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 April 30, 2023. The Shareholder Letter may not necessarily reflect the views or holdings on the date this Semi-Annual Report is first published or anytime thereafter. The information in the Shareholder Letter may change, and the Funds disclaim any obligation to advise shareholders of any such changes. Certain information was obtained from sources that Engine No. 1 believes to be reliable; however, Engine No. 1 does not guarantee the accuracy or completeness of any information obtained from any third party.

Portfolio holdings will change and should not be considered as investment advice or a recommendation to buy, sell or hold any particular security. Please visit etf.engine1.com for the most current list of portfolio holdings 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 April 30, 2023, the Underlying Index is represented by securities of companies in sectors including Information Technology, Health Care, Financials, Consumer Discretionary, Industrials, Communication Services, Consumer Staples, Energy, Utilities, Materials and Real Estate. 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 that 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 but may be selected from a universe of US and non-US listed equity securities. The Morningstar^® US Market Extended TR USD Index^SM 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. The Adviser expects to hold between 20-40 equities within the Fund’s portfolio.

The Engine No. 1 Transform Supply Chain ETF is an actively managed exchange-traded fund that invests in U.S.-listed equity, American depositary receipt securities, and non-U.S. developed and emerging market-listed securities, which over time may vary as market and investment opportunities change. The Fund may also enter into currency-related spot transactions when it transacts in equities denominated in foreign currencies or invest in certain derivative instruments, such as currency futures or forwards that will help the Adviser manage risk associated with foreign currency exposure, if any, or futures contracts. The Fund’s investments may include micro-, small-, medium- and large-capitalization equities of companies. The Adviser expects to hold between 20-40 equities within the Fund’s portfolio.

It has been a truly amazing journey in the nearly two years since we launched Transform ETFs. Thank you for coming with us, and we are excited for what lies ahead. Today, you can capture investment opportunity while being an active owner in our alpha mega-theme strategies, Transform Climate ETF (NETZ) and Transform Supply Chain ETF (SUPP), and our better index fund, Transform 500 ETF (VOTE), which gives investors an active voice through a passive fund.

Both active strategies aim to create long-term value for investors through our unique approach to identifying and pursuing investment opportunities in once-in-a-generation systems transformations and through governance activities. In all strategies, we are always active owners, seeking to help companies realize their full potential and investors of all kinds build returns over time. In 2022 alone, we voted at 506 annual shareholder meetings on 6,387 proposals, including 439 shareholder proposals. We supported 88% of shareholder proposals after carefully evaluating each issue through our economics-focused lens, ultimately supporting the ones that we believed foster good corporate governance, enhance transparency, and create long-term value.

Earlier this year, we launched SUPP. SUPP is our second actively managed thematic ETF and invests in companies that drive supply chain resiliency and long-term value creation through relocalization of manufacturing, automation and innovation, and transportation and logistics management.

The United States has lost 7 million manufacturing jobs since World War II¹. The collapse of global supply chains during Covid put even more pressure on North American companies and the customers they serve. Now, while trying to solve the supply chain crisis and with tailwinds from the CHIPS and Inflation Reduction Acts, manufacturing is roaring back to North America. This is great for North American jobs, communities, and companies’ mid-term profitability. It is a huge investment opportunity in America, and SUPP is structured to help investors capture this epic opportunity now and, in the years to come.

In February, we celebrated NETZ’s one-year anniversary. We once again received industry recognition, winning etf.com’s Thematic ETF of the Year award². We continue to believe that investors seeking returns need to hold the best of the big emitters in energy, transportation, agricultural, and select industrials because they are the enablers of the epic transformation to net zero at scale. Our goal is to hold and actively manage to this broad theme – and deliver annual and multi-year out-performance even in the extreme volatility we are currently experiencing and in the old-economy transformation ahead. Many sophisticated investors are already with us, and we welcome the many who are joining us in NETZ as a core holding in their long-term portfolio every month.

We launched VOTE as a low-cost (just 5 bps) large-cap index fund that actively votes its shares – because even in a passive core holding, investors should be active. Investors should use their vote and voice on governance, material data transparency, and long-term economic out-performance. Since we won the Exxon proxy campaign and launched the fund in 2021, VOTE continues to use shareholder voting power to drive accountability and transparency at the largest publicly traded companies.

We take a deep, cross-sector, active approach that seeks to know entire systems in all their complexities, rather than one or two companies or sectors within the system, so we can see the connections to generate alpha. Investors focused just on a single sector or relying on passive building blocks alone can’t possibly see the whole picture.

Furthermore, we believe in investment and engagement, not divestment. Research shows divesting from companies doesn’t change their operations or increase shareholder value³. Long-term problems simply can’t be solved by investors running away from short-term-focused companies or boards. Rather, we engage directly with companies to improve their performance and create long-term value. From our proxy voting to our deep engagements, we believe our approach to active ownership delivers results for shareholders.

Transparency is key. Everything we do at Transform ETFs is transparent each and every day: our choice of company holdings, our engagements, and our votes. This is the future of active management.

As we look ahead, we are focused on the risks and opportunities we face as the global population continues to grow and the demand for the natural resources needed to address deglobalization and decarbonization continues to rise. Right now, humanity is using natural resources 1.7x faster than our planet’s capacity to regenerate them, and as a result, we are experiencing long-term, structural supply and demand imbalances we expect to persist in the decades to come⁴. We believe companies that are addressing scarcity by changing business operations to be less reliant on or more efficient in their use of scarce resources – or are providing products and services that better optimize consumers’ use of those resources – will be winners of the future.

We see similar opportunities in human health and the Artificial Intelligence (AI) that powers all the transformations we work on at Transform ETFs.

On the following pages, you will find information related to your SUPP, NETZ, and VOTE investments. If you have any questions, please contact your financial advisor or Engine No. 1 directly. The future is complicated but offers many opportunities to participate as active owners of the value created through these transformations. Transform ETFs sort through the complexity, simplifying the investment opportunity.

Before investing you should carefully consider the fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained from https://etf.engine1.com. Please read the prospectus carefully before you invest. Investing involves risk, including the possible loss of principal.

Shares of any exchange-traded fund (ETF) are bought and sold at market price (not net asset value (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 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.

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

The description of Engine No. 1’s investment strategy is intended to be representative but may be changed from time to time by Engine No. 1, and Engine No. 1 may alter the information at its discretion. Engine No. 1 intends to be focused and directed in the selection of opportunities to actively engage with portfolio companies of the Fund. Engine No. 1 intends to measure the investment made by companies in their employees, communities, customers, and the environment, including through the use of financial, operational, and sustainability metrics. For NETZ, Engine No. 1 may consider any sustainability factors as core to its investment process but its specific focus for NETZ will be on the environmental factors most relevant to climate change. For NETZ and SUPP, 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 sustainability ratings or rankings to exclude specific companies, but instead uses its own proprietary analysis to attempt to make better informed decisions. NETZ and SUPP may forgo certain investment opportunities that do not meet Engine No. 1’s criteria and results may be lower than other funds that use different or no sustainability criteria to screen out certain companies or industries.

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 letter 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 Funds are advised by Fund Management at Engine No. 1 LLC. Distributed by Foreside Financial Services, LLC.

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 from November 1, 2022 (February 14, 2023 for Engine No. 1 Transform Supply Chain ETF) until April 30, 2023.

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 - 99.8%

Aerospace & Defense - 1.7%
Boeing Co.*		6,916	$	1,430,090
General Dynamics Corp.		2,766		603,928
HEICO Corp.		488		82,296
HEICO Corp., Class A		859		115,304
Howmet Aerospace, Inc.		4,528		200,545
L3Harris Technologies, Inc.		2,342		457,041
Lockheed Martin Corp.		2,794		1,297,673
Northrop Grumman Corp.		1,770		816,448
Raytheon Technologies Corp.		18,013		1,799,500
Textron, Inc.		2,563		171,567
TransDigm Group, Inc.		638		488,070
				7,462,462
Air Freight & Logistics - 0.6%
Expeditors International of Washington, Inc.		1,959		223,013
FedEx Corp.		2,855		650,312
United Parcel Service, Inc., Class B		8,975		1,613,794
				2,487,119
Automobile Components - 0.1%
Aptiv plc*		3,329		342,421

Automobiles - 1.5%
Ford Motor Co.		48,151		572,034
General Motors Co.		17,149		566,603
Lucid Group, Inc.* ^††		7,878		62,551
Rivian Automotive, Inc., Class A*		6,742		86,432
Tesla, Inc.*		33,073		5,434,225
				6,721,845
Banks - 3.1%
Bank of America Corp.		85,823		2,512,897
Citigroup, Inc.		23,817		1,121,066
Citizens Financial Group, Inc.		6,056		187,373
Fifth Third Bancorp		8,398		220,028
First Republic Bank		2,286		8,024
Huntington Bancshares, Inc.		17,757		198,878
JPMorgan Chase & Co.		36,072		4,986,594
KeyCorp		11,486		129,332
M&T Bank Corp.		2,080		261,664
PNC Financial Services Group, Inc. (The)		4,931		642,263
Regions Financial Corp.		11,486		209,734
Truist Financial Corp.		16,314		531,510
US Bancorp		17,129		587,182
Wells Fargo & Co.		46,862		1,862,765
				13,459,310

Investments	Shares		Value
Beverages - 1.8%
Brown-Forman Corp., Class B		2,245	$	146,127
Coca-Cola Co.		47,861		3,070,283
Constellation Brands, Inc., Class A		1,997		458,252
Keurig Dr Pepper, Inc.		10,454		341,846
Monster Beverage Corp.*		9,364		524,384
PepsiCo, Inc.		16,936		3,232,913
				7,773,805
Biotechnology - 2.4%
AbbVie, Inc.		21,747		3,286,408
Alnylam Pharmaceuticals, Inc.*		1,512		301,190
Amgen, Inc.		6,565		1,573,893
Biogen, Inc.*		1,770		538,487
BioMarin Pharmaceutical, Inc.*		2,285		219,451
Gilead Sciences, Inc.		15,334		1,260,608
Horizon Therapeutics plc*		2,785		309,581
Incyte Corp.*		2,276		169,357
Moderna, Inc.*		4,062		539,799
Regeneron Pharmaceuticals, Inc.*		1,322		1,059,966
Seagen, Inc.*		1,689		337,800
Vertex Pharmaceuticals, Inc.*		3,162		1,077,388
				10,673,928
Broadline Retail - 3.0%
Amazon.com, Inc.*		109,629		11,560,379
Coupang, Inc., Class A*		12,549		210,321
eBay, Inc.		6,670		309,688
Etsy, Inc.*		1,544		155,990
MercadoLibre, Inc.*		569		726,892
				12,963,270
Building Products - 0.4%
Carrier Global Corp.		10,252		428,739
Johnson Controls International plc		8,455		505,947
Masco Corp.		2,768		148,116
Trane Technologies plc		2,818		523,612
				1,606,414
Capital Markets - 3.0%
Ameriprise Financial, Inc.		1,296		395,436
Bank of New York Mellon Corp. (The)		9,040		385,014
BlackRock, Inc., Class A		1,841		1,235,679
Blackstone, Inc.		8,732		780,030
Carlyle Group, Inc. (The)		2,687		81,497
Charles Schwab Corp. (The)		18,752		979,604
CME Group, Inc., Class A		4,423		821,661
FactSet Research Systems, Inc.		470		193,494
Goldman Sachs Group, Inc. (The)		4,165		1,430,428
Intercontinental Exchange, Inc.		6,874		748,785
KKR & Co., Inc.		7,091		376,319

Investments	Shares		Value
LPL Financial Holdings, Inc.		973	$	203,201
MarketAxess Holdings, Inc.		463		147,405
Moody’s Corp.		1,937		606,513
Morgan Stanley		16,066		1,445,458
MSCI, Inc., Class A		984		474,731
Nasdaq, Inc.		4,163		230,505
Northern Trust Corp.		2,561		200,168
Raymond James Financial, Inc.		2,382		215,642
S&P Global, Inc.		4,049		1,468,087
State Street Corp.		4,294		310,284
T Rowe Price Group, Inc.		2,757		309,694
				13,039,635
Chemicals - 1.8%
Air Products & Chemicals, Inc.		2,730		803,603
Albemarle Corp.		1,442		267,433
Celanese Corp., Class A		1,223		129,932
CF Industries Holdings, Inc.		2,412		172,651
Corteva, Inc.		8,758		535,289
Dow, Inc.		8,670		471,648
DuPont de Nemours, Inc.		5,631		392,593
Eastman Chemical Co.		1,461		123,118
Ecolab, Inc.		3,048		511,576
FMC Corp.		1,548		191,302
International Flavors & Fragrances, Inc.		3,137		304,164
Linde plc		6,056		2,237,389
LyondellBasell Industries NV, Class A		3,125		295,656
Mosaic Co.		4,187		179,413
PPG Industries, Inc.		2,890		405,351
Sherwin-Williams Co.		2,898		688,391
Westlake Corp.		425		48,357
				7,757,866
Commercial Services & Supplies - 0.5%
Cintas Corp.		1,062		484,028
Copart, Inc.*		5,269		416,514
Republic Services, Inc., Class A		2,527		365,455
Rollins, Inc.		2,841		120,032
Waste Management, Inc.		4,567		758,351
				2,144,380
Communications Equipment - 0.8%
Arista Networks, Inc.*		3,045		487,687
Cisco Systems, Inc. (Delaware)		50,517		2,386,929
Motorola Solutions, Inc.		2,056		599,118
				3,473,734
Construction & Engineering - 0.1%
Quanta Services, Inc.		1,759		298,397

Investments	Shares		Value
Construction Materials - 0.1%
Martin Marietta Materials, Inc.		764	$	277,485
Vulcan Materials Co.		1,636		286,496
				563,981
Consumer Finance - 0.5%
American Express Co.		7,321		1,181,170
Capital One Financial Corp.		4,690		456,337
Discover Financial Services		3,284		339,795
Synchrony Financial		5,376		158,646
				2,135,948
Consumer Staples Distribution & Retail - 1.9%
Costco Wholesale Corp.		5,457		2,746,072
Dollar General Corp.		2,750		609,015
Dollar Tree, Inc.*		2,556		392,883
Kroger Co.		8,015		389,769
Sysco Corp.		6,239		478,781
Target Corp.		5,659		892,707
Walgreens Boots Alliance, Inc.		8,800		310,200
Walmart, Inc.		17,245		2,603,478
				8,422,905
Containers & Packaging - 0.2%
Amcor plc		18,286		200,597
Avery Dennison Corp.		996		173,782
Ball Corp.		3,859		205,222
Crown Holdings, Inc.		1,474		126,440
International Paper Co.		4,372		144,757
				850,798
Distributors - 0.1%
Genuine Parts Co.		1,731		291,344
LKQ Corp.		3,123		180,291
Pool Corp.		480		168,634
				640,269
Diversified REITs - 0.0%^†
WP Carey, Inc.		2,584		191,733

Diversified Telecommunication Services - 0.8%
AT&T, Inc.		87,650		1,548,776
Verizon Communications, Inc.		51,642		2,005,258
				3,554,034
Electric Utilities - 1.8%
American Electric Power Co., Inc.		6,320		584,094
Avangrid, Inc.		859		34,583
Constellation Energy Corp.		4,022		311,303
Duke Energy Corp.		9,470		936,394
Edison International		4,699		345,846
Entergy Corp.		2,504		269,380
Evergy, Inc.		2,823		175,337

Investments	Shares		Value
Eversource Energy		4,281	$	332,248
Exelon Corp.		12,217		518,489
FirstEnergy Corp.		6,681		265,904
NextEra Energy, Inc.		24,436		1,872,531
PG&E Corp.*		19,808		338,915
PPL Corp.		9,051		259,945
Southern Co.		13,389		984,761
Xcel Energy, Inc.		6,727		470,285
				7,700,015
Electrical Equipment - 0.5%
AMETEK, Inc.		2,824		389,514
Eaton Corp. plc		4,890		817,217
Emerson Electric Co.		7,023		584,735
Rockwell Automation, Inc.		1,411		399,892
				2,191,358
Electronic Equipment, Instruments & Components - 0.6%
Amphenol Corp., Class A		7,313		551,911
CDW Corp.		1,664		282,198
Corning, Inc.		9,362		311,006
Keysight Technologies, Inc.*		2,193		317,196
TE Connectivity Ltd.		3,893		476,386
Teledyne Technologies, Inc.*		577		239,109
Trimble, Inc.*		3,037		143,043
Zebra Technologies Corp., Class A*		634		182,611
				2,503,460
Energy Equipment & Services - 0.4%
Baker Hughes Co., Class A		12,377		361,903
Halliburton Co.		11,111		363,885
Schlumberger NV		17,465		861,898
				1,587,686
Entertainment - 1.4%
Activision Blizzard, Inc.*		8,755		680,351
Electronic Arts, Inc.		3,204		407,805
Liberty Media Corp.-Liberty Formula One, Class A*		292		18,916
Liberty Media Corp.-Liberty Formula One, Class C*		2,548		183,940
Live Nation Entertainment, Inc.*		1,753		118,818
Netflix, Inc.*		5,476		1,806,697
ROBLOX Corp., Class A*		4,453		158,527
Take-Two Interactive Software, Inc.*		1,951		242,490
Walt Disney Co.*		22,463		2,302,457
				5,920,001
Financial Services - 4.5%
Apollo Global Management, Inc.		5,346		338,883
Berkshire Hathaway, Inc., Class B*		22,156		7,279,354
Block, Inc., Class A*		6,604		401,457

Investments	Shares		Value
Fidelity National Information Services, Inc.		7,291	$	428,128
Fiserv, Inc.*		7,809		953,635
FleetCor Technologies, Inc.*		907		194,025
Global Payments, Inc.		3,232		364,279
Mastercard, Inc., Class A		10,376		3,943,191
PayPal Holdings, Inc.*		13,910		1,057,160
Visa, Inc., Class A		19,983		4,650,644
				19,610,756
Food Products - 1.1%
Archer-Daniels-Midland Co.		6,729		525,400
Bunge Ltd.		1,843		172,505
Campbell Soup Co.		2,461		133,632
Conagra Brands, Inc.		5,859		222,408
General Mills, Inc.		7,249		642,479
Hershey Co.		1,806		493,146
Hormel Foods Corp.		3,554		143,724
J M Smucker Co.		1,312		202,586
Kellogg Co.		3,146		219,496
Kraft Heinz Co.		9,794		384,610
McCormick & Co., Inc.		3,084		270,929
Mondelez International, Inc., Class A		16,763		1,286,058
Tyson Foods, Inc., Class A		3,514		219,590
				4,916,563
Gas Utilities - 0.0%^†
Atmos Energy Corp.		1,759		200,772

Ground Transportation - 0.9%
CSX Corp.		25,842		791,799
JB Hunt Transport Services, Inc.		1,021		178,971
Norfolk Southern Corp.		2,802		568,890
Old Dominion Freight Line, Inc.		1,113		356,594
Uber Technologies, Inc.*		24,527		761,563
Union Pacific Corp.		7,525		1,472,643
				4,130,460
Health Care Equipment & Supplies - 2.9%
Abbott Laboratories		21,439		2,368,367
Align Technology, Inc.*		894		290,818
Baxter International, Inc.		6,202		295,711
Becton Dickinson & Co.		3,492		922,971
Boston Scientific Corp.*		17,614		918,042
Cooper Cos, Inc. (The)		607		231,540
Dexcom, Inc.*		4,752		576,608
Edwards Lifesciences Corp.*		7,605		669,088
Hologic, Inc.*		3,032		260,782
IDEXX Laboratories, Inc.*		1,019		501,511
Insulet Corp.*		854		271,606
Intuitive Surgical, Inc.*		4,310		1,298,258

Investments	Shares		Value
Medtronic plc		16,357	$	1,487,669
ResMed, Inc.		1,805		434,933
STERIS plc		1,220		230,031
Stryker Corp.		4,146		1,242,349
Teleflex, Inc.		577		157,244
Zimmer Biomet Holdings, Inc.		2,578		356,898
				12,514,426
Health Care Providers & Services - 3.0%
AmerisourceBergen Corp., Class A		1,990		332,032
Cardinal Health, Inc.		3,170		260,257
Centene Corp.*		6,771		466,725
Cigna Group (The)		3,671		929,828
CVS Health Corp.		15,786		1,157,272
Elevance Health, Inc.		2,936		1,375,956
HCA Healthcare, Inc.		2,606		748,782
Humana, Inc.		1,536		814,833
Laboratory Corp. of America Holdings		1,088		246,660
McKesson Corp.		1,684		613,380
Molina Healthcare, Inc.*		718		213,885
Quest Diagnostics, Inc.		1,364		189,337
UnitedHealth Group, Inc.		11,489		5,653,621
				13,002,568
Health Care REITs - 0.2%
Healthpeak Properties, Inc.		6,725		147,748
Ventas, Inc.		4,918		236,310
Welltower, Inc.		5,808		460,110
				844,168
Health Care Technology - 0.1%
Veeva Systems, Inc., Class A*		1,732		310,167

Hotels, Restaurants & Leisure - 2.3%
Airbnb, Inc., Class A*		4,899		586,263
Booking Holdings, Inc.*		477		1,281,370
Caesars Entertainment, Inc.*		2,633		119,249
Carnival Corp.*		12,303		113,311
Chipotle Mexican Grill, Inc., Class A*		340		702,991
Darden Restaurants, Inc.		1,498		227,591
Domino’s Pizza, Inc.		436		138,417
DoorDash, Inc., Class A*		3,228		197,521
Expedia Group, Inc.*		1,817		170,725
Hilton Worldwide Holdings, Inc.		3,277		471,954
Las Vegas Sands Corp.*		4,043		258,146
Marriott International, Inc., Class A		3,308		560,177
McDonald’s Corp.		9,007		2,663,819
MGM Resorts International		3,865		173,616
Royal Caribbean Cruises Ltd.*		2,702		176,792

Investments	Shares		Value
Starbucks Corp.		14,135	$	1,615,489
Yum! Brands, Inc.		3,441		483,736
				9,941,167
Household Durables - 0.3%
DR Horton, Inc.		3,841		421,818
Garmin Ltd.		1,885		185,050
Lennar Corp., Class A		3,117		351,629
Lennar Corp., Class B		180		17,608
NVR, Inc.*		37		216,080
				1,192,185
Household Products - 1.5%
Church & Dwight Co., Inc.		2,999		291,263
Clorox Co.		1,520		251,742
Colgate-Palmolive Co.		10,271		819,626
Kimberly-Clark Corp.		4,148		601,004
Procter & Gamble Co.		29,011		4,536,740
				6,500,375
Independent Power & Renewable Electricity Producers - 0.0%^†
AES Corp. (The)		8,216		194,391

Industrial Conglomerates - 0.8%
3M Co.		6,770		719,109
General Electric Co.		13,397		1,325,901
Honeywell International, Inc.		8,216		1,641,886
				3,686,896
Industrial REITs - 0.3%
Prologis, Inc.		11,353		1,421,963

Insurance - 2.1%
Aflac, Inc.		6,887		481,057
Allstate Corp. (The)		3,231		374,021
American International Group, Inc.		9,140		484,786
Aon plc, Class A		2,526		821,405
Arch Capital Group Ltd.*		4,548		341,418
Arthur J Gallagher & Co.		2,607		542,412
Brown & Brown, Inc.		2,888		185,958
Chubb Ltd.		5,103		1,028,561
Cincinnati Financial Corp.		1,934		205,855
Everest Re Group Ltd.		481		181,818
Hartford Financial Services Group, Inc. (The)		3,873		274,944
Markel Corp.*		165		225,807
Marsh & McLennan Cos, Inc.		6,088		1,096,996
MetLife, Inc.		8,103		496,957
Principal Financial Group, Inc.		2,799		209,057
Progressive Corp. (The)		7,192		980,989
Prudential Financial, Inc.		4,523		393,501
Travelers Cos, Inc. (The)		2,841		514,619

Investments	Shares		Value
W R Berkley Corp.		2,505	$	147,595
Willis Towers Watson plc		1,313		304,091
				9,291,847
Interactive Media & Services - 5.0%
Alphabet, Inc., Class A*		73,240		7,861,582
Alphabet, Inc., Class C*		63,847		6,909,522
Match Group, Inc.*		3,437		126,825
Meta Platforms, Inc., Class A*		27,369		6,577,318
Pinterest, Inc., Class A*		7,310		168,130
Snap, Inc., Class A*		12,074		105,165
ZoomInfo Technologies, Inc., Class A*		3,325		72,851
				21,821,393
IT Services - 1.3%
Accenture plc, Class A		7,744		2,170,566
Akamai Technologies, Inc.*		1,935		158,612
Cloudflare, Inc., Class A*		3,523		165,757
Cognizant Technology Solutions Corp., Class A		6,259		373,725
EPAM Systems, Inc.*		707		199,685
Gartner, Inc.*		971		293,689
GoDaddy, Inc., Class A*		1,909		144,473
International Business Machines Corp.		11,118		1,405,426
MongoDB, Inc., Class A*		851		204,206
Snowflake, Inc., Class A*		3,518		520,945
VeriSign, Inc.*		1,126		249,747
				5,886,831
Life Sciences Tools & Services - 1.7%
Agilent Technologies, Inc.		3,636		492,423
Avantor, Inc.*		8,286		161,411
Bio-Rad Laboratories, Inc., Class A*		265		119,459
Danaher Corp.		8,060		1,909,495
Illumina, Inc.*		1,934		397,553
IQVIA Holdings, Inc.*		2,284		429,917
Mettler-Toledo International, Inc.*		272		405,688
PerkinElmer, Inc.		1,554		202,781
Thermo Fisher Scientific, Inc.		4,823		2,676,284
Waters Corp.*		730		219,263
West Pharmaceutical Services, Inc.		911		329,090
				7,343,364
Machinery - 1.6%
Caterpillar, Inc.		6,399		1,400,101
Cummins, Inc.		1,738		408,500
Deere & Co.		3,325		1,256,917
Dover Corp.		1,715		250,664
Fortive Corp.		4,343		274,000
IDEX Corp.		927		191,259

Investments	Shares		Value
Illinois Tool Works, Inc.		3,414	$	825,983
Ingersoll Rand, Inc.		4,982		284,074
Otis Worldwide Corp.		5,101		435,115
PACCAR, Inc.		6,420		479,510
Parker-Hannifin Corp.		1,577		512,336
Stanley Black & Decker, Inc.		1,819		157,052
Westinghouse Air Brake Technologies Corp.		2,238		218,585
Xylem, Inc./NY		2,218		230,317
				6,924,413
Media - 0.9%
Charter Communications, Inc., Class A*		1,296		477,835
Comcast Corp., Class A		51,734		2,140,237
Fox Corp., Class A		3,649		121,366
Fox Corp., Class B		1,699		51,887
Liberty Broadband Corp., Class A*		199		16,821
Liberty Broadband Corp., Class C*		1,471		124,711
Liberty Media Corp.-Liberty SiriusXM, Class A*		919		25,824
Liberty Media Corp.-Liberty SiriusXM, Class C*		1,883		52,611
Omnicom Group, Inc.		2,493		225,791
Paramount Global, Class B		6,197		144,576
Sirius XM Holdings, Inc.^††		8,613		32,729
Trade Desk, Inc. (The), Class A*		5,474		352,197
				3,766,585
Metals & Mining - 0.4%
Freeport-McMoRan, Inc.		17,580		666,459
Newmont Corp.		9,761		462,671
Nucor Corp.		3,111		460,988
Southern Copper Corp.		1,047		80,441
Steel Dynamics, Inc.		2,052		213,305
				1,883,864
Multi-Utilities - 0.8%
Ameren Corp.		3,175		282,480
CenterPoint Energy, Inc.		7,731		235,564
CMS Energy Corp.		3,583		223,078
Consolidated Edison, Inc.		4,361		429,428
Dominion Energy, Inc.		10,251		585,742
DTE Energy Co.		2,383		267,873
Public Service Enterprise Group, Inc.		6,139		387,985
Sempra Energy		3,866		601,123
WEC Energy Group, Inc.		3,878		372,947
				3,386,220

Investments	Shares		Value
Office REITs - 0.1%
Alexandria Real Estate Equities, Inc.		1,935	$	240,288
Boston Properties, Inc.		1,756		93,700
				333,988
Oil, Gas & Consumable Fuels - 4.4%
APA Corp.		3,946		145,410
Cheniere Energy, Inc.		3,057		467,721
Chevron Corp.		21,875		3,687,688
ConocoPhillips		15,049		1,548,392
Coterra Energy, Inc.		9,693		248,141
Devon Energy Corp.		8,038		429,470
Diamondback Energy, Inc.		2,260		321,372
EOG Resources, Inc.		7,225		863,171
EQT Corp.		4,518		157,407
Exxon Mobil Corp.		50,638		5,992,500
Hess Corp.		3,414		495,235
Kinder Morgan, Inc.		24,315		417,002
Marathon Oil Corp.		7,806		188,593
Marathon Petroleum Corp.		5,584		681,248
Occidental Petroleum Corp.		8,941		550,140
ONEOK, Inc.		5,498		359,624
Phillips 66		5,732		567,468
Pioneer Natural Resources Co.		2,922		635,681
Targa Resources Corp.		2,784		210,276
Texas Pacific Land Corp.		76		112,301
Valero Energy Corp.		4,739		543,421
Williams Cos, Inc. (The)		14,984		453,416
				19,075,677
Passenger Airlines - 0.2%
Delta Air Lines, Inc.*		7,889		270,671
Southwest Airlines Co.		7,302		221,178
United Airlines Holdings, Inc.*		4,022		176,164
				668,013
Personal Care Products - 0.2%
Estee Lauder Cos, Inc. (The), Class A		2,849		702,905

Pharmaceuticals - 4.2%
Bristol-Myers Squibb Co.		26,144		1,745,635
Eli Lilly & Co.		9,698		3,839,050
Johnson & Johnson		32,151		5,263,120
Merck & Co., Inc.		31,179		3,600,239
Pfizer, Inc.		69,027		2,684,460
Royalty Pharma plc, Class A		4,549		159,897
Viatris, Inc.		14,919		139,194
Zoetis, Inc., Class A		5,730		1,007,219
				18,438,814

Investments	Shares		Value
Professional Services - 0.8%
Automatic Data Processing, Inc.		5,096	$	1,121,120
Broadridge Financial Solutions, Inc.		1,449		210,699
CoStar Group, Inc.*		5,001		384,827
Equifax, Inc.		1,506		313,820
Jacobs Solutions, Inc.		1,557		179,771
Leidos Holdings, Inc.		1,682		156,863
Paychex, Inc.		3,944		433,288
Paycom Software, Inc.*		593		172,189
SS&C Technologies Holdings, Inc.		2,694		157,707
TransUnion		2,369		163,011
Verisk Analytics, Inc., Class A		1,923		373,274
				3,666,569
Real Estate Management & Development - 0.1%
CBRE Group, Inc., Class A*		3,887		297,977

Residential REITs - 0.3%
AvalonBay Communities, Inc.		1,718		309,875
Equity Residential		4,190		265,018
Essex Property Trust, Inc.		794		174,466
Invitation Homes, Inc.		7,148		238,529
Mid-America Apartment Communities, Inc.		1,420		218,396
Sun Communities, Inc.		1,523		211,590
				1,417,874
Retail REITs - 0.2%
Realty Income Corp.		7,708		484,370
Simon Property Group, Inc.		4,018		455,320
				939,690
Semiconductors & Semiconductor Equipment - 6.0%
Advanced Micro Devices, Inc.*		19,828		1,772,028
Analog Devices, Inc.		6,233		1,121,192
Applied Materials, Inc.		10,368		1,171,895
Broadcom, Inc.		5,139		3,219,584
Enphase Energy, Inc.*		1,672		274,542
Entegris, Inc.		1,832		137,253
First Solar, Inc.*		1,218		222,382
Intel Corp.		50,868		1,579,960
KLA Corp.		1,703		658,278
Lam Research Corp.		1,659		869,449
Marvell Technology, Inc.		10,490		414,145
Microchip Technology, Inc.		6,734		491,515
Micron Technology, Inc.		13,416		863,454
Monolithic Power Systems, Inc.		551		254,545
NVIDIA Corp.		30,251		8,394,349
NXP Semiconductors NV		3,185		521,512
ON Semiconductor Corp.*		5,311		382,180

Investments	Shares		Value
Qorvo, Inc.*		1,227	$	112,982
QUALCOMM, Inc.		13,712		1,601,562
Skyworks Solutions, Inc.		1,952		206,717
SolarEdge Technologies, Inc.*		688		196,513
Teradyne, Inc.		1,915		174,993
Texas Instruments, Inc.		11,143		1,863,110
				26,504,140
Software - 10.1%
Adobe, Inc.*		5,630		2,125,663
ANSYS, Inc.*		1,072		336,522
Aspen Technology, Inc.*		358		63,366
Atlassian Corp., Class A*		1,844		272,285
Autodesk, Inc.*		2,654		516,973
Cadence Design Systems, Inc.*		3,373		706,475
Crowdstrike Holdings, Inc., Class A*		2,685		322,334
Datadog, Inc., Class A*		3,048		205,374
DocuSign, Inc., Class A*		2,473		122,265
Fair Isaac Corp.*		310		225,665
Fortinet, Inc.*		7,972		502,635
Gen Digital, Inc.		6,991		123,531
HubSpot, Inc.*		598		251,728
Intuit, Inc.		3,455		1,533,847
Microsoft Corp.		91,534		28,124,736
Oracle Corp.		18,901		1,790,303
Palantir Technologies, Inc., Class A*		21,665		167,904
Palo Alto Networks, Inc.*		3,718		678,386
PTC, Inc.*		1,309		164,659
Roper Technologies, Inc.		1,304		593,033
Salesforce, Inc.*		12,297		2,439,356
ServiceNow, Inc.*		2,497		1,147,172
Splunk, Inc.*		1,853		159,803
Synopsys, Inc.*		1,874		695,854
Tyler Technologies, Inc.*		511		193,684
Unity Software, Inc.*		3,001		80,937
VMware, Inc., Class A*		2,564		320,577
Workday, Inc., Class A*		2,482		461,999
Zoom Video Communications, Inc., Class A*		2,655		163,097
Zscaler, Inc.*		1,048		94,425
				44,584,588
Specialized REITs - 1.2%
American Tower Corp.		5,725		1,170,132
Crown Castle, Inc.		5,323		655,208
Digital Realty Trust, Inc.		3,534		350,396
Equinix, Inc.		1,138		824,003
Extra Space Storage, Inc.		1,646		250,258
Iron Mountain, Inc.		3,574		197,428

Investments	Shares		Value
Public Storage		1,944	$	573,150
SBA Communications Corp., Class A		1,327		346,201
VICI Properties, Inc., Class A		12,344		418,955
Weyerhaeuser Co.		9,012		269,549
				5,055,280
Specialty Retail - 2.1%
AutoZone, Inc.*		231		615,225
Best Buy Co., Inc.		2,420		180,338
Burlington Stores, Inc.*		801		154,441
CarMax, Inc.*		1,943		136,068
Home Depot, Inc. (The)		12,533		3,766,668
Lowe’s Cos, Inc.		7,435		1,545,216
O’Reilly Automotive, Inc.*		767		703,577
Ross Stores, Inc.		4,236		452,108
TJX Cos, Inc. (The)		14,209		1,119,953
Tractor Supply Co.		1,357		323,509
Ulta Beauty, Inc.*		626		345,195
				9,342,298
Technology Hardware, Storage & Peripherals - 7.3%
Apple, Inc.		182,883		31,031,588
Dell Technologies, Inc., Class C		2,982		129,687
Hewlett Packard Enterprise Co.		15,773		225,869
HP, Inc.		10,616		315,401
NetApp, Inc.		2,650		166,659
Seagate Technology Holdings plc		2,361		138,756
Western Digital Corp.*		3,928		135,280
				32,143,240
Textiles, Apparel & Luxury Goods - 0.6%
Lululemon Athletica, Inc.*		1,427		542,160
NIKE, Inc., Class B		15,318		1,941,097
VF Corp.		4,067		95,615
				2,578,872
Tobacco - 0.7%
Altria Group, Inc.		21,958		1,043,225
Philip Morris International, Inc.		19,063		1,905,728
				2,948,953
Trading Companies & Distributors - 0.2%
Fastenal Co.		7,023		378,118
United Rentals, Inc.		854		308,388
WW Grainger, Inc.		554		385,346
				1,071,852
Water Utilities - 0.1%
American Water Works Co., Inc.		2,372		351,649

Investments	Shares		Value
Wireless Telecommunication Services - 0.2%
T-Mobile US, Inc.*		7,283	$	1,048,024

Total Common Stocks (Cost $452,703,602)				436,408,551

Securities Lending Reinvestment^†††
Money Market Fund - 0.0%^†
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.76%^†††† (Cost $99,050)		99,050		99,050

	Principal
Short-Term Investments - 0.1%
Time Deposit - 0.1%
JP Morgan Chase, New York 4.18% 5/1/2023 (Cost $220,510)	$	220,510		220,510

Total Investments - 99.9% (Cost $453,023,162)			$	436,728,111
Other Assets Less Liabilities - 0.1%				281,743
Net Assets - 100.0%			$	437,009,854

Non-income producing security.

†

Represents less than 0.05%.

††

The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $93,058, collateralized in the form of cash with a value of $99,050 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments. The total value of collateral is $99,050.

†††

The security was purchased with cash collateral held from securities on loan at April 30, 2023. The total value of securities purchased was $99,050.

††††

7-day net yield.

Engine No. 1 Transform 500 ETF had the following open long futures contracts as of April 30, 2023:

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 April 30, 2023 for the Fund based upon the three levels defined above:

	Beginning Account Value 11/1/2022	Ending Account Value 4/30/2023	Annualized Expense Ratios for the Period	Expenses Paid During the Period^(a)
Engine No. 1 Transform 500 ETF
Actual	$1,000.00	$1,084.65	0.05%	$0.26
Hypothetical (5% return before expenses)	$1,000.00	$1,024.55	0.05%	$0.25

Engine No. 1 Transform Climate ETF
Actual	$1,000.00	$989.74	0.75%	$3.70
Hypothetical (5% return before expenses)	$1,000.00	$1,021.08	0.75%	$3.76

	Beginning Account Value 2/14/2023*	Ending Account Value 4/30/2023	Annualized Expense Ratios for the Period	Expenses Paid During the Period
Engine No. 1 Transform Supply Chain ETF
Actual	$1,000.00	$963.40	0.75%	$1.51^(b)
Hypothetical (5% return before expenses)	$1,000.00	$1,021.08	0.75%	$3.76^(a)

Shareholder Letter		1
Shareholder Expense Examples		5
Sector Diversification		6
Schedule of Investments		7
Engine No. 1 Transform 500 ETF		7
Engine No. 1 Transform Climate ETF		16
Engine No. 1 Transform Supply Chain ETF		18
Statements of Assets and Liabilities		20
Statements of Operations		21
Statements of Changes in Net Assets		22
Financial Highlights		24
Notes to Financial Statements		27
Supplemental Information		35
Board Approval of Investment Advisory Agreement		36

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

Engine No. 1 Transform 500 ETF	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks*	$	436,408,551	$	-	$	-	$	436,408,551
Money Market Fund		99,050		-		-		99,050
Short-Term Investments
Time Deposit		-		220,510		-		220,510
Total Investments	$	436,507,601	$	220,510	$	-	$	436,728,111

Other Financial Instruments
Assets
Futures Contracts**	$	13,176	$	-	$	-	$	13,176
Total Other Financial Instruments	$	13,176	$	-	$	-	$	13,176