Fund have an expense limitation arrangement in place during the reporting period? ☒ Yes ☐ No
b. Were any expenses of the Fund reduced or waived pursuant to an expense limitation arrangement during the reporting period? ☒ Yes ☐ No
c. Are the fees waived subject to recoupment? ☒ Yes ☐ No
d. Were any expenses previously waived recouped during the period? ☐ Yes ☒ No

Item C.9. Investment advisers.

a. Provide the following information about each investment adviser (other than a sub-adviser) of the Fund:

Investment Advisers RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableWas the investment adviser hired during the reporting period?
#1Guinness Atkinson Asset Management, Inc.801-61667000124465LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA No

b. If an investment adviser (other than a sub- adviser) to the Fund was terminated during the reporting period, provide the following with respect to each investment adviser:

Investment Advisers Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

c. For each sub-adviser to the Fund, provide the information requested:

Sub-Advisors RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableIs the sub-adviser an affiliated person of the Fund's investment adviser(s)?Was the sub-adviser hired during the reporting period?
— — — — — — — — —

d. If a sub-adviser was terminated during the reporting period, provide the following with respect to such sub-adviser:

Sub-Advisors Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

Item C.10. Transfer agents.

a. Provide the following information about each person providing transfer agency services to the Fund:

Transfer Agents RecordFull name SEC file number
( e.g., 801- ) 		Identifying number(s)State, if applicableForeign country, if applicableIs the transfer agent an affiliated person of the Fund or its investment adviser(s)?Is the transfer agent a sub-transfer agent?
#1U.S. Bank Global Fund Services85-11357LEI: N1GZ7BBF3NP8GI976H15
RSSD ID: N/A
 WISCONSIN UNITED STATES OF AMERICA No No

b. Has a transfer agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.11. Pricing services.

a. Provide the following information about each person that provided pricing services to the Fund during the reporting period:

Pricing Services RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the pricing service an affiliated person of the Fund or its investment adviser(s)?
#1Thomson ReutersLEI: 549300561UZND4C7B569
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No
#2Markit North America, Inc.LEI: 549300HLPTRASHS0E726
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA No

b. Was a pricing service hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.12. Custodians.

a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:

Custodians RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the custodian an affiliated person of the Fund or its investment adviser(s)?Is the custodian a sub-custodian? Type of custody
(describe if "Other")
#1Unicredit Bank Austria AGLEI: D1HEB8VEU6D9M8ZUXG17
RSSD ID: N/A
 AUSTRIA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#2RBC Investor Services Trust for Royal Bank of Canada (RBC)LEI: 5493002MUOV04NSPT571
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#3HSBC Bank ChinaLEI: 2CZOJRADNJXBLT55G526
RSSD ID: N/A
 CHINA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#4BNP Paribas S.A.LEI: 549300WCGB70D06XZS54
RSSD ID: N/A
 FRANCE No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#5BNP Paribas S.A., Succursale ItaliaLEI: R0MUWSFPU8MPRO8K5P83
RSSD ID: N/A
 ITALY No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#6BNP Paribas S.A.LEI: R0MUWSFPU8MPRO8K5P83
RSSD ID: N/A
 NETHERLANDS No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#7Skandinaviska Enskilda Banken AB (PUBL), Oslo BranchLEI: F3JS33DEI6XQ4ZBPTN86
RSSD ID: N/A
 NORWAY No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#8BNP Paribas S.A.LEI: R0MUWSFPU8MPRO8K5P83
RSSD ID: N/A
 PORTUGAL No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#9Banco Bilbao Vizcaya Argentaria SALEI: K8MS7FD7N5Z2WQ51AZ71
RSSD ID: N/A
 SPAIN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#10HSBC Bank PLCLEI: MP6I5ZYZBEU3UXPYFY54
RSSD ID: N/A
 UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#11Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

b. Has a custodian been hired or terminated during the reporting period?* ☐ Yes ☒ No

Item C.13. Shareholder servicing agents.

a. Provide the following information about each shareholder servicing agent of the Fund:

Shareholder Servicing Agents RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the shareholder servicing agent an affiliated person of the Fund or its investment adviser(s)?Is the shareholder servicing agent a sub-shareholder servicing agent?
#1U.S. Bank Global Fund ServicesLEI: N1GZ7BBF3NP8GI976H15
 WISCONSIN UNITED STATES OF AMERICA No No

b. Has a shareholder servicing agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.14. Administrators.

a. Provide the following information about each administrator of the Fund:

Administrators RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the administrator an affiliated person of the Fund or its investment adviser(s)?Is the administrator a sub-administrator?
#1Mutual Fund Administration, LLCLEI: 54930097560RK2KMX577
 CALIFORNIA UNITED STATES OF AMERICA Yes No

b. Has a third-party administrator been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.15. Affiliated broker-dealers.

a. Provide the following information about each affiliated broker-dealer:

Broker-Dealers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal commissions paid to the affiliated broker-dealer for the reporting period
— — — — — — — —

Item C.16. Brokers.

Instructions to Item C.16 and Item C.17.
To help Registrants distinguish between agency and principal transactions, and to promote consistent reporting of the information required by these items, the following criteria should be used:
1. If a security is purchased or sold in a transaction for which the confirmation specifies the amount of the commission to be paid by the Registrant, the transaction should be considered an agency transaction and included in determining the answers to Item C.16.
2. If a security is purchased or sold in a transaction for which the confirmation specifies only the net amount to be paid or received by the Registrant and such net amount is equal to the market value of the security at the time of the transaction, the transaction should be considered a principal transaction and included in determining the amounts in Item C.17.
3. If a security is purchased by the Registrant in an underwritten offering, the acquisition should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the underwriters are receiving from the issuer.
4. If a security is sold by the Registrant in a tender offer, the sale should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the offeror is paying to soliciting brokers or dealers.
5. If a security is purchased directly from the issuer (such as a bank CD), the purchase should be considered a principal transaction and included in answering Item C.17.
6. The value of called or maturing securities should not be counted in either agency or principal transactions and should not be included in determining the amounts shown in Item C.16 and Item C.17. This means that the acquisition of a security may be included, but it is possible that its disposition may not be included. Disposition of a repurchase agreement at its expiration date should not be included.
7. The purchase or sales of securities in transactions not described in paragraphs (1) through (6) above should be evaluated by the Fund based upon the guidelines established in those paragraphs and classified accordingly. The agents considered in Item C.16 may be persons or companies not registered under the Exchange Act as securities brokers. The persons or companies from whom the investment company purchased or to whom it sold portfolio instruments on a principal basis may be persons or entities not registered under the Exchange Act as securities dealers.
a. For each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s portfolio transactions, provide the information below:

Brokers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableGross commissions paid by the Fund for the reporting period
#1BerenbergN/AN/ALEI: 529900ODI3047E2LIV06
RSSD ID: N/A
 GERMANY 38
#2Bernstein8-20657000008269LEI: 5493006B3ZV0S7B6XJ33
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 92
#3CLSA Limited8-68171000152967LEI: 213800M2DXATWY7JMS07
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 2
#4Goldman Sachs8-00129000000361LEI: FOR8UP27PHTHYVLBNG30
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 19
#5JP Morgan8-35008000000079LEI: ZBUT11V806EZRVTWT807
RSSD ID: N/A
 OHIO UNITED STATES OF AMERICA 6
#6Morgan Stanley8-68191000008209LEI: IGJSJL3JD5P30I6NJZ34
RSSD ID: N/A
 MARYLAND UNITED STATES OF AMERICA 321
#7Shore CapitalN/AN/ALEI: 213800H7J1K9H2Z4NQ47
RSSD ID: N/A
 UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND 18

b. Aggregate brokerage commissions paid by Fund during the reporting period:
496

Item C.17. Principal transactions.

a. For each of the ten entities acting as principals with which the Fund did the largest dollar amount of principal transactions (include all short-term obligations, and U.S. government and tax-free securities) in both the secondary market and in underwritten offerings, provide the information below:

Principal Transactions RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal value of purchases and sales (excluding maturing securities) with Fund
— — — — — — — —

b. Aggregate value of principal purchase/sale transactions of Fund during the reporting period:
0

Item C.18. Payments for brokerage and research.

a. During the reporting period, did the Fund pay commissions to broker-dealers for "brokerage and research services" within the meaning of section 28(e) of the Exchange Act (15 U.S.C. 78bb)? ☐ Yes ☒ No

Item C.19. Average net assets.

a. Provide the Fund's (other than a money market fund's) monthly average net assets during the reporting period
9,901,424
b. Provide the money market fund's daily average net assets during the reporting period

Item C.20. Lines of credit, interfund lending and interfund borrowing.

For open-end management investment companies, respond to the following:
a. Does the Fund have available a line of credit? ☐ Yes ☒ No
b. Did the Fund engage in interfund lending? ☐ Yes ☒ No
c. Did the Fund engage in interfund borrowing? ☐ Yes ☒ No

Item C.21. Swing pricing.

For open-end management investment companies, respond to the following:
a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing? ☐ Yes ☒ No

Item C.22. Liquidity classification services.

For open-end management investment companies subject to rule 22e-4 (17 CFR 270.22e-4), respond to the following:
a. Provide the following information about each person that provided liquidity classification services to the Fund during the reporting period:

Liquidity Classification RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the liquidity classification service an affiliated person of the Fund or its investment adviser(s)?Asset class(es) for which liquidity classification services were provided to the Fund
#1Guinness Atkinson Asset Management , Inc.LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA Yes Equity-common

b. Was a liquidity classification service hired or terminated during the reporting period? ☐ Yes ☒ No
Management Investment Record: 5

Item C.1. Background information.

a. Full Name of the Fund
Guinness Atkinson Global Innovators Fund
b. Series identication number, if any
S000005895
c. LEI
5493002JATDIWELU2P62
d. Is this the first filing on this form by the Fund? ☐ Yes ☒ No

Item C.2. Classes of open-end management investment companies.

a. How many Classes of shares of the Fund (if any) are authorized?
2
b. How many new Classes of shares of the Fund were added during the reporting period?
0
c. How many Classes of shares of the Fund were terminated during the reporting period?
0
d. For each Class with shares outstanding, provide the information requested below:

Shares Outstanding RecordFull name of ClassClass identification number, if anyTicker symbol, if any
#1Investor ClassC000016119IWIRX
#2Institutional ClassC000161072GINNX

Item C.3. Type of fund.

Instructions:
1. "Fund of Funds" means a fund that acquires securities issued by any other investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)), but, for purposes of this Item, does not include a fund that acquires securities issued by another company solely in reliance on rule 12d1-1 under the Act (CFR 270.12d1-1).
2. "Index" means an investment company, including an Exchange-Traded Fund, that seeks to track the performance of a specified index.
3. "Interval Fund" means a closed-end management investment company that makes periodic repurchases of its shares pursuant to rule 23c-3 under the Act (17 CFR 270.23c-3).
4. "Master-Feeder Fund" means a two-tiered arrangement in which one or more funds (each a feeder fund) holds shares of a single Fund (the master fund) in with section 12(d)(1)(E) of the Act (15 U.S.C. 80a-12(d)(1)(E)) or pursuant to exemptive relief granted by the Commission.
5. "Target Date Fund" means an investment company that has an investment objective or strategy of providing varying degrees of long-term appreciation and capital preservation through a mix of equity and fixed income exposures that changes over time based on an investor's age, target retirement date, or life expectancy.
a. Indicate if the Fund is any one of the types listed. Check all that apply. a. Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund
     ☐ i. Exchange-Traded Fund
     ☐ ii. Exchange-Traded Managed Fund
☐ b. Index Fund
☐ c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark
☐ d. Interval Fund
☐ e. Fund of Funds
☐ f. Master-Feeder Fund
☐ g. Money Market Fund
☐ h. Target Date Fund
☐ i. Underlying fund to a variable annuity or variable life insurance contract
☒ N/A

Item C.4. Diversification.

a. Does the Fund seek to operate as a “non-diversified company” as such term is defined in section 5(b)(2) of the Act (15 U.S.C. 80a- 5(b) (2))? ☐ Yes ☒ No

Item C.5. Investments in certain foreign corporations.

Instruction. "Controlled foreign corporation" has the meaning provided in section 957 of the Internal Revenue Code [26 U.S.C. 957].
a. Does the fund invest in a controlled foreign corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities? ☐ Yes ☒ No

Item C.6. Securities lending.

Instruction. For purposes of this Item, other adverse impacts would include, for example, (1) a loss to the Fund if collateral and indemnification were not sufficient to replace the loaned securities or their value, (2) the Fund's ineligibility to vote shares in a proxy, or (3) the Fund's ineligibility to receive a direct distribution from the issuer.
a. Is the Fund authorized to engage in securities lending transactions? ☒ Yes ☐ No
b. Did the Fund lend any of its securities during the reporting period? ☐ Yes ☒ No
c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:

Securities Lending Record Full name of securities lending agent Identifying number(s) Is the securities lending agent an affiliated person, or an affiliated person of an affiliated person, of the Fund? Does the securities lending agent or any other entity indemnify the fund against borrower default on loans administered by this agent?
— — — — —

d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:

Collateral Managers Record Full name of cash collateral manager Identifying number(s) Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund? Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of the Fund?
— — — — —

e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply): ☐ i. Revenue sharing split
☐ ii. Non-revenue sharing split (other than administrative fee)
☐ iii. Administrative fee
☐ iv. Cash collateral reinvestment fee
☐ v. Indemnification fee
☐ vi. Other
☒ N/A
f. Provide the monthly average of the value of portfolio securities on loan during the reporting period
N/A
g. Provide the net income from securities lending activities
N/A

Item C.7. Reliance on certain statutory exemption and rules.

a. Did the Fund rely on the following statutory exemption or any of the rules under the Act during the reporting period? (check all that apply) ☐ a. Rule 10f-3 (17 CFR 270.10f-3)
☐ b. Rule 12d1-1 (17 CFR 270.12d1-1)
☐ c. Rule 15a-4 (17 CFR 270.15a-4)
☐ d. Rule 17a-6 (17 CFR 270.17a-6)
☐ e. Rule 17a-7 (17 CFR 270.17a-7)
☐ f. Rule 17a-8 (17 CFR 270.17a-8)
☐ g. Rule 17e-1 (17 CFR 270.17e-1)
☐ h. Rule 22d-1 (17 CFR 270.22d-1)
☐ i. Rule 23c-1 (17 CFR 270.23c-1)
☒ j. Rule 32a-4 (17 CFR 270.32a-4)
☐ k. Rule 6c-11 (17 CFR 270.6c-11)
☐ l. Rule 12d1-4 (17 CFR 270.12d1-4)
☐ m. Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))
☐ n. Rule 18f-4 (17 CFR 270.18f-4)
☐ i. Is the Fund excepted from the rule 18f-4 (17 CFR 270.18f-4) program requirement and limit on fund leverage risk under rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))?
☐ ii. Is the Fund a leveraged/inverse fund that, under rule 18f-4(c)(5) (17 CFR 270.18f-4(c)(5)), is excepted from the requirement to comply with the limit on fund leverage risk described in rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))?
☐ iii. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))?
☐ iv. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))?
☐ v. Did the Fund enter into any unfunded commitment agreements under rule 18f-4(e) (17 CFR 270.18f-4(e))?
☐ vi. Did the Fund invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, in reliance on rule 18f-4(f) (17 CFR 270.18f-4(f))?
☐ N/A

Item C.8. Expense limitations.

Instruction. Provide information concerning any direct or indirect limitations, waivers or reductions, on the level of expenses incurred by the fund during the reporting period. A limitation, for example, may be applied indirectly (such as when an adviser agrees to accept a reduced fee pursuant to a voluntary fee waiver) or it may apply only for a temporary period such as for a new fund in its start-up phase.
a. Did the Fund have an expense limitation arrangement in place during the reporting period? ☒ Yes ☐ No
b. Were any expenses of the Fund reduced or waived pursuant to an expense limitation arrangement during the reporting period? ☒ Yes ☐ No
c. Are the fees waived subject to recoupment? ☒ Yes ☐ No
d. Were any expenses previously waived recouped during the period? ☐ Yes ☒ No

Item C.9. Investment advisers.

a. Provide the following information about each investment adviser (other than a sub-adviser) of the Fund:

Investment Advisers RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableWas the investment adviser hired during the reporting period?
#1Guinness Atkinson Asset Management, Inc.801-61667000124465LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA No

b. If an investment adviser (other than a sub- adviser) to the Fund was terminated during the reporting period, provide the following with respect to each investment adviser:

Investment Advisers Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

c. For each sub-adviser to the Fund, provide the information requested:

Sub-Advisors RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableIs the sub-adviser an affiliated person of the Fund's investment adviser(s)?Was the sub-adviser hired during the reporting period?
— — — — — — — — —

d. If a sub-adviser was terminated during the reporting period, provide the following with respect to such sub-adviser:

Sub-Advisors Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

Item C.10. Transfer agents.

a. Provide the following information about each person providing transfer agency services to the Fund:

Transfer Agents RecordFull name SEC file number
( e.g., 801- ) 		Identifying number(s)State, if applicableForeign country, if applicableIs the transfer agent an affiliated person of the Fund or its investment adviser(s)?Is the transfer agent a sub-transfer agent?
#1U.S. Bank Global Fund Services85-11357LEI: N1GZ7BBF3NP8GI976H15
RSSD ID: N/A
 WISCONSIN UNITED STATES OF AMERICA No No

b. Has a transfer agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.11. Pricing services.

a. Provide the following information about each person that provided pricing services to the Fund during the reporting period:

Pricing Services RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the pricing service an affiliated person of the Fund or its investment adviser(s)?
#1Thomson ReutersLEI: 549300561UZND4C7B569
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No
#2Markit North America, Inc.LEI: 549300HLPTRASHS0E726
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA No

b. Was a pricing service hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.12. Custodians.

a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:

Custodians RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the custodian an affiliated person of the Fund or its investment adviser(s)?Is the custodian a sub-custodian? Type of custody
(describe if "Other")
#1HSBC Bank ChinaLEI: 2CZOJRADNJXBLT55G526
RSSD ID: N/A
 CHINA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#2Skandinaviska Enskilda Banken AB (PUBL), Danmark BranchLEI: F3JS33DEI6XQ4ZBPTN86
RSSD ID: N/A
 DENMARK No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#3BNP Paribas S.A.LEI: 549300WCGB70D06XZS54
RSSD ID: N/A
 FRANCE No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#4Deutsche Bank AGLEI: 7LTWFZYICNSX8D621K86
RSSD ID: N/A
 GERMANY No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#5HSBC Bank PLCLEI: MP6I5ZYZBEU3UXPYFY54
RSSD ID: N/A
 IRELAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#6HSBC Bank - Korea BranchLEI: N/A
RSSD ID: N/A
 KOREA (THE REPUBLIC OF) No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#7UBS Switzerland AGLEI: 549300WOIFUSNYH0FL22
RSSD ID: N/A
 SWITZERLAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#8Standard Chartered Bank (Taiwan) Ltd for Standard Chartered BankLEI: 549300QJEO1B92LSHZ06
RSSD ID: N/A
 TAIWAN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#9HSBC Bank PLCLEI: MP6I5ZYZBEU3UXPYFY54
RSSD ID: N/A
 UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#10Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

b. Has a custodian been hired or terminated during the reporting period?* ☐ Yes ☒ No

Item C.13. Shareholder servicing agents.

a. Provide the following information about each shareholder servicing agent of the Fund:

Shareholder Servicing Agents RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the shareholder servicing agent an affiliated person of the Fund or its investment adviser(s)?Is the shareholder servicing agent a sub-shareholder servicing agent?
#1U.S. Bank Global Fund ServicesLEI: N1GZ7BBF3NP8GI976H15
 WISCONSIN UNITED STATES OF AMERICA No No

b. Has a shareholder servicing agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.14. Administrators.

a. Provide the following information about each administrator of the Fund:

Administrators RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the administrator an affiliated person of the Fund or its investment adviser(s)?Is the administrator a sub-administrator?
#1Mutual Fund Administration, LLCLEI: 54930097560RK2KMX577
 CALIFORNIA UNITED STATES OF AMERICA Yes No

b. Has a third-party administrator been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.15. Affiliated broker-dealers.

a. Provide the following information about each affiliated broker-dealer:

Broker-Dealers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal commissions paid to the affiliated broker-dealer for the reporting period
— — — — — — — —

Item C.16. Brokers.

Instructions to Item C.16 and Item C.17.
To help Registrants distinguish between agency and principal transactions, and to promote consistent reporting of the information required by these items, the following criteria should be used:
1. If a security is purchased or sold in a transaction for which the confirmation specifies the amount of the commission to be paid by the Registrant, the transaction should be considered an agency transaction and included in determining the answers to Item C.16.
2. If a security is purchased or sold in a transaction for which the confirmation specifies only the net amount to be paid or received by the Registrant and such net amount is equal to the market value of the security at the time of the transaction, the transaction should be considered a principal transaction and included in determining the amounts in Item C.17.
3. If a security is purchased by the Registrant in an underwritten offering, the acquisition should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the underwriters are receiving from the issuer.
4. If a security is sold by the Registrant in a tender offer, the sale should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the offeror is paying to soliciting brokers or dealers.
5. If a security is purchased directly from the issuer (such as a bank CD), the purchase should be considered a principal transaction and included in answering Item C.17.
6. The value of called or maturing securities should not be counted in either agency or principal transactions and should not be included in determining the amounts shown in Item C.16 and Item C.17. This means that the acquisition of a security may be included, but it is possible that its disposition may not be included. Disposition of a repurchase agreement at its expiration date should not be included.
7. The purchase or sales of securities in transactions not described in paragraphs (1) through (6) above should be evaluated by the Fund based upon the guidelines established in those paragraphs and classified accordingly. The agents considered in Item C.16 may be persons or companies not registered under the Exchange Act as securities brokers. The persons or companies from whom the investment company purchased or to whom it sold portfolio instruments on a principal basis may be persons or entities not registered under the Exchange Act as securities dealers.
a. For each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s portfolio transactions, provide the information below:

Brokers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableGross commissions paid by the Fund for the reporting period
#1BerenbergN/AN/ALEI: 529900ODI3047E2LIV05
RSSD ID: N/A
 GERMANY 2,302
#2Bernstein8-20657000008269LEI: 5493006B3ZV0S7B6XJ33
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 1,735
#3BMO Capital Markets LimitedN/AN/ALEI: 549300C8YQ8C4JYELV42
RSSD ID: N/A
 UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND 2,044
#4BTIG8-65473000122225LEI: 5493000N3YJ7R3J6N403
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 3,929
#5CLSA Limited8-68171000152967LEI: 213800M2DXATWY7JMS07
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 698
#6Goldman Sachs8-00129000000361LEI: FOR8UP27PHTHYVLBNG30
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 1,287
#7JP Morgan8-35008000000079LEI: ZBUT11V806EZRVTWT807
RSSD ID: N/A
 OHIO UNITED STATES OF AMERICA 534
#8Liquidnet, Inc.8-51651000126011LEI: 549300IV3Y8RSHTGMZ64
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 752
#9Morgan Stanley8-68191000008209LEI: IGJSJL3JD5P30I6NJZ34
RSSD ID: N/A
 MARYLAND UNITED STATES OF AMERICA 6,703
#10UBS8-46529000007654LEI: 549300U6K9F5H7FJ0N55
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 485

b. Aggregate brokerage commissions paid by Fund during the reporting period:
21,601

Item C.17. Principal transactions.

a. For each of the ten entities acting as principals with which the Fund did the largest dollar amount of principal transactions (include all short-term obligations, and U.S. government and tax-free securities) in both the secondary market and in underwritten offerings, provide the information below:

Principal Transactions RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal value of purchases and sales (excluding maturing securities) with Fund
— — — — — — — —

b. Aggregate value of principal purchase/sale transactions of Fund during the reporting period:
0

Item C.18. Payments for brokerage and research.

a. During the reporting period, did the Fund pay commissions to broker-dealers for "brokerage and research services" within the meaning of section 28(e) of the Exchange Act (15 U.S.C. 78bb)? ☐ Yes ☒ No

Item C.19. Average net assets.

a. Provide the Fund's (other than a money market fund's) monthly average net assets during the reporting period
195,439,825
b. Provide the money market fund's daily average net assets during the reporting period

Item C.20. Lines of credit, interfund lending and interfund borrowing.

For open-end management investment companies, respond to the following:
a. Does the Fund have available a line of credit? ☐ Yes ☒ No
b. Did the Fund engage in interfund lending? ☐ Yes ☒ No
c. Did the Fund engage in interfund borrowing? ☐ Yes ☒ No

Item C.21. Swing pricing.

For open-end management investment companies, respond to the following:
a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing? ☐ Yes ☒ No

Item C.22. Liquidity classification services.

For open-end management investment companies subject to rule 22e-4 (17 CFR 270.22e-4), respond to the following:
a. Provide the following information about each person that provided liquidity classification services to the Fund during the reporting period:

Liquidity Classification RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the liquidity classification service an affiliated person of the Fund or its investment adviser(s)?Asset class(es) for which liquidity classification services were provided to the Fund
#1Guinness Atkinson Asset Management , Inc.LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA Yes Equity-common

b. Was a liquidity classification service hired or terminated during the reporting period? ☐ Yes ☒ No
Management Investment Record: 6

Item C.1. Background information.

a. Full Name of the Fund
Guinness Atkinson Asia Pacific Dividend Builder ETF
b. Series identication number, if any
S000069134
c. LEI
5493006E0KSEBGDM0P72
d. Is this the first filing on this form by the Fund? ☐ Yes ☒ No

Item C.2. Classes of open-end management investment companies.

a. How many Classes of shares of the Fund (if any) are authorized?
1
b. How many new Classes of shares of the Fund were added during the reporting period?
0
c. How many Classes of shares of the Fund were terminated during the reporting period?
0
d. For each Class with shares outstanding, provide the information requested below:

Shares Outstanding RecordFull name of ClassClass identification number, if anyTicker symbol, if any
#1Guinness Atkinson Asia Pacific Dividend Builder ETFC000220961ADIV

Item C.3. Type of fund.

Instructions:
1. "Fund of Funds" means a fund that acquires securities issued by any other investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)), but, for purposes of this Item, does not include a fund that acquires securities issued by another company solely in reliance on rule 12d1-1 under the Act (CFR 270.12d1-1).
2. "Index" means an investment company, including an Exchange-Traded Fund, that seeks to track the performance of a specified index.
3. "Interval Fund" means a closed-end management investment company that makes periodic repurchases of its shares pursuant to rule 23c-3 under the Act (17 CFR 270.23c-3).
4. "Master-Feeder Fund" means a two-tiered arrangement in which one or more funds (each a feeder fund) holds shares of a single Fund (the master fund) in with section 12(d)(1)(E) of the Act (15 U.S.C. 80a-12(d)(1)(E)) or pursuant to exemptive relief granted by the Commission.
5. "Target Date Fund" means an investment company that has an investment objective or strategy of providing varying degrees of long-term appreciation and capital preservation through a mix of equity and fixed income exposures that changes over time based on an investor's age, target retirement date, or life expectancy.
a. Indicate if the Fund is any one of the types listed. Check all that apply. a. Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund
     ☒ i. Exchange-Traded Fund
     ☐ ii. Exchange-Traded Managed Fund
☐ b. Index Fund
☐ c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark
☐ d. Interval Fund
☐ e. Fund of Funds
☐ f. Master-Feeder Fund
☐ g. Money Market Fund
☐ h. Target Date Fund
☐ i. Underlying fund to a variable annuity or variable life insurance contract
☐ N/A

Item C.4. Diversification.

a. Does the Fund seek to operate as a “non-diversified company” as such term is defined in section 5(b)(2) of the Act (15 U.S.C. 80a- 5(b) (2))? ☐ Yes ☒ No

Item C.5. Investments in certain foreign corporations.

Instruction. "Controlled foreign corporation" has the meaning provided in section 957 of the Internal Revenue Code [26 U.S.C. 957].
a. Does the fund invest in a controlled foreign corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities? ☐ Yes ☒ No

Item C.6. Securities lending.

Instruction. For purposes of this Item, other adverse impacts would include, for example, (1) a loss to the Fund if collateral and indemnification were not sufficient to replace the loaned securities or their value, (2) the Fund's ineligibility to vote shares in a proxy, or (3) the Fund's ineligibility to receive a direct distribution from the issuer.
a. Is the Fund authorized to engage in securities lending transactions? ☒ Yes ☐ No
b. Did the Fund lend any of its securities during the reporting period? ☐ Yes ☒ No
c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:

Securities Lending Record Full name of securities lending agent Identifying number(s) Is the securities lending agent an affiliated person, or an affiliated person of an affiliated person, of the Fund? Does the securities lending agent or any other entity indemnify the fund against borrower default on loans administered by this agent?
— — — — —

d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:

Collateral Managers Record Full name of cash collateral manager Identifying number(s) Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund? Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of the Fund?
— — — — —

e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply): ☐ i. Revenue sharing split
☐ ii. Non-revenue sharing split (other than administrative fee)
☐ iii. Administrative fee
☐ iv. Cash collateral reinvestment fee
☐ v. Indemnification fee
☐ vi. Other
☒ N/A
f. Provide the monthly average of the value of portfolio securities on loan during the reporting period
N/A
g. Provide the net income from securities lending activities
N/A

Item C.7. Reliance on certain statutory exemption and rules.

a. Did the Fund rely on the following statutory exemption or any of the rules under the Act during the reporting period? (check all that apply) ☐ a. Rule 10f-3 (17 CFR 270.10f-3)
☐ b. Rule 12d1-1 (17 CFR 270.12d1-1)
☐ c. Rule 15a-4 (17 CFR 270.15a-4)
☐ d. Rule 17a-6 (17 CFR 270.17a-6)
☐ e. Rule 17a-7 (17 CFR 270.17a-7)
☐ f. Rule 17a-8 (17 CFR 270.17a-8)
☐ g. Rule 17e-1 (17 CFR 270.17e-1)
☐ h. Rule 22d-1 (17 CFR 270.22d-1)
☐ i. Rule 23c-1 (17 CFR 270.23c-1)
☒ j. Rule 32a-4 (17 CFR 270.32a-4)
☒ k. Rule 6c-11 (17 CFR 270.6c-11)
☐ l. Rule 12d1-4 (17 CFR 270.12d1-4)
☐ m. Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))
☐ n. Rule 18f-4 (17 CFR 270.18f-4)
☐ i. Is the Fund excepted from the rule 18f-4 (17 CFR 270.18f-4) program requirement and limit on fund leverage risk under rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))?
☐ ii. Is the Fund a leveraged/inverse fund that, under rule 18f-4(c)(5) (17 CFR 270.18f-4(c)(5)), is excepted from the requirement to comply with the limit on fund leverage risk described in rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))?
☐ iii. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))?
☐ iv. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))?
☐ v. Did the Fund enter into any unfunded commitment agreements under rule 18f-4(e) (17 CFR 270.18f-4(e))?
☐ vi. Did the Fund invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, in reliance on rule 18f-4(f) (17 CFR 270.18f-4(f))?
☐ N/A

Item C.8. Expense limitations.

Instruction. Provide information concerning any direct or indirect limitations, waivers or reductions, on the level of expenses incurred by the fund during the reporting period. A limitation, for example, may be applied indirectly (such as when an adviser agrees to accept a reduced fee pursuant to a voluntary fee waiver) or it may apply only for a temporary period such as for a new fund in its start-up phase.
a. Did the Fund have an expense limitation arrangement in place during the reporting period? ☒ Yes ☐ No
b. Were any expenses of the Fund reduced or waived pursuant to an expense limitation arrangement during the reporting period? ☒ Yes ☐ No
c. Are the fees waived subject to recoupment? ☐ Yes ☒ No
d. Were any expenses previously waived recouped during the period? ☐ Yes ☒ No

Item C.9. Investment advisers.

a. Provide the following information about each investment adviser (other than a sub-adviser) of the Fund:

Investment Advisers RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableWas the investment adviser hired during the reporting period?
#1Guinness Atkinson Asset Management, Inc.801-61667000124465LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA No

b. If an investment adviser (other than a sub- adviser) to the Fund was terminated during the reporting period, provide the following with respect to each investment adviser:

Investment Advisers Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

c. For each sub-adviser to the Fund, provide the information requested:

Sub-Advisors RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableIs the sub-adviser an affiliated person of the Fund's investment adviser(s)?Was the sub-adviser hired during the reporting period?
— — — — — — — — —

d. If a sub-adviser was terminated during the reporting period, provide the following with respect to such sub-adviser:

Sub-Advisors Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

Item C.10. Transfer agents.

a. Provide the following information about each person providing transfer agency services to the Fund:

Transfer Agents RecordFull name SEC file number
( e.g., 801- ) 		Identifying number(s)State, if applicableForeign country, if applicableIs the transfer agent an affiliated person of the Fund or its investment adviser(s)?Is the transfer agent a sub-transfer agent?
#1U.S. Bank Global Fund Services85-11357LEI: N1GZ7BBF3NP8GI976H15
RSSD ID: N/A
 WISCONSIN UNITED STATES OF AMERICA No No

b. Has a transfer agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.11. Pricing services.

a. Provide the following information about each person that provided pricing services to the Fund during the reporting period:

Pricing Services RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the pricing service an affiliated person of the Fund or its investment adviser(s)?
#1Thomson ReutersLEI: 549300561UZND4C7B569
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No

b. Was a pricing service hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.12. Custodians.

a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:

Custodians RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the custodian an affiliated person of the Fund or its investment adviser(s)?Is the custodian a sub-custodian? Type of custody
(describe if "Other")
#1HSBC Bank Australia LimitedLEI: DY9DBNI4W8J63Z298033
RSSD ID: N/A
 AUSTRALIA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#2HSBC Bank ChinaLEI: 2CZOJRADNJXBLT55G526
RSSD ID: N/A
 CHINA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#3Standard Chartered Bank (Hong Kong) Ltd for Standard Chartered BankLEI: X5AV1MBDXGRPX5UGMX13
RSSD ID: N/A
 HONG KONG No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#4HSBC - India BranchLEI: 2HI3YI5320L3RW6NJ957
RSSD ID: N/A
 INDIA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#5Citbank, N.A. - Jakarta BranchLEI: E57ODZWZ7FF32TWEFA76
RSSD ID: N/A
 INDONESIA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#6Standard Chartered Bank (Malaysia) Berhad for Standard Chartered BankLEI: 549300JTJBG2QBI8KD48
RSSD ID: N/A
 MALAYSIA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#7DBS Bank LtdLEI: ATUEL7OJR5057F2PV266
RSSD ID: N/A
 SINGAPORE No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#8HSBC Bank - Korea BranchLEI: N/A
RSSD ID: N/A
 KOREA (THE REPUBLIC OF) No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#9Standard Chartered Bank (Taiwan) Ltd for Standard Chartered BankLEI: 549300QJEO1B92LSHZ06
RSSD ID: N/A
 TAIWAN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#10HSBC Bank - Thailand BranchLEI: 2HI3YI5320L3RW6NJ957
RSSD ID: N/A
 THAILAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#11Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

b. Has a custodian been hired or terminated during the reporting period?* ☐ Yes ☒ No

Item C.13. Shareholder servicing agents.

a. Provide the following information about each shareholder servicing agent of the Fund:

Shareholder Servicing Agents RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the shareholder servicing agent an affiliated person of the Fund or its investment adviser(s)?Is the shareholder servicing agent a sub-shareholder servicing agent?
#1Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
 MASSACHUSETTS UNITED STATES OF AMERICA No No

b. Has a shareholder servicing agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.14. Administrators.

a. Provide the following information about each administrator of the Fund:

Administrators RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the administrator an affiliated person of the Fund or its investment adviser(s)?Is the administrator a sub-administrator?
#1Mutual Fund Administration, LLCLEI: 54930097560RK2KMX577
 CALIFORNIA UNITED STATES OF AMERICA Yes No

b. Has a third-party administrator been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.15. Affiliated broker-dealers.

a. Provide the following information about each affiliated broker-dealer:

Broker-Dealers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal commissions paid to the affiliated broker-dealer for the reporting period
— — — — — — — —

Item C.16. Brokers.

Instructions to Item C.16 and Item C.17.
To help Registrants distinguish between agency and principal transactions, and to promote consistent reporting of the information required by these items, the following criteria should be used:
1. If a security is purchased or sold in a transaction for which the confirmation specifies the amount of the commission to be paid by the Registrant, the transaction should be considered an agency transaction and included in determining the answers to Item C.16.
2. If a security is purchased or sold in a transaction for which the confirmation specifies only the net amount to be paid or received by the Registrant and such net amount is equal to the market value of the security at the time of the transaction, the transaction should be considered a principal transaction and included in determining the amounts in Item C.17.
3. If a security is purchased by the Registrant in an underwritten offering, the acquisition should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the underwriters are receiving from the issuer.
4. If a security is sold by the Registrant in a tender offer, the sale should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the offeror is paying to soliciting brokers or dealers.
5. If a security is purchased directly from the issuer (such as a bank CD), the purchase should be considered a principal transaction and included in answering Item C.17.
6. The value of called or maturing securities should not be counted in either agency or principal transactions and should not be included in determining the amounts shown in Item C.16 and Item C.17. This means that the acquisition of a security may be included, but it is possible that its disposition may not be included. Disposition of a repurchase agreement at its expiration date should not be included.
7. The purchase or sales of securities in transactions not described in paragraphs (1) through (6) above should be evaluated by the Fund based upon the guidelines established in those paragraphs and classified accordingly. The agents considered in Item C.16 may be persons or companies not registered under the Exchange Act as securities brokers. The persons or companies from whom the investment company purchased or to whom it sold portfolio instruments on a principal basis may be persons or entities not registered under the Exchange Act as securities dealers.
a. For each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s portfolio transactions, provide the information below:

Brokers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableGross commissions paid by the Fund for the reporting period
#1BerenbergN/AN/ALEI: 529900ODI3047E2LIV07
RSSD ID: N/A
 GERMANY 50
#2Bernstein8-20657000008269LEI: 5493006B3ZV0S7B6XJ33
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 22
#3BTIG8-65473000122225LEI: 5493000N3YJ7R3J6N403
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 19
#4CLSA Limited8-68171000152967LEI: 213800M2DXATWY7JMS07
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 362
#5Morgan Stanley8-68191000008209LEI: IGJSJL3JD5P30I6NJZ34
RSSD ID: N/A
 MARYLAND UNITED STATES OF AMERICA 3,145

b. Aggregate brokerage commissions paid by Fund during the reporting period:
3,598

Item C.17. Principal transactions.

a. For each of the ten entities acting as principals with which the Fund did the largest dollar amount of principal transactions (include all short-term obligations, and U.S. government and tax-free securities) in both the secondary market and in underwritten offerings, provide the information below:

Principal Transactions RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal value of purchases and sales (excluding maturing securities) with Fund
— — — — — — — —

b. Aggregate value of principal purchase/sale transactions of Fund during the reporting period:
0

Item C.18. Payments for brokerage and research.

a. During the reporting period, did the Fund pay commissions to broker-dealers for "brokerage and research services" within the meaning of section 28(e) of the Exchange Act (15 U.S.C. 78bb)? ☐ Yes ☒ No

Item C.19. Average net assets.

a. Provide the Fund's (other than a money market fund's) monthly average net assets during the reporting period
13,592,525
b. Provide the money market fund's daily average net assets during the reporting period

Item C.20. Lines of credit, interfund lending and interfund borrowing.

For open-end management investment companies, respond to the following:
a. Does the Fund have available a line of credit? ☐ Yes ☒ No
b. Did the Fund engage in interfund lending? ☐ Yes ☒ No
c. Did the Fund engage in interfund borrowing? ☐ Yes ☒ No

Item C.22. Liquidity classification services.

For open-end management investment companies subject to rule 22e-4 (17 CFR 270.22e-4), respond to the following:
a. Provide the following information about each person that provided liquidity classification services to the Fund during the reporting period:

Liquidity Classification RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the liquidity classification service an affiliated person of the Fund or its investment adviser(s)?Asset class(es) for which liquidity classification services were provided to the Fund
#1Guinness Atkinson Asset Management , Inc.LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA Yes Equity-common

b. Was a liquidity classification service hired or terminated during the reporting period? ☐ Yes ☒ No
Management Investment Record: 7

Item C.1. Background information.

a. Full Name of the Fund
Guinness Atkinson Dividend Builder ETF
b. Series identication number, if any
S000069135
c. LEI
549300LDFVCSRZU8VI59
d. Is this the first filing on this form by the Fund? ☐ Yes ☒ No

Item C.2. Classes of open-end management investment companies.

a. How many Classes of shares of the Fund (if any) are authorized?
1
b. How many new Classes of shares of the Fund were added during the reporting period?
0
c. How many Classes of shares of the Fund were terminated during the reporting period?
0
d. For each Class with shares outstanding, provide the information requested below:

Shares Outstanding RecordFull name of ClassClass identification number, if anyTicker symbol, if any
#1Guinness Atkinson Dividend Builder ETFC000220962DIVS

Item C.3. Type of fund.

Instructions:
1. "Fund of Funds" means a fund that acquires securities issued by any other investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)), but, for purposes of this Item, does not include a fund that acquires securities issued by another company solely in reliance on rule 12d1-1 under the Act (CFR 270.12d1-1).
2. "Index" means an investment company, including an Exchange-Traded Fund, that seeks to track the performance of a specified index.
3. "Interval Fund" means a closed-end management investment company that makes periodic repurchases of its shares pursuant to rule 23c-3 under the Act (17 CFR 270.23c-3).
4. "Master-Feeder Fund" means a two-tiered arrangement in which one or more funds (each a feeder fund) holds shares of a single Fund (the master fund) in with section 12(d)(1)(E) of the Act (15 U.S.C. 80a-12(d)(1)(E)) or pursuant to exemptive relief granted by the Commission.
5. "Target Date Fund" means an investment company that has an investment objective or strategy of providing varying degrees of long-term appreciation and capital preservation through a mix of equity and fixed income exposures that changes over time based on an investor's age, target retirement date, or life expectancy.
a. Indicate if the Fund is any one of the types listed. Check all that apply. a. Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund
     ☒ i. Exchange-Traded Fund
     ☐ ii. Exchange-Traded Managed Fund
☐ b. Index Fund
☐ c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark
☐ d. Interval Fund
☐ e. Fund of Funds
☐ f. Master-Feeder Fund
☐ g. Money Market Fund
☐ h. Target Date Fund
☐ i. Underlying fund to a variable annuity or variable life insurance contract
☐ N/A

Item C.4. Diversification.

a. Does the Fund seek to operate as a “non-diversified company” as such term is defined in section 5(b)(2) of the Act (15 U.S.C. 80a- 5(b) (2))? ☐ Yes ☒ No

Item C.5. Investments in certain foreign corporations.

Instruction. "Controlled foreign corporation" has the meaning provided in section 957 of the Internal Revenue Code [26 U.S.C. 957].
a. Does the fund invest in a controlled foreign corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities? ☐ Yes ☒ No

Item C.6. Securities lending.

Instruction. For purposes of this Item, other adverse impacts would include, for example, (1) a loss to the Fund if collateral and indemnification were not sufficient to replace the loaned securities or their value, (2) the Fund's ineligibility to vote shares in a proxy, or (3) the Fund's ineligibility to receive a direct distribution from the issuer.
a. Is the Fund authorized to engage in securities lending transactions? ☒ Yes ☐ No
b. Did the Fund lend any of its securities during the reporting period? ☐ Yes ☒ No
c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:

Securities Lending Record Full name of securities lending agent Identifying number(s) Is the securities lending agent an affiliated person, or an affiliated person of an affiliated person, of the Fund? Does the securities lending agent or any other entity indemnify the fund against borrower default on loans administered by this agent?
— — — — —

d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:

Collateral Managers Record Full name of cash collateral manager Identifying number(s) Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund? Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of the Fund?
— — — — —

e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply): ☐ i. Revenue sharing split
☐ ii. Non-revenue sharing split (other than administrative fee)
☐ iii. Administrative fee
☐ iv. Cash collateral reinvestment fee
☐ v. Indemnification fee
☐ vi. Other
☒ N/A
f. Provide the monthly average of the value of portfolio securities on loan during the reporting period
N/A
g. Provide the net income from securities lending activities
N/A

Item C.7. Reliance on certain statutory exemption and rules.

a. Did the Fund rely on the following statutory exemption or any of the rules under the Act during the reporting period? (check all that apply) ☐ a. Rule 10f-3 (17 CFR 270.10f-3)
☐ b. Rule 12d1-1 (17 CFR 270.12d1-1)
☐ c. Rule 15a-4 (17 CFR 270.15a-4)
☐ d. Rule 17a-6 (17 CFR 270.17a-6)
☐ e. Rule 17a-7 (17 CFR 270.17a-7)
☐ f. Rule 17a-8 (17 CFR 270.17a-8)
☐ g. Rule 17e-1 (17 CFR 270.17e-1)
☐ h. Rule 22d-1 (17 CFR 270.22d-1)
☐ i. Rule 23c-1 (17 CFR 270.23c-1)
☒ j. Rule 32a-4 (17 CFR 270.32a-4)
☒ k. Rule 6c-11 (17 CFR 270.6c-11)
☐ l. Rule 12d1-4 (17 CFR 270.12d1-4)
☐ m. Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))
☐ n. Rule 18f-4 (17 CFR 270.18f-4)
☐ i. Is the Fund excepted from the rule 18f-4 (17 CFR 270.18f-4) program requirement and limit on fund leverage risk under rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))?
☐ ii. Is the Fund a leveraged/inverse fund that, under rule 18f-4(c)(5) (17 CFR 270.18f-4(c)(5)), is excepted from the requirement to comply with the limit on fund leverage risk described in rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))?
☐ iii. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))?
☐ iv. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))?
☐ v. Did the Fund enter into any unfunded commitment agreements under rule 18f-4(e) (17 CFR 270.18f-4(e))?
☐ vi. Did the Fund invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, in reliance on rule 18f-4(f) (17 CFR 270.18f-4(f))?
☐ N/A

Item C.8. Expense limitations.

Instruction. Provide information concerning any direct or indirect limitations, waivers or reductions, on the level of expenses incurred by the fund during the reporting period. A limitation, for example, may be applied indirectly (such as when an adviser agrees to accept a reduced fee pursuant to a voluntary fee waiver) or it may apply only for a temporary period such as for a new fund in its start-up phase.
a. Did the Fund have an expense limitation arrangement in place during the reporting period? ☒ Yes ☐ No
b. Were any expenses of the Fund reduced or waived pursuant to an expense limitation arrangement during the reporting period? ☒ Yes ☐ No
c. Are the fees waived subject to recoupment? ☐ Yes ☒ No
d. Were any expenses previously waived recouped during the period? ☐ Yes ☒ No

Item C.9. Investment advisers.

a. Provide the following information about each investment adviser (other than a sub-adviser) of the Fund:

Investment Advisers RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableWas the investment adviser hired during the reporting period?
#1Guinness Atkinson Asset Management, Inc.801-61667000124465LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA No

b. If an investment adviser (other than a sub- adviser) to the Fund was terminated during the reporting period, provide the following with respect to each investment adviser:

Investment Advisers Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

c. For each sub-adviser to the Fund, provide the information requested:

Sub-Advisors RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableIs the sub-adviser an affiliated person of the Fund's investment adviser(s)?Was the sub-adviser hired during the reporting period?
— — — — — — — — —

d. If a sub-adviser was terminated during the reporting period, provide the following with respect to such sub-adviser:

Sub-Advisors Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

Item C.10. Transfer agents.

a. Provide the following information about each person providing transfer agency services to the Fund:

Transfer Agents RecordFull name SEC file number
( e.g., 801- ) 		Identifying number(s)State, if applicableForeign country, if applicableIs the transfer agent an affiliated person of the Fund or its investment adviser(s)?Is the transfer agent a sub-transfer agent?
#1U.S. Bank Global Fund Services85-11357LEI: N1GZ7BBF3NP8GI976H15
RSSD ID: N/A
 WISCONSIN UNITED STATES OF AMERICA No No

b. Has a transfer agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.11. Pricing services.

a. Provide the following information about each person that provided pricing services to the Fund during the reporting period:

Pricing Services RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the pricing service an affiliated person of the Fund or its investment adviser(s)?
#1Thomson ReutersLEI: 549300561UZND4C7B569
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No

b. Was a pricing service hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.12. Custodians.

a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:

Custodians RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the custodian an affiliated person of the Fund or its investment adviser(s)?Is the custodian a sub-custodian? Type of custody
(describe if "Other")
#1HSBC Bank Australia LimitedLEI: DY9DBNI4W8J63Z298033
RSSD ID: N/A
 AUSTRALIA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#2HSBC Bank ChinaLEI: 2CZOJRADNJXBLT55G526
RSSD ID: N/A
 CHINA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#3Skandinaviska Enskilda Banken AB (PUBL), Danmark BranchLEI: F3JS33DEI6XQ4ZBPTN86
RSSD ID: N/A
 DENMARK No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#4BNP Paribas S.A.LEI: 549300WCGB70D06XZS54
RSSD ID: N/A
 FRANCE No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#5Deutsche Bank AGLEI: 7LTWFZYICNSX8D621K86
RSSD ID: N/A
 GERMANY No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#6HSBC Bank PLCLEI: MP6I5ZYZBEU3UXPYFY54
RSSD ID: N/A
 IRELAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#7Skandinaviska Enskilda Banken AB (PUBL)LEI: F3JS33DEI6XQ4ZBPTN86
RSSD ID: N/A
 SWEDEN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#8UBS Switzerland AGLEI: 549300WOIFUSNYH0FL22
RSSD ID: N/A
 SWITZERLAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#9Standard Chartered Bank (Taiwan) Ltd for Standard Chartered BankLEI: 549300QJEO1B92LSHZ06
RSSD ID: N/A
 TAIWAN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#10HSBC Bank PLCLEI: MP6I5ZYZBEU3UXPYFY54
RSSD ID: N/A
 UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#11Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

b. Has a custodian been hired or terminated during the reporting period?* ☐ Yes ☒ No

Item C.13. Shareholder servicing agents.

a. Provide the following information about each shareholder servicing agent of the Fund:

Shareholder Servicing Agents RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the shareholder servicing agent an affiliated person of the Fund or its investment adviser(s)?Is the shareholder servicing agent a sub-shareholder servicing agent?
#1Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
 MASSACHUSETTS UNITED STATES OF AMERICA No No

b. Has a shareholder servicing agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.14. Administrators.

a. Provide the following information about each administrator of the Fund:

Administrators RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the administrator an affiliated person of the Fund or its investment adviser(s)?Is the administrator a sub-administrator?
#1Mutual Fund Administration, LLCLEI: 54930097560RK2KMX577
 CALIFORNIA UNITED STATES OF AMERICA Yes No

b. Has a third-party administrator been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.15. Affiliated broker-dealers.

a. Provide the following information about each affiliated broker-dealer:

Broker-Dealers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal commissions paid to the affiliated broker-dealer for the reporting period
— — — — — — — —

Item C.16. Brokers.

Instructions to Item C.16 and Item C.17.
To help Registrants distinguish between agency and principal transactions, and to promote consistent reporting of the information required by these items, the following criteria should be used:
1. If a security is purchased or sold in a transaction for which the confirmation specifies the amount of the commission to be paid by the Registrant, the transaction should be considered an agency transaction and included in determining the answers to Item C.16.
2. If a security is purchased or sold in a transaction for which the confirmation specifies only the net amount to be paid or received by the Registrant and such net amount is equal to the market value of the security at the time of the transaction, the transaction should be considered a principal transaction and included in determining the amounts in Item C.17.
3. If a security is purchased by the Registrant in an underwritten offering, the acquisition should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the underwriters are receiving from the issuer.
4. If a security is sold by the Registrant in a tender offer, the sale should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the offeror is paying to soliciting brokers or dealers.
5. If a security is purchased directly from the issuer (such as a bank CD), the purchase should be considered a principal transaction and included in answering Item C.17.
6. The value of called or maturing securities should not be counted in either agency or principal transactions and should not be included in determining the amounts shown in Item C.16 and Item C.17. This means that the acquisition of a security may be included, but it is possible that its disposition may not be included. Disposition of a repurchase agreement at its expiration date should not be included.
7. The purchase or sales of securities in transactions not described in paragraphs (1) through (6) above should be evaluated by the Fund based upon the guidelines established in those paragraphs and classified accordingly. The agents considered in Item C.16 may be persons or companies not registered under the Exchange Act as securities brokers. The persons or companies from whom the investment company purchased or to whom it sold portfolio instruments on a principal basis may be persons or entities not registered under the Exchange Act as securities dealers.
a. For each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s portfolio transactions, provide the information below:

Brokers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableGross commissions paid by the Fund for the reporting period
#1BerenbergN/AN/ALEI: 529900ODI3047E2LIV08
RSSD ID: N/A
 GERMANY 236
#2BTIG8-65473000122225LEI: 5493000N3YJ7R3J6N403
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 136
#3CLSA Limited8-68171000152967LEI: 213800M2DXATWY7JMS07
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 238
#4JP Morgan8-35008000000079LEI: ZBUT11V806EZRVTWT807
RSSD ID: N/A
 OHIO UNITED STATES OF AMERICA 623
#5Morgan Stanley8-68191000008209LEI: IGJSJL3JD5P30I6NJZ34
RSSD ID: N/A
 MARYLAND UNITED STATES OF AMERICA 704
#6Raymond James8-10906000000705LEI: 5493001KJTIIGC8Y1R12
RSSD ID: N/A
 FLORIDA UNITED STATES OF AMERICA 42

b. Aggregate brokerage commissions paid by Fund during the reporting period:
1,979

Item C.17. Principal transactions.

a. For each of the ten entities acting as principals with which the Fund did the largest dollar amount of principal transactions (include all short-term obligations, and U.S. government and tax-free securities) in both the secondary market and in underwritten offerings, provide the information below:

Principal Transactions RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal value of purchases and sales (excluding maturing securities) with Fund
— — — — — — — —

b. Aggregate value of principal purchase/sale transactions of Fund during the reporting period:
0

Item C.18. Payments for brokerage and research.

a. During the reporting period, did the Fund pay commissions to broker-dealers for "brokerage and research services" within the meaning of section 28(e) of the Exchange Act (15 U.S.C. 78bb)? ☐ Yes ☒ No

Item C.19. Average net assets.

a. Provide the Fund's (other than a money market fund's) monthly average net assets during the reporting period
40,817,105
b. Provide the money market fund's daily average net assets during the reporting period

Item C.20. Lines of credit, interfund lending and interfund borrowing.

For open-end management investment companies, respond to the following:
a. Does the Fund have available a line of credit? ☐ Yes ☒ No
b. Did the Fund engage in interfund lending? ☐ Yes ☒ No
c. Did the Fund engage in interfund borrowing? ☐ Yes ☒ No

Item C.22. Liquidity classification services.

For open-end management investment companies subject to rule 22e-4 (17 CFR 270.22e-4), respond to the following:
a. Provide the following information about each person that provided liquidity classification services to the Fund during the reporting period:

Liquidity Classification RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the liquidity classification service an affiliated person of the Fund or its investment adviser(s)?Asset class(es) for which liquidity classification services were provided to the Fund
#1Guinness Atkinson Asset Management , Inc.LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA Yes Equity-common

b. Was a liquidity classification service hired or terminated during the reporting period? ☐ Yes ☒ No
Management Investment Record: 8

Item C.1. Background information.

a. Full Name of the Fund
Guinness Atkinson Smart Transportation & Technology ETF
b. Series identication number, if any
S000065017
c. LEI
549300V00BLH54GDJS35
d. Is this the first filing on this form by the Fund? ☐ Yes ☒ No

Item C.2. Classes of open-end management investment companies.

a. How many Classes of shares of the Fund (if any) are authorized?
1
b. How many new Classes of shares of the Fund were added during the reporting period?
0
c. How many Classes of shares of the Fund were terminated during the reporting period?
0
d. For each Class with shares outstanding, provide the information requested below:

Shares Outstanding RecordFull name of ClassClass identification number, if anyTicker symbol, if any
#1Guinness Atkinson Smart Transportation & Technology ETFC000210495MOTO

Item C.3. Type of fund.

Instructions:
1. "Fund of Funds" means a fund that acquires securities issued by any other investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)), but, for purposes of this Item, does not include a fund that acquires securities issued by another company solely in reliance on rule 12d1-1 under the Act (CFR 270.12d1-1).
2. "Index" means an investment company, including an Exchange-Traded Fund, that seeks to track the performance of a specified index.
3. "Interval Fund" means a closed-end management investment company that makes periodic repurchases of its shares pursuant to rule 23c-3 under the Act (17 CFR 270.23c-3).
4. "Master-Feeder Fund" means a two-tiered arrangement in which one or more funds (each a feeder fund) holds shares of a single Fund (the master fund) in with section 12(d)(1)(E) of the Act (15 U.S.C. 80a-12(d)(1)(E)) or pursuant to exemptive relief granted by the Commission.
5. "Target Date Fund" means an investment company that has an investment objective or strategy of providing varying degrees of long-term appreciation and capital preservation through a mix of equity and fixed income exposures that changes over time based on an investor's age, target retirement date, or life expectancy.
a. Indicate if the Fund is any one of the types listed. Check all that apply. a. Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund
     ☒ i. Exchange-Traded Fund
     ☐ ii. Exchange-Traded Managed Fund
☐ b. Index Fund
☐ c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark
☐ d. Interval Fund
☐ e. Fund of Funds
☐ f. Master-Feeder Fund
☐ g. Money Market Fund
☐ h. Target Date Fund
☐ i. Underlying fund to a variable annuity or variable life insurance contract
☐ N/A

Item C.4. Diversification.

a. Does the Fund seek to operate as a “non-diversified company” as such term is defined in section 5(b)(2) of the Act (15 U.S.C. 80a- 5(b) (2))? ☐ Yes ☒ No

Item C.5. Investments in certain foreign corporations.

Instruction. "Controlled foreign corporation" has the meaning provided in section 957 of the Internal Revenue Code [26 U.S.C. 957].
a. Does the fund invest in a controlled foreign corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities? ☐ Yes ☒ No

Item C.6. Securities lending.

Instruction. For purposes of this Item, other adverse impacts would include, for example, (1) a loss to the Fund if collateral and indemnification were not sufficient to replace the loaned securities or their value, (2) the Fund's ineligibility to vote shares in a proxy, or (3) the Fund's ineligibility to receive a direct distribution from the issuer.
a. Is the Fund authorized to engage in securities lending transactions? ☒ Yes ☐ No
b. Did the Fund lend any of its securities during the reporting period? ☐ Yes ☒ No
c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:

Securities Lending Record Full name of securities lending agent Identifying number(s) Is the securities lending agent an affiliated person, or an affiliated person of an affiliated person, of the Fund? Does the securities lending agent or any other entity indemnify the fund against borrower default on loans administered by this agent?
— — — — —

d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:

Collateral Managers Record Full name of cash collateral manager Identifying number(s) Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund? Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of the Fund?
— — — — —

e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply): ☐ i. Revenue sharing split
☐ ii. Non-revenue sharing split (other than administrative fee)
☐ iii. Administrative fee
☐ iv. Cash collateral reinvestment fee
☐ v. Indemnification fee
☐ vi. Other
☒ N/A
f. Provide the monthly average of the value of portfolio securities on loan during the reporting period
N/A
g. Provide the net income from securities lending activities
N/A

Item C.7. Reliance on certain statutory exemption and rules.

a. Did the Fund rely on the following statutory exemption or any of the rules under the Act during the reporting period? (check all that apply) ☐ a. Rule 10f-3 (17 CFR 270.10f-3)
☐ b. Rule 12d1-1 (17 CFR 270.12d1-1)
☐ c. Rule 15a-4 (17 CFR 270.15a-4)
☐ d. Rule 17a-6 (17 CFR 270.17a-6)
☐ e. Rule 17a-7 (17 CFR 270.17a-7)
☐ f. Rule 17a-8 (17 CFR 270.17a-8)
☐ g. Rule 17e-1 (17 CFR 270.17e-1)
☐ h. Rule 22d-1 (17 CFR 270.22d-1)
☐ i. Rule 23c-1 (17 CFR 270.23c-1)
☒ j. Rule 32a-4 (17 CFR 270.32a-4)
☒ k. Rule 6c-11 (17 CFR 270.6c-11)
☐ l. Rule 12d1-4 (17 CFR 270.12d1-4)
☐ m. Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))
☐ n. Rule 18f-4 (17 CFR 270.18f-4)
☐ i. Is the Fund excepted from the rule 18f-4 (17 CFR 270.18f-4) program requirement and limit on fund leverage risk under rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))?
☐ ii. Is the Fund a leveraged/inverse fund that, under rule 18f-4(c)(5) (17 CFR 270.18f-4(c)(5)), is excepted from the requirement to comply with the limit on fund leverage risk described in rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))?
☐ iii. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))?
☐ iv. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))?
☐ v. Did the Fund enter into any unfunded commitment agreements under rule 18f-4(e) (17 CFR 270.18f-4(e))?
☐ vi. Did the Fund invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, in reliance on rule 18f-4(f) (17 CFR 270.18f-4(f))?
☐ N/A

Item C.8. Expense limitations.

Instruction. Provide information concerning any direct or indirect limitations, waivers or reductions, on the level of expenses incurred by the fund during the reporting period. A limitation, for example, may be applied indirectly (such as when an adviser agrees to accept a reduced fee pursuant to a voluntary fee waiver) or it may apply only for a temporary period such as for a new fund in its start-up phase.
a. Did the Fund have an expense limitation arrangement in place during the reporting period? ☐ Yes ☒ No
b. Were any expenses of the Fund reduced or waived pursuant to an expense limitation arrangement during the reporting period? ☐ Yes ☒ No
c. Are the fees waived subject to recoupment? ☐ Yes ☒ No
d. Were any expenses previously waived recouped during the period? ☐ Yes ☒ No

Item C.9. Investment advisers.

a. Provide the following information about each investment adviser (other than a sub-adviser) of the Fund:

Investment Advisers RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableWas the investment adviser hired during the reporting period?
#1Guinness Atkinson Asset Management, Inc.801-61667000124465LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA No

b. If an investment adviser (other than a sub- adviser) to the Fund was terminated during the reporting period, provide the following with respect to each investment adviser:

Investment Advisers Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

c. For each sub-adviser to the Fund, provide the information requested:

Sub-Advisors RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableIs the sub-adviser an affiliated person of the Fund's investment adviser(s)?Was the sub-adviser hired during the reporting period?
#1Penserra Capital Management, LLC801-80466000159042LEI: 549300I8X5UWMSXOJ371
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA No No

d. If a sub-adviser was terminated during the reporting period, provide the following with respect to such sub-adviser:

Sub-Advisors Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

Item C.10. Transfer agents.

a. Provide the following information about each person providing transfer agency services to the Fund:

Transfer Agents RecordFull name SEC file number
( e.g., 801- ) 		Identifying number(s)State, if applicableForeign country, if applicableIs the transfer agent an affiliated person of the Fund or its investment adviser(s)?Is the transfer agent a sub-transfer agent?
#1Brown Brothers Harriman & Co.84-06071LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No

b. Has a transfer agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.11. Pricing services.

a. Provide the following information about each person that provided pricing services to the Fund during the reporting period:

Pricing Services RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the pricing service an affiliated person of the Fund or its investment adviser(s)?
#1Thomson ReutersLEI: 549300561UZND4C7B569
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No

b. Was a pricing service hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.12. Custodians.

a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:

Custodians RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the custodian an affiliated person of the Fund or its investment adviser(s)?Is the custodian a sub-custodian? Type of custody
(describe if "Other")
#1HSBC Bank ChinaLEI: 2CZOJRADNJXBLT55G526
RSSD ID: N/A
 CHINA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#2Deutsche Bank AGLEI: 7LTWFZYICNSX8D621K86
RSSD ID: N/A
 GERMANY No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#3Standard Chartered Bank (Hong Kong) Ltd for Standard Chartered BankLEI: X5AV1MBDXGRPX5UGMX13
RSSD ID: N/A
 HONG KONG No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#4HSBC Bank PLCLEI: MP6I5ZYZBEU3UXPYFY54
RSSD ID: N/A
 IRELAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#5MUFG Bank, LtdLEI: C3GTMMZIHMY46P4OIX74
RSSD ID: N/A
 JAPAN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#6BNP Paribas S.A.LEI: R0MUWSFPU8MPRO8K5P83
RSSD ID: N/A
 NETHERLANDS No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#7HSBC Bank - Korea BranchLEI: N/A
RSSD ID: N/A
 KOREA (THE REPUBLIC OF) No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#8Skandinaviska Enskilda Banken AB (PUBL)LEI: F3JS33DEI6XQ4ZBPTN86
RSSD ID: N/A
 SWEDEN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#9Standard Chartered Bank (Taiwan) Ltd for Standard Chartered BankLEI: 549300QJEO1B92LSHZ06
RSSD ID: N/A
 TAIWAN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#10Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

b. Has a custodian been hired or terminated during the reporting period?* ☐ Yes ☒ No

Item C.13. Shareholder servicing agents.

a. Provide the following information about each shareholder servicing agent of the Fund:

Shareholder Servicing Agents RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the shareholder servicing agent an affiliated person of the Fund or its investment adviser(s)?Is the shareholder servicing agent a sub-shareholder servicing agent?
#1Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
 MASSACHUSETTS UNITED STATES OF AMERICA No No

b. Has a shareholder servicing agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.14. Administrators.

a. Provide the following information about each administrator of the Fund:

Administrators RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the administrator an affiliated person of the Fund or its investment adviser(s)?Is the administrator a sub-administrator?
#1Mutual Fund Administration, LLCLEI: 54930097560RK2KMX577
 CALIFORNIA UNITED STATES OF AMERICA Yes No

b. Has a third-party administrator been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.15. Affiliated broker-dealers.

a. Provide the following information about each affiliated broker-dealer:

Broker-Dealers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal commissions paid to the affiliated broker-dealer for the reporting period
— — — — — — — —

Item C.16. Brokers.

Instructions to Item C.16 and Item C.17.
To help Registrants distinguish between agency and principal transactions, and to promote consistent reporting of the information required by these items, the following criteria should be used:
1. If a security is purchased or sold in a transaction for which the confirmation specifies the amount of the commission to be paid by the Registrant, the transaction should be considered an agency transaction and included in determining the answers to Item C.16.
2. If a security is purchased or sold in a transaction for which the confirmation specifies only the net amount to be paid or received by the Registrant and such net amount is equal to the market value of the security at the time of the transaction, the transaction should be considered a principal transaction and included in determining the amounts in Item C.17.
3. If a security is purchased by the Registrant in an underwritten offering, the acquisition should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the underwriters are receiving from the issuer.
4. If a security is sold by the Registrant in a tender offer, the sale should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the offeror is paying to soliciting brokers or dealers.
5. If a security is purchased directly from the issuer (such as a bank CD), the purchase should be considered a principal transaction and included in answering Item C.17.
6. The value of called or maturing securities should not be counted in either agency or principal transactions and should not be included in determining the amounts shown in Item C.16 and Item C.17. This means that the acquisition of a security may be included, but it is possible that its disposition may not be included. Disposition of a repurchase agreement at its expiration date should not be included.
7. The purchase or sales of securities in transactions not described in paragraphs (1) through (6) above should be evaluated by the Fund based upon the guidelines established in those paragraphs and classified accordingly. The agents considered in Item C.16 may be persons or companies not registered under the Exchange Act as securities brokers. The persons or companies from whom the investment company purchased or to whom it sold portfolio instruments on a principal basis may be persons or entities not registered under the Exchange Act as securities dealers.
a. For each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s portfolio transactions, provide the information below:

Brokers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableGross commissions paid by the Fund for the reporting period
#1BTIG8-65473000122225LEI: 5493000N3YJ7R3J6N403
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 90
#2Goldman Sachs8-00129000000361LEI: FOR8UP27PHTHYVLBNG30
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 129
#3Mirae Asset Securities8-45034000030679LEI: 25490087B4GFZLJZE912
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 166

b. Aggregate brokerage commissions paid by Fund during the reporting period:
385

Item C.17. Principal transactions.

a. For each of the ten entities acting as principals with which the Fund did the largest dollar amount of principal transactions (include all short-term obligations, and U.S. government and tax-free securities) in both the secondary market and in underwritten offerings, provide the information below:

Principal Transactions RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal value of purchases and sales (excluding maturing securities) with Fund
— — — — — — — —

b. Aggregate value of principal purchase/sale transactions of Fund during the reporting period:
0

Item C.18. Payments for brokerage and research.

a. During the reporting period, did the Fund pay commissions to broker-dealers for "brokerage and research services" within the meaning of section 28(e) of the Exchange Act (15 U.S.C. 78bb)? ☐ Yes ☒ No

Item C.19. Average net assets.

a. Provide the Fund's (other than a money market fund's) monthly average net assets during the reporting period
7,688,344
b. Provide the money market fund's daily average net assets during the reporting period

Item C.20. Lines of credit, interfund lending and interfund borrowing.

For open-end management investment companies, respond to the following:
a. Does the Fund have available a line of credit? ☐ Yes ☒ No
b. Did the Fund engage in interfund lending? ☐ Yes ☒ No
c. Did the Fund engage in interfund borrowing? ☐ Yes ☒ No

Item C.22. Liquidity classification services.

For open-end management investment companies subject to rule 22e-4 (17 CFR 270.22e-4), respond to the following:
a. Provide the following information about each person that provided liquidity classification services to the Fund during the reporting period:

Liquidity Classification RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the liquidity classification service an affiliated person of the Fund or its investment adviser(s)?Asset class(es) for which liquidity classification services were provided to the Fund
#1Guinness Atkinson Asset Management , Inc.LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA Yes Equity-common

b. Was a liquidity classification service hired or terminated during the reporting period? ☐ Yes ☒ No
Management Investment Record: 9

Item C.1. Background information.

a. Full Name of the Fund
Guinness Atkinson Sustainable Energy ETF
b. Series identication number, if any
S000069963
c. LEI
549300MMUL2BU41VMS73
d. Is this the first filing on this form by the Fund? ☐ Yes ☒ No

Item C.2. Classes of open-end management investment companies.

a. How many Classes of shares of the Fund (if any) are authorized?
1
b. How many new Classes of shares of the Fund were added during the reporting period?
0
c. How many Classes of shares of the Fund were terminated during the reporting period?
0
d. For each Class with shares outstanding, provide the information requested below:

Shares Outstanding RecordFull name of ClassClass identification number, if anyTicker symbol, if any
#1Guinness Atkinson Sustainable Energy ETFC000222800SOLR

Item C.3. Type of fund.

Instructions:
1. "Fund of Funds" means a fund that acquires securities issued by any other investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)), but, for purposes of this Item, does not include a fund that acquires securities issued by another company solely in reliance on rule 12d1-1 under the Act (CFR 270.12d1-1).
2. "Index" means an investment company, including an Exchange-Traded Fund, that seeks to track the performance of a specified index.
3. "Interval Fund" means a closed-end management investment company that makes periodic repurchases of its shares pursuant to rule 23c-3 under the Act (17 CFR 270.23c-3).
4. "Master-Feeder Fund" means a two-tiered arrangement in which one or more funds (each a feeder fund) holds shares of a single Fund (the master fund) in with section 12(d)(1)(E) of the Act (15 U.S.C. 80a-12(d)(1)(E)) or pursuant to exemptive relief granted by the Commission.
5. "Target Date Fund" means an investment company that has an investment objective or strategy of providing varying degrees of long-term appreciation and capital preservation through a mix of equity and fixed income exposures that changes over time based on an investor's age, target retirement date, or life expectancy.
a. Indicate if the Fund is any one of the types listed. Check all that apply. a. Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund
     ☒ i. Exchange-Traded Fund
     ☐ ii. Exchange-Traded Managed Fund
☐ b. Index Fund
☐ c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark
☐ d. Interval Fund
☐ e. Fund of Funds
☐ f. Master-Feeder Fund
☐ g. Money Market Fund
☐ h. Target Date Fund
☐ i. Underlying fund to a variable annuity or variable life insurance contract
☐ N/A

Item C.4. Diversification.

a. Does the Fund seek to operate as a “non-diversified company” as such term is defined in section 5(b)(2) of the Act (15 U.S.C. 80a- 5(b) (2))? ☐ Yes ☒ No

Item C.5. Investments in certain foreign corporations.

Instruction. "Controlled foreign corporation" has the meaning provided in section 957 of the Internal Revenue Code [26 U.S.C. 957].
a. Does the fund invest in a controlled foreign corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities? ☐ Yes ☒ No

Item C.6. Securities lending.

Instruction. For purposes of this Item, other adverse impacts would include, for example, (1) a loss to the Fund if collateral and indemnification were not sufficient to replace the loaned securities or their value, (2) the Fund's ineligibility to vote shares in a proxy, or (3) the Fund's ineligibility to receive a direct distribution from the issuer.
a. Is the Fund authorized to engage in securities lending transactions? ☒ Yes ☐ No
b. Did the Fund lend any of its securities during the reporting period? ☐ Yes ☒ No
c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:

Securities Lending Record Full name of securities lending agent Identifying number(s) Is the securities lending agent an affiliated person, or an affiliated person of an affiliated person, of the Fund? Does the securities lending agent or any other entity indemnify the fund against borrower default on loans administered by this agent?
— — — — —

d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:

Collateral Managers Record Full name of cash collateral manager Identifying number(s) Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund? Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of the Fund?
— — — — —

e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply): ☐ i. Revenue sharing split
☐ ii. Non-revenue sharing split (other than administrative fee)
☐ iii. Administrative fee
☐ iv. Cash collateral reinvestment fee
☐ v. Indemnification fee
☐ vi. Other
☒ N/A
f. Provide the monthly average of the value of portfolio securities on loan during the reporting period
N/A
g. Provide the net income from securities lending activities
N/A

Item C.7. Reliance on certain statutory exemption and rules.

a. Did the Fund rely on the following statutory exemption or any of the rules under the Act during the reporting period? (check all that apply) ☐ a. Rule 10f-3 (17 CFR 270.10f-3)
☐ b. Rule 12d1-1 (17 CFR 270.12d1-1)
☐ c. Rule 15a-4 (17 CFR 270.15a-4)
☐ d. Rule 17a-6 (17 CFR 270.17a-6)
☐ e. Rule 17a-7 (17 CFR 270.17a-7)
☐ f. Rule 17a-8 (17 CFR 270.17a-8)
☐ g. Rule 17e-1 (17 CFR 270.17e-1)
☐ h. Rule 22d-1 (17 CFR 270.22d-1)
☐ i. Rule 23c-1 (17 CFR 270.23c-1)
☒ j. Rule 32a-4 (17 CFR 270.32a-4)
☒ k. Rule 6c-11 (17 CFR 270.6c-11)
☐ l. Rule 12d1-4 (17 CFR 270.12d1-4)
☐ m. Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))
☐ n. Rule 18f-4 (17 CFR 270.18f-4)
☐ i. Is the Fund excepted from the rule 18f-4 (17 CFR 270.18f-4) program requirement and limit on fund leverage risk under rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))?
☐ ii. Is the Fund a leveraged/inverse fund that, under rule 18f-4(c)(5) (17 CFR 270.18f-4(c)(5)), is excepted from the requirement to comply with the limit on fund leverage risk described in rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))?
☐ iii. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))?
☐ iv. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))?
☐ v. Did the Fund enter into any unfunded commitment agreements under rule 18f-4(e) (17 CFR 270.18f-4(e))?
☐ vi. Did the Fund invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, in reliance on rule 18f-4(f) (17 CFR 270.18f-4(f))?
☐ N/A

Item C.8. Expense limitations.

Instruction. Provide information concerning any direct or indirect limitations, waivers or reductions, on the level of expenses incurred by the fund during the reporting period. A limitation, for example, may be applied indirectly (such as when an adviser agrees to accept a reduced fee pursuant to a voluntary fee waiver) or it may apply only for a temporary period such as for a new fund in its start-up phase.
a. Did the Fund have an expense limitation arrangement in place during the reporting period? ☒ Yes ☐ No
b. Were any expenses of the Fund reduced or waived pursuant to an expense limitation arrangement during the reporting period? ☒ Yes ☐ No
c. Are the fees waived subject to recoupment? ☐ Yes ☒ No
d. Were any expenses previously waived recouped during the period? ☐ Yes ☒ No

Item C.9. Investment advisers.

a. Provide the following information about each investment adviser (other than a sub-adviser) of the Fund:

Investment Advisers RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableWas the investment adviser hired during the reporting period?
#1Guinness Atkinson Asset Management, Inc.801-61667000124465LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA No

b. If an investment adviser (other than a sub- adviser) to the Fund was terminated during the reporting period, provide the following with respect to each investment adviser:

Investment Advisers Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

c. For each sub-adviser to the Fund, provide the information requested:

Sub-Advisors RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableIs the sub-adviser an affiliated person of the Fund's investment adviser(s)?Was the sub-adviser hired during the reporting period?
#1Penserra Capital Management, LLC801-80466000159042LEI: 549300I8X5UWMSXOJ371
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA No No

d. If a sub-adviser was terminated during the reporting period, provide the following with respect to such sub-adviser:

Sub-Advisors Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

Item C.10. Transfer agents.

a. Provide the following information about each person providing transfer agency services to the Fund:

Transfer Agents RecordFull name SEC file number
( e.g., 801- ) 		Identifying number(s)State, if applicableForeign country, if applicableIs the transfer agent an affiliated person of the Fund or its investment adviser(s)?Is the transfer agent a sub-transfer agent?
#1Brown Brothers Harriman & Co.84-06071LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No

b. Has a transfer agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.11. Pricing services.

a. Provide the following information about each person that provided pricing services to the Fund during the reporting period:

Pricing Services RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the pricing service an affiliated person of the Fund or its investment adviser(s)?
#1Thomson ReutersLEI: 549300561UZND4C7B569
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No

b. Was a pricing service hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.12. Custodians.

a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:

Custodians RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the custodian an affiliated person of the Fund or its investment adviser(s)?Is the custodian a sub-custodian? Type of custody
(describe if "Other")
#1HSBC Bank ChinaLEI: 2CZOJRADNJXBLT55G526
RSSD ID: N/A
 CHINA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#2Skandinaviska Enskilda Banken AB (PUBL), Danmark BranchLEI: F3JS33DEI6XQ4ZBPTN86
RSSD ID: N/A
 DENMARK No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#3BNP Paribas S.A.LEI: 549300WCGB70D06XZS54
RSSD ID: N/A
 FRANCE No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#4Deutsche Bank AGLEI: 7LTWFZYICNSX8D621K86
RSSD ID: N/A
 GERMANY No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#5HSBC Bank PLCLEI: MP6I5ZYZBEU3UXPYFY54
RSSD ID: N/A
 IRELAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#6BNP Paribas S.A.LEI: R0MUWSFPU8MPRO8K5P83
RSSD ID: N/A
 NETHERLANDS No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#7HSBC Bank - Korea BranchLEI: N/A
RSSD ID: N/A
 KOREA (THE REPUBLIC OF) No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#8Banco Bilbao Vizcaya Argentaria SALEI: K8MS7FD7N5Z2WQ51AZ71
RSSD ID: N/A
 SPAIN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#9Skandinaviska Enskilda Banken AB (PUBL)LEI: F3JS33DEI6XQ4ZBPTN86
RSSD ID: N/A
 SWEDEN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#10HSBC Bank PLCLEI: MP6I5ZYZBEU3UXPYFY54
RSSD ID: N/A
 UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#11Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

b. Has a custodian been hired or terminated during the reporting period?* ☐ Yes ☒ No

Item C.13. Shareholder servicing agents.

a. Provide the following information about each shareholder servicing agent of the Fund:

Shareholder Servicing Agents RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the shareholder servicing agent an affiliated person of the Fund or its investment adviser(s)?Is the shareholder servicing agent a sub-shareholder servicing agent?
#1Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
 MASSACHUSETTS UNITED STATES OF AMERICA No No

b. Has a shareholder servicing agent been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.14. Administrators.

a. Provide the following information about each administrator of the Fund:

Administrators RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the administrator an affiliated person of the Fund or its investment adviser(s)?Is the administrator a sub-administrator?
#1Mutual Fund Administration, LLCLEI: 54930097560RK2KMX577
 CALIFORNIA UNITED STATES OF AMERICA Yes No

b. Has a third-party administrator been hired or terminated during the reporting period? ☐ Yes ☒ No

Item C.15. Affiliated broker-dealers.

a. Provide the following information about each affiliated broker-dealer:

Broker-Dealers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal commissions paid to the affiliated broker-dealer for the reporting period
— — — — — — — —

Item C.16. Brokers.

Instructions to Item C.16 and Item C.17.
To help Registrants distinguish between agency and principal transactions, and to promote consistent reporting of the information required by these items, the following criteria should be used:
1. If a security is purchased or sold in a transaction for which the confirmation specifies the amount of the commission to be paid by the Registrant, the transaction should be considered an agency transaction and included in determining the answers to Item C.16.
2. If a security is purchased or sold in a transaction for which the confirmation specifies only the net amount to be paid or received by the Registrant and such net amount is equal to the market value of the security at the time of the transaction, the transaction should be considered a principal transaction and included in determining the amounts in Item C.17.
3. If a security is purchased by the Registrant in an underwritten offering, the acquisition should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the underwriters are receiving from the issuer.
4. If a security is sold by the Registrant in a tender offer, the sale should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the offeror is paying to soliciting brokers or dealers.
5. If a security is purchased directly from the issuer (such as a bank CD), the purchase should be considered a principal transaction and included in answering Item C.17.
6. The value of called or maturing securities should not be counted in either agency or principal transactions and should not be included in determining the amounts shown in Item C.16 and Item C.17. This means that the acquisition of a security may be included, but it is possible that its disposition may not be included. Disposition of a repurchase agreement at its expiration date should not be included.
7. The purchase or sales of securities in transactions not described in paragraphs (1) through (6) above should be evaluated by the Fund based upon the guidelines established in those paragraphs and classified accordingly. The agents considered in Item C.16 may be persons or companies not registered under the Exchange Act as securities brokers. The persons or companies from whom the investment company purchased or to whom it sold portfolio instruments on a principal basis may be persons or entities not registered under the Exchange Act as securities dealers.
a. For each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s portfolio transactions, provide the information below:

Brokers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableGross commissions paid by the Fund for the reporting period
#1BTIG8-65473000122225LEI: 5493000N3YJ7R3J6N403
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 31
#2Goldman Sachs8-00129000000361LEI: FOR8UP27PHTHYVLBNG30
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 446
#3Mirae Asset Securities8-45034000030679LEI: 25490087B4GFZLJZE912
RSSD ID: N/A
 NEW YORK UNITED STATES OF AMERICA 77

b. Aggregate brokerage commissions paid by Fund during the reporting period:
554

Item C.17. Principal transactions.

a. For each of the ten entities acting as principals with which the Fund did the largest dollar amount of principal transactions (include all short-term obligations, and U.S. government and tax-free securities) in both the secondary market and in underwritten offerings, provide the information below:

Principal Transactions RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal value of purchases and sales (excluding maturing securities) with Fund
— — — — — — — —

b. Aggregate value of principal purchase/sale transactions of Fund during the reporting period:
0

Item C.18. Payments for brokerage and research.

a. During the reporting period, did the Fund pay commissions to broker-dealers for "brokerage and research services" within the meaning of section 28(e) of the Exchange Act (15 U.S.C. 78bb)? ☐ Yes ☒ No

Item C.19. Average net assets.

a. Provide the Fund's (other than a money market fund's) monthly average net assets during the reporting period
3,943,784
b. Provide the money market fund's daily average net assets during the reporting period

Item C.20. Lines of credit, interfund lending and interfund borrowing.

For open-end management investment companies, respond to the following:
a. Does the Fund have available a line of credit? ☐ Yes ☒ No
b. Did the Fund engage in interfund lending? ☐ Yes ☒ No
c. Did the Fund engage in interfund borrowing? ☐ Yes ☒ No

Item C.22. Liquidity classification services.

For open-end management investment companies subject to rule 22e-4 (17 CFR 270.22e-4), respond to the following:
a. Provide the following information about each person that provided liquidity classification services to the Fund during the reporting period:

Liquidity Classification RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the liquidity classification service an affiliated person of the Fund or its investment adviser(s)?Asset class(es) for which liquidity classification services were provided to the Fund
#1Guinness Atkinson Asset Management , Inc.LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA Yes Equity-common

b. Was a liquidity classification service hired or terminated during the reporting period? ☐ Yes ☒ No
Management Investment Record: 10

Item C.1. Background information.

a. Full Name of the Fund
Guinness Atkinson International Dividend Builder ETF
b. Series identication number, if any
S000097909
c. LEI
984500FDA1AB4DA8FE36
d. Is this the first filing on this form by the Fund? ☒ Yes ☐ No

Item C.2. Classes of open-end management investment companies.

a. How many Classes of shares of the Fund (if any) are authorized?
1
b. How many new Classes of shares of the Fund were added during the reporting period?
0
c. How many Classes of shares of the Fund were terminated during the reporting period?
0
d. For each Class with shares outstanding, provide the information requested below:

Shares Outstanding RecordFull name of ClassClass identification number, if anyTicker symbol, if any
#1Guinness Atkinson International Dividend Builder ETFC000267420GAID

Item C.3. Type of fund.

Instructions:
1. "Fund of Funds" means a fund that acquires securities issued by any other investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)), but, for purposes of this Item, does not include a fund that acquires securities issued by another company solely in reliance on rule 12d1-1 under the Act (CFR 270.12d1-1).
2. "Index" means an investment company, including an Exchange-Traded Fund, that seeks to track the performance of a specified index.
3. "Interval Fund" means a closed-end management investment company that makes periodic repurchases of its shares pursuant to rule 23c-3 under the Act (17 CFR 270.23c-3).
4. "Master-Feeder Fund" means a two-tiered arrangement in which one or more funds (each a feeder fund) holds shares of a single Fund (the master fund) in with section 12(d)(1)(E) of the Act (15 U.S.C. 80a-12(d)(1)(E)) or pursuant to exemptive relief granted by the Commission.
5. "Target Date Fund" means an investment company that has an investment objective or strategy of providing varying degrees of long-term appreciation and capital preservation through a mix of equity and fixed income exposures that changes over time based on an investor's age, target retirement date, or life expectancy.
a. Indicate if the Fund is any one of the types listed. Check all that apply. a. Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund
     ☒ i. Exchange-Traded Fund
     ☐ ii. Exchange-Traded Managed Fund
☐ b. Index Fund
☐ c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark
☐ d. Interval Fund
☐ e. Fund of Funds
☐ f. Master-Feeder Fund
☐ g. Money Market Fund
☐ h. Target Date Fund
☐ i. Underlying fund to a variable annuity or variable life insurance contract
☐ N/A

Item C.4. Diversification.

a. Does the Fund seek to operate as a “non-diversified company” as such term is defined in section 5(b)(2) of the Act (15 U.S.C. 80a- 5(b) (2))? ☐ Yes ☒ No

Item C.5. Investments in certain foreign corporations.

Instruction. "Controlled foreign corporation" has the meaning provided in section 957 of the Internal Revenue Code [26 U.S.C. 957].
a. Does the fund invest in a controlled foreign corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities? ☐ Yes ☒ No

Item C.6. Securities lending.

Instruction. For purposes of this Item, other adverse impacts would include, for example, (1) a loss to the Fund if collateral and indemnification were not sufficient to replace the loaned securities or their value, (2) the Fund's ineligibility to vote shares in a proxy, or (3) the Fund's ineligibility to receive a direct distribution from the issuer.
a. Is the Fund authorized to engage in securities lending transactions? ☒ Yes ☐ No
b. Did the Fund lend any of its securities during the reporting period? ☐ Yes ☒ No
c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:

Securities Lending Record Full name of securities lending agent Identifying number(s) Is the securities lending agent an affiliated person, or an affiliated person of an affiliated person, of the Fund? Does the securities lending agent or any other entity indemnify the fund against borrower default on loans administered by this agent?
— — — — —

d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:

Collateral Managers Record Full name of cash collateral manager Identifying number(s) Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund? Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of the Fund?
— — — — —

e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply): ☐ i. Revenue sharing split
☐ ii. Non-revenue sharing split (other than administrative fee)
☐ iii. Administrative fee
☐ iv. Cash collateral reinvestment fee
☐ v. Indemnification fee
☐ vi. Other
☒ N/A
f. Provide the monthly average of the value of portfolio securities on loan during the reporting period
N/A
g. Provide the net income from securities lending activities
N/A

Item C.7. Reliance on certain statutory exemption and rules.

a. Did the Fund rely on the following statutory exemption or any of the rules under the Act during the reporting period? (check all that apply) ☐ a. Rule 10f-3 (17 CFR 270.10f-3)
☐ b. Rule 12d1-1 (17 CFR 270.12d1-1)
☐ c. Rule 15a-4 (17 CFR 270.15a-4)
☐ d. Rule 17a-6 (17 CFR 270.17a-6)
☐ e. Rule 17a-7 (17 CFR 270.17a-7)
☐ f. Rule 17a-8 (17 CFR 270.17a-8)
☐ g. Rule 17e-1 (17 CFR 270.17e-1)
☐ h. Rule 22d-1 (17 CFR 270.22d-1)
☐ i. Rule 23c-1 (17 CFR 270.23c-1)
☒ j. Rule 32a-4 (17 CFR 270.32a-4)
☒ k. Rule 6c-11 (17 CFR 270.6c-11)
☐ l. Rule 12d1-4 (17 CFR 270.12d1-4)
☐ m. Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))
☐ n. Rule 18f-4 (17 CFR 270.18f-4)
☐ i. Is the Fund excepted from the rule 18f-4 (17 CFR 270.18f-4) program requirement and limit on fund leverage risk under rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))?
☐ ii. Is the Fund a leveraged/inverse fund that, under rule 18f-4(c)(5) (17 CFR 270.18f-4(c)(5)), is excepted from the requirement to comply with the limit on fund leverage risk described in rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))?
☐ iii. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))?
☐ iv. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))?
☐ v. Did the Fund enter into any unfunded commitment agreements under rule 18f-4(e) (17 CFR 270.18f-4(e))?
☐ vi. Did the Fund invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, in reliance on rule 18f-4(f) (17 CFR 270.18f-4(f))?
☐ N/A

Item C.8. Expense limitations.

Instruction. Provide information concerning any direct or indirect limitations, waivers or reductions, on the level of expenses incurred by the fund during the reporting period. A limitation, for example, may be applied indirectly (such as when an adviser agrees to accept a reduced fee pursuant to a voluntary fee waiver) or it may apply only for a temporary period such as for a new fund in its start-up phase.
a. Did the Fund have an expense limitation arrangement in place during the reporting period? ☐ Yes ☒ No
b. Were any expenses of the Fund reduced or waived pursuant to an expense limitation arrangement during the reporting period? ☐ Yes ☒ No
c. Are the fees waived subject to recoupment? ☐ Yes ☒ No
d. Were any expenses previously waived recouped during the period? ☐ Yes ☒ No

Item C.9. Investment advisers.

a. Provide the following information about each investment adviser (other than a sub-adviser) of the Fund:

Investment Advisers RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableWas the investment adviser hired during the reporting period?
#1Guinness Atkinson Asset Management, Inc.801-61667000124465LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA Yes
If the investment adviser was hired during the reporting period, indicate the investment adviser's start date: 2025-12-19

b. If an investment adviser (other than a sub- adviser) to the Fund was terminated during the reporting period, provide the following with respect to each investment adviser:

Investment Advisers Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

c. For each sub-adviser to the Fund, provide the information requested:

Sub-Advisors RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableIs the sub-adviser an affiliated person of the Fund's investment adviser(s)?Was the sub-adviser hired during the reporting period?
— — — — — — — — —

d. If a sub-adviser was terminated during the reporting period, provide the following with respect to such sub-adviser:

Sub-Advisors Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

Item C.10. Transfer agents.

a. Provide the following information about each person providing transfer agency services to the Fund:

Transfer Agents RecordFull name SEC file number
( e.g., 801- ) 		Identifying number(s)State, if applicableForeign country, if applicableIs the transfer agent an affiliated person of the Fund or its investment adviser(s)?Is the transfer agent a sub-transfer agent?
#1Brown Brothers Harriman & Co.84-06071LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No

b. Has a transfer agent been hired or terminated during the reporting period? ☒ Yes ☐ No

Item C.11. Pricing services.

a. Provide the following information about each person that provided pricing services to the Fund during the reporting period:

Pricing Services RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the pricing service an affiliated person of the Fund or its investment adviser(s)?
#1Thomson ReutersLEI: 549300561UZND4C7B569
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No

b. Was a pricing service hired or terminated during the reporting period? ☒ Yes ☐ No

Item C.12. Custodians.

a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:

Custodians RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the custodian an affiliated person of the Fund or its investment adviser(s)?Is the custodian a sub-custodian? Type of custody
(describe if "Other")
#1HSBC Bank Australia LimitedLEI: DY9DBNI4W8J63Z298033
RSSD ID: N/A
 AUSTRALIA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#2RBC Investor Services Trust for Royal Bank of Canada (RBC)LEI: 5493002MUOV04NSPT571
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#3HSBC Bank ChinaLEI: 2CZOJRADNJXBLT55G526
RSSD ID: N/A
 CHINA No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#4BNP Paribas S.A.LEI: 549300WCGB70D06XZS54
RSSD ID: N/A
 FRANCE No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#5Standard Chartered Bank (Hong Kong) Ltd for Standard Chartered BankLEI: X5AV1MBDXGRPX5UGMX13
RSSD ID: N/A
 HONG KONG No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#6BNP Paribas S.A., Succursale ItaliaLEI: R0MUWSFPU8MPRO8K5P83
RSSD ID: N/A
 ITALY No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#7MUFG Bank, LtdLEI: C3GTMMZIHMY46P4OIX74
RSSD ID: N/A
 JAPAN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#8BNP Paribas S.A.LEI: R0MUWSFPU8MPRO8K5P83
RSSD ID: N/A
 NETHERLANDS No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#9DBS Bank LtdLEI: ATUEL7OJR5057F2PV266
RSSD ID: N/A
 SINGAPORE No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#10Banco Bilbao Vizcaya Argentaria SALEI: K8MS7FD7N5Z2WQ51AZ71
RSSD ID: N/A
 SPAIN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#11Skandinaviska Enskilda Banken AB (PUBL)LEI: F3JS33DEI6XQ4ZBPTN86
RSSD ID: N/A
 SWEDEN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#12UBS Switzerland AGLEI: 549300WOIFUSNYH0FL22
RSSD ID: N/A
 SWITZERLAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#13Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

b. Has a custodian been hired or terminated during the reporting period?* ☐ Yes ☒ No

Item C.13. Shareholder servicing agents.

a. Provide the following information about each shareholder servicing agent of the Fund:

Shareholder Servicing Agents RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the shareholder servicing agent an affiliated person of the Fund or its investment adviser(s)?Is the shareholder servicing agent a sub-shareholder servicing agent?
#1Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
 MASSACHUSETTS UNITED STATES OF AMERICA No No

b. Has a shareholder servicing agent been hired or terminated during the reporting period? ☒ Yes ☐ No

Item C.14. Administrators.

a. Provide the following information about each administrator of the Fund:

Administrators RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the administrator an affiliated person of the Fund or its investment adviser(s)?Is the administrator a sub-administrator?
#1Mutual Fund Administration, LLCLEI: 54930097560RK2KMX577
 CALIFORNIA UNITED STATES OF AMERICA Yes No

b. Has a third-party administrator been hired or terminated during the reporting period? ☒ Yes ☐ No

Item C.15. Affiliated broker-dealers.

a. Provide the following information about each affiliated broker-dealer:

Broker-Dealers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal commissions paid to the affiliated broker-dealer for the reporting period
— — — — — — — —

Item C.16. Brokers.

Instructions to Item C.16 and Item C.17.
To help Registrants distinguish between agency and principal transactions, and to promote consistent reporting of the information required by these items, the following criteria should be used:
1. If a security is purchased or sold in a transaction for which the confirmation specifies the amount of the commission to be paid by the Registrant, the transaction should be considered an agency transaction and included in determining the answers to Item C.16.
2. If a security is purchased or sold in a transaction for which the confirmation specifies only the net amount to be paid or received by the Registrant and such net amount is equal to the market value of the security at the time of the transaction, the transaction should be considered a principal transaction and included in determining the amounts in Item C.17.
3. If a security is purchased by the Registrant in an underwritten offering, the acquisition should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the underwriters are receiving from the issuer.
4. If a security is sold by the Registrant in a tender offer, the sale should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the offeror is paying to soliciting brokers or dealers.
5. If a security is purchased directly from the issuer (such as a bank CD), the purchase should be considered a principal transaction and included in answering Item C.17.
6. The value of called or maturing securities should not be counted in either agency or principal transactions and should not be included in determining the amounts shown in Item C.16 and Item C.17. This means that the acquisition of a security may be included, but it is possible that its disposition may not be included. Disposition of a repurchase agreement at its expiration date should not be included.
7. The purchase or sales of securities in transactions not described in paragraphs (1) through (6) above should be evaluated by the Fund based upon the guidelines established in those paragraphs and classified accordingly. The agents considered in Item C.16 may be persons or companies not registered under the Exchange Act as securities brokers. The persons or companies from whom the investment company purchased or to whom it sold portfolio instruments on a principal basis may be persons or entities not registered under the Exchange Act as securities dealers.
a. For each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s portfolio transactions, provide the information below:

Brokers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableGross commissions paid by the Fund for the reporting period
— — — — — — — —

b. Aggregate brokerage commissions paid by Fund during the reporting period:
0

Item C.17. Principal transactions.

a. For each of the ten entities acting as principals with which the Fund did the largest dollar amount of principal transactions (include all short-term obligations, and U.S. government and tax-free securities) in both the secondary market and in underwritten offerings, provide the information below:

Principal Transactions RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal value of purchases and sales (excluding maturing securities) with Fund
— — — — — — — —

b. Aggregate value of principal purchase/sale transactions of Fund during the reporting period:
0

Item C.18. Payments for brokerage and research.

a. During the reporting period, did the Fund pay commissions to broker-dealers for "brokerage and research services" within the meaning of section 28(e) of the Exchange Act (15 U.S.C. 78bb)? ☐ Yes ☒ No

Item C.19. Average net assets.

a. Provide the Fund's (other than a money market fund's) monthly average net assets during the reporting period
377,947
b. Provide the money market fund's daily average net assets during the reporting period

Item C.20. Lines of credit, interfund lending and interfund borrowing.

For open-end management investment companies, respond to the following:
a. Does the Fund have available a line of credit? ☐ Yes ☒ No
b. Did the Fund engage in interfund lending? ☐ Yes ☒ No
c. Did the Fund engage in interfund borrowing? ☐ Yes ☒ No

Item C.22. Liquidity classification services.

For open-end management investment companies subject to rule 22e-4 (17 CFR 270.22e-4), respond to the following:
a. Provide the following information about each person that provided liquidity classification services to the Fund during the reporting period:

Liquidity Classification RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the liquidity classification service an affiliated person of the Fund or its investment adviser(s)?Asset class(es) for which liquidity classification services were provided to the Fund
#1Guinness Atkinson Asset Management , Inc.LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA Yes Equity-common

b. Was a liquidity classification service hired or terminated during the reporting period? ☒ Yes ☐ No
Management Investment Record: 11

Item C.1. Background information.

a. Full Name of the Fund
Guinness Atkinson US Dividend Builder ETF
b. Series identication number, if any
S000097910
c. LEI
9845005DEAE2D3F59B80
d. Is this the first filing on this form by the Fund? ☒ Yes ☐ No

Item C.2. Classes of open-end management investment companies.

a. How many Classes of shares of the Fund (if any) are authorized?
1
b. How many new Classes of shares of the Fund were added during the reporting period?
0
c. How many Classes of shares of the Fund were terminated during the reporting period?
0
d. For each Class with shares outstanding, provide the information requested below:

Shares Outstanding RecordFull name of ClassClass identification number, if anyTicker symbol, if any
#1Guinness Atkinson US Dividend Builder ETFC000267421GAUD

Item C.3. Type of fund.

Instructions:
1. "Fund of Funds" means a fund that acquires securities issued by any other investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)), but, for purposes of this Item, does not include a fund that acquires securities issued by another company solely in reliance on rule 12d1-1 under the Act (CFR 270.12d1-1).
2. "Index" means an investment company, including an Exchange-Traded Fund, that seeks to track the performance of a specified index.
3. "Interval Fund" means a closed-end management investment company that makes periodic repurchases of its shares pursuant to rule 23c-3 under the Act (17 CFR 270.23c-3).
4. "Master-Feeder Fund" means a two-tiered arrangement in which one or more funds (each a feeder fund) holds shares of a single Fund (the master fund) in with section 12(d)(1)(E) of the Act (15 U.S.C. 80a-12(d)(1)(E)) or pursuant to exemptive relief granted by the Commission.
5. "Target Date Fund" means an investment company that has an investment objective or strategy of providing varying degrees of long-term appreciation and capital preservation through a mix of equity and fixed income exposures that changes over time based on an investor's age, target retirement date, or life expectancy.
a. Indicate if the Fund is any one of the types listed. Check all that apply. a. Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund
     ☒ i. Exchange-Traded Fund
     ☐ ii. Exchange-Traded Managed Fund
☐ b. Index Fund
☐ c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark
☐ d. Interval Fund
☐ e. Fund of Funds
☐ f. Master-Feeder Fund
☐ g. Money Market Fund
☐ h. Target Date Fund
☐ i. Underlying fund to a variable annuity or variable life insurance contract
☐ N/A

Item C.4. Diversification.

a. Does the Fund seek to operate as a “non-diversified company” as such term is defined in section 5(b)(2) of the Act (15 U.S.C. 80a- 5(b) (2))? ☐ Yes ☒ No

Item C.5. Investments in certain foreign corporations.

Instruction. "Controlled foreign corporation" has the meaning provided in section 957 of the Internal Revenue Code [26 U.S.C. 957].
a. Does the fund invest in a controlled foreign corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities? ☐ Yes ☒ No

Item C.6. Securities lending.

Instruction. For purposes of this Item, other adverse impacts would include, for example, (1) a loss to the Fund if collateral and indemnification were not sufficient to replace the loaned securities or their value, (2) the Fund's ineligibility to vote shares in a proxy, or (3) the Fund's ineligibility to receive a direct distribution from the issuer.
a. Is the Fund authorized to engage in securities lending transactions? ☒ Yes ☐ No
b. Did the Fund lend any of its securities during the reporting period? ☐ Yes ☒ No
c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:

Securities Lending Record Full name of securities lending agent Identifying number(s) Is the securities lending agent an affiliated person, or an affiliated person of an affiliated person, of the Fund? Does the securities lending agent or any other entity indemnify the fund against borrower default on loans administered by this agent?
— — — — —

d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:

Collateral Managers Record Full name of cash collateral manager Identifying number(s) Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund? Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of the Fund?
— — — — —

e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply): ☐ i. Revenue sharing split
☐ ii. Non-revenue sharing split (other than administrative fee)
☐ iii. Administrative fee
☐ iv. Cash collateral reinvestment fee
☐ v. Indemnification fee
☐ vi. Other
☒ N/A
f. Provide the monthly average of the value of portfolio securities on loan during the reporting period
N/A
g. Provide the net income from securities lending activities
N/A

Item C.7. Reliance on certain statutory exemption and rules.

a. Did the Fund rely on the following statutory exemption or any of the rules under the Act during the reporting period? (check all that apply) ☐ a. Rule 10f-3 (17 CFR 270.10f-3)
☐ b. Rule 12d1-1 (17 CFR 270.12d1-1)
☐ c. Rule 15a-4 (17 CFR 270.15a-4)
☐ d. Rule 17a-6 (17 CFR 270.17a-6)
☐ e. Rule 17a-7 (17 CFR 270.17a-7)
☐ f. Rule 17a-8 (17 CFR 270.17a-8)
☐ g. Rule 17e-1 (17 CFR 270.17e-1)
☐ h. Rule 22d-1 (17 CFR 270.22d-1)
☐ i. Rule 23c-1 (17 CFR 270.23c-1)
☒ j. Rule 32a-4 (17 CFR 270.32a-4)
☒ k. Rule 6c-11 (17 CFR 270.6c-11)
☐ l. Rule 12d1-4 (17 CFR 270.12d1-4)
☐ m. Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))
☐ n. Rule 18f-4 (17 CFR 270.18f-4)
☐ i. Is the Fund excepted from the rule 18f-4 (17 CFR 270.18f-4) program requirement and limit on fund leverage risk under rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))?
☐ ii. Is the Fund a leveraged/inverse fund that, under rule 18f-4(c)(5) (17 CFR 270.18f-4(c)(5)), is excepted from the requirement to comply with the limit on fund leverage risk described in rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))?
☐ iii. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))?
☐ iv. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))?
☐ v. Did the Fund enter into any unfunded commitment agreements under rule 18f-4(e) (17 CFR 270.18f-4(e))?
☐ vi. Did the Fund invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, in reliance on rule 18f-4(f) (17 CFR 270.18f-4(f))?
☐ N/A

Item C.8. Expense limitations.

Instruction. Provide information concerning any direct or indirect limitations, waivers or reductions, on the level of expenses incurred by the fund during the reporting period. A limitation, for example, may be applied indirectly (such as when an adviser agrees to accept a reduced fee pursuant to a voluntary fee waiver) or it may apply only for a temporary period such as for a new fund in its start-up phase.
a. Did the Fund have an expense limitation arrangement in place during the reporting period? ☐ Yes ☒ No
b. Were any expenses of the Fund reduced or waived pursuant to an expense limitation arrangement during the reporting period? ☐ Yes ☒ No
c. Are the fees waived subject to recoupment? ☐ Yes ☒ No
d. Were any expenses previously waived recouped during the period? ☐ Yes ☒ No

Item C.9. Investment advisers.

a. Provide the following information about each investment adviser (other than a sub-adviser) of the Fund:

Investment Advisers RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableWas the investment adviser hired during the reporting period?
#1Guinness Atkinson Asset Management, Inc.801-61667000124465LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA Yes
If the investment adviser was hired during the reporting period, indicate the investment adviser's start date: 2025-12-19

b. If an investment adviser (other than a sub- adviser) to the Fund was terminated during the reporting period, provide the following with respect to each investment adviser:

Investment Advisers Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

c. For each sub-adviser to the Fund, provide the information requested:

Sub-Advisors RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableIs the sub-adviser an affiliated person of the Fund's investment adviser(s)?Was the sub-adviser hired during the reporting period?
— — — — — — — — —

d. If a sub-adviser was terminated during the reporting period, provide the following with respect to such sub-adviser:

Sub-Advisors Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

Item C.10. Transfer agents.

a. Provide the following information about each person providing transfer agency services to the Fund:

Transfer Agents RecordFull name SEC file number
( e.g., 801- ) 		Identifying number(s)State, if applicableForeign country, if applicableIs the transfer agent an affiliated person of the Fund or its investment adviser(s)?Is the transfer agent a sub-transfer agent?
#1Brown Brothers Harriman & Co.84-06071LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No

b. Has a transfer agent been hired or terminated during the reporting period? ☒ Yes ☐ No

Item C.11. Pricing services.

a. Provide the following information about each person that provided pricing services to the Fund during the reporting period:

Pricing Services RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the pricing service an affiliated person of the Fund or its investment adviser(s)?
#1Thomson ReutersLEI: 549300561UZND4C7B569
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No

b. Was a pricing service hired or terminated during the reporting period? ☒ Yes ☐ No

Item C.12. Custodians.

a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:

Custodians RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the custodian an affiliated person of the Fund or its investment adviser(s)?Is the custodian a sub-custodian? Type of custody
(describe if "Other")
#1Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

b. Has a custodian been hired or terminated during the reporting period?* ☒ Yes ☐ No

Item C.13. Shareholder servicing agents.

a. Provide the following information about each shareholder servicing agent of the Fund:

Shareholder Servicing Agents RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the shareholder servicing agent an affiliated person of the Fund or its investment adviser(s)?Is the shareholder servicing agent a sub-shareholder servicing agent?
#1Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
 MASSACHUSETTS UNITED STATES OF AMERICA No No

b. Has a shareholder servicing agent been hired or terminated during the reporting period? ☒ Yes ☐ No

Item C.14. Administrators.

a. Provide the following information about each administrator of the Fund:

Administrators RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the administrator an affiliated person of the Fund or its investment adviser(s)?Is the administrator a sub-administrator?
#1Mutual Fund Administration, LLCLEI: 54930097560RK2KMX577
 CALIFORNIA UNITED STATES OF AMERICA Yes No

b. Has a third-party administrator been hired or terminated during the reporting period? ☒ Yes ☐ No

Item C.15. Affiliated broker-dealers.

a. Provide the following information about each affiliated broker-dealer:

Broker-Dealers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal commissions paid to the affiliated broker-dealer for the reporting period
— — — — — — — —

Item C.16. Brokers.

Instructions to Item C.16 and Item C.17.
To help Registrants distinguish between agency and principal transactions, and to promote consistent reporting of the information required by these items, the following criteria should be used:
1. If a security is purchased or sold in a transaction for which the confirmation specifies the amount of the commission to be paid by the Registrant, the transaction should be considered an agency transaction and included in determining the answers to Item C.16.
2. If a security is purchased or sold in a transaction for which the confirmation specifies only the net amount to be paid or received by the Registrant and such net amount is equal to the market value of the security at the time of the transaction, the transaction should be considered a principal transaction and included in determining the amounts in Item C.17.
3. If a security is purchased by the Registrant in an underwritten offering, the acquisition should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the underwriters are receiving from the issuer.
4. If a security is sold by the Registrant in a tender offer, the sale should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the offeror is paying to soliciting brokers or dealers.
5. If a security is purchased directly from the issuer (such as a bank CD), the purchase should be considered a principal transaction and included in answering Item C.17.
6. The value of called or maturing securities should not be counted in either agency or principal transactions and should not be included in determining the amounts shown in Item C.16 and Item C.17. This means that the acquisition of a security may be included, but it is possible that its disposition may not be included. Disposition of a repurchase agreement at its expiration date should not be included.
7. The purchase or sales of securities in transactions not described in paragraphs (1) through (6) above should be evaluated by the Fund based upon the guidelines established in those paragraphs and classified accordingly. The agents considered in Item C.16 may be persons or companies not registered under the Exchange Act as securities brokers. The persons or companies from whom the investment company purchased or to whom it sold portfolio instruments on a principal basis may be persons or entities not registered under the Exchange Act as securities dealers.
a. For each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s portfolio transactions, provide the information below:

Brokers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableGross commissions paid by the Fund for the reporting period
— — — — — — — —

b. Aggregate brokerage commissions paid by Fund during the reporting period:
0

Item C.17. Principal transactions.

a. For each of the ten entities acting as principals with which the Fund did the largest dollar amount of principal transactions (include all short-term obligations, and U.S. government and tax-free securities) in both the secondary market and in underwritten offerings, provide the information below:

Principal Transactions RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal value of purchases and sales (excluding maturing securities) with Fund
— — — — — — — —

b. Aggregate value of principal purchase/sale transactions of Fund during the reporting period:
0

Item C.18. Payments for brokerage and research.

a. During the reporting period, did the Fund pay commissions to broker-dealers for "brokerage and research services" within the meaning of section 28(e) of the Exchange Act (15 U.S.C. 78bb)? ☐ Yes ☒ No

Item C.19. Average net assets.

a. Provide the Fund's (other than a money market fund's) monthly average net assets during the reporting period
250,181
b. Provide the money market fund's daily average net assets during the reporting period

Item C.20. Lines of credit, interfund lending and interfund borrowing.

For open-end management investment companies, respond to the following:
a. Does the Fund have available a line of credit? ☐ Yes ☒ No
b. Did the Fund engage in interfund lending? ☐ Yes ☒ No
c. Did the Fund engage in interfund borrowing? ☐ Yes ☒ No

Item C.22. Liquidity classification services.

For open-end management investment companies subject to rule 22e-4 (17 CFR 270.22e-4), respond to the following:
a. Provide the following information about each person that provided liquidity classification services to the Fund during the reporting period:

Liquidity Classification RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the liquidity classification service an affiliated person of the Fund or its investment adviser(s)?Asset class(es) for which liquidity classification services were provided to the Fund
#1Guinness Atkinson Asset Management , Inc.LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA Yes Equity-common

b. Was a liquidity classification service hired or terminated during the reporting period? ☒ Yes ☐ No
Management Investment Record: 12

Item C.1. Background information.

a. Full Name of the Fund
Guinness Atkinson Real Assets Income ETF
b. Series identication number, if any
S000097935
c. LEI
984500CDE39E7438BA77
d. Is this the first filing on this form by the Fund? ☒ Yes ☐ No

Item C.2. Classes of open-end management investment companies.

a. How many Classes of shares of the Fund (if any) are authorized?
1
b. How many new Classes of shares of the Fund were added during the reporting period?
0
c. How many Classes of shares of the Fund were terminated during the reporting period?
0
d. For each Class with shares outstanding, provide the information requested below:

Shares Outstanding RecordFull name of ClassClass identification number, if anyTicker symbol, if any
#1Guinness Atkinson Real Assets Income ETFC000267448GARA

Item C.3. Type of fund.

Instructions:
1. "Fund of Funds" means a fund that acquires securities issued by any other investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)), but, for purposes of this Item, does not include a fund that acquires securities issued by another company solely in reliance on rule 12d1-1 under the Act (CFR 270.12d1-1).
2. "Index" means an investment company, including an Exchange-Traded Fund, that seeks to track the performance of a specified index.
3. "Interval Fund" means a closed-end management investment company that makes periodic repurchases of its shares pursuant to rule 23c-3 under the Act (17 CFR 270.23c-3).
4. "Master-Feeder Fund" means a two-tiered arrangement in which one or more funds (each a feeder fund) holds shares of a single Fund (the master fund) in with section 12(d)(1)(E) of the Act (15 U.S.C. 80a-12(d)(1)(E)) or pursuant to exemptive relief granted by the Commission.
5. "Target Date Fund" means an investment company that has an investment objective or strategy of providing varying degrees of long-term appreciation and capital preservation through a mix of equity and fixed income exposures that changes over time based on an investor's age, target retirement date, or life expectancy.
a. Indicate if the Fund is any one of the types listed. Check all that apply. a. Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund
     ☒ i. Exchange-Traded Fund
     ☐ ii. Exchange-Traded Managed Fund
☐ b. Index Fund
☐ c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark
☐ d. Interval Fund
☐ e. Fund of Funds
☐ f. Master-Feeder Fund
☐ g. Money Market Fund
☐ h. Target Date Fund
☐ i. Underlying fund to a variable annuity or variable life insurance contract
☐ N/A

Item C.4. Diversification.

a. Does the Fund seek to operate as a “non-diversified company” as such term is defined in section 5(b)(2) of the Act (15 U.S.C. 80a- 5(b) (2))? ☐ Yes ☒ No

Item C.5. Investments in certain foreign corporations.

Instruction. "Controlled foreign corporation" has the meaning provided in section 957 of the Internal Revenue Code [26 U.S.C. 957].
a. Does the fund invest in a controlled foreign corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities? ☐ Yes ☒ No

Item C.6. Securities lending.

Instruction. For purposes of this Item, other adverse impacts would include, for example, (1) a loss to the Fund if collateral and indemnification were not sufficient to replace the loaned securities or their value, (2) the Fund's ineligibility to vote shares in a proxy, or (3) the Fund's ineligibility to receive a direct distribution from the issuer.
a. Is the Fund authorized to engage in securities lending transactions? ☒ Yes ☐ No
b. Did the Fund lend any of its securities during the reporting period? ☐ Yes ☒ No
c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:

Securities Lending Record Full name of securities lending agent Identifying number(s) Is the securities lending agent an affiliated person, or an affiliated person of an affiliated person, of the Fund? Does the securities lending agent or any other entity indemnify the fund against borrower default on loans administered by this agent?
— — — — —

d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:

Collateral Managers Record Full name of cash collateral manager Identifying number(s) Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund? Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of the Fund?
— — — — —

e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply): ☐ i. Revenue sharing split
☐ ii. Non-revenue sharing split (other than administrative fee)
☐ iii. Administrative fee
☐ iv. Cash collateral reinvestment fee
☐ v. Indemnification fee
☐ vi. Other
☒ N/A
f. Provide the monthly average of the value of portfolio securities on loan during the reporting period
N/A
g. Provide the net income from securities lending activities
N/A

Item C.7. Reliance on certain statutory exemption and rules.

a. Did the Fund rely on the following statutory exemption or any of the rules under the Act during the reporting period? (check all that apply) ☐ a. Rule 10f-3 (17 CFR 270.10f-3)
☐ b. Rule 12d1-1 (17 CFR 270.12d1-1)
☐ c. Rule 15a-4 (17 CFR 270.15a-4)
☐ d. Rule 17a-6 (17 CFR 270.17a-6)
☐ e. Rule 17a-7 (17 CFR 270.17a-7)
☐ f. Rule 17a-8 (17 CFR 270.17a-8)
☐ g. Rule 17e-1 (17 CFR 270.17e-1)
☐ h. Rule 22d-1 (17 CFR 270.22d-1)
☐ i. Rule 23c-1 (17 CFR 270.23c-1)
☒ j. Rule 32a-4 (17 CFR 270.32a-4)
☒ k. Rule 6c-11 (17 CFR 270.6c-11)
☐ l. Rule 12d1-4 (17 CFR 270.12d1-4)
☐ m. Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))
☐ n. Rule 18f-4 (17 CFR 270.18f-4)
☐ i. Is the Fund excepted from the rule 18f-4 (17 CFR 270.18f-4) program requirement and limit on fund leverage risk under rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))?
☐ ii. Is the Fund a leveraged/inverse fund that, under rule 18f-4(c)(5) (17 CFR 270.18f-4(c)(5)), is excepted from the requirement to comply with the limit on fund leverage risk described in rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))?
☐ iii. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))?
☐ iv. Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))?
☐ v. Did the Fund enter into any unfunded commitment agreements under rule 18f-4(e) (17 CFR 270.18f-4(e))?
☐ vi. Did the Fund invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, in reliance on rule 18f-4(f) (17 CFR 270.18f-4(f))?
☐ N/A

Item C.8. Expense limitations.

Instruction. Provide information concerning any direct or indirect limitations, waivers or reductions, on the level of expenses incurred by the fund during the reporting period. A limitation, for example, may be applied indirectly (such as when an adviser agrees to accept a reduced fee pursuant to a voluntary fee waiver) or it may apply only for a temporary period such as for a new fund in its start-up phase.
a. Did the Fund have an expense limitation arrangement in place during the reporting period? ☐ Yes ☒ No
b. Were any expenses of the Fund reduced or waived pursuant to an expense limitation arrangement during the reporting period? ☐ Yes ☒ No
c. Are the fees waived subject to recoupment? ☐ Yes ☒ No
d. Were any expenses previously waived recouped during the period? ☐ Yes ☒ No

Item C.9. Investment advisers.

a. Provide the following information about each investment adviser (other than a sub-adviser) of the Fund:

Investment Advisers RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableWas the investment adviser hired during the reporting period?
#1Guinness Atkinson Asset Management, Inc.801-61667000124465LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA Yes
If the investment adviser was hired during the reporting period, indicate the investment adviser's start date: 2025-12-19

b. If an investment adviser (other than a sub- adviser) to the Fund was terminated during the reporting period, provide the following with respect to each investment adviser:

Investment Advisers Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

c. For each sub-adviser to the Fund, provide the information requested:

Sub-Advisors RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableIs the sub-adviser an affiliated person of the Fund's investment adviser(s)?Was the sub-adviser hired during the reporting period?
— — — — — — — — —

d. If a sub-adviser was terminated during the reporting period, provide the following with respect to such sub-adviser:

Sub-Advisors Terminated RecordFull name SEC file number
( e.g., 801- ) 		CRD numberIdentifying number(s)State, if applicableForeign country, if applicableTermination date
— — — — — — — —

Item C.10. Transfer agents.

a. Provide the following information about each person providing transfer agency services to the Fund:

Transfer Agents RecordFull name SEC file number
( e.g., 801- ) 		Identifying number(s)State, if applicableForeign country, if applicableIs the transfer agent an affiliated person of the Fund or its investment adviser(s)?Is the transfer agent a sub-transfer agent?
#1Brown Brothers Harriman & Co.84-06071LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No

b. Has a transfer agent been hired or terminated during the reporting period? ☒ Yes ☐ No

Item C.11. Pricing services.

a. Provide the following information about each person that provided pricing services to the Fund during the reporting period:

Pricing Services RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the pricing service an affiliated person of the Fund or its investment adviser(s)?
#1Thomson ReutersLEI: 549300561UZND4C7B569
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No

b. Was a pricing service hired or terminated during the reporting period? ☒ Yes ☐ No

Item C.12. Custodians.

a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:

Custodians RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the custodian an affiliated person of the Fund or its investment adviser(s)?Is the custodian a sub-custodian? Type of custody
(describe if "Other")
#1BNP Paribas S.A.LEI: R0MUWSFPU8MPRO8K5P83
RSSD ID: N/A
 BELGIUM No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#2RBC Investor Services Trust for Royal Bank of Canada (RBC)LEI: 5493002MUOV04NSPT571
RSSD ID: N/A
 CANADA (FEDERAL LEVEL) No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#3BNP Paribas S.A.LEI: 549300WCGB70D06XZS54
RSSD ID: N/A
 FRANCE No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#4BNP Paribas S.A., Succursale ItaliaLEI: R0MUWSFPU8MPRO8K5P83
RSSD ID: N/A
 ITALY No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#5BNP Paribas S.A.LEI: R0MUWSFPU8MPRO8K5P83
RSSD ID: N/A
 NETHERLANDS No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#6HSBC Bank PLC - New Zealand BranchLEI: MP6I5ZYZBEU3UXPYFY54
RSSD ID: N/A
 NEW ZEALAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#7DBS Bank LtdLEI: ATUEL7OJR5057F2PV266
RSSD ID: N/A
 SINGAPORE No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#8Banco Bilbao Vizcaya Argentaria SALEI: K8MS7FD7N5Z2WQ51AZ71
RSSD ID: N/A
 SPAIN No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#9HSBC Bank PLCLEI: MP6I5ZYZBEU3UXPYFY54
RSSD ID: N/A
 UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND No Yes Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
#10Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
RSSD ID: N/A
 MASSACHUSETTS UNITED STATES OF AMERICA No No Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

b. Has a custodian been hired or terminated during the reporting period?* ☒ Yes ☐ No

Item C.13. Shareholder servicing agents.

a. Provide the following information about each shareholder servicing agent of the Fund:

Shareholder Servicing Agents RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the shareholder servicing agent an affiliated person of the Fund or its investment adviser(s)?Is the shareholder servicing agent a sub-shareholder servicing agent?
#1Brown Brothers Harriman & Co.LEI: 5493006KMX1VFTPYPW14
 MASSACHUSETTS UNITED STATES OF AMERICA No No

b. Has a shareholder servicing agent been hired or terminated during the reporting period? ☒ Yes ☐ No

Item C.14. Administrators.

a. Provide the following information about each administrator of the Fund:

Administrators RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the administrator an affiliated person of the Fund or its investment adviser(s)?Is the administrator a sub-administrator?
#1Mutual Fund Administration, LLCLEI: 54930097560RK2KMX577
 CALIFORNIA UNITED STATES OF AMERICA Yes No

b. Has a third-party administrator been hired or terminated during the reporting period? ☒ Yes ☐ No

Item C.15. Affiliated broker-dealers.

a. Provide the following information about each affiliated broker-dealer:

Broker-Dealers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal commissions paid to the affiliated broker-dealer for the reporting period
— — — — — — — —

Item C.16. Brokers.

Instructions to Item C.16 and Item C.17.
To help Registrants distinguish between agency and principal transactions, and to promote consistent reporting of the information required by these items, the following criteria should be used:
1. If a security is purchased or sold in a transaction for which the confirmation specifies the amount of the commission to be paid by the Registrant, the transaction should be considered an agency transaction and included in determining the answers to Item C.16.
2. If a security is purchased or sold in a transaction for which the confirmation specifies only the net amount to be paid or received by the Registrant and such net amount is equal to the market value of the security at the time of the transaction, the transaction should be considered a principal transaction and included in determining the amounts in Item C.17.
3. If a security is purchased by the Registrant in an underwritten offering, the acquisition should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the underwriters are receiving from the issuer.
4. If a security is sold by the Registrant in a tender offer, the sale should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the offeror is paying to soliciting brokers or dealers.
5. If a security is purchased directly from the issuer (such as a bank CD), the purchase should be considered a principal transaction and included in answering Item C.17.
6. The value of called or maturing securities should not be counted in either agency or principal transactions and should not be included in determining the amounts shown in Item C.16 and Item C.17. This means that the acquisition of a security may be included, but it is possible that its disposition may not be included. Disposition of a repurchase agreement at its expiration date should not be included.
7. The purchase or sales of securities in transactions not described in paragraphs (1) through (6) above should be evaluated by the Fund based upon the guidelines established in those paragraphs and classified accordingly. The agents considered in Item C.16 may be persons or companies not registered under the Exchange Act as securities brokers. The persons or companies from whom the investment company purchased or to whom it sold portfolio instruments on a principal basis may be persons or entities not registered under the Exchange Act as securities dealers.
a. For each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s portfolio transactions, provide the information below:

Brokers RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableGross commissions paid by the Fund for the reporting period
— — — — — — — —

b. Aggregate brokerage commissions paid by Fund during the reporting period:
0

Item C.17. Principal transactions.

a. For each of the ten entities acting as principals with which the Fund did the largest dollar amount of principal transactions (include all short-term obligations, and U.S. government and tax-free securities) in both the secondary market and in underwritten offerings, provide the information below:

Principal Transactions RecordFull nameSEC file numberCRD numberIdentifying number(s)State, if applicableForeign country, if applicableTotal value of purchases and sales (excluding maturing securities) with Fund
— — — — — — — —

b. Aggregate value of principal purchase/sale transactions of Fund during the reporting period:
0

Item C.18. Payments for brokerage and research.

a. During the reporting period, did the Fund pay commissions to broker-dealers for "brokerage and research services" within the meaning of section 28(e) of the Exchange Act (15 U.S.C. 78bb)? ☐ Yes ☒ No

Item C.19. Average net assets.

a. Provide the Fund's (other than a money market fund's) monthly average net assets during the reporting period
378,186
b. Provide the money market fund's daily average net assets during the reporting period

Item C.20. Lines of credit, interfund lending and interfund borrowing.

For open-end management investment companies, respond to the following:
a. Does the Fund have available a line of credit? ☐ Yes ☒ No
b. Did the Fund engage in interfund lending? ☐ Yes ☒ No
c. Did the Fund engage in interfund borrowing? ☐ Yes ☒ No

Item C.22. Liquidity classification services.

For open-end management investment companies subject to rule 22e-4 (17 CFR 270.22e-4), respond to the following:
a. Provide the following information about each person that provided liquidity classification services to the Fund during the reporting period:

Liquidity Classification RecordFull nameIdentifying number(s)State, if applicableForeign country, if applicableIs the liquidity classification service an affiliated person of the Fund or its investment adviser(s)?Asset class(es) for which liquidity classification services were provided to the Fund
#1Guinness Atkinson Asset Management , Inc.LEI: 549300YN7M35N8C3T689
RSSD ID: N/A
 CALIFORNIA UNITED STATES OF AMERICA Yes Equity-common

b. Was a liquidity classification service hired or terminated during the reporting period? ☒ Yes ☐ No

N-CEN:Part E: Additional Questions for Exchange-Traded Funds and Exchange-Traded Managed Funds

Exchange Record: 1
Fund Name
Guinness Atkinson Asia Pacific Dividend Builder ETF

Item E.1. Exchange.


Security Exchange RecordProvide the name of the national securities exchange on which the Fund’s shares are listedProvide the Fund's ticker symbol
#1 NYSE ARCA ADIV

Item E.2. Authorized participants.

Instructions. The term "authorized participant" means a broker-dealer that is also a member of a clearing agency registered with the Commission, and which has a written agreement with the Exchange-Traded Fund or Exchange-Traded Managed Fund or one of its designated service providers that allows it place orders to purchase or redeem creation units of the Exchange-Traded Fund or Exchange-Traded Managed Fund.
a. For each authorized participant of the Fund, provide the following information:

Authorized Participants RecordFull NameSEC file numberCRD numberIdentifying number(s) The dollar value of the Fund shares the authorized participant purchased from the Fund during the reporting period The dollar value of the Fund shares the authorized participant redeemed during the reporting period
#1BofA Securities, Inc.8-69787000283942LEI: 549300HN4UKV1E2R3U73
RSSD ID: N/A
819,715.00000
#2Goldman Sachs & Co.8-00129000016139LEI: 549300PMHS66E71I2D34
RSSD ID: N/A
00
#3J.P. Morgan Securities LLC8-35008000000079LEI: ZBUT11V806EZRVTWT807
RSSD ID: N/A
21,835,280.00000
#4RBC Capital Markets, LLC8-45411000031194LEI: 549300LCO2FLSSVFFR64
RSSD ID: N/A
00
#5SG Americas Securities, LLC8-66125000128351LEI: 549300F35UE0BOM1WJ55
RSSD ID: N/A
00
#6UBS Securities LLC8-22651000007654LEI: T6FIZBDPKLYJKFCRVK44
RSSD ID: N/A
00

b. Did the Fund require that an authorized participant post collateral to the Fund or any of its designated service providers in connection with the purchase or redemption of Fund shares during the reporting period? ☒ Yes ☐ No

Item E.3. Creation units.

Instructions. The term “creation unit” means a specified number of Exchange-Traded Fund or Exchange-Traded Managed Fund shares that the fund will issue to (or redeem from) an authorized participant in exchange for the deposit (or delivery) of specified securities, positions, cash, and other assets or positions.
a. Number of Fund shares required to form a creation unit as of the last business day of the reporting period:
(for purchases)
25,000.0000
(for redemptions, if different)
b. Based on the dollar value paid for each creation unit purchased by authorized participants during the reporting period, provide:
i. The average percentage of that value composed of cash:
37.43 %
ii. The standard deviation of the percentage of value composed of cash:
10.62 %
iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
67.57 %
iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
10.62 %
c. Based on the dollar value paid for creation units redeemed by authorized participants during the reporting period, provide:
i. The average percentage of that value composed of cash:
0 %
ii. The standard deviation of the percentage of that value composed of cash:
0 %
iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
d. For creation units purchased by authorized participants during the reporting period, provide:
i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:
1. Dollars per creation unit, if charged on that basis:
965.0000
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
N/A
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
965.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
e. For creation units redeemed by authorized participants during the reporting period, provide:
i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
965.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
965.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %

Item E.5. In-Kind ETF.

a. Is the Fund an "In-Kind Exchange-Traded Fund" as defined in rule 22e-4 under the Act (17 CFR 270.22e-4)? ☐ Yes ☒ No
Exchange Record: 2
Fund Name
Guinness Atkinson Dividend Builder ETF

Item E.1. Exchange.


Security Exchange RecordProvide the name of the national securities exchange on which the Fund’s shares are listedProvide the Fund's ticker symbol
#1 NYSE ARCA DIVS

Item E.2. Authorized participants.

Instructions. The term "authorized participant" means a broker-dealer that is also a member of a clearing agency registered with the Commission, and which has a written agreement with the Exchange-Traded Fund or Exchange-Traded Managed Fund or one of its designated service providers that allows it place orders to purchase or redeem creation units of the Exchange-Traded Fund or Exchange-Traded Managed Fund.
a. For each authorized participant of the Fund, provide the following information:

Authorized Participants RecordFull NameSEC file numberCRD numberIdentifying number(s) The dollar value of the Fund shares the authorized participant purchased from the Fund during the reporting period The dollar value of the Fund shares the authorized participant redeemed during the reporting period
#1BofA Securities, Inc.8-69787000283942LEI: 549300HN4UKV1E2R3U73
RSSD ID: N/A
00
#2Goldman Sachs & Co.8-00129000016139LEI: 549300PMHS66E71I2D34
RSSD ID: N/A
00
#3J.P. Morgan Securities LLC8-35008000000079LEI: ZBUT11V806EZRVTWT807
RSSD ID: N/A
01,189,614.0000
#4RBC Capital Markets, LLC8-45411000031194LEI: 549300LCO2FLSSVFFR64
RSSD ID: N/A
00
#5SG Americas Securities, LLC8-66125000128351LEI: 549300F35UE0BOM1WJ55
RSSD ID: N/A
00
#6UBS Securities LLC8-22651000007654LEI: T6FIZBDPKLYJKFCRVK44
RSSD ID: N/A
00

b. Did the Fund require that an authorized participant post collateral to the Fund or any of its designated service providers in connection with the purchase or redemption of Fund shares during the reporting period? ☒ Yes ☐ No

Item E.3. Creation units.

Instructions. The term “creation unit” means a specified number of Exchange-Traded Fund or Exchange-Traded Managed Fund shares that the fund will issue to (or redeem from) an authorized participant in exchange for the deposit (or delivery) of specified securities, positions, cash, and other assets or positions.
a. Number of Fund shares required to form a creation unit as of the last business day of the reporting period:
(for purchases)
20,000.0000
(for redemptions, if different)
b. Based on the dollar value paid for each creation unit purchased by authorized participants during the reporting period, provide:
i. The average percentage of that value composed of cash:
0 %
ii. The standard deviation of the percentage of value composed of cash:
0 %
iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
c. Based on the dollar value paid for creation units redeemed by authorized participants during the reporting period, provide:
i. The average percentage of that value composed of cash:
0.63 %
ii. The standard deviation of the percentage of that value composed of cash:
0.1885 %
iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
99.37 %
iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0.1885 %
d. For creation units purchased by authorized participants during the reporting period, provide:
i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:
1. Dollars per creation unit, if charged on that basis:
405.0000
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
N/A
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
405.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
e. For creation units redeemed by authorized participants during the reporting period, provide:
i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
405.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
405.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %

Item E.5. In-Kind ETF.

a. Is the Fund an "In-Kind Exchange-Traded Fund" as defined in rule 22e-4 under the Act (17 CFR 270.22e-4)? ☒ Yes ☐ No
Exchange Record: 3
Fund Name
Guinness Atkinson International Dividend Builder ETF

Item E.1. Exchange.


Security Exchange RecordProvide the name of the national securities exchange on which the Fund’s shares are listedProvide the Fund's ticker symbol
#1 NYSE ARCA GAID

Item E.2. Authorized participants.

Instructions. The term "authorized participant" means a broker-dealer that is also a member of a clearing agency registered with the Commission, and which has a written agreement with the Exchange-Traded Fund or Exchange-Traded Managed Fund or one of its designated service providers that allows it place orders to purchase or redeem creation units of the Exchange-Traded Fund or Exchange-Traded Managed Fund.
a. For each authorized participant of the Fund, provide the following information:

Authorized Participants RecordFull NameSEC file numberCRD numberIdentifying number(s) The dollar value of the Fund shares the authorized participant purchased from the Fund during the reporting period The dollar value of the Fund shares the authorized participant redeemed during the reporting period
#1BofA Securities, Inc.8-69787000283942LEI: 549300HN4UKV1E2R3U73
RSSD ID: N/A
375,205.50000
#2Goldman Sachs & Co.8-00129000016139LEI: 549300PMHS66E71I2D34
RSSD ID: N/A
00
#3J.P. Morgan Securities LLC8-35008000000079LEI: ZBUT11V806EZRVTWT807
RSSD ID: N/A
00
#4RBC Capital Markets, LLC8-45411000031194LEI: 549300LCO2FLSSVFFR64
RSSD ID: N/A
00
#5SG Americas Securities, LLC8-66125000128351LEI: 549300F35UE0BOM1WJ55
RSSD ID: N/A
00
#6UBS Securities LLC8-22651000007654LEI: T6FIZBDPKLYJKFCRVK44
RSSD ID: N/A
00

b. Did the Fund require that an authorized participant post collateral to the Fund or any of its designated service providers in connection with the purchase or redemption of Fund shares during the reporting period? ☐ Yes ☒ No

Item E.3. Creation units.

Instructions. The term “creation unit” means a specified number of Exchange-Traded Fund or Exchange-Traded Managed Fund shares that the fund will issue to (or redeem from) an authorized participant in exchange for the deposit (or delivery) of specified securities, positions, cash, and other assets or positions.
a. Number of Fund shares required to form a creation unit as of the last business day of the reporting period:
(for purchases)
15,000.0000
(for redemptions, if different)
b. Based on the dollar value paid for each creation unit purchased by authorized participants during the reporting period, provide:
i. The average percentage of that value composed of cash:
0 %
ii. The standard deviation of the percentage of value composed of cash:
0 %
iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
100 %
iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
c. Based on the dollar value paid for creation units redeemed by authorized participants during the reporting period, provide:
i. The average percentage of that value composed of cash:
0 %
ii. The standard deviation of the percentage of that value composed of cash:
0 %
iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
d. For creation units purchased by authorized participants during the reporting period, provide:
i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:
1. Dollars per creation unit, if charged on that basis:
625.0000
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
N/A
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
625.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
e. For creation units redeemed by authorized participants during the reporting period, provide:
i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
625.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
625.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %

Item E.5. In-Kind ETF.

a. Is the Fund an "In-Kind Exchange-Traded Fund" as defined in rule 22e-4 under the Act (17 CFR 270.22e-4)? ☒ Yes ☐ No
Exchange Record: 4
Fund Name
Guinness Atkinson Real Assets Income ETF

Item E.1. Exchange.


Security Exchange RecordProvide the name of the national securities exchange on which the Fund’s shares are listedProvide the Fund's ticker symbol
#1 NYSE ARCA GARA

Item E.2. Authorized participants.

Instructions. The term "authorized participant" means a broker-dealer that is also a member of a clearing agency registered with the Commission, and which has a written agreement with the Exchange-Traded Fund or Exchange-Traded Managed Fund or one of its designated service providers that allows it place orders to purchase or redeem creation units of the Exchange-Traded Fund or Exchange-Traded Managed Fund.
a. For each authorized participant of the Fund, provide the following information:

Authorized Participants RecordFull NameSEC file numberCRD numberIdentifying number(s) The dollar value of the Fund shares the authorized participant purchased from the Fund during the reporting period The dollar value of the Fund shares the authorized participant redeemed during the reporting period
#1BofA Securities, Inc.8-69787000283942LEI: 549300HN4UKV1E2R3U73
RSSD ID: N/A
374,793.00000
#2Goldman Sachs & Co.8-00129000016139LEI: 549300PMHS66E71I2D34
RSSD ID: N/A
00
#3J.P. Morgan Securities LLC8-35008000000079LEI: ZBUT11V806EZRVTWT807
RSSD ID: N/A
00
#4RBC Capital Markets, LLC8-45411000031194LEI: 549300LCO2FLSSVFFR64
RSSD ID: N/A
00
#5SG Americas Securities, LLC8-66125000128351LEI: 549300F35UE0BOM1WJ55
RSSD ID: N/A
00
#6UBS Securities LLC8-22651000007654LEI: T6FIZBDPKLYJKFCRVK44
RSSD ID: N/A
00

b. Did the Fund require that an authorized participant post collateral to the Fund or any of its designated service providers in connection with the purchase or redemption of Fund shares during the reporting period? ☐ Yes ☒ No

Item E.3. Creation units.

Instructions. The term “creation unit” means a specified number of Exchange-Traded Fund or Exchange-Traded Managed Fund shares that the fund will issue to (or redeem from) an authorized participant in exchange for the deposit (or delivery) of specified securities, positions, cash, and other assets or positions.
a. Number of Fund shares required to form a creation unit as of the last business day of the reporting period:
(for purchases)
15,000.0000
(for redemptions, if different)
b. Based on the dollar value paid for each creation unit purchased by authorized participants during the reporting period, provide:
i. The average percentage of that value composed of cash:
0.83 %
ii. The standard deviation of the percentage of value composed of cash:
0 %
iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
99.17 %
iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
c. Based on the dollar value paid for creation units redeemed by authorized participants during the reporting period, provide:
i. The average percentage of that value composed of cash:
0 %
ii. The standard deviation of the percentage of that value composed of cash:
0 %
iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
d. For creation units purchased by authorized participants during the reporting period, provide:
i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:
1. Dollars per creation unit, if charged on that basis:
600.0000
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
N/A
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
600.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
e. For creation units redeemed by authorized participants during the reporting period, provide:
i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
600.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
600.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %

Item E.5. In-Kind ETF.

a. Is the Fund an "In-Kind Exchange-Traded Fund" as defined in rule 22e-4 under the Act (17 CFR 270.22e-4)? ☒ Yes ☐ No
Exchange Record: 5
Fund Name
Guinness Atkinson US Dividend Builder ETF

Item E.1. Exchange.


Security Exchange RecordProvide the name of the national securities exchange on which the Fund’s shares are listedProvide the Fund's ticker symbol
#1 NYSE ARCA GAUD

Item E.2. Authorized participants.

Instructions. The term "authorized participant" means a broker-dealer that is also a member of a clearing agency registered with the Commission, and which has a written agreement with the Exchange-Traded Fund or Exchange-Traded Managed Fund or one of its designated service providers that allows it place orders to purchase or redeem creation units of the Exchange-Traded Fund or Exchange-Traded Managed Fund.
a. For each authorized participant of the Fund, provide the following information:

Authorized Participants RecordFull NameSEC file numberCRD numberIdentifying number(s) The dollar value of the Fund shares the authorized participant purchased from the Fund during the reporting period The dollar value of the Fund shares the authorized participant redeemed during the reporting period
#1BofA Securities, Inc.8-69787000283942LEI: 549300HN4UKV1E2R3U73
RSSD ID: N/A
250,192.00000
#2Goldman Sachs & Co.8-00129000016139LEI: 549300PMHS66E71I2D34
RSSD ID: N/A
00
#3J.P. Morgan Securities LLC8-35008000000079LEI: ZBUT11V806EZRVTWT807
RSSD ID: N/A
00
#4RBC Capital Markets, LLC8-45411000031194LEI: 549300LCO2FLSSVFFR64
RSSD ID: N/A
00
#5SG Americas Securities, LLC8-66125000128351LEI: 549300F35UE0BOM1WJ55
RSSD ID: N/A
00
#6UBS Securities LLC8-22651000007654LEI: T6FIZBDPKLYJKFCRVK44
RSSD ID: N/A
00

b. Did the Fund require that an authorized participant post collateral to the Fund or any of its designated service providers in connection with the purchase or redemption of Fund shares during the reporting period? ☐ Yes ☒ No

Item E.3. Creation units.

Instructions. The term “creation unit” means a specified number of Exchange-Traded Fund or Exchange-Traded Managed Fund shares that the fund will issue to (or redeem from) an authorized participant in exchange for the deposit (or delivery) of specified securities, positions, cash, and other assets or positions.
a. Number of Fund shares required to form a creation unit as of the last business day of the reporting period:
(for purchases)
10,000.0000
(for redemptions, if different)
b. Based on the dollar value paid for each creation unit purchased by authorized participants during the reporting period, provide:
i. The average percentage of that value composed of cash:
1.29 %
ii. The standard deviation of the percentage of value composed of cash:
0 %
iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
98.71 %
iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
c. Based on the dollar value paid for creation units redeemed by authorized participants during the reporting period, provide:
i. The average percentage of that value composed of cash:
0 %
ii. The standard deviation of the percentage of that value composed of cash:
0 %
iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
d. For creation units purchased by authorized participants during the reporting period, provide:
i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:
1. Dollars per creation unit, if charged on that basis:
50.0000
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
N/A
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
50.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
e. For creation units redeemed by authorized participants during the reporting period, provide:
i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
50.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
50.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %

Item E.5. In-Kind ETF.

a. Is the Fund an "In-Kind Exchange-Traded Fund" as defined in rule 22e-4 under the Act (17 CFR 270.22e-4)? ☒ Yes ☐ No
Exchange Record: 6
Fund Name
Guinness Atkinson Smart Transportation & Technology ETF

Item E.1. Exchange.


Security Exchange RecordProvide the name of the national securities exchange on which the Fund’s shares are listedProvide the Fund's ticker symbol
#1 NYSE ARCA MOTO

Item E.2. Authorized participants.

Instructions. The term "authorized participant" means a broker-dealer that is also a member of a clearing agency registered with the Commission, and which has a written agreement with the Exchange-Traded Fund or Exchange-Traded Managed Fund or one of its designated service providers that allows it place orders to purchase or redeem creation units of the Exchange-Traded Fund or Exchange-Traded Managed Fund.
a. For each authorized participant of the Fund, provide the following information:

Authorized Participants RecordFull NameSEC file numberCRD numberIdentifying number(s) The dollar value of the Fund shares the authorized participant purchased from the Fund during the reporting period The dollar value of the Fund shares the authorized participant redeemed during the reporting period
#1BofA Securities, Inc.8-69787000283942LEI: 549300HN4UKV1E2R3U73
RSSD ID: N/A
00
#2Goldman Sachs & Co.8-00129000016139LEI: 549300PMHS66E71I2D34
RSSD ID: N/A
00
#3J.P. Morgan Securities LLC8-35008000000079LEI: ZBUT11V806EZRVTWT807
RSSD ID: N/A
2,235,222.50000
#4RBC Capital Markets, LLC8-45411000031194LEI: 549300LCO2FLSSVFFR64
RSSD ID: N/A
00
#5SG Americas Securities, LLC8-66125000128351LEI: 549300F35UE0BOM1WJ55
RSSD ID: N/A
00
#6UBS Securities LLC8-22651000007654LEI: T6FIZBDPKLYJKFCRVK44
RSSD ID: N/A
00

b. Did the Fund require that an authorized participant post collateral to the Fund or any of its designated service providers in connection with the purchase or redemption of Fund shares during the reporting period? ☒ Yes ☐ No

Item E.3. Creation units.

Instructions. The term “creation unit” means a specified number of Exchange-Traded Fund or Exchange-Traded Managed Fund shares that the fund will issue to (or redeem from) an authorized participant in exchange for the deposit (or delivery) of specified securities, positions, cash, and other assets or positions.
a. Number of Fund shares required to form a creation unit as of the last business day of the reporting period:
(for purchases)
25,000.0000
(for redemptions, if different)
b. Based on the dollar value paid for each creation unit purchased by authorized participants during the reporting period, provide:
i. The average percentage of that value composed of cash:
0 %
ii. The standard deviation of the percentage of value composed of cash:
0 %
iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
c. Based on the dollar value paid for creation units redeemed by authorized participants during the reporting period, provide:
i. The average percentage of that value composed of cash:
7.37 %
ii. The standard deviation of the percentage of that value composed of cash:
0.3345 %
iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
92.63 %
iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0.3345 %
d. For creation units purchased by authorized participants during the reporting period, provide:
i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:
1. Dollars per creation unit, if charged on that basis:
350.0000
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
N/A
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
350.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
e. For creation units redeemed by authorized participants during the reporting period, provide:
i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
350.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
350.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %

Item E.5. In-Kind ETF.

a. Is the Fund an "In-Kind Exchange-Traded Fund" as defined in rule 22e-4 under the Act (17 CFR 270.22e-4)? ☐ Yes ☒ No
Exchange Record: 7
Fund Name
Guinness Atkinson Sustainable Energy ETF

Item E.1. Exchange.


Security Exchange RecordProvide the name of the national securities exchange on which the Fund’s shares are listedProvide the Fund's ticker symbol
#1 NYSE ARCA SOLR

Item E.2. Authorized participants.

Instructions. The term "authorized participant" means a broker-dealer that is also a member of a clearing agency registered with the Commission, and which has a written agreement with the Exchange-Traded Fund or Exchange-Traded Managed Fund or one of its designated service providers that allows it place orders to purchase or redeem creation units of the Exchange-Traded Fund or Exchange-Traded Managed Fund.
a. For each authorized participant of the Fund, provide the following information:

Authorized Participants RecordFull NameSEC file numberCRD numberIdentifying number(s) The dollar value of the Fund shares the authorized participant purchased from the Fund during the reporting period The dollar value of the Fund shares the authorized participant redeemed during the reporting period
#1BofA Securities, Inc.8-69787000283942LEI: 549300HN4UKV1E2R3U73
RSSD ID: N/A
00
#2Goldman Sachs & Co.8-00129000016139LEI: 549300PMHS66E71I2D34
RSSD ID: N/A
00
#3J.P. Morgan Securities LLC8-35008000000079LEI: ZBUT11V806EZRVTWT807
RSSD ID: N/A
0777,901.0000
#4RBC Capital Markets, LLC8-45411000031194LEI: 549300LCO2FLSSVFFR64
RSSD ID: N/A
00
#5SG Americas Securities, LLC8-66125000128351LEI: 549300F35UE0BOM1WJ55
RSSD ID: N/A
00
#6UBS Securities LLC8-22651000007654LEI: T6FIZBDPKLYJKFCRVK44
RSSD ID: N/A
00

b. Did the Fund require that an authorized participant post collateral to the Fund or any of its designated service providers in connection with the purchase or redemption of Fund shares during the reporting period? ☒ Yes ☐ No

Item E.3. Creation units.

Instructions. The term “creation unit” means a specified number of Exchange-Traded Fund or Exchange-Traded Managed Fund shares that the fund will issue to (or redeem from) an authorized participant in exchange for the deposit (or delivery) of specified securities, positions, cash, and other assets or positions.
a. Number of Fund shares required to form a creation unit as of the last business day of the reporting period:
(for purchases)
10,000.0000
(for redemptions, if different)
b. Based on the dollar value paid for each creation unit purchased by authorized participants during the reporting period, provide:
i. The average percentage of that value composed of cash:
0 %
ii. The standard deviation of the percentage of value composed of cash:
0 %
iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
0 %
c. Based on the dollar value paid for creation units redeemed by authorized participants during the reporting period, provide:
i. The average percentage of that value composed of cash:
7.42 %
ii. The standard deviation of the percentage of that value composed of cash:
1.4815 %
iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
92.58 %
iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
1.4815 %
d. For creation units purchased by authorized participants during the reporting period, provide:
i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:
1. Dollars per creation unit, if charged on that basis:
450.0000
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
N/A
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
450.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
e. For creation units redeemed by authorized participants during the reporting period, provide:
i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
450.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %
ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:
1. Dollars per creation unit, if charged on that basis:
N/A
2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:
450.0000
3. A percentage of the value of each creation unit, if charged on that basis:
N/A %

Item E.5. In-Kind ETF.

a. Is the Fund an "In-Kind Exchange-Traded Fund" as defined in rule 22e-4 under the Act (17 CFR 270.22e-4)? ☒ Yes ☐ No

N-CEN:Part G: Attachments

Item G.1a. Attachments.

a. Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below: ☐ i. Legal proceedings
☐ ii. Provision of financial support
☒ iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)
☐ iv. Change in accounting principles and practices
☐ v. Information required to be filed pursuant to exemptive orders
☐ vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

Instructions.

1. Item G.1.a.i. Legal proceedings.

(a) If the Registrant responded "YES" to Item B.11.a., provide a brief description of the proceedings. As part of the description, provide the case or docket number (if any), and the full names of the principal parties to the proceeding.
(b) If the Registrant responded "YES" to Item B.11.b., identify the proceeding and give its date of termination.

2. Item G.1.a.ii. Provision of financial support. If the Registrant responded "YES" to Item B.14., provide the following information (unless the Registrant is a Money Market Fund): (a) Description of nature of support.

(b) Person providing support.

(c) Brief description of relationship between the person providing support and the Registrant.

(d) Date support provided.

(e) Amount of support.

(f) Security supported (if applicable). Disclose the full name of the issuer, the title of the issue (including coupon or yield, if applicable) and at least two identifiers, if available (e.g., CIK, CUSIP, ISIN, LEI).
(g) Value of security supported on date support was initiated (if applicable).

(h) Brief description of reason for support.

(i) Term of support.

(j) Brief description of any contractual restrictions relating to support.

3. Item G.1.a.iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only). Each management investment company shall furnish a report of its independent public accountant on the company's system of internal accounting controls. The accountant's report shall be based on the review, study and evaluation of the accounting system, internal accounting controls, and procedures for safeguarding securities made during the audit of the financial statements for the reporting period. The report should disclose any material weaknesses in: (a) the accounting system; (b) system of internal accounting control; or (c) procedures for safeguarding securities which exist as of the end of the Registrant's fiscal year.

The accountant's report shall be furnished as an exhibit to the form and shall: (1) be addressed to the Registrant's shareholders and board of directors; (2) be dated; (3) be signed manually; and (4) indicate the city and state where issued.

Attachments that include a report that discloses a material weakness should include an indication by the Registrant of any corrective action taken or proposed.

The fact that an accountant's report is attached to this form shall not be regarded as acknowledging any review of this form by the independent public accountant.

4. Item G.1.a.iv. Change in accounting principles and practices. If the Registrant responded "YES" to Item B.21, provide an attachment that describes the change in accounting principles or practices, or the change in the method of applying any such accounting principles or practices. State the date of the change and the reasons therefor. A letter from the Registrant's independent accountants, approving or otherwise commenting on the change, shall accompany the description.

5. Item G.1.a.v. Information required to be filed pursuant to exemptive orders. File as an attachment any information required to be reported on Form N-CEN or any predecessor form to Form N-CEN (e.g., Form N-SAR) pursuant to exemptive orders issued by the Commission and relied on by the Registrant.

6. Item G.1.a.vi. Other information required to be included as an attachment pursuant to Commission rules and regulations. File as an attachment any other information required to be included as an attachment pursuant to Commission rules and regulations.

N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Registrant
GUINNESS ATKINSON FUNDS
Date
2026-03-16
Signature
/s/ Rita Dam
Title
Treasurer

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

Shareholders and Board of Trustees

Guinness Atkinson Funds

Pasadena, California

 

In planning and performing our audits of the financial statements of Guinness Atkinson Asia Focus Fund, Guinness Atkinson China & Hong Kong Fund, Guinness Atkinson Global Innovators Fund, Guinness Atkinson Global Energy Fund, Guinness Atkinson Alternative Energy Fund, Guinness Atkinson Asia Pacific Dividend Builder ETF, Guinness Atkinson Dividend Builder ETF, Guinness Atkinson International Dividend Builder ETF, Guinness Atkinson Real Assets Income ETF, Guinness Atkinson US Dividend Builder, Guinness Atkinson Smart Transportation & Technology ETF and Guinness Atkinson Sustainable Energy ETF, each a series of shares of Guinness Atkinson Funds, as of and for the year ended December 31, 2025, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered their internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

 

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.

 

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

 

 

 

Shareholders and Board of Trustees

Guinness Atkinson Funds

Page Two

 

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of December 31, 2025.

 

This report is intended solely for the information and use of management, Shareholders and Board of Trustees of Guinness Atkinson Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

 

   
  TAIT, WELLER & BAKER LLP

 

Philadelphia, Pennsylvania

February 27, 2026