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2026-06-30 iso4217:USD shares pure false N-CSRS GUINNESS ATKINSON FUNDS N-1A 0000919160 Guinness Atkinson Alternative Energy Fund Guinness Atkinson Alternative Energy Fund GAAEX This <span id="xdx_90E_eoef--ShareholderReportAnnualOrSemiAnnual_c20260101__20260630_zPiZbZJSbCQj">semi-annual shareholder report</span> contains important information about the Guinness Atkinson Alternative Energy Fund ("Fund") for the period of January 1, 2026 to <span id="xdx_907_edei--DocumentPeriodEndDate_c20260101__20260630_zKjHG1zk9Al8">June 30, 2026</span>. semi-annual shareholder report 2026-06-30 You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000024897Member_zwzQriJdL5Sr">https://www.gafunds.com/our-funds/alternative-energy-fund/</span>. You can also request this information by contacting us at <span id="xdx_905_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000024897Member_zVIozF37vK0t">(800) 915-6565</span>. https://www.gafunds.com/our-funds/alternative-energy-fund/ (800) 915-6565 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Fund (Class)</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Guinness Atkinson Alternative Energy Fund</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000024897Member_zFxHptNrj0vX">$59</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000024897Member_zOAS3M9koib1">1.10%</span></td> </tr></table></div> 59 0.0110 <div class="section-header"><strong>How did the Fund perform during the reporting period?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">In the first half of 2026, the Guinness Atkinson Alternative Energy Fund produced a total return of 14.96% vs the MSCI World Index (net return) of 9.69%.</p><p style="text-align: left"><strong>Fund performance can be attributed to the following.</strong></p><p style="text-align: left">Whilst the majority of our top performers have benefitted from improving data centre spending in the first half of the year, we are encouraged by strength across a range of sectors. Chip makers, electrical equipment manufacturers, and building product names are discussed as follows:</p><ul><li><p style="text-align: left">Our power electronics names (<strong>Infineon, NXP, Amphenol, Sensata</strong>) performed well on account of substantial growth in their AI data centre offerings and order intake, supplemented by recovering automotive and industrial end markets. Over the reporting period, Infineon performed strongly as investors responded positively to growth in its AI and data centre business and improving demand trends in its end markets.</p></li><li><p style="text-align: left">The electrical infrastructure companies all performed well, driven by an acceleration in global electrification activity, grid spending and, in select cases (such as <strong>Schneider</strong> &amp; <strong>Legrand</strong>), exposure to the data centre sub-sector. Top contributor <strong>Prysmian</strong> saw a data centre driven recovery in its telecom fibre business as well as announcing three contract awards for large subsea high voltage cables.</p></li><li><p style="text-align: left">Buildings names demonstrated resilience in the half, in spite of new build activity in the US and Europe remaining subdued. <strong>Trane Technologies</strong> continued to demonstrate strong order intake for its efficient commercial cooling solutions in the US, while <strong>Owens Corning</strong> rallied sharply after receiving a $10bn takeover offer from fellow portfolio holding Carlisle to create a one stop shop for commercial and residential roofing and insulation products.</p></li><li><p style="text-align: left">Poorer contributors covered various themes and end markets. Chinese clean energy names (<strong>Canadian Solar, Xinyi Solar, China Longyuan</strong>) continue to suffer the aftereffects of China's transition from fixed feed-in tariffs to market pricing mechanisms for renewables, putting downward pressure on generator margins and reducing demand for equipment. <strong>AECOM</strong>, (added in April) has performed poorly year-to-date, in spite of record margins and strong bookings on fears that its use of AI tools might interfere with its current business model based on billable hours.</p></li></ul></div> 10000 10000 10417 10487 9508 10681 9962 11362 10378 11820 11212 12392 11473 13074 11549 12906 11093 13130 10826 13784 9695 11935 11026 13424 11559 13961 11217 14036 12623 15237 10000 12029 13422 14358 16920 15497 23536 17660 23839 18529 24905 19964 24905 19963 25513 21513 23117 20405 19885 17102 19961 16044 22280 17610 24334 18972 24106 20267 20114 19566 21749 21799 21636 23735 20952 24360 22892 25910 19175 25870 18222 25406 21500 28320 23787 30379 24284 31327 24131 30207 27918 34363 <img alt="Ad2 Performance Graph" src="fp0099573-16_sa51.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Average Annual Total Return</strong></div> <div><b></b></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>6 Months (Actual)</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>1 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>5 Years</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>10 Years</strong></th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_909_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000024897Member_zlDUtRTRCsws">Guinness Atkinson Alternative Energy Fund</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000024897Member_zxO4GjWwa2Zk">14.96%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000024897Member_z8sPE3Che1MY">29.85%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000024897Member_zARnYCfx5ubx">2.31%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000024897Member_zv6V6n9c1DdJ">10.81%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_903_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonAlternativeEnergyFundGuinnessAtkinsonAlternativeEnergyFundMSCIWorldIndexNetReturnMember_zeFseAx5GToP">MSCI World Index (Net Return)</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonAlternativeEnergyFundGuinnessAtkinsonAlternativeEnergyFundMSCIWorldIndexNetReturnMember_z8eLslJhqmUp">9.69%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonAlternativeEnergyFundGuinnessAtkinsonAlternativeEnergyFundMSCIWorldIndexNetReturnMember_zHj7JotjnNen">21.34%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonAlternativeEnergyFundGuinnessAtkinsonAlternativeEnergyFundMSCIWorldIndexNetReturnMember_zDfmkD4kGcWT">11.47%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonAlternativeEnergyFundGuinnessAtkinsonAlternativeEnergyFundMSCIWorldIndexNetReturnMember_zRm24Jsi9JXW">13.13%</span></td></tr></table></div> Guinness Atkinson Alternative Energy Fund 0.1496 0.2985 0.0231 0.1081 MSCI World Index (Net Return) 0.0969 0.2134 0.1147 0.1313 The data presented represents past performance and cannot be used to predict future results. <strong>The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.</strong> <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000024897Member_zsnxCnYVYooe">$20,990,647</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000024897Member_z4xo8ZhqvDoJ">32</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000024897Member_zFOMou0D9PKI">8%</span></td> </tr> </table> </div> 20990647 32 0.08 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98D_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000024897Member_z4fE4DTqWkg0"> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.</p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Amphenol Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--AmphenolCorpMember_z2Il36YjO4CJ">5.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Iberdrola SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--IberdrolaSAMember_zCzVsRudJBE1">4.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Eaton Corp PLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--EatonCorpPLCMember_zxAiufZL59Rs">4.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Schneider Electric SE </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--SchneiderElectricSEMember_zU0R07odjw8q">4.40%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Hubbell Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--HubbellIncMember_zH1SRvU73olw">4.40%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Prysmian SpA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--PrysmianSpAMember_z0Jbv6VIvWiJ">4.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Trane Technologies PLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--TraneTechnologiesPLCMember_zuzJpJXexqac">4.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Infineon Technologies AG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--InfineonTechnologiesAGMember_zmPemcsCKsDA">4.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Siemens AG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--SiemensAGMember_zMmKfDAA9S0G">4.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Legrand SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--LegrandSAMember_zKO8Aa9acSWD">4.30%</span></td> </tr> </table></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Geographic Breakdown (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Geographic Region</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__oef--GeographicRegionAxis__country--US_zqUVzXROtY2J">44.90%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> France </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__oef--GeographicRegionAxis__country--FR_zoVsa7q0bBs6">12.00%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__oef--GeographicRegionAxis__country--DE_zuLmcqpvlrw9">8.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> United Kingdom </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__oef--GeographicRegionAxis__country--GB_zi2xYRUJOE5C">6.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Spain </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__oef--GeographicRegionAxis__country--ES_zzkmGMN3vz7o">4.90%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Italy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__oef--GeographicRegionAxis__country--IT_zAzcMJABZCvl">4.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__oef--GeographicRegionAxis__country--NL_zfvAwBvo2UIy">3.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Sweden </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__oef--GeographicRegionAxis__country--SE_zjzvlBFU3IxT">2.80%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> China </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__oef--GeographicRegionAxis__country--CN_zOkJEnwIBLkO">2.70%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Ireland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__oef--GeographicRegionAxis__country--IE_zBK5u4hO17Qv">2.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Denmark </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__oef--GeographicRegionAxis__country--DK_zM5oxhK6IkSO">2.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> South Korea </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__oef--GeographicRegionAxis__country--KR_zp5O7NnTxpkX">1.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__oef--GeographicRegionAxis__country--CA_z3TbYtiOcAcT">1.40%</span></td> </tr> </table><img alt="Af Image" src="fp0099573-16_sa52.jpg" style="width: 348px; height: 220px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.</p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Amphenol Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--AmphenolCorpMember_z2Il36YjO4CJ">5.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Iberdrola SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--IberdrolaSAMember_zCzVsRudJBE1">4.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Eaton Corp PLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--EatonCorpPLCMember_zxAiufZL59Rs">4.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Schneider Electric SE </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--SchneiderElectricSEMember_zU0R07odjw8q">4.40%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Hubbell Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--HubbellIncMember_zH1SRvU73olw">4.40%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Prysmian SpA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--PrysmianSpAMember_z0Jbv6VIvWiJ">4.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Trane Technologies PLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--TraneTechnologiesPLCMember_zuzJpJXexqac">4.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Infineon Technologies AG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--InfineonTechnologiesAGMember_zmPemcsCKsDA">4.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Siemens AG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--SiemensAGMember_zMmKfDAA9S0G">4.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Legrand SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000024897Member__us-gaap--InvestmentTypeAxis__custom--LegrandSAMember_zKO8Aa9acSWD">4.30%</span></td> </tr> </table></div> 0.0520 0.0490 0.0450 0.0440 0.0440 0.0430 0.0430 0.0430 0.0430 0.0430 0.4490 0.1200 0.0850 0.0610 0.0490 0.0430 0.0350 0.0280 0.0270 0.0230 0.0230 0.0170 0.0140 Guinness Atkinson Asia Focus Fund Guinness Atkinson Asia Focus Fund IASMX This semi-annual shareholder report contains important information about the Guinness Atkinson Asia Focus Fund ("Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000016117Member_ziwaReIZ8vGL">https://www.gafunds.com/our-funds/asia-focus-fund/</span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000016117Member_zZX7y4I6hzFh">(800) 915-6565</span>. https://www.gafunds.com/our-funds/asia-focus-fund/ (800) 915-6565 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Fund (Class)</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Guinness Atkinson Asia Focus Fund</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000016117Member_z1Au2xgGB0nG">$105</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000016117Member_zhlVpzmd81BF">1.99%</span></td> </tr></table></div> 105 0.0199 <div class="section-header"><strong>How did the Fund perform during the reporting period?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">In the first half of 2026, the Guinness Atkinson Asia Focus Fund produced a total return of 13.53% vs the MSCI AC Asia Pacific ex Japan Index (net return) of 23.93%.</p><p><strong><em>What affected the Fund's performance?</em></strong></p><p style="text-align: left"><strong>Fund performance can be attributed to the following:</strong></p><p style="text-align: left">Areas which helped the Fund's performance were:</p><ul><li><p style="text-align: left">Positive contributions from select stocks in Tech sector including Applied Material, Elite Material and Largan Precision.</p></li><li><p style="text-align: left">Underweight to Financials provided positive relative contributions.</p></li><li><p style="text-align: left">Positive stock selection in Communication Services.</p></li><li><p style="text-align: left">Positive contributions from zero-weights in Materials, Energy, Industrials and Utilities.</p></li></ul><p style="text-align: left">Areas which detracted from the Fund's performance were:</p><ul><li><p style="text-align: left">Underweight to AI beneficiaries: We do not hold Samsung Electronics. We added SK Hynix to the Fund in the second quarter, but it is held at an underweight (3%) to the benchmark due to our equal weight strategy. TSCM is also held at an underweight (10%). In the second quarter, these three names alone contributed over 78% of the benchmark's total returns.</p></li><li><p style="text-align: left">Overweight to China where weaker domestic confidence continues to drag.</p></li><li><p style="text-align: left">Underweight to Korea, where AI Capex supercycle is driving strength in Samsung and SK Hynix.</p></li></ul></div> 10000 10000 10000 11261 11007 11062 10434 10480 10383 12016 11835 11730 12811 12586 12781 13780 13358 13686 15349 14439 14761 15458 14363 14984 14609 13865 14106 14140 13693 13895 12211 12497 12526 14259 13948 14023 14149 14066 13910 14172 13536 13294 15779 14976 14962 12470 11886 12428 14645 14087 14460 16512 15443 15940 19871 18431 18859 20564 18934 19314 20455 19712 19932 18140 18088 17516 18615 17973 17271 16028 16969 15717 14949 15194 14430 11932 13295 11949 13397 14919 13546 14276 15553 14415 14125 15413 13900 13718 14924 13264 14193 16106 13952 13935 16467 14161 14241 17515 15065 15504 19404 16778 14813 17855 15685 15056 18077 16176 16950 20431 18333 19397 22474 21180 19207 23293 22067 19207 23170 22594 21806 28915 29529 <img alt="Ad2 Performance Graph" src="fp0099573-11_sa51.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Average Annual Total Return</strong></div> <div><b></b></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>6 Months (Actual)</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>1 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>5 Years</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>10 Years</strong></th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_906_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000016117Member_zntPs3yGPUrf">Guinness Atkinson Asia Focus Fund</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000016117Member_zYEWVYx5ExCa">13.53%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000016117Member_zjZsAMN5nqro">28.65%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000016117Member_z51D4L9Ful5r">1.28%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000016117Member_zlCcjZDUZtGD">8.10%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90D_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonAsiaFocusFundGuinnessAtkinsonAsiaFocusFundMSCIACAsiaPacificexJapanIndexNetReturnMember_zroEFZ1mTRrF">MSCI AC Asia Pacific ex Japan Index (Net Return)</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonAsiaFocusFundGuinnessAtkinsonAsiaFocusFundMSCIACAsiaPacificexJapanIndexNetReturnMember_zmuoxZMfIt2d">23.93%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonAsiaFocusFundGuinnessAtkinsonAsiaFocusFundMSCIACAsiaPacificexJapanIndexNetReturnMember_ztJXssm5UbW6">40.75%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonAsiaFocusFundGuinnessAtkinsonAsiaFocusFundMSCIACAsiaPacificexJapanIndexNetReturnMember_zhpoac8hn4df">7.32%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonAsiaFocusFundGuinnessAtkinsonAsiaFocusFundMSCIACAsiaPacificexJapanIndexNetReturnMember_zZJIidFN9gB7">10.56%</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90D_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonAsiaFocusFundGuinnessAtkinsonAsiaFocusFundMSCIACFarEastexJapanIndexNetReturnMember_zPforeHoqk1O">MSCI AC Far East ex Japan Index (Net Return)</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonAsiaFocusFundGuinnessAtkinsonAsiaFocusFundMSCIACFarEastexJapanIndexNetReturnMember_zxqBW6q5LqvN">33.82%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonAsiaFocusFundGuinnessAtkinsonAsiaFocusFundMSCIACFarEastexJapanIndexNetReturnMember_zOXszL6r4qO7">61.07%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonAsiaFocusFundGuinnessAtkinsonAsiaFocusFundMSCIACFarEastexJapanIndexNetReturnMember_zWWBzEEmWpON">8.17%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonAsiaFocusFundGuinnessAtkinsonAsiaFocusFundMSCIACFarEastexJapanIndexNetReturnMember_zqDhAfSEyo4R">11.43%</span></td></tr></table></div> Guinness Atkinson Asia Focus Fund 0.1353 0.2865 0.0128 0.0810 MSCI AC Asia Pacific ex Japan Index (Net Return) 0.2393 0.4075 0.0732 0.1056 MSCI AC Far East ex Japan Index (Net Return) 0.3382 0.6107 0.0817 0.1143 The data presented represents past performance and cannot be used to predict future results. <strong>The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.</strong> As of May 1, 2026, the Fund's primary benchmark is MSCI AC Asia Pacific ex Japan Index (NR), which provides a more accurate and relevant performance evaluation. The change in benchmark does not reflect any change in the Fund's investment objectives, policies or strategies. <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000016117Member_zhFpYmif0ZVE">$11,957,685</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000016117Member_z7qv7VFrhoLV">30</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000016117Member_zBMnbl7lFmf9">11%</span></td> </tr> </table> </div> 11957685 30 0.11 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98B_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000016117Member_zGpgcG77dOXf"> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Industry Allocation exclude short-term holdings, if any. </p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Samsung Electronics Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--SamsungElectronicsCoLtdMember_z1372AXRUgry">9.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Elite Material Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--EliteMaterialCoLtdMember_zK9EqCI2IQh5">7.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdMember_zzyWOGcSS6ab">6.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Applied Materials Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--AppliedMaterialsIncMember_zadPxk7MhNmt">5.60%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Largan Precision Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--LarganPrecisionCoLtdMember_z8gHjMwOvOQa">4.10%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> DBS Group Holdings </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--DBSGroupHoldingsMember_zu51konDU1RZ">4.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Weichai Power Co Ltd - H Shares </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--WeichaiPowerCoLtdHSharesMember_zIT1pzJivvwJ">4.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> NetEase Inc - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--NetEaseIncADRMember_zb6qSJmIyWBc">3.60%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HDFC Bank Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--HDFCBankLtdMember_z3nrPL1D3zfE">3.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_zDheOZhB6ygL">3.20%</span></td> </tr> </table></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Industry Breakdown (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Electronic Components - Semiconductor </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--ElectronicComponentsSemiconductorMember_zGjes6mRKX7K">18.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Electronic Component Miscellaneous </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--ElectronicComponentMiscellaneousMember_zbz3OkaBIJLv">7.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Semiconductor Components - Integrated Circuits </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--SemiconductorComponentsIntegratedCircuitsMember_zIZRBW5AMVcr">6.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> E-Commerce/Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--ECommerceServicesMember_zQDzFeVb0eLe">5.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Photo Equipment &amp; Supplies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--PhotoEquipmentampSuppliesMember_zeUIxoDGe1Pe">4.10%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Commercial Banks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--CommercialBanksMember_zBU9tS0B4zon">4.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Auto/Truck Parts &amp; Equipment </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--AutoTruckPartsampEquipmentMember_z6dcFNqAfLX3">4.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Entertainment Software </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--EntertainmentSoftwareMember_zTxTNvkxNWY7">3.60%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Banks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--BanksMember_zq6GGFedjCzX">3.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Machinery - General Industries </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--MachineryGeneralIndustriesMember_zoSyie4LOPmQ">3.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Machinery - Industrial Machinery </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--MachineryIndustrialMachineryMember_zKmOQzlIQo6c">3.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Machinery </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--MachineryMember_zwCMlWpsS2qy">3.00%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Internet Application Software </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--InternetApplicationSoftwareMember_zT1ulkTVcbaW">3.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Auto - Cars/Light Trucks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--AutoCarsLightTrucksMember_zaP8YbbzdX8u">3.00%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Insurance </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--InsuranceMember_zyjbt5rJyEd6">2.70%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Metal Processors &amp; Fabricators </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--MetalProcessorsampFabricatorsMember_zIDJmsYN0z3U">2.50%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Food - Dairy Products </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--FoodDairyProductsMember_zIsLLHM4O15D">2.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Machinery - Construction &amp; Mining </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--MachineryConstructionampMiningMember_zaTIhydIR9b8">2.40%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> MRI/Medical Diagnostic Imaging </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--MRIMedicalDiagnosticImagingMember_zGSNPs7soavv">2.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Medical Products </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--MedicalProductsMember_zE5piFu8izLt">2.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> E-Commerce/Products </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--ECommerceProductsMember_zfHLZvHhN2mo">2.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Rental Auto/Equipment </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--RentalAutoEquipmentMember_zhTuObO7hGKo">2.20%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Personal Care Products </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--PersonalCareProductsMember_z88ntDcB8YoL">2.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Internet &amp; Direct Marketing Retail </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--InternetampDirectMarketingRetailMember_ztMMNuseoFzQ">2.20%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Textile - Apparel </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--TextileApparelMember_zfRjrRuJlj1v">1.90%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Pharmaceuticals </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--PharmaceuticalsMember_zoZTmgjOcQ2D">1.80%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Travel Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__oef--IndustrySectorAxis__custom--TravelServicesMember_zTyVGS2YkbdN">0.10%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Industry Allocation exclude short-term holdings, if any. </p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Samsung Electronics Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--SamsungElectronicsCoLtdMember_z1372AXRUgry">9.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Elite Material Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--EliteMaterialCoLtdMember_zK9EqCI2IQh5">7.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdMember_zzyWOGcSS6ab">6.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Applied Materials Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--AppliedMaterialsIncMember_zadPxk7MhNmt">5.60%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Largan Precision Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--LarganPrecisionCoLtdMember_z8gHjMwOvOQa">4.10%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> DBS Group Holdings </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--DBSGroupHoldingsMember_zu51konDU1RZ">4.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Weichai Power Co Ltd - H Shares </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--WeichaiPowerCoLtdHSharesMember_zIT1pzJivvwJ">4.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> NetEase Inc - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--NetEaseIncADRMember_zb6qSJmIyWBc">3.60%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HDFC Bank Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--HDFCBankLtdMember_z3nrPL1D3zfE">3.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016117Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_zDheOZhB6ygL">3.20%</span></td> </tr> </table></div> 0.0920 0.0730 0.0650 0.0560 0.0410 0.0410 0.0400 0.0360 0.0350 0.0320 0.1800 0.0730 0.0650 0.0530 0.0410 0.0410 0.0400 0.0360 0.0350 0.0310 0.0300 0.0300 0.0300 0.0300 0.0270 0.0250 0.0250 0.0240 0.0230 0.0230 0.0230 0.0220 0.0220 0.0220 0.0190 0.0180 0.0010 Guinness Atkinson China & Hong Kong Fund Guinness Atkinson China & Hong Kong Fund ICHKX This semi-annual shareholder report contains important information about the Guinness Atkinson China &amp; Hong Kong Fund ("Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000016118Member_zKjkUvUnMQQU">https://www.gafunds.com/our-funds/china-hong-kong-fund/</span>. You can also request this information by contacting us at <span id="xdx_904_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000016118Member_zCOioBOwSIlD">(800) 915-6565</span>. https://www.gafunds.com/our-funds/china-hong-kong-fund/ (800) 915-6565 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Fund (Class)</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Guinness Atkinson China &amp; Hong Kong Fund</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000016118Member_zFelWtI52Z5o">$86</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000016118Member_z1jSoNFdNQ6D">1.83%</span></td> </tr></table></div> 86 0.0183 <div class="section-header"><strong>How did the Fund perform during the reporting period?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">In the first half of 2026, the Guinness Atkinson China &amp; Hong Kong Fund produced a total return of -10.95% vs the MSCI China Index (net return) of -14.97%.</p><p><strong><em>What affected the Fund's performance?</em></strong></p><p style="text-align: left"><strong>Fund performance can be attributed to the following:</strong></p><p style="text-align: left">Areas which helped the Fund's relative performance were:</p><ul><li><p style="text-align: left">The structural underweight to Tencent and Alibaba. The Fund is run on an equally weighted basis and so each position has a neutral weight of 3.3%. As Tencent and Alibaba underperformed, the structural underweight position benefited the Fund in relative terms.</p></li><li><p style="text-align: left">A combination of the overweight in Industrials and stock selection, driven by Weichai Power.</p></li><li><p style="text-align: left">The underweight to Materials which underperformed.</p></li></ul><p style="text-align: left">Areas which detracted from the Fund's relative performance were:</p><ul><li><p style="text-align: left">The underweight in Information Technology, which significantly outperformed.</p></li><li><p style="text-align: left">The underweight to Financials which outperformed, as well as stock selection driven by China Merchants Bank, AIA Group and Hong Kong Exchanges and Clearing.</p></li><li><p style="text-align: left">Stock selection in Healthcare, driven by Sino Biopharmaceutical.</p></li></ul></div> 10000 10000 11380 11392 10781 10586 12419 11955 13339 13219 14492 15156 16048 16310 16242 16607 15583 16025 14508 14822 12806 13232 14951 15572 14660 14947 14070 14240 16645 16335 13527 14667 15079 16909 16439 19022 19065 21153 20153 21063 19903 21541 17330 17627 17787 16559 15091 14209 15818 14694 11897 11388 13579 12928 13963 13536 12790 12222 11886 11985 11607 11480 11021 11228 10660 12024 12860 14848 11614 13709 12818 15769 12973 16086 15096 19416 14977 17983 14562 16376 13337 15291 <img alt="Ad2 Performance Graph" src="fp0099573-12_sa51.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Average Annual Total Return</strong></div> <div><b></b></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>6 Months (Actual)</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>1 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>5 Years</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>10 Years</strong></th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_903_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000016118Member_zGu6RoK9YD6v">Guinness Atkinson China &amp; Hong Kong Fund</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000016118Member_zvjuL2rTi39N">-10.95%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000016118Member_zwVo6rG9vJDo">2.82%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000016118Member_z7JcDoVf0ORz">-7.69%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000016118Member_zSMOPNrOdlOg">2.92%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_909_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonChinaampHongKongFundGuinnessAtkinsonChinaampHongKongFundMSCIChinaIndexNetReturnMember_zXco4ndi5gzw">MSCI China Index (Net Return)</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonChinaampHongKongFundGuinnessAtkinsonChinaampHongKongFundMSCIChinaIndexNetReturnMember_zVIL3onaBYtl">-14.97%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonChinaampHongKongFundGuinnessAtkinsonChinaampHongKongFundMSCIChinaIndexNetReturnMember_zwrGGfLdJ4ze">-4.94%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonChinaampHongKongFundGuinnessAtkinsonChinaampHongKongFundMSCIChinaIndexNetReturnMember_zz95on2OoHGv">-6.62%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonChinaampHongKongFundGuinnessAtkinsonChinaampHongKongFundMSCIChinaIndexNetReturnMember_zhvu05xIfnW9">4.34%</span></td></tr></table></div> Guinness Atkinson China & Hong Kong Fund -0.1095 0.0282 -0.0769 0.0292 MSCI China Index (Net Return) -0.1497 -0.0494 -0.0662 0.0434 The data presented represents past performance and cannot be used to predict future results. <strong>The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.</strong> <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000016118Member_zDoFFr58sAka">$22,635,040</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000016118Member_zPriBZ5q4Pdx">31</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000016118Member_zVdeBHnOIurz">3%</span></td> </tr> </table> </div> 22635040 31 0.03 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_988_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000016118Member_zuakNGBaXFPO"> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.</p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Hongfa Technology Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--HongfaTechnologyCoLtdMember_zeURdY9cgCUY">4.90%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Hangzhou First Applied Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--HangzhouFirstAppliedMaterialsMember_zX4lHrHJO70z">4.40%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Tencent Holdings Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--TencentHoldingsLtdMember_z3nyPkMMxhyh">4.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Midea Group Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--MideaGroupCoLtdMember_zGOduhHIHxRQ">4.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Weichai Power Co Ltd - H Shares </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--WeichaiPowerCoLtdHSharesMember_zTMbtylN01nR">4.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> NetEase Inc - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--NetEaseIncADRMember_zLXnpPMoWY22">3.80%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Inner Mongolia Yili - A Shares </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--InnerMongoliaYiliASharesMember_zjG24UcSZmI3">3.70%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> AIA Group Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--AIAGroupLtdMember_zJTa5bi3SIoi">3.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Baidu Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--BaiduIncMember_z8M7Jh3CUspZ">3.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Shenzhen Inovance Technology Co Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--ShenzhenInovanceTechnologyCoLtdMember_zsxYaqGlJPvw">3.60%</span></td> </tr> </table></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Geographic Breakdown (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Geographic Region</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> China </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__oef--GeographicRegionAxis__country--CN_zIYBEzDraweG">92.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Hong Kong </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__oef--GeographicRegionAxis__country--HK_zjC3ZCtqKMQ0">6.90%</span></td> </tr> </table><img alt="Af Image" src="fp0099573-12_sa52.jpg" style="width: 348px; height: 300px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.</p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Hongfa Technology Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--HongfaTechnologyCoLtdMember_zeURdY9cgCUY">4.90%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Hangzhou First Applied Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--HangzhouFirstAppliedMaterialsMember_zX4lHrHJO70z">4.40%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Tencent Holdings Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--TencentHoldingsLtdMember_z3nyPkMMxhyh">4.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Midea Group Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--MideaGroupCoLtdMember_zGOduhHIHxRQ">4.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Weichai Power Co Ltd - H Shares </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--WeichaiPowerCoLtdHSharesMember_zTMbtylN01nR">4.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> NetEase Inc - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--NetEaseIncADRMember_zLXnpPMoWY22">3.80%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Inner Mongolia Yili - A Shares </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--InnerMongoliaYiliASharesMember_zjG24UcSZmI3">3.70%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> AIA Group Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--AIAGroupLtdMember_zJTa5bi3SIoi">3.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Baidu Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--BaiduIncMember_z8M7Jh3CUspZ">3.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Shenzhen Inovance Technology Co Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016118Member__us-gaap--InvestmentTypeAxis__custom--ShenzhenInovanceTechnologyCoLtdMember_zsxYaqGlJPvw">3.60%</span></td> </tr> </table></div> 0.0490 0.0440 0.0430 0.0410 0.0400 0.0380 0.0370 0.0370 0.0360 0.0360 0.9260 0.0690 Guinness Atkinson Global Energy Fund Guinness Atkinson Global Energy Fund GAGEX This semi-annual shareholder report contains important information about the Guinness Atkinson Global Energy Fund ("Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_900_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000016120Member_zdVB5P8MvrRh">https://www.gafunds.com/our-funds/global-energy-fund/</span>. You can also request this information by contacting us at <span id="xdx_90D_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000016120Member_zQsoMbSAztHT">(800) 915-6565</span>. https://www.gafunds.com/our-funds/global-energy-fund/ (800) 915-6565 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Fund (Class)</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Guinness Atkinson Global Energy Fund</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000016120Member_zdJWuvFYN3jH">$80</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000016120Member_zrMW8HnKlq85">1.46%</span></td> </tr></table></div> 80 0.0146 <div class="section-header"><strong>How did the Fund perform during the reporting period?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">In the first half of 2026, the Guinness Atkinson Global Energy Fund produced a total return of 20.61% vs the MSCI World Index (net return) of 9.69%.</p><p><strong><em>What affected the Fund's performance?</em></strong></p><p style="text-align: left"><strong>Fund performance can be attributed to the following.</strong></p><p style="text-align: left">Within the Global Energy Fund over the period, stronger performers included:</p><ul><li><p style="text-align: left"><strong>European mid-cap integrateds: </strong>Repsol, GALP, Eni and OMV were among the strongest contributors during the first phase of the Iran conflict, helped by higher Brent-linked earnings and elevated refining margins.</p></li><li><p style="text-align: left"><strong>Oil services: </strong>Baker Hughes, Schlumberger and Halliburton performed well, supported at different points by expectations of higher service activity outside the Middle East, a rebuilding of damaged Gulf based oil &amp; gas facilities, plus growth of LNG demand.</p></li><li><p style="text-align: left"><strong>Canadian integrateds and oil sands: </strong>Canadian Natural Resources, Suncor, Cenovus and Imperial Oil benefited from stronger oil prices and a renewed appreciation of secure, non-Middle Eastern supply.US refining: Valero and refining-linked parts of the majors (e.g. Exxon) were supported by tight product markets and the increasing importance of refinery flexibility as crude flows altered.</p></li></ul><p style="text-align: left">Sectors in the portfolio that were relatively weaker over the period included:</p><ul><li><p style="text-align: left"><strong>Emerging market oils: </strong>PetroChina and Sinopec lagged over the period as Chinese government caps on refined product prices resulted in lower profitability for the Chinese majors versus Western peers.</p></li><li><p style="text-align: left"><strong>North American midstream: </strong>Enbridge, Kinder Morgan and TC Energy performed respectably in absolute terms, but with lower operating leverage to rising oil and gas prices than upstream focused companies, were relative underperformers.</p></li></ul></div> 10000 10000 10000 10131 10487 10141 11047 10681 10889 10203 11362 10350 9368 11820 9837 10327 12392 10717 10931 13074 11430 10492 12906 10812 12163 13130 12186 12249 13784 12282 8862 11935 9620 10201 13424 11009 9962 13961 10838 9375 14036 10211 9783 15237 10721 4991 12029 5919 5769 14358 6899 4916 15497 5798 6435 17660 7348 7911 18529 8949 8717 19964 9726 9063 19963 9854 9396 21513 10294 11435 20405 13449 10848 17102 12760 10445 16044 12577 12621 17610 15031 12149 18972 14517 12069 20267 14443 13629 19566 16068 12949 21799 15412 14268 23735 16915 14268 24360 16690 13421 25910 16287 12727 25870 15828 13895 25406 17424 13403 28320 16549 14524 30379 17581 14878 31327 17936 20510 30207 24547 17944 34363 21257 <img alt="Ad2 Performance Graph" src="fp0099573-15_sa51.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Average Annual Total Return</strong></div> <div><b></b></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>6 Months (Actual)</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>1 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>5 Years</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>10 Years</strong></th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000016120Member_zSXvVcmzsv5e">Guinness Atkinson Global Energy Fund</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000016120Member_zjbxpSlAqVJo">20.61%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000016120Member_zo58elLFcU7Q">33.87%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000016120Member_zZsOYSIjbbQS">15.53%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000016120Member_zcgjs0B81SaH">6.02%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_900_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonGlobalEnergyFundGuinnessAtkinsonGlobalEnergyFundMSCIWorldIndexNetReturnMember_zsc1CDJ4EUu5">MSCI World Index (Net Return)</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonGlobalEnergyFundGuinnessAtkinsonGlobalEnergyFundMSCIWorldIndexNetReturnMember_zXpqWj5XyXPL">9.69%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonGlobalEnergyFundGuinnessAtkinsonGlobalEnergyFundMSCIWorldIndexNetReturnMember_z4pydTBR5UlT">21.34%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonGlobalEnergyFundGuinnessAtkinsonGlobalEnergyFundMSCIWorldIndexNetReturnMember_zuG1LEjbmqqf">11.47%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonGlobalEnergyFundGuinnessAtkinsonGlobalEnergyFundMSCIWorldIndexNetReturnMember_zCQvceEX41Ja">13.13%</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_909_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonGlobalEnergyFundGuinnessAtkinsonGlobalEnergyFundMSCIWorldEnergyIndexNetReturnMember_zOudosv8S0qW">MSCI World Energy Index (Net Return)</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonGlobalEnergyFundGuinnessAtkinsonGlobalEnergyFundMSCIWorldEnergyIndexNetReturnMember_zYVHcUOzj8WV">18.51%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonGlobalEnergyFundGuinnessAtkinsonGlobalEnergyFundMSCIWorldEnergyIndexNetReturnMember_zloqz7ySA1Jn">28.45%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonGlobalEnergyFundGuinnessAtkinsonGlobalEnergyFundMSCIWorldEnergyIndexNetReturnMember_zVZpgOmDGJ01">16.92%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonGlobalEnergyFundGuinnessAtkinsonGlobalEnergyFundMSCIWorldEnergyIndexNetReturnMember_zXohHjXODuA4">7.83%</span></td></tr></table></div> Guinness Atkinson Global Energy Fund 0.2061 0.3387 0.1553 0.0602 MSCI World Index (Net Return) 0.0969 0.2134 0.1147 0.1313 MSCI World Energy Index (Net Return) 0.1851 0.2845 0.1692 0.0783 The data presented represents past performance and cannot be used to predict future results. <strong>The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.</strong> <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000016120Member_zef2p0N8TtnW">$12,555,018</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_903_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000016120Member_zqNlwfidJ6k1">29</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000016120Member_z7S9wRTxevV6">15%</span></td> </tr> </table> </div> 12555018 29 0.15 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_980_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000016120Member_zjAF95xrHBwh"> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.</p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exxon Mobil Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--ExxonMobilCorpMember_zzCHWvXCsKlv">5.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Valero Energy Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--ValeroEnergyCorpMember_zqLmJYYbnv1F">5.20%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> TotalEnergies SE </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--TotalEnergiesSEMember_zk4yXdZQJhIq">4.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Chevron Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--ChevronCorpMember_zPL551E2VJIw">4.60%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BP PLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--BPPLCMember_zs9kagO5Mzr9">4.40%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Shell PLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--ShellPLCMember_z8KBSJ6fGt7g">4.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> ConocoPhillips </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--ConocoPhillipsMember_zFBQC5qJkjut">4.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Repsol SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--RepsolSAMember_zqf48ZSVDNat">3.80%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Canadian Natural Resources Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--CanadianNaturalResourcesLtdMember_z5W82o0N04Uv">3.80%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cenovus Energy Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--CenovusEnergyIncMember_zBOPz8K9fJGn">3.70%</span></td> </tr> </table></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Geographic Breakdown (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Geographic Region</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__oef--GeographicRegionAxis__country--US_zmV00B1hYwQR">45.10%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__oef--GeographicRegionAxis__country--CA_zrT9AxSeotF7">20.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> France </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__oef--GeographicRegionAxis__country--FR_z2W20u0wEfrO">4.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> United Kingdom </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__oef--GeographicRegionAxis__country--GB_zRER8Uy90HQP">4.40%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__oef--GeographicRegionAxis__country--NL_zXQoRGAcKccD">4.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Spain </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__oef--GeographicRegionAxis__country--ES_z59ssxNYFC10">3.80%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> China </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__oef--GeographicRegionAxis__country--CN_zKNszjS2xVyD">3.40%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Italy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__oef--GeographicRegionAxis__country--IT_zVmhu3XAYdS3">3.20%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Austria </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__oef--GeographicRegionAxis__country--AT_zAKRb0po18Am">3.10%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Portugal </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__oef--GeographicRegionAxis__country--PT_zXRaF6zOkyrr">3.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Norway </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__oef--GeographicRegionAxis__country--NO_zowZ9PtzPv8D">2.90%</span></td> </tr> </table><img alt="Af Image" src="fp0099573-15_sa52.jpg" style="width: 348px; height: 220px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.</p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exxon Mobil Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--ExxonMobilCorpMember_zzCHWvXCsKlv">5.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Valero Energy Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--ValeroEnergyCorpMember_zqLmJYYbnv1F">5.20%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> TotalEnergies SE </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--TotalEnergiesSEMember_zk4yXdZQJhIq">4.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Chevron Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--ChevronCorpMember_zPL551E2VJIw">4.60%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BP PLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--BPPLCMember_zs9kagO5Mzr9">4.40%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Shell PLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--ShellPLCMember_z8KBSJ6fGt7g">4.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> ConocoPhillips </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--ConocoPhillipsMember_zFBQC5qJkjut">4.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Repsol SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--RepsolSAMember_zqf48ZSVDNat">3.80%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Canadian Natural Resources Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--CanadianNaturalResourcesLtdMember_z5W82o0N04Uv">3.80%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cenovus Energy Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016120Member__us-gaap--InvestmentTypeAxis__custom--CenovusEnergyIncMember_zBOPz8K9fJGn">3.70%</span></td> </tr> </table></div> 0.0530 0.0520 0.0460 0.0460 0.0440 0.0430 0.0420 0.0380 0.0380 0.0370 0.4510 0.2030 0.0460 0.0440 0.0430 0.0380 0.0340 0.0320 0.0310 0.0310 0.0290 Guinness Atkinson Global Innovators Fund Investor Class IWIRX This semi-annual shareholder report contains important information about the Guinness Atkinson Global Innovators Fund ("Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000016119Member_zMM1omi6FtD2">https://www.gafunds.com/our-funds/global-innovators-fund/</span>. You can also request this information by contacting us at <span id="xdx_907_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000016119Member_zw7tiWvdsiNY">(800) 915-6565</span>. https://www.gafunds.com/our-funds/global-innovators-fund/ (800) 915-6565 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Fund (Class)</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000016119Member_zBrZrvXgBYcZ">$64</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000016119Member_zROfZTuv8zuA">1.24%</span></td> </tr></table></div> 64 0.0124 <div class="section-header"><strong>How did the Fund perform during the reporting period?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">In the first half of 2026, the Guinness Atkinson Global Innovators Fund – Investor Class produced a total return of 7.19% vs the MSCI World Index (net return) of 9.69%.</p><p style="text-align: left"><strong>Fund performance can be attributed to:</strong></p><ul><li><p style="text-align: left">The Fund benefitted from its overweight position to the Information Technology sector as it outperformed the broader index (+21.6% vs +9.7% in USD). This was supported by positive stock selection within the sector as Fund holdings including Applied Materials (+181.8% in USD), KLA (+148.8%), and Lam Research (+153.5%) delivered robust returns above the MSCI World Information Technology sector.</p></li><li><p style="text-align: left">From an asset allocation perspective, the Fund's overweight position to Communication Services was a drag as the sector underperformed the wider benchmark (-0.2% vs +9.7%). Further, Fund holding Netflix (-23.8%) disappointed by not raising their full year guidance. This created a stock selection headwind, despite the company recently printing a solid set of quarterly results.</p></li><li><p style="text-align: left">The Fund saw a tailwind from a zero-weight allocation to some of the benchmark's weaker sectors including Utilities (+8.9%), Real Estate (+6.6%), and Materials (+9.3%). The headwind faced in the first quarter from having no exposure to Energy partially reversed in the second quarter, with investors rotating away from the sector as progress was made towards de-escalating the US-Iran conflict that has affected energy supplies.</p></li></ul></div> 10000 10000 10976 10487 11214 10681 12255 11362 13076 11820 14221 12392 15110 13074 15272 12906 15148 13130 15098 13784 12572 11935 14824 13424 15239 13961 15516 14036 17223 15237 14436 12029 18386 14358 20424 15497 23454 17660 24435 18529 26834 19964 26239 19963 28503 21513 25131 20405 20173 17102 18418 16044 20044 17610 23189 18972 25294 20267 24543 19566 27928 21799 31321 23735 33053 24360 33882 25910 33384 25870 32209 25406 36828 28320 38824 30379 40144 31327 37679 30207 43030 34363 <img alt="Ad2 Performance Graph" src="fp0099573-13_sa51.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Average Annual Total Return</strong></div> <div><b></b></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>6 Months (Actual)</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>1 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>5 Years</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>10 Years</strong></th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90B_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000016119Member_zSiSC0b3hcbD">Guinness Atkinson Global Innovators Fund - Investor Class</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000016119Member_znID2NCSivbo">7.19%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000016119Member_zNaroEOF8waS">16.83%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000016119Member_zuC4P0SCEpZY">9.91%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000016119Member_zV5oShrDIt90">15.71%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_909_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonGlobalInnovatorsFundInvestorClassMSCIWorldIndexNetReturnMember_zIbpOeyLrTOX">MSCI World Index (Net Return)</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonGlobalInnovatorsFundInvestorClassMSCIWorldIndexNetReturnMember_zAAaAdY4xjJ8">9.69%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonGlobalInnovatorsFundInvestorClassMSCIWorldIndexNetReturnMember_zxKRSoUa3HnW">21.34%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonGlobalInnovatorsFundInvestorClassMSCIWorldIndexNetReturnMember_z7UBiMQDXPqI">11.47%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonGlobalInnovatorsFundInvestorClassMSCIWorldIndexNetReturnMember_zoVo5Nzq2dyF">13.13%</span></td></tr></table></div> Guinness Atkinson Global Innovators Fund - Investor Class 0.0719 0.1683 0.0991 0.1571 MSCI World Index (Net Return) 0.0969 0.2134 0.1147 0.1313 The data presented represents past performance and cannot be used to predict future results. <strong>The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.</strong> <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90C_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000016119Member_zVMPBMZZ6OUM">$197,426,314</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000016119Member_zkKCMdq0gt99">30</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000016119Member_zzSMzu6DljbO">15%</span></td> </tr> </table> </div> 197426314 30 0.15 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98A_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000016119Member_zROEHus9FyvS"> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.</p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> KLA-Tencor Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--KLATencorCorpMember_zUt9nueklpew">5.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Applied Materials Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--AppliedMaterialsIncMember_zOExouHKQk7k">4.80%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Lam Research Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--LamResearchCorpMember_zwBwUU7FQokY">4.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Advanced Micro Devices Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--AdvancedMicroDevicesIncMember_zUuZ0uJUAU6f">4.20%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdMember_zPuPtPQBTcEL">4.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> ABB Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--ABBLtdMember_zx4q0CxYo5Cl">3.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_zh3DqNpHjHzc">3.70%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amphenol Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--AmphenolCorpMember_zdcSDIK5KDuP">3.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Alphabet Inc - A Shares </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--AlphabetIncASharesMember_zcuvU5911EgV">3.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amazon.com Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--AmazoncomIncMember_z6L8YKtWOjYO">3.60%</span></td> </tr> </table></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Geographic Breakdown (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Geographic Region</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__oef--GeographicRegionAxis__country--US_zXxoOPriKArw">75.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> China </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__oef--GeographicRegionAxis__country--CN_zHCd0omZai7v">5.60%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__oef--GeographicRegionAxis__country--TW_zuAKBMpExvZY">4.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Switzerland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__oef--GeographicRegionAxis__country--CH_z2OM5M7Swnlo">3.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> France </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__oef--GeographicRegionAxis__country--FR_zHqTMvFuF60E">3.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Britain </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__oef--GeographicRegionAxis__custom--BritainMember_z7CkpuO6vhyg">3.00%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ireland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__oef--GeographicRegionAxis__country--IE_zKHng5a9Egvh">2.80%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__oef--GeographicRegionAxis__country--DE_zNZDEVYmqROQ">2.70%</span></td> </tr> </table><img alt="Af Image" src="fp0099573-13_sa52.jpg" style="width: 348px; height: 220px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.</p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> KLA-Tencor Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--KLATencorCorpMember_zUt9nueklpew">5.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Applied Materials Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--AppliedMaterialsIncMember_zOExouHKQk7k">4.80%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Lam Research Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--LamResearchCorpMember_zwBwUU7FQokY">4.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Advanced Micro Devices Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--AdvancedMicroDevicesIncMember_zUuZ0uJUAU6f">4.20%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdMember_zPuPtPQBTcEL">4.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> ABB Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--ABBLtdMember_zx4q0CxYo5Cl">3.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_zh3DqNpHjHzc">3.70%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amphenol Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--AmphenolCorpMember_zdcSDIK5KDuP">3.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Alphabet Inc - A Shares </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--AlphabetIncASharesMember_zcuvU5911EgV">3.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amazon.com Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016119Member__us-gaap--InvestmentTypeAxis__custom--AmazoncomIncMember_z6L8YKtWOjYO">3.60%</span></td> </tr> </table></div> 0.0500 0.0480 0.0450 0.0420 0.0400 0.0370 0.0370 0.0370 0.0360 0.0360 0.7500 0.0560 0.0400 0.0370 0.0320 0.0300 0.0280 0.0270 Guinness Atkinson Global Innovators Fund Institutional Class GINNX This semi-annual shareholder report contains important information about the Guinness Atkinson Global Innovators Fund ("Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_901_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000161072Member_zlU8jHucNqD2">https://www.gafunds.com/our-funds/global-innovators-fund/</span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000161072Member_zxyqha1v67bQ">(800) 915-6565</span>. https://www.gafunds.com/our-funds/global-innovators-fund/ (800) 915-6565 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Fund (Class)</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Institutional Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000161072Member_zmC1Qeceo1wt">$51</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000161072Member_zHBnO2lzurvx">0.99%</span></td> </tr></table></div> 51 0.0099 <div class="section-header"><strong>How did the Fund perform during the reporting period?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">In the first half of 2026, the Guinness Atkinson Global Innovators Fund – Institutional Class produced a total return of 7.33% vs the MSCI World Index (net return) of 9.69%.</p><p style="text-align: left"><strong>Fund performance can be attributed to:</strong></p><ul><li><p style="text-align: left">The Fund benefitted from its overweight position to the Information Technology sector as it outperformed the broader index (+21.6% vs +9.7% in USD). This was supported by positive stock selection within the sector as Fund holdings including Applied Materials (+181.8% in USD), KLA (+148.8%), and Lam Research (+153.5%) delivered robust returns above the MSCI World Information Technology sector.</p></li><li><p style="text-align: left">From an asset allocation perspective, the Fund's overweight position to Communication Services was a drag as the sector underperformed the wider benchmark (-0.2% vs +9.7%). Further, Fund holding Netflix (-23.8%) disappointed by not raising their full year guidance. This created a stock selection headwind, despite the company recently printing a solid set of quarterly results.</p></li><li><p style="text-align: left">The Fund saw a tailwind from a zero-weight allocation to some of the benchmark's weaker sectors including Utilities (+8.9%), Real Estate (+6.6%), and Materials (+9.3%). The headwind faced in the first quarter from having no exposure to Energy partially reversed in the second quarter, with investors rotating away from the sector as progress was made towards de-escalating the US-Iran conflict that has affected energy supplies.</p></li></ul></div> 10000 10000 10985 10487 11231 10681 12278 11362 13108 11820 14267 12392 15168 13074 15340 12906 15221 13130 15180 13784 12651 11935 14926 13424 15353 13961 15642 14036 17378 15237 14569 12029 18573 14358 20639 15497 23714 17660 24721 18529 27164 19964 26580 19963 28898 21513 25491 20405 20479 17102 18704 16044 20368 17610 23580 18972 25738 20267 24992 19566 28455 21799 31935 23735 33724 24360 34587 25910 34100 25870 32927 25406 37668 28320 39732 30379 41103 31327 38608 30207 44113 34363 <img alt="Ad2 Performance Graph" src="fp0099573-14_sa51.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Average Annual Total Return</strong></div> <div><b></b></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>6 Months (Actual)</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>1 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>5 Years</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>10 Years</strong></th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_905_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000161072Member_zB7osEsY4phc">Guinness Atkinson Global Innovators Fund - Institutional Class</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000161072Member_zoaoFuC7SVkO">7.33%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000161072Member_zzaEukmvtWOO">17.12%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000161072Member_zeg7Ocfvc25z">10.18%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000161072Member_zHMWdHLuOOgI">16.00%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90E_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonGlobalInnovatorsFundInstitutionalClassMSCIWorldIndexNetReturnMember_zu3rjqcJ9kp8">MSCI World Index (Net Return)</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonGlobalInnovatorsFundInstitutionalClassMSCIWorldIndexNetReturnMember_zaQ1ys35KfBK">9.69%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonGlobalInnovatorsFundInstitutionalClassMSCIWorldIndexNetReturnMember_zzB9s5JTuvRO">21.34%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonGlobalInnovatorsFundInstitutionalClassMSCIWorldIndexNetReturnMember_zdTwHynn3y8o">11.47%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonGlobalInnovatorsFundInstitutionalClassMSCIWorldIndexNetReturnMember_z9SpYOhfn3vj">13.13%</span></td></tr></table></div> Guinness Atkinson Global Innovators Fund - Institutional Class 0.0733 0.1712 0.1018 0.1600 MSCI World Index (Net Return) 0.0969 0.2134 0.1147 0.1313 The data presented represents past performance and cannot be used to predict future results. <strong>The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.</strong> <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000161072Member_z1D21e98Xo72">$197,426,314</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000161072Member_zpozGHpcbF75">30</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000161072Member_zRlxWHIeBGMh">15%</span></td> </tr> </table> </div> 197426314 30 0.15 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_989_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000161072Member_zfkTCA1zFZ2p"> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.</p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> KLA-Tencor Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--KLATencorCorpMember_zw4xGjO2VatC">5.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Applied Materials Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--AppliedMaterialsIncMember_zR9PzoozGj13">4.80%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Lam Research Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--LamResearchCorpMember_zhyX85vDKwaa">4.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Advanced Micro Devices Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--AdvancedMicroDevicesIncMember_z84zbUxQM3Re">4.20%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdMember_z8dD02eV1OCO">4.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> ABB Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--ABBLtdMember_zemMFDuhd475">3.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_zcdaktPG39gp">3.70%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amphenol Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--AmphenolCorpMember_zAwMLzwU9UH2">3.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Alphabet Inc - A Shares </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--AlphabetIncASharesMember_zesoRL7Vxo1T">3.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amazon.com Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--AmazoncomIncMember_zLftQBLzsZVi">3.60%</span></td> </tr> </table></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Geographic Breakdown (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Geographic Region</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__oef--GeographicRegionAxis__country--US_zalVWXZocADp">75.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> China </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__oef--GeographicRegionAxis__country--CN_zTj8YXSu1LbQ">5.60%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__oef--GeographicRegionAxis__country--TW_z28MC6Z42FoY">4.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Switzerland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__oef--GeographicRegionAxis__country--CH_zv3jo6KcxQgo">3.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> France </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__oef--GeographicRegionAxis__country--FR_zbm7waxJIjbx">3.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Britain </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__oef--GeographicRegionAxis__custom--BritainMember_zsZLLMcUxlYn">3.00%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ireland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__oef--GeographicRegionAxis__country--IE_zxX9goaKWUvX">2.80%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__oef--GeographicRegionAxis__country--DE_zrRrgezRj7lr">2.70%</span></td> </tr> </table><img alt="Af Image" src="fp0099573-14_sa52.jpg" style="width: 348px; height: 220px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.</p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> KLA-Tencor Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--KLATencorCorpMember_zw4xGjO2VatC">5.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Applied Materials Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--AppliedMaterialsIncMember_zR9PzoozGj13">4.80%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Lam Research Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--LamResearchCorpMember_zhyX85vDKwaa">4.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Advanced Micro Devices Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--AdvancedMicroDevicesIncMember_z84zbUxQM3Re">4.20%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdMember_z8dD02eV1OCO">4.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> ABB Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--ABBLtdMember_zemMFDuhd475">3.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_zcdaktPG39gp">3.70%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amphenol Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--AmphenolCorpMember_zAwMLzwU9UH2">3.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Alphabet Inc - A Shares </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--AlphabetIncASharesMember_zesoRL7Vxo1T">3.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amazon.com Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000161072Member__us-gaap--InvestmentTypeAxis__custom--AmazoncomIncMember_zLftQBLzsZVi">3.60%</span></td> </tr> </table></div> 0.0500 0.0480 0.0450 0.0420 0.0400 0.0370 0.0370 0.0370 0.0360 0.0360 0.7500 0.0560 0.0400 0.0370 0.0320 0.0300 0.0280 0.0270 Guinness Atkinson Asia Pacific Dividend Builder ETF Guinness Atkinson Asia Pacific Dividend Builder ETF NYSEArca ADIV This semi-annual shareholder report contains important information about the Guinness Atkinson Asia Pacific Dividend Builder ETF ("Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_901_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000220961Member_zsyDI9uHBti7">https://www.gafunds.com/our-funds/adiv/</span>. You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000220961Member_zfZ1f4K2QBlh">(866) 307-5990</span>. https://www.gafunds.com/our-funds/adiv/ (866) 307-5990 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Fund (Class)</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Guinness Atkinson Asia Pacific Dividend Builder ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000220961Member_zLme2SwdrPJa">$39</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000220961Member_ztq4lZlwZoCj">0.78%</span></td> </tr></table></div> 39 0.0078 <div class="section-header"><strong>How did the Fund perform during the reporting period?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">In the first half of 2026, the Guinness Atkinson Asia Pacific Dividend Builder ETF produced a total return of 3.92% vs the MSCI AC Asia Pacific ex Japan Index (net return) of 23.93%.</p><p><strong><em>What affected the Fund's performance?</em></strong></p><p style="text-align: left"><strong>Fund performance can be attributed to the following:</strong></p><p style="text-align: left">Areas which helped the Fund's performance were:</p><ul><li><p style="text-align: left">Positive contributions from Elite Material, Largan Precision and Novatek. Microelectronics in the Tech sector, all benefitting from the continued interest in AI.</p></li><li><p style="text-align: left">Communication Services, both from our relative underweight, as well as positive stock. selection (namely not holding Alibaba or Tencent).</p></li><li><p style="text-align: left">Zero-weights in Materials, Energy and Industrials.</p></li><li><p style="text-align: left">Underweight in India, where we only hold one name (Tech Mahindra).</p></li><li><p style="text-align: left">Stock Selection in Hong Kong, again from not holding Alibaba or Tencent.</p></li></ul><p style="text-align: left">Areas which detracted from the Fund's performance were:</p><ul><li><p style="text-align: left">Zero-weight and underweight to AI beneficiaries: Samsung Electronics and SK hynix do not sit within the Fund's investable universe, TSCM is held at an underweight (our equal weight strategy means we are c10% underweight the benchmark). In the first half of this year, these three names contributed over 78% of the benchmark's total returns.</p></li><li><p style="text-align: left">Overweight to China where weaker domestic confidence continues to drag.</p></li></ul></div> 10000 10000 10000 9366 9522 9533 10467 10753 10720 11188 11435 11419 11873 12136 12130 12803 13118 13052 12797 13050 13049 11939 12597 12550 12290 12441 12378 10701 11355 11159 12138 12672 12484 12093 12780 12574 11881 12299 12091 12876 13606 13424 10158 10799 10773 11710 12799 12739 12651 14030 13886 14666 16746 16517 15965 17203 16926 16374 17909 17555 15167 16434 15684 16318 16330 15551 15512 15417 14586 14186 13804 13108 12093 12079 11098 13558 13555 12635 14091 14131 13360 14019 14004 12975 14029 13559 12408 15106 14633 13290 15203 14961 13466 15990 15913 14196 17994 17629 15812 17222 16222 14637 17255 16424 14933 19957 18563 16965 20643 20419 19230 21083 21163 19874 20231 21052 20373 21908 26270 25833 <img alt="Ad2 Performance Graph" src="fp0099573-5_sa51.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Average Annual Total Return</strong></div> <div><b></b></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>6 Months (Actual)</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>1 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>5 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>10 Year</strong></th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000220961Member_z8hKCLi58Ear">Asia Pacific Dividend Builder ETF</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000220961Member_zjX8EiOucDQJ">3.92%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000220961Member_zHE9lP5xXT0A">9.79%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000220961Member_zRnmtUsex9TQ">6.00%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000220961Member_zUsvy1o8SvcC">9.10%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonAsiaPacificDividendBuilderETFGuinnessAtkinsonAsiaPacificDividendBuilderETFMSCIACAsiaPacificexJapanIndexNetReturnMember_z58bM45GgBOj">MSCI AC Asia Pacific ex Japan Index (Net Return)</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonAsiaPacificDividendBuilderETFGuinnessAtkinsonAsiaPacificDividendBuilderETFMSCIACAsiaPacificexJapanIndexNetReturnMember_zBNHvHA5BoXK">23.93%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonAsiaPacificDividendBuilderETFGuinnessAtkinsonAsiaPacificDividendBuilderETFMSCIACAsiaPacificexJapanIndexNetReturnMember_zQARAh62elaR">40.75%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonAsiaPacificDividendBuilderETFGuinnessAtkinsonAsiaPacificDividendBuilderETFMSCIACAsiaPacificexJapanIndexNetReturnMember_zK7ptni6R6OX">7.32%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonAsiaPacificDividendBuilderETFGuinnessAtkinsonAsiaPacificDividendBuilderETFMSCIACAsiaPacificexJapanIndexNetReturnMember_zxDodelYgQDE">10.56%</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonAsiaPacificDividendBuilderETFGuinnessAtkinsonAsiaPacificDividendBuilderETFMSCIACPacificexJapanIndexNetReturnMember_zFrG2xBo1qOB">MSCI AC Pacific ex Japan Index (Net Return)</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonAsiaPacificDividendBuilderETFGuinnessAtkinsonAsiaPacificDividendBuilderETFMSCIACPacificexJapanIndexNetReturnMember_zAzvAIcpqIwN">29.98%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonAsiaPacificDividendBuilderETFGuinnessAtkinsonAsiaPacificDividendBuilderETFMSCIACPacificexJapanIndexNetReturnMember_zoHmKDMUD1Ro">52.27%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonAsiaPacificDividendBuilderETFGuinnessAtkinsonAsiaPacificDividendBuilderETFMSCIACPacificexJapanIndexNetReturnMember_zpBbzkmo94R3">8.03%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonAsiaPacificDividendBuilderETFGuinnessAtkinsonAsiaPacificDividendBuilderETFMSCIACPacificexJapanIndexNetReturnMember_zxlroYfgmoQs">11.00%</span></td></tr></table></div> Asia Pacific Dividend Builder ETF 0.0392 0.0979 0.0600 0.0910 MSCI AC Asia Pacific ex Japan Index (Net Return) 0.2393 0.4075 0.0732 0.1056 MSCI AC Pacific ex Japan Index (Net Return) 0.2998 0.5227 0.0803 0.1100 The data presented represents past performance and cannot be used to predict future results. <strong>The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.</strong> As of May 1, 2026, the Fund's primary benchmark is MSCI AC Asia Pacific ex Japan Index (NR), which provides a more accurate and relevant performance evaluation. The change in benchmark does not reflect any change in the Fund's investment objectives, policies or strategies. <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000220961Member_zHDgCWnHmXB0">$53,555,943</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000220961Member_zSqFsg8N3IK1">36</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000220961Member_zpIXhRUCLduR">10%</span></td> </tr> </table> </div> 53555943 36 0.10 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_980_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000220961Member_zcColkPDcUHQ"> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. </p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdMember_zOZkSDRjMvHK">4.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Elite Material Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--EliteMaterialCoLtdMember_zJ1mJBQ6tgXX">3.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Novatek Microelectronics Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--NovatekMicroelectronicsCorpMember_zTplCEcae5Cs">3.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> BOC Hong Kong Holdings Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--BOCHongKongHoldingsLtdMember_zHxy9AYDVvXT">3.50%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> NetEase Inc - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--NetEaseIncADRMember_zx8xixrBN6Dx">3.40%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> DBS Group Holdings </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--DBSGroupHoldingsMember_zNaq0ykORdEj">3.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrial &amp; Commercial Bank of China Ltd - H Shares </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--IndustrialampCommercialBankofChinaLtdHSharesMember_zCW6d1iOv4VS">3.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> China Construction Bank Corp - H Shares </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--ChinaConstructionBankCorpHSharesMember_z6VJxRQmPyLO">3.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_zh4RInODAp46">3.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Nien Made Enterprise Co </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--NienMadeEnterpriseCoMember_zLGZimOk9Fvv">3.00%</span></td> </tr> </table></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Sectors (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financial </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__oef--IndustrySectorAxis__custom--FinancialMember_zD4ZaZen7ASo">39.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__oef--IndustrySectorAxis__custom--TechnologyMember_zyRTNWosguMo">19.50%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer, Cyclical </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__oef--IndustrySectorAxis__custom--ConsumerCyclicalMember_z9TG5VoReJr5">15.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrial </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__oef--IndustrySectorAxis__custom--IndustrialMember_zrNSW4duQZC3">11.40%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer, Non-cyclical </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__oef--IndustrySectorAxis__custom--ConsumerNoncyclicalMember_zVkd12uv3tL8">9.80%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zxW3SOYLczum">2.00%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. </p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdMember_zOZkSDRjMvHK">4.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Elite Material Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--EliteMaterialCoLtdMember_zJ1mJBQ6tgXX">3.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Novatek Microelectronics Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--NovatekMicroelectronicsCorpMember_zTplCEcae5Cs">3.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> BOC Hong Kong Holdings Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--BOCHongKongHoldingsLtdMember_zHxy9AYDVvXT">3.50%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> NetEase Inc - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--NetEaseIncADRMember_zx8xixrBN6Dx">3.40%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> DBS Group Holdings </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--DBSGroupHoldingsMember_zNaq0ykORdEj">3.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrial &amp; Commercial Bank of China Ltd - H Shares </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--IndustrialampCommercialBankofChinaLtdHSharesMember_zCW6d1iOv4VS">3.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> China Construction Bank Corp - H Shares </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--ChinaConstructionBankCorpHSharesMember_z6VJxRQmPyLO">3.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_zh4RInODAp46">3.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Nien Made Enterprise Co </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220961Member__us-gaap--InvestmentTypeAxis__custom--NienMadeEnterpriseCoMember_zLGZimOk9Fvv">3.00%</span></td> </tr> </table></div> 0.0460 0.0390 0.0360 0.0350 0.0340 0.0330 0.0320 0.0310 0.0300 0.0300 0.3930 0.1950 0.1550 0.1140 0.0980 0.0200 Guinness Atkinson Dividend Builder ETF Guinness Atkinson Dividend Builder ETF NYSEArca DIVS This semi-annual shareholder report contains important information about the Guinness Atkinson Dividend Builder ETF ("Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90D_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000220962Member_zXC8H4iAHQKh">https://www.gafunds.com/our-funds/divs/</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000220962Member_zH4IxnQ7myvc">(866) 307-5990</span>. https://www.gafunds.com/our-funds/divs/ (866) 307-5990 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Fund (Class)</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Guinness Atkinson Dividend Builder ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000220962Member_zJQBEim9K7WF">$25</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000220962Member_zVZEBM6SsypZ">0.49%</span></td> </tr></table></div> 25 0.0049 <div class="section-header"><strong>How did the Fund perform during the reporting period?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">In the first half of 2026, the Guinness Atkinson Dividend Builder ETF produced a total return of 7.11% vs the MSCI World Index (net return) of 9.69%.</p><p style="text-align: left"><strong>Fund performance can be attributed to:</strong></p><ul><li><p style="text-align: left">The large overweight allocation to Consumer Staples (6.3%, USD) was a headwind to relative performance since the sector underperformed the market, whilst the Fund's underweight allocation to Communication Services (-0.1%, USD) and Consumer Discretionary (-2.8%, USD) was a positive tailwind.</p></li><li><p style="text-align: left">Although the Fund's underweight allocation to Information Technology (21.7%, USD) was a detractor to the Fund's relative performance, stock selection more than offset the negative allocation effect. More specifically, Cisco (54.1%, USD), TSMC (57.9%, USD) and Texas Instruments (73.8%, USD) performed strongly over the first half of the year as the holdings benefited from rampant demand towards data centre components.</p></li><li><p style="text-align: left">Although the Fund's overweight allocation to Health Care (2.2%, USD) was a headwind to performance, positive stock selection thanks to Johnson and Johnson (24.1%, USD) and AbbVie (11.9%, USD) reduced much of the negative allocation effect.</p></li><li><p style="text-align: left">The Fund's overweight allocation to Industrials was a tailwind to the Fund's relative performance, with particularly strong performance from ABB (42.2%, USD) and Eaton (33%, USD).</p></li><li><p style="text-align: left">The Fund's zero allocation to Utilities, Materials, and Real Estate, acted as a marginal tailwind to relative Fund performance, whereas the Fund's zero allocation to Energy (19.0%, USD) was a strong headwind to relative performance.</p></li></ul></div> 10000 10000 10433 10487 10190 10681 10796 11362 11446 11820 11697 12392 12364 13074 12487 12906 12336 13130 12979 13784 11851 11935 13260 13424 13627 13961 13840 14036 15016 15237 12231 12029 14106 14358 15054 15497 16859 17660 17533 18529 19037 19964 18849 19963 20839 21513 20081 20405 18101 17102 16683 16044 18884 17610 19983 18972 20930 20267 20093 19566 21901 21799 23200 23735 23743 24360 25920 25910 24826 25870 25479 25406 27016 28320 27429 30379 27698 31327 27224 30208 29666 34365 <img alt="Ad2 Performance Graph" src="fp0099573-4_sa51.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Average Annual Total Return</strong></div> <div><b></b></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>6 Months (Actual)</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>1 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>5 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>10 Year</strong></th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90E_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000220962Member_z2sWWVxEagXw">Dividend Builder ETF</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000220962Member_z7iInEr95FR4">7.11%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000220962Member_zUsOOHzBcpPb">9.82%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000220962Member_zYdfJ2ovEF68">9.28%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000220962Member_zjoO39fL0iXh">11.49%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_901_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonDividendBuilderETFGuinnessAtkinsonDividendBuilderETFMSCIWorldIndexNetReturnMember_zU57RfgJ8WRa">MSCI World Index (Net Return)</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonDividendBuilderETFGuinnessAtkinsonDividendBuilderETFMSCIWorldIndexNetReturnMember_zml96Os3PpXx">9.69%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonDividendBuilderETFGuinnessAtkinsonDividendBuilderETFMSCIWorldIndexNetReturnMember_zt5OjztLhUn9">21.34%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonDividendBuilderETFGuinnessAtkinsonDividendBuilderETFMSCIWorldIndexNetReturnMember_zdCUFvtKx2IM">11.47%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonDividendBuilderETFGuinnessAtkinsonDividendBuilderETFMSCIWorldIndexNetReturnMember_zwYVtMqngeiR">13.13%</span></td></tr></table></div> Dividend Builder ETF 0.0711 0.0982 0.0928 0.1149 MSCI World Index (Net Return) 0.0969 0.2134 0.1147 0.1313 The data presented represents past performance and cannot be used to predict future results. <strong>The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.</strong> <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_903_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000220962Member_ztVu0iV4ix0w">$38,465,820</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000220962Member_zod2jChI71vO">33</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000220962Member_zVSU5BW92tWr">10%</span></td> </tr> </table> </div> 38465820 33 0.10 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_986_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000220962Member_z3Rd9viqTg1s"> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. </p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cisco Systems Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--CiscoSystemsIncMember_zXM5vy4L91An">4.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Texas Instruments Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--TexasInstrumentsIncMember_zXSXCX0ERqF0">4.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdMember_zWeCJHohq0Bo">3.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_zUDE8b9aUCDi">3.40%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Eaton Corp PLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--EatonCorpPLCMember_zCwS7wYoXY0S">3.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> ABB Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--ABBLtdMember_za8ryxsr0ztM">3.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> AbbVie Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--AbbVieIncMember_ziLL2z8RJ1gJ">3.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Publicis Groupe SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--PublicisGroupeSAMember_zpzanHE4dvTk">3.20%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> The Coca-Cola Co - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--TheCocaColaCoADRMember_zYZQrw3vvvBB">3.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Johnson &amp; Johnson </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--JohnsonampJohnsonMember_zkTI4Aqb1h7a">3.00%</span></td> </tr> </table></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Sectors (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer, Non-cyclical </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__oef--IndustrySectorAxis__custom--ConsumerNoncyclicalMember_zU88XOnlowkT">36.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrial </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__oef--IndustrySectorAxis__custom--IndustrialMember_z746TkKZnVTM">22.00%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__oef--IndustrySectorAxis__custom--TechnologyMember_zOxaa0rH7otg">16.70%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financial </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__oef--IndustrySectorAxis__custom--FinancialMember_zZwRuhG4YTRJ">12.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communications </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__oef--IndustrySectorAxis__custom--CommunicationsMember_zjJyoZRjnKUV">7.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer, Cyclical </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__oef--IndustrySectorAxis__custom--ConsumerCyclicalMember_zjxqSDsmm5tl">2.40%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. </p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cisco Systems Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--CiscoSystemsIncMember_zXM5vy4L91An">4.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Texas Instruments Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--TexasInstrumentsIncMember_zXSXCX0ERqF0">4.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdMember_zWeCJHohq0Bo">3.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_zUDE8b9aUCDi">3.40%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Eaton Corp PLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--EatonCorpPLCMember_zCwS7wYoXY0S">3.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> ABB Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--ABBLtdMember_za8ryxsr0ztM">3.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> AbbVie Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--AbbVieIncMember_ziLL2z8RJ1gJ">3.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Publicis Groupe SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--PublicisGroupeSAMember_zpzanHE4dvTk">3.20%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> The Coca-Cola Co - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--TheCocaColaCoADRMember_zYZQrw3vvvBB">3.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Johnson &amp; Johnson </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000220962Member__us-gaap--InvestmentTypeAxis__custom--JohnsonampJohnsonMember_zkTI4Aqb1h7a">3.00%</span></td> </tr> </table></div> 0.0430 0.0410 0.0360 0.0340 0.0330 0.0330 0.0330 0.0320 0.0300 0.0300 0.3660 0.2200 0.1670 0.1290 0.0750 0.0240 Guinness Atkinson International Dividend Builder ETF Guinness Atkinson International Dividend Builder ETF NYSEArca GAID This semi-annual shareholder report contains important information about the Guinness Atkinson International Dividend Builder ETF ("Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000267420Member_zLSvb1VipkcT">https://www.gafunds.com/our-funds/gaid/</span>. You can also request this information by contacting us at <span id="xdx_903_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000267420Member_zpgYRXspNQ4Y">(866) 307-5990</span>. https://www.gafunds.com/our-funds/gaid/ (866) 307-5990 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Fund (Class)</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Guinness Atkinson International Dividend Builder ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000267420Member_zE1ordaBZcwS">$23</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000267420Member_z5tWwTyGAOY9">0.46%</span></td> </tr></table></div> 23 0.0046 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000267420Member_zjA3fqmMJGEj">$369,448</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000267420Member_zw0GmAIXoHtL">0</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000267420Member_ztYQ4UQRrPV2">4%</span></td> </tr> </table> </div> 369448 0 0.04 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"><p>The Fund held no portfolio investments as of June 30, 2026. The Fund's sole asset consisted of cash pending distribution in connection with the Fund's liquidation.</p></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-body" style="margin-bottom: 8px"></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p>The Fund liquidated on <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000267420Member_zYqo832sWiLz">June 30, 2026</span>.</p></div> 2026-06-30 Guinness Atkinson Real Assets Income ETF Guinness Atkinson Real Assets Income ETF NYSEArca GARA This semi-annual shareholder report contains important information about the Guinness Atkinson Real Assets Income ETF ("Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000267448Member_zYX4NcKZ42Kk">https://www.gafunds.com/our-funds/gara/</span>. You can also request this information by contacting us at <span id="xdx_901_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000267448Member_zekeY838ABSp">(866) 307-5990</span>. https://www.gafunds.com/our-funds/gara/ (866) 307-5990 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Fund (Class)</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Guinness Atkinson Real Assets Income ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000267448Member_znxnfHfKUpkw">$23</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000267448Member_zyUbcIVLrVwX">0.45%</span></td> </tr></table></div> 23 0.0045 <div class="section-header"><strong>How did the Fund perform during the reporting period?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">In the first half of 2026, the Guinness Atkinson Real Assets Income ETF produced a total return of 10.18% vs the MSCI World Index (net return) of 9.69%.</p><p><strong><em>What affected the Fund's performance?</em></strong></p><p style="text-align: left"><strong>Fund performance can be attributed to the following:</strong></p><p style="text-align: left">Areas which helped the Fund's performance were:</p><ul><li><p style="text-align: left">Stock selection in Utilities, driven by Elia Group, American Electric Power, Alliant Energy and Iberdrola. These companies benefited from increasing electricity demand, the need for further investment in power grids and the defensive nature of their regulated earnings.</p></li><li><p style="text-align: left">Stock selection in Real Estate, led by Equinix, Digital Realty, Welltower and Ventas. Data-centre REITs benefited from continued spending on AI infrastructure, while US senior-housing REITs continued to benefit from strong demand and limited new supply. The Fund's lower exposure to telecommunications towers was also helpful, as tower REITs were relatively weak over the period.</p></li><li><p style="text-align: left"><strong>Infratil:</strong> Infratil was a strong contributor after its portfolio company, CDC, announced a 555MW, 30-year Australian data-centre contract with a leading US hyperscaler. The contract increased CDC's contracted capacity to more than 1GW and demonstrated the scale of demand for data-centre infrastructure</p></li></ul><p style="text-align: left">Areas which detracted from the Fund's relative performance were:</p><ul><li><p style="text-align: left">The underweight to Energy: Energy was the strongest area of the benchmark over the first half, helped by higher oil prices following the conflict in the Middle East. The Fund's lower exposure to energy infrastructure therefore detracted from relative performance.</p></li></ul></div> 10000 10000 10000 10466 10224 10375 11240 10299 11279 10547 9643 10782 11177 10567 11271 11029 11048 10986 11018 10969 10899 <img alt="Ad2 Performance Graph" src="fp0099573-9_sa51.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Average Annual Total Return</strong></div> <div><b></b></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>6 Months (Actual)</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_907_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000267448Member_zcfh7rKeAJMQ">12/19/2025</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000267448Member_zasTW9ZDZSKR">Guinness Atkinson Real Assets Income ETF</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000267448Member_z7gAFF9U4LHQ">10.18%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20251219__20260630__oef--ClassAxis__custom--C000267448Member_zWPJZAU3v73R">11.59%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_905_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonRealAssetsIncomeETFGuinnessAtkinsonRealAssetsIncomeETFMSCIWorldIndexNetReturnMember_zAxmowYC62AR">MSCI World Index (Net Return)</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonRealAssetsIncomeETFGuinnessAtkinsonRealAssetsIncomeETFMSCIWorldIndexNetReturnMember_zqNVFzGQODan">9.69%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20251219__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonRealAssetsIncomeETFGuinnessAtkinsonRealAssetsIncomeETFMSCIWorldIndexNetReturnMember_z1HxUTYHC5xs">10.14%</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_909_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonRealAssetsIncomeETFGuinnessAtkinsonRealAssetsIncomeETFMSCIWorldCoreInfrastructureIndexNetReturnMember_zkJaz0zrpljM">MSCI World Core Infrastructure Index (Net Return)</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonRealAssetsIncomeETFGuinnessAtkinsonRealAssetsIncomeETFMSCIWorldCoreInfrastructureIndexNetReturnMember_zjC4Riabazu2">9.00%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20251219__20260630__oef--AdditionalIndexAxis__custom--GuinnessAtkinsonRealAssetsIncomeETFGuinnessAtkinsonRealAssetsIncomeETFMSCIWorldCoreInfrastructureIndexNetReturnMember_zWXreRYF6P4L">10.28%</span></td></tr></table></div> 2025-12-19 Guinness Atkinson Real Assets Income ETF 0.1018 0.1159 MSCI World Index (Net Return) 0.0969 0.1014 MSCI World Core Infrastructure Index (Net Return) 0.0900 0.1028 The data presented represents past performance and cannot be used to predict future results. <strong>The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of fund shares, is not reflected in the total returns.</strong> <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_903_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000267448Member_zBEhRAgeF20N">$411,611</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000267448Member_zX8T9wEDVIjb">35</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000267448Member_z9NyUbfHIBXt">6%</span></td> </tr> </table> </div> 411611 35 0.06 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98D_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000267448Member_zeem4bG6xY6p"> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.</p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Infratil Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--InfratilLtdMember_z36gS7pI5jNs">3.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Elia Group SA/NV </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--EliaGroupSANVMember_zec6PcfhlGP8">3.40%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Welltower Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--WelltowerIncMember_zxozaCt0Ax1P">3.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Equinix Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--EquinixIncMember_zME4boQZqJo6">3.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ventas Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--VentasIncMember_zOejCOXDD8Pz">3.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Iberdrola SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--IberdrolaSAMember_zPNP0y46o8un">3.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Union Pacific Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--UnionPacificCorpMember_zlMEXcXm4VYp">3.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> 3i Infrastructure PLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--Custom3iInfrastructurePLCMember_zRhdnH2FJoAh">3.00%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> American Electric Power Co Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--AmericanElectricPowerCoIncMember_ztuaut4ZkYKN">2.90%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Greencoat UK Wind PLC/Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--GreencoatUKWindPLCFundsMember_zyxjLCwt3Xat">2.90%</span></td> </tr> </table></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Geographic Breakdown (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Geographic Region</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__oef--GeographicRegionAxis__country--US_z5aW6kmOdt3O">40.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Britain </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__oef--GeographicRegionAxis__custom--BritainMember_zZisNAmFa9no">11.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Italy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__oef--GeographicRegionAxis__country--IT_z83iwkgKVqFr">11.10%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Spain </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__oef--GeographicRegionAxis__country--ES_zxfIi15qyaoX">8.50%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> New Zealand </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__oef--GeographicRegionAxis__country--NZ_zRbLS4ZD3tXk">6.10%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Belgium </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__oef--GeographicRegionAxis__country--BE_zuZS3aoOoTCi">6.00%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Jersey </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__oef--GeographicRegionAxis__country--JE_zKhHYJgpgIoY">2.90%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Bermuda </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__oef--GeographicRegionAxis__country--BM_zkqXhfUhrEWd">2.80%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__oef--GeographicRegionAxis__country--CA_z4naB1xPIoCy">2.80%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> France </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__oef--GeographicRegionAxis__country--FR_zQNuwZEo7J08">2.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Singapore </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__oef--GeographicRegionAxis__country--SG_z6ZFZ1XRjEFK">2.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__oef--GeographicRegionAxis__country--NL_z4gXC8ZRgb6T">2.30%</span></td> </tr> </table><img alt="Af Image" src="fp0099573-9_sa52.jpg" style="width: 348px; height: 220px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.</p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Infratil Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--InfratilLtdMember_z36gS7pI5jNs">3.60%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Elia Group SA/NV </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--EliaGroupSANVMember_zec6PcfhlGP8">3.40%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Welltower Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--WelltowerIncMember_zxozaCt0Ax1P">3.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Equinix Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--EquinixIncMember_zME4boQZqJo6">3.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ventas Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--VentasIncMember_zOejCOXDD8Pz">3.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Iberdrola SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--IberdrolaSAMember_zPNP0y46o8un">3.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Union Pacific Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--UnionPacificCorpMember_zlMEXcXm4VYp">3.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> 3i Infrastructure PLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--Custom3iInfrastructurePLCMember_zRhdnH2FJoAh">3.00%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> American Electric Power Co Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--AmericanElectricPowerCoIncMember_ztuaut4ZkYKN">2.90%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Greencoat UK Wind PLC/Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000267448Member__us-gaap--InvestmentTypeAxis__custom--GreencoatUKWindPLCFundsMember_zyxjLCwt3Xat">2.90%</span></td> </tr> </table></div> 0.0360 0.0340 0.0330 0.0330 0.0330 0.0310 0.0300 0.0300 0.0290 0.0290 0.4050 0.1130 0.1110 0.0850 0.0610 0.0600 0.0290 0.0280 0.0280 0.0270 0.0230 0.0230 Guinness Atkinson US Dividend Builder ETF Guinness Atkinson US Dividend Builder ETF NYSEArca GAUD This semi-annual shareholder report contains important information about the Guinness Atkinson US Dividend Builder ETF ("Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_900_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000267421Member_zmMr56BbLoT7">https://www.gafunds.com/our-funds/gaud/</span>. You can also request this information by contacting us at <span id="xdx_904_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000267421Member_zaKMW6O8OLD1">(866) 307-5990</span>. https://www.gafunds.com/our-funds/gaud/ (866) 307-5990 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Fund (Class)</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Guinness Atkinson US Dividend Builder ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000267421Member_zgotnov4NJ04">$17</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000267421Member_zdFcN0DwckSI">0.35%</span></td> </tr></table></div> 17 0.0035 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000267421Member_zZCcFkIjbNDo">$244,017</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000267421Member_zGXv9QHuS1LJ">0</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000267421Member_z6q34dSTfrk6">1%</span></td> </tr> </table> </div> 244017 0 0.01 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"><p>The Fund held no portfolio investments as of June 30, 2026. The Fund's sole asset consisted of cash pending distribution in connection with the Fund's liquidation.</p></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-body" style="margin-bottom: 8px"></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p>The Fund liquidated on <span id="xdx_908_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000267421Member_zsrcnOrWSn6m">June 30, 2026</span>.</p></div> 2026-06-30 Guinness Atkinson Smart Transportation & Technology ETF Guinness Atkinson Smart Transportation & Technology ETF NYSEArca MOTO This semi-annual shareholder report contains important information about the Guinness Atkinson Smart Transportation &amp; Technology ETF ("Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000210495Member_zXmNZ3puGDaS">https://www.gafunds.com/our-funds/moto/</span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000210495Member_zoVL0fiXzfrU">(866) 307-5990</span>. https://www.gafunds.com/our-funds/moto/ (866) 307-5990 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Fund (Class)</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Guinness Atkinson Smart Transportation &amp; Technology ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000210495Member_zVApWk4jtnUo">$37</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000210495Member_zOOndbPwd14T">0.68%</span></td> </tr></table></div> 37 0.0068 <div class="section-header"><strong>How did the Fund perform during the reporting period?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">In 1H 2026, the Guinness Atkinson Smart Transportation &amp; Technology ETF produced a total return of 21.04% vs the MSCI World Index (net return) of 9.69%.</p><p><strong><em>What affected the Fund's performance?</em></strong></p><p style="text-align: left"><strong>Fund performance can be attributed to the following:</strong></p><ul><li><p style="text-align: left">Electronics (38.9% exposure) was the strongest category over the period, delivering an average return of +50.2% over the period. Equipment (34.0% exposure) was the second strongest category, returning +15.0% on average in the first half of the year. The weakest category was EV manufacturers (17.6% exposure), where the average company delivered -7.6% over the period.</p></li><li><p style="text-align: left">Within the Electronics category, Power Integrations (+137.3%), Renesas Electronics (+115.9%), and Infineon (+112.4%) were notable performers. All three benefited from robust growth in AI data centre spending and increasing confidence in the durability of this investment cycle. All three companies also benefited from a cyclical recovery in auto and industrial end markets.</p></li><li><p style="text-align: left">Within Equipment, we hold a 55.3% weighting to Components, a 34.9% weighting to Autonomous, and a 9.8% weighting to Batteries. The average Components name returned +4.2%, the average Autonomous position delivered +8.0%, and the average Batteries name returned +24.3% in the period. Within Equipment, the Batteries subsegment was boosted by strong performance from Samsung SDI, who benefitted from improving demand visibility across ESS in the US and robust EV demand in Europe. The company has also been bolstered by reports of potential collaboration with Hyundai Motor Group on solid-state batteries for early-stage robotics applications, building on an existing partnership in next generation battery technologies. </p></li><li><p style="text-align: left">The Fund's three top performers were Power Integrations (+137.3%), Renesas Electronics (+115.9%), and Infineon (+112.4%). As described above, all 3 names benefitted from robust growth in data centre spending and increased confidence in the durability of this investment cycle, as well as a cyclical recovery in auto and industrial end markets.</p></li><li><p style="text-align: left">The Fund's three weakest performers were Volkswagen (-29.8%), Mercedes Benz (-24.3%) and BYD (-24.2%). Shares in Volkswagen have weakened in recent months as investors have become increasingly concerned about the European macroeconomic outlook. Higher energy prices, rising interest rates and stagflation risks following the conflict in Iran have weighed on expectations for consumer demand, particularly for discretionary purchases such as new vehicles. Share price performance also reflects concerns around intensifying Chinese competition, the company's ongoing restructuring efforts and broader trade uncertainty.</p></li></ul></div> 10000 10000 9898 10049 10543 10350 10275 10287 9823 9418 7986 8171 9438 9064 10068 9502 10818 9753 11725 10220 13064 10902 12838 10526 12914 10203 15226 11508 16772 11996 17203 11877 17804 12181 17961 12586 18269 13172 18479 13362 18636 13561 18800 13804 19249 14147 18343 13560 19603 14328 19344 14014 19643 14613 18088 13840 17359 13490 17271 13860 15643 12709 16098 12718 14325 11617 15958 12539 14960 12015 13085 10898 13979 11680 15813 12493 14383 11962 16456 12808 16316 12501 17018 12887 16218 13113 16849 12982 18380 13767 19015 14229 17923 13890 16921 13290 15038 12905 16835 14115 18220 14807 17042 14985 18373 15621 19058 16122 18532 15524 19477 16217 19290 16547 19064 16838 18994 17283 19024 17600 18423 17251 18768 18042 18653 17572 19106 18192 18759 18061 17391 17257 17621 17411 19464 18441 20634 19237 21174 19485 21892 19993 22715 20636 23789 21049 23390 21108 23794 21279 25341 21755 26839 21914 24257 20518 28992 22486 30534 23509 28800 23340 <img alt="Ad2 Performance Graph" src="fp0099573-7_sa51.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Average Annual Total Return</strong></div> <div><b></b></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>6 Months (Actual)</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>1 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>5 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Since Inception</strong><br/> (<span id="xdx_900_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000210495Member_zNeXztDiz8h9">11/14/2019</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_905_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000210495Member_zeX9KmZG98m9">Smart Transportation &amp; Technology ETF</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000210495Member_zO13pecJcagN">21.04%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000210495Member_zkdazQP8IMMj">39.57%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000210495Member_zm0EzcS6ro6w">9.09%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20191114__20260630__oef--ClassAxis__custom--C000210495Member_zI9k0vwOkqBL">17.31%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90E_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonSmartTransportationampTechnologyETFGuinnessAtkinsonSmartTransportationampTechnologyETFMSCIWorldIndexNetReturnMember_zAXoXlGTNHsX">MSCI World Index (Net Return)</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonSmartTransportationampTechnologyETFGuinnessAtkinsonSmartTransportationampTechnologyETFMSCIWorldIndexNetReturnMember_zQrZBnfGtPOr">9.69%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonSmartTransportationampTechnologyETFGuinnessAtkinsonSmartTransportationampTechnologyETFMSCIWorldIndexNetReturnMember_zyINNMIJjKo2">21.34%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonSmartTransportationampTechnologyETFGuinnessAtkinsonSmartTransportationampTechnologyETFMSCIWorldIndexNetReturnMember_zzW3kRIQzqRc">11.47%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20191114__20260630__oef--BroadBasedIndexAxis__custom--GuinnessAtkinsonSmartTransportationampTechnologyETFGuinnessAtkinsonSmartTransportationampTechnologyETFMSCIWorldIndexNetReturnMember_zrk5ozN5Xyfo">13.77%</span></td></tr></table></div> 2019-11-14 Smart Transportation & Technology ETF 0.2104 0.3957 0.0909 0.1731 MSCI World Index (Net Return) 0.0969 0.2134 0.1147 0.1377 The data presented represents past performance and cannot be used to predict future results. <strong>The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of Fund shares, is not reflected in the total returns.</strong> <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000210495Member_zTcFTYxIM19s">$9,717,418</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000210495Member_zNGO1Vm162ay">38</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000210495Member_z9sAh524ndkX">0%</span></td> </tr> </table> </div> 9717418 38 0 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98D_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000210495Member_z4820MWMOK7P"> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographical Allocation exclude short-term holdings, if any. </p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdMember_zhOOZhxfByvG">6.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Infineon Technologies AG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--InfineonTechnologiesAGMember_ztAO80OVAKYP">5.60%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Quanta Services Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--QuantaServicesIncMember_ztGM40fSiOOI">5.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amphenol Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--AmphenolCorpMember_zZUp5fSeiBsS">4.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Analog Devices Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--AnalogDevicesIncMember_z9j2EcslDkUl">4.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Alphabet Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--AlphabetIncMember_zv23pdSSD3VN">4.00%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> NVIDIA Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--NVIDIACorpMember_zlZVTNiVPhhN">3.90%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Eaton Corp PLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--EatonCorpPLCMember_zf2wiuv1aNfY">3.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Renesas Electronics Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--RenesasElectronicsCorpMember_ziN4m8d2msyQ">3.90%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Siemens AG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--SiemensAGMember_z6SjyCSR3yf3">3.50%</span></td> </tr> </table></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Geographic Breakdown (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Geographic Region</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__oef--GeographicRegionAxis__country--US_zMiOcsRMLtl6">46.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__oef--GeographicRegionAxis__country--DE_zpIIOuMkocdD">14.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__oef--GeographicRegionAxis__country--TW_zxpcZeNomlKD">6.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> South Korea </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__oef--GeographicRegionAxis__country--KR_ztAWsoVecpBd">5.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__oef--GeographicRegionAxis__country--JP_zzswiWIJa7PO">5.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Sweden </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__oef--GeographicRegionAxis__country--SE_zhLcRtKWMI8A">5.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ireland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__oef--GeographicRegionAxis__country--IE_zqVY3oRdRImj">4.40%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__oef--GeographicRegionAxis__country--NL_z4CHUTY9EAhD">3.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Hong Kong </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__oef--GeographicRegionAxis__country--HK_zWvuEyT0VCdX">2.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> China </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__oef--GeographicRegionAxis__country--CN_zYctR3pCFjqd">2.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United Kingdom </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__oef--GeographicRegionAxis__country--GB_zU6NioEvEMo6">2.10%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Israel </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__oef--GeographicRegionAxis__country--IL_z1YlLnysoHae">0.60%</span></td> </tr> </table><img alt="Af Image" src="fp0099573-7_sa52.jpg" style="width: 348px; height: 220px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-body" style="margin-bottom: 8px"><p>The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographical Allocation exclude short-term holdings, if any. </p></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i><em>Top Ten Holdings (% of net assets)</em></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top 10</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co Ltd </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdMember_zhOOZhxfByvG">6.00%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Infineon Technologies AG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--InfineonTechnologiesAGMember_ztAO80OVAKYP">5.60%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Quanta Services Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--QuantaServicesIncMember_ztGM40fSiOOI">5.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amphenol Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--AmphenolCorpMember_zZUp5fSeiBsS">4.70%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Analog Devices Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--AnalogDevicesIncMember_z9j2EcslDkUl">4.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Alphabet Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--AlphabetIncMember_zv23pdSSD3VN">4.00%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> NVIDIA Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--NVIDIACorpMember_zlZVTNiVPhhN">3.90%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Eaton Corp PLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--EatonCorpPLCMember_zf2wiuv1aNfY">3.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Renesas Electronics Corp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--RenesasElectronicsCorpMember_ziN4m8d2msyQ">3.90%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Siemens AG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210495Member__us-gaap--InvestmentTypeAxis__custom--SiemensAGMember_z6SjyCSR3yf3">3.50%</span></td> </tr> </table></div> 0.0600 0.0560 0.0550 0.0470 0.0420 0.0400 0.0390 0.0390 0.0390 0.0350 0.4620 0.1430 0.0600 0.0590 0.0550 0.0530 0.0440 0.0330 0.0250 0.0210 0.0210 0.0060 Guinness Atkinson Sustainable Energy ETF Guinness Atkinson Sustainable Energy ETF NYSEArca SOLR This semi-annual shareholder report contains important information about the Guinness Atkinson Sustainable Energy ETF ("Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_904_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000222800Member_zBIxJEYw6a48">https://www.gafunds.com/our-funds/solr/</span>. You can also request this information by contacting us at <span id="xdx_903_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000222800Member_zaxaSXxbsT3T">(866) 307-5990</span>. https://www.gafunds.com/our-funds/solr/ (866) 307-5990 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Fund (Class)</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Guinness Atkinson Sustainable Energy ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000222800Member_ztEbxopZV4K5">$42</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000222800Member_z6f0CHXjezLj">0.79%</span></td> </tr></table></div> 42 0.0079 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000222800Member_zfi32mafoRfG">$4,555,362</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000222800Member_zr1cAdprBHQm">0</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000222800Member_z6ofRSuY70RL">9%</span></td> </tr> </table> </div> 4555362 0 0.09 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of June 30, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"><p>The Fund held no portfolio investments as of June 30, 2026. The Fund's sole asset consisted of cash pending distribution in connection with the Fund's liquidation.</p></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-body" style="margin-bottom: 8px"></div> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><i></i></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p>The Fund liquidated on <span id="xdx_906_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000222800Member_zOSjnwxEKtvo">June 30, 2026</span>.</p></div> 2026-06-30