ThZeal - The Zeal

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

This report should be read in conjunction with the Trust's prospectus.

The views expressed in the Shareholder Letter are those of Fund Management at Engine No. 1 LLC ("Engine No. 1" or the "Adviser") as of April 30, 2022. The Shareholder Letter may not necessarily reflect the views or holdings on the date this Semi-Annual Report is first published or anytime thereafter. The information in the Shareholder Letter may change, and the Funds disclaim any obligation to advise shareholders of any such changes. Certain information was obtained from sources that Engine No. 1 believes to be reliable; however, Engine No. 1 does not guarantee the accuracy or completeness of any information obtained from any third party.

Portfolio holdings will change and should not be considered as investment advice or a recommendation to buy, sell or hold any particular security. Please visit etf.engine1.com for the most current list of portfolio holdings.

The Engine No. 1 Transform 500 ETF seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Large Cap Select Index^SM (the "Underlying Index"), which measures the performance of the 500 largest U.S. stocks by market capitalization, as determined by Morningstar, Inc. The Underlying Index consists of securities from a broad range of industries. As of April 30, 2022, the Underlying Index is represented by securities of companies in sectors including, but not limited to, consumer, energy, financial services, healthcare, technology, and utilities. The components of the Underlying Index are likely to change over time and the Underlying Index and the Fund are rebalanced on a quarterly basis. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the Fund may concentrate in such industries or groups of industries. As of April 30, 2022, the Underlying Index is not concentrated in an industry or group of industries.

The Engine No. 1 Transform Climate ETF is an actively-managed exchange-traded fund whose investment objective is long-term growth of capital. The Fund seeks to invest in companies that are creating value by transforming themselves and others to meet the growing demands of climate change. Target companies are primarily those that the Adviser believes are transitioning towards more sustainable business practices, products, or services, as well as companies that are providing enabling technologies to help others transition. Target companies are generally chosen from companies included in the Morningstar^® US Market Extended TR USD Index^SM, which measures the performance of US securities and targets 99.5% market capitalization coverage of the investable universe. It is a diversified broad market index, and does not incorporate ESG criteria.

Dear Shareholder,

When we founded Engine No. 1, we set out to support investors by using the capitalist system to create value and seek superior returns while directly addressing the world's biggest problems.

That may sound audacious, but we are impatient with the velocity of change. Over the past 18 months as a firm, we have pushed and inspired the asset management industry to move more quickly and purposefully. This started with our Exxon proxy campaign and continues with our deep engagement with many public companies, our assertive and transparent proxy voting, and the outperformance of our active strategies. We believe that investors must be able to access and use data on company governance that demonstrates how a company delivers for workers, customers, communities, and the environment. We can harness the power of investors to transform the economy and increase long-term value.

We believe that a company's material impacts should be accounted for just like other economic fundamentals and integrated into long-term business models. At Engine No. 1, we use the dollar cost of a company's impacts in our Total Value Framework. Unlike divestment and "ESG" funds that screen out certain companies or industries, we judge companies on how they maximize their positive impacts on society—not simply minimize their negative impacts. This enables us to view the universe of investment possibilities in an economic, non-ideological way. Seeing the world through a lens of performance plus impact allows us to drive meaningful change on the important issues of the day without sacrificing the performance that ultimately drives investment choices.

In Engine No. 1 Transform 500 ETF (Ticker: VOTE), by activating the power of shareholder voting, we believe that we can effect change on key issues that is accessible, impactful, and transparent. In 2021 those issues included strengthening the workforce, increasing transparency on corporate lobbying, and restoring the climate. We believe that we can transform the 500 largest US companies and impact millions of workers, sell trillions of dollars' worth of products and services, and drive societal and environmental change every day.

As of spring 2022, we're still dependent on fossil fuels to meet our immediate energy needs although we're moving steadily toward a decarbonized world. Similarly, while we are headed toward a more just and resilient economy, our markets still depend on distant workforces linked by fragile supply chains. It's an awkward and uncertain time, but one filled with promise and opportunity. Our work has only just begun.

We have been thrilled with investors' reception of our funds since we launched our ETF business with VOTE in June 2021. As of April 30, 2022, assets have grown to more than $314 million in net assets. The Fund has been added to custodial, broker-dealer, and fintech platforms and is being used by registered investment advisers, multifamily offices, and retail investors.

We introduced Engine No. 1 Transform Climate ETF (Ticker: NETZ) in February 2022 to invest in companies that have a clear strategy to create value on their path to net-zero carbon emissions. We are pleased with the impact and strong reception that NETZ has had in this short time. As of April 30, 2022, NETZ has $83.4 million in net assets.

On the following pages, you will find information related to your VOTE or NETZ investment. If you have any questions, please contact your financial advisor or Engine No. 1 directly. Additional information, including portfolio holdings and voting updates, is available on our website: etf.engine1.com.

Thank you for joining us. We look forward to continuing our work together.

Jennifer Grancio

Jennifer Grancio
Chief Executive Officer
Engine No. 1

Important Information

Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained from etf.engine1.com. Please read the prospectus carefully before you invest.

Engine No. 1 LLC and Fund Management at Engine No. 1 LLC are separately registered as investment advisers with the U.S. Securities and Exchange Commission (the "SEC"). Registration with the SEC or with any state securities authority does not imply a certain level of skill or training. Under no circumstances should any information in this document be used or considered as an offer to sell, or a solicitation of any offer to buy, an interest in any investment fund managed or advised by Engine No. 1 LLC, Fund Management at Engine No. 1 LLC, or their affiliates. Any such offer or solicitation will be made only by means of the offering materials relating to a particular fund. No information in this document should be construed or relied upon as investment, legal, accounting, tax or other professional advice or in connection with any offer or sale of securities.

The Engine No. 1 Transform 500 ETF (VOTE) is not actively managed, and Fund Management at Engine No. 1 LLC (the Adviser) generally does not attempt to take defensive positions under any market conditions, including declining markets. This Fund may be subject to tracking error, which is defined as the divergence of the Fund's performance from that of the underlying index. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. At any given time, the Fund can have exposure to derivative instruments. Please see the prospectus for a full list of Fund risks.

The Transform Climate ETF (NETZ) is actively managed and may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are concentrated in the securities of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. Shares are subject to the risks of an investment in a portfolio of equity securities in an industry or group of industries in which each Fund invests. Investments in emerging market countries may be subject to greater risks than investments in developed countries. The Funds may purchase and write put and call options on futures contracts that are traded on an exchange as a hedge against changes in value of its portfolio securities, or in anticipation of the purchase of securities, and may enter into closing transactions with respect to such options to terminate existing positions. There is no guarantee that such closing transactions can be effected. Please see the prospectus for a full list of Fund risks.

A strategy or emphasis on environmental, social and governance factors ("ESG") may limit the investment opportunities available to a portfolio. Therefore, the portfolio may underperform or perform differently than other portfolios that do not have an ESG investment focus.

Please see the schedule of investments for a complete list of fund holdings.

The price and value of the investments referred to in this document and the income from such investments may fluctuate, and investors may realize losses on these investments, including a loss of principal. Investing involves risk, including the possible loss of principal. Past performance is not indicative or a guarantee of future performance. Certain information contained in this document has been obtained from third party sources and, although believed to be reliable, has not been independently verified and its accuracy or completeness cannot be guaranteed.

This document may contain forward-looking statements, which reflect Engine No. 1's current views with respect to, among other things, Engine No. 1's operations and performance. You can identify these forward-looking statements by the use of words such as "anticipate" "approximately," "believe," "continue," "estimate," "expect," "intend," "may," "outlook," "plan," "potential," "predict," "seek," "should," or "will," or the negative version of these words or other comparable words. Forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Engine No. 1 undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Distributed by Foreside Financial Services, LLC.

As a shareholder, you incur two types of costs: (1) transaction costs for purchasing and selling shares; and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 (February 3, 2022 for Engine No. 1 Transform Climate ETF) until April 30, 2022.

Actual Expenses

The first line under each Fund in the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line under each Fund in the tables below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line of the tables for the Funds are useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 11/1/2021		Ending Account Value 4/30/2022		Annualized Expense Ratios for the Period			Expenses Paid During the Period^(a)
Engine No. 1 Transform 500 ETF
Actual	$	1,000.00	$	885.79		0.05	%	$	0.23
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.55		0.05	%	$	0.25
	Beginning Account Value 2/3/2022*		Ending Account Value 4/30/2022		Annualized Expense Ratios for the Period			Expenses Paid During the Period^(b)
Engine No. 1 Transform Climate ETF
Actual	$	1,000.00	$	966.35		0.75	%	$	1.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,010.13		0.75	%	$	1.80

* The Fund commenced investment operations on February 3, 2022.

(a) Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (the number of days in the one-half year period, then divided by 365).

(b) Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 87/365 (the number of days in the period, then divided by 365).

Investments	Shares		Value
COMMON STOCKS - 99.9%
Aerospace & Defense - 1.5%
Boeing Co.*		4,820	$	717,409
General Dynamics Corp.		2,027		479,446
HEICO Corp.		373		52,679
HEICO Corp., Class A		658		76,749
L3Harris Technologies, Inc.		1,725		400,649
Lockheed Martin Corp.		2,131		920,848
Northrop Grumman Corp.		1,291		567,265
Raytheon Technologies Corp.		13,121		1,245,314
TransDigm Group, Inc.*		464		275,992
				4,736,351
Air Freight & Logistics - 0.6%
Expeditors International of Washington, Inc.		1,491		147,713
FedEx Corp.		2,143		425,900
United Parcel Service, Inc., Class B		6,411		1,153,852
				1,727,465
Airlines - 0.2%
Delta Air Lines, Inc.*		5,629		242,216
Southwest Airlines Co.*		5,205		243,177
United Airlines Holdings, Inc.*		2,843		143,572
				628,965
Auto Components - 0.1%
Aptiv plc*		2,379		253,126
Automobiles - 2.4%
Ford Motor Co.		34,588		489,766
General Motors Co.*		12,775		484,300
Lucid Group, Inc.*††		4,914		88,845
Tesla, Inc.*		7,361		6,409,665
				7,472,576
Banks - 3.6%
Bank of America Corp.		62,506		2,230,214
Citigroup, Inc.		17,447		841,120
Citizens Financial Group, Inc.		4,353		171,508
Fifth Third Bancorp		6,007		225,443
First Republic Bank		1,577		235,320
Huntington Bancshares, Inc.		12,637		166,177
JPMorgan Chase & Co.		25,986		3,101,688
KeyCorp		8,164		157,647
M&T Bank Corp.		1,576		262,625
PNC Financial Services Group, Inc. (The)		3,694		613,573
Regions Financial Corp.		8,278		171,520
Signature Bank		551		133,480
SVB Financial Group*		516		251,622
Truist Financial Corp.		11,736		567,436

Investments	Shares		Value
US Bancorp		11,877	$	576,747
Wells Fargo & Co.		34,171		1,490,881
				11,197,001
Beverages - 1.7%
Brown-Forman Corp., Class B		1,610		108,578
Coca-Cola Co.		34,183		2,208,564
Constellation Brands, Inc., Class A		1,445		355,600
Keurig Dr Pepper, Inc.		6,478		242,277
Monster Beverage Corp.*		3,304		283,087
PepsiCo, Inc.		12,165		2,088,852
				5,286,958
Biotechnology - 2.2%
AbbVie, Inc.		15,546		2,283,396
Alnylam Pharmaceuticals, Inc.*		1,057		141,036
Amgen, Inc.		4,953		1,154,990
Biogen, Inc.*		1,292		268,012
BioMarin Pharmaceutical, Inc.*		1,614		131,299
Exact Sciences Corp.*		1,527		84,061
Gilead Sciences, Inc.		11,029		654,461
Horizon Therapeutics plc*		1,995		196,627
Incyte Corp.*		1,651		123,759
Moderna, Inc.*		3,102		416,940
Regeneron Pharmaceuticals, Inc.*		938		618,245
Seagen, Inc.*		1,180		154,592
Vertex Pharmaceuticals, Inc.*		2,239		611,740
				6,839,158
Building Products - 0.3%
Carrier Global Corp.		7,524		287,943
Johnson Controls International plc		6,180		369,997
Masco Corp.		2,108		111,071
Trane Technologies plc		2,052		287,054
				1,056,065
Capital Markets - 3.0%
Ameriprise Financial, Inc.		975		258,853
Bank of New York Mellon Corp. (The)		6,501		273,432
BlackRock, Inc., Class A		1,254		783,349
Blackstone, Inc.		6,192		628,921
Carlyle Group, Inc. (The)		1,223		44,383
Charles Schwab Corp. (The)		13,219		876,816
CME Group, Inc., Class A		3,159		692,895
Coinbase Global, Inc., Class A*		259		29,192
Goldman Sachs Group, Inc. (The)		2,985		911,887
Intercontinental Exchange, Inc.		4,941		572,217
KKR & Co., Inc.		5,145		262,241
MarketAxess Holdings, Inc.		334		88,046
Moody's Corp.		1,422		450,035
Morgan Stanley		12,462		1,004,312
MSCI, Inc., Class A		714		300,773

Investments	Shares		Value
Nasdaq, Inc.		1,030	$	162,091
Northern Trust Corp.		1,826		188,169
Raymond James Financial, Inc.		1,643		160,127
S&P Global, Inc.		3,115		1,172,797
State Street Corp.		3,220		215,643
T Rowe Price Group, Inc.		2,013		247,680
				9,323,859
Chemicals - 1.8%
Air Products & Chemicals, Inc.		1,950		456,437
Albemarle Corp.		1,029		198,422
Celanese Corp., Class A		950		139,593
CF Industries Holdings, Inc.		1,884		182,428
Corteva, Inc.		6,390		368,639
Dow, Inc.		6,467		430,056
DuPont de Nemours, Inc.		4,504		296,949
Eastman Chemical Co.		1,133		116,325
Ecolab, Inc.		2,193		371,363
FMC Corp.		1,114		147,650
International Flavors & Fragrances, Inc.		2,240		271,712
Linde plc		4,507		1,406,003
LyondellBasell Industries NV, Class A		2,311		245,035
Mosaic Co.		3,257		203,302
PPG Industries, Inc.		2,086		266,987
Sherwin-Williams Co.		2,120		582,914
				5,683,815
Commercial Services & Supplies - 0.4%
Cintas Corp.		775		307,877
Copart, Inc.*		1,877		213,321
Republic Services, Inc., Class A		1,835		246,385
Rollins, Inc.		1,988		66,678
Waste Management, Inc.		3,385		556,629
				1,390,890
Communications Equipment - 0.8%
Arista Networks, Inc.*		1,974		228,135
Cisco Systems, Inc. (Delaware)		37,083		1,816,325
Motorola Solutions, Inc.		1,485		317,330
				2,361,790
Construction Materials - 0.1%
Martin Marietta Materials, Inc.		548		194,113
Vulcan Materials Co.		1,167		201,062
				395,175
Consumer Finance - 0.6%
Ally Financial, Inc.		2,971		118,721
American Express Co.		5,408		944,831
Capital One Financial Corp.		3,638		453,368
Discover Financial Services		2,530		284,524
Synchrony Financial		4,579		168,553
				1,969,997

Investments	Shares		Value
Containers & Packaging - 0.3%
Amcor plc		13,296	$	157,691
Avery Dennison Corp.		729		131,657
Ball Corp.		2,847		231,062
Crown Holdings, Inc.		1,108		121,924
International Paper Co.		3,402		157,445
				799,779
Distributors - 0.1%
Genuine Parts Co.		1,251		162,692
Pool Corp.		353		143,043
				305,735
Diversified Financial Services - 1.7%
Apollo Global Management, Inc.		3,264		162,417
Berkshire Hathaway, Inc., Class B*		16,103		5,198,531
				5,360,948
Diversified Telecommunication Services - 0.9%
AT&T, Inc.		62,795		1,184,314
Verizon Communications, Inc.		36,916		1,709,211
				2,893,525
Electric Utilities - 1.6%
American Electric Power Co., Inc.		4,430		439,057
Avangrid, Inc.		614		27,231
Duke Energy Corp.		6,764		745,122
Edison International		3,342		229,896
Entergy Corp.		1,764		209,651
Eversource Energy		3,023		264,210
Exelon Corp.		8,615		403,010
FirstEnergy Corp.		5,016		217,243
NextEra Energy, Inc.		17,252		1,225,237
PG&E Corp.*		13,260		167,739
PPL Corp.		6,606		187,016
Southern Co.		9,317		683,775
Xcel Energy, Inc.		4,737		347,033
				5,146,220
Electrical Equipment - 0.5%
AMETEK, Inc.		2,036		257,065
Eaton Corp. plc		3,503		508,006
Emerson Electric Co.		5,222		470,920
Generac Holdings, Inc.*		554		121,537
Plug Power, Inc.*		4,565		95,956
Rockwell Automation, Inc.		1,020		257,723
				1,711,207
Electronic Equipment, Instruments & Components - 0.6%
Amphenol Corp., Class A		5,265		376,447
CDW Corp.		1,193		194,674
Cognex Corp.		1,552		104,962
Corning, Inc.		6,568		231,128

Investments	Shares		Value
Keysight Technologies, Inc.*		1,611	$	225,975
TE Connectivity Ltd.		2,863		357,245
Teledyne Technologies, Inc.*		411		177,367
Trimble, Inc.*		2,206		147,140
Zebra Technologies Corp., Class A*		466		172,262
				1,987,200
Energy Equipment & Services - 0.3%
Baker Hughes Co., Class A		7,961		246,950
Halliburton Co.		7,898		281,327
Schlumberger NV		12,341		481,422
				1,009,699
Entertainment - 1.3%
Activision Blizzard, Inc.		6,849		517,784
Electronic Arts, Inc.		2,474		292,056
Live Nation Entertainment, Inc.*		1,187		124,493
Netflix, Inc.*		3,904		743,165
Roku, Inc., Class A*		1,036		96,244
Take-Two Interactive Software, Inc.*		1,016		121,422
Walt Disney Co.*		16,010		1,787,197
Warner Bros Discovery, Inc.*		19,441		352,854
				4,035,215
Equity Real Estate Investment Trusts (REITs) - 2.7%
Alexandria Real Estate Equities, Inc.		1,280		233,165
American Tower Corp.		4,004		965,044
AvalonBay Communities, Inc.		1,229		279,573
Boston Properties, Inc.		1,251		147,118
Crown Castle International Corp.		3,800		703,798
Digital Realty Trust, Inc.		2,494		364,423
Duke Realty Corp.		3,351		183,467
Equinix, Inc.		792		569,511
Equity Residential		3,004		244,826
Essex Property Trust, Inc.		574		189,001
Extra Space Storage, Inc.		1,177		223,630
Healthpeak Properties, Inc.		4,744		155,651
Invitation Homes, Inc.		5,243		208,776
Mid-America Apartment Communities, Inc.		1,014		199,434
Prologis, Inc.		6,508		1,043,166
Public Storage		1,342		498,553
Realty Income Corp.		4,977		345,205
SBA Communications Corp., Class A		957		332,184
Simon Property Group, Inc.		2,891		341,138
Sun Communities, Inc.		1,020		179,081
Ventas, Inc.		3,510		194,981
VICI Properties, Inc.		7,411		220,922
Welltower, Inc.		3,826		347,439
Weyerhaeuser Co.		6,571		270,857
				8,440,943

Investments	Shares		Value
Food & Staples Retailing - 1.6%
Costco Wholesale Corp.		3,899	$	2,073,176
Kroger Co.		5,879		317,231
Sysco Corp.		4,462		381,412
Walgreens Boots Alliance, Inc.		6,298		267,035
Walmart, Inc.		12,440		1,903,196
				4,942,050
Food Products - 1.0%
Archer-Daniels-Midland Co.		4,921		440,724
Campbell Soup Co.		1,781		84,099
Conagra Brands, Inc.		4,217		147,300
General Mills, Inc.		5,304		375,152
Hershey Co.		1,279		288,760
Hormel Foods Corp.		2,482		130,032
J M Smucker Co.		954		130,631
Kellogg Co.		2,250		154,125
Kraft Heinz Co.		6,239		265,969
McCormick & Co., Inc.		2,196		220,852
Mondelez International, Inc., Class A		12,206		787,042
Tyson Foods, Inc., Class A		2,573		239,701
				3,264,387
Health Care Equipment & Supplies - 2.8%
Abbott Laboratories		15,549		1,764,812
ABIOMED, Inc.*		400		114,632
Align Technology, Inc.*		645		186,992
Baxter International, Inc.		4,400		312,664
Becton Dickinson & Co.		2,503		618,717
Boston Scientific Corp.*		12,525		527,428
Cooper Cos, Inc. (The)		434		156,691
Dexcom, Inc.*		852		348,110
Edwards Lifesciences Corp.*		5,489		580,626
Hologic, Inc.*		2,197		158,162
IDEXX Laboratories, Inc.*		746		321,138
Insulet Corp.*		606		144,828
Intuitive Surgical, Inc.*		3,146		752,838
Medtronic plc		11,822		1,233,744
ResMed, Inc.		1,287		257,361
STERIS plc		881		197,388
Stryker Corp.		2,951		711,958
Teleflex, Inc.		413		117,961
Zimmer Biomet Holdings, Inc.		1,837		221,818
				8,727,868
Health Care Providers & Services - 3.1%
AmerisourceBergen Corp., Class A		1,324		200,308
Anthem, Inc.		2,135		1,071,621
Cardinal Health, Inc.		2,438		141,526
Centene Corp.*		5,129		413,141
Cigna Corp.		2,839		700,608

Investments	Shares		Value
CVS Health Corp.		11,541	$	1,109,437
HCA Healthcare, Inc.		2,106		451,842
Humana, Inc.		1,130		502,353
Laboratory Corp. of America Holdings*		819		196,789
McKesson Corp.		1,317		407,756
Molina Healthcare, Inc.*		514		161,113
Quest Diagnostics, Inc.		1,047		140,130
UnitedHealth Group, Inc.		8,282		4,211,812
				9,708,436
Health Care Technology - 0.2%
Cerner Corp.		2,588		242,340
Teladoc Health, Inc.*		1,408		47,534
Veeva Systems, Inc., Class A*		1,223		222,525
				512,399
Hotels, Restaurants & Leisure - 2.0%
Airbnb, Inc., Class A*		3,050		467,291
Booking Holdings, Inc.*		361		797,921
Caesars Entertainment, Inc.*		1,877		124,408
Carnival Corp.*		7,113		123,055
Chipotle Mexican Grill, Inc., Class A*		247		359,536
Darden Restaurants, Inc.		1,120		147,538
Domino's Pizza, Inc.		320		108,160
Expedia Group, Inc.*		1,322		231,020
Hilton Worldwide Holdings, Inc.*		2,450		380,461
Las Vegas Sands Corp.*		3,019		106,963
Marriott International, Inc., Class A*		2,404		426,758
McDonald's Corp.		6,571		1,637,229
MGM Resorts International		3,309		135,801
Royal Caribbean Cruises Ltd.*		1,972		153,284
Starbucks Corp.		10,112		754,760
Yum! Brands, Inc.		2,540		297,205
				6,251,390
Household Durables - 0.2%
DR Horton, Inc.		2,836		197,357
Garmin Ltd.		1,335		146,503
Lennar Corp., Class A		2,300		175,927
Lennar Corp., Class B		134		8,737
NVR, Inc.*		29		126,910
				655,434
Household Products - 1.5%
Church & Dwight Co., Inc.		2,129		207,705
Clorox Co.		1,081		155,091
Colgate-Palmolive Co.		7,412		571,095
Kimberly-Clark Corp.		2,963		411,353
Procter & Gamble Co.		21,078		3,384,073
				4,729,317

Investments	Shares		Value
Independent Power & Renewable Electricity Producers - 0.0%†
AES Corp. (The)		5,859	$	119,641
Industrial Conglomerates - 0.8%
3M Co.		5,022		724,273
General Electric Co.		9,664		720,451
Honeywell International, Inc.		6,031		1,167,059
				2,611,783
Insurance - 2.0%
Aflac, Inc.		5,278		302,324
Allstate Corp. (The)		2,468		312,301
American International Group, Inc.		7,301		427,182
Aon plc, Class A		1,889		544,013
Arch Capital Group Ltd.*		3,396		155,095
Arthur J Gallagher & Co.		1,832		308,674
Brown & Brown, Inc.		2,062		127,803
Chubb Ltd.		3,787		781,825
Cincinnati Financial Corp.		1,319		161,789
Hartford Financial Services Group, Inc. (The)		2,944		205,874
Markel Corp.*		120		162,394
Marsh & McLennan Cos, Inc.		4,439		717,786
MetLife, Inc.		6,169		405,180
Principal Financial Group, Inc.		2,138		145,683
Progressive Corp. (The)		5,140		551,830
Prudential Financial, Inc.		3,322		360,470
Travelers Cos, Inc. (The)		2,120		362,647
Willis Towers Watson plc		1,073		230,545
				6,263,415
Interactive Media & Services - 5.3%
Alphabet, Inc., Class A*		2,645		6,036,392
Alphabet, Inc., Class C*		2,442		5,614,964
Match Group, Inc.*		2,491		197,163
Meta Platforms, Inc., Class A*		20,305		4,070,543
Pinterest, Inc., Class A*		5,002		102,641
Snap, Inc., Class A*		9,514		270,768
Twitter, Inc.*		7,033		344,758
ZoomInfo Technologies, Inc., Class A*		2,657		125,942
				16,763,171
Internet & Direct Marketing Retail - 3.3%
Amazon.com, Inc.*		3,848		9,564,704
DoorDash, Inc., Class A*		1,424		115,956
eBay, Inc.		5,501		285,612
Etsy, Inc.*		1,114		103,814
MercadoLibre, Inc.*		408		397,241
Wayfair, Inc., Class A*		684		52,627
				10,519,954

Investments	Shares		Value
IT Services - 4.8%
Accenture plc, Class A		5,558	$	1,669,401
Akamai Technologies, Inc.*		1,428		160,336
Automatic Data Processing, Inc.		3,692		805,521
Block, Inc., Class A*		4,405		438,474
Broadridge Financial Solutions, Inc.		1,026		147,877
Cloudflare, Inc., Class A*		2,441		210,268
Cognizant Technology Solutions Corp., Class A		4,614		373,273
EPAM Systems, Inc.*		499		132,230
Fidelity National Information Services, Inc.		5,351		530,552
Fiserv, Inc.*		5,224		511,534
FleetCor Technologies, Inc.*		715		178,407
Gartner, Inc.*		724		210,358
Global Payments, Inc.		2,503		342,861
GoDaddy, Inc., Class A*		1,463		118,225
International Business Machines Corp.		7,885		1,042,476
Mastercard, Inc., Class A		7,589		2,757,690
MongoDB, Inc., Class A*		587		208,344
Okta, Inc., Class A*		1,307		155,938
Paychex, Inc.		2,822		357,632
PayPal Holdings, Inc.*		10,244		900,755
Snowflake, Inc., Class A*		2,073		355,395
SS&C Technologies Holdings, Inc.		1,943		125,634
Twilio, Inc., Class A*		1,483		165,829
VeriSign, Inc.*		850		151,887
Visa, Inc., Class A		14,583		3,108,074
				15,158,971
Life Sciences Tools & Services - 1.7%
Agilent Technologies, Inc.		2,642		315,111
Avantor, Inc.*		5,352		170,622
Bio-Rad Laboratories, Inc., Class A*		190		97,291
Danaher Corp.		5,595		1,405,072
Illumina, Inc.*		1,375		407,894
IQVIA Holdings, Inc.*		1,680		366,223
Mettler-Toledo International, Inc.*		202		258,061
PerkinElmer, Inc.		1,110		162,737
Thermo Fisher Scientific, Inc.		3,465		1,915,869
Waters Corp.*		537		162,722
West Pharmaceutical Services, Inc.		652		205,419
				5,467,021
Machinery - 1.5%
Caterpillar, Inc.		4,757		1,001,538
Cummins, Inc.		1,252		236,866
Deere & Co.		2,466		931,037
Dover Corp.		1,267		168,891
Fortive Corp.		3,153		181,298
IDEX Corp.		669		126,990
Illinois Tool Works, Inc.		2,511		494,943

Investments	Shares		Value
Ingersoll Rand, Inc.		3,582	$	157,465
Otis Worldwide Corp.		3,733		271,912
PACCAR, Inc.		3,054		253,635
Parker-Hannifin Corp.		1,130		306,027
Stanley Black & Decker, Inc.		1,433		172,175
Westinghouse Air Brake Technologies Corp.		1,643		147,722
Xylem, Inc./NY		1,587		127,754
				4,578,253
Media - 0.9%
Charter Communications, Inc., Class A*		1,048		449,058
Comcast Corp., Class A		39,776		1,581,493
Fox Corp., Class A		2,772		99,348
Fox Corp., Class B		1,286		42,747
Liberty Broadband Corp., Class A*		205		22,070
Liberty Broadband Corp., Class C*		1,245		139,216
Liberty Media Corp.-Liberty SiriusXM		686		28,695
Liberty Media Corp.-Liberty SiriusXM*		1,400		58,632
Omnicom Group, Inc.		1,838		139,927
Paramount Global, Class B		5,338		155,443
Sirius XM Holdings, Inc.		7,998		47,988
				2,764,617
Metals & Mining - 0.5%
Freeport-McMoRan, Inc.		12,911		523,541
Newmont Corp.		7,007		510,460
Nucor Corp.		2,392		370,234
Southern Copper Corp.		751		46,765
				1,451,000
Multiline Retail - 0.6%
Dollar General Corp.		2,039		484,324
Dollar Tree, Inc.*		1,979		321,489
Target Corp.		4,213		963,302
				1,769,115
Multi-Utilities - 0.8%
Ameren Corp.		2,267		210,604
CMS Energy Corp.		2,544		174,747
Consolidated Edison, Inc.		3,113		288,700
Dominion Energy, Inc.		7,121		581,358
DTE Energy Co.		1,704		223,292
Public Service Enterprise Group, Inc.		4,448		309,848
Sempra Energy		2,807		452,938
WEC Energy Group, Inc.		2,774		277,539
				2,519,026
Oil, Gas & Consumable Fuels - 3.8%
Cheniere Energy, Inc.		2,072		281,398
Chevron Corp.		16,950		2,655,557
ConocoPhillips		11,449		1,093,608

Investments	Shares		Value
Continental Resources, Inc.		515	$	28,619
Coterra Energy, Inc.		7,150		205,849
Devon Energy Corp.		5,538		322,145
Diamondback Energy, Inc.		1,498		189,093
EOG Resources, Inc.		5,142		600,380
Exxon Mobil Corp.		37,227		3,173,601
Hess Corp.		2,421		249,532
Kinder Morgan, Inc.		17,136		311,018
Marathon Oil Corp.		6,849		170,677
Marathon Petroleum Corp.		5,091		444,241
Occidental Petroleum Corp.		7,802		429,812
ONEOK, Inc.		3,920		248,254
Phillips 66		4,112		356,757
Pioneer Natural Resources Co.		1,997		464,243
Valero Energy Corp.		3,593		400,548
Williams Cos, Inc. (The)		10,686		366,423
				11,991,755
Personal Products - 0.2%
Estee Lauder Cos, Inc. (The), Class A		2,044		539,739
Pharmaceuticals - 4.2%
Bristol-Myers Squibb Co.		19,166		1,442,625
Catalent, Inc.*		1,574		142,541
Elanco Animal Health, Inc.*		4,161		105,315
Eli Lilly & Co.		6,982		2,039,652
Johnson & Johnson		23,148		4,177,288
Merck & Co., Inc.		22,210		1,969,805
Pfizer, Inc.		49,352		2,421,703
Royalty Pharma plc, Class A		3,131		133,318
Viatris, Inc.		10,640		109,911
Zoetis, Inc., Class A		4,160		737,360
				13,279,518
Professional Services - 0.4%
CoStar Group, Inc.*		3,472		220,889
Equifax, Inc.		1,073		218,377
Jacobs Engineering Group, Inc.		1,135		157,254
Leidos Holdings, Inc.		1,233		127,628
TransUnion		1,683		147,296
Verisk Analytics, Inc., Class A		1,416		288,935
				1,160,379
Real Estate Management & Development - 0.1%
CBRE Group, Inc., Class A*		2,941		244,221
Zillow Group, Inc., Class A*		323		12,484
Zillow Group, Inc., Class C*		1,461		58,177
				314,882
Road & Rail - 1.1%
CSX Corp.		19,507		669,870
JB Hunt Transport Services, Inc.		740		126,429
Lyft, Inc., Class A*		2,634		85,868

Investments	Shares		Value
Norfolk Southern Corp.		2,108	$	543,611
Old Dominion Freight Line, Inc.		819		229,418
Uber Technologies, Inc.*		14,671		461,843
Union Pacific Corp.		5,600		1,312,025
				3,429,064
Semiconductors & Semiconductor Equipment - 5.5%
Advanced Micro Devices, Inc.*		14,375		1,229,350
Analog Devices, Inc.		4,620		713,236
Applied Materials, Inc.		7,807		861,502
Broadcom, Inc.		3,631		2,012,989
Enphase Energy, Inc.*		1,179		190,291
Entegris, Inc.		1,192		132,777
Intel Corp.		35,808		1,560,870
KLA Corp.		1,325		423,020
Lam Research Corp.		1,227		571,488
Marvell Technology, Inc.		7,419		430,896
Microchip Technology, Inc.		4,885		318,502
Micron Technology, Inc.		9,847		671,467
Monolithic Power Systems, Inc.		382		149,836
NVIDIA Corp.		21,982		4,077,001
NXP Semiconductors NV		2,339		399,735
ON Semiconductor Corp.*		3,790		197,497
Qorvo, Inc.*		955		108,660
QUALCOMM, Inc.		9,910		1,384,327
Skyworks Solutions, Inc.		1,443		163,492
SolarEdge Technologies, Inc.*		462		115,689
Teradyne, Inc.		1,432		151,019
Texas Instruments, Inc.		8,121		1,382,600
				17,246,244
Software - 9.6%
Adobe, Inc.*		4,147		1,642,004
ANSYS, Inc.*		768		211,730
AppLovin Corp., Class A*		314		11,979
Autodesk, Inc.*		1,934		366,068
Bill.com Holdings, Inc.*		809		138,104
Cadence Design Systems, Inc.*		2,438		367,772
Ceridian HCM Holding, Inc.*		1,201		67,412
Crowdstrike Holdings, Inc., Class A*		1,831		363,930
Datadog, Inc., Class A*		2,260		272,963
DocuSign, Inc., Class A*		1,739		140,859
Fortinet, Inc.*		1,194		345,078
HubSpot, Inc.*		395		149,875
Intuit, Inc.		2,490		1,042,688
Microsoft Corp.		65,920		18,294,117
Oracle Corp.		13,851		1,016,663
Palantir Technologies, Inc., Class A*		14,090		146,536
Palo Alto Networks, Inc.*		868		487,191
Paycom Software, Inc.*		423		119,062
PTC, Inc.*		929		106,101

Investments	Shares		Value
RingCentral, Inc., Class A*		722	$	61,262
Roper Technologies, Inc.		928		436,086
Salesforce, Inc.*		8,660		1,523,639
ServiceNow, Inc.*		1,759		840,978
Splunk, Inc.*		1,396		170,340
Synopsys, Inc.*		1,349		386,880
Trade Desk, Inc. (The), Class A*		3,832		225,781
Tyler Technologies, Inc.*		360		142,096
UiPath, Inc., Class A*		2,332		41,580
Unity Software, Inc.*		1,439		95,564
VMware, Inc., Class A		1,772		191,447
Workday, Inc., Class A*		1,698		350,977
Zendesk, Inc.*		1,071		130,705
Zoom Video Communications, Inc., Class A*		1,918		190,975
Zscaler, Inc.*		703		142,526
				30,220,968
Specialty Retail - 2.1%
AutoZone, Inc.*		181		353,940
Bath & Body Works, Inc.		2,267		119,902
Best Buy Co., Inc.		1,901		170,957
Burlington Stores, Inc.*		585		119,083
CarMax, Inc.*		1,421		121,893
Carvana Co., Class A*		875		50,715
Home Depot, Inc. (The)		9,182		2,758,274
Lowe's Cos, Inc.		5,925		1,171,550
O'Reilly Automotive, Inc.*		593		359,684
Ross Stores, Inc.		3,108		310,085
TJX Cos, Inc. (The)		10,487		642,643
Tractor Supply Co.		1,001		201,651
Ulta Beauty, Inc.*		476		188,877
				6,569,254
Technology Hardware, Storage & Peripherals - 7.2%
Apple, Inc.		136,322		21,491,163
Dell Technologies, Inc., Class C		2,548		119,781
Hewlett Packard Enterprise Co.		11,359		175,042
HP, Inc.		9,523		348,827
NetApp, Inc.		1,954		143,131
Seagate Technology Holdings plc		1,771		145,293
Western Digital Corp.*		2,746		145,730
				22,568,967
Textiles, Apparel & Luxury Goods - 0.6%
Lululemon Athletica, Inc.*		1,035		367,042
NIKE, Inc., Class B		11,224		1,399,633
VF Corp.		2,838		147,576
				1,914,251

Investments	Shares		Value
Tobacco - 0.7%
Altria Group, Inc.		16,034	$	891,009
Philip Morris International, Inc.		13,625		1,362,500
				2,253,509
Trading Companies & Distributors - 0.2%
Fastenal Co.		5,063		280,035
United Rentals, Inc.*		636		201,307
WW Grainger, Inc.		380		190,011
				671,353
Water Utilities - 0.1%
American Water Works Co., Inc.		1,595		245,758
Wireless Telecommunication Services - 0.2%
T-Mobile US, Inc.*		5,164		635,895
Total Common Stocks (Cost $340,870,465)				313,832,446
Securities Lending Reinvestment†††
Money Market Fund - 0.0%†
Fidelity Investments Money Market Treasury Portfolio – Institutional Class, 0.23%†††† (Cost $94,800)		94,800		94,800
Total Investments - 99.9% (Cost $340,965,265)			$	313,927,246
Other Assets Less Liabilities – 0.1%				145,477
Net Assets - 100.0%			$	314,072,723

* Non-income producing security.

† Represents less than 0.05%.

†† The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $86,784, collateralized in the form of cash with a value of $94,800 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments. The total value of collateral is $94,800.

††† The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $94,800.

†††† 7-day net yield.

Futures Contract Purchased

Engine No. 1 Transform 500 ETF had the following open long futures contracts as of April 30, 2022:

				Number of Contracts				Expiration Date				Trading Currency				Notional Amount				Value and Unrealized Appreciation
S&P 500 Micro E-Mini Index					11			6/17/2022				USD				$	227,013			$	(17,190	)

Fair Value Measurement

The Fund discloses the fair market value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund's own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

• Level 1 — Quoted prices in active markets for identical assets that the Fund has the ability to access.

• Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of April 30, 2022 for the Fund based upon the three levels defined above:

Engine No. 1 Transform 500 ETF	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks*	$	313,832,446		$	–	$	–	$	313,832,446
Money Market Fund		94,800			–		–		94,800
Total Investments	$	313,927,246		$	–	$	–	$	313,927,246
Other Financial Instruments
Liabilities
Futures Contracts**	$	(17,190	)	$	–	$	–	$	(17,190	)
Total Other Financial Instruments	$	(17,190	)	$	–	$	–	$	(17,190	)

* Please refer to the Schedule of Investments to view securities segregated by industry type.

** Futures Contracts Purchased.

Investments	Shares		Value
COMMON STOCKS - 93.0%
Automobiles - 19.5%
Ford Motor Co.		418,030	$	5,919,305
General Motors Co.*		194,237		7,363,524
Tesla, Inc.*		3,320		2,890,923
				16,173,752
Chemicals - 16.1%
Albemarle Corp.		34,919		6,733,430
CF Industries Holdings, Inc.		14,984		1,450,901
Livent Corp.*		137,460		2,936,146
Sociedad Quimica y Minera de Chile S.A. ADR		30,390		2,242,782
				13,363,259
Commercial Services & Supplies - 5.2%
Republic Services, Inc., Class A		32,164		4,318,660
Electrical Equipment - 6.2%
GrafTech International Ltd.		157,274		1,428,048
Rockwell Automation, Inc.		14,773		3,732,694
				5,160,742
Food & Staples Retailing - 3.2%
Walmart, Inc.		17,318		2,649,481
Food Products - 8.6%
Archer-Daniels-Midland Co.		68,755		6,157,698
Bunge Ltd.		8,793		994,664
				7,152,362
Machinery - 10.6%
AGCO Corp.		27,688		3,527,451
Deere & Co.		13,976		5,276,639
				8,804,090
Metals & Mining - 6.1%
Alcoa Corp.		74,120		5,025,336
Oil, Gas & Consumable Fuels - 4.7%
Occidental Petroleum Corp.		15,023		827,617
Shell plc ADR		56,804		3,035,038
				3,862,655
Road & Rail - 8.2%
Canadian Pacific Railway Ltd.		51,476		3,769,072
Union Pacific Corp.		12,826		3,005,004
				6,774,076
Semiconductors & Semiconductor Equipment - 4.6%
First Solar, Inc.*		52,654		3,845,322
Total Common Stocks (Cost $80,307,138)				77,129,735

Investments	Value
Total Investments - 93.0% (Cost $80,307,138)	$	77,129,735
Other Assets Less Liabilities – 7.0%		5,808,619
Net Assets - 100.0%	$	82,938,354

* Non-income producing security.

Engine No. 1 Transform Climate ETF invested, as a percentage of net assets, in the following countries of April 30, 2022:

United States	82.1	%
Canada	4.5	%
United Kingdom	3.7	%
Chile	2.7	%
Other⁽¹⁾	7.0	%
Total	100.0	%

(1) Includes cash and net other assets (liabilities).

Fair Value Measurement

• Level 1 — Quoted prices in active markets for identical assets that the Fund has the ability to access.

• Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of April 30, 2022 for the Fund based upon the three levels defined above:

Engine No. 1 Transform Climate ETF	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks*	$	77,129,735	$	–	$	–	$	77,129,735
Total Investments	$	77,129,735	$	–	$	–	$	77,129,735

* Please refer to the Schedule of Investments to view securities segregated by industry type.

	Engine No. 1 Transform 500 ETF			Engine No. 1 Transform Climate ETF
ASSETS:
Investments in securities at value (Note 2)	$	313,927,246	⁽¹⁾	$	77,129,735
Cash		54,179			6,231,981
Segregated cash balance with broker for future contracts		29,247			—
Receivables:
Dividends and interest		241,924			53,356
Securities lending income		74			—
Reclaims		1,846			1,026
Total Assets		314,254,516			83,416,098
LIABILITIES:
Payables:
Investments securities purchased		56,061			422,961
Management fees (Note 3)		13,742			54,783
Unrealized depreciation on future contracts		17,190			—
Collateral on securities loaned at value (Note 2)		94,800			—
Total Liabilities		181,793			477,744
NET ASSETS	$	314,072,723		$	82,938,354
NET ASSETS CONSIST OF:
Paid-in capital	$	340,923,993		$	85,249,925
Total distributable earnings		(26,851,270	)		(2,311,571	)
NET ASSETS	$	314,072,723		$	82,938,354
Shares outstanding		6,540,000			1,720,000
Net asset value, per share	$	48.02		$	48.22
Investment in securities at cost	$	340,965,265		$	80,307,138

(1) Includes securities on loan with market value $86,784.

	Engine No. 1 Transform 500 ETF			Engine No. 1 Transform Climate ETF*
INVESTMENT INCOME:
Dividend income	$	1,982,439		$	216,381
Securities lending income (Note 2)		2,305			—
Other income		404			588
Foreign withholding tax on dividends		(222	)		(2,569	)
Total Income		1,984,926			214,400
EXPENSES:
Management fees (Note 3)		72,556			139,139
Total Expenses		72,556			139,139
Net Investment Income⁽¹⁾		1,912,370			75,261
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in securities		(1,262,943	)		(3,921,570	)
In-kind redemptions of investments		1,012,516			4,786,421
Expiration or closing of futures contracts		20,270			—
Net realized gain (loss)		(230,157	)		864,851
Change in unrealized depreciation on:
Investments in securities		(40,251,490	)		(3,177,403	)
Future contracts		(26,015	)		—
Change in unrealized depreciation		(40,277,505	)		(3,177,403	)
Net realized and unrealized loss on investments		(40,507,662	)		(2,312,552	)
Net Decrease in Net Assets Resulting From Operations	$	(38,595,292	)	$	(2,237,291	)

* The Fund commenced investment operations on February 3, 2022.

(1) Net investment income (loss) represents dividends and other income received by the Fund from its underlying investments less expenses paid by the Fund during the period.

	Engine No. 1 Transform 500 ETF*						Engine No. 1 Transform Climate ETF**
	For the Period Ended April 30, 2022 (Unaudited)			For the Period Ended October 31, 2021			For the Period Ended April 30, 2022 (Unaudited)
OPERATIONS:
Net investment income⁽¹⁾	$	1,912,370		$	701,745		$	75,261
Net realized gain (loss) on investments		(230,157	)		143,069			864,851
Net change in unrealized appreciation (depreciation) on investments		(40,277,505	)		13,222,296			(3,177,403	)
Net increase (decrease) in net assets resulting from operations		(38,595,292	)		14,067,110			(2,237,291	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from distributable earnings		(1,535,002	)		(467,032	)		(74,280	)
CAPITAL TRANSACTIONS:
Proceeds from shares sold		125,143,204			225,011,715			106,981,164
Cost of shares redeemed		(6,374,475	)		(3,277,505	)		(21,731,239	)
Net increase in net assets from capital transactions		118,768,729			221,734,210			85,249,925
Increase in net assets		78,638,435			235,334,288			82,938,354
NET ASSETS:
Beginning of period		235,434,288			100,000	⁽²⁾		—
End of period	$	314,072,723		$	235,434,288		$	82,938,354
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period		4,320,000			2,000	⁽²⁾		—
Shares sold		2,340,000			4,380,000			2,140,001
Shares redeemed		(120,000	)		(62,000	)		(420,001	)
Shares outstanding, end of period		6,540,000			4,320,000			1,720,000

* The Fund commenced investment operations on June 22, 2021.

** The Fund commenced investment operations on February 3, 2022.

(1) Net investment income (loss) represents dividends and other income received by the Fund from its underlying investments less expenses paid by the Fund during the period.

(2) Beginning capital of $100,000 was contributed by Fund Management at Engine No. 1 LLC, investment adviser to the Fund, in exchange for 2,000 Shares of the Fund in connection with the seeding of the Trust. The Shares were redeemed by the adviser on the commencement of investment operations on June 22, 2021.

	For the Period Ended April 30, 2022 (Unaudited)			For the Period June 22, 2021 through October 31, 2021⁽¹⁾
Per Share Data:
Net asset value, beginning of period	$	54.50		$	50.18	⁽²⁾
Net investment income⁽³⁾		0.35			0.22
Net realized and unrealized gain (loss) on investments		(6.55	)		4.23
Total gain (loss) from investment operations		(6.20	)		4.45
Distributions to shareholders:
Net investment income		(0.28	)		(0.13	)
Total distributions		(0.28	)		(0.13	)
Net asset value, end of period	$	48.02		$	54.50
Market value, end of period (Unaudited)	$	48.07		$	54.49
Total Return at Net Asset Value⁽⁴⁾		(11.42	)%		8.87	%
Total Return at Market Value⁽⁴⁾		(11.32	)%		8.86	%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted)	$	314,073		$	235,434
Ratio to average net assets of:
Expenses		0.05	%⁽⁵⁾		0.05	%⁽⁵⁾
Net investment income⁽⁶⁾		1.32	%⁽⁵⁾		1.15	%⁽⁵⁾
Portfolio turnover rate⁽⁷⁾		2	%		1	%

(1) Commencement of investment operations on June 22, 2021.

(2) The net asset value at the beginning of the period differs from the beginning net asset value reflected on the Statements of Changes in Net Assets due to a change in unrealized gain/(loss) from the inception date, June 22, 2021, to when the initial basket was created.

(3) Based on average daily shares outstanding.

(4) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and sale at the market value on the last day of the period. Market values are based on the trade price at which shares are bought and sold on the Cboe BZX Exchange, Inc. using the closing price. Total return calculated for a period of less than one year is not annualized.

(5) Annualized.

(6) Net investment income (loss) represents dividends and other income received by the Fund from its underlying investments less expenses paid by the Fund during the period.

(7) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

	For the Period February 3, 2022 through April 30, 2022⁽¹⁾ (Unaudited)
Per Share Data:
Net asset value, beginning of period	$	49.94
Net investment income⁽²⁾		0.05
Net realized and unrealized loss on investments		(1.73	)
Total loss from investment operations		(1.68	)
Distributions to shareholders:
Net investment income		(0.04	)
Total distributions		(0.04	)
Net asset value, end of period	$	48.22
Market value, end of period (Unaudited)	$	48.22
Total Return at Net Asset Value⁽³⁾		(3.37	)%
Total Return at Market Value⁽³⁾		(3.36	)%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted)	$	82,938
Ratio to average net assets of:
Expenses		0.75	%⁽⁴⁾
Net investment income⁽⁵⁾		0.41	%⁽⁴⁾
Portfolio turnover rate⁽⁶⁾		81	%

(1) Commencement of investment operations on February 3, 2022.

(2) Based on average daily shares outstanding.

(3) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and sale at the market value on the last day of the period. Market values are based on the trade price at which shares are bought and sold on the Cboe BZX Exchange, Inc. using the closing price. Total return calculated for a period of less than one year is not annualized.

(4) Annualized.

(5) Net investment income (loss) represents dividends and other income received by the Fund from its underlying investments less expenses paid by the Fund during the period.

(6) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

1. Organization

The Engine No. 1 ETF Trust (the "Trust") is a Delaware statutory trust organized on October 26, 2020 and is authorized to issue multiple series or portfolios. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust currently consists of two investment portfolios, Engine No. 1 Transform 500 ETF (the "Transform 500 ETF") and Engine No. 1 Transform Climate ETF (the "Transform Climate ETF") (each a "Fund" and collectively, the "Funds"). The Transform 500 ETF is a diversified management investment company and the Transform Climate ETF is a non-diversified management investment company under the 1940 Act. The Transform 500 ETF seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Large Cap Select Index^SM. The Transform Climate ETF's investment objective is long-term growth of capital. The Transform Climate ETF seeks to achieve its investment objective by investing in companies that are creating value by transforming themselves and others to meet the growing demands of climate change. There can be no assurance that the Funds will achieve their respective investment objectives.

Fund Management at Engine No. 1 LLC (the "Adviser") is the investment adviser to the Funds.

The Trust's fiscal and tax reporting period end is October 31.

2. Significant Accounting Policies

The Trust, which is an investment company, follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services — Investment Companies."

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Investment Valuation

The NAV of each Fund's shares is calculated each business day as of the close of regular trading on the NYSE, generally 4:00 p.m., Eastern Time. NAV per share is computed by dividing the net assets by the number of each Fund's shares outstanding.

Generally, securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale are valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price. Securities that are not traded or dealt in any securities exchange and for which over-the-counter market quotations are readily available generally are valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market. Futures contracts listed for trading on a futures exchange or board of trade for which market quotations are generally available are valued at the last quoted sale price, or, in the absence of a sale, at the mean of the last bid and ask price. Investments in open-end regulated investment companies are valued at NAV.

If market quotations are not readily available, securities are priced at their fair value as determined in good faith by the Adviser in accordance with the Trust's valuation guidelines, which were approved by the Board of Trustees. The Funds may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a Fund's security has been materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted.

The Funds may use independent pricing services to assist in calculating the value of each Fund's securities or other assets.

Futures Contracts

Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific asset, currency, rate or index at a specified future time and at a specified price. Stock index futures are based on investments that reflect the market value of common stock of the firms included in an underlying index. The Funds may enter into futures contracts to purchase securities indexes when the Adviser anticipates purchasing the underlying securities and believes prices will rise before the purchase will be made. To the extent required by law, liquid assets committed to futures contracts will be maintained.

Futures contracts may be bought and sold on U.S. and non-U.S. exchanges. Futures contracts in the U.S. have been designed by exchanges that have been designated "contract markets" by the Commodity Futures Trading Commission and must be executed through the futures commission merchant ("FCM"). Each exchange guarantees performance of the contracts as between the clearing members of the exchange, thereby reducing the risk of counterparty default. Futures contracts may also be entered into on certain exempt markets, including exempt boards of trade and electronic trading facilities, available to certain market participants. Because all transactions in the futures market are made, offset or fulfilled by an FCM through a clearinghouse associated with the exchange on which the contracts are traded, the Funds will incur brokerage fees when it buys or sells futures contracts.

Upon entering into a futures contract, the Funds will be required to deliver to an account controlled by the FCM an amount of cash or cash equivalents known as "initial margin," which is in the nature of a performance bond or good faith deposit on the contract and is returned to the Funds upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the FCM will be made daily as the price of the instrument or index underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking-to-market."

At any time prior to the expiration of a futures contract, the Funds may elect to close the position by taking an opposite position, which will operate to terminate the Fund's existing position in the contract. This transaction, which is effected through a member of an exchange, cancels the obligation to make or take delivery of the underlying instrument or asset. Although some futures contracts by their terms require the actual delivery or acquisition of the underlying instrument or asset, some require cash settlement.

There are several risks accompanying the utilization of futures contracts. Utilization of futures by the Transform 500 ETF involves the risk of imperfect or even negative correlation to its Underlying Index if the index underlying the futures contract differs from the Underlying Index. For both Funds, there is also the risk of loss of margin deposits in the event of bankruptcy of a broker with whom the Fund has an open position in the futures contract.

Because the futures market generally imposes less burdensome margin requirements than the securities market, an increased amount of participation by speculators in the futures market could result in price fluctuations. Certain financial futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. The daily limit establishes the maximum amount by which the price of a futures contract may vary either up or down from the previous day's settlement price at the end of a trading session. Once the daily limit has been reached in a particular type of contract, no trades may be made on that day at a price beyond that limit. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting the Funds to substantial losses. In the event of adverse price movements, the Funds would be required to make daily cash payments of variation margin.

The following tables indicate the location of derivative-related items on the Statements of Assets and Liabilities as well as the effect of derivative instruments on the Statements of Operations during the reporting period.

Fair Value of Derivative Instruments as of April 30, 2022

Engine No.1 Transform 500 ETF

Asset Derivatives

Liabilities Derivatives

Derivatives Not Accounted for as
Hedging Instruments under ASC 815

Statements of Assets
and Liabilities

Unrealized
Appreciation*

Statements of Assets
and Liabilities

Unrealized
Depreciation*

Equity Index Futures Contracts

Unrealized
appreciation on
futures contracts*

—

Unrealized
depreciation on
futures contracts*

(17,190

* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments.

Derivatives Not Accounted for as Hedging Instruments under ASC 815				Location of Gain (Loss) on Derivatives				Realized Gain (Loss) on Derivatives				Change in Unrealized Appreciation (Depreciation) on Derivatives
Equity Index Futures Contracts				Net realized gain (loss) on expiration or closing of futures contracts; change in net unrealized appreciation (depreciation) on futures contracts				$	20,270			$	(26,015	)

Securities Lending

The Funds may lend portfolio securities to certain borrowers. The borrowers provide collateral that is maintained in an amount at least equal to the current market value of the securities loaned. The Funds may terminate a loan at any time and obtain the return of the securities loaned. The Funds receive the value of any interest or cash or noncash distributions paid on the loaned securities. Distributions received on loaned securities in lieu of dividend payments (i.e., substitute payments) would not be considered qualified dividend income.

With respect to loans that are collateralized by cash, the borrower will be entitled to receive a fee based on the amount of cash collateral. The Funds are compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, the Funds are compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any cash collateral may be reinvested in certain short-term instruments either directly on behalf of the lending Funds or through one or more joint accounts or money market funds, which may include those managed by the Adviser.

The Funds may pay a portion of the interest or fees earned from securities lending to a borrower as described above, and to one or more securities lending agents approved by the Board who administer the lending program for the Funds in accordance with guidelines approved by the Board. In such capacity, the lending agent causes the delivery of loaned securities from the Funds to borrowers, arranges for the return of loaned securities to the Funds at the termination of a loan, requests deposit of collateral, monitors the daily value of the loaned securities and collateral, requests that borrowers add to the collateral when required by the loan agreements, and provides recordkeeping and accounting services necessary for the operation of the program. Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees the Funds have agreed to pay a borrower), and credit, legal, counterparty and market risk. In the event a borrower does not return the Funds' securities as agreed, the Funds may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated plus the transaction costs incurred in purchasing replacement securities. Investing cash collateral subjects the Funds to greater market risk, including losses on the collateral and, should the Funds need to look to the collateral in the event of the borrower's default, losses on the loan secured by that collateral.

The following table summarizes each Fund's securities lending agreements by counterparty which are subject to rights of offset as of April 30, 2022:

Engine No. 1 Transform 500 ETF

Counterparty				Value of Securities on Loan				Cash Collateral Received^(a)				Fair Value on Non-Cash Collateral Received				Net Exposure^(b)
HSBC Bank plc				$	86,784			$	86,784			$	—			$	—

(a) Collateral with a value of $94,800 has been received in connection with securities lending agreements. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund and is calculated based on prior day's prices.

(b) Net exposure represents the receivable (payable) due from (to) the counterparty in the event of default.

The table below represents the disaggregation at April 30, 2022 of the gross amount of recognized liabilities for securities lending transactions. As the securities loaned are subject to termination by the Funds or the borrower at any time, the remaining contractual maturities of the transactions presented below are considered to be overnight and continuous.

	Remaining Contractual Maturity of the Agreements as of April 30, 2022
	Overnight and Continuous		< 30 days		Between 30 & 90 days		> 90 days		Total
Engine No. 1 Transform 500 ETF
Securities Lending Transactions Money Market Fund	$	94,800	$	—	$	—	$	—	$	94,800
Total borrowings									$	94,800
Gross amount of recognized liabilities for securities lending transactions									$	94,800

Engine No. 1 Transform Climate ETF did not have any securities lending agreements as of April 30, 2022.

Investment Transactions

Investment transactions are accounted for as of the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method. Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on the accrual basis.

Dividend Distributions

Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds intend to declare and make distributions of taxable net investment income quarterly and net capital gains annually. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income for tax purposes. Therefore, no provision for federal income tax should be required.

Organizational and Offering Costs

The Adviser has agreed to bear all organizational and offering expenses for the Funds.

3. Management and Other Agreements

Management

The Adviser, located at 710 Sansome Street, San Francisco, CA 94111, furnishes investment advisory services to the Funds pursuant to an Investment Advisory Agreement with the Trust on behalf of the Funds (the "Investment Advisory Agreement"), subject to the supervision and direction of the Board. The Adviser is registered with the Securities and Exchange Commission ("SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended.

For its investment advisory services to the Funds, the Adviser is paid a management fee from the Funds based on a percentage of the Fund's average daily net assets, at the annual rate of 0.05% for the Transform 500 ETF and 0.75% for the Transform Climate ETF for the period. The Adviser may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses, as may be specified in a separate letter of agreement.

Pursuant to the Investment Advisory Agreement between the Adviser and the Trust (entered into on behalf of the Funds), the Adviser is responsible for substantially all expenses of the Funds, except (i) interest and taxes (including, but not limited to, income, excise, transfer and withholding taxes); (ii) expenses of the Funds incurred with respect to the acquisition, holding, voting and/or disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions; (iii) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the 1940 Act, including distribution fees; (iv) the advisory fee payable to the Adviser hereunder; (v) litigation expenses (including fees and expenses of counsel retained by or on behalf of the Trust or any Fund) and any fees, costs or expenses payable by the Trust or any Fund pursuant to indemnification obligations to which the Trust or such Fund may be subject (pursuant to contract or otherwise); and (vi) any extraordinary expenses, as determined by a majority of the Independent Trustees.

Administrator, Custodian, Transfer Agent and Accounting Agent

Brown Brothers Harriman & Co. ("BBH"), which has its principal office at 50 Post Office Square, Boston, Massachusetts 02110, is the Trust administrator, fund accountant, transfer and dividend agent and custodian. BBH is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional mutual funds.

BBH has entered into an agreement with State Street Corporation ("State Street") under which State Street will acquire BBH's Investor Services business; which includes its custody, fund accounting and administration, transfer agency, depositary services, foreign exchange and securities lending services. The completion of the transaction is subject to customary closing conditions and regulatory approvals. BBH and State Street are committed to providing uninterrupted service and a seamless transition.

Distribution and Fund Officers

Foreside Financial Services, LLC (the "Distributor"), Three Canal Plaza, Suite 100, Portland, Maine 04101, is the distributor for the shares of the Trust. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

Foreside Fund Officer Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101, provides the Trust with a Chief Compliance Officer and Principal Financial Officer.

Legal Counsel

Ropes & Gray, located at 191 North Wacker Drive, 32nd Floor, Chicago, Illinois 60606 serves as legal counsel to the Trust and the Funds.

Independent Registered Public Accounting Firm

Cohen & Company, Ltd. serves as the Trust's independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of the Funds.

Board of Trustees

The Trust pays each Independent Trustee an annual retainer of $20,000 per calendar year (paid in quarterly increments) for his or her services as a Board member to the Trust, together with out-of-pocket expenses in accordance with the Board's policy on travel and other business expenses relating to attendance at meetings. The Chair of the Audit Committee and Nominating Committee are each paid an additional annual retainer of $5,000 per calendar year (paid in quarterly increments). These retainers are paid by the Adviser from the management fees it receives from the Funds.

4. Creation and Redemption Transactions

The Funds offer, issue and redeem shares ("Shares") at NAV only in aggregations of a specified number of Shares (each a "Creation Unit"). The Funds may issue and redeem Creation Units of its Shares in exchange for a designated basket of portfolio investments (including any portion of such investments for which cash may be substituted) ("Deposit Instruments"), together with the deposit of a specified cash payment ("Cash Component"). Shares of each Fund will be listed and trade on Cboe BZX Exchange, Inc. (the "Exchange" or "Cboe BZX"), a national securities exchange. Shares of the Funds are traded in the secondary market and elsewhere at market values that may be at, above or below the Fund's NAV. Shares are redeemable only in Creation Units by authorized participants that have entered into agreements with the Distributor ("Authorized Participants"), and, generally, in exchange for securities in kind and or a cash amount. Creation Units typically are large blocks of a specified number of shares or multiples thereof. In the event of liquidation of a Fund, the Trust may lower the number of shares in a Creation Unit.

Shares may be issued in advance of receipt of Deposit Instruments, subject to various conditions, including a requirement that the Authorized Participant maintain with the Trust a cash deposit marked to the market value of the omitted Deposit Instruments. The Trust may use such cash deposit at any time to purchase Deposit Instruments. Transaction fees and other costs associated with creations or redemptions that include cash may be higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with respect to creations and redemptions of Shares and fees will be limited in accordance with the requirements of SEC rules and regulations applicable to management investment companies offering redeemable securities.

On October 11, 2021, the Creation Unit size for the Transform 500 ETF increased from 20,000 to 60,000 shares.

5. Investment Transactions

The cost of purchases and the proceeds from sales of investment securities (excluding in-kind subscriptions and redemptions and short-term investments) for the period ended April 30, 2022 were as follows:

Fund	Purchases		Sales
Engine No. 1 Transform 500 ETF	$	5,639,016	$	5,034,588
Engine No. 1 Transform Climate ETF	$	63,525,500	$	64,459,985

For the period ended April 30, 2022, the cost of in-kind subscriptions and the proceeds from in-kind redemptions were as follows:

	In-Kind
Fund	Subscriptions		Redemptions
Engine No. 1 Transform 500 ETF	$	124,948,386	$	6,380,779
Engine No. 1 Transform Climate ETF	$	102,540,218	$	22,181,580

6. Federal Income Tax

The Funds intend to qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, each Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and net capital gains to its shareholders. Therefore, no federal income tax position is required. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. Management of the Funds are required to determine whether a tax position taken by the Funds is more likely than not to be sustained upon examination by the applicable taxing authority. Based on its analysis, Management has concluded that the Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the period ended October 31, 2021.

At April 30, 2022, the cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes was as follows:

Fund	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Engine No. 1 Transform 500 ETF	$	340,996,630	$	13,141,963	$	(40,228,537	)	$	(27,086,574	)
Engine No. 1 Transform Climate ETF	$	80,307,138	$	982,693	$	(4,160,096	)	$	(3,177,403	)

The differences between book-basis and tax-basis components of unrealized appreciation/(depreciation) are primarily attributable to tax deferral of losses on wash sales for tax purposes.

At October 31, 2021, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

Fund	Short-Term			Long-Term		Total Amount
Engine No. 1 Transform 500 ETF	$	(139,971	)	$	—	$	(139,971	)
Engine No. 1 Transform Climate ETF	$	—		$	—	$	—

7. Related Parties

At April 30, 2022, certain officers and Trustees of the Trust are also officers or employees of the Adviser or affiliated with the Distributor.

8. Indemnification Obligations

In the normal course of business, the Trust, on behalf of the Funds, enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Trust organizational documents, the officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. The Funds' maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. The Adviser is of the view that the risk of loss to the Funds in connection with the Funds' indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.

9. Investment Risks

Principal Investment Risks: Shareholders of the Funds are subject to the risk that their investment could lose money. The Funds are subject to certain risks, including those noted below and in the Funds' prospectuses, any of which may adversely affect a Fund's NAV, trading price, yield, total return and ability to meet its investment objective.

Active Management Risk. The Transform Climate ETF is actively managed, which means that investment decisions are made based on the Adviser's investment views. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active trading that can accompany active management may result in high portfolio turnover, which may have a negative impact on performance. Active trading may result in higher brokerage costs or mark-up charges, which are ultimately passed on to shareholders of the Fund. Active trading may also result in adverse tax consequences.

Concentration Risk. The Funds may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Funds' investments more than the market as a whole, to the extent that the Funds' investments are concentrated in the securities and/or other assets of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.

Industrials Sector Risk. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand changes related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Global events, trade disputes and changes in government regulations, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies in this sector tend to rely to a significant extent on government demand for their products and services.

Infectious Illness Risk. An outbreak of an infectious respiratory illness, COVID-19, caused by a novel coronavirus has resulted in travel restrictions, disruption of healthcare systems, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, layoffs, ratings downgrades, defaults and other significant economic impacts. Certain markets have experienced temporary closures, extreme volatility, severe losses, reduced liquidity and increased trading costs. These events will have an impact on the Funds and their investments and could impact each Fund's ability to purchase or sell securities or cause elevated tracking error and increased premiums or discounts to each Fund's NAV. Other infectious illness outbreaks in the future may result in similar impacts.

Technology Sector Risk. Technology companies, including information technology companies, may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action.

The Funds' prospectuses contain additional information regarding the risks associated with an investment in a Fund.

10. Recent Accounting Pronouncements

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and in addition to these and other requirements, require funds to maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August 19, 2022. Management expects that the adoption of this guidance will not have a material impact on the Funds' financial statements.

In December 2020, the SEC adopted Rule 2a-5 under the Investment Company Act of 1940, as amended ("Rule 2a-5"), which is intended to address valuation practices and the role of a fund's board with respect to the fair value of the investments of a registered investment company or business development company. Rule 2a-5, among other things, establishes an updated regulatory framework for registered investment company valuation practices. The Funds will not be required to comply with Rule 2a-5 until September 2022.

11. Subsequent Events

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require recognition of disclosure in the Funds' financial statements.

Quarterly Portfolio Schedule. The Engine No. 1 ETF Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year to date on Form N-PORT. The Forms N-PORT will be available on the SEC's website at www.sec.gov. In addition, each Fund's full portfolio holdings are updated daily and available on the Funds' website at etf.engine1.com.

Proxy Voting Policies and Procedures. A description of Fund Management at Engine No.1 LLC's proxy voting policies and procedures, which are applicable to the funds in the Engine No. 1 ETF Trust, is available on the Funds' website at etf.engine1.com and on the SEC's website at www.sec.gov.

Proxy Voting Record. The Engine No. 1 ETF Trust is required to disclose annually the Funds' complete proxy voting record on Form N-PX covering the period July 1 through June 30 and file it with the SEC no later than August 31. Form N-PX for the Funds are available by writing to the Administrator at 50 Post Office Square, Boston, MA 02110. The Funds' Form N-PX will also be available on the SEC's website at www.sec.gov.

Premium/Discount Information. Information about the difference between daily market values on the secondary market for shares of the funds in Engine No. 1 ETF Trust and such funds' net asset value can be found on our website, etf.engine1.com.

Code of Ethics. The Trust and the Adviser have each adopted codes of ethics pursuant to Rule 17j-1 under the 1940 Act. Each code of ethics may be examined at the office of the SEC in Washington, D.C. or on the Internet at the SEC's website at www.sec.gov.

Engine No.1 ETF Trust (the "Trust"), on behalf of the Engine No.1 Transform 500 ETF ("Transform 500 ETF") and Engine No.1 Transform Climate ETF ("Transform Climate ETF") (collectively, the "Funds"), and Fund Management at Engine No. 1 LLC ("Adviser" or "Engine No. 1"), have entered into an investment advisory agreement ("Advisory Agreement").

The Investment Company Act of 1940, as amended (the "1940 Act"), requires that the Advisory Agreement be approved initially, as well as renewed annually thereafter after an initial two-year period, by the Trust's Board of Trustees ("Board") and by a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of any party to the Advisory Agreement ("Independent Trustees"), by vote cast in person at a meeting called for the purpose of voting on such approval. In connection with their consideration of any approvals or renewals of the Advisory Agreement, the Trustees must request and evaluate such information as may reasonably be necessary to make a reasonable business judgment with respect to the approval of the Advisory Agreement.

At a virtual meeting held on February 23, 2021 (the "February Meeting") the Board, including all of the Independent Trustees, approved the Advisory Agreement for Transform 500 ETF for an initial two-year period. In voting its approval of the Advisory Agreement at the February Meeting, the Board relied on an order issued by the Securities and Exchange Commission ("SEC") in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act. In connection with their consideration and approval of the Advisory Agreement, the Trustees requested and evaluated, with the advice of counsel, information furnished by the Adviser that was reasonably necessary to make a reasonable business judgment regarding the terms of the Advisory Agreement.

At a virtual meeting held on May 24, 2021 (the "May Meeting") the Board, including all of the Independent Trustees, approved an amended Schedule A of the Advisory Agreement dated February 23, 2021, related to Transform Climate ETF, for an initial two-year period (the "Amended Advisory Agreement"). In voting its approval of the Amended Schedule A to the Advisory Agreement at the May Meeting, the Board relied on an order issued by the SEC in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act. In connection with their consideration and approval of the Amendment to Schedule A of the Advisory Agreement, the Trustees requested and evaluated, with the advice of counsel, information furnished by the Adviser that was reasonably necessary to make a reasonable business judgment regarding the terms of the Amended Advisory Agreement.

In each instance, Independent Trustees' Counsel discussed with the Board the fact that the 1940 Act and court decisions place the responsibility on a fund's trustees, with special emphasis on the independent trustees, to exercise good faith business judgment when deciding on whether to enter into or renew an investment advisory contract. Independent Trustees' Counsel also noted the Trustees must make a reasonable and good faith attempt to ascertain all facts relevant to their deliberations. The Independent Trustees' Counsel discussed the specific factors the Trustees should consider in evaluating an investment advisory contract and summarized the activities of the Independent Trustees leading up to both the February Meeting and the May Meeting in their consideration of the proposed Advisory Agreement and the Amended Advisory Agreement, respectively. In voting to approve the Advisory Agreement and the Amended Advisory Agreement, the Independent Trustees considered whether the approval would be in the best interests of the respective Funds and its shareholders, an evaluation based on several factors including those discussed below.

Materials Reviewed. In considering the approval of the proposed Advisory Agreement and the Amended Advisory Agreement, the Board took into account and discussed materials and information relating to: (i) the nature, extent and quality of services to be provided by the Adviser to the Funds; (ii) the fees and expenses to be borne by the Funds; and (iii) the profitability to be realized by the Adviser from the relationship with the Funds. The Board reviewed information relating to, among other things, proposed operations, including the compliance programs of the Adviser, valuation, and other information related to personnel of Engine No. 1 that would be providing investment management services to the Funds. Among other things, the Board noted the Adviser's limited operating history, as well as the Adviser's limited performance history with respect to the management of investment vehicles with similar structures and strategies as the Funds. They also reviewed comparative fee information and information regarding personnel who would be providing investment management services to the Funds. Independent Trustees' Counsel reminded the Board of its earlier discussion regarding its responsibilities with respect to the approval of the Advisory Agreement.

Review Process. In connection with the approval of the Advisory Agreement and Amended Advisory Agreement, the Board reviewed written materials provided by Engine No. 1, which included, among other things, comparative fee and expense data. The Board also requested and received assistance and advice from counsel to the Independent Trustees regarding applicable legal standards. The Board also heard oral presentations on matters related to the Advisory Agreement. In deciding to approve the Advisory Agreement and the Amended Advisory Agreement, the Board did not identify any single factor or particular information that, in isolation, was controlling.

Nature, Extent and Quality of Services. The Board noted that Engine No. 1 was a recently formed investment adviser with no assets under management but noted the overall financial strength and stability of Engine No. 1, and its parent company, as well as the Adviser's commitment to its guiding management principles. The Board considered the background information on the key investment personnel

who would be responsible for servicing the Funds, considering their education and noting the investment team's diverse financial industry experience. The Board considered Engine No. 1's research, analysis and portfolio construction, which utilized both top-down and bottom-up fundamental and quantitative research. The Board observed that the Transform 500 ETF would be a passively-managed ETF and Engine No. 1 would have the responsibility to track the Transform 500 ETF's benchmark to the best of its ability, recognizing that an index, unlike Transform 500 ETF, does not have expenses. With respect to the Transform Climate ETF, the Board observed that the Fund would be an actively-managed ETF and Engine No. 1 would have the responsibility to manage the Fund's investments to create long-term growth of capital to the best of its ability.

The Board also considered the various additional services that Engine No. 1 would provide under the proposed Advisory Agreement, including its total value framework and its strategic plan related to active engagement of portfolio companies. The Board noted Engine No. 1's efforts to attract qualified personnel and to develop other types of resources and systems. The Board considered its review of Engine No. 1's policies, procedures and systems as described at the February Meeting to assure compliance with applicable laws and regulations, and its intended processes to keep the Board informed about matters relevant to the Fund and its shareholders. For each Fund, the Board concluded that the nature, extent and quality of services proposed to be provided by Engine No. 1 under the Advisory Agreement and Amended Advisory Agreement were likely to benefit each Fund and its respective shareholders.

Performance. The Trustees observed that both Funds were new Funds with less than a full calendar year of operations for investors to evaluate. The Trustees observed that both of the Funds were not operational and without historical performance. The Board considered the manner in which Engine No. 1 proposed to manage the Funds. After discussion, the Trustees concluded that Engine No. 1 was qualified to manage both an index fund and an actively managed fund, and should be allowed the opportunity to manage the Funds, subject to the ongoing supervision of the Board.

Fees and Expenses. With respect to the Transform 500 ETF, the Trustees noted that the Fund's proposed annual advisory fee was at the low end of the range of funds included in the peer group provided by Engine No. 1. The Board considered a number of factors, including the type and complexity of the services proposed to be provided by the Adviser to the Fund, the cost of providing services, the risk assumed by Engine No. 1 in the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to prospective investors in Transform 500 ETF. With respect to the Transform Climate ETF, the Trustees noted that the proposed annual advisory fee was at the median of the thematic funds universe provided by Engine No. 1. Engine No. 1 reported to the Board that, in proposing fees and expenses for the Fund, Engine No. 1 considered a number of factors, including the type and complexity of the services provided, the cost of providing services, the risk assumed by Engine No. 1 in the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to prospective investors in Transform Climate ETF.

The Board reviewed the proposed advisory fee schedule for the Funds. The Board noted that Engine No. 1 will be responsible for all other costs, except for those specified in the Advisory Agreement and Amended Advisory Agreement, associated with managing and operating the Funds and that Engine No. 1 intends to pay all distribution costs out of its own profits. The Board considered how these arrangements would affect the expenses borne by each Fund's shareholders. The Board noted that the total expense ratio was reasonable when taking into account the unitary fee arrangement. Based on these factors, the Trustees concluded that each Fund's proposed advisory fee was not unreasonable.

Economies of Scale. The Trustees reasoned that based on estimated assets over the initial two-year term of the proposed Advisory Agreement, it was premature to make a determination about economies of scale.

Profitability. The Board considered the estimated profits to be realized by Engine No. 1 in connection with the operation of the Funds. The Board also considered the Funds' estimated operating expenses and the expected impact on Engine No. 1's profitability. The Board noted that Engine No. 1 did not expect to be profitable with respect to the Funds during the first two years of operations. The Board noted that despite the lack of profitability with respect to its management of the Funds, Engine No.1 has the financial resources to deliver high quality advisory services to the Funds for the foreseeable future. The Board considered whether Engine No. 1 or any of its affiliates might receive other benefits as a result of its proposed relationship with the Trust or the Funds. The Board considered that Engine No. 1 was not affiliated with any of the Funds' proposed service providers, and therefore, would not benefit from those contractual relationships. The Trustees determined that the estimated profits of Engine No. 1, in terms of actual dollars and as a percent of total revenue, would not be excessive.

Conclusion. Having requested and received such information from Engine No. 1 as the Trustees believed to be reasonably necessary to evaluate the terms of the Advisory Agreement and the Amended Advisory Agreement, and as assisted by the advice of counsel, the Trustees concluded that the Advisory Agreement and the Amended Advisory Agreement were each in the best interests of future shareholders of the Funds.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

(a)(1)	Not Applicable. This item is only required in an annual report on Form N-CSR

(a)(2)	A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are attached hereto.

(b)	Certifications pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

/s/ Jennifer Grancio
Jennifer Grancio
Title: President (Principal Executive Officer)
Date: June 29, 2022

/s/ Jennifer Grancio
Jennifer Grancio
Title: President (Principal Executive Officer)
Date: June 29, 2022

/s/ Joshua Hunter
Joshua Hunter
Title: Treasurer (Principal Financial Officer)
Date: June 29, 2022

Shareholder Letter					1
Shareholder Expense Examples					3
Sector Diversification					4
Schedule of Investments
Engine No. 1 Transform 500 ETF					5
Engine No. 1 Transform Climate ETF					13
Statements of Assets and Liabilities					15
Statements of Operations					16
Statements of Changes in Net Assets					17
Financial Highlights					18
Notes to Financial Statements					20
Supplemental Information					28
Board Approval of Investment Advisory Agreement					29

(a)	A Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b)	Not applicable.

(a)	The Registrant’s principal executive and financial officers have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)	There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.