This report should be read in conjunction with the Engine No. 1 ETF Trust’s (the “Trust”) 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 October 31, 2022. Management’s Discussion of Fund Performance presents information about the Engine No. 1 ETFs’ holdings that is believed to be accurate, and the views of the Funds’ portfolio managers, as of October 31, 2022. The Shareholder Letter and Management’s Discussion of Fund Performance may not necessarily reflect the views or holdings on the date this Annual Report is first published or anytime thereafter. The information in the Shareholder Letter and Management’s Discussion of Fund Performance 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 for the Engine No. 1 ETFs.

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 October 31, 2022, the Underlying Index is represented by securities of companies in sectors including Consumer Services, Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Real Estate 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.

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 sustainability criteria.

Our approach to the ETF business is simple: to drive long-term performance, we believe that you have to own companies and invest in the epic industry transitions that we see unfolding. That is why we launched VOTE as a better large-cap index fund, and NETZ as an active thematic fund focused on owning the companies best positioned to drive value during the climate transition.

We’ve made great progress with our ETFs since we launched in 2021. In terms of impact, we have spoken clearly with the proxy votes we’ve cast and have been completely transparent in that voting. We have also received great industry recognition this past year with two awards from With Intelligence - Newcomer ETF Firm of the Year and Thematic ETF of the Year (for NETZ).¹ We’re off to a good start and we’re grateful to have you along with us on our journey.

In our view, there are three powerful and converging secular trends that will drive the prospects of companies going forward: the decarbonization of everything, the re-localization of supply chains, and moving towards true living wages for the average worker. The energy, food, and transportation industries are the critical building blocks of the global economy and the transition in those industries alone present exciting investment opportunities. All three, and the supply chain structure that supports them, are systems in various stages of transition to more sustainable models.

We believe the efficient, safe, reliable, cost-effective, and secure transitioning of these foundational global systems presents an opportunity to unlock tremendous value. The common challenge is that a hard switch from any of the old legacy systems to new more sustainable ones would bring the global economy to a halt. Successful transitioning requires running parallel systems for a period of time. While no one can be certain how long the transitions will take, we try to minimize that uncertainty by better understanding how the systems work, how new technologies will impact them, and what each company’s role is within their systems.

We take a deep, cross-sector, active approach that seeks to know the entire system in all its complexity, rather than one or two companies within it. This allows us to see the connections to generate alpha. Investors focused just on a single industry or relying on passive building blocks can’t possibly see the whole picture.

Furthermore, we believe in investment and engagement, not divestment. Research has shown that divesting of large public companies does little to reduce the negative impacts of their operations or improve shareholder value. Long-term problems simply can’t be solved by investors running away from the companies or boards focused on the short-term. Rather, we engage directly with companies to improve their performance and create long-term value.

The experience of our management team highlights our ability to see around the corner for the next big investment opportunity.

With Intelligence Limited (“With Intelligence”) is a global business information organization, focused on the asset management industry. The With Intelligence Mutual Fund and ETF Awards 2022 recognize and reward certain fund performers for their performance over the past 12 months. The judging process is based on the views of a panel of allocators, ETF strategists, independent directors, and consultants. This award is not indicative of Engine No. 1’s investment performance, or any future investment performance or sustainability accomplishments. The award may not be representative of any client’s individual experience. With Intelligence is a third-party and is not an affiliate of Engine No. 1. We did not solicit or pay for this award. With Intelligence’s name and logo is being used by Engine No. 1 under a license.

Another large system changing in a dynamic way is the supply chain and associated manufacturing, innovation, and transportation sector. Over the last three decades, American companies have been focused on financial efficiency above all else. A consequence of this single-minded focus is a reliance on offshoring jobs which lengthens fragile supply chains and makes companies vulnerable to disruption in many ways, hurting their profits and reducing their competitiveness. Going forward, we believe that companies focused on their supply chain will be more resilient to disruption, have more flexible pricing power, and greater product quality.

Today, U.S. companies are on record pace to reverse past offshoring and localize nearly 350,000 jobs this year², intensifying a trend that has been ongoing for a while. Re-localization and bringing manufacturing, transportation, and warehousing jobs to the U.S. creates a 5.1x³ employment multiplier, meaning that the 350,000 localized jobs in 2022 alone could end up supporting nearly another 1.8MM.

We give you two ways to participate in the opportunities we see. Our Engine No. 1 Transform 500 ETF (ticker: VOTE) offers investors broad market exposure to the 500 largest US public companies at a low cost, with the opportunity for active ownership.

Our Engine No. 1 Transform Climate ETF (NETZ) invests in companies that will drive and benefit from the energy transition. These include companies across multiple industries that have a clear strategy to create value on their path to net-zero carbon emissions. We select companies that we perceive are on the right path to generate stronger performance and value over time.

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.

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 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. A strategy or emphasis on sustainability may limit the investment opportunities available to a portfolio. Therefore, the portfolio may underperform or perform differently than other portfolios that do not have a sustainability focus. 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 Funds’ 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.

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.

The Fund seeks to track the performance (before fees and expenses) of the Morningstar^® US Large Cap Select Index^SM (the “Benchmark”). The Benchmark is designed to provide exposure to the 500 largest U.S. stocks by market capitalization and weighted by float-adjusted market capitalization.

From November 1, 2021 through October 31, 2022 (the “Reporting Period”), the Fund’s market value return was -16.72% and its net asset value (“NAV”) return was -16.72%. The Benchmark returned -16.68% during the same Reporting Period. The Fund’s market value per share as of the market close of the last trading day of the Reporting Period was $44.78.

The Fund posted positive performance in four of the twelve months during the Reporting Period, with returns ranging from -9.26% to 9.28%.

The best performing months for the Fund were July and October, finishing up 9.28% and 7.91%, respectively. The worst performing months for the Fund were September and April, finishing down -9.26% and -9.13%, respectively.

Three of the ten sectors in the Fund delivered positive returns during the Reporting Period. Energy, Consumer Staples and Utilities were among the strongest performing sectors. The Communication Services, Consumer Cyclicals, Technology, Real Estate and Financials sectors were among the weakest performing sectors and underperformed the market during the Reporting Period.

The Fund’s Average Annual Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

Growth of an Assumed $10,000 Investment Since Inception* Through 10/31/22 (At Net Asset Value)

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit etf.engine1.com.

As stated in the current prospectus, the expense ratio is 0.05%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

NAV returns are based on the dollar value of a single share of the Fund, calculated by taking the Fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV return is based on the NAV of the Fund, and the Market value return is based on the market price per share of the Fund. The NAV is typically calculated at 4:00 p.m. Eastern Time on each business day the New York Stock Exchange (“NYSE”) is open for trading. Market value returns are based on the closing price at 4:00 p.m. Eastern time on the Cboe BZX Exchange, Inc. Market value performance does not represent the returns you would receive if you traded shares at other times. Market value and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV.

The returns in the graphs and tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs, taxes, or other expenses that would be incurred by the Fund or brokerage commissions on transactions in Fund shares. Such fees, expenses and taxes reduce Fund returns. One cannot invest directly in an index.

Key risks: The Fund is not actively managed, and the investment adviser, Fund Management at Engine No. 1 LLC, generally does not attempt to take defensive positions under any market conditions, including declining markets. The Fund may be subject to tracking error, which is 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. The Fund can have exposure to derivative instruments. Please see the prospectus for a full list of Fund risks.

When the Fund engages in activism, such activities may not be successful; or, even if successful, the Fund’s investment may lose value. Additionally, engaging in activism may cause the Fund to incur additional expenses that a similar index fund may not experience. In addition, while Engine No. 1 may seek an active ownership approach, applicable regulatory restrictions may limit the nature and the extent of engagement in certain circumstances. Nonetheless, Engine No. 1 intends to seek opportunities where possible to employ its active ownership beliefs while being mindful of such regulatory limits. Diversification does not ensure a profit or protect against a loss in a declining market.

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 (the “Benchmark”), 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 sustainability criteria.

From February 2, 2022, the Fund’s inception date, through October 31, 2022 (the “Reporting Period”), the Fund’s market value return was 1.13% and its net asset value (“NAV”) return was 1.08%. The Benchmark returned -14.26% during the same Reporting Period. The Fund’s market value per share as of the market close of the last trading day of the Reporting Period was $50.18.

The Fund posted positive performance in five of the eight full months it was in existence during the Reporting Period, with returns ranging from -13.03% to 15.01%.

The best performing months for the Fund were July and October, finishing up 15.01% and 9.58%, respectively. The worst performing months for the Fund were June and April, finishing down -13.03% and -10.42%, respectively.

Five of the seven sectors represented in the Fund delivered positive returns during the Reporting Period. Basic Materials, Energy, Technology, Utilities and Consumer Staples were among the strongest performing sectors. Conversely, Consumer Cyclicals and Industrials were among the weakest performing sectors and underperformed the market during the Reporting Period.

The Fund’s Cumulative Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

Growth of an Assumed $10,000 Investment Since Inception* Through 10/31/22 (At Net Asset Value)

As stated in the current prospectus, the expense ratio is 0.75%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

Engine No. 1 may consider any sustainability factors as core to its investment process but its specific focus for the Fund will be on the environmental factors most relevant to long-term economic value. Engine No. 1 intends to incorporate sustainability insights and analysis to ultimately drive financial and operational performance however there is no guarantee that this strategy will be achieved, and such assessment is at Engine No. 1’s discretion. Engine No. 1 does not use ratings or rankings to exclude specific companies, but instead uses its own proprietary analysis to attempt to make better informed decisions. The Fund may forgo certain investment opportunities that do not meet Engine No. 1’s criteria.

The Fund is considered non-diversified and may be susceptible to an increased risk of loss due to adverse events that affect the Funds’ investments. The Fund may be concentrated in the securities of a single or smaller number of issuers, countries, regions, industries or sectors. Economic, political, legislative and regulatory developments or even pandemics may occur that significantly affect certain sectors. These may cause the Fund’s NAV to fluctuate more and have a greater impact on the Fund’s performance. Small and medium sized companies may be more volatile and less liquid than larger companies. Smaller-sized companies may have limited markets, product lines, or financial resources and lack management experience. Microcap companies may be newly formed and subject to more abrupt or erratic market movements which may cause the Fund’s net asset value to be more volatile.

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs for purchasing and selling shares (including brokerage commissions); 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 six-month period and held for the entire period (May 1, 2022 through October 31, 2022).

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.

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.

Investments	Shares		Value
COMMON STOCKS - 99.9%

Aerospace & Defense - 1.7%
Boeing Co.*		6,012	$	856,770
General Dynamics Corp.		2,420		604,516
HEICO Corp.		426		69,285
HEICO Corp., Class A		750		95,475
L3Harris Technologies, Inc.		2,056		506,742
Lockheed Martin Corp.		2,542		1,237,141
Northrop Grumman Corp.		1,570		861,946
Raytheon Technologies Corp.		15,902		1,507,827
TransDigm Group, Inc.		553		318,395
				6,058,097
Air Freight & Logistics - 0.5%
Expeditors International of Washington, Inc.		1,758		172,020
FedEx Corp.		2,572		412,240
United Parcel Service, Inc., Class B		7,882		1,322,364
				1,906,624
Airlines - 0.2%
Delta Air Lines, Inc.*		6,914		234,592
Southwest Airlines Co.*		6,396		232,495
United Airlines Holdings, Inc.*		3,517		151,512
				618,599
Auto Components - 0.1%
Aptiv plc*		2,916		265,560

Automobiles - 2.2%
Ford Motor Co.		42,558		569,000
General Motors Co.		15,710		616,618
Lucid Group, Inc.*		6,288		89,856
Rivian Automotive, Inc., Class A*		5,865		205,099
Tesla, Inc.*		28,703		6,531,080
				8,011,653
Banks - 3.8%
Bank of America Corp.		75,327		2,714,785
Citigroup, Inc.		20,871		957,144
Citizens Financial Group, Inc.		5,338		218,324
Fifth Third Bancorp		7,391		263,785
First Republic Bank		1,971		236,717
Huntington Bancshares, Inc.		15,523		235,639
JPMorgan Chase & Co.		31,595		3,977,178
KeyCorp		10,034		179,308
M&T Bank Corp.		1,888		317,883
PNC Financial Services Group, Inc. (The)		4,417		714,803
Regions Financial Corp.		10,065		220,927
Signature Bank		675		107,008

Investments	Shares		Value
SVB Financial Group*		638	$	147,352
Truist Financial Corp.		14,286		639,870
US Bancorp		14,562		618,157
Wells Fargo & Co.		40,870		1,879,611
				13,428,491
Beverages - 1.8%
Brown-Forman Corp., Class B		1,971		134,028
Coca-Cola Co.		41,938		2,509,989
Constellation Brands, Inc., Class A		1,718		424,483
Keurig Dr Pepper, Inc.		9,156		355,619
Monster Beverage Corp.*		4,142		388,188
PepsiCo, Inc.		14,874		2,700,822
				6,513,129
Biotechnology - 2.5%
AbbVie, Inc.		19,049		2,788,774
Alnylam Pharmaceuticals, Inc.*		1,297		268,816
Amgen, Inc.		5,761		1,557,486
Biogen, Inc.*		1,565		443,584
BioMarin Pharmaceutical, Inc.*		1,999		173,173
Gilead Sciences, Inc.		13,500		1,059,210
Horizon Therapeutics plc*		2,483		154,741
Incyte Corp.*		1,989		147,862
Moderna, Inc.*		3,623		544,646
Regeneron Pharmaceuticals, Inc.*		1,159		867,801
Seagen, Inc.*		1,468		186,671
Vertex Pharmaceuticals, Inc.*		2,766		862,992
				9,055,756
Building Products - 0.4%
Carrier Global Corp.		9,069		360,583
Johnson Controls International plc		7,427		429,579
Masco Corp.		2,424		112,158
Trane Technologies plc		2,500		399,075
				1,301,395
Capital Markets - 3.3%
Ameriprise Financial, Inc.		1,168		361,052
Bank of New York Mellon Corp. (The)		7,919		333,469
BlackRock, Inc., Class A		1,622		1,047,666
Blackstone, Inc.		7,564		689,383
Carlyle Group, Inc. (The)		2,341		66,203
Charles Schwab Corp. (The)		16,457		1,311,130
CME Group, Inc., Class A		3,872		671,018
Coinbase Global, Inc., Class A*		1,697		112,426
FactSet Research Systems, Inc.		408		173,600
Goldman Sachs Group, Inc. (The)		3,683		1,268,831
Intercontinental Exchange, Inc.		6,016		574,949
KKR & Co., Inc.		6,213		302,138
LPL Financial Holdings, Inc.		853		218,069

Investments	Shares		Value
MarketAxess Holdings, Inc.		405	$	98,836
Moody’s Corp.		1,703		451,074
Morgan Stanley		14,426		1,185,384
MSCI, Inc., Class A		873		409,315
Nasdaq, Inc.		3,642		226,678
Northern Trust Corp.		2,243		189,197
Raymond James Financial, Inc.		2,093		247,267
S&P Global, Inc.		3,676		1,180,915
State Street Corp.		3,962		293,188
T Rowe Price Group, Inc.		2,426		257,544
				11,669,332
Chemicals - 1.8%
Air Products & Chemicals, Inc.		2,391		598,705
Albemarle Corp.		1,257		351,797
Celanese Corp., Class A		1,071		102,945
CF Industries Holdings, Inc.		2,147		228,140
Corteva, Inc.		7,738		505,601
Dow, Inc.		7,737		361,627
DuPont de Nemours, Inc.		5,389		308,251
Eastman Chemical Co.		1,322		101,543
Ecolab, Inc.		2,670		419,377
FMC Corp.		1,353		160,872
International Flavors & Fragrances, Inc.		2,749		268,330
Linde plc		5,365		1,595,282
LyondellBasell Industries NV, Class A		2,744		209,779
Mosaic Co.		3,716		199,735
PPG Industries, Inc.		2,531		288,990
Sherwin-Williams Co.		2,541		571,801
Westlake Corp.		375		36,244
				6,309,019
Commercial Services & Supplies - 0.5%
Cintas Corp.		927		396,339
Copart, Inc.*		2,298		264,316
Republic Services, Inc., Class A		2,216		293,886
Rollins, Inc.		2,490		104,779
Waste Management, Inc.		4,047		640,923
				1,700,243
Communications Equipment - 0.8%
Arista Networks, Inc.*		2,655		320,883
Cisco Systems, Inc. (Delaware)		44,618		2,026,996
Motorola Solutions, Inc.		1,792		447,480
				2,795,359
Construction & Engineering - 0.1%
Quanta Services, Inc.		1,547		219,736

Investments	Shares		Value
Construction Materials - 0.1%
Martin Marietta Materials, Inc.		672	$	225,779
Vulcan Materials Co.		1,434		234,745
				460,524
Consumer Finance - 0.6%
Ally Financial, Inc.		3,322		91,554
American Express Co.		6,469		960,323
Capital One Financial Corp.		4,135		438,393
Discover Financial Services		2,939		307,008
Synchrony Financial		5,185		184,379
				1,981,657
Containers & Packaging - 0.2%
Amcor plc		16,185		187,423
Avery Dennison Corp.		881		149,374
Ball Corp.		3,383		167,086
Crown Holdings, Inc.		1,304		89,441
International Paper Co.		3,895		130,911
				724,235
Distributors - 0.1%
Genuine Parts Co.		1,518		269,991
Pool Corp.		424		128,994
				398,985
Diversified Financial Services - 1.7%
Apollo Global Management, Inc.		4,670		258,531
Berkshire Hathaway, Inc., Class B*		19,446		5,738,320
				5,996,851
Diversified Telecommunication Services - 0.9%
AT&T, Inc.		76,785		1,399,791
Verizon Communications, Inc.		45,254		1,691,142
				3,090,933
Electric Utilities - 1.8%
American Electric Power Co., Inc.		5,540		487,077
Avangrid, Inc.		752		30,591
Constellation Energy Corp.		3,513		332,119
Duke Energy Corp.		8,292		772,649
Edison International		4,112		246,884
Entergy Corp.		2,183		233,887
Evergy, Inc.		2,475		151,297
Eversource Energy		3,728		284,372
Exelon Corp.		10,683		412,257
FirstEnergy Corp.		5,842		220,302
NextEra Energy, Inc.		21,169		1,640,598
PG&E Corp.*		17,341		258,901
PPL Corp.		7,923		209,880
Southern Co.		11,451		749,811
Xcel Energy, Inc.		5,892		383,628
				6,414,253

Investments	Shares		Value
Electrical Equipment - 0.6%
AMETEK, Inc.		2,480	$	321,557
Eaton Corp. plc		4,288		643,500
Emerson Electric Co.		6,371		551,729
Generac Holdings, Inc.*		685		79,398
Plug Power, Inc.*		5,600		89,488
Rockwell Automation, Inc.		1,240		316,572
				2,002,244
Electronic Equipment, Instruments & Components - 0.6%
Amphenol Corp., Class A		6,406		485,767
CDW Corp.		1,458		251,957
Corning, Inc.		8,191		263,504
Keysight Technologies, Inc.*		1,944		338,548
TE Connectivity Ltd.		3,449		421,571
Teledyne Technologies, Inc.*		507		201,776
Trimble, Inc.*		2,670		160,627
Zebra Technologies Corp., Class A*		555		157,187
				2,280,937
Energy Equipment & Services - 0.4%
Baker Hughes Co., Class A		10,900		301,494
Halliburton Co.		9,765		355,641
Schlumberger NV		15,237		792,781
				1,449,916
Entertainment - 1.4%
Activision Blizzard, Inc.		7,676		558,813
Electronic Arts, Inc.		2,841		357,852
Live Nation Entertainment, Inc.*		1,536		122,281
Netflix, Inc.*		4,792		1,398,689
Take-Two Interactive Software, Inc.*		1,691		200,350
Walt Disney Co.*		19,636		2,092,019
Warner Bros Discovery, Inc.*		23,816		309,608
				5,039,612
Equity Real Estate Investment Trusts (REITs) - 2.4%
Alexandria Real Estate Equities, Inc.		1,600		232,480
American Tower Corp.		5,021		1,040,301
AvalonBay Communities, Inc.		1,502		263,030
Boston Properties, Inc.		1,542		112,103
Crown Castle, Inc.		4,665		621,658
Digital Realty Trust, Inc.		3,095		310,274
Equinix, Inc.		977		553,412
Equity Residential		3,643		229,582
Essex Property Trust, Inc.		697		154,901
Extra Space Storage, Inc.		1,446		256,578
Healthpeak Properties, Inc.		5,808		137,824
Invitation Homes, Inc.		6,241		197,777
Mid-America Apartment Communities, Inc.		1,239		195,081

Investments	Shares		Value
Prologis, Inc.		9,951	$	1,102,073
Public Storage		1,705		528,124
Realty Income Corp.		6,653		414,282
SBA Communications Corp., Class A		1,165		314,434
Simon Property Group, Inc.		3,521		383,719
Sun Communities, Inc.		1,328		179,081
Ventas, Inc.		4,300		168,259
VICI Properties, Inc.		10,383		332,464
Welltower, Inc.		4,985		304,284
Weyerhaeuser Co.		7,967		246,419
WP Carey, Inc.		2,240		170,912
				8,449,052
Food & Staples Retailing - 1.6%
Costco Wholesale Corp.		4,775		2,394,662
Kroger Co.		7,021		332,023
Sysco Corp.		5,488		475,041
Walgreens Boots Alliance, Inc.		7,731		282,182
Walmart, Inc.		15,354		2,185,335
				5,669,243
Food Products - 1.2%
Archer-Daniels-Midland Co.		6,034		585,177
Bunge Ltd.		1,633		161,177
Campbell Soup Co.		2,162		114,391
Conagra Brands, Inc.		5,170		189,739
General Mills, Inc.		6,416		523,417
Hershey Co.		1,584		378,212
Hormel Foods Corp.		3,107		144,320
J M Smucker Co.		1,153		173,711
Kellogg Co.		2,751		211,332
Kraft Heinz Co.		8,579		330,034
McCormick & Co., Inc.		2,696		212,013
Mondelez International, Inc., Class A		14,769		907,999
Tyson Foods, Inc., Class A		3,113		212,774
				4,144,296
Gas Utilities - 0.0%^†
Atmos Energy Corp.		1,505		160,358

Health Care Equipment & Supplies - 2.7%
Abbott Laboratories		18,873		1,867,296
ABIOMED, Inc.*		493		124,275
Align Technology, Inc.*		783		152,137
Baxter International, Inc.		5,423		294,740
Becton Dickinson & Co.		3,072		724,900
Boston Scientific Corp.*		15,427		665,058
Cooper Cos, Inc. (The)		531		145,170
Dexcom, Inc.*		4,233		511,262
Edwards Lifesciences Corp.*		6,680		483,832

Investments	Shares		Value
Hologic, Inc.*		2,683	$	181,907
IDEXX Laboratories, Inc.*		900		323,712
Insulet Corp.*		752		194,625
Intuitive Surgical, Inc.*		3,849		948,663
Medtronic plc		14,322		1,250,884
ResMed, Inc.		1,580		353,430
STERIS plc		1,076		185,696
Stryker Corp.		3,625		830,995
Teleflex, Inc.		508		108,996
Zimmer Biomet Holdings, Inc.		2,261		256,284
				9,603,862
Health Care Providers & Services - 3.6%
AmerisourceBergen Corp., Class A		1,678		263,815
Cardinal Health, Inc.		2,932		222,539
Centene Corp.*		6,154		523,890
Cigna Corp.		3,291		1,063,190
CVS Health Corp.		14,141		1,339,153
Elevance Health, Inc.		2,581		1,411,213
HCA Healthcare, Inc.		2,315		503,443
Humana, Inc.		1,360		758,989
Laboratory Corp. of America Holdings		969		214,982
McKesson Corp.		1,553		604,692
Molina Healthcare, Inc.*		630		226,082
Quest Diagnostics, Inc.		1,250		179,563
UnitedHealth Group, Inc.		10,082		5,597,022
				12,908,573
Health Care Technology - 0.1%
Veeva Systems, Inc., Class A*		1,506		252,918

Hotels, Restaurants & Leisure - 2.0%
Airbnb, Inc., Class A*		4,297		459,392
Booking Holdings, Inc.*		425		794,529
Caesars Entertainment, Inc.*		2,300		100,579
Carnival Corp.*		10,625		96,263
Chipotle Mexican Grill, Inc., Class A*		296		443,506
Darden Restaurants, Inc.		1,322		189,231
Domino’s Pizza, Inc.		388		128,909
Expedia Group, Inc.*		1,632		152,543
Hilton Worldwide Holdings, Inc.		2,954		399,558
Las Vegas Sands Corp.*		3,546		134,783
Marriott International, Inc., Class A		2,969		475,367
McDonald’s Corp.		7,932		2,162,739
MGM Resorts International		3,501		124,531
Royal Caribbean Cruises Ltd.*		2,364		126,190
Starbucks Corp.		12,363		1,070,512
Yum! Brands, Inc.		3,063		362,200
				7,220,832

Investments	Shares		Value
Household Durables - 0.2%
DR Horton, Inc.		3,409	$	262,084
Garmin Ltd.		1,654		145,618
Lennar Corp., Class A		2,750		221,925
Lennar Corp., Class B		156		10,174
NVR, Inc.*		30		127,133
				766,934
Household Products - 1.4%
Church & Dwight Co., Inc.		2,618		194,072
Clorox Co.		1,326		193,649
Colgate-Palmolive Co.		8,981		663,157
Kimberly-Clark Corp.		3,633		452,163
Procter & Gamble Co.		25,743		3,466,810
				4,969,851
Independent Power & Renewable Electricity Producers - 0.1%
AES Corp. (The)		7,194		188,195

Industrial Conglomerates - 0.9%
3M Co.		5,969		750,841
General Electric Co.		11,819		919,636
Honeywell International, Inc.		7,265		1,482,205
				3,152,682
Insurance - 2.2%
Aflac, Inc.		6,204		403,942
Allstate Corp. (The)		2,914		367,893
American International Group, Inc.		8,197		467,229
Aon plc, Class A		2,271		639,264
Arch Capital Group Ltd.*		3,972		228,390
Arthur J Gallagher & Co.		2,267		424,110
Brown & Brown, Inc.		2,524		148,386
Chubb Ltd.		4,502		967,434
Cincinnati Financial Corp.		1,718		177,504
Hartford Financial Services Group, Inc. (The)		3,475		251,625
Markel Corp.*		145		174,885
Marsh & McLennan Cos, Inc.		5,373		867,685
MetLife, Inc.		7,215		528,210
Principal Financial Group, Inc.		2,499		220,237
Progressive Corp. (The)		6,297		808,535
Prudential Financial, Inc.		4,008		421,602
Travelers Cos, Inc. (The)		2,555		471,295
W R Berkley Corp.		2,203		163,859
Willis Towers Watson plc		1,186		258,797
				7,990,882

Investments	Shares		Value
Interactive Media & Services - 4.0%
Alphabet, Inc., Class A*		64,603	$	6,105,631
Alphabet, Inc., Class C*		57,773		5,468,792
Match Group, Inc.*		3,047		131,630
Meta Platforms, Inc., Class A*		24,579		2,289,780
Pinterest, Inc., Class A*		6,284		154,586
Snap, Inc., Class A*		11,099		109,991
ZoomInfo Technologies, Inc., Class A*		2,916		129,849
				14,390,259
Internet & Direct Marketing Retail - 3.0%
Amazon.com, Inc.*		95,496		9,782,610
DoorDash, Inc., Class A*		2,806		122,145
eBay, Inc.		5,905		235,255
Etsy, Inc.*		1,360		127,718
MercadoLibre, Inc.*		502		452,613
				10,720,341
IT Services - 4.7%
Accenture plc, Class A		6,813		1,934,211
Akamai Technologies, Inc.*		1,714		151,398
Automatic Data Processing, Inc.		4,482		1,083,299
Block, Inc., Class A*		5,709		342,940
Broadridge Financial Solutions, Inc.		1,258		188,775
Cloudflare, Inc., Class A*		3,046		171,551
Cognizant Technology Solutions Corp., Class A		5,575		347,044
EPAM Systems, Inc.*		623		218,050
Fidelity National Information Services, Inc.		6,550		543,585
Fiserv, Inc.*		6,895		708,392
FleetCor Technologies, Inc.*		808		150,385
Gartner, Inc.*		846		255,424
Global Payments, Inc.		2,981		340,609
GoDaddy, Inc., Class A*		1,689		135,796
International Business Machines Corp.		9,731		1,345,700
Mastercard, Inc., Class A		9,193		3,016,959
MongoDB, Inc., Class A*		740		135,442
Okta, Inc., Class A*		1,620		90,914
Paychex, Inc.		3,453		408,524
PayPal Holdings, Inc.*		12,467		1,041,992
Snowflake, Inc., Class A*		3,052		489,236
SS&C Technologies Holdings, Inc.		2,389		122,842
Twilio, Inc., Class A*		1,864		138,626
VeriSign, Inc.*		1,009		202,264
Visa, Inc., Class A		17,613		3,648,709
				17,212,667

Investments	Shares		Value
Life Sciences Tools & Services - 1.8%
Agilent Technologies, Inc.		3,216	$	444,934
Avantor, Inc.*		7,265		146,535
Bio-Rad Laboratories, Inc., Class A*		234		82,300
Danaher Corp.		7,054		1,775,280
Illumina, Inc.*		1,696		388,079
IQVIA Holdings, Inc.*		2,008		421,017
Mettler-Toledo International, Inc.*		245		309,908
PerkinElmer, Inc.		1,356		181,134
Thermo Fisher Scientific, Inc.		4,225		2,171,523
Waters Corp.*		646		193,264
West Pharmaceutical Services, Inc.		797		183,390
				6,297,364
Machinery - 1.6%
Caterpillar, Inc.		5,691		1,231,873
Cummins, Inc.		1,514		370,188
Deere & Co.		2,991		1,183,898
Dover Corp.		1,552		202,831
Fortive Corp.		3,832		244,865
IDEX Corp.		811		180,293
Illinois Tool Works, Inc.		3,039		648,918
Ingersoll Rand, Inc.		4,348		219,574
Otis Worldwide Corp.		4,528		319,858
PACCAR, Inc.		3,746		362,725
Parker-Hannifin Corp.		1,379		400,765
Stanley Black & Decker, Inc.		1,591		124,878
Westinghouse Air Brake Technologies Corp.		1,960		182,829
Xylem, Inc./NY		1,946		199,329
				5,872,824
Media - 0.8%
Charter Communications, Inc., Class A*		1,195		439,306
Comcast Corp., Class A		47,447		1,505,967
Fox Corp., Class A		3,305		95,415
Fox Corp., Class B		1,513		41,154
Liberty Broadband Corp., Class A*		180		15,358
Liberty Broadband Corp., Class C*		1,332		112,461
Liberty Media Corp.-Liberty SiriusXM		803		34,079
Liberty Media Corp.-Liberty SiriusXM*		1,645		69,403
Omnicom Group, Inc.		2,210		160,778
Paramount Global, Class B		5,450		99,844
Sirius XM Holdings, Inc.		7,527		45,463
Trade Desk, Inc. (The), Class A*		4,785		254,753
				2,873,981

Investments	Shares		Value
Metals & Mining - 0.4%
Freeport-McMoRan, Inc.		15,414	$	488,471
Newmont Corp.		8,553		361,963
Nucor Corp.		2,816		369,966
Southern Copper Corp.		920		43,212
Steel Dynamics, Inc.		1,868		175,685
				1,439,297
Multiline Retail - 0.5%
Dollar General Corp.		2,441		622,577
Dollar Tree, Inc.*		2,273		360,271
Target Corp.		5,002		821,578
				1,804,426
Multi-Utilities - 0.8%
Ameren Corp.		2,781		226,707
CenterPoint Energy, Inc.		6,783		194,062
CMS Energy Corp.		3,116		177,768
Consolidated Edison, Inc.		3,824		336,359
Dominion Energy, Inc.		8,965		627,281
DTE Energy Co.		2,089		234,198
Public Service Enterprise Group, Inc.		5,372		301,208
Sempra Energy		3,381		510,328
WEC Energy Group, Inc.		3,404		310,887
				2,918,798
Oil, Gas & Consumable Fuels - 4.9%
APA Corp.		3,511		159,610
Cheniere Energy, Inc.		2,689		474,366
Chevron Corp.		19,408		3,510,907
ConocoPhillips		13,716		1,729,450
Continental Resources, Inc.		582		43,051
Coterra Energy, Inc.		8,567		266,691
Devon Energy Corp.		7,054		545,627
Diamondback Energy, Inc.		1,909		299,923
EOG Resources, Inc.		6,310		861,441
EQT Corp.		3,979		166,481
Exxon Mobil Corp.		44,902		4,975,591
Hess Corp.		3,008		424,369
Kinder Morgan, Inc.		21,359		387,025
Marathon Oil Corp.		7,299		222,255
Marathon Petroleum Corp.		5,370		610,139
Occidental Petroleum Corp.		8,026		582,688
ONEOK, Inc.		4,813		285,507
Phillips 66		5,185		540,744
Pioneer Natural Resources Co.		2,568		658,461
Valero Energy Corp.		4,246		533,085
Williams Cos, Inc. (The)		13,134		429,876
				17,707,287

Investments	Shares		Value
Personal Products - 0.1%
Estee Lauder Cos, Inc. (The), Class A		2,501	$	501,425

Pharmaceuticals - 4.6%
Bristol-Myers Squibb Co.		23,009		1,782,507
Catalent, Inc.*		1,920		126,202
Eli Lilly & Co.		8,499		3,077,403
Johnson & Johnson		28,331		4,928,743
Merck & Co., Inc.		27,294		2,762,153
Pfizer, Inc.		60,467		2,814,739
Royalty Pharma plc, Class A		3,957		167,460
Viatris, Inc.		13,076		132,460
Zoetis, Inc., Class A		5,047		760,987
				16,552,654
Professional Services - 0.4%
CoStar Group, Inc.*		4,267		352,966
Equifax, Inc.		1,318		223,454
Jacobs Solutions, Inc.		1,371		157,967
Leidos Holdings, Inc.		1,469		149,236
TransUnion		2,078		123,163
Verisk Analytics, Inc., Class A		1,693		309,531
				1,316,317
Real Estate Management & Development - 0.1%
CBRE Group, Inc., Class A*		3,458		245,311

Road & Rail - 1.0%
CSX Corp.		23,064		670,240
JB Hunt Transport Services, Inc.		899		153,792
Norfolk Southern Corp.		2,530		577,017
Old Dominion Freight Line, Inc.		983		269,932
Uber Technologies, Inc.*		21,327		566,658
Union Pacific Corp.		6,734		1,327,541
				3,565,180
Semiconductors & Semiconductor Equipment - 4.8%
Advanced Micro Devices, Inc.*		17,397		1,044,864
Analog Devices, Inc.		5,600		798,672
Applied Materials, Inc.		9,369		827,189
Broadcom, Inc.		4,355		2,047,373
Enphase Energy, Inc.*		1,460		448,220
Entegris, Inc.		1,601		127,023
Intel Corp.		44,239		1,257,715
KLA Corp.		1,522		481,637
Lam Research Corp.		1,475		597,051
Marvell Technology, Inc.		9,163		363,588
Microchip Technology, Inc.		5,951		367,415
Micron Technology, Inc.		11,883		642,870
Monolithic Power Systems, Inc.		484		164,294
NVIDIA Corp.		26,984		3,642,030

Investments	Shares		Value
NXP Semiconductors NV		2,824	$	412,530
ON Semiconductor Corp.*		4,662		286,387
Qorvo, Inc.*		1,105		95,118
QUALCOMM, Inc.		12,100		1,423,686
Skyworks Solutions, Inc.		1,726		148,453
SolarEdge Technologies, Inc.*		592		136,178
Teradyne, Inc.		1,692		137,644
Texas Instruments, Inc.		9,845		1,581,402
				17,031,339
Software - 8.7%
Adobe, Inc.*		5,044		1,606,514
ANSYS, Inc.*		938		207,448
Autodesk, Inc.*		2,346		502,748
Bill.com Holdings, Inc.*		1,015		135,360
Cadence Design Systems, Inc.*		2,949		446,449
Crowdstrike Holdings, Inc., Class A*		2,297		370,276
Datadog, Inc., Class A*		2,661		214,237
DocuSign, Inc., Class A*		2,151		103,893
Fortinet, Inc.*		7,053		403,149
HubSpot, Inc.*		519		153,915
Intuit, Inc.		3,041		1,300,028
Microsoft Corp.		80,350		18,651,645
Oracle Corp.		16,366		1,277,694
Palantir Technologies, Inc., Class A*		18,796		165,217
Palo Alto Networks, Inc.*		3,218		552,177
Paycom Software, Inc.*		524		181,304
PTC, Inc.*		1,143		134,680
Roper Technologies, Inc.		1,147		475,477
Salesforce, Inc.*		10,727		1,744,102
ServiceNow, Inc.*		2,173		914,268
Splunk, Inc.*		1,592		132,311
Synopsys, Inc.*		1,644		480,952
Tyler Technologies, Inc.*		442		142,912
Unity Software, Inc.*		1,917		56,552
VMware, Inc., Class A		2,230		250,942
Workday, Inc., Class A*		2,140		333,455
Zendesk, Inc.*		1,327		101,768
Zoom Video Communications, Inc., Class A*		2,386		199,088
Zscaler, Inc.*		904		139,306
				31,377,867
Specialty Retail - 2.2%
AutoZone, Inc.*		215		544,569
Best Buy Co., Inc.		2,152		147,218
Burlington Stores, Inc.*		709		101,359
CarMax, Inc.*		1,716		108,125

Investments	Shares		Value
Home Depot, Inc. (The)		11,071	$	3,278,454
Lowe’s Cos, Inc.		6,890		1,343,206
O’Reilly Automotive, Inc.*		685		573,461
Ross Stores, Inc.		3,766		360,369
TJX Cos, Inc. (The)		12,625		910,263
Tractor Supply Co.		1,197		263,065
Ulta Beauty, Inc.*		556		233,170
				7,863,259
Technology Hardware, Storage & Peripherals - 7.2%
Apple, Inc.		162,764		24,958,231
Dell Technologies, Inc., Class C		2,866		110,054
Hewlett Packard Enterprise Co.		14,002		199,809
HP, Inc.		9,796		270,566
NetApp, Inc.		2,372		164,308
Seagate Technology Holdings plc		2,104		104,485
Western Digital Corp.*		3,364		115,621
				25,923,074
Textiles, Apparel & Luxury Goods - 0.5%
Lululemon Athletica, Inc.*		1,246		409,984
NIKE, Inc., Class B		13,612		1,261,560
VF Corp.		3,567		100,768
				1,772,312
Tobacco - 0.7%
Altria Group, Inc.		19,406		897,916
Philip Morris International, Inc.		16,698		1,533,711
				2,431,627
Trading Companies & Distributors - 0.2%
Fastenal Co.		6,193		299,308
United Rentals, Inc.*		757		238,992
WW Grainger, Inc.		492		287,500
				825,800
Water Utilities - 0.1%
American Water Works Co., Inc.		1,960		284,866

Wireless Telecommunication Services - 0.3%
T-Mobile US, Inc.*		6,488		983,321

Total Common Stocks
(Cost $405,372,911)				357,082,414

	Principal
Short-Term Investments - 0.1%
Time Deposit - 0.1%
Citibank, New York 2.43% 11/1/2022 (Cost: $436,249)	$	436,249		436,249

Total Investments - 100.0%
(Cost $405,809,160)			$	357,518,663
Liabilities in Excess of Other Assets - 0.0%^†				(93,010	)
Net Assets - 100.0%			$	357,425,653

Non-income producing security.

†

Represents less than 0.05%.

Engine No. 1 Transform 500 ETF had the following open long futures contracts as of October 31, 2022:

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 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 October 31, 2022 for the Fund based upon the three levels defined above:

Investments	Shares		Value
COMMON STOCKS - 90.9%

Aerospace & Defense - 7.1%
Airbus SE ADR		126,283	$	3,413,429
Safran S.A. ADR		35,556		989,168
TransDigm Group, Inc.		3,477		2,001,918
				6,404,515
Auto Components - 1.5%
Aptiv plc*		14,800		1,347,836

Automobiles - 13.5%
General Motors Co.		171,879		6,746,250
Tesla, Inc.*		23,902		5,438,661
				12,184,911
Building Products - 3.7%
Trane Technologies plc		21,160		3,377,771

Chemicals - 6.4%
Albemarle Corp.		4,758		1,331,621
Livent Corp.*		140,925		4,449,003
				5,780,624
Commercial Services & Supplies - 10.9%
Republic Services, Inc., Class A		48,014		6,367,616
Waste Management, Inc.		21,742		3,443,281
				9,810,897
Electrical Equipment - 5.2%
Rockwell Automation, Inc.		18,404		4,698,541

Food Products - 4.6%
Archer-Daniels-Midland Co.		43,124		4,182,166

Machinery - 8.3%
Deere & Co.		19,028		7,531,663

Metals & Mining - 0.8%
Alcoa Corp.		19,460		759,524

Oil, Gas & Consumable Fuels - 15.7%
ConocoPhillips		34,360		4,332,452
Occidental Petroleum Corp.		41,484		3,011,738
Shell plc ADR		121,435		6,755,429
				14,099,619
Road & Rail - 7.5%
Canadian Pacific Railway Ltd.		72,552		5,404,399
Union Pacific Corp.		6,832		1,346,860
				6,751,259

Investments	Shares		Value
Semiconductors & Semiconductor Equipment - 5.7%
Enphase Energy, Inc.*		14,204	$	4,360,628
SolarEdge Technologies, Inc.*		3,517		809,016
				5,169,644
Total Common Stocks
(Cost $79,386,284)				82,098,970

EXCHANGE TRADED FUND - 4.4%
The Energy Select Sector SPDR Fund		44,000		3,960,000
Total Exchange Traded Fund
(Cost $3,927,440)				3,960,000

	Principal
Short-Term Investments - 4.4%
Time Deposit - 4.4%
Citibank, New York 2.43% 11/1/2022
(Cost: $3,968,827)	$	3,968,827		3,968,827

Total Investments - 99.7%
(Cost $87,282,551)			$	90,027,797
Other Assets Less Liabilities - 0.3%				254,908
Net Assets - 100.0%			$	90,282,705

*	Non-income producing security.

Engine No. 1 Transform Climate ETF invested, as a percentage of net assets, in the following countries of October 31, 2022:

United States	70.8	%
United Kingdom	7.5	%
Canada	6.0	%
Ireland	5.2	%
France	4.9	%
Israel	0.9	%
Other⁽¹⁾	4.7	%
Total	100.0	%

(1)	Includes cash, short term investments and net other assets (liabilities).

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 October 31, 2022 for the Fund based upon the three levels defined above:

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, 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.

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. Pursuant to Rule 2a-5 under the 1940 Act, each Fund has designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. 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 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.

For the year ended October 31, 2022, the average monthly notional amount of open futures contracts for Transform 500 ETF was $351,146. The range of monthly notional amounts was $221,025 to $583,853. For the period ended October 31, 2022, Transform Climate ETF did not hold open futures contracts.

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.

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.

Transform 500 ETF and Transform Climate ETF did not have any securities on loans as of October 31, 2022.

Each Fund places excess cash balances into overnight time deposits with one or more eligible deposit institutions that meet credit and risk standards approved by the Funds. These are classified as short-term investments in the Funds’ Schedule of Investments.

Throughout the reporting period, investment transactions are accounted for one business day following the trade date. For financial reporting purposes, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premiums and accretion of discounts. Dividend income, net of any applicable foreign withholding taxes, is recorded on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the asset received. Large, non-recurring dividends recognized by the Funds are presented separately on the Statements of Operations as “Special Dividends” and the impact of these dividends is presented in the Financial Highlights. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.

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.

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

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.

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.

Foreside Financial Services, LLC (d/b/a ACA Group) (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 (d/b/a ACA Group), Three Canal Plaza, Suite 100, Portland, Maine 04101, provides the Trust with a Chief Compliance Officer and Principal Financial Officer.

Ropes & Gray, located at 800 Boylston Street, Boston, MA 02199 serves as legal counsel to the Trust and the Funds.

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.

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.

Each Fund issues and redeems shares (“Shares”) at NAV only in aggregations of a specified number of Shares (each a “Creation Unit”). Each Fund 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 each Fund are traded in the secondary market and elsewhere at market values that may be at, above or below each 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.

The cost of purchases and the proceeds from sales of investment securities (excluding in-kind subscriptions and redemptions and short-term investments) for the year/period ended October 31, 2022 were as follows:

For the year/period ended October 31, 2022, the cost of in-kind subscriptions and the proceeds from in-kind redemptions were as follows:

Each Fund intends 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 year/period ended October 31, 2022.

At October 31, 2022, the cost of investments and derivatives and net unrealized appreciation (depreciation) for federal income tax purposes was as follows:

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, 2022, the components of distributable earnings (loss) on a tax basis were as follows:

At October 31, 2022, the effect of permanent book/tax reclassifications primarily related to in-kind transactions resulted in increase/ (decrease) to the components of net assets as follows:

The tax character of distributions paid during the years/periods indicated was as follows:

At October 31, 2022, 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.

At October 31, 2022, certain officers and Trustees of the Trust are also officers or employees of the Adviser or affiliated with the Distributor.

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.

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.

In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” The ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures related to equity securities subject to contractual sale restrictions. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management is evaluating the implications of this guidance to future financial statements.

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.

To the Shareholders of Engine No. 1 Transform 500 ETF and Engine No. 1 Transform Climate ETF and Board of Trustees of Engine No. 1 ETF Trust

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Engine No. 1 Transform 500 ETF and Engine No. 1 Transform Climate ETF (the “Funds”), each a series of Engine No. 1 ETF Trust, as of October 31, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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.

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors. The Funds designate the following amounts or, if subsequently determined to be different, the maximum allowable for its year/period ended October 31, 2022.

Consistent with Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), the Funds have adopted and implemented a written liquidity risk management program (the “Program”). The Program seeks to assess and manage each Fund’s liquidity risk, which is defined as the risk that a Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Funds’ Board of Trustees (the “Board”) has approved the designation of the Liquidity Program Administrator (“LPA”), a committee comprised of senior representatives of the adviser, Fund Management at Engine No. 1 LLC, and officers of the Funds, to oversee the implementation and monitoring of the Program. To assist in carrying out its responsibilities under the Program, on behalf of the Funds, a third party has been retained to perform certain functions, including providing market data and liquidity classification information.

Each of the Funds qualifies as an “In-Kind ETF” under the Liquidity Rule and the Program, which means that it meets redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publishes its portfolio holdings daily. As In-Kind ETFs, the Funds are exempt from certain Liquidity Rule requirements, including classification of portfolio holdings and the requirement to establish a highly liquid investment minimum.

Consistent with the Liquidity Rule, the Program includes provisions that require, no less frequently than annually, assessments of the Funds’ liquidity risks, including a review of specific factors set forth in the Program as applicable to each Fund. In addition, the Program includes provisions designed to comply with the Liquidity Rule’s limitation on investments in “illiquid investments” (as defined in the Liquidity Rule) to no more than 15% of a Fund’s net assets as well as provisions regarding the maintenance and monitoring of In-Kind ETF status and periodic reporting to the Funds’ Board.

At a meeting of the Board of Trustees on June 10, 2022, the LPA provided a written report (the “Report”) to the Board as required by the Liquidity Rule addressing the operation, adequacy, and effectiveness the Program, including any material changes to the Program for the period from June 22, 2021 through April 30, 2022 (“Reporting Period”). The Report included a summary of the oversight of the Program and the system that is used to operate the Program, and a discussion of the annual assessment of each Fund’s liquidity risk, including a review, as applicable, of the Funds’ investment strategies and liquidity of portfolio investments, the effects of short-term and long-term cash flows, holdings of cash and cash equivalents, the efficiency of the arbitrage function and the level of active participation by Authorized Participants and its relationship to each Fund’s liquidity, the effect of pricing/spreads and basket assets on each Fund’s liquidity, and the effect that historical redemptions and market volatility have had on the liquidity of each Fund during the Reporting Period.

The Report concluded that during the Reporting Period: (1) there were no material changes to the Program, (2) there were no significant liquidity events impacting any Fund, and (3) that it is the LPA’s assessment that the Program is adequately designed and has been effective in managing each Fund’s liquidity risk and in implementing the requirements of the Liquidity Rule. The Report further concluded that each Fund qualified as an In-Kind ETF during the Reporting Period and, given the intention to continue to meet redemptions only through in-kind transfers of securities, each Fund will continue to be classified as an In-Kind ETF. The Report also concluded that each Fund’s investment strategy continues to be appropriate for an open-end fund.

There can be no assurance that the Program will achieve its objectives in the future. Additional information regarding risks of investing in each Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.

Trustees and Executive Officers. Information about the Trustees and Executive Officers of the Trust as of October 31, 2022, including their business addresses, ages and principal occupations during the past five years, and other directorships of publicly traded companies or funds, is set forth in the table below. Each Trustee serves until resignation, death, retirement or removal. The address for each Trustee is c/o Fund Management at Engine No. 1 LLC, 710 Sansome Street, San Francisco, CA 94111.

The Board has an Audit Committee consisting solely of three (3) Trustees who are Independent Trustees. Jack Gee, an Independent Trustee, serves as the Chair of the Audit Committee and has been designated as an “audit committee financial expert” as defined under Item 407 of Regulation S-K of the Securities Exchange Act of 1934, as amended.

	Beginning Account Value 5/1/2022	Ending Account Value 10/31/2022	Annualized Expense Ratios for the Period	Expenses Paid During the Period^(a)
Engine No. 1 Transform 500 ETF
Actual	$1,000.00	$940.20	0.05%	$0.24
Hypothetical (5% return before expenses)	$1,000.00	$1,024.95	0.05%	$0.26

Engine No. 1 Transform Climate ETF^(b)
Actual	$1,000.00	$1,046.00	0.75%	$3.87
Hypothetical (5% return before expenses)	$1,000.00	$1,021.42	0.75%	$3.82

	Number of	Expiration	Trading	Notional	Value and Unrealized
	Contracts	Date	Currency	Amount	Appreciation
S&P 500 Micro E-Mini Index	17	12/16/2022	USD	$330,055	$12,786

Engine No. 1 Transform 500 ETF	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks*	$	357,082,414	$	-	$	-	$	357,082,414
Short-Term Investments
Time Deposit		436,429		-		-		436,429
Total Investments	$	357,518,663	$	-	$	-	$	357,518,663

Other Financial Instruments
Assets
Futures Contracts**	$	12,786	$	-	$	-	$	12,786
Total Other Financial Instruments	$	12,786	$	-	$	-	$	12,786

	Engine No. 1 Transform 500 ETF			Engine No. 1 Transform Climate ETF
ASSETS:
Investments in securities at value (Note 2)	$	357,518,663		$	90,027,797
Cash		210			14,084
Segregated cash balance with broker for future contracts		25,989			-
Receivables:
Dividends and interest		230,208			22,768
Capital shares sold		32,248,915			6,018,203
Securities lending income		302			29
Investment securities sold		-			5,033,169
Reclaims		2,242			2,405
Unrealized appreciation on futures contracts		12,786			-
Total Assets		390,039,315			101,118,455

LIABILITIES:
Payables:
Investment securities purchased		32,600,519			5,767,297
Capital shares purchased		-			5,014,916
Management fees (Note 3)		13,143			53,537
Total Liabilities		32,613,662			10,835,750
NET ASSETS	$	357,425,653		$	90,282,705

NET ASSETS CONSIST OF:
Paid-in capital	$	409,830,065		$	97,872,604
Total distributable earnings (accumulated loss)		(52,404,412	)		(7,589,899	)

NET ASSETS	$	357,425,653		$	90,282,705
Shares outstanding		7,980,000			1,800,000
Net asset value, per share	$	44.79		$	50.16
Investment in securities at cost	$	405,809,160		$	87,282,551

	Engine No. 1 Transform 500 ETF			Engine No. 1 Transform Climate ETF*
INVESTMENT INCOME:
Dividend income	$	4,715,061		$	815,498
Special dividends (Note 2)		-			171,746
Interest income		1,073			44,132
Securities lending income (Note 2)		8,671			29
Other income		398			4
Foreign withholding tax on dividends		(880	)		(4,645	)
Total Income		4,724,323			1,026,764

EXPENSES:
Management fees (Note 3)		155,576			454,977
Total Expenses		155,576			454,977
Net Investment Income (Loss)⁽¹⁾		4,568,747			571,787

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in securities		(4,661,665	)		(11,438,415	)
In-kind redemptions of investments		5,618,898			9,159,129
Expiration or closing of futures contracts		(66,654	)		-
Net realized gain (loss)		890,579			(2,279,286	)

Change in unrealized appreciation (depreciation) on:
Investments in securities		(61,503,968	)		2,745,246
Future contracts		3,961			-
Change in unrealized appreciation (depreciation)		(61,500,007	)		2,745,246

Net realized and unrealized gain (loss) on investments		(60,609,428	)		465,960

Net Increase (Decrease) in Net Assets Resulting From Operations	$	(56,040,681	)	$	1,037,747

Shareholder Letter		1
Management’s Discussion of Fund Performance		4
Engine No. 1 Transform 500 ETF		4
Engine No. 1 Transform Climate ETF		6
Shareholder Expense Examples		8
Sector Diversification		9
Schedule of Investments		10
Engine No. 1 Transform 500 ETF		10
Engine No. 1 Transform Climate ETF		18
Statements of Assets and Liabilities		20
Statements of Operations		21
Statements of Changes in Net Assets		22
Financial Highlights		23
Notes to Financial Statements		25
Report of Independent Registered Public Accounting Firm		33
Supplemental Information		34
Liquidity Risk Management Program		35
Board of Trustees and Executive Officers		36

		Since
	1 Year	Inception*
Engine No. 1 Transform 500 ETF (VOTE)
Net Asset Value	-16.72%	-6.95%
Market Value	-16.72%	-6.97%
Morningstar^®US Large Cap Select Index^SM	-16.68%	-6.90%

	Since
	Inception*
Engine No. 1 Transform Climate ETF (NETZ)
Net Asset Value	1.08%
Market Value	1.13%
Morningstar^®US Market Extended TR USD Index^SM	-14.26%

Engine No. 1 Transform 500 ETF (VOTE)		Engine No. 1 Transform Climate ETF (NETZ)

	Engine No. 1 Transform 500						Engine No. 1 Transform Climate
	ETF*						ETF**
	For the Year Ended			For the Period Ended			For the Period Ended
	October 31,			October 31,			October 31,
	2022			2021			2022
OPERATIONS:
Net investment income (loss)⁽¹⁾	$	4,568,747		$	701,745		$	571,787
Net realized gain (loss) on investments		890,579			143,069			(2,279,286	)
Net change in unrealized appreciation (depreciation) on investments		(61,500,007	)		13,222,296			2,745,246
Net increase (decrease) in net assets resulting from operations		(56,040,681	)		14,067,110			1,037,747

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from distributable earnings		(4,132,626	)		(467,032	)		(549,932	)

CAPITAL TRANSACTIONS:
Proceeds from shares sold		225,545,494			225,011,715			139,659,859
Cost of shares redeemed		(43,380,822	)		(3,277,505	)		(49,864,969	)
Net increase (decrease) in net assets from capital transactions		182,164,672			221,734,210			89,794,890
Increase (decrease) in net assets		121,991,365			235,334,288			90,282,705

NET ASSETS:
Beginning of year/period		235,434,288			100,000	⁽²⁾		-
End of year/period	$	357,425,653		$	235,434,288		$	90,282,705

CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of year/period		4,320,000			2,000	⁽²⁾		-
Shares sold		4,560,000			4,380,000			2,800,001
Shares redeemed		(900,000	)		(62,000	)		(1,000,001	)
Shares outstanding, end of year/period		7,980,000			4,320,000			1,800,000

	For the Year Ended October 31, 2022			For the Period June 22, 2021 through October 31, 2021⁽¹⁾
Per Share Data:
Net asset value, beginning of year/period	$	54.50		$	50.18	⁽²⁾
Net investment income (loss)⁽³⁾		0.72			0.22
Net realized and unrealized gain (loss) on investments		(9.79	)		4.23
Total gain (loss) from investment operations		(9.07	)		4.45

Distributions to shareholders:
Net investment income		(0.64	)		(0.13	)
Total distributions		(0.64	)		(0.13	)
Net asset value, end of year/period	$	44.79		$	54.50
Market value, end of year/period	$	44.78		$	54.49

Total Return at Net Asset Value⁽⁴⁾		(16.72	)%		8.87	%

Total Return at Market Value⁽⁴⁾		(16.72	)%		8.86	%

Ratios/Supplemental Data:
Net assets, end of year/period (000’s omitted)	$	357,426		$	235,434
Ratio to average net assets of:
Expenses		0.05	%⁽⁵⁾		0.05	%⁽⁵⁾
Net investment income⁽⁶⁾		1.47	%⁽⁵⁾		1.15	%⁽⁵⁾
Portfolio turnover rate⁽⁷⁾		4	%		1	%

	For the Period
	February 2, 2022 through
	October 31, 2022⁽¹⁾
Per Share Data:
Net asset value, beginning of period	$	49.94
Net investment income (loss)⁽²⁾⁽³⁾		0.35
Net realized and unrealized gain (loss) on investments		0.18
Total gain (loss) from investment operations		0.53

Distributions to shareholders:
Net investment income		(0.31	)
Total distributions		(0.31	)
Net asset value, end of period	$	50.16
Market value, end of period	$	50.18

Total Return at Net Asset Value⁽⁴⁾		1.09	%

Total Return at Market Value⁽⁴⁾		1.13	%

Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	90,283
Ratio to average net assets of:
Expenses		0.75	%⁽⁵⁾
Net investment income⁽⁶⁾		0.94	%⁽⁵⁾
Net investment income excluding special dividends⁽³⁾		0.66	%⁽⁵⁾
Portfolio turnover rate⁽⁷⁾		261	%

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		$	(66,654	)		$	3,961

Fund	Purchases		Sales
Engine No. 1 Transform 500 ETF	$	12,661,248	$	11,478,264
Engine No. 1 Transform Climate ETF	$	201,315,200	$	186,244,796

	In-Kind
Fund	Subscriptions		Redemptions
Engine No. 1 Transform 500 ETF	$	225,139,106	$	43,224,173
Engine No. 1 Transform Climate ETF	$	120,129,044	$	49,660,279

			Gross Unrealized		Gross Unrealized			Net Unrealized Appreciation
Fund	Cost		Appreciation		Depreciation			(Depreciation)
Engine No. 1 Transform 500 ETF	$	405,772,026	$	15,691,390	$	(64,368,216	)	$	(48,676,826	)
Engine No. 1 Transform Climate ETF	$	84,903,183	$	4,441,493	$	(3,285,706	)	$	1,155,787

Fund	Undistributed Income		Undistributed Long-term Capital Gains		Accumulated Capital Gains/ (Losses)			Net Unrealized Appreciation (Depreciation)			Total Earnings (Losses)
Engine No. 1 Transform 500 ETF	$	561,825	$	-	$	(4,289,411	)	$	(48,676,826	)	$	(52,404,412	)
Engine No. 1 Transform Climate ETF	$	21,855	$	-	$	(8,767,541	)	$	1,155,787		$	(7,589,899	)

	Year/Period Ended October 31, 2022				Period Ended October 31, 2021
	Ordinary		Long-Term		Ordinary		Long-Term
Fund	Income*		Capital Gain		Income*		Capital Gain
Engine No. 1 Transform 500 ETF	$	4,132,626	$	-	$	467,032	$	-
Engine No. 1 Transform Climate ETF	$	549,932	$	-	$	-	$	-

Fund	Short-Term		Long-Term		Total Amount
Engine No. 1 Transform 500 ETF	$	3,664,706	$	624,705	$	4,289,411
Engine No. 1 Transform Climate ETF	$	8,767,541	$	-	$	8,767,541

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Engine No. 1 Transform 500 ETF	For the year ended October 31, 2022	For the year ended October 31, 2022 and for the period from June 22, 2021 (commencement of operations) through October 31, 2021

Engine No.1 Transform Climate ETF	For the period from February 2, 2022 (commencement of operations) through October 31, 2022

	Qualified	Dividends
	Dividend	Received
	Income*	Deduction*
Engine No. 1 Transform 500 ETF	98.42%	94.76%
Engine No. 1 Transform Climate ETF	100.00%	100.00%

Name and Year of Birth	Position(s) Held with Trust	Year Appointed or Elected To Board	Principal Occupation(s) During Past Five Years	Number of Portfolios in the Fund Complex Overseen	Other Directorships Held by Trustee
Jack Gee, 1959	Trustee	Since 2021	Retired. Managing Director and Chief Financial Officer and Treasurer, U.S. iShares at Blackrock (2004 to 2019).	2	Trustee, AIM ETF Products Trust, Trustee to Allianz Variable Insurance Products Trust and Allianz Variable Insurance Products Fund of Funds Trust (2022-present); Trustee, Esoterica Thematic Trust (2019-2020).

Elaine Orr, 1966	Trustee	Since 2021	Director, Investments at Silicon Valley Community Foundation (2014-2016); Director, Global Business Development, Morningstar Investment Management (2012-2014).	2	Trustee, Board of Trustees for Federated City Employees Retirement System, for the City of San Jose, CA (2018-present).

Scott Ebner*, 1974	Trustee	Since 2021	Senior Managing Director, State Street Global Advisors (2010-2021).	2	Trustee, State Street Global Advisors Trust Company (2019-2020); Trustee, SSGA Cayman (2016-2020); Trustee, WindWise Global Defensive Long Short Equity Fund, Ltd.(2019-2020); Trustee, WindWise Seeding Fund SPC, Ltd.(2016-2020).

Name and Year of Birth	Position(s) Held with Trust	Length of Time Served	Principal Occupation(s) During Past Five Years
Jennifer Grancio, 1971	President and Principal Executive Officer	Since 2020	Chief Executive Officer at Engine No. 1 (2020-present); Managing Director and various roles at Blackrock (1999-2018).

Joshua G. Hunter**, 1981	Chief Financial Officer and Treasurer	Since 2021	Fund Principal Financial Officer, Foreside Fund Officer Services, LLC (d/b/a ACA Group) (2015-present); Vice President/ Assistant Vice President, Treasury Services, JPMorgan Chase & Co.(2008-2015).

Nancy Tyminski**, 1962	Chief Compliance and Anti-Money Laundering Officer	Since 2021	Fund Chief Compliance Officer, Foreside Fund Officer Services, LLC (d/b/a ACA Group) (2019-present); Senior Due Diligence Officer, Foreside Financial Group, LLC (2015-2019); Deputy Chief Compliance Officer, PNC Funds, PNC Bank, N.A.(2011-2015)

Jason LaMacchia, 1974	Secretary	Since 2021	Director, ETF Product Management, Engine No. 1 (2021-present); Business Consultant, JEL Consulting (2015-present); Head of Relationship Management, ForUsAll (2019-2021); Vice President, AssetMark (2017-2018); Director and Principal, Blackrock (2004-2015).

Yasmin Dahya Bilger, 1985	Vice President	Since 2021	Managing Director at Engine No. 1 (2021-present); Executive Director and various roles at JPMorgan Chase & Co.(2007-2021).

	*	Effective November 18, 2022, Mr. Ebner is no longer a Trustee of the Trust.
	**	Mr.Hunter and Ms.Tyminski serve as officers to other unaffiliated funds for which the Distributor (or its affiliates) acts as distributor (or provider of other services).