As ub-monolayer CdS shell on PbS quantum dots (QDs) enhances triplet energy transfer (TET) by suppressing competitive charge transfer from QDs to molecules.T he CdS shell increases the linear photon upconversion quantum yield (QY) from 3.5 %f or PbS QDs to 5.0 %f or PbS/CdS QDs when functionalizedw ith at etracene acceptor, 5-CT.W hile transient absorption spectroscopyr eveals that both PbS and PbS/CdS QDs show the formation of the 5-CT triplet (with rates of 5.91 AE 0.60 ns À1 and 1.03 AE 0.09 ns À1 respectively), ultrafast hole transfer occurs only from PbS QDs to 5-CT. Although the CdS shell decreases the TET rate,i te nhances TET efficiency from 60.3 AE 6.1 %to71.8 AE 6.2 %bysuppressing hole transfer.F urthermore,t he CdS shell prolongs the lifetime of the 5-CT triplet and thus enhances TET from 5-CT to the rubrene emitter,further bolstering the upconverison QY.