N-CSR 1 acetf8312021n-csr.htm N-CSR Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number811-23305
AMERICAN CENTURY ETF TRUST
(Exact name of registrant as specified in charter)
4500 MAIN STREET, KANSAS CITY, MISSOURI64111
(Address of principal executive offices)(Zip Code)
JOHN PAK
4500 MAIN STREET, KANSAS CITY, MISSOURI 64111
(Name and address of agent for service)
Registrant’s telephone number, including area code:816-531-5575
Date of fiscal year end:08-31
Date of reporting period:08-31-2021













ITEM 1. REPORTS TO STOCKHOLDERS.

(a)    Provided under separate cover.










    

image10.jpg
Annual Report
August 31, 2021
American Century® Diversified Corporate Bond ETF (KORP)
American Century® Diversified Municipal Bond ETF (TAXF)
American Century® Emerging Markets Bond ETF (AEMB)
American Century® Multisector Income ETF (MUSI)




























Table of Contents

President’s Letter
Diversified Corporate Bond ETF
Performance
Portfolio Commentary
Fund Characteristics
Diversified Municipal Bond ETF
Performance
Portfolio Commentary
Fund Characteristics
Emerging Markets Bond ETF
Performance
Portfolio Commentary
Fund Characteristics
Multisector Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreements
Liquidity Risk Management Program
Additional Information





Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.



President’s Letter

image12a.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancenturyetfs.com.

Upbeat Backdrop Bolstered Stocks

Global equities and other risk-on assets rallied for the 12-month period, benefiting from ongoing central bank and federal government support. These programs helped sustain investor confidence and bolster the economic landscape, despite ongoing challenges from COVID-19 and the inconsistent lifting of virus-related restrictions.

In general, data on U.S. manufacturing, employment, housing and corporate earnings were upbeat. Additionally, expanding COVID-19 vaccine availability and two federal coronavirus aid packages also helped promote investor optimism. Outside the U.S., economies recovered but at a slower pace. Virus outbreaks and slower vaccine rollouts led to lingering lockdowns in some regions.

Against this backdrop, inflation rose, but central banks remained supportive. In the U.S., where annual consumer inflation hit a 13-year high, the Federal Reserve (Fed) insisted temporary supply chain disruptions and other transient factors were at play. The Fed left interest rates unchanged but hinted it may start hiking rates in 2023, sooner than its previous timetable of 2024.

Despite ongoing pandemic-related challenges, including the emergence of the delta variant of COVID-19, stocks remained in favor and delivered strong 12-month returns. The U.S. generally outperformed other developed markets, as the S&P 500 Index returned more than 31%. Value stocks generally outperformed growth stocks, while small caps significantly outpaced large caps. The broad U.S. Treasury market declined, but credit-sensitive fixed-income securities, including corporate and municipal bonds, delivered gains.

Several Factors Shaping Market Dynamics

The return to pre-pandemic life is progressing, albeit somewhat cautiously due to the spread of the delta variant. As the economy and markets respond to this fluid backdrop, investors will face opportunities and ongoing challenges. Economic growth, inflation, the virus’s trajectory, supply chain normalization, and fiscal and monetary policy likely will sway market dynamics.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,
image48a16.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
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Performance
Diversified Corporate Bond ETF (KORP)
Total Returns as of August 31, 2021Average Annual Returns
1 yearSince InceptionInception Date
Net Asset Value3.08%4.48%1/11/2018
Market Price2.78%4.49%1/11/2018
Bloomberg Barclays U.S. Intermediate Corporate Bond Index1.65%4.76%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made January 11, 2018

chart-3a669bce50be4835bc2.jpg
Value on August 31, 2021
Net Asset Value — $11,727
Bloomberg Barclays U.S. Intermediate Corporate Bond Index — $11,844

Total Annual Fund Operating Expenses
0.29%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.




Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Charles Tan, Jason Greenblath, Jeffrey Houston, Gavin Fleischman and Le Tran

Fund Strategy

American Century Diversified Corporate Bond ETF seeks to offer enhanced return potential versus passive capitalization-weighted corporate bond portfolios. The fund employs a holistic approach, emphasizing investment-grade credits, while dynamically allocating a portion of the portfolio to high-yield securities to balance interest rate and credit risk. The fund seeks to maintain a duration range of three to seven years, which we believe should mitigate interest rate risk without sacrificing yield.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specific index. To determine whether to buy or sell a security, we consider several factors, including fund requirements and standards, economic conditions, alternative investments, interest rates and various credit metrics.

Performance Review

The fund returned 2.78% on a market price basis for the 12-month period ended August 31, 2021. On a net asset value (NAV) basis, the fund returned 3.08%. For the same time period, the Bloomberg Barclays U.S. Intermediate Corporate Bond Index, the fund’s benchmark index, returned 1.65%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

High-Yield Investments Boosted Performance

Much of the corporate bond market’s gains occurred early in the reporting period amid a continued recovery from the sharp decline experienced during the pandemic’s onset. Soaring growth expectations through the first part of 2021 also aided the market.

Renewed risk appetites fueled a rise in high-yield bonds, especially in industries tied to the economic reopening, such as lodging and airlines. Sectors benefiting from rallying commodity markets, such as energy and metals and mining, also advanced. Although enthusiasm ebbed through 2021’s summer months, due largely to a resurgence in COVID-19 cases resulting from the delta variant, high-yield bonds outperformed investment-grade issues. The fund’s out-of-index exposure to high-yield securities aided returns.

More specifically, high-yield security selection in the financials sector proved advantageous, lifted by exposure to business development companies, real estate investment trusts (REITs) and life insurance companies. Select high-yield holdings in the airlines, banking, home construction and cable and satellite industries further enhanced results.

As brighter growth outlooks stoked inflation concerns and expectations for higher U.S. Treasury yields through March and April, we exited high-yield securities that had performed well. The market subsequently softened as investors assessed the impact of the delta variant. We added back exposure to airlines, gaming, lodging and leisure issues with appealing risk/reward characteristics.

Investment-Grade Securities Added to Gains

Investments in investment-grade bonds within the financials sector lifted performance, led by REITs, life insurers and finance companies. Strong performance leading to relatively full valuations prompted reductions in select issues, most notably lower-rated investment-grade midstream operators within the energy sector. As strong investor demand steadily drove down yields on existing issues, we found better opportunities among new issues. In particular, acquisition-related financing securities in the health care sector offered attractive valuations.


4


Duration Tempered Returns

Although we started reducing the fund’s duration in late 2020, duration remained longer than index levels when Treasury yields spiked in February and March. This positioning detracted from performance. Rates subsequently retreated from March peaks. At period-end, we maintained a modestly conservative duration, given unusually low Treasury yields.

Portfolio Positioning

Looking ahead, we anticipate the economic recovery to continue, but the path may be choppy. We still believe rates will generally trend higher, and we’ve conservatively positioned the fund’s duration with a shorter profile.

Our economic outlook also prompted us to add to COVID-19-sensitive holdings when they dipped late in the period. Accordingly, we increased existing exposures or established new stakes in the airlines, travel, lodging and energy industries.

From a quality perspective, we don’t believe higher-rated securities offer enough value to offset the higher level of event risk, given their broadly elevated prices. Furthermore, we believe solid corporate fundamentals will help keep default rates near historically low levels. As a result, we ended the period with an overweight position relative to the index in BBB-rated securities and underweight positions in higher-rated names. We also maintained our out-of-index allocation to high-yield securities at the high end of our target range.


5


Fund Characteristics

AUGUST 31, 2021
Diversified Corporate Bond ETF
Types of Investments in Portfolio% of net assets
Corporate Bonds97.8%
U.S. Treasury Securities1.1%
Temporary Cash Investments0.9%
Temporary Cash Investments - Securities Lending Collateral1.5%
Other Assets and Liabilities(1.3)%

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Performance
Diversified Municipal Bond ETF (TAXF)
Total Returns as of August 31, 2021Average Annual Returns 
 1 yearSince InceptionInception Date
Net Asset Value5.50%5.87%9/10/2018
Market Price5.59%5.93%9/10/2018
S&P National AMT-Free Municipal Bond Index3.24%5.05%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 10, 2018
chart-196a76c888ad4bf8803.jpg
Value on August 31, 2021
Net Asset Value — $11,851
S&P National AMT-Free Municipal Bond Index — $11,578
Total Annual Fund Operating Expenses
0.29%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.







Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
7


Portfolio Commentary

Portfolio Managers: Steven Permut, Joseph Gotelli and Alan Kruss

Fund Strategy

American Century Diversified Municipal Bond ETF seeks to provide consistent tax-free income. As an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specific index, the fund employs a research-driven process to select holdings. The fund draws from across the municipal bond (muni) universe and adjusts exposure depending on prevailing market conditions. We dynamically allocate holdings to investment-grade issues and may include up to 35% in high-yield issues when the risk/reward balance is attractive. In selecting securities, we employ an active, time-tested process designed to identify attractive issues with low default risk, aiming to align risk exposures with our highest-conviction ideas.

Performance Review

The fund returned 5.59% on a market price basis for the 12 months ended August 31, 2021. On a net asset value (NAV) basis, the fund returned 5.50%. For the same time period, the S&P National AMT-Free Municipal Bond Index, the fund’s benchmark index, returned 3.24%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Fiscal Aid, Investor Demand Bolstered Performance

Much of the muni market’s gains occurred early in the reporting period amid a continued recovery from the sharp decline experienced during the pandemic’s onset. Sustained investor demand, fueled in part by the possibility of higher tax rates from the Biden administration, aided the market. Also, massive fiscal spending, including nearly $1 trillion in aid to municipal issuers, provided a steady tailwind for municipal bonds. Our investments in sectors that we believed had been unfairly punished proved advantageous as valuations improved.

Notably, overweight positions relative to the index in student housing, hospital, continuing care retirement communities (CCRC), corporate munis and multifamily housing bonds supplied a lift. An underweight stake in prerefunded bonds also proved advantageous, although overweight positions in special tax and toll bonds diminished returns.

Higher-Yielding Bonds and Security Selection Enhanced Results

BBB-rated and out-of-index high-yield positions contributed significantly to fund performance as investors clamored for yield in the low-rate environment. As rates moderated and volatility declined later in the period, we reduced exposure to riskier bonds, although we maintained a selective overweight.

Our security selection contributed to relative performance, led by investments in special tax securities and state and local general obligation bonds. However, underperformance among holdings in the hospital, water and sewer and public power sectors offset some of those gains.

The contribution from duration was flat during the period, seemingly mirroring the minimal move in muni yields between the start of the period and its end. Yet, over the course of the period, we shifted our exposure from a solid overweight to a modest underweight, which we believe positions us well for the coming quarters.

Portfolio Positioning

By period-end, the municipal bond market had essentially fully recovered from the COVID-19 setback, and valuations resembled 2019 levels. Because the current fundamental backdrop is much healthier than it was in 2019, investor sentiment is generally more positive. Nonetheless, we’re guarded, given the possibility that investors may look at munis as richly valued, relative to other bonds, and rotate out of the asset class for other opportunities.
8


Against this backdrop, we remain positive on municipal credit fundamentals but are wary about duration. We believe rates will head higher, which will likely result in increased volatility. Therefore, as we exited select holdings that gained considerably from 2020 lows, we reduced the fund’s duration and its exposure to higher-risk securities.

For example, we reduced our stake in tobacco securities as we upped our exposure to the health care sector by focusing on CCRC and hospital bonds. As COVID-19-related restrictions fade, we anticipate CCRC occupancy rates will improve amid restarted marketing activities. Meanwhile, many hospitals avoided negative rating impacts during the worst of COVID-19 crisis and appear attractive.

More broadly, Congress is considering a $1 trillion infrastructure bill and a $3.5 trillion social programs bill in the coming months. We believe the potential upside of such new fiscal spending is limited, but related event risks are elevated. We also know from past experience that valuations can hold at high levels for an extended period, especially given the tax protection munis offer. But we’re cognizant of potential downsides and have continued to rely on fundamental credit research as we monitor developments.
9


Fund Characteristics
AUGUST 31, 2021
Diversified Municipal Bond ETF
Types of Investments in Portfolio% of net assets
Municipal Securities94.3%
Temporary Cash Investments5.2%
Other Assets and Liabilities0.5%
Top Five States and Territories% of net assets
California11.0%
Texas9.7%
New York9.0%
Illinois6.1%
Florida5.5%
Top Five Sectors% of fund investments
Special Tax14%
Hospital9%
General Obligation (GO) - State9%
General Obligation (GO) - Local9%
Water & Sewer9%
10


Performance
Emerging Markets Bond ETF (AEMB)
Total Returns as of August 31, 2021Since InceptionInception Date
Net Asset Value0.95%6/29/2021
Market Price0.92%6/29/2021
JP Morgan EMBI Global Diversified Index1.47%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.


Total Annual Fund Operating Expenses
0.39%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.



























Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
11


Portfolio Commentary

Portfolio Managers: John Lovito, Thomas Youn and Alessandra Alecci

Fund Strategy

American Century Emerging Markets Bond ETF seeks to offer enhanced yield potential versus passive capitalization-weighted emerging markets bond portfolios. The fund employs a holistic approach, emphasizing sovereign credits, or bonds issued by national governments, while dynamically allocating a portion of the portfolio to corporate securities. The fund integrates fundamental research, quantitative analysis and qualitative assessments. This process considers multiple inputs, such as macroeconomic factors and issuer analysis, in a systematically managed portfolio that includes investment-grade and high-yield securities. The fund strives to mitigate foreign securities risk, emerging markets risk, currency risk and sovereign debt risk, while seeking to balance interest rate risk and credit risk.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specific index. To determine whether to buy or sell a security, we consider several factors, including fund requirements and standards, economic conditions, alternative investments, interest rates and various credit metrics.

Performance Review

The fund returned 0.92%* on a market price basis for the limited period since inception on June 29, 2021, through August 31, 2021. On a net asset value (NAV) basis, the fund returned 0.95%. For the same time period, the JPMorgan EMBI Global Diversified Index, the fund’s benchmark index, returned 1.47%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

High-Yield Investments Generally Hindered Performance

A risk-averse mindset prevailed in the markets for much of the abbreviated period. COVID-19 case levels surged on the delta variant’s spread and prompted reductions in global growth expectations. Although riskier securities recovered somewhat late in the period, the fund’s out-of-index allocation to high-yield bonds, which we largely established as the downturn began, weighed on relative returns.

More specifically, exposure to Brazilian sovereign bonds hurt results, as the country’s COVID-19 response, significant political turmoil and a sharp rise in inflation pressured valuations. We’re monitoring the situation carefully. We’re similarly cautious on lagging investments in El Salvador, where the adoption of bitcoin as legal tender threw future International Monetary Fund support into question. Among corporate holdings, oil and gas sector securities lagged amid retreating oil prices.

Colombian Exposure Advantageous

Our stake in Colombian sovereigns boosted relative returns. Colombia has experienced a rebound in economic activity amid tax reform efforts and moves to rein in its deficit. Among corporates, investments in the consumer sector, notably among protein producers in Ukraine and Brazil, aided performance. Security selection in the metals and mining sector also enhanced relative results.









*Total returns for periods less than one year are not annualized.
12


Portfolio Positioning

Looking ahead, we believe stabilizing or declining COVID-19 cases, rising vaccination rates and a decoupling from developed markets’ outlooks will bolster emerging markets growth expectations. More specifically, we’re optimistic about Asian markets except for China, which has seen
downward revisions in growth expectations. We also have a positive view of Latin American countries outside of Brazil, where posturing around the 2022 presidential election has already begun.

Given our outlook for improving growth and a weaker U.S. dollar, we anticipate high-yield sovereign bonds will offer compelling value in the coming quarters. Egypt is one example. Egypt’s government is strongly committed to economic reforms and fiscal consolidation, while the resumption of tourism and foreign direct investment stands to bolster the economy.

We also believe the high-yield corporate space offers attractive opportunities. We’re emphasizing commodity focused sectors, such as oil and gas and metals and mining, and select utilities and industrial sector names. Generally, we favor corporates with BB and B credit ratings and select BBB-rated securities, which we believe offer better value than higher-quality securities.
13


Fund Characteristics

AUGUST 31, 2021
Emerging Markets Bond ETF
Types of Investments in Portfolio% of net assets
Corporate Bonds58.2%
Sovereign Governments and Agencies35.8%
Preferred Stocks2.1%
Temporary Cash Investments2.8%
Other Assets and Liabilities1.1%
14


Performance
Multisector Income ETF (MUSI)
Total Returns as of August 31, 2021Since InceptionInception Date
Net Asset Value0.75%6/29/2021
Market Price0.78%6/29/2021
Bloomberg Barclays U.S. Aggregate Bond Index1.01%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.


Total Annual Fund Operating Expenses
0.35%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.



























Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
15


Portfolio Commentary

Portfolio Managers: Charles Tan, Jason Greenblath and Jeffrey Houston

Fund Strategy

American Century Multisector Income ETF seeks to balance interest rate and credit risk in pursuit of attractive income and total return. The fund strives for less interest rate sensitivity than typical core or core plus bond portfolios. Portfolio managers tactically adjust sector exposures and credit quality in an effort to enhance yield and reduce risk.

The fund may invest in U.S. and non-U.S. bond markets, including investment-grade corporate, high-yield corporate, emerging markets debt and securitized credit. Portfolio managers have the flexibility to invest in below investment-grade securities to assist in generating income. The portfolio managers apply fundamental, bottom-up research to select securities. Comprehensive risk measurement, modeling and attribution analysis help set position sizing and provide risk-management guidance.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specific index. To determine whether to buy or sell a security, we consider several factors, including fund requirements and standards, economic conditions, alternative investments, interest rates and various credit metrics.

Performance Review

The fund returned 0.78%* on a market price basis for the period from the fund’s inception on June 29, 2021, through August 31, 2021. On a net asset value (NAV) basis, the fund returned 0.75%. For the same time period, the Bloomberg Barclay’s U.S. Aggregate Bond Index, the fund’s benchmark index, returned 1.01%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Corporate Securities Aided Performance

The fund launched in late June, amid a surge in COVID-19’s delta variant and new restrictions in some regions. This development pushed U.S. Treasury yields lower and prompted investors to recalibrate their economic growth outlooks. Credit spreads widened, particularly among sectors sensitive to the pandemic.

We viewed spread widening as an opportunity to add risk exposure to the fund. We purchased corporate bonds in the airline and other travel-related industries, where valuations appeared attractive. We also found value in the high-yield corporate sector and boosted the fund’s exposure close to its maximum target allocation.

As the summer progressed, concerns about the delta variant and its impact on growth subsided. Credit spreads narrowed, and Treasury yields climbed slightly higher. Against this backdrop, our high-yield corporate bonds were top contributors to the fund’s performance for the period. In particular, our exposure to BB-rated real estate investment trusts (REITs), including a movie theater REIT benefiting from the economic reopening, and metals and mining holdings contributed. Investment-grade corporates in the finance sector also boosted results.







*Total returns for periods less than one year are not annualized.
16


Securitized Holdings Lifted Results

In addition to investment-grade and high-yield corporates, we diversified the portfolio with investments in securitized securities, emerging markets bonds and preferred securities. Within the securitized sector, we found attractive opportunities among asset-backed securities (ABS), non-agency collateralized mortgage obligations and lower credit-quality collateralized loan obligations (CLOs). Within the ABS sector, our position in aircraft leasing companies delivered upbeat results. Spread tightening and falling default rates in the CLO sector also aided performance.

Emerging markets securities, including corporate positions in Brazil and Mexico and a sovereign holding in Turkey, also contributed to results.

Portfolio Positioning

Looking ahead, we anticipate the economic recovery to continue, but the path may be choppy. We believe rates will generally move higher, albeit slowly, and we’ve positioned the fund with a relatively short duration.

We have continued to find value in the high-yield corporate sector, and we expect to lift the fund’s allocation if spreads widen. We believe corporate fundamentals will continue to improve, highlighting the value among rising stars, or BB-rated securities poised for a potential ratings upgrade to investment-grade status. We have found such opportunities in the telecommunications, commodity and energy sectors.

Within the securitized sector, we have reduced exposure to housing-related securities in favor of holdings with better risk-adjusted return potential, including ABS and CLOs. Within our emerging markets allocation, we reduced exposure to China and remain cautious, given recent government measures against select industries. Our exposure to investment-grade corporates has remained relatively low, given tight valuations in that market segment. We also have maintained a small position in hybrid securities, which we may increase if rates rise or the equity markets sell off.
17


Fund Characteristics

AUGUST 31, 2021
Multisector Income ETF
Types of Investments in Portfolio% of net assets
Corporate Bonds58.5%
Collateralized Loan Obligations11.7%
Preferred Stocks11.0%
Asset-Backed Securities8.4%
Collateralized Mortgage Obligations4.3%
Sovereign Governments and Agencies3.1%
Commercial Mortgage-Backed Securities1.1%
Convertible Bonds0.5%
U.S. Treasury Securities0.2%
Temporary Cash Investments2.2%
Other Assets and Liabilities(1.0)%
18


Shareholder Fee Examples

Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2021 to August 31, 2021 (except as noted).

Actual Expenses

The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then 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 under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the 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 and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table 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 table is useful in comparing ongoing 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.

19


Beginning
Account Value
3/1/21
Ending
Account Value
8/31/21
Expenses Paid
During Period(1)
3/1/21 - 8/31/21
Annualized
Expense Ratio(1)
Diversified Corporate Bond ETF
Actual$1,000$1,018.10$1.480.29%
Hypothetical$1,000$1,023.74$1.480.29%
Diversified Municipal Bond ETF
Actual$1,000$1,030.80$1.480.29%
Hypothetical$1,000$1,023.74$1.480.29%
Emerging Markets Bond ETF
Actual$1,000$1,009.50
$0.69(2)
0.39%
Hypothetical$1,000$1,023.24$1.990.39%
Multisector Income ETF
Actual$1,000$1,007.50
$0.62(2)
0.35%
Hypothetical$1,000$1,023.44$1.790.35%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 64, the number of days in the period from June 29, 2021 (fund inception) through August 31, 2021, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
20


Schedules of Investments

AUGUST 31, 2021
Diversified Corporate Bond ETF
Principal AmountValue
CORPORATE BONDS — 97.8%
Aerospace and Defense — 1.6%
Boeing Co. (The), 2.20%, 2/4/26$784,000 $787,219 
Boeing Co. (The), 3.625%, 2/1/31612,000 664,509 
Howmet Aerospace, Inc., 3.00%, 1/15/29(1)
1,000,000 1,021,295 
2,473,023 
Air Freight and Logistics — 0.3%
GXO Logistics, Inc., 2.65%, 7/15/31(2)
452,000 459,286 
Airlines — 2.0%
Air Canada, 3.875%, 8/15/26(2)
700,000 704,375 
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(2)
598,000 631,039 
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25(2)
320,000 343,345 
United Airlines Pass Through Trust, 4.875%, 7/15/27715,636 754,213 
United Airlines, Inc., 4.625%, 4/15/29(2)
653,000 678,320 
3,111,292 
Automobiles — 2.8%
Daimler Finance North America LLC, 0.75%, 3/1/24(2)
1,150,000 1,153,391 
Ford Motor Credit Co. LLC, 2.90%, 2/16/28260,000 259,386 
General Motors Co., 4.20%, 10/1/271,000,000 1,120,582 
General Motors Financial Co., Inc., 2.70%, 8/20/27(3)
596,000 622,614 
General Motors Financial Co., Inc., 2.70%, 6/10/31458,000 465,943 
Toyota Motor Credit Corp., MTN, 1.90%, 4/6/28(3)
565,000 579,905 
4,201,821 
Banks — 16.1%
Bank of America Corp., MTN, 4.18%, 11/25/27530,000 596,044 
Bank of America Corp., MTN, VRN, 3.82%, 1/20/28(3)
1,000,000 1,114,907 
Bank of America Corp., MTN, VRN, 2.09%, 6/14/29690,000 700,297 
Bank of America Corp., MTN, VRN, 2.88%, 10/22/30320,000 339,118 
Bank of America Corp., VRN, 3.42%, 12/20/28740,000 813,474 
Bank of America Corp., VRN, 2.30%, 7/21/321,000,000 1,006,555 
Bank of Nova Scotia (The), 1.35%, 6/24/26(3)
330,000 332,585 
Barclays plc, 5.20%, 5/12/26900,000 1,036,283 
BNP Paribas SA, VRN, 4.375%, 3/1/33(2)
570,000 633,369 
BPCE SA, 4.50%, 3/15/25(2)
650,000 719,135 
Citigroup, Inc., VRN, 0.98%, 5/1/25735,000 738,517 
Citigroup, Inc., VRN, 3.52%, 10/27/281,165,000 1,281,400 
Discover Bank, VRN, 4.68%, 8/9/28775,000 824,336 
HSBC Holdings plc, VRN, 1.59%, 5/24/271,495,000 1,500,884 
Huntington Bancshares, Inc., 4.35%, 2/4/23959,000 1,009,112 
Huntington Bancshares, Inc., VRN, 2.49%, 8/15/36(2)
410,000 411,044 
Intesa Sanpaolo SpA, 5.71%, 1/15/26(2)
760,000 855,221 
JPMorgan Chase & Co., VRN, 1.58%, 4/22/272,105,000 2,125,667 
JPMorgan Chase & Co., VRN, 2.07%, 6/1/292,004,000 2,033,201 
National Australia Bank Ltd., 2.99%, 5/21/31(2)
580,000 596,356 
Natwest Group plc, 5.125%, 5/28/24(3)
424,000 469,715 
Santander UK Group Holdings plc, 4.75%, 9/15/25(2)
500,000 562,172 
21


Diversified Corporate Bond ETF
Principal AmountValue
Societe Generale SA, VRN, 1.79%, 6/9/27(2)
$500,000 $501,218 
SVB Financial Group, 2.10%, 5/15/28363,000 371,118 
Truist Bank, VRN, 2.64%, 9/17/291,215,000 1,270,293 
UniCredit SpA, 3.75%, 4/12/22(2)
780,000 794,778 
UniCredit SpA, 4.625%, 4/12/27(2)
565,000 638,185 
Wells Fargo & Co., MTN, VRN, 2.39%, 6/2/281,320,000 1,377,381 
24,652,365 
Beverages — 0.7%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 3.65%, 2/1/26937,000 1,035,050 
Biotechnology — 1.9%
AbbVie, Inc., 2.95%, 11/21/261,454,000 1,567,850 
Gilead Sciences, Inc., 3.65%, 3/1/26550,000 606,689 
HCRX Investments Holdco LP, 4.50%, 8/1/29(2)
750,000 760,753 
2,935,292 
Building Products — 0.2%
Lennox International, Inc., 1.70%, 8/1/27232,000 233,670 
Capital Markets — 6.8%
Bain Capital Specialty Finance, Inc., 2.95%, 3/10/26414,000 426,181 
BlackRock TCP Capital Corp., 2.85%, 2/9/26267,000 273,410 
Blackstone Holdings Finance Co. LLC, 1.625%, 8/5/28(2)
535,000 529,671 
Blackstone Secured Lending Fund, 3.65%, 7/14/23825,000 861,905 
Blackstone Secured Lending Fund, 2.75%, 9/16/26379,000 390,515 
Blackstone Secured Lending Fund, 2.125%, 2/15/27(2)
253,000 250,190 
Blue Owl Finance LLC, 3.125%, 6/10/31(2)
307,000 308,774 
Deutsche Bank AG, VRN, 4.30%, 5/24/28(3)
730,000 756,289 
Goldman Sachs Group, Inc. (The), MTN, VRN, 2.38%, 7/21/3290,000 91,027 
Goldman Sachs Group, Inc. (The), VRN, 1.43%, 3/9/271,525,000 1,531,449 
Goldman Sachs Group, Inc. (The), VRN, 3.69%, 6/5/28396,000 440,181 
Golub Capital BDC, Inc., 2.50%, 8/24/26434,000 441,720 
Morgan Stanley, MTN, VRN, 2.24%, 7/21/321,000,000 1,003,082 
Morgan Stanley, VRN, 1.59%, 5/4/271,000,000 1,009,870 
Owl Rock Capital Corp., 3.40%, 7/15/2618,000 18,848 
Owl Rock Technology Finance Corp., 4.75%, 12/15/25(2)
168,000 185,108 
Owl Rock Technology Finance Corp., 3.75%, 6/17/26(2)(3)
421,000 447,262 
Prospect Capital Corp., 3.36%, 11/15/26945,000 960,732 
UBS Group AG, VRN, 1.49%, 8/10/27(2)
525,000 524,533 
10,450,747 
Chemicals — 1.1%
Huntsman International LLC, 4.50%, 5/1/29292,000 335,047 
International Flavors & Fragrances, Inc., 1.83%, 10/15/27(2)
269,000 271,194 
LYB International Finance III LLC, 1.25%, 10/1/251,080,000 1,081,574 
1,687,815 
Commercial Services and Supplies — 0.5%
Sodexo, Inc., 1.63%, 4/16/26(2)
750,000 760,568 
Construction and Engineering — 1.2%
Quanta Services, Inc., 2.90%, 10/1/301,707,000 1,794,535 
Construction Materials — 0.4%
Eagle Materials, Inc., 2.50%, 7/1/31611,000 616,535 
Consumer Finance — 3.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.45%, 4/3/26(3)
800,000 877,940 
22


Diversified Corporate Bond ETF
Principal AmountValue
Avolon Holdings Funding Ltd., 2.125%, 2/21/26(2)
$793,000 $791,664 
Avolon Holdings Funding Ltd., 2.53%, 11/18/27(2)
99,000 98,344 
BOC Aviation USA Corp., 1.625%, 4/29/24(2)
510,000 515,535 
Capital One Financial Corp., 3.75%, 7/28/26877,000 971,082 
Park Aerospace Holdings Ltd., 5.50%, 2/15/24(2)
35,000 38,424 
Synchrony Financial, 4.25%, 8/15/241,787,000 1,940,305 
5,233,294 
Containers and Packaging — 1.6%
Amcor Flexibles North America, Inc., 2.69%, 5/25/31(3)
583,000 609,299 
Berry Global, Inc., 0.95%, 2/15/24(2)
518,000 520,280 
Berry Global, Inc., 1.57%, 1/15/26(2)
784,000 791,895 
WRKCo, Inc., 3.00%, 9/15/24537,000 567,788 
2,489,262 
Diversified Financial Services — 1.3%
Antares Holdings LP, 2.75%, 1/15/27(2)
255,000 256,297 
Block Financial LLC, 2.50%, 7/15/28540,000 551,772 
GE Capital Funding LLC, 4.40%, 5/15/301,000,000 1,172,492 
1,980,561 
Diversified Telecommunication Services — 3.6%
AT&T, Inc., 1.70%, 3/25/26(3)
1,200,000 1,216,243 
AT&T, Inc., 4.35%, 3/1/29800,000 928,322 
British Telecommunications plc, 3.25%, 11/8/29(2)
575,000 607,573 
Level 3 Financing, Inc., 4.625%, 9/15/27(2)
408,000 421,260 
Telecom Italia SpA, 5.30%, 5/30/24(2)
350,000 380,432 
Verizon Communications, Inc., 4.33%, 9/21/281,000,000 1,168,680 
Verizon Communications, Inc., 1.75%, 1/20/31795,000 770,685 
5,493,195 
Electric Utilities — 2.0%
Duke Energy Carolinas LLC, 2.55%, 4/15/31564,000 592,180 
Duke Energy Corp., 2.55%, 6/15/31617,000 635,061 
NextEra Energy Capital Holdings, Inc., 0.65%, 3/1/231,000,000 1,004,195 
NRG Energy, Inc., 2.00%, 12/2/25(2)
778,000 795,183 
3,026,619 
Electronic Equipment, Instruments and Components — 1.2%
Teledyne Technologies, Inc., 0.95%, 4/1/241,083,000 1,084,597 
Teledyne Technologies, Inc., 2.25%, 4/1/28(3)
758,000 777,558 
1,862,155 
Entertainment — 0.6%
Netflix, Inc., 3.625%, 6/15/25(2)
330,000 354,338 
Netflix, Inc., 4.875%, 4/15/28443,000 518,323 
872,661 
Equity Real Estate Investment Trusts (REITs) — 7.9%
Agree LP, 2.00%, 6/15/28405,000 406,479 
Crown Castle International Corp., 3.80%, 2/15/28888,000 988,627 
EPR Properties, 4.95%, 4/15/28702,000 758,868 
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26640,000 734,573 
Host Hotels & Resorts LP, 4.00%, 6/15/25862,000 932,473 
Hudson Pacific Properties LP, 3.25%, 1/15/30500,000 531,976 
Lexington Realty Trust, 2.70%, 9/15/30152,000 156,298 
National Health Investors, Inc., 3.00%, 2/1/311,133,000 1,123,350 
Office Properties Income Trust, 2.65%, 6/15/26900,000 918,975 
23


Diversified Corporate Bond ETF
Principal AmountValue
Omega Healthcare Investors, Inc., 3.375%, 2/1/31$1,319,000 $1,361,744 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/1/28(2)
172,000 183,395 
Retail Properties of America, Inc., 4.00%, 3/15/25351,000 375,105 
RHP Hotel Properties LP / RHP Finance Corp., 4.75%, 10/15/27(3)
440,000 458,959 
Simon Property Group LP, 2.25%, 1/15/32580,000 575,859 
Spirit Realty LP, 3.20%, 1/15/27129,000 138,113 
Spirit Realty LP, 4.00%, 7/15/29830,000 932,961 
STORE Capital Corp., 4.50%, 3/15/28921,000 1,048,540 
Vornado Realty LP, 3.40%, 6/1/31425,000 444,646 
12,070,941 
Food and Staples Retailing — 1.5%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 2/15/23(2)
505,000 520,246 
Sysco Corp., 3.30%, 7/15/261,573,000 1,712,479 
2,232,725 
Health Care Equipment and Supplies — 0.5%
Becton Dickinson and Co., 2.82%, 5/20/30750,000 794,784 
Health Care Providers and Services — 3.9%
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(2)
444,000 465,665 
Centene Corp., 4.25%, 12/15/27712,000 752,940 
Cigna Corp., 1.25%, 3/15/26(3)
916,000 921,710 
CVS Health Corp., 1.30%, 8/21/271,466,000 1,454,343 
Fresenius Medical Care US Finance III, Inc., 1.875%, 12/1/26(2)
740,000 747,380 
HCA, Inc., 2.375%, 7/15/31620,000 620,010 
Laboratory Corp. of America Holdings, 1.55%, 6/1/261,000,000 1,010,883 
5,972,931 
Hotels, Restaurants and Leisure — 0.4%
International Game Technology plc, 4.125%, 4/15/26(2)
200,000 207,960 
Marriott International, Inc., 5.75%, 5/1/25350,000 402,278 
610,238 
Household Durables — 0.7%
Meritage Homes Corp., 3.875%, 4/15/29(2)
254,000 270,862 
PulteGroup, Inc., 5.00%, 1/15/27726,000 845,911 
1,116,773 
Insurance — 5.3%
American International Group, Inc., 6.25%, 5/1/36(3)
270,000 380,495 
Athene Global Funding, 1.45%, 1/8/26(2)(3)
1,488,000 1,500,381 
Athene Global Funding, 2.67%, 6/7/31(2)
788,000 808,098 
Brighthouse Financial Global Funding, 2.00%, 6/28/28(2)
1,167,000 1,176,697 
Equitable Financial Life Global Funding, 1.30%, 7/12/26(2)
530,000 531,542 
Equitable Financial Life Global Funding, 1.80%, 3/8/28(2)
992,000 997,174 
Global Atlantic Fin Co., 3.125%, 6/15/31(2)
175,000 178,299 
Protective Life Global Funding, 1.62%, 4/15/26(2)
715,000 727,952 
Sammons Financial Group, Inc., 3.35%, 4/16/31(2)
580,000 604,442 
SBL Holdings, Inc., 5.125%, 11/13/26(2)
700,000 782,979 
SBL Holdings, Inc., 5.00%, 2/18/31(2)
337,000 362,935 
8,050,994 
Internet and Direct Marketing Retail — 0.5%
Amazon.com, Inc., 2.10%, 5/12/31723,000 741,942 
IT Services — 0.2%
MoneyGram International, Inc., 5.375%, 8/1/26(2)
230,000 234,888 
24


Diversified Corporate Bond ETF
Principal AmountValue
Life Sciences Tools and Services — 0.1%
Thermo Fisher Scientific, Inc., 1.75%, 10/15/28$100,000 $100,972 
Machinery — 0.6%
Westinghouse Air Brake Technologies Corp., 3.20%, 6/15/25226,000 241,146 
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/28625,000 728,203 
969,349 
Media — 4.0%
AMC Networks, Inc., 4.25%, 2/15/29375,000 372,656 
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25645,000 730,209 
Comcast Corp., 3.40%, 4/1/30762,000 847,715 
Cox Communications, Inc., 2.60%, 6/15/31(2)
300,000 307,405 
CSC Holdings LLC, 5.875%, 9/15/22709,000 738,246 
DISH DBS Corp., 7.75%, 7/1/26670,000 768,289 
Omnicom Group, Inc., 2.60%, 8/1/31517,000 533,801 
Sirius XM Radio, Inc., 5.00%, 8/1/27(2)
347,000 364,350 
Sirius XM Radio, Inc., 5.50%, 7/1/29(2)
615,000 674,194 
WPP Finance 2010, 3.75%, 9/19/24677,000 734,552 
6,071,417 
Metals and Mining — 1.1%
Freeport-McMoRan, Inc., 4.625%, 8/1/30661,000 729,579 
Steel Dynamics, Inc., 3.45%, 4/15/30850,000 932,131 
1,661,710 
Multi-Utilities — 2.4%
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28(2)(3)
400,000 404,818 
Ameren Corp., 1.75%, 3/15/28750,000 747,269 
Ameren Corp., 3.50%, 1/15/31274,000 303,436 
CenterPoint Energy, Inc., 4.25%, 11/1/28550,000 633,631 
CenterPoint Energy, Inc., 2.65%, 6/1/31222,000 230,771 
NiSource, Inc., 3.49%, 5/15/27644,000 710,939 
WEC Energy Group, Inc., 1.375%, 10/15/27688,000 680,609 
3,711,473 
Multiline Retail — 0.1%
Nordstrom, Inc., 4.25%, 8/1/31(3)
178,000 185,471 
Oil, Gas and Consumable Fuels — 6.1%
BP Capital Markets America, Inc., 3.94%, 9/21/281,079,000 1,230,689 
Diamondback Energy, Inc., 0.90%, 3/24/23785,000 785,012 
Diamondback Energy, Inc., 3.50%, 12/1/29777,000 837,618 
Energy Transfer LP, 3.60%, 2/1/231,018,000 1,053,016 
Energy Transfer LP, 5.25%, 4/15/29825,000 972,687 
Flex Intermediate Holdco LLC, 3.36%, 6/30/31(2)
725,000 742,876 
Hess Corp., 3.50%, 7/15/24(3)
346,000 366,104 
HollyFrontier Corp., 2.625%, 10/1/23125,000 129,072 
Sabine Pass Liquefaction LLC, 5.875%, 6/30/26808,000 954,372 
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30833,000 902,544 
Williams Cos., Inc. (The), 4.55%, 6/24/241,180,000 1,292,819 
9,266,809 
Pharmaceuticals — 2.6%
Bausch Health Cos., Inc., 4.875%, 6/1/28(2)
500,000 514,375 
Horizon Therapeutics USA, Inc., 5.50%, 8/1/27(2)
500,000 530,625 
Royalty Pharma plc, 1.20%, 9/2/251,469,000 1,465,898 
25


Diversified Corporate Bond ETF
Principal AmountValue
Utah Acquisition Sub, Inc., 3.95%, 6/15/26$687,000 $761,894 
Viatris, Inc., 1.65%, 6/22/25(2)
600,000 609,859 
3,882,651 
Real Estate Management and Development — 0.8%
Essential Properties LP, 2.95%, 7/15/31500,000 504,483 
Realogy Group LLC / Realogy Co-Issuer Corp., 4.875%, 6/1/23(2)
743,000 774,429 
1,278,912 
Road and Rail — 2.3%
Ashtead Capital, Inc., 1.50%, 8/12/26(2)
400,000 399,191 
DAE Funding LLC, 1.55%, 8/1/24(2)
400,000 399,700 
DAE Funding LLC, 2.625%, 3/20/25(2)
527,000 538,416 
DAE Funding LLC, 3.375%, 3/20/28(2)
295,000 306,060 
Norfolk Southern Corp., 2.30%, 5/15/31520,000 532,955 
Triton Container International Ltd., 1.15%, 6/7/24(2)
1,070,000 1,071,123 
Union Pacific Corp., 2.375%, 5/20/31318,000 328,875 
3,576,320 
Semiconductors and Semiconductor Equipment — 1.7%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 1/15/27575,000 634,992 
Microchip Technology, Inc., 4.25%, 9/1/251,065,000 1,123,139 
Qorvo, Inc., 4.375%, 10/15/29259,000 287,490 
Qorvo, Inc., 3.375%, 4/1/31(2)
83,000 88,482 
Skyworks Solutions, Inc., 1.80%, 6/1/26442,000 449,336 
2,583,439 
Software — 0.7%
salesforce.com, Inc., 1.50%, 7/15/28536,000 538,267 
VMware, Inc., 4.50%, 5/15/25500,000 558,284 
1,096,551 
Specialty Retail — 0.6%
AutoNation, Inc., 1.95%, 8/1/28400,000 397,948 
Lowe's Cos., Inc., 2.625%, 4/1/31460,000 480,071 
878,019 
Technology Hardware, Storage and Peripherals — 2.7%
Dell International LLC / EMC Corp., 4.90%, 10/1/26822,000 951,839 
EMC Corp., 3.375%, 6/1/23727,000 751,536 
HP, Inc., 2.65%, 6/17/31(2)
408,000 408,556 
Seagate HDD Cayman, 4.75%, 6/1/23655,000 697,904 
Seagate HDD Cayman, 4.875%, 3/1/24672,000 725,780 
Western Digital Corp., 4.75%, 2/15/26542,000 606,726 
4,142,341 
Thrifts and Mortgage Finance — 0.5%
Nationwide Building Society, VRN, 4.125%, 10/18/32(2)
700,000 772,748 
Trading Companies and Distributors — 0.6%
Air Lease Corp., 3.625%, 4/1/27710,000 767,860 
Aircastle Ltd., 5.25%, 8/11/25(2)
179,000 200,744 
968,604 
Wireless Telecommunication Services — 0.7%
T-Mobile USA, Inc., 4.75%, 2/1/28972,000 1,039,019 
TOTAL CORPORATE BONDS
(Cost $147,942,472)
149,381,767 
26


Diversified Corporate Bond ETF
Principal Amount/SharesValue
U.S. TREASURY SECURITIES — 1.1%


U.S. Treasury Notes, 0.375%, 8/15/24
(Cost $1,748,565)
$1,750,000 $1,748,770 
TEMPORARY CASH INVESTMENTS — 0.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $1,371,240)
1,371,2401,371,240 
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(4) — 1.5%
State Street Navigator Securities Lending Government Money Market Portfolio
(Cost $2,260,543)
2,260,5432,260,543 
TOTAL INVESTMENT SECURITIES — 101.3%
(Cost $153,322,820)
154,762,320 
OTHER ASSETS AND LIABILITIES — (1.3)%(1,933,867)
TOTAL NET ASSETS — 100.0%$152,828,453 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration
Date
Notional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 10-Year Notes1December 2021$133,453 $(77)
U.S. Treasury 2-Year Notes138December 202130,405,282 4,083 
$30,538,735 $4,006 
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference EntityContractsExpiration
Date
Notional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 10-Year Ultra Notes36December 2021$5,328,563 $1,049 
U.S. Treasury 5-Year Notes165December 202120,413,594 (21,075)
U.S. Treasury Long Bonds2December 2021325,937 496 
$26,068,094 $(19,530)
^Amount represents value and unrealized appreciation (depreciation).

NOTES TO SCHEDULE OF INVESTMENTS
MTN-Medium Term Note
VRN-Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(2)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $38,699,358, which represented 25.3% of total net assets.
(3)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,198,543. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,260,543.


See Notes to Financial Statements.
27


AUGUST 31, 2021
Diversified Municipal Bond ETF
Principal AmountValue
MUNICIPAL SECURITIES — 94.3%


ALABAMA — 0.6%


Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs Group, Inc.)$535,000 $575,947 
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 4/1/49 (GA: Goldman Sachs Group, Inc.)395,000 429,319 
1,005,266 
ARIZONA — 5.4%


Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/29160,000 180,827 
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), 5.00%, 1/1/25585,000 676,059 
Arizona Industrial Development Authority Rev., 3.625%, 5/20/33193,794 220,886 
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 5.50%, 7/1/31(1)
150,000 164,418 
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 7.75%, 7/1/50(1)
300,000 361,609 
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%, 7/1/51(1)
100,000 111,074 
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40(1)
200,000 218,427 
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/27 (BAM)400,000 490,225 
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/41(1)
250,000 277,111 
Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25(1)
410,000 438,391 
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32155,000 188,408 
Industrial Development Authority of the City of Phoenix Rev., (Leman Academy of Excellence, Inc.), 5.00%, 7/1/54(1)
60,000 61,545 
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/2775,000 90,045 
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/2875,000 91,738 
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39(1)
200,000 238,330 
Phoenix Civic Improvement Corp. Rev., (Phoenix Water System Rev.), 4.00%, 7/1/401,000,000 1,226,179 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30180,000 226,619 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35250,000 310,782 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38755,000 931,913 
Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets)120,000 169,762 
State of Arizona COP, 5.00%, 9/1/25760,000 900,388 
Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 4.00%, 10/1/23(1)
50,000 50,027 
University of Arizona Rev., 5.00%, 6/1/321,000,000 1,203,384 
8,828,147 
CALIFORNIA — 11.0%


Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 9/1/30 (BAM)535,000 676,168 
28


Diversified Municipal Bond ETF
Principal AmountValue
Bay Area Toll Authority Rev., 4.00%, 4/1/29$230,000 $271,000 
Bay Area Toll Authority Rev., VRN, 0.47%, (MUNIPSA plus 0.45%), 4/1/56250,000 251,544 
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/30500,000 598,999 
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(2)
100,000 17,299 
California Housing Finance Rev., 4.00%, 3/20/33389,755 465,651 
California Housing Finance Rev., 4.25%, 1/15/35485,518 598,519 
California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), VRN, 0.37%, (MUNIPSA plus 0.35%), 8/1/47250,000 250,052 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/29(1)
50,000 59,108 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/30(1)
110,000 131,236 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/36(1)
175,000 205,112 
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.375%, 11/15/28(1)
265,000 269,150 
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/34185,000 218,893 
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24250,000 280,882 
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/38(1)
240,000 286,469 
California Statewide Communities Development Authority Special Assessment, (Contra County Costa Assessment District No. 14-01), 4.00%, 9/2/21330,000 330,000 
California Statewide Communities Development Authority Special Assessment, (San Diego Assessment District No. 18-01), 5.00%, 9/2/29250,000 320,257 
California Statewide Communities Development Authority Special Tax, (Community Facilities District No. 2015), 4.00%, 9/1/40245,000 282,444 
CSCDA Community Improvement Authority Rev., 4.00%, 8/1/56(1)
300,000 331,792 
Eastern Municipal Water District Rev., VRN, 0.12%, (MUNIPSA plus 0.10%), 7/1/46750,000 750,184 
Elk Grove Finance Authority Special Tax, 5.00%, 9/1/30515,000 609,699 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39500,000 589,704 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 3.00%, 9/1/25155,000 165,212 
Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/33250,000 298,863 
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/2340,000 43,272 
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/341,000,000 1,162,208 
Golden State Tobacco Securitization Corp. Rev., 3.50%, 6/1/36345,000 350,569 
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/47110,000 113,666 
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/47100,000 103,333 
Golden State Tobacco Securitization Corp. Rev., 5.25%, 6/1/47100,000 103,559 
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45465,000 562,611 
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/31 (AGM)(1)
215,000 260,859 
Los Angeles Department of Airports Rev., 5.00%, 5/15/45500,000 649,134 
Metropolitan Water District of Southern California Rev., VRN, 0.16%, (MUNIPSA plus 0.14%), 7/1/37200,000 200,046 
29


Diversified Municipal Bond ETF
Principal AmountValue
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(1)
$100,000 $119,786 
Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/22(3)
600,000 614,245 
Orange County Airport Rev., 5.00%, 7/1/24130,000 147,593 
Orange County Community Facilities District Special Tax, 5.25%, 8/15/45415,000 470,765 
Oroville Rev., (Oroville Hospital), 5.25%, 4/1/49250,000 278,523 
Palomar Health GO, 5.00%, 8/1/27545,000 646,160 
Poway Unified School District Special Tax, (Poway Unified School District Community Facilities District No. 16), 4.00%, 9/1/31315,000 368,610 
San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/21, Prerefunded at 100% of Par(3)
300,000 305,386 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/38250,000 313,302 
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 5.00%, 9/1/35600,000 728,331 
Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.)125,000 171,845 
State of California GO, 5.25%, 8/1/32 (AGM)525,000 740,283 
State of California GO, 5.00%, 8/1/34245,000 296,322 
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/39280,000 322,397 
Tustin Community Facilities District Special Tax, (Tustin Community Facilities District No. 14-1), 5.00%, 9/1/29150,000 173,512 
Woodside Fire Protection District COP, 4.00%, 5/1/41445,000 525,939 
18,030,493 
COLORADO — 3.3%


Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/40515,000 574,551 
Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40500,000 583,173 
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23100,000 106,332 
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39275,000 327,040 
Colorado Health Facilities Authority Rev., (Sisters of Charity of Leavenworth Health System, Inc. Obligated Group), 4.00%, 1/1/38210,000 249,678 
Denver Urban Renewal Authority Tax Allocation, 5.25%, 12/1/39(1)
100,000 109,645 
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/30250,000 324,486 
Regional Transportation District Rev., (Denver Transit Partners LLC), 4.00%, 7/15/34500,000 606,441 
Vauxmont Metropolitan District GO, 5.00%, 12/15/21 (AGM)100,000 101,292 
Vauxmont Metropolitan District GO, 5.00%, 12/15/22 (AGM)110,000 116,389 
Vauxmont Metropolitan District GO, 5.00%, 12/15/26 (AGM)220,000 257,568 
Village Metropolitan District GO, 5.00%, 12/1/49500,000 563,551 
Windy Gap Firming Project Water Activity Enterprise Rev., 4.00%, 7/15/411,250,000 1,521,521 
5,441,667 
CONNECTICUT — 2.2%


Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 3.25%, 1/1/27(1)
450,000 460,450 
Connecticut State Health & Educational Facilities Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/45645,000 768,252 
Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 2.00%, 7/1/491,000,000 1,008,301 
State of Connecticut GO, 5.00%, 11/15/31365,000 430,229 
30


Diversified Municipal Bond ETF
Principal AmountValue
State of Connecticut GO, 5.00%, 4/15/34$750,000 $957,008 
3,624,240 
DISTRICT OF COLUMBIA — 0.6%


District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 10/1/26540,000 663,247 
District of Columbia Water & Sewer Authority Rev., 5.00%, 10/1/39250,000 297,250 
960,497 
FLORIDA — 5.5%


Alachua County Health Facilities Authority Rev., (Shands Teaching Hospital & Clinics Obligated Group), 5.00%, 12/1/44350,000 396,410 
Alachua County Health Facilities Authority Rev., (Shands Teaching Hospital & Clinics Obligated Group), VRN, 5.00%, 12/1/37350,000 416,342 
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28300,000 368,922 
Central Florida Expressway Authority Rev., 5.00%, 7/1/28 (AGM)750,000 963,087 
Florida Development Finance Corp. Rev., 5.00%, 6/15/35(1)
250,000 294,752 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 3.00%, 6/1/22115,000 116,655 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 3.00%, 6/1/23115,000 118,709 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/24105,000 112,684 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/25110,000 120,193 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/26110,000 121,914 
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/33180,000 220,896 
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/42390,000 470,145 
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/39(1)
550,000 618,778 
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/30585,000 658,672 
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/41840,000 1,014,212 
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/35135,000 159,247 
Orange County Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/521,000,000 1,230,988 
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/30300,000 388,501 
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29105,000 122,139 
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39375,000 452,235 
Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 4.25%, 11/15/26650,000 657,582 
9,023,063 
GEORGIA — 1.2%


George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 3.625%, 1/1/31(1)
475,000 534,414 
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets)500,000 577,473 
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 5/1/52 (GA: Citigroup Global Markets)(4)
695,000 831,863 
1,943,750 
GUAM — 0.3%


Territory of Guam Rev., (Hotel Occupancy Tax), 5.00%, 11/1/27450,000 551,634 
31


Diversified Municipal Bond ETF
Principal AmountValue
HAWAII — 0.2%


City & County Honolulu Wastewater System Rev., 4.00%, 7/1/32$250,000 $281,971 
ILLINOIS — 6.1%


Chicago GO, 5.00%, 1/1/26275,000 324,117 
Chicago GO, 5.00%, 1/1/40380,000 383,901 
Chicago GO, 5.50%, 1/1/49100,000 123,998 
Chicago Board of Education GO, 5.00%, 12/1/21400,000 404,592 
Chicago Board of Education GO, 5.00%, 12/1/22200,000 211,365 
Chicago Board of Education GO, 5.00%, 12/1/34280,000 340,651 
Chicago Board of Education GO, 5.00%, 12/1/4260,000 62,683 
Chicago Wastewater Transmission Rev., 5.50%, 1/1/30 (AGM-CR) (NATL-RE)100,000 124,247 
Cook County GO, 5.00%, 11/15/22500,000 529,407 
Illinois Finance Authority Rev., 5.00%, 11/1/49200,000 226,730 
Illinois Finance Authority Rev., (Carle Foundation Obligated Group), VRN, 5.00%, 8/15/53525,000 710,595 
Illinois Finance Authority Rev., (Presbyterian Homes Obligated Group), VRN, 0.72%, (MUNIPSA plus 0.70%), 5/1/42250,000 250,714 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/33955,000 1,235,997 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31300,000 392,363 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37325,000 382,799 
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/31 (AGM)200,000 236,756 
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/28525,000 648,047 
Northern Illinois University Rev., 5.00%, 10/1/28 (BAM)325,000 407,644 
Northern Illinois University Rev., 4.00%, 4/1/35 (BAM)250,000 294,860 
Railsplitter Tobacco Settlement Authority Rev., 5.00%, 6/1/22100,000 103,624 
State of Illinois GO, 5.00%, 11/1/21440,000 443,480 
State of Illinois GO, 5.00%, 10/1/25160,000 187,558 
State of Illinois GO, 5.00%, 11/1/29280,000 339,688 
State of Illinois GO, 5.00%, 10/1/30600,000 744,377 
State of Illinois GO, 5.00%, 10/1/33200,000 245,144 
State of Illinois GO, 5.50%, 5/1/3940,000 51,552 
State of Illinois GO, 5.75%, 5/1/45225,000 290,519 
Will County Community High School District No. 210 Lincoln-Way GO, 4.00%, 1/1/22 (AGM)300,000 303,540 
10,000,948 
INDIANA — 0.5%


Indiana Finance Authority Rev., (United States Steel Corp.), 4.125%, 12/1/26130,000 141,862 
Purdue University Rev., 5.00%, 7/1/26640,000 727,004 
868,866 
IOWA — 0.8%


Iowa Finance Authority Rev., (Iowa Fertilizer Co. LLC), 3.125%, 12/1/2255,000 56,079 
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48400,000 464,359 
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 0.59%, 5/15/56500,000 500,000 
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/49180,000 208,623 
1,229,061 
32


Diversified Municipal Bond ETF
Principal AmountValue
KANSAS — 0.2%


State of Kansas Department of Transportation Rev., 5.00%, 9/1/29$340,000 $400,761 
KENTUCKY — 1.6%


Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/30370,000 477,903 
Kentucky Bond Development Corp. Rev., 5.00%, 9/1/38250,000 309,768 
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.25%, 6/1/41100,000 118,751 
Kentucky Public Energy Authority Rev., VRN, 4.00%, 4/1/48 (GA: Morgan Stanley)300,000 326,550 
Kentucky Public Energy Authority Rev., VRN, 4.00%, 1/1/49 (GA: BP Corp. North America, Inc.)440,000 487,048 
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley)200,000 224,739 
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley)250,000 281,169 
Kentucky State University COP, 5.00%, 11/1/26 (BAM)125,000 150,579 
Kentucky State University COP, 5.00%, 11/1/28 (BAM)145,000 181,842 
2,558,349 
LOUISIANA — 1.0%


Greater Ouachita Water Co. Rev., 4.00%, 9/1/30 (BAM)100,000 121,988 
Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23100,000 106,115 
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/48 (AGM)250,000 301,886 
St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.00%, 6/1/3750,000 51,099 
St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.10%, 6/1/371,000,000 1,040,312 
1,621,400 
MARYLAND — 2.5%


Baltimore Rev., (Baltimore Water Utility Fund), 5.00%, 7/1/411,010,000 1,228,536 
Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27200,000 223,122 
Brunswick Special Tax, 5.00%, 7/1/36100,000 119,523 
Maryland Economic Development Corp. Tax Allocation, 4.00%, 9/1/501,000,000 1,138,308 
State of Maryland GO, 4.00%, 8/1/26750,000 880,433 
State of Maryland GO, 5.00%, 8/1/27275,000 346,324 
State of Maryland Department of Transportation Rev., 5.00%, 2/1/22230,000 234,708 
4,170,954 
MASSACHUSETTS — 2.9%


Massachusetts GO, 5.00%, 5/1/25325,000 381,056 
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/41910,000 1,163,744 
Massachusetts Clean Water Trust Rev., 5.00%, 2/1/41350,000 461,467 
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/22(1)
115,000 118,994 
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 4.00%, 10/1/32(1)
100,000 108,104 
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc.), 5.00%, 10/1/37(1)
150,000 164,112 
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/23100,000 108,233 
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 4.00%, 10/1/45 (AGM)300,000 350,979 
Massachusetts Port Authority Rev., 5.00%, 7/1/41500,000 646,658 
33


Diversified Municipal Bond ETF
Principal AmountValue
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/32$460,000 $583,976 
University of Massachusetts Building Authority Rev., (University of Massachusetts), 5.00%, 11/1/25500,000 596,880 
4,684,203 
MICHIGAN — 2.3%


Detroit GO, 5.00%, 4/1/2550,000 56,758 
Detroit GO, 5.00%, 4/1/36550,000 686,253 
Detroit GO, 5.00%, 4/1/37250,000 310,944 
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/23 (AGM)350,000 378,950 
Lansing Board of Water & Light Rev., VRN, 2.00%, 7/1/51750,000 798,120 
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 1.25%, 6/1/3055,000 55,343 
Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/44(1)
200,000 212,037 
Michigan State Building Authority Rev., 5.00%, 4/15/261,015,000 1,228,163 
3,726,568 
NEBRASKA — 0.1%


Omaha Public Power District Rev., 5.00%, 2/1/23200,000 213,716 
NEVADA — 2.1%


Las Vegas Special Improvement District No. 815 Special Assessment, 4.00%, 12/1/31250,000 283,654 
Las Vegas Special Improvement District No. 815 Special Assessment, 5.00%, 12/1/49200,000 230,127 
Las Vegas Special Improvement District No. 816 Special Assessment, 2.00%, 6/1/22155,000 156,463 
Las Vegas Special Improvement District No. 816 Special Assessment, 2.00%, 6/1/23150,000 152,774 
Nevada System of Higher Education Rev., 5.00%, 7/1/231,330,000 1,447,432 
Sparks Rev., 2.50%, 6/15/24(1)
140,000 142,473 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/28255,000 308,353 
State of Nevada Highway Improvement Rev., 4.00%, 12/1/33360,000 423,062 
Tahoe-Douglas Visitors Authority Rev., 4.00%, 7/1/25200,000 219,211 
3,363,549 
NEW HAMPSHIRE — 1.2%


New Hampshire Business Finance Authority Rev., 4.125%, 1/20/34293,567 354,484 
New Hampshire Business Finance Authority Rev., (Springpoint Senior Living Obligated Group), 4.00%, 1/1/27500,000 578,476 
New Hampshire Business Finance Authority Rev., (Waste Management, Inc.), VRN, 0.40%, (MUNIPSA plus 0.38%), 10/1/33 (GA: Waste Management Holdings)1,000,000 1,000,243 
1,933,203 
NEW JERSEY — 2.7%


New Jersey Economic Development Authority Rev., 5.50%, 6/15/30260,000 321,257 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/22440,000 456,486 
New Jersey Transportation Trust Fund Authority Rev., 5.50%, 12/15/22430,000 459,034 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/28375,000 478,775 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/32400,000 503,220 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/33260,000 326,184 
34


Diversified Municipal Bond ETF
Principal AmountValue
New Jersey Turnpike Authority Rev., 5.00%, 1/1/48$150,000 $185,515 
Newark Board of Education GO, 5.00%, 7/15/33 (BAM)150,000 200,525 
South Jersey Port Corp. Rev., 3.00%, 1/1/22100,000 100,921 
State of New Jersey GO, 4.00%, 6/1/31690,000 862,548 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/29125,000 158,289 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/3075,000 94,346 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46280,000 332,953 
4,480,053 
NEW MEXICO — 0.5%


New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/23100,000 100,069 
New Mexico Municipal Energy Acquisition Authority Rev., VRN, 5.00%, 11/1/39 (LIQ FAC: Royal Bank of Canada)500,000 580,309 
Santa Fe Rev., (El Castillo Retirement Residences Obligated Group), 2.625%, 5/15/25200,000 200,634 
881,012 
NEW YORK — 9.0%


Brookhaven Local Development Corp. Rev., (Active Retirement Community, Inc. Obligated Group), 5.25%, 11/1/25130,000 154,939 
Huntington Local Development Corp. Rev., (Gurwin Independent Housing Obligated Group), 3.00%, 7/1/25100,000 104,459 
Metropolitan Transportation Authority Rev., 5.00%, 2/1/23350,000 373,365 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33750,000 966,349 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33560,000 668,247 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33110,000 131,263 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/38255,000 319,481 
Metropolitan Transportation Authority Rev., VRN, 0.83%, 11/1/32 (AGM)250,000 254,557 
New York City GO, 5.00%, 8/1/23365,000 399,041 
New York City GO, 5.00%, 8/1/27320,000 400,877 
New York City GO, 4.00%, 8/1/50500,000 585,968 
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/27 (AGM)500,000 612,794 
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/28 (AGM)250,000 314,357 
New York City Industrial Development Agency Rev., (TrIPs Obligated Group), 5.00%, 7/1/22360,000 372,681 
New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 5.00%, 3/1/30 (AGM)100,000 131,988 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/23100,000 100,804 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/29500,000 661,530 
New York City Water & Sewer System Rev., 5.00%, 6/15/25550,000 611,119 
New York City Water & Sewer System Rev., 5.00%, 6/15/39565,000 657,456 
New York City Water & Sewer System Rev., 5.00%, 6/15/49390,000 497,669 
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.50%, 10/1/37 (GA: Goldman Sachs Group, Inc.)175,000 264,173 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37500,000 596,341 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/40750,000 897,993 
New York State Thruway Authority Rev., 5.00%, 1/1/27405,000 449,245 
New York State Thruway Authority Rev., 5.00%, 1/1/29915,000 1,052,485 
35


Diversified Municipal Bond ETF
Principal AmountValue
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/38$400,000 $519,808 
New York Transportation Development Corp. Rev., (American Airlines, Inc.), 3.00%, 8/1/31 (GA: American Airlines Group)130,000 141,269 
New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 10/31/46500,000 579,816 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/24100,000 114,405 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/25100,000 118,044 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/41170,000 197,938 
Town of Oyster Bay GO, 4.00%, 3/1/25 (AGM)545,000 611,900 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27230,000 291,465 
Triborough Bridge & Tunnel Authority Rev., (Metropolitan Transportation Authority Payroll Mobility Tax Rev.), VRN, 5.00%, 5/15/50375,000 453,027 
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39100,000 118,750 
14,725,603 
NORTH CAROLINA — 3.7%


Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), VRN, 5.00%, 1/15/501,050,000 1,211,302 
North Carolina Medical Care Commission Rev., (Caromont Health Obligated Group), VRN, 5.00%, 2/1/51500,000 599,026 
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/2650,000 50,346 
North Carolina Turnpike Authority Rev., 5.00%, 2/1/24640,000 710,196 
State of North Carolina GO, 5.00%, 6/1/25470,000 553,108 
State of North Carolina GO, 5.00%, 6/1/271,000,000 1,254,832 
State of North Carolina Rev., 5.00%, 5/1/25305,000 357,606 
State of North Carolina Rev., 5.00%, 3/1/34320,000 408,178 
Wake County Rev., 5.00%, 3/1/26750,000 903,928 
6,048,522 
OHIO — 3.1%


Allen County Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), 5.00%, 12/1/29355,000 466,561 
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48300,000 344,806 
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55495,000 576,028 
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/40450,000 536,822 
Columbus Sewerage Rev., 5.00%, 6/1/29250,000 302,307 
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/42360,000 424,949 
Miami University/Oxford Rev., 5.00%, 9/1/36225,000 303,114 
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/37125,000 152,392 
Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53100,000 115,326 
State of Ohio GO, 5.00%, 6/15/41275,000 366,111 
Wright State University Rev., 4.00%, 5/1/22 (BAM)600,000 615,096 
Wright State University Rev., 4.00%, 5/1/23 (BAM)400,000 424,673 
Wright State University Rev., 4.00%, 5/1/24 (BAM)430,000 471,666 
5,099,851 
OREGON — 1.9%


Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40250,000 278,816 
36


Diversified Municipal Bond ETF
Principal AmountValue
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47$100,000 $110,821 
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/2635,000 40,513 
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/2950,000 59,615 
State of Oregon GO, 5.00%, 5/1/26405,000 491,391 
State of Oregon GO, 5.00%, 5/1/301,525,000 2,050,652 
3,031,808 
PENNSYLVANIA — 4.1%


Allegheny County Airport Authority Rev., 4.00%, 1/1/46 (AGM)1,000,000 1,165,252 
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 2/1/28150,000 173,742 
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 11/1/40300,000 304,908 
Commonwealth Financing Authority Rev., 5.00%, 6/1/25275,000 320,932 
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/2615,000 18,170 
Geisinger Authority Rev., (Geisinger Health System Obligated Group), 5.00%, 2/15/32150,000 182,293 
Geisinger Authority Rev., (Geisinger Health System Obligated Group), 5.00%, 4/1/50750,000 941,892 
Geisinger Authority Rev., (Geisinger Health System Obligated Group), VRN, 5.00%, 4/1/43100,000 121,248 
Pennsylvania GO, 5.00%, 9/15/25 (AGM-CR)225,000 267,513 
Pennsylvania GO, 5.00%, 7/15/29845,000 1,110,890 
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM)290,000 367,788 
Pennsylvania Turnpike Commission Rev., 4.00%, 12/1/411,000,000 1,187,933 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/46300,000 354,192 
School District of Philadelphia GO, 5.00%, 9/1/22155,000 162,379 
6,679,132 
SOUTH CAROLINA — 0.4%


Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40100,000 113,636 
South Carolina Jobs-Economic Development Authority Rev., (Bon Secours Mercy Health, Inc.), VRN, 5.00%, 12/1/48500,000 591,151 
704,787 
TENNESSEE — 0.7%


Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/25150,000 171,032 
Nashville Metropolitan Development & Housing Agency Tax Allocation, 5.125%, 6/1/36(1)
225,000 260,093 
State of Tennessee GO, 5.00%, 11/1/34255,000 349,804 
Tennessee Energy Acquisition Corp. Rev., VRN, 4.00%, 11/1/49 (GA: Goldman Sachs Group, Inc.)280,000 317,479 
1,098,408 
TEXAS — 9.7%


Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD)425,000 511,718 
Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/24 (PSF-GTD)110,000 120,051 
Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/25 (PSF-GTD)170,000 191,067 
Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/26 (PSF-GTD)280,000 322,606 
Arlington Higher Education Finance Corp. Rev., (Leadership Prep School), 5.00%, 6/15/36700,000 702,023 
37


Diversified Municipal Bond ETF
Principal AmountValue
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 5.00%, 8/15/29 (PSF-GTD)$400,000 $515,808 
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/25155,000 177,583 
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/23, Prerefunded at 100% of Par(3)
600,000 638,915 
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/27600,000 710,051 
Clear Creek Independent School District GO, 5.00%, 2/15/26 (PSF-GTD)750,000 901,849 
Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/4850,000 58,194 
Corpus Christi Utility System Rev., 5.00%, 7/15/33400,000 528,148 
Dallas Area Rapid Transit Rev., 5.00%, 12/1/34255,000 332,225 
Harris County Cultural Education Facilities Finance Corp. Rev., (Texas Children's Hospital Obligated Group), 4.00%, 10/1/471,000,000 1,191,039 
Houston GO, 5.00%, 3/1/29340,000 441,573 
Houston Airport System Rev., (United Airlines, Inc.), 4.00%, 7/15/41260,000 283,427 
Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51200,000 222,702 
Love Field Airport Modernization Corp. Rev., 5.00%, 11/1/27(4)
1,000,000 1,243,916 
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27(3)
240,000 297,422 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/26585,000 649,055 
Port Freeport Rev., 5.00%, 6/1/401,265,000 1,598,919 
Round Rock Independent School District GO, 5.00%, 8/1/24 (PSF-GTD)215,000 245,053 
San Antonio Independent School District GO, 4.00%, 8/15/36 (PSF-GTD)640,000 784,512 
San Antonio Water System Rev., 4.00%, 5/15/34250,000 304,474 
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/25250,000 296,510 
Texas Transportation Commission Turnpike System Rev., Series 2012 A, (First Tier), 5.00%, 8/15/22, Prerefunded at 100% of Par(3)
825,000 863,488 
Texas Water Development Board Rev., 4.00%, 8/1/34280,000 347,102 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/31280,000 368,741 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/32100,000 131,415 
University of Texas System Rev., 5.00%, 8/15/22, Prerefunded at 100% of Par(3)
250,000 261,663 
University of Texas System Rev., 5.00%, 8/15/30450,000 606,359 
15,847,608 
UTAH — 0.7%


State of Utah GO, 5.00%, 7/1/28515,000 665,290 
Vineyard Redevelopment Agency Tax Allocation, (Geneva Urban Renewal Project Area), 4.00%, 5/1/40 (AGM)160,000 190,392 
Vineyard Redevelopment Agency Tax Allocation, (Geneva Urban Renewal Project Area), 4.00%, 5/1/41 (AGM)175,000 207,632 
1,063,314 
VIRGINIA — 1.7%


Fairfax County Sewer Rev., 4.00%, 7/15/401,610,000 1,973,835 
Hampton Roads Transportation Accountability Commission Rev., 5.00%, 7/1/22545,000 567,038 
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45(1)
200,000 220,072 
38


Diversified Municipal Bond ETF
Principal Amount/SharesValue
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/24$85,000 $96,467 
2,857,412 
WASHINGTON — 3.3%


Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33240,000 318,742 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/40650,000 856,175 
Port of Seattle Rev., 5.00%, 4/1/36540,000 673,724 
Seattle Municipal Light & Power Rev., VRN, 0.27%, (MUNIPSA plus 0.25%), 5/1/45200,000 200,092 
State of Washington GO, 5.00%, 6/1/36850,000 1,111,040 
State of Washington GO, 5.00%, 8/1/39290,000 338,502 
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49300,000 355,661 
Washington Health Care Facilities Authority Rev., (Providence State Joseph Health Obligated Group), 5.00%, 10/1/23500,000 526,725 
Washington Health Care Facilities Authority Rev., (Providence State Joseph Health Obligated Group), 5.00%, 10/1/33650,000 683,431 
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 3.00%, 7/1/27(1)
300,000 306,823 
5,370,915 
WISCONSIN — 1.2%


Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/41100,000 122,649 
Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 5.00%, 7/1/41250,000 318,165 
Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48(1)
75,000 83,403 
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/39 (AGM)150,000 171,890 
Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/44 (AGM)600,000 725,211 
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM)75,000 92,914 
Wisconsin Health & Educational Facilities Authority Rev., (Chiara Communities, Inc.), 5.00%, 7/1/43200,000 217,428 
Wood County Rev., 0.75%, 3/7/22(4)
200,000 200,281 
1,931,941 
TOTAL MUNICIPAL SECURITIES
(Cost $149,768,018)
154,282,672 
TEMPORARY CASH INVESTMENTS — 5.2%


Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio, Institutional Class
(Cost $8,619,501)
8,618,659 8,618,659 
TOTAL INVESTMENT SECURITIES — 99.5%
(Cost $158,387,519)

162,901,331 
OTHER ASSETS AND LIABILITIES — 0.5%

761,575 
TOTAL NET ASSETS — 100.0%

$163,662,906 

39


NOTES TO SCHEDULE OF INVESTMENTS
AGM-Assured Guaranty Municipal Corporation
AGM-CR-Assured Guaranty Municipal Corporation - Custodian Receipts
BAM-Build America Mutual Assurance Company
COP-Certificates of Participation
GA-Guaranty Agreement
GO-General Obligation
LIQ FAC-Liquidity Facilities
MUNIPSA-SIFMA Municipal Swap Index
NATL-RE-National Public Finance Guarantee Corporation - Reinsured
PSF-GTD-Permanent School Fund Guaranteed
VRN-Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $7,218,594, which represented 4.4% of total net assets.
(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(3)Escrowed to maturity in U.S. government securities or state and local government securities.
(4)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.


See Notes to Financial Statements.
40


AUGUST 31, 2021
Emerging Markets Bond ETF
Principal AmountValue
CORPORATE BONDS — 58.2%


Bermuda — 2.8%
Geopark Ltd., 5.50%, 1/17/27(1)
$200,000 $200,102 
Inkia Energy Ltd., 5.875%, 11/9/27200,000 203,752 
Ooredoo International Finance Ltd., 3.75%, 6/22/26(1)
200,000 221,752 
625,606 
Brazil — 0.9%
Banco BTG Pactual SA, 4.50%, 1/10/25(1)
200,000 207,290 
Canada — 1.0%
First Quantum Minerals Ltd., 6.875%, 10/15/27(1)
200,000 216,750 
Cayman Islands — 5.7%
CSN Inova Ventures, 6.75%, 1/28/28(1)
200,000 220,330 
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 3/21/23200,000 207,099 
Meituan, 2.125%, 10/28/25(1)
200,000 195,427 
Melco Resorts Finance Ltd., 5.75%, 7/21/28(1)
200,000 208,750 
Saudi Electricity Global Sukuk Co. 3, 5.50%, 4/8/44(1)
200,000 258,380 
Weibo Corp., 3.375%, 7/8/30200,000 205,039 
1,295,025 
Colombia — 0.9%
Oleoducto Central SA, 4.00%, 7/14/27(1)
200,000 206,805 
Indonesia — 6.4%
Bayan Resources Tbk PT, 6.125%, 1/24/23(1)
200,000 207,870 
Indonesia Asahan Aluminium Persero PT, 5.45%, 5/15/30(1)
425,000 497,377 
Pertamina (Persero) PT, 6.00%, 5/3/42200,000 251,253 
Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara, MTN, 5.45%, 5/21/28425,000 499,921 
1,456,421 
Ireland — 0.9%
C&W Senior Financing DAC, 6.875%, 9/15/27(1)
200,000 212,870 
Israel — 1.0%
Energean Israel Finance Ltd., 4.50%, 3/30/24(1)
200,000 203,651 
Leviathan Bond Ltd., 5.75%, 6/30/23(1)
10,000 10,423 
214,074 
Kazakhstan — 1.1%
KazMunayGas National Co. JSC, 5.75%, 4/19/47200,000 249,028 
Luxembourg — 7.3%
B2W Digital Lux Sarl, 4.375%, 12/20/30(1)
200,000 200,275 
FEL Energy VI Sarl, 5.75%, 12/1/40(1)
198,923 211,896 
Guara Norte Sarl, 5.20%, 6/15/34(1)
196,458 202,480 
Hidrovias International Finance SARL, 4.95%, 2/8/31(1)
200,000 201,674 
Kenbourne Invest SA, 4.70%, 1/22/28(1)
200,000 202,807 
Kernel Holding SA, 6.50%, 10/17/24(1)
200,000 213,884 
MC Brazil Downstream Trading SARL, 7.25%, 6/30/31(1)
200,000 208,462 
Millicom International Cellular SA, 4.50%, 4/27/31(1)
200,000 208,768 
1,650,246 
Mauritius — 0.9%
HTA Group Ltd., 7.00%, 12/18/25(1)
200,000 212,136 
Mexico — 9.3%
BBVA Bancomer SA, VRN, 5.125%, 1/18/33(1)
200,000 208,771 
Cemex SAB de CV, 5.20%, 9/17/30(1)
200,000 219,500 
41


Emerging Markets Bond ETF
Principal AmountValue
Cemex SAB de CV, 3.875%, 7/11/31(1)
$200,000 $206,021 
Cometa Energia SA de CV, 6.375%, 4/24/35(1)
182,800 215,403 
Grupo Televisa SAB, 4.625%, 1/30/26200,000 223,038 
Minera Mexico SA de CV, 4.50%, 1/26/50(1)
200,000 228,319 
Orbia Advance Corp. SAB de CV, 1.875%, 5/11/26(1)
225,000 227,029 
Petroleos Mexicanos, 6.49%, 1/23/27200,000 212,138 
Petroleos Mexicanos, 6.50%, 6/2/41150,000 134,911 
Sigma Alimentos SA de CV, 4.125%, 5/2/26(1)
200,000 219,352 
2,094,482 
Morocco — 1.1%
OCP SA, 6.875%, 4/25/44200,000 244,698 
Multinational — 0.9%
Digicel International Finance Ltd. / Digicel International Holdings Ltd., 8.75%, 5/25/24(1)
200,000 208,000 
Netherlands — 6.8%
Embraer Netherlands Finance BV, 6.95%, 1/17/28(1)
200,000 228,267 
Greenko Dutch BV, 3.85%, 3/29/26(1)
200,000 204,290 
IHS Netherlands Holdco BV, 8.00%, 9/18/27(1)
200,000 216,300 
Petrobras Global Finance BV, 6.875%, 1/20/40220,000 263,514 
Prosus NV, 3.68%, 1/21/30(1)
200,000 208,396 
VEON Holdings BV, 3.375%, 11/25/27(1)
200,000 203,785 
VTR Finance NV, 6.375%, 7/15/28(1)
200,000 212,552 
1,537,104 
Panama — 0.9%
Cable Onda SA, 4.50%, 1/30/30(1)
200,000 212,550 
Peru — 0.9%
Petroleos del Peru SA, 4.75%, 6/19/32200,000 209,255 
Saudi Arabia — 1.0%
Saudi Arabian Oil Co., MTN, 4.25%, 4/16/39200,000 229,392 
Singapore — 1.8%
Continuum Energy Levanter Pte Ltd., 4.50%, 2/9/27(1)
198,500 204,802 
Medco Bell Pte Ltd., 6.375%, 1/30/27(1)
200,000 203,619 
408,421 
Spain — 0.9%
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.375%, 12/30/30(1)
200,000 198,770 
United Kingdom — 0.9%
MARB BondCo plc, 3.95%, 1/29/31(1)
200,000 195,340 
United States — 4.8%
DAE Funding LLC, 3.375%, 3/20/28(1)
400,000 414,997 
GUSAP III LP, 4.25%, 1/21/30(1)
250,000 276,925 
Kosmos Energy Ltd., 7.50%, 3/1/28(1)
200,000 190,128 
Sasol Financing USA LLC, 5.50%, 3/18/31200,000 211,756 
1,093,806 
TOTAL CORPORATE BONDS
(Cost $13,168,989)
13,178,069 
SOVEREIGN GOVERNMENTS AND AGENCIES — 35.8%


Argentina — 0.9%
Argentine Republic Government International Bond, 1.125%, 7/9/35550,000 193,331 
42


Emerging Markets Bond ETF
Principal AmountValue
Armenia — 0.8%
Republic of Armenia International Bond, 3.60%, 2/2/31$200,000 $189,652 
Azerbaijan — 1.0%
Republic of Azerbaijan International Bond, 4.75%, 3/18/24200,000 216,728 
Belarus — 0.8%
Republic of Belarus International Bond, 5.875%, 2/24/26200,000 185,388 
Bolivia — 0.8%
Bolivian Government International Bond, 4.50%, 3/20/28200,000 183,002 
Brazil — 2.5%
Brazilian Government International Bond, 4.75%, 1/14/50600,000 569,256 
Colombia — 1.1%
Colombia Government International Bond, 7.375%, 9/18/37200,000 260,240 
Costa Rica — 0.9%
Costa Rica Government International Bond, 7.00%, 4/4/44200,000 207,502 
Dominican Republic — 1.2%
Dominican Republic International Bond, 6.40%, 6/5/49250,000 274,627 
Ecuador — 1.1%
Ecuador Government International Bond, 1.00%, 7/31/35350,000 253,753 
Egypt — 1.4%
Egypt Government International Bond, 8.875%, 5/29/50300,000 322,514 
Ghana — 1.1%
Ghana Government International Bond, 8.63%, 6/16/49250,000 240,598 
Iraq — 0.9%
Iraq International Bond, 5.80%, 1/15/28218,750 210,322 
Ivory Coast — 1.0%
Ivory Coast Government International Bond, 5.75%, 12/31/32234,000 238,488 
Jamaica — 1.3%
Jamaica Government International Bond, 7.875%, 7/28/45200,000 285,002 
Jordan — 1.0%
Jordan Government International Bond, 7.375%, 10/10/47200,000 215,875 
Kenya — 1.0%
Republic of Kenya Government International Bond, 8.25%, 2/28/48200,000 227,114 
Mexico — 2.6%
Mexico Government International Bond, 4.75%, 4/27/32225,000 261,241 
Mexico Government International Bond, 6.05%, 1/11/40250,000 319,690 
580,931 
Nigeria — 1.3%
Nigeria Government International Bond, MTN, 7.625%, 11/28/47300,000 303,352 
Oman — 1.4%
Oman Government International Bond, 6.75%, 1/17/48300,000 307,474 
Pakistan — 1.0%
Pakistan Government International Bond, 8.25%, 9/30/25200,000 217,607 
Panama — 1.0%
Panama Government International Bond, 4.50%, 4/16/50200,000 230,266 
Paraguay — 1.0%
Paraguay Government International Bond, 5.00%, 4/15/26200,000 227,252 
Russia — 1.2%
Russian Foreign Bond - Eurobond, 5.625%, 4/4/42200,000 265,742 
Senegal — 0.9%
Senegal Government International Bond, 6.25%, 5/23/33200,000 215,137 
43


Emerging Markets Bond ETF
Principal Amount/SharesValue
South Africa — 1.5%
Republic of South Africa Government International Bond, 5.875%, 9/16/25$300,000 $339,593 
Sri Lanka — 0.7%
Sri Lanka Government International Bond, 5.875%, 7/25/22200,000 153,000 
Tunisia — 1.6%
Banque Centrale de Tunisie International Bond, 5.75%, 1/30/25400,000 353,607 
Turkey — 1.4%
Turkey Government International Bond, 6.35%, 8/10/24300,000 317,797 
Ukraine — 1.4%
Ukraine Government International Bond, 7.25%, 3/15/33300,000 317,412 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $8,054,638)
8,102,562 
PREFERRED STOCKS — 2.1%


Mauritius — 0.9%
Network i2i Ltd., 3.98%200,000 202,985 
Mexico — 1.2%
Banco Mercantil del Norte SA, 8.375%(1)
220,000 265,628 
TOTAL PREFERRED STOCKS
(Cost $468,027)
468,613 
TEMPORARY CASH INVESTMENTS — 2.8%


State Street Institutional U.S. Government Money Market Fund, Premier Class378,844 378,844 
U.S. Treasury Bills, 0.04%, 10/7/21(2)(3)
$250,000 249,991 
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $628,834)
628,835 
TOTAL INVESTMENT SECURITIES — 98.9%
(Cost $22,320,488)

22,378,079 
OTHER ASSETS AND LIABILITIES — 1.1%

258,319 
TOTAL NET ASSETS — 100.0%

$22,636,398 


FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year NotesDecember 2021$1,101,640 $148 
U.S. Treasury 5-Year NotesDecember 2021618,594 498 
U.S. Treasury Ultra BondsDecember 2021591,844 (2,162)
$2,312,078 $(1,516)

^Amount represents value and unrealized appreciation (depreciation).







44


NOTES TO SCHEDULE OF INVESTMENTS
MTN-Medium Term Note
VRN-Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $10,098,903, which represented 44.6% of total net assets.
(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $26,999.
(3)The rate indicated is the yield to maturity at purchase.


See Notes to Financial Statements.
45


AUGUST 31, 2021
Multisector Income ETF
Principal AmountValue
CORPORATE BONDS — 58.5%


Aerospace and Defense — 0.4%
TransDigm, Inc., 4.625%, 1/15/29(1)
$320,000 $316,400 
Air Freight and Logistics — 0.4%
GXO Logistics, Inc., 1.65%, 7/15/26(1)
300,000 300,825 
Airlines — 1.3%
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)
320,000 337,680 
United Airlines Pass Through Trust, 4.875%, 7/15/27355,015 374,153 
United Airlines, Inc., 4.625%, 4/15/29(1)
320,000 332,408 
1,044,241 
Auto Components — 0.4%
Goodyear Tire & Rubber Co. (The), 5.00%, 7/15/29(1)
320,000 338,880 
Automobiles — 0.4%
Ford Motor Co., 4.35%, 12/8/26320,000 345,150 
Banks — 0.5%
Intesa Sanpaolo SpA, 4.95%, 6/1/42(1)
400,000 415,272 
Biotechnology — 0.5%
HCRX Investments Holdco LP, 4.50%, 8/1/29(1)
380,000 385,448 
Building Products — 0.4%
Builders FirstSource, Inc., 5.00%, 3/1/30(1)
325,000 348,156 
Capital Markets — 4.9%
Ares Capital Corp., 2.875%, 6/15/2892,000 93,878 
Ares Finance Co. III LLC, VRN, 4.125%, 6/30/51(1)
250,000 256,315 
Bain Capital Specialty Finance, Inc., 2.95%, 3/10/26400,000 411,769 
BlackRock TCP Capital Corp., 2.85%, 2/9/26210,000 215,042 
CI Financial Corp., 4.10%, 6/15/51200,000 216,383 
Deutsche Bank AG, VRN, 4.30%, 5/24/28435,000 450,666 
FS KKR Capital Corp., 3.40%, 1/15/26233,000 243,207 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27500,000 520,002 
LPL Holdings, Inc., 4.375%, 5/15/31(1)
160,000 165,826 
Owl Rock Capital Corp., 3.40%, 7/15/26200,000 209,417 
Owl Rock Technology Finance Corp., 2.50%, 1/15/27550,000 553,439 
Prospect Capital Corp., 3.71%, 1/22/26735,000 759,379 
4,095,323 
Chemicals — 0.3%
Tronox, Inc., 4.625%, 3/15/29(1)
250,000 253,800 
Commercial Services and Supplies — 0.4%
GFL Environmental, Inc., 4.00%, 8/1/28(1)
325,000 322,975 
Communications Equipment — 1.2%
CommScope, Inc., 8.25%, 3/1/27(1)
770,000 812,697 
CommScope, Inc., 4.75%, 9/1/29(1)
150,000 152,087 
964,784 
Construction and Engineering — 0.6%
Arcosa, Inc., 4.375%, 4/15/29(1)
80,000 82,497 
IHS Netherlands Holdco BV, 8.00%, 9/18/27400,000 430,598 
513,095 
Construction Materials — 0.4%
SRM Escrow Issuer LLC, 6.00%, 11/1/28(1)
320,000 339,600 
46


Multisector Income ETF
Principal AmountValue
Consumer Finance — 0.5%
Navient Corp., 4.875%, 3/15/28$385,000 $392,300 
Diversified Financial Services — 0.4%
Midcap Financial Issuer Trust, 5.625%, 1/15/30(1)
360,000 358,706 
Electric Utilities — 1.3%
FEL Energy VI Sarl, 5.75%, 12/1/40(1)
198,923 211,896 
FEL Energy VI Sarl, 5.75%, 12/1/40(1)
596,770 635,689 
Inkia Energy Ltd., 5.875%, 11/9/27200,000 203,752 
1,051,337 
Energy Equipment and Services — 0.5%
Guara Norte Sarl, 5.20%, 6/15/34(1)
392,916 404,959 
Entertainment — 0.4%
Live Nation Entertainment, Inc., 3.75%, 1/15/28(1)
320,000 320,608 
Equity Real Estate Investment Trusts (REITs) — 6.2%
EPR Properties, 4.75%, 12/15/26360,000 389,003 
EPR Properties, 4.95%, 4/15/28495,000 535,099 
IIP Operating Partnership LP, 5.50%, 5/25/26(1)
500,000 525,400 
Iron Mountain, Inc., 4.875%, 9/15/29(1)
470,000 496,343 
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 3.875%, 2/15/29(1)
325,000 344,950 
MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 3/15/31400,000 412,510 
National Health Investors, Inc., 3.00%, 2/1/31385,000 381,721 
Omega Healthcare Investors, Inc., 3.375%, 2/1/31195,000 201,319 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/1/28(1)
90,000 95,963 
RHP Hotel Properties LP / RHP Finance Corp., 4.75%, 10/15/27121,000 126,214 
RHP Hotel Properties LP / RHP Finance Corp., 4.50%, 2/15/29(1)
338,000 342,715 
Spirit Realty LP, 4.00%, 7/15/29230,000 258,531 
Tanger Properties LP, 2.75%, 9/1/31300,000 292,814 
Vornado Realty LP, 3.40%, 6/1/31180,000 188,321 
XHR LP, 4.875%, 6/1/29(1)
523,000 539,344 
5,130,247 
Food and Staples Retailing — 1.0%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.875%, 2/15/30(1)
325,000 355,063 
United Natural Foods, Inc., 6.75%, 10/15/28(1)
405,000 437,906 
792,969 
Food Products — 1.6%
MARB BondCo plc, 3.95%, 1/29/31(1)
895,000 874,146 
US Foods, Inc., 4.75%, 2/15/29(1)
405,000 415,125 
1,289,271 
Health Care Providers and Services — 1.0%
CHS / Community Health Systems, Inc., 6.875%, 4/15/29(1)
410,000 426,400 
Tenet Healthcare Corp., 6.125%, 10/1/28(1)
370,000 391,275 
817,675 
Hotels, Restaurants and Leisure — 3.2%
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1)
400,000 406,500 
Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(1)
320,000 324,944 
Carnival Corp., 5.75%, 3/1/27(1)
245,000 250,798 
Hilton Domestic Operating Co., Inc., 3.75%, 5/1/29(1)
295,000 301,281 
47


Multisector Income ETF
Principal AmountValue
Penn National Gaming, Inc., 4.125%, 7/1/29(1)
$400,000 $400,008 
Scientific Games International, Inc., 7.25%, 11/15/29(1)
320,000 357,600 
Studio City Finance Ltd., 5.00%, 1/15/29(1)
300,000 296,143 
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1)
325,000 323,781 
2,661,055 
Household Durables — 0.4%
Mattamy Group Corp., 4.625%, 3/1/30(1)
325,000 333,572 
Independent Power and Renewable Electricity Producers — 0.4%
Calpine Corp., 4.625%, 2/1/29(1)
325,000 326,495 
Insurance — 2.4%
American International Group, Inc., 6.25%, 5/1/36125,000 176,155 
American International Group, Inc., 4.50%, 7/16/44140,000 173,772 
Global Atlantic Fin Co., VRN, 4.70%, 10/15/51(1)
465,000 476,932 
Sammons Financial Group, Inc., 3.35%, 4/16/31(1)
220,000 229,271 
SBL Holdings, Inc., 5.00%, 2/18/31(1)
485,000 522,326 
SBL Holdings, Inc., VRN, 6.50%, 11/13/26(1)
440,000 436,700 
2,015,156 
Internet and Direct Marketing Retail — 1.6%
B2W Digital Lux Sarl, 4.375%, 12/20/30(1)
840,000 841,155 
Prosus NV, 3.68%, 1/21/30(1)
200,000 208,396 
QVC, Inc., 4.375%, 9/1/28250,000 256,506 
1,306,057 
IT Services — 0.5%
MoneyGram International, Inc., 5.375%, 8/1/26(1)
432,000 441,180 
Machinery — 0.4%
GrafTech Finance, Inc., 4.625%, 12/15/28(1)
320,000 326,800 
Media — 4.8%
AMC Networks, Inc., 4.25%, 2/15/29505,000 501,844 
CSC Holdings LLC, 7.50%, 4/1/28(1)
320,000 350,800 
CSC Holdings LLC, 5.75%, 1/15/30(1)
800,000 846,416 
Sinclair Television Group, Inc., 5.875%, 3/15/26(1)
395,000 404,875 
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)
445,000 435,599 
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)
124,000 135,935 
TEGNA, Inc., 4.625%, 3/15/28206,000 214,044 
ViacomCBS, Inc., VRN, 6.25%, 2/28/57245,000 279,794 
VTR Finance NV, 6.375%, 7/15/28(1)
800,000 850,208 
4,019,515 
Metals and Mining — 5.6%
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)
325,000 342,469 
CSN Resources SA, 4.625%, 6/10/31(1)
800,000 831,840 
First Quantum Minerals Ltd., 6.875%, 3/1/26400,000 418,490 
GUSAP III LP, 4.25%, 1/21/30(1)
200,000 221,540 
HTA Group Ltd., 7.00%, 12/18/25(1)
800,000 848,544 
Indonesia Asahan Aluminium Persero PT, 5.45%, 5/15/30(1)
805,000 942,091 
Kaiser Aluminum Corp., 4.50%, 6/1/31(1)
320,000 332,045 
Novelis Corp., 4.75%, 1/30/30(1)
325,000 346,531 
United States Steel Corp., 6.875%, 3/1/29325,000 355,469 
4,639,019 
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1)
540,000 552,825 
48


Multisector Income ETF
Principal AmountValue
Multiline Retail — 0.7%
JSM Global Sarl, 4.75%, 10/20/30(1)
$600,000 $623,760 
Oil, Gas and Consumable Fuels — 7.1%
Antero Resources Corp., 5.375%, 3/1/30(1)
320,000 326,091 
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.625%, 12/15/25(1)
320,000 346,403 
California Resources Corp., 7.125%, 2/1/26(1)
80,000 84,022 
Callon Petroleum Co., 8.00%, 8/1/28(1)
40,000 38,561 
Comstock Resources, Inc., 5.875%, 1/15/30(1)
320,000 321,278 
CrownRock LP / CrownRock Finance, Inc., 5.00%, 5/1/29(1)
320,000 329,197 
EQM Midstream Partners LP, 4.50%, 1/15/29(1)
320,000 325,208 
Geopark Ltd., 5.50%, 1/17/27(1)
800,000 800,408 
Hess Corp., 4.30%, 4/1/27600,000 667,156 
MC Brazil Downstream Trading SARL, 7.25%, 6/30/31(1)
300,000 312,693 
MEG Energy Corp., 5.875%, 2/1/29(1)
325,000 335,142 
Occidental Petroleum Corp., 6.375%, 9/1/28205,000 243,477 
Occidental Petroleum Corp., 6.125%, 1/1/31200,000 242,119 
Petroleos Mexicanos, 4.25%, 1/15/25200,000 203,600 
Petroleos Mexicanos, 6.875%, 8/4/26600,000 656,064 
Petrorio Luxembourg Sarl, 6.125%, 6/9/26(1)
300,000 308,190 
Southwestern Energy Co., 5.375%, 3/15/30325,000 338,574 
5,878,183 
Paper and Forest Products — 0.3%
Sylvamo Corp., 7.00%, 9/1/29(1)(2)
250,000 259,159 
Pharmaceuticals — 1.0%
AdaptHealth LLC, 4.625%, 8/1/29(1)
405,000 406,640 
Bausch Health Cos., Inc., 4.875%, 6/1/28(1)
400,000 411,500 
818,140 
Semiconductors and Semiconductor Equipment — 0.2%
Qorvo, Inc., 4.375%, 10/15/29146,000 162,060 
Qorvo, Inc., 3.375%, 4/1/31(1)
46,000 49,038 
211,098 
Software — 0.5%
NCR Corp., 5.125%, 4/15/29(1)
415,000 430,806 
Specialty Retail — 1.0%
Ambience Merger Sub, Inc., 7.125%, 7/15/29(1)
160,000 160,400 
LBM Acquisition LLC, 6.25%, 1/15/29(1)
320,000 322,240 
Rent-A-Center, Inc., 6.375%, 2/15/29(1)
325,000 350,594 
833,234 
Technology Hardware, Storage and Peripherals — 0.3%
EMC Corp., 3.375%, 6/1/23272,000 281,180 
Thrifts and Mortgage Finance — 1.3%
Freedom Mortgage Corp., 6.625%, 1/15/27(1)
370,000 354,856 
Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27(1)
410,000 432,550 
PennyMac Financial Services, Inc., 5.375%, 10/15/25(1)
320,000 331,533 
1,118,939 
Wireless Telecommunication Services — 1.1%
Kenbourne Invest SA, 4.70%, 1/22/28(1)
400,000 405,614 
T-Mobile USA, Inc., 3.50%, 4/15/31(1)
240,000 255,840 
49


Multisector Income ETF
Principal Amount/SharesValue
Vodafone Group plc, VRN, 4.125%, 6/4/81$240,000 $243,856 
905,310 
TOTAL CORPORATE BONDS
(Cost $48,441,038)
48,523,504 
COLLATERALIZED LOAN OBLIGATIONS — 11.7%


Arbor Realty Commercial Real Estate Notes Ltd., Series 2018-FL1, Class D, VRN, 3.15%, (1-month LIBOR plus 3.05%), 6/15/28(1)
350,000 350,728 
Ares CLO Ltd., Series 2015-2A, Class DR, VRN, 3.23%,
(3-month LIBOR plus 3.10%), 4/17/33(1)
800,000 798,783 
Ares XLIX CLO Ltd., Series 2018-49A, Class C, VRN, 2.09%,
(3-month LIBOR plus 1.95%), 7/22/30(1)
500,000 499,822 
BDS Ltd., Series 2020-FL5, Class D, VRN, 2.66%, (SOFR plus 2.61%), 2/16/37(1)
380,000 379,795 
CARLYLE US CLO Ltd., Series 2017-4A, Class B, VRN, 1.98%, (3-month LIBOR plus 1.85%), 1/15/30(1)
1,205,000 1,201,441 
CarVal CLO III Ltd., Series 2019-2A, Class CR, VRN, 4.22%,
(3-month LIBOR plus 1.95%), 7/20/32(1)
500,000 501,247 
Deer Creek CLO Ltd., Series 2017-1A, Class D, VRN, 3.08%, (3-month LIBOR plus 2.95%), 10/20/30(1)
800,000 794,850 
Madison Park Funding XIX Ltd., Series 2015-19A, Class DR, VRN, 4.49%, (3-month LIBOR plus 4.35%), 1/22/28(1)
475,000 475,278 
Magnetite XV Ltd., Series 2015-15A, Class DR, VRN, 2.875%, (3-month LIBOR plus 2.75%), 7/25/31(1)
505,000 505,505 
Octagon Investment Partners 18-R Ltd., Series 2018-18A, Class C, VRN, 2.83%, (3-month LIBOR plus 2.70%), 4/16/31(1)
800,000 784,945 
Octagon Investment Partners 37 Ltd., Series 2018-2A, Class C, VRN, 2.98%, (3-month LIBOR plus 2.85%), 7/25/30(1)
650,000 645,087 
OHA Credit Funding 1 Ltd., Series 2018-1A, Class D, VRN, 3.18%, (3-month LIBOR plus 3.05%), 10/20/30(1)
500,000 501,752 
OHA Credit Partners XV Ltd., Series 2017-15A, Class D, VRN, 2.58%, (3-month LIBOR plus 2.45%), 1/20/30(1)
400,000 391,298 
Palmer Square CLO Ltd., Series 2015-2A, Class CR2, VRN, 2.88%, (3-month LIBOR plus 2.75%), 7/20/30(1)
750,000 749,990 
Palmer Square Loan Funding 2021-1 Ltd., Series 2021-1A, Class B, VRN, 1.93%, (3-month LIBOR plus 1.80%), 4/20/29(1)
750,000 750,192 
Tryon Park CLO Ltd., Series 2013-1A, Class CR, VRN, 2.83%, (3-month LIBOR plus 2.70%), 4/15/29(1)
375,000 375,188 
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $9,714,134)
9,705,901 
PREFERRED STOCKS — 11.0%


Banks — 5.9%
Banco Mercantil del Norte SA, 8.375%(1)
800,000 965,719 
Banco Santander SA, 4.75%235,000 241,016 
Bank of America Corp., 5.875%600,000 684,750 
Barclays plc, 4.375%400,000 406,120 
Citigroup, Inc., 3.875%440,000 453,750 
Citigroup, Inc., 5.35%300,000 310,275 
Huntington Bancshares, Inc., 5.625%60,000 71,176 
JPMorgan Chase & Co., 4.60%1,145,000 1,193,033 
M&T Bank Corp., 3.50%123,000 125,583 
50


Multisector Income ETF
Principal Amount/SharesValue
Truist Financial Corp., 5.125%450,000 $487,237 
4,938,659 
Capital Markets — 1.8%
Bank of New York Mellon Corp. (The), 3.70%400,000 420,600 
Charles Schwab Corp. (The), Series H, 4.00%710,000 739,287 
Goldman Sachs Group, Inc. (The), 3.80%300,000 306,900 
1,466,787 
Consumer Finance — 1.7%
Ally Financial, Inc., 4.70%520,000 542,750 
Capital One Financial Corp., 3.95%400,000 415,500 
Discover Financial Services, 5.50%400,000 432,500 
1,390,750 
Trading Companies and Distributors — 1.6%
Air Lease Corp., 4.65%770,000 809,655 
Aircastle Ltd., 5.25%(1)
480,000 482,520 
1,292,175 
TOTAL PREFERRED STOCKS
(Cost $9,084,618)
9,088,371 
ASSET-BACKED SECURITIES — 8.4%


Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(1)
$400,000 401,781 
Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.45%, 7/15/46(1)
500,000 508,102 
CARS-DB4 LP, Series 2020-1A, Class A4, 3.19%, 2/15/50(1)
399,167 410,723 
CARS-DB4 LP, Series 2020-1A, Class B1, 4.17%, 2/15/50(1)
100,000 103,766 
CARS-DB4 LP, Series 2020-1A, Class B2, 4.52%, 2/15/50(1)
100,000 105,644 
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(1)
400,000 401,151 
LUNAR AIRCRAFT LTD., Series 2020-1A, Class A SEQ, 3.38%, 2/15/45(1)
328,652 328,651 
MACH 1 Cayman Ltd., Series 2019-1, Class A SEQ, 3.47%, 10/15/39(1)
338,668 340,250 
MAPS Trust, Series 2021-1A, Class A SEQ, 2.52%, 6/15/46(1)
740,400 750,820 
Progress Residential Trust, Series 2021-SFR8, Class E1, 2.38%, 9/17/38(1)(2)
200,000 200,406 
Progress Residential Trust, Series 2021-SFR1, Class D, 1.81%, 4/17/38(1)
750,000 748,528 
Progress Residential Trust, Series 2021-SFR1, Class E, 2.11%, 4/17/38(1)
261,000 259,881 
Progress Residential Trust, Series 2021-SFR1, Class F, 2.76%, 4/17/38(1)
445,000 442,776 
SAPPHIRE AVIATION FINANCE II Ltd., Series 2020-1A, Class A SEQ, 3.23%, 3/15/40(1)
213,298 213,371 
Slam Ltd., Series 2021-1A, Class B, 3.42%, 6/15/46(1)
494,800 504,277 
Start Ltd., Series 2018-1, Class A SEQ, 4.09%, 5/15/43(1)
280,842 281,637 
Taco Bell Funding LLC, Series 2021-1A, Class A23 SEQ, 2.54%, 8/25/51(1)
250,000 253,443 
Textainer Marine Containers Ltd., Series 2021-3A, Class A SEQ, 1.94%, 8/20/46(1)
500,000 498,750 
Trinity Rail Leasing LP, Series 2009-1A, Class A SEQ, 6.66%, 11/16/39(1)
215,565 237,112 
TOTAL ASSET-BACKED SECURITIES
(Cost $6,961,727)
6,991,069 
51


Multisector Income ETF
Principal AmountValue
COLLATERALIZED MORTGAGE OBLIGATIONS — 4.3%


Private Sponsor Collateralized Mortgage Obligations — 3.3%
Angel Oak Mortgage Trust, Series 2021-3, Class M1, VRN, 2.48%, 5/25/66(1)
$600,000 $605,124 
Bellemeade Re Ltd., Series 2021-1A, Class M1B, VRN, 2.25%, (SOFR plus 2.20%), 3/25/31(1)
400,000 410,492 
COLT Mortgage Pass-Through Certificates, Series 2021-1R, Class M1, VRN, 2.70%, 5/25/65(1)
400,000 404,021 
Credit Suisse Mortgage Trust, Series 2020-AFC1, Class M1, VRN, 2.84%, 2/25/50(1)
400,000 406,416 
Oaktown Re V Ltd., Series 2020-2A, Class M1A, VRN, 2.48%, (1-month LIBOR plus 2.40%), 10/25/30(1)
320,366 320,785 
Verus Securitization Trust, Series 2021-3, Class M1, VRN, 2.40%, 6/25/66(1)
600,000 603,557 
2,750,395 
U.S. Government Agency Collateralized Mortgage Obligations — 1.0%
FHLMC, Series 2021-DNA3, Class M2, VRN, 2.15%, (SOFR plus 2.10%), 10/25/33(1)
400,000 408,680 
FNMA, Series 2017-C03, Class 1M2, VRN, 3.08%, (1-month LIBOR plus 3.00%), 10/25/29398,432 409,514 
818,194 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $3,572,188)
3,568,589 
SOVEREIGN GOVERNMENTS AND AGENCIES — 3.1%


Oman — 1.0%
Oman Government International Bond, 4.75%, 6/15/26200,000 207,258 
Oman Government International Bond, 5.625%, 1/17/28600,000 635,322 
842,580 
South Africa — 1.1%
Republic of South Africa Government International Bond, 5.875%, 6/22/30800,000 909,642 
Turkey — 1.0%
Turkey Government International Bond, 6.875%, 3/17/36810,000 842,420 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $2,579,537)
2,594,642 
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.1%


BXHPP Trust, Series 2021-FILM, Class D, VRN, 1.60%,
(1-month LIBOR plus 1.50%), 8/15/36(1)
300,000 301,172 
BXHPP Trust, Series 2021-FILM, Class E, VRN, 2.10%,
(1-month LIBOR plus 2.00%), 8/15/36(1)
250,000 251,056 
Ready Capital Mortgage Financing LLC, Series 2021-FL6,
Class C, VRN, 1.98%, (1-month LIBOR plus 1.90%), 7/25/36(1)
350,000 350,767 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $900,000)
902,995 
CONVERTIBLE BONDS — 0.5%


Mortgage Real Estate Investment Trusts (REITs) — 0.5%
Apollo Commercial Real Estate Finance, Inc., 4.75%, 8/23/22
(Cost $390,220)
385,000 392,238 
U.S. TREASURY SECURITIES — 0.2%
U.S. Treasury Notes, 0.125%, 5/31/23(3)
(Cost $144,714)
145,000 144,887 
52


Multisector Income ETF
SharesValue
TEMPORARY CASH INVESTMENTS — 2.2%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $1,812,334)
1,812,334 $1,812,334 
TOTAL INVESTMENT SECURITIES — 101.0%
(Cost $83,600,510)

83,724,530 
OTHER ASSETS AND LIABILITIES — (1.0)%

(820,772)
TOTAL NET ASSETS — 100.0%

$82,903,758 



FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year Notes
117
December 2021$25,778,391 $3,462 

^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference EntityContractsExpiration DateNotional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 10-Year Notes35December 2021$4,670,859 $2,119 
U.S. Treasury 10-Year Ultra Notes35December 20215,180,547 2,213 
U.S. Treasury Long Bonds10December 20211,629,688 2,856 
U.S. Treasury Ultra Bonds1December 2021197,281 585 
$11,678,375 $7,773 
^Amount represents value and unrealized appreciation (depreciation).

NOTES TO SCHEDULE OF INVESTMENTS
FHLMC-Federal Home Loan Mortgage Corporation
FNMA-Federal National Mortgage Association
LIBOR-London Interbank Offered Rate
SEQ-Sequential Payer
SOFR-Secured Overnight Financing Rate
VRN-Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $57,111,956, which represented 68.9% of total net assets.
(2)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $150,906.


See Notes to Financial Statements.
53


Statements of Assets and Liabilities
AUGUST 31, 2021
Diversified Corporate Bond ETFDiversified Municipal Bond ETF
Assets
Investment securities, at value (cost of $151,062,277 and $158,387,519, respectively) — including $2,198,543 and $— of securities on loan, respectively$152,501,777 $162,901,331 
Investment made with cash collateral received for securities on loan, at value (cost of $2,260,543)2,260,543 — 
Total investment securities, at value (cost of $153,322,820 and $158,387,519, respectively)154,762,320 162,901,331 
Deposits with broker for futures contracts205,194 — 
Receivable for investments sold— 20,333 
Receivable for capital shares sold— 2,773,915 
Receivable for variation margin on futures contracts8,063 — 
Interest receivable1,150,757 1,458,045 
Securities lending receivable491 — 
156,126,825 167,153,624 
Liabilities
Payable for collateral received for securities on loan2,260,543 — 
Payable for investments purchased1,000,000 3,453,372 
Accrued management fees37,829 37,346 
3,298,372 3,490,718 
Net Assets$152,828,453 $163,662,906 
Shares outstanding (unlimited number of shares authorized)2,900,000 2,950,000 
Net Asset Value Per Share$52.70 $55.48 
Net Assets Consist of:
Capital paid in$151,430,343 $159,033,454 
Distributable earnings1,398,110 4,629,452 
$152,828,453 $163,662,906 


See Notes to Financial Statements.

54


AUGUST 31, 2021
Emerging Markets Bond ETFMultisector Income ETF
Assets
Investment securities, at value (cost of $22,320,488 and $83,600,510, respectively)$22,378,079 $83,724,530 
Cash8,250 — 
Receivable for investments sold268,234 822,243 
Receivable for variation margin on futures contracts— 17,545 
Interest receivable278,881 755,012 

22,933,444 85,319,330 
Liabilities
Payable for investments purchased286,410 2,392,235 
Payable for variation margin on futures contracts3,266 — 
Accrued management fees7,370 23,337 
297,046 2,415,572 
Net Assets$22,636,398 $82,903,758 
Shares outstanding (unlimited number of shares authorized)450,000 1,650,000 
Net Asset Value Per Share$50.30 $50.24 
Net Assets Consist of:
Capital paid in$22,501,895 $82,672,660 
Distributable earnings134,503 231,098 
$22,636,398 $82,903,758 


See Notes to Financial Statements.
55


Statements of Operations
YEAR ENDED AUGUST 31, 2021
Diversified Corporate Bond ETFDiversified Municipal Bond ETF
Investment Income (Loss)
Income:
Interest$2,883,041 $2,124,542 
Securities lending, net2,087 — 
2,885,128 2,124,542 
Expenses:
Management fees404,984 291,223 
Other expenses162 — 
405,146 291,223 
Net investment income (loss)2,479,982 1,833,319 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (Note 4)4,970,933 917,946 
Futures contract transactions(215,071)— 
Swap agreement transactions(13,563)— 
4,742,299 917,946 
Change in net unrealized appreciation (depreciation) on:
Investments(3,005,853)2,060,753 
Futures contracts(15,524)— 
(3,021,377)2,060,753 
Net realized and unrealized gain (loss)1,720,922 2,978,699 
Net Increase (Decrease) in Net Assets Resulting from Operations$4,200,904 $4,812,018 


See Notes to Financial Statements.

56


PERIOD ENDED AUGUST 31, 2021
Emerging Markets Bond ETF(1)
Multisector Income ETF(1)
Investment Income (Loss)
Income:
Interest (net of foreign taxes withheld of $242 and $—, respectively)
$164,994 $288,951 
Expenses:
Management fees
14,009 29,294 
Other expenses
53 
14,014 29,347 
Net investment income (loss)150,980 259,604 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (Note 4)
(29,182)(146,301)
Futures contract transactions
25,550 35,220 
(3,632)(111,081)
Change in net unrealized appreciation (depreciation) on:
Investments
57,591 124,020 
Futures contracts
(1,516)11,235 
56,075 135,255 
Net realized and unrealized gain (loss)52,443 24,174 
Net Increase (Decrease) in Net Assets Resulting from Operations$203,423 $283,778 
(1)June 29, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.

57


Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2021 AND AUGUST 31, 2020
Diversified Corporate
Bond ETF
Diversified Municipal
Bond ETF
Increase (Decrease) in Net AssetsAugust 31, 2021August 31, 2020August 31, 2021August 31, 2020
Operations
Net investment income (loss)$2,479,982 $2,547,168 $1,833,319 $1,076,197 
Net realized gain (loss)4,742,299 1,164,787 917,946 (45,346)
Change in net unrealized appreciation (depreciation)(3,021,377)2,286,080 2,060,753 1,218,506 
Net increase (decrease) in net assets resulting from operations4,200,904 5,998,035 4,812,018 2,249,357 
Distributions to Shareholders
From earnings(4,110,980)(2,757,995)(1,763,405)(1,008,385)

Capital Share Transactions
Proceeds from shares sold128,687,765 53,754,775 101,658,311 39,014,895 
Payments for shares redeemed(97,214,495)(105,286)(8,220,745)— 
Other capital5,379 36,377 159,216 78,029 
Net increase (decrease) in net assets from capital share transactions31,478,649 53,685,866 93,596,782 39,092,924 
Net increase (decrease) in net assets31,568,573 56,925,906 96,645,395 40,333,896 
Net Assets
Beginning of period121,259,880 64,333,974 67,017,511 26,683,615 
End of period$152,828,453 $121,259,880 $163,662,906 $67,017,511 
Transactions in Shares of the Funds
Sold2,450,000 1,050,000 1,850,000 750,000 
Redeemed(1,850,000)(2,000)(150,000)— 
Net increase (decrease) in shares of the funds600,000 1,048,000 1,700,000 750,000 


See Notes to Financial Statements.


58


PERIOD ENDED AUGUST 31, 2021
Emerging Markets Bond ETF(1)
Multisector Income ETF(1)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)$150,980 $259,604 
Net realized gain (loss)(3,632)(111,081)
Change in net unrealized appreciation (depreciation)56,075 135,255 
Net increase (decrease) in net assets resulting from operations203,423 283,778 
Distributions to Shareholders
From earnings(68,920)(52,680)
Capital Share Transactions
Proceeds from shares sold22,501,450 82,595,250 
Other capital445 77,410 
Net increase (decrease) in net assets from capital share transactions22,501,895 82,672,660 
Net increase (decrease) in net assets22,636,398 82,903,758 
Net Assets
End of period$22,636,398 $82,903,758 
Transactions in Shares of the Funds
Sold450,000 1,650,000 
(1)June 29, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
59


Notes to Financial Statements
 
AUGUST 31, 2021

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Diversified Corporate Bond ETF (Diversified Corporate Bond ETF), American Century Diversified Municipal Bond ETF (Diversified Municipal Bond ETF), American Century Emerging Markets Bond ETF (Emerging Markets Bond ETF) and American Century Multisector Income ETF (Multisector Income ETF) (collectively, the funds) are four funds in a series issued by the trust. Diversified Corporate Bond ETF’s investment objective is to seek to provide current income. Diversified Municipal Bond ETF’s investment objective is to seek current income that is exempt from federal income tax. Emerging Markets Bond ETF's investment objective is to seek to provide current income and capital appreciation. Multisector Income ETF's investment objective is to seek to provide a high level of current income and total return. Shares of each fund are listed for trading on the NYSE Arca, Inc. Emerging Markets Bond ETF and Multisector Income ETF incepted on June 29, 2021.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, convertible bonds, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.

Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred stocks and convertible preferred stocks with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

60


Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.

If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income less foreign taxes withheld, if any, is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income. Securities lending income is net of fees and rebates earned by the lending agent for its services.

Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
61


Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2021.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
Overnight and Continuous
<30 days
Between
30 & 90 days
>90 days
Total
Diversified Corporate Bond ETF
Corporate Bonds$2,260,543 — — — $2,260,543 
Gross amount of recognized liabilities for securities lending transactions$2,260,543 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 42%, 89% and 97% of the shares of Diversified Corporate Bond ETF, Emerging Markets Bond ETF and Multisector Income ETF, respectively. Various funds issued by American Century Municipal Trust own, in aggregate, 7% of the shares of Diversified Municipal Bond ETF. Related parties do not invest in the funds for the purpose of exercising management or control.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears.

The annual management fee for each fund is as follows:
Annual Management Fee
Diversified Corporate Bond ETF0.29%
Diversified Municipal Bond ETF0.29%
Emerging Markets Bond ETF0.39%
Multisector Income ETF0.35%

Interfund Transactions — The funds may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

62


4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2021 were as follows:
Diversified Corporate Bond ETFDiversified Municipal Bond ETF
Emerging Markets Bond ETF(1)
Multisector Income ETF(1)
Purchases of U.S. Treasury and Government Agency obligations$3,448,830$13,641,072
Purchases of other investment securities$252,844,315$102,550,911$3,512,609$42,531,478
Total Purchases$256,293,145$102,550,911$3,512,609$56,172,550
Sales of U.S. Treasury and Government Agency obligations
$3,120,898$14,102,494
Sales of other investment securities
$242,386,914$13,394,368$1,317,925$16,209,039
Total Sales$245,507,812$13,394,368$1,317,925$30,311,533
(1)June 29, 2021 (fund inception) through August 31, 2021.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2021 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Diversified Corporate Bond ETF$119,556,435$95,039,221$4,234,038
Diversified Municipal Bond ETF$4,547,195$7,551,215$939,923
Emerging Markets Bond ETF(1)
$19,542,934
Multisector Income ETF(1)
$56,112,325
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)June 29, 2021 (fund inception) through August 31, 2021.

5. Capital Share Transactions

Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.

6. Fair Value Measurements

The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
63


The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Diversified Corporate Bond ETF
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $149,381,767 — 
U.S. Treasury Securities— 1,748,770 — 
Temporary Cash Investments$1,371,240 — — 
Temporary Cash Investments - Securities Lending Collateral2,260,543 — — 
$3,631,783 $151,130,537 — 
Other Financial Instruments
Futures Contracts$5,628 — — 
Liabilities
Other Financial Instruments
Futures Contracts$21,152 — — 

Diversified Municipal Bond ETF
Level 1Level 2Level 3
Assets
Investment Securities
Municipal Securities— $154,282,672 — 
Temporary Cash Investments$8,618,659 — — 
$8,618,659 $154,282,672 — 

Emerging Markets Bond ETF
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $13,178,069 — 
Sovereign Governments and Agencies— 8,102,562 — 
Preferred Stocks— 468,613 — 
Temporary Cash Investments$378,844 249,991 — 
$378,844 $21,999,235 — 
Other Financial Instruments
Futures Contracts$646 — — 
Liabilities
Other Financial Instruments
Futures Contracts$2,162 — — 
64


Multisector Income ETF
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $48,523,504 — 
Collateralized Loan Obligations— 9,705,901 — 
Preferred Stocks— 9,088,371 — 
Asset-Backed Securities— 6,991,069 — 
Collateralized Mortgage Obligations— 3,568,589 — 
Sovereign Governments and Agencies— 2,594,642 — 
Commercial Mortgage-Backed Securities— 902,995 — 
Convertible Bonds— 392,238 — 
U.S. Treasury Securities— 144,887 — 
Temporary Cash Investments$1,812,334 — — 
$1,812,334 $81,912,196 — 
Other Financial Instruments
Futures Contracts$11,235 — — 

7. Derivative Instruments

Credit Risk — The funds are subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.

The funds' average notional amount to credit risk derivative instruments held during the period were as follows:
Diversified Corporate Bond ETF$3,600,000

Interest Rate Risk — The funds are subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.

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The funds' average notional exposure to interest rate risk derivative instruments held during the period were as follows:
Futures Contracts PurchasedFutures Contracts Sold
Diversified Corporate Bond ETF$19,799,622$16,573,273
Emerging Markets Bond ETF$1,590,557
Multisector Income ETF$15,607,656$6,291,625

Value of Derivative Instruments as of August 31, 2021
Asset DerivativesLiability Derivatives
Fund / Type of Risk ExposureLocation on Statement of Assets and LiabilitiesValueLocation on Statement of Assets and LiabilitiesValue
Diversified Corporate Bond ETF
Interest Rate RiskReceivable for variation margin on futures contracts*$8,063 Payable for variation margin on futures contracts*— 
Emerging Markets Bond ETF
Interest Rate RiskReceivable for variation margin on futures contracts*— Payable for variation margin on futures contracts*$3,266 
Multisector Income ETF
Interest Rate RiskReceivable for variation margin on futures contracts*$17,545 Payable for variation margin on futures contracts*— 
*Included in the unrealized appreciation (depreciation) on futures contracts, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended August 31, 2021 (except as noted)
Net Realized Gain (Loss)
Change in Net Unrealized
Appreciation (Depreciation)
Fund / Type of Risk ExposureLocation on Statement of Operations
Value
Location on Statement of Operations
Value
Diversifed Corporate Bond ETF
Credit RiskNet realized gain (loss) on swap agreement transactions$(13,563)Change in net unrealized appreciation (depreciation) on swap agreements— 
Interest Rate RiskNet realized gain (loss) on futures contract transactions(215,071)Change in net unrealized appreciation (depreciation) on futures contracts$(15,524)
$(228,634)$(15,524)
Emerging Markets Bond ETF(1)
Interest Rate RiskNet realized gain (loss) on futures contract transactions$25,550 Change in net unrealized appreciation (depreciation) on futures contracts$(1,516)
Multisector Income ETF(1)
Interest Rate RiskNet realized gain (loss) on futures contract transactions$35,220 Change in net unrealized appreciation (depreciation) on futures contracts$11,235 
(1)June 29, 2021 (fund inception) through August 31, 2021.
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8. Risk Factors

The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The funds may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. However, LIBOR is expected to be phased out and the transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. Uncertainty remains regarding a replacement rate or rates for LIBOR. The transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

The funds may invest in lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.

The majority of Emerging Markets Bond ETF and Multisector Income ETF are owned by a relatively small number of shareholders. To the extent that a large shareholder (including a fund of funds) invests in the funds, the funds may experience relatively large redemptions as such shareholder reallocates its assets. In the event of a large shareholder redemption, the ongoing operations of the funds may be at risk.

A fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

The novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the funds.

9. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2021 and August 31, 2020 (except as noted) were as follows:
2021
2020

Distributions Paid From:
Distributions Paid From:

Exempt Income
Ordinary Income
Long-term Capital Gains
Exempt Income
Ordinary Income
Long-term Capital Gains
Diversified Corporate Bond ETF
— $3,561,445 $549,535 — $2,704,848 $53,147 
Diversified Municipal Bond ETF
$1,763,405 — — $1,008,385 — — 
Emerging Markets Bond ETF(1)
— $68,920 — N/AN/AN/A
Multisector Income ETF(1)
— $52,680 — N/AN/AN/A
(1)June 29, 2021 (fund inception) through August 31, 2021.

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
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The reclassifications, which are primarily due to in kind transactions, were as follows:

Diversified
Corporate
Bond ETF
Diversified
Municipal Bond
ETF
Emerging
Markets Bond
ETF
Multisector
Income ETF
Capital paid in$4,372,473 $939,922 — — 
Distributable earnings$(4,372,473)$(939,922)— — 

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Diversified Corporate Bond ETF
Diversified Municipal Bond ETF
Emerging Markets Bond ETF
Multisector Income ETF
Federal tax cost of investments$153,323,874 $158,388,573 $22,320,488 $83,602,239 
Gross tax appreciation of investments$1,478,724 $4,629,701 $163,658 $291,339 
Gross tax depreciation of investments(40,278)(116,943)(106,067)(169,048)
Net tax appreciation (depreciation) of investments$1,438,446 $4,512,758 $57,591 $122,291 
Undistributed ordinary income— — $82,060 $207,200 
Undistributed exempt income— $195,427 — — 
Accumulated short-term capital losses— $(67,852)$(5,148)$(98,393)
Accumulated long-term capital losses— $(10,881)— — 
Post-October capital loss deferral$(40,336)— — — 

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains (losses) on futures contracts. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Emerging Markets Bond ETF.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.
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Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Distributions From:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized and Unrealized
Gain (Loss)
Total From Investment OperationsNet
Investment
Income
Net
Realized
Gains
Total
Distributions
Other Capital(1)
Net Asset Value,
End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of Period
(in thousands)
Diversified Corporate Bond ETF
2021$52.720.930.661.59(1.39)(0.22)(1.61)
0.00(4)
$52.703.08%0.29%1.77%182%$152,828 
2020$51.381.281.472.75(1.40)(0.03)(1.43)0.02$52.725.48%0.29%2.50%174%$121,260 
2019$48.771.672.454.12(1.54)(1.54)0.03$51.388.70%0.39%3.37%35%$64,334 
2018(5)
$50.000.96(1.41)(0.45)(0.82)(0.82)0.04$48.77(0.77)%
0.45%(6)
3.09%(6)
38%$12,291 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)January 11, 2018 (fund inception) through August 31, 2018.
(6)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:Ratio to Average Net Assets of: 
 Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Diversified Municipal Bond ETF
2021$53.611.001.832.83(1.05)0.09$55.485.50%0.29%1.82%14%$163,663 
2020$53.371.190.111.30(1.15)0.09$53.612.66%0.29%2.26%23%$67,018 
2019(4)
$50.001.363.164.52(1.25)0.10$53.379.42%
0.29%(5)
2.74%(5)
19%$26,684 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 10, 2018 (fund inception) through August 31, 2019.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:Ratio to Average Net Assets of: 
 Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Emerging Markets Bond ETF
2021(4)
$50.000.360.110.47(0.17)
0.00(5)
$50.300.95%
0.39%(6)
4.14%(6)
7%$22,636 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)June 29, 2021 (fund inception) through August 31, 2021.
(5)Per-share amount was less than $0.005.
(6)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:Ratio to Average Net Assets of: 
 Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Multisector Income ETF
2021(4)
$50.000.270.020.29(0.13)0.08$50.240.75%
0.35%(5)
3.08%(5)
75%$82,904 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)June 29, 2021 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century ETF Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Diversified Corporate Bond ETF, American Century Diversified Municipal Bond ETF, American Century Emerging Markets Bond ETF, and American Century Multisector Income ETF (the “Funds”), four of the funds constituting the American Century ETF Trust, as of August 31, 2021, the related statements of operations, statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2021, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

Individual Fund Comprising the American Century ETF TrustStatement of OperationsStatements of Changes in Net AssetsFinancial Highlights
American Century Diversified Corporate Bond ETFFor the year ended August 31, 2021For the years ended August 31, 2021 and 2020For the years ended August 31, 2021, 2020, and 2019, and the period from January 11, 2018 (fund inception) through August 31, 2018
American Century Diversified Municipal Bond ETFFor the year ended August 31, 2021For the years ended August 31, 2021 and 2020For the years ended August 31, 2021 and 2020, and the period from September 10, 2018 (fund inception) through August 31, 2019
American Century Emerging Markets Bond ETFFor the period June 29, 2021 (fund inception) through August 31, 2021
American Century Multisector Income ETFFor the period June 29, 2021 (fund inception) through August 31, 2021

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights 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.



73


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 and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Kansas City, Missouri
October 18, 2021

We have served as the auditor of one or more American Century investment companies since 1997.
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Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire by December 31st of the year in which they reach their 75th birthday.
Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Ronald J. Gilson, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)31None
Ronald J. Gilson
(1946)
TrusteeSince 2017Charles J. Meyers Professor of Law and Business, Emeritus (since 2018), Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)69None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired; Consultant regarding ETF and mutual fund matters (2015 to 2016); Principal and Senior Counsel, The Vanguard Group (investment management)(1998 to 2014)31None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired103None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries141None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
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Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2017Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and
Vice President since
2021
General Counsel and Senior Vice President, ACC (2021 to present); Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)
Vice President
since 2019
Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)
Vice President since 2017Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)
Vice President since 2017Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)
Vice President since 2017Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)
Secretary since 2019Attorney, ACS (2003 to present)


76


Approval of Management Agreements
American Century Emerging Markets Bond ETF
American Century Multisector Income ETF
At a meeting held on March 11, 2021, the Funds’ Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the American Century Emerging Markets Bond ETF and American Century Multisector Income ETF (collectively the "New Funds"). Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.

In advance of the Board’s consideration, the Advisor provided information concerning the New Funds. The materials circulated and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Funds’ characteristics and key attributes, the rationale for launching the New Funds, the experience of the staff designated to manage the New Funds, the proposed pricing, and the markets in which the New Funds would be sold. The information considered and the discussions held included, but were not limited to:

the nature, extent, and quality of investment management and other services to be provided to the New Funds;
the wide range of other programs and services the Advisor would provide to each New Fund and its shareholders on a routine and non-routine basis;
each New Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;
the cost of owning each New Fund compared to the cost of owning similar funds;
the Advisor’s compliance policies, procedures, and regulatory experience; and
any collateral benefits derived by the Advisor from the management of the New Funds.

Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing each New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of each of the New Funds were anticipated to be below the median of the total expense ratios of their respective peer universe.

When considering the approval of the management agreement for the New Funds, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Funds and the risk that the New Funds will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Funds would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. A majority of the Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the New Funds.

The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ independent counsel in connection with the approval, and evaluated such information for the New Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the New Funds and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.



77


American Century Diversified Corporate Bond ETF
American Century Diversified Municipal Bond ETF
At a meeting held on June 3, 2021, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for American Century Diversified Corporate Bond ETF and American Century Diversified Municipal Bond ETF (collectively the "Existing Funds"). Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s trustees (the “Trustees”), including a majority of the independent Trustees, each year.

Prior to its consideration of the management agreement, the Trustees requested and reviewed extensive data and information compiled by the Advisor and certain independent providers of evaluation data concerning the Existing Funds and the services provided to each Fund by the Advisor. This review was in addition to the oversight and evaluation undertaken by the Board and its Audit Committee on a continual basis and the information received was supplemental to the extensive information that the Board and its Audit Committee receive and consider throughout the year.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to each Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;
the wide range of other programs and services provided and to be provided to each Fund and its shareholders on a routine and non-routine basis;
the investment performance of each Fund, including data comparing each Fund's performance to appropriate benchmarks and/or a peer group of other funds with similar investment objectives and strategies;
the cost of owning each Fund compared to the cost of owning similar funds;
the compliance policies, procedures, and regulatory experience of the Advisor and the Existing Funds’ service providers;
the Advisor’s strategic plans, COVID-19 pandemic response, vendor management practices, and social justice initiatives;
the Advisor’s business continuity plans and cyber security practices;
financial data showing the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the overall profitability of the Advisor;
information regarding payments to intermediaries by the Advisor;
possible economies of scale associated with the Advisor’s management of each Fund; and
possible collateral benefits to the Advisor from the management of the Existing Funds.

The independent Trustees met separately in private session to discuss the renewal and to review and discuss the information provided in response to their request. The independent Trustees also held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

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Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Existing Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:

constructing and designing each Fund
portfolio research and security selection
initial capitalization/funding
securities trading
Fund administration
custody of Fund assets
daily valuation of each Fund’s portfolio
liquidity monitoring and management
risk management, including cyber security
shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
legal services (except the independent Trustees’ counsel)
regulatory and portfolio compliance
financial reporting
marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

Investment Management Services. The nature of the investment management services provided to the Existing Funds is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board provides oversight of the investment performance process. It regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any efforts being undertaken to improve performance. The performance for American Century Diversified Municipal Bond ETF was above its benchmark for the one-year and since inception periods reviewed by the Board, and the performance for the American Century Diversified Corporate Bond ETF was below its benchmark for the one-year and since inception periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Existing Funds to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Existing Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided,
79


staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Existing Funds, its profitability in managing each Fund (pre- and post-distribution), its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Existing Funds.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to the Existing Funds and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders additional content and services.

Comparison to Other Funds’ Fees. The management agreement provides that each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Existing Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Existing Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Existing Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of the American Century Diversified Corporate Bond ETF was below the median of the total expense ratios of its peer expense universe and was within the range of its peer expense group. The unified fee charged to shareholders of the American Century Diversified Municipal Bond ETF was below the median of the total expense ratios of its peer expense universe and was the lowest of its peer expense group. The Board concluded that the management fee paid by each Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Existing Funds.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to funds or other advisory clients managed similarly to the Existing Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Existing Funds. The Board analyzed this information and concluded that the fees charged and services provided to the Existing Funds were reasonable by comparison.

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Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments could include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Existing Funds. They concluded that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Existing Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Existing Funds’ operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in each Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to each Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the management fee is fair and reasonable in light of the services provided and that the investment management agreement between the Existing Funds and the Advisor should be renewed.
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Liquidity Risk Management Program

The Funds have adopted a liquidity risk management program (the “program”). The Funds' Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by those members of the ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Funds' liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Funds. This risk is managed by monitoring the degree of liquidity of the Funds' investments, limiting the amount of the Funds' illiquid investments, and utilizing various risk management tools and facilities available to the Funds for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of the Funds' investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2020 through December 31, 2020. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.

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Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

 
Proxy Voting Policies
 
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.


Quarterly Portfolio Disclosure
 
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.











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Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

Diversified Corporate Bond ETF hereby designates $688,701, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended August 31, 2021.

Diversified Corporate Bond ETF hereby designates $723,345 as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended August 31, 2021.

Diversified Corporate Bond ETF utilized earnings and profits of $140,126 distributed to shareholders on redemption of shares as part of the dividends paid deduction (tax equalization).

Diversified Municipal Bond ETF designates $1,763,405 as exempt interest dividends for the fiscal year ended August 31, 2021.

For nonresident alien shareholders, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions as qualified interest income for the fiscal year ended August 31, 2021.

Diversified Corporate Bond ETF
Diversified Municipal Bond ETF
Emerging Markets Bond ETF
Multisector Income ETF
$3,006,982$2,992$31,256

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Contact Usamericancenturyetfs.com
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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
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This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2021 American Century Proprietary Holdings, Inc. All rights reserved.
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Annual Report
August 31, 2021
American Century® Focused Dynamic Growth ETF (FDG)
American Century® Focused Large Cap Value ETF (FLV)




























Table of Contents

President’s Letter
Focused Dynamic Growth ETF
Performance
Portfolio Commentary
Fund Characteristics
Focused Large Cap Value ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
Additional Information



Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

The funds utilize the ActiveShares® methodology licensed from Precidian Investments, LLC (Precidian). Precidian’s products and services are protected by domestic and international intellectual property protections, including, without limitation, the following issued patents and pending patent applications: 7813987, 8285624, 7925562, 13011746, 14528658, 14208966, 16196560.



President’s Letter
image12a.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancenturyetfs.com.

Upbeat Backdrop Bolstered Stocks

Global equities and other risk-on assets rallied for the 12-month period, benefiting from ongoing central bank and federal government support. These programs helped sustain investor confidence and bolster the economic landscape, despite ongoing challenges from COVID-19 and the inconsistent lifting of virus-related restrictions.

In general, data on U.S. manufacturing, employment, housing and corporate earnings were upbeat. Additionally, expanding COVID-19 vaccine availability and two federal coronavirus aid packages also helped promote investor optimism. Outside the U.S., economies recovered but at a slower pace. Virus outbreaks and slower vaccine rollouts led to lingering lockdowns in some regions.

Against this backdrop, inflation rose, but central banks remained supportive. In the U.S., where annual consumer inflation hit a 13-year high, the Federal Reserve (Fed) insisted temporary supply chain disruptions and other transient factors were at play. The Fed left interest rates unchanged but hinted it may start hiking rates in 2023, sooner than its previous timetable of 2024.

Despite ongoing pandemic-related challenges, including the emergence of the delta variant of COVID-19, stocks remained in favor and delivered strong 12-month returns. The U.S. generally outperformed other developed markets, as the S&P 500 Index returned more than 31%. Value stocks generally outperformed growth stocks, while small caps significantly outpaced large caps. The broad U.S. Treasury market declined, but credit-sensitive fixed-income securities, including corporate and municipal bonds, delivered gains.

Several Factors Shaping Market Dynamics

The return to pre-pandemic life is progressing, albeit somewhat cautiously due to the spread of the delta variant. As the economy and markets respond to this fluid backdrop, investors will face opportunities and ongoing challenges. Economic growth, inflation, the virus’s trajectory, supply chain normalization, and fiscal and monetary policy likely will sway market dynamics.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,
image48a16.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
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Performance
Focused Dynamic Growth ETF (FDG)
Total Returns as of August 31, 2021Average Annual Returns
1 YearSince
Inception
Inception
Date
Net Asset Value27.61%72.66%3/31/2020
Market Price27.43%72.60%3/31/2020
Russell 1000 Growth Index28.53%60.21%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the Cboe BZX Exchange, Inc.

Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Fund
$10,000 investment made March 31, 2020
chart-2bd7e839adc944c9881.jpg

Value on August 31, 2021
Net Asset Value — $21,708
Russell 1000 Growth Index — $19,521

Total Annual Fund Operating Expenses
0.45%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.


Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Keith Lee, Michael Li, Henry He, Prabha Ram and Rene Casis

Fund Strategy

American Century Focused Dynamic Growth ETF is an actively managed fund that seeks long-term capital growth. We look for liquid stocks of early and rapid stage growth companies we believe will increase in value over time. We make investment decisions based primarily on fundamental analysis of individual companies, rather than on broad economic forecasts. Management of the fund is based on the belief that, over the long term, stock price movements follow growth in earnings, revenues and/or cash flow. The fund invests primarily in securities of large-capitalization companies but may invest in companies of any market capitalization. The fund normally invests in a relatively limited number of companies, generally 30 to 45 securities, but may incorporate more securities to account for liquidity constraints.

Performance Review

The fund returned 27.43% on a market price basis for its fiscal year ended August 31, 2021. On a net asset value (NAV) basis, the fund returned 27.61%. For the same time period, the Russell 1000 Growth Index, the fund’s benchmark, returned 28.53%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Consumer Staples Weighed on Performance

Our holdings of beverage companies hampered performance in the consumer staples sector. The Boston Beer Co. missed earnings expectations and lowered forward guidance, largely due to lower-than-expected demand and increased competition in the hard seltzer market, which hurt sales of its Truly brand. We think the company remains an incredibly innovative, well-run business and that the stock is attractive. Constellation Brands also detracted on concerns about rising input costs for its beer brands.

Other Detractors

Salesforce.com offers cloud-based customer relationship software and enjoyed strong growth in 2020. The stock was vulnerable to profit-taking and fell sharply following its announced acquisition of Slack Technologies, a messaging platform. We believe it’s a good fit strategically, but some investors focused on Slack’s near-term losses. Not owning the gaming and artificial intelligence chipmaker NVIDIA hampered relative performance. With respect to the NVIDIA underweight, we preferred to own niche chipmakers because of their unique competitive position or companies further down the value chain closer to end markets.

Several portfolio holdings reported strong results but were victims of the market’s swing away from growth and toward value-oriented stocks in late 2020 and early 2021. Investors moved to cyclical stocks that were expected to benefit from the economic recovery and away from the high-growth stocks that outperformed for most of 2020. Cloud-based secure-identification software company Okta was one such holding. Another was RingCentral, a provider of cloud communications software, which lagged despite reporting better-than-anticipated revenue and earnings. The online education company Chegg reported solid subscriber and revenue growth in the most recent quarter. However, investors worried that a return to in-person education in many countries might limit growth going forward.

Consumer Discretionary Benefited Performance

Tesla was a top contributor in the consumer discretionary sector. Tesla is an innovative, early stage growth company that is fundamentally changing the electric vehicle market and potentially transforming other adjacent markets as well (autonomous vehicles, commercial trucking, solar, energy storage, manufacturing processes). It continued to benefit from solid fundamental results and strong demand for its vehicles. The company reached its goal of nearly 500,000 vehicles
4


delivered in 2020. The global market is estimated at around 80 million vehicles per year, so market share gains, new products (semitractor and pickup trucks) and energy business opportunities (solar and battery) help position the company for sustained growth.

Several information technology holdings were top contributors. The billing and payments company Bill.com Holdings enjoyed strong subscriber and transaction growth. It continued to make attractive acquisitions, such as buying Invoice2go, whose software helps small businesses and freelancers manage their businesses more efficiently. Square, an early stage mobile payments company with tremendous growth potential, reported better-than-expected earnings. The company benefited from optimism about continued growth trends in its Cash App business, while its merchant-based business showed signs of stabilizing after being negatively impacted by the COVID-19 virus. Slack Technologies, a messaging software company, rose sharply following the announcement that it would be acquired by salesforce.com. We eliminated our position as a result of that transaction. DocuSign, the leading electronic signature company, reported strong year-over-year revenue and earnings growth. The results were significantly above investor expectations and above pre-pandemic growth levels. DocuSign continued to see elevated customer usage, a positive sign the business may be able to maintain recent elevated growth rates.

Portfolio Positioning

The fund typically holds stakes in a relatively small number of companies in the early and rapid phases of growth. We seek companies that we believe are positioned for sustained, above-average growth over time driven by innovation. The fund’s sector allocations are primarily the result of this investment process emphasizing growth and individual security selection. The portfolio’s holdings are concentrated among companies that we view as having good management teams, have produced strong earnings growth and that have demonstrated their unique value proposition for customers. We believe these companies are well-positioned competitively going forward.

5


Fund Characteristics
AUGUST 31, 2021
Focused Dynamic Growth ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.1%
Temporary Cash Investments0.9%
Other Assets and Liabilities
*
*Category is less than 0.05% of total net assets.
Top Five Industries% of net assets
Software18.8%
IT Services14.1%
Interactive Media and Services11.3%
Biotechnology8.6%
Internet and Direct Marketing Retail6.7%
6


Performance
Focused Large Cap Value ETF (FLV)
Total Returns as of August 31, 2021 Average Annual Returns 
 1 yearSince InceptionInception Date
Net Asset Value29.19%38.21%3/31/2020
Market Price29.14%38.27%3/31/2020
Russell 1000 Value Index36.44%44.62%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the Cboe BZX Exchange, Inc.

Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Fund
$10,000 investment made March 31, 2020
chart-79f7c9bab6f2446aa30.jpg

Value on August 31, 2021
Net Asset Value — $15,829
Russell 1000 Value Index — $16,881

Total Annual Fund Operating Expenses
0.42%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.



Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
7


Portfolio Commentary

Portfolio Managers: Phillip Davidson, Kevin Toney, Michael Liss, Brian Woglom, Adam Krenn, Philip Sundell and Rene Casis

Performance Summary

American Century Focused Large Cap Value ETF returned 29.14% on a market price basis over the 12-month period ending August 31, 2021. On a net asset value (NAV) basis, the fund returned 29.19%. The fund’s benchmark, the Russell 1000 Value Index, returned 36.44% during the same period. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

The portfolio’s overweight as well as several of the portfolio’s holdings in the consumer staples and health care sectors detracted from relative performance. On the other hand, security selection in the information technology and industrials sectors positively impacted results.

Consumer Staples and Health Care Detracted

During the reporting period, investors rotated out of many consumer staples companies that benefited from the COVID-19-induced lockdowns and into companies that were more likely to benefit from economic reopening. As a result, some of the portfolio’s largest individual detractors were consumer staples holdings, including Unilever and Mondelez International. In addition, Unilever reported disappointing profits for the second half of 2020, further pressuring the stock. We continue to hold Unilever in the portfolio because we believe its valuation is compelling. We are also attracted to the company’s geographic end markets, as nearly two-thirds of its sales are derived from developing markets. Mondelez, a multinational food, beverage and confectionary company, also underperformed. However, as the global economy recovers from the pandemic, we believe Mondelez will recover from temporary pressures on sales in emerging markets and convenience stores. Our analysis shows the company offers a strong balance sheet and compelling brands with leading market shares.

In the health care sector, pharmaceutical company Johnson & Johnson was a notable detractor. The stock was pressured by a temporary pause in the company’s COVID-19 vaccine rollout after six cases of a rare blood clot were found. Also, the U.S. Supreme Court denied hearing a talcum powder case, forcing Johnson & Johnson to pay a $2 billion verdict. Medical device companies Becton Dickinson and Co. and Medtronic also underperformed as the delta variant and a spike in COVID-19 cases led to a decline in elective procedures. This also pushed the timeline out for the return to normal levels for these procedures.

Atmos Energy was another notable detractor. Like many other utilities, this large Texas-based natural gas distributor underperformed the broad market due to lack of exposure to the reopening trade and the potential for higher interest rates.

Information Technology and Industrials Contributed

The information technology sector was an area of strength. Lack of exposure to several of the benchmark’s names in the IT services industry was beneficial. In addition, our position in F5 Networks helped performance. This application services company outperformed after the company announced a $1 billion stock buyback plan, increased its margin targets to a level closer to historic levels and updated its business transition from hardware to software. The company also posted strong earnings. Oracle was another notable contributor. The software company outperformed after announcing earnings that showed momentum in cloud revenue and continued growth in enterprise resource planning.


8


Other key contributors included industrials holdings Johnson Controls International and Emerson Electric. Johnson Controls outperformed after providing better-than-expected cash flow guidance for 2021, a cost-cutting program and long-term margin improvement targets. Emerson Electric, a higher-quality electrical company, continued to execute on its restructuring actions, driving market expansion through the economic downturn. Additionally, Emerson’s disciplined capital allocation supported free cash flow growth and a dividend increase.

While security selection in the financials sector was negative overall, The Bank of New York Mellon and Chubb were among the portfolio’s top individual contributors. The Bank of New York Mellon outperformed after announcing higher earnings and better-than-expected guidance. Improved fee income offset a headwind from lower interest rates. In addition, the company announced a 10% dividend increase and $6 billion share repurchase authorization that exceeded expectations. Insurance company Chubb outperformed after posting results that featured rising margins due to price increases on its commercial policies.

Portfolio Positioning

The portfolio seeks to invest in companies where we believe the valuation does not reflect the quality and normal earnings power of the company. Our process is based on individual security selection, but broad themes have emerged.

Our bottom-up investment process has led us to higher-quality health care companies with compelling risk/reward profiles. We have found attractive valuations in pharmaceuticals and believe the risks of regulatory actions within the industry have diminished. In addition, we believe medical equipment companies should benefit as the demand for elective procedures normalizes after experiencing volatility since the onset of the pandemic. The portfolio also ended the period with an overweight in consumer staples relative to the benchmark. Within the sector, we have identified companies that fit our investment process well due to their attractive valuations and stable business models.

On the other hand, as of August 31, 2021, the portfolio did not hold any positions in the consumer discretionary sector. It has been difficult for us to find higher-quality consumer discretionary companies with sustainable business models. The portfolio is also underweight in communication services, as many companies in the sector have relatively volatile business models and more leveraged balance sheets.


9


Fund Characteristics
AUGUST 31, 2021
Focused Large Cap Value ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.1%
Temporary Cash Investments0.7%
Other Assets and Liabilities0.2%
Top Five Industries% of net assets
Pharmaceuticals10.1%
Insurance9.7%
Health Care Equipment and Supplies8.5%
Electrical Equipment6.3%
Banks6.1%
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Shareholder Fee Examples

Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2021 to August 31, 2021.

Actual Expenses

The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own.Then 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 under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the 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 and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table 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 table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
3/1/21
Ending
Account Value
8/31/21
Expenses Paid
During Period(1)
3/1/21 - 8/31/21
Annualized
Expense Ratio(1)
Focused Dynamic Growth ETF
Actual$1,000$1,162.00$2.450.45%
Hypothetical$1,000$1,022.94$2.290.45%
Focused Large Cap Value ETF
Actual$1,000$1,147.00$2.270.42%
Hypothetical$1,000$1,023.09$2.140.42%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

11


Schedules of Investments

AUGUST 31, 2021
Focused Dynamic Growth ETF
SharesValue
COMMON STOCKS — 99.1%
Automobiles — 6.0%
Tesla, Inc.(1)
18,676 $13,740,307 
Beverages — 4.6%
Boston Beer Co., Inc. (The), Class A(1)
5,308 3,026,675 
Constellation Brands, Inc., Class A36,064 7,614,553 
10,641,228 
Biotechnology — 8.6%
Alnylam Pharmaceuticals, Inc.(1)
24,098 4,854,060 
Argenx SE, ADR(1)
7,077 2,342,629 
Ascendis Pharma A/S, ADR(1)
3,617 566,893 
Biogen, Inc.(1)
7,556 2,560,804 
Blueprint Medicines Corp.(1)
26,720 2,492,174 
Regeneron Pharmaceuticals, Inc.(1)
10,328 6,954,875 
19,771,435 
Capital Markets — 4.7%
Intercontinental Exchange, Inc.27,747 3,316,599 
S&P Global, Inc.17,030 7,558,254 
10,874,853 
Diversified Consumer Services — 2.7%
Chegg, Inc.(1)
74,419 6,193,149 
Electrical Equipment — 1.5%
Rockwell Automation, Inc.10,842 3,528,529 
Electronic Equipment, Instruments and Components — 2.0%
Cognex Corp.53,084 4,704,304 
Energy Equipment and Services — 0.8%
Cactus, Inc., Class A47,296 1,774,073 
Entertainment — 3.0%
Netflix, Inc.(1)
12,178 6,931,596 
Equity Real Estate Investment Trusts (REITs) — 1.2%
SBA Communications Corp.7,391 2,653,147 
Health Care Equipment and Supplies — 3.7%
Intuitive Surgical, Inc.(1)
6,729 7,089,405 
Silk Road Medical, Inc.(1)
26,316 1,560,013 
8,649,418 
Hotels, Restaurants and Leisure — 2.9%
Chipotle Mexican Grill, Inc.(1)
2,233 4,250,136 
DraftKings, Inc., Class A(1)
41,931 2,486,089 
6,736,225 
Interactive Media and Services — 11.3%
Alphabet, Inc., Class C(1)
5,026 14,621,840 
Facebook, Inc., Class A(1)
30,185 11,451,585 
26,073,425 
Internet and Direct Marketing Retail — 6.7%
Amazon.com, Inc.(1)
4,477 15,538,727 
IT Services — 14.1%
BigCommerce Holdings, Inc.(1)
28,577 1,701,475 
12


Focused Dynamic Growth ETF
SharesValue
Mastercard, Inc., Class A15,950 $5,522,368 
Okta, Inc.(1)
27,458 7,237,929 
Square, Inc., Class A(1)
36,664 9,828,518 
Visa, Inc., Class A36,197 8,292,733 
32,583,023 
Machinery — 2.4%
Westinghouse Air Brake Technologies Corp.62,615 5,622,201 
Professional Services — 0.8%
Verisk Analytics, Inc.9,548 1,926,404 
Semiconductors and Semiconductor Equipment — 1.7%
Monolithic Power Systems, Inc.8,061 3,989,631 
Software — 18.8%
Adobe, Inc.(1)
3,749 2,488,211 
Bill.com Holdings, Inc.(1)
58,006 15,916,266 
DocuSign, Inc.(1)
41,774 12,375,130 
Paylocity Holding Corp.(1)
9,999 2,691,731 
RingCentral, Inc., Class A(1)
7,634 1,925,753 
salesforce.com, Inc.(1)
30,538 8,100,815 
43,497,906 
Textiles, Apparel and Luxury Goods — 1.6%
NIKE, Inc., Class B22,955 3,781,607 
TOTAL COMMON STOCKS
(Cost $162,174,322)
229,211,188 
TEMPORARY CASH INVESTMENTS — 0.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $2,205,265)
2,205,265 2,205,265 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $164,379,587)
231,416,453 
OTHER ASSETS AND LIABILITIES
(31,448)
TOTAL NET ASSETS — 100.0%$231,385,005 

NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Non-income producing.


See Notes to Financial Statements.
13


AUGUST 31, 2021
Focused Large Cap Value ETF
SharesValue
COMMON STOCKS — 99.1%
Aerospace and Defense — 3.3%
Lockheed Martin Corp.11,059 $3,979,028 
Raytheon Technologies Corp.55,987 4,745,458 
8,724,486 
Banks — 6.1%
JPMorgan Chase & Co.66,713 10,670,744 
Truist Financial Corp.96,568 5,510,170 
16,180,914 
Beverages — 1.5%
PepsiCo, Inc.25,126 3,929,455 
Building Products — 1.4%
Johnson Controls International plc50,963 3,812,032 
Capital Markets — 3.4%
Bank of New York Mellon Corp. (The)162,184 8,955,800 
Commercial Services and Supplies — 2.0%
Republic Services, Inc.41,982 5,211,226 
Communications Equipment — 4.5%
Cisco Systems, Inc.172,315 10,170,031 
F5 Networks, Inc.(1)
8,306 1,690,853 
11,860,884 
Construction Materials — 0.3%
Martin Marietta Materials, Inc.2,169 826,931 
Containers and Packaging — 1.1%
Sonoco Products Co.44,209 2,886,848 
Diversified Financial Services — 4.4%
Berkshire Hathaway, Inc., Class B(1)
41,101 11,745,433 
Diversified Telecommunication Services — 3.3%
Verizon Communications, Inc.158,119 8,696,545 
Electric Utilities — 3.2%
Duke Energy Corp.38,712 4,051,598 
Pinnacle West Capital Corp.58,064 4,465,122 
8,516,720 
Electrical Equipment — 6.3%
ABB Ltd., ADR151,028 5,586,526 
Emerson Electric Co.76,364 8,056,402 
Hubbell, Inc.14,132 2,912,746 
16,555,674 
Electronic Equipment, Instruments and Components — 1.4%
TE Connectivity Ltd.25,390 3,814,086 
Equity Real Estate Investment Trusts (REITs) — 0.3%
American Tower Corp.2,276 664,979 
Food and Staples Retailing — 1.4%
Walmart, Inc.25,234 3,737,155 
Food Products — 3.3%
Conagra Brands, Inc.105,602 3,497,538 
Mondelez International, Inc., Class A84,262 5,230,143 
8,727,681 
Gas Utilities — 2.8%
Atmos Energy Corp.74,650 7,279,122 
14


Focused Large Cap Value ETF
SharesValue
Health Care Equipment and Supplies — 8.5%
Becton Dickinson and Co.25,807 $6,495,622 
Medtronic plc95,114 12,695,817 
Zimmer Biomet Holdings, Inc.21,737 3,270,331 
22,461,770 
Health Care Providers and Services — 2.6%
UnitedHealth Group, Inc.9,593 3,993,278 
Universal Health Services, Inc., Class B18,925 2,947,758 
6,941,036 
Health Care Technology — 2.5%
Cerner Corp.86,840 6,630,234 
Household Products — 2.0%
Colgate-Palmolive Co.35,343 2,754,987 
Kimberly-Clark Corp.17,666 2,434,551 
5,189,538 
Industrial Conglomerates — 0.7%
Honeywell International, Inc.7,740 1,794,983 
Insurance — 9.7%
Aflac, Inc.75,306 4,268,344 
Allstate Corp. (The)23,134 3,129,568 
Chubb Ltd.31,409 5,776,743 
Marsh & McLennan Cos., Inc.46,017 7,233,872 
Reinsurance Group of America, Inc.45,051 5,217,807 
25,626,334 
Oil, Gas and Consumable Fuels — 4.6%
Chevron Corp.54,349 5,259,353 
TotalEnergies SE, ADR155,008 6,865,304 
12,124,657 
Personal Products — 3.6%
Unilever plc, ADR172,414 9,600,012 
Pharmaceuticals — 10.1%
Johnson & Johnson87,812 15,202,892 
Merck & Co., Inc.62,443 4,763,776 
Novartis AG, ADR71,427 6,599,141 
26,565,809 
Semiconductors and Semiconductor Equipment — 1.7%
Texas Instruments, Inc.23,566 4,498,985 
Software — 3.1%
Open Text Corp.65,522 3,592,571 
Oracle Corp. (New York)52,290 4,660,608 
8,253,179 
TOTAL COMMON STOCKS
(Cost $219,819,793)
261,812,508 
TEMPORARY CASH INVESTMENTS — 0.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $1,658,666)
1,658,666 1,658,666 
TOTAL INVESTMENT SECURITIES — 99.8%
(Cost $221,478,459)
263,471,174 
OTHER ASSETS AND LIABILITIES — 0.2%652,272 
TOTAL NET ASSETS — 100.0%$264,123,446 

15


NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
(1)Non-income producing.


See Notes to Financial Statements.
16


Statements of Assets and Liabilities
AUGUST 31, 2021
Focused Dynamic Growth ETFFocused Large Cap Value ETF
Assets
Investment securities, at value (cost of $164,379,587 and $221,478,459, respectively)$231,416,453 $263,471,174 
Dividends and interest receivable55,217 745,952 
231,471,670 264,217,126 
Liabilities
Accrued management fees86,665 93,680 
Net Assets$231,385,005 $264,123,446 
Shares outstanding (unlimited number of shares authorized)2,665,000 4,250,000 
Net Asset Value Per Share$86.82 $62.15 
Net Assets Consist of:
Capital paid in$164,827,394 $216,123,971 
Distributable earnings66,557,611 47,999,475 
$231,385,005 $264,123,446 


See Notes to Financial Statements.
17


Statements of Operations
YEAR ENDED AUGUST 31, 2021
Focused Dynamic Growth ETFFocused Large Cap Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $— and $86,152, respectively)$599,856 $4,512,526 
Interest230 440 
600,086 4,512,966 
Expenses:
Management fees970,529 783,649 
Other expenses— 1,133 
970,529 784,782 
Net investment income (loss)(370,443)3,728,184 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (Note 4)27,904,615 5,086,205 
Change in net unrealized appreciation (depreciation) on investments23,407,498 37,043,077 
Net realized and unrealized gain (loss)51,312,113 42,129,282 
Net Increase (Decrease) in Net Assets Resulting from Operations$50,941,670 $45,857,466 


See Notes to Financial Statements.
18


Statements of Changes in Net Assets
YEAR ENDED AUGUST 31, 2021 AND PERIOD ENDED AUGUST 31, 2020
Focused Dynamic
Growth ETF
Focused Large Cap
Value ETF
Increase (Decrease) in Net AssetsAugust 31, 2021
August 31, 2020(1)
August 31, 2021
August 31, 2020(1)
Operations
Net investment income (loss)$(370,443)$(63,174)$3,728,184 $447,175 
Net realized gain (loss)27,904,615 (111,378)5,086,205 (170,169)
Change in net unrealized appreciation (depreciation)23,407,498 43,629,368 37,043,077 4,949,638 
Net increase (decrease) in net assets resulting from operations50,941,670 43,454,816 45,857,466 5,226,644 
Distributions to Shareholders
From earnings(21,840)— (2,991,009)(93,626)
Capital Share Transactions
Proceeds from shares sold59,816,448 165,739,484 138,524,192 77,580,500 
Payments for shares redeemed(88,569,594)— — — 
Other capital4,916 19,105 9,570 9,709 
Net increase (decrease) in net assets from capital share transactions(28,748,230)165,758,589 138,533,762 77,590,209 
Net increase (decrease) in net assets22,171,600 209,213,405 181,400,219 82,723,227 
Net Assets
Beginning of period209,213,405 — 82,723,227 — 
End of period$231,385,005 $209,213,405 $264,123,446 $82,723,227 
Transactions in Shares of the Funds
Sold780,000 3,075,000 2,560,000 1,690,000 
Redeemed(1,190,000)— — — 
Net increase (decrease)
in shares of the funds
(410,000)3,075,000 2,560,000 1,690,000 
(1)March 31, 2020 (fund inception) through August 31, 2020.


See Notes to Financial Statements.
19


Notes to Financial Statements
 
AUGUST 31, 2021

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Focused Dynamic Growth ETF (Focused Dynamic Growth ETF) and American Century Focused Large Cap Value ETF (Focused Large Cap Value ETF) (collectively, the funds) are two funds in a series issued by the trust. Each fund's investment objective is to seek long-term capital growth. Shares of each fund are listed for trading on the Cboe BZX Exchange, Inc. The funds incepted on March 31, 2020.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
Open-end management investment companies are valued at the reported NAV per share.

If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

20


Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, American Century Investment Management, Inc. (ACIM), and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 36% and 46% of the shares of Focused Dynamic Growth ETF and Focused Large Cap Value ETF, respectively. Related parties do not invest in the funds for the purpose of exercising management or control.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears.

The annual management fee for each fund is as follows:
Annual Management Fee
Focused Dynamic Growth ETF0.45%
Focused Large Cap Value ETF0.42%


21


4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2021 were as follows:
Focused Dynamic Growth ETFFocused Large Cap Value ETF
Purchases$93,142,715$136,939,448
Sales
$59,977,357$64,922,649

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2021 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Focused Dynamic Growth ETF$26,452,081$86,215,709$27,414,584
Focused Large Cap Value ETF$66,806,011
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

5. Capital Share Transactions

Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.

6. Fair Value Measurements

The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the funds’ investment securities were classified as Level 1. The Schedules of Investments provide additional information on the funds’ portfolio holdings.


22


7. Risk Factors

The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing a significant portion of assets in one country or region may accentuate these risks.

8. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2021 and the period March 31, 2020 (fund inception) through August 31, 2020 were as follows:
2021
2020

Distributions Paid From:
Distributions Paid From:

Ordinary Income
Long-term Capital Gains
Ordinary Income
Long-term Capital Gains
Focused Dynamic Growth ETF
$21,565 $275 — — 
Focused Large Cap Value ETF
$2,991,009 — $93,626 — 

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

The reclassifications for Focused Dynamic Growth ETF, which are primarily due to in kind transactions, were made to capital paid in $27,817,035 and distributable earnings $(27,817,035).

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Focused Dynamic Growth ETFFocused Large Cap Value ETF
Federal tax cost of investments$164,516,820 $221,583,620 
Gross tax appreciation of investments$66,931,255 $42,765,478 
Gross tax depreciation of investments(31,622)(877,924)
Net tax appreciation (depreciation) of investments$66,899,633 $41,887,554 
Undistributed ordinary income— $5,594,657 
Accumulated long-term gains— $517,264 
Late-year ordinary loss deferral$(342,022)— 

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

The loss deferrals represent certain qualified losses that the funds have elected to treat as having been incurred in the following fiscal year for federal income tax purposes.
23


Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investments
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From Net
Investment
Income
Other
Capital(1)
Net Asset
Value,
End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of Period
(in thousands)
Focused Dynamic Growth ETF
2021$68.04(0.13)18.9218.79(0.01)
0.00(4)
$86.8227.61%0.45%(0.17)%28%$231,385 
2020(5)
$40.00(0.04)28.0728.030.01$68.0470.11%
0.45%(6)
(0.16)%(6)
27%$209,213 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)March 31, 2020 (fund inception) through August 31, 2020.
(6)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investments
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From Net
Investment
Income
Other
Capital(1)
Net Asset
Value,
End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of Period
(in thousands)
Focused Large Cap Value ETF
2021$48.951.1413.0114.15(0.95)
0.00(4)
$62.1529.19%0.42%2.00%36%$264,123 
2020(5)
$40.000.418.599.00(0.06)0.01$48.9522.53%
0.42%(6)
2.10%(6)
73%$82,723 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)March 31, 2020 (fund inception) through August 31, 2020.
(6)Annualized.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century ETF Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Focused Dynamic Growth ETF and American Century Focused Large Cap Value ETF (the “Funds”), two of the funds constituting the American Century ETF Trust, as of August 31, 2021, the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended August 31, 2021, and the period from March 31, 2020 (fund inception) through August 31, 2020; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2021, and the results of their operations for the year then ended, the changes in their net assets and the financial highlights for the year ended August 31, 2021, and the period from March 31, 2020 (fund inception) through August 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Kansas City, Missouri
October 18, 2021

We have served as the auditor of one or more American Century investment companies since 1997.
26


Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire by December 31st of the year in which they reach their 75th birthday.
Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Ronald J. Gilson, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)31None
Ronald J. Gilson
(1946)
TrusteeSince 2017Charles J. Meyers Professor of Law and Business, Emeritus (since 2018), Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)69None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired; Consultant regarding ETF and mutual fund matters (2015 to 2016); Principal and Senior Counsel, The Vanguard Group (investment management)(1998 to 2014)31None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired103None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries141None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
27


Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2017Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and
Vice President since
2021
General Counsel and Senior Vice President, ACC (2021 to present); Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)
Vice President
since 2019
Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)
Vice President since 2017Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)
Vice President since 2017Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)
Vice President since 2017Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)
Secretary since 2019Attorney, ACS (2003 to present)
28


Approval of Management Agreement

At a meeting held on June 3, 2021, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s trustees (the “Trustees”), including a majority of the independent Trustees, each year.

Prior to its consideration of the management agreement, the Trustees requested and reviewed extensive data and information compiled by the Advisor and certain independent providers of evaluation data concerning the Funds and the services provided to each Fund by the Advisor. This review was in addition to the oversight and evaluation undertaken by the Board and its Audit Committee on a continual basis and the information received was supplemental to the extensive information that the Board and its Audit Committee receive and consider throughout the year.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to each Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;
the wide range of other programs and services provided and to be provided to each Fund and its shareholders on a routine and non-routine basis;
the investment performance of each Fund, including data comparing each Fund's performance to appropriate benchmarks and/or a peer group of other funds with similar investment objectives and strategies;
the cost of owning each Fund compared to the cost of owning similar funds;
the compliance policies, procedures, and regulatory experience of the Advisor and the Funds’ service providers;
the Advisor’s strategic plans, COVID-19 pandemic response, vendor management practices, and social justice initiatives;
the Advisor’s business continuity plans and cyber security practices;
financial data showing the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the overall profitability of the Advisor;
information regarding payments to intermediaries by the Advisor;
possible economies of scale associated with the Advisor’s management of each Fund; and
possible collateral benefits to the Advisor from the management of the Funds.

The independent Trustees met separately in private session to discuss the renewal and to review and discuss the information provided in response to their request. The independent Trustees also held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.




29


Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:

constructing and designing each Fund
portfolio research and security selection
initial capitalization/funding
securities trading
Fund administration
custody of Fund assets
daily valuation of each Fund’s portfolio
liquidity monitoring and management
risk management, including cyber security
shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
legal services (except the independent Trustees’ counsel)
regulatory and portfolio compliance
financial reporting
marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

Investment Management Services. The nature of the investment management services provided to the Funds is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board provides oversight of the investment performance process. It regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any efforts being undertaken to improve performance. The performance for American Century Focused Dynamic Growth ETF was above its benchmark for the periods reviewed by the Board, and the performance for American Century Focused Large Cap Value ETF was below its benchmark for the periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Funds to be satisfactory and consistent with the management agreement.

30


Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Funds, its profitability in managing each Fund (pre- and post-distribution), its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Funds.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to the Funds and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders additional content and services.

Comparison to Other Funds’ Fees. The management agreement provides that each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of American Century Focused Dynamic Growth ETF was below the median of the total expense ratios of its peer expense universe and was the lowest of its peer expense group. The unified fee charged to shareholders of American Century Focused Large Cap Value ETF was the lowest of the total expense ratios of its peer expense universe and was the lowest of its peer expense group. The Board concluded that the management fee paid by each Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees,
31


costs, and profitability of its advisory services to funds or other advisory clients managed similarly to the Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Funds. The Board analyzed this information and concluded that the fees charged and services provided to the Funds were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments could include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Funds. They concluded that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Funds’ operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in each Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to each Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the management fee is fair and reasonable in light of the services provided and that the investment management agreement between the Funds and the Advisor should be renewed.
32


Liquidity Risk Management Program

The Funds have adopted a liquidity risk management program (the “program”). The Funds' Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by those members of the ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Funds' liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Funds. This risk is managed by monitoring the degree of liquidity of the Funds' investments, limiting the amount of the Funds' illiquid investments, and utilizing various risk management tools and facilities available to the Funds for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of the Funds' investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2020 through December 31, 2020. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.


33


Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

 
Proxy Voting Policies
 
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.


Quarterly Portfolio Disclosure
 
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.











34


Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

The funds hereby designate up to the maximum amount allowable as qualified dividend income
for the fiscal year ended August 31, 2021.

For corporate taxpayers, Focused Dynamic Growth ETF and Focused Large Cap Value ETF hereby designate $21,565 and $2,941,016, respectively, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2021 as qualified for the corporate dividends received deduction.

Focused Dynamic Growth ETF hereby designates $486,721, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended August 31, 2021.

Focused Dynamic Growth ETF hereby designates $21,565 as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended August 31, 2021.

Focused Dynamic Growth ETF utilized earnings and profits of $486,446 distributed to shareholders on redemption of shares as part of the dividends paid deduction (tax equalization).
35


Notes


36






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Contact Usamericancenturyetfs.com
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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2021 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-96952 2110






image10.jpg
Annual Report
August 31, 2021
American Century® Mid Cap Growth Impact ETF (MID)
American Century® Sustainable Equity ETF (ESGA)
American Century® Sustainable Growth ETF (ESGY)

























Table of Contents

President’s Letter
Mid Cap Growth Impact ETF
Performance
Portfolio Commentary
Fund Characteristics
Sustainable Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Sustainable Growth ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
Additional Information




Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.



President’s Letter
image12a.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancenturyetfs.com.

Upbeat Backdrop Bolstered Stocks

Global equities and other risk-on assets rallied for the 12-month period, benefiting from ongoing central bank and federal government support. These programs helped sustain investor confidence and bolster the economic landscape, despite ongoing challenges from COVID-19 and the inconsistent lifting of virus-related restrictions.

In general, data on U.S. manufacturing, employment, housing and corporate earnings were upbeat. Additionally, expanding COVID-19 vaccine availability and two federal coronavirus aid packages also helped promote investor optimism. Outside the U.S., economies recovered but at a slower pace. Virus outbreaks and slower vaccine rollouts led to lingering lockdowns in some regions.

Against this backdrop, inflation rose, but central banks remained supportive. In the U.S., where annual consumer inflation hit a 13-year high, the Federal Reserve (Fed) insisted temporary supply chain disruptions and other transient factors were at play. The Fed left interest rates unchanged but hinted it may start hiking rates in 2023, sooner than its previous timetable of 2024.

Despite ongoing pandemic-related challenges, including the emergence of the delta variant of COVID-19, stocks remained in favor and delivered strong 12-month returns. The U.S. generally outperformed other developed markets, as the S&P 500 Index returned more than 31%. Value stocks generally outperformed growth stocks, while small caps significantly outpaced large caps. The broad U.S. Treasury market declined, but credit-sensitive fixed-income securities, including corporate and municipal bonds, delivered gains.

Several Factors Shaping Market Dynamics

The return to pre-pandemic life is progressing, albeit somewhat cautiously due to the spread of the delta variant. As the economy and markets respond to this fluid backdrop, investors will face opportunities and ongoing challenges. Economic growth, inflation, the virus’s trajectory, supply chain normalization, and fiscal and monetary policy likely will sway market dynamics.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,
image48a16.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Mid Cap Growth Impact ETF (MID)
Total Returns as of August 31, 2021Average
Annual Returns
1 yearSince InceptionInception Date
Net Asset Value41.78%49.32%7/13/2020
Market Price41.49%49.41%7/13/2020
Russell Midcap Growth Index35.17%42.22%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Fund
$10,000 investment made July 13, 2020
chart-2c556348fd5d4aa5811.jpg
Value on August 31, 2021
Net Asset Value — $15,757
Russell Midcap Growth Index — $14,910
Total Annual Fund Operating Expenses
0.45%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.




Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Rob Brookby, Nalin Yogasundram and Rene Casis

Fund Strategy

American Century Mid Cap Growth Impact ETF is an actively managed fund that seeks long-term capital growth. The portfolio managers look for stocks of medium-capitalization companies they believe will increase in value over time, using proprietary fundamental research. The initial research process begins by analyzing themes aligned with the United Nations Sustainable Development Goals (SDG) to identify companies that generate, or could generate, social and environmental impact alongside a financial return. We make our investment decisions based primarily on our analysis of individual companies, rather than on broad economic forecasts. We generate an impact thesis to explain current or projected SDG alignment in combination with each security’s fundamental growth profile.

Performance Review

The fund returned 41.49% on a market price basis for the 12-month period ended August 31, 2021. On a net asset value (NAV) basis, the fund returned 41.78%. For the same time period, the Russell Midcap Growth Index, the fund’s benchmark, returned 35.17%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Materials Led Outperformance

Stock selection in the chemicals industry helped drive performance in the materials sector. Albemarle, which provides lithium and other specialty chemicals, was a top contributor. The company performed well as the economy recovered, and it benefited from the long-term trend toward electric vehicles as lithium is a key element in battery production. Stock choices in the consumer discretionary sector also aided performance. Automobile equipment provider Aptiv was a key contributor, benefiting from increased content per vehicle for its advanced safety technology.

Other top contributors included Align Technology. The company makes 3D scanners and clear teeth-straightening aligners, and it reported better-than-expected revenue and earnings. We eliminated the holding. The payments company Square outperformed as its main businesses—small retailers and peer to peer—benefited from the stay-at-home restrictions. Coffee shops and restaurants have had to adjust to new business models, and individuals are increasingly using digital payments. These are secular trends that have been accelerated by the pandemic.

Keysight Technologies struggled during the worst of the pandemic slowdown but bounced back strongly as the economy rebooted. Its networking test equipment is benefiting from the rollout of 5G communications, and the company also benefits from other markets, such as automobiles.

Health Care Detracted

Stock selection in the health care sector weighed on relative performance. Key detractors included Moderna. The stock price of this biotechnology company outperformed after it reported that its COVID-19 vaccine worked well against the virus’s more contagious delta variant. Moderna’s messenger RNA technology is also seen as having potentially wider applications. Our lack of exposure detracted from relative results. Teladoc Health also lagged. The leader in virtual doctor visits prospered during the height of the pandemic but gave back gains as the country began to return to a more normal environment. We eliminated our position.

Other detractors included Splunk. We eliminated this security software stock because the company had execution problems as it moves from an on-premises to a cloud-based subscription service. Additionally, its sales force experienced some leadership changes.

Several portfolio holdings reported strong results but were victims of the market’s swing away from growth and toward value-oriented stocks in late 2020 and early 2021. Investors moved to cyclical stocks that were expected to benefit from the economic recovery and away from the high-growth
4


stocks that outperformed for most of 2020. RingCentral, a provider of cloud-based communications and collaboration software, lagged despite reporting better-than-anticipated revenue and earnings. We eliminated RingCentral. Dexcom, a manufacturer of glucose monitoring systems for diabetes management, underperformed on profit-taking after strong performance. The company’s monitoring system does away with finger sticking for blood samples.

Portfolio Positioning

Our process uses fundamental analysis aimed at identifying mid-capitalization companies producing attractive, sustainable earnings growth. We seek to reduce unintended, nonfundamental risks and align the portfolio with fundamental, company-specific risks that we believe will be rewarded over time. As a result of this approach, our sector and industry allocations reflect where we are finding opportunities at a given time. We have been positioning the portfolio for a post-COVID-19 world. As more normal activities resume, we see opportunities aligned with the SDGs in infrastructure build-out, e-commerce, entertainment and other industries across sectors.





































A strategy that considers the United Nations Sustainable Development Goals (SDG) criteria may limit the investment opportunities available to a portfolio. Therefore, the portfolio may underperform or perform differently than other portfolios that do not have an SDG investment focus. A portfolios SDG investment focus may also result in the portfolio investing in securities or industry sectors that perform differently or maintain a different risk profile than the market generally or compared to underlying holdings that are not screened for SDG standards.
5


Fund Characteristics
AUGUST 31, 2021
Mid Cap Growth Impact ETF
Types of Investments in Portfolio% of net assets
Common Stocks97.8%
Temporary Cash Investments2.1%
Other Assets and Liabilities0.1%
Top Five Industries% of net assets
Software18.4%
Biotechnology9.6%
Semiconductors and Semiconductor Equipment8.0%
IT Services7.3%
Chemicals6.5%
6


Performance
Sustainable Equity ETF (ESGA)
Total Returns as of August 31, 2021Average
Annual Returns
 1 yearSince InceptionInception Date
Net Asset Value30.65%39.39%7/13/2020
Market Price30.66%39.49%7/13/2020
S&P 500 Index31.17%39.48%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Fund
$10,000 investment made July 13, 2020
chart-d12e0cb1481343ba9e8.jpg
Value on August 31, 2021
Net Asset Value — $14,575
S&P 500 Index — $14,585
Total Annual Fund Operating Expenses
0.39%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.





Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
7


Portfolio Commentary

Portfolio Managers: Justin Brown, Joe Reiland, Rob Bove and Rene Casis

Effective September 2021, Greg Woodhams stepped down as portfolio manager as he will retire from American Century Investments at the end of 2021.

Fund Strategy

American Century Sustainable Equity ETF is an actively managed fund that seeks long-term capital growth. We seek to invest in larger U.S. companies demonstrating both improving business fundamentals and sustainable corporate behaviors to deliver long-term financial returns and positive impacts to the environment, communities and corporate governance. As opposed to avoiding certain sectors entirely, we seek to invest in the most attractive companies within all sectors. A broad investment universe provides investors with both an attractive environmental, social and governance (ESG) profile and the potential for positive risk-adjusted returns over time. We construct our portfolio to intentionally acquire stock-specific risk aligned with our financial and sustainability research, while minimizing relative exposures related to sectors and common factor risks, such as market-capitalization size, volatility and momentum.

Performance Review

The fund returned 30.66% on a market price basis for its fiscal year ended August 31, 2021. On a net asset value (NAV) basis, the fund returned 30.65%. For the same time period, the S&P 500 Index, the fund’s benchmark, returned 31.17%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Materials Detracted

Stock selection in the chemicals industry helped drive underperformance in the materials sector. Air Products and Chemicals was a notable detractor as the company’s margins were impacted by higher input costs in the near term. We still have a favorable view on the company due to growth opportunities in carbon capture technologies and green hydrogen.

Stock choices in the health care sector also hampered performance. Amgen lagged after the biopharmaceutical company reported disappointing trial results for its drug to treat heart failure. Merck & Co. discontinued its pursuit of a COVID-19 vaccine following unfavorable results in early tests. The biopharmaceutical company reported disappointing revenue and earnings, which management attributed to weak drug sales due to the pandemic.

Other detractors included Lockheed Martin. Although the defense contractor reported solid earnings, investors worried about the potential for reduced defense spending under the Biden administration. An underweight position in Wells Fargo & Co. also detracted, as banks generally rose over the period on an improving economic outlook and loan growth. We eliminated Wells Fargo during the period. Our overweight positions in other financials such as Morgan Stanley and Bank of America more than offset the detraction from the Wells Fargo underweight.

Information Technology Was a Top Contributor

Stock selection among semiconductors and semiconductor equipment companies led performance in the information technology sector. ASML Holding, a Netherlands-based semiconductor capital equipment maker, delivered strong quarterly results, exceeding expectations in revenue, earnings and free cash. The company’s unique extreme ultraviolet lithography technology allows semiconductor manufacturers to produce smaller and more efficient chips, which are increasingly in demand and amplified by the current semiconductor shortage.

Elsewhere, Morgan Stanley’s stock was helped by improving sentiment for financials due to positive vaccine news, recovery hopes and strong consumer balance sheets. The acquisitions of E-Trade Financial and Eaton Vance are shifting the business toward more wealth and asset management, which we think should be beneficial. Aptiv, a maker of electronic automobile
8


components, outperformed as investors gave greater appreciation to the company’s long-term outlook in the face of global sustainability mandates, especially in the European Union. Aptiv benefits from higher electrical content in vehicles given its vehicle architecture platform. Johnson Controls International was a notable contributor as the company saw increased demand for its heating, ventilation and air conditioning components, which help provide cleaner air in buildings and greater energy efficiency.

Portfolio Positioning

Our process uses fundamental analysis aimed at identifying growing, large-capitalization companies demonstrating sustainable corporate behaviors. Rather than screen out certain industries or sectors, we seek to identify companies with the strongest fundamental growth and ESG characteristics in each sector. As a result of this approach, our sector and industry allocations reflect where we are finding opportunities at a given time.

Using our bottom-up analysis, we have found attractive positions in the internet and catalog retail, specialty retail, textiles, apparel and luxury goods and auto components industries that we believe to be ESG leaders relative to their peers. We have also found what we view as strong growth opportunities in information technology, where we have been able to invest in companies with attractive ESG profiles, including opportunities in the electronic equipment, instruments and components industry leads our positioning. We also like select companies in IT services.




































A strategy or emphasis on environmental, social and governance factors (ESG) may limit the investment opportunities available to a portfolio. Therefore, the portfolio may underperform or perform differently than other portfolios that do not have an ESG investment focus. A portfolios ESG investment focus may also result in the portfolio investing in securities or industry sectors that perform differently or maintain a different risk profile than the market generally or compared to underlying holdings that are not screened for ESG standards.
9


Fund Characteristics
AUGUST 31, 2021
Sustainable Equity ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.7%
Temporary Cash Investments0.2%
Other Assets and Liabilities0.1%
Top Five Industries% of net assets
Software10.0%
Interactive Media and Services6.9%
Semiconductors and Semiconductor Equipment5.8%
IT Services5.3%
Capital Markets5.0%
10


Performance
Sustainable Growth ETF (ESGY)
Total Returns as of August 31, 2021 
 Since InceptionInception Date
Net Asset Value7.52%6/29/2021
Market Price7.52%6/29/2021
Russell 1000 Growth Index6.92%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.


Total Annual Fund Operating Expenses
0.39%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

























Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
11


Portfolio Commentary

Portfolio Managers: Joe Reiland, Rob Bove, Scott Marolf and Rene Casis

Fund Strategy

American Century Sustainable Growth ETF is an actively managed fund that seeks capital appreciation. We seek to invest in larger U.S. companies demonstrating both improving business fundamentals and sustainable corporate behaviors to deliver long-term financial returns and positive impacts to the environment, communities and corporate governance. As opposed to avoiding certain sectors entirely, we seek to invest in the most attractive companies within all sectors. A broad investment universe provides investors with both an attractive environmental, social and governance (ESG) profile and the potential for positive risk-adjusted returns over time. We construct our portfolio to intentionally acquire stock-specific risk aligned with our financial and sustainability research, while minimizing relative exposures related to sectors and common factor risks, such as market-capitalization size, volatility and momentum.

Performance Review

The fund returned 7.52%* on a market price basis for the period from the fund’s inception on June 29, 2021, through the fund’s fiscal year-end on August 31, 2021. On a net asset value (NAV) basis, the fund returned 7.52%. For the same time period, the Russell 1000 Growth Index, the fund’s benchmark, returned 6.92%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.
Industrials and Communication Services Led Performance

Stock selection among road and rail companies led relative performance in the industrials sector. Stock decisions in the interactive media and services industry boosted the communication services sector. Alphabet, the parent company of Google, was a top industry performer, benefiting from strong digital advertising sales.

Elsewhere, ASML Holding, a Netherlands-based semiconductor capital equipment maker, delivered strong quarterly results, exceeding expectations in revenue, earnings and free cash. The company’s unique extreme ultraviolet lithography technology allows semiconductor manufacturers to produce smaller and more efficient chips, which are increasingly in demand and amplified by the current semiconductor shortage. Denmark-based pharmaceutical company Novo Nordisk reported better-than-expected quarterly earnings and raised guidance, helped by strong sales and demand for its obesity drug.

Not owning benchmark component Zoom Video Communications benefited relative performance. Zoom had outperformed during the work-from-home restrictions caused by the pandemic, but investors grew concerned about the long term as companies began to welcome workers back to the office. Microsoft reported strong revenue and earnings growth, and the stock also received a tailwind from large-capitalization software returning to favor.

Health Care Detracted

Stock selection in biotechnology weighed on performance in the health care sector. Underweighting Moderna was a key detractor. The biopharmaceutical company outperformed because of the success of its COVID-19 vaccine.

Other detractors included PayPal Holdings, which reported disappointing earnings largely due to declining eBay transactions. PayPal had outperformed leading up to the latest earnings report, and we think it will continue to benefit from increasing digital transactions. Enterprise software company Zendesk fell after management reported disappointing earnings. Video game developer Activision


*Total returns for periods less than one year are not annualized.
12


Blizzard lagged on concerns about release delays and China’s announced restrictions on children’s gaming time. We eliminated our holding.

Aptiv, a maker of electronic automobile components, underperformed on disappointing sales growth and earnings. We like the company’s long-term outlook based on global sustainability mandates, especially in the European Union, and from higher electrical content in vehicles given its vehicle architecture platform.

Portfolio Positioning

Our process uses fundamental analysis aimed at identifying growing, large-cap companies demonstrating sustainable corporate behaviors. Rather than screen out certain industries or sectors, we seek to identify companies with the strongest fundamental growth and ESG characteristics in each sector. As a result of this approach, our sector and industry allocations reflect where we are finding opportunities at a given time.

Using our bottom-up analysis, we have found attractive positions in the internet and catalog retail, specialty retail, textiles, apparel and luxury goods and auto components industries that we believe to be ESG leaders relative to their peers. We have also found what we view as strong growth opportunities in information technology, where we have been able to invest in companies with attractive ESG profiles, including opportunities in the electronic equipment, instruments and components industry leads our positioning. We also like select companies in IT services.






















A strategy or emphasis on environmental, social and governance factors (ESG) may limit the investment opportunities available to a portfolio. Therefore, the portfolio may underperform or perform differently than other portfolios that do not have an ESG investment focus. A portfolios ESG investment focus may also result in the portfolio investing in securities or industry sectors that perform differently or maintain a different risk profile than the market generally or compared to underlying holdings that are not screened for ESG standards.
13


Fund Characteristics
AUGUST 31, 2021
Sustainable Growth ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.8%
Temporary Cash Investments0.2%
Other Assets and Liabilities—*
*Category is less than 0.05% of total net assets.
Top Five Industries% of net assets
Software22.9%
Interactive Media and Services9.6%
IT Services8.4%
Technology Hardware, Storage and Peripherals8.1%
Semiconductors and Semiconductor Equipment7.2%

14


Shareholder Fee Examples

Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2021 to August 31, 2021 (except as noted).

Actual Expenses

The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then 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 under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the 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 and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table 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 table is useful in comparing ongoing 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.

15


Beginning
Account Value
3/1/21
Ending
Account Value
8/31/21
Expenses Paid
During Period(1)
3/1/21 - 8/31/21
Annualized
Expense Ratio(1)
Mid Cap Growth Impact ETF
Actual$1,000$1,146.80$2.440.45%
Hypothetical$1,000$1,022.94$2.290.45%
Sustainable Equity ETF
Actual$1,000$1,201.70$2.160.39%
Hypothetical$1,000$1,023.24$1.990.39%
Sustainable Growth ETF
Actual$1,000$1,075.20
$0.71(2)
0.39%
Hypothetical$1,000$1,023.24$1.990.39%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 64, the number of days in the period from June 29, 2021 (fund inception) through August 31, 2021, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
16


Schedules of Investments

AUGUST 31, 2021
Mid Cap Growth Impact ETF
SharesValue
COMMON STOCKS — 97.8%


Auto Components — 4.1%
Aptiv plc(1)
5,951 $905,683 
Biotechnology — 9.6%
Alnylam Pharmaceuticals, Inc.(1)
2,729 549,702 
Argenx SE, ADR(1)
1,185 392,259 
Horizon Therapeutics plc(1)
4,302 465,003 
Natera, Inc.(1)
4,095 484,971 
Turning Point Therapeutics, Inc.(1)
2,912 224,282 
2,116,217 
Building Products — 3.9%
Trane Technologies plc4,299 853,352 
Capital Markets — 5.6%
MarketAxess Holdings, Inc.897 426,900 
MSCI, Inc.1,288 817,339 
1,244,239 
Chemicals — 6.5%
Albemarle Corp.3,787 896,534 
Element Solutions, Inc.23,576 535,883 
1,432,417 
Containers and Packaging — 3.5%
Ball Corp.8,087 776,029 
Electrical Equipment — 3.3%
Generac Holdings, Inc.(1)
1,448 632,747 
Plug Power, Inc.(1)
4,053 105,621 
738,368 
Electronic Equipment, Instruments and Components — 4.5%
Keysight Technologies, Inc.(1)
5,610 1,006,322 
Health Care Equipment and Supplies — 3.6%
DexCom, Inc.(1)
1,500 794,130 
Health Care Providers and Services — 2.5%
Encompass Health Corp.7,053 553,308 
Health Care Technology — 4.0%
Veeva Systems, Inc., Class A(1)
2,636 875,099 
Hotels, Restaurants and Leisure — 4.8%
Chipotle Mexican Grill, Inc.(1)
553 1,052,541 
IT Services — 7.3%
Square, Inc., Class A(1)
2,801 750,864 
Twilio, Inc., Class A(1)
2,397 855,633 
1,606,497 
Leisure Products — 2.7%
Peloton Interactive, Inc., Class A(1)
6,069 608,053 
Life Sciences Tools and Services — 3.2%
Bio-Techne Corp.1,424 710,775 
Professional Services — 2.3%
Jacobs Engineering Group, Inc.3,810 514,198 
17


Mid Cap Growth Impact ETF
SharesValue
Semiconductors and Semiconductor Equipment — 8.0%
Enphase Energy, Inc.(1)
4,981 $865,349 
Marvell Technology, Inc.14,852 908,794 
1,774,143 
Software — 18.4%
Cadence Design Systems, Inc.(1)
6,316 1,032,540 
DocuSign, Inc.(1)
3,927 1,163,334 
Manhattan Associates, Inc.(1)
4,649 757,741 
Palo Alto Networks, Inc.(1)
2,421 1,116,178 
4,069,793 
TOTAL COMMON STOCKS
(Cost $17,160,353)
21,631,164 
TEMPORARY CASH INVESTMENTS — 2.1%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $469,852)
469,852 469,852 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $17,630,205)

22,101,016 
OTHER ASSETS AND LIABILITIES — 0.1%

15,811 
TOTAL NET ASSETS — 100.0%

$22,116,827 

NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
(1)Non-income producing.


See Notes to Financial Statements.
18


AUGUST 31, 2021
Sustainable Equity ETF
SharesValue
COMMON STOCKS — 99.7%


Aerospace and Defense — 0.9%
Lockheed Martin Corp.3,701 $1,331,620 
Air Freight and Logistics — 1.1%
Expeditors International of Washington, Inc.2,077 258,877 
United Parcel Service, Inc., Class B7,292 1,426,534 
1,685,411 
Auto Components — 1.0%
Aptiv plc(1)
10,070 1,532,553 
Automobiles — 0.5%
Tesla, Inc.(1)
1,119 823,271 
Banks — 4.3%
Bank of America Corp.51,935 2,168,286 
JPMorgan Chase & Co.16,934 2,708,594 
Regions Financial Corp.80,098 1,636,402 
6,513,282 
Beverages — 1.4%
PepsiCo, Inc.13,491 2,109,857 
Biotechnology — 1.3%
AbbVie, Inc.4,707 568,512 
Amgen, Inc.4,364 984,213 
Vertex Pharmaceuticals, Inc.(1)
2,180 436,632 
1,989,357 
Building Products — 1.8%
Johnson Controls International plc25,571 1,912,711 
Masco Corp.13,184 800,532 
2,713,243 
Capital Markets — 5.0%
Ameriprise Financial, Inc.3,288 897,328 
BlackRock, Inc.1,585 1,495,115 
Intercontinental Exchange, Inc.5,366 641,398 
Morgan Stanley26,317 2,748,284 
S&P Global, Inc.3,845 1,706,488 
7,488,613 
Chemicals — 2.7%
Air Products and Chemicals, Inc.2,353 634,157 
Ecolab, Inc.2,900 653,544 
Linde plc5,848 1,839,722 
Sherwin-Williams Co. (The)3,122 948,058 
4,075,481 
Communications Equipment — 1.2%
Cisco Systems, Inc.29,666 1,750,887 
Consumer Finance — 0.8%
American Express Co.6,913 1,147,281 
Containers and Packaging — 0.6%
Ball Corp.10,202 978,984 
Diversified Telecommunication Services — 0.3%
Verizon Communications, Inc.8,742 480,810 
Electric Utilities — 1.9%
NextEra Energy, Inc.33,611 2,822,988 
19


Sustainable Equity ETF
SharesValue
Electrical Equipment — 1.4%
Eaton Corp. plc6,571 $1,106,294 
Rockwell Automation, Inc.3,051 992,948 
2,099,242 
Electronic Equipment, Instruments and Components — 2.3%
CDW Corp.6,412 1,286,311 
Cognex Corp.8,098 717,645 
Keysight Technologies, Inc.(1)
7,821 1,402,931 
3,406,887 
Energy Equipment and Services — 0.6%
Schlumberger NV32,739 918,002 
Entertainment — 2.0%
Activision Blizzard, Inc.7,013 577,661 
Walt Disney Co. (The)(1)
13,621 2,469,487 
3,047,148 
Equity Real Estate Investment Trusts (REITs) — 2.1%
ProLogis, Inc.22,925 3,087,081 
Food and Staples Retailing — 1.5%
Costco Wholesale Corp.1,892 861,787 
Sysco Corp.18,015 1,434,895 
2,296,682 
Food Products — 0.8%
Beyond Meat, Inc.(1)
136 16,271 
Mondelez International, Inc., Class A17,189 1,066,921 
Vital Farms, Inc.(1)
4,917 88,408 
1,171,600 
Health Care Equipment and Supplies — 2.1%
Edwards Lifesciences Corp.(1)
12,762 1,495,451 
Medtronic plc9,454 1,261,920 
ResMed, Inc.1,268 368,392 
3,125,763 
Health Care Providers and Services — 3.6%
Cigna Corp.7,338 1,553,088 
CVS Health Corp.15,617 1,349,153 
Humana, Inc.1,477 598,805 
UnitedHealth Group, Inc.4,726 1,967,292 
5,468,338 
Hotels, Restaurants and Leisure — 1.8%
Booking Holdings, Inc.(1)
394 906,070 
Chipotle Mexican Grill, Inc.(1)
436 829,852 
Expedia Group, Inc.(1)
6,957 1,005,286 
2,741,208 
Household Products — 1.5%
Colgate-Palmolive Co.7,953 619,937 
Procter & Gamble Co. (The)11,157 1,588,645 
2,208,582 
Industrial Conglomerates — 1.3%
Honeywell International, Inc.8,391 1,945,957 
Insurance — 1.9%
Aflac, Inc.9,053 513,124 
Marsh & McLennan Cos., Inc.5,223 821,056 
20


Sustainable Equity ETF
SharesValue
Prudential Financial, Inc.6,482 $686,314 
Travelers Cos., Inc. (The)5,465 872,815 
2,893,309 
Interactive Media and Services — 6.9%
Alphabet, Inc., Class A(1)
2,774 8,027,817 
Facebook, Inc., Class A(1)
6,104 2,315,736 
10,343,553 
Internet and Direct Marketing Retail — 4.0%
Amazon.com, Inc.(1)
1,724 5,983,642 
IT Services — 5.3%
Accenture plc, Class A5,370 1,807,327 
Mastercard, Inc., Class A5,323 1,842,983 
PayPal Holdings, Inc.(1)
8,191 2,364,414 
Visa, Inc., Class A8,700 1,993,170 
8,007,894 
Life Sciences Tools and Services — 2.2%
Agilent Technologies, Inc.10,386 1,822,431 
Thermo Fisher Scientific, Inc.2,691 1,493,371 
3,315,802 
Machinery — 2.1%
Cummins, Inc.4,796 1,131,760 
Parker-Hannifin Corp.4,580 1,358,748 
Xylem, Inc.4,612 628,662 
3,119,170 
Media — 0.6%
Comcast Corp., Class A15,480 939,326 
Multiline Retail — 0.5%
Target Corp.3,156 779,469 
Oil, Gas and Consumable Fuels — 1.0%
ConocoPhillips26,297 1,460,272 
Personal Products — 0.5%
Estee Lauder Cos., Inc. (The), Class A2,196 747,716 
Pharmaceuticals — 3.2%
Bristol-Myers Squibb Co.24,016 1,605,710 
Merck & Co., Inc.15,050 1,148,164 
Novo Nordisk A/S, ADR6,935 693,292 
Zoetis, Inc.6,516 1,332,913 
4,780,079 
Professional Services — 0.2%
IHS Markit Ltd.2,505 302,103 
Road and Rail — 1.1%
Norfolk Southern Corp.3,637 922,125 
Union Pacific Corp.3,470 752,435 
1,674,560 
Semiconductors and Semiconductor Equipment — 5.8%
Advanced Micro Devices, Inc.(1)
7,664 848,558 
Applied Materials, Inc.10,180 1,375,623 
ASML Holding NV, NY Shares1,972 1,642,755 
NVIDIA Corp.14,159 3,169,492 
Texas Instruments, Inc.8,667 1,654,617 
8,691,045 
21


Sustainable Equity ETF
SharesValue
Software — 10.0%
Adobe, Inc.(1)
2,402 $1,594,207 
Microsoft Corp.39,814 12,019,050 
salesforce.com, Inc.(1)
3,816 1,012,270 
Workday, Inc., Class A(1)
1,334 364,396 
14,989,923 
Specialty Retail — 2.7%
Home Depot, Inc. (The)8,038 2,621,835 
TJX Cos., Inc. (The)14,203 1,032,842 
Tractor Supply Co.2,286 444,055 
4,098,732 
Technology Hardware, Storage and Peripherals — 4.1%
Apple, Inc.40,965 6,219,716 
Textiles, Apparel and Luxury Goods — 1.8%
Deckers Outdoor Corp.(1)
1,401 586,248 
NIKE, Inc., Class B12,548 2,067,158 
2,653,406 
TOTAL COMMON STOCKS
(Cost $115,188,389)
149,959,845 
TEMPORARY CASH INVESTMENTS — 0.2%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $379,529)
379,529 379,529 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $115,567,918)

150,339,374 
OTHER ASSETS AND LIABILITIES — 0.1%

96,358 
TOTAL NET ASSETS — 100.0%

$150,435,732 

NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
(1)Non-income producing.


See Notes to Financial Statements.
22


AUGUST 31, 2021
Sustainable Growth ETF
SharesValue
COMMON STOCKS — 99.8%


Air Freight and Logistics — 0.7%
United Parcel Service, Inc., Class B221 $43,234 
Auto Components — 1.1%
Aptiv plc(1)
458 69,703 
Automobiles — 2.7%
Tesla, Inc.(1)
220 161,858 
Beverages — 0.7%
Coca-Cola Co. (The)59 3,322 
Keurig Dr Pepper, Inc.91 3,246 
PepsiCo, Inc.222 34,719 
41,287 
Biotechnology — 1.6%
Amgen, Inc.167 37,663 
Moderna, Inc.(1)
17 6,404 
Novavax, Inc.(1)
49 11,688 
Vertex Pharmaceuticals, Inc.(1)
199 39,858 
95,613 
Building Products — 2.0%
Advanced Drainage Systems, Inc.28 3,196 
Johnson Controls International plc846 63,281 
Masco Corp.587 35,643 
Trex Co., Inc.(1)
160 17,561 
119,681 
Capital Markets — 1.6%
MarketAxess Holdings, Inc.2,855 
S&P Global, Inc.208 92,315 
95,170 
Chemicals — 1.1%
Linde plc206 64,806 
Commercial Services and Supplies — 0.2%
Copart, Inc.(1)
99 14,288 
Distributors — 0.4%
Pool Corp.47 23,232 
Electrical Equipment — 1.6%
Ballard Power Systems, Inc.(1)
349 5,863 
Generac Holdings, Inc.(1)
72 31,463 
Rockwell Automation, Inc.182 59,232 
96,558 
Electronic Equipment, Instruments and Components — 1.5%
CDW Corp.150 30,091 
Cognex Corp.223 19,762 
Keysight Technologies, Inc.(1)
223 40,002 
89,855 
Entertainment — 1.8%
Electronic Arts, Inc.220 31,946 
Netflix, Inc.(1)
109 62,042 
Walt Disney Co. (The)(1)
87 15,773 
109,761 
Equity Real Estate Investment Trusts (REITs) — 1.5%
Equinix, Inc.52 43,860 
23


Sustainable Growth ETF
SharesValue
ProLogis, Inc.282 $37,974 
SBA Communications Corp.29 10,410 
92,244 
Food Products — 0.4%
Mondelez International, Inc., Class A422 26,194 
Health Care Equipment and Supplies — 2.1%
Align Technology, Inc.(1)
25 17,725 
DexCom, Inc.(1)
33 17,471 
Edwards Lifesciences Corp.(1)
432 50,622 
IDEXX Laboratories, Inc.(1)
18 12,128 
Inari Medical, Inc.(1)
36 2,947 
West Pharmaceutical Services, Inc.57 25,742 
126,635 
Health Care Providers and Services — 2.1%
Cigna Corp.55 11,641 
UnitedHealth Group, Inc.282 117,388 
129,029 
Hotels, Restaurants and Leisure — 0.8%
Chipotle Mexican Grill, Inc.(1)
18 34,260 
Expedia Group, Inc.(1)
102 14,739 
48,999 
Household Products — 1.0%
Procter & Gamble Co. (The)409 58,237 
Industrial Conglomerates — 0.3%
3M Co.96 18,695 
Interactive Media and Services — 9.6%
Alphabet, Inc., Class A(1)
153 442,775 
Facebook, Inc., Class A(1)
364 138,094 
580,869 
Internet and Direct Marketing Retail — 6.9%
Amazon.com, Inc.(1)
116 402,612 
eBay, Inc.38 2,916 
Etsy, Inc.(1)
44 9,515 
415,043 
IT Services — 8.4%
Accenture plc, Class A136 45,772 
Mastercard, Inc., Class A359 124,296 
Okta, Inc.(1)
91 23,988 
PayPal Holdings, Inc.(1)
857 247,382 
Visa, Inc., Class A295 67,584 
509,022 
Leisure Products — 0.3%
YETI Holdings, Inc.(1)
180 17,881 
Life Sciences Tools and Services — 2.3%
Agilent Technologies, Inc.283 49,658 
Illumina, Inc.(1)
95 43,430 
Thermo Fisher Scientific, Inc.87 48,281 
141,369 
Machinery — 1.4%
Deere & Co.220 83,167 
24


Sustainable Growth ETF
SharesValue
Multiline Retail — 0.3%
Target Corp.86 $21,240 
Personal Products — 0.2%
Estee Lauder Cos., Inc. (The), Class A29 9,874 
Pharmaceuticals — 2.1%
Novo Nordisk A/S, ADR813 81,276 
Zoetis, Inc.222 45,412 
126,688 
Road and Rail — 0.7%
Avis Budget Group, Inc.(1)
387 35,120 
Union Pacific Corp.42 9,108 
44,228 
Semiconductors and Semiconductor Equipment — 7.2%
Advanced Micro Devices, Inc.(1)
200 22,144 
Applied Materials, Inc.132 17,837 
ASML Holding NV, NY Shares155 129,121 
Lam Research Corp.85 51,410 
NVIDIA Corp.952 213,105 
433,617 
Software — 22.9%
Adobe, Inc.(1)
317 210,393 
Autodesk, Inc.(1)
83 25,737 
Cadence Design Systems, Inc.(1)
277 45,284 
Crowdstrike Holdings, Inc., Class A(1)
73 20,513 
Datadog, Inc., Class A(1)
131 18,052 
DocuSign, Inc.(1)
60 17,774 
Microsoft Corp.2,599 784,586 
PagerDuty, Inc.(1)
476 20,373 
salesforce.com, Inc.(1)
222 58,890 
ServiceNow, Inc.(1)
135 86,891 
Splunk, Inc.(1)
62 9,478 
Workday, Inc., Class A(1)
141 38,516 
Zendesk, Inc.(1)
362 44,743 
1,381,230 
Specialty Retail — 2.5%
Best Buy Co., Inc.21 2,447 
Home Depot, Inc. (The)449 146,455 
148,902 
Technology Hardware, Storage and Peripherals — 8.1%
Apple, Inc.3,219 488,741 
Textiles, Apparel and Luxury Goods — 1.7%
NIKE, Inc., Class B631 103,951 
TOTAL COMMON STOCKS
(Cost $5,630,690)
6,030,901 
TEMPORARY CASH INVESTMENTS — 0.2%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $11,114)
11,114 11,114 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $5,641,804)

6,042,015 
OTHER ASSETS AND LIABILITIES

1,555 
TOTAL NET ASSETS — 100.0%

$6,043,570 
25


NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Non-income producing.


See Notes to Financial Statements.
26


Statements of Assets and Liabilities
AUGUST 31, 2021
Mid Cap Growth Impact ETFSustainable Equity ETF
Assets
Investment securities, at value (cost of $17,630,205 and $115,567,918, respectively)$22,101,016 $150,339,374 
Receivable for investments sold36,244 — 
Receivable for capital shares sold610,712 — 
Dividends and interest receivable3,042 146,016 
22,751,014 150,485,390 
Liabilities
Payable for investments purchased626,372 — 
Accrued management fees7,815 49,658 
Net Assets$22,116,827 $150,435,732 
Shares outstanding (unlimited number of shares authorized)365,000 2,630,000 
Net Asset Value Per Share$60.59 $57.20 
Net Assets Consist of:
Capital paid in$17,890,970 $115,819,092 
Distributable earnings4,225,857 34,616,640 
$22,116,827 $150,435,732 


See Notes to Financial Statements.

27


AUGUST 31, 2021
Sustainable Growth ETF
Assets
Investment securities, at value (cost of $5,641,804)$6,042,015 
Receivable for investments sold122,692 
Receivable for capital shares sold431,686 
Dividends receivable3,066 
6,599,459 
Liabilities
Payable for investments purchased554,081 
Accrued management fees1,808 
555,889 
Net Assets$6,043,570 
Shares outstanding (unlimited number of shares authorized)140,000 
Net Asset Value Per Share$43.17 
Net Assets Consist of:
Capital paid in$5,651,186 
Distributable earnings392,384 
$6,043,570 


See Notes to Financial Statements.

28


Statements of Operations
YEAR ENDED AUGUST 31, 2021
Mid Cap Growth Impact ETFSustainable Equity ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $— and $3,057 respectively)$28,960 $1,612,437 
Interest63 92 
29,023 1,612,529 
Expenses:
Management fees52,658 481,990 
Net investment income (loss)(23,635)1,130,539 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (Note 4)184,057 5,728,347 
Change in net unrealized appreciation (depreciation) on investments3,888,428 28,182,166 
Net realized and unrealized gain (loss)4,072,485 33,910,513 
Net Increase (Decrease) in Net Assets Resulting from Operations$4,048,850 $35,041,052 


See Notes to Financial Statements.

29


PERIOD ENDED AUGUST 31, 2021
Sustainable Growth ETF(1)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $62)$4,849 
Expenses:
Management fees3,577 
Net investment income (loss)1,272 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions(9,099)
Change in net unrealized appreciation (depreciation) on investments400,211 
Net realized and unrealized gain (loss)391,112 
Net Increase (Decrease) in Net Assets Resulting from Operations$392,384 
(1)June 29, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
30


Statements of Changes in Net Assets
YEAR ENDED AUGUST 31, 2021 AND PERIOD ENDED AUGUST 31, 2020
Mid Cap Growth Impact ETFSustainable Equity ETF
Increase (Decrease) in Net AssetsAugust 31, 2021
August 31, 2020(1)
August 31, 2021
August 31, 2020(1)
Operations
Net investment income (loss)$(23,635)$(2,239)$1,130,539 $102,897 
Net realized gain (loss)184,057 (273)5,728,347 (63,700)
Change in net unrealized appreciation (depreciation)3,888,428 582,383 28,182,166 6,589,290 
Net increase (decrease) in net assets resulting from operations4,048,850 579,871 35,041,052 6,628,487 
Distributions to Shareholders
From earnings— — (1,026,655)— 
Capital Share Transactions
Proceeds from shares sold13,522,367 5,831,120 56,555,628 78,165,014 
Payments for shares redeemed(1,865,381)— (24,927,794)— 
Net increase (decrease) in net assets from capital share transactions11,656,986 5,831,120 31,627,834 78,165,014 
Net increase (decrease) in net assets15,705,836 6,410,991 65,642,231 84,793,501 
Net Assets
Beginning of period6,410,991 — 84,793,501 — 
End of period$22,116,827 $6,410,991 $150,435,732 $84,793,501 
Transactions in Shares of the Funds
Sold250,000 150,000 1,170,000 1,920,000 
Redeemed(35,000)— (460,000)— 
Net increase (decrease) in shares of the funds215,000 150,000 710,000 1,920,000 
(1)July 13, 2020 (fund inception) through August 31, 2020.


See Notes to Financial Statements.
31


PERIOD ENDED AUGUST 31, 2021
Sustainable Growth ETF(1)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)$1,272 
Net realized gain (loss)(9,099)
Change in net unrealized appreciation (depreciation)400,211 
Net increase (decrease) in net assets resulting from operations392,384 
Capital Share Transactions
Proceeds from shares sold5,651,186 
Net increase (decrease) in net assets6,043,570 
Net Assets
End of period$6,043,570 
Transactions in Shares of the Funds
Sold140,000 
(1)June 29, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
32


Notes to Financial Statements

AUGUST 31, 2021

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Mid Cap Growth Impact ETF (Mid Cap Growth Impact ETF), American Century Sustainable Equity ETF (Sustainable Equity ETF) and American Century Sustainable Growth ETF (Sustainable Growth ETF) (collectively, the funds) are three funds in a series issued by the trust. The investment objective for Mid Cap Growth Impact ETF and Sustainable Equity ETF is to seek long-term capital growth. Sustainable Growth ETF's investment objective is to seek capital appreciation. Shares of each fund are listed for trading on the NYSE Arca, Inc. Mid Cap Growth Impact ETF and Sustainable Equity ETF incepted on July 13, 2020. Sustainable Growth ETF incepted on June 29, 2021.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
Open-end management investment companies are valued at the reported NAV per share.
If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
33


Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.
Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, American Century Investment Management, Inc. (ACIM), and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM owns 34% and 89% of the shares of Mid Cap Growth Impact ETF and Sustainable Growth ETF, respectively. Related parties do not invest in the funds for the purpose of exercising management or control.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears.

The annual management fee for each fund is as follows:
Annual Management Fee
Mid Cap Growth Impact ETF0.45%
Sustainable Equity ETF0.39%
Sustainable Growth ETF0.39%

34


4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2021 were as follows:
Mid Cap Growth Impact ETFSustainable Equity ETF
Sustainable Growth ETF(1)
Purchases$5,725,982$29,713,560$400,215
Sales$5,633,302$27,188,835$231,729
(1)June 29, 2021 (fund inception) through August 31, 2021.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2021 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Mid Cap Growth Impact ETF$12,916,376$1,851,868$408,579
Sustainable Equity ETF$53,229,195$24,181,086$6,028,599
Sustainable Growth ETF(1)
$5,471,303
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)June 29, 2021 (fund inception) through August 31, 2021.

5. Capital Share Transactions

Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.

6. Fair Value Measurements

The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the funds’ investment securities were classified as Level 1. The Schedules of Investments provide additional information on the funds’ portfolio holdings.

35


7. Risk Factors

The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market.
Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

8. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2021 and period ended August 31, 2020 (except as noted) were as follows:
20212020
Distributions Paid From:Distributions Paid From:
Ordinary IncomeLong-term Capital GainsOrdinary IncomeLong-term Capital Gains
Mid Cap Growth Impact ETF(1)
— — — — 
Sustainable Equity ETF(1)
$1,026,655 — — — 
Sustainable Growth ETF(2)
— — N/AN/A
(1)July 13, 2020 (fund inception) through August 31, 2020.
(2)June 29, 2021 (fund inception) through August 31, 2021.

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

The reclassifications, which are primarily due to in kind transactions, were as follows:
Mid Cap Growth Impact ETFSustainable Equity ETFSustainable Growth ETF
Capital paid in$402,864 $6,026,244 — 
Distributable earnings$(402,864)$(6,026,244)— 

As of period end, the components of investments for federal income tax purposes were as follows:
Mid Cap Growth Impact ETFSustainable Equity ETFSustainable Growth ETF
Federal tax cost of investments$17,658,692 $115,618,247 $5,641,805 
Gross tax appreciation of investments$4,488,515 $35,291,122 $439,898 
Gross tax depreciation of investments(46,191)(569,995)(39,688)
Net tax appreciation (depreciation) of investments$4,442,324 $34,721,127 $400,210 
Undistributed ordinary income— $202,151 $1,272 
Accumulated short-term capital losses$(196,308)$(302,472)$(9,098)
Accumulated long-term capital losses— $(4,166)— 
Late-year ordinary loss deferral$(20,159)— — 

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in
the following fiscal year for federal income tax purposes.
36


Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of: 
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Mid Cap Growth Impact ETF
2021$42.74(0.11)17.9617.85$60.5941.78%0.45%(0.20)%48%$22,117 
2020(4)
$38.45(0.02)4.314.29$42.7411.14%
0.45%(5)
(0.29)%(5)
2%$6,411 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)July 13, 2020 (fund inception) through August 31, 2020.
(5)Annualized.


See Notes to Financial Statements.




For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:Ratio to Average Net Assets of: 
 Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Sustainable Equity ETF
2021$44.160.4513.0113.46(0.42)$57.2030.65%0.39%0.91%22%$150,436 
2020(4)
$39.590.064.514.57$44.1611.56%
0.39%(5)
1.13%(5)
10%$84,794 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)July 13, 2020 (fund inception) through August 31, 2020.
(5)Annualized.


See Notes to Financial Statements.




For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of: 
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Sustainable Growth ETF
2021(4)
$40.150.013.013.02$43.177.52%
0.39%(5)
0.14%(5)
4%$6,044 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)June 29, 2021 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.




Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century ETF Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Mid Cap Growth Impact ETF, American Century Sustainable Equity ETF, and American Century Sustainable Growth ETF (the “Funds”), three of the funds constituting the American Century ETF Trust, as of August 31, 2021, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2021, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

Individual Fund Comprising the American Century ETF TrustStatement of OperationsStatements of Changes in Net AssetsFinancial Highlights
American Century Mid Cap Growth Impact ETFFor the year ended August 31, 2021For the year ended August 31, 2021 and the period from July 13, 2020 (fund inception) through August 31, 2020For the year ended August 31, 2021, and the period from July 13, 2020 (fund inception) through August 31, 2020
American Century Sustainable Equity ETFFor the year ended August 31, 2021For the year ended August 31, 2021 and the period from July 13, 2020 (fund inception) through August 31, 2020For the year ended August 31, 2021, and the period from July 13, 2020 (fund inception) through August 31, 2020
American Century Sustainable Growth ETFFor the period June 29, 2021 (fund inception) through August 31, 2021

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
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Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP


Kansas City, Missouri
October 18, 2021

We have served as the auditor of one or more American Century investment companies since 1997.
41


Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire by December 31st of the year in which they reach their 75th birthday.
Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Ronald J. Gilson, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)31None
Ronald J. Gilson
(1946)
TrusteeSince 2017Charles J. Meyers Professor of Law and Business, Emeritus (since 2018), Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)69None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired; Consultant regarding ETF and mutual fund matters (2015 to 2016); Principal and Senior Counsel, The Vanguard Group (investment management)(1998 to 2014)31None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired103None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries141None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
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Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2017Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and
Vice President since
2021
General Counsel and Senior Vice President, ACC (2021 to present); Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)
Vice President
since 2019
Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)
Vice President since 2017Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)
Vice President since 2017Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)
Vice President since 2017Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)
Secretary since 2019Attorney, ACS (2003 to present)
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Approval of Management Agreement
American Century Sustainable Growth ETF
At a meeting held on June 3, 2021, the Funds’ Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the American Century Sustainable Growth ETF (the "New Fund"). Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the New Fund. The materials circulated and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Fund's characteristics and key attributes, the rationale for launching the New Fund, the experience of the staff designated to manage the New Fund, the proposed pricing, and the markets in which the New Fund would be sold. The information considered and the discussions held included, but were not limited to:

the nature, extent, and quality of investment management and other services to be provided to the New Fund;
the wide range of other programs and services the Advisor would provide to the New Fund and its shareholders on a routine and non-routine basis;
the New Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;
the cost of owning the New Fund compared to the cost of owning similar funds;
the Advisor’s compliance policies, procedures, and regulatory experience; and
any collateral benefits derived by the Advisor from the management of the New Fund.

Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of the New Fund were anticipated to be below the median of the total expense ratios of their respective peer universe.

When considering the approval of the management agreement for the New Fund, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Fund and the risk that the New Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. A majority of the Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the New Fund.

The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ independent counsel in connection with the approval, and evaluated such information for the New Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the New Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.



44


American Century Mid Cap Growth Impact ETF
American Century Sustainable Equity ETF
At a meeting held on June 3, 2021, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for American Century Mid Cap Growth ETF and American Century Sustainable Equity ETF (collectively the "Existing Funds"). Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s trustees (the “Trustees”), including a majority of the independent Trustees, each year.

Prior to its consideration of the management agreement, the Trustees requested and reviewed extensive data and information compiled by the Advisor and certain independent providers of evaluation data concerning the Existing Funds and the services provided to each Fund by the Advisor. This review was in addition to the oversight and evaluation undertaken by the Board and its Audit Committee on a continual basis and the information received was supplemental to the extensive information that the Board and its Audit Committee receive and consider throughout the year.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to each Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;
the wide range of other programs and services provided and to be provided to each Fund and its shareholders on a routine and non-routine basis;
the investment performance of each Fund, including data comparing each Fund's performance to appropriate benchmarks and/or a peer group of other funds with similar investment objectives and strategies;
the cost of owning each Fund compared to the cost of owning similar funds;
the compliance policies, procedures, and regulatory experience of the Advisor and the Existing Funds’ service providers;
the Advisor’s strategic plans, COVID-19 pandemic response, vendor management practices, and social justice initiatives;
the Advisor’s business continuity plans and cyber security practices;
financial data showing the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the overall profitability of the Advisor;
information regarding payments to intermediaries by the Advisor;
possible economies of scale associated with the Advisor’s management of each Fund; and
possible collateral benefits to the Advisor from the management of the Existing Funds.

The independent Trustees met separately in private session to discuss the renewal and to review and discuss the information provided in response to their request. The independent Trustees also held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.



45


Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Existing Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:

constructing and designing each Fund
portfolio research and security selection
initial capitalization/funding
securities trading
Fund administration
custody of Fund assets
daily valuation of each Fund’s portfolio
liquidity monitoring and management
risk management, including cyber security
shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
legal services (except the independent Trustees’ counsel)
regulatory and portfolio compliance
financial reporting
marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

Investment Management Services. The nature of the investment management services provided to the Existing Funds is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board provides oversight of the investment performance process. It regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any efforts being undertaken to improve performance. The performance for American Century Mid Cap Growth Impact ETF was above its benchmark, and performance for American Century Sustainable Equity ETF was below its benchmark for the periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Existing Funds to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Existing Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new
46


products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Existing Funds, its profitability in managing each Fund (pre- and post-distribution), its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Existing Funds.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to the Existing Funds and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders additional content and services.

Comparison to Other Funds’ Fees. The management agreement provides that each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Existing Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Existing Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Existing Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of each Fund was below the median of the total expense ratios of their respective peer expense universe and was the lowest of their respective peer expense group. The Board concluded that the management fee paid by each Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Existing Funds.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to funds or other advisory clients managed similarly to the Existing Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Existing Funds. The Board analyzed this information and concluded that the fees charged and services provided to the Existing Funds were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments could include various payments made by each Fund or the Advisor to
47


different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Existing Funds. They concluded that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Existing Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Existing Funds’ operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in each Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to each Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the management fee is fair and reasonable in light of the services provided and that the investment management agreement between the Existing Funds and the Advisor should be renewed.
48


Liquidity Risk Management Program

The Funds have adopted a liquidity risk management program (the “program”). The Funds' Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by those members of the ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Funds' liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Funds. This risk is managed by monitoring the degree of liquidity of the Funds' investments, limiting the amount of the Funds' illiquid investments, and utilizing various risk management tools and facilities available to the Funds for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of the Funds' investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2020 through December 31, 2020. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.


49


Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

 
Proxy Voting Policies
 
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.


Quarterly Portfolio Disclosure
 
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.

Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

Sustainable Equity ETF hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2021.

For corporate taxpayers, Sustainable Equity ETF hereby designates $923,758, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2021 as qualified for the corporate dividends received deduction.
50


Notes
51


Notes























































52






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Contact Usamericancenturyetfs.com
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies1-833-ACI-ETFS
Telecommunications Relay Service for the Deaf711
American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2021 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-96950 2110




    

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Annual Report
August 31, 2021
American Century® Low Volatility ETF (LVOL)
American Century® Quality Convertible Securities ETF (QCON)
American Century® Quality Diversified International ETF (QINT)
American Century® Quality Preferred ETF (QPFF)
American Century® STOXX® U.S. Quality Growth ETF (QGRO)
American Century® STOXX® U.S. Quality Value ETF (VALQ)



























Table of Contents

President’s Letter
Low Volatility ETF
Performance
Portfolio Commentary
Fund Characteristics
Quality Convertible Securities ETF
Performance
Portfolio Commentary
Fund Characteristics
Quality Diversified International ETF
Performance
Portfolio Commentary
Fund Characteristics
Quality Preferred ETF
Performance
Portfolio Commentary
Fund Characteristics
STOXX® U.S. Quality Growth ETF
Performance
Portfolio Commentary
Fund Characteristics
STOXX® U.S. Quality Value ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
Additional Information

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

The STOXX® Index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland ("STOXX"), Deutsche Börse Group or their licensors, which is used under license. The funds are neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the STOXX® Index or its data.



President’s Letter

image12a.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancenturyetfs.com.

Upbeat Backdrop Bolstered Stocks

Global equities and other risk-on assets rallied for the 12-month period, benefiting from ongoing central bank and federal government support. These programs helped sustain investor confidence and bolster the economic landscape, despite ongoing challenges from COVID-19 and the inconsistent lifting of virus-related restrictions.

In general, data on U.S. manufacturing, employment, housing and corporate earnings were upbeat. Additionally, expanding COVID-19 vaccine availability and two federal coronavirus aid packages also helped promote investor optimism. Outside the U.S., economies recovered but at a slower pace. Virus outbreaks and slower vaccine rollouts led to lingering lockdowns in some regions.

Against this backdrop, inflation rose, but central banks remained supportive. In the U.S., where annual consumer inflation hit a 13-year high, the Federal Reserve (Fed) insisted temporary supply chain disruptions and other transient factors were at play. The Fed left interest rates unchanged but hinted it may start hiking rates in 2023, sooner than its previous timetable of 2024.

Despite ongoing pandemic-related challenges, including the emergence of the delta variant of COVID-19, stocks remained in favor and delivered strong 12-month returns. The U.S. generally outperformed other developed markets, as the S&P 500 Index returned more than 31%. Value stocks generally outperformed growth stocks, while small caps significantly outpaced large caps. The broad U.S. Treasury market declined, but credit-sensitive fixed-income securities, including corporate and municipal bonds, delivered gains.

Several Factors Shaping Market Dynamics

The return to pre-pandemic life is progressing, albeit somewhat cautiously due to the spread of the delta variant. As the economy and markets respond to this fluid backdrop, investors will face opportunities and ongoing challenges. Economic growth, inflation, the virus’s trajectory, supply chain normalization, and fiscal and monetary policy likely will sway market dynamics.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,
image48a16.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Low Volatility ETF (LVOL)
Total Returns as of August 31, 2021
Since InceptionInception Date
Net Asset Value20.26%1/12/2021
Market Price20.28%1/12/2021
S&P 500 Index20.07%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made January 12, 2021
chart-d2b1b1ee5d01479d8f9.jpg

Value on August 31, 2021
Net Asset Value — $12,026
S&P 500 Index — $12,007

Total Annual Fund Operating Expenses
0.29%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Steve Rossi, Tsuyoshi Ozaki and Rene Casis

Fund Strategy

American Century Low Volatility ETF is an actively managed fund that seeks to deliver long-term market returns while realizing less volatility, particularly in downturns. We seek to achieve the long-term growth of equities, while minimizing the variability of returns by emphasizing strong fundamentals to limit potential risk of speculative companies with questionable profits. We utilize proprietary models to screen and rank companies based on fundamental metrics typically derived from financial statement data and market information but may include other sources. The fund seeks to deliver a lower realized portfolio volatility than its benchmark, the S&P 500 Index, by utilizing a stock selection process that expands on traditional measures of price volatility by including measures of asymmetric (e.g., downside) volatility and seeking securities of businesses that demonstrate consistent cash flows, stable operations and strong balance sheets.

Performance Review

The fund returned 20.28%* on a market price basis in the period from the fund’s January 12, 2021, inception through August 31, 2021. On a net asset value (NAV) basis, the fund returned 20.26%. For the same time period, the S&P 500 Index, the fund’s benchmark, returned 20.07%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Consumer Discretionary Benefited Relative Performance

The key contribution to performance compared with the benchmark came from having no exposure to electric car maker Tesla. The stock is very volatile and is unappealing based on our multipronged approach to limiting volatility. That benefited relative performance during the abbreviated reporting period as the stock declined sharply. Positioning in the multiline retail, hotels, restaurants and leisure and internet and marketing retail industries also contributed to relative performance.

Several information technology holdings were top contributors. Positioning in the IT services industry contributed most to relative performance, led by stakes in Accenture and EPAM Systems. Financial management software company Intuit was the leading individual contributor to relative results in the sector. The company benefited from recent acquisitions and strong customer growth, resulting in revenue and earnings growth that were significantly better than expected.

Other notable individual contributions came from real estate investment trust Public Storage and animal health care company Zoetis. Public Storage improved revenue per square foot and grew its square footage under management through new construction and acquisitions. Zoetis reported rising demand for its products and raised its outlook.

Financials, Consumer Staples Weighed on Relative Performance

Stock choices and an underweight allocation meant financials stocks detracted the most from relative performance. Asset manager SEI Investments was the leading detractor in the sector. Revenues and assets under management rose, but higher costs meant profits disappointed. We exited the stock. Positioning in consumer staples also detracted from relative returns, led by household products company Procter & Gamble. The company reported solid results but warned that higher input and transportation costs could impact margins going forward.






*Total returns for periods less than one year are not annualized.
4


Other Detractors

Biotechnology company Amgen was a significant individual detractor. The company reported mixed results for some of its leading drugs and lowered future earnings guidance. A stake in health care provider Chemed detracted from relative performance. The company reported strong fundamental results in 2020, and the stock surged to all-time highs but was subject to profit-taking and gave back gains. We exited the position. Automotive parts maker Gentex was another notable detractor. Parts supply disruption in the larger automobiles industry weighed on manufacturing activity and slowed demand for the company’s products.

Portfolio Positioning

We manage the portfolio by allocating to one or more investment sleeves: Stand-alone strategies designed to generate alpha from distinct market segments. Each sleeve emphasizes domain-specific, fundamental drivers of investment performance, validated through empirical research. In contrast with more naïve approaches, which typically rely on only a single, backward-looking measure of risk, the low-volatility strategy utilizes a three-pronged approach focused specifically on downside volatility. The approach incorporates fundamental business risks (balance sheet and earnings quality), trailing stock volatility measures (downside beta) and traditional risk measures (price volatility). As a result of this process, our largest overweight positions at period-end were in the industrials and financials sectors. We also maintained sizable absolute weighting in the information technology sector, reflecting this segments representation in the index. The communication services, real estate and consumer staples sectors remain our largest underweights.
5


Fund Characteristics
AUGUST 31, 2021
Low Volatility ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.4%
Temporary Cash Investments0.5%
Other Assets and Liabilities0.1%
Top Five Industries% of net assets
Software11.4%
IT Services9.7%
Interactive Media and Services6.8%
Machinery5.2%
Capital Markets5.2%
6


Performance
Quality Convertible Securities ETF (QCON)
Total Returns as of August 31, 2021
Since InceptionInception Date
Net Asset Value-3.03%2/16/2021
Market Price-3.23%2/16/2021
ICE BofA Convertible Index-2.03%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the Cboe BZX Exchange, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made February 16, 2021
chart-9232db6573814c60bb6.jpg

Value on August 31, 2021
Net Asset Value — $9,697
ICE BofA Convertible Index — $9,797

Total Annual Fund Operating Expenses
0.32%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
7


Portfolio Commentary

Portfolio Managers: Rene Casis and Hitesh Patel

Fund Strategy

American Century Quality Convertible Securities ETF seeks to offer enhanced return potential versus passive capitalization-weighted convertible bond portfolios. The fund seeks to capitalize on the deficiencies inherent in passive indices, which ignore various fundamental and market risks, to deliver potential outperformance and mitigation of downside risk.

We employ a holistic approach, emphasizing high-quality, growth-oriented names through a series of quantitative screens and fundamental oversight. We enhance the investment process via fundamental and technical measures. These include sales or earnings growth, profitability, leverage, balance sheet strength, price momentum relative to peers and valuation and yield relative to other convertible securities.

We seek to integrate fundamental and quantitative analysis to develop a portfolio with an optimal balance between risk and return. We consider each portfolio security’s fundamental scores, structural features, benchmark weight and equity sensitivity.

The fund is an actively managed exchange-traded fund (ETF) that combines quantitative and fundamental insights implemented with ETF portfolio management expertise to seek maximum tax efficiency. The fund actively manages beta exposure, seeking an optimal mix of bond- and equity-sensitive securities. We have the flexibility to act in response to corporate actions, market dislocations and changes to regulatory, tax and monetary policy and other macro considerations.

Market Overview

Through most of 2021, ongoing fiscal and monetary support, improving global economic data and record corporate earnings bolstered equity markets. In addition, improving vaccination rates continued to support the reopening theme. Meanwhile, economic gains, surging commodity prices, pent-up demand, global supply chain disruptions and improving employment drove inflation higher.

Longer-maturity Treasury yields rose precipitously in early 2021, and the yield curve steepened. However, the rapid spread of COVID-19’s delta variant disrupted plans to lift lockdowns in many countries. Treasury yields declined, even as inflation rose, while equity markets continued to climb. A slightly hawkish tone from the Federal Reserve (Fed) in June caused the benchmark 10-year Treasury yield to rise through the end of August. But Fed Board Chair Jerome Powell’s comments about a near-term continuation of monetary support spurred equities higher.

For the first eight months of 2021, the value style generally outpaced growth. However, late in the period, growth returned to favor. Longer-term inflation concerns abated somewhat, and the reopening trade that had favored value and cyclical names subsided amid the delta variant’s surge.

Performance Review

American Century Quality Convertible Securities ETF returned -3.23%* on a market price basis for the period from the fund’s inception on February 16, 2021, through August 31, 2021. On a net asset value (NAV) basis, the fund returned -3.03%. For the same time period, the ICE BofA Convertible Index, the fund’s benchmark index, returned -2.03%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.





*Total returns for periods less than one year are not annualized.
8


Growth Sectors Weighed on Performance

The convertibles market faced headwinds during the reporting period. Growth sectors, which comprise the heaviest weightings in the benchmark, declined. Meanwhile, cyclical and defensive sectors, which have substantially less exposure in the index, advanced.

In line with the market, the fund’s positions in the technology, telecommunications and consumer discretionary sectors were the largest detractors from performance, as investors favored cyclical sectors. We mitigated losses by reducing exposure to the most equity-sensitive securities in favor of positions with less market sensitivity. Additionally, within the technology sector, positions in issuers with stronger profitability and revenue profiles, such as Broadcom, DocuSign and Palo Alto Networks, were strong outperformers.

The fund had limited exposure in the energy and materials sectors, due to the lack of quality issuers with strong balance sheets and profitability. This positioning detracted from relative results, as it prevented the fund from participating in the broader rally those sectors experienced.

Conversely, our security selection in quality health care issuers, particularly Danaher and Avantor, contributed to performance. Tactical consumer discretionary positions, including Dick’s Sporting Goods, which we selected to take advantage of the economic recovery, also aided performance.

Portfolio Positioning

So far, 2021 has been a year of remarkable earnings resilience, which has supported the dramatic market rally. Earnings in only a few industries, including airlines, hotels, energy and select industrials, have not yet surpassed pre-pandemic levels.

Some data suggest the economy has passed peak growth and is poised to slow. Corporate earnings could begin to plateau from their record pace. Or, more optimistically, earnings may maintain their current positive trends, given the unprecedented fiscal and monetary support. In a positive but decelerating growth scenario, the market likely would favor higher-quality growth characteristics, highlighting the potential benefits of stocks exhibiting positive earnings momentum.

Nevertheless, equity markets are at or near all-time highs, and some valuations remain concerning. As fiscal and monetary support begins to wane and inflationary pressures prompt tighter monetary policy, we expect risk assets will face increased volatility. Additionally, other potential sources of volatility and sector and factor rotation include the delta variant, renewed lockdowns and policy shifts and regulatory crackdowns in China.

The fund’s equity sensitivity remains balanced, with exposure to potential equity appreciation, while focusing on quality issuers with profitable business and positive earnings momentum. We will actively manage our convertibles exposure to retain upside potential as the economy remains strong. We also will focus on risk management, seeking to preserve the portfolio’s resilience through potential market dislocations.

9


Fund Characteristics
AUGUST 31, 2021
Quality Convertible Securities ETF
Types of Investments in Portfolio% of net assets
Convertible Bonds67.4%
Convertible Preferred Stocks28.3%
Common Stocks0.6%
Temporary Cash Investments3.4%
Other Assets and Liabilities0.3%
Top Five Industries% of net assets
Software15.5%
Health Care Equipment and Supplies10.3%
Semiconductors and Semiconductor Equipment7.1%
Electric Utilities4.0%
Internet and Direct Marketing Retail4.0%
10


Performance
Quality Diversified International ETF (QINT)
Total Returns as of August 31, 2021Average Annual Returns
 1 yearSince InceptionInception Date
Net Asset Value25.04%11.86%9/10/2018
Market Price25.14%11.86%9/10/2018
Alpha Vee American Century Diversified International Equity Index25.66%12.69%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 10, 2018
chart-eef5375bf3a742f79ad.jpg

Value on August 31, 2021
Net Asset Value — $13,957
Alpha Vee American Century Diversified International Equity Index — $14,268
Total Annual Fund Operating Expenses
0.39%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.





Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
11


Portfolio Commentary
Portfolio Managers: Peruvemba Satish and Rene Casis

Fund Strategy
American Century Quality Diversified International ETF seeks to deliver investment results that closely correspond, before fees and expenses, to the performance of the Alpha Vee American Century Diversified International Equity Index (the underlying index). The fund invests in a representative sample of securities included in the underlying index that collectively has an investment profile similar to the underlying index. Under normal market conditions, the fund invests at least 80% of its assets, exclusive of collateral held from securities lending, in the component securities of the underlying index.
The underlying index is designed to select securities with attractive growth, valuation and quality fundamentals. The universe of the index is comprised of large- and mid-capitalization (mid-cap) equity securities of global issuers in developed and emerging markets, excluding the U.S.

Performance Review
For the 12 months ended August 31, 2021, the fund returned 25.14% on a market price basis. On a net asset value (NAV) basis, the fund returned 25.04%. For the same time period, the underlying index returned 25.66%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.
Non-U.S. equities, as measured by the MSCI World ex-U.S. Index* (world index), advanced during the reporting period. The world index, which is an unmanaged index generally representative of the performance of large- and mid-cap non-U.S. equities, returned 26.57%. The fund’s underperformance versus the world index was largely due to the different compositions of the fund and the world index. The fund tracks the Alpha Vee American Century Diversified International Equity Index, which is designed to distinguish between high-quality value and growth companies, primarily in developed markets, and dynamically allocates to each category depending on the market environment.
Broadly speaking, the consumer staples and financials sectors detracted from performance versus the world index, as did the health care, materials and communication services sectors. Conversely, industrials holdings boosted relative performance, with additional contribution from the consumer discretionary, utilities, information technology and energy sectors. Within consumer staples, pandemic beneficiaries such as grocery store stocks declined as investors shifted toward stocks expected to benefit from economic reopening. Among financials, an underweight position in banks weighed on relative performance as bank stocks rallied amid rising interest rates and investors’ expectations for higher net interest margins—a key measure of bank profitability—and improved loan growth.
On the upside, industrials holdings buoyed relative performance, particularly machinery stocks as manufacturers benefited from strong demand for goods amid the global economic recovery. Consumer discretionary stocks also contributed, supported by pent-up demand for luxury goods, especially among consumers in China.
Although dynamic allocation tilted toward growth at the beginning and end of the reporting period, significant shifts occurred. Growth and value each attained the maximum allocation level at times during the 12-month period amid substantial market rotations between the two styles. The fund’s allocation ended the reporting period with an approximately 68% allocation to growth and 32% allocation to value. Allocations are rebalanced monthly, based on a strategy informed by recent risk-adjusted performance.
*The MSCI World ex-U.S. Index returns for the one-year and since-inception periods ended August 31, 2021, were 26.57% and 10.21%, respectively.
12


Fund Characteristics
AUGUST 31, 2021
Quality Diversified International ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.3%
Temporary Cash Investments0.4%
Other Assets and Liabilities0.3%
Top Five Countries% of net assets
Japan20.3%
France11.3%
United Kingdom10.9%
Canada7.3%
Australia6.8%
13


Performance
Quality Preferred ETF (QPFF)
Total Returns as of August 31, 2021
 Since InceptionInception Date
Net Asset Value6.35%2/16/2021
Market Price6.27%2/16/2021
ICE Exchange-Listed Preferred & Hybrid
Securities Index
6.75%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the Cboe BZX Exchange, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made February 16, 2021
chart-641697dc0b7e4183849.jpg

Value on August 31, 2021
Net Asset Value — $10,635
ICE Exchange-Listed Preferred & Hybrid Securities Index — $10,675

Total Annual Fund Operating Expenses
0.32%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.





Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
14


Portfolio Commentary

Portfolio Managers: Rene Casis and Hitesh Patel

Fund Strategy

American Century Quality Preferred ETF seeks to offer high sustainable income and attractive risk-adjusted returns compared with passive capitalization-weighted preferred securities portfolios. The fund seeks to capitalize on the deficiencies inherent in passive indices, which ignore various fundamental and market risks, to deliver potential outperformance.

We employ a holistic approach, emphasizing issuers we believe can sustain dividends throughout the market cycle by focusing on earnings quality and profitability. Through quantitative screens and fundamental oversight, we seek to avoid highly levered issuers with poor credit quality. We enhance the investment process with fundamental and technical measures. These include earnings quality, profitability, leverage, balance sheet strength, valuation and yield relative to other preferred securities.

We seek to integrate fundamental and quantitative analysis to develop a portfolio with an optimal balance between risk and return. We consider each portfolio security’s fundamental scores, structural features, benchmark weight and equity sensitivity.

The fund is an actively managed exchange-traded fund (ETF) that combines quantitative and fundamental insights with ETF portfolio management expertise to seek maximum tax efficiency.

Market Overview

Through most of 2021, ongoing fiscal and monetary support, improving global economic data and record corporate earnings bolstered equity markets. In addition, improving vaccination rates continued to support the reopening theme. Meanwhile, economic gains, surging commodity prices, pent-up demand, global supply chain disruptions and improving employment drove inflation higher.

Longer-maturity Treasury yields rose precipitously in early 2021, and the yield curve steepened. However, the rapid spread of COVID-19’s delta variant disrupted plans to lift lockdowns in many countries. Treasury yields declined, even as inflation rose, while equity markets continued to climb. A slightly hawkish tone from the Federal Reserve (Fed) in June caused the benchmark 10-year Treasury yield to rise through the end of August. But Fed Board Chair Jerome Powell’s comments about a near-term continuation of monetary support spurred equities higher.

For the first eight months of 2021, the value style generally outpaced growth. However, late in the period, growth returned to favor. Longer-term inflation concerns abated somewhat, and the reopening trade that had favored value and cyclical names subsided amid the delta variant’s surge.

Performance Review

American Century Quality Preferred ETF returned 6.27%* on a market price basis for the period from the fund’s inception on February 16, 2021, through August 31, 2021. On a net asset value (NAV) basis, the fund returned 6.35%. For the same period, the ICE Exchange-Listed Preferred & Hybrid Securities Index, the fund’s benchmark, returned 6.75%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.







*Total returns for periods less than one year are not annualized.

15


Quality Focus Detracted from Relative Results

The U.S. preferred market benefited from a strong equity market, range-bound long-maturity interest rates and healthy investor flows. With global yields hovering at historically low levels, investors favored preferred securities and other income-producing investments.

Our smaller allocation to convertible preferreds versus the index primarily accounted for the fund’s relative underperformance. Many convertible preferreds possess equity-like volatility and tend to outperform during risk-on periods. However, due to our focus on quality, we generally underweight such securities.

Technology was the fund’s only sector-level detractor, largely due to our convertible preferred position in Sabre, a provider of solutions for the travel and tourism industry. The company experienced heavy selling pressure in May after reporting wider-than-expected losses, and it later struggled to recover as global virus cases surged. We exited the position.

Security selection in the industrials and energy sectors aided relative performance and partially offset weaker security selection in the technology and materials sectors. Our positions in the financials sector, the fund’s largest weighting, also contributed to performance. Within the allocation, banks were top contributors. Banks, which are the largest issuers of preferred securities, exhibited strong improvements in earnings, credit quality and capital markets activity. Amid improving economic outlooks and stronger consumer balance sheets, banks also released substantial loan-loss reserves they had established in 2020 in response to the pandemic.

In addition, holdings in the capital markets, mortgage real estate investment trusts and insurance industries also contributed. At the holdings level, our convertible preferred in Danaher, a health care equipment manufacturer, was the largest contributor. The company’s diversified product line includes COVID-19 diagnostic tests, which experienced increased demand fueled by the delta variant.

Portfolio Positioning

So far, 2021 has been a year of remarkable earnings resilience, which has supported the dramatic market rally. Earnings in only a few industries, including airlines, hotels, energy and select industrials, have not yet surpassed pre-pandemic levels.

Some data suggest the economy has passed peak growth and is poised to slow. Corporate earnings could begin to plateau from their record pace. Or, more optimistically, earnings may maintain their current positive trends, given the unprecedented fiscal and monetary support. In a positive but decelerating growth scenario, the market likely would favor higher-quality growth characteristics, highlighting the potential benefits of stocks exhibiting positive earnings momentum.

Nevertheless, equity markets are at or near all-time highs, and some valuations remain concerning. As fiscal and monetary support begins to wane and inflationary pressures prompt tighter monetary policy, we expect risk assets will face increased volatility. Additionally, other potential sources of volatility and sector and factor rotation include the delta variant, renewed lockdowns and policy shifts and regulatory crackdowns in China.

As interest rates ultimately rise, we believe the preferreds market, with its significant exposure to the financials sector, should benefit from higher yields and steeper yield curves. We will continue to actively manage the fund to retain upside potential with a dual focus on quality and stable income. We also will emphasize risk management, seeking to preserve the portfolio’s resilience through potential market dislocations.
16


Fund Characteristics
AUGUST 31, 2021
Quality Preferred ETF
Types of Investments in Portfolio% of net assets
Preferred Stocks77.8%
Convertible Preferred Stocks20.1%
Temporary Cash Investments1.9%
Other Assets and Liabilities0.2%
Top Five Industries% of net assets
Banks23.8%
Capital Markets12.8%
Insurance8.8%
Multi-Utilities6.2%
Electric Utilities5.7%
17


Performance
STOXX® U.S. Quality Growth ETF (QGRO)
Total Returns as of August 31, 2021Average Annual Returns
1 yearSince InceptionInception Date
Net Asset Value35.20%24.05%9/10/2018
Market Price34.99%24.05%9/10/2018
iSTOXX® American Century USA Quality Growth Index
36.05%24.53%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 10, 2018
chart-41ec0becbbfd42968c1.jpg

Value on August 31, 2021
Net Asset Value — $18,988
iSTOXX® American Century USA Quality Growth Index — $19,209
Total Annual Fund Operating Expenses
0.29%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.



Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
18


Portfolio Commentary

Portfolio Managers: Peruvemba Satish and Rene Casis

Fund Strategy

American Century STOXX® U.S. Quality Growth ETF seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the iSTOXX® American Century USA Quality Growth Index (the underlying index). Under normal market conditions, the fund invests at least 80% of its assets in the component securities of the underlying index.

The STOXX® USA 900 Index, which consists of the 900 largest publicly traded U.S. equity securities, defines the universe we use to create the underlying index. The index is designed to measure the performance of securities in the universe and identify those that exhibit higher growth and quality characteristics relative to their peers. Though component securities of the underlying index may change from time to time, the index typically consists of 150 to 250 securities.

Performance Review

The fund returned 34.99% on a market price basis for the 12 months ended August 31, 2021. On a net asset value (NAV) basis, the fund returned 35.20%. For the same time period, the underlying index returned 36.05%. The fund fully replicated the underlying index’s components during the reporting period. The fund’s NAV and market price performance differed from the underlying index’s return due to fees and operating expenses associated with the fund.

For the same time period, the fund outperformed market-capitalization-weighted growth strategies, as measured by the Russell 1000 Growth Index* (growth index). The growth index is an unmanaged index generally representative of the performance of U.S. large-capitalization growth stocks. The fund’s outperformance versus the growth index was largely due to the different compositions of the fund and the growth index. Specifically, the fund tracks the underlying index, which is designed to identify securities within the investment universe that exhibit higher growth and quality characteristics as well as securities that offer high-quality growth with attractive profitability and valuation relative to their peers. This approach led to outperformance versus the growth index, which selects and weights growth stocks based on market capitalization.

From a broad perspective, stock selection in the information technology, consumer discretionary and financials sectors contributed to outperformance versus the growth index. Within information technology, an overweight allocation to semiconductors and semiconductor equipment stocks was helpful as the industry benefited from rising demand for chips amid limited supply. Stock choices in the health care, communication services and consumer staples sectors detracted. Underweighting communication services also hampered relative performance.

The fund’s allocation began and closed the fiscal year with a bias toward high growth with a 65% weight in high growth and 35% weight in stable growth. However, during the year the fund’s allocations were tilted more toward stable growth, on average. Allocations are rebalanced monthly, based on a strategy informed by recent risk-adjusted performance.










*The Russell 1000 Growth Index returns for the one-year and since-inception periods ended August 31, 2021, were 28.53% and 25.40%, respectively.
19


Fund Characteristics
AUGUST 31, 2021
STOXX® U.S. Quality Growth ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.5%
Temporary Cash Investments0.3%
Other Assets and Liabilities0.2%
Top Five Industries% of net assets
Software17.1%
Semiconductors and Semiconductor Equipment12.7%
Health Care Equipment and Supplies8.3%
Specialty Retail8.1%
IT Services5.7%
20


Performance
STOXX® U.S. Quality Value ETF (VALQ)
Total Returns as of August 31, 2021Average Annual Returns
1 yearSince InceptionInception Date
Net Asset Value36.16%9.44%1/11/2018
Market Price36.00%9.44%1/11/2018
iSTOXX® American Century USA Quality Value Index
36.76%9.74%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Fund
$10,000 investment made January 11, 2018
chart-12a332b48ea040eb8b6.jpg

Value on August 31, 2021
Net Asset Value — $13,884
iSTOXX® American Century USA Quality Value Index — $14,024
Total Annual Fund Operating Expenses
0.29%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.



Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
21


Portfolio Commentary

Portfolio Managers: Peruvemba Satish and Rene Casis

Fund Strategy

American Century STOXX® U.S. Quality Value ETF seeks to track the investment results (before fees and expenses) of the iSTOXX® American Century USA Quality Value Index (the underlying index). Under normal market conditions, the fund invests at least 80% of its assets in the component securities of the underlying index.

The STOXX® USA 900 Index, which consists of the 900 largest publicly traded U.S. equity securities, defines the universe we use to create the underlying index. From that universe, we use a rules-based methodology that screens and weights stocks based on fundamental measures of quality, value and income. The resulting underlying index is designed to include high-quality securities of large- and mid-capitalization companies that are undervalued or have sustainable income. Although component securities of the underlying index may change from time to time, the index typically consists of 200 to 300 securities.

Performance Review

The fund returned 36.00% on a market price basis for the 12-month period ended August 31, 2021. On a net asset value (NAV) basis, the fund returned 36.16%. For the same time period, the underlying index returned 36.76%. The fund fully replicated the underlying index’s components during the reporting period. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

For the same time period, the Russell 1000 Value Index* (value index), a market-capitalization index, returned 36.44%. The value index is an unmanaged index generally representative of the performance of U.S. large-cap value stocks. The fund’s performance versus the value index was largely attributable to the different compositions of the fund and the value index. Specifically, the fund tracks the underlying index, which pursues risk-adjusted returns by dynamically allocating among high-quality, attractively valued companies and companies offering sustainable income. We think it is worth noting that over the course of the year, the fund was less volatile than the index, as measured by standard deviation of monthly returns. The fund’s volatility was 13.92% versus 15.30% for the index.

From a broad perspective, the fund’s financials underweight, especially among banks and consumer finance stocks, detracted from performance relative to the value index. Overweight allocations to consumer staples and health care also hampered relative performance. Stock selection in the consumer discretionary sector benefited performance, led by choices among specialty retailers. An overweight allocation to the industry was also helpful. Stock decisions in the real estate and materials sectors were beneficial as well.

The fund’s allocation closed the 12-month period with an 80% allocation to value and a 20% allocation to income. Over the course of the year, the allocation to value was as high as 80% and as low as 50%. Allocations are rebalanced monthly, based on a strategy informed by recent risk-adjusted performance.









*The Russell 1000 Value Index return for the since-inception period ended August 31, 2021, was 9.63%.
22


Fund Characteristics
AUGUST 31, 2021
STOXX® U.S. Quality Value ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.8%
Temporary Cash Investments0.3%
Other Assets and Liabilities(0.1)%
Top Five Industries% of net assets
Semiconductors and Semiconductor Equipment6.2%
IT Services5.8%
Biotechnology5.6%
Software5.2%
Equity Real Estate Investment Trusts (REITs)5.1%
23


Shareholder Fee Examples

Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2021 to August 31, 2021.

Actual Expenses

The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then 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 under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the 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 and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table 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 table is useful in comparing ongoing 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.
24


Beginning
Account Value
3/1/21
Ending
Account Value
8/31/21
Expenses Paid
During Period
(1)
3/1/21 - 8/31/21
Annualized
Expense Ratio
(1)
Low Volatility ETF
Actual$1,000$1,210.00$1.620.29%
Hypothetical$1,000$1,023.74$1.480.29%
Quality Convertible Securities ETF
Actual$1,000$1,014.20$1.620.32%
Hypothetical$1,000$1,023.59$1.630.32%
Quality Diversified International ETF
Actual$1,000$1,104.10$2.070.39%
Hypothetical$1,000$1,023.24$1.990.39%
Quality Preferred ETF
Actual$1,000$1,075.60$1.670.32%
Hypothetical$1,000$1,023.59$1.630.32%
STOXX® U.S. Quality Growth ETF
Actual$1,000$1,202.30$1.610.29%
Hypothetical$1,000$1,023.74$1.480.29%
STOXX® U.S. Quality Value ETF
Actual$1,000$1,181.90$1.590.29%
Hypothetical$1,000$1,023.74$1.480.29%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
25


Schedules of Investments

AUGUST 31, 2021
Low Volatility ETF
SharesValue
COMMON STOCKS — 99.4%


Auto Components — 0.5%
Gentex Corp.952 $29,322 
Banks — 2.4%
First Republic Bank156 31,035 
JPMorgan Chase & Co.337 53,903 
PNC Financial Services Group, Inc. (The)194 37,073 
Regions Financial Corp.1,589 32,463 
154,474 
Beverages — 2.4%
Coca-Cola Co. (The)1,849 104,117 
PepsiCo, Inc.307 48,012 
152,129 
Biotechnology — 3.3%
AbbVie, Inc.690 83,338 
Amgen, Inc.581 131,033 
214,371 
Capital Markets — 5.2%
Cboe Global Markets, Inc.351 44,279 
Moody's Corp.247 94,050 
MSCI, Inc.69 43,786 
S&P Global, Inc.345 153,118 
335,233 
Chemicals — 2.3%
PPG Industries, Inc.198 31,591 
Sherwin-Williams Co. (The)382 116,002 
147,593 
Commercial Services and Supplies — 2.7%
Republic Services, Inc.491 60,948 
Waste Management, Inc.729 113,075 
174,023 
Communications Equipment — 3.1%
Cisco Systems, Inc.3,337 196,950 
Diversified Telecommunication Services — 1.7%
AT&T, Inc.3,938 107,980 
Electrical Equipment — 2.5%
AMETEK, Inc.218 29,642 
Eaton Corp. plc231 38,891 
Emerson Electric Co.848 89,464 
157,997 
Electronic Equipment, Instruments and Components — 1.0%
TE Connectivity Ltd.421 63,243 
Entertainment — 0.7%
Electronic Arts, Inc.315 45,741 
Equity Real Estate Investment Trusts (REITs) — 2.1%
Public Storage411 133,004 
26


Low Volatility ETF
SharesValue
Food and Staples Retailing — 2.7%
Costco Wholesale Corp.168 $76,523 
Walmart, Inc.652 96,561 
173,084 
Food Products — 1.4%
Hershey Co. (The)522 92,759 
Health Care Equipment and Supplies — 3.1%
Abbott Laboratories604 76,327 
Intuitive Surgical, Inc.(1)
51 53,732 
Stryker Corp.243 67,335 
197,394 
Health Care Technology — 1.5%
Veeva Systems, Inc., Class A(1)
297 98,598 
Hotels, Restaurants and Leisure — 1.5%
Starbucks Corp.827 97,164 
Household Durables — 0.6%
Garmin Ltd.208 36,281 
Household Products — 2.5%
Colgate-Palmolive Co.217 16,915 
Procter & Gamble Co. (The)1,021 145,380 
162,295 
Industrial Conglomerates — 1.3%
3M Co.447 87,049 
Insurance — 0.9%
Marsh & McLennan Cos., Inc.390 61,308 
Interactive Media and Services — 6.8%
Alphabet, Inc., Class A(1)
87 251,774 
Facebook, Inc., Class A(1)
491 186,275 
438,049 
Internet and Direct Marketing Retail — 2.2%
Amazon.com, Inc.(1)
41 142,302 
IT Services — 9.7%
Accenture plc, Class A689 231,890 
Cognizant Technology Solutions Corp., Class A575 43,878 
EPAM Systems, Inc.(1)
58 36,703 
International Business Machines Corp.420 58,943 
Jack Henry & Associates, Inc.288 50,797 
Mastercard, Inc., Class A129 44,664 
Visa, Inc., Class A682 156,246 
623,121 
Life Sciences Tools and Services — 1.1%
Agilent Technologies, Inc.398 69,837 
Machinery — 5.2%
IDEX Corp.170 38,080 
Illinois Tool Works, Inc.171 39,819 
ITT, Inc.479 45,826 
Nordson Corp.137 32,688 
Parker-Hannifin Corp.201 59,631 
Snap-on, Inc.179 40,266 
Toro Co. (The)722 79,377 
335,687 
27


Low Volatility ETF
SharesValue
Multiline Retail — 1.4%
Target Corp.367 $90,642 
Personal Products — 0.6%
Estee Lauder Cos., Inc. (The), Class A108 36,773 
Pharmaceuticals — 4.4%
Bristol-Myers Squibb Co.990 66,191 
Johnson & Johnson855 148,026 
Zoetis, Inc.335 68,528 
282,745 
Professional Services — 0.6%
Verisk Analytics, Inc.181 36,519 
Road and Rail — 1.5%
J.B. Hunt Transport Services, Inc.217 38,496 
Union Pacific Corp.283 61,366 
99,862 
Semiconductors and Semiconductor Equipment — 4.6%
Analog Devices, Inc.366 59,640 
Broadcom, Inc.228 113,364 
NVIDIA Corp.297 66,483 
Texas Instruments, Inc.288 54,982 
294,469 
Software — 11.4%
Adobe, Inc.(1)
284 188,491 
Intuit, Inc.281 159,077 
Microsoft Corp.599 180,826 
Palo Alto Networks, Inc.(1)
90 41,493 
salesforce.com, Inc.(1)
135 35,811 
Synopsys, Inc.(1)
191 63,458 
Tyler Technologies, Inc.(1)
64 31,085 
Workday, Inc., Class A(1)
131 35,784 
736,025 
Specialty Retail — 0.9%
Home Depot, Inc. (The)180 58,712 
Technology Hardware, Storage and Peripherals — 3.6%
Apple, Inc.1,542 234,122 
TOTAL COMMON STOCKS
(Cost $5,612,185)
6,396,857 
TEMPORARY CASH INVESTMENTS — 0.5%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $30,072)
30,072 30,072 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $5,642,257)

6,426,929 
OTHER ASSETS AND LIABILITIES — 0.1%

6,215 
TOTAL NET ASSETS — 100.0%

$6,433,144 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Non-income producing.


See Notes to Financial Statements.
28


AUGUST 31, 2021
Quality Convertible Securities ETF
Principal
Amount/Shares
Value
CONVERTIBLE BONDS — 67.4%


Airlines — 1.7%
American Airlines Group, Inc., 6.50%, 7/1/25$200,000 $300,260 
Southwest Airlines Co., 1.25%, 5/1/25101,000 147,713 
447,973 
Auto Components — 0.8%
Patrick Industries, Inc., 1.00%, 2/1/23182,000 204,826 
Automobiles — 1.6%
Ford Motor Co., 0.00%, 3/15/26(1)(2)
200,000 208,517 
Tesla, Inc., 2.00%, 5/15/2417,000 201,280 
409,797 
Biotechnology — 0.5%
Halozyme Therapeutics, Inc., 0.25%, 3/1/27(1)
150,000 137,274 
Capital Markets — 0.3%
Digitalbridge Operating Co. LLC, 5.75%, 7/15/25(1)
25,000 78,033 
Communications Equipment — 1.9%
Lumentum Holdings, Inc., 0.50%, 12/15/26212,000 237,716 
Viavi Solutions, Inc., 1.00%, 3/1/24202,000 268,389 
506,105 
Electronic Equipment, Instruments and Components — 0.5%
Insight Enterprises, Inc., 0.75%, 2/15/2536,000 56,111 
Vishay Intertechnology, Inc., 2.25%, 6/15/2571,000 74,998 
131,109 
Entertainment — 1.9%
Live Nation Entertainment, Inc., 2.00%, 2/15/25100,000 113,087 
World Wrestling Entertainment, Inc., 3.375%, 12/15/23100,000 216,876 
Zynga, Inc., 0.25%, 6/1/24135,000 166,468 
496,431 
Equity Real Estate Investment Trusts (REITs) — 0.9%
IH Merger Sub LLC, 3.50%, 1/15/2273,000 132,086 
IIP Operating Partnership LP, 3.75%, 2/21/24(1)
24,000 89,940 
222,026 
Health Care Equipment and Supplies — 4.3%
CONMED Corp., 2.625%, 2/1/24127,000 197,422 
Dexcom, Inc., 0.25%, 11/15/25319,000 368,460 
Envista Holdings Corp., 2.375%, 6/1/2537,000 78,405 
Insulet Corp., 0.375%, 9/1/26218,000 314,899 
Integra LifeSciences Holdings Corp., 0.50%, 8/15/2576,000 88,251 
NuVasive, Inc., 1.00%, 6/1/2365,000 67,020 
1,114,457 
Health Care Providers and Services — 1.8%
Anthem, Inc., 2.75%, 10/15/4288,000 466,872 
Health Care Technology — 1.3%
Omnicell, Inc., 0.25%, 9/15/25(1)
200,000 331,380 
Hotels, Restaurants and Leisure — 3.5%
Airbnb, Inc., 0.00%, 3/15/26(1)(2)
200,000 192,709 
Booking Holdings, Inc., 0.75%, 5/1/25260,000 379,559 
Royal Caribbean Cruises Ltd., 4.25%, 6/15/23248,000 335,108 
907,376 
29


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
Interactive Media and Services — 2.8%
Snap, Inc., 0.75%, 8/1/26$35,000 $117,424 
Snap, Inc., 0.00%, 5/1/27(1)(2)
100,000 117,275 
Twitter, Inc., 0.25%, 6/15/24223,000 292,554 
Zillow Group, Inc., 2.75%, 5/15/25120,000 197,700 
724,953 
Internet and Direct Marketing Retail — 4.0%
Etsy, Inc., 0.125%, 9/1/27(1)
251,000 333,516 
Match Group Financeco 2, Inc., 0.875%, 6/15/26(1)
173,000 290,082 
Match Group Financeco 3, Inc., 2.00%, 1/15/30(1)
37,000 66,230 
Wayfair, Inc., 0.625%, 10/1/25263,000 271,378 
Wayfair, Inc., 1.00%, 8/15/2637,000 74,240 
1,035,446 
IT Services — 3.4%
Akamai Technologies, Inc., 0.375%, 9/1/27376,000 430,755 
Cloudflare, Inc., 0.75%, 5/15/2532,000 103,520 
Perficient, Inc., 1.25%, 8/1/2550,000 115,981 
Square, Inc., 0.25%, 11/1/27(1)
196,000 243,089 
893,345 
Leisure Products — 0.2%
Callaway Golf Co., 2.75%, 5/1/2633,000 58,512 
Life Sciences Tools and Services — 1.2%
Illumina, Inc., 0.00%, 8/15/23(2)
156,000 190,627 
Repligen Corp., 0.375%, 7/15/2447,000 116,236 
306,863 
Machinery — 2.0%
Chart Industries, Inc., 1.00%, 11/15/24(1)
47,000 150,739 
Middleby Corp. (The), 1.00%, 9/1/25(1)
250,000 377,861 
528,600 
Media — 2.3%
Cable One, Inc., 1.125%, 3/15/28(1)
53,000 57,599 
Liberty Broadband Corp., 2.75%, 9/30/50(1)
398,000 442,468 
Liberty Media Corp., 2.75%, 12/1/49(1)
100,000 104,880 
604,947 
Mortgage Real Estate Investment Trusts (REITs) — 2.6%
Apollo Commercial Real Estate Finance, Inc., 4.75%, 8/23/2259,000 60,109 
Apollo Commercial Real Estate Finance, Inc., 5.375%, 10/15/23191,000 194,858 
Blackstone Mortgage Trust, Inc., 4.75%, 3/15/23100,000 104,310 
Hannon Armstrong Sustainable Infrastructure Capital, Inc., 4.125%, 9/1/2250,000 110,875 
PennyMac Corp., 5.50%, 3/15/26(1)
200,000 205,813 
675,965 
Oil, Gas and Consumable Fuels — 2.0%
EQT Corp., 1.75%, 5/1/26143,000 210,605 
Pioneer Natural Resources Co., 0.25%, 5/15/25206,000 308,340 
518,945 
Personal Products — 0.4%
Herbalife Nutrition Ltd., 2.625%, 3/15/24100,000 107,538 
Pharmaceuticals — 0.9%
Jazz Investments I Ltd., 2.00%, 6/15/26200,000 230,765 
30


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
Professional Services — 0.6%
FTI Consulting, Inc., 2.00%, 8/15/23$65,000 $93,906 
KBR, Inc., 2.50%, 11/1/2345,000 71,887 
165,793 
Semiconductors and Semiconductor Equipment — 4.8%
Enphase Energy, Inc., 0.00%, 3/1/26(1)(2)
60,000 58,585 
Microchip Technology, Inc., 0.125%, 11/15/24308,000 352,660 
ON Semiconductor Corp., 0.00%, 5/1/27(1)(2)
267,000 306,306 
Silicon Laboratories, Inc., 0.625%, 6/15/25100,000 139,440 
Teradyne, Inc., 1.25%, 12/15/23104,000 396,045 
1,253,036 
Software — 15.5%
Alarm.com Holdings, Inc., 0.00%, 1/15/26(1)(2)
77,000 71,110 
Bentley Systems, Inc., 0.125%, 1/15/26(1)
171,000 204,772 
Bill.com Holdings, Inc., 0.00%, 12/1/25(1)(2)
56,000 101,837 
Blackline, Inc., 0.00%, 3/15/26(1)(2)
139,000 132,662 
Datadog, Inc., 0.125%, 6/15/25159,000 257,850 
DocuSign, Inc., 0.00%, 1/15/24(1)(2)
193,000 210,000 
Dropbox, Inc., 0.00%, 3/1/28(1)(2)
150,000 169,888 
Envestnet, Inc., 1.75%, 6/1/2338,000 48,249 
FireEye, Inc., 0.875%, 6/1/2450,000 53,602 
Five9, Inc., 0.50%, 6/1/2562,000 84,556 
HubSpot, Inc., 0.375%, 6/1/25135,000 333,956 
J2 Global, Inc., 1.75%, 11/1/26(1)
198,000 250,763 
Mitek Systems, Inc., 0.75%, 2/1/26(1)
75,000 93,523 
NortonLifeLock, Inc., 2.00%, 8/15/22(1)
192,000 256,444 
Palo Alto Networks, Inc., 0.375%, 6/1/25353,000 568,084 
Pegasystems, Inc., 0.75%, 3/1/25100,000 118,190 
Rapid7, Inc., 0.25%, 3/15/27(1)
100,000 131,380 
RingCentral, Inc., 0.00%, 3/1/25(2)
131,000 137,877 
Sailpoint Technologies Holdings, Inc., 0.125%, 9/15/2461,000 105,821 
Tyler Technologies, Inc., 0.25%, 3/15/26(1)
157,000 177,839 
Varonis Systems, Inc., 1.25%, 8/15/2537,000 84,823 
Workday, Inc., 0.25%, 10/1/2283,000 155,625 
Zendesk, Inc., 0.625%, 6/15/25134,000 177,297 
Zscaler, Inc., 0.125%, 7/1/2560,000 115,529 
4,041,677 
Specialty Retail — 3.4%
American Eagle Outfitters, Inc., 3.75%, 4/15/2549,000 176,829 
Burlington Stores, Inc., 2.25%, 4/15/25118,000 177,941 
Dick's Sporting Goods, Inc., 3.25%, 4/15/2578,000 319,946 
RH, 0.00%, 9/15/24(2)
66,000 217,848 
892,564 
Textiles, Apparel and Luxury Goods — 0.3%
Under Armour, Inc., 1.50%, 6/1/2433,000 69,428 
TOTAL CONVERTIBLE BONDS
(Cost $17,012,565)
17,562,036 
CONVERTIBLE PREFERRED STOCKS — 28.3%


Auto Components — 1.3%
Aptiv plc, 5.50%, 6/15/231,922 330,296 
31


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
Banks — 1.5%
Bank of America Corp., 7.25%120 $176,398 
Wells Fargo & Co., 7.50%146 218,048 
394,446 
Capital Markets — 2.5%
AMG Capital Trust II, 5.15%, 10/15/372,525 151,778 
KKR & Co., Inc., 6.00%, 9/15/236,072 497,236 
649,014 
Chemicals — 0.6%
International Flavors & Fragrances, Inc., 6.00%, 9/15/212,905 147,657 
Diversified Financial Services — 0.2%
2020 Mandatory Exchangeable Trust, 6.50%, 5/16/23(1)
32 62,618 
Electric Utilities — 4.0%
American Electric Power Co., Inc., 6.125%, 3/15/222,924 149,256 
American Electric Power Co., Inc., 6.125%, 8/15/232,890 154,160 
NextEra Energy, Inc., 6.22%, 9/1/237,025 380,474 
Southern Co. (The), 6.75%, 8/1/226,885 366,282 
1,050,172 
Electronic Equipment, Instruments and Components — 0.4%
II-VI, Inc., 6.00%, 7/1/23370 98,905 
Equity Real Estate Investment Trusts (REITs) — 0.7%
Lexington Realty Trust, 6.50%2,979 188,347 
Food Products — 1.0%
Bunge Ltd., 4.875%2,169 250,879 
Health Care Equipment and Supplies — 6.0%
Becton Dickinson and Co., 6.00%, 6/1/238,054 440,916 
Boston Scientific Corp., 5.50%, 6/1/232,763 331,975 
Danaher Corp., 5.00%, 4/15/23456 784,092 
1,556,983 
Life Sciences Tools and Services — 2.0%
Avantor, Inc., 6.25%, 5/15/224,335 525,835 
Machinery — 1.6%
Colfax Corp., 5.75%, 1/15/221,014 198,347 
Stanley Black & Decker, Inc., 5.25%, 11/15/221,916 219,670 
418,017 
Media — 0.4%
ViacomCBS, Inc., 5.75%, 4/1/241,435 97,279 
Metals and Mining — 1.2%
ArcelorMittal SA, 5.50%, 5/18/233,941 311,615 
Multi-Utilities — 1.3%
Dominion Energy, Inc., 7.25%, 6/1/221,010 101,351 
DTE Energy Co., 6.25%, 11/1/224,804 249,609 
350,960 
Semiconductors and Semiconductor Equipment — 2.3%
Broadcom, Inc., 8.00%, 9/30/22375 591,187 
Wireless Telecommunication Services — 1.3%
2020 Cash Mandatory Exchangeable Trust, 5.25%, 6/1/23(1)
285 340,096 
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $6,959,277)
7,364,306 
32


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
COMMON STOCKS — 0.6%


Mortgage Real Estate Investment Trusts (REITs) — 0.6%
Chimera Investment Corp.
(Cost $156,173)
10,172 $155,835 
TEMPORARY CASH INVESTMENTS — 3.4%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $895,430)
895,430 895,430 
TOTAL INVESTMENT SECURITIES — 99.7%
(Cost $25,023,445)

25,977,607 
OTHER ASSETS AND LIABILITIES — 0.3%

66,399 
TOTAL NET ASSETS — 100.0%

$26,044,006 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $5,995,228, which represented 23.0% of total net assets.
(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.


See Notes to Financial Statements.
33


AUGUST 31, 2021
Quality Diversified International ETF
SharesValue
COMMON STOCKS — 99.3%


Australia — 6.8%
Aristocrat Leisure Ltd.7,904 $262,339 
Aurizon Holdings Ltd.77,835 214,142 
BHP Group Ltd.12,667 419,108 
CSL Ltd.1,129 256,783 
Dexus27,010 210,192 
Domino's Pizza Enterprises Ltd.8,823 1,008,271 
Evolution Mining Ltd.59,983 171,148 
Fortescue Metals Group Ltd.216,236 3,296,572 
Goodman Group48,960 826,940 
James Hardie Industries plc29,128 1,122,707 
Magellan Financial Group Ltd.27,109 854,928 
Medibank Pvt Ltd.107,254 277,874 
Origin Energy Ltd.70,971 229,399 
REA Group Ltd.2,169 242,751 
Scentre Group103,592 215,458 
Sonic Healthcare Ltd.63,495 2,010,204 
South32 Ltd.94,547 215,477 
Stockland241,337 813,279 
Vicinity Centres361,243 456,054 
Wesfarmers Ltd.5,084 222,051 
WiseTech Global Ltd.11,492 403,957 
Woolworths Group Ltd.7,794 237,249 
Xero Ltd.(1)
2,441 269,983 
14,236,866 
Austria — 1.2%
ANDRITZ AG16,089 925,752 
OMV AG8,494 470,489 
Raiffeisen Bank International AG9,765 234,129 
Verbund AG3,212 351,852 
voestalpine AG10,595 480,959 
2,463,181 
Belgium — 0.6%
KBC Group NV3,177 266,995 
Proximus SADP10,739 210,553 
Solvay SA1,633 213,745 
UCB SA5,013 573,532 
1,264,825 
Canada — 7.3%
Alimentation Couche-Tard, Inc., B Shares6,963 281,357 
B2Gold Corp.42,602 164,782 
Bank of Montreal2,085 207,500 
Bank of Nova Scotia (The)3,378 209,242 
BRP, Inc.3,002 251,529 
Canadian Pacific Railway Ltd.3,123 214,586 
Canadian Tire Corp. Ltd., Class A10,311 1,569,145 
CCL Industries, Inc., Class B5,120 292,270 
CGI, Inc.(1)
2,454 219,326 
Constellation Software, Inc.1,471 2,492,987 
34


Quality Diversified International ETF
SharesValue
Dollarama, Inc.5,778 $263,471 
Empire Co. Ltd., Class A14,763 477,415 
FirstService Corp.1,685 312,947 
Franco-Nevada Corp.1,697 247,559 
iA Financial Corp., Inc.3,805 210,992 
Intact Financial Corp.2,043 278,246 
Kinross Gold Corp.27,070 162,851 
Loblaw Cos. Ltd.7,684 541,379 
Magna International, Inc.16,298 1,287,021 
Manulife Financial Corp.79,345 1,545,204 
Metro, Inc.5,237 266,779 
National Bank of Canada3,628 287,963 
Pan American Silver Corp.7,447 193,369 
Rogers Communications, Inc., Class B4,908 250,058 
Saputo, Inc.13,741 386,532 
Shaw Communications, Inc., B Shares8,472 249,329 
Sun Life Financial, Inc.4,689 241,428 
TFI International, Inc.4,551 514,204 
Toromont Industries Ltd.2,818 236,939 
West Fraser Timber Co. Ltd.9,311 718,961 
Wheaton Precious Metals Corp.6,620 298,350 
WSP Global, Inc.3,039 396,793 
15,270,514 
China — 4.0%
Alibaba Group Holding Ltd., ADR(1)
4,354 727,074 
ANTA Sports Products Ltd.65,000 1,335,156 
BYD Co. Ltd., H Shares40,000 1,344,764 
BYD Electronic International Co. Ltd.40,000 182,976 
CSPC Pharmaceutical Group Ltd.652,000 827,128 
Daqo New Energy Corp., ADR(1)
4,856 297,721 
JD.com, Inc., ADR(1)
576 45,251 
Kingsoft Corp. Ltd.29,800 119,539 
Li Ning Co. Ltd.107,500 1,441,550 
Livzon Pharmaceutical Group, Inc., H Shares100,100 369,839 
NetEase, Inc., ADR10,575 1,030,217 
Vipshop Holdings Ltd., ADR(1)
13,569 200,686 
Yihai International Holding Ltd.(1)
38,000 205,582 
Zhongsheng Group Holdings Ltd.15,000 125,415 
8,252,898 
Denmark — 2.2%
AP Moller - Maersk A/S, B Shares182 518,474 
Coloplast A/S, B Shares1,589 275,307 
DSV Panalpina A/S1,429 363,997 
Genmab A/S(1)
3,411 1,615,903 
GN Store Nord AS2,954 222,362 
Novo Nordisk A/S, B Shares4,111 411,552 
Novozymes A/S, B Shares3,942 318,660 
Pandora A/S3,783 453,446 
Royal Unibrew A/S3,054 394,538 
4,574,239 
35


Quality Diversified International ETF
SharesValue
Finland — 1.6%
Elisa Oyj4,253 $272,578 
Fortum Oyj8,202 249,300 
Kesko Oyj, B Shares11,665 482,692 
Neste Oyj3,810 232,074 
Nokia Oyj(1)
41,990 252,239 
Orion Oyj, Class B5,832 237,888 
Stora Enso Oyj, R Shares12,458 244,418 
Valmet Oyj29,430 1,181,032 
Wartsila Oyj Abp16,143 229,007 
3,381,228 
France — 11.3%
Air Liquide SA1,474 264,203 
Amundi SA10,265 971,512 
ArcelorMittal SA6,628 222,303 
Arkema SA1,651 219,426 
AXA SA7,900 221,939 
BNP Paribas SA3,192 202,213 
Bollore SA41,755 247,484 
Bouygues SA8,322 348,473 
Capgemini SE1,227 275,814 
Carrefour SA92,891 1,849,283 
Cie de Saint-Gobain23,419 1,697,712 
Danone SA3,056 223,167 
Engie SA14,679 210,347 
Eurofins Scientific SE2,570 364,660 
Euronext NV14,870 1,725,581 
Hermes International1,741 2,562,418 
Ipsen SA4,796 479,722 
Klepierre SA(1)
10,195 249,941 
L'Oreal SA6,735 3,159,652 
LVMH Moet Hennessy Louis Vuitton SE387 286,694 
Orange SA30,040 341,531 
Publicis Groupe SA13,491 885,685 
Remy Cointreau SA1,200 236,314 
Rexel SA(1)
10,689 223,764 
Sanofi24,611 2,550,650 
Sartorius Stedim Biotech2,440 1,480,028 
SCOR SE6,703 205,713 
STMicroelectronics NV6,697 298,329 
Teleperformance794 351,254 
Thales SA2,123 215,628 
TotalEnergies SE4,703 208,026 
Unibail-Rodamco-Westfield(1)
5,383 471,711 
Wendel SE1,559 226,235 
23,477,412 
Germany — 6.0%
Bayerische Motoren Werke AG10,240 971,968 
Brenntag SE2,947 297,406 
Carl Zeiss Meditec AG8,283 1,830,189 
Covestro AG22,260 1,442,615 
36


Quality Diversified International ETF
SharesValue
Evonik Industries AG37,074 $1,251,769 
FUCHS PETROLUB SE, Preference Shares4,960 251,169 
GEA Group AG29,836 1,377,165 
HeidelbergCement AG2,725 236,330 
HelloFresh SE(1)
10,991 1,186,675 
Merck KGaA2,616 621,553 
Nemetschek SE3,392 332,446 
Porsche Automobil Holding SE, Preference Shares2,854 288,734 
QIAGEN NV(1)
5,097 281,976 
Sartorius AG, Preference Shares612 403,193 
Schaeffler AG, Preference Shares46,482 398,936 
Symrise AG1,955 278,216 
Telefonica Deutschland Holding AG79,755 223,882 
Uniper SE6,019 238,970 
Volkswagen AG, Preference Shares1,764 419,575 
Zalando SE(1)
2,346 260,112 
12,592,879 
Hong Kong — 1.7%
SITC International Holdings Co. Ltd.140,000 609,853 
Techtronic Industries Co. Ltd.83,000 1,836,974 
Xinyi Glass Holdings Ltd.256,000 1,075,772 
3,522,599 
Ireland — 0.6%
Bank of Ireland Group plc(1)
39,178 245,226 
CRH plc8,970 477,225 
Smurfit Kappa Group plc8,826 505,852 
1,228,303 
Israel — 0.3%
Bank Leumi Le-Israel BM27,968 231,050 
Isracard Ltd.
Israel Discount Bank Ltd., A Shares(1)
50,734 262,055 
Teva Pharmaceutical Industries Ltd.(1)
20,710 196,949 
690,057 
Italy — 2.2%
A2A SpA104,349 229,251 
Assicurazioni Generali SpA10,607 216,394 
CNH Industrial NV26,900 443,581 
DiaSorin SpA1,416 323,058 
Eni SpA110,670 1,365,401 
Ferrari NV1,187 257,485 
Interpump Group SpA4,981 354,005 
Mediobanca Banca di Credito Finanziario SpA(1)
18,275 215,435 
Moncler SpA4,597 294,347 
Recordati Industria Chimica e Farmaceutica SpA4,515 296,278 
Telecom Italia SpA/Milano1,220,242 552,854 
4,548,089 
Japan — 20.3%
Advantest Corp.2,700 232,609 
AGC, Inc.5,200 251,205 
Aisin Corp.10,600 404,618 
Ajinomoto Co., Inc.21,500 633,742 
37


Quality Diversified International ETF
SharesValue
Asahi Kasei Corp.19,600 $202,077 
Astellas Pharma, Inc.75,400 1,270,483 
Brother Industries Ltd.20,600 422,745 
Canon, Inc.10,400 247,438 
Capcom Co. Ltd.7,900 220,008 
Cosmos Pharmaceutical Corp.1,800 318,752 
CyberAgent, Inc.37,200 680,987 
Dai Nippon Printing Co. Ltd.10,000 237,598 
Daikin Industries Ltd.1,300 324,410 
Daito Trust Construction Co. Ltd.2,400 263,582 
Daiwa House Industry Co. Ltd.7,100 216,506 
Denso Corp.3,800 265,973 
Dentsu Group, Inc.6,000 223,038 
ENEOS Holdings, Inc.52,400 202,522 
Fast Retailing Co. Ltd.300 197,603 
Food & Life Cos. Ltd.5,800 248,948 
FUJIFILM Holdings Corp.3,000 246,877 
Fujitsu Ltd.2,800 515,443 
GMO Payment Gateway, Inc.6,300 826,552 
Hakuhodo DY Holdings, Inc.12,900 203,410 
Hitachi Ltd.3,900 215,539 
Honda Motor Co. Ltd.6,800 205,813 
Hoya Corp.2,000 322,968 
Iida Group Holdings Co. Ltd.38,200 969,789 
INPEX Corp.67,900 466,533 
Isuzu Motors Ltd.18,900 238,920 
ITOCHU Corp.15,800 475,282 
Japan Tobacco, Inc.101,700 1,973,242 
Kajima Corp.59,300 766,171 
Kao Corp.3,400 205,382 
Keyence Corp.500 300,166 
Kikkoman Corp.4,000 300,300 
Kirin Holdings Co. Ltd.31,600 572,489 
Kobayashi Pharmaceutical Co. Ltd.2,900 226,993 
Kobe Bussan Co. Ltd.9,800 381,220 
Komatsu Ltd.7,100 172,691 
Konami Holdings Corp.4,000 253,208 
Kose Corp.1,600 193,094 
Kyocera Corp.3,400 211,368 
Lion Corp.12,200 207,594 
M3, Inc.19,900 1,334,643 
Marubeni Corp.26,600 211,638 
MEIJI Holdings Co. Ltd.3,300 202,957 
MINEBEA MITSUMI, Inc.9,300 239,088 
MISUMI Group, Inc.7,900 313,381 
Mitsubishi Corp.8,000 240,740 
Mitsubishi Gas Chemical Co., Inc.19,900 374,969 
Mitsubishi UFJ Financial Group, Inc.38,100 206,709 
Mitsui & Co. Ltd.9,800 216,145 
Mitsui Chemicals, Inc.26,800 925,200 
Miura Co. Ltd.5,600 251,411 
38


Quality Diversified International ETF
SharesValue
Mizuho Financial Group, Inc.13,900 $194,764 
MonotaRO Co. Ltd.43,900 972,947 
NEC Corp.23,000 1,207,113 
NGK Insulators Ltd.12,200 202,258 
Nihon M&A Center, Inc.19,200 572,546 
Nintendo Co. Ltd.4,500 2,161,976 
Nippon Express Co. Ltd.2,600 176,791 
Nippon Telegraph & Telephone Corp.9,300 247,778 
Nippon Yusen KK5,000 402,074 
Nissan Chemical Corp.5,400 302,762 
Nitori Holdings Co. Ltd.1,500 280,658 
Nitto Denko Corp.3,300 250,341 
NTT Data Corp.13,100 235,761 
Oji Holdings Corp.36,500 191,070 
Ono Pharmaceutical Co. Ltd.10,900 261,714 
Open House Co. Ltd.11,000 534,323 
ORIX Corp.12,100 225,755 
Otsuka Corp.3,900 201,891 
Otsuka Holdings Co. Ltd.5,000 212,773 
Panasonic Corp.20,400 243,883 
PeptiDream, Inc.(1)
16,100 567,319 
Recruit Holdings Co. Ltd.5,000 294,411 
Renesas Electronics Corp.(1)
24,600 263,414 
Resona Holdings, Inc.53,200 205,732 
Ricoh Co. Ltd.36,500 371,401 
SCSK Corp.3,600 227,260 
Seiko Epson Corp.14,200 264,472 
Sekisui House Ltd.95,500 1,902,666 
Seven & i Holdings Co. Ltd.4,800 209,454 
Shimadzu Corp.7,200 322,611 
SMC Corp.500 319,924 
Sumitomo Chemical Co. Ltd.85,400 432,945 
Sumitomo Dainippon Pharma Co., Ltd.11,300 202,836 
Sumitomo Mitsui Financial Group, Inc.6,100 210,546 
Suntory Beverage & Food Ltd.5,600 224,468 
Taisei Corp.5,900 184,585 
TIS, Inc.8,400 237,129 
Tokyo Electron Ltd.4,900 2,098,883 
Tosoh Corp.13,900 252,291 
Toyota Tsusho Corp.4,600 203,402 
Trend Micro, Inc.4,100 224,595 
USS Co. Ltd.12,200 201,560 
Yamaha Motor Co. Ltd.25,700 653,852 
Yamato Holdings Co. Ltd.9,100 231,353 
ZOZO, Inc.22,400 854,247 
42,273,303 
Netherlands — 3.8%
Aalberts NV3,856 240,792 
Akzo Nobel NV1,948 240,070 
ASM International NV2,801 1,086,767 
ASML Holding NV1,112 927,394 
39


Quality Diversified International ETF
SharesValue
BE Semiconductor Industries NV3,275 $298,016 
Heineken Holding NV2,161 200,458 
IMCD NV1,549 305,123 
ING Groep NV15,730 216,986 
Koninklijke DSM NV1,379 293,585 
Koninklijke Philips NV22,083 1,017,654 
NN Group NV38,637 2,004,207 
Randstad NV6,234 459,110 
Signify NV7,024 393,503 
Wolters Kluwer NV2,617 300,957 
7,984,622 
New Zealand — 0.1%
Fisher & Paykel Healthcare Corp. Ltd.11,618 269,239 
Norway — 1.1%
Gjensidige Forsikring ASA11,191 261,605 
Norsk Hydro ASA33,128 228,691 
Orkla ASA46,258 413,194 
Salmar ASA3,401 227,964 
Schibsted ASA, Class A5,647 301,275 
Telenor ASA14,465 253,412 
TOMRA Systems ASA4,877 299,722 
Yara International ASA4,775 239,814 
2,225,677 
Singapore — 1.2%
Oversea-Chinese Banking Corp. Ltd.22,900 193,789 
Singapore Exchange Ltd.291,300 2,138,073 
Singapore Technologies Engineering Ltd.74,300 208,069 
2,539,931 
South Korea — 0.8%
Celltrion, Inc.(1)
2,520 635,111 
Kumho Petrochemical Co. Ltd.2,460 411,293 
NCSoft Corp.1,214 690,410 
1,736,814 
Spain — 2.0%
ACS Actividades de Construccion y Servicios SA12,922 348,845 
Banco Bilbao Vizcaya Argentaria SA(1)
75,369 493,290 
Banco Santander SA(1)
130,288 480,405 
Bankinter SA43,805 256,366 
CaixaBank SA78,730 244,570 
Naturgy Energy Group SA8,322 214,063 
Repsol SA65,316 749,511 
Telefonica SA266,252 1,317,440 
4,104,490 
Sweden — 4.9%
Atlas Copco AB, A Shares13,064 898,115 
Electrolux AB, Series B29,905 759,928 
Evolution AB7,869 1,270,468 
Getinge AB, B Shares6,172 253,328 
Husqvarna AB, B Shares14,870 199,756 
ICA Gruppen AB4,505 224,125 
Industrivarden AB, A Shares14,763 543,537 
40


Quality Diversified International ETF
SharesValue
Investor AB, B Shares9,434 $225,648 
Lifco AB, B Shares26,684 789,927 
Lundin Energy AB7,302 223,155 
Nordea Bank Abp23,504 276,055 
Sandvik AB8,270 211,043 
Securitas AB, B Shares13,618 226,538 
Skanska AB, B Shares8,497 244,952 
SKF AB, B Shares29,769 760,285 
Svenska Handelsbanken AB, A Shares19,463 218,700 
Swedish Match AB243,908 2,253,389 
Telefonaktiebolaget LM Ericsson, B Shares16,445 194,793 
Trelleborg AB, B Shares8,471 206,230 
Volvo AB, B Shares9,054 205,008 
10,184,980 
Switzerland — 6.8%
ABB Ltd.6,391 236,433 
Adecco Group AG10,812 601,443 
Bachem Holding AG, Class B454 332,479 
Bucher Industries AG453 229,192 
EMS-Chemie Holding AG266 288,225 
Geberit AG345 288,111 
Georg Fischer AG148 242,863 
Givaudan SA61 306,035 
Holcim Ltd.(1)
3,666 208,894 
Kuehne + Nagel International AG8,164 2,983,679 
Logitech International SA5,260 538,571 
Novartis AG2,483 229,655 
Partners Group Holding AG1,920 3,404,167 
Roche Holding AG3,793 1,523,098 
Sika AG1,096 394,896 
Swiss Life Holding AG418 217,874 
Swiss Re AG2,266 208,341 
UBS Group AG13,446 224,296 
VAT Group AG4,140 1,734,039 
14,192,291 
Taiwan — 1.5%
Airtac International Group11,000 334,833 
AU Optronics Corp.398,000 250,936 
Evergreen Marine Corp. Taiwan Ltd.42,000 205,025 
MediaTek, Inc.32,000 1,037,671 
Novatek Microelectronics Corp.26,000 419,577 
Realtek Semiconductor Corp.28,000 558,060 
Taiwan Semiconductor Manufacturing Co. Ltd.11,000 241,287 
3,047,389 
United Kingdom — 10.9%
Admiral Group plc6,026 299,409 
Ashtead Group plc23,562 1,841,909 
ASOS plc(1)
5,102 272,190 
B&M European Value Retail SA59,688 459,334 
Barratt Developments plc21,387 217,540 
Bellway plc4,297 208,249 
41


Quality Diversified International ETF
SharesValue
Coca-Cola HBC AG(1)
5,985 $216,626 
ConvaTec Group plc64,644 200,315 
Croda International plc2,664 335,349 
Dechra Pharmaceuticals plc4,793 345,163 
Diploma plc6,135 258,799 
Evraz plc93,402 759,752 
Experian plc20,498 904,169 
Ferguson plc3,528 509,931 
Halma plc6,802 280,894 
Hargreaves Lansdown plc42,776 888,354 
Hikma Pharmaceuticals plc13,648 476,380 
IMI plc10,668 267,516 
Imperial Brands plc27,733 588,128 
ITV plc(1)
119,830 190,983 
JD Sports Fashion plc43,701 606,843 
Kingfisher plc213,321 1,027,145 
Mondi plc8,067 222,528 
Next plc2,173 236,316 
Pearson plc18,804 198,299 
Persimmon plc4,866 196,934 
Renishaw plc3,198 237,558 
Rightmove plc29,365 283,306 
Rio Tinto plc6,041 446,939 
Royal Dutch Shell plc, A Shares11,369 226,163 
Royal Mail plc62,932 428,614 
Sage Group plc (The)23,413 239,106 
Schroders plc4,980 258,912 
Spirax-Sarco Engineering plc12,645 2,804,098 
Tate & Lyle plc120,525 1,170,553 
Unilever plc43,274 2,409,492 
Vodafone Group plc1,081,647 1,816,702 
WPP plc20,168 273,455 
22,603,953 
United States — 0.1%
Linde plc827 260,166 
TOTAL COMMON STOCKS
(Cost $182,454,450)
206,925,945 
TEMPORARY CASH INVESTMENTS — 0.4%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $854,012)
854,012 854,012 
TOTAL INVESTMENT SECURITIES — 99.7%
(Cost $183,308,462)

207,779,957 
OTHER ASSETS AND LIABILITIES — 0.3%

640,691 
TOTAL NET ASSETS — 100.0%

$208,420,648 

42


MARKET SECTOR DIVERSIFICATION
(as a % of net assets)  
Industrials20.0%
Consumer Discretionary14.3%
Health Care12.0%
Financials10.9%
Consumer Staples10.9%
Materials10.4%
Information Technology9.7%
Communication Services6.4%
Energy2.0%
Real Estate1.9%
Utilities0.8%
Temporary Cash Investments0.4%
Other Assets and Liabilities0.3%

NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
(1)Non-income producing.


See Notes to Financial Statements.
43


AUGUST 31, 2021
Quality Preferred ETF
SharesValue
PREFERRED STOCKS — 77.8%


Automobiles — 0.9%
Ford Motor Co., 6.00%3,888 $105,326 
Ford Motor Co., 6.20%3,888 105,404 
210,730 
Banks — 22.3%
Bank of America Corp., 3.00%15,052 361,248 
Bank of America Corp., 5.875%3,708 100,672 
Bank of America Corp., 6.00%7,272 195,326 
Bank of America Corp., 6.25%97,000 107,488 
Citigroup, Inc., 6.875%10,980 306,781 
Citigroup, Inc., 7.125%12,384 353,811 
Citizens Financial Group, Inc., 6.35%7,791 221,420 
Fifth Third Bancorp, 6.00%4,032 107,534 
First Citizens BancShares, Inc., 5.375%2,520 69,098 
First Horizon Corp., 6.10%3,960 106,643 
First Midwest Bancorp, Inc., Series A, 7.00%3,672 103,844 
First Republic Bank, 5.125%8,475 221,960 
JPMorgan Chase & Co., 5.75%5,868 158,553 
JPMorgan Chase & Co., 6.75%97,000 107,124 
JPMorgan Chase & Co., Series EE, 6.00%5,760 158,976 
JPMorgan Chase & Co., Series R, 6.00%308,000 327,289 
KeyCorp, 5.65%4,680 126,594 
PNC Financial Services Group, Inc. (The), 6.125%7,380 191,954 
Regions Financial Corp., 5.70%3,672 106,561 
Regions Financial Corp., 6.375%4,464 129,679 
Synovus Financial Corp., 6.30%7,200 190,800 
Truist Financial Corp., 4.00%766 19,617 
U.S. Bancorp, 3.50%7,776 194,556 
U.S. Bancorp, 6.50%12,564 322,895 
Wells Fargo & Co., 5.85%12,348 331,050 
Wells Fargo & Co., 5.90%375,000 408,021 
5,029,494 
Capital Markets — 11.6%
Affiliated Managers Group, Inc., 4.75%2,124 56,031 
Affiliated Managers Group, Inc., 5.875%3,096 84,707 
Apollo Global Management, Inc., 6.375%13,140 343,085 
Goldman Sachs Group, Inc. (The), 3.75%3,583 89,575 
Goldman Sachs Group, Inc. (The), 4.00%8,244 208,573 
Goldman Sachs Group, Inc. (The), 5.50%8,316 226,029 
Goldman Sachs Group, Inc. (The), Series D, 4.00%8,388 210,035 
Morgan Stanley, 4.00%7,848 198,083 
Morgan Stanley, 6.875%10,260 288,306 
Morgan Stanley, 7.125%10,188 292,396 
Oaktree Capital Group LLC, 6.55%6,264 170,694 
Oaktree Capital Group LLC, 6.625%6,300 172,368 
State Street Corp., 5.90%6,768 191,196 
Stifel Financial Corp., 6.25%3,060 84,793 
2,615,871 
44


Quality Preferred ETF
SharesValue
Commercial Services and Supplies — 0.7%
Pitney Bowes, Inc., 6.70%5,796 $148,378 
Consumer Finance — 1.5%
Capital One Financial Corp., 4.375%13,284 334,757 
Diversified Telecommunication Services — 2.5%
AT&T, Inc., 4.75%2,484 65,205 
AT&T, Inc., 5.00%4,392 117,266 
AT&T, Inc., 5.35%8,532 223,794 
Qwest Corp., 6.75%5,616 149,779 
556,044 
Electric Utilities — 3.0%
Brookfield Infrastructure Finance ULC, 5.00%2,556 66,788 
Duke Energy Corp., 5.625%9,432 256,173 
SCE Trust VI, 5.00%5,904 147,069 
Southern Co. (The), 4.20%7,992 208,591 
678,621 
Equity Real Estate Investment Trusts (REITs) — 5.4%
American Homes 4 Rent, Series F, 5.875%4,716 124,031 
American Homes 4 Rent, Series G, 5.875%4,644 122,184 
Digital Realty Trust, Inc., 5.25%3,168 83,762 
Diversified Healthcare Trust, 5.625%9,083 219,990 
EPR Properties, 5.75%5,256 139,442 
Hersha Hospitality Trust, 6.50%5,400 129,222 
Pennsylvania Real Estate Investment Trust, 7.20%3,276 45,209 
Public Storage, 4.00%3,744 95,098 
Public Storage, 5.05%3,888 102,915 
Public Storage, 5.15%5,976 156,989 
1,218,842 
Food Products — 1.4%
CHS, Inc., 6.75%7,488 212,285 
CHS, Inc., 7.10%3,780 107,805 
320,090 
Insurance — 8.8%
Allstate Corp. (The), 5.10%3,960 106,920 
Allstate Corp. (The), 5.625%2,628 70,220 
American Equity Investment Life Holding Co., 5.95%4,536 124,695 
American Equity Investment Life Holding Co., 6.625%2,232 61,960 
Aspen Insurance Holdings Ltd., 5.95%2,808 76,967 
Athene Holding Ltd., 4.875%3,276 85,405 
Athene Holding Ltd., 5.625%4,896 133,171 
Athene Holding Ltd., 6.375%3,312 94,094 
Brighthouse Financial, Inc., 6.60%6,408 177,566 
Enstar Group Ltd., 7.00%4,824 131,840 
Hartford Financial Services Group, Inc. (The), 7.875%12,060 318,022 
MetLife, Inc., 4.00%2,484 64,609 
MetLife, Inc., 5.625%3,276 88,812 
Reinsurance Group of America, Inc., 6.20%8,712 229,910 
RenaissanceRe Holdings Ltd., 5.75%2,592 69,284 
W R Berkley Corp., 5.10%2,592 70,062 
W R Berkley Corp., 5.70%2,592 69,855 
1,973,392 
45


Quality Preferred ETF
SharesValue
Leisure Products — 0.6%
Brunswick Corp., 6.50%4,392 $134,307 
Media — 0.6%
Liberty Broadband Corp., 7.00%4,428 123,098 
Mortgage Real Estate Investment Trusts (REITs) — 5.8%
AGNC Investment Corp., 6.125%8,568 219,084 
AGNC Investment Corp., 6.50%8,496 219,197 
Annaly Capital Management, Inc., 6.50%6,408 165,134 
Chimera Investment Corp., 7.75%4,212 111,997 
Chimera Investment Corp., 8.00%4,212 111,492 
MFA Financial, Inc., 6.50%7,668 183,188 
New Residential Investment Corp., 6.375%11,916 284,197 
1,294,289 
Multi-Utilities — 5.5%
Algonquin Power & Utilities Corp., 6.20%5,292 148,176 
Algonquin Power & Utilities Corp., 6.875%6,084 167,371 
CMS Energy Corp., 5.875%5,760 156,499 
CMS Energy Corp., 5.875%3,960 107,435 
DTE Energy Co., 4.375%10,584 278,783 
NiSource, Inc., 6.50%9,144 252,557 
Sempra Energy, 5.75%4,284 118,024 
1,228,845 
Oil, Gas and Consumable Fuels — 3.3%
DCP Midstream LP, 7.875%5,904 147,128 
Enbridge, Inc., 6.375%11,592 314,375 
NuStar Energy LP, 7.625%9,864 216,515 
NuStar Energy LP, 8.50%2,952 72,560 
750,578 
Real Estate Management and Development — 1.7%
Brookfield Property Partners LP, 5.75%12,636 308,950 
Brookfield Property Partners LP, 6.50%3,060 80,356 
389,306 
Thrifts and Mortgage Finance — 0.7%
New York Community Capital Trust V, 6.00%3,204 166,608 
Trading Companies and Distributors — 0.7%
Triton International Ltd., 6.875%2,340 62,759 
WESCO International, Inc., 10.625%3,024 94,439 
157,198 
Wireless Telecommunication Services — 0.8%
United States Cellular Corp., 6.25%6,984 186,822 
TOTAL PREFERRED STOCKS
(Cost $17,362,878)
17,517,270 
CONVERTIBLE PREFERRED STOCKS — 20.1%


Auto Components — 0.9%
Aptiv plc, 5.50%, 6/15/231,116 191,785 
Banks — 1.5%
Bank of America Corp., 7.25%228 335,155 
Capital Markets — 1.2%
KKR & Co., Inc., 6.00%, 9/15/233,420 280,064 
Chemicals — 1.0%
International Flavors & Fragrances, Inc., 6.00%, 9/15/214,572 232,388 
46


Quality Preferred ETF
SharesValue
Commercial Services and Supplies — 0.5%
GFL Environmental, Inc., 6.00%, 3/15/231,476 $121,165 
Electric Utilities — 2.7%
NextEra Energy, Inc., 5.28%, 3/1/233,888 208,513 
NextEra Energy, Inc., 6.22%, 9/1/233,888 210,574 
Southern Co. (The), 6.75%, 8/1/223,708 197,266 
616,353 
Electronic Equipment, Instruments and Components — 0.3%
II-VI, Inc., 6.00%, 7/1/23216 57,739 
Equity Real Estate Investment Trusts (REITs) — 0.3%
EPR Properties, 5.75%2,448 65,314 
Health Care Equipment and Supplies — 4.2%
Becton Dickinson and Co., 6.00%, 6/1/233,816 208,907 
Boston Scientific Corp., 5.50%, 6/1/231,440 173,016 
Danaher Corp., 5.00%, 4/15/23324 557,118 
939,041 
Household Products — 0.1%
Energizer Holdings, Inc., 7.50%, 1/15/22312 27,125 
Life Sciences Tools and Services — 1.1%
Avantor, Inc., 6.25%, 5/15/222,016 244,541 
Machinery — 1.4%
Colfax Corp., 5.75%, 1/15/22684 133,796 
Stanley Black & Decker, Inc., 5.25%, 11/15/221,548 177,478 
311,274 
Metals and Mining — 1.1%
ArcelorMittal SA, 5.50%, 5/18/232,988 236,261 
Multi-Utilities — 0.7%
Dominion Energy, Inc., 7.25%, 6/1/221,548 155,338 
Pharmaceuticals — 0.6%
Elanco Animal Health, Inc., 5.00%, 2/1/232,808 145,146 
Semiconductors and Semiconductor Equipment — 2.5%
Broadcom, Inc., 8.00%, 9/30/22360 567,540 
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $4,277,414)
4,526,229 
TEMPORARY CASH INVESTMENTS — 1.9%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $420,617)
420,617 420,617 
TOTAL INVESTMENT SECURITIES — 99.8%
(Cost $22,060,909)

22,464,116 
OTHER ASSETS AND LIABILITIES — 0.2%

50,624 
TOTAL NET ASSETS — 100.0%

$22,514,740 


See Notes to Financial Statements.
47


AUGUST 31, 2021
STOXX® U.S. Quality Growth ETF
SharesValue
COMMON STOCKS — 99.5%


Aerospace and Defense — 0.2%
Textron, Inc.5,667 $411,820 
Air Freight and Logistics — 1.1%
United Parcel Service, Inc., Class B13,954 2,729,821 
Auto Components — 0.3%
Aptiv plc(1)
2,646 402,695 
Autoliv, Inc.4,577 404,561 
807,256 
Automobiles — 1.3%
Tesla, Inc.(1)
4,685 3,446,848 
Beverages — 0.9%
Boston Beer Co., Inc. (The), Class A(1)
710 404,849 
Brown-Forman Corp., Class B6,002 421,460 
Coca-Cola Co. (The)7,428 418,271 
Monster Beverage Corp.(1)
10,142 989,555 
2,234,135 
Biotechnology — 2.0%
CRISPR Therapeutics AG(1)
1,783 222,786 
Exelixis, Inc.(1)
33,885 649,576 
Halozyme Therapeutics, Inc.(1)
5,467 229,559 
Neurocrine Biosciences, Inc.(1)
13,859 1,319,377 
Vertex Pharmaceuticals, Inc.(1)
13,367 2,677,276 
5,098,574 
Building Products — 0.2%
Lennox International, Inc.1,257 421,321 
Capital Markets — 2.7%
Blackstone, Inc.3,485 438,169 
Charles Schwab Corp. (The)5,585 406,867 
FactSet Research Systems, Inc.596 226,611 
LPL Financial Holdings, Inc.9,848 1,456,027 
MarketAxess Holdings, Inc.1,357 645,823 
Moody's Corp.1,702 648,071 
MSCI, Inc.1,020 647,272 
Raymond James Financial, Inc.4,572 639,623 
S&P Global, Inc.1,464 649,752 
T. Rowe Price Group, Inc.1,899 425,129 
Tradeweb Markets, Inc., Class A4,766 414,690 
XP, Inc., Class A(1)
8,666 421,601 
7,019,635 
Chemicals — 0.3%
Corteva, Inc.9,513 418,287 
Ecolab, Inc.1,859 418,944 
837,231 
Commercial Services and Supplies — 0.2%
Waste Management, Inc.3,806 590,349 
Consumer Finance — 0.6%
American Express Co.2,506 415,896 
Upstart Holdings, Inc.(1)
4,937 1,131,165 
1,547,061 
48


STOXX® U.S. Quality Growth ETF
SharesValue
Containers and Packaging — 0.2%
Avery Dennison Corp.1,860 $419,225 
Sealed Air Corp.3,666 223,736 
642,961 
Diversified Consumer Services — 0.2%
Chegg, Inc.(1)
5,165 429,831 
Electric Utilities — 0.9%
NRG Energy, Inc.52,460 2,395,848 
Electrical Equipment — 0.2%
Generac Holdings, Inc.(1)
978 427,366 
Electronic Equipment, Instruments and Components — 0.6%
CDW Corp.1,131 226,890 
Vontier Corp.37,714 1,371,658 
1,598,548 
Entertainment — 0.2%
Netflix, Inc.(1)
761 433,154 
Equity Real Estate Investment Trusts (REITs) — 3.7%
American Tower Corp.1,472 430,074 
Crown Castle International Corp.28,121 5,474,878 
Equinix, Inc., REIT516 435,220 
Healthcare Trust of America, Inc., Class A13,925 422,345 
SBA Communications Corp.1,191 427,534 
Weyerhaeuser Co.63,605 2,289,780 
9,479,831 
Food and Staples Retailing — 0.3%
Kroger Co. (The)19,078 878,160 
Food Products — 0.6%
Darling Ingredients, Inc.(1)
22,154 1,650,473 
Health Care Equipment and Supplies — 8.3%
Align Technology, Inc.(1)
8,938 6,337,042 
Edwards Lifesciences Corp.(1)
1,916 224,517 
Hologic, Inc.(1)
28,901 2,287,514 
IDEXX Laboratories, Inc.(1)
7,721 5,202,101 
Intuitive Surgical, Inc.(1)
399 420,370 
Penumbra, Inc.(1)
1,546 425,073 
STAAR Surgical Co.(1)
6,175 953,852 
Tandem Diabetes Care, Inc.(1)
3,736 419,067 
West Pharmaceutical Services, Inc.11,748 5,305,632 
21,575,168 
Health Care Providers and Services — 0.8%
Chemed Corp.482 229,770 
DaVita, Inc.(1)
1,715 224,271 
Encompass Health Corp.2,885 226,328 
Henry Schein, Inc.(1)
2,970 224,502 
Laboratory Corp. of America Holdings(1)
737 223,591 
LHC Group, Inc.(1)
2,339 436,832 
Molina Healthcare, Inc.(1)
847 227,648 
Quest Diagnostics, Inc.1,498 228,939 
2,021,881 
Health Care Technology — 1.4%
Cerner Corp.2,931 223,782 
49


STOXX® U.S. Quality Growth ETF
SharesValue
Veeva Systems, Inc., Class A(1)
10,122 $3,360,301 
3,584,083 
Hotels, Restaurants and Leisure — 2.6%
Chipotle Mexican Grill, Inc.(1)
2,164 4,118,806 
Choice Hotels International, Inc.1,877 224,039 
Darden Restaurants, Inc.1,494 225,071 
Starbucks Corp.3,604 423,434 
Texas Roadhouse, Inc.13,868 1,317,460 
Yum China Holdings, Inc.3,667 225,741 
Yum! Brands, Inc.1,668 218,558 
6,753,109 
Household Durables — 0.8%
D.R. Horton, Inc.2,308 220,691 
Lennar Corp., Class A2,072 222,346 
NVR, Inc.(1)
43 222,737 
Tempur Sealy International, Inc.29,178 1,304,257 
Whirlpool Corp.1,002 221,973 
2,192,004 
Household Products — 0.1%
Colgate-Palmolive Co.2,888 225,120 
Industrial Conglomerates — 0.1%
3M Co.1,154 224,730 
Insurance — 1.4%
Aon plc, Class A1,482 425,126 
Arch Capital Group Ltd.(1)
9,898 406,808 
Everest Re Group Ltd.2,350 622,515 
Markel Corp.(1)
1,341 1,703,405 
WR Berkley Corp.5,467 411,720 
3,569,574 
Interactive Media and Services — 3.8%
Alphabet, Inc., Class C(1)
1,244 3,619,095 
Facebook, Inc., Class A(1)
8,436 3,200,450 
Match Group, Inc.(1)
1,632 224,302 
Pinterest, Inc., Class A(1)
48,483 2,694,200 
9,738,047 
Internet and Direct Marketing Retail — 3.6%
Amazon.com, Inc.(1)
1,768 6,136,357 
eBay, Inc.3,024 232,062 
Etsy, Inc.(1)
13,463 2,911,508 
9,279,927 
IT Services — 5.7%
EPAM Systems, Inc.(1)
6,718 4,251,217 
Gartner, Inc.(1)
8,844 2,730,496 
Globant SA(1)
1,345 433,467 
Mastercard, Inc., Class A1,160 401,627 
PayPal Holdings, Inc.(1)
1,500 432,990 
Shopify, Inc., Class A(1)
2,147 3,273,703 
Square, Inc., Class A(1)
12,453 3,338,276 
14,861,776 
Leisure Products — 0.7%
Brunswick Corp.8,566 829,788 
50


STOXX® U.S. Quality Growth ETF
SharesValue
YETI Holdings, Inc.(1)
10,388 $1,031,944 
1,861,732 
Life Sciences Tools and Services — 3.9%
Agilent Technologies, Inc.2,403 421,654 
Avantor, Inc.(1)
105,792 4,172,437 
Bruker Corp.4,758 420,179 
Illumina, Inc.(1)
855 390,872 
IQVIA Holdings, Inc.(1)
1,610 418,165 
Mettler-Toledo International, Inc.(1)
267 414,606 
PerkinElmer, Inc.11,340 2,095,632 
Repligen Corp.(1)
6,080 1,720,518 
10,054,063 
Machinery — 0.6%
AGCO Corp.1,614 222,119 
Cummins, Inc.940 221,821 
Oshkosh Corp.1,923 220,337 
Stanley Black & Decker, Inc.1,155 223,227 
Toro Co. (The)2,024 222,518 
Xylem, Inc.3,083 420,244 
1,530,266 
Media — 2.3%
Charter Communications, Inc., Class A(1)
7,319 5,977,135 
Metals and Mining — 0.3%
Nucor Corp.1,870 219,837 
Southern Copper Corp.10,264 642,424 
862,261 
Multiline Retail — 0.1%
Target Corp.893 220,553 
Oil, Gas and Consumable Fuels — 0.5%
EOG Resources, Inc.9,323 629,489 
Texas Pacific Land Corp.452 614,602 
1,244,091 
Paper and Forest Products — 0.2%
Louisiana-Pacific Corp.7,174 455,119 
Pharmaceuticals — 0.2%
Eli Lilly & Co.850 219,547 
Pfizer, Inc.4,720 217,450 
436,997 
Professional Services — 0.2%
Booz Allen Hamilton Holding Corp.2,756 225,744 
CoStar Group, Inc.(1)
4,955 419,887 
645,631 
Road and Rail — 1.6%
J.B. Hunt Transport Services, Inc.2,377 421,680 
Old Dominion Freight Line, Inc.12,797 3,694,750 
4,116,430 
Semiconductors and Semiconductor Equipment — 12.7%
Advanced Micro Devices, Inc.(1)
24,554 2,718,619 
Applied Materials, Inc.13,508 1,825,336 
Enphase Energy, Inc.(1)
10,932 1,899,216 
Entegris, Inc.5,536 665,095 
51


STOXX® U.S. Quality Growth ETF
SharesValue
KLA Corp.5,371 $1,825,925 
Lam Research Corp.3,047 1,842,887 
Lattice Semiconductor Corp.(1)
18,279 1,135,491 
MKS Instruments, Inc.3,116 458,613 
Monolithic Power Systems, Inc.5,635 2,788,931 
NVIDIA Corp.28,847 6,457,479 
ON Semiconductor Corp.(1)
14,727 653,290 
Qorvo, Inc.(1)
3,452 649,080 
QUALCOMM, Inc.21,601 3,168,651 
Skyworks Solutions, Inc.9,827 1,802,861 
Teradyne, Inc.11,398 1,384,173 
Texas Instruments, Inc.14,308 2,731,540 
Universal Display Corp.3,099 646,420 
Xilinx, Inc.1,464 227,784 
32,881,391 
Software — 17.1%
Adobe, Inc.(1)
5,415 3,593,935 
Aspen Technology, Inc.(1)
5,614 727,013 
Atlassian Corp. plc, Class A(1)
1,179 432,764 
Autodesk, Inc.(1)
22,465 6,966,172 
Cadence Design Systems, Inc.(1)
14,138 2,311,280 
Crowdstrike Holdings, Inc., Class A(1)
12,341 3,467,821 
Datadog, Inc., Class A(1)
3,071 423,184 
DocuSign, Inc.(1)
11,148 3,302,484 
Fair Isaac Corp.(1)
1,399 643,176 
Fortinet, Inc.(1)
13,918 4,386,119 
HubSpot, Inc.(1)
3,647 2,496,262 
Intuit, Inc.1,213 686,691 
Microsoft Corp.743 224,297 
Oracle Corp. (New York)2,531 225,588 
Palo Alto Networks, Inc.(1)
932 429,689 
Paycom Software, Inc.(1)
5,162 2,523,702 
Paylocity Holding Corp.(1)
2,083 560,744 
Proofpoint, Inc.(1)
345 60,685 
PTC, Inc.(1)
3,162 416,309 
ServiceNow, Inc.(1)
6,706 4,316,250 
Synopsys, Inc.(1)
1,972 655,177 
Trade Desk, Inc. (The), Class A(1)
24,954 1,997,568 
VMware, Inc., Class A(1)
1,415 210,651 
Zoom Video Communications, Inc., Class A(1)
10,530 3,048,435 
44,105,996 
Specialty Retail — 8.1%
Advance Auto Parts, Inc.1,057 214,412 
AutoNation, Inc.(1)
3,984 434,615 
Best Buy Co., Inc.14,720 1,715,027 
Five Below, Inc.(1)
1,763 375,184 
Floor & Decor Holdings, Inc., Class A(1)
15,729 1,939,386 
Foot Locker, Inc.7,699 436,456 
Home Depot, Inc. (The)693 226,043 
Lowe's Cos., Inc.15,018 3,062,020 
O'Reilly Automotive, Inc.(1)
1,417 841,811 
52


STOXX® U.S. Quality Growth ETF
SharesValue
RH(1)
905 $634,106 
Ross Stores, Inc.35,403 4,191,715 
TJX Cos., Inc. (The)68,330 4,968,958 
Tractor Supply Co.1,155 224,359 
Ulta Beauty, Inc.(1)
1,643 636,350 
Williams-Sonoma, Inc.5,254 980,922 
20,881,364 
Technology Hardware, Storage and Peripherals — 1.5%
Apple, Inc.23,971 3,639,517 
NetApp, Inc.2,726 242,423 
3,881,940 
Textiles, Apparel and Luxury Goods — 4.0%
Crocs, Inc.(1)
3,119 445,456 
Deckers Outdoor Corp.(1)
519 217,176 
lululemon athletica, Inc.(1)
10,750 4,301,827 
NIKE, Inc., Class B3,773 621,564 
Ralph Lauren Corp.3,470 402,971 
Tapestry, Inc.(1)
20,785 838,051 
VF Corp.46,150 3,529,091 
10,356,136 
Trading Companies and Distributors — 0.2%
SiteOne Landscape Supply, Inc.(1)
2,118 423,812 
W.W. Grainger, Inc.515 223,355 
647,167 
TOTAL COMMON STOCKS
(Cost $224,655,124)
257,263,914 
TEMPORARY CASH INVESTMENTS — 0.3%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $827,707)
827,707 827,707 
TOTAL INVESTMENT SECURITIES — 99.8%
(Cost $225,482,831)

258,091,621 
OTHER ASSETS AND LIABILITIES — 0.2%

430,202 
TOTAL NET ASSETS — 100.0%

$258,521,823 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Non-income producing.


See Notes to Financial Statements.
53


AUGUST 31, 2021
STOXX® U.S. Quality Value ETF
SharesValue
COMMON STOCKS — 99.8%


Aerospace and Defense — 1.2%
General Dynamics Corp.2,692 $539,234 
Huntington Ingalls Industries, Inc.2,468 503,892 
L3Harris Technologies, Inc.2,182 508,428 
Lockheed Martin Corp.1,419 510,556 
Northrop Grumman Corp.1,403 515,883 
Textron, Inc.6,924 503,167 
3,081,160 
Air Freight and Logistics — 1.8%
FedEx Corp.15,059 4,001,026 
United Parcel Service, Inc., Class B2,639 516,267 
4,517,293 
Auto Components — 0.4%
BorgWarner, Inc.11,797 503,496 
Lear Corp.3,138 501,892 
1,005,388 
Banks — 0.6%
Citizens Financial Group, Inc.2,866 125,502 
Comerica, Inc.6,313 466,594 
Popular, Inc.6,567 498,698 
Regions Financial Corp.24,316 496,776 
1,587,570 
Beverages — 0.2%
PepsiCo, Inc.3,279 512,803 
Biotechnology — 5.6%
AbbVie, Inc.17,708 2,138,772 
Amgen, Inc.8,469 1,910,014 
Biogen, Inc.(1)
7,424 2,516,068 
Gilead Sciences, Inc.29,039 2,113,458 
Moderna, Inc.(1)
7,675 2,891,096 
Novavax, Inc.(1)
2,137 509,760 
Regeneron Pharmaceuticals, Inc.(1)
761 512,457 
United Therapeutics Corp.(1)
7,431 1,596,773 
14,188,398 
Building Products — 0.4%
Carlisle Cos., Inc.2,416 509,148 
Owens Corning5,277 504,217 
1,013,365 
Capital Markets — 2.8%
Affiliated Managers Group, Inc.2,997 509,820 
Bank of New York Mellon Corp. (The)9,158 505,705 
Blackstone, Inc.1,316 165,461 
Franklin Resources, Inc.31,528 1,022,768 
Goldman Sachs Group, Inc. (The)1,232 509,444 
Invesco Ltd.56,687 1,435,315 
Janus Henderson Group plc23,340 1,012,022 
Jefferies Financial Group, Inc.41,523 1,534,690 
Morgan Stanley4,889 510,558 
7,205,783 
54


STOXX® U.S. Quality Value ETF
SharesValue
Chemicals — 2.1%
CF Industries Holdings, Inc.13,930 $632,701 
Dow, Inc.27,889 1,754,218 
DuPont de Nemours, Inc.6,794 502,892 
Eastman Chemical Co.4,470 505,825 
LyondellBasell Industries NV, Class A14,826 1,487,789 
PPG Industries, Inc.3,115 496,998 
Scotts Miracle-Gro Co. (The)798 125,150 
5,505,573 
Commercial Services and Supplies — 0.1%
Republic Services, Inc.1,037 128,723 
Communications Equipment — 0.9%
Cisco Systems, Inc.8,575 506,096 
F5 Networks, Inc.(1)
2,472 503,225 
Juniper Networks, Inc.27,852 807,151 
Lumentum Holdings, Inc.(1)
5,856 507,364 
2,323,836 
Construction and Engineering — 0.2%
EMCOR Group, Inc.4,157 505,076 
Consumer Finance — 0.2%
American Express Co.3,063 508,335 
Containers and Packaging — 1.4%
Amcor plc42,632 547,821 
International Paper Co.22,966 1,380,027 
Packaging Corp. of America4,454 675,672 
Sealed Air Corp.8,320 507,770 
Sonoco Products Co.7,837 511,756 
3,623,046 
Diversified Financial Services — 0.2%
Berkshire Hathaway, Inc., Class B(1)
1,771 506,099 
Diversified Telecommunication Services — 0.9%
Liberty Global plc, Class C(1)
17,983 521,147 
Verizon Communications, Inc.33,758 1,856,690 
2,377,837 
Electric Utilities — 2.7%
Alliant Energy Corp.3,029 184,133 
American Electric Power Co., Inc.4,539 406,558 
Entergy Corp.1,280 141,581 
Exelon Corp.10,410 510,298 
NRG Energy, Inc.33,482 1,529,123 
OGE Energy Corp.11,831 418,936 
Pinnacle West Capital Corp.12,791 983,628 
Southern Co. (The)22,505 1,479,253 
Xcel Energy, Inc.16,725 1,149,844 
6,803,354 
Electrical Equipment — 0.6%
Acuity Brands, Inc.2,720 501,922 
Eaton Corp. plc2,990 503,396 
Emerson Electric Co.4,884 515,262 
1,520,580 
55


STOXX® U.S. Quality Value ETF
SharesValue
Electronic Equipment, Instruments and Components — 1.6%
Arrow Electronics, Inc.(1)
4,221 $511,670 
Corning, Inc.12,468 498,595 
Flex Ltd.(1)
83,614 1,553,548 
Jabil, Inc.8,384 517,964 
TE Connectivity Ltd.3,375 506,992 
Vontier Corp.14,264 518,782 
4,107,551 
Equity Real Estate Investment Trusts (REITs) — 5.1%
CoreSite Realty Corp.5,461 810,249 
CubeSmart19,942 1,066,897 
Essex Property Trust, Inc.436 144,203 
Federal Realty Investment Trust6,383 777,258 
Healthcare Trust of America, Inc., Class A25,523 774,113 
Iron Mountain, Inc.33,278 1,589,024 
Kimco Realty Corp.29,095 633,980 
National Retail Properties, Inc.16,256 773,948 
Public Storage491 158,893 
Rayonier, Inc.14,260 524,483 
Simon Property Group, Inc.3,840 516,288 
Spirit Realty Capital, Inc.15,135 783,539 
STORE Capital Corp.3,592 129,563 
UDR, Inc.8,014 432,916 
VEREIT, Inc.66,910 3,380,962 
Weyerhaeuser Co.14,434 519,624 
13,015,940 
Food and Staples Retailing — 4.8%
BJ's Wholesale Club Holdings, Inc.(1)
8,982 508,920 
Kroger Co. (The)116,676 5,370,596 
Walgreens Boots Alliance, Inc.47,982 2,435,086 
Walmart, Inc.25,976 3,847,046 
12,161,648 
Food Products — 4.2%
Campbell Soup Co.15,475 645,772 
Flowers Foods, Inc.32,022 772,691 
General Mills, Inc.24,119 1,394,319 
Hershey Co. (The)848 150,690 
Ingredion, Inc.5,786 508,358 
J.M. Smucker Co. (The)5,137 635,293 
Kraft Heinz Co. (The)55,394 1,993,630 
Tyson Foods, Inc., Class A58,193 4,569,314 
10,670,067 
Gas Utilities — 0.5%
UGI Corp.27,676 1,281,676 
Health Care Equipment and Supplies — 1.2%
Baxter International, Inc.6,896 525,613 
Becton Dickinson and Co.2,060 518,502 
DENTSPLY SIRONA, Inc.8,397 518,095 
Hill-Rom Holdings, Inc.3,855 561,211 
Hologic, Inc.(1)
6,558 519,066 
Medtronic plc3,782 504,821 
3,147,308 
56


STOXX® U.S. Quality Value ETF
SharesValue
Health Care Providers and Services — 4.0%
Anthem, Inc.1,364 $511,677 
Cardinal Health, Inc.63,899 3,354,058 
DaVita, Inc.(1)
4,196 548,711 
HCA Healthcare, Inc.2,019 510,766 
Henry Schein, Inc.(1)
6,741 509,552 
Humana, Inc.1,252 507,586 
Laboratory Corp. of America Holdings(1)
1,673 507,555 
McKesson Corp.2,541 518,720 
Molina Healthcare, Inc.(1)
1,992 535,390 
Quest Diagnostics, Inc.3,399 519,469 
Tenet Healthcare Corp.(1)
6,908 520,518 
UnitedHealth Group, Inc.3,069 1,277,533 
Universal Health Services, Inc., Class B3,280 510,893 
10,332,428 
Hotels, Restaurants and Leisure — 0.6%
Darden Restaurants, Inc.4,237 638,304 
Texas Roadhouse, Inc.5,507 523,165 
Yum China Holdings, Inc.8,321 512,241 
1,673,710 
Household Durables — 3.3%
D.R. Horton, Inc.5,238 500,858 
Leggett & Platt, Inc.2,585 125,088 
Lennar Corp., Class A23,511 2,522,965 
Mohawk Industries, Inc.(1)
8,914 1,762,833 
Newell Brands, Inc.20,084 510,334 
PulteGroup, Inc.36,418 1,961,474 
Whirlpool Corp.4,408 976,504 
8,360,056 
Household Products — 1.2%
Church & Dwight Co., Inc.1,545 129,255 
Clorox Co. (The)772 129,734 
Colgate-Palmolive Co.16,498 1,286,019 
Procter & Gamble Co. (The)9,920 1,412,509 
2,957,517 
Industrial Conglomerates — 1.0%
3M Co.10,125 1,971,743 
Honeywell International, Inc.2,206 511,593 
2,483,336 
Insurance — 1.2%
Aflac, Inc.8,911 505,076 
Allstate Corp. (The)3,691 499,318 
Everest Re Group Ltd.1,866 494,303 
Fidelity National Financial, Inc.2,988 145,904 
Hartford Financial Services Group, Inc. (The)7,500 504,150 
MetLife, Inc.8,147 505,114 
Reinsurance Group of America, Inc.4,325 500,922 
3,154,787 
Interactive Media and Services — 3.9%
Alphabet, Inc., Class C(1)
1,780 5,178,447 
57


STOXX® U.S. Quality Value ETF
SharesValue
Facebook, Inc., Class A(1)
12,433 $4,716,832 
9,895,279 
IT Services — 5.8%
Akamai Technologies, Inc.(1)
4,495 509,059 
Amdocs Ltd.29,049 2,237,645 
Cognizant Technology Solutions Corp., Class A35,732 2,726,709 
Concentrix Corp.(1)
6,473 1,122,353 
DXC Technology Co.(1)
13,677 502,219 
Genpact Ltd.9,842 510,603 
International Business Machines Corp.36,389 5,106,832 
MAXIMUS, Inc.5,943 517,576 
Western Union Co. (The)70,197 1,519,063 
14,752,059 
Leisure Products — 0.7%
Brunswick Corp.13,936 1,349,981 
Polaris, Inc.4,028 482,393 
1,832,374 
Machinery — 2.0%
AGCO Corp.10,990 1,512,444 
Caterpillar, Inc.2,370 499,762 
Cummins, Inc.2,134 503,581 
Flowserve Corp.12,996 505,154 
Oshkosh Corp.4,365 500,142 
Parker-Hannifin Corp.1,677 497,516 
Snap-on, Inc.2,249 505,912 
Stanley Black & Decker, Inc.2,621 506,561 
5,031,072 
Media — 3.0%
Comcast Corp., Class A8,556 519,178 
DISH Network Corp., Class A(1)
46,584 2,030,597 
Fox Corp., Class A68,700 2,572,128 
Interpublic Group of Cos., Inc. (The)30,649 1,141,062 
Omnicom Group, Inc.19,459 1,424,788 
7,687,753 
Metals and Mining — 0.6%
Freeport-McMoRan, Inc.14,495 527,473 
Nucor Corp.4,242 498,690 
Reliance Steel & Aluminum Co.3,355 503,384 
1,529,547 
Multi-Utilities — 1.3%
Ameren Corp.1,892 165,966 
Consolidated Edison, Inc.19,913 1,502,436 
Public Service Enterprise Group, Inc.23,815 1,522,731 
WEC Energy Group, Inc.1,451 137,091 
3,328,224 
Multiline Retail — 2.1%
Dollar Tree, Inc.(1)
4,787 433,415 
Kohl's Corp.16,933 971,954 
Target Corp.15,872 3,920,067 
5,325,436 
58


STOXX® U.S. Quality Value ETF
SharesValue
Oil, Gas and Consumable Fuels — 1.0%
APA Corp.28,071 $546,823 
EOG Resources, Inc.7,405 499,986 
Exxon Mobil Corp.9,177 500,330 
Marathon Oil Corp.77,919 915,548 
2,462,687 
Paper and Forest Products — 0.4%
Louisiana-Pacific Corp.16,281 1,032,867 
Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.10,257 685,783 
Johnson & Johnson11,734 2,031,507 
Merck & Co., Inc.6,603 503,743 
Pfizer, Inc.139,257 6,415,570 
9,636,603 
Professional Services — 1.2%
Booz Allen Hamilton Holding Corp.11,447 937,624 
CACI International, Inc., Class A(1)
1,978 509,414 
ManpowerGroup, Inc.13,083 1,588,538 
3,035,576 
Real Estate Management and Development — 1.2%
CBRE Group, Inc., Class A(1)
5,386 518,672 
Jones Lang LaSalle, Inc.(1)
10,543 2,555,939 
3,074,611 
Road and Rail — 1.2%
CSX Corp.15,210 494,781 
Norfolk Southern Corp.1,949 494,150 
Union Pacific Corp.2,916 632,305 
XPO Logistics, Inc.(1)
17,209 1,495,634 
3,116,870 
Semiconductors and Semiconductor Equipment — 6.2%
Applied Materials, Inc.3,832 517,818 
Broadcom, Inc.3,685 1,832,219 
Intel Corp.101,664 5,495,956 
KLA Corp.1,524 518,099 
Lam Research Corp.864 522,565 
Micron Technology, Inc.(1)
28,303 2,085,943 
MKS Instruments, Inc.3,535 520,281 
ON Semiconductor Corp.(1)
46,787 2,075,471 
Qorvo, Inc.(1)
2,742 515,578 
QUALCOMM, Inc.4,470 655,704 
Skyworks Solutions, Inc.2,811 515,706 
Texas Instruments, Inc.2,706 516,603 
15,771,943 
Software — 5.2%
CDK Global, Inc.12,269 510,390 
Check Point Software Technologies Ltd.(1)
24,980 3,138,237 
Dropbox, Inc., Class A(1)
16,476 522,454 
j2 Global, Inc.(1)
3,748 516,100 
Microsoft Corp.11,729 3,540,751 
NortonLifeLock, Inc.19,061 506,260 
Oracle Corp. (New York)46,404 4,135,988 
59


STOXX® U.S. Quality Value ETF
SharesValue
VMware, Inc., Class A(1)
3,209 $477,724 
13,347,904 
Specialty Retail — 3.6%
Advance Auto Parts, Inc.2,398 486,434 
AutoNation, Inc.(1)
13,559 1,479,151 
Bath & Body Works, Inc.7,465 503,738 
Best Buy Co., Inc.26,096 3,040,445 
Foot Locker, Inc.17,471 990,431 
Home Depot, Inc. (The)1,571 512,429 
Lowe's Cos., Inc.2,468 503,201 
Williams-Sonoma, Inc.8,942 1,669,471 
9,185,300 
Technology Hardware, Storage and Peripherals — 3.7%
Apple, Inc.28,767 4,367,694 
Hewlett Packard Enterprise Co.33,682 520,724 
HP, Inc.22,614 672,540 
NetApp, Inc.6,186 550,121 
Seagate Technology Holdings plc38,072 3,334,726 
9,445,805 
Textiles, Apparel and Luxury Goods — 0.6%
Capri Holdings Ltd.(1)
8,560 483,726 
Hanesbrands, Inc.25,782 481,608 
Ralph Lauren Corp.4,240 492,391 
1,457,725 
Thrifts and Mortgage Finance — 0.3%
New York Community Bancorp, Inc.61,072 764,621 
Tobacco — 1.0%
Altria Group, Inc.10,461 525,456 
Philip Morris International, Inc.20,108 2,071,124 
2,596,580 
TOTAL COMMON STOCKS
(Cost $221,503,857)
254,571,079 
TEMPORARY CASH INVESTMENTS — 0.3%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $841,055)
841,055 841,055 
TOTAL INVESTMENT SECURITIES — 100.1%
(Cost $222,344,912)

255,412,134 
OTHER ASSETS AND LIABILITIES — (0.1)%

(192,695)
TOTAL NET ASSETS — 100.0%

$255,219,439 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Non-income producing.


See Notes to Financial Statements.
60


Statements of Assets and Liabilities
AUGUST 31, 2021
Low Volatility ETFQuality Convertible Securities ETF
Assets
Investment securities, at value (cost of $5,642,257 and $25,023,445, respectively)$6,426,929 $25,977,607 
Dividends and interest receivable7,781 73,389 
6,434,710 26,050,996 
Liabilities
Accrued management fees1,566 6,990 
Net Assets$6,433,144 $26,044,006 
Shares outstanding (unlimited number of shares authorized)135,000 540,000 
Net Asset Value Per Share$47.65 $48.23 
Net Assets Consist of:
Capital paid in$5,652,040 $25,571,039 
Distributable earnings781,104 472,967 
$6,433,144 $26,044,006 


See Notes to Financial Statements.
61


AUGUST 31, 2021
Quality Diversified International ETFQuality Preferred ETF
Assets
Investment securities, at value (cost of $183,308,462 and $22,060,909, respectively)$207,779,957 $22,464,116 
Foreign currency holdings, at value (cost of $48,870 and $—, respectively)48,542 — 
Receivable for investments sold— 585,332 
Dividends and interest receivable658,699 95,274 
208,487,198 23,144,722 
Liabilities
Payable for capital shares redeemed— 625,410 
Accrued management fees66,550 4,572 
66,550 629,982 
Net Assets$208,420,648 $22,514,740 
Shares outstanding (unlimited number of shares authorized)3,950,000 540,000 
Net Asset Value Per Share$52.76 $41.69 
Net Assets Consist of:
Capital paid in$185,936,519 $22,032,842 
Distributable earnings22,484,129 481,898 
$208,420,648 $22,514,740 


See Notes to Financial Statements.
62


AUGUST 31, 2021
STOXX® U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
Assets
Investment securities, at value (cost of $225,482,831 and $222,344,912, respectively)$258,091,621 $255,412,134 
Receivable for investments sold126,847,963 59,209,773 
Receivable for capital shares sold43,453,498 12,974,875 
Dividends and interest receivable476,017 479,973 
428,869,099 328,076,755 
Liabilities
Payable for investments purchased121,179,406 59,838,787 
Payable for capital shares redeemed49,102,108 12,956,125 
Accrued management fees65,762 62,404 
170,347,276 72,857,316 
Net Assets$258,521,823 $255,219,439 
Shares outstanding (unlimited number of shares authorized)3,425,000 4,925,000 
Net Asset Value Per Share$75.48 $51.82 
Net Assets Consist of:
Capital paid in$231,397,033 $233,551,248 
Distributable earnings27,124,790 21,668,191 
$258,521,823 $255,219,439 


See Notes to Financial Statements.
63


Statements of Operations
PERIOD ENDED AUGUST 31, 2021
Low Volatility ETF(1)
Quality Convertible Securities ETF(2)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $81 and $275, respectively)$50,131 $122,533 
Interest55,272 
50,135 177,805 
Expenses:
Management fees9,478 30,779 
Net investment income (loss)40,657 147,026 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (Note 4)165,605 (523,605)
Change in net unrealized appreciation (depreciation) on investments784,672 954,162 
Net realized and unrealized gain (loss)950,277 430,557 
Net Increase (Decrease) in Net Assets Resulting from Operations$990,934 $577,583 
(1)January 12, 2021 (fund inception) through August 31, 2021.
(2)February 16, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
64


YEAR ENDED AUGUST 31, 2021 (EXCEPT AS NOTED)
Quality Diversified International ETF
Quality Preferred ETF(1)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $413,649 and $603, respectively)$4,063,817 $356,367 
Interest207 12,445 
4,064,024 368,812 
Expenses:
Management fees574,039 24,013 
Other expenses2,156 — 
576,195 24,013 
Net investment income (loss)3,487,829 344,799 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (Note 4)13,061,540 175,516 
Foreign currency translation transactions(32,358)— 
13,029,182 175,516 
Change in net unrealized appreciation (depreciation) on:
Investments13,887,300 403,207 
Translation of assets and liabilities in foreign currencies(4,041)— 
13,883,259 403,207 
Net realized and unrealized gain (loss)26,912,441 578,723 
Net Increase (Decrease) in Net Assets Resulting from Operations$30,400,270 $923,522 
(1)February 16, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
65


YEAR ENDED AUGUST 31, 2021
STOXX® U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $— and $1,013, respectively)$1,517,214 $4,133,602 
Interest121 156 
1,517,335 4,133,758 
Expenses:
Management fees675,992 570,756 
Other expenses— 40 
675,992 570,796 
Net investment income (loss)841,343 3,562,962 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (Note 4)68,950,979 33,367,852 
Change in net unrealized appreciation (depreciation) on investments1,940,684 21,953,183 
Net realized and unrealized gain (loss)70,891,663 55,321,035 
Net Increase (Decrease) in Net Assets Resulting from Operations$71,733,006 $58,883,997 


See Notes to Financial Statements.
66


Statements of Changes in Net Assets
PERIOD ENDED AUGUST 31, 2021
Low Volatility ETF(1)
Quality Convertible Securities ETF(2)
Increase (Decrease) in Net AssetsAugust 31, 2021August 31, 2021
Operations
Net investment income (loss)$40,657 $147,026 
Net realized gain (loss)165,605 (523,605)
Change in net unrealized appreciation (depreciation)784,672 954,162 
Net increase (decrease) in net assets resulting from operations990,934 577,583 
Distributions to Shareholders
From earnings(27,228)(104,616)
Capital Share Transactions
Proceeds from shares sold6,851,065 25,554,072 
Payments for shares redeemed(1,381,627)— 
Other capital— 16,967 
Net increase (decrease) in net assets from capital share transactions5,469,438 25,571,039 
Net increase (decrease) in net assets6,433,144 26,044,006 
Net Assets
End of period$6,433,144 $26,044,006 
Transactions in Shares of the Funds
Sold165,000 540,000 
Redeemed(30,000)— 
Net increase (decrease) in shares of the funds135,000 540,000 
(1)January 12, 2021 (fund inception) through August 31, 2021.
(2)February 16, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
67


YEARS ENDED AUGUST 31, 2021 AND AUGUST 31, 2020 (EXCEPT AS NOTED)
Quality Diversified International ETF
Quality Preferred ETF(1)
Increase (Decrease) in Net AssetsAugust 31, 2021August 31, 2020August 31, 2021
Operations
Net investment income (loss)$3,487,829 $1,667,317 $344,799 
Net realized gain (loss)13,029,182 (333,736)175,516 
Change in net unrealized appreciation (depreciation)13,883,259 10,257,532 403,207 
Net increase (decrease) in net assets resulting from operations30,400,270 11,591,113 923,522 
Distributions to Shareholders
From earnings(3,209,185)(1,315,435)(292,191)
Capital Share Transactions
Proceeds from shares sold129,800,116 84,459,734 26,206,795 
Payments for shares redeemed(49,841,406)(12,183,875)(4,335,252)
Other capital— — 11,866 
Net increase (decrease) in net assets from capital share transactions79,958,710 72,275,859 21,883,409 
Net increase (decrease) in net assets107,149,795 82,551,537 22,514,740 
Net Assets
Beginning of period101,270,853 18,719,316 — 
End of period$208,420,648 $101,270,853 $22,514,740 
Transactions in Shares of the Funds
Sold2,600,000 2,150,000 645,000 
Redeemed(1,000,000)(300,000)(105,000)
Net increase (decrease) in shares of the funds1,600,000 1,850,000 540,000 
(1)February 16, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
68


YEARS ENDED AUGUST 31, 2021 AND AUGUST 31, 2020
STOXX® U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
Increase (Decrease) in Net AssetsAugust 31, 2021August 31, 2020August 31, 2021August 31, 2020
Operations
Net investment income (loss)$841,343 $568,569 $3,562,962 $3,009,632 
Net realized gain (loss)68,950,979 26,461,497 33,367,852 (14,863,742)
Change in net unrealized appreciation (depreciation)1,940,684 28,986,871 21,953,183 9,994,124 
Net increase (decrease) in net assets resulting from operations71,733,006 56,016,937 58,883,997 (1,859,986)
Distributions to Shareholders
From earnings(546,618)(537,870)(3,277,478)(2,568,849)
Capital Share Transactions
Proceeds from shares sold250,557,892 261,431,182 171,502,978 112,503,720 
Payments for shares redeemed(278,660,990)(123,435,982)(109,488,315)(867,525)
Net increase (decrease) in net assets from capital share transactions(28,103,098)137,995,200 62,014,663 111,636,195 
Net increase (decrease) in net assets43,083,290 193,474,267 117,621,182 107,207,360 
Net Assets
Beginning of period215,438,533 21,964,266 137,598,257 30,390,897 
End of period$258,521,823 $215,438,533 $255,219,439 $137,598,257 
Transactions in Shares of the Funds
Sold3,800,000 5,825,000 3,625,000 2,800,000 
Redeemed(4,225,000)(2,500,000)(2,250,000)(25,001)
Net increase (decrease) in shares of the funds(425,000)3,325,000 1,375,000 2,774,999 


See Notes to Financial Statements.
69


Notes to Financial Statements

AUGUST 31, 2021

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Low Volatility ETF (Low Volatility ETF), American Century Quality Convertible Securities ETF (Quality Convertible Securities ETF), American Century Quality Diversified International ETF (Quality Diversified International ETF), American Century Quality Preferred ETF (Quality Preferred ETF), American Century STOXX® U.S. Quality Growth ETF (STOXX® U.S. Quality Growth ETF) and American Century STOXX® U.S. Quality Value ETF (STOXX® U.S. Quality Value ETF) are six funds in a series issued by the trust. Low Volatility ETF’s investment objective is to seek capital appreciation. Quality Convertible Securities ETF’s investment objective is to seek total return. Quality Diversified International ETF’s investment objective is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of the Alpha Vee American Century Diversified International Equity Index. Quality Preferred ETF’s investment objective is to seek current income and capital appreciation. STOXX® U.S. Quality Growth ETF’s investment objective is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of the iSTOXX® American Century USA Quality Growth Index. STOXX® U.S. Quality Value ETF’s investment objective is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of the iSTOXX® American Century USA Quality Value Index. Shares of Low Volatility ETF, Quality Diversified International ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF are listed for trading on the NYSE Arca, Inc. Shares of Quality Convertible Securities ETF and Quality Preferred ETF are listed for trading on the Cboe BZX Exchange, Inc. Low Volatility ETF incepted on January 12, 2021. Quality Convertible Securities ETF and Quality Preferred ETF incepted on February 16, 2021.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Convertible bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

70


Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred stocks and convertible preferred stocks with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Open-end management investment companies are valued at the reported NAV per share.

If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. For convertible bonds, the premiums attributable only to the debt instrument are amortized.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The funds may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

71


Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly for Quality Convertible Securities ETF and Quality Preferred ETF. Distributions from net investment income, if any, are generally declared and paid quarterly for Low Volatility ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF. Distributions from net investment income, if any, are generally declared and paid semiannually for Quality Diversified International ETF. Distributions from net realized gains, if any, are generally declared and paid annually for all funds.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, American Century Investment Management, Inc. (ACIM), and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 36%, 39% and 62% of the shares of Quality Diversified International ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF, respectively. ACIM owns 74% of the shares of Low Volatility ETF. Related parties do not invest in the funds for the purpose of exercising management or control.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears.

The annual management fee for each fund is as follows:
Annual Management Fee
Low Volatility ETF0.29%
Quality Convertible Securities ETF0.32%
Quality Diversified International ETF0.39%
Quality Preferred ETF0.32%
STOXX® U.S. Quality Growth ETF
0.29%
STOXX® U.S. Quality Value ETF
0.29%

Interfund Transactions — The funds may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2021 were as follows:
Low Volatility ETF(1)
Quality Convertible Securities ETF(2)
Quality Diversified International ETF
Quality Preferred ETF(2)
STOXX® U.S. Quality Growth ETF 
STOXX® U.S. Quality Value ETF
Purchases$3,805,052$27,041,933$193,081,366$8,445,919$392,497,372$290,079,580
Sales$3,133,820$17,009,995$155,450,434$7,526,053$372,852,638$285,808,065
(1)January 12, 2021 (fund inception) through August 31, 2021.
(2)February 16, 2021 (fund inception) through August 31, 2021.

72


Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2021 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Low Volatility ETF(1)
$5,994,367$1,219,020$182,908
Quality Convertible Securities ETF(2)
$14,166,942
Quality Diversified International ETF$89,349,105$47,259,985$12,750,626
Quality Preferred ETF(2)
$24,585,081$4,193,398$142,974
STOXX® U.S. Quality Growth ETF
$222,250,231$270,184,375$72,022,629
STOXX® U.S. Quality Value ETF
$167,402,048$107,220,223$29,870,960
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

(1)January 12, 2021 (fund inception) through August 31, 2021.
(2)February 16, 2021 (fund inception) through August 31, 2021.

5. Capital Share Transactions

Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.

6. Fair Value Measurements

The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Low Volatility ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$6,396,857 — — 
Temporary Cash Investments30,072 — — 
$6,426,929 — — 

73


Quality Convertible Securities ETF
Level 1Level 2Level 3
Assets
Investment Securities
Convertible Bonds— $17,562,036 — 
Convertible Preferred Stocks— 7,364,306 — 
Common Stocks$155,835 — — 
Temporary Cash Investments895,430 — — 
$1,051,265 $24,926,342 — 

Quality Diversified International ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$3,004,695 $203,921,250 — 
Temporary Cash Investments854,012 — — 
$3,858,707 $203,921,250 — 

Quality Preferred ETF
Level 1Level 2Level 3
Assets
Investment Securities
Preferred Stocks$16,400,740 $1,116,530 — 
Convertible Preferred Stocks— 4,526,229 — 
Temporary Cash Investments420,617 — — 
$16,821,357 $5,642,759 — 

STOXX® U.S. Quality Growth ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$257,263,914 — — 
Temporary Cash Investments827,707 — — 
$258,091,621 — — 

STOXX® U.S. Quality Value ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$254,571,079 — — 
Temporary Cash Investments841,055 — — 
$255,412,134 — — 

7. Risk Factors

The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

74


Quality Diversified International ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF are not actively managed and do not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the funds generally will not buy or sell securities unless they are added or removed from their respective indexes, even if the security is underperforming. If the funds' respective indexes have high portfolio turnover, the funds may also have high portfolio turnover.

A fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

8. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2021 (except as noted) and August 31, 2020 were as follows:
20212020
Distributions Paid From:Distributions Paid From:
Ordinary
Income
Long-term Capital GainsOrdinary
Income
Long-term Capital Gains
Low Volatility ETF(1)
$27,228 — N/AN/A
Quality Convertible Securities ETF(2)
$104,616 — N/AN/A
Quality Diversified International ETF$3,209,185 — $1,315,435 — 
Quality Preferred ETF(2)
$292,191 — N/AN/A
STOXX® U.S. Quality Growth ETF
$546,618 — $537,870 — 
STOXX® U.S. Quality Value ETF
$3,277,478 — $2,568,849 — 
(1)January 12, 2021 (fund inception) through August 31, 2021.
(2)February 16, 2021 (fund inception) through August 31, 2021.

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

The reclassifications, which are primarily due to in kind transactions, were as follows:

 Low Volatility ETFQuality Convertible Securities ETFQuality Diversified International ETFQuality Preferred ETF
STOXX® U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
Capital paid in$182,602 $12,608,386$149,433 $71,661,734 $29,233,539 
Distributable earnings$(182,602)$(12,608,386)$(149,433)$(71,661,734)$(29,233,539)


75


As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Low
Volatility ETF
Quality Convertible Securities ETFQuality Diversified International ETF
Federal tax cost of investments$5,650,858 $25,041,096 $183,868,134 
Gross tax appreciation of investments$800,476 $1,495,278 $27,897,262 
Gross tax depreciation of investments(24,405)(558,767)(3,985,439)
Net tax appreciation (depreciation)
of investments
$776,071 $936,511 $23,911,823 
Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies— — $1,900 
Net tax appreciation (depreciation)$776,071 $936,511 $23,913,723 
Undistributed ordinary income$13,420 $66,158 $1,076,304 
Accumulated long-term capital losses— — $(544,125)
Accumulated short-term capital losses$(8,387)$(529,702)$(1,961,773)

Quality
Preferred ETF
STOXX® U.S.
Quality Growth ETF
STOXX® U.S.
Quality Value ETF
Federal tax cost of investments$22,030,170 $225,573,021 $223,113,251 
Gross tax appreciation of investments$474,476 $33,644,845 $32,972,285 
Gross tax depreciation of investments(40,530)(1,126,245)(673,402)
Net tax appreciation (depreciation)
of investments
$433,946 $32,518,600 $32,298,883 
Undistributed ordinary income$48,996 $321,716 $810,044 
Accumulated long-term capital losses— — $(828,758)
Accumulated short-term capital losses$(1,044)$(5,715,526)$(10,611,978)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and to the timing and recognition of partnership income.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
76


Financial Highlights
For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:Ratio to Average Net Assets of: 
 Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From Net
Investment
Income
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Low Volatility ETF
2021(4)
$39.840.347.708.04(0.23)$47.6520.26%
0.29%(5)
1.24%(5)
61%$6,433 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)January 12, 2021 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:Ratio to Average Net Assets of: 
 Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From Net
Investment
Income
Other Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Quality Convertible Securities ETF
2021(4)
$50.000.39(1.95)(1.56)(0.25)0.04$48.23(3.03)%
0.32%(5)
1.53%(5)
110%$26,044 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)February 16, 2021 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:Ratio to Average Net Assets of: 
 Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Quality Diversified International ETF
2021$43.091.179.5610.73(1.06)$52.7625.04%0.39%2.37%107%$208,421 
2020$37.440.785.426.20(0.55)$43.0916.67%0.39%2.00%118%$101,271 
2019(4)
$39.850.98(2.69)(1.71)(0.70)$37.44(4.32)%
0.39%(5)
2.67%(5)
119%$18,719 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 10, 2018 (fund inception) through August 31, 2019.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:Ratio to Average Net Assets of: 
 Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Quality Preferred ETF
2021(4)
$40.001.011.482.49(0.83)0.03$41.696.35%
0.32%(5)
4.59%(5)
61%$22,515 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)February 16, 2021 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
STOXX® U.S. Quality Growth ETF
2021$55.960.2319.4419.67(0.15)$75.4835.20%0.29%0.36%162%$258,522 
2020$41.840.1814.1114.29(0.17)$55.9634.30%0.29%0.39%180%$215,439 
2019(4)
$40.150.181.641.82(0.13)$41.844.57%
0.29%(5)
0.48%(5)
191%$21,964 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 10, 2018 (fund inception) through August 31, 2019.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:Ratio to Average Net Assets of: 
 Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
STOXX® U.S. Quality Value ETF
2021$38.760.8313.0213.85(0.79)$51.8236.16%0.29%1.81%147%$255,219 
2020$39.211.02(0.47)0.55(1.00)$38.761.55%0.29%2.66%178%$137,598 
2019$41.661.15(2.68)(1.53)(0.92)$39.21(3.60)%0.29%2.94%190%$30,391 
2018(4)
$40.370.551.111.66(0.37)$41.664.16%
0.29%(5)
2.17%(5)
77%$7,291 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)January 11, 2018 (fund inception) through August 31, 2018.
(5)Annualized.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century ETF Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Low Volatility ETF, American Century Quality Convertible Securities ETF, American Century Quality Diversified International ETF, American Century Quality Preferred ETF, American Century STOXX® U.S. Quality Growth ETF, and American Century STOXX® U.S. Quality Value ETF (the “Funds”), six of the funds constituting the American Century ETF Trust, as of August 31, 2021, the related statements of operations, statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2021, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

Individual Fund
Comprising the American
Century ETF Trust
Statement of
Operations
Statements of
Changes in Net
Assets
Financial Highlights
American Century Low Volatility ETFFor the period January 12, 2021 (fund inception) through August 31, 2021
American Century Quality Convertible Securities ETFFor the period February 16, 2021 (fund inception) through August 31, 2021
American Century Quality Diversified International ETFFor the year ended August 31, 2021For the years ended August 31, 2021 and 2020For the years ended August 31, 2021 and 2020, and the period from September 10, 2018 (fund inception) through August 31, 2019
American Century Quality Preferred ETFFor the period February 16, 2021 (fund inception) through August 31, 2021
American Century STOXX® U.S. Quality Growth ETF
For the year ended August 31, 2021For the years ended August 31, 2021 and 2020For the years ended August 31, 2021 and 2020, and the period from September 10, 2018 (fund inception) through August 31, 2019
American Century STOXX® U.S. Quality Value ETF
For the year ended August 31, 2021For the years ended August 31, 2021 and 2020For the years ended August 31, 2021, 2020, and 2019, and the period from January 11, 2018 (fund inception) through August 31, 2018

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Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP


Kansas City, Missouri
October 18, 2021

We have served as the auditor of one or more American Century investment companies since 1997.
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Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire by December 31st of the year in which they reach their 75th birthday.
Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Ronald J. Gilson, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)31None
Ronald J. Gilson
(1946)
TrusteeSince 2017Charles J. Meyers Professor of Law and Business, Emeritus (since 2018), Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)69None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired; Consultant regarding ETF and mutual fund matters (2015 to 2016); Principal and Senior Counsel, The Vanguard Group (investment management)(1998 to 2014)31None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired103None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries141None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
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Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2017Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and
Vice President since
2021
General Counsel and Senior Vice President, ACC (2021 to present); Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)
Vice President
since 2019
Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)
Vice President since 2017Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)
Vice President since 2017Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)
Vice President since 2017Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)
Secretary since 2019Attorney, ACS (2003 to present)


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Approval of Management Agreement
American Century Quality Diversified International ETF
American Century STOXX® U.S. Quality Growth ETF
American Century STOXX
® U.S. Quality Value ETF
At a meeting held on June 3, 2021, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for American Century Quality Diversified International ETF, American Century STOXX® U.S. Quality Growth ETF, and American Century STOXX® U.S. Quality Value ETF (collectively the "Existing Funds"). Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s trustees (the “Trustees”), including a majority of the independent Trustees, each year.

Prior to its consideration of the management agreement, the Trustees requested and reviewed extensive data and information compiled by the Advisor and certain independent providers of evaluation data concerning the Existing Funds and the services provided to each Fund by the Advisor. This review was in addition to the oversight and evaluation undertaken by the Board and its Audit Committee on a continual basis and the information received was supplemental to the extensive information that the Board and its Audit Committee receive and consider throughout the year.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to each Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;
the wide range of other programs and services provided and to be provided to each Fund and its shareholders on a routine and non-routine basis;
the investment performance of each Fund, including data comparing each Fund's performance to appropriate benchmarks and/or a peer group of other funds with similar investment objectives and strategies;
the cost of owning each Fund compared to the cost of owning similar funds;
the compliance policies, procedures, and regulatory experience of the Advisor and the Existing Funds’ service providers;
the Advisor’s strategic plans, COVID-19 pandemic response, vendor management practices, and social justice initiatives;
the Advisor’s business continuity plans and cyber security practices;
financial data showing the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the overall profitability of the Advisor;
information regarding payments to intermediaries by the Advisor;
possible economies of scale associated with the Advisor’s management of each Fund; and
possible collateral benefits to the Advisor from the management of the Existing Funds.

The independent Trustees met separately in private session to discuss the renewal and to review and discuss the information provided in response to their request. The independent Trustees also held active discussions with the Advisor regarding the renewal of the management agreement. The
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independent Trustees had the benefit of the advice of their independent counsel throughout the process.


Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Existing Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:

constructing and designing each Fund
portfolio research and security selection
initial capitalization/funding
securities trading
Fund administration
custody of Fund assets
daily valuation of each Fund’s portfolio
liquidity monitoring and management
risk management, including cyber security
shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
legal services (except the independent Trustees’ counsel)
regulatory and portfolio compliance
financial reporting
marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

Investment Management Services. The nature of the investment management services provided to the Existing Funds is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board provides oversight of the investment performance process. It regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any efforts being undertaken to improve performance. The performance for American Century STOXX® U.S. Quality Growth ETF, American Century STOXX® U.S. Quality Value ETF, and American Century Quality Diversified International ETF was below their respective benchmark for the one-year and since inception periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Existing Funds to be satisfactory and consistent with the management agreement.

88


Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Existing Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Existing Funds, its profitability in managing each Fund (pre- and post-distribution), its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Existing Funds.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to the Existing Funds and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders additional content and services.

Comparison to Other Funds’ Fees. The management agreement provides that each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Existing Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Existing Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Existing Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of American Century STOXX® U.S. Quality Growth ETF and American Century Quality Diversified International ETF was below the median of the total expense ratios of their respective peer expense universe and was within the range of their respective peer expense group. The unified fee charged to shareholders of American Century STOXX® U.S. Quality Value ETF was above the median of the total expense ratios of its peer expense universe and was within the range of its peer expense group. The Board concluded that the management fee paid by each Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Existing Funds.

89


Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to funds or other advisory clients managed similarly to the Existing Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Existing Funds. The Board analyzed this information and concluded that the fees charged and services provided to the Existing Funds were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments could include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Existing Funds. They concluded that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Existing Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Existing Funds’ operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in each Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to each Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the management fee is fair and reasonable in light of the services provided and that the investment management agreement between the Existing Funds and the Advisor should be renewed.
90


Liquidity Risk Management Program

The Funds have adopted a liquidity risk management program (the “program”). The Funds' Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by those members of the ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Funds' liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Funds. This risk is managed by monitoring the degree of liquidity of the Funds' investments, limiting the amount of the Funds' illiquid investments, and utilizing various risk management tools and facilities available to the Funds for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of the Funds' investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2020 through December 31, 2020. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.

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Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

 
Proxy Voting Policies
 
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.


Quarterly Portfolio Disclosure
 
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.

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Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

The funds hereby designate up to the maximum amount allowable as qualified dividend income
for the fiscal year ended August 31, 2021.

For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2021 as qualified for the corporate dividends received deduction.

Low
Volatility ETF
Quality Convertible Securities ETFQuality Diversified International ETFQuality Preferred ETF
STOXX®
U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
$27,228$98,261$292,191$546,618$2,858,392

For nonresident alien shareholders, Quality Convertible Securities ETF and Quality Preferred ETF hereby designate $30,821 and $15,370, respectively, or up to the maximum amount allowable, of ordinary income distributions as qualified interest income for the fiscal year ended August 31, 2021.

For the fiscal year ended August 31, 2021, Quality Diversified International ETF intends to pass through to shareholders foreign source income of $4,477,466 and foreign taxes paid of $410,538, or up to the maximum amount allowable, as a foreign tax credit. Foreign source income and foreign tax expense per outstanding share on August 31, 2021 are $1.1335 and $0.1039, respectively.
93


Notes
94


Notes
95


Notes
96






image10.jpg
Contact Usamericancenturyetfs.com
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies1-833-ACI-ETFS
Telecommunications Relay Service for the Deaf711
American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2021 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-96948 2110






ai_lockupxblkxrgb002.jpg
Annual Report
August 31, 2021
Avantis® Emerging Markets Equity ETF (AVEM)
Avantis® International Equity ETF (AVDE)
Avantis® International Small Cap Value ETF (AVDV)
Avantis® U.S. Equity ETF (AVUS)
Avantis® U.S. Small Cap Value ETF (AVUV)







































Table of Contents

Chairman’s Letter
Avantis Emerging Markets Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis International Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis International Small Cap Value ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis U.S. Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis U.S. Small Cap Value ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
Additional Information


Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.



Chairman's Letter

image12a.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit avantisinvestors.com.
Upbeat Backdrop Bolstered Stocks

Global equities rallied for the 12-month period, benefiting from ongoing central bank and federal government support. These programs helped sustain investor confidence and bolster the economic landscape, despite ongoing challenges from COVID-19 and the inconsistent lifting of virus-related restrictions.

In general, data on U.S. manufacturing, employment, housing and corporate earnings remained upbeat during the period. Additionally, expanding COVID-19 vaccine availability and two federal coronavirus aid packages also helped promote investor optimism. Outside the U.S., economies recovered but at a slower pace. Virus outbreaks and slower vaccine rollouts led to lingering lockdowns in some regions.

Against this backdrop, inflation rose, but central banks remained supportive. In the U.S., where annual consumer inflation hit a 13-year high, the Federal Reserve (Fed) insisted temporary supply chain disruptions and other transient factors were at play. The Fed left interest rates unchanged but hinted it may start hiking rates in 2023, sooner than its previous timetable of 2024.

Despite ongoing pandemic-related challenges, including the emergence of the delta variant of COVID-19, stocks remained in favor and delivered strong 12-month returns. The U.S. generally outperformed other developed markets and emerging markets, as the S&P 500 Index returned more than 31%. Value stocks generally outperformed growth stocks, while small caps significantly outpaced large caps. Similar trends prevailed in non-U.S. equity markets.

Several Factors Shaping Market Dynamics

The return to pre-pandemic life is progressing, albeit somewhat cautiously due to the spread of the delta variant. As the economy and markets respond to this fluid backdrop, investors will face opportunities and ongoing challenges. Economic growth, inflation, the virus’s trajectory, supply chain normalization, and fiscal and monetary policy likely will sway market dynamics.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,
image48a16.jpg
Jonathan Thomas
Chairman
Avantis Investors
2


Performance
Avantis Emerging Markets Equity ETF (AVEM)
Total Returns as of August 31, 2021Average Annual Returns 
 1 yearSince InceptionInception Date
Net Asset Value30.08%17.60%9/17/2019
Market Price29.76%17.77%9/17/2019
MSCI Emerging Markets IMI Index23.47%17.06%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 17, 2019
chart-615b1aae50de4320920.jpg
Value on August 31, 2021
Net Asset Value — $13,733
MSCI Emerging Markets IMI Index — $13,608
Total Annual Fund Operating Expenses
0.33%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis Emerging Markets Equity ETF seeks long-term capital appreciation by investing in a diverse group of companies related to emerging markets across market sectors, industry groups, countries and market capitalizations.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities of companies related to emerging markets countries.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2021, Avantis Emerging Markets Equity ETF returned 29.76% on a market price basis. On a net asset value (NAV) basis, the fund returned 30.08%. NAV and market price returns reflect fees and operating expenses, while the index return does not.

For the same time period, the fund outperformed the broad emerging markets stock universe, as measured by the MSCI Emerging Markets IMI Index, which returned 23.47%. The MSCI Emerging Markets IMI Index is an unmanaged index generally representative of the performance of emerging markets stocks across capitalization categories.

The outperformance versus the index was largely due to the fund’s emphasis on companies with higher levels of profitability and lower prices relative to their book values, or more value-oriented stocks. These companies generally outperformed companies with lower levels of profitability and higher prices relative to their book values, or more growth-oriented stocks.

For example, value stocks (as measured by the MSCI Emerging Markets IMI Value Index) returned 31.21% for the period. Growth stocks (as measured by the MSCI Emerging Markets IMI Growth Index) lagged their value-style counterparts, returning 16.50%.












4


Fund Characteristics
AUGUST 31, 2021
Avantis Emerging Markets Equity ETF
Types of Investments in Portfolio% of net assets
Common Stocks100.1%
Rights
—*
Warrants
—*
Corporate Bonds
—*
Temporary Cash Investments0.1%
Temporary Cash Investments - Securities Lending Collateral1.1%
Other Assets and Liabilities(1.3)%
*Category is less than 0.05% of total net assets.
Top Five Countries% of net assets
China30.6%
Taiwan17.2%
South Korea14.6%
India13.4%
Brazil5.7%
.

5


Performance
Avantis International Equity ETF (AVDE)
Total Returns as of August 31, 2021Average Annual Returns 
1 yearSince InceptionInception Date
Net Asset Value30.86%15.79%9/24/2019
Market Price30.65%15.92%9/24/2019
MSCI World ex-USA IMI Index27.53%15.17%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 24, 2019
chart-8185b8109809410987f.jpg
Value on August 31, 2021
Net Asset Value — $13,285
MSCI World ex-USA IMI Index — $13,146
Total Annual Fund Operating Expenses
0.23%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.





Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
6


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis International Equity ETF seeks long-term capital appreciation by investing in a diverse group of non-U.S. companies across countries, market sectors, industry groups and market capitalizations.

The fund seeks securities of companies that it expects to have higher returns. It places an emphasis on the securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2021, Avantis International Equity ETF returned 30.65% on a market price basis. On a net asset value (NAV) basis, the portfolio returned 30.86%. NAV and market price returns reflect fees and operating expenses, while the index return does not.

For the same time period, the fund outperformed the total non-U.S. developed markets stock universe, as measured by the MSCI World ex-USA IMI Index, which returned 27.53%. The MSCI World ex-USA IMI Index is an unmanaged index generally representative of the performance of non-U.S. developed markets stocks across capitalization categories. The outperformance versus the index was largely due to the fund’s emphasis on companies with higher levels of profitability and lower prices relative to their book values. These companies generally outperformed companies with lower levels of profitability and higher prices relative to their book values.

For example, value stocks (as measured by the MSCI World ex-USA IMI Value Index) returned 29.42% for the reporting period. These securities outperformed growth stocks, which returned 25.31% (as measured by the MSCI World ex-USA IMI Growth Index).

7


Fund Characteristics
AUGUST 31, 2021
Avantis International Equity ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.7%
Warrants
—*
Rights
—*
Temporary Cash Investments - Securities Lending Collateral1.2%
Other Assets and Liabilities(0.9)%
*Category is less than 0.05% of total net assets.
Top Five Countries% of net assets
Japan21.1%
United Kingdom13.4%
Canada9.7%
France9.2%
Switzerland8.4%

8


Performance
Avantis International Small Cap Value ETF (AVDV)
Total Returns as of August 31, 2021Average Annual Returns 
 1 yearSince InceptionInception Date
Net Asset Value39.98%17.37%9/24/2019
Market Price39.83%17.51%9/24/2019
MSCI World ex-USA Small Cap Index33.13%20.07%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 24, 2019
chart-fce4ca6294fe45b5983.jpg
Value on August 31, 2021
Net Asset Value — $13,637
MSCI World ex-USA Small Cap Index — $14,252
Total Annual Fund Operating Expenses
0.36%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.





Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
9


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis International Small Cap Value ETF seeks long-term capital appreciation by investing in a diverse group of non-U.S. small-capitalization (small-cap) value companies across countries, market sectors and industry groups.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in securities of small-cap companies.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2021, Avantis International Small Cap Value ETF returned 39.83% on a market price basis. On a net asset value (NAV) basis, the fund returned 39.98%. NAV and market price returns reflect fees and operating expenses, while the index return does not.

For the same time period, the fund outperformed the total non-U.S. developed markets small-cap stock universe, as measured by the MSCI World ex-USA Small Cap Index, which returned 33.13%. The MSCI World ex-USA Small Cap Index is an unmanaged index generally representative of the performance of non-U.S. developed markets small-cap stocks.

The outperformance versus the index was largely due to the fund’s emphasis on small-cap companies with higher levels of profitability and lower prices relative to their book values. These value-oriented companies generally outperformed companies with lower levels of profitability and higher prices relative to their book values, or more growth-oriented stocks.

For example, small-cap value stocks (as measured by the MSCI World ex-USA Small Cap Value Index) returned 36.28% for the reporting period. Small-cap growth stocks (as measured by the MSCI World ex-USA Small Cap Growth Index) lagged their value-style peers, returning 29.85%.

Meanwhile, the exclusion of real estate investment trusts (REITs) in the fund aided relative results. REITs underperformed for the reporting period.










10


Fund Characteristics
AUGUST 31, 2021
Avantis International Small Cap Value ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.7%
Warrants
—*
Rights
—*
Temporary Cash Investments - Securities Lending Collateral1.2%
Other Assets and Liabilities(0.9)%
*Category is less than 0.05% of total net assets.
Top Five Countries% of net assets
Japan24.9%
United Kingdom16.4%
Canada8.4%
Australia8.1%
Sweden7.2%

11


Performance
Avantis U.S. Equity ETF (AVUS)
Total Returns as of August 31, 2021Average Annual Returns 
 1 yearSince InceptionInception Date
Net Asset Value38.56%26.33%9/24/2019
Market Price38.60%26.34%9/24/2019
Russell 3000 Index33.04%27.14%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 24, 2019
chart-665c3420ce9e4bdfb47.jpg
Value on August 31, 2021
Net Asset Value — $15,727
Russell 3000 Index — $15,921
Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.





Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
12


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis U.S. Equity ETF seeks long-term capital appreciation by investing in a diverse group of U.S. companies across market sectors, industry groups and market capitalizations.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities of U.S. companies.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2021, Avantis U.S. Equity ETF returned 38.60% on a market price basis. On a net asset value (NAV) basis, the fund returned 38.56%. NAV and market price returns reflect fees and operating expenses, while the index return does not.

For the same time period, the fund outperformed the total U.S. stock market, as measured by the Russell 3000 Index, which returned 33.04%. The Russell 3000 Index is an unmanaged index generally representative of the performance of the broad U.S. stock market, including all capitalization categories. The fund’s outperformance versus the index was largely due to the fund’s emphasis on mid- and small-cap companies, which generally outperformed mega-cap companies during the period.

For example, small- and mid-cap stocks (as measured by the Russell 2000 and Russell Midcap indices) returned 47.08% and 41.24%, respectively. These indices outperformed large-cap stocks (as measured by the Russell 1000 Index), which returned 32.25% for the period.














13


Fund Characteristics
AUGUST 31, 2021
Avantis U.S. Equity ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.8%
Temporary Cash Investments0.1%
Temporary Cash Investments - Securities Lending Collateral0.2%
Other Assets and Liabilities(0.1)%
Top Five Industries% of net assets
Software6.7%
Banks6.0%
Semiconductors and Semiconductor Equipment4.9%
Technology Hardware, Storage and Peripherals4.4%
Interactive Media and Services4.4%

14


Performance
Avantis U.S. Small Cap Value ETF (AVUV)
Total Returns as of August 31, 2021Average Annual Returns 
 1 yearSince InceptionInception Date
Net Asset Value70.34%25.33%9/24/2019
Market Price70.27%25.32%9/24/2019
Russell 2000 Value Index59.49%19.96%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 24, 2019
chart-c301cc3336f64d05b7a.jpg
Value on August 31, 2021
Net Asset Value — $15,485
Russell 2000 Value Index — $14,227
Total Annual Fund Operating Expenses
0.25%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.





Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
15


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis U.S. Small Cap Value ETF seeks long-term capital appreciation by investing in a diverse group of U.S. small-capitalization (small-cap) companies across market sectors and industry groups.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in securities of small-cap companies located in the U.S.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2021, Avantis U.S. Small Cap Value ETF returned 70.27% on a market price basis. On a net asset value (NAV) basis, the fund returned 70.34%. NAV and market price returns reflect fees and operating expenses, while the index return does not.

For the same time period, the fund outperformed the broad U.S. small-cap value universe, as measured by the Russell 2000 Value Index, which returned 59.49%. The Russell 2000 Value Index is an unmanaged index generally representative of the performance of U.S. small-cap companies with lower price-to-book ratios and lower forecasted growth values.

The outperformance was largely due to the fund’s overweight versus the index in companies with the highest profitability and book-to-market characteristics. The exclusion of real estate investment trusts (REITs) also aided the fund’s relative results, as REITs underperformed for the reporting period.

















16


Fund Characteristics
AUGUST 31, 2021
Avantis U.S. Small Cap Value ETF
Types of Investments in Portfolio% of net assets
Common Stocks99.8%
Temporary Cash Investments0.5%
Temporary Cash Investments - Securities Lending Collateral0.8%
Other Assets and Liabilities(1.1)%
Top Five Industries% of net assets
Banks15.6%
Oil, Gas and Consumable Fuels9.6%
Specialty Retail7.7%
Thrifts and Mortgage Finance4.7%
Insurance4.4%

17


Shareholder Fee Examples

Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2021 to August 31, 2021.

Actual Expenses

The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then 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 under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the 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 and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table 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 table is useful in comparing ongoing 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.

18


Beginning
Account Value
3/1/21
Ending
Account Value
8/31/21
Expenses Paid
During Period(1)
3/1/21 - 8/31/21
Annualized
Expense Ratio(1)
Avantis Emerging Markets Equity ETF
Actual$1,000$1,033.70$1.690.33%
Hypothetical$1,000$1,023.54$1.680.33%
Avantis International Equity ETF
Actual$1,000$1,113.20$1.230.23%
Hypothetical$1,000$1,024.05$1.170.23%
Avantis International Small Cap Value ETF
Actual$1,000$1,118.60$1.920.36%
Hypothetical$1,000$1,023.39$1.840.36%
Avantis U.S. Equity ETF
Actual$1,000$1,162.20$0.820.15%
Hypothetical$1,000$1,024.45$0.770.15%
Avantis U.S. Small Cap Value ETF
Actual$1,000$1,124.40$1.340.25%
Hypothetical$1,000$1,023.95$1.280.25%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
19


Schedules of Investments

AUGUST 31, 2021
Avantis Emerging Markets Equity ETF
SharesValue
COMMON STOCKS — 100.1%


Brazil — 5.7%
3R PETROLEUM OLEO E GAS SA(1)
2,500 $18,416 
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA(1)
13,700 21,222 
AES Brasil Energia SA100,200 298,422 
Aliansce Sonae Shopping Centers SA48,900 239,923 
Alliar Medicos A Frente SA(1)
300 745 
Alpargatas SA, Preference Shares(1)
3,700 43,041 
Alupar Investimento SA26,400 129,427 
Ambev SA, ADR250,065 815,212 
Americanas SA(1)
13,550 108,698 
Arezzo Industria e Comercio SA7,300 126,721 
Atacadao SA54,300 189,863 
Azul SA, ADR(1)(2)
10,813 237,778 
B3 SA - Brasil Bolsa Balcao323,400 873,733 
Banco ABC Brasil SA, Preference Shares28,810 93,716 
Banco BMG SA, Preference Shares46,900 37,369 
Banco Bradesco SA111,426 427,534 
Banco Bradesco SA, ADR390,032 1,747,343 
Banco BTG Pactual SA5,132 17,418 
Banco BTG Pactual SA86,800 477,242 
Banco do Brasil SA96,890 567,946 
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares67,300 161,651 
Banco Inter SA8,100 105,675 
Banco Inter SA, Preference Shares21,300 90,295 
Banco Pan SA, Preference Shares40,800 147,631 
Banco Santander Brasil SA, ADR(2)
40,562 326,524 
BB Seguridade Participacoes SA63,500 232,961 
Bemobi Mobile Tech SA(1)
4,500 20,016 
BK Brasil Operacao e Assessoria a Restaurantes SA(1)
300 538 
BR Malls Participacoes SA(1)
199,900 350,254 
BR Properties SA75,400 121,321 
BrasilAgro - Co. Brasileira de Propriedades Agricolas22,800 122,404 
Braskem SA, ADR(1)(2)
7,362 186,774 
BRF SA, ADR(1)(2)
168,440 763,033 
C&A Modas Ltda(1)
27,000 46,734 
Camil Alimentos SA29,900 55,454 
CCR SA139,200 330,313 
Centrais Eletricas Brasileiras SA, ADR18,099 133,028 
Centrais Eletricas Brasileiras SA, Class B Preference Shares13,900 101,747 
Cia Brasileira de Distribuicao, ADR(2)
66,653 368,591 
Cia de Locacao das Americas63,400 304,812 
Cia de Saneamento Basico do Estado de Sao Paulo, ADR37,779 261,431 
Cia de Saneamento de Minas Gerais-COPASA47,200 127,795 
Cia de Saneamento do Parana9,100 34,036 
20


Avantis Emerging Markets Equity ETF
SharesValue
Cia de Saneamento do Parana, Preference Shares81,100 $61,482 
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares9,100 43,434 
Cia Energetica de Minas Gerais, ADR168,165 428,821 
Cia Energetica de Sao Paulo, Class B Preference Shares32,500 147,076 
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares14,600 159,163 
Cia Hering36,000 258,297 
Cia Paranaense de Energia, ADR35,785 225,446 
Cia Siderurgica Nacional SA, ADR134,966 909,671 
Cielo SA419,700 232,950 
Cogna Educacao(1)
27,500 17,285 
Construtora Tenda SA21,700 85,528 
Cosan SA62,596 267,293 
CPFL Energia SA22,200 124,936 
Cristal Pigmentos do Brasil SA, Preference Shares2,000 41,371 
Cruzeiro do Sul Educacional SA8,000 14,698 
CSU Cardsystem SA6,600 27,302 
CVC Brasil Operadora e Agencia de Viagens SA(1)
6,044 24,652 
CVC Brasil Operadora e Agencia de Viagens SA(1)
38,700 159,791 
Cyrela Brazil Realty SA Empreendimentos e Participacoes89,200 349,327 
Cyrela Commercial Properties SA Empreendimentos e Participacoes16,500 32,580 
Dexco SA77,100 308,651 
Direcional Engenharia SA14,000 34,385 
EcoRodovias Infraestrutura e Logistica SA(1)
85,700 164,412 
EDP - Energias do Brasil SA52,100 186,100 
Embraer SA, ADR(1)
36,116 647,921 
Enauta Participacoes SA37,800 100,370 
Energisa SA16,300 140,688 
Eneva SA(1)
101,200 308,250 
Engie Brasil Energia SA59,100 431,352 
Equatorial Energia SA65,800 323,223 
Eternit SA(1)
29,000 109,588 
Eucatex SA Industria e Comercio, Preference Shares16,500 31,527 
Even Construtora e Incorporadora SA47,100 76,696 
Ez Tec Empreendimentos e Participacoes SA15,600 81,337 
Fleury SA19,500 89,264 
Fras-Le SA20,200 61,333 
Gafisa SA(1)
76,300 45,743 
Gerdau SA, ADR211,231 1,144,872 
Gol Linhas Aereas Inteligentes SA, ADR(1)(2)
5,918 46,101 
Gol Linhas Aereas Inteligentes SA, Preference Shares(1)
13,121 50,369 
GPC Participacoes SA17,400 43,746 
Grendene SA44,600 91,774 
Grupo Mateus SA(1)
23,900 33,464 
Grupo SBF SA(1)
7,300 48,791 
Guararapes Confeccoes SA29,400 88,130 
Hapvida Participacoes e Investimentos SA58,500 166,083 
Hypera SA12,800 87,482 
Iguatemi Empresa de Shopping Centers SA14,400 95,799 
Industrias Romi SA10,966 46,275 
Instituto Hermes Pardini SA6,200 30,863 
Iochpe Maxion SA(1)
28,000 83,770 
21


Avantis Emerging Markets Equity ETF
SharesValue
Irani Papel e Embalagem SA27,700 $37,606 
IRB Brasil Resseguros S/A(1)
194,096 200,072 
Itau Unibanco Holding SA, ADR385,551 2,286,317 
JBS SA104,000 611,232 
Jereissati Participacoes SA10,000 56,587 
JHSF Participacoes SA79,200 102,010 
Kepler Weber SA6,400 59,200 
Klabin SA(1)
121,900 620,486 
Lavvi Empreendimentos Imobiliarios Ltda19,400 23,974 
Light SA71,000 189,762 
Localiza Rent a Car SA63,430 681,675 
Locaweb Servicos de Internet SA(1)
13,200 62,671 
LOG Commercial Properties e Participacoes SA8,000 42,547 
Log-in Logistica Intermodal SA(1)
7,600 23,575 
Lojas Americanas SA, Preference Shares56,389 64,232 
Lojas Quero Quero S/A34,600 130,282 
Lojas Renner SA84,000 614,388 
M Dias Branco SA11,700 72,361 
Magazine Luiza SA135,700 477,107 
Mahle-Metal Leve SA10,400 80,452 
Marcopolo SA, Preference Shares96,800 51,856 
Marfrig Global Foods SA103,200 410,740 
Marisa Lojas SA(1)
32,881 42,287 
Meliuz SA7,900 62,029 
Metalurgica Gerdau SA, Preference Shares10,700 26,694 
Mills Estruturas e Servicos de Engenharia SA23,700 34,422 
Minerva SA77,600 123,661 
Mitre Realty Empreendimentos E Participacoes LTDA16,000 29,086 
Movida Participacoes SA22,400 80,359 
MPM Corporeos SA9,000 31,208 
MRV Engenharia e Participacoes SA80,000 211,959 
Multiplan Empreendimentos Imobiliarios SA62,200 254,656 
Natura & Co. Holding SA(1)
51,756 516,579 
Notre Dame Intermedica Participacoes SA13,388 205,786 
Odontoprev SA58,500 144,587 
Omega Geracao SA(1)
21,700 138,951 
Pet Center Comercio e Participacoes SA9,900 50,622 
Petro Rio SA(1)
139,500 516,097 
Petrobras Distribuidora SA217,700 1,134,223 
Petroleo Brasileiro SA, ADR203,189 2,202,569 
Petroleo Brasileiro SA, ADR Preference Shares260,012 2,732,726 
Porto Seguro SA12,700 139,580 
Portobello SA29,000 82,163 
Positivo Tecnologia SA25,200 70,081 
Qualicorp Consultoria e Corretora de Seguros SA35,800 146,293 
Raia Drogasil SA88,000 434,997 
Randon SA Implementos e Participacoes, Preference Shares27,800 61,774 
Rede D'Or Sao Luiz SA9,900 132,643 
Rumo SA(1)
181,600 654,291 
Santos Brasil Participacoes SA(1)
92,100 139,643 
Sao Martinho SA58,800 365,709 
22


Avantis Emerging Markets Equity ETF
SharesValue
Sendas Distribuidora SA, ADR(2)
41,802 $685,135 
Sequoia Logistica e Transportes SA(1)
4,300 16,648 
Ser Educacional SA19,800 50,124 
SIMPAR SA33,600 96,171 
Sinqia SA4,800 21,778 
SLC Agricola SA30,800 242,609 
StoneCo Ltd.(1)
133 6,188 
StoneCo Ltd., A Shares(1)
4,898 227,953 
Sul America SA113,927 643,357 
Suzano SA, ADR(1)(2)
79,210 922,004 
Tegma Gestao Logistica SA2,200 7,603 
Telefonica Brasil SA, ADR17,063 144,353 
TIM SA, ADR11,956 142,276 
TOTVS SA57,000 432,229 
Transmissora Alianca de Energia Eletrica SA51,900 382,314 
Trisul SA18,100 26,708 
Tupy SA23,900 102,565 
Ultrapar Participacoes SA, ADR(2)
137,841 385,955 
Unipar Carbocloro SA, Preference Shares15,500 274,610 
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares109,900 392,986 
Vale SA, ADR331,020 6,312,551 
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA(1)
6,500 11,339 
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA(1)
18,000 53,261 
Via S/A(1)
40,900 82,262 
Vivara Participacoes SA8,900 56,800 
Vulcabras Azaleia SA(1)
16,100 29,330 
WEG SA33,200 227,934 
Wiz Solucoes e Corretagem de Seguros SA29,400 80,169 
YDUQS Participacoes SA48,300 242,490 
49,638,758 
Chile — 0.6%
AES Andes SA716,685 95,864 
Aguas Andinas SA, A Shares711,543 158,428 
Banco de Chile2,096,596 204,879 
Banco de Credito e Inversiones SA5,172 224,038 
Banco Santander Chile, ADR14,239 299,731 
Besalco SA44,236 16,006 
CAP SA16,101 228,871 
Cencosud SA235,697 450,503 
Cencosud Shopping SA63,751 92,598 
Cia Cervecerias Unidas SA, ADR13,593 275,802 
Cia Sud Americana de Vapores SA3,138,368 238,629 
Colbun SA993,105 161,701 
Embotelladora Andina SA, Class B Preference Shares92,012 217,246 
Empresa Nacional de Telecomunicaciones SA32,914 162,863 
Empresas CMPC SA104,490 232,111 
Empresas COPEC SA37,723 347,570 
Enel Americas SA, ADR39,656 276,799 
Enel Chile SA2,360,943 121,732 
23


Avantis Emerging Markets Equity ETF
SharesValue
Engie Energia Chile SA182,950 $125,776 
Falabella SA59,522 235,751 
Forus SA124 232 
Grupo Security SA164,860 29,610 
Inversiones Aguas Metropolitanas SA50,459 30,411 
Itau CorpBanca Chile SA(1)
20,102,307 55,981 
Latam Airlines Group SA, ADR(1)
8,447 19,175 
Parque Arauco SA(1)
118,434 142,333 
Ripley Corp. SA(1)
194,258 43,855 
Sociedad Quimica y Minera de Chile SA, ADR5,945 310,032 
Vina Concha y Toro SA110,663 189,480 
4,988,007 
China — 30.6%
21Vianet Group, Inc., ADR(1)
5,298 104,847 
360 DigiTech, Inc., ADR(1)
39,982 911,590 
361 Degrees International Ltd.(1)
282,000 134,605 
3SBio, Inc.(1)
386,000 430,015 
51job, Inc., ADR(1)
5,511 423,245 
A-Living Smart City Services Co. Ltd.136,250 541,504 
AAC Technologies Holdings, Inc.(2)
178,000 986,772 
Agile Group Holdings Ltd.438,000 502,293 
Agricultural Bank of China Ltd., H Shares2,666,000 893,744 
Air China Ltd., H Shares(1)
54,000 36,216 
Alibaba Group Holding Ltd., ADR(1)
77,553 12,950,575 
Alibaba Health Information Technology Ltd.(1)
122,000 201,371 
Alibaba Pictures Group Ltd.(1)
1,030,000 109,778 
Aluminum Corp. of China Ltd., H Shares(1)
512,000 371,532 
Angang Steel Co. Ltd., H Shares(2)
32,000 24,448 
Anhui Conch Cement Co. Ltd., H Shares164,500 890,046 
Anhui Expressway Co. Ltd., H Shares132,000 80,821 
ANTA Sports Products Ltd.88,000 1,807,596 
Anton Oilfield Services Group(1)
330,000 18,766 
Aoyuan Healthy Life Group Co. Ltd.(1)(2)
143,000 80,764 
Ascletis Pharma, Inc.(1)
64,000 23,224 
Asia Cement China Holdings Corp.148,500 109,450 
Ausnutria Dairy Corp. Ltd.(1)(2)
213,000 207,361 
Autohome, Inc., ADR12,098 535,457 
BAIC Motor Corp. Ltd., H Shares266,000 97,106 
Baidu, Inc., ADR(1)
34,919 5,482,981 
BAIOO Family Interactive Ltd.448,000 48,222 
Bank of China Ltd., H Shares8,612,000 3,017,933 
Bank of Chongqing Co. Ltd., H Shares216,000 125,722 
Bank of Communications Co. Ltd., H Shares1,418,000 814,361 
BBMG Corp., H Shares181,000 32,541 
BC Technology Group Ltd.(1)(2)
10,500 20,126 
BeiGene Ltd., ADR(1)
2,807 865,398 
Beijing Capital International Airport Co. Ltd., H Shares(1)
384,000 231,170 
Beijing Capital Land Ltd., H Shares(1)
441,000 155,772 
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares(1)
31,750 79,919 
Beijing Energy International Holding Co. Ltd.(1)(2)
70,000 2,477 
Beijing Enterprises Clean Energy Group Ltd.(1)
7,260,000 83,726 
24


Avantis Emerging Markets Equity ETF
SharesValue
Beijing Enterprises Holdings Ltd.115,500 $397,486 
Beijing Enterprises Urban Resources Group Ltd.(1)
580,000 59,535 
Beijing Enterprises Water Group Ltd.(1)
712,000 293,654 
Beijing Jingneng Clean Energy Co. Ltd., H Shares250,000 64,282 
Beijing North Star Co. Ltd., H Shares4,000 684 
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(2)
79,000 108,933 
Best Pacific International Holdings Ltd.4,000 1,423 
Bilibili, Inc., ADR(1)
4,826 387,190 
Binjiang Service Group Co. Ltd.36,000 103,654 
BOC Aviation Ltd.64,400 482,788 
BOE Varitronix Ltd.48,000 50,218 
Bosideng International Holdings Ltd.874,000 713,500 
Burning Rock Biotech Ltd., ADR(1)
3,162 58,908 
BYD Co. Ltd., H Shares104,000 3,496,386 
BYD Electronic International Co. Ltd.(2)
209,000 956,049 
C&D International Investment Group Ltd.(1)
22,000 45,120 
C&D Property Management Group Co. Ltd.(1)
132,000 71,984 
CA Cultural Technology Group Ltd.(1)(2)
30,000 10,585 
Cabbeen Fashion Ltd.104,000 45,576 
Canadian Solar, Inc.(1)
16,124 596,104 
CanSino Biologics, Inc., H Shares(1)(2)
1,400 55,327 
Canvest Environmental Protection Group Co. Ltd.154,000 85,517 
Cathay Media And Education Group, Inc.96,000 38,488 
Central China Management Co. Ltd.117,000 25,854 
Central China New Life Ltd.(2)
65,000 46,841 
Central China Real Estate Ltd.(2)
218,000 53,171 
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(1)
23,400 34,561 
Chaowei Power Holdings Ltd.168,000 52,046 
Chen Lin Education Group Holdings Ltd.(1)
70,000 21,779 
China Aoyuan Group Ltd.31,000 18,534 
China Automotive Systems, Inc.(1)(2)
5,187 18,310 
China BlueChemical Ltd., H Shares714,000 221,246 
China Bohai Bank Co. Ltd., H Shares668,500 270,626 
China Bright Culture Group(1)
89,000 11,443 
China Cinda Asset Management Co. Ltd., H Shares2,350,000 416,796 
China CITIC Bank Corp. Ltd., H Shares1,280,000 588,447 
China Coal Energy Co. Ltd., H Shares103,000 73,465 
China Communications Services Corp. Ltd., H Shares376,000 199,806 
China Conch Venture Holdings Ltd.256,500 1,049,809 
China Construction Bank Corp., H Shares10,056,000 7,245,928 
China Datang Corp. Renewable Power Co. Ltd., H Shares617,000 179,302 
China Dongxiang Group Co. Ltd.1,053,000 124,506 
China East Education Holdings Ltd.(1)
94,500 101,392 
China Eastern Airlines Corp. Ltd., H Shares(1)
116,000 44,423 
China Education Group Holdings Ltd.122,000 230,657 
China Energy Development Holdings Ltd.(1)
4,000 55 
China Everbright Bank Co. Ltd., H Shares566,000 202,867 
China Everbright Environment Group Ltd.1,008,000 696,896 
China Everbright Greentech Ltd.(2)
198,000 67,902 
China Everbright Ltd.262,000 328,794 
China Everbright Water Ltd.126,000 24,458 
25


Avantis Emerging Markets Equity ETF
SharesValue
China Everbright Water Ltd. (Singapore)138,500 $27,274 
China Evergrande Group(2)
302,000 169,472 
China Feihe Ltd.638,000 1,152,882 
China Foods Ltd.232,000 78,027 
China Galaxy Securities Co. Ltd., H Shares812,000 455,823 
China Gas Holdings Ltd.94,000 272,094 
China Glass Holdings Ltd.(1)
240,000 131,215 
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A405,000 323,159 
China Hanking Holdings Ltd.175,000 33,063 
China Harmony Auto Holding Ltd.269,500 151,862 
China High Speed Transmission Equipment Group Co. Ltd.(1)
53,000 38,338 
China Hongqiao Group Ltd.589,500 874,359 
China Huarong Asset Management Co. Ltd., H Shares(1)
2,119,000 182,544 
China Index Holdings Ltd., ADR(1)(2)
1,125 1,699 
China International Capital Corp. Ltd., H Shares310,800 722,694 
China Isotope & Radiation Corp.(2)
14,400 44,804 
China Kepei Education Group Ltd.(2)
130,000 77,037 
China Lesso Group Holdings Ltd.299,000 639,963 
China Life Insurance Co. Ltd., ADR(2)
122,834 1,033,034 
China Lilang Ltd.164,000 102,331 
China Literature Ltd.(1)(2)
57,400 482,815 
China Logistics Property Holdings Co. Ltd.(1)(2)
99,000 51,007 
China Longyuan Power Group Corp. Ltd., H Shares1,122,000 2,286,802 
China Maple Leaf Educational Systems Ltd.(1)(2)
430,000 86,707 
China Medical System Holdings Ltd.552,000 1,083,443 
China Meidong Auto Holdings Ltd.156,000 782,471 
China Mengniu Dairy Co. Ltd.(1)
580,000 3,488,561 
China Merchants Bank Co. Ltd., H Shares432,500 3,567,089 
China Merchants Land Ltd.(1)
148,000 19,403 
China Merchants Port Holdings Co. Ltd.355,545 598,142 
China Minsheng Banking Corp. Ltd., H Shares(2)
852,000 355,821 
China Modern Dairy Holdings Ltd.(2)
951,000 190,509 
China Molybdenum Co. Ltd., H Shares345,000 269,157 
China National Building Material Co. Ltd., H Shares860,000 1,174,415 
China New Higher Education Group Ltd.391,000 210,315 
China Oil & Gas Group Ltd.(1)
280,000 15,144 
China Oriental Group Co. Ltd.264,000 97,554 
China Pacific Insurance Group Co. Ltd., H Shares410,000 1,155,532 
China Petroleum & Chemical Corp., ADR(2)
29,930 1,436,341 
China Pioneer Pharma Holdings Ltd.123,000 25,119 
China Power International Development Ltd.1,460,000 589,558 
China Railway Group Ltd., H Shares884,000 423,369 
China Railway Signal & Communication Corp. Ltd., H Shares141,000 51,037 
China Rare Earth Holdings Ltd.(1)(2)
430,000 49,168 
China Reinsurance Group Corp., H Shares302,000 31,424 
China Renaissance Holdings Ltd.(1)
72,900 183,599 
China Resources Beer Holdings Co. Ltd.144,000 1,184,167 
China Resources Cement Holdings Ltd.496,000 486,322 
China Resources Gas Group Ltd.116,000 703,179 
China Resources Land Ltd.734,000 2,726,310 
China Resources Medical Holdings Co. Ltd.293,500 258,621 
26


Avantis Emerging Markets Equity ETF
SharesValue
China Resources Mixc Lifestyle Services Ltd.19,600 $102,863 
China Resources Pharmaceutical Group Ltd.433,500 225,445 
China Resources Power Holdings Co. Ltd.504,000 1,238,492 
China Sanjiang Fine Chemicals Co. Ltd.248,000 99,003 
China SCE Group Holdings Ltd.410,000 164,204 
China Shengmu Organic Milk Ltd.(1)
205,000 15,826 
China Shenhua Energy Co. Ltd., H Shares448,500 991,772 
China Shineway Pharmaceutical Group Ltd.102,000 110,298 
China Shuifa Singyes Energy Holdings Ltd.202,000 41,018 
China Silver Group Ltd.(1)
420,000 31,188 
China South City Holdings Ltd.1,232,000 113,978 
China Southern Airlines Co. Ltd., H Shares(1)(2)
148,000 86,078 
China Sunshine Paper Holdings Co. Ltd.(1)
221,500 54,867 
China Suntien Green Energy Corp. Ltd., H Shares753,000 476,973 
China Taiping Insurance Holdings Co. Ltd.466,200 681,158 
China Tian Lun Gas Holdings Ltd.(2)
99,500 101,995 
China Tobacco International HK Co. Ltd.(2)
11,000 21,923 
China Tower Corp. Ltd., H Shares8,724,000 1,144,299 
China Traditional Chinese Medicine Holdings Co. Ltd.(1)
758,000 360,787 
China Travel International Investment Hong Kong Ltd.(1)
278,000 38,893 
China Vanke Co. Ltd., H Shares256,800 692,887 
China Vast Industrial Urban Development Co. Ltd.5,000 1,647 
China Water Affairs Group Ltd.204,000 203,464 
China Wood Optimization Holding Ltd.(1)
8,000 926 
China Xinhua Education Group Ltd.56,000 12,738 
China XLX Fertiliser Ltd.189,000 140,233 
China Yongda Automobiles Services Holdings Ltd.303,500 508,542 
China Yuchai International Ltd.4,954 70,595 
China Yuhua Education Corp. Ltd.194,000 103,665 
China ZhengTong Auto Services Holdings Ltd.(1)
574,000 92,022 
China Zhongwang Holdings Ltd.(1)
525,200 113,448 
Chongqing Rural Commercial Bank Co. Ltd., H Shares628,000 240,238 
CIFI Ever Sunshine Services Group Ltd.190,000 392,492 
CIFI Holdings Group Co. Ltd.569,631 382,919 
CIMC Enric Holdings Ltd.244,000 358,435 
CIMC Vehicles Group Co. Ltd., Class H(1)
20,000 17,082 
CITIC Ltd.504,000 626,186 
CITIC Securities Co. Ltd., H Shares413,500 1,047,303 
CMGE Technology Group Ltd.(1)(2)
360,000 161,552 
COFCO Joycome Foods Ltd.(2)
339,000 100,228 
Cogobuy Group(1)(2)
198,000 75,205 
Colour Life Services Group Co. Ltd.(1)(2)
43,000 14,828 
Concord New Energy Group Ltd.2,120,000 212,161 
Consun Pharmaceutical Group Ltd.108,000 50,813 
Coolpad Group Ltd.(1)
2,466,000 86,936 
COSCO SHIPPING Energy Transportation Co. Ltd., Class H136,000 53,038 
COSCO SHIPPING Holdings Co. Ltd., Class H(1)(2)
711,749 1,343,345 
COSCO SHIPPING International Hong Kong Co. Ltd.86,000 28,728 
COSCO SHIPPING Ports Ltd.430,621 358,103 
Country Garden Holdings Co. Ltd.847,966 937,257 
Country Garden Services Holdings Co. Ltd.207,000 1,579,557 
27


Avantis Emerging Markets Equity ETF
SharesValue
CPMC Holdings Ltd.165,000 $98,676 
Crazy Sports Group Ltd.(1)(2)
902,000 59,291 
CSPC Pharmaceutical Group Ltd.2,581,760 3,275,225 
CSSC Hong Kong Shipping Co. Ltd.102,000 17,183 
CStone Pharmaceuticals(1)
35,000 59,081 
Dada Nexus Ltd., ADR(1)
1,562 36,988 
DaFa Properties Group Ltd.31,000 26,717 
Dali Foods Group Co. Ltd.640,000 358,480 
Daqo New Energy Corp., ADR(1)
17,587 1,078,259 
Datang International Power Generation Co. Ltd., H Shares184,000 31,671 
Dawnrays Pharmaceutical Holdings Ltd.55,000 11,328 
Dexin China Holdings Co. Ltd.(1)
50,000 18,265 
DiDi Global, Inc., ADR(1)(2)
13,169 108,249 
Differ Group Holding Co. Ltd.(1)
1,406,000 486,828 
Digital China Holdings Ltd.182,000 113,502 
Dongfeng Motor Group Co. Ltd., Class H576,000 630,714 
Dongyue Group Ltd.(2)
440,000 1,513,516 
DouYu International Holdings Ltd., ADR(1)
2,425 10,379 
Duiba Group Ltd.(1)
119,600 32,958 
Dynagreen Environmental Protection Group Co. Ltd., H Shares40,000 19,040 
E-House China Enterprise Holdings Ltd.180,000 50,928 
Edvantage Group Holdings Ltd.88,000 62,590 
EHang Holdings Ltd., ADR(1)(2)
1,616 43,955 
ENN Energy Holdings Ltd.75,100 1,486,052 
Essex Bio-technology Ltd.120,000 101,174 
Excellence Commercial Property & Facilities Management Group Ltd.(1)
20,000 16,065 
Fanhua, Inc., ADR(2)
17,814 255,096 
Fantasia Holdings Group Co. Ltd.(1)
343,500 31,287 
FIH Mobile Ltd.(1)
870,000 129,678 
FinVolution Group, ADR56,586 344,609 
First Tractor Co. Ltd., H Shares(2)
74,000 39,949 
Flat Glass Group Co. Ltd., H Shares22,000 128,587 
Fosun International Ltd.457,500 578,690 
Fountain SET Holdings Ltd.36,000 6,256 
Fu Shou Yuan International Group Ltd.350,000 315,707 
Fufeng Group Ltd.(1)
578,000 220,319 
Fusen Pharmaceutical Co. Ltd.46,000 14,569 
Fuyao Glass Industry Group Co. Ltd., H Shares100,800 620,304 
Ganfeng Lithium Co. Ltd., H Shares12,200 281,083 
GCL New Energy Holdings Ltd.(1)
638,000 28,668 
GCL-Poly Energy Holdings Ltd.(1)
3,342,000 477,139 
GDS Holdings Ltd., ADR(1)
9,725 568,718 
Geely Automobile Holdings Ltd.929,000 3,366,904 
Gemdale Properties & Investment Corp. Ltd.2,266,000 254,121 
Genertec Universal Medical Group Co. Ltd.286,500 233,088 
GF Securities Co. Ltd., H Shares199,800 355,052 
Global Bio-Chem Technology Group Co. Ltd.(1)
40,000 1,488 
Global Cord Blood Corp.(1)(2)
18,571 91,926 
Glorious Property Holdings Ltd.(1)
130,000 4,018 
Glory Sun Financial Group Ltd.(1)
324,000 9,660 
28


Avantis Emerging Markets Equity ETF
SharesValue
Goodbaby International Holdings Ltd.(1)
338,000 $55,963 
Grand Baoxin Auto Group Ltd.(1)
30,000 4,328 
Great Wall Motor Co. Ltd., H Shares568,500 2,622,105 
Greatview Aseptic Packaging Co. Ltd.139,000 57,171 
Greenland Hong Kong Holdings Ltd.137,000 38,019 
Greentown China Holdings Ltd.(2)
105,000 161,066 
Greentown Management Holdings Co. Ltd.135,000 65,349 
GreenTree Hospitality Group Ltd., ADR(1)(2)
2,321 21,191 
Guangdong Investment Ltd.320,000 444,409 
Guangzhou Automobile Group Co. Ltd., H Shares340,000 342,318 
Guangzhou R&F Properties Co. Ltd., H Shares630,400 537,486 
Guorui Properties Ltd.(1)
17,000 720 
Guotai Junan Securities Co. Ltd., H Shares69,200 96,711 
Haidilao International Holding Ltd.(2)
105,000 428,524 
Haier Smart Home Co. Ltd., H Shares324,400 1,222,016 
Hainan Meilan International Airport Co. Ltd., H Shares(1)
41,000 129,142 
Haitian International Holdings Ltd.183,000 699,709 
Haitong Securities Co. Ltd., H Shares542,400 501,139 
Hangzhou Tigermed Consulting Co. Ltd., H Shares6,900 122,425 
Hansoh Pharmaceutical Group Co. Ltd.102,000 278,106 
Harbin Electric Co. Ltd., H Shares94,000 30,916 
HC Group, Inc.(1)
7,500 807 
Hebei Construction Group Corp. Ltd., H Shares68,000 20,786 
Hello Group, Inc., ADR48,897 642,507 
Hengan International Group Co. Ltd.213,000 1,233,501 
HengTen Networks Group Ltd.(1)(2)
42,800 21,004 
Hi Sun Technology China Ltd.(1)
363,000 61,362 
Hisense Home Appliances Group Co. Ltd., H Shares89,000 104,484 
Hollysys Automation Technologies Ltd.18,270 359,006 
Homeland Interactive Technology Ltd.(1)(2)
142,000 46,070 
Honworld Group Ltd.(1)
7,500 2,960 
Hope Education Group Co. Ltd.900,000 152,996 
Hopson Development Holdings Ltd.143,000 557,086 
Hua Hong Semiconductor Ltd.(1)(2)
49,000 288,378 
Hua Medicine(1)
41,000 24,194 
Huabao International Holdings Ltd.172,000 411,358 
Huadian Power International Corp. Ltd., H Shares132,000 44,795 
Huaneng Power International, Inc., H Shares672,000 325,059 
Huatai Securities Co. Ltd., H Shares352,800 506,064 
Huaxi Holdings Co. Ltd.14,000 4,500 
Huazhong In-Vehicle Holdings Co. Ltd.(2)
248,000 133,515 
Huazhu Group Ltd., ADR(1)
34,690 1,675,180 
Huijing Holdings Co. Ltd.(2)
258,000 64,775 
Huize Holding Ltd., ADR(1)
3,811 10,480 
HUYA, Inc., ADR(1)
9,320 99,631 
I-Mab, ADR(1)
2,673 189,569 
iDreamSky Technology Holdings Ltd.(1)(2)
158,000 95,815 
IMAX China Holding, Inc.32,000 46,527 
Industrial & Commercial Bank of China Ltd., H Shares5,488,000 3,056,127 
Inke Ltd.(1)
296,000 68,550 
Innovent Biologics, Inc.(1)
42,500 343,173 
29


Avantis Emerging Markets Equity ETF
SharesValue
International Alliance Financial Leasing Co. Ltd.(1)
30,000 $9,842 
iQIYI, Inc., ADR(1)(2)
38,448 348,339 
IVD Medical Holding Ltd.3,000 1,181 
JD Health International, Inc.(1)(2)
10,150 94,966 
JD.com, Inc., ADR(1)
65,044 5,109,857 
JH Educational Technology, Inc.(1)
102,000 28,617 
JHBP CY Holdings Ltd.(1)(2)
12,000 16,855 
Jiangsu Expressway Co. Ltd., H Shares320,000 331,951 
Jiangxi Copper Co. Ltd., H Shares253,000 511,928 
Jiayuan International Group Ltd.60,000 23,835 
Jinchuan Group International Resources Co. Ltd.(2)
1,102,000 196,210 
Jingrui Holdings Ltd.(1)
30,000 9,775 
Jinke Smart Services Group Co. Ltd., H Shares4,700 30,225 
JinkoSolar Holding Co. Ltd., ADR(1)(2)
10,861 534,361 
Jinxin Fertility Group Ltd.(1)
454,000 721,423 
JNBY Design Ltd.83,000 196,877 
JOYY, Inc., ADR8,061 510,261 
Jutal Offshore Oil Services Ltd.186,000 22,483 
JW Cayman Therapeutics Co. Ltd.(1)(2)
7,000 14,864 
Kaisa Group Holdings Ltd.(1)
416,000 138,471 
Kaisa Prosperity Holdings Ltd.(1)
26,500 83,559 
Kandi Technologies Group, Inc.(1)(2)
8,347 41,902 
Kangji Medical Holdings Ltd.(2)
62,500 87,533 
Kasen International Holdings Ltd.(1)
147,000 15,095 
KE Holdings, Inc., ADR(1)
13,314 240,850 
Kingboard Holdings Ltd.106,000 521,194 
Kingboard Laminates Holdings Ltd.342,000 672,532 
Kingdee International Software Group Co. Ltd.(1)
165,000 600,827 
Kingsoft Corp. Ltd.128,000 513,457 
Koolearn Technology Holding Ltd.(1)(2)
6,000 3,336 
Kuaishou Technology(1)(2)
6,700 73,105 
Kunlun Energy Co. Ltd.986,000 1,042,833 
KWG Group Holdings Ltd.358,000 376,900 
KWG Living Group Holdings Ltd.255,249 214,135 
Lee & Man Paper Manufacturing Ltd.366,000 321,221 
Lee's Pharmaceutical Holdings Ltd.(2)
73,500 38,119 
Lenovo Group Ltd.1,284,000 1,416,294 
Leoch International Technology Ltd.(1)
124,000 13,227 
LexinFintech Holdings Ltd., ADR(1)
52,765 367,244 
Li Auto, Inc., ADR(1)
34,262 1,057,325 
Li Ning Co. Ltd.466,000 6,248,953 
Lifetech Scientific Corp.(1)
528,000 285,368 
Logan Group Co. Ltd.211,000 251,504 
Longfor Group Holdings Ltd.344,000 1,488,597 
Lonking Holdings Ltd.739,000 231,673 
Lufax Holding Ltd., ADR(1)
23,057 199,904 
Luokung Technology Corp.(1)
25,975 40,781 
Luoyang Glass Co. Ltd., H Shares(1)
20,000 35,646 
Luye Pharma Group Ltd.(1)(2)
562,500 299,396 
LVGEM China Real Estate Investment Co. Ltd.(1)
84,000 19,529 
Maanshan Iron & Steel Co. Ltd., H Shares60,000 34,296 
30


Avantis Emerging Markets Equity ETF
SharesValue
Maoyan Entertainment(1)
46,000 $60,602 
Meitu, Inc.(1)
425,500 101,724 
Meituan, Class B(1)
121,200 3,875,317 
Metallurgical Corp. of China Ltd., H Shares198,000 78,755 
Midea Real Estate Holding Ltd.(2)
98,200 194,595 
Minsheng Education Group Co. Ltd.(1)
254,000 39,726 
Minth Group Ltd.54,000 224,116 
MMG Ltd.(1)
528,000 254,307 
Mulsanne Group Holding Ltd.(1)
87,500 67,821 
Nam Tai Property, Inc.(1)(2)
3,469 90,021 
NetDragon Websoft Holdings Ltd.99,000 221,345 
NetEase, Inc., ADR59,843 5,829,905 
New China Life Insurance Co. Ltd., H Shares186,900 550,186 
New Oriental Education & Technology Group, Inc., ADR(1)
149,520 337,915 
Nexteer Automotive Group Ltd.273,000 307,450 
Nine Dragons Paper Holdings Ltd.496,000 677,595 
NIO, Inc., ADR(1)
46,221 1,816,948 
NiSun International Enterprise Development Group Co. Ltd.(1)(2)
2,765 26,489 
Niu Technologies, ADR(1)(2)
7,189 193,312 
Noah Holdings Ltd., ADR(1)
12,990 506,350 
Nongfu Spring Co. Ltd., H Shares(2)
25,000 132,299 
Ocumension Therapeutics(1)(2)
8,500 20,804 
Pacific Online Ltd.32,000 6,499 
PAX Global Technology Ltd.500,000 618,170 
People's Insurance Co. Group of China Ltd. (The), H Shares821,000 253,258 
PetroChina Co. Ltd., ADR(2)
30,748 1,340,920 
PICC Property & Casualty Co. Ltd., H Shares1,570,000 1,419,456 
Pinduoduo, Inc., ADR(1)
14,578 1,458,092 
Ping An Healthcare and Technology Co. Ltd.(1)(2)
27,100 200,284 
Ping An Insurance Group Co. of China Ltd., H Shares645,782 5,000,340 
Poly Property Group Co. Ltd.516,000 136,533 
Poly Property Services Co. Ltd.(2)
13,800 84,358 
Postal Savings Bank of China Co. Ltd., H Shares1,394,000 1,004,271 
Pou Sheng International Holdings Ltd.(1)
171,000 34,572 
Powerlong Commercial Management Holdings Ltd.56,000 155,263 
Powerlong Real Estate Holdings Ltd.327,000 265,652 
Prinx Chengshan Holdings Ltd.12,500 12,387 
Q Technology Group Co. Ltd.136,000 238,762 
Qeeka Home Cayman, Inc.(1)
6,000 1,545 
Qudian, Inc., ADR(1)
69,556 118,245 
Radiance Holdings Group Co. Ltd.(1)
44,000 26,609 
Redco Properties Group Ltd.(2)
44,000 14,999 
Redsun Properties Group Ltd.396,000 137,679 
ReneSola Ltd., ADR(1)
3,023 21,161 
Road King Infrastructure Ltd.27,000 30,674 
Ronshine China Holdings Ltd.(1)(2)
152,000 82,100 
Sany Heavy Equipment International Holdings Co. Ltd.306,000 393,221 
Seazen Group Ltd.(1)
612,000 542,039 
Secoo Holding Ltd., ADR(1)(2)
9,058 18,025 
Shandong Gold Mining Co. Ltd., H Shares53,750 86,856 
Shandong Molong Petroleum Machinery Co. Ltd., H Shares(1)
78,400 48,658 
31


Avantis Emerging Markets Equity ETF
SharesValue
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares712,000 $1,171,547 
Shanghai Electric Group Co. Ltd., H Shares208,000 59,066 
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares(2)
17,500 112,265 
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares(1)
60,000 185,861 
Shanghai Industrial Holdings Ltd.135,000 209,782 
Shanghai Industrial Urban Development Group Ltd.403,600 33,188 
Shanghai Jin Jiang Capital Co. Ltd., H Shares10,000 1,964 
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares226,700 449,734 
Sheng Ye Capital Ltd.48,000 61,005 
Shenzhen Expressway Co. Ltd., H Shares172,000 165,000 
Shenzhen International Holdings Ltd.285,000 371,910 
Shenzhen Investment Ltd.1,130,000 335,409 
Shenzhou International Group Holdings Ltd.122,100 2,646,654 
Shimao Group Holdings Ltd.198,000 409,131 
Shimao Services Holdings Ltd.45,000 105,438 
Shoucheng Holdings Ltd.232,800 50,032 
Shougang Fushan Resources Group Ltd.551,249 176,944 
Shui On Land Ltd.(1)
1,692,500 276,225 
Sihuan Pharmaceutical Holdings Group Ltd.(2)
513,000 152,353 
Sino Biopharmaceutical Ltd.2,413,500 2,018,595 
Sino-Ocean Group Holding Ltd.1,335,000 274,078 
Sinolink Worldwide Holdings Ltd.(1)
270,000 9,518 
Sinopec Engineering Group Co. Ltd., H Shares280,500 148,627 
Sinopec Kantons Holdings Ltd.268,000 99,093 
Sinopec Shanghai Petrochemical Co. Ltd., ADR(2)
3,184 68,743 
Sinopharm Group Co. Ltd., H Shares203,200 522,936 
Sinotrans Ltd., H Shares138,000 56,185 
Sinotruk Hong Kong Ltd.178,000 350,707 
Skyfame Realty Holdings Ltd.158,000 18,894 
Skyworth Group Ltd.(1)
408,924 127,753 
So-Young International, Inc., ADR(1)(2)
2,142 12,531 
Sogou, Inc., ADR(1)(2)
6,889 60,830 
SOHO China Ltd.(1)(2)
514,000 211,022 
Sohu.com Ltd., ADR(1)
9,557 223,634 
SOS Ltd., ADR(1)(2)
10,397 28,176 
South Manganese Investment Ltd.(1)
400,000 83,635 
SSY Group Ltd.532,000 330,095 
Sun King Technology Group Ltd.(1)(2)
382,000 218,311 
Sunac China Holdings Ltd.707,000 1,807,669 
Sunac Services Holdings Ltd.138,120 359,830 
Sunny Optical Technology Group Co. Ltd.111,900 3,386,269 
Sunpower Group Ltd.(2)
95,900 44,150 
Suoxinda Holdings Ltd.(1)
28,000 24,193 
TCL Electronics Holdings Ltd.(1)
290,000 153,629 
Tencent Holdings Ltd.324,500 20,042,022 
Tian Ge Interactive Holdings Ltd.(1)
9,000 1,147 
Tiangong International Co. Ltd.(2)
292,000 192,123 
Tianjin Development Holdings Ltd.6,000 1,325 
Tianli Education International Holdings Ltd.(1)
497,000 128,479 
Tianneng Power International Ltd.(2)
342,000 457,717 
Tianyun International Holdings Ltd.(1)
84,000 16,121 
32


Avantis Emerging Markets Equity ETF
SharesValue
Tibet Water Resources Ltd.(1)
19,000 $1,491 
Times China Holdings Ltd.75,000 77,492 
Times Neighborhood Holdings Ltd.(2)
11,538 7,255 
Tingyi Cayman Islands Holding Corp.668,000 1,189,538 
Tong Ren Tang Technologies Co. Ltd., H Shares198,000 147,495 
Tongcheng-Elong Holdings Ltd.(1)
109,200 254,565 
Tongda Group Holdings Ltd.(1)(2)
990,000 31,826 
Tongdao Liepin Group(1)
7,000 12,435 
Topsports International Holdings Ltd.332,000 437,749 
Towngas China Co. Ltd.(1)
298,000 216,862 
TravelSky Technology Ltd., H Shares95,000 177,958 
Trigiant Group Ltd.(1)
28,000 2,479 
Trip.com Group Ltd., ADR(1)
44,868 1,368,025 
Tsingtao Brewery Co. Ltd., H Shares90,000 736,419 
Uni-President China Holdings Ltd.462,000 436,663 
United Strength Power Holdings Ltd.21,000 24,667 
Up Fintech Holding Ltd., ADR(1)(2)
6,568 90,507 
Uxin Ltd., ADR(1)
9,348 33,372 
Vinda International Holdings Ltd.(2)
113,000 333,062 
Viomi Technology Co. Ltd., ADR(1)(2)
5,721 29,063 
Vipshop Holdings Ltd., ADR(1)
127,835 1,890,680 
Want Want China Holdings Ltd.1,469,000 998,272 
Weibo Corp., ADR(1)(2)
17,124 865,104 
Weichai Power Co. Ltd., H Shares439,000 1,107,750 
Weiqiao Textile Co., H Shares80,000 29,595 
West China Cement Ltd.878,000 140,018 
Wharf Holdings Ltd. (The)393,000 1,326,402 
Wisdom Education International Holdings Co. Ltd.(2)
296,000 59,440 
Wison Engineering Services Co. Ltd.(1)
19,000 980 
Wuling Motors Holdings Ltd.(2)
350,000 68,056 
WuXi AppTec Co. Ltd., H Shares18,304 365,037 
Wuxi Biologics Cayman, Inc.(1)
129,000 1,997,172 
X Financial, ADR(1)
464 2,260 
XD, Inc.(1)
98,400 522,330 
Xiabuxiabu Catering Management China Holdings Co. Ltd.(1)
93,500 82,617 
Xin Point Holdings Ltd.57,000 24,664 
Xingda International Holdings Ltd.154,482 34,892 
Xinhua Winshare Publishing and Media Co. Ltd., H Shares146,000 102,495 
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares340,000 651,811 
Xinjiang Xinxin Mining Industry Co. Ltd., H Shares(1)
129,000 30,552 
Xinyi Energy Holdings Ltd.440,000 269,113 
Xinyi Solar Holdings Ltd.916,976 2,219,253 
Xinyuan Real Estate Co. Ltd., ADR(2)
4,488 10,233 
XPeng, Inc., ADR(1)(2)
22,114 939,845 
XTEP International Holdings Ltd.(2)
555,500 947,277 
Xunlei Ltd., ADR(1)(2)
5,199 19,444 
Yadea Group Holdings Ltd.402,000 715,290 
Yanzhou Coal Mining Co. Ltd., H Shares554,000 965,693 
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(2)
71,000 49,217 
Yidu Tech, Inc.(1)
4,900 21,564 
Yihai International Holding Ltd.(1)(2)
55,000 297,552 
33


Avantis Emerging Markets Equity ETF
SharesValue
Youdao, Inc., ADR(1)(2)
2,573 $32,548 
YuanShengTai Dairy Farm Ltd.(1)
252,000 11,516 
Yuexiu Property Co. Ltd.272,400 255,345 
Yuexiu Transport Infrastructure Ltd.312,000 183,995 
Yum China Holdings, Inc.70,437 4,336,102 
Yuzhou Group Holdings Co. Ltd.(2)
254,300 49,013 
Zai Lab Ltd., ADR(1)
1,294 186,983 
Zengame Technology Holding Ltd.150,000 24,151 
Zepp Health Corp., ADR(1)(2)
6,661 72,472 
Zhaojin Mining Industry Co. Ltd., H Shares453,000 370,009 
Zhejiang Expressway Co. Ltd., H Shares420,000 368,308 
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares(2)
73,200 91,840 
Zhenro Properties Group Ltd.482,000 281,358 
Zhenro Services Group Ltd.124,000 79,607 
Zhong An Group Ltd.(1)
415,000 19,219 
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1)(2)
3,000 14,628 
Zhongliang Holdings Group Co. Ltd.(2)
269,500 159,196 
Zhongsheng Group Holdings Ltd.127,500 1,066,027 
Zhongyu Gas Holdings Ltd.36,000 30,652 
Zhou Hei Ya International Holdings Co. Ltd.(1)(2)
262,000 269,666 
Zhuguang Holdings Group Co. Ltd.616,000 136,219 
Zijin Mining Group Co. Ltd., H Shares940,000 1,330,078 
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H148,400 141,409 
ZTO Express Cayman, Inc., ADR63,283 1,785,213 
264,299,785 
Colombia — 0.2%
Banco Davivienda SA, Preference Shares24,226 209,535 
Bancolombia SA16,219 133,697 
Bancolombia SA, ADR7,735 257,189 
Cementos Argos SA18,987 29,721 
Corp. Financiera Colombiana SA(1)
21,338 161,685 
Ecopetrol SA, ADR(2)
24,821 346,501 
Empresa de Telecomunicaciones de Bogota(1)
18,600 997 
Grupo Argos SA35,212 102,203 
Interconexion Electrica SA ESP60,517 364,468 
1,605,996 
Czech Republic — 0.1%
CEZ AS18,338 578,050 
Komercni banka AS(1)
10,559 406,003 
Moneta Money Bank AS(1)
79,018 320,831 
1,304,884 
Egypt — 0.1%
Commercial International Bank Egypt S.A.E., GDR(1)
210,845 612,776 
Greece — 0.4%
Alpha Services and Holdings SA(1)
336,813 466,927 
Athens Water Supply & Sewage Co. SA3,091 30,510 
Ellaktor SA(1)
50,516 92,546 
Eurobank Ergasias Services and Holdings SA(1)
209,248 199,408 
Fourlis Holdings SA(1)
2,838 15,030 
GEK Terna Holding Real Estate Construction SA(1)
10,321 118,693 
Hellenic Exchanges - Athens Stock Exchange SA8,827 40,901 
34


Avantis Emerging Markets Equity ETF
SharesValue
Hellenic Petroleum SA8,768 $62,597 
Hellenic Telecommunications Organization SA20,237 398,365 
Holding Co. ADMIE IPTO SA(1)
6,638 20,843 
Intracom Holdings SA(1)
19,243 53,058 
JUMBO SA15,597 244,978 
LAMDA Development SA(1)
8,171 80,186 
Motor Oil Hellas Corinth Refineries SA(1)
12,318 203,550 
Mytilineos SA11,184 209,963 
National Bank of Greece SA(1)
115,936 350,493 
Piraeus Financial Holdings SA(1)
42,842 72,282 
Public Power Corp. SA(1)
19,467 230,592 
Terna Energy SA4,744 67,843 
Titan Cement International SA(1)
11,779 221,117 
Viohalco SA20,185 112,840 
3,292,722 
Hong Kong
Beijing Gas Blue Sky Holdings Ltd.(1)
88,000 1,313 
Brilliance China Automotive Holdings Ltd.(1)
338,000 130,624 
131,937 
Hungary — 0.3%
Magyar Telekom Telecommunications plc72,123 105,151 
MOL Hungarian Oil & Gas plc95,095 779,685 
OTP Bank Nyrt(1)
18,943 1,144,001 
Richter Gedeon Nyrt11,952 358,238 
2,387,075 
India — 13.4%
Aarti Drugs Ltd.6,262 52,792 
Aarti Industries Ltd.31,790 407,631 
ACC Ltd.18,795 620,172 
Action Construction Equipment Ltd.9,606 31,260 
Adani Enterprises Ltd.29,768 646,588 
Adani Green Energy Ltd.(1)
9,980 145,735 
Adani Ports & Special Economic Zone Ltd.47,885 489,128 
Adani Power Ltd.(1)
51,167 68,765 
Adani Total Gas Ltd.25,719 510,498 
Adani Transmission Ltd.(1)
8,325 179,811 
Aditya Birla Capital Ltd.(1)
96,650 142,261 
Advanced Enzyme Technologies Ltd.16,916 88,213 
Aegis Logistics Ltd.7,395 26,908 
Affle India Ltd.(1)
678 44,039 
AIA Engineering Ltd.1,823 50,429 
Ajanta Pharma Ltd.1,683 51,309 
Akzo Nobel India Ltd.1,400 42,371 
Alembic Ltd.12,271 17,557 
Alembic Pharmaceuticals Ltd.17,636 181,232 
Alkyl Amines Chemicals2,873 168,177 
Allcargo Logistics Ltd.18,045 53,683 
Alok Industries Ltd.(1)
45,160 13,673 
Amara Raja Batteries Ltd.22,319 213,444 
Ambuja Cements Ltd.83,489 480,522 
Anant Raj Ltd.26,202 23,167 
35


Avantis Emerging Markets Equity ETF
SharesValue
Andhra Sugars Ltd. (The)(1)
3,262 $23,491 
Apar Industries Ltd.4,172 37,466 
APL Apollo Tubes Ltd.(1)
12,697 288,423 
Apollo Hospitals Enterprise Ltd.9,727 661,098 
Apollo Tyres Ltd.96,983 282,135 
Arvind Ltd.(1)
69,703 86,217 
Ashok Leyland Ltd.49,812 83,500 
Ashoka Buildcon Ltd.(1)
22,363 30,535 
Asian Paints Ltd.13,246 580,260 
Astec Lifesciences Ltd.1,514 27,079 
Aster DM Healthcare Ltd.(1)
36,962 108,265 
Astral Ltd.6,202 172,985 
AstraZeneca Pharma India Ltd.328 13,959 
Atul Ltd.3,059 382,133 
AU Small Finance Bank Ltd.(1)
10,578 163,408 
Aurobindo Pharma Ltd.66,837 664,869 
Avanti Feeds Ltd.9,506 73,116 
Avenue Supermarts Ltd.(1)
3,703 200,363 
Axis Bank Ltd., GDR(1)
31,120 1,720,733 
Bajaj Auto Ltd.7,754 395,260 
Bajaj Consumer Care Ltd.33,298 111,916 
Bajaj Electricals Ltd.(1)
14,735 244,668 
Bajaj Finance Ltd.9,316 957,018 
Bajaj Finserv Ltd.2,602 609,437 
Bajaj Hindusthan Sugar Ltd.(1)
303,826 60,458 
Balkrishna Industries Ltd.13,427 421,333 
Balmer Lawrie & Co. Ltd.12,135 21,508 
Balrampur Chini Mills Ltd.58,980 297,530 
Bandhan Bank Ltd.91,146 355,013 
BASF India Ltd.3,328 163,167 
Bata India Ltd.11,394 276,216 
Bayer CropScience Ltd.784 59,494 
BEML Ltd.1,894 34,223 
Berger Paints India Ltd.15,147 170,115 
Bhansali Engineering Polymers Ltd.11,499 28,886 
Bharat Electronics Ltd.55,347 141,201 
Bharat Forge Ltd.39,007 408,850 
Bharat Heavy Electricals Ltd.(1)
200,198 143,704 
Bharat Petroleum Corp. Ltd.93,532 602,651 
Bharat Rasayan Ltd.356 62,500 
Bharti Airtel Ltd.(1)
231,681 2,102,297 
Biocon Ltd.(1)
16,407 80,540 
Birla Corp. Ltd.(1)
10,916 202,024 
Birlasoft Ltd.49,530 282,450 
Blue Dart Express Ltd.1,202 96,359 
Blue Star Ltd.12,196 129,222 
Bombay Burmah Trading Co.5,851 95,151 
Bombay Dyeing & Manufacturing Co. Ltd.(1)
1,774 2,231 
Borosil Renewables Ltd.(1)
10,770 43,347 
Bosch Ltd.489 92,723 
Brigade Enterprises Ltd.36,906 168,842 
36


Avantis Emerging Markets Equity ETF
SharesValue
Britannia Industries Ltd.4,185 $228,722 
BSE Ltd.4,481 73,436 
Can Fin Homes Ltd.3,056 23,844 
Canara Bank(1)
46,485 100,969 
Capacit'e Infraprojects Ltd.(1)
19,339 39,433 
Capri Global Capital Ltd.7,072 49,237 
Carborundum Universal Ltd.26,856 304,791 
Care Ratings Ltd.12,011 111,242 
Castrol India Ltd.112,878 206,934 
CCL Products India Ltd.7,908 43,589 
Ceat Ltd.7,793 136,230 
Central Depository Services India Ltd.5,186 84,275 
Century Enka Ltd.6,013 35,374 
Century Plyboards India Ltd.16,960 93,435 
Century Textiles & Industries Ltd.15,509 164,780 
Cera Sanitaryware Ltd.526 31,974 
CESC Ltd.12,756 140,362 
CG Power & Industrial Solutions Ltd.(1)
37,320 43,741 
Chalet Hotels Ltd.(1)
8,387 19,552 
Chambal Fertilizers and Chemicals Ltd.42,787 187,865 
Cholamandalam Investment and Finance Co. Ltd.67,672 512,613 
Cipla Ltd.52,589 682,065 
City Union Bank Ltd.66,431 137,952 
Coal India Ltd.197,227 393,437 
Cochin Shipyard Ltd.8,053 39,186 
Coforge Ltd.4,049 288,508 
Colgate-Palmolive India Ltd.15,710 363,934 
Computer Age Management Services Ltd.1,385 72,300 
Confidence Petroleum India Ltd.38,839 38,140 
Container Corp. of India Ltd.66,818 620,361 
Coromandel International Ltd.28,943 314,030 
Cosmo Films Ltd.5,720 103,880 
CreditAccess Grameen Ltd.(1)
15,525 148,953 
CRISIL Ltd.1,486 55,559 
Crompton Greaves Consumer Electricals Ltd.34,183 221,247 
CSB Bank Ltd.(1)
8,137 33,071 
Cummins India Ltd.28,128 384,545 
Cyient Ltd.23,605 315,754 
Dabur India Ltd.31,580 268,607 
Dalmia Bharat Ltd.(1)
20,927 629,050 
Dalmia Bharat Sugar & Industries Ltd.(1)
5,655 33,403 
DB Corp. Ltd.18,592 22,098 
DCB Bank Ltd.(1)
31,272 39,380 
DCM Shriram Ltd.19,642 239,089 
Deccan Cements Ltd.(1)
2,682 25,647 
Deepak Fertilisers & Petrochemicals Corp. Ltd.9,679 54,199 
Deepak Nitrite Ltd.15,366 479,720 
Delta Corp. Ltd.21,685 53,696 
DFM Foods Ltd.4,696 22,123 
Dhampur Sugar Mills Ltd.7,983 34,342 
Dhani Services Ltd.(1)
27,615 75,252 
37


Avantis Emerging Markets Equity ETF
SharesValue
Dhanuka Agritech Ltd.3,413 $39,305 
Dilip Buildcon Ltd.11,891 82,701 
Dish TV India Ltd.(1)
278,858 48,056 
Dishman Carbogen Amcis Ltd.(1)
9,405 23,844 
Divi's Laboratories Ltd.4,544 321,723 
Dixon Technologies India Ltd.(1)
4,584 260,649 
DLF Ltd.54,833 240,105 
Dolat Investments Ltd.16,966 23,211 
Dr Reddy's Laboratories Ltd., ADR16,140 1,036,349 
Dwarikesh Sugar Industries Ltd.53,478 51,552 
eClerx Services Ltd.3,009 93,109 
Edelweiss Financial Services Ltd.119,701 132,968 
Eicher Motors Ltd.4,134 151,354 
EID Parry India Ltd.(1)
26,234 144,880 
EIH Ltd.(1)
32,352 45,267 
Emami Ltd.51,412 419,782 
Endurance Technologies Ltd.7,032 159,900 
Engineers India Ltd.95,332 95,270 
EPL Ltd.29,512 93,907 
Equitas Holdings Ltd.61,438 99,036 
Eris Lifesciences Ltd.2,408 24,075 
Escorts Ltd.12,398 228,086 
Ester Industries Ltd.10,654 19,423 
Eveready Industries India Ltd.(1)
4,878 22,612 
Excel Industries Ltd.(1)
1,332 20,547 
Exide Industries Ltd.102,045 224,895 
FDC Ltd.(1)
11,851 56,021 
Federal Bank Ltd.442,466 490,821 
Filatex India Ltd.(1)
19,510 24,135 
Fine Organic Industries Ltd.1,757 68,303 
Finolex Cables Ltd.22,911 145,947 
Force Motors Ltd.1,685 31,286 
Fortis Healthcare Ltd.(1)
38,403 152,366 
Future Consumer Ltd.(1)
236,969 21,845 
Future Lifestyle Fashions Ltd.(1)
1,909 1,304 
Future Retail Ltd.(1)
18,863 11,418 
Gabriel India Ltd.15,306 30,211 
GAIL India Ltd.191,968 383,041 
Galaxy Surfactants Ltd.2,423 104,538 
Garden Reach Shipbuilders & Engineers Ltd.8,836 22,835 
Gateway Distriparks Ltd.31,993 114,971 
General Insurance Corp. of India(1)
46,922 95,177 
Geojit Financial Services Ltd.18,976 20,304 
GHCL Ltd.6,968 35,375 
GIC Housing Finance Ltd.9,147 18,313 
Glenmark Pharmaceuticals Ltd.45,157 327,571 
Globus Spirits Ltd.4,823 65,505 
GMR Infrastructure Ltd.(1)
64,086 25,440 
Godawari Power and Ispat Ltd.4,587 72,550 
Godrej Agrovet Ltd.886 7,659 
Godrej Consumer Products Ltd.(1)
11,594 174,369 
38


Avantis Emerging Markets Equity ETF
SharesValue
Godrej Properties Ltd.(1)
2,480 $50,506 
Granules India Ltd.44,982 203,770 
Graphite India Ltd.11,673 101,989 
Grasim Industries Ltd.35,175 721,121 
Great Eastern Shipping Co. Ltd. (The)44,351 218,260 
Greaves Cotton Ltd.17,696 32,904 
Greenpanel Industries Ltd.(1)
15,810 55,839 
Greenply Industries Ltd.23,408 57,289 
Gufic Biosciences Ltd.8,531 21,648 
Gujarat Alkalies & Chemicals Ltd.5,789 35,999 
Gujarat Ambuja Exports Ltd.12,938 32,381 
Gujarat Fluorochemicals Ltd.(1)
5,413 130,368 
Gujarat Gas Ltd.20,358 201,160 
Gujarat Mineral Development Corp. Ltd.24,576 23,554 
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.13,804 62,716 
Gujarat Pipavav Port Ltd.91,035 126,647 
Gujarat State Fertilizers & Chemicals Ltd.17,398 24,276 
Gujarat State Petronet Ltd.81,434 390,416 
Happiest Minds Technologies Ltd.3,847 75,084 
Havells India Ltd.6,866 119,101 
HBL Power Systems Ltd.51,463 35,486 
HCL Technologies Ltd.103,216 1,668,725 
HDFC Asset Management Co. Ltd.5,360 225,217 
HDFC Life Insurance Co. Ltd.21,493 210,974 
HEG Ltd.4,763 146,385 
HeidelbergCement India Ltd.21,787 78,849 
Hemisphere Properties India Ltd.(1)
23,316 42,612 
Hero MotoCorp Ltd.16,880 632,629 
HFCL Ltd.(1)
185,580 172,264 
HG Infra Engineering Ltd.7,905 60,512 
Hikal Ltd.13,702 118,489 
HIL Ltd.524 40,651 
Himadri Speciality Chemical Ltd.38,530 24,784 
Himatsingka Seide Ltd.11,317 38,733 
Hindalco Industries Ltd.201,338 1,287,711 
Hinduja Global Solutions Ltd.1,100 41,348 
Hindustan Copper Ltd.(1)
17,442 28,255 
Hindustan Oil Exploration Co. Ltd.(1)
16,740 37,942 
Hindustan Petroleum Corp. Ltd.161,090 587,208 
Hindustan Unilever Ltd.42,745 1,591,975 
Housing Development Finance Corp. Ltd.62,536 2,388,622 
HSIL Ltd.20,708 61,923 
I G Petrochemicals Ltd.3,267 28,566 
ICICI Bank Ltd., ADR70,356 1,380,385 
ICICI Lombard General Insurance Co. Ltd.11,818 257,758 
ICICI Prudential Life Insurance Co. Ltd.14,050 126,683 
ICICI Securities Ltd.6,739 66,487 
IDFC First Bank Ltd.(1)
305,199 179,103 
IDFC Ltd.(1)
304,465 209,269 
IFB Industries Ltd.(1)
1,596 20,023 
IFCI Ltd.(1)
228,442 35,852 
39


Avantis Emerging Markets Equity ETF
SharesValue
IIFL Finance Ltd.41,715 $161,048 
IIFL Securities Ltd.25,305 32,252 
India Cements Ltd. (The)34,690 77,583 
India Glycols Ltd.3,045 29,375 
Indiabulls Housing Finance Ltd.84,959 260,082 
Indiabulls Real Estate Ltd.(1)
34,282 63,902 
IndiaMart InterMesh Ltd.1,252 134,278 
Indian Bank36,355 62,089 
Indian Energy Exchange Ltd.25,977 179,282 
Indian Hotels Co. Ltd. (The)61,944 118,833 
Indian Oil Corp. Ltd.281,178 426,096 
Indian Overseas Bank(1)
35,971 9,627 
Indian Railway Catering & Tourism Corp. Ltd.2,897 109,040 
Indigo Paints Ltd.(1)
577 20,427 
Indo Count Industries Ltd.24,311 77,962 
Indraprastha Gas Ltd.9,946 74,226 
Indraprastha Medical Corp. Ltd.(1)
21,721 22,800 
Indus Towers Ltd.45,160 132,932 
INEOS Styrolution India Ltd.1,561 28,663 
Infibeam Avenues Ltd.(1)
15,228 9,840 
Info Edge India Ltd.5,368 453,368 
Infosys Ltd., ADR271,177 6,459,436 
Inox Leisure Ltd.(1)
22,946 97,077 
Inox Wind Ltd.(1)
24,296 35,499 
Insecticides India Ltd.2,026 21,253 
Intellect Design Arena Ltd.(1)
14,000 124,622 
InterGlobe Aviation Ltd.(1)
8,303 216,446 
IOL Chemicals and Pharmaceuticals Ltd.5,687 43,434 
Ipca Laboratories Ltd.4,993 175,968 
IRB Infrastructure Developers Ltd.(1)
55,466 125,104 
IRCON International Ltd.11,230 6,603 
ITD Cementation India Ltd.21,419 22,916 
J Kumar Infraprojects Ltd.11,890 32,664 
Jagran Prakashan Ltd.(1)
44,477 34,392 
Jai Corp. Ltd.15,480 26,818 
Jain Irrigation Systems Ltd.(1)
72,937 30,917 
Jaiprakash Associates Ltd.(1)
200,701 21,701 
Jammu & Kashmir Bank Ltd. (The)(1)
48,816 23,529 
Jamna Auto Industries Ltd.7,525 9,224 
JB Chemicals & Pharmaceuticals Ltd.7,707 179,579 
Jindal Poly Films Ltd.5,172 69,014 
Jindal Saw Ltd.49,295 79,399 
Jindal Stainless Hisar Ltd.(1)
24,330 94,359 
Jindal Stainless Ltd.(1)
49,415 101,549 
Jindal Steel & Power Ltd.(1)
81,094 417,221 
JK Cement Ltd.6,078 272,178 
JK Lakshmi Cement Ltd.24,614 238,661 
JK Paper Ltd.14,211 47,487 
JK Tyre & Industries Ltd.96,052 190,550 
JM Financial Ltd.148,148 187,018 
Johnson Controls-Hitachi Air Conditioning India Ltd.(1)
724 21,745 
40


Avantis Emerging Markets Equity ETF
SharesValue
JSW Energy Ltd.101,564 $367,482 
JSW Ispat Special Products Ltd.(1)
33,533 14,274 
JSW Steel Ltd.93,044 873,818 
Jubilant Foodworks Ltd.9,982 545,028 
Jubilant Ingrevia Ltd.11,999 122,286 
Jubilant Pharmova Ltd.18,288 165,892 
Just Dial Ltd.(1)
6,866 89,302 
Kajaria Ceramics Ltd.2,533 40,742 
Kalpataru Power Transmission Ltd.22,723 127,827 
Kalyani Steels Ltd.4,946 27,528 
Karnataka Bank Ltd. (The)58,342 49,186 
Karur Vysya Bank Ltd. (The)83,446 50,114 
Kaveri Seed Co. Ltd.5,435 42,972 
KCP Ltd. (The)13,450 25,259 
KEC International Ltd.44,653 260,254 
KEI Industries Ltd.5,386 56,135 
Kirloskar Ferrous Industries Ltd.14,000 46,676 
KNR Constructions Ltd.(1)
49,148 223,350 
Kolte-Patil Developers Ltd.(1)
7,275 23,949 
Kopran Ltd.8,693 25,925 
Kotak Mahindra Bank Ltd.10,961 262,663 
KPIT Technologies Ltd.50,565 232,429 
KPR Mill Ltd.6,721 162,914 
KRBL Ltd.(1)
15,584 52,290 
L&T Finance Holdings Ltd.(1)
188,445 214,435 
L&T Technology Services Ltd.3,710 198,801 
Larsen & Toubro Infotech Ltd.6,573 477,590 
Larsen & Toubro Ltd.65,108 1,487,492 
Laurus Labs Ltd.26,166 238,529 
LG Balakrishnan & Bros Ltd.(1)
3,632 21,133 
LIC Housing Finance Ltd.83,488 458,710 
Linde India Ltd.2,410 75,509 
LT Foods Ltd.26,546 24,395 
Lupin Ltd.15,362 201,204 
Mahanagar Gas Ltd.15,906 249,519 
Maharashtra Scooters Ltd.500 31,623 
Mahindra & Mahindra Financial Services Ltd.125,074 273,827 
Mahindra & Mahindra Ltd.102,604 1,111,790 
Mahindra CIE Automotive Ltd.(1)
6,648 21,900 
Mahindra Holidays & Resorts India Ltd.(1)
9,151 39,686 
Mahindra Logistics Ltd.9,000 94,381 
Maithan Alloys Ltd.(1)
1,330 17,554 
Man Infraconstruction Ltd.27,799 25,397 
Manali Petrochemicals Ltd.34,060 41,283 
Manappuram Finance Ltd.171,911 376,678 
Mangalam Cement Ltd.7,000 41,868 
Marico Ltd.58,689 437,421 
Marksans Pharma Ltd.72,230 69,999 
Maruti Suzuki India Ltd.3,270 305,939 
Mayur Uniquoters Ltd.3,977 25,601 
Meghmani Finechem Ltd.(1)
2,112 17,366 
41


Avantis Emerging Markets Equity ETF
SharesValue
Meghmani Organics Ltd.(1)
22,470 $34,963 
Metropolis Healthcare Ltd.4,763 184,110 
Minda Corp. Ltd.18,545 30,345 
Mindtree Ltd.13,326 661,073 
MOIL Ltd.13,133 29,916 
Motherson Sumi Systems Ltd.(1)
196,201 585,686 
Motilal Oswal Financial Services Ltd.15,769 175,615 
Mphasis Ltd.(1)
12,139 481,295 
MRF Ltd.229 249,710 
MSTC Ltd.6,662 23,925 
Multi Commodity Exchange of India Ltd.9,338 193,825 
Muthoot Finance Ltd.22,602 467,898 
Narayana Hrudayalaya Ltd.(1)
13,965 103,187 
Natco Pharma Ltd.10,012 129,527 
National Aluminium Co. Ltd.185,113 229,265 
National Fertilizers Ltd.(1)
24,439 18,207 
Nava Bharat Ventures Ltd.29,489 43,886 
Navneet Education Ltd.(1)
18,910 26,567 
NBCC India Ltd.116,526 70,620 
NCC Ltd.197,841 214,217 
NCL Industries Ltd.7,144 22,769 
NESCO Ltd.6,909 54,116 
Nestle India Ltd.1,129 300,650 
NIIT Ltd.30,906 133,510 
Nilkamal Ltd.800 30,319 
Nippon Life India Asset Management Ltd.23,915 138,694 
NOCIL Ltd.13,492 51,027 
NTPC Ltd.441,160 699,016 
Oberoi Realty Ltd.(1)
24,724 238,273 
Oil & Natural Gas Corp. Ltd.376,597 619,895 
Oil India Ltd.89,399 222,310 
OnMobile Global Ltd.15,331 23,961 
Oracle Financial Services Software Ltd.1,014 65,192 
Orient Cement Ltd.57,171 118,502 
Orient Electric Ltd.43,180 195,141 
Page Industries Ltd.480 206,733 
Panama Petrochem Ltd.12,000 43,919 
Parag Milk Foods Ltd.10,941 19,865 
Persistent Systems Ltd.15,516 704,346 
Petronet LNG Ltd.121,213 377,463 
Pfizer Ltd.380 29,793 
Phillips Carbon Black Ltd.19,105 63,688 
PI Industries Ltd.4,026 187,005 
Pidilite Industries Ltd.9,493 296,191 
Piramal Enterprises Ltd.16,996 605,446 
PNB Gilts Ltd.22,203 21,333 
PNB Housing Finance Ltd.(1)
18,856 169,324 
PNC Infratech Ltd.36,090 155,021 
Pokarna Ltd.6,924 46,935 
Poly Medicure Ltd.(1)
5,414 70,676 
Polycab India Ltd.4,772 134,978 
42


Avantis Emerging Markets Equity ETF
SharesValue
Polyplex Corp. Ltd.3,246 $67,353 
Poonawalla Fincorp Ltd.(1)
59,543 140,682 
Power Finance Corp. Ltd.70,033 123,555 
Power Grid Corp. of India Ltd.332,221 796,736 
Praj Industries Ltd.15,868 72,076 
Prakash Industries Ltd.(1)
19,502 18,209 
Prestige Estates Projects Ltd.(1)
39,944 192,627 
Pricol Ltd.(1)
25,902 30,959 
Prism Johnson Ltd.(1)
51,053 90,142 
Privi Speciality Chemicals Ltd.2,600 59,656 
Procter & Gamble Health Ltd.232 17,275 
PSP Projects Ltd.(1)
3,816 22,065 
PTC India Ltd.120,717 170,498 
PVR Ltd.(1)
5,058 91,591 
Quess Corp. Ltd.22,609 261,772 
Radico Khaitan Ltd.(1)
5,199 62,103 
Rain Industries Ltd.3,155 9,728 
Rajesh Exports Ltd.11,619 93,187 
Rallis India Ltd.22,945 88,478 
Ramco Cements Ltd. (The)10,426 143,855 
Ramco Industries Ltd.7,096 28,554 
Ramco Systems Ltd.(1)
2,763 17,118 
Ramkrishna Forgings Ltd.4,032 54,557 
Rashtriya Chemicals & Fertilizers Ltd.21,873 21,561 
Raymond Ltd.(1)
8,288 45,825 
RBL Bank Ltd.(1)
59,163 133,607 
REC Ltd.237,326 492,312 
Redington India Ltd.210,983 444,820 
Relaxo Footwears Ltd.1,892 30,845 
Reliance Industrial Infrastructure Ltd.1,798 15,341 
Reliance Industries Ltd., GDR90,136 5,574,939 
Reliance Infrastructure Ltd.(1)
24,530 22,580 
Reliance Power Ltd.(1)
259,872 40,402 
Repco Home Finance Ltd.16,729 68,580 
Rossari Biotech Ltd.(1)
2,357 45,272 
Route Mobile Ltd.1,407 38,014 
Sadbhav Engineering Ltd.(1)
29,332 19,361 
Sagar Cements Ltd.9,772 37,450 
Sanghi Industries Ltd.(1)
21,768 21,960 
Sanofi India Ltd.1,115 137,548 
Sarda Energy & Minerals Ltd.3,480 34,588 
SBI Cards & Payment Services Ltd.(1)
7,044 109,898 
SBI Life Insurance Co. Ltd.16,629 270,874 
Schaeffler India Ltd.1,089 108,177 
Sequent Scientific Ltd.(1)
4,729 14,832 
SH Kelkar & Co. Ltd.10,925 22,034 
Sharda Cropchem Ltd.5,203 22,469 
Shilpa Medicare Ltd.(1)
9,817 77,347 
Shipping Corp. of India Ltd.30,482 44,025 
Shree Cement Ltd.1,114 430,729 
Shree Digvijay Cement Co. Ltd.24,457 26,993 
43


Avantis Emerging Markets Equity ETF
SharesValue
Shree Renuka Sugars Ltd.(1)
59,409 $20,365 
Shriram City Union Finance Ltd.1,526 43,764 
Shriram Transport Finance Co. Ltd.45,359 837,643 
Siemens Ltd.8,514 264,568 
Siyaram Silk Mills Ltd.4,811 24,120 
SKF India Ltd.1,200 50,557 
Sobha Ltd.6,563 55,941 
Somany Ceramics Ltd.5,124 49,160 
Somany Home Innovation Ltd.6,689 34,157 
Sonata Software Ltd.22,988 262,413 
South Indian Bank Ltd. (The)(1)
293,008 39,405 
Southern Petrochemical Industries Corp. Ltd.(1)
49,700 35,798 
Spandana Sphoorty Financial Ltd.(1)
3,664 31,540 
SpiceJet Ltd.(1)
16,517 16,084 
SRF Ltd.5,175 717,738 
Star Cement Ltd.(1)
22,000 31,968 
State Bank of India, GDR22,186 1,292,381 
Sterling & Wilson Solar Ltd.(1)
10,064 42,842 
Sterlite Technologies Ltd.35,394 125,257 
Strides Pharma Science Ltd.14,980 125,567 
Sudarshan Chemical Industries10,257 92,523 
Sumitomo Chemical India Ltd.5,259 30,585 
Sun Pharmaceutical Industries Ltd.53,674 582,943 
Sun TV Network Ltd.3,918 25,847 
Sundaram Finance Ltd.5,399 192,304 
Sunflag Iron & Steel Co.(1)
18,687 21,478 
Sunteck Realty Ltd.7,172 35,786 
Suprajit Engineering Ltd.8,051 35,632 
Supreme Industries Ltd.6,794 203,241 
Supreme Petrochem Ltd.6,600 59,789 
Surya Roshni Ltd.4,130 29,867 
Suven Pharmaceuticals Ltd.4,286 31,413 
Suzlon Energy Ltd.(1)
249,334 20,606 
Swan Energy Ltd.1,248 2,319 
Swaraj Engines Ltd.1,157 26,507 
Syngene International Ltd.(1)
12,764 111,893 
TAKE Solutions Ltd.(1)
22,089 15,718 
Tamil Nadu Newsprint & Papers Ltd.19,009 35,054 
Tamilnadu Petroproducts Ltd.28,469 46,918 
Tanla Platforms Ltd.51,746 629,561 
Tata Chemicals Ltd.51,694 596,650 
Tata Communications Ltd.5,010 97,191 
Tata Consultancy Services Ltd.55,377 2,866,671 
Tata Consumer Products Ltd.21,954 259,774 
Tata Elxsi Ltd.5,732 374,378 
Tata Investment Corp. Ltd.3,028 52,252 
Tata Metaliks Ltd.1,928 27,779 
Tata Motors Ltd., ADR(1)(2)
73,524 1,446,952 
Tata Power Co. Ltd. (The)199,341 351,442 
Tata Steel BSL Ltd.(1)
112,277 144,781 
Tata Steel Long Products Ltd.5,417 68,011 
44


Avantis Emerging Markets Equity ETF
SharesValue
Tata Steel Ltd.90,446 $1,790,351 
Tata Teleservices Maharashtra Ltd.(1)
42,691 21,455 
TCI Express Ltd.2,703 54,010 
Tech Mahindra Ltd.64,024 1,266,771 
Tejas Networks Ltd.(1)
8,477 42,594 
Thermax Ltd.1,800 34,649 
Thirumalai Chemicals Ltd.16,651 47,476 
Thomas Cook India Ltd.(1)
31,992 25,766 
Thyrocare Technologies Ltd.4,641 82,347 
Tide Water Oil Co. India Ltd.3,214 78,474 
Time Technoplast Ltd.41,459 42,388 
Timken India Ltd.4,184 95,151 
Tinplate Co. of India Ltd. (The)2,105 6,878 
Titan Co. Ltd.8,322 218,622 
Torrent Pharmaceuticals Ltd.5,797 246,397 
Torrent Power Ltd.4,198 27,647 
Trident Ltd.463,449 130,651 
Triveni Engineering & Industries Ltd.(1)
27,105 64,228 
TTK Prestige Ltd.255 30,802 
Tube Investments of India Ltd.11,784 219,897 
TV18 Broadcast Ltd.(1)
12,414 5,949 
Uflex Ltd.7,552 49,401 
Ujjivan Financial Services Ltd.8,440 17,714 
UltraTech Cement Ltd.6,246 669,124 
Union Bank of India(1)
3,180 1,538 
United Spirits Ltd.(1)
24,862 242,964 
UPL Ltd.24,835 251,407 
UTI Asset Management Co. Ltd.2,689 43,966 
V-Guard Industries Ltd.12,375 41,215 
VA Tech Wabag Ltd.(1)
9,570 43,924 
Vaibhav Global Ltd.7,950 78,696 
Vakrangee Ltd.175,114 93,586 
Vardhman Textiles Ltd.(1)
8,101 204,057 
Varun Beverages Ltd.16,527 191,612 
Vedanta Ltd., ADR100,822 1,659,530 
Vidhi Specialty Food Ingredients Ltd.7,127 33,095 
Vinati Organics Ltd.4,973 122,342 
VIP Industries Ltd.(1)
19,877 126,624 
Visaka Industries Ltd.4,647 46,547 
Vodafone Idea Ltd.(1)
1,680,095 140,043 
Voltas Ltd.10,398 141,603 
VRL Logistics Ltd.8,718 37,676 
Welspun Corp. Ltd.44,637 72,513 
Welspun India Ltd.93,718 162,570 
West Coast Paper Mills Ltd.(1)
5,944 18,933 
Westlife Development Ltd.(1)
4,792 36,068 
Wipro Ltd., ADR93,041 869,003 
Wockhardt Ltd.(1)
6,617 36,679 
Yes Bank Ltd.(1)
723,481 106,947 
45


Avantis Emerging Markets Equity ETF
SharesValue
Zee Entertainment Enterprises Ltd.93,911 $220,365 
Zensar Technologies Ltd.35,634 219,255 
115,637,732 
Indonesia — 1.4%
Ace Hardware Indonesia Tbk PT576,500 56,062 
Adaro Energy Tbk PT3,304,700 291,714 
Adhi Karya Persero Tbk PT(1)
661,700 34,077 
Adi Sarana Armada Tbk PT(1)
488,400 90,325 
Agung Podomoro Land Tbk PT(1)
1,020,600 8,801 
AKR Corporindo Tbk PT398,800 108,611 
Alam Sutera Realty Tbk PT(1)
992,200 11,260 
Aneka Tambang Tbk1,709,600 286,267 
Astra Agro Lestari Tbk PT51,000 30,185 
Astra International Tbk PT1,469,900 538,123 
Bank BTPN Syariah Tbk PT106,000 20,789 
Bank Bukopin Tbk PT(1)
1,801,400 59,837 
Bank Central Asia Tbk PT548,500 1,259,034 
Bank Mandiri Persero Tbk PT1,584,100 677,188 
Bank Negara Indonesia Persero Tbk PT851,300 321,676 
Bank Pan Indonesia Tbk PT(1)
657,800 36,188 
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT540,100 46,724 
Bank Pembangunan Daerah Jawa Timur Tbk PT862,000 43,192 
Bank Rakyat Indonesia Persero Tbk PT2,831,400 778,649 
Bank Syariah Indonesia Tbk PT(1)
155,400 24,187 
Bank Tabungan Negara Persero Tbk PT(1)
993,100 97,628 
Barito Pacific Tbk PT683,300 50,975 
Buana Lintas Lautan Tbk PT(1)
2,600,500 47,010 
Bukit Asam Tbk PT675,400 99,880 
Bumi Resources Tbk PT(1)
761,500 2,883 
Bumi Serpong Damai Tbk PT(1)
814,100 54,770 
Charoen Pokphand Indonesia Tbk PT740,700 332,004 
Ciputra Development Tbk PT3,117,000 190,973 
Delta Dunia Makmur Tbk PT(1)
1,566,100 31,600 
Erajaya Swasembada Tbk PT865,000 36,601 
Gajah Tunggal Tbk PT531,100 28,668 
Global Mediacom Tbk PT(1)
976,100 19,319 
Hanson International Tbk PT(1)
1,531,500 5,369 
Harum Energy Tbk PT100,100 34,003 
Indah Kiat Pulp & Paper Tbk PT721,900 399,505 
Indika Energy Tbk PT(1)
104,000 9,767 
Indo Tambangraya Megah Tbk PT119,800 134,306 
Indocement Tunggal Prakarsa Tbk PT271,700 214,085 
Indofood CBP Sukses Makmur Tbk PT(1)
64,400 38,055 
Indofood Sukses Makmur Tbk PT(1)
702,600 303,938 
Indomobil Sukses Internasional Tbk PT19,800 1,442 
Indosat Tbk PT(1)
188,500 83,601 
Industri Jamu Dan Farmasi Sido Muncul Tbk PT436,200 24,306 
Integra Indocabinet Tbk PT481,500 25,634 
Japfa Comfeed Indonesia Tbk PT1,412,800 178,848 
Jasa Marga Persero Tbk PT(1)
72,100 19,996 
Kalbe Farma Tbk PT1,921,400 181,097 
46


Avantis Emerging Markets Equity ETF
SharesValue
Link Net Tbk PT281,200 $79,842 
Lippo Karawaci Tbk PT(1)
5,989,600 55,779 
Matahari Department Store Tbk PT(1)
717,500 141,041 
Medco Energi Internasional Tbk PT(1)
2,035,220 67,717 
Media Nusantara Citra Tbk PT(1)
1,189,500 72,947 
Merdeka Copper Gold Tbk PT(1)
1,276,500 252,244 
Mitra Adiperkasa Tbk PT(1)
5,901,300 306,052 
Mitra Keluarga Karyasehat Tbk PT226,400 36,967 
Mitra Pinasthika Mustika Tbk PT64,300 3,265 
Pabrik Kertas Tjiwi Kimia Tbk PT305,600 161,686 
Pakuwon Jati Tbk PT(1)
2,297,100 73,635 
Panin Financial Tbk PT(1)
2,927,800 38,340 
Perusahaan Gas Negara Tbk PT(1)
923,300 66,909 
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT782,000 60,021 
PP Persero Tbk PT(1)
683,400 43,285 
Puradelta Lestari Tbk PT976,100 12,844 
Ramayana Lestari Sentosa Tbk PT(1)
547,700 24,544 
Salim Ivomas Pratama Tbk PT(1)
183,800 5,515 
Sarana Menara Nusantara Tbk PT3,117,600 292,849 
Semen Indonesia Persero Tbk PT337,200 218,377 
Sentul City Tbk PT(1)
1,197,800 4,446 
Siloam International Hospitals Tbk PT1,200 690 
Smartfren Telecom Tbk PT(1)
35,482,400 333,152 
Sri Rejeki Isman Tbk PT(1)
918,200 9,399 
Summarecon Agung Tbk PT(1)
2,844,978 158,321 
Surya Citra Media Tbk PT(1)
807,900 114,896 
Surya Semesta Internusa Tbk PT(1)
440,500 15,057 
Telekomunikasi Indonesia Persero Tbk PT, ADR(2)
47,453 1,128,907 
Timah Tbk PT(1)
1,047,800 111,960 
Tower Bersama Infrastructure Tbk PT1,389,100 304,633 
Transcoal Pacific Tbk PT(1)
36,600 21,808 
Tunas Baru Lampung Tbk PT339,100 18,892 
Unilever Indonesia Tbk PT367,600 104,375 
United Tractors Tbk PT394,000 553,831 
Waskita Beton Precast Tbk PT(1)
238,300 2,238 
Waskita Karya Persero Tbk PT(1)
1,487,400 86,996 
Wijaya Karya Persero Tbk PT(1)
470,100 30,928 
XL Axiata Tbk PT797,300 149,086 
12,532,626 
Malaysia — 1.7%
7-Eleven Malaysia Holdings Bhd, Class B21,600 7,909 
Aeon Co. M Bhd267,700 92,843 
AEON Credit Service M Bhd4,800 13,929 
AirAsia Group Bhd(1)
64,400 14,331 
Alliance Bank Malaysia Bhd164,200 101,154 
AMMB Holdings Bhd277,700 202,498 
Ann Joo Resources Bhd(1)
59,000 36,223 
Astro Malaysia Holdings Bhd96,000 24,947 
ATA IMS Bhd113,400 73,934 
Axiata Group Bhd188,700 188,009 
Berjaya Corp. Bhd(1)
1,458,268 89,457 
47


Avantis Emerging Markets Equity ETF
SharesValue
Berjaya Land Bhd(1)
2,900 $182 
Berjaya Sports Toto Bhd61,307 29,201 
Bermaz Auto Bhd148,900 58,436 
BIMB Holdings Bhd30,300 28,938 
Boustead Holdings Bhd(1)
110,100 16,016 
Boustead Plantations Bhd149,400 22,292 
Bumi Armada Bhd(1)
1,024,600 110,632 
Bursa Malaysia Bhd167,400 302,587 
Cahya Mata Sarawak Bhd204,700 62,144 
Careplus Group Bhd53,000 21,891 
Carlsberg Brewery Malaysia Bhd16,900 91,087 
CIMB Group Holdings Bhd610,606 721,358 
Comfort Glove Bhd39,200 16,951 
CSC Steel Holdings Bhd75,000 25,591 
Cypark Resources Bhd(1)
115,100 25,767 
D&O Green Technologies Bhd80,000 100,523 
Datasonic Group Bhd144,600 16,873 
Dayang Enterprise Holdings Bhd(1)
114,920 30,626 
Dialog Group Bhd135,700 86,820 
DiGi.Com Bhd185,600 196,154 
DRB-Hicom Bhd107,800 43,360 
Dufu Technology Corp. Bhd13,600 13,885 
Duopharma Biotech Bhd7,973 4,803 
Eco World Development Group Bhd262,200 44,790 
Eco World International Bhd194,300 23,878 
Ekovest Bhd177,600 17,104 
Formosa Prosonic Industries Bhd28,500 26,412 
Fraser & Neave Holdings Bhd11,300 75,869 
Frontken Corp. Bhd111,150 91,077 
Gamuda Bhd(1)
414,400 300,201 
Genting Bhd251,500 305,610 
Genting Malaysia Bhd161,500 115,431 
Genting Plantations Bhd20,100 37,278 
Globetronics Technology Bhd102,800 51,548 
HAP Seng Consolidated Bhd28,800 58,876 
Hartalega Holdings Bhd67,600 119,970 
Hengyuan Refining Co. Bhd57,800 57,271 
Hextar Global Bhd129,920 38,185 
Hiap Teck Venture Bhd396,600 55,391 
Hibiscus Petroleum Bhd407,500 65,016 
Hong Leong Bank Bhd38,100 175,843 
Hong Leong Financial Group Bhd21,600 94,735 
Hup Seng Industries Bhd11,000 2,500 
IHH Healthcare Bhd51,400 79,079 
IJM Corp. Bhd799,500 361,673 
Inari Amertron Bhd326,500 271,083 
IOI Corp. Bhd72,100 71,504 
IOI Properties Group Bhd130,000 39,975 
JAKS Resources Bhd(1)
145,900 17,920 
Jaya Tiasa Holdings Bhd(1)
193,500 30,378 
KNM Group Bhd(1)
595,500 36,463 
48


Avantis Emerging Markets Equity ETF
SharesValue
Kossan Rubber Industries265,400 $197,946 
KPJ Healthcare Bhd353,700 85,052 
Kuala Lumpur Kepong Bhd37,900 194,718 
Kumpulan Perangsang Selangor Bhd26,800 4,937 
Leong Hup International Bhd19,100 3,133 
Lotte Chemical Titan Holding Bhd138,500 85,333 
Mah Sing Group Bhd235,900 46,739 
Malakoff Corp. Bhd157,200 33,305 
Malayan Banking Bhd302,160 610,422 
Malayan Flour Mills Bhd212,300 39,839 
Malaysia Airports Holdings Bhd(1)
178,300 284,414 
Malaysia Building Society Bhd684,792 105,396 
Malaysia Marine and Heavy Engineering Holdings Bhd(1)
17,700 1,655 
Malaysian Pacific Industries Bhd11,000 117,059 
Malaysian Resources Corp. Bhd259,300 24,685 
Matrix Concepts Holdings Bhd77,400 38,733 
Maxis Bhd151,200 170,537 
Media Prima Bhd(1)
407,400 51,329 
Mega First Corp. Bhd26,400 22,572 
MISC Bhd140,200 243,256 
MMC Corp. Bhd425,700 188,571 
MNRB Holdings Bhd10,700 3,471 
Muda Holdings Bhd27,400 18,372 
My EG Services Bhd275,321 123,378 
Nestle Malaysia Bhd3,800 123,155 
OSK Holdings Bhd42,200 9,042 
Padini Holdings Bhd3,300 2,483 
PESTECH International Bhd149,300 34,417 
Petronas Chemicals Group Bhd131,900 263,255 
Petronas Dagangan Bhd8,300 39,941 
Petronas Gas Bhd60,400 244,198 
Pos Malaysia Bhd(1)
5,700 1,069 
Power Root Bhd5,800 1,830 
PPB Group Bhd24,300 108,308 
Press Metal Aluminium Holdings Bhd185,200 240,681 
Public Bank Bhd1,075,900 1,082,130 
QL Resources Bhd60,900 81,418 
Ranhill Utilities Bhd296 48 
RHB Bank Bhd276,670 372,328 
Rubberex Corp. M Bhd(1)
45,300 8,560 
Sapura Energy Bhd(1)
1,001,500 29,865 
Sarawak Oil Palms Bhd15,500 13,953 
SCGM Bhd34,400 20,293 
Scientex Bhd194,100 209,274 
SEG International Bhd12,300 1,880 
Sime Darby Bhd506,800 287,469 
Sime Darby Plantation Bhd165,857 160,821 
Sime Darby Property Bhd213,900 31,604 
SKP Resources Bhd118,000 52,423 
SP Setia Bhd Group(1)
409,900 114,625 
Sunway Bhd185,048 79,169 
49


Avantis Emerging Markets Equity ETF
SharesValue
Sunway Construction Group Bhd55,900 $22,637 
Supermax Corp. Bhd214,838 170,409 
Syarikat Takaful Malaysia Keluarga Bhd29,400 31,712 
Ta Ann Holdings Bhd12,300 8,185 
TDM Bhd278,600 16,831 
Telekom Malaysia Bhd182,900 269,334 
Tenaga Nasional Bhd253,200 637,192 
Thong Guan Industries Bhd57,500 37,810 
TIME dotCom Bhd142,800 158,266 
Tiong NAM Logistics Holdings95,600 19,514 
Top Glove Corp. Bhd351,200 337,904 
Tropicana Corp. Bhd(1)
20,482 4,845 
TSH Resources Bhd153,700 40,267 
Uchi Technologies Bhd42,900 32,513 
UEM Sunrise Bhd(1)
109,700 9,778 
UMW Holdings Bhd36,100 27,471 
Unisem M Bhd86,100 178,715 
United Plantations Bhd7,400 24,122 
UOA Development Bhd1,700 672 
UWC Bhd24,800 33,010 
Velesto Energy Bhd(1)
1,904,900 68,322 
ViTrox Corp. Bhd3,000 13,552 
VS Industry Bhd949,200 329,787 
Wah Seong Corp. Bhd(1)
136,000 21,872 
Westports Holdings Bhd87,700 92,726 
Yinson Holdings Bhd99,600 117,341 
YTL Corp. Bhd(1)
338,413 54,986 
14,605,275 
Mexico — 2.2%
Alfa SAB de CV, Series A400,097 280,889 
Alpek SAB de CV35,137 41,306 
Alsea SAB de CV(1)
323,371 632,605 
America Movil SAB de CV, Class L ADR113,098 2,212,197 
Arca Continental SAB de CV57,239 368,702 
Banco del Bajio SA185,848 354,225 
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, ADR60,066 350,185 
Becle SAB de CV12,000 30,777 
Bolsa Mexicana de Valores SAB de CV116,496 241,878 
Cemex SAB de CV, ADR(1)
56,269 461,406 
Coca-Cola Femsa SAB de CV88,158 511,065 
Consorcio ARA SAB de CV(2)
38,214 8,562 
Controladora Nemak SAB de CV(1)
347,364 52,752 
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1)
21,883 434,815 
Corp. Inmobiliaria Vesta SAB de CV129,352 240,619 
Credito Real SAB de CV SOFOM ER(1)
45,010 34,244 
El Puerto de Liverpool SAB de CV, Class C1(2)
7,605 33,795 
Fomento Economico Mexicano SAB de CV, ADR12,861 1,115,177 
GCC SAB de CV36,927 296,938 
Genomma Lab Internacional SAB de CV, Class B(1)
92,940 89,636 
Gentera SAB de CV(1)
172,333 94,730 
50


Avantis Emerging Markets Equity ETF
SharesValue
Gruma SAB de CV, B Shares42,480 $483,939 
Grupo Aeroportuario del Centro Norte SAB de CV, ADR(1)
2,212 106,773 
Grupo Aeroportuario del Pacifico SAB de CV, ADR(1)(2)
2,386 277,754 
Grupo Aeroportuario del Sureste SAB de CV, ADR(1)
903 161,438 
Grupo Bimbo SAB de CV, Series A173,509 438,179 
Grupo Carso SAB de CV18,905 64,592 
Grupo Comercial Chedraui SA de CV58,782 91,931 
Grupo Financiero Banorte SAB de CV250,335 1,652,405 
Grupo Financiero Inbursa SAB de CV(1)
316,845 304,477 
Grupo GICSA SAB de CV(1)
21,090 3,266 
Grupo Industrial Saltillo SAB de CV26,514 38,271 
Grupo Mexico SAB de CV, Series B239,602 1,110,921 
Grupo Rotoplas SAB de CV(1)
4,403 7,292 
Grupo Televisa SAB, ADR111,663 1,466,135 
Grupo Traxion SAB de CV(1)
146,400 275,539 
Hoteles City Express SAB de CV(1)(2)
26,594 9,070 
Industrias Bachoco SAB de CV13,371 48,607 
Industrias Penoles SAB de CV(1)
12,327 173,765 
Kimberly-Clark de Mexico SAB de CV, A Shares182,116 323,173 
La Comer SAB de CV165,901 301,420 
Megacable Holdings SAB de CV209,463 730,263 
Nemak SAB de CV(1)
111,600 35,785 
Orbia Advance Corp. SAB de CV128,190 366,303 
Promotora y Operadora de Infraestructura SAB de CV41,850 312,562 
Qualitas Controladora SAB de CV48,602 229,942 
Regional SAB de CV105,773 648,099 
Telesites SAB de CV(1)
128,052 117,379 
Unifin Financiera SAB de CV(1)
68,756 97,568 
Wal-Mart de Mexico SAB de CV338,405 1,200,863 
18,964,214 
Netherlands — 0.2%
Prosus NV(1)
17,576 1,537,415 
Peru — 0.2%
Cia de Minas Buenaventura SAA, ADR(1)
79,440 595,800 
Credicorp Ltd.(1)
4,977 530,698 
Intercorp Financial Services, Inc.7,259 164,126 
Southern Copper Corp.5,497 344,057 
1,634,681 
Philippines — 0.7%
Aboitiz Equity Ventures, Inc.149,430 128,869 
Aboitiz Power Corp.60,500 34,060 
AC Energy Corp.707,600 136,222 
Alliance Global Group, Inc.1,076,800 222,890 
Ayala Corp.21,820 346,866 
Ayala Land, Inc.392,400 265,990 
Ayalaland Logistics Holdings Corp.(1)
28,000 2,683 
Bank of the Philippine Islands228,830 382,999 
BDO Unibank, Inc.211,730 468,168 
Cebu Air, Inc.(1)
28,050 24,779 
Century Pacific Food, Inc.70,000 35,975 
Chelsea Logistics and Infrastructure Holdings Corp.(1)
23,800 1,220 
51


Avantis Emerging Markets Equity ETF
SharesValue
Cosco Capital, Inc.227,200 $22,750 
DMCI Holdings, Inc.692,800 88,021 
East West Banking Corp.(1)
70,500 13,113 
Filinvest Land, Inc.617,000 14,008 
Ginebra San Miguel, Inc.7,600 16,017 
Global Ferronickel Holdings, Inc.757,000 32,179 
Globe Telecom, Inc.5,590 306,005 
GT Capital Holdings, Inc.22,400 242,811 
International Container Terminal Services, Inc.113,640 425,291 
JG Summit Holdings, Inc.226,234 295,227 
Jollibee Foods Corp.20,930 84,877 
Manila Electric Co.17,880 101,306 
Manila Water Co., Inc.(1)
168,900 61,651 
Max's Group, Inc.(1)
15,000 1,998 
Megaworld Corp.3,128,800 177,209 
Metro Pacific Investments Corp.3,254,000 251,631 
Metropolitan Bank & Trust Co.411,610 373,810 
Nickel Asia Corp.1,003,500 113,863 
Petron Corp.(1)
169,700 10,334 
Pilipinas Shell Petroleum Corp.(1)
10,000 3,686 
PLDT, Inc., ADR(2)
8,105 235,450 
Puregold Price Club, Inc.168,800 141,493 
Robinsons Land Corp.599,900 198,334 
Robinsons Retail Holdings, Inc.96,710 99,124 
Security Bank Corp.82,510 187,599 
Semirara Mining & Power Corp.239,300 81,628 
SM Investments Corp.16,465 332,823 
SM Prime Holdings, Inc.321,000 218,986 
Universal Robina Corp.78,530 237,632 
Vista Land & Lifescapes, Inc.312,100 22,382 
Wilcon Depot, Inc.122,100 61,329 
6,503,288 
Poland — 1.0%
Alior Bank SA(1)
30,329 345,975 
Allegro.eu SA(1)
5,046 93,632 
AmRest Holdings SE(1)
9,743 79,850 
Asseco Poland SA5,620 123,140 
Bank Millennium SA(1)
181,505 312,984 
Bank Polska Kasa Opieki SA(1)
26,564 742,828 
Budimex SA1,528 118,098 
CCC SA(1)
8,141 260,624 
CD Projekt SA7,742 343,827 
Ciech SA8,081 99,169 
Cyfrowy Polsat SA28,093 268,322 
Dino Polska SA(1)
4,748 402,461 
Enea SA(1)
37,000 96,009 
Eurocash SA19,678 61,145 
Famur SA(1)
28,812 17,766 
Grupa Azoty SA(1)
14,108 107,935 
Grupa Lotos SA20,570 312,666 
Jastrzebska Spolka Weglowa SA(1)
9,735 102,576 
52


Avantis Emerging Markets Equity ETF
SharesValue
KGHM Polska Miedz SA18,099 $843,001 
KRUK SA4,539 375,494 
LPP SA147 536,366 
Lubelski Wegiel Bogdanka SA(1)
857 5,735 
mBank SA(1)
3,526 341,295 
Mercator Medical SA(1)
490 23,092 
Orange Polska SA(1)
150,564 325,300 
PGE Polska Grupa Energetyczna SA(1)
37,761 99,422 
PKP Cargo SA(1)
2,705 12,663 
PlayWay SA195 22,229 
Polski Koncern Naftowy ORLEN SA41,115 797,161 
Polskie Gornictwo Naftowe i Gazownictwo SA172,507 283,722 
Powszechna Kasa Oszczednosci Bank Polski SA(1)
33,473 367,438 
Powszechny Zaklad Ubezpieczen SA(1)
33,650 356,609 
Santander Bank Polska SA(1)
5,226 412,402 
Tauron Polska Energia SA(1)
200,237 189,694 
TEN Square Games SA488 65,420 
Warsaw Stock Exchange3,548 40,104 
8,986,154 
Russia — 2.7%
Gazprom PJSC, ADR363,453 3,013,384 
Gazprom PJSC (London), ADR34,542 286,699 
Globaltrans Investment plc, GDR58,320 479,648 
LUKOIL PJSC, ADR55,875 4,732,555 
Magnit PJSC, GDR46,871 713,414 
Mechel PJSC, ADR(1)(2)
11,342 35,954 
MMC Norilsk Nickel PJSC, ADR72,350 2,380,659 
Mobile TeleSystems PJSC, ADR56,124 526,443 
Novatek PJSC, GDR2,943 697,531 
Novolipetsk Steel PJSC, GDR20,956 699,837 
PhosAgro PJSC, GDR41,522 817,172 
Ros Agro plc, GDR2,060 33,044 
Rosneft Oil Co. PJSC, GDR125,606 905,823 
Sberbank of Russia PJSC, ADR (London)231,503 4,134,389 
Severstal PAO, GDR52,052 1,208,062 
Tatneft PJSC, ADR35,983 1,432,635 
VTB Bank PJSC, GDR587,199 817,295 
X5 Retail Group NV, GDR8,824 292,362 
23,206,906 
South Africa — 4.2%
Absa Group Ltd.(1)
114,138 1,236,097 
Adcock Ingram Holdings Ltd.1,014 3,237 
Advtech Ltd.35,578 41,626 
AECI Ltd.(2)
42,756 301,296 
African Rainbow Minerals Ltd.17,175 306,085 
Afrimat Ltd.9,681 39,381 
Alexander Forbes Group Holdings Ltd.87,669 24,088 
Anglo American Platinum Ltd.2,772 314,412 
AngloGold Ashanti Ltd., ADR46,086 787,149 
Aspen Pharmacare Holdings Ltd.(1)
40,927 551,853 
Astral Foods Ltd.13,241 133,923 
53


Avantis Emerging Markets Equity ETF
SharesValue
AVI Ltd.62,204 $325,733 
Barloworld Ltd.75,423 560,899 
Bid Corp. Ltd.(1)
29,941 658,036 
Bidvest Group Ltd. (The)29,950 422,300 
Brait plc(1)
48,661 9,884 
Capitec Bank Holdings Ltd.4,175 546,396 
Cashbuild Ltd.1,658 32,439 
City Lodge Hotels Ltd.(1)
91,493 24,730 
Clicks Group Ltd.23,992 500,470 
Coronation Fund Managers Ltd.30,378 108,353 
DataTec Ltd.21,513 44,478 
Dis-Chem Pharmacies Ltd.34,418 73,771 
Discovery Ltd.(1)
29,116 258,521 
Distell Group Holdings Ltd.(1)
12,494 154,662 
DRDGOLD Ltd.(2)
84,738 82,741 
EPP NV(1)
48,065 38,569 
Exxaro Resources Ltd.41,285 524,422 
Famous Brands Ltd.(1)
3,093 12,034 
FirstRand Ltd.378,351 1,610,679 
Foschini Group Ltd. (The)(1)
92,463 951,320 
Gold Fields Ltd., ADR123,346 1,169,320 
Grindrod Shipping Holdings Ltd.(1)
5,072 84,209 
Harmony Gold Mining Co. Ltd., ADR122,212 461,961 
Impala Platinum Holdings Ltd.106,314 1,628,805 
Imperial Logistics Ltd.221 954 
Investec Ltd.68,543 292,374 
KAP Industrial Holdings Ltd.(1)
883,965 279,808 
Kumba Iron Ore Ltd.(2)
6,524 292,988 
Liberty Holdings Ltd.(1)
22,269 144,439 
Life Healthcare Group Holdings Ltd.(1)
211,237 359,102 
MAS Real Estate, Inc.(1)
71,323 95,917 
Massmart Holdings Ltd.(1)
20,403 82,936 
Metair Investments Ltd.29,782 57,182 
MiX Telematics Ltd., ADR(2)
5,715 75,038 
Momentum Metropolitan Holdings326,139 443,425 
Motus Holdings Ltd.71,214 454,524 
Mr Price Group Ltd.40,603 608,024 
MTN Group Ltd.(1)
229,902 2,110,207 
MultiChoice Group67,009 530,524 
Murray & Roberts Holdings Ltd.(1)
20,297 14,380 
Nampak Ltd.(1)
136,616 28,621 
Naspers Ltd., N Shares4,387 756,929 
Nedbank Group Ltd.(1)
73,853 941,144 
NEPI Rockcastle plc68,496 493,320 
Netcare Ltd.(1)
263,581 305,842 
Ninety One Ltd.9,576 33,075 
Northam Platinum Ltd.(1)
35,175 484,654 
Oceana Group Ltd.(2)
6,312 28,898 
Old Mutual Ltd.1,154,330 1,220,308 
Omnia Holdings Ltd.85,237 315,777 
Pick n Pay Stores Ltd.84,963 341,709 
54


Avantis Emerging Markets Equity ETF
SharesValue
PPC Ltd.(1)
754,515 $183,695 
Rand Merchant Investment Holdings Ltd.132,447 288,173 
Raubex Group Ltd.14,747 29,959 
Reinet Investments SCA42,290 819,365 
Remgro Ltd.97,272 808,556 
Reunert Ltd.43,189 154,608 
RFG Holdings Ltd.(2)
19,543 16,691 
RMB Holdings Ltd.124,786 12,658 
Royal Bafokeng Platinum Ltd.(2)
66,567 404,157 
Sanlam Ltd.149,434 662,050 
Santam Ltd.(1)
4,288 73,429 
Sappi Ltd.(1)
178,022 539,398 
Sasol Ltd., ADR(1)(2)
83,607 1,285,040 
Shoprite Holdings Ltd.80,621 1,018,923 
Sibanye Stillwater Ltd., ADR55,578 912,035 
SPAR Group Ltd. (The)22,842 325,991 
Standard Bank Group Ltd.114,542 1,169,920 
Steinhoff International Holdings NV(1)
220,493 50,006 
Super Group Ltd.(1)
100,203 223,031 
Telkom SA SOC Ltd.(1)
140,340 369,337 
Thungela Resources Ltd.(1)(2)
9,476 40,151 
Tiger Brands Ltd.29,551 378,489 
Transaction Capital Ltd.16,857 44,045 
Truworths International Ltd.79,214 364,587 
Tsogo Sun Gaming Ltd.(1)(2)
11,283 7,540 
Vodacom Group Ltd.48,714 481,120 
Wilson Bayly Holmes-Ovcon Ltd.(1)
9,429 77,768 
Woolworths Holdings Ltd.(1)
115,370 503,164 
Zeder Investments Ltd.120,266 26,029 
36,085,893 
South Korea — 14.6%
Able C&C Co. Ltd.(1)
1,868 13,807 
Advanced Process Systems Corp.4,807 119,446 
Aekyung Industrial Co. Ltd.929 19,507 
AfreecaTV Co. Ltd.1,223 161,326 
Agabang&Company(1)
4,461 21,571 
Ahnlab, Inc.154 8,937 
Aju IB Investment Co. Ltd.2,825 13,940 
Alteogen, Inc.(1)
960 70,197 
Amorepacific Corp.2,239 438,542 
AMOREPACIFIC Group2,291 113,985 
Aprogen Medicines, Inc.(1)
7,616 13,375 
Aprogen pharmaceuticals, Inc.(1)
11,697 11,378 
AptaBio Therapeutics, Inc.(1)
1,128 56,223 
APTC Co. Ltd.1,177 20,495 
Asiana Airlines, Inc.(1)
2,562 52,267 
BGF Co. Ltd.3,327 18,147 
BGF retail Co. Ltd.2,146 329,812 
BH Co. Ltd.865 15,908 
Binggrae Co. Ltd.1,068 52,608 
Bioneer Corp.(1)
7,543 490,671 
55


Avantis Emerging Markets Equity ETF
SharesValue
BNK Financial Group, Inc.30,288 $202,119 
Boditech Med, Inc.3,086 50,101 
Boryung Pharmaceutical Co. Ltd.2,518 35,839 
Bukwang Pharmaceutical Co. Ltd.2,678 49,995 
Byucksan Corp.12,984 44,689 
Cellid Co. Ltd.(1)
479 51,041 
Celltrion Healthcare Co. Ltd.(1)
1,968 209,258 
Celltrion Pharm, Inc.(1)
581 86,403 
Celltrion, Inc.(1)
1,987 500,780 
Chabiotech Co. Ltd.(1)
4,414 90,815 
Cheil Worldwide, Inc.13,859 275,667 
Chong Kun Dang Pharmaceutical Corp.453 50,284 
Chongkundang Holdings Corp.275 21,785 
Chunbo Co. Ltd.124 25,799 
CJ CGV Co. Ltd.(1)
2,450 63,969 
CJ CheilJedang Corp.1,623 634,630 
CJ Corp.1,146 100,101 
CJ ENM Co. Ltd.2,211 291,206 
CJ Logistics Corp.(1)
1,704 251,079 
CMG Pharmaceutical Co. Ltd.(1)
455 1,762 
Com2uSCorp622 55,258 
Cosmax, Inc.(1)
1,667 187,052 
CosmoAM&T Co. Ltd.(1)
1,593 58,904 
Coway Co. Ltd.4,515 304,425 
COWELL FASHION Co. Ltd.6,235 45,393 
Creative & Innovative System(1)
3,165 37,350 
CrystalGenomics, Inc.(1)
4,528 29,990 
CS Wind Corp.1,378 94,614 
Cuckoo Holdings Co. Ltd.1,180 25,503 
Cuckoo Homesys Co. Ltd.2,802 101,372 
Dae Han Flour Mills Co. Ltd.230 32,707 
Daea TI Co. Ltd.5,395 29,764 
Daeduck Co. Ltd.339 2,195 
Daeduck Electronics Co. Ltd.4,220 67,060 
Daekyo Co. Ltd.454 1,697 
Daesang Corp.7,824 170,141 
Daewon Pharmaceutical Co. Ltd.1,988 35,560 
Daewoo Engineering & Construction Co. Ltd.(1)
48,036 303,808 
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(1)
2,305 55,576 
Daewoong Co. Ltd.1,969 61,563 
Daewoong Pharmaceutical Co. Ltd.306 43,768 
Daishin Securities Co. Ltd.3,857 63,721 
Daou Data Corp.8,473 102,365 
Daou Technology, Inc.9,435 211,445 
Dawonsys Co. Ltd.5,471 98,880 
DB Financial Investment Co. Ltd.13,706 79,560 
DB HiTek Co. Ltd.11,356 582,923 
DB Insurance Co. Ltd.15,586 788,023 
Dentium Co. Ltd.3,057 229,111 
Devsisters Co. Ltd.(1)
357 23,956 
DGB Financial Group, Inc.30,428 238,164 
56


Avantis Emerging Markets Equity ETF
SharesValue
Digital Power Communications Co. Ltd.2,476 $30,870 
DIO Corp.(1)
879 36,685 
DL E&C Co. Ltd.(1)
1,588 192,700 
DL Holdings Co. Ltd.2,915 181,282 
Dong-A Socio Holdings Co. Ltd.375 37,113 
Dong-A ST Co. Ltd.389 25,793 
Dongjin Semichem Co. Ltd.3,456 78,666 
DongKook Pharmaceutical Co. Ltd.1,681 35,601 
Dongkuk Steel Mill Co. Ltd.25,682 448,421 
Dongsuh Cos., Inc.533 13,286 
Dongwha Enterprise Co. Ltd.(1)
361 22,851 
Dongwha Pharm Co. Ltd.1,594 20,346 
Dongwon Development Co. Ltd.10,306 53,509 
Dongwon F&B Co. Ltd.482 86,174 
Dongwon Industries Co. Ltd.505 106,228 
Dongwon Systems Corp.602 29,392 
Doosan Bobcat, Inc.(1)
618 23,028 
Doosan Co. Ltd.327 25,171 
Doosan Fuel Cell Co. Ltd.(1)
1,092 51,500 
Doosan Heavy Industries & Construction Co. Ltd.(1)
13,932 250,494 
Doosan Infracore Co. Ltd.(1)
4,127 41,936 
DoubleUGames Co. Ltd.216 11,773 
Douzone Bizon Co. Ltd.730 53,574 
E-MART, Inc.4,919 757,895 
Easy Bio, Inc.465 2,445 
Easy Holdings Co. Ltd.774 3,129 
Echo Marketing, Inc.2,946 56,087 
Ecopro BM Co. Ltd.958 263,850 
Ecopro Co. Ltd.1,204 115,321 
Ecopro HN Co. Ltd.(1)
984 100,864 
ENF Technology Co. Ltd.2,415 67,957 
Eo Technics Co. Ltd.421 43,629 
Eoflow Co. Ltd.(1)
544 24,267 
Eugene Corp.22,122 100,525 
Eugene Investment & Securities Co. Ltd.25,011 85,944 
F&F Co. Ltd. / New(1)
961 598,528 
F&F Holdings Co. Ltd.192 7,269 
Fila Holdings Corp.7,794 301,198 
Foosung Co. Ltd.(1)
5,099 62,441 
GemVax & Kael Co. Ltd.(1)
3,771 68,994 
Genexine, Inc.(1)
429 27,519 
GOLFZON Co. Ltd.1,385 169,131 
Grand Korea Leisure Co. Ltd.(1)
2,113 28,391 
Green Cross Corp.247 81,829 
Green Cross Holdings Corp.1,015 30,278 
Green Cross LabCell Corp.870 79,335 
GS Engineering & Construction Corp.19,829 763,171 
GS Holdings Corp.14,004 512,217 
GS Retail Co. Ltd.12,339 364,349 
HAESUNG DS Co. Ltd.779 27,276 
Halla Holdings Corp.1,539 61,314 
57


Avantis Emerging Markets Equity ETF
SharesValue
Hana Financial Group, Inc.70,619 $2,734,647 
Hana Materials, Inc.699 29,969 
Hanall Biopharma Co. Ltd.(1)
1,378 28,326 
Handok, Inc.398 9,200 
Handsome Co. Ltd.1,389 48,605 
Hanjin Heavy Industries & Construction Co. Ltd.(1)
15,718 119,506 
Hanjin Kal Corp.(1)
674 38,267 
Hanjin Transportation Co. Ltd.2,078 70,126 
Hankook Shell Oil Co. Ltd.114 26,463 
Hankook Tire & Technology Co. Ltd.15,664 628,430 
Hanmi Pharm Co. Ltd.264 70,271 
Hanmi Semiconductor Co. Ltd.526 15,613 
Hanon Systems14,218 201,390 
Hansae Co. Ltd.2,679 47,563 
Hansol Chemical Co. Ltd.1,235 308,603 
Hansol Paper Co. Ltd.4,250 64,021 
Hansol Technics Co. Ltd.(1)
26,009 164,243 
Hanssem Co. Ltd.996 99,439 
Hanwha Aerospace Co. Ltd.11,270 493,263 
Hanwha Corp.11,443 342,483 
Hanwha General Insurance Co. Ltd.(1)
2,720 10,021 
Hanwha Investment & Securities Co. Ltd.(1)
49,648 209,197 
Hanwha Life Insurance Co. Ltd.111,429 320,020 
Hanwha Solutions Corp.(1)
12,915 452,381 
Hanwha Systems Co. Ltd.15,137 257,017 
Harim Holdings Co. Ltd.11,580 102,665 
HDC Holdings Co. Ltd.3,073 31,064 
HDC Hyundai Development Co-Engineering & Construction, E Shares4,196 107,862 
Helixmith Co. Ltd.(1)
1,466 33,072 
HFR, Inc.(1)
837 15,157 
Hite Jinro Co. Ltd.9,628 276,439 
HLB Life Science Co. Ltd.(1)
4,545 58,152 
HLB, Inc.(1)
1,270 60,720 
HMM Co. Ltd.(1)(2)
65,228 2,357,240 
Hotel Shilla Co. Ltd.4,543 350,935 
HS Industries Co. Ltd.11,046 67,500 
Huchems Fine Chemical Corp.2,138 49,202 
Hugel, Inc.(1)
678 113,725 
Humax Co. Ltd.(1)
5,927 27,313 
Humedix Co. Ltd.981 28,325 
Huons Co. Ltd.944 46,526 
Huons Global Co. Ltd.974 56,028 
Hwaseung Enterprise Co. Ltd.1,558 21,048 
HYBE Co. Ltd.(1)
763 190,002 
Hyosung Advanced Materials Corp.(1)
1,021 543,546 
Hyosung Chemical Corp.(1)
935 310,266 
Hyosung Corp.740 76,374 
Hyosung Heavy Industries Corp.(1)
1,843 129,987 
Hyosung TNC Corp.982 655,823 
Hyundai Construction Equipment Co. Ltd.(1)
4,697 198,948 
58


Avantis Emerging Markets Equity ETF
SharesValue
Hyundai Corp.3,168 $49,646 
Hyundai Department Store Co. Ltd.1,695 117,840 
Hyundai Electric & Energy System Co. Ltd.(1)
7,287 156,209 
Hyundai Elevator Co. Ltd.2,506 108,294 
Hyundai Engineering & Construction Co. Ltd.17,112 816,860 
Hyundai Futurenet Co., Ltd.6,288 25,035 
Hyundai Glovis Co. Ltd.3,202 534,158 
Hyundai Greenfood Co. Ltd.7,915 67,628 
Hyundai Heavy Industries Holdings Co. Ltd.9,360 525,886 
Hyundai Home Shopping Network Corp.1,557 98,838 
Hyundai Livart Furniture Co. Ltd.618 9,573 
Hyundai Marine & Fire Insurance Co. Ltd.23,074 508,972 
Hyundai Mipo Dockyard Co. Ltd.(1)
2,737 179,497 
Hyundai Mobis Co. Ltd.3,163 755,017 
Hyundai Motor Co.13,981 2,554,625 
Hyundai Rotem Co. Ltd.(1)
4,106 93,979 
Hyundai Steel Co.7,643 334,809 
Hyundai Wia Corp.2,173 171,055 
i-SENS, Inc.1,013 28,280 
ICD Co. Ltd.4,451 53,948 
Il Dong Pharmaceutical Co. Ltd.(1)
137 1,697 
Iljin Materials Co. Ltd.490 31,864 
Ilyang Pharmaceutical Co. Ltd.614 18,248 
iMarketKorea, Inc.7,862 81,875 
InBody Co. Ltd.424 10,768 
Industrial Bank of Korea35,485 314,482 
Innocean Worldwide, Inc.2,703 136,284 
Innox Advanced Materials Co. Ltd.(1)
326 24,947 
Insun ENT Co. Ltd.(1)
9,908 103,126 
Interflex Co. Ltd.(1)
344 4,187 
Interpark Corp.10,327 84,915 
INTOPS Co. Ltd.2,082 47,314 
iNtRON Biotechnology, Inc.(1)
1,941 36,261 
IS Dongseo Co. Ltd.1,249 54,412 
ITM Semiconductor Co. Ltd.368 14,538 
JB Financial Group Co. Ltd.37,264 265,875 
Jeju Air Co. Ltd.(1)
237 4,660 
JETEMA Co. Ltd.(1)
1,030 31,225 
Jusung Engineering Co. Ltd.(1)
5,248 54,138 
JW Holdings Corp.
JW Pharmaceutical Corp.383 8,958 
JYP Entertainment Corp.2,481 90,969 
Kakao Corp.12,355 1,648,538 
KakaoBank Corp.(1)
4,517 326,859 
Kangwon Land, Inc.(1)
2,770 66,085 
KB Financial Group, Inc., ADR60,355 2,746,756 
KC Co. Ltd.3,521 73,444 
KC Tech Co. Ltd.5,090 116,361 
KCC Corp.638 197,526 
KEPCO Engineering & Construction Co., Inc.1,249 49,973 
KEPCO Plant Service & Engineering Co. Ltd.4,371 141,591 
59


Avantis Emerging Markets Equity ETF
SharesValue
KG Dongbu Steel Co. Ltd.1,377 $18,242 
Kginicis Co. Ltd.2,739 44,552 
KH Feelux Co. Ltd.(1)
4,282 12,108 
KH Vatec Co. Ltd.(1)
337 8,126 
Kia Corp.44,316 3,241,854 
KISCO Corp.11,949 102,786 
KISWIRE Ltd.1,961 45,726 
KIWOOM Securities Co. Ltd.4,023 408,043 
KMW Co. Ltd.(1)(2)
4,954 181,594 
Koentec Co. Ltd.3,932 30,238 
Koh Young Technology, Inc.4,065 78,929 
Kolmar BNH Co. Ltd.1,408 48,551 
Kolmar Korea Co. Ltd.1,209 50,205 
Kolmar Korea Holdings Co. Ltd.1,580 33,291 
Kolon Corp.1,460 40,999 
Kolon Industries, Inc.7,471 558,985 
KoMiCo Ltd.460 32,680 
KONA I Co. Ltd.(1)
4,582 134,706 
Korea Aerospace Industries Ltd.21,326 602,551 
Korea District Heating Corp.758 26,373 
Korea Electric Power Corp., ADR30,245 312,431 
Korea Electric Terminal Co. Ltd.1,840 130,994 
Korea Gas Corp.(1)
4,476 139,476 
Korea Investment Holdings Co. Ltd.11,540 945,017 
Korea Line Corp.(1)
75,823 192,051 
Korea Petrochemical Ind Co. Ltd.1,158 230,448 
Korea Real Estate Investment & Trust Co. Ltd.19,437 39,338 
Korea Shipbuilding & Offshore Engineering Co. Ltd.(1)
2,153 219,352 
Korea United Pharm, Inc.1,469 66,390 
Korea Zinc Co. Ltd.884 404,880 
Korean Air Lines Co. Ltd.(1)
30,695 826,904 
Korean Reinsurance Co.9,155 74,371 
KT Skylife Co. Ltd.12,012 106,978 
KTB Investment & Securities Co. Ltd.28,641 181,220 
Kumho Petrochemical Co. Ltd.(2)
5,333 891,636 
Kumho Tire Co., Inc.(1)
23,830 121,287 
KUMHOE & C Co. Ltd.253 2,853 
Kwang Dong Pharmaceutical Co. Ltd.1,298 9,275 
Kyung Dong Navien Co. Ltd.926 53,557 
L&C Bio Co. Ltd.717 22,031 
LB Semicon, Inc.2,163 24,337 
LEENO Industrial, Inc.563 86,332 
LegoChem Biosciences, Inc.(1)
1,052 48,892 
LF Corp.7,819 123,839 
LG Chem Ltd.4,267 2,780,403 
LG Corp.7,392 606,307 
LG Display Co. Ltd., ADR(1)(2)
106,297 936,477 
LG Electronics, Inc.21,246 2,594,809 
LG HelloVision Co. Ltd.6,071 40,734 
LG Household & Health Care Ltd.500 629,903 
LG Innotek Co. Ltd.3,127 578,004 
60


Avantis Emerging Markets Equity ETF
SharesValue
LG Uplus Corp.55,314 $669,252 
LIG Nex1 Co. Ltd.4,268 191,228 
Lock&Lock Co. Ltd.(1)
3,706 38,444 
Lotte Chemical Corp.1,833 394,229 
Lotte Chilsung Beverage Co. Ltd.1,374 171,713 
Lotte Confectionery Co. Ltd.486 58,006 
Lotte Corp.1,759 53,775 
Lotte Data Communication Co.842 27,218 
LOTTE Fine Chemical Co. Ltd.3,829 230,903 
Lotte Food Co. Ltd.61 22,077 
LOTTE Himart Co. Ltd.1,460 39,378 
Lotte Shopping Co. Ltd.1,491 137,963 
LS Corp.5,518 316,155 
LS Electric Co. Ltd.2,027 119,577 
Lutronic Corp.(1)
9,910 158,076 
LVMC Holdings(1)
7,813 23,572 
LX Hausys Ltd.3,317 251,575 
LX Holdings Corp.(1)
1,896 16,097 
LX INTERNATIONAL Corp.12,326 294,308 
LX Semicon Co. Ltd.1,480 146,955 
Maeil Dairies Co. Ltd.965 60,645 
Mando Corp.(1)
9,907 516,948 
Mcnex Co. Ltd.2,052 76,027 
Medytox, Inc.66 10,371 
Meerecompany, Inc.(1)
66 1,675 
MegaStudyEdu Co. Ltd.3,391 222,537 
Meritz Financial Group, Inc.15,021 371,685 
Meritz Fire & Marine Insurance Co. Ltd.18,124 414,241 
Meritz Securities Co. Ltd.104,667 482,805 
Mirae Asset Life Insurance Co. Ltd.22,028 82,043 
Mirae Asset Securities Co. Ltd.72,832 552,260 
Miwon Commercial Co. Ltd.112 19,693 
Muhak Co. Ltd.242 1,564 
Namhae Chemical Corp.4,357 41,080 
Namsun Aluminum Co. Ltd.(1)
7,959 25,498 
Naturecell Co. Ltd.(1)
2,504 49,056 
NAVER Corp.6,126 2,319,530 
NCSoft Corp.813 462,359 
Neowiz(1)
2,115 52,811 
NEPES Corp.(1)
1,608 49,309 
Neptune Co.(1)
1,000 17,968 
Netmarble Corp.1,301 144,435 
Nexen Tire Corp.10,720 77,389 
NEXTIN, Inc.(1)
481 22,191 
NH Investment & Securities Co. Ltd.44,817 510,648 
NHN Corp.(1)
514 31,240 
NHN KCP Corp.(1)
2,343 97,652 
NICE Holdings Co. Ltd.7,077 110,066 
NICE Information Service Co. Ltd.4,206 76,828 
NongShim Co. Ltd.446 114,769 
NS Shopping Co. Ltd.927 13,760 
61


Avantis Emerging Markets Equity ETF
SharesValue
OCI Co. Ltd.(1)
1,237 $135,114 
OliX Pharmaceuticals, Inc.(1)
461 18,610 
OptoElectronics Solutions Co. Ltd.901 30,061 
Orion Corp./Republic of Korea1,704 185,650 
Orion Holdings Corp.4,046 55,584 
Oscotec, Inc.(1)
813 26,677 
Osstem Implant Co. Ltd.3,438 474,272 
Ottogi Corp.132 58,843 
Pan Ocean Co. Ltd.49,504 353,485 
Paradise Co. Ltd.(1)
5,321 77,843 
Park Systems Corp.330 34,520 
Partron Co. Ltd.5,351 45,927 
Pearl Abyss Corp.(1)
2,335 189,789 
Pharmicell Co. Ltd.(1)
978 13,751 
PI Advanced Materials Co. Ltd.2,088 105,624 
Poongsan Corp.2,881 87,820 
POSCO, ADR41,190 2,940,966 
POSCO Chemical Co. Ltd.1,219 162,867 
Posco ICT Co. Ltd.1,823 11,496 
Posco International Corp.14,979 292,889 
PSK, Inc.681 22,952 
Pulmuone Co. Ltd.3,081 46,414 
Rsupport Co. Ltd.2,340 17,575 
S-1 Corp.1,478 104,633 
S-Oil Corp.11,351 926,874 
Samjin Pharmaceutical Co. Ltd.1,819 42,143 
Samsung Biologics Co. Ltd.(1)
478 397,321 
Samsung C&T Corp.6,187 707,752 
Samsung Card Co. Ltd.2,438 71,623 
Samsung Electro-Mechanics Co. Ltd.9,784 1,552,603 
Samsung Electronics Co. Ltd., GDR13,376 21,839,433 
Samsung Engineering Co. Ltd.(1)
39,868 766,013 
Samsung Fire & Marine Insurance Co. Ltd.7,920 1,541,634 
Samsung Heavy Industries Co. Ltd.(1)
25,908 140,456 
Samsung Life Insurance Co. Ltd.6,768 433,943 
Samsung Pharmaceutical Co. Ltd.(1)
3,889 24,356 
Samsung SDI Co. Ltd.2,714 1,849,826 
Samsung SDS Co. Ltd.1,552 230,371 
Samsung Securities Co. Ltd.19,109 812,527 
Samwha Capacitor Co. Ltd.1,445 78,014 
Samyang Corp.1,245 69,092 
Samyang Foods Co. Ltd.1,173 84,179 
Samyang Holdings Corp.1,512 137,484 
Sangsangin Co. Ltd.(1)
9,172 64,611 
SBS Media Holdings Co. Ltd.(1)
12,347 23,284 
Seah Besteel Corp.5,807 146,050 
SeAH Steel Corp.598 56,821 
SeAH Steel Holdings Corp.810 89,673 
Sebang Global Battery Co. Ltd.1,069 77,003 
Seegene, Inc.2,156 122,109 
Sejong Telecom, Inc.(1)
5,123 2,690 
62


Avantis Emerging Markets Equity ETF
SharesValue
Seobu T&D4,035 $30,788 
Seoul Semiconductor Co. Ltd.5,718 81,093 
SFA Engineering Corp.1,795 59,869 
SFA Semicon Co. Ltd.(1)
13,190 78,416 
SGC Energy Co. Ltd.484 19,550 
Shin Poong Pharmaceutical Co. Ltd.907 55,101 
Shinhan Financial Group Co. Ltd., ADR(2)
42,435 1,410,964 
Shinsegae International, Inc.274 46,644 
Shinsegae, Inc.1,677 387,928 
Shinsung E&G Co. Ltd.(1)
13,081 25,966 
Shinyoung Securities Co. Ltd.714 38,732 
SillaJen, Inc.(1)
626 6,533 
SIMMTECH Co. Ltd.7,459 196,592 
SK Biopharmaceuticals Co. Ltd.(1)
491 53,030 
SK Chemicals Co. Ltd.1,152 267,511 
SK D&D Co. Ltd.2,714 90,013 
SK Discovery Co. Ltd.5,267 217,192 
SK Gas Ltd.666 68,482 
SK Hynix, Inc.49,441 4,526,839 
SK Innovation Co. Ltd.(1)
7,328 1,570,920 
SK Materials Co. Ltd.523 181,999 
SK Networks Co. Ltd.46,968 224,939 
SK Securities Co. Ltd.41,898 33,189 
SK Telecom Co. Ltd., ADR(2)
49,014 1,411,113 
SK, Inc.2,490 564,139 
SKC Co. Ltd.2,149 294,144 
SL Corp.1,857 43,936 
SM Entertainment Co. Ltd.(1)
1,841 109,277 
SNT Dynamics Co. Ltd.3,850 34,831 
SNT Motiv Co. Ltd.2,927 137,315 
SOLUM Co. Ltd.(1)
1,869 45,911 
Songwon Industrial Co. Ltd.5,948 92,545 
Soulbrain Co. Ltd.764 186,151 
Soulbrain Holdings Co., Ltd.(1)
1,229 36,176 
SPC Samlip Co. Ltd.844 59,276 
Ssangyong Motor Co.(1)(2)
2,905 6,940 
Studio Dragon Corp.(1)
1,076 80,568 
Suheung Co. Ltd.124 5,628 
Sung Kwang Bend Co. Ltd.420 3,263 
Sungwoo Hitech Co. Ltd.2,998 16,038 
Taekwang Industrial Co. Ltd.37 35,243 
Taewoong Co. Ltd.(1)
329 3,547 
Taeyoung Engineering & Construction Co. Ltd.8,091 84,976 
Taihan Electric Wire Co. Ltd.(1)
26,822 57,647 
Taihan Fiberoptics Co. Ltd.(1)
470 1,230 
TES Co. Ltd.1,577 37,478 
Tesna, Inc.3,742 165,634 
TK Corp.3,134 33,696 
Tokai Carbon Korea Co. Ltd.154 22,487 
Tongyang Life Insurance Co. Ltd.20,800 96,894 
Tongyang, Inc.2,830 4,252 
63


Avantis Emerging Markets Equity ETF
SharesValue
Toptec Co. Ltd.790 $7,205 
TY Holdings Co. Ltd.(1)
1,589 42,047 
Unid Co. Ltd.2,924 334,861 
UniTest, Inc.(1)
1,762 37,537 
Value Added Technology Co. Ltd.3,454 125,613 
Vaxcell-Bio Therapeutics Co. Ltd.(1)
333 22,586 
Vidente Co. Ltd.(1)
2,779 23,256 
Vieworks Co. Ltd.968 36,821 
Webzen, Inc.(1)
3,108 72,605 
Wemade Co. Ltd.563 45,835 
Whanin Pharmaceutical Co. Ltd.148 2,485 
Winix, Inc.3,028 54,054 
WiSoL Co. Ltd.6,266 66,013 
Wonik Holdings Co. Ltd.(1)
5,541 27,031 
WONIK IPS Co. Ltd.7,578 294,961 
Wonik Materials Co. Ltd.745 22,872 
Wonik QnC Corp.(1)
1,273 31,111 
Woongjin Thinkbig Co. Ltd.11,642 37,365 
Woori Financial Group, Inc.75,861 733,946 
Woori Investment Bank Co. Ltd.89,977 72,591 
Woori Technology Investment Co. Ltd.(1)
4,325 29,599 
Y G-1 Co. Ltd.226 1,804 
YG Entertainment, Inc.(1)
1,052 54,830 
Youlchon Chemical Co. Ltd.1,157 20,463 
Young Poong Corp.44 27,070 
Youngone Corp.8,401 301,101 
Youngone Holdings Co. Ltd.2,100 83,260 
Yuanta Securities Korea Co. Ltd.39,133 147,811 
Yuhan Corp.1,076 57,903 
Yungjin Pharmaceutical Co. Ltd.(1)
6,008 27,936 
Zinus, Inc.945 67,921 
126,122,884 
Taiwan — 17.2%
Aaeon Technology, Inc.1,000 2,215 
Abico Avy Co. Ltd.38,060 34,572 
Ability Enterprise Co. Ltd.(1)
36,000 19,736 
AcBel Polytech, Inc.95,000 91,812 
Accton Technology Corp.65,000 658,538 
Acer, Inc.533,000 483,731 
ACES Electronic Co. Ltd.37,000 69,290 
Acter Group Corp. Ltd.9,207 62,552 
ADATA Technology Co. Ltd.80,000 251,641 
Advanced Ceramic X Corp.5,000 79,438 
Advanced International Multitech Co. Ltd.28,000 78,037 
Advanced Power Electronics Corp.17,000 68,012 
Advantech Co. Ltd.65,199 907,798 
AGV Products Corp.(1)
183,000 71,040 
Airtac International Group4,000 121,757 
Alchip Technologies Ltd.11,000 276,493 
Allied Circuit Co. Ltd.6,000 24,169 
Alltek Technology Corp.52,000 58,901 
64


Avantis Emerging Markets Equity ETF
SharesValue
Alltop Technology Co. Ltd.12,252 $82,818 
Alpha Networks, Inc.35,772 33,438 
Altek Corp.31,000 38,973 
Ampire Co. Ltd.33,000 27,737 
AMPOC Far-East Co. Ltd.22,000 31,154 
AmTRAN Technology Co. Ltd.(1)
13,000 7,929 
Anpec Electronics Corp.22,000 124,324 
APAQ Technology Co. Ltd.12,000 23,176 
Apex International Co. Ltd.27,000 60,336 
Arcadyan Technology Corp.43,061 143,416 
Ardentec Corp.149,000 384,346 
Argosy Research, Inc.7,545 27,228 
ASE Technology Holding Co. Ltd., ADR243,244 2,254,872 
Asia Cement Corp.394,000 637,768 
Asia Optical Co., Inc.(1)
2,000 6,024 
Asia Pacific Telecom Co. Ltd.(1)
7,209 2,164 
Asia Polymer Corp.107,850 145,935 
Asia Vital Components Co. Ltd.87,000 217,410 
ASIX Electronics Corp.11,000 53,044 
ASMedia Technology, Inc.1,000 74,591 
ASPEED Technology, Inc.4,000 337,451 
ASROCK, Inc.8,000 40,617 
Asustek Computer, Inc.93,000 1,085,662 
Aten International Co. Ltd.9,000 26,672 
AU Optronics Corp.1,685,200 1,062,507 
Audix Corp.19,000 37,330 
AURAS Technology Co. Ltd.11,000 68,207 
Aurora Corp.1,000 3,193 
AVer Information, Inc.14,000 29,405 
Azurewave Technologies, Inc.(1)
23,000 17,417 
Bank of Kaohsiung Co. Ltd.31,350 13,059 
Baolong International Co. Ltd.34,000 26,933 
Basso Industry Corp.26,000 44,079 
BenQ Materials Corp.60,000 84,849 
BES Engineering Corp.276,000 89,168 
Bin Chuan Enterprise Co. Ltd.23,000 21,240 
Bioteque Corp.6,000 22,471 
Bizlink Holding, Inc.14,000 114,578 
Brave C&H Supply Co. Ltd.4,000 12,489 
Brighton-Best International Taiwan, Inc.68,000 98,794 
Browave Corp.15,000 23,845 
C Sun Manufacturing Ltd.39,783 71,836 
Capital Futures Corp.19,000 26,624 
Capital Securities Corp.412,000 234,945 
Career Technology MFG. Co. Ltd.(1)
115,100 110,785 
Caswell, Inc.3,000 11,085 
Catcher Technology Co. Ltd.104,000 625,511 
Cathay Financial Holding Co. Ltd.778,000 1,670,816 
Cayman Engley Industrial Co. Ltd.(1)
7,000 17,546 
Center Laboratories, Inc.47,047 120,419 
Central Reinsurance Co. Ltd.73,000 73,839 
65


Avantis Emerging Markets Equity ETF
SharesValue
Century Iron & Steel Industrial Co. Ltd.13,000 $52,288 
Chailease Holding Co. Ltd.5,460 52,379 
Champion Building Materials Co. Ltd.(1)
91,000 36,977 
Chang Hwa Commercial Bank Ltd.142,935 85,041 
Chang Wah Electromaterials, Inc.20,000 25,261 
Chang Wah Technology Co. Ltd.7,000 28,698 
Channel Well Technology Co. Ltd.20,000 31,272 
Charoen Pokphand Enterprise18,000 51,818 
Chen Full International Co. Ltd.16,000 22,307 
Chenbro Micom Co. Ltd.10,000 25,401 
Cheng Loong Corp.185,000 240,007 
Cheng Mei Materials Technology Corp.(1)
264,000 108,255 
Cheng Shin Rubber Industry Co. Ltd.376,000 504,813 
Cheng Uei Precision Industry Co. Ltd.91,000 125,556 
Chia Chang Co. Ltd.6,000 10,594 
Chia Hsin Cement Corp.126,000 101,391 
Chicony Electronics Co. Ltd.93,000 263,007 
Chicony Power Technology Co. Ltd.29,000 71,749 
Chief Telecom, Inc.(1)
2,000 20,656 
Chieftek Precision Co. Ltd.1,000 3,597 
Chilisin Electronics Corp.59,000 194,675 
Chin-Poon Industrial Co. Ltd.68,000 79,411 
China Airlines Ltd.(1)
378,000 234,040 
China Bills Finance Corp.117,000 68,365 
China Chemical & Pharmaceutical Co. Ltd.41,000 34,372 
China Development Financial Holding Corp.2,836,000 1,449,375 
China General Plastics Corp.125,450 178,046 
China Life Insurance Co. Ltd.404,980 421,438 
China Man-Made Fiber Corp.(1)
258,000 96,201 
China Metal Products47,000 55,787 
China Motor Corp.58,800 144,361 
China Petrochemical Development Corp.(1)
780,000 362,015 
China Steel Corp.1,463,000 2,009,669 
China Steel Structure Co. Ltd.18,000 47,106 
Chinese Maritime Transport Ltd.27,000 74,580 
Chipbond Technology Corp.170,000 470,856 
ChipMOS Technologies, Inc.206,000 435,387 
Chlitina Holding Ltd.10,000 71,770 
Chong Hong Construction Co. Ltd.(1)
3,000 8,620 
Chroma ATE, Inc.2,000 12,938 
Chun Yuan Steel Industry Co. Ltd.112,000 114,506 
Chung Hung Steel Corp.192,000 323,308 
Chung Hwa Pulp Corp.(1)
96,000 84,809 
Chung-Hsin Electric & Machinery Manufacturing Corp.105,000 185,192 
Chunghwa Telecom Co. Ltd., ADR(2)
25,879 1,057,157 
Cleanaway Co. Ltd.57,000 349,658 
Clevo Co.57,000 60,295 
CMC Magnetics Corp.(1)
279,685 100,666 
Co-Tech Development Corp.8,000 20,907 
Compal Electronics, Inc.799,000 659,360 
Compeq Manufacturing Co. Ltd.218,000 320,936 
66


Avantis Emerging Markets Equity ETF
SharesValue
Concord International Securities Co. Ltd.75,260 $42,691 
Concraft Holding Co. Ltd.16,899 39,792 
Continental Holdings Corp.65,000 55,344 
Contrel Technology Co. Ltd.52,000 41,997 
Coremax Corp.10,000 43,789 
Coretronic Corp.107,000 215,691 
Creative Sensor, Inc.35,000 37,912 
CTBC Financial Holding Co. Ltd.1,715,000 1,421,452 
CTCI Corp.112,000 145,640 
CviLux Corp.19,000 28,660 
CX Technology Co. Ltd.16,000 24,625 
CyberTAN Technology, Inc.61,000 40,203 
D-Link Corp.5,000 3,096 
DA CIN Construction Co. Ltd.34,000 37,159 
Da-Li Development Co. Ltd.(1)
2,242 2,526 
Dafeng TV Ltd.4,000 6,229 
Darfon Electronics Corp.50,000 79,795 
Darwin Precisions Corp.(1)
5,000 2,140 
Daxin Materials Corp.10,000 32,332 
Delta Electronics, Inc.85,000 827,981 
Depo Auto Parts Ind Co. Ltd.27,000 55,840 
Dimerco Express Corp.29,160 115,099 
Double Bond Chemical Industry Co. Ltd.1,000 2,197 
Dr Wu Skincare Co. Ltd.8,000 20,950 
Dynamic Electronics Co. Ltd.112,147 93,099 
Dynapack International Technology Corp.18,000 60,370 
E Ink Holdings, Inc.17,000 47,760 
E-LIFE MALL Corp.4,000 12,325 
E.Sun Financial Holding Co. Ltd.388,478 372,393 
Eastern Media International Corp.93,000 113,637 
Eclat Textile Co. Ltd.9,000 180,713 
ECOVE Environment Corp.1,000 8,241 
Edom Technology Co. Ltd.62,000 83,880 
eGalax_eMPIA Technology, Inc.12,360 37,843 
Egis Technology, Inc.20,000 86,066 
Elan Microelectronics Corp.111,000 628,843 
Elite Advanced Laser Corp.45,000 89,713 
Elite Material Co. Ltd.56,000 471,599 
Elite Semiconductor Microelectronics Technology, Inc.39,000 196,332 
Elitegroup Computer Systems Co. Ltd.(1)
44,000 39,280 
eMemory Technology, Inc.1,000 58,478 
ENNOSTAR, Inc.(1)
32,375 90,094 
Eson Precision Ind Co. Ltd.15,000 31,354 
Eternal Materials Co. Ltd.176,000 233,200 
Eurocharm Holdings Co. Ltd.6,000 31,912 
Eva Airways Corp.138,000 95,184 
Ever Supreme Bio Technology Co. Ltd.(1)
2,000 21,296 
Everest Textile Co. Ltd.(1)
2,322 906 
Evergreen International Storage & Transport Corp.143,000 172,472 
Evergreen Marine Corp. Taiwan Ltd.531,190 2,593,024 
Everlight Chemical Industrial Corp.54,000 36,929 
67


Avantis Emerging Markets Equity ETF
SharesValue
Everlight Electronics Co. Ltd.110,000 $219,332 
Excelliance Mos Corp.6,000 43,840 
Excelsior Medical Co. Ltd.16,000 32,247 
Far Eastern Department Stores Ltd.167,000 130,298 
Far Eastern International Bank409,932 162,615 
Far Eastern New Century Corp.597,000 646,345 
Far EasTone Telecommunications Co. Ltd.175,000 389,336 
Faraday Technology Corp.51,000 181,510 
Farglory F T Z Investment Holding Co. Ltd.17,000 24,044 
Farglory Land Development Co. Ltd.29,000 66,638 
Federal Corp.(1)
89,000 90,135 
Feng Hsin Steel Co. Ltd.101,000 287,990 
Feng TAY Enterprise Co. Ltd.39,800 309,780 
Firich Enterprises Co. Ltd.(1)
57,223 64,533 
First Financial Holding Co. Ltd.852,664 704,213 
First Hi-Tec Enterprise Co. Ltd.13,793 34,478 
First Steamship Co. Ltd.151,210 88,456 
FIT Holding Co. Ltd.75,000 86,339 
Fitipower Integrated Technology, Inc.23,361 192,201 
Fittech Co. Ltd.(1)
4,223 28,824 
FLEXium Interconnect, Inc.(1)
50,000 208,676 
Flytech Technology Co. Ltd.17,000 39,307 
FocalTech Systems Co. Ltd.53,804 369,930 
Forcecon Tech Co. Ltd.19,000 54,859 
Forest Water Environment Engineering Co. Ltd.1,000 1,351 
Formosa Advanced Technologies Co. Ltd.41,000 56,765 
Formosa Chemicals & Fibre Corp.157,000 475,580 
Formosa International Hotels Corp.(1)
5,000 26,597 
Formosa Laboratories, Inc.(1)
24,000 58,588 
Formosa Oilseed Processing Co. Ltd.52,000 79,525 
Formosa Petrochemical Corp.33,000 116,330 
Formosa Plastics Corp.111,000 409,852 
Formosa Sumco Technology Corp.7,000 46,767 
Formosa Taffeta Co. Ltd.90,000 101,288 
Formosan Rubber Group, Inc.87,000 69,324 
Formosan Union Chemical113,650 79,545 
Fortune Electric Co. Ltd.26,000 35,899 
Foxconn Technology Co. Ltd.213,000 507,981 
Foxsemicon Integrated Technology, Inc.17,000 132,094 
Franbo Lines Corp.(1)
34,471 41,888 
Froch Enterprise Co. Ltd.45,000 61,467 
FSP Technology, Inc.20,000 28,526 
Fubon Financial Holding Co. Ltd.787,000 2,410,610 
Fulgent Sun International Holding Co. Ltd.12,000 37,852 
Fulltech Fiber Glass Corp.(1)
59,000 38,893 
Fusheng Precision Co. Ltd.15,000 98,089 
G Shank Enterprise Co. Ltd.32,000 67,988 
Gamania Digital Entertainment Co. Ltd.25,000 53,267 
GCS Holdings, Inc.(1)
1,000 1,804 
GEM Services, Inc.9,000 36,497 
Gemtek Technology Corp.35,000 33,351 
68


Avantis Emerging Markets Equity ETF
SharesValue
General Interface Solution Holding Ltd.49,000 $189,205 
Generalplus Technology, Inc.18,000 48,416 
GeneReach Biotechnology Corp.(1)
7,000 28,278 
Genesys Logic, Inc.12,000 56,276 
Genius Electronic Optical Co. Ltd.17,079 297,250 
Getac Technology Corp.76,000 143,230 
Giant Manufacturing Co. Ltd.52,000 628,473 
Giantplus Technology Co. Ltd.6,000 2,554 
Gigabyte Technology Co. Ltd.97,000 305,960 
Ginko International Co. Ltd.18,150 137,070 
Global Brands Manufacture Ltd.84,000 101,081 
Global Lighting Technologies, Inc.26,000 78,820 
Global Mixed Mode Technology, Inc.15,000 141,186 
Global PMX Co. Ltd.1,000 5,503 
Global Unichip Corp.17,000 264,181 
Globalwafers Co. Ltd.11,000 343,751 
Globe Union Industrial Corp.5,000 2,871 
Gloria Material Technology Corp.114,000 111,526 
GMI Technology, Inc.(1)
59,400 49,715 
Gold Circuit Electronics Ltd.104,000 274,807 
Golden Friends Corp.1,000 2,279 
Goldsun Building Materials Co. Ltd.255,674 206,950 
Gourmet Master Co. Ltd.20,000 105,637 
Grand Ocean Retail Group Ltd.3,000 2,150 
Grand Pacific Petrochemical289,000 316,494 
Grape King Bio Ltd.19,000 111,686 
Great China Metal Industry9,000 8,892 
Great Tree Pharmacy Co. Ltd.6,485 64,724 
Great Wall Enterprise Co. Ltd.110,210 215,262 
Greatek Electronics, Inc.62,000 200,186 
Gudeng Precision Industrial Co. Ltd.3,346 29,538 
Hai Kwang Enterprise Corp.39,000 58,151 
Hannstar Board Corp.91,927 138,624 
HannStar Display Corp.519,000 300,023 
HannsTouch Solution, Inc.178,000 72,334 
Harmony Electronics Corp.17,000 31,474 
Harvatek Corp.35,000 35,122 
Heran Co. Ltd.7,000 30,000 
Highwealth Construction Corp.6,600 11,479 
Hiroca Holdings Ltd.19,000 36,963 
Hitron Technology, Inc.42,000 28,994 
Hiwin Technologies Corp.39,183 458,947 
Ho Tung Chemical Corp.364,000 138,325 
Hocheng Corp.62,000 25,677 
Hold-Key Electric Wire & Cable Co. Ltd.(1)
56,000 28,136 
Holiday Entertainment Co. Ltd.13,000 28,840 
Holtek Semiconductor, Inc.52,000 240,022 
Holy Stone Enterprise Co. Ltd.42,000 182,821 
Hon Hai Precision Industry Co. Ltd.1,036,000 4,137,068 
Hong Pu Real Estate Development Co. Ltd.11,000 8,503 
Hong TAI Electric Industrial36,000 30,594 
69


Avantis Emerging Markets Equity ETF
SharesValue
Horizon Securities Co. Ltd.152,000 $109,206 
Hotai Finance Co. Ltd.6,000 18,513 
Hotai Motor Co. Ltd.22,000 461,484 
Hsin Kuang Steel Co. Ltd.2,000 5,061 
Hsin Yung Chien Co. Ltd.9,900 51,355 
Hsing TA Cement Co.62,000 48,053 
HTC Corp.(1)
48,000 61,458 
Hu Lane Associate, Inc.15,225 64,430 
Hua Nan Financial Holdings Co. Ltd.141,508 106,632 
Huaku Development Co. Ltd.51,000 161,985 
Huang Hsiang Construction Corp.31,000 43,323 
Hung Ching Development & Construction Co. Ltd.31,000 32,600 
Hung Sheng Construction Ltd.59,880 44,835 
Huxen Corp.3,000 5,468 
Hycon Technology Corp.7,000 37,987 
I-Sheng Electric Wire & Cable Co. Ltd.10,000 15,168 
Ibase Technology, Inc.1,000 1,407 
IBF Financial Holdings Co. Ltd.406,576 235,156 
Ichia Technologies, Inc.57,000 35,577 
IEI Integration Corp.20,000 33,487 
Info-Tek Corp.19,000 29,670 
Innodisk Corp.13,160 109,863 
Innolux Corp.1,659,000 1,027,599 
Inpaq Technology Co. Ltd.(1)
30,000 61,817 
Integrated Service Technology, Inc.12,000 22,450 
Interactive Digital Technologies, Inc.8,000 20,745 
International CSRC Investment Holdings Co.146,000 123,030 
International Games System Co. Ltd.9,000 215,156 
Inventec Corp.130,000 113,726 
ITE Technology, Inc.34,000 137,989 
ITEQ Corp.45,000 213,988 
Jentech Precision Industrial Co. Ltd.3,000 32,793 
Jess-Link Products Co. Ltd.18,000 22,749 
Jih Lin Technology Co. Ltd.11,000 46,930 
Kaimei Electronic Corp.(1)
21,000 75,960 
KEE TAI Properties Co. Ltd.28,000 12,807 
Kenda Rubber Industrial Co. Ltd.124,800 149,767 
Kindom Development Co. Ltd.101,200 154,926 
King Slide Works Co. Ltd.3,000 40,395 
King Yuan Electronics Co. Ltd.278,000 455,652 
King's Town Bank Co. Ltd.150,000 237,331 
Kinik Co.26,000 66,359 
Kinpo Electronics279,000 126,999 
Kinsus Interconnect Technology Corp.87,000 627,812 
KMC Kuei Meng International, Inc.10,000 76,032 
KNH Enterprise Co. Ltd.23,000 19,112 
KS Terminals, Inc.16,000 55,363 
Kung Long Batteries Industrial Co. Ltd.48,000 239,764 
Kung Sing Engineering Corp.(1)
64,000 23,265 
Kuo Toong International Co. Ltd.67,000 60,881 
Kuo Yang Construction Co. Ltd.49,727 50,835 
70


Avantis Emerging Markets Equity ETF
SharesValue
L&K Engineering Co. Ltd.20,000 $21,660 
Lanner Electronics, Inc.18,000 32,920 
Largan Precision Co. Ltd.9,000 867,740 
Leadtek Research, Inc.(1)
25,000 56,509 
Lealea Enterprise Co. Ltd.(1)
101,000 40,823 
Lelon Electronics Corp.12,138 31,328 
Lemtech Holdings Co. Ltd.6,000 37,040 
Li Cheng Enterprise Co. Ltd.(1)
1,071 762 
Li Peng Enterprise Co. Ltd.(1)
391,000 152,092 
Lian HWA Food Corp.17,710 45,426 
Lien Hwa Industrial Holdings Corp.6,960 13,194 
Lingsen Precision Industries Ltd.(1)
131,000 143,603 
Lion Travel Service Co. Ltd.(1)
1,000 3,108 
Lite-On Technology Corp.340,000 749,704 
Liton Technology Corp.18,000 30,279 
Long Bon International Co. Ltd.(1)
4,800 3,184 
Longchen Paper & Packaging Co. Ltd.140,587 142,394 
Longwell Co.17,000 34,415 
Lotes Co. Ltd.13,000 252,709 
Lotus Pharmaceutical Co. Ltd.1,000 3,875 
Lucky Cement Corp.60,000 26,313 
Lumax International Corp. Ltd.10,000 25,346 
Lung Yen Life Service Corp.18,000 30,479 
Macauto Industrial Co. Ltd.11,000 34,425 
Machvision, Inc.13,039 120,931 
Macronix International Co. Ltd.419,000 606,237 
Makalot Industrial Co. Ltd.14,825 127,293 
Marketech International Corp.16,000 66,766 
Materials Analysis Technology, Inc.14,000 77,026 
Mechema Chemicals International Corp.2,000 9,212 
MediaTek, Inc.39,000 1,264,662 
Mega Financial Holding Co. Ltd.551,000 651,690 
Mercuries & Associates Holding Ltd.55,000 45,098 
Mercuries Life Insurance Co. Ltd.(1)
219,578 73,484 
Merida Industry Co. Ltd.36,000 413,954 
Merry Electronics Co. Ltd.6,000 20,818 
Micro-Star International Co. Ltd.103,000 483,258 
Microbio Co. Ltd.(1)
6,000 11,838 
Mirle Automation Corp.41,000 60,021 
Mitac Holdings Corp.193,560 194,687 
momo.com, Inc.6,500 403,259 
MOSA Industrial Corp.48,000 79,756 
Motech Industries, Inc.93,000 101,771 
MPI Corp.18,000 95,643 
Nak Sealing Technologies Corp.15,000 47,753 
Namchow Holdings Co. Ltd.33,000 57,991 
Nan Kang Rubber Tire Co. Ltd.32,000 44,007 
Nan Liu Enterprise Co. Ltd.6,000 27,873 
Nan Pao Resins Chemical Co. Ltd.11,000 55,468 
Nan Ya Plastics Corp.193,000 623,689 
Nan Ya Printed Circuit Board Corp.33,000 499,385 
71


Avantis Emerging Markets Equity ETF
SharesValue
Nantex Industry Co. Ltd.79,000 $306,057 
Nanya Technology Corp.152,000 362,456 
Newmax Technology Co. Ltd.(1)
1,000 1,459 
Nichidenbo Corp.36,000 66,067 
Nien Made Enterprise Co. Ltd.39,000 581,477 
Niko Semiconductor Co. Ltd.13,000 38,181 
Nishoku Technology, Inc.6,000 19,189 
Novatek Microelectronics Corp.80,000 1,291,007 
Nuvoton Technology Corp.2,428 13,542 
O-Bank Co. Ltd.189,430 51,147 
O-TA Precision Industry Co. Ltd.14,000 80,148 
Ocean Plastics Co. Ltd.30,000 35,858 
OptoTech Corp.59,000 73,988 
Orient Semiconductor Electronics Ltd.175,000 178,874 
Oriental Union Chemical Corp.(1)
8,000 6,289 
P-Duke Technology Co. Ltd.2,105 5,782 
Pacific Hospital Supply Co. Ltd.11,099 28,895 
Paiho Shih Holdings Corp.1,000 1,401 
Pan Jit International, Inc.235,000 915,894 
Pan-International Industrial Corp.244,000 345,463 
Parade Technologies Ltd.2,000 125,853 
PChome Online, Inc.15,000 58,324 
Pegatron Corp.192,000 448,377 
Pegavision Corp.8,000 172,435 
PharmaEngine, Inc.24,000 53,354 
Pharmally International Holding Co. Ltd.(1)
1,282 2,618 
Phihong Technology Co. Ltd.(1)
67,000 86,723 
Phison Electronics Corp.17,000 260,542 
Pixart Imaging, Inc.22,000 127,546 
Polytronics Technology Corp.2,094 10,236 
Pou Chen Corp.364,000 432,343 
Power Wind Health Industry, Inc.4,252 21,761 
Powertech Technology, Inc.153,000 620,029 
Poya International Co. Ltd.6,000 109,057 
President Chain Store Corp.68,000 700,166 
President Securities Corp.264,929 224,633 
Primax Electronics Ltd.107,000 200,376 
Prince Housing & Development Corp.215,000 106,251 
Promate Electronic Co. Ltd.35,000 49,020 
Prosperity Dielectrics Co. Ltd.18,000 39,001 
Qisda Corp.251,000 268,539 
QST International Corp.10,000 22,386 
Quang Viet Enterprise Co. Ltd.6,000 24,427 
Quanta Computer, Inc.317,000 896,495 
Quanta Storage, Inc.41,000 54,664 
Radiant Opto-Electronics Corp.71,000 253,264 
Radium Life Tech Co. Ltd.134,000 51,163 
Realtek Semiconductor Corp.90,000 1,793,764 
Rechi Precision Co. Ltd.41,000 29,168 
Rexon Industrial Corp. Ltd.19,000 48,415 
Rich Development Co. Ltd.92,000 30,648 
72


Avantis Emerging Markets Equity ETF
SharesValue
Ritek Corp.(1)
64,281 $22,392 
Roo Hsing Co. Ltd.(1)
75,000 21,566 
Ruentex Development Co. Ltd.139,000 347,134 
Ruentex Engineering & Construction Co.23,290 100,180 
Ruentex Industries Ltd.56,000 224,155 
Sampo Corp.(1)
50,000 55,890 
San Fang Chemical Industry Co. Ltd.13,000 10,132 
San Shing Fastech Corp.(1)
17,000 35,620 
Sanyang Motor Co. Ltd.261,000 257,087 
Savior Lifetec Corp.(1)
7,000 5,943 
SCI Pharmtech, Inc.9,600 29,509 
ScinoPharm Taiwan Ltd.2,000 1,772 
SDI Corp.27,000 141,598 
Sea Sonic Electronics Co. Ltd.8,000 27,608 
Senao International Co. Ltd.1,000 1,147 
Senao Networks, Inc.7,000 23,336 
Sensortek Technology Corp.4,000 106,248 
Sesoda Corp.76,997 87,076 
Shanghai Commercial & Savings Bank Ltd. (The)358,000 581,030 
Sheng Yu Steel Co. Ltd.40,000 63,949 
ShenMao Technology, Inc.17,000 29,169 
Shih Her Technologies, Inc.11,000 25,209 
Shih Wei Navigation Co. Ltd.(1)
48,000 116,987 
Shin Foong Specialty & Applied Materials Co. Ltd.18,000 139,333 
Shin Kong Financial Holding Co. Ltd.1,952,740 669,094 
Shin Zu Shing Co. Ltd.21,536 82,332 
Shining Building Business Co. Ltd.(1)
125,000 55,158 
Shinkong Insurance Co. Ltd.14,000 22,107 
Shinkong Synthetic Fibers Corp.227,000 161,346 
Shiny Chemical Industrial Co. Ltd.14,666 67,742 
ShunSin Technology Holding Ltd.12,000 40,806 
Shuttle, Inc.(1)
85,000 32,690 
Sigurd Microelectronics Corp.146,063 341,709 
Silergy Corp.1,000 143,018 
Silicon Integrated Systems Corp.170,640 157,627 
Simplo Technology Co. Ltd.35,000 397,974 
Sinbon Electronics Co. Ltd.4,000 31,121 
Sincere Navigation Corp.79,060 115,027 
Singatron Enterprise Co. Ltd.25,000 23,022 
Sinher Technology, Inc.15,000 22,414 
Sinmag Equipment Corp.9,000 34,194 
Sino-American Silicon Products, Inc.93,000 644,178 
Sinon Corp.87,000 71,865 
SinoPac Financial Holdings Co. Ltd.1,975,000 1,014,160 
Sinopower Semiconductor, Inc.6,000 26,995 
Sinyi Realty, Inc.34,000 38,183 
Sitronix Technology Corp.34,000 360,968 
Siward Crystal Technology Co. Ltd.28,000 35,033 
Soft-World International Corp.4,000 13,924 
Solar Applied Materials Technology Corp.248,670 444,406 
Sonix Technology Co. Ltd.43,000 140,014 
73


Avantis Emerging Markets Equity ETF
SharesValue
Speed Tech Corp.1,000 $3,044 
St Shine Optical Co. Ltd.4,000 48,716 
Standard Chemical & Pharmaceutical Co. Ltd.16,000 22,014 
Standard Foods Corp.18,000 33,888 
Stark Technology, Inc.25,000 61,549 
Sunjuice Holdings Co. Ltd.3,000 45,410 
Sunny Friend Environmental Technology Co. Ltd.10,000 74,117 
Sunonwealth Electric Machine Industry Co. Ltd.32,000 44,846 
Sunplus Technology Co. Ltd.25,000 35,289 
Sunrex Technology Corp.12,000 20,550 
Supreme Electronics Co. Ltd.49,755 78,565 
Swancor Holding Co. Ltd.10,000 32,936 
Sweeten Real Estate Development Co. Ltd.4,320 3,853 
Symtek Automation Asia Co. Ltd.9,000 36,120 
Syncmold Enterprise Corp.32,000 80,921 
Synnex Technology International Corp.283,000 548,927 
Systex Corp.17,000 52,439 
T3EX Global Holdings Corp.20,000 129,389 
TA Chen Stainless Pipe(1)
239,263 435,274 
Ta Ya Electric Wire & Cable(1)
112,000 107,048 
TA-I Technology Co. Ltd.31,750 73,791 
TAI Roun Products Co. Ltd.23,000 13,014 
Taichung Commercial Bank Co. Ltd.418,619 177,303 
TaiDoc Technology Corp.15,000 112,582 
Taiflex Scientific Co. Ltd.22,000 38,025 
Taigen Biopharmaceuticals Holdings Ltd.(1)
2,000 1,243 
Taimide Tech, Inc.16,000 25,392 
Tainan Spinning Co. Ltd.189,000 158,564 
Taishin Financial Holding Co. Ltd.1,654,174 1,154,156 
Taisun Enterprise Co. Ltd.(1)
4,000 4,193 
Taita Chemical Co. Ltd.70,000 113,870 
Taiwan Business Bank1,089,800 380,800 
Taiwan Cement Corp.664,004 1,159,344 
Taiwan Cogeneration Corp.28,000 38,002 
Taiwan Cooperative Financial Holding Co. Ltd.1,156,200 931,528 
Taiwan FamilyMart Co. Ltd.1,000 9,410 
Taiwan Fertilizer Co. Ltd.137,000 278,791 
Taiwan Fire & Marine Insurance Co. Ltd.41,000 29,576 
Taiwan FU Hsing Industrial Co. Ltd.29,000 43,770 
Taiwan Glass Industry Corp.222,000 286,591 
Taiwan High Speed Rail Corp.386,000 420,458 
Taiwan Hon Chuan Enterprise Co. Ltd.89,000 239,721 
Taiwan Hopax Chemicals Manufacturing Co. Ltd.41,000 88,493 
Taiwan Mask Corp.24,000 76,831 
Taiwan Mobile Co. Ltd.171,000 623,178 
Taiwan Navigation Co. Ltd.76,000 137,633 
Taiwan Paiho Ltd.92,000 278,544 
Taiwan PCB Techvest Co. Ltd.73,000 121,213 
Taiwan Sakura Corp.4,000 10,385 
Taiwan Secom Co. Ltd.44,000 156,411 
Taiwan Semiconductor Co. Ltd.14,000 37,015 
74


Avantis Emerging Markets Equity ETF
SharesValue
Taiwan Semiconductor Manufacturing Co. Ltd., ADR229,974 $27,369,206 
Taiwan Shin Kong Security Co. Ltd.7,070 9,640 
Taiwan Styrene Monomer30,000 24,274 
Taiwan Surface Mounting Technology Corp.23,000 85,590 
Taiwan TEA Corp.(1)
17,000 12,333 
Taiwan Union Technology Corp.68,000 269,143 
Taiyen Biotech Co. Ltd.(1)
24,000 28,533 
Tatung Co. Ltd.(1)
38,000 41,738 
Tatung System Technologies, Inc.21,000 35,765 
TCI Co. Ltd.19,000 184,611 
Teco Electric and Machinery Co. Ltd.332,000 373,500 
Test Research, Inc.48,000 97,780 
Test Rite International Co. Ltd.33,000 29,115 
Tex-Ray Industrial Co. Ltd.(1)
40,000 21,914 
Thermaltake Technology Co. Ltd.(1)
11,000 21,375 
Thinking Electronic Industrial Co. Ltd.13,000 90,718 
Thye Ming Industrial Co. Ltd.28,000 35,025 
Ton Yi Industrial Corp.148,000 73,676 
Tong Hsing Electronic Industries Ltd.5,472 51,502 
Tong Yang Industry Co. Ltd.106,000 131,734 
Top Bright Holding Co. Ltd.8,000 35,231 
Topco Scientific Co. Ltd.37,000 176,607 
Topkey Corp.6,000 28,252 
Topoint Technology Co. Ltd.51,000 75,519 
TPK Holding Co. Ltd.103,000 146,068 
Trade-Van Information Services Co.2,000 3,604 
Transcend Information, Inc.16,000 39,989 
Tripod Technology Corp.88,000 363,103 
TSC Auto ID Technology Co. Ltd.8,000 62,117 
TSRC Corp.126,000 140,547 
Ttet Union Corp.6,000 34,075 
TTFB Co. Ltd.(1)
1,000 8,877 
Tung Ho Steel Enterprise Corp.228,000 364,290 
Tung Thih Electronic Co. Ltd.(1)
1,000 7,265 
TXC Corp.17,000 69,738 
U-Ming Marine Transport Corp.80,000 200,139 
Ubright Optronics Corp.16,000 19,609 
Ultra Chip, Inc.(1)
20,000 110,985 
Uni-President Enterprises Corp.469,000 1,222,352 
Unimicron Technology Corp.177,000 938,060 
Union Bank of Taiwan(1)
119,840 52,937 
Unitech Printed Circuit Board Corp.(1)
100,000 72,229 
United Integrated Services Co. Ltd.48,000 343,977 
United Microelectronics Corp.1,559,000 3,532,586 
United Renewable Energy Co. Ltd.(1)
211,613 161,716 
Universal Cement Corp.107,000 80,319 
Unizyx Holding Corp.(1)
125,000 113,860 
UPC Technology Corp.209,000 184,030 
Userjoy Technology Co. Ltd.7,350 24,059 
USI Corp.262,000 309,964 
Utechzone Co. Ltd.18,000 37,688 
75


Avantis Emerging Markets Equity ETF
SharesValue
Vanguard International Semiconductor Corp.149,000 $792,557 
Ventec International Group Co. Ltd.17,000 92,315 
VIA Labs, Inc.2,000 31,371 
Visual Photonics Epitaxy Co. Ltd.30,000 136,991 
Voltronic Power Technology Corp.9,100 406,182 
Wafer Works Corp.41,000 103,425 
Wah Hong Industrial Corp.19,000 21,010 
Wah Lee Industrial Corp.37,000 118,170 
Walsin Lihwa Corp.499,000 482,554 
Walsin Technology Corp.(1)
23,000 149,119 
Walton Advanced Engineering, Inc.(1)
88,000 63,649 
Wan Hai Lines Ltd.115,000 1,028,948 
WEI Chih Steel Industrial Co. Ltd.(1)
29,000 49,472 
Wei Chuan Foods Corp.82,000 61,588 
Weikeng Industrial Co. Ltd.107,000 91,323 
Well Shin Technology Co. Ltd.16,000 27,664 
Win Semiconductors Corp.45,000 534,044 
Winbond Electronics Corp.654,000 693,154 
Winstek Semiconductor Co. Ltd.22,000 26,891 
Wisdom Marine Lines Co. Ltd.71,378 230,661 
Wistron Corp.545,000 538,273 
Wistron Information Technology & Services Corp.8,000 26,125 
Wistron NeWeb Corp.92,000 239,547 
Wiwynn Corp.5,000 174,553 
Wowprime Corp.18,000 94,425 
WPG Holdings Ltd.271,000 472,724 
WT Microelectronics Co. Ltd.89,000 192,267 
WUS Printed Circuit Co. Ltd.9,000 9,061 
XinTec, Inc.20,000 103,805 
Xxentria Technology Materials Corp.16,000 40,589 
Yageo Corp.(1)
10,000 172,165 
Yang Ming Marine Transport Corp.(1)
323,000 1,547,177 
YC INOX Co. Ltd.(1)
78,486 105,078 
Yea Shin International Development Co. Ltd.35,000 25,177 
Yem Chio Co. Ltd.94,000 59,959 
Yeong Guan Energy Technology Group Co. Ltd.1,000 2,387 
YFY, Inc.336,000 433,052 
Yieh Hsing Enterprise Co. Ltd.(1)
41,000 45,696 
Yieh Phui Enterprise Co. Ltd.(1)
164,000 192,619 
Young Fast Optoelectronics Co. Ltd.(1)
39,000 40,741 
Youngtek Electronics Corp.29,000 91,283 
Yuanta Financial Holding Co. Ltd.1,379,440 1,242,632 
Yulon Finance Corp.25,530 152,978 
Yulon Motor Co. Ltd.140,397 191,189 
YungShin Global Holding Corp.3,000 4,554 
Zeng Hsing Industrial Co. Ltd.15,000 82,132 
Zenitron Corp.50,000 50,625 
Zero One Technology Co. Ltd.16,000 25,289 
Zhen Ding Technology Holding Ltd.141,000 503,939 
Zinwell Corp.(1)
38,000 24,475 
Zippy Technology Corp.3,000 4,447 
76


Avantis Emerging Markets Equity ETF
SharesValue
ZongTai Real Estate Development Co. Ltd.2,000 $2,794 
148,544,743 
Thailand — 2.1%
AAPICO Hitech PCL, NVDR54,200 37,635 
Advanced Info Service PCL, NVDR60,600 353,355 
AEON Thana Sinsap Thailand PCL, NVDR16,300 99,995 
Airports of Thailand PCL, NVDR144,400 285,302 
Amanah Leasing PCL, NVDR119,000 21,025 
Amata Corp. PCL, NVDR263,000 153,292 
Ananda Development PCL, NVDR(1)
53,000 2,922 
AP Thailand PCL, NVDR792,900 206,493 
Asia Aviation PCL, NVDR(1)
56,600 4,880 
Asia Plus Group Holdings PCL, NVDR561,700 60,618 
Asia Sermkij Leasing PCL, NVDR35,700 42,040 
Asian Sea Corp. PCL, NVDR72,150 38,954 
Asset World Corp. PCL, NVDR(1)
272,100 36,552 
B Grimm Power PCL, NVDR143,400 205,630 
Bangchak Corp. PCL, NVDR301,300 252,102 
Bangkok Airways PCL, NVDR(1)
59,900 22,105 
Bangkok Bank PCL, NVDR74,200 262,020 
Bangkok Chain Hospital PCL, NVDR132,400 92,336 
Bangkok Dusit Medical Services PCL, NVDR429,200 311,338 
Bangkok Expressway & Metro PCL, NVDR222,600 59,712 
Bangkok Land PCL, NVDR2,403,600 80,508 
Bangkok Life Assurance PCL, NVDR417,000 355,542 
Banpu PCL, NVDR805,800 274,928 
Banpu Power PCL, NVDR69,100 40,919 
BCPG PCL, NVDR27,900 12,802 
Beauty Community PCL, NVDR(1)
64,400 3,055 
BEC World PCL, NVDR(1)
292,900 119,761 
Berli Jucker PCL, NVDR11,300 12,698 
BG Container Glass PCL, NVDR56,100 19,473 
BTS Group Holdings PCL, NVDR206,700 60,266 
Bumrungrad Hospital PCL, NVDR35,400 145,911 
Cal-Comp Electronics Thailand PCL, NVDR440,158 40,129 
Carabao Group PCL, NVDR10,500 45,589 
Central Pattana PCL, NVDR160,300 266,839 
Central Retail Corp. PCL, NVDR39,966 42,405 
CH Karnchang PCL, NVDR133,100 82,100 
Charoen Pokphand Foods PCL, NVDR379,700 318,134 
Chularat Hospital PCL, NVDR953,200 109,329 
CK Power PCL, NVDR121,300 21,048 
Com7 PCL, NVDR166,700 359,912 
Country Group Development PCL, NVDR(1)
979,000 14,885 
CP ALL PCL, NVDR222,200 447,961 
Delta Electronics Thailand PCL, NVDR8,900 161,156 
Demco PCL, NVDR(1)
222,400 34,378 
Dhipaya Insurance PCL, NVDR48,200 42,252 
Diamond Building Products PCL, NVDR51,200 11,517 
Dynasty Ceramic PCL, NVDR744,300 71,083 
Eastern Polymer Group PCL, NVDR299,300 116,927 
77


Avantis Emerging Markets Equity ETF
SharesValue
Eastern Water Resources Development and Management PCL, NVDR50,300 $15,914 
Ekachai Medical Care PCL, NVDR150,000 36,979 
Electricity Generating PCL, NVDR5,900 33,107 
Energy Absolute PCL, NVDR113,000 229,424 
Erawan Group PCL (The), NVDR(1)
77,040 7,210 
Esso Thailand PCL, NVDR(1)
180,200 44,060 
GFPT PCL, NVDR188,400 72,398 
Global Power Synergy PCL, NVDR62,600 161,551 
Gulf Energy Development PCL, NVDR81,020 104,873 
Gunkul Engineering PCL, NVDR1,165,900 171,300 
Haad Thip PCL, NVDR13,900 15,936 
Hana Microelectronics PCL, NVDR51,900 113,440 
Home Product Center PCL, NVDR546,300 242,056 
Ichitan Group PCL, NVDR86,500 32,488 
Indorama Ventures PCL, NVDR180,100 244,127 
IRPC PCL, NVDR1,816,000 223,718 
Italian-Thai Development PCL, NVDR(1)
1,600,500 120,064 
Jasmine International PCL, NVDR1,051,500 95,170 
Jay Mart PCL, NVDR68,641 81,328 
JMT Network Services PCL, NVDR27,900 39,544 
JWD Infologistics PCL, NVDR210,600 108,268 
KCE Electronics PCL, NVDR160,600 380,776 
KGI Securities Thailand PCL, NVDR710,100 143,030 
Khon Kaen Sugar Industry PCL, NVDR(1)
380,000 43,641 
Kiatnakin Phatra Bank PCL, NVDR37,700 65,725 
Krung Thai Bank PCL, NVDR375,100 130,118 
Krungthai Card PCL, NVDR55,500 113,973 
Land & Houses PCL, NVDR983,300 248,416 
Lanna Resources PCL, NVDR86,300 47,661 
LPN Development PCL, NVDR441,700 69,147 
Major Cineplex Group PCL, NVDR(1)
59,700 38,695 
MBK PCL, NVDR(1)
180,600 79,521 
MC Group PCL, NVDR20,300 5,825 
MCS Steel PCL, NVDR139,300 65,665 
Mega Lifesciences PCL, NVDR88,500 134,398 
Minor International PCL, NVDR(1)
213,300 216,641 
MK Restaurants Group PCL, NVDR9,300 15,430 
Muangthai Capital PCL, NVDR79,700 159,892 
Namyong Terminal PCL, NVDR30,600 4,192 
Noble Development PCL, NVDR205,200 41,670 
Northeast Rubber PCL, NVDR156,200 37,044 
Origin Property PCL, NVDR197,400 60,219 
Osotspa PCL, NVDR70,900 80,230 
Plan B Media PCL, NVDR685,000 131,405 
Polyplex Thailand PCL, NVDR70,200 56,600 
Precious Shipping PCL, NVDR176,200 126,017 
Premier Marketing PCL, NVDR72,700 23,892 
Prima Marine PCL, NVDR190,000 41,231 
Property Perfect PCL, NVDR730,710 10,445 
PTG Energy PCL, NVDR202,400 114,776 
78


Avantis Emerging Markets Equity ETF
SharesValue
PTT Exploration & Production PCL, NVDR136,400 $470,722 
PTT Global Chemical PCL, NVDR155,200 307,773 
PTT Oil & Retail Business PCL, NVDR334,700 313,647 
PTT PCL, NVDR636,300 753,592 
Quality Houses PCL, NVDR2,354,000 162,182 
Raimon Land PCL, NVDR(1)
1,000,000 28,857 
Rajthanee Hospital PCL, NVDR65,600 67,635 
Ratch Group PCL, NVDR56,400 82,646 
Ratchthani Leasing PCL, NVDR604,400 83,179 
Regional Container Lines PCL, NVDR204,100 376,220 
Rojana Industrial Park PCL, NVDR239,200 49,693 
RS PCL, NVDR(1)
87,900 54,501 
S Hotels & Resorts PCL, NVDR(1)
289,200 31,749 
Samart Corp. PCL, NVDR(1)
72,200 16,563 
Sansiri PCL, NVDR4,058,700 160,878 
Sappe PCL, NVDR20,300 16,998 
SC Asset Corp. PCL, NVDR350,000 34,727 
SEAFCO PCL, NVDR16,100 2,377 
Sermsang Power Corp. Co. Ltd., NVDR187,880 75,753 
Siam Cement PCL (The), NVDR51,600 687,900 
Siam City Cement PCL, NVDR4,300 22,606 
Siam Commercial Bank PCL (The), NVDR91,000 300,208 
Siam Future Development PCL, NVDR225,500 83,165 
Siam Global House PCL, NVDR399,272 268,600 
Siamgas & Petrochemicals PCL, NVDR124,500 44,377 
Sikarin PCL, NVDR21,100 7,724 
Singha Estate PCL, NVDR(1)
1,000,000 66,349 
Sino-Thai Engineering & Construction PCL, NVDR348,300 144,604 
Somboon Advance Technology PCL, NVDR66,900 43,566 
SPCG PCL, NVDR87,000 48,843 
Sri Trang Agro-Industry PCL, NVDR217,200 255,918 
Srisawad Corp. PCL, NVDR90,500 201,241 
Srisawad Finance PCL, NVDR45,700 51,682 
Srivichai Vejvivat PCL, NVDR93,400 32,157 
Star Petroleum Refining PCL, NVDR(1)
381,900 104,031 
STP & I PCL, NVDR(1)
90,600 12,696 
Supalai PCL, NVDR165,800 106,529 
Super Energy Corp. PCL, NVDR6,234,700 187,514 
Synnex Thailand PCL, NVDR53,900 43,017 
Taokaenoi Food & Marketing PCL, NVDR51,600 11,907 
Tata Steel Thailand PCL, NVDR(1)
498,600 27,215 
Thai Airways International PCL, NVDR(1)
20,500 2,112 
Thai Oil PCL, NVDR60,400 92,953 
Thai Solar Energy PCL, NVDR212,200 18,425 
Thai Union Group PCL, NVDR564,600 348,533 
Thai Vegetable Oil PCL, NVDR45,000 45,396 
Thaicom PCL, NVDR154,300 47,844 
Thaifoods Group PCL, NVDR316,200 45,707 
Thanachart Capital PCL, NVDR55,100 62,746 
Thonburi Healthcare Group PCL, NVDR59,500 57,674 
Thoresen Thai Agencies PCL, NVDR347,600 178,745 
79


Avantis Emerging Markets Equity ETF
SharesValue
Tipco Asphalt PCL, NVDR108,800 $62,410 
Tisco Financial Group PCL, NVDR21,600 62,928 
TMBThanachart Bank PCL, NVDR1,642,100 54,426 
TOA Paint Thailand PCL, NVDR27,300 28,989 
Total Access Communication PCL, NVDR54,400 62,419 
TPI Polene PCL, NVDR400,700 22,369 
TPI Polene Power PCL, NVDR537,300 73,326 
TQM Corp. PCL, NVDR11,700 42,448 
True Corp. PCL, NVDR3,232,900 332,990 
TTW PCL, NVDR43,900 16,206 
U City PCL, NVDR(1)
508,700 17,369 
Unique Engineering & Construction PCL, NVDR(1)
129,200 26,446 
United Paper PCL, NVDR45,600 24,184 
Univentures PCL, NVDR191,000 25,031 
VGI PCL, NVDR146,900 28,657 
Vinythai PCL, NVDR25,000 29,279 
WHA Corp. PCL, NVDR441,900 44,666 
Workpoint Entertainment PCL, NVDR45,500 31,592 
18,466,454 
Turkey — 0.5%
AG Anadolu Grubu Holding AS7,413 21,473 
Akbank T.A.S.371,759 263,864 
Aksa Akrilik Kimya Sanayii AS20,299 47,627 
Aksa Enerji Uretim AS(1)
33,802 58,538 
Aksigorta AS29,226 26,687 
Alarko Holding AS23,326 24,941 
Albaraka Turk Katilim Bankasi AS(1)
107,779 19,100 
Anadolu Anonim Turk Sigorta Sirketi49,944 38,080 
Anadolu Efes Biracilik Ve Malt Sanayii AS14,148 37,334 
Aselsan Elektronik Sanayi Ve Ticaret AS10,764 20,585 
Aygaz AS1,311 2,374 
Bagfas Bandirma Gubre Fabrikalari AS(1)
8,329 18,373 
Bera Holding AS(1)
9,303 10,950 
BIM Birlesik Magazalar AS21,144 182,475 
Borusan Mannesmann Boru Sanayi ve Ticaret AS(1)
2,241 7,101 
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS2,541 6,698 
Cimsa Cimento Sanayi VE Ticaret AS(1)
14,219 43,793 
Coca-Cola Icecek AS15,125 159,348 
Dogan Sirketler Grubu Holding AS93,300 28,845 
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS9,914 7,429 
Enerjisa Enerji AS12,582 16,800 
Eregli Demir ve Celik Fabrikalari TAS84,824 191,879 
Ford Otomotiv Sanayi AS4,847 100,146 
Goodyear Lastikleri TAS456 420 
Gubre Fabrikalari TAS(1)
5,436 33,839 
Haci Omer Sabanci Holding AS167,815 211,688 
Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS19,416 15,283 
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1)
18,108 26,949 
Is Finansal Kiralama AS(1)
48,428 17,360 
Is Yatirim Menkul Degerler AS27,641 50,678 
80


Avantis Emerging Markets Equity ETF
SharesValue
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1)
293,977 $275,207 
KOC Holding AS82,074 227,330 
Koza Altin Isletmeleri AS(1)
1,658 20,619 
Koza Anadolu Metal Madencilik Isletmeleri AS(1)
51,699 98,813 
Logo Yazilim Sanayi Ve Ticaret AS1,540 7,335 
Mavi Giyim Sanayi Ve Ticaret AS, B Shares4,532 31,025 
Migros Ticaret AS(1)
28,022 117,346 
MLP Saglik Hizmetleri AS(1)
7,865 23,999 
NET Holding AS(1)
41,981 24,294 
Nuh Cimento Sanayi AS8,333 35,209 
Pegasus Hava Tasimaciligi AS(1)
4,230 35,926 
Petkim Petrokimya Holding AS(1)
30,355 22,623 
Sasa Polyester Sanayi AS(1)
9,054 29,979 
Sekerbank Turk AS(1)
6,054 753 
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.14,657 16,070 
Sok Marketler Ticaret AS77,870 115,189 
TAV Havalimanlari Holding AS(1)
51,753 145,723 
Tekfen Holding AS23,085 41,021 
Tofas Turk Otomobil Fabrikasi AS13,715 69,251 
Turk Hava Yollari AO(1)
131,896 201,432 
Turk Traktor ve Ziraat Makineleri AS5,674 117,267 
Turkcell Iletisim Hizmetleri AS, ADR(2)
45,199 225,543 
Turkiye Garanti Bankasi AS264,289 313,479 
Turkiye Halk Bankasi AS(1)
49,552 28,300 
Turkiye Is Bankasi AS, C Shares72,570 50,237 
Turkiye Petrol Rafinerileri AS(1)
17,013 207,703 
Turkiye Sinai Kalkinma Bankasi AS261,389 41,442 
Turkiye Sise ve Cam Fabrikalari AS128,771 137,867 
Turkiye Vakiflar Bankasi TAO, D Shares(1)
93,367 40,386 
Ulusoy Elektrik Imalat Taahhut Ve Ticaret AS(1)
777 4,977 
Vestel Elektronik Sanayi ve Ticaret AS11,329 39,028 
Yapi ve Kredi Bankasi AS420,018 133,121 
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS30,757 52,576 
Zorlu Enerji Elektrik Uretim AS(1)
15,853 2,990 
4,624,717 
TOTAL COMMON STOCKS
(Cost $733,124,924)
865,714,922 
RIGHTS


China
Tongda Group Holdings Ltd.(1)
495,000 637 
Thailand
Banpu Public Co.(1)
265,866 49,490 
TOTAL RIGHTS
(Cost $43,102)
50,127 
WARRANTS


Thailand
BTS Group Holdings PCL No. 6, NVDR(1)
9,955 314 
BTS Group Holdings PCL No. 7, NVDR(1)
19,910 754 
BTS Group Holdings PCL No. 8, NVDR(1)
39,820 1,422 
81


Avantis Emerging Markets Equity ETF
Shares/Principal AmountValue
Jay Mart PCL, NVDR(1)
3,390 $763 
Minor International PCL, NVDR(1)
— 
TOTAL WARRANTS
(Cost $—)
3,253 
CORPORATE BONDS



India
Britannia Industries Ltd., 5.50%, 6/3/24 (Acquired 5/25/21, Cost $1,668)(3)
(Cost $1,668)
INR
121,3651,674 
TEMPORARY CASH INVESTMENTS — 0.1%



State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $799,705)

799,705799,705 
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(4) — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio
(Cost $9,475,077)

9,475,0779,475,077 
TOTAL INVESTMENT SECURITIES — 101.3%
(Cost $743,444,476)


876,044,758 
OTHER ASSETS AND LIABILITIES — (1.3)%


(11,218,243)
TOTAL NET ASSETS — 100.0%


$864,826,515 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Information Technology19.1%
Financials18.3%
Consumer Discretionary14.2%
Materials11.7%
Industrials8.4%
Communication Services8.2%
Consumer Staples5.8%
Energy5.3%
Health Care3.3%
Utilities3.0%
Real Estate2.8%
Temporary Cash Investments0.1%
Temporary Cash Investments - Securities Lending Collateral1.1%
Other Assets and Liabilities(1.3)%

82


NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
GDR-Global Depositary Receipt
INR-Indian Rupee
NVDR-Non-Voting Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $23,942,215. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $1,674, which represented less than 0.05% of total net assets.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $24,910,403, which includes securities collateral of $15,435,326.


See Notes to Financial Statements.
83


AUGUST 31, 2021
Avantis International Equity ETF
SharesValue
COMMON STOCKS — 99.7%


Australia — 6.5%
Accent Group Ltd.14,526 $22,769 
Adairs Ltd.(1)
18,374 53,703 
Adbri Ltd.52,893 132,124 
Aeris Resources Ltd.(2)
410,168 55,497 
Afterpay Ltd.(2)
1,816 176,641 
AGL Energy Ltd.31,489 148,148 
Alkane Resources Ltd.(2)
41,938 30,016 
Alliance Aviation Services Ltd.(2)
12,349 36,153 
ALS Ltd.48,625 451,133 
Altium Ltd.1,563 34,029 
Alumina Ltd.64,934 83,905 
AMA Group Ltd.(1)(2)
2,514 788 
AMP Ltd.214,123 171,699 
Ampol Ltd.4,095 82,239 
Ansell Ltd.3,610 94,694 
APA Group19,441 130,178 
Appen Ltd.1,821 14,249 
ARB Corp. Ltd.3,172 119,543 
Ardent Leisure Group Ltd.(2)
17,658 19,187 
Aristocrat Leisure Ltd.17,703 587,575 
ASX Ltd.4,079 261,064 
Atlas Arteria Ltd.15,649 78,163 
Atlassian Corp. plc, Class A(2)
3,457 1,268,926 
Aurelia Metals Ltd.220,190 57,136 
Aurizon Holdings Ltd.202,635 557,496 
AusNet Services Ltd.86,261 121,829 
Austal Ltd.39,041 55,618 
Australia & New Zealand Banking Group Ltd.160,785 3,254,319 
Australian Agricultural Co. Ltd.(2)
49,709 50,513 
Australian Ethical Investment Ltd.5,861 45,712 
Australian Finance Group Ltd.28,455 62,920 
Australian Pharmaceutical Industries Ltd.76,032 74,725 
Baby Bunting Group Ltd.10,182 39,612 
Bank of Queensland Ltd.43,933 302,595 
Beach Energy Ltd.152,580 116,247 
Bega Cheese Ltd.19,287 78,284 
Bendigo & Adelaide Bank Ltd.54,193 395,689 
BHP Group Ltd., ADR(1)
53,569 3,543,054 
Blackmores Ltd.634 46,128 
BlueScope Steel Ltd.58,966 1,078,035 
Brambles Ltd.115,370 1,019,788 
Breville Group Ltd.6,298 147,511 
Brickworks Ltd.2,108 37,005 
Calix Ltd.(2)
14,841 41,872 
Cardno Ltd.46,723 34,484 
carsales.com Ltd.9,116 166,419 
Cedar Woods Properties Ltd.7,397 35,230 
Challenger Ltd.67,725 318,107 
84


Avantis International Equity ETF
SharesValue
Champion Iron Ltd.(2)
64,890 $277,507 
CIMIC Group Ltd.1,975 30,385 
City Chic Collective Ltd.(1)(2)
8,094 36,209 
Cleanaway Waste Management Ltd.202,895 391,589 
Cochlear Ltd.1,561 265,146 
Codan Ltd.7,802 85,556 
Coles Group Ltd.98,420 1,298,871 
Collins Foods Ltd.4,755 42,713 
Commonwealth Bank of Australia53,723 3,914,372 
Computershare Ltd.11,334 136,196 
Cooper Energy Ltd.(1)(2)
57,755 9,467 
Coronado Global Resources, Inc.(2)
115,462 93,186 
Costa Group Holdings Ltd.18,209 41,808 
Credit Corp. Group Ltd.2,653 59,422 
Crown Resorts Ltd.(2)
7,411 50,267 
CSL Ltd.11,779 2,679,048 
CSR Ltd.63,076 250,411 
Dacian Gold Ltd.(1)(2)
82,313 14,423 
Data#3 Ltd.6,350 24,770 
Deterra Royalties Ltd.19,303 61,094 
Dicker Data Ltd.(1)
6,026 55,897 
Domain Holdings Australia Ltd.5,294 20,848 
Domino's Pizza Enterprises Ltd.2,731 312,092 
Downer EDI Ltd.47,762 225,861 
Eagers Automotive Ltd.(1)
9,937 118,344 
Eclipx Group Ltd.(2)
51,480 94,517 
Elders Ltd.9,295 82,845 
Emeco Holdings Ltd.(2)
85,941 70,977 
EML Payments Ltd.(2)
57,267 171,823 
Endeavour Group Ltd.(2)
72,914 389,384 
EVENT Hospitality and Entertainment Ltd.(2)
2,612 28,474 
Evolution Mining Ltd.181,668 518,347 
Flight Centre Travel Group Ltd.(1)(2)
594 7,085 
Fortescue Metals Group Ltd.96,749 1,474,963 
Genworth Mortgage Insurance Australia Ltd.39,697 64,195 
Gold Road Resources Ltd.110,208 103,703 
GrainCorp Ltd., A Shares44,447 205,208 
Grange Resources Ltd.100,292 45,351 
GUD Holdings Ltd.2,491 19,115 
GWA Group Ltd.6,286 12,915 
Hansen Technologies Ltd.5,888 26,408 
Harvey Norman Holdings Ltd.70,194 275,095 
Healius Ltd.5,984 21,280 
HT&E Ltd.14,411 18,758 
HUB24 Ltd.1,118 24,500 
Humm Group Ltd.(1)(2)
34,380 23,916 
IDP Education Ltd.4,268 89,610 
IGO Ltd.82,827 578,698 
Iluka Resources Ltd.71,646 519,549 
Imdex Ltd.22,450 38,845 
Incitec Pivot Ltd.198,822 390,328 
85


Avantis International Equity ETF
SharesValue
Infomedia Ltd.19,353 $24,661 
Inghams Group Ltd.(1)
65,857 198,600 
Insurance Australia Group Ltd.33,166 126,643 
InvoCare Ltd.(1)
18,687 167,194 
IOOF Holdings Ltd.21,881 75,827 
IPH Ltd.4,547 31,131 
IRESS Ltd.3,284 35,329 
James Hardie Industries plc30,670 1,182,142 
Japara Healthcare Ltd.(2)
33,949 34,007 
JB Hi-Fi Ltd.(1)
15,932 532,457 
Johns Lyng Group Ltd.11,306 48,064 
Jumbo Interactive Ltd.4,986 55,718 
Jupiter Mines Ltd.132,283 24,615 
Karoon Energy Ltd.(1)(2)
37,672 33,590 
Lendlease Corp. Ltd.14,612 126,965 
Lifestyle Communities Ltd.2,081 29,646 
Lovisa Holdings Ltd.6,184 88,657 
Lynas Rare Earths Ltd.(2)
15,858 79,094 
MACA Ltd.8,360 5,182 
Macmahon Holdings Ltd.89,672 15,373 
Macquarie Group Ltd.9,593 1,164,308 
Magellan Financial Group Ltd.11,129 350,972 
Mayne Pharma Group Ltd.(2)
346,029 73,149 
McMillan Shakespeare Ltd.11,056 100,548 
Medibank Pvt Ltd.117,731 305,018 
Mesoblast Ltd.(1)(2)
19,760 24,730 
Metcash Ltd.172,088 511,689 
Mineral Resources Ltd.21,493 854,985 
MNF Group Ltd.38 174 
Monadelphous Group Ltd.7,847 60,654 
Money3 Corp. Ltd.10,819 28,052 
Mount Gibson Iron Ltd.58,294 25,898 
Myer Holdings Ltd.(2)
116,016 45,534 
MyState Ltd.4,278 16,740 
National Australia Bank Ltd.125,404 2,528,287 
Netwealth Group Ltd.6,419 72,908 
New Energy Solar7,731 4,687 
New Hope Corp. Ltd.(1)
62,127 93,384 
Newcrest Mining Ltd.58,633 1,058,606 
NEXTDC Ltd.(2)
6,012 58,012 
nib holdings Ltd.38,964 192,129 
Nick Scali Ltd.14,783 133,563 
Nickel Mines Ltd.72,721 53,613 
Nine Entertainment Co. Holdings Ltd.81,579 162,352 
Northern Star Resources Ltd.28,109 199,966 
NRW Holdings Ltd.57,690 79,602 
Nufarm Ltd.(2)
53,442 173,997 
OFX Group Ltd.13,526 16,313 
Oil Search Ltd.92,944 251,856 
Omni Bridgeway Ltd.2,762 8,236 
oOh!media Ltd.(2)
26,761 34,576 
86


Avantis International Equity ETF
SharesValue
Orica Ltd.24,202 $231,556 
Origin Energy Ltd.107,479 347,404 
Orocobre Ltd.(2)
14,401 95,686 
Orora Ltd.180,534 448,303 
OZ Minerals Ltd.30,049 513,503 
Pacific Current Group Ltd.6,132 27,768 
Pact Group Holdings Ltd.18,243 53,329 
Peet Ltd.34,647 30,217 
Pendal Group Ltd.10,994 69,179 
Perenti Global Ltd.135,860 86,363 
Perpetual Ltd.2,591 79,748 
Perseus Mining Ltd.(2)
221,804 250,351 
Piedmont Lithium, Inc.(2)
45,091 26,015 
Platinum Asset Management Ltd.47,626 137,960 
Premier Investments Ltd.9,227 191,101 
Pro Medicus Ltd.(1)
2,137 98,243 
PWR Holdings Ltd.4,541 28,202 
Qantas Airways Ltd.(2)
55,594 205,848 
QBE Insurance Group Ltd.40,824 351,302 
Qube Holdings Ltd.35,972 82,709 
Ramelius Resources Ltd.155,903 174,998 
Ramsay Health Care Ltd.5,641 283,250 
REA Group Ltd.1,521 170,228 
Red 5 Ltd.(2)
122,113 18,742 
Redbubble Ltd.(1)(2)
10,751 33,939 
Reece Ltd.7,131 108,525 
Regis Resources Ltd.68,996 124,304 
Reliance Worldwide Corp. Ltd.26,990 115,000 
Resimac Group Ltd.13,764 24,424 
Resolute Mining Ltd.(2)
106,125 36,028 
Rio Tinto Ltd.15,482 1,259,694 
Sandfire Resources Ltd.35,229 165,982 
Santos Ltd.188,239 825,112 
SeaLink Travel Group Ltd.5,450 35,800 
SEEK Ltd.5,733 135,803 
Select Harvests Ltd.17,604 111,748 
Senex Energy Ltd.42,578 98,609 
Servcorp Ltd.9,505 23,334 
Seven Group Holdings Ltd.(1)
4,426 68,350 
Sigma Healthcare Ltd.160,963 75,874 
Silver Lake Resources Ltd.(2)
161,755 162,212 
Sims Ltd.24,686 271,247 
SmartGroup Corp. Ltd.3,284 19,149 
Sonic Healthcare Ltd.8,654 273,979 
South32 Ltd.365,259 832,441 
Southern Cross Media Group Ltd.(2)
50,810 82,660 
Spark Infrastructure Group64,470 132,646 
St. Barbara Ltd.78,634 90,617 
Star Entertainment Grp Ltd. (The)(2)
27,615 81,866 
Suncorp Group Ltd.61,642 560,882 
Super Retail Group Ltd.26,777 239,986 
87


Avantis International Equity ETF
SharesValue
Sydney Airport(2)
13,638 $79,171 
Syrah Resources Ltd.(2)
37,598 35,363 
Tassal Group Ltd.21,096 55,116 
Technology One Ltd.19,749 142,227 
Telstra Corp. Ltd.289,783 812,425 
Temple & Webster Group Ltd.(2)
4,965 53,259 
TPG Telecom Ltd.(1)
5,094 22,891 
Transurban Group121,349 1,255,995 
Treasury Wine Estates Ltd.84,624 779,410 
Tuas Ltd.(2)
2,799 1,740 
United Malt Grp Ltd.14,644 48,148 
Uniti Group Ltd.(2)
14,709 46,513 
Viva Energy Group Ltd.56,574 87,951 
Vulcan Energy Resources Ltd.(2)
2,351 24,281 
Washington H Soul Pattinson & Co. Ltd.(1)
3,357 87,529 
Wesfarmers Ltd.48,932 2,137,177 
West African Resources Ltd.(2)
123,521 95,583 
Western Areas Ltd.41,719 93,600 
Westgold Resources Ltd.(2)
45,874 59,213 
Westpac Banking Corp., ADR(1)
116,924 2,204,017 
Whitehaven Coal Ltd.(2)
73,987 135,809 
WiseTech Global Ltd.2,362 83,027 
Woodside Petroleum Ltd.56,257 795,502 
Woolworths Group Ltd.81,405 2,477,964 
Worley Ltd.6,709 50,987 
Xero Ltd.(2)
2,298 254,166 
65,034,835 
Austria — 0.3%
ANDRITZ AG2,050 117,956 
AT&S Austria Technologie & Systemtechnik AG4,690 203,558 
BAWAG Group AG(2)
4,277 256,324 
CA Immobilien Anlagen AG677 29,450 
DO & CO. AG(2)
1,008 79,837 
Erste Group Bank AG7,313 292,002 
EVN AG4,478 119,268 
FACC AG(2)
162 1,689 
IMMOFINANZ AG(1)(2)
5,298 134,899 
Lenzing AG(2)
500 66,123 
Oesterreichische Post AG(1)
1,721 78,920 
OMV AG4,705 260,613 
Palfinger AG1,200 54,134 
POLYTEC Holding AG(1)
3,258 33,755 
Porr AG(2)
665 13,346 
Raiffeisen Bank International AG8,821 211,495 
S IMMO AG1,041 25,637 
Schoeller-Bleckmann Oilfield Equipment AG(2)
1,097 41,056 
Semperit AG Holding1,920 77,105 
Telekom Austria AG(2)
8,816 78,316 
UNIQA Insurance Group AG12,935 120,103 
Verbund AG1,661 181,951 
Vienna Insurance Group AG Wiener Versicherung Gruppe2,127 61,613 
88


Avantis International Equity ETF
SharesValue
voestalpine AG4,902 $222,526 
Wienerberger AG3,032 118,969 
2,880,645 
Belgium — 0.9%
Ackermans & van Haaren NV1,787 328,864 
Ageas SA/NV13,336 666,440 
AGFA-Gevaert NV(2)
25,959 132,264 
Anheuser-Busch InBev SA, ADR(1)
18,128 1,110,340 
Argenx SE, ADR(2)
1,160 383,983 
Barco NV6,971 171,029 
Bekaert SA7,131 339,502 
bpost SA(2)
16,601 160,459 
Cie d'Entreprises CFE1,267 145,650 
D'ieteren Group1,773 277,050 
Deceuninck NV12,057 57,623 
Econocom Group SA16,489 69,913 
Elia Group SA1,399 175,708 
Etablissements Franz Colruyt NV5,242 293,435 
Euronav NV(1)
33,697 273,693 
Exmar NV3,779 15,759 
Fagron6,098 127,718 
Galapagos NV, ADR(1)(2)
1,850 108,817 
Gimv NV1,756 114,202 
Greenyard NV(2)
4,037 44,940 
Ion Beam Applications3,668 72,922 
KBC Ancora1,546 73,779 
KBC Group NV9,895 831,576 
Kinepolis Group NV(2)
1,096 60,373 
Melexis NV2,251 266,116 
Ontex Group NV(2)
875 9,759 
Proximus SADP13,992 274,333 
Recticel SA3,545 62,295 
Solvay SA5,946 778,277 
Telenet Group Holding NV1,145 43,567 
Tessenderlo Group SA(2)
2,591 107,382 
UCB SA6,062 693,547 
Umicore SA13,113 862,862 
VGP NV224 53,461 
9,187,638 
Canada — 9.7%
5N Plus, Inc.(2)
16,500 37,403 
Absolute Software Corp.4,461 54,558 
AcuityAds Holdings, Inc.(1)(2)
3,800 31,023 
Advantage Energy Ltd.(1)(2)
19,400 80,728 
Aecon Group, Inc.10,217 166,902 
AG Growth International, Inc.1,704 39,546 
AGF Management Ltd., Class B4,600 27,418 
Agnico Eagle Mines Ltd.9,741 560,533 
Aimia, Inc.(2)
8,705 27,599 
Air Canada(2)
1,722 33,453 
AirBoss of America Corp.(1)
2,500 81,778 
89


Avantis International Equity ETF
SharesValue
Alamos Gold, Inc., Class A34,414 $271,679 
Alaris Equity Partners Income2,635 38,993 
Algonquin Power & Utilities Corp.14,770 229,338 
Alimentation Couche-Tard, Inc., B Shares27,990 1,131,003 
AltaGas Ltd.(1)
9,246 185,191 
Altius Minerals Corp.661 8,535 
Altus Group Ltd.2,200 115,698 
Amerigo Resources Ltd.(1)(2)
28,700 29,345 
Andlauer Healthcare Group, Inc.1,200 44,532 
Apollo Healthcare Corp.(2)
4,700 8,196 
ARC Resources Ltd.(1)
89,797 641,280 
Argonaut Gold, Inc.(2)
49,348 123,209 
Aritzia, Inc.(2)
6,454 210,913 
Atco Ltd., Class I8,206 276,102 
Atrium Mortgage Investment Corp.(1)
2,635 30,263 
ATS Automation Tooling Systems, Inc.(2)
4,034 145,865 
Aurinia Pharmaceuticals, Inc.(2)
1,041 16,947 
AutoCanada, Inc.(2)
4,808 182,960 
B2Gold Corp.88,052 340,581 
Badger Infrastructure Solutions Ltd.(1)
4,729 129,240 
Ballard Power Systems, Inc.(2)
2,000 33,702 
Bank of Montreal32,701 3,254,419 
Bank of Nova Scotia (The)42,199 2,613,920 
Barrick Gold Corp., (Toronto)105,387 2,118,348 
Bausch Health Cos., Inc.(2)
14,283 416,156 
Baytex Energy Corp.(2)
124,196 214,598 
BCE, Inc.3,435 179,149 
Birchcliff Energy Ltd.(1)
38,038 163,711 
Bird Construction, Inc.6,305 49,375 
BlackBerry Ltd.(2)
11,946 136,158 
Bombardier, Inc., B Shares(2)
66,596 97,124 
Boralex, Inc., A Shares(1)
7,718 236,559 
Boyd Group Services, Inc.1,000 195,213 
Brookfield Asset Management Reinsurance Partners Ltd., A Shares(2)
212 12,955 
Brookfield Asset Management, Inc., Class A33,107 1,841,858 
Brookfield Infrastructure Corp., Class A670 42,612 
Brookfield Renewable Corp., Class A2,200 96,412 
BRP, Inc.861 72,141 
CAE, Inc.(2)
18,163 524,455 
Calibre Mining Corp.(2)
20,300 26,870 
Cameco Corp.20,386 376,648 
Canaccord Genuity Group, Inc.16,970 202,701 
Canacol Energy Ltd.(1)
16,502 43,425 
Canada Goose Holdings, Inc.(1)(2)
5,500 210,994 
Canadian Imperial Bank of Commerce23,993 2,760,151 
Canadian National Railway Co.15,147 1,781,647 
Canadian Natural Resources Ltd.60,596 2,005,218 
Canadian Pacific Railway Ltd.22,375 1,537,422 
Canadian Tire Corp. Ltd., Class A6,076 924,656 
Canadian Utilities Ltd., A Shares(1)
11,725 331,867 
90


Avantis International Equity ETF
SharesValue
Canadian Western Bank9,947 $291,555 
Canfor Corp.(2)
2,935 62,997 
Canfor Pulp Products, Inc.(2)
1,114 5,766 
Capital Power Corp.(1)
16,590 570,555 
Capstone Mining Corp.(2)
59,400 261,301 
Cardinal Energy Ltd.(2)
23,300 62,052 
Cargojet, Inc.200 33,171 
Cascades, Inc.12,549 155,961 
CCL Industries, Inc., Class B4,912 280,397 
Celestica, Inc.(2)
13,616 129,183 
Cenovus Energy, Inc.77,593 643,918 
Centerra Gold, Inc.21,037 157,238 
CES Energy Solutions Corp.(2)
52,900 63,313 
CGI, Inc.(2)
7,444 665,308 
China Gold International Resources Corp. Ltd.(1)
43,700 132,314 
Chorus Aviation, Inc.(1)(2)
5,446 18,000 
CI Financial Corp.13,110 254,479 
Cineplex, Inc.(1)(2)
2,300 23,954 
Cogeco Communications, Inc.1,400 128,731 
Cogeco, Inc.400 28,943 
Colliers International Group, Inc. (Toronto)1,500 208,893 
Constellation Software, Inc.686 1,162,603 
Converge Technology Solutions Corp.(2)
6,200 58,823 
Copper Mountain Mining Corp.(2)
35,300 91,212 
Corus Entertainment, Inc., B Shares37,973 188,112 
Crescent Point Energy Corp.112,090 402,463 
Crew Energy, Inc.(2)
27,500 40,324 
Denison Mines Corp.(2)
12,230 15,607 
Descartes Systems Group, Inc. (The)(2)
1,900 148,955 
Dollarama, Inc.11,612 529,496 
Doman Building Materials Group Ltd.8,500 44,735 
Dorel Industries, Inc., Class B(2)
4,000 38,838 
DREAM Unlimited Corp., Class A3,222 69,233 
Dundee Precious Metals, Inc.31,408 193,429 
Dye & Durham Ltd.300 11,333 
ECN Capital Corp.10,284 83,550 
Eldorado Gold Corp. (Toronto)(2)
20,071 175,948 
Element Fleet Management Corp.43,292 477,305 
Emera, Inc.14,726 695,185 
Empire Co. Ltd., Class A16,756 541,866 
Enbridge, Inc.34,251 1,347,887 
Endeavour Mining plc13,836 338,100 
Endeavour Silver Corp.(1)(2)
10,000 47,002 
Enerflex Ltd.13,146 79,919 
Energy Fuels, Inc.(1)(2)
1,830 9,900 
Enerplus Corp.(1)
49,260 291,269 
Enghouse Systems Ltd.2,935 141,975 
Equinox Gold Corp.(1)(2)
7,150 51,458 
Equitable Group, Inc.2,100 254,983 
ERO Copper Corp.(2)
7,158 135,597 
Evertz Technologies Ltd.2,936 30,718 
91


Avantis International Equity ETF
SharesValue
Exchange Income Corp.4,051 $140,347 
Extendicare, Inc.(1)
12,846 82,881 
Fairfax Financial Holdings Ltd.1,212 536,492 
Fiera Capital Corp.3,661 30,265 
Finning International, Inc.23,564 613,357 
Firm Capital Mortgage Investment Corp.(1)
2,635 31,328 
First Majestic Silver Corp.(1)
2,635 33,939 
First National Financial Corp.2,086 76,585 
First Quantum Minerals Ltd.42,795 891,414 
FirstService Corp.1,700 315,733 
Fortis, Inc.14,184 649,812 
Fortuna Silver Mines, Inc.(2)
32,085 140,888 
Franco-Nevada Corp.4,379 638,810 
Freehold Royalties Ltd.(1)
4,586 34,386 
Frontera Energy Corp.(2)
6,780 37,349 
Galiano Gold, Inc.(1)(2)
36,800 33,252 
George Weston Ltd.4,318 465,460 
GFL Environmental, Inc.3,200 112,741 
Gibson Energy, Inc.(1)
11,776 212,437 
Gildan Activewear, Inc.15,908 611,531 
goeasy Ltd.(1)
2,735 424,411 
Gran Colombia Gold Corp.9,168 35,534 
Great Panther Mining Ltd.(1)(2)
38,508 20,144 
Great-West Lifeco, Inc.(1)
6,598 204,114 
Hardwoods Distribution, Inc.2,330 70,196 
Headwater Exploration, Inc.(2)
7,000 21,305 
Heroux-Devtek, Inc.(2)
4,400 66,088 
High Liner Foods, Inc.5,446 57,195 
HLS Therapeutics, Inc.661 9,745 
Home Capital Group, Inc.(2)
7,564 237,115 
Hudbay Minerals, Inc.27,375 167,507 
Hydro One Ltd.
17,994 447,835 
iA Financial Corp., Inc.5,477 303,706 
IAMGOLD Corp.(2)
41,737 99,244 
IGM Financial, Inc.(1)
2,921 106,523 
Imperial Oil Ltd.10,246 271,164 
Innergex Renewable Energy, Inc.(1)
7,000 111,576 
Intact Financial Corp.4,942 673,074 
Inter Pipeline Ltd.51,725 819,958 
Interfor Corp.12,803 271,860 
International Petroleum Corp.(1)(2)
21,800 95,207 
Intertape Polymer Group, Inc.7,911 192,876 
Jaguar Mining, Inc.3,800 13,704 
Jamieson Wellness, Inc.(1)
400 11,163 
K-Bro Linen, Inc.1,200 37,979 
K92 Mining, Inc.(2)
7,700 45,102 
Karora Resources, Inc.(2)
20,800 53,745 
Kelt Exploration Ltd.(1)(2)
17,296 45,925 
Keyera Corp.(1)
18,042 434,444 
Kinaxis, Inc.(2)
586 95,068 
Kinross Gold Corp.86,492 520,330 
92


Avantis International Equity ETF
SharesValue
Kirkland Lake Gold Ltd.27,564 $1,099,152 
Knight Therapeutics, Inc.(2)
5,446 23,180 
Labrador Iron Ore Royalty Corp.(1)
5,599 195,398 
Lassonde Industries, Inc., Class A400 54,031 
Laurentian Bank of Canada5,817 195,906 
LifeWorks, Inc.(1)
2,405 66,699 
Lightspeed Commerce, Inc.(2)
2,100 233,128 
Linamar Corp.6,496 368,037 
Loblaw Cos. Ltd.14,357 1,011,528 
Lundin Gold, Inc.(2)
5,446 49,554 
Lundin Mining Corp.55,871 451,698 
Magna International, Inc.17,966 1,418,739 
Major Drilling Group International, Inc.(2)
6,258 39,582 
Manulife Financial Corp.85,935 1,673,541 
Maple Leaf Foods, Inc.7,500 163,595 
Martinrea International, Inc.11,640 111,450 
MCAN Mortgage Corp.693 10,129 
MEG Energy Corp.(2)
21,692 138,235 
Methanex Corp.8,480 310,796 
Metro, Inc.11,735 597,795 
Mind Medicine MindMed, Inc.(1)(2)
11,940 34,507 
MTY Food Group, Inc.(1)
961 52,336 
Mullen Group Ltd.15,714 165,030 
National Bank of Canada24,850 1,972,400 
Nevada Copper Corp.(1)(2)
114,500 8,168 
New Gold, Inc. (Toronto)(2)
53,180 64,070 
NFI Group, Inc.2,500 60,278 
North American Construction Group Ltd.6,235 89,202 
North West Co., Inc. (The)7,040 199,820 
Northland Power, Inc.(1)
15,827 523,615 
Novagold Resources, Inc.(2)
529 3,825 
Nutrien Ltd.16,781 1,020,174 
NuVista Energy Ltd.(1)(2)
40,314 115,671 
Obsidian Energy Ltd.(1)(2)
14,100 37,551 
OceanaGold Corp.(2)
68,213 127,597 
Onex Corp.10,733 752,029 
Open Text Corp.7,758 425,579 
Orla Mining Ltd.(1)(2)
3,126 12,314 
Osisko Gold Royalties Ltd. (Toronto)12,835 156,769 
Pan American Silver Corp.(1)
8,617 223,749 
Paramount Resources Ltd., A Shares6,646 71,272 
Parex Resources, Inc.(2)
19,007 292,867 
Parkland Corp.5,712 170,547 
Pason Systems, Inc.12,235 79,617 
Pembina Pipeline Corp.(1)
21,899 667,393 
Peyto Exploration & Development Corp.33,014 175,321 
Polaris Infrastructure, Inc.1,900 28,071 
Pollard Banknote Ltd.800 29,244 
Power Corp. of Canada13,295 458,815 
PrairieSky Royalty Ltd.(1)
12,337 135,334 
Precision Drilling Corp.(1)(2)
1,989 64,589 
93


Avantis International Equity ETF
SharesValue
Premium Brands Holdings Corp.600 $64,021 
Pretium Resources, Inc.(2)
17,269 175,065 
Primo Water Corp.2,635 46,825 
Quarterhill, Inc.7,100 15,194 
Quebecor, Inc., Class B(1)
8,082 201,658 
Real Matters, Inc.(2)
8,188 75,283 
Recipe UnLtd. Corp.(2)
1,658 27,610 
Resolute Forest Products, Inc.8,300 101,641 
Restaurant Brands International, Inc.6,735 432,718 
Richelieu Hardware Ltd.4,848 174,838 
Ritchie Bros Auctioneers, Inc.2,835 177,630 
Rogers Communications, Inc., Class B18,671 951,272 
Rogers Sugar, Inc.(1)
4,005 17,428 
Royal Bank of Canada49,241 5,058,165 
Russel Metals, Inc.10,678 290,299 
Sabina Gold & Silver Corp.(2)
28,165 35,942 
Sandstorm Gold Ltd.(2)
11,571 73,554 
Saputo, Inc.9,247 260,117 
Savaria Corp.1,400 23,569 
Secure Energy Services, Inc.28,183 94,491 
Shaw Communications, Inc., B Shares36,681 1,079,511 
ShawCor Ltd.(2)
16,100 63,423 
Shopify, Inc., Class A(2)
1,668 2,547,103 
Sienna Senior Living, Inc.(1)
2,635 33,333 
Sierra Metals, Inc.(1)(2)
12,395 27,705 
Sierra Wireless, Inc.(1)(2)
661 10,808 
Silvercorp Metals, Inc.(1)
18,355 80,744 
Sleep Country Canada Holdings, Inc.2,986 80,398 
SNC-Lavalin Group, Inc.(1)
6,200 167,869 
Solaris Resources, Inc.(2)
1,800 16,721 
Spin Master Corp.(2)
2,900 110,975 
Sprott, Inc.800 26,904 
SSR Mining, Inc.16,396 273,949 
Stantec, Inc.5,462 263,608 
Stelco Holdings, Inc.4,710 183,860 
Stella-Jones, Inc.5,523 188,850 
Sun Life Financial, Inc.15,868 817,014 
Suncor Energy, Inc.73,717 1,376,588 
SunOpta, Inc.(2)
12,400 116,663 
Superior Plus Corp.(1)
14,850 174,671 
Tamarack Valley Energy Ltd.(1)(2)
51,696 99,159 
Taseko Mines Ltd.(2)
50,600 89,838 
TC Energy Corp.20,134 955,912 
Teck Resources Ltd., Class B35,600 802,774 
TECSYS, Inc.1,200 51,152 
TELUS Corp.18,839 434,074 
TFI International, Inc.6,035 681,876 
Thomson Reuters Corp.3,054 356,851 
Tidewater Midstream and Infrastructure Ltd.12,230 12,602 
Timbercreek Financial Corp.(1)
9,046 69,907 
TMX Group Ltd.1,978 217,609 
94


Avantis International Equity ETF
SharesValue
Topaz Energy Corp.(1)
1,600 $19,987 
Torex Gold Resources, Inc.(2)
14,216 158,876 
Toromont Industries Ltd.5,535 465,385 
Toronto-Dominion Bank (The)55,040 3,574,230 
Tourmaline Oil Corp.31,940 854,164 
TransAlta Corp.39,699 388,919 
TransAlta Renewables, Inc.(1)
4,535 70,596 
Transcontinental, Inc., Class A9,035 174,878 
TransGlobe Energy Corp.(1)(2)
14,400 25,795 
Trican Well Service Ltd.(2)
32,819 64,772 
Tricon Residential, Inc.18,312 232,810 
Trillium Therapeutics, Inc.(2)
1,431 24,656 
Trisura Group Ltd.(2)
800 28,807 
Turquoise Hill Resources Ltd.(2)
9,347 140,170 
Uni-Select, Inc.(2)
7,700 107,476 
Vermilion Energy, Inc.(2)
32,046 213,869 
VersaBank1,500 16,264 
Viemed Healthcare, Inc.(2)
5,446 34,878 
Wajax Corp.3,600 68,111 
Wesdome Gold Mines Ltd.(2)
14,081 138,505 
West Fraser Timber Co. Ltd.9,671 746,759 
Western Forest Products, Inc.81,042 138,105 
Westshore Terminals Investment Corp.6,105 108,730 
Wheaton Precious Metals Corp.7,469 336,613 
Whitecap Resources, Inc.(1)
105,983 454,459 
WildBrain Ltd.(1)(2)
9,000 19,546 
Winpak Ltd.1,600 54,278 
WSP Global, Inc.3,917 511,431 
Yamana Gold, Inc.72,652 320,748 
96,963,488 
Denmark — 2.4%
ALK-Abello A/S(2)
268 130,999 
Alm Brand A/S3,657 28,812 
Ambu A/S, B Shares2,948 93,233 
AP Moller - Maersk A/S, A Shares179 485,077 
AP Moller - Maersk A/S, B Shares331 942,939 
Bang & Olufsen A/S(2)
7,069 37,278 
Bavarian Nordic A/S(2)
2,681 131,466 
Carlsberg A/S, B Shares1,609 281,036 
cBrain A/S669 46,079 
Chemometec A/S788 125,187 
Chr Hansen Holding A/S1,399 129,033 
Coloplast A/S, B Shares4,300 745,011 
D/S Norden A/S6,852 177,784 
Danske Andelskassers Bank A/S(2)
9,479 16,319 
Danske Bank A/S38,283 642,408 
Demant A/S(2)
2,860 162,228 
Dfds A/S(2)
3,451 197,430 
Drilling Co. of 1972 A/S (The)(2)
5,076 186,324 
DSV Panalpina A/S5,320 1,355,120 
FLSmidth & Co. A/S3,797 137,648 
95


Avantis International Equity ETF
SharesValue
Genmab A/S, ADR(2)
35,616 $1,687,842 
GN Store Nord AS4,760 358,308 
H Lundbeck A/S4,046 119,633 
H+H International A/S, B Shares(2)
4,100 153,237 
ISS A/S(2)
2,220 51,087 
Jyske Bank A/S(2)
4,850 211,722 
Matas A/S1,430 29,619 
Netcompany Group A/S1,010 130,561 
Nilfisk Holding A/S(2)
2,826 104,929 
NKT A/S(2)
1,992 89,720 
NNIT A/S1,317 29,607 
North Media A/S622 12,868 
Novo Nordisk A/S, ADR64,560 6,454,063 
Novozymes A/S, B Shares15,191 1,227,996 
NTG Nordic Transport Group A/S(2)
275 23,191 
Orsted AS6,286 999,377 
Pandora A/S11,405 1,367,050 
Per Aarsleff Holding A/S2,742 129,333 
Ringkjoebing Landbobank A/S1,282 152,206 
Rockwool International A/S, B Shares868 459,203 
Royal Unibrew A/S5,436 702,262 
Schouw & Co. A/S1,181 128,096 
SimCorp A/S3,985 543,541 
Solar A/S, B Shares550 60,350 
Spar Nord Bank A/S8,701 100,256 
Sydbank AS6,684 195,629 
Topdanmark AS4,307 226,732 
TORM plc(2)
3,329 25,766 
Tryg A/S14,183 351,176 
Vestas Wind Systems A/S39,941 1,611,652 
23,788,423 
Finland — 1.1%
Aktia Bank Oyj8,317 119,176 
Altia Oyj(1)
1,409 17,862 
CapMan Oyj, B Shares6,695 24,832 
Cargotec Oyj, B Shares1,485 82,473 
Caverion OYJ4,200 39,017 
Citycon Oyj4,510 40,165 
Elisa Oyj5,094 326,478 
Finnair Oyj(1)(2)
42,135 32,917 
Fortum Oyj19,437 590,787 
HKScan Oyj, A Shares3,140 7,734 
Huhtamaki Oyj6,102 325,996 
Kamux Corp.1,828 29,473 
Kemira Oyj12,243 206,748 
Kesko Oyj, B Shares20,294 839,756 
Kojamo Oyj4,206 102,416 
Kone Oyj, B Shares11,969 993,191 
Konecranes Oyj2,058 93,236 
Lehto Group Oyj(2)
9,000 15,630 
Marimekko Oyj790 70,963 
96


Avantis International Equity ETF
SharesValue
Metsa Board Oyj14,684 $153,635 
Metso Outotec Oyj26,013 278,169 
Neles Oyj106 1,640 
Neste Oyj8,509 518,300 
Nokia Oyj, ADR(2)
167,129 996,089 
Nokian Renkaat Oyj10,747 409,596 
Orion Oyj, Class B8,132 331,705 
Outokumpu Oyj(2)
66,716 463,241 
QT Group Oyj(2)
395 72,684 
Rovio Entertainment Oyj4,184 33,083 
Sampo Oyj, A Shares9,144 472,519 
Sanoma Oyj5,288 97,122 
Scanfil Oyj1,113 10,893 
Stora Enso Oyj, R Shares30,069 589,933 
Suominen Oyj5,131 30,185 
Taaleri Oyj3,323 43,897 
TietoEVRY Oyj759 27,031 
Tokmanni Group Corp.9,096 262,417 
UPM-Kymmene Oyj23,210 945,542 
Uponor Oyj9,224 297,471 
Valmet Oyj9,242 370,883 
Verkkokauppa.com Oyj3,420 34,522 
Wartsila Oyj Abp26,019 369,110 
YIT Oyj23,118 140,050 
10,908,567 
France — 9.2%
AB Science SA(1)(2)
992 16,396 
ABC arbitrage4,260 36,458 
Accor SA(2)
3,066 105,729 
Aeroports de Paris(2)
1,893 222,928 
Air France-KLM(1)(2)
25,337 118,381 
Air Liquide SA12,804 2,295,019 
Airbus SE(2)
18,233 2,494,204 
Akka Technologies(2)
194 10,781 
AKWEL1,895 51,938 
Albioma SA3,048 134,953 
ALD SA14,604 205,682 
Alstom SA9,717 417,764 
Alten SA4,465 736,520 
Amundi SA2,178 206,133 
APERAM SA6,209 380,929 
ArcelorMittal SA(1)
66,016 2,208,235 
Arkema SA8,064 1,071,745 
Atari SA(1)(2)
12,205 6,374 
Atos SE8,093 420,767 
Aubay553 32,253 
AXA SA63,759 1,791,213 
Beneteau SA(2)
1,206 18,642 
Bigben Interactive(1)
1,821 32,254 
BioMerieux1,662 203,555 
Biosynex(1)
787 21,842 
97


Avantis International Equity ETF
SharesValue
BNP Paribas SA46,985 $2,976,493 
Bollore SA4,676 27,715 
Bonduelle SCA2,923 79,125 
Bouygues SA23,290 975,239 
Bureau Veritas SA19,060 633,463 
Capgemini SE4,706 1,057,849 
Carrefour SA67,290 1,339,616 
Casino Guichard Perrachon SA(2)
817 23,734 
Catana Group(2)
3,306 23,147 
Cellectis SA, ADR(2)
1,355 19,485 
CGG SA(2)
55,647 43,060 
Chargeurs SA3,410 94,750 
Cie de Saint-Gobain49,455 3,585,138 
Cie des Alpes(2)
1,454 23,317 
Cie Generale des Etablissements Michelin SCA17,324 2,804,686 
Cie Plastic Omnium SA6,613 199,525 
Claranova SADIR(2)
6,404 54,805 
CNP Assurances20,016 342,972 
Coface SA(2)
13,016 160,152 
Credit Agricole SA39,995 577,276 
Danone SA8,657 632,184 
Dassault Aviation SA145 163,700 
Dassault Systemes SE12,711 726,001 
Derichebourg SA(2)
12,559 148,653 
Edenred6,095 345,705 
Eiffage SA10,092 1,050,060 
Electricite de France SA31,862 432,108 
Elis SA(2)
4,189 74,235 
Engie SA39,079 559,994 
Eramet SA(2)
1,917 155,922 
EssilorLuxottica SA5,554 1,091,306 
Etablissements Maurel et Prom SA(2)
2,340 5,850 
Eurazeo SE4,049 416,529 
Eurofins Scientific SE8,185 1,161,378 
Euronext NV7,991 927,311 
Eutelsat Communications SA20,363 235,527 
Faurecia SE18,288 883,506 
FIGEAC-AERO(1)(2)
98 609 
Fnac Darty SA717 48,846 
Focus Home Interactive SA(2)
526 35,823 
Gaztransport Et Technigaz SA2,165 180,597 
Genfit(2)
264 1,144 
Getlink SE21,425 345,124 
Groupe LDLC402 31,061 
Groupe SFPI119 410 
Hermes International1,088 1,601,327 
Iliad SA2,959 636,302 
Imerys SA5,085 235,790 
Innate Pharma SA(1)(2)
5,189 19,332 
Interparfums SA968 68,853 
Ipsen SA6,783 678,472 
98


Avantis International Equity ETF
SharesValue
Jacquet Metals SACA2,585 $61,378 
JCDecaux SA(2)
8,670 241,878 
Kaufman & Broad SA2,490 115,968 
Kering SA3,809 3,033,947 
L'Oreal SA5,216 2,447,030 
La Francaise des Jeux SAEM14,542 752,537 
Lagardere SA(2)
2,765 76,496 
Legrand SA7,954 912,596 
LISI2,849 94,201 
LNA Sante SA459 30,477 
Lumibird(2)
68 1,325 
LVMH Moet Hennessy Louis Vuitton SE8,616 6,382,819 
Maisons du Monde SA9,602 221,744 
Manitou BF SA1,848 66,563 
Mersen SA1,842 71,861 
Metropole Television SA4,177 88,947 
MGI Digital Graphic Technology(2)
500 21,958 
Neoen SA(1)(2)
382 16,347 
Nexans SA5,304 531,662 
Nexity SA8,366 432,032 
Orange SA, ADR80,227 912,181 
Orpea SA4,602 580,124 
Pernod Ricard SA5,373 1,131,059 
Pharmagest Interactive152 17,334 
Publicis Groupe SA11,469 752,941 
Quadient SA4,719 134,010 
Remy Cointreau SA601 118,354 
Renault SA(2)
15,815 588,699 
ReWorld Media SA(2)
6,100 29,689 
Rexel SA(2)
37,633 787,812 
Rubis SCA8,436 327,251 
Safran SA8,187 1,027,023 
Sanofi, ADR47,606 2,465,039 
Sartorius Stedim Biotech1,329 806,130 
Schneider Electric SE7,692 1,374,303 
SCOR SE9,862 302,662 
SEB SA3,676 578,646 
SES SA36,319 303,109 
SMCP SA(2)
3,478 20,402 
Societe BIC SA2,772 184,549 
Societe Generale SA77,946 2,453,281 
Sodexo SA(2)
3,397 281,478 
SOITEC(2)
907 217,233 
Sopra Steria Group SACA652 132,814 
SPIE SA3,902 92,618 
SRP Groupe SA(1)(2)
4,638 16,523 
STMicroelectronics NV, (New York)(1)
68,566 3,046,387 
Suez SA20,236 469,569 
Sword Group534 28,186 
Technicolor SA(2)
18,219 64,399 
Teleperformance6,379 2,821,977 
99


Avantis International Equity ETF
SharesValue
Television Francaise 18,655 $86,880 
Thales SA8,913 905,272 
TotalEnergies SE, ADR92,997 4,118,837 
Trigano SA1,678 349,643 
Ubisoft Entertainment SA(2)
7,960 505,635 
Valeo SA22,811 651,084 
Vallourec SA(2)
7,400 68,578 
Valneva SE(2)
15,675 388,075 
Veolia Environnement SA39,588 1,358,553 
Verallia SA7,000 255,153 
Vicat SA3,183 158,615 
Vilmorin & Cie SA1,210 78,314 
Vinci SA29,152 3,127,761 
Virbac SA547 231,491 
Vivendi SE(1)
10,479 399,161 
Worldline SA(2)
1,638 145,852 
X-Fab Silicon Foundries SE(2)
5,899 62,249 
91,734,602 
Germany — 7.8%
1&1 AG1,191 37,621 
2G Energy AG320 33,864 
7C Solarparken AG5,170 23,375 
Aareal Bank AG7,942 209,901 
Adesso SE438 95,030 
adidas AG8,409 2,983,091 
ADLER Group SA5,546 147,341 
ADVA Optical Networking SE(2)
6,745 111,793 
AIXTRON SE3,266 94,255 
Allgeier SE1,582 48,751 
Allianz SE11,579 2,718,306 
Amadeus Fire AG316 64,945 
Aroundtown SA75,517 578,662 
Aumann AG(2)
1,364 28,024 
AURELIUS Equity Opportunities SE & Co. KGaA3,087 98,284 
Aurubis AG4,324 367,493 
Baader Bank AG2,534 22,428 
BASF SE31,036 2,400,920 
Basler AG472 82,056 
Bauer AG(2)
2,186 30,757 
Bayer AG31,676 1,762,163 
Bayerische Motoren Werke AG20,868 1,980,764 
Bayerische Motoren Werke AG, Preference Shares3,575 299,291 
BayWa AG2,633 114,448 
Bechtle AG7,113 514,302 
Befesa SA1,812 146,951 
Beiersdorf AG3,219 390,671 
Bertrandt AG464 26,422 
Bilfinger SE3,404 119,419 
Borussia Dortmund GmbH & Co. KGaA(2)
4,547 33,848 
Brenntag SE12,706 1,282,268 
CANCOM SE399 26,274 
100


Avantis International Equity ETF
SharesValue
Carl Zeiss Meditec AG1,272 $281,058 
CECONOMY AG(2)
3,610 16,919 
Cewe Stiftung & Co. KGAA909 135,708 
Commerzbank AG(2)
100,020 625,965 
CompuGroup Medical SE & Co. KgaA2,195 204,839 
Continental AG(2)
9,556 1,284,208 
Corestate Capital Holding SA(2)
1,174 18,151 
Covestro AG18,689 1,211,188 
CropEnergies AG2,072 25,042 
CTS Eventim AG & Co. KGaA(2)
5,701 367,828 
Daimler AG40,380 3,406,245 
Datagroup SE(2)
374 34,254 
Delivery Hero SE(2)
1,530 222,050 
Dermapharm Holding SE1,767 164,061 
Deutsche Bank AG(2)
146,891 1,814,104 
Deutsche Beteiligungs AG681 29,771 
Deutsche Boerse AG8,455 1,458,123 
Deutsche EuroShop AG5,232 120,954 
Deutsche Lufthansa AG(1)(2)
12,370 123,925 
Deutsche Pfandbriefbank AG18,147 207,866 
Deutsche Post AG47,445 3,335,814 
Deutsche Telekom AG122,939 2,614,083 
Deutsche Wohnen SE18,502 1,148,476 
Deutz AG(2)
12,786 116,769 
Dialog Semiconductor plc(2)
7,735 615,754 
DIC Asset AG4,477 82,169 
Draegerwerk AG & Co. KGaA502 42,636 
Draegerwerk AG & Co. KGaA, Preference Shares1,418 119,753 
Duerr AG4,374 215,476 
E.ON SE88,276 1,164,675 
Eckert & Ziegler Strahlen- und Medizintechnik AG1,537 224,172 
Einhell Germany AG, Preference Shares150 30,902 
Elmos Semiconductor SE1,396 62,636 
ElringKlinger AG(2)
3,981 64,818 
Encavis AG8,985 163,528 
Evonik Industries AG12,176 411,111 
Evotec SE(2)
1,344 66,854 
flatexDEGIRO AG(2)
2,689 279,395 
Formycon AG(2)
600 36,869 
Fraport AG Frankfurt Airport Services Worldwide(2)
1,701 110,001 
Freenet AG18,580 458,926 
Fresenius Medical Care AG & Co. KGaA, ADR7,717 297,722 
Fresenius SE & Co. KGaA5,574 289,810 
FUCHS PETROLUB SE, Preference Shares6,632 335,837 
GEA Group AG13,030 601,436 
Gerresheimer AG2,253 239,330 
Global Fashion Group SA(2)
1,316 16,853 
Grand City Properties SA12,108 331,978 
GRENKE AG1,688 75,132 
Hamburger Hafen und Logistik AG3,471 76,518 
Hannover Rueck SE2,853 525,028 
101


Avantis International Equity ETF
SharesValue
HeidelbergCement AG14,264 $1,237,066 
Heidelberger Druckmaschinen AG(2)
23,243 64,534 
HelloFresh SE(2)
15,055 1,625,456 
Henkel AG & Co. KGaA2,144 192,970 
Henkel AG & Co. KGaA, Preference Shares3,815 372,737 
HOCHTIEF AG2,020 161,563 
Home24 SE(2)
4,488 89,211 
Hornbach Baumarkt AG1,340 53,613 
Hornbach Holding AG & Co. KGaA1,291 138,103 
HUGO BOSS AG10,039 560,527 
Hypoport SE(2)
224 154,806 
Indus Holding AG2,400 96,831 
Infineon Technologies AG26,423 1,125,032 
Instone Real Estate Group AG1,211 38,462 
Jenoptik AG3,654 132,054 
JOST Werke AG2,393 156,151 
Jungheinrich AG, Preference Shares8,937 482,647 
K+S AG(2)
38,775 552,731 
KION Group AG6,699 716,837 
Kloeckner & Co. SE(2)
14,176 191,404 
Knorr-Bremse AG5,080 609,985 
Koenig & Bauer AG(2)
944 32,503 
Krones AG2,014 204,168 
KSB SE & Co. KGaA17 8,506 
KSB SE & Co. KGaA, Preference Shares67 29,792 
KWS Saat SE & Co. KGaA1,413 118,331 
Lang & Schwarz AG(2)
546 48,700 
Lanxess AG6,130 446,832 
LEG Immobilien SE6,244 995,968 
Leoni AG(2)
5,532 108,658 
LPKF Laser & Electronics AG1,686 42,702 
Manz AG(2)
361 23,728 
MBB SE132 21,557 
Merck KGaA2,619 622,266 
MLP SE5,074 46,180 
MPH Health Care AG(2)
78 2,367 
MTU Aero Engines AG3,101 711,670 
Muenchener Rueckversicherungs-Gesellschaft AG5,568 1,625,124 
Nagarro SE(2)
1,011 181,463 
Nemetschek SE3,399 333,132 
New Work SE220 63,795 
Nordex SE(2)
2,874 53,791 
Norma Group SE4,199 211,838 
OEKOWORLD AG, Preference Shares532 63,032 
PATRIZIA AG1,333 32,673 
Pfeiffer Vacuum Technology AG154 32,273 
Porsche Automobil Holding SE, Preference Shares7,359 744,496 
ProSiebenSat.1 Media SE13,178 251,590 
Puma SE7,635 927,002 
PVA TePla AG(2)
540 20,826 
QIAGEN NV(2)
1,276 71,226 
102


Avantis International Equity ETF
SharesValue
Rational AG144 $164,796 
Rheinmetall AG4,857 474,976 
RTL Group SA(2)
593 36,849 
RWE AG27,968 1,092,087 
S&T AG5,242 120,362 
SAF-Holland SE(2)
8,108 115,571 
Salzgitter AG(2)
5,305 199,973 
SAP SE, ADR15,290 2,295,641 
Sartorius AG, Preference Shares1,281 843,939 
Schaltbau Holding AG(2)
602 39,130 
Scout24 AG3,486 293,079 
Secunet Security Networks AG36 20,029 
SGL Carbon SE(2)
8,645 95,981 
Siemens AG9,380 1,556,093 
Siemens Energy AG(2)
20,683 600,250 
Siemens Healthineers AG3,262 226,862 
Siltronic AG1,813 299,575 
Sixt SE(2)
1,906 256,175 
Sixt SE, Preference Shares2,216 174,168 
SMA Solar Technology AG134 6,418 
SNP Schneider-Neureither & Partner SE(2)
575 35,634 
Software AG940 47,634 
Stabilus SA3,530 277,709 
Steico SE500 71,192 
STO SE & Co. KGaA, Preference Shares412 95,487 
STRATEC SE758 125,467 
Stroeer SE & Co. KGaA1,815 149,474 
Suedzucker AG6,323 107,900 
SUESS MicroTec SE(2)
3,511 102,616 
Symrise AG4,665 663,876 
TAG Immobilien AG12,856 435,376 
Takkt AG1,582 26,355 
TeamViewer AG(2)
6,235 207,729 
Technotrans SE537 19,923 
Telefonica Deutschland Holding AG108,727 305,210 
thyssenkrupp AG(2)
31,069 346,194 
Uniper SE13,918 552,582 
United Internet AG3,483 150,545 
va-Q-tec AG(2)
689 21,277 
Varta AG1,512 241,224 
VERBIO Vereinigte BioEnergie AG2,842 172,472 
Villeroy & Boch AG, Preference Shares748 20,410 
Volkswagen AG1,356 453,707 
Volkswagen AG, Preference Shares7,771 1,848,368 
Vonovia SE19,729 1,331,922 
Wacker Chemie AG2,095 369,663 
Wacker Neuson SE6,179 187,169 
Wallstreet:Online AG(2)
565 14,973 
Washtec AG1,313 92,290 
Westwing Group AG(2)
1,758 84,989 
Wuestenrot & Wuerttembergische AG2,845 62,598 
103


Avantis International Equity ETF
SharesValue
Zalando SE(2)
6,719 $744,968 
zooplus AG(2)
703 330,437 
78,218,671 
Hong Kong — 2.6%
Aeon Credit Service Asia Co. Ltd.2,000 1,270 
AIA Group Ltd.243,464 2,907,137 
Asia Allied Infrastructure Holdings Ltd.10,000 759 
ASM Pacific Technology Ltd.30,200 358,988 
Atlas Corp.(1)
13,739 206,222 
Bank of East Asia Ltd. (The)135,200 226,775 
BOC Hong Kong Holdings Ltd.215,500 652,140 
Bright Smart Securities & Commodities Group Ltd.62,000 12,586 
Budweiser Brewing Co. APAC Ltd.8,800 21,989 
C-Mer Eye Care Holdings Ltd.56,000 56,307 
Cafe de Coral Holdings Ltd.54,000 98,301 
Century City International Holdings Ltd.(2)
16,000 915 
Chen Hsong Holdings4,000 1,358 
China Strategic Holdings Ltd.(2)
2,315,000 19,626 
China Tonghai International Financial Ltd.20,000 562 
Chinese Estates Holdings Ltd.26,500 9,625 
Chow Sang Sang Holdings International Ltd.81,000 123,218 
Chow Tai Fook Jewellery Group Ltd.53,800 108,837 
Chuang's Consortium International Ltd.16,000 1,846 
CITIC Telecom International Holdings Ltd.4,000 1,389 
Citychamp Watch & Jewellery Group Ltd.(2)
156,000 29,115 
CK Asset Holdings Ltd.173,186 1,127,803 
CK Hutchison Holdings Ltd.136,500 995,099 
CK Infrastructure Holdings Ltd.28,000 169,765 
CLP Holdings Ltd.116,000 1,159,527 
Cowell e Holdings, Inc.(2)
60,000 47,348 
CSI Properties Ltd.240,000 7,633 
Dah Sing Banking Group Ltd.49,200 47,314 
Dah Sing Financial Holdings Ltd.28,400 88,354 
Dairy Farm International Holdings Ltd.18,700 65,956 
Dickson Concepts International Ltd.15,500 8,773 
Dream International Ltd.2,000 748 
Emperor Capital Group Ltd.(2)
36,000 566 
Emperor Entertainment Hotel Ltd.10,000 1,222 
ESR Cayman Ltd.(2)
19,600 59,709 
Fairwood Holdings Ltd.4,500 10,042 
Far East Consortium International Ltd.36,000 13,050 
First Pacific Co. Ltd.254,000 94,696 
FSE Lifestyle Services Ltd.3,000 2,185 
Fullshare Holdings Ltd.(1)(2)
365,000 4,925 
Futu Holdings Ltd., ADR(1)(2)
454 43,216 
Galaxy Entertainment Group Ltd.(2)
22,000 141,055 
Giordano International Ltd.100,000 21,312 
Guotai Junan International Holdings Ltd.520,000 91,404 
Haitong International Securities Group Ltd.428,000 123,629 
Hang Lung Group Ltd.75,000 187,049 
Hang Lung Properties Ltd.86,000 206,523 
104


Avantis International Equity ETF
SharesValue
Hang Seng Bank Ltd.41,900 $749,062 
Health & Happiness H&H International Holdings Ltd.3,000 8,588 
Henderson Land Development Co. Ltd.109,000 493,164 
Hengdeli Holdings Ltd.(2)
24,000 923 
HK Electric Investments & HK Electric Investments Ltd.2,000 1,989 
HKT Trust & HKT Ltd.125,000 170,449 
Hong Kong & China Gas Co. Ltd.226,990 364,945 
Hong Kong Exchanges & Clearing Ltd.35,588 2,248,238 
Hong Kong Technology Venture Co. Ltd.(1)(2)
39,000 52,419 
Hongkong & Shanghai Hotels Ltd. (The)(2)
20,000 17,942 
Hongkong Land Holdings Ltd.113,700 477,079 
Huayi Tencent Entertainment Co. Ltd.(1)(2)
1,300,000 33,863 
Hutchison Telecommunications Hong Kong Holdings Ltd.68,000 10,741 
Hysan Development Co. Ltd.66,000 235,504 
IGG, Inc.137,000 130,849 
International Housewares Retail Co. Ltd.24,000 8,725 
IRC Ltd.(2)
1,018,000 38,368 
Jacobson Pharma Corp. Ltd.8,000 636 
Jardine Matheson Holdings Ltd.4,800 260,301 
JBM Healthcare Ltd.(2)
1,000 132 
Johnson Electric Holdings Ltd.49,000 112,218 
K Wah International Holdings Ltd.101,000 44,288 
Karrie International Holdings Ltd.96,000 19,752 
Keck Seng Investments Hong Kong Ltd.(2)
2,000 973 
Kerry Logistics Network Ltd.92,000 292,352 
Kerry Properties Ltd.69,000 234,752 
Kwoon Chung Bus Holdings Ltd.(2)
4,000 1,017 
Lifestyle International Holdings Ltd.(2)
26,000 16,508 
LK Technology Holdings Ltd.47,500 159,296 
Luk Fook Holdings International Ltd.69,000 191,572 
Man Wah Holdings Ltd.172,400 322,137 
Melco Resorts & Entertainment Ltd., ADR(2)
12,986 178,687 
Modern Dental Group Ltd.9,000 10,595 
MTR Corp. Ltd.36,786 207,089 
Multifield International Holdings Ltd.6,400 911 
New World Development Co. Ltd.84,750 398,633 
NWS Holdings Ltd.190,000 184,233 
Pacific Basin Shipping Ltd.850,000 463,104 
Pacific Century Premium Developments Ltd.(2)
15,660 1,289 
Pacific Textiles Holdings Ltd.139,000 74,142 
Paliburg Holdings Ltd.(2)
4,000 1,105 
PC Partner Group Ltd.38,000 32,567 
PCCW Ltd.131,357 68,504 
Perfect Medical Health Management Ltd.64,000 53,829 
Playmates Holdings Ltd.16,000 1,810 
Power Assets Holdings Ltd.72,500 455,012 
Public Financial Holdings Ltd.4,000 1,287 
Realord Group Holdings Ltd.(2)
70,000 96,335 
Regal Hotels International Holdings Ltd.(2)
4,000 1,807 
Regina Miracle International Holdings Ltd.5,000 1,774 
Sa Sa International Holdings Ltd.(2)
194,000 41,982 
105


Avantis International Equity ETF
SharesValue
Sands China Ltd.(2)
60,800 $195,326 
SAS Dragon Holdings Ltd.4,000 2,362 
Shangri-La Asia Ltd.(2)
14,000 12,317 
Shun Tak Holdings Ltd.(2)
104,000 29,802 
Sino Land Co. Ltd.256,164 377,257 
SITC International Holdings Co. Ltd.148,000 644,702 
SJM Holdings Ltd.(2)
108,000 93,983 
SmarTone Telecommunications Holdings Ltd.36,500 20,564 
Solargiga Energy Holdings Ltd.(2)
355,000 22,512 
Soundwill Holdings Ltd.2,000 2,069 
Stella International Holdings Ltd.(2)
30,000 40,269 
Sun Hung Kai & Co. Ltd.33,000 18,070 
Sun Hung Kai Properties Ltd.54,500 768,666 
SUNeVision Holdings Ltd.79,000 83,731 
Swire Pacific Ltd., Class A60,000 406,190 
Swire Properties Ltd.90,200 243,785 
Symphony Holdings Ltd.10,000 1,145 
Techtronic Industries Co. Ltd.49,000 1,084,479 
Television Broadcasts Ltd.(2)
1,200 1,019 
Ten Pao Group Holdings Ltd.68,000 20,157 
Texhong Textile Group Ltd.52,500 80,018 
Texwinca Holdings Ltd.32,000 6,910 
Theme International Holdings Ltd.(2)
620,000 97,142 
TK Group Holdings Ltd.4,000 1,755 
Truly International Holdings Ltd.(2)
374,000 140,428 
United Laboratories International Holdings Ltd. (The)176,000 118,838 
Upbest Group Ltd.8,000 833 
Value Partners Group Ltd.204,000 111,300 
Vitasoy International Holdings Ltd.(1)
62,000 159,862 
VSTECS Holdings Ltd.116,000 109,106 
VTech Holdings Ltd.27,400 266,144 
WH Group Ltd.(1)
1,042,600 904,316 
Wharf Real Estate Investment Co. Ltd.114,000 564,551 
Wynn Macau Ltd.(2)
48,800 54,985 
Xinyi Glass Holdings Ltd.146,000 613,526 
Yue Yuen Industrial Holdings Ltd.(2)
123,000 249,440 
26,078,904 
Ireland — 0.7%
AIB Group plc(1)(2)
77,913 234,106 
Bank of Ireland Group plc(2)
120,447 753,910 
Cairn Homes plc(2)
56,341 75,770 
CRH plc27,261 1,444,177 
Dalata Hotel Group plc(2)
20,247 90,344 
FBD Holdings plc(2)
1,492 13,548 
Glanbia plc40,336 720,120 
Glenveagh Properties plc(2)
62,148 79,496 
Kerry Group plc, A Shares3,028 444,149 
Kingspan Group plc5,834 666,214 
Origin Enterprises plc12,211 48,184 
Permanent TSB Group Holdings plc(2)
426 703 
Smurfit Kappa Group plc32,002 1,834,159 
106


Avantis International Equity ETF
SharesValue
Uniphar plc(2)
8,228 $38,522 
6,443,402 
Israel — 0.8%
Adgar Investment and Development Ltd.2,629 5,336 
AFI Properties Ltd.(2)
610 31,154 
Airport City Ltd.(2)
4,714 86,337 
Allot Ltd.(2)
1,441 23,949 
Alony Hetz Properties & Investments Ltd.7,486 110,360 
Altshuler Shaham Provident Funds & Pension Ltd.4,732 26,257 
Amot Investments Ltd.10,164 72,145 
Ashtrom Group Ltd.1,430 31,209 
AudioCodes Ltd.1,060 33,178 
Azorim-Investment Development & Construction Co. Ltd.(2)
10,263 41,699 
Azrieli Group Ltd.1,130 105,635 
Bank Hapoalim BM41,561 357,534 
Bank Leumi Le-Israel BM58,252 481,232 
Bezeq The Israeli Telecommunication Corp. Ltd.(2)
48,235 57,311 
Big Shopping Centers Ltd.(2)
379 55,644 
Caesarstone Ltd.1,359 17,667 
Camtek Ltd.(2)
4,223 174,308 
Carasso Motors Ltd.1,574 7,869 
Cellcom Israel Ltd.(2)
7,491 28,243 
Ceragon Networks Ltd.(1)(2)
8,260 33,370 
Check Point Software Technologies Ltd.(2)
2,999 376,764 
Clal Insurance Enterprises Holdings Ltd.(2)
7,078 148,541 
Cognyte Software Ltd.(2)
986 27,095 
CyberArk Software Ltd.(2)
757 127,131 
Danel Adir Yeoshua Ltd.359 72,721 
Delek Automotive Systems Ltd.5,939 78,806 
Delek Group Ltd.(2)
620 34,493 
Delta Galil Industries Ltd.980 50,744 
Elbit Systems Ltd.979 142,422 
Elco Ltd.589 36,021 
Electra Consumer Products 1970 Ltd.1,098 60,987 
Electra Ltd.121 72,323 
Energix-Renewable Energies Ltd.8,260 34,145 
Equital Ltd.(2)
926 25,645 
Fattal Holdings 1998 Ltd.(2)
271 24,641 
FIBI Holdings Ltd.(2)
1,180 48,862 
First International Bank of Israel Ltd.2,808 101,503 
Fiverr International Ltd.(1)(2)
423 75,933 
Formula Systems 1985 Ltd.165 16,401 
Fox Wizel Ltd.923 122,328 
Freshmarket Ltd.2,580 10,249 
Gav-Yam Lands Corp. Ltd.7,708 86,647 
Gazit-Globe Ltd.7,325 53,010 
Gilat Satellite Networks Ltd.3,128 31,420 
Hagag Group Real Estate Development921 5,348 
Harel Insurance Investments & Financial Services Ltd.9,136 89,739 
Hilan Ltd.936 52,911 
ICL Group Ltd.37,153 262,925 
107


Avantis International Equity ETF
SharesValue
IDI Insurance Co. Ltd.759 $27,217 
Inmode Ltd.(2)
1,197 156,663 
Inrom Construction Industries Ltd.17,244 85,061 
Isracard Ltd.24,016 99,659 
Israel Canada T.R Ltd.5,119 21,211 
Israel Corp. Ltd. (The)(2)
305 92,592 
Israel Discount Bank Ltd., A Shares(2)
60,273 311,326 
Israel Land Development - Urban Renewal Ltd.1,768 22,596 
Isras Investment Co. Ltd.113 24,652 
Ituran Location and Control Ltd.2,962 77,279 
Kamada Ltd.(2)
654 3,505 
Kenon Holdings Ltd.515 20,189 
Kornit Digital Ltd.(2)
888 115,769 
M Yochananof & Sons Ltd.742 52,654 
Magic Software Enterprises Ltd.2,798 58,597 
Malam - Team Ltd.872 29,016 
Matrix IT Ltd.1,703 46,484 
Maytronics Ltd.2,847 65,296 
Mediterranean Towers Ltd.6,613 20,599 
Mega Or Holdings Ltd.773 28,962 
Melisron Ltd.(2)
314 25,369 
Menora Mivtachim Holdings Ltd.2,781 61,605 
Migdal Insurance & Financial Holdings Ltd.(2)
41,156 58,036 
Mivne Real Estate KD Ltd.27,735 93,834 
Mizrahi Tefahot Bank Ltd.7,181 238,885 
Naphtha Israel Petroleum Corp. Ltd.(2)
1,311 6,015 
Nawi Brothers Ltd.1,423 10,734 
Nice Ltd., ADR(2)
1,023 297,386 
Nova Ltd.(2)
997 100,223 
Oil Refineries Ltd.(2)
184,249 40,186 
One Software Technologies Ltd.4,313 69,045 
OPC Energy Ltd.(2)
3,159 29,285 
Partner Communications Co. Ltd.(2)
15,212 72,102 
Paz Oil Co. Ltd.(2)
668 67,262 
Perion Network Ltd.(2)
2,956 61,949 
Phoenix Holdings Ltd. (The)13,146 140,364 
Prashkovsky Investments and Construction Ltd.500 14,779 
Radware Ltd.(2)
2,439 83,609 
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.1,156 81,103 
Raval Ics Ltd.1,946 4,330 
Sapiens International Corp. NV1,050 30,181 
Shapir Engineering and Industry Ltd.10,541 84,125 
Shikun & Binui Ltd.(2)
11,430 66,650 
Shufersal Ltd.23,468 193,495 
Silicom Ltd.(2)
230 10,295 
Sisram Medical Ltd.8,800 15,392 
Strauss Group Ltd.3,148 90,996 
Summit Real Estate Holdings Ltd.(2)
2,787 43,927 
Tadiran Group Ltd.273 35,581 
Taro Pharmaceutical Industries Ltd.(2)
711 48,220 
Tel Aviv Stock Exchange Ltd.8,957 48,991 
108


Avantis International Equity ETF
SharesValue
Teva Pharmaceutical Industries Ltd., ADR(2)
26,459 $249,244 
Tower Semiconductor Ltd.(2)
9,239 272,327 
Victory Supermarket Chain Ltd.849 17,710 
Wix.com Ltd.(2)
661 146,795 
YH Dimri Construction & Development Ltd.818 55,609 
ZUR Shamir Holdings Ltd.917 2,742 
8,377,900 
Italy — 2.3%
A2A SpA260,498 572,304 
ACEA SpA7,414 177,045 
Amplifon SpA4,325 226,229 
Anima Holding SpA2,119 10,930 
Aquafil SpA(2)
3,718 31,818 
Arnoldo Mondadori Editore SpA(2)
17,910 39,542 
Ascopiave SpA16,797 70,903 
Assicurazioni Generali SpA13,979 285,186 
Atlantia SpA(2)
5,612 105,122 
Autogrill SpA(2)
6,335 47,503 
Azimut Holding SpA12,890 362,056 
Banca Generali SpA(2)
7,224 321,262 
Banca IFIS SpA1,577 27,370 
Banca Mediolanum SpA14,690 152,509 
Banca Monte dei Paschi di Siena SpA(1)(2)
15,205 20,258 
Banca Popolare di Sondrio SCPA35,811 162,971 
Banca Sistema SpA(1)(2)
6,395 17,643 
Banco BPM SpA117,218 388,737 
Banco di Desio e della Brianza SpA(1)
1,492 5,624 
BFF Bank SpA32,161 293,837 
Biesse SpA(2)
2,461 88,314 
BPER Banca96,990 211,159 
Brembo SpA7,593 109,783 
Brunello Cucinelli SpA(2)
802 47,295 
Buzzi Unicem SpA6,162 163,584 
Cairo Communication SpA(1)
13,896 30,928 
Carel Industries SpA3,267 93,898 
Cementir Holding NV4,280 48,475 
Cerved Group SpA(2)
4,431 51,691 
CIR SpA-Compagnie Industriali(2)
75,799 43,677 
CNH Industrial NV58,769 971,501 
Credito Emiliano SpA4,826 32,349 
Danieli & C Officine Meccaniche SpA1,813 52,835 
Danieli & C Officine Meccaniche SpA, Preference Shares6,298 119,690 
Davide Campari-Milano NV4,788 66,218 
De' Longhi SpA7,808 353,367 
DiaSorin SpA800 182,519 
Digital Bros SpA(1)
1,147 36,204 
Digital Value SpA(2)
373 42,002 
doValue SpA6,803 85,093 
Enav SpA(2)
36,812 160,638 
Enel SpA189,887 1,729,954 
Eni SpA, ADR41,163 1,011,787 
109


Avantis International Equity ETF
SharesValue
ERG SpA1,836 $54,119 
Esprinet SpA4,756 90,897 
Falck Renewables SpA2,628 21,680 
Ferrari NV3,012 653,365 
Fila SpA2,851 34,783 
FinecoBank Banca Fineco SpA(2)
39,446 726,677 
Gruppo MutuiOnline SpA2,717 164,008 
GVS SpA8,560 163,566 
Hera SpA133,443 576,928 
Infrastrutture Wireless Italiane SpA2,416 28,744 
Interpump Group SpA1,568 111,439 
Intesa Sanpaolo SpA486,487 1,376,688 
Iren SpA137,312 424,460 
Italgas SpA72,755 482,337 
La Doria SpA1,075 23,139 
Leonardo SpA(2)
38,934 317,019 
Maire Tecnimont SpA(1)
27,880 108,663 
Mediaset SpA43,310 135,119 
Mediobanca Banca di Credito Finanziario SpA(2)
15,614 184,066 
Moncler SpA7,813 500,269 
Nexi SpA(2)
8,421 175,531 
OVS SpA(2)
41,695 85,005 
Pharmanutra SpA424 32,819 
Piaggio & C SpA14,394 54,545 
Poste Italiane SpA38,939 527,932 
Prima Industrie SpA(2)
812 20,014 
Prysmian SpA17,113 644,303 
RAI Way SpA12,934 78,642 
Recordati Industria Chimica e Farmaceutica SpA2,842 186,494 
Reno de Medici SpA27,168 46,158 
Reply SpA1,488 300,107 
Retelit SpA11,714 40,700 
Safilo Group SpA(1)(2)
27,433 53,503 
Saipem SpA(1)(2)
67,110 159,021 
Salcef SpA1,607 34,512 
Salvatore Ferragamo SpA(1)(2)
3,272 66,830 
Sanlorenzo SpA/Ameglia1,000 33,270 
Saras SpA(2)
28,486 23,630 
Sesa SpA(2)
808 161,184 
Snam SpA55,292 326,920 
Societa Cattolica Di Assicurazione SpA(2)
17,156 142,347 
Stellantis NV84,123 1,682,800 
Tamburi Investment Partners SpA1,206 13,161 
Technogym SpA16,948 200,354 
Telecom Italia SpA/Milano743,208 336,725 
Telecom Italia SpA/Milano, Preference Shares449,602 217,217 
Tenaris SA, ADR6,871 138,244 
Terna - Rete Elettrica Nazionale61,725 488,248 
Tinexta Spa2,223 102,915 
Tod's SpA(2)
31 1,695 
UniCredit SpA62,651 781,196 
110


Avantis International Equity ETF
SharesValue
Unieuro SpA2,076 $54,244 
Unipol Gruppo SpA49,493 293,548 
Webuild SpA(1)
66,359 177,364 
Zignago Vetro SpA929 19,926 
22,930,880 
Japan — 21.1%
77 Bank Ltd. (The)5,000 56,679 
A&D Co. Ltd.1,800 18,286 
ABC-Mart, Inc.(1)
700 37,425 
Access Co. Ltd.(2)
200 1,753 
Acom Co. Ltd.24,300 93,916 
Adastria Co. Ltd.(1)
2,800 45,736 
ADEKA Corp.11,700 255,416 
Advantest Corp.6,900 594,446 
Adways, Inc.4,300 26,128 
Aeon Co. Ltd.(1)
22,600 598,288 
Aeon Delight Co. Ltd.(1)
800 25,884 
Aeon Fantasy Co. Ltd.(1)
600 10,321 
AEON Financial Service Co. Ltd.(1)
11,900 140,062 
Aeon Hokkaido Corp.2,600 27,272 
Aeon Mall Co. Ltd.(1)
10,500 159,906 
AFC-HD AMS Life Science Co. Ltd.(1)
2,500 26,133 
AGC, Inc.17,000 821,246 
Ai Holdings Corp.3,600 73,013 
Aica Kogyo Co. Ltd.2,400 80,402 
Aichi Bank Ltd. (The)1,000 32,010 
Aichi Steel Corp.1,300 33,155 
Aida Engineering Ltd.3,300 31,888 
Aiful Corp.12,900 41,144 
Ain Holdings, Inc.1,200 80,684 
Air Water, Inc.18,200 293,231 
Airport Facilities Co. Ltd.1,500 8,005 
Airtrip Corp.800 21,304 
Aisan Industry Co. Ltd.6,000 46,119 
Aisin Corp.11,400 435,155 
Aizawa Securities Co. Ltd.2,200 20,522 
Ajinomoto Co., Inc.31,600 931,453 
Akatsuki, Inc.1,000 29,300 
Akebono Brake Industry Co. Ltd.(2)
15,900 27,133 
Akita Bank Ltd. (The)800 10,624 
Alconix Corp.3,100 44,802 
Alfresa Holdings Corp.9,300 147,166 
Alleanza Holdings Co. Ltd.1,300 15,978 
Alpen Co. Ltd.2,700 85,036 
Alps Alpine Co. Ltd.22,600 236,759 
Altech Corp.1,500 26,280 
Amada Co. Ltd.13,000 131,783 
Amano Corp.3,600 91,387 
ANA Holdings, Inc.(2)
1,100 26,075 
Anest Iwata Corp.1,100 10,187 
Anritsu Corp.(1)
11,100 192,403 
111


Avantis International Equity ETF
SharesValue
AOKI Holdings, Inc.3,800 $21,603 
Aomori Bank Ltd. (The)1,400 27,641 
Aoyama Trading Co. Ltd.(2)
3,400 19,896 
Aoyama Zaisan Networks Co. Ltd.(1)
1,600 12,681 
Aozora Bank Ltd.12,200 286,023 
Arakawa Chemical Industries Ltd.2,100 24,062 
Arata Corp.1,900 77,000 
Arcland Sakamoto Co. Ltd.(1)
4,600 64,053 
Arcland Service Holdings Co. Ltd.700 14,085 
Arcs Co. Ltd.5,400 109,776 
Ardepro Co. Ltd.32,100 19,531 
Arealink Co. Ltd.1,300 16,649 
Argo Graphics, Inc.600 17,861 
Ariake Japan Co. Ltd.700 39,592 
Arisawa Manufacturing Co. Ltd.2,100 17,474 
ARTERIA Networks Corp.3,600 58,630 
ArtSpark Holdings, Inc.6,300 49,006 
Aruhi Corp.1,000 12,166 
AS One Corp.300 44,548 
Asahi Co. Ltd.1,300 15,776 
Asahi Diamond Industrial Co. Ltd.5,100 24,025 
Asahi Group Holdings Ltd.13,100 608,948 
Asahi Holdings, Inc.(1)
10,700 216,056 
Asahi Intecc Co. Ltd.1,900 57,487 
Asahi Kasei Corp.71,100 733,046 
Asahi Net, Inc.200 1,340 
ASAHI YUKIZAI Corp.1,900 25,760 
Asanuma Corp.500 20,298 
Asia Pile Holdings Corp.3,600 15,722 
Asics Corp.16,700 353,952 
ASKA Pharmaceutical Holdings Co. Ltd.3,500 32,298 
ASKUL Corp.2,200 34,393 
Astellas Pharma, Inc.82,400 1,388,433 
Asukanet Co. Ltd.100 799 
Ateam, Inc.100 1,375 
Aucnet, Inc.2,500 47,333 
Autobacs Seven Co. Ltd.8,300 115,623 
Avant Corp.1,700 23,508 
Avex, Inc.600 8,190 
Awa Bank Ltd. (The)2,000 39,781 
Axial Retailing, Inc.2,100 75,832 
Azbil Corp.2,500 108,410 
Bandai Namco Holdings, Inc.4,300 298,244 
Bando Chemical Industries Ltd.2,900 24,315 
Bank of Iwate Ltd. (The)1,100 17,064 
Bank of Kyoto Ltd. (The)(1)
4,300 190,210 
Bank of Nagoya Ltd. (The)1,300 31,377 
Bank of Okinawa Ltd. (The)2,600 64,594 
Bank of Saga Ltd. (The)1,100 14,408 
Bank of the Ryukyus Ltd.2,500 18,226 
BayCurrent Consulting, Inc.900 446,437 
112


Avantis International Equity ETF
SharesValue
Beenos, Inc.1,700 $47,743 
Belc Co. Ltd.1,000 52,497 
Bell System24 Holdings, Inc.(1)
2,900 42,002 
Belluna Co. Ltd.7,300 54,556 
Benefit One, Inc.2,100 84,236 
Benesse Holdings, Inc.6,000 129,614 
BeNext-Yumeshin Group Co.3,127 34,032 
Bengo4.com, Inc.(2)
100 6,298 
Bic Camera, Inc.(1)
10,800 104,941 
BML, Inc.3,000 121,165 
Bookoff Group Holdings Ltd.100 872 
Bridgestone Corp.24,400 1,123,221 
Broadleaf Co. Ltd.1,400 6,673 
Brother Industries Ltd.24,100 494,570 
Bunka Shutter Co. Ltd.6,500 68,831 
Business Brain Showa-Ota, Inc.800 12,629 
CAC Holdings Corp.100 1,499 
Calbee, Inc.4,300 106,551 
Canon Electronics, Inc.1,400 20,321 
Canon Marketing Japan, Inc.3,700 84,363 
Canon, Inc., ADR(1)
30,484 725,824 
Capcom Co. Ltd.6,400 178,234 
Careerlink Co. Ltd.600 10,709 
Carenet, Inc.900 52,119 
Carlit Holdings Co. Ltd.1,900 15,144 
Carta Holdings, Inc.1,600 30,832 
Casio Computer Co. Ltd.8,700 134,368 
Cawachi Ltd.1,100 22,952 
Central Automotive Products Ltd.500 13,738 
Central Glass Co. Ltd.9,700 195,686 
Central Japan Railway Co.4,200 614,753 
Central Security Patrols Co. Ltd.1,000 24,141 
Ceres, Inc.700 17,456 
Change, Inc.(2)
1,200 26,803 
Chiba Bank Ltd. (The)40,800 254,702 
Chiba Kogyo Bank Ltd. (The)700 1,843 
Chikaranomoto Holdings Co. Ltd.(2)
200 1,092 
Chilled & Frozen Logistics Holdings Co. Ltd.1,200 19,103 
Chiyoda Co. Ltd.100 723 
Chiyoda Corp.(2)
400 1,354 
Chiyoda Integre Co. Ltd.100 1,746 
Chofu Seisakusho Co. Ltd.600 11,028 
Chubu Electric Power Co., Inc.23,700 286,590 
Chubu Shiryo Co. Ltd.(1)
1,300 13,284 
Chudenko Corp.2,100 43,620 
Chugai Pharmaceutical Co. Ltd.11,000 429,802 
Chugoku Bank Ltd. (The)13,900 112,035 
Chugoku Electric Power Co., Inc. (The)3,500 32,651 
Chugoku Marine Paints Ltd.3,500 28,767 
CI Takiron Corp.5,800 33,084 
Citizen Watch Co. Ltd.24,600 107,521 
113


Avantis International Equity ETF
SharesValue
CKD Corp.4,300 $89,914 
Cleanup Corp.200 1,037 
CMIC Holdings Co. Ltd.1,200 16,075 
CMK Corp.(2)
400 1,526 
Coca-Cola Bottlers Japan Holdings, Inc.11,200 156,317 
cocokara fine, Inc.(1)
600 47,224 
COLOPL, Inc.5,100 38,548 
Colowide Co. Ltd.(1)
5,300 84,413 
Computer Engineering & Consulting Ltd.1,600 22,640 
COMSYS Holdings Corp.5,600 150,506 
Comture Corp.1,300 35,309 
Concordia Financial Group Ltd.79,600 308,622 
Core Corp.100 1,365 
Cosel Co. Ltd.1,200 11,177 
Cosmo Energy Holdings Co. Ltd.8,600 170,637 
Cosmos Initia Co. Ltd.200 791 
Cosmos Pharmaceutical Corp.1,600 283,335 
CRE, Inc.1,800 27,259 
Create Restaurants Holdings, Inc.(1)(2)
6,200 46,653 
Create SD Holdings Co. Ltd.2,300 81,130 
Credit Saison Co. Ltd.20,100 228,629 
Cresco Ltd.1,600 28,484 
CROOZ, Inc.(2)
700 8,532 
CTI Engineering Co. Ltd.1,500 33,593 
Curves Holdings Co. Ltd.(1)
2,300 17,539 
CyberAgent, Inc.21,400 391,750 
CYBERDYNE, Inc.(2)
200 809 
Cybozu, Inc.2,000 45,788 
Dai Nippon Printing Co. Ltd.15,900 377,780 
Dai-Dan Co. Ltd.600 14,735 
Dai-ichi Life Holdings, Inc.51,500 1,019,044 
Daibiru Corp.5,800 76,419 
Daicel Corp.38,100 306,657 
Daido Metal Co. Ltd.2,400 12,789 
Daido Steel Co. Ltd.2,200 100,382 
Daifuku Co. Ltd.400 35,304 
Daihen Corp.2,900 126,266 
Daiho Corp.1,800 65,292 
Daiichi Jitsugyo Co. Ltd.700 29,958 
Daiichi Kigenso Kagaku-Kogyo Co. Ltd.3,900 58,167 
Daiichi Sankyo Co. Ltd.25,400 603,311 
Daiichikosho Co. Ltd.1,900 64,229 
Daiken Corp.1,400 29,578 
Daiki Aluminium Industry Co. Ltd.4,400 59,364 
Daikin Industries Ltd.4,800 1,197,823 
Daikokutenbussan Co. Ltd.800 50,431 
Daikyonishikawa Corp.5,500 33,245 
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.1,200 27,648 
Daio Paper Corp.8,600 161,080 
Daiseki Co. Ltd.(1)
3,480 140,785 
Daishi Hokuetsu Financial Group, Inc.3,800 93,533 
114


Avantis International Equity ETF
SharesValue
Daishinku Corp.500 $17,083 
Daito Pharmaceutical Co. Ltd.1,100 36,069 
Daito Trust Construction Co. Ltd.6,400 702,886 
Daiwa House Industry Co. Ltd.26,100 795,886 
Daiwa Industries Ltd.(1)
2,200 24,406 
Daiwa Securities Group, Inc.111,900 633,020 
Daiwabo Holdings Co. Ltd.15,600 296,400 
DCM Holdings Co. Ltd.(1)
8,400 80,999 
Dear Life Co. Ltd.300 1,324 
DeNA Co. Ltd.5,200 91,557 
Denka Co. Ltd.7,500 262,877 
Densan System Holdings Co. Ltd.300 7,550 
Denso Corp.10,800 755,924 
Dentsu Group, Inc.9,300 345,710 
Denyo Co. Ltd.700 13,046 
Dexerials Corp.8,300 162,103 
Diamond Electric Holdings Co. Ltd.900 20,598 
DIC Corp.9,400 270,377 
Digital Arts, Inc.800 63,366 
Digital Garage, Inc.2,800 127,770 
Digital Hearts Holdings Co. Ltd.700 12,510 
Digital Holdings, Inc.2,800 42,926 
Digital Information Technologies Corp.1,300 23,360 
Dip Corp.(1)
2,700 85,797 
Disco Corp.1,300 377,646 
DKK Co. Ltd.1,000 20,731 
DMG Mori Co. Ltd.3,500 62,446 
Doshisha Co. Ltd.1,400 22,303 
Double Standard, Inc.300 21,664 
Doutor Nichires Holdings Co. Ltd.1,100 16,369 
Dowa Holdings Co. Ltd.4,100 180,046 
DTS Corp.3,900 90,588 
Duskin Co. Ltd.1,600 38,374 
DyDo Group Holdings, Inc.700 35,735 
E-Guardian, Inc.600 17,988 
Eagle Industry Co. Ltd.4,000 45,410 
Earth Corp.2,400 141,999 
East Japan Railway Co.7,500 504,107 
Ebara Corp.12,900 641,220 
Ebara Jitsugyo Co. Ltd.1,800 41,057 
Ebase Co. Ltd.200 1,420 
eBook Initiative Japan Co. Ltd.(2)
600 20,603 
Eco's Co. Ltd.200 3,540 
EDION Corp.12,500 121,448 
EF-ON, Inc.(1)
2,700 20,842 
Ehime Bank Ltd. (The)1,500 10,659 
Eiken Chemical Co. Ltd.2,700 52,607 
Eisai Co. Ltd.4,100 338,126 
Eizo Corp.1,100 42,474 
EJ Holdings, Inc.2,400 27,465 
Elan Corp.2,500 29,161 
115


Avantis International Equity ETF
SharesValue
Elecom Co. Ltd.3,500 $56,626 
Electric Power Development Co. Ltd.19,400 289,808 
Elematec Corp.1,300 13,452 
EM Systems Co. Ltd.200 1,472 
en Japan, Inc.1,100 37,157 
ENEOS Holdings, Inc.225,200 870,379 
Enigmo, Inc.3,000 39,608 
Enplas Corp.800 22,862 
ES-Con Japan Ltd.(1)
700 4,969 
ESPEC Corp.1,100 21,924 
euglena Co. Ltd.(2)
200 1,598 
Exedy Corp.3,600 54,470 
Ezaki Glico Co. Ltd.2,100 79,439 
F.C.C. Co. Ltd.3,700 51,733 
Fancl Corp.1,400 47,360 
FANUC Corp.1,500 326,791 
Fast Retailing Co. Ltd.1,100 724,546 
Feed One Co. Ltd.3,720 25,696 
Ferrotec Holdings Corp.8,000 234,643 
FIDEA Holdings Co. Ltd.16,400 18,778 
Financial Products Group Co. Ltd.11,700 72,327 
First Bank of Toyama Ltd. (The)400 1,057 
First Juken Co. Ltd.100 1,158 
FJ Next Co. Ltd.1,400 13,074 
Food & Life Cos. Ltd.6,900 296,162 
Forum Engineering, Inc.1,800 14,320 
Foster Electric Co. Ltd.1,300 10,262 
FP Corp.3,300 126,365 
France Bed Holdings Co. Ltd.3,000 25,213 
Freebit Co. Ltd.200 1,508 
Freee KK(2)
400 32,347 
Fronteo, Inc.(2)
2,600 42,223 
Fudo Tetra Corp.2,600 41,175 
Fuji Co. Ltd.(1)
2,200 39,307 
Fuji Corp. Ltd.2,400 14,960 
Fuji Corp./Aichi6,200 160,499 
Fuji Corp/Miyagi1,800 19,013 
Fuji Electric Co. Ltd.5,200 224,959 
Fuji Kyuko Co. Ltd.1,000 41,032 
Fuji Media Holdings, Inc.3,700 38,569 
Fuji Oil Co. Ltd.8,700 20,289 
Fuji Oil Holdings, Inc.6,000 135,637 
Fuji Pharma Co. Ltd.1,800 18,880 
Fuji Seal International, Inc.5,500 123,557 
Fuji Soft, Inc.2,900 150,317 
Fujibo Holdings, Inc.1,400 53,943 
Fujicco Co. Ltd.1,300 22,444 
FUJIFILM Holdings Corp.12,800 1,053,340 
Fujikura Ltd.(2)
36,000 207,275 
Fujimi, Inc.1,600 89,178 
Fujimori Kogyo Co. Ltd.2,100 87,426 
116


Avantis International Equity ETF
SharesValue
Fujitec Co. Ltd.4,300 $105,761 
Fujitsu General Ltd.4,800 119,820 
Fujitsu Ltd.9,500 1,748,825 
Fukuda Corp.500 22,851 
Fukui Bank Ltd. (The)1,200 17,148 
Fukui Computer Holdings, Inc.1,000 39,560 
Fukuoka Financial Group, Inc.12,500 230,782 
Fukushima Galilei Co. Ltd.800 35,246 
Fukuyama Transporting Co. Ltd.2,600 109,318 
FULLCAST Holdings Co. Ltd.1,600 30,801 
Fumakilla Ltd.1,700 20,758 
Funai Soken Holdings, Inc.(1)
1,300 32,046 
Furukawa Battery Co. Ltd. (The)2,000 29,314 
Furukawa Co. Ltd.2,100 23,625 
Furukawa Electric Co. Ltd.5,700 122,516 
Furuno Electric Co. Ltd.1,800 17,867 
Furyu Corp.2,500 35,331 
Fuso Chemical Co. Ltd.1,000 41,124 
Futaba Corp.2,200 15,982 
Futaba Industrial Co. Ltd.7,600 33,533 
Future Corp.1,900 42,286 
Fuyo General Lease Co. Ltd.2,200 151,896 
G-7 Holdings, Inc.2,000 72,221 
G-Tekt Corp.3,200 43,060 
Gakken Holdings Co. Ltd.1,700 19,287 
Gakujo Co. Ltd.100 1,052 
Genky DrugStores Co. Ltd.1,300 60,764 
Geo Holdings Corp.(1)
3,500 37,837 
giftee, Inc.(2)
1,300 42,191 
GL Sciences, Inc.500 10,937 
GLOBERIDE, Inc.1,600 107,348 
Glory Ltd.6,200 129,005 
GMO Financial Holdings, Inc.(1)
7,400 55,063 
GMO GlobalSign Holdings KK300 13,020 
GMO Internet, Inc.4,800 124,865 
GMO Payment Gateway, Inc.2,100 275,517 
Godo Steel Ltd.1,200 16,394 
Goldcrest Co. Ltd.1,700 26,043 
Goldwin, Inc.600 36,682 
Golf Digest Online, Inc.1,300 16,843 
Good Com Asset Co. Ltd.1,400 18,425 
Grace Technology, Inc.2,100 23,283 
Gree, Inc.1,800 10,613 
gremz, Inc.400 10,144 
GS Yuasa Corp.7,000 164,006 
GSI Creos Corp.1,400 13,283 
Gumi, Inc.(1)
3,100 24,988 
GungHo Online Entertainment, Inc.5,700 110,728 
Gunma Bank Ltd. (The)33,200 107,050 
Gunze Ltd.1,700 68,839 
H-One Co. Ltd.2,900 18,876 
117


Avantis International Equity ETF
SharesValue
H.U. Group Holdings, Inc.8,000 $236,094 
H2O Retailing Corp.12,800 100,486 
Hachijuni Bank Ltd. (The)33,600 115,708 
Hagihara Industries, Inc.500 6,839 
Hakuhodo DY Holdings, Inc.(1)
11,100 175,027 
Hakuto Co. Ltd.1,000 16,381 
Hamakyorex Co. Ltd.1,800 53,589 
Hamamatsu Photonics KK2,900 169,021 
Hankyu Hanshin Holdings, Inc.4,800 143,638 
Hanwa Co. Ltd.7,200 215,902 
Happinet Corp.1,700 22,469 
Harmonic Drive Systems, Inc.200 11,043 
Haseko Corp.12,000 165,961 
Hazama Ando Corp.24,000 179,011 
Heiwa Corp.4,300 78,423 
Heiwa Real Estate Co. Ltd.2,700 104,544 
Heiwado Co. Ltd.(1)
4,200 83,508 
HI-LEX Corp.1,900 29,994 
Hibiya Engineering Ltd.2,000 34,356 
Hikari Tsushin, Inc.700 122,489 
Hino Motors Ltd.14,100 122,008 
Hinokiya Group Co. Ltd.600 12,594 
Hioki EE Corp.800 59,181 
Hirakawa Hewtech Corp.100 1,066 
Hirano Tecseed Co. Ltd.100 2,442 
Hirata Corp.700 42,943 
Hirogin Holdings, Inc.27,500 158,176 
Hirose Electric Co. Ltd.1,200 199,794 
Hiroshima Gas Co. Ltd.1,600 5,472 
HIS Co. Ltd.(2)
1,000 23,191 
Hisaka Works Ltd.200 1,548 
Hisamitsu Pharmaceutical Co., Inc.(1)
1,100 44,080 
Hitachi Construction Machinery Co. Ltd.7,400 212,004 
Hitachi Ltd.45,600 2,520,152 
Hitachi Metals Ltd.(2)
4,400 84,934 
Hitachi Transport System Ltd.2,600 108,798 
Hitachi Zosen Corp.41,200 298,039 
Hito Communications Holdings, Inc.1,100 18,315 
Hochiki Corp.300 3,198 
Hodogaya Chemical Co. Ltd.700 32,175 
Hogy Medical Co. Ltd.2,000 62,548 
Hokkaido Electric Power Co., Inc.22,500 105,341 
Hokko Chemical Industry Co. Ltd.1,800 17,042 
Hokkoku Bank Ltd. (The)1,200 22,999 
Hokuetsu Corp.13,900 76,347 
Hokuhoku Financial Group, Inc.14,500 111,138 
Hokuriku Electric Power Co.8,900 48,140 
Hokuto Corp.2,300 41,674 
Honda Motor Co. Ltd., ADR50,816 1,537,692 
Honeys Holdings Co. Ltd.1,200 12,360 
Hoosiers Holdings4,500 27,052 
118


Avantis International Equity ETF
SharesValue
Horiba Ltd.2,700 $192,957 
Hoshizaki Corp.700 65,714 
Hosiden Corp.(1)
8,200 67,456 
Hosokawa Micron Corp.400 23,911 
House Foods Group, Inc.2,300 73,844 
Hoya Corp.8,356 1,349,361 
Hulic Co. Ltd.21,100 247,506 
Hyakugo Bank Ltd. (The)21,400 62,965 
Hyakujushi Bank Ltd. (The)2,500 36,165 
I K K, Inc.(2)
200 1,245 
I-Net Corp./Kanagawa900 11,662 
I-PEX, Inc.1,900 34,179 
Ibiden Co. Ltd.7,900 425,070 
Ichigo, Inc.15,700 48,597 
Ichikoh Industries Ltd.4,300 26,481 
Ichinen Holdings Co. Ltd.1,200 13,516 
Ichiyoshi Securities Co. Ltd.2,700 15,723 
Idec Corp.3,200 66,330 
Idemitsu Kosan Co. Ltd.9,700 232,320 
IDOM, Inc.11,800 100,279 
IHI Corp.(2)
19,100 424,665 
Iida Group Holdings Co. Ltd.16,100 408,733 
Iino Kaiun Kaisha Ltd.13,100 62,537 
IJTT Co. Ltd.300 1,643 
IMAGICA GROUP, Inc.(2)
200 950 
Imasen Electric Industrial200 1,282 
Inaba Denki Sangyo Co. Ltd.4,600 112,675 
Inaba Seisakusho Co. Ltd.100 1,316 
Inabata & Co. Ltd.6,300 96,373 
Inageya Co. Ltd.1,300 17,061 
Ines Corp.1,400 20,084 
Infocom Corp.2,400 53,806 
Infomart Corp.4,600 41,009 
Information Services International-Dentsu Ltd.1,900 74,114 
Innotech Corp.1,300 16,458 
INPEX Corp.86,300 592,958 
Insource Co. Ltd.1,500 28,849 
Intage Holdings, Inc.6,100 84,376 
Intelligent Wave, Inc.200 1,159 
Inter Action Corp.1,400 34,816 
Internet Initiative Japan, Inc.7,100 247,153 
Inui Global Logistics Co. Ltd.100 2,171 
IR Japan Holdings Ltd.500 59,687 
Iriso Electronics Co. Ltd.900 37,639 
Iseki & Co. Ltd.(2)
2,300 33,017 
Isetan Mitsukoshi Holdings Ltd.24,800 166,092 
Ishihara Sangyo Kaisha Ltd.3,700 38,174 
Isuzu Motors Ltd.48,300 610,573 
Itfor, Inc.2,100 16,663 
ITmedia, Inc.1,600 32,223 
Ito En Ltd.1,800 113,908 
119


Avantis International Equity ETF
SharesValue
ITOCHU Corp.48,200 $1,449,910 
Itochu Enex Co. Ltd.7,600 68,133 
Itochu Techno-Solutions Corp.3,600 111,229 
Itoham Yonekyu Holdings, Inc.18,000 121,522 
Itoki Corp.400 1,304 
IwaiCosmo Holdings, Inc.2,500 31,275 
Iwatani Corp.4,500 248,193 
Iyo Bank Ltd. (The)20,100 107,566 
Izumi Co. Ltd.(1)
3,100 100,855 
J Front Retailing Co. Ltd.(1)
31,800 274,435 
J Trust Co. Ltd.(1)(2)
6,800 22,158 
J-Oil Mills, Inc.(1)
1,700 27,829 
JAC Recruitment Co. Ltd.1,100 17,856 
Jaccs Co. Ltd.3,400 84,986 
JAFCO Group Co. Ltd.1,100 66,434 
Janome Sewing Machine Co. Ltd.1,800 11,330 
Japan Airlines Co. Ltd.(2)
1,900 40,479 
Japan Airport Terminal Co. Ltd.(2)
300 13,619 
Japan Asia Group Ltd.4,700 41,223 
Japan Aviation Electronics Industry Ltd.7,000 102,309 
Japan Best Rescue System Co. Ltd.2,100 20,780 
Japan Communications, Inc.(2)
13,500 31,107 
Japan Display, Inc.(2)
1,900 621 
Japan Electronic Materials Corp.1,400 23,536 
Japan Elevator Service Holdings Co. Ltd.2,800 73,657 
Japan Exchange Group, Inc.21,300 507,269 
Japan Investment Adviser Co. Ltd.1,800 23,081 
Japan Lifeline Co. Ltd.8,500 102,106 
Japan Material Co. Ltd.6,200 70,876 
Japan Medical Dynamic Marketing, Inc.100 2,085 
Japan Petroleum Exploration Co. Ltd.3,700 63,653 
Japan Post Bank Co. Ltd.15,000 131,164 
Japan Post Holdings Co. Ltd.(2)
82,500 709,065 
Japan Post Insurance Co. Ltd.15,400 279,665 
Japan Property Management Center Co. Ltd.900 10,285 
Japan Pulp & Paper Co. Ltd.700 23,818 
Japan Securities Finance Co. Ltd.11,800 89,103 
Japan Steel Works Ltd. (The)3,900 92,097 
Japan Transcity Corp.1,700 9,115 
Japan Wool Textile Co. Ltd. (The)6,800 63,523 
JCR Pharmaceuticals Co. Ltd.3,800 100,188 
JCU Corp.1,900 71,788 
JDC Corp.2,700 14,120 
JFE Holdings, Inc.55,400 898,581 
JGC Holdings Corp.8,500 71,305 
JINS Holdings, Inc.(1)
1,000 65,227 
JM Holdings Co. Ltd.1,700 35,276 
JMDC, Inc.(2)
700 47,919 
JMS Co. Ltd.2,000 14,024 
Joshin Denki Co. Ltd.2,100 48,045 
Joyful Honda Co. Ltd.3,400 43,346 
120


Avantis International Equity ETF
SharesValue
JSB Co. Ltd.500 $15,710 
JSP Corp.1,200 17,664 
JSR Corp.7,200 249,481 
JTEKT Corp.22,000 198,923 
JTOWER, Inc.(2)
600 49,462 
Juki Corp.3,200 22,334 
Juroku Bank Ltd. (The)3,400 71,768 
Justsystems Corp.2,200 129,655 
JVCKenwood Corp.32,600 61,639 
K's Holdings Corp.15,800 172,705 
Kadokawa Corp.1,900 87,136 
Kaga Electronics Co. Ltd.2,700 71,054 
Kagome Co. Ltd.4,500 119,720 
Kajima Corp.23,200 299,750 
Kakaku.com, Inc.7,300 227,138 
Kaken Pharmaceutical Co. Ltd.2,000 90,347 
Kamakura Shinsho Ltd.200 1,903 
Kameda Seika Co. Ltd.800 33,898 
Kamei Corp.1,600 17,068 
Kamigumi Co. Ltd.10,200 220,176 
Kanamoto Co. Ltd.4,500 102,830 
Kandenko Co. Ltd.8,500 73,032 
Kaneka Corp.6,000 248,318 
Kanematsu Corp.11,400 146,609 
Kanematsu Electronics Ltd.700 24,438 
Kansai Electric Power Co., Inc. (The)45,400 456,236 
Kansai Paint Co. Ltd.2,800 72,521 
Kanto Denka Kogyo Co. Ltd.7,200 70,061 
Kao Corp.14,300 863,814 
Katakura Industries Co. Ltd.1,400 18,724 
Katitas Co. Ltd.4,500 149,457 
Kato Sangyo Co. Ltd.2,100 64,225 
Kato Works Co. Ltd.100 830 
Kawai Musical Instruments Manufacturing Co. Ltd.800 27,165 
Kawasaki Heavy Industries Ltd.(2)
4,800 102,106 
Kawasaki Kisen Kaisha Ltd.(2)
15,600 779,041 
KDDI Corp.62,600 1,913,393 
KeePer Technical Laboratory Co. Ltd.1,500 49,165 
Keihan Holdings Co. Ltd.1,800 51,654 
Keihanshin Building Co. Ltd.1,700 23,642 
Keikyu Corp.2,900 35,350 
Keio Corp.1,400 75,334 
Keisei Electric Railway Co. Ltd.2,400 73,833 
KEIWA, Inc.800 34,712 
Keiyo Bank Ltd. (The)9,600 38,806 
Keiyo Co. Ltd.(1)
2,900 21,077 
Kenko Mayonnaise Co. Ltd.800 11,054 
Kewpie Corp.7,200 177,293 
Keyence Corp.2,400 1,440,799 
KFC Holdings Japan Ltd.2,300 62,402 
KH Neochem Co. Ltd.1,700 46,316 
121


Avantis International Equity ETF
SharesValue
Ki-Star Real Estate Co. Ltd.1,300 $60,043 
Kikkoman Corp.4,100 307,808 
Kimura Chemical Plants Co. Ltd.2,400 16,133 
Kinden Corp.8,500 143,914 
King Jim Co. Ltd.(1)
200 1,596 
Kintetsu Group Holdings Co. Ltd.(2)
1,000 34,156 
Kintetsu World Express, Inc.3,800 92,198 
Kirin Holdings Co. Ltd.20,500 371,393 
Kissei Pharmaceutical Co. Ltd.2,000 44,037 
Kitanotatsujin Corp.(1)
5,900 27,464 
Kito Corp.1,600 24,131 
Kitz Corp.10,200 75,508 
Kiyo Bank Ltd. (The)11,200 159,744 
KLab, Inc.(2)
3,700 22,009 
Koa Corp.2,500 35,907 
Kobayashi Pharmaceutical Co. Ltd.600 46,964 
Kobe Bussan Co. Ltd.4,300 167,270 
Kobe Steel Ltd.44,900 285,460 
Koei Tecmo Holdings Co. Ltd.2,100 89,613 
Kohnan Shoji Co. Ltd.7,700 253,858 
Koito Manufacturing Co. Ltd.4,300 263,031 
Kojima Co. Ltd.(1)
4,800 28,407 
Kokusai Pulp & Paper Co. Ltd.400 1,330 
Kokuyo Co. Ltd.8,000 139,975 
Komatsu Ltd.32,000 778,327 
Komatsu Matere Co. Ltd.200 1,790 
Komehyo Holdings Co. Ltd.1,400 20,251 
Komeri Co. Ltd.3,900 89,428 
Komori Corp.2,000 15,392 
Konami Holdings Corp.6,700 424,123 
Kondotec, Inc.1,100 10,103 
Konica Minolta, Inc.61,600 312,626 
Konishi Co. Ltd.2,600 39,632 
Konoike Transport Co. Ltd.1,100 13,689 
Konoshima Chemical Co. Ltd.1,100 25,548 
Kose Corp.400 48,273 
Kotobuki Spirits Co. Ltd.500 33,111 
Krosaki Harima Corp.600 26,778 
Kubota Corp.43,900 907,047 
Kumagai Gumi Co. Ltd.4,300 105,002 
Kumiai Chemical Industry Co. Ltd.200 1,653 
Kura Sushi, Inc.1,000 39,189 
Kurabo Industries Ltd.1,300 23,006 
Kuraray Co. Ltd.34,300 322,428 
Kureha Corp.2,500 170,424 
Kurita Water Industries Ltd.6,000 281,408 
Kusuri no Aoki Holdings Co. Ltd.1,100 77,108 
KYB Corp.3,400 95,979 
Kyocera Corp.8,500 528,420 
Kyoei Steel Ltd.2,900 38,544 
Kyokuto Boeki Kaisha Ltd.1,200 26,128 
122


Avantis International Equity ETF
SharesValue
Kyokuto Kaihatsu Kogyo Co. Ltd.3,400 $51,029 
Kyokuto Securities Co. Ltd.1,300 9,493 
Kyokuyo Co. Ltd.1,200 32,876 
KYORIN Holdings, Inc.900 14,918 
Kyosan Electric Manufacturing Co. Ltd.300 1,286 
Kyowa Exeo Corp.11,500 288,590 
Kyowa Kirin Co. Ltd.18,700 611,878 
Kyudenko Corp.4,800 172,594 
Kyushu Electric Power Co., Inc.32,900 251,313 
Kyushu Financial Group, Inc.31,900 123,749 
Kyushu Railway Co.(2)
5,600 126,728 
LAC Co. Ltd.1,200 10,616 
LAND Co. Ltd.(1)(2)
183,200 18,420 
Lasertec Corp.2,700 587,275 
Lawson, Inc.(1)
6,400 307,816 
LEC, Inc.1,500 15,078 
Legs Co. Ltd.700 13,867 
Leopalace21 Corp.(2)
200 434 
Life Corp.600 23,700 
Like Co. Ltd.1,200 19,532 
Link And Motivation, Inc.(1)
4,500 41,877 
Lintec Corp.4,700 106,435 
Lion Corp.11,600 197,384 
LITALICO, Inc.600 30,246 
Lixil Corp.24,300 707,172 
M&A Capital Partners Co. Ltd.(2)
700 33,958 
m-up Holdings, Inc.1,300 36,010 
M3, Inc.8,500 570,073 
Mabuchi Motor Co. Ltd.2,600 90,910 
Macnica Fuji Electronics Holdings, Inc.8,800 211,688 
Macromill, Inc.1,900 13,052 
Maeda Corp.15,800 116,323 
Maeda Kosen Co. Ltd.(1)
1,400 41,956 
Maeda Road Construction Co. Ltd.4,100 68,801 
Makino Milling Machine Co. Ltd.1,600 59,567 
Makita Corp.9,900 568,723 
Makuake, Inc.(1)(2)
300 15,164 
Mandom Corp.1,300 19,666 
Mani, Inc.(1)
600 11,862 
MarkLines Co. Ltd.800 21,085 
Marubeni Corp.117,500 934,867 
Marudai Food Co. Ltd.1,500 24,240 
Maruha Nichiro Corp.6,500 149,999 
Marui Group Co. Ltd.11,100 197,462 
Maruichi Steel Tube Ltd.4,200 103,266 
Marumae Co. Ltd.1,200 21,792 
Marusan Securities Co. Ltd.7,700 43,831 
Maruwa Co. Ltd.800 77,244 
Maruwa Unyu Kikan Co. Ltd.(1)
1,800 23,832 
Maruzen CHI Holdings Co. Ltd.300 1,040 
Maruzen Showa Unyu Co. Ltd.800 24,728 
123


Avantis International Equity ETF
SharesValue
Marvelous, Inc.2,500 $15,627 
Matching Service Japan Co. Ltd.100 943 
Matsuda Sangyo Co. Ltd.1,400 37,161 
Matsui Construction Co. Ltd.200 1,388 
Matsui Securities Co. Ltd.7,500 54,692 
Matsumotokiyoshi Holdings Co. Ltd.(1)
4,200 194,250 
Matsuya Co. Ltd.(2)
200 1,689 
Max Co. Ltd.2,400 42,015 
Maxell Holdings Ltd.(2)
5,800 68,186 
Mazda Motor Corp.(2)
37,800 328,135 
McDonald's Holdings Co. Japan Ltd.2,000 95,398 
MCJ Co. Ltd.10,400 115,884 
Mebuki Financial Group, Inc.93,400 208,730 
MEC Co. Ltd.1,300 39,664 
Media Do Co. Ltd.700 33,918 
Medical Data Vision Co. Ltd.(1)
1,800 28,188 
Medipal Holdings Corp.16,100 307,769 
Medley, Inc.(2)
200 7,956 
MedPeer, Inc.(2)
800 30,889 
Megachips Corp.2,100 64,127 
Megmilk Snow Brand Co. Ltd.5,500 115,277 
Meidensha Corp.5,000 111,612 
MEIJI Holdings Co. Ltd.8,300 510,467 
Meiko Electronics Co. Ltd.4,000 100,116 
Meiko Network Japan Co. Ltd.(1)
200 1,043 
Meisei Industrial Co. Ltd.2,800 19,017 
Meitec Corp.1,600 93,229 
Meiwa Corp.300 1,273 
Melco Holdings, Inc.800 37,750 
Members Co. Ltd.800 23,933 
Menicon Co. Ltd.1,300 106,526 
Mercari, Inc.(1)(2)
4,400 217,107 
METAWATER Co. Ltd.3,600 62,192 
Micronics Japan Co. Ltd.3,700 48,374 
Midac Co. Ltd.1,200 48,433 
Mie Kotsu Group Holdings, Inc.3,300 15,022 
Milbon Co. Ltd.1,400 86,999 
MIMAKI ENGINEERING Co. Ltd.3,400 28,300 
Mimasu Semiconductor Industry Co. Ltd.2,400 51,022 
MINEBEA MITSUMI, Inc.21,300 547,589 
Mirait Holdings Corp.14,600 290,438 
Miroku Jyoho Service Co. Ltd.1,400 20,943 
MISUMI Group, Inc.4,500 178,508 
Mitani Sangyo Co. Ltd.400 1,380 
Mito Securities Co. Ltd.6,000 16,565 
Mitsuba Corp.(2)
6,200 37,077 
Mitsubishi Chemical Holdings Corp.69,000 605,824 
Mitsubishi Corp.40,500 1,218,745 
Mitsubishi Electric Corp.56,700 775,151 
Mitsubishi Estate Co. Ltd.25,700 402,369 
Mitsubishi Gas Chemical Co., Inc.10,000 188,427 
124


Avantis International Equity ETF
SharesValue
Mitsubishi HC Capital, Inc.74,740 $400,230 
Mitsubishi Heavy Industries Ltd.26,900 710,668 
Mitsubishi Kakoki Kaisha Ltd.800 17,825 
Mitsubishi Logisnext Co. Ltd.2,600 22,824 
Mitsubishi Logistics Corp.3,500 99,625 
Mitsubishi Materials Corp.14,800 303,383 
Mitsubishi Motors Corp.(2)
37,500 95,704 
Mitsubishi Paper Mills Ltd.(2)
300 970 
Mitsubishi Pencil Co. Ltd.500 6,601 
Mitsubishi Research Institute, Inc.1,200 46,553 
Mitsubishi Shokuhin Co. Ltd.1,300 34,018 
Mitsubishi UFJ Financial Group, Inc., ADR(1)
428,783 2,336,867 
Mitsuboshi Belting Ltd.2,300 42,045 
Mitsui & Co. Ltd.33,800 745,479 
Mitsui Chemicals, Inc.17,600 607,594 
Mitsui DM Sugar Holdings Co. Ltd.1,000 17,590 
Mitsui E&S Holdings Co. Ltd.(2)
5,200 21,792 
Mitsui Fudosan Co. Ltd.33,800 775,641 
Mitsui High-Tec, Inc.2,500 143,371 
Mitsui Matsushima Holdings Co. Ltd.2,100 25,130 
Mitsui Mining & Smelting Co. Ltd.8,300 251,737 
Mitsui OSK Lines Ltd.9,100 701,396 
Mitsui-Soko Holdings Co. Ltd.3,200 77,887 
Mitsuuroko Group Holdings Co. Ltd.400 4,716 
Miura Co. Ltd.1,300 58,363 
Mixi, Inc.5,000 114,833 
Miyaji Engineering Group, Inc.700 16,887 
Miyazaki Bank Ltd. (The)1,900 35,611 
Mizuho Financial Group, Inc., ADR(1)
377,831 1,050,370 
Mizuho Leasing Co. Ltd.(1)
3,700 118,199 
Mizuno Corp.1,900 45,146 
Mochida Pharmaceutical Co. Ltd.1,500 49,955 
Modec, Inc.1,900 27,997 
Monex Group, Inc.19,900 105,882 
Monogatari Corp. (The)1,200 67,704 
MonotaRO Co. Ltd.6,400 141,842 
Morinaga & Co. Ltd.2,600 91,183 
Morinaga Milk Industry Co. Ltd.3,500 220,845 
Morita Holdings Corp.2,300 32,309 
Morito Co. Ltd.200 1,245 
MOS Food Services, Inc.900 27,031 
MrMax Holdings Ltd.2,600 14,934 
MS&AD Insurance Group Holdings, Inc.19,900 644,141 
MTI Ltd.1,300 8,408 
Murata Manufacturing Co. Ltd.16,000 1,319,005 
Musashi Seimitsu Industry Co. Ltd.7,700 135,604 
Musashino Bank Ltd. (The)3,800 62,093 
Nabtesco Corp.5,600 221,454 
Nachi-Fujikoshi Corp.2,300 89,875 
Nafco Co. Ltd.2,100 34,703 
Nagano Keiki Co. Ltd.1,700 17,159 
125


Avantis International Equity ETF
SharesValue
Nagase & Co. Ltd.11,600 $191,326 
Nagoya Railroad Co. Ltd.(2)
2,400 42,198 
Nakanishi, Inc.5,600 126,605 
Nakayama Steel Works Ltd.300 1,375 
Namura Shipbuilding Co. Ltd.(2)
400 787 
Nankai Electric Railway Co. Ltd.7,100 152,363 
Nanto Bank Ltd. (The)2,700 49,396 
NEC Capital Solutions Ltd.1,100 21,197 
NEC Corp.15,100 792,496 
NEC Networks & System Integration Corp.7,600 144,872 
NET One Systems Co. Ltd.7,800 247,111 
Nexon Co. Ltd.7,200 131,318 
Nextage Co. Ltd.5,900 117,288 
NGK Insulators Ltd.22,500 373,017 
NGK Spark Plug Co. Ltd.16,800 258,232 
NH Foods Ltd.8,900 345,348 
NHK Spring Co. Ltd.20,400 146,326 
Nichi-iko Pharmaceutical Co. Ltd.3,100 23,987 
Nichias Corp.6,800 180,348 
Nichiban Co. Ltd.100 1,628 
Nichicon Corp.2,100 20,832 
Nichiha Corp.4,600 135,352 
Nichirei Corp.13,400 341,652 
Nichireki Co. Ltd.1,600 18,698 
Nidec Corp.5,118 584,622 
Nifco, Inc.4,900 154,730 
Nihon Chouzai Co. Ltd.1,900 29,913 
Nihon Dempa Kogyo Co. Ltd.(2)
2,000 15,940 
Nihon Flush Co. Ltd.1,200 13,821 
Nihon Kohden Corp.5,200 174,514 
Nihon M&A Center, Inc.6,600 196,813 
Nihon Nohyaku Co. Ltd.4,900 24,208 
Nihon Parkerizing Co. Ltd.5,200 54,291 
Nihon Trim Co. Ltd.800 27,604 
Nihon Unisys Ltd.8,100 220,097 
Nikkiso Co. Ltd.1,900 15,436 
Nikkon Holdings Co. Ltd.6,300 131,483 
Nikon Corp.17,700 186,030 
Nintendo Co. Ltd.3,800 1,825,669 
Nippn Corp.4,400 64,664 
Nippo Corp.4,700 138,109 
Nippon Aqua Co. Ltd.200 1,055 
Nippon Carbon Co. Ltd.700 26,384 
Nippon Ceramic Co. Ltd.500 13,706 
Nippon Chemi-Con Corp.(2)
2,700 53,014 
Nippon Chemical Industrial Co. Ltd.1,300 39,259 
Nippon Coke & Engineering Co. Ltd.28,100 32,156 
Nippon Commercial Development Co. Ltd.1,700 26,106 
Nippon Concrete Industries Co. Ltd.6,200 17,052 
Nippon Denko Co. Ltd.16,500 49,120 
Nippon Densetsu Kogyo Co. Ltd.1,300 21,999 
126


Avantis International Equity ETF
SharesValue
Nippon Electric Glass Co. Ltd.9,400 $200,567 
Nippon Express Co. Ltd.4,500 305,985 
Nippon Fine Chemical Co. Ltd.400 7,617 
Nippon Gas Co. Ltd.5,100 72,391 
Nippon Hume Corp.200 1,343 
Nippon Kanzai Co. Ltd.1,800 43,481 
Nippon Kayaku Co. Ltd.14,800 163,754 
Nippon Kodoshi Corp.900 26,763 
Nippon Koei Co. Ltd.1,600 45,073 
Nippon Light Metal Holdings Co. Ltd.7,920 138,839 
Nippon Paint Holdings Co. Ltd.3,500 43,467 
Nippon Paper Industries Co. Ltd.13,700 152,442 
Nippon Parking Development Co. Ltd.9,600 14,561 
Nippon Pillar Packing Co. Ltd.1,100 25,852 
Nippon Road Co. Ltd. (The)700 52,845 
Nippon Sanso Holdings Corp.4,200 101,785 
Nippon Seiki Co. Ltd.3,000 33,440 
Nippon Sheet Glass Co. Ltd.(2)
7,600 39,367 
Nippon Shinyaku Co. Ltd.600 48,701 
Nippon Shokubai Co. Ltd.2,500 132,509 
Nippon Signal Co. Ltd.3,600 30,329 
Nippon Soda Co. Ltd.1,900 60,767 
Nippon Steel Corp.49,000 1,001,467 
Nippon Steel Trading Corp.1,900 86,798 
Nippon Suisan Kaisha Ltd.42,800 235,893 
Nippon Telegraph & Telephone Corp.46,400 1,236,225 
Nippon Television Holdings, Inc.7,000 74,645 
Nippon Thompson Co. Ltd.3,800 19,591 
Nippon Yakin Kogyo Co. Ltd.2,500 61,110 
Nippon Yusen KK18,200 1,463,550 
Nipro Corp.19,100 222,163 
Nishi-Nippon Financial Holdings, Inc.15,500 97,818 
Nishi-Nippon Railroad Co. Ltd.1,500 37,043 
Nishimatsu Construction Co. Ltd.5,600 176,461 
Nishimatsuya Chain Co. Ltd.(1)
5,800 69,698 
Nishio Rent All Co. Ltd.3,200 84,890 
Nissan Chemical Corp.4,300 241,088 
Nissan Motor Co. Ltd.(2)
128,100 672,024 
Nissan Shatai Co. Ltd.200 1,345 
Nissan Tokyo Sales Holdings Co. Ltd.500 1,109 
Nissei ASB Machine Co. Ltd.1,000 38,447 
Nissei Plastic Industrial Co. Ltd.200 2,104 
Nissha Co. Ltd.7,100 114,601 
Nisshin Group Holdings Co. Ltd.3,900 17,808 
Nisshin Oillio Group Ltd. (The)2,900 80,638 
Nisshin Seifun Group, Inc.4,400 72,252 
Nisshinbo Holdings, Inc.23,600 195,839 
Nissin Electric Co. Ltd.6,200 70,421 
Nissin Foods Holdings Co. Ltd.2,900 225,761 
Nisso Corp.200 1,368 
Nitori Holdings Co. Ltd.2,000 374,210 
127


Avantis International Equity ETF
SharesValue
Nitta Corp.1,600 $40,040 
Nittetsu Mining Co. Ltd.600 36,353 
Nitto Denko Corp.7,700 584,128 
Nitto Kogyo Corp.3,200 50,363 
Nitto Seiko Co. Ltd.300 1,700 
Nittoc Construction Co. Ltd.1,200 7,891 
Nittoku Co. Ltd.400 14,018 
Noevir Holdings Co. Ltd.800 42,455 
NOF Corp.3,800 210,170 
Nohmi Bosai Ltd.1,200 23,275 
Nojima Corp.4,700 115,718 
NOK Corp.9,300 114,051 
Nomura Micro Science Co. Ltd.1,300 57,239 
Noritake Co. Ltd./Nagoya Japan600 23,154 
Noritsu Koki Co. Ltd.1,000 21,626 
Noritz Corp.2,600 44,789 
North Pacific Bank Ltd.29,000 66,883 
NPC, Inc.2,200 14,687 
NS Solutions Corp.300 10,161 
NS Tool Co. Ltd.1,800 23,084 
NS United Kaiun Kaisha Ltd.2,100 69,660 
NSD Co. Ltd.2,200 40,926 
NSK Ltd.43,000 301,684 
NTN Corp.(2)
53,000 121,242 
NTT Data Corp.31,700 570,505 
Obara Group, Inc.(1)
900 31,665 
Obayashi Corp.32,200 264,954 
OBIC Business Consultants Co. Ltd.(1)
300 14,044 
Obic Co. Ltd.900 170,883 
Odakyu Electric Railway Co. Ltd.4,900 114,168 
Oenon Holdings, Inc.300 1,028 
Ogaki Kyoritsu Bank Ltd. (The)2,000 35,532 
Ohara, Inc.100 1,223 
Ohsho Food Service Corp.400 21,546 
Oiles Corp.1,800 26,549 
Oisix ra daichi, Inc.(2)
3,400 115,057 
Oita Bank Ltd. (The)800 13,337 
Oji Holdings Corp.87,600 458,569 
Okamoto Industries, Inc.900 34,110 
Okamoto Machine Tool Works Ltd.700 33,311 
Okamura Corp.8,100 124,593 
Okasan Securities Group, Inc.14,700 54,491 
Oki Electric Industry Co. Ltd.8,300 74,456 
Okinawa Electric Power Co., Inc. (The)2,475 32,169 
OKUMA Corp.700 33,477 
Okumura Corp.1,800 49,355 
Okuwa Co. Ltd.1,900 19,192 
Olympus Corp.39,400 827,890 
Omron Corp.2,600 244,988 
Ono Pharmaceutical Co. Ltd.7,300 175,276 
Onoken Co. Ltd.(1)
400 5,777 
128


Avantis International Equity ETF
SharesValue
Onward Holdings Co. Ltd.5,500 $14,435 
Open House Co. Ltd.6,600 320,594 
Optex Group Co. Ltd.800 10,684 
Optorun Co. Ltd.3,600 73,931 
Oracle Corp. (Tokyo)900 73,858 
Organo Corp.1,100 63,504 
Oricon, Inc.100 960 
Orient Corp.66,300 90,315 
Oriental Land Co. Ltd.1,300 196,685 
Oriental Shiraishi Corp.(2)
8,200 20,399 
ORIX Corp., ADR(1)
13,339 1,249,731 
Osaka Gas Co. Ltd.9,100 170,579 
Osaka Organic Chemical Industry Ltd.1,300 45,745 
Osaka Soda Co. Ltd.1,800 43,626 
Osaka Steel Co. Ltd.2,100 23,484 
Osaki Electric Co. Ltd.4,600 23,392 
OSG Corp.3,400 61,027 
Otsuka Corp.5,800 300,248 
Otsuka Holdings Co. Ltd.12,600 536,187 
Outsourcing, Inc.13,900 236,955 
Oyo Corp.2,100 25,570 
Pacific Industrial Co. Ltd.6,000 68,500 
Pacific Metals Co. Ltd.1,600 24,660 
Pack Corp. (The)400 10,694 
PAL GROUP Holdings Co. Ltd.3,100 47,136 
PALTAC Corp.1,300 56,585 
Pan Pacific International Holdings Corp.12,900 245,401 
Panasonic Corp.82,700 988,684 
PAPYLESS Co. Ltd.100 1,379 
Paramount Bed Holdings Co. Ltd.4,300 83,065 
Park24 Co. Ltd.(2)
7,000 135,030 
Pasona Group, Inc.3,800 92,027 
PCA Corp.300 14,831 
Penta-Ocean Construction Co. Ltd.63,200 401,129 
PeptiDream, Inc.(2)
2,400 84,569 
Persol Holdings Co. Ltd.12,000 280,147 
Pharma Foods International Co. Ltd.(1)
2,200 59,823 
Pickles Corp.800 13,650 
Pigeon Corp.1,300 37,656 
Pilot Corp.2,600 100,075 
Piolax, Inc.2,800 38,798 
Plenus Co. Ltd.2,200 40,302 
Pola Orbis Holdings, Inc.1,700 37,087 
Poletowin Pitcrew Holdings, Inc.2,700 26,952 
Premium Group Co. Ltd.1,000 31,245 
Press Kogyo Co. Ltd.12,400 38,973 
Pressance Corp.1,900 29,804 
Prestige International, Inc.4,100 28,068 
Prima Meat Packers Ltd.2,700 73,141 
Proto Corp.4,100 55,188 
PS Mitsubishi Construction Co. Ltd.4,400 25,920 
129


Avantis International Equity ETF
SharesValue
QB Net Holdings Co. Ltd.(2)
100 $1,604 
Qol Holdings Co. Ltd.1,800 25,514 
Raccoon Holdings, Inc.1,900 39,032 
Raito Kogyo Co. Ltd.4,900 85,597 
Raiznext Corp.3,800 38,256 
Rakus Co. Ltd.5,200 183,361 
Rakuten Group, Inc.44,500 465,480 
Rasa Industries Ltd.900 15,521 
Recruit Holdings Co. Ltd.22,400 1,318,960 
Relia, Inc.3,800 41,171 
Relo Group, Inc.6,700 149,813 
Renaissance, Inc.200 2,131 
Renesas Electronics Corp.(2)
22,700 243,069 
Rengo Co. Ltd.21,700 176,893 
RENOVA, Inc.(2)
2,900 109,082 
Resona Holdings, Inc.167,256 646,803 
Resorttrust, Inc.8,400 145,316 
Restar Holdings Corp.2,100 36,714 
Retail Partners Co. Ltd.(1)
2,200 23,787 
Rever Holdings Corp.1,500 18,183 
Rheon Automatic Machinery Co. Ltd.100 1,351 
Ricoh Co. Ltd.35,900 365,295 
Ricoh Leasing Co. Ltd.2,200 72,974 
Riken Corp.1,200 28,769 
Riken Technos Corp.5,400 28,250 
Riken Vitamin Co. Ltd.2,800 46,379 
Rinnai Corp.2,000 214,994 
Riso Kagaku Corp.1,500 31,713 
Riso Kyoiku Co. Ltd.13,100 47,455 
Rohm Co. Ltd.3,000 288,411 
Rohto Pharmaceutical Co. Ltd.5,200 163,429 
Rokko Butter Co. Ltd.800 11,520 
Roland DG Corp.2,600 67,536 
Rorze Corp.1,300 102,219 
RPA Holdings, Inc.(2)
100 556 
RS Technologies Co. Ltd.700 39,642 
Ryobi Ltd.1,700 20,107 
Ryoden Corp.1,000 16,226 
Ryohin Keikaku Co. Ltd.7,400 158,449 
Ryosan Co. Ltd.2,000 40,470 
S Foods, Inc.2,200 63,370 
S-Pool, Inc.6,200 53,898 
Sac's Bar Holdings, Inc.200 990 
Saizeriya Co. Ltd.(1)
1,500 34,032 
Sakai Chemical Industry Co. Ltd.1,400 27,095 
Sakai Moving Service Co. Ltd.900 39,744 
Sakata INX Corp.2,700 27,995 
Sakata Seed Corp.1,600 52,302 
Sala Corp.4,000 22,019 
SAMTY Co. Ltd.1,400 29,428 
San ju San Financial Group, Inc.(1)
1,900 25,124 
130


Avantis International Equity ETF
SharesValue
San-A Co. Ltd.1,200 $44,152 
San-Ai Oil Co. Ltd.4,200 52,361 
San-In Godo Bank Ltd. (The)16,800 87,442 
Sanei Architecture Planning Co. Ltd.(1)
1,600 27,349 
Sangetsu Corp.3,600 52,631 
Sanken Electric Co. Ltd.(2)
2,200 108,264 
Sanki Engineering Co. Ltd.900 12,224 
Sanko Gosei Ltd.3,800 15,272 
Sankyo Co. Ltd.2,800 71,307 
Sankyo Seiko Co. Ltd.300 1,419 
Sankyo Tateyama, Inc.1,100 7,519 
Sankyu, Inc.6,500 302,488 
Sanoh Industrial Co. Ltd.4,700 47,801 
Sansan, Inc.(2)
300 31,963 
Santen Pharmaceutical Co. Ltd.25,400 379,796 
Sanwa Holdings Corp.20,100 266,943 
Sanyo Chemical Industries Ltd.1,500 80,211 
Sanyo Denki Co. Ltd.700 45,654 
Sanyo Special Steel Co. Ltd.(2)
1,600 26,404 
Sanyo Trading Co. Ltd.2,200 22,858 
Sapporo Holdings Ltd.4,500 97,091 
Sato Holdings Corp.2,400 58,741 
Sawada Holdings Co. Ltd.2,800 25,521 
Sawai Group Holdings Co. Ltd.4,800 216,923 
SB Technology Corp.(1)
1,600 45,269 
SBI Holdings, Inc.18,100 438,509 
SBS Holdings, Inc.3,100 111,441 
SCREEN Holdings Co. Ltd.4,200 358,626 
Scroll Corp.(1)
2,600 21,482 
SCSK Corp.5,200 328,264 
Secom Co. Ltd.7,200 545,996 
Sega Sammy Holdings, Inc.3,400 45,858 
Seibu Holdings, Inc.(2)
9,400 113,181 
Seikagaku Corp.2,600 26,209 
Seikitokyu Kogyo Co. Ltd.3,600 27,541 
Seiko Epson Corp.26,700 497,281 
Seiko Holdings Corp.2,000 39,692 
Seiko PMC Corp.200 1,572 
Seino Holdings Co. Ltd.9,100 112,082 
Seiren Co. Ltd.4,200 73,000 
Sekisui Chemical Co. Ltd.15,900 272,116 
Sekisui House Ltd.37,400 745,128 
Sekisui Jushi Corp.1,400 27,805 
Sekisui Kasei Co. Ltd.200 1,084 
Senko Group Holdings Co. Ltd.13,800 121,305 
Senshu Ikeda Holdings, Inc.25,500 38,906 
Septeni Holdings Co. Ltd.10,100 37,196 
Seria Co. Ltd.4,500 164,205 
Seven & i Holdings Co. Ltd.(1)
37,200 1,623,272 
Seven Bank Ltd.63,400 144,603 
SG Holdings Co. Ltd.14,400 390,924 
131


Avantis International Equity ETF
SharesValue
Sharp Corp.18,400 $242,714 
Shibaura Electronics Co. Ltd.800 36,071 
Shibaura Machine Co. Ltd.400 9,541 
Shibaura Mechatronics Corp.300 18,015 
Shibuya Corp.800 22,655 
SHIFT, Inc.(2)
300 68,394 
Shiga Bank Ltd. (The)4,300 73,426 
Shikoku Bank Ltd. (The)3,300 21,867 
Shikoku Chemicals Corp.3,300 41,331 
Shikoku Electric Power Co., Inc.5,400 37,867 
Shima Seiki Manufacturing Ltd.1,600 30,337 
Shimadzu Corp.9,500 425,667 
Shimamura Co. Ltd.1,100 96,955 
Shimano, Inc.1,700 498,876 
Shimizu Corp.24,400 175,094 
Shin Nippon Air Technologies Co. Ltd.700 15,116 
Shin Nippon Biomedical Laboratories Ltd.3,800 29,328 
Shin-Etsu Chemical Co. Ltd.6,600 1,090,108 
Shin-Etsu Polymer Co. Ltd.3,000 26,403 
Shinagawa Refractories Co. Ltd.600 21,650 
Shindengen Electric Manufacturing Co. Ltd.(2)
900 33,168 
Shinko Electric Industries Co. Ltd.6,500 218,111 
Shinko Shoji Co. Ltd.200 1,435 
Shinmaywa Industries Ltd.5,100 42,607 
Shinnihon Corp.1,800 14,097 
Shinnihonseiyaku Co. Ltd.500 8,505 
Shinoken Group Co. Ltd.(1)
3,400 34,398 
Shinsei Bank Ltd.10,900 135,134 
Shinwa Co. Ltd.(1)
800 16,553 
Shionogi & Co. Ltd.10,100 634,590 
Ship Healthcare Holdings, Inc.8,200 208,327 
Shiseido Co. Ltd.10,732 711,307 
Shizuoka Bank Ltd. (The)35,000 274,178 
SHO-BOND Holdings Co. Ltd.2,300 103,300 
Shochiku Co. Ltd.(2)
100 10,750 
Shoei Co. Ltd.2,400 105,330 
Shoei Foods Corp.1,400 52,923 
Showa Denko KK(1)
5,200 115,551 
Showa Sangyo Co. Ltd.2,000 51,206 
SIGMAXYZ, Inc.1,000 23,003 
Siix Corp.4,100 47,691 
Sinanen Holdings Co. Ltd.900 28,580 
Sinfonia Technology Co. Ltd.1,400 15,196 
Sinko Industries Ltd.1,300 25,796 
Sintokogio Ltd.2,700 19,107 
SKY Perfect JSAT Holdings, Inc.18,400 68,219 
Skylark Holdings Co. Ltd.(2)
4,100 58,838 
SMC Corp.495 316,725 
SMS Co. Ltd.2,300 81,302 
Snow Peak, Inc.(1)
1,500 76,257 
SNT Corp.400 887 
132


Avantis International Equity ETF
SharesValue
Sodick Co. Ltd.4,000 $32,522 
Softbank Corp.77,600 1,038,508 
SoftBank Group Corp.13,500 760,776 
Softcreate Holdings Corp.500 14,066 
Sohgo Security Services Co. Ltd.1,800 81,543 
Sojitz Corp.124,400 365,232 
Soken Chemical & Engineering Co. Ltd.1,100 21,025 
Solasto Corp.3,200 43,885 
Soliton Systems KK600 8,291 
Sompo Holdings, Inc.18,100 795,634 
Sony Group Corp., ADR39,649 4,102,086 
Sotetsu Holdings, Inc.2,400 48,204 
Space Co. Ltd.200 1,644 
Space Value Holdings Co. Ltd.(2)
3,200 24,316 
Sparx Group Co. Ltd.9,700 24,115 
Square Enix Holdings Co. Ltd.5,500 319,746 
SRA Holdings700 17,664 
ST Corp.100 1,634 
St-Care Holding Corp.2,200 18,876 
St. Marc Holdings Co. Ltd.900 12,327 
Stanley Electric Co. Ltd.6,900 172,192 
Star Mica Holdings Co. Ltd.2,200 27,791 
Star Micronics Co. Ltd.4,700 67,183 
Starts Corp., Inc.4,300 111,744 
Starzen Co. Ltd.1,600 32,567 
Stella Chemifa Corp.1,100 28,460 
Strike Co. Ltd.400 14,792 
Studio Alice Co. Ltd.(1)
1,000 20,403 
Subaru Corp.43,600 806,935 
Sugi Holdings Co. Ltd.(1)
2,100 161,694 
SUMCO Corp.26,200 551,583 
Sumida Corp.5,300 63,097 
Sumitomo Bakelite Co. Ltd.4,100 176,747 
Sumitomo Chemical Co. Ltd.135,100 684,905 
Sumitomo Corp.73,400 1,034,409 
Sumitomo Dainippon Pharma Co., Ltd.15,200 272,841 
Sumitomo Densetsu Co. Ltd.1,300 26,024 
Sumitomo Electric Industries Ltd.51,000 681,135 
Sumitomo Forestry Co. Ltd.15,800 308,309 
Sumitomo Heavy Industries Ltd.8,800 230,204 
Sumitomo Metal Mining Co. Ltd.10,300 394,706 
Sumitomo Mitsui Construction Co. Ltd.15,500 67,257 
Sumitomo Mitsui Financial Group, Inc., ADR233,525 1,611,322 
Sumitomo Mitsui Trust Holdings, Inc.22,000 718,590 
Sumitomo Osaka Cement Co. Ltd.4,900 133,003 
Sumitomo Realty & Development Co. Ltd.20,100 648,922 
Sumitomo Riko Co. Ltd.7,400 47,055 
Sumitomo Rubber Industries Ltd.24,400 292,301 
Sumitomo Seika Chemicals Co. Ltd.1,500 48,017 
Sumitomo Warehouse Co. Ltd. (The)5,700 92,632 
Sun Corp.1,600 49,554 
133


Avantis International Equity ETF
SharesValue
Sun Frontier Fudousan Co. Ltd.3,900 $40,467 
Sundrug Co. Ltd.4,800 158,869 
Suntory Beverage & Food Ltd.6,600 264,551 
Suruga Bank Ltd.24,500 80,529 
Suzuken Co. Ltd.3,100 92,137 
Suzuki Co. Ltd.1,900 14,585 
Suzuki Motor Corp.21,000 907,431 
SWCC Showa Holdings Co. Ltd.2,900 60,316 
Sysmex Corp.3,900 443,221 
System Information Co. Ltd.200 1,754 
Systena Corp.4,600 93,419 
T Hasegawa Co. Ltd.2,500 63,397 
T RAD Co. Ltd.(2)
1,400 39,729 
T&D Holdings, Inc.40,200 489,258 
T-Gaia Corp.2,700 48,252 
Tachi-S Co. Ltd.2,800 34,514 
Tadano Ltd.10,700 116,427 
Taihei Dengyo Kaisha Ltd.1,900 46,498 
Taiheiyo Cement Corp.13,700 313,767 
Taiho Kogyo Co. Ltd.2,100 16,161 
Taikisha Ltd.1,600 51,452 
Taisei Corp.8,300 259,670 
Taisho Pharmaceutical Holdings Co. Ltd.1,300 75,825 
Taiyo Holdings Co. Ltd.1,800 97,575 
Taiyo Yuden Co. Ltd.11,400 644,419 
Takamatsu Construction Group Co. Ltd.1,000 18,921 
Takaoka Toko Co. Ltd.1,100 14,957 
Takara Bio, Inc.2,100 60,706 
Takara Holdings, Inc.9,800 127,009 
Takara Leben Co. Ltd.16,000 46,543 
Takara Standard Co. Ltd.2,600 39,240 
Takasago International Corp.1,900 49,947 
Takasago Thermal Engineering Co. Ltd.2,300 44,430 
Takashimaya Co. Ltd.(1)
19,600 195,397 
Takasho Co. Ltd.1,500 13,636 
Takeda Pharmaceutical Co. Ltd., ADR(1)
52,896 877,545 
Takeei Corp.2,900 44,098 
Takeuchi Manufacturing Co. Ltd.5,100 122,765 
Takuma Co. Ltd.6,600 99,457 
Tama Home Co. Ltd.2,400 53,832 
Tamron Co. Ltd.2,400 57,484 
Tamura Corp.(1)
7,400 49,717 
Tanseisha Co. Ltd.2,700 21,515 
Taoka Chemical Co. Ltd.100 10,187 
Tatsuta Electric Wire and Cable Co. Ltd.2,200 10,556 
Tayca Corp.100 1,202 
TBS Holdings, Inc.2,300 33,661 
TDC Soft, Inc.200 2,480 
TDK Corp.7,700 807,048 
TechMatrix Corp.3,400 60,960 
TECHNO ASSOCIE Co. Ltd.200 1,891 
134


Avantis International Equity ETF
SharesValue
TECHNO HORIZON Co. Ltd.2,100 $25,497 
TechnoPro Holdings, Inc.4,500 120,454 
Teijin Ltd.19,300 277,589 
Teikoku Electric Manufacturing Co. Ltd.900 10,677 
Teikoku Sen-I Co. Ltd.800 14,501 
Tenma Corp.1,800 45,185 
Terumo Corp.7,600 317,153 
THK Co. Ltd.2,500 57,882 
TIS, Inc.15,900 448,851 
TKC Corp.1,900 64,973 
Toa Corp. (Hyogo)200 1,530 
Toa Corp. (Tokyo)(1)
1,900 39,761 
TOA ROAD Corp.300 12,513 
Toagosei Co. Ltd.9,400 107,399 
Tobishima Corp.1,000 9,919 
Tobu Railway Co. Ltd.2,600 67,786 
TOC Co. Ltd.3,500 20,689 
Tocalo Co. Ltd.6,500 78,774 
Tochigi Bank Ltd. (The)900 1,438 
Toda Corp.25,500 186,152 
Toei Animation Co. Ltd.200 30,319 
Toho Bank Ltd. (The)14,700 28,842 
Toho Co. Ltd.1,800 77,985 
Toho Gas Co. Ltd.700 32,632 
Toho Holdings Co. Ltd.4,200 72,905 
Toho Titanium Co. Ltd.1,400 14,514 
Toho Zinc Co. Ltd.2,000 36,888 
Tohoku Electric Power Co., Inc.41,900 320,737 
Tokai Carbon Co. Ltd.15,700 208,185 
Tokai Corp/Gifu1,400 30,033 
TOKAI Holdings Corp.14,800 123,299 
Tokai Rika Co. Ltd.4,600 66,921 
Tokai Tokyo Financial Holdings, Inc.21,800 78,791 
Token Corp.1,000 95,196 
Tokio Marine Holdings, Inc.20,500 1,003,051 
Tokushu Tokai Paper Co. Ltd.900 36,603 
Tokuyama Corp.7,500 149,766 
Tokyo Century Corp.4,400 251,601 
Tokyo Electric Power Co. Holdings, Inc.(2)
89,300 234,556 
Tokyo Electron Device Ltd.(1)
600 30,223 
Tokyo Electron Ltd.3,100 1,327,865 
Tokyo Gas Co. Ltd.9,200 176,849 
Tokyo Kiraboshi Financial Group, Inc.2,600 38,562 
Tokyo Ohka Kogyo Co. Ltd.2,100 131,418 
Tokyo Rope Manufacturing Co. Ltd.(2)
1,500 14,046 
Tokyo Seimitsu Co. Ltd.3,500 152,884 
Tokyo Steel Manufacturing Co. Ltd.13,600 146,896 
Tokyo Tatemono Co. Ltd.24,500 375,547 
Tokyo Tekko Co. Ltd.1,200 16,975 
Tokyotokeiba Co. Ltd.1,700 65,143 
Tokyu Construction Co. Ltd.1,900 12,952 
135


Avantis International Equity ETF
SharesValue
Tokyu Corp.15,900 $218,636 
Tokyu Fudosan Holdings Corp.70,900 410,193 
Tomoku Co. Ltd.900 15,604 
TOMONY Holdings, Inc.10,300 30,208 
Tomy Co. Ltd.10,700 104,952 
Topcon Corp.14,300 242,725 
Toppan Forms Co. Ltd.3,000 28,109 
Toppan, Inc.20,500 351,924 
Topre Corp.4,900 59,638 
Topy Industries Ltd.2,100 22,612 
Toray Industries, Inc.93,900 633,141 
Torex Semiconductor Ltd.1,100 26,379 
Toridoll Holdings Corp.5,900 124,544 
Torii Pharmaceutical Co. Ltd.500 13,212 
Torikizoku Holdings Co. Ltd.(2)
100 1,619 
Torishima Pump Manufacturing Co. Ltd.2,100 18,055 
Tosei Corp.6,900 72,848 
Toshiba Corp.5,400 234,224 
Toshiba TEC Corp.3,400 145,445 
Tosho Co. Ltd.400 6,088 
Tosoh Corp.20,300 368,453 
Totetsu Kogyo Co. Ltd.2,100 46,889 
TOTO Ltd.4,200 228,582 
Towa Bank Ltd. (The)2,400 10,925 
Towa Corp.3,000 74,069 
Towa Pharmaceutical Co. Ltd.3,900 104,547 
Toyo Construction Co. Ltd.11,900 60,916 
Toyo Corp.1,300 14,135 
Toyo Engineering Corp.(2)
5,000 40,417 
Toyo Gosei Co. Ltd.500 68,832 
Toyo Ink SC Holdings Co. Ltd.4,000 73,529 
Toyo Kanetsu KK1,000 22,558 
Toyo Seikan Group Holdings Ltd.15,200 211,628 
Toyo Suisan Kaisha Ltd.3,100 128,472 
Toyo Tanso Co. Ltd.800 20,033 
Toyo Tire Corp.17,700 314,420 
Toyobo Co. Ltd.11,600 143,665 
Toyoda Gosei Co. Ltd.6,100 129,723 
Toyota Boshoku Corp.4,600 86,497 
Toyota Industries Corp.3,300 278,621 
Toyota Motor Corp., ADR25,090 4,371,431 
Toyota Tsusho Corp.15,000 663,269 
TPR Co. Ltd.2,700 36,452 
Trancom Co. Ltd.700 53,151 
Transaction Co. Ltd.1,600 15,760 
Transcosmos, Inc.3,400 106,185 
Trend Micro, Inc.11,000 602,571 
Tri Chemical Laboratories, Inc.800 25,413 
Trusco Nakayama Corp.3,800 101,662 
TS Tech Co. Ltd.7,400 100,234 
TSI Holdings Co. Ltd.(2)
8,500 23,923 
136


Avantis International Equity ETF
SharesValue
Tsubaki Nakashima Co. Ltd.5,300 $74,417 
Tsubakimoto Chain Co.2,500 77,065 
Tsugami Corp.5,900 83,697 
Tsukada Global Holdings, Inc.(2)
500 1,479 
Tsumura & Co.1,200 41,260 
Tsuruha Holdings, Inc.2,000 251,113 
Tsuzuki Denki Co. Ltd.100 1,616 
TV Asahi Holdings Corp.2,100 32,376 
UACJ Corp.(2)
6,000 148,881 
Ube Industries Ltd.12,900 260,292 
Uchida Yoko Co. Ltd.1,200 56,747 
Ulvac, Inc.3,000 161,598 
Unicharm Corp.6,700 298,705 
Union Tool Co.800 28,806 
Unipres Corp.3,600 29,842 
United Super Markets Holdings, Inc.(1)
6,600 65,603 
UNITED, Inc.1,200 18,136 
Unitika Ltd.(2)
8,800 27,868 
Universal Entertainment Corp.(2)
1,800 39,812 
Ushio, Inc.6,100 110,209 
USS Co. Ltd.8,200 135,475 
UT Group Co. Ltd.2,300 63,031 
V Technology Co. Ltd.1,100 45,248 
V-Cube, Inc.1,800 29,518 
Valor Holdings Co. Ltd.5,500 122,793 
Valqua Ltd.1,500 29,106 
ValueCommerce Co. Ltd.1,500 61,272 
Vector, Inc.2,000 18,647 
Vertex Corp.1,000 27,559 
VT Holdings Co. Ltd.11,500 56,279 
Wacoal Holdings Corp.3,200 67,240 
Wacom Co. Ltd.34,100 222,036 
Wakita & Co. Ltd.2,000 18,419 
Warabeya Nichiyo Holdings Co. Ltd.2,200 48,141 
Watahan & Co. Ltd.1,200 13,594 
WDB Holdings Co. Ltd.1,400 43,440 
WealthNavi, Inc.(2)
900 30,999 
Weathernews, Inc.300 15,743 
Welcia Holdings Co. Ltd.3,000 105,793 
West Japan Railway Co.2,900 158,388 
Will Group, Inc.200 2,326 
World Holdings Co. Ltd.1,600 37,790 
Wowow, Inc.300 6,519 
Xebio Holdings Co. Ltd.4,500 45,144 
YA-MAN Ltd.2,000 20,242 
Yahagi Construction Co. Ltd.2,000 13,336 
Yakult Honsha Co. Ltd.4,500 259,479 
YAKUODO Holdings Co. Ltd.1,000 22,582 
YAMABIKO Corp.3,800 43,692 
Yamada Holdings Co. Ltd.59,400 254,834 
Yamagata Bank Ltd. (The)2,500 19,615 
137


Avantis International Equity ETF
SharesValue
Yamaguchi Financial Group, Inc.19,200 $111,962 
Yamaha Corp.3,900 229,948 
Yamaha Motor Co. Ltd.(1)
26,700 679,294 
Yamaichi Electronics Co. Ltd.2,500 37,525 
Yamato Holdings Co. Ltd.20,800 528,807 
Yamato Kogyo Co. Ltd.3,900 147,274 
Yamazaki Baking Co. Ltd.8,800 144,309 
Yamazen Corp.900 8,953 
Yaoko Co. Ltd.2,000 129,766 
Yaskawa Electric Corp.(1)
2,400 117,142 
Yasuda Logistics Corp.200 1,720 
Yellow Hat Ltd.6,000 106,176 
Yodogawa Steel Works Ltd.2,600 58,673 
Yokogawa Bridge Holdings Corp.3,900 79,345 
Yokogawa Electric Corp.11,700 183,026 
Yokohama Reito Co. Ltd.6,900 56,324 
Yokohama Rubber Co. Ltd. (The)18,300 312,136 
Yokowo Co. Ltd.1,500 36,299 
Yondoshi Holdings, Inc.2,200 35,072 
Yonex Co. Ltd.200 1,388 
Yorozu Corp.1,200 12,989 
Yotai Refractories Co. Ltd.1,900 22,000 
Yuasa Trading Co. Ltd.600 16,198 
Yurtec Corp.2,300 14,512 
Yushin Precision Equipment Co. Ltd.(1)
200 1,545 
Z Holdings Corp.86,600 563,093 
Zenkoku Hosho Co. Ltd.3,200 152,217 
Zenrin Co. Ltd.2,800 26,462 
Zensho Holdings Co. Ltd.5,667 140,317 
Zeon Corp.9,000 119,285 
ZERIA Pharmaceutical Co. Ltd.100 1,965 
ZOZO, Inc.5,300 202,121 
Zuken, Inc.1,600 53,055 
210,010,034 
Netherlands — 4.1%
Aalberts NV11,483 717,068 
ABN AMRO Bank NV, CVA(2)
41,118 572,845 
Accell Group NV(2)
4,143 197,582 
Adyen NV(2)
675 2,181,650 
Aegon NV(1)
184,974 906,373 
AerCap Holdings NV(2)
18,191 981,041 
Akzo Nobel NV16,641 2,050,825 
AMG Advanced Metallurgical Group NV3,898 137,909 
Arcadis NV1,977 97,892 
ASM International NV3,128 1,213,641 
ASML Holding NV, NY Shares10,946 9,118,456 
ASR Nederland NV(1)
19,601 895,664 
Basic-Fit NV(1)(2)
5,086 237,514 
BE Semiconductor Industries NV9,538 867,931 
Beter Bed Holding NV(2)
3,753 26,267 
Boskalis Westminster9,717 319,871 
138


Avantis International Equity ETF
SharesValue
Brunel International NV4,395 $58,082 
Coca-Cola Europacific Partners plc16,631 960,274 
Constellium SE(2)
4,353 88,018 
Corbion NV11,214 603,472 
Fastned BV(1)(2)
168 10,521 
Flow Traders5,136 209,309 
ForFarmers NV6,503 34,173 
Fugro NV(2)
9,522 94,446 
Heijmans NV, CVA4,776 68,589 
Heineken Holding NV1,152 106,861 
Heineken NV(1)
6,651 728,431 
IMCD NV1,186 233,619 
ING Groep NV, ADR(1)
289,152 3,984,514 
InPost SA(2)
4,748 92,839 
Just Eat Takeaway.com NV(2)
2,423 219,539 
Kendrion NV1,780 50,650 
Koninklijke Ahold Delhaize NV77,866 2,627,000 
Koninklijke BAM Groep NV(2)
47,089 155,549 
Koninklijke DSM NV10,327 2,198,588 
Koninklijke KPN NV420,204 1,346,068 
Koninklijke Philips NV20,086 926,567 
Koninklijke Vopak NV7,573 327,985 
NN Group NV24,838 1,288,415 
OCI NV(2)
12,006 292,786 
Ordina NV(1)
8,994 36,536 
Pharming Group NV(1)(2)
184,523 198,434 
PostNL NV72,761 380,751 
Prosus NV(2)
4,842 428,592 
Randstad NV7,044 518,763 
SBM Offshore NV9,732 177,117 
SIF Holding NV1,039 19,859 
Signify NV8,321 466,165 
Sligro Food Group NV(2)
4,325 122,003 
TKH Group NV, CVA5,457 334,428 
TomTom NV(2)
2,232 17,868 
Van Lanschot Kempen NV4,210 121,707 
Wolters Kluwer NV6,118 703,575 
40,754,622 
New Zealand — 0.3%
a2 Milk Co. Ltd. (The)(1)(2)
20,043 85,326 
Air New Zealand Ltd.(1)(2)
56,211 59,818 
Arvida Group Ltd.48,922 71,685 
Auckland International Airport Ltd.(2)
41,770 212,214 
Chorus Ltd.36,880 182,629 
Contact Energy Ltd.37,528 215,404 
Fisher & Paykel Healthcare Corp. Ltd.9,215 215,059 
Fletcher Building Ltd.67,002 353,492 
Genesis Energy Ltd.53,599 128,070 
Hallenstein Glasson Holdings Ltd.3,630 18,582 
Heartland Group Holdings Ltd.48,998 79,194 
Infratil Ltd.46,257 243,823 
139


Avantis International Equity ETF
SharesValue
Kathmandu Holdings Ltd.94,852 $90,884 
Mercury NZ Ltd.25,338 118,791 
Meridian Energy Ltd.22,292 82,333 
New Zealand Refining Co. Ltd. (The)(2)
2,544 1,651 
NZX Ltd.4,193 5,434 
Oceania Healthcare Ltd.83,326 92,362 
Pushpay Holdings Ltd.(1)(2)
55,414 69,176 
Restaurant Brands New Zealand Ltd.(2)
933 10,519 
Ryman Healthcare Ltd.4,632 50,584 
Sanford Ltd.(2)
3,517 11,003 
Skellerup Holdings Ltd.11,000 42,235 
SKYCITY Entertainment Group Ltd.(2)
37,569 86,213 
Spark New Zealand Ltd.83,664 287,278 
Summerset Group Holdings Ltd.13,171 140,333 
Tourism Holdings Ltd.(2)
3,514 5,982 
TOWER Ltd.33,102 16,323 
Vista Group International Ltd.(2)
7,776 13,260 
Z Energy Ltd.53,590 132,462 
3,122,119 
Norway — 0.8%
ABG Sundal Collier Holding ASA59,246 63,398 
Adevinta ASA(2)
5,189 104,430 
Aker BP ASA3,762 98,002 
Aker Offshore Wind AS(2)
1,099 619 
Aker Solutions ASA(2)
26,621 49,232 
American Shipping Co. ASA(2)
3,379 11,709 
ArcticZymes Technologies ASA(1)(2)
2,740 27,947 
Atea ASA(2)
2,983 60,799 
Austevoll Seafood ASA4,629 59,450 
Avance Gas Holding Ltd.6,698 33,563 
Axactor SE(2)
1,700 1,855 
B2Holding ASA(2)
18,817 22,690 
Bakkafrost P/F1,289 113,274 
Bank Norwegian ASA8,436 99,755 
Bonheur ASA308 11,476 
Borr Drilling Ltd.(1)(2)
17,738 13,988 
Borregaard ASA9,187 240,296 
BW Energy Ltd.(2)
5,260 16,885 
BW LPG Ltd.12,263 65,295 
BW Offshore Ltd.13,081 40,609 
Crayon Group Holding ASA(2)
2,937 56,386 
DNB Bank ASA25,934 547,382 
DNO ASA(2)
76,865 69,709 
Entra ASA5,261 119,152 
Equinor ASA, ADR(1)
32,687 692,638 
Europris ASA11,570 81,756 
Fjordkraft Holding ASA1,961 12,130 
FLEX LNG Ltd.3,352 50,346 
Frontline Ltd.(1)
13,650 98,553 
Gjensidige Forsikring ASA5,511 128,827 
Golden Ocean Group Ltd.11,499 130,642 
140


Avantis International Equity ETF
SharesValue
Grieg Seafood ASA(2)
4,635 $46,139 
Hexagon Composites ASA(2)
22 83 
Hexagon Purus ASA(2)
15 
Hunter Group ASA(2)
48,000 14,786 
Kahoot! ASA(2)
5,683 38,639 
Kid ASA3,728 55,046 
Kitron ASA14,712 32,388 
Kongsberg Automotive ASA(2)
76,804 21,952 
Kongsberg Gruppen ASA5,914 164,901 
Leroy Seafood Group ASA10,584 93,393 
Mowi ASA15,602 417,904 
MPC Container Ships AS(2)
24,771 70,897 
Multiconsult ASA1,300 29,745 
NEL ASA(1)(2)
19,309 31,715 
Nordic Semiconductor ASA(2)
6,588 214,315 
Norsk Hydro ASA76,754 529,851 
Norske Skog ASA(2)
4,551 17,003 
Ocean Yield ASA(1)
7,906 28,707 
Odfjell Drilling Ltd.(2)
17,199 38,445 
Orkla ASA17,532 156,603 
Otello Corp ASA(2)
1,983 7,652 
Pareto Bank ASA2,473 15,524 
PGS ASA(2)
81,102 40,067 
Protector Forsikring ASA11,128 125,371 
Salmar ASA1,424 95,448 
Sbanken ASA5,773 67,568 
Scatec ASA146 3,016 
Schibsted ASA, B Shares4,746 220,516 
Schibsted ASA, Class A3,105 165,656 
SpareBank 1 Nord Norge10,422 104,958 
Sparebank 1 Oestlandet2,757 39,571 
SpareBank 1 SMN10,465 150,155 
SpareBank 1 Sorost-Norge2,242 13,001 
SpareBank 1 SR-Bank ASA8,851 119,376 
Sparebanken Vest6,101 62,771 
Stolt-Nielsen Ltd.2,348 29,266 
Storebrand ASA26,808 238,032 
Subsea 7 SA22,805 173,493 
Telenor ASA16,802 294,354 
TGS ASA10,130 112,204 
TOMRA Systems ASA4,291 263,709 
Vaccibody AS(2)
3,009 26,888 
Veidekke ASA12,205 156,690 
Wallenius Wilhelmsen ASA(2)
14,576 57,699 
XXL ASA(2)
11,532 24,473 
Yara International ASA(1)
7,652 384,306 
8,117,084 
Portugal — 0.2%
Banco Comercial Portugues SA, R Shares(1)(2)
696,147 107,678 
CTT-Correios de Portugal SA24,717 134,112 
EDP - Energias de Portugal SA91,587 502,771 
141


Avantis International Equity ETF
SharesValue
EDP Renovaveis SA2,062 $54,800 
Galp Energia SGPS SA43,889 448,937 
Jeronimo Martins SGPS SA10,493 222,279 
NOS SGPS SA16,900 71,245 
REN - Redes Energeticas Nacionais SGPS SA71,592 209,681 
Sonae SGPS SA34,835 37,931 
1,789,434 
Singapore — 1.0%
AEM Holdings Ltd.(1)
22,800 70,090 
Avarga Ltd.100,800 21,686 
Boustead Singapore Ltd.1,000 744 
CapitaLand Ltd.180,300 534,946 
Centurion Corp. Ltd.(2)
1,800 448 
China Sunsine Chemical Holdings Ltd.40,500 14,743 
City Developments Ltd.23,700 120,266 
ComfortDelGro Corp. Ltd.231,200 277,837 
CSE Global Ltd.63,200 22,061 
DBS Group Holdings Ltd.67,285 1,491,915 
Far East Orchard Ltd.15,700 12,468 
First Resources Ltd.74,900 81,761 
Food Empire Holdings Ltd.22,200 12,697 
Frencken Group Ltd.59,900 104,513 
Golden Agri-Resources Ltd.1,174,600 200,416 
GuocoLand Ltd.16,800 20,474 
Haw Par Corp. Ltd.2,900 28,089 
Hong Fok Corp. Ltd.36,200 21,380 
Hong Leong Asia Ltd.13,900 8,720 
Hutchison Port Holdings Trust, U Shares741,000 151,308 
iFAST Corp. Ltd.15,800 98,474 
Indofood Agri Resources Ltd.(2)
80,500 18,221 
ISDN Holdings Ltd.52,800 24,872 
Japfa Ltd.80,900 42,704 
Jardine Cycle & Carriage Ltd.3,900 56,229 
Keppel Corp. Ltd.109,800 423,285 
Keppel Infrastructure Trust134,600 54,062 
KSH Holdings Ltd.3,100 818 
Mandarin Oriental International Ltd.(2)
14,400 29,760 
Medtecs International Corp. Ltd.35,900 14,524 
Mewah International, Inc.26,100 7,722 
Micro-Mechanics Holdings Ltd.5,300 12,847 
Nanofilm Technologies International Ltd.(1)
6,400 20,516 
NetLink NBN Trust47,900 34,533 
Olam International Ltd.16,100 19,150 
OUE Ltd.16,700 17,243 
Oversea-Chinese Banking Corp. Ltd.128,831 1,090,220 
QAF Ltd.13,000 8,939 
Raffles Medical Group Ltd.80,100 83,967 
SATS Ltd.(2)
17,500 52,834 
Sea Ltd., ADR(2)
3,742 1,265,993 
Sembcorp Industries Ltd.62,000 88,753 
Sembcorp Marine Ltd.(1)(2)
827,953 52,111 
142


Avantis International Equity ETF
SharesValue
Sheng Siong Group Ltd.70,800 $79,537 
Silverlake Axis Ltd.62,000 12,871 
Singapore Airlines Ltd.(2)
57,550 215,745 
Singapore Exchange Ltd.64,700 474,883 
Singapore Post Ltd.152,200 74,077 
Singapore Press Holdings Ltd.146,100 210,563 
Singapore Technologies Engineering Ltd.83,900 234,953 
Singapore Telecommunications Ltd.264,100 454,661 
SingHaiyi Group Ltd.(2)
39,300 2,778 
Stamford Land Corp. Ltd.52,700 19,999 
StarHub Ltd.47,500 43,010 
Straits Trading Co. Ltd.14,200 33,518 
UMS Holdings Ltd.44,200 57,020 
United Overseas Bank Ltd.31,400 594,442 
UOL Group Ltd.38,900 201,882 
Venture Corp. Ltd.22,400 318,378 
Wilmar International Ltd.89,700 275,469 
Wing Tai Holdings Ltd.15,500 20,963 
Yangzijiang Shipbuilding Holdings Ltd.35,600 43,351 
Yanlord Land Group Ltd.103,900 91,750 
10,174,189 
Spain — 2.1%
Acciona SA3,122 507,576 
Acerinox SA17,657 240,647 
ACS Actividades de Construccion y Servicios SA18,662 503,803 
Aena SME SA(2)
2,112 337,654 
Almirall SA6,349 107,843 
Amadeus IT Group SA(2)
5,969 364,574 
Applus Services SA13,771 134,290 
Atresmedia Corp. de Medios de Comunicacion SA(2)
10,491 45,942 
Banco Bilbao Vizcaya Argentaria SA, ADR(2)
300,008 1,962,052 
Banco de Sabadell SA(2)
604,668 431,071 
Banco Santander SA, ADR(1)(2)
655,709 2,419,566 
Bankinter SA58,354 341,513 
CaixaBank SA188,257 584,810 
Cellnex Telecom SA11,054 756,627 
Cia de Distribucion Integral Logista Holdings SA(1)
2,717 58,986 
CIE Automotive SA4,601 132,326 
Construcciones y Auxiliar de Ferrocarriles SA(2)
3,084 132,344 
Deoleo SA(1)(2)
37,101 16,061 
Ebro Foods SA(1)
6,389 128,297 
Enagas SA39,584 901,039 
Ence Energia y Celulosa SA(2)
7,147 21,315 
Endesa SA17,257 414,896 
Ercros SA(2)
11,902 46,884 
Faes Farma SA29,775 116,335 
Ferrovial SA10,729 310,706 
Fluidra SA4,664 190,401 
Fomento de Construcciones y Contratas SA8,315 106,277 
Gestamp Automocion SA(2)
25,575 118,952 
Global Dominion Access SA11,687 62,100 
143


Avantis International Equity ETF
SharesValue
Grifols SA10,187 $249,037 
Grupo Catalana Occidente SA2,683 101,612 
Iberdrola SA121,809 1,509,392 
Indra Sistemas SA(2)
3,346 36,099 
Industria de Diseno Textil SA25,460 869,749 
Laboratorios Farmaceuticos Rovi SA570 35,664 
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros23,739 50,170 
Mapfre SA176,803 381,518 
Mediaset Espana Comunicacion SA(2)
28,635 174,681 
Melia Hotels International SA(2)
9,892 69,190 
Metrovacesa SA2,635 22,720 
Miquel y Costas & Miquel SA470 9,375 
Naturgy Energy Group SA(1)
10,976 282,330 
Neinor Homes SA(2)
5,876 83,855 
Obrascon Huarte Lain SA(2)
61,992 45,288 
Pharma Mar SA1,494 128,717 
Prosegur Cash SA(1)
27,680 26,743 
Prosegur Cia de Seguridad SA25,029 81,480 
Red Electrica Corp. SA58,785 1,172,381 
Repsol SA161,954 1,858,447 
Sacyr SA(1)
56,414 139,380 
Siemens Gamesa Renewable Energy SA(2)
14,118 418,619 
Solaria Energia y Medio Ambiente SA(2)
1,105 21,932 
Solarpack Corp. Tecnologica SA(2)
2,251 69,858 
Talgo SA(2)
3,804 20,734 
Telefonica SA, ADR(1)
178,525 883,699 
Tubacex SA(1)(2)
21,744 38,089 
Unicaja Banco SA183,020 168,859 
Viscofan SA5,082 358,976 
Zardoya Otis SA13,651 90,095 
20,893,576 
Sweden — 4.0%
AAK AB12,424 297,232 
AcadeMedia AB7,660 69,695 
AddTech AB, B Shares(1)
15,359 322,403 
Africa Oil Corp.(1)(2)
39,500 53,224 
AFRY AB2,558 85,926 
Alfa Laval AB9,996 405,889 
Alimak Group AB2,814 49,763 
Amasten Fastighets AB(2)
24,279 31,624 
Ambea AB3,055 23,408 
AQ Group AB(2)
798 31,255 
Arjo AB, B Shares29,465 377,997 
Assa Abloy AB, B Shares20,001 640,046 
Atlas Copco AB, B Shares11,398 660,070 
Atlas Copco AB, A Shares19,615 1,348,478 
Atrium Ljungberg AB, B Shares3,079 75,805 
Attendo AB(2)
4,807 23,777 
Avanza Bank Holding AB15,330 590,511 
Axfood AB7,183 190,022 
Beijer Alma AB1,348 34,490 
144


Avantis International Equity ETF
SharesValue
Beijer Ref AB7,140 $163,894 
BHG Group AB(2)
1,975 33,426 
BICO Group AB(2)
1,269 84,374 
Bilia AB, A Shares15,403 309,498 
BillerudKorsnas AB16,733 366,759 
BioGaia AB, B Shares727 42,567 
Biotage AB10,078 281,926 
Boliden AB20,487 715,268 
Bonava AB, B Shares10,923 116,073 
Boozt AB(2)
8,909 181,738 
Bravida Holding AB10,823 171,922 
Bufab AB2,621 100,246 
Bulten AB1,603 17,062 
Bure Equity AB8,685 405,423 
Byggmax Group AB6,480 57,458 
Calliditas Therapeutics AB, B Shares(1)(2)
969 13,556 
Castellum AB13,401 390,732 
Catena AB1,781 115,109 
Catena Media plc(1)(2)
10,272 53,451 
Cellavision AB694 36,864 
Cibus Nordic Real Estate AB26 678 
Cint Group AB(2)
2,331 32,685 
Clas Ohlson AB, B Shares(1)(2)
6,432 76,540 
Cloetta AB, B Shares13,901 48,103 
Collector AB(2)
7,374 33,427 
Coor Service Management Holding AB3,466 35,165 
Corem Property Group AB43,437 129,228 
Dios Fastigheter AB8,995 106,007 
Dometic Group AB8,487 134,619 
Duni AB(2)
2,761 37,048 
Dustin Group AB508 5,772 
Elanders AB, B Shares2,304 43,092 
Electrolux AB, Series B19,612 498,368 
Electrolux Professional AB, B Shares(2)
28,006 218,917 
Elekta AB, B Shares(1)
22,972 287,997 
Embracer Group AB(2)
6,732 153,246 
Enad Global 7 AB(2)
1,258 6,406 
Eolus Vind AB, B Shares(1)
3,678 74,848 
Epiroc AB, A Shares33,421 733,389 
Epiroc AB, B Shares19,776 375,840 
EQT AB7,225 368,757 
Essity AB, B Shares31,919 1,024,527 
Evolution AB4,085 659,533 
Fabege AB16,485 299,383 
Fagerhult AB2,728 25,239 
Fastighets AB Balder, B Shares(2)
4,121 294,932 
Ferronordic AB1,845 52,351 
Fingerprint Cards AB, B Shares(2)
9,431 30,338 
Fortnox AB3,746 215,900 
G5 Entertainment AB1,080 55,359 
GARO AB1,590 39,016 
145


Avantis International Equity ETF
SharesValue
Getinge AB, B Shares19,979 $820,033 
Granges AB10,848 135,119 
H & M Hennes & Mauritz AB, B Shares(2)
32,306 648,724 
Haldex AB(2)
7,792 44,950 
Hansa Biopharma AB(2)
727 10,458 
Hexagon AB, B Shares42,532 737,534 
Hexatronic Group AB5,297 160,306 
Hexpol AB9,596 123,629 
HMS Networks AB1,625 84,979 
Hoist Finance AB(2)
12,496 49,630 
Holmen AB, B Shares5,416 275,239 
Hufvudstaden AB, A Shares8,579 155,983 
Humana AB(2)
2,588 21,594 
Husqvarna AB, B Shares44,930 603,566 
ICA Gruppen AB6,103 303,626 
Indutrade AB15,959 527,463 
Instalco AB2,548 139,974 
Intrum AB1,808 54,050 
Investment AB Latour, B Shares3,154 109,892 
Inwido AB6,499 127,468 
JM AB6,758 261,811 
K-fast Holding AB(1)(2)
3,716 35,817 
Karo Pharma AB(2)
4,396 27,254 
KNOW IT AB1,731 67,131 
Kopparbergs Bryggeri AB, B Shares1,831 36,048 
Kungsleden AB12,693 190,421 
Lifco AB, B Shares6,500 192,420 
Lime Technologies AB(1)
752 34,867 
Lindab International AB2,594 73,226 
Loomis AB11,524 357,804 
Lundin Energy AB3,690 112,769 
Maha Energy AB(1)(2)
10,128 13,949 
Mekonomen AB(2)
7,072 132,963 
Millicom International Cellular SA, SDR(2)
11,059 418,505 
MIPS AB1,298 144,716 
Modern Times Group MTG AB, B Shares(2)
6,431 91,758 
Momentum Group AB, Class B945 23,205 
Munters Group AB2,707 24,918 
Mycronic AB6,435 198,737 
NCC AB, B Shares8,172 146,325 
New Wave Group AB, B Shares(2)
9,123 144,041 
Nibe Industrier AB, B Shares48,956 682,362 
Nobia AB19,546 158,606 
Nobina AB15,910 145,952 
Nolato AB, B Shares21,416 247,673 
Nordea Bank Abp117,866 1,384,341 
Nordic Entertainment Group AB, B Shares(2)
6,733 391,138 
Nordic Waterproofing Holding AB800 20,058 
Nordnet AB publ2,944 53,363 
Note AB(2)
2,111 33,573 
Nyfosa AB11,013 170,107 
146


Avantis International Equity ETF
SharesValue
Ovzon AB(2)
906 $6,595 
Pandox AB(2)
5,765 95,640 
Paradox Interactive AB2,486 46,155 
Peab AB, Class B18,250 218,465 
Platzer Fastigheter Holding AB, B Shares4,333 85,399 
Pricer AB, B Shares(1)
6,565 25,837 
Ratos AB, B Shares15,146 100,207 
RaySearch Laboratories AB(1)(2)
4,477 36,745 
Resurs Holding AB15,539 79,332 
Saab AB, B Shares3,971 118,526 
Sagax AB, B Shares3,456 128,914 
Sagax AB, D Shares2,138 8,687 
Samhallsbyggnadsbolaget i Norden AB49,809 284,225 
Samhallsbyggnadsbolaget i Norden AB, D Shares7,951 30,566 
Sandvik AB43,180 1,101,915 
SAS AB(2)
229,600 51,310 
Scandi Standard AB6,354 43,511 
Scandic Hotels Group AB(1)(2)
6,164 24,181 
Sdiptech AB, Class B(2)
596 31,300 
Securitas AB, B Shares14,190 236,053 
Sinch AB(2)
12,442 279,715 
Skandinaviska Enskilda Banken AB, A Shares67,182 901,042 
Skanska AB, B Shares21,667 624,617 
SKF AB, B Shares26,547 677,997 
SkiStar AB(2)
5,308 112,061 
Spotify Technology SA(2)
1,235 289,410 
SSAB AB, A Shares(2)
29,340 160,181 
SSAB AB, B Shares(2)
69,995 334,006 
Stillfront Group AB(2)
9,000 59,998 
Svenska Cellulosa AB SCA, B Shares21,198 374,641 
Svenska Handelsbanken AB, A Shares71,730 806,008 
Sweco AB, B Shares3,510 61,573 
Swedbank AB, A Shares40,468 780,123 
Swedish Orphan Biovitrum AB(2)
8,535 186,163 
Tele2 AB, B Shares12,860 193,069 
Telefonaktiebolaget LM Ericsson, ADR113,106 1,336,913 
Telia Co. AB142,022 610,604 
Tethys Oil AB5,705 33,575 
Thule Group AB5,242 286,383 
Tobii AB(2)
4,195 33,205 
Trelleborg AB, B Shares17,941 436,781 
Troax Group AB2,594 106,774 
Vitec Software Group AB, B Shares1,945 112,513 
Vitrolife AB2,897 178,488 
Volvo AB, A Shares5,174 120,034 
Volvo AB, B Shares56,619 1,282,012 
Wallenstam AB, B Shares4,681 80,196 
Wihlborgs Fastigheter AB10,010 243,670 
Xvivo Perfusion AB(2)
617 31,656 
39,702,717 
147


Avantis International Equity ETF
SharesValue
Switzerland — 8.4%
ABB Ltd., ADR20,055 $741,834 
Adecco Group AG17,823 991,446 
Alcon, Inc.17,924 1,476,201 
Allreal Holding AG792 166,729 
ALSO Holding AG(2)
1,158 372,707 
Aluflexpack AG(2)
1,401 53,550 
ams AG(2)
22,354 454,807 
Arbonia AG8,658 179,718 
Aryzta AG(2)
31,803 44,400 
Ascom Holding AG(2)
5,835 92,686 
Autoneum Holding AG(2)
541 103,502 
Bachem Holding AG, Class B291 213,109 
Baloise Holding AG3,863 616,003 
Banque Cantonale Vaudoise1,456 123,461 
Barry Callebaut AG318 810,119 
Basilea Pharmaceutica AG(2)
127 6,630 
Belimo Holding AG637 332,174 
Bell Food Group AG256 79,673 
Bellevue Group AG772 38,125 
BKW AG791 91,740 
Bobst Group SA(2)
1,270 116,891 
Bossard Holding AG, Class A1,272 427,836 
Bucher Industries AG958 484,694 
Burckhardt Compression Holding AG482 190,491 
Bystronic AG158 222,154 
Cembra Money Bank AG2,248 164,320 
Chocoladefabriken Lindt & Spruengli AG854,976 
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate73 858,786 
Cie Financiere Richemont SA27,704 3,057,723 
Clariant AG(2)
16,871 355,049 
Coltene Holding AG(2)
899 129,708 
Comet Holding AG549 208,373 
COSMO Pharmaceuticals NV(1)(2)
520 47,578 
Credit Suisse Group AG, ADR(1)
125,612 1,327,719 
Daetwyler Holding AG790 282,222 
DKSH Holding AG4,739 369,600 
dormakaba Holding AG423 305,290 
Dufry AG(2)
6,744 363,630 
EFG International AG(2)
12,433 98,076 
Emmi AG255 294,392 
EMS-Chemie Holding AG327 354,321 
Feintool International Holding AG(2)
340 24,615 
Flughafen Zurich AG(2)
1,868 310,568 
Forbo Holding AG125 267,577 
Galenica AG2,465 193,099 
GAM Holding AG(2)
27,635 52,917 
Geberit AG2,002 1,671,881 
Georg Fischer AG550 902,531 
Givaudan SA109 546,850 
Gurit Holding AG53 109,515 
148


Avantis International Equity ETF
SharesValue
Helvetia Holding AG4,327 $495,561 
Holcim Ltd.(2)
32,668 1,861,473 
Huber + Suhner AG1,432 128,467 
Idorsia Ltd.(1)(2)
877 20,687 
Implenia AG(2)
1,904 43,905 
Ina Invest Holding AG(2)
30 608 
Inficon Holding AG180 225,801 
Interroll Holding AG136 604,418 
Intershop Holding AG76 51,471 
Julius Baer Group Ltd.21,543 1,470,387 
Kardex Holding AG1,144 305,910 
Komax Holding AG(2)
553 156,500 
Kuehne + Nagel International AG3,517 1,285,350 
Landis+Gyr Group AG(2)
1,816 138,867 
LEM Holding SA58 149,518 
Leonteq AG1,059 71,089 
Liechtensteinische Landesbank AG1,152 67,728 
Logitech International SA(1)
24,617 2,520,531 
Lonza Group AG1,589 1,343,859 
Medacta Group SA(2)
912 142,555 
Medartis Holding AG(2)
264 36,527 
Metall Zug AG, B Shares20 47,419 
Meyer Burger Technology AG(2)
126,318 63,872 
Mobilezone Holding AG5,049 71,221 
Mobimo Holding AG(2)
428 150,943 
Molecular Partners AG(2)
12 254 
Nestle SA52,054 6,573,834 
Novartis AG, ADR75,545 6,979,603 
OC Oerlikon Corp. AG27,440 306,134 
Orior AG1,058 108,564 
Partners Group Holding AG1,551 2,749,929 
Peach Property Group AG986 70,000 
PSP Swiss Property AG3,098 415,546 
Rieter Holding AG(2)
583 139,984 
Roche Holding AG27,154 10,903,821 
Roche Holding AG, Bearer Shares1,236 553,296 
Schindler Holding AG1,542 480,649 
Schindler Holding AG, Bearer Participation Certificate3,074 992,671 
Schweiter Technologies AG84 128,922 
Sensirion Holding AG(2)
2,183 273,945 
SFS Group AG2,301 328,557 
SGS SA380 1,194,279 
Siegfried Holding AG(2)
406 391,912 
SIG Combibloc Group AG(2)
8,562 262,106 
Sika AG3,600 1,297,103 
Softwareone Holding AG(2)
9,842 278,834 
Sonova Holding AG1,060 408,491 
St Galler Kantonalbank AG331 153,983 
Straumann Holding AG425 821,202 
Sulzer AG1,981 298,576 
Swatch Group AG (The)4,052 222,874 
149


Avantis International Equity ETF
SharesValue
Swatch Group AG (The), Bearer Shares2,210 $623,560 
Swiss Life Holding AG3,053 1,591,312 
Swiss Prime Site AG6,682 715,015 
Swiss Re AG16,175 1,487,163 
Swiss Steel Holding AG(2)
100,000 47,035 
Swisscom AG2,146 1,259,567 
Swissquote Group Holding SA1,318 248,820 
Tecan Group AG995 607,070 
Temenos AG5,679 901,038 
u-blox Holding AG(2)
658 47,211 
UBS Group AG(2)
176,370 2,938,324 
V-ZUG Holding AG(2)
359 57,296 
Valiant Holding AG2,037 205,338 
Valora Holding AG(2)
556 113,995 
VAT Group AG1,207 505,552 
Vetropack Holding AG332 22,675 
Vifor Pharma AG4,117 586,202 
Vontobel Holding AG3,145 294,441 
VZ Holding AG1,227 116,248 
Ypsomed Holding AG(1)
258 41,311 
Zehnder Group AG1,917 207,264 
Zurich Insurance Group AG5,018 2,201,855 
84,190,024 
United Kingdom — 13.4%
3i Group plc52,114 958,433 
Aberdeen plc94,483 345,213 
Admiral Group plc17,353 862,204 
AG Barr plc(2)
4,800 36,789 
AJ Bell plc25,522 150,842 
Alliance Pharma plc48,917 72,695 
Anglo American plc39,398 1,663,994 
Anglo Asian Mining plc20,382 37,018 
Anglo Pacific Group plc28,094 52,126 
Antofagasta plc12,645 253,303 
AO World plc(2)
28,354 90,181 
Arix Bioscience plc(2)
2,736 6,512 
Arrow Global Group plc(2)
13,321 55,889 
Ashmore Group plc14,819 81,441 
Ashtead Group plc39,394 3,079,543 
ASOS plc(2)
7,239 386,199 
Associated British Foods plc12,290 335,099 
Aston Martin Lagonda Global Holdings plc(2)
932 25,692 
AstraZeneca plc, ADR100,550 5,860,054 
Atalaya Mining plc(2)
7,938 34,938 
Auction Technology Group plc(2)
1,757 39,143 
Auto Trader Group plc50,905 440,207 
Avast plc12,962 106,603 
AVEVA Group plc1,200 68,281 
Aviva plc322,806 1,794,192 
B&M European Value Retail SA77,459 596,092 
Babcock International Group plc(2)
4,916 24,549 
150


Avantis International Equity ETF
SharesValue
BAE Systems plc121,778 $951,405 
Balfour Beatty plc25,191 99,031 
Bank of Georgia Group plc(2)
5,409 124,208 
Barclays plc, ADR(1)
268,678 2,753,950 
Barratt Developments plc103,478 1,052,537 
Beazley plc(2)
9,609 51,681 
Begbies Traynor Group plc15,126 29,742 
Bellway plc10,641 515,704 
Berkeley Group Holdings plc3,875 257,395 
BHP Group plc, ADR(1)
41,347 2,589,976 
Biffa plc(2)
36,591 196,584 
Bloomsbury Publishing plc2,418 11,760 
Bodycote plc30,615 406,396 
boohoo Group plc(2)
99,094 386,003 
BP plc, ADR128,390 3,140,419 
Breedon Group plc62,901 89,796 
Brewin Dolphin Holdings plc22,603 123,730 
Britvic plc46,231 620,304 
BT Group plc(2)
921,539 2,154,193 
Bunzl plc9,946 360,377 
Burberry Group plc40,214 1,029,708 
Burford Capital Ltd.22,689 282,071 
Bytes Technology Group plc(2)
32,846 231,829 
Cairn Energy plc70,802 187,543 
Capita plc(2)
81,234 54,682 
Capital Ltd.16,811 18,944 
Carnival plc, ADR(1)(2)
3,002 65,984 
Centamin plc188,345 257,488 
Central Asia Metals plc23,672 81,479 
Centrica plc(2)
563,946 402,995 
Chemring Group plc36,395 166,531 
Clinigen Group plc6,763 58,215 
Clipper Logistics plc15,501 174,102 
Close Brothers Group plc19,242 407,728 
CMC Markets plc22,722 130,752 
Coats Group plc170,791 179,313 
Coca-Cola HBC AG(2)
10,494 379,829 
Compass Group plc(2)
26,193 541,146 
Computacenter plc7,152 289,316 
ContourGlobal plc20,739 55,334 
ConvaTec Group plc25,240 78,212 
Costain Group plc(1)(2)
226 184 
Countryside Properties plc(2)
31,006 239,973 
Cranswick plc2,985 163,001 
Crest Nicholson Holdings plc(2)
54,457 314,018 
Croda International plc5,266 662,892 
CVS Group plc(2)
8,723 298,261 
DCC plc1,482 125,976 
De La Rue plc(2)
16,095 39,072 
Dechra Pharmaceuticals plc2,114 152,237 
Devro plc39,055 120,038 
151


Avantis International Equity ETF
SharesValue
Diageo plc, ADR16,083 $3,089,705 
Diploma plc2,514 106,051 
Direct Line Insurance Group plc120,623 512,121 
Diversified Energy Co. plc73,841 113,427 
Domino's Pizza Group plc13,001 73,551 
dotdigital group plc29,046 113,245 
Dr. Martens plc(2)
10,409 60,693 
Draper Esprit plc(2)
9,764 145,784 
Drax Group plc53,148 303,078 
DS Smith plc30,323 184,517 
Dunelm Group plc19,642 347,169 
DX Group plc(2)
60,433 29,942 
easyJet plc(2)
13,652 149,470 
Electrocomponents plc43,952 643,175 
Elementis plc(2)
22,018 46,492 
EMIS Group plc9,849 187,022 
Ergomed plc(2)
4,815 96,675 
Esken Ltd.(1)(2)
139,486 26,713 
Essentra plc6,271 25,019 
Evraz plc51,041 415,179 
Experian plc24,251 1,069,714 
Ferguson plc17,525 2,533,032 
Ferrexpo plc59,181 310,177 
Firstgroup plc(2)
108,236 134,347 
Forterra plc21,617 93,900 
Foxtons Group plc26,652 19,805 
Frasers Group plc(2)
28,962 266,610 
Fresnillo plc3,885 45,684 
Frontier Developments plc(2)
2,524 97,787 
Future plc214 11,331 
Games Workshop Group plc3,986 634,217 
Gamma Communications plc2,848 90,117 
Gateley Holdings plc8,602 25,012 
Genel Energy plc30,104 55,844 
Genus plc1,146 93,516 
Georgia Capital plc(2)
3,032 25,966 
GlaxoSmithKline plc, ADR(1)
93,492 3,808,864 
Glencore plc(2)
372,400 1,678,679 
Go-Ahead Group plc (The)(2)
10,407 134,867 
Golar LNG Ltd.(2)
12,093 136,046 
Grafton Group plc15,650 300,742 
Grainger plc55,903 245,952 
Greencore Group plc(2)
4,786 9,354 
Greggs plc(2)
14,902 621,631 
Gulf Keystone Petroleum Ltd.40,285 87,490 
Gym Group plc (The)(2)
11,742 45,926 
Halfords Group plc44,089 220,646 
Halma plc18,810 776,774 
Harbour Energy plc(2)
15,984 78,528 
Hargreaves Lansdown plc30,712 637,814 
Hays plc(2)
96,731 211,761 
152


Avantis International Equity ETF
SharesValue
Helical plc7,727 $50,451 
Hikma Pharmaceuticals plc5,498 191,906 
Hill & Smith Holdings plc13,615 346,938 
Hiscox Ltd.3,825 48,324 
Hochschild Mining plc23,659 49,132 
HomeServe plc4,688 60,359 
Hotel Chocolat Group plc(2)
3,424 17,614 
Howden Joinery Group plc89,863 1,168,928 
HSBC Holdings plc, ADR(1)
146,052 3,861,615 
Hunting plc29,581 85,286 
Ibstock plc37,179 122,483 
IG Group Holdings plc12,585 162,061 
IMI plc27,806 697,278 
Impax Asset Management Group plc1,355 22,014 
Inchcape plc31,507 398,476 
Indivior plc(2)
131,684 352,023 
Informa plc(2)
10,463 76,464 
IntegraFin Holdings plc45,380 361,703 
InterContinental Hotels Group plc(2)
3,687 235,577 
Intermediate Capital Group plc18,118 547,879 
International Personal Finance plc(2)
47,604 96,901 
Intertek Group plc7,987 579,113 
Investec plc82,079 345,274 
IP Group plc172,407 301,061 
IQE plc(2)
7,450 5,370 
ITV plc(2)
146,554 233,575 
IWG plc(2)
76,323 313,655 
J D Wetherspoon plc(2)
8,117 124,137 
J Sainsbury plc196,954 823,189 
Jadestone Energy plc15,048 15,743 
JD Sports Fashion plc53,619 744,567 
JET2 plc(1)(2)
13,388 212,730 
John Laing Group plc16,922 93,256 
John Wood Group plc(2)
23,265 79,935 
Johnson Matthey plc24,902 1,006,758 
Johnson Service Group plc(2)
14,546 29,545 
Jubilee Metals Group plc(2)
378,019 90,960 
Jupiter Fund Management plc22,696 83,262 
Just Group plc(2)
208,120 267,082 
Kainos Group plc8,811 237,640 
Keller Group plc16,613 228,365 
Kingfisher plc229,167 1,103,444 
Lancashire Holdings Ltd.5,138 44,127 
Legal & General Group plc194,646 723,038 
Liberty Global plc, Class A(2)
3,489 100,274 
Liberty Global plc, Class C(2)
9,626 278,961 
Liontrust Asset Management plc4,076 131,802 
Lloyds Banking Group plc, ADR944,541 2,219,671 
London Stock Exchange Group plc4,273 468,081 
Lookers plc(2)
16,491 15,148 
LSL Property Services plc569 3,697 
153


Avantis International Equity ETF
SharesValue
Luceco plc7,115 $44,407 
Luxfer Holdings plc5,312 113,411 
M&C Saatchi plc(2)
10,664 20,209 
M&G plc198,919 563,468 
Man Group plc98,930 293,903 
Marks & Spencer Group plc(2)
277,486 685,916 
Marshalls plc7,250 80,647 
Marston's plc(2)
151,115 179,774 
Mediclinic International plc(2)
35,469 152,851 
Meggitt plc(2)
23,926 273,087 
Metro Bank plc(1)(2)
20,248 28,890 
Micro Focus International plc, ADR3,532 21,333 
Mitchells & Butlers plc(2)
28,983 117,317 
Mondi plc29,290 807,963 
Moneysupermarket.com Group plc36,446 127,086 
Morgan Advanced Materials plc29,963 165,425 
Morgan Sindall Group plc5,600 197,828 
Mortgage Advice Bureau Holdings Ltd.5,397 106,981 
Motorpoint group plc(2)
10,828 50,378 
N Brown Group plc(1)(2)
21,919 16,125 
National Grid plc, ADR27,744 1,800,308 
Natwest Group plc, ADR154,765 903,828 
NCC Group plc2,701 12,000 
Network International Holdings plc(2)
22,112 119,174 
Next plc12,881 1,400,821 
Ninety One plc13,842 48,570 
Norcros plc2,935 12,038 
Numis Corp. plc5,054 26,032 
Ocado Group plc(2)
7,229 200,353 
On the Beach Group plc(2)
4,763 23,094 
OSB Group plc43,480 305,036 
Pagegroup plc(2)
62,165 539,405 
Pan African Resources plc(1)
241,488 56,467 
Pantheon Resources plc(2)
794 652 
Paragon Banking Group plc32,410 250,477 
PayPoint plc12,622 123,130 
Pearson plc, ADR25,038 265,152 
Pennon Group plc23,524 404,082 
Persimmon plc16,119 652,359 
Petrofac Ltd.(1)(2)
342 495 
Petropavlovsk plc(1)(2)
408,161 118,066 
Phoenix Group Holdings plc59,104 506,427 
Phoenix Spree Deutschland Ltd.3,461 19,425 
Photo-Me International plc(2)
30,678 29,327 
Playtech plc(2)
31,151 175,253 
Plus500 Ltd.16,040 329,757 
Polar Capital Holdings plc2,131 25,749 
Premier Foods plc90,093 149,955 
Premier Miton Group plc6,129 15,391 
Provident Financial plc(2)
40,114 196,646 
Prudential plc, ADR(1)
12,493 520,333 
154


Avantis International Equity ETF
SharesValue
PZ Cussons plc38,968 $129,245 
QinetiQ Group plc58,954 280,084 
Quilter plc261,078 542,651 
Rathbone Brothers plc5,960 167,583 
Reach plc56,484 317,861 
Reckitt Benckiser Group plc25,055 1,912,729 
Redde Northgate plc50,769 304,825 
Redrow plc28,871 282,116 
RELX plc, ADR(1)
63,603 1,918,266 
Renew Holdings plc3,146 33,173 
Renewi plc(2)
6,862 51,655 
Renishaw plc1,684 125,093 
Rentokil Initial plc45,175 360,881 
Restore plc(2)
6,781 43,781 
Rhi Magnesita NV5,236 276,524 
Ricardo plc4,328 22,664 
Rightmove plc90,973 877,686 
Rio Tinto plc, ADR(1)
47,767 3,585,869 
RM plc8,162 26,881 
Rolls-Royce Holdings plc(2)
167,609 264,323 
Rotork plc24,419 112,097 
Royal Dutch Shell plc, Class A ADR70,469 2,801,847 
Royal Dutch Shell plc, Class B ADR63,799 2,511,767 
Royal Mail plc97,867 666,547 
RWS Holdings plc3,278 29,275 
Sabre Insurance Group plc5,219 15,855 
Saga plc(2)
951 4,671 
Sage Group plc (The)34,595 353,302 
Savannah Energy plc(2)
88,956 23,665 
Savills plc18,497 347,557 
Schroders plc5,713 297,020 
Secure Trust Bank plc854 14,961 
Senior plc(2)
63,495 154,665 
Serco Group plc21,446 39,326 
Serica Energy plc22,164 48,044 
Severn Trent plc6,730 255,698 
SIG plc(2)
67,238 48,940 
Sirius Real Estate Ltd.100,019 171,854 
Smart Metering Systems plc4,352 57,698 
Smith & Nephew plc, ADR10,256 393,215 
Smiths Group plc24,507 486,390 
Softcat plc16,080 467,418 
Spectris plc1,363 73,872 
Speedy Hire plc87,608 83,447 
Spirax-Sarco Engineering plc1,215 269,433 
Spire Healthcare Group plc(2)
34,065 110,167 
Spirent Communications plc27,765 113,714 
SSE plc20,902 469,547 
SSP Group plc(2)
29,010 108,874 
St. James's Place plc57,415 1,271,440 
Stagecoach Group plc(2)
823 812 
155


Avantis International Equity ETF
SharesValue
Standard Chartered plc (London)150,548 $938,838 
SThree plc27,839 199,651 
Stock Spirits Group plc5,596 30,282 
Strix Group plc42,473 218,874 
Superdry plc(2)
15,275 72,788 
Synthomer plc17,655 130,015 
Tate & Lyle plc50,737 492,764 
Taylor Wimpey plc65,599 165,131 
TBC Bank Group plc4,779 93,146 
Ted Baker plc(2)
34,432 72,693 
Telecom Plus plc5,805 82,273 
Telit Communications plc(2)
15,161 47,733 
Tesco plc249,620 876,321 
TI Fluid Systems plc25,158 105,677 
TP Icap Group plc60,404 168,950 
Trainline plc(2)
4,354 21,905 
Travis Perkins plc(2)
16,993 420,998 
Tremor International Ltd.(2)
2,207 22,421 
TUI AG(1)(2)
22,661 98,576 
Tullow Oil plc(1)(2)
97,495 59,838 
U & I Group plc(2)
4,306 5,217 
Ultra Electronics Holdings plc1,357 59,831 
Unilever plc, ADR58,037 3,231,500 
United Utilities Group plc74,013 1,076,333 
Vectura Group plc11,637 26,222 
Vertu Motors plc(2)
42,861 31,829 
Vesuvius plc9,993 77,230 
Victoria plc(2)
9,445 144,831 
Victrex plc6,185 225,648 
Virgin Money UK plc(2)
171,616 501,447 
Vistry Group plc22,374 372,654 
Vodafone Group plc, ADR(1)
164,073 2,800,726 
Volex plc6,298 35,961 
Watkin Jones plc39,788 130,174 
Weir Group plc (The)(2)
6,668 160,466 
WH Smith plc(2)
7,108 159,761 
Whitbread plc(2)
4,696 207,372 
Wickes Group plc(2)
51,550 170,139 
Wincanton plc2,226 12,244 
WM Morrison Supermarkets plc249,719 993,272 
WPP plc, ADR(1)
1,939 131,658 
Yellow Cake plc(2)
7,441 27,072 
133,093,579 
United States
Arko Corp.(2)
TOTAL COMMON STOCKS
(Cost $816,733,664)
994,395,339 
WARRANTS


Italy
Webuild SpA(1)(2)
(Cost $—)
3,662 9,781 
156


Avantis International Equity ETF
SharesValue
RIGHTS


Singapore
Sembcorp Marine Ltd.(1)(2)
(Cost $19,992)
1,241,929 $2,771 
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio
(Cost $12,323,860)
12,323,860 12,323,860 
TOTAL INVESTMENT SECURITIES — 100.9%
(Cost $829,077,516)

1,006,731,751 
OTHER ASSETS AND LIABILITIES — (0.9)%

(9,188,046)
TOTAL NET ASSETS — 100.0%

$997,543,705 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials19.4%
Industrials17.5%
Consumer Discretionary12.4%
Materials10.6%
Health Care8.9%
Information Technology8.3%
Consumer Staples7.1%
Communication Services4.5%
Utilities4.4%
Energy4.0%
Real Estate2.6%
Temporary Cash Investments - Securities Lending Collateral1.2%
Other Assets and Liabilities(0.9)%

NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
CVA-Certificaten Van Aandelen
SDR-Swedish Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $40,015,963. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $41,839,466, which includes securities collateral of $29,515,606.


See Notes to Financial Statements.

157


AUGUST 31, 2021
Avantis International Small Cap Value ETF
SharesValue
COMMON STOCKS — 99.7%


Australia — 8.1%
Adairs Ltd.(1)
64,691 $189,079 
Adbri Ltd.536,299 1,339,645 
Aeris Resources Ltd.(2)
793,331 107,341 
Alkane Resources Ltd.(2)
232,884 166,681 
Alliance Aviation Services Ltd.(2)
50,306 147,275 
Aurelia Metals Ltd.1,304,033 338,376 
Austal Ltd.392,904 559,737 
Australian Finance Group Ltd.292,018 645,716 
Australian Pharmaceutical Industries Ltd.542,194 532,871 
Bank of Queensland Ltd.574,050 3,953,852 
Beach Energy Ltd.2,592,471 1,975,146 
Bendigo & Adelaide Bank Ltd.318,708 2,327,039 
Brickworks Ltd.29,457 517,099 
Calix Ltd.(2)
39,671 111,926 
Cedar Woods Properties Ltd.5,940 28,290 
Champion Iron Ltd.(2)
603,336 2,580,215 
Collins Foods Ltd.16,697 149,986 
Coronado Global Resources, Inc.(2)
485,044 391,464 
CSR Ltd.791,951 3,144,031 
Dacian Gold Ltd.(1)(2)
129,467 22,685 
Deterra Royalties Ltd.179,435 567,913 
Eclipx Group Ltd.(2)
506,283 929,532 
Emeco Holdings Ltd.(2)
517,814 427,651 
EML Payments Ltd.(2)
340,780 1,022,474 
Genworth Mortgage Insurance Australia Ltd.463,694 749,850 
Gold Road Resources Ltd.937,847 882,493 
GrainCorp Ltd., A Shares287,945 1,329,420 
Grange Resources Ltd.709,170 320,679 
GWA Group Ltd.185,034 380,153 
HT&E Ltd.15,815 20,585 
Humm Group Ltd.(1)(2)
319,339 222,143 
IGO Ltd.688,738 4,812,093 
Iluka Resources Ltd.679,885 4,930,262 
Imdex Ltd.397,445 687,702 
Inghams Group Ltd.(1)
442,075 1,333,134 
InvoCare Ltd.(1)
153,254 1,371,175 
Japara Healthcare Ltd.(2)
65,505 65,617 
JB Hi-Fi Ltd.15,755 526,541 
Lovisa Holdings Ltd.12,681 181,801 
MACA Ltd.180,898 112,127 
Macmahon Holdings Ltd.354,016 60,690 
Mayne Pharma Group Ltd.(2)
2,039,260 431,093 
McMillan Shakespeare Ltd.133,144 1,210,871 
McPherson's Ltd.72,688 57,489 
Metcash Ltd.1,630,456 4,848,024 
Mineral Resources Ltd.5,392 214,492 
MNF Group Ltd.3,813 17,444 
Monadelphous Group Ltd.2,067 15,977 
158


Avantis International Small Cap Value ETF
SharesValue
Money3 Corp. Ltd.69,252 $179,557 
Mount Gibson Iron Ltd.419,460 186,353 
MyState Ltd.51,460 201,367 
New Hope Corp. Ltd.(1)
427,343 642,344 
nib holdings Ltd.616,446 3,039,652 
Nick Scali Ltd.120,101 1,085,104 
Nine Entertainment Co. Holdings Ltd.1,256,732 2,501,051 
NRW Holdings Ltd.805,347 1,111,239 
Nufarm Ltd.(2)
452,718 1,473,960 
OFX Group Ltd.72,467 87,401 
Orica Ltd.190,229 1,820,042 
Orocobre Ltd.(2)
1,887 12,538 
OZ Minerals Ltd.17,955 306,830 
Pacific Current Group Ltd.35,896 162,549 
Perenti Global Ltd.1,714,125 1,089,631 
Perseus Mining Ltd.(2)
1,796,420 2,027,629 
Platinum Asset Management Ltd.401,964 1,164,386 
Premier Investments Ltd.102,030 2,113,150 
Ramelius Resources Ltd.1,142,830 1,282,803 
Red 5 Ltd.(2)
982,897 150,852 
Regis Resources Ltd.852,635 1,536,120 
Resimac Group Ltd.18,160 32,224 
Resolute Mining Ltd.(1)(2)
796,259 270,316 
Sandfire Resources Ltd.308,147 1,451,840 
Select Harvests Ltd.191,834 1,217,740 
Senex Energy Ltd.316,549 733,113 
Servcorp Ltd.22,553 55,365 
Sigma Healthcare Ltd.1,000,955 471,824 
Silver Lake Resources Ltd.(2)
1,266,741 1,270,317 
Sims Ltd.249,624 2,742,846 
Southern Cross Media Group Ltd.(2)
399,069 649,227 
St. Barbara Ltd.929,586 1,071,242 
Star Entertainment Grp Ltd. (The)(2)
110,000 326,100 
Super Retail Group Ltd.215,105 1,927,860 
Tassal Group Ltd.277,776 725,729 
Viva Energy Group Ltd.420,524 653,753 
West African Resources Ltd.(2)
835,882 646,825 
Western Areas Ltd.504,840 1,132,650 
Westgold Resources Ltd.(2)
689,016 889,367 
Whitehaven Coal Ltd.(2)
399,485 733,289 
86,134,064 
Austria — 0.9%
DO & CO. AG(1)(2)
410 32,474 
FACC AG(1)(2)
18,960 197,732 
IMMOFINANZ AG(1)(2)
61,653 1,569,824 
Lenzing AG(2)
184 24,333 
POLYTEC Holding AG(1)
13,249 137,267 
Porr AG(2)
4,165 83,587 
Semperit AG Holding60,991 2,449,340 
UNIQA Insurance Group AG483,354 4,487,984 
Vienna Insurance Group AG Wiener Versicherung Gruppe10,205 295,610 
9,278,151 
159


Avantis International Small Cap Value ETF
SharesValue
Belgium — 1.4%
AGFA-Gevaert NV(2)
180,950 $921,957 
Bekaert SA119,188 5,674,456 
bpost SA(2)
188,483 1,821,807 
Cie d'Entreprises CFE1,878 215,888 
Deceuninck NV261,047 1,247,598 
Euronav NV(1)
143,913 1,168,889 
Ion Beam Applications36,344 722,545 
Tessenderlo Group SA(2)
63,458 2,629,978 
14,403,118 
Canada — 8.4%
5N Plus, Inc.(2)
28,000 63,472 
Advantage Energy Ltd.(1)(2)
107,783 448,509 
Aecon Group, Inc.8,121 132,663 
AirBoss of America Corp.(1)
5,600 183,182 
ARC Resources Ltd.(1)
49,572 354,016 
Argonaut Gold, Inc.(2)
302,409 755,034 
AutoCanada, Inc.(1)(2)
32,698 1,244,268 
B2Gold Corp.604,258 2,337,240 
Badger Infrastructure Solutions Ltd.(1)
20,753 567,165 
Baytex Energy Corp.(2)
865,878 1,496,147 
Birchcliff Energy Ltd.(1)
357,616 1,539,139 
Bird Construction, Inc.20,464 160,254 
Calibre Mining Corp.(2)
6,600 8,736 
Canaccord Genuity Group, Inc.112,717 1,346,368 
Canacol Energy Ltd.(1)
63,655 167,507 
Canadian Western Bank82,846 2,428,284 
Canfor Corp.(2)
73,076 1,568,500 
Capital Power Corp.(1)
111,141 3,822,303 
Capstone Mining Corp.(2)
245,955 1,081,956 
Cardinal Energy Ltd.(2)
96,200 256,198 
Cascades, Inc.112,419 1,397,162 
Celestica, Inc.(2)
130,768 1,240,671 
Centerra Gold, Inc.161,668 1,208,361 
CES Energy Solutions Corp.(2)
147,707 176,782 
China Gold International Resources Corp. Ltd.(1)
231,678 701,470 
Chorus Aviation, Inc.(1)(2)
93,060 307,582 
Copper Mountain Mining Corp.(2)
88,430 228,496 
Corus Entertainment, Inc., B Shares234,775 1,163,036 
Crescent Point Energy Corp.829,743 2,979,222 
Crew Energy, Inc.(2)
60,000 87,980 
Doman Building Materials Group Ltd.69,736 367,017 
Dorel Industries, Inc., Class B(2)
21,887 212,512 
DREAM Unlimited Corp., Class A12,622 271,218 
Dundee Precious Metals, Inc.176,313 1,085,842 
Eldorado Gold Corp. (Toronto)(2)
113,023 990,793 
Endeavour Mining plc33,193 811,113 
Enerplus Corp.(1)
281,157 1,662,451 
Equitable Group, Inc.10,613 1,288,634 
ERO Copper Corp.(2)
31,843 603,216 
Evertz Technologies Ltd.4,000 41,850 
160


Avantis International Small Cap Value ETF
SharesValue
Exchange Income Corp.891 $30,869 
Extendicare, Inc.(1)
54,332 350,543 
Finning International, Inc.159,911 4,162,388 
First National Financial Corp.8,548 313,830 
Freehold Royalties Ltd.(1)
39,220 294,076 
Frontera Energy Corp.(2)
19,417 106,962 
goeasy Ltd.(1)
11,512 1,786,406 
Gran Colombia Gold Corp.29,800 115,501 
Hardwoods Distribution, Inc.13,532 407,681 
High Liner Foods, Inc.5,404 56,753 
HLS Therapeutics, Inc.30 
Home Capital Group, Inc.(2)
47,138 1,477,674 
Hudbay Minerals, Inc.4,389 26,856 
IAMGOLD Corp.(2)
290,877 691,659 
Interfor Corp.85,230 1,809,782 
International Petroleum Corp.(1)(2)
107,479 469,393 
Intertape Polymer Group, Inc.27,113 661,036 
Karora Resources, Inc.(2)
61,894 159,929 
Keyera Corp.(1)
35,009 843,002 
Largo Resources Ltd.(2)
2,962 40,874 
Laurentian Bank of Canada20,330 684,676 
Linamar Corp.49,770 2,819,767 
Lundin Mining Corp.180,043 1,455,585 
Major Drilling Group International, Inc.(2)
48,071 304,052 
Martinrea International, Inc.99,028 948,170 
Methanex Corp.33,476 1,226,909 
Mullen Group Ltd.110,187 1,157,197 
New Gold, Inc. (Toronto)(2)
612,075 737,411 
North American Construction Group Ltd.17,031 243,657 
North West Co., Inc. (The)17,433 494,809 
OceanaGold Corp.(2)
388,946 727,549 
Onex Corp.30,600 2,144,050 
Paramount Resources Ltd., A Shares34,259 367,395 
Parex Resources, Inc.(2)
122,494 1,887,436 
Pason Systems, Inc.25,778 167,747 
Peyto Exploration & Development Corp.204,215 1,084,485 
Polaris Infrastructure, Inc.(1)
2,900 42,846 
Precision Drilling Corp.(1)(2)
9,335 303,139 
Pretium Resources, Inc.(2)
165,951 1,682,331 
Real Matters, Inc.(2)
86,313 793,588 
Resolute Forest Products, Inc.72,327 885,707 
Russel Metals, Inc.72,314 1,965,973 
Secure Energy Services, Inc.162,974 546,411 
ShawCor Ltd.(2)
71,811 282,884 
Sierra Metals, Inc.(2)
3,100 6,929 
SunOpta, Inc.(2)
69,550 654,348 
Tamarack Valley Energy Ltd.(1)(2)
278,557 534,307 
Torex Gold Resources, Inc.(2)
94,985 1,061,537 
Tourmaline Oil Corp.169,402 4,530,277 
Transcontinental, Inc., Class A17 329 
TransGlobe Energy Corp.(2)
35,700 63,950 
161


Avantis International Small Cap Value ETF
SharesValue
Trican Well Service Ltd.(2)
177,929 $351,162 
Turquoise Hill Resources Ltd.(2)
64,789 971,591 
Uni-Select, Inc.(2)
17,100 238,680 
Vermilion Energy, Inc.(2)
187,418 1,250,790 
Wajax Corp.23,754 449,418 
West Fraser Timber Co. Ltd.22,831 1,762,926 
Western Forest Products, Inc.431,688 735,647 
Whitecap Resources, Inc.(1)
553,547 2,373,629 
Yamana Gold, Inc.133,016 587,246 
89,118,133 
Denmark — 1.6%
Alm Brand A/S8,775 69,136 
Bang & Olufsen A/S(2)
34,189 180,294 
Bavarian Nordic A/S(2)
16,729 820,326 
Chemometec A/S4,429 703,618 
D/S Norden A/S73,032 1,894,907 
Dfds A/S(2)
47,223 2,701,598 
Drilling Co. of 1972 A/S (The)(2)
21,823 801,054 
FLSmidth & Co. A/S28,921 1,048,439 
H+H International A/S, B Shares(2)
45,629 1,705,377 
Jyske Bank A/S(2)
49,366 2,155,025 
NKT A/S(2)
1,294 58,282 
NNIT A/S47,672 1,071,679 
Ringkjoebing Landbobank A/S4,191 497,577 
Schouw & Co. A/S10,713 1,161,975 
Spar Nord Bank A/S9,080 104,623 
Sydbank AS53,530 1,566,731 
TORM plc(2)
34,998 270,876 
16,811,517 
Finland — 1.7%
Altia Oyj(1)
8,650 109,658 
CapMan Oyj, B Shares9,067 33,630 
HKScan Oyj, A Shares82,580 203,404 
Huhtamaki Oyj6,107 326,263 
Kemira Oyj219,120 3,700,282 
Neles Oyj14,424 223,135 
Outokumpu Oyj(2)
623,860 4,331,756 
Sanoma Oyj35,594 653,736 
Suominen Oyj(1)
40,401 237,678 
Tokmanni Group Corp.108,664 3,134,920 
Uponor Oyj135,004 4,353,833 
Verkkokauppa.com Oyj57,568 581,104 
17,889,399 
France — 3.1%
AKWEL4,039 110,701 
Albioma SA12,888 570,630 
ALD SA127,281 1,792,619 
APERAM SA1,008 61,842 
Atari SA(1)(2)
128,229 66,968 
Biosynex(1)
8,789 243,925 
Bonduelle SCA5,544 150,076 
162


Avantis International Small Cap Value ETF
SharesValue
Chargeurs SA11,837 $328,902 
Derichebourg SA(2)
56,715 671,300 
Eramet SA(2)
15,854 1,289,505 
Etablissements Maurel et Prom SA(2)
41,754 104,377 
Eurobio Scientific SA(1)(2)
2,577 57,460 
Eutelsat Communications SA212,676 2,459,903 
FIGEAC-AERO(1)(2)
5,760 35,820 
Focus Home Interactive SA(2)
2,042 139,070 
Gaztransport Et Technigaz SA22,901 1,910,319 
Groupe LDLC845 65,290 
Imerys SA22,148 1,026,995 
Jacquet Metals SACA11,557 274,410 
JCDecaux SA(2)
9,711 270,920 
LISI29,476 974,611 
LNA Sante SA383 25,430 
Maisons du Monde SA72,040 1,663,658 
Manitou BF SA6,768 243,776 
Mersen SA13,284 518,242 
Metropole Television SA51,855 1,104,228 
Nexans SA42,766 4,286,775 
Nexity SA51,611 2,665,265 
Novacyt SA(1)(2)
25,994 137,139 
ReWorld Media SA(2)
6,000 29,202 
SES SA401,026 3,346,857 
Societe BIC SA7,243 482,211 
Solutions 30 SE(1)(2)
72,667 796,894 
Television Francaise 1111,088 1,115,120 
Trigano SA4,696 978,499 
Vallourec SA(2)
11,949 110,734 
Valneva SE(1)(2)
82,099 2,032,570 
Verallia SA14,295 521,059 
32,663,302 
Germany — 4.9%
7C Solarparken AG21,004 94,966 
Aareal Bank AG1,499 39,617 
ADVA Optical Networking SE(2)
78,529 1,301,556 
Allgeier SE6,437 198,365 
AURELIUS Equity Opportunities SE & Co. KGaA26,387 840,108 
Aurubis AG32,456 2,758,404 
Baader Bank AG7,342 64,981 
Bauer AG(2)
8,713 122,590 
Bertrandt AG1,999 113,831 
Bilfinger SE12,975 455,189 
Borussia Dortmund GmbH & Co. KGaA(2)
2,240 16,675 
CropEnergies AG21,098 254,992 
Deutsche EuroShop AG38,467 889,281 
Deutz AG(2)
75,422 688,794 
Draegerwerk AG & Co. KGaA557 47,308 
Draegerwerk AG & Co. KGaA, Preference Shares11,058 933,873 
Duerr AG2,562 126,212 
Einhell Germany AG, Preference Shares137 28,224 
163


Avantis International Small Cap Value ETF
SharesValue
Elmos Semiconductor SE1,173 $52,631 
ElringKlinger AG(2)
62,271 1,013,880 
Encavis AG1,208 21,986 
Freenet AG28,889 713,559 
Hamburger Hafen und Logistik AG46,575 1,026,739 
Home24 SE(2)
10,347 205,674 
Hornbach Baumarkt AG9,042 361,769 
Hornbach Holding AG & Co. KGaA12,085 1,292,776 
HUGO BOSS AG83,546 4,664,788 
JOST Werke AG20,026 1,306,762 
Jungheinrich AG, Preference Shares70,586 3,812,034 
K+S AG(2)
271,316 3,867,561 
Kloeckner & Co. SE(2)
113,383 1,530,893 
Krones AG5,654 573,171 
KWS Saat SE & Co. KGaA627 52,508 
Lang & Schwarz AG(2)
7,389 659,052 
Rheinmetall AG51,126 4,999,716 
SAF-Holland SE(2)
75,725 1,079,377 
Salzgitter AG(2)
56,849 2,142,939 
SGL Carbon SE(2)
144,066 1,599,494 
Siltronic AG12,483 2,062,654 
Sixt SE(2)
10,694 1,437,321 
Sixt SE, Preference Shares8,069 634,190 
STO SE & Co. KGaA, Preference Shares2,547 590,303 
Suedzucker AG11,179 190,765 
SUESS MicroTec SE(2)
26,725 781,093 
TAG Immobilien AG37,188 1,259,393 
Wacker Chemie AG19,187 3,385,553 
Wacker Neuson SE30,383 920,335 
Wuestenrot & Wuerttembergische AG29,962 659,247 
51,873,129 
Hong Kong — 2.0%
BOCOM International Holdings Co. Ltd.500,000 115,782 
Bright Smart Securities & Commodities Group Ltd.1,576,000 319,920 
China Strategic Holdings Ltd.(1)(2)
58,220,000 493,580 
Chow Sang Sang Holdings International Ltd.839,000 1,276,291 
CMBC Capital Holdings Ltd.(1)
21,600,000 297,172 
Crystal International Group Ltd.34,500 14,074 
CSI Properties Ltd.90,000 2,862 
Dah Sing Financial Holdings Ltd.161,200 501,502 
First Pacific Co. Ltd.20,000 7,456 
FSE Lifestyle Services Ltd.40,000 29,133 
Fullshare Holdings Ltd.(1)(2)
12,257,500 165,398 
Guotai Junan International Holdings Ltd.8,524,000 1,498,324 
Haitong International Securities Group Ltd.5,663,000 1,635,773 
Hang Lung Group Ltd.66,000 164,603 
Hengdeli Holdings Ltd.(2)
12,000 461 
IGG, Inc.645,000 616,039 
IRC Ltd.(2)
3,018,000 113,747 
Johnson Electric Holdings Ltd.419,000 959,576 
K Wah International Holdings Ltd.2,602,000 1,140,959 
164


Avantis International Small Cap Value ETF
SharesValue
Lifestyle International Holdings Ltd.(2)
27,500 $17,461 
LK Technology Holdings Ltd.547,500 1,836,094 
Pacific Basin Shipping Ltd.5,334,000 2,906,113 
Realord Group Holdings Ltd.(2)
646,000 889,033 
Sa Sa International Holdings Ltd.(2)
2,714,000 587,309 
Shun Tak Holdings Ltd.(2)
3,190,000 914,119 
SmarTone Telecommunications Holdings Ltd.33,500 18,874 
Solargiga Energy Holdings Ltd.(2)
2,018,000 127,973 
Soundwill Holdings Ltd.2,500 2,587 
Sun Hung Kai & Co. Ltd.866,000 474,196 
Tai Hing Group Holdings Ltd.245,000 50,093 
Ten Pao Group Holdings Ltd.412,000 122,127 
Texhong Textile Group Ltd.367,000 559,363 
Texwinca Holdings Ltd.440,000 95,017 
Theme International Holdings Ltd.(2)
560,000 87,741 
United Laboratories International Holdings Ltd. (The)1,392,000 939,903 
Vincent Medical Holdings Ltd.550,000 84,272 
VSTECS Holdings Ltd.1,186,000 1,115,519 
VTech Holdings Ltd.34,600 336,080 
Yue Yuen Industrial Holdings Ltd.(2)
55,500 112,552 
20,629,078 
Ireland — 0.6%
FBD Holdings plc(2)
6,291 57,124 
Glanbia plc23,051 411,531 
Glenveagh Properties plc(2)
3,801,410 4,862,531 
Permanent TSB Group Holdings plc(2)
44,096 72,716 
Uniphar plc(2)
101,528 475,340 
5,879,242 
Israel — 2.4%
Adgar Investment and Development Ltd.13,419 27,235 
AFI Properties Ltd.(2)
880 44,944 
Airport City Ltd.(2)
49,089 899,066 
Ashtrom Group Ltd.15,431 336,777 
Azorim-Investment Development & Construction Co. Ltd.(2)
16,771 68,141 
Caesarstone Ltd.30,656 398,528 
Camtek Ltd.(2)
22,927 946,334 
Carasso Motors Ltd.19,452 97,247 
Cellcom Israel Ltd.(2)
79,596 300,093 
Ceragon Networks Ltd.(1)(2)
54,112 218,612 
Clal Insurance Enterprises Holdings Ltd.(2)
85,261 1,789,316 
Delta Galil Industries Ltd.3,725 192,878 
Equital Ltd.(2)
6,693 185,357 
Fattal Holdings 1998 Ltd.(2)
641 58,283 
FIBI Holdings Ltd.(2)
30,844 1,277,206 
First International Bank of Israel Ltd.36,753 1,328,544 
Fox Wizel Ltd.12,694 1,682,371 
Gazit-Globe Ltd.50,161 363,007 
Harel Insurance Investments & Financial Services Ltd.188,639 1,852,928 
Inrom Construction Industries Ltd.23,839 117,592 
Isracard Ltd.374,387 1,553,577 
Israel Corp. Ltd. (The)(2)
5,324 1,616,262 
165


Avantis International Small Cap Value ETF
SharesValue
Ituran Location and Control Ltd.3,488 $91,002 
Melisron Ltd.(2)
3,585 289,640 
Menora Mivtachim Holdings Ltd.32,072 710,467 
Migdal Insurance & Financial Holdings Ltd.(2)
375,378 529,339 
Naphtha Israel Petroleum Corp. Ltd.(2)
10,798 49,544 
Nawi Brothers Ltd.9,923 74,850 
Oil Refineries Ltd.(2)
4,143,955 903,827 
Partner Communications Co. Ltd.(2)
200,671 951,137 
Paz Oil Co. Ltd.(2)
11,898 1,198,029 
Perion Network Ltd.(2)
3,865 80,999 
Phoenix Holdings Ltd. (The)264,450 2,823,610 
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.3,656 256,499 
Shufersal Ltd.148,088 1,220,993 
Summit Real Estate Holdings Ltd.(2)
4,435 69,902 
Taro Pharmaceutical Industries Ltd.(2)
2,371 160,801 
Tower Semiconductor Ltd.(2)
30,143 888,489 
Victory Supermarket Chain Ltd.1,800 37,548 
25,690,974 
Italy — 2.7%
Aeffe SpA(2)
11,876 25,877 
Arnoldo Mondadori Editore SpA(2)
10,652 23,518 
Banca IFIS SpA59,509 1,032,832 
Banca Popolare di Sondrio SCPA774,106 3,522,856 
Banco di Desio e della Brianza SpA(1)
118,022 444,847 
BFF Bank SpA254,858 2,328,492 
Biesse SpA(2)
41,427 1,486,628 
Cairo Communication SpA(1)
94,298 209,877 
Credito Emiliano SpA64,659 433,419 
Danieli & C Officine Meccaniche SpA39,896 1,162,663 
Danieli & C Officine Meccaniche SpA, Preference Shares114,739 2,180,550 
Digital Bros SpA(1)
27,152 857,026 
doValue SpA27,652 345,875 
Enav SpA(2)
176,807 771,538 
FNM SpA(2)
66,723 46,155 
Geox SpA(1)(2)
47,705 63,334 
Maire Tecnimont SpA(1)
150,126 585,120 
Mediaset SpA383,425 1,196,214 
OVS SpA(2)
979,909 1,997,775 
RAI Way SpA194,724 1,183,966 
Reno de Medici SpA851,083 1,445,986 
Safilo Group SpA(2)
37,185 72,522 
Saipem SpA(1)(2)
1,319,583 3,126,827 
Sesa SpA(2)
2,622 523,050 
Societa Cattolica Di Assicurazione SpA(2)
259,445 2,152,677 
Technogym SpA25,753 304,444 
Webuild SpA(1)
392,275 1,048,472 
28,572,540 
Japan — 24.9%
77 Bank Ltd. (The)77,000 872,851 
A&D Co. Ltd.7,100 72,130 
Adastria Co. Ltd.(1)
12,900 210,713 
166


Avantis International Small Cap Value ETF
SharesValue
ADEKA Corp.93,300 $2,036,780 
Adways, Inc.12,600 76,562 
Aeon Fantasy Co. Ltd.(1)
700 12,041 
AEON Financial Service Co. Ltd.(1)
110,900 1,305,288 
Aeon Mall Co. Ltd.(1)
37,200 566,523 
AFC-HD AMS Life Science Co. Ltd.(1)
28,500 297,922 
Aichi Steel Corp.3,400 86,713 
Airport Facilities Co. Ltd.3,500 18,679 
Aisan Industry Co. Ltd.36,800 282,862 
Akatsuki, Inc.4,500 131,852 
Alconix Corp.10,000 144,523 
Alleanza Holdings Co. Ltd.(1)
6,500 79,890 
Alpen Co. Ltd.34,700 1,092,867 
Alps Alpine Co. Ltd.165,100 1,729,594 
AOKI Holdings, Inc.4,600 26,151 
Aozora Bank Ltd.88,700 2,079,526 
Arata Corp.8,200 332,314 
Arcland Sakamoto Co. Ltd.(1)
22,200 309,127 
Arcs Co. Ltd.47,700 969,687 
Arealink Co. Ltd.500 6,404 
Asahi Co. Ltd.7,400 89,803 
Asahi Holdings, Inc.(1)
15,500 312,978 
Asia Pile Holdings Corp.1,400 6,114 
ASKA Pharmaceutical Holdings Co. Ltd.9,100 83,975 
Aucnet, Inc.4,400 83,306 
Awa Bank Ltd. (The)3,400 67,627 
Axial Retailing, Inc.7,100 256,386 
Bando Chemical Industries Ltd.9,600 80,493 
Bank of the Ryukyus Ltd.11,200 81,653 
Beenos, Inc.1,100 30,893 
Belc Co. Ltd.3,000 157,491 
Belluna Co. Ltd.79,800 596,376 
Bic Camera, Inc.(1)
96,800 940,579 
Bunka Shutter Co. Ltd.84,900 899,034 
Careerlink Co. Ltd.(1)
4,500 80,317 
Carta Holdings, Inc.3,000 57,810 
Cawachi Ltd.7,200 150,229 
Central Glass Co. Ltd.34,500 695,997 
Chiba Kogyo Bank Ltd. (The)2,000 5,266 
Chilled & Frozen Logistics Holdings Co. Ltd.1,900 30,246 
Chubu Shiryo Co. Ltd.(1)
9,200 94,008 
CI Takiron Corp.20,500 116,934 
CMIC Holdings Co. Ltd.1,200 16,075 
Cosmo Energy Holdings Co. Ltd.93,000 1,845,263 
CRE, Inc.1,100 16,658 
Credit Saison Co. Ltd.188,400 2,142,968 
CROOZ, Inc.(2)
10,500 127,984 
CTI Engineering Co. Ltd.2,700 60,468 
Daicel Corp.303,500 2,442,789 
Daihen Corp.10,800 470,233 
Daiichi Kigenso Kagaku-Kogyo Co. Ltd.7,600 113,351 
167


Avantis International Small Cap Value ETF
SharesValue
Daiki Aluminium Industry Co. Ltd.12,600 $169,996 
Daikokutenbussan Co. Ltd.2,700 170,205 
Daikyonishikawa Corp.19,200 116,055 
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.5,000 115,202 
Daio Paper Corp.87,600 1,640,770 
Daishi Hokuetsu Financial Group, Inc.26,300 647,350 
Daito Pharmaceutical Co. Ltd.900 29,511 
Daiwabo Holdings Co. Ltd.81,900 1,556,100 
DCM Holdings Co. Ltd.(1)
126,200 1,216,914 
Denka Co. Ltd.55,600 1,948,795 
Denyo Co. Ltd.1,000 18,637 
Diamond Electric Holdings Co. Ltd.2,800 64,083 
DIC Corp.97,000 2,790,061 
Digital Holdings, Inc.10,200 156,372 
Dowa Holdings Co. Ltd.16,300 715,792 
Eagle Industry Co. Ltd.42,200 479,074 
Earth Corp.5,600 331,332 
Ebara Corp.84,500 4,200,240 
Ebara Jitsugyo Co. Ltd.4,600 104,924 
Eco's Co. Ltd.14,100 249,536 
EDION Corp.110,000 1,068,741 
EF-ON, Inc.(1)
9,200 71,019 
Ehime Bank Ltd. (The)3,300 23,449 
EJ Holdings, Inc.2,900 33,186 
Electric Power Development Co. Ltd.182,600 2,727,778 
Enomoto Co. Ltd.3,000 43,038 
Enplas Corp.1,400 40,008 
ES-Con Japan Ltd.(1)
100 710 
Exedy Corp.29,000 438,786 
F.C.C. Co. Ltd.17,700 247,479 
FALCO HOLDINGS Co. Ltd.2,000 31,937 
Feed One Co. Ltd.4,700 32,465 
Ferrotec Holdings Corp.48,600 1,425,457 
FIDEA Holdings Co. Ltd.78,100 89,423 
Financial Products Group Co. Ltd.96,500 596,545 
FJ Next Co. Ltd.12,000 112,064 
France Bed Holdings Co. Ltd.12,600 105,894 
Freebit Co. Ltd.3,900 29,414 
Fudo Tetra Corp.3,500 55,427 
Fuji Co. Ltd.(1)
4,200 75,041 
Fuji Corp. Ltd.9,000 56,101 
Fuji Oil Holdings, Inc.43,200 976,586 
Fuji Pharma Co. Ltd.3,800 39,859 
Fuji Seal International, Inc.37,800 849,175 
Fujibo Holdings, Inc.6,000 231,183 
Fujikura Ltd.(2)
330,200 1,901,177 
Fukuda Corp.800 36,562 
Fumakilla Ltd.1,400 17,095 
Furukawa Battery Co. Ltd. (The)(1)
2,700 39,574 
Furukawa Co. Ltd.7,700 86,625 
Furuno Electric Co. Ltd.18,200 180,659 
168


Avantis International Small Cap Value ETF
SharesValue
Furyu Corp.600 $8,479 
Futaba Industrial Co. Ltd.93,800 413,864 
Fuyo General Lease Co. Ltd.14,100 973,515 
G-7 Holdings, Inc.5,400 194,997 
G-Tekt Corp.14,800 199,154 
Gecoss Corp.2,200 17,764 
Genky DrugStores Co. Ltd.(1)
4,200 196,313 
Geo Holdings Corp.(1)
26,600 287,559 
GLOBERIDE, Inc.7,600 509,904 
GMO Financial Holdings, Inc.56,300 418,927 
Godo Steel Ltd.8,300 113,393 
Goldcrest Co. Ltd.7,500 114,896 
GS Yuasa Corp.53,600 1,255,816 
GungHo Online Entertainment, Inc.18,800 365,207 
Gunma Bank Ltd. (The)312,300 1,006,976 
H-One Co. Ltd.9,400 61,184 
H.U. Group Holdings, Inc.64,900 1,915,316 
H2O Retailing Corp.30,100 236,300 
Hagihara Industries, Inc.3,300 45,134 
Hagiwara Electric Holdings Co. Ltd.1,300 26,927 
Hamakyorex Co. Ltd.14,700 437,646 
Hanwa Co. Ltd.48,400 1,451,339 
Happinet Corp.9,100 120,274 
Hazama Ando Corp.3,700 27,598 
Heiwado Co. Ltd.(1)
9,200 182,922 
HI-LEX Corp.4,000 63,144 
Hinokiya Group Co. Ltd.2,200 46,177 
Hirogin Holdings, Inc.225,400 1,296,470 
Hitachi Transport System Ltd.2,900 121,352 
Hitachi Zosen Corp.228,400 1,652,235 
Hokkoku Bank Ltd. (The)8,800 168,661 
Hokuetsu Corp.30,700 168,623 
Hokuhoku Financial Group, Inc.134,200 1,028,603 
Hokuto Corp.27,700 501,900 
Hoosiers Holdings15,500 93,178 
Hosiden Corp.76,700 630,959 
Hyakugo Bank Ltd. (The)102,100 300,405 
I-Net Corp./Kanagawa1,400 18,142 
I-PEX, Inc.9,200 165,496 
Ichigo, Inc.6,500 20,120 
Ichinen Holdings Co. Ltd.4,300 48,432 
IDEA Consultants, Inc.200 3,394 
IDOM, Inc.135,900 1,154,904 
IHI Corp.(2)
44,800 996,072 
Iino Kaiun Kaisha Ltd.154,600 738,030 
Inabata & Co. Ltd.55,300 845,944 
Ines Corp.200 2,869 
Innotech Corp.5,300 67,097 
Internet Initiative Japan, Inc.49,900 1,737,033 
Iseki & Co. Ltd.(2)
3,100 44,501 
Itochu Enex Co. Ltd.98,100 879,459 
169


Avantis International Small Cap Value ETF
SharesValue
Itoham Yonekyu Holdings, Inc.33,400 $225,491 
IwaiCosmo Holdings, Inc.13,500 168,885 
Iwatani Corp.8,500 468,809 
Iyo Bank Ltd. (The)124,200 664,664 
Izumi Co. Ltd.(1)
400 13,014 
J Front Retailing Co. Ltd.(1)
142,500 1,229,782 
Jaccs Co. Ltd.28,100 702,388 
JAFCO Group Co. Ltd.13,700 827,406 
Janome Sewing Machine Co. Ltd.10,000 62,945 
Japan Asia Group Ltd.20,800 182,432 
Japan Aviation Electronics Industry Ltd.27,100 396,082 
Japan Investment Adviser Co. Ltd.9,700 124,381 
Japan Petroleum Exploration Co. Ltd.36,400 626,208 
Japan Transcity Corp.4,400 23,592 
JDC Corp.1,000 5,230 
JFE Holdings, Inc.3,600 58,392 
JK Holdings Co. Ltd.200 1,470 
JM Holdings Co. Ltd.(1)
20,000 415,017 
Joshin Denki Co. Ltd.27,600 631,453 
JSP Corp.2,200 32,384 
JTEKT Corp.290,200 2,623,972 
Juroku Bank Ltd. (The)28,000 591,029 
JVCKenwood Corp.408,100 771,626 
K's Holdings Corp.200,900 2,195,979 
Kaga Electronics Co. Ltd.3,100 81,580 
Kamei Corp.4,100 43,737 
Kanamoto Co. Ltd.46,700 1,067,145 
Kandenko Co. Ltd.35,100 301,581 
Kaneka Corp.60,400 2,499,738 
Kanematsu Corp.8,400 108,028 
Kanto Denka Kogyo Co. Ltd.56,800 552,701 
Kato Sangyo Co. Ltd.3,000 91,749 
KAWADA TECHNOLOGIES, Inc.100 3,373 
Kawai Musical Instruments Manufacturing Co. Ltd.900 30,561 
Keiyo Co. Ltd.(1)
36,100 262,377 
KFC Holdings Japan Ltd.5,700 154,649 
Kintetsu World Express, Inc.15,700 380,924 
Kito Corp.1,700 25,639 
Kitz Corp.77,300 572,232 
Kiyo Bank Ltd. (The)79,500 1,133,896 
Koa Shoji Holdings Co. Ltd.(1)
5,800 34,135 
Kobe Steel Ltd.470,100 2,988,751 
Kohnan Shoji Co. Ltd.42,900 1,414,349 
Kojima Co. Ltd.(1)
33,400 197,667 
Komeri Co. Ltd.43,400 995,174 
Konica Minolta, Inc.566,200 2,873,524 
Konoike Transport Co. Ltd.3,700 46,046 
Kumagai Gumi Co. Ltd.31,900 778,972 
Kuraray Co. Ltd.322,500 3,031,576 
Kureha Corp.10,700 729,416 
Kurimoto Ltd.800 11,981 
170


Avantis International Small Cap Value ETF
SharesValue
Kuriyama Holdings Corp.400 $3,167 
KYB Corp.6,300 177,844 
Kyoei Steel Ltd.16,300 216,646 
Kyokuto Kaihatsu Kogyo Co. Ltd.11,400 171,096 
Kyokuyo Co. Ltd.4,700 128,764 
Kyudenko Corp.600 21,574 
Kyushu Financial Group, Inc.132,000 512,063 
Lawson, Inc.(1)
1,800 86,573 
Life Corp.6,200 244,905 
Macnica Fuji Electronics Holdings, Inc.58,100 1,397,622 
Maeda Corp.161,000 1,185,319 
Maeda Road Construction Co. Ltd.25,300 424,550 
Maruha Nichiro Corp.49,400 1,139,990 
Maruwa Co. Ltd.200 19,311 
Maruzen Showa Unyu Co. Ltd.2,500 77,276 
Maxell Holdings Ltd.(2)
60,400 710,079 
Mazda Motor Corp.(2)
600 5,208 
MCJ Co. Ltd.39,600 441,252 
Mebuki Financial Group, Inc.599,900 1,340,654 
Megachips Corp.16,400 500,799 
Megmilk Snow Brand Co. Ltd.39,000 817,417 
Meidensha Corp.39,700 886,196 
Meiko Electronics Co. Ltd.23,800 595,689 
Mie Kotsu Group Holdings, Inc.8,900 40,515 
Mimasu Semiconductor Industry Co. Ltd.35,900 763,201 
Ministop Co. Ltd.3,000 38,728 
Mirait Holdings Corp.106,900 2,126,560 
Mitani Sangyo Co. Ltd.1,200 4,141 
Mitsuba Corp.(2)
60,300 360,608 
Mitsubishi HC Capital, Inc.419,250 2,245,070 
Mitsubishi Kakoki Kaisha Ltd.1,200 26,738 
Mitsubishi Materials Corp.148,700 3,048,182 
Mitsui Chemicals, Inc.61,500 2,123,128 
Mitsui E&S Holdings Co. Ltd.(2)
10,300 43,165 
Mitsui Mining & Smelting Co. Ltd.65,200 1,977,501 
Mitsui OSK Lines Ltd.70,600 5,441,603 
Mitsui-Soko Holdings Co. Ltd.37,400 910,302 
Mixi, Inc.47,700 1,095,510 
Miyazaki Bank Ltd. (The)7,200 134,948 
Mizuho Leasing Co. Ltd.(1)
43,500 1,389,633 
Modec, Inc.10,700 157,669 
Monex Group, Inc.106,600 567,185 
MrMax Holdings Ltd.9,700 55,714 
Musashi Seimitsu Industry Co. Ltd.52,800 929,859 
Musashino Bank Ltd. (The)27,400 447,726 
Nachi-Fujikoshi Corp.3,300 128,952 
Nafco Co. Ltd.8,500 140,463 
NEC Capital Solutions Ltd.17,000 327,590 
NGK Spark Plug Co. Ltd.183,000 2,812,885 
Nichiha Corp.5,100 150,064 
Nichireki Co. Ltd.12,500 146,077 
171


Avantis International Small Cap Value ETF
SharesValue
Nihon Chouzai Co. Ltd.400 $6,297 
Nihon Dempa Kogyo Co. Ltd.(2)
12,800 102,016 
Nihon Flush Co. Ltd.3,600 41,462 
Nihon House Holdings Co. Ltd.(1)
2,100 8,088 
Nihon Tokushu Toryo Co. Ltd.1,200 11,548 
Nikkon Holdings Co. Ltd.62,600 1,306,479 
Nippo Corp.65,500 1,924,708 
Nippon Carbon Co. Ltd.200 7,538 
Nippon Chemi-Con Corp.(2)
17,500 343,607 
Nippon Chemical Industrial Co. Ltd.2,300 69,458 
Nippon Coke & Engineering Co. Ltd.215,400 246,493 
Nippon Commercial Development Co. Ltd.7,500 115,174 
Nippon Denko Co. Ltd.293,300 873,149 
Nippon Electric Glass Co. Ltd.73,000 1,557,594 
Nippon Kayaku Co. Ltd.85,000 940,478 
Nippon Kodoshi Corp.800 23,789 
Nippon Koei Co. Ltd.2,900 81,695 
Nippon Light Metal Holdings Co. Ltd.78,810 1,381,552 
Nippon Paper Industries Co. Ltd.128,300 1,427,610 
Nippon Road Co. Ltd. (The)700 52,845 
Nippon Seiki Co. Ltd.2,100 23,408 
Nippon Suisan Kaisha Ltd.370,300 2,040,913 
Nippon Yakin Kogyo Co. Ltd.18,910 462,233 
Nippon Yusen KK74,400 5,982,865 
Nipro Corp.165,700 1,927,353 
Nishi-Nippon Financial Holdings, Inc.153,400 968,083 
Nishimatsuya Chain Co. Ltd.(1)
45,400 545,568 
Nishio Rent All Co. Ltd.37,500 994,806 
Nissei ASB Machine Co. Ltd.1,500 57,671 
Nissha Co. Ltd.72,500 1,170,224 
Nisshinbo Holdings, Inc.110,300 915,297 
Nissin Electric Co. Ltd.18,300 207,857 
Nitto Kogyo Corp.21,400 336,804 
Nittoc Construction Co. Ltd.3,300 21,699 
Nojima Corp.35,400 871,579 
NOK Corp.99,200 1,216,547 
Nomura Micro Science Co. Ltd.(1)
2,700 118,882 
Noritz Corp.1,700 29,285 
North Pacific Bank Ltd.300,100 692,129 
NS United Kaiun Kaisha Ltd.9,900 328,397 
NTN Corp.(2)
491,600 1,124,578 
Ogaki Kyoritsu Bank Ltd. (The)28,300 502,780 
Okamura Corp.84,600 1,301,308 
Oki Electric Industry Co. Ltd.38,900 348,959 
Okuwa Co. Ltd.16,900 170,710 
Olympic Group Corp.6,200 42,782 
Organo Corp.3,000 173,192 
Orient Corp.647,700 882,309 
Oriental Shiraishi Corp.(2)
69,200 172,148 
Pacific Industrial Co. Ltd.71,700 818,578 
Pasco Corp.500 6,662 
172


Avantis International Small Cap Value ETF
SharesValue
Pasona Group, Inc.19,200 $464,980 
Penta-Ocean Construction Co. Ltd.92,400 586,461 
Press Kogyo Co. Ltd.5,000 15,715 
Pressance Corp.10,100 158,432 
Proto Corp.8,100 109,030 
PS Mitsubishi Construction Co. Ltd.13,500 79,527 
Raiznext Corp.15,500 156,044 
Relia, Inc.(1)
58,000 628,403 
Rengo Co. Ltd.218,000 1,777,079 
Resorttrust, Inc.2,600 44,979 
Ricoh Leasing Co. Ltd.16,600 550,624 
Riken Technos Corp.14,500 75,857 
Riken Vitamin Co. Ltd.12,400 205,391 
Rokko Butter Co. Ltd.1,500 21,601 
Roland DG Corp.9,800 254,561 
Ryobi Ltd.3,500 41,396 
Ryoden Corp.1,700 27,584 
Sakai Chemical Industry Co. Ltd.12,700 245,788 
Sakura Internet, Inc.(1)
500 2,834 
Sala Corp.12,500 68,808 
San-In Godo Bank Ltd. (The)82,100 427,322 
Sanei Architecture Planning Co. Ltd.(1)
2,300 39,315 
Sankyu, Inc.51,100 2,378,021 
Sanoh Industrial Co. Ltd.37,200 378,339 
Sanwa Holdings Corp.202,100 2,684,040 
Sanyo Chemical Industries Ltd.6,100 326,191 
Sawada Holdings Co. Ltd.25,400 231,515 
SBS Holdings, Inc.17,500 629,101 
Seed Co. Ltd.5,000 31,455 
Seikitokyu Kogyo Co. Ltd.6,400 48,961 
Seiko Epson Corp.63,600 1,184,535 
Seino Holdings Co. Ltd.3,100 38,182 
Seiren Co. Ltd.5,100 88,642 
Senko Group Holdings Co. Ltd.130,800 1,149,760 
Senshu Ikeda Holdings, Inc.128,800 196,512 
Seven Bank Ltd.580,600 1,324,231 
Shibaura Mechatronics Corp.2,100 126,108 
Shibuya Corp.1,300 36,814 
Shin Nippon Biomedical Laboratories Ltd.3,700 28,556 
Shinagawa Refractories Co. Ltd.100 3,608 
Shinnihon Corp.4,500 35,243 
Shinoken Group Co. Ltd.15,400 155,804 
Shinsei Bank Ltd.95,900 1,188,927 
Shoei Foods Corp.5,500 207,911 
Showa Sangyo Co. Ltd.1,300 33,284 
Siix Corp.27,500 319,877 
Sinko Industries Ltd.3,300 65,483 
SK-Electronics Co. Ltd.200 1,695 
SKY Perfect JSAT Holdings, Inc.257,000 952,839 
Soken Chemical & Engineering Co. Ltd.1,300 24,847 
Space Value Holdings Co. Ltd.(2)
14,100 107,140 
173


Avantis International Small Cap Value ETF
SharesValue
St-Care Holding Corp.12,200 $104,678 
Starts Corp., Inc.44,100 1,146,021 
Starzen Co. Ltd.12,700 258,504 
Stella Chemifa Corp.4,200 108,666 
Studio Alice Co. Ltd.(1)
7,300 148,944 
SUMCO Corp.89,500 1,884,226 
Sumida Corp.25,000 297,628 
Sumitomo Bakelite Co. Ltd.9,600 413,846 
Sumitomo Forestry Co. Ltd.66,200 1,291,774 
Sumitomo Heavy Industries Ltd.73,300 1,917,497 
Sumitomo Mitsui Construction Co. Ltd.106,900 463,854 
Sumitomo Osaka Cement Co. Ltd.45,400 1,232,318 
Sumitomo Riko Co. Ltd.54,300 345,281 
Sumitomo Rubber Industries Ltd.236,800 2,836,755 
Sumitomo Seika Chemicals Co. Ltd.2,900 92,834 
Sumitomo Warehouse Co. Ltd. (The)47,000 763,810 
Sun Frontier Fudousan Co. Ltd.19,600 203,373 
Suruga Bank Ltd.278,100 914,091 
Suzuki Co. Ltd.6,700 51,430 
SWCC Showa Holdings Co. Ltd.14,600 303,658 
T RAD Co. Ltd.(2)
1,100 31,215 
T-Gaia Corp.12,400 221,600 
Taihei Dengyo Kaisha Ltd.9,100 222,700 
Taiheiyo Cement Corp.142,600 3,265,927 
Taiho Kogyo Co. Ltd.22,800 175,461 
Taiyo Yuden Co. Ltd.35,300 1,995,438 
Takamiya Co. Ltd.1,600 6,977 
Takaoka Toko Co. Ltd.7,500 101,976 
Takara Leben Co. Ltd.235,500 685,053 
Takasago International Corp.11,200 294,423 
Takashimaya Co. Ltd.(1)
127,900 1,275,065 
Takeei Corp.28,500 433,375 
Takuma Co. Ltd.17,400 262,206 
Tama Home Co. Ltd.28,500 639,260 
Tanseisha Co. Ltd.17,200 137,060 
Taoka Chemical Co. Ltd.600 61,123 
Teijin Ltd.208,900 3,004,583 
Toa Corp. (Tokyo)(1)
28,400 594,316 
Toda Corp.3,900 28,470 
Toho Zinc Co. Ltd.12,800 236,082 
TOKAI Holdings Corp.107,300 893,921 
Tokai Rika Co. Ltd.11,100 161,482 
Tokuyama Corp.66,300 1,323,930 
Tokyo Tatemono Co. Ltd.190,300 2,917,008 
Tokyo Tekko Co. Ltd.2,700 38,193 
Tokyu Fudosan Holdings Corp.152,900 884,605 
Tomoku Co. Ltd.1,600 27,741 
TOMONY Holdings, Inc.8,700 25,516 
Tomy Co. Ltd.32,600 319,760 
Topre Corp.49,500 602,468 
Tosei Corp.26,800 282,947 
174


Avantis International Small Cap Value ETF
SharesValue
Towa Bank Ltd. (The)11,900 $54,170 
Towa Corp.25,400 627,121 
Toyo Ink SC Holdings Co. Ltd.12,300 226,100 
Toyo Seikan Group Holdings Ltd.145,400 2,024,391 
Toyo Tanso Co. Ltd.1,700 42,571 
Toyo Tire Corp.130,500 2,318,178 
Toyobo Co. Ltd.124,200 1,538,207 
Toyoda Gosei Co. Ltd.58,700 1,248,315 
Toyota Boshoku Corp.69,400 1,304,971 
TPR Co. Ltd.13,500 182,259 
Transcosmos, Inc.7,000 218,616 
TS Tech Co. Ltd.10,400 140,870 
Tsubakimoto Chain Co.33,800 1,041,915 
Tsuzuki Denki Co. Ltd.200 3,232 
UACJ Corp.(2)
40,600 1,007,429 
Ube Industries Ltd.126,800 2,558,525 
Uchida Yoko Co. Ltd.4,700 222,259 
United Super Markets Holdings, Inc.(1)
59,900 595,394 
UNITED, Inc.4,000 60,454 
Unitika Ltd.(2)
27,100 85,821 
V Technology Co. Ltd.4,100 168,654 
Valor Holdings Co. Ltd.44,900 1,002,435 
VT Holdings Co. Ltd.2,200 10,766 
Wacom Co. Ltd.21,300 138,691 
Wakita & Co. Ltd.38,200 351,794 
Warabeya Nichiyo Holdings Co. Ltd.8,100 177,246 
World Holdings Co. Ltd.4,100 96,836 
Xebio Holdings Co. Ltd.19,300 193,620 
YAMABIKO Corp.65,700 755,415 
Yamaguchi Financial Group, Inc.129,900 757,493 
Yamato Corp.700 4,885 
Yaoko Co. Ltd.1,100 71,371 
Yellow Hat Ltd.31,600 559,194 
Yodogawa Steel Works Ltd.29,600 667,967 
Yokohama Reito Co. Ltd.38,300 312,638 
Yokohama Rubber Co. Ltd. (The)155,300 2,648,893 
Yorozu Corp.4,500 48,709 
Yotai Refractories Co. Ltd.2,400 27,789 
Yurtec Corp.1,000 6,310 
263,211,267 
Netherlands — 2.3%
Accell Group NV(2)
24,143 1,151,396 
AerCap Holdings NV(2)
134,550 7,256,281 
AMG Advanced Metallurgical Group NV17,257 610,541 
Arcadis NV1,042 51,595 
ASR Nederland NV(1)
119,362 5,454,222 
Basic-Fit NV(1)(2)
20,454 955,193 
Boskalis Westminster85,300 2,807,962 
Brunel International NV19,487 257,532 
ForFarmers NV23,802 125,078 
Heijmans NV, CVA72,273 1,037,928 
175


Avantis International Small Cap Value ETF
SharesValue
Koninklijke BAM Groep NV(2)
439,538 $1,451,927 
Pharming Group NV(1)(2)
366,626 394,266 
PostNL NV162,711 851,450 
SIF Holding NV285 5,447 
TKH Group NV, CVA37,764 2,314,339 
24,725,157 
New Zealand — 0.8%
Air New Zealand Ltd.(1)(2)
1,750,352 1,862,684 
Heartland Group Holdings Ltd.16,000 25,860 
Kathmandu Holdings Ltd.186,847 179,031 
New Zealand Refining Co. Ltd. (The)(2)
201,543 130,799 
Oceania Healthcare Ltd.3,324,227 3,684,694 
SKYCITY Entertainment Group Ltd.(2)
161,460 370,518 
Tourism Holdings Ltd.(2)
2,943 5,010 
Z Energy Ltd.992,224 2,452,551 
8,711,147 
Norway — 1.9%
ABG Sundal Collier Holding ASA387,326 414,472 
Aker Solutions ASA(2)
73,561 136,040 
Avance Gas Holding Ltd.181,766 910,805 
BW Energy Ltd.(2)
12,056 38,700 
BW LPG Ltd.202,182 1,076,523 
BW Offshore Ltd.269,994 838,183 
DNO ASA(2)
1,080,504 979,905 
FLEX LNG Ltd.60,698 911,661 
Frontline Ltd.(1)
259,633 1,874,550 
Grieg Seafood ASA(2)
17,190 171,117 
Hunter Group ASA(2)
85,606 26,371 
Kid ASA46,537 687,147 
Kitron ASA12,541 27,609 
Komplett Bank ASA54,615 53,900 
Norske Skog ASA(2)
78,434 293,037 
Ocean Yield ASA(1)
32,155 116,755 
Odfjell Drilling Ltd.(1)(2)
155,125 346,755 
PGS ASA(2)
1,634,050 807,269 
Protector Forsikring ASA24,026 270,683 
SpareBank 1 Nord Norge124,074 1,249,523 
Sparebanken Vest58,146 598,247 
Stolt-Nielsen Ltd.56,279 701,471 
Subsea 7 SA526,675 4,006,765 
TGS ASA175,798 1,947,215 
Veidekke ASA68,075 873,960 
Wallenius Wilhelmsen ASA(2)
184,503 730,357 
XXL ASA(2)
175,157 371,719 
20,460,739 
Portugal — 0.2%
CTT-Correios de Portugal SA349,706 1,897,466 
NOS SGPS SA43,771 184,523 
Sonae SGPS SA12,843 13,984 
2,095,973 
Singapore — 1.6%
Banyan Tree Holdings Ltd.(2)
67,500 16,035 
176


Avantis International Small Cap Value ETF
SharesValue
Boustead Singapore Ltd.125,900 $93,621 
BRC Asia Ltd.79,400 88,503 
China Sunsine Chemical Holdings Ltd.1,435,600 522,578 
First Resources Ltd.44,100 48,140 
Food Empire Holdings Ltd.57,400 32,830 
Frencken Group Ltd.258,600 451,203 
Golden Agri-Resources Ltd.22,317,600 3,807,944 
Hong Leong Asia Ltd.(1)
422,700 265,179 
Hour Glass Ltd. (The)(1)
250,400 265,490 
Hutchison Port Holdings Trust, U Shares11,302,100 2,307,832 
Indofood Agri Resources Ltd.(2)
191,900 43,437 
InnoTek Ltd.(1)
91,000 54,352 
ISDN Holdings Ltd.354,200 166,852 
Japfa Ltd.1,780,900 940,063 
Medtecs International Corp. Ltd.329,000 133,101 
Mewah International, Inc.120,500 35,650 
OUE Ltd.(1)
102,800 106,141 
QAF Ltd.46,100 31,700 
Singapore Post Ltd.1,279,000 622,499 
Singapore Press Holdings Ltd.3,259,000 4,696,950 
Tuan Sing Holdings Ltd.(1)
1,113,700 412,784 
Yanlord Land Group Ltd.2,436,600 2,151,671 
17,294,555 
Spain — 1.7%
Acerinox SA223,672 3,048,419 
Almirall SA1,988 33,768 
Banco de Sabadell SA(2)
5,283,706 3,766,782 
Bankinter SA90,465 529,441 
Construcciones y Auxiliar de Ferrocarriles SA(2)
34,653 1,487,063 
Deoleo SA(1)(2)
254,650 110,238 
Ence Energia y Celulosa SA(2)
104,392 311,333 
Ercros SA(2)
94,414 371,910 
Fomento de Construcciones y Contratas SA424 5,419 
Gestamp Automocion SA(2)
295,541 1,374,591 
Grupo Catalana Occidente SA15,011 568,507 
Mediaset Espana Comunicacion SA(2)
256,897 1,567,137 
Melia Hotels International SA(2)
8,104 56,683 
Miquel y Costas & Miquel SA97 1,935 
Neinor Homes SA(2)
14,754 210,551 
Obrascon Huarte Lain SA(1)(2)
260,134 190,040 
Pharma Mar SA19,891 1,713,727 
Prosegur Cia de Seguridad SA340,517 1,108,525 
Sacyr SA5,401 13,344 
Solarpack Corp. Tecnologica SA(2)
488 15,145 
Tecnicas Reunidas SA(1)(2)
24,310 233,892 
Tubacex SA(1)(2)
80,578 141,150 
Unicaja Banco SA1,349,980 1,245,526 
Zardoya Otis SA50,683 334,500 
18,439,626 
Sweden — 7.2%
AcadeMedia AB4,124 37,523 
177


Avantis International Small Cap Value ETF
SharesValue
Arise AB(2)
17,600 $84,176 
Arjo AB, B Shares10,539 135,201 
Avanza Bank Holding AB51,942 2,000,804 
Bahnhof AB, B Shares33,644 154,000 
Bilia AB, A Shares190,263 3,823,019 
Biotage AB39,686 1,110,193 
Bonava AB, B Shares162,680 1,728,716 
Boozt AB(2)
74,606 1,521,915 
Bure Equity AB114,038 5,323,392 
Catena Media plc(1)(2)
179,710 935,138 
Cibus Nordic Real Estate AB37,504 977,295 
Clas Ohlson AB, B Shares(1)(2)
133,089 1,583,745 
Collector AB(2)
161,073 730,157 
Corem Property Group AB943,178 2,806,024 
Dios Fastigheter AB157,275 1,853,495 
Electrolux Professional AB, B Shares(2)
253,303 1,980,017 
Eolus Vind AB, B Shares(1)
58,118 1,182,709 
Ferronordic AB7,904 224,271 
G5 Entertainment AB(1)
13,542 694,145 
Granges AB177,127 2,206,240 
Haldex AB(1)(2)
29,594 170,721 
Hexatronic Group AB61,255 1,853,798 
Hoist Finance AB(1)(2)
227,497 903,542 
JM AB58,063 2,249,409 
Karo Pharma AB(2)
20,186 125,148 
Kopparbergs Bryggeri AB, B Shares12,361 243,359 
Kungsleden AB223,647 3,355,156 
Loomis AB132,274 4,106,922 
Maha Energy AB(1)(2)
117,960 162,464 
Mekonomen AB(2)
78,660 1,478,914 
Millicom International Cellular SA, SDR(2)
86,434 3,270,918 
Mycronic AB91,993 2,841,093 
NCC AB, B Shares129,493 2,318,657 
New Wave Group AB, B Shares(2)
64,435 1,017,353 
Nobia AB221,595 1,798,137 
Nobina AB160,803 1,475,141 
Nolato AB, B Shares52,646 608,844 
Nordic Entertainment Group AB, B Shares(2)
36,189 2,102,319 
NP3 Fastigheter AB231 5,942 
Nyfosa AB221,794 3,425,838 
Orexo AB(1)(2)
31,261 132,184 
Pandox AB(2)
75,428 1,251,335 
Paradox Interactive AB71,192 1,321,750 
Peab AB, Class B311,355 3,727,132 
RaySearch Laboratories AB(1)(2)
37,992 311,819 
Resurs Holding AB271,085 1,383,975 
Saab AB, B Shares47,043 1,404,130 
Scandi Standard AB138,727 949,968 
SkiStar AB(2)
4,121 87,002 
SolTech Energy Sweden AB(2)
76,947 217,704 
178


Avantis International Small Cap Value ETF
SharesValue
Tethys Oil AB63,178 $371,817 
75,764,666 
Switzerland — 4.9%
ALSO Holding AG(2)
15,042 4,841,326 
Aluflexpack AG(2)
641 24,501 
Arbonia AG132,122 2,742,522 
Ascom Holding AG(2)
27,173 431,631 
Autoneum Holding AG(1)(2)
12,567 2,404,266 
Bell Food Group AG2,798 870,796 
Bobst Group SA(2)
24,077 2,216,048 
Bossard Holding AG, Class A10,860 3,652,751 
Bucher Industries AG2,032 1,028,078 
Burckhardt Compression Holding AG5,027 1,986,715 
Bystronic AG226 317,764 
Coltene Holding AG(2)
5,226 754,011 
EFG International AG(2)
254,489 2,007,504 
Forbo Holding AG1,745 3,735,372 
GAM Holding AG(2)
210,903 403,852 
Gurit Holding AG708 1,462,953 
Huber + Suhner AG13,364 1,198,902 
Implenia AG(2)
29,232 674,072 
Leonteq AG27,486 1,845,094 
Liechtensteinische Landesbank AG5,325 313,066 
OC Oerlikon Corp. AG354,201 3,951,640 
Orior AG7,263 745,276 
Sensirion Holding AG(2)
12,506 1,569,380 
St Galler Kantonalbank AG2,805 1,304,900 
Sulzer AG1,934 291,493 
Swiss Steel Holding AG(1)(2)
2,450,082 1,152,407 
Swissquote Group Holding SA11,668 2,202,752 
V-ZUG Holding AG(2)
916 146,193 
Valiant Holding AG34,053 3,432,676 
Valora Holding AG(2)
412 84,471 
Zehnder Group AG33,817 3,656,254 
51,448,666 
United Kingdom — 16.4%
AG Barr plc(2)
6,988 53,558 
Anglo Asian Mining plc97,574 177,214 
Anglo Pacific Group plc19,013 35,277 
AO World plc(2)
66,123 210,308 
ASOS plc(2)
75,474 4,026,518 
Bank of Georgia Group plc(2)
38,936 894,096 
Bellway plc86,611 4,197,507 
Biffa plc(2)
240,166 1,290,285 
Bodycote plc201,421 2,673,741 
Brewin Dolphin Holdings plc172,970 946,844 
Britvic plc286,964 3,850,335 
Burford Capital Ltd.142,457 1,771,035 
Cairn Energy plc647,692 1,715,635 
Centamin plc974,920 1,332,823 
Central Asia Metals plc130,257 448,346 
179


Avantis International Small Cap Value ETF
SharesValue
Close Brothers Group plc166,591 $3,529,980 
CMC Markets plc139,262 801,371 
Coats Group plc1,592,901 1,672,378 
Computacenter plc85,403 3,454,763 
ContourGlobal plc107,633 287,176 
Crest Nicholson Holdings plc(2)
349,697 2,016,471 
CVS Group plc(2)
25,050 856,522 
Daily Mail & General Trust plc568 8,642 
De La Rue plc(2)
37,071 89,993 
Devro plc195,904 602,121 
Direct Line Insurance Group plc1,064,172 4,518,081 
Diversified Energy Co. plc153,505 235,798 
Draper Esprit plc(2)
28,064 419,017 
Drax Group plc520,250 2,966,744 
Dunelm Group plc74,060 1,308,999 
Electrocomponents plc22,518 329,519 
EnQuest plc(2)
260,319 90,472 
Evraz plc349,491 2,842,836 
Ferrexpo plc423,876 2,221,599 
Forterra plc5,159 22,410 
Frasers Group plc(2)
225,052 2,071,721 
Go-Ahead Group plc (The)(2)
45,220 586,017 
Golar LNG Ltd.(2)
78,302 880,897 
Grafton Group plc296 5,688 
Gulf Keystone Petroleum Ltd.234,368 508,994 
Gym Group plc (The)(2)
70,832 277,042 
Halfords Group plc142,001 710,651 
Harbour Energy plc(2)
4,533 22,270 
Hays plc(2)
1,576,874 3,452,049 
Hill & Smith Holdings plc27,466 699,889 
Hochschild Mining plc264,296 548,853 
Howden Joinery Group plc385,177 5,010,340 
Hunting plc77,817 224,357 
IG Group Holdings plc371,985 4,790,167 
Inchcape plc408,354 5,164,548 
Indivior plc(2)
310,697 830,567 
IntegraFin Holdings plc221,828 1,768,087 
International Personal Finance plc(2)
30,812 62,720 
Investec plc691,835 2,910,279 
IP Group plc895,663 1,564,026 
IWG plc(2)
38,965 160,130 
J Sainsbury plc1,756,263 7,340,481 
Jadestone Energy plc321,443 336,299 
JET2 plc(1)(2)
2,795 44,411 
Johnson Matthey plc89,251 3,608,310 
Jubilee Metals Group plc(2)
919,649 221,288 
Just Group plc(2)
1,252,849 1,607,793 
Keller Group plc87,458 1,202,212 
Lookers plc(2)
97,103 89,197 
Luceco plc5,749 35,882 
Luxfer Holdings plc17,251 368,309 
180


Avantis International Small Cap Value ETF
SharesValue
M&G plc2,513,176 $7,118,953 
Marks & Spencer Group plc(2)
2,404,362 5,943,325 
Marston's plc(2)
642,971 764,912 
Mediclinic International plc(2)
146,373 630,783 
Mitchells & Butlers plc(2)
240,997 975,501 
Morgan Sindall Group plc27,663 977,234 
N Brown Group plc(1)(2)
110,106 81,000 
OSB Group plc221,946 1,557,075 
Pagegroup plc(2)
333,550 2,894,207 
Pan African Resources plc(1)
1,482,405 346,629 
Paragon Banking Group plc197,582 1,526,987 
PayPoint plc25,528 249,030 
Petropavlovsk plc(1)(2)
1,503 435 
Photo-Me International plc(2)
327,472 313,046 
Playtech plc(2)
361,418 2,033,312 
Plus500 Ltd.111,596 2,294,235 
Provident Financial plc(2)
343,428 1,683,549 
PZ Cussons plc256,931 852,165 
QinetiQ Group plc33,888 160,998 
Quilter plc1,098,352 2,282,924 
Rathbone Brothers plc41,921 1,178,731 
Reach plc469,769 2,643,606 
Redde Northgate plc283,529 1,702,350 
Redrow plc234,685 2,293,252 
Rhi Magnesita NV32,891 1,737,041 
Royal Mail plc870,688 5,930,036 
Senior plc(2)
224,195 546,107 
Serica Energy plc146,724 318,049 
Sirius Real Estate Ltd.52,819 90,754 
Speedy Hire plc583,585 555,866 
Spire Healthcare Group plc(2)
270,342 874,291 
St. James's Place plc297,647 6,591,315 
SThree plc58,568 420,027 
Superdry plc(2)
95,465 454,905 
Tate & Lyle plc532,814 5,174,752 
TBC Bank Group plc10,178 198,375 
Ted Baker plc(2)
187,759 396,398 
Telit Communications plc(2)
48,518 152,754 
TI Fluid Systems plc72,291 303,662 
TP Icap Group plc105,253 294,393 
Tremor International Ltd.(2)
2,787 28,313 
Victoria plc(2)
40,733 624,604 
Victrex plc8,416 307,042 
Virgin Money UK plc(2)
357,254 1,043,866 
Watkin Jones plc151,217 494,736 
Weir Group plc (The)(2)
19 457 
Wickes Group plc(2)
27,424 90,512 
WM Morrison Supermarkets plc1,696,901 6,749,525 
172,883,907 
TOTAL COMMON STOCKS
(Cost $933,858,864)
1,053,978,350 
181


Avantis International Small Cap Value ETF
SharesValue
WARRANTS


Italy
Webuild SpA(1)(2)
(Cost $—)
35,053 $93,622 
RIGHTS


Sweden
SolTech Energy Sweden AB(2)
(Cost $—)
76,947 6,242 
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio
(Cost $12,532,435)
12,532,435 12,532,435 
TOTAL INVESTMENT SECURITIES — 100.9%
(Cost $946,391,299)

1,066,610,649 
OTHER ASSETS AND LIABILITIES — (0.9)%

(9,907,822)
TOTAL NET ASSETS — 100.0%

$1,056,702,827 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Industrials22.5%
Materials18.1%
Financials17.6%
Consumer Discretionary14.2%
Energy6.1%
Consumer Staples5.4%
Information Technology4.9%
Communication Services4.0%
Real Estate3.1%
Health Care2.7%
Utilities1.1%
Temporary Cash Investments - Securities Lending Collateral1.2%
Other Assets and Liabilities(0.9)%

NOTES TO SCHEDULE OF INVESTMENTS
CVA-Certificaten Van Aandelen
SDR-Swedish Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $40,546,925. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $42,952,857, which includes securities collateral of $30,420,422.


See Notes to Financial Statements.
182


AUGUST 31, 2021
Avantis U.S. Equity ETF
SharesValue
COMMON STOCKS — 99.8%


Aerospace and Defense — 1.0%
AAR Corp.(1)
2,071 $70,103 
Aerojet Rocketdyne Holdings, Inc.5,457 226,575 
AeroVironment, Inc.(1)
800 81,888 
Astronics Corp.(1)
2,546 34,015 
Axon Enterprise, Inc.(1)
2,358 428,849 
Boeing Co. (The)(1)
6,747 1,480,967 
BWX Technologies, Inc.9,318 535,133 
Curtiss-Wright Corp.3,099 377,396 
Ducommun, Inc.(1)
359 18,919 
General Dynamics Corp.2,876 576,092 
HEICO Corp.359 45,528 
HEICO Corp., Class A654 74,713 
Hexcel Corp.(1)
9,252 524,681 
Howmet Aerospace, Inc.13,597 431,705 
Huntington Ingalls Industries, Inc.2,341 477,962 
Kaman Corp.2,320 90,666 
L3Harris Technologies, Inc.3,857 898,720 
Lockheed Martin Corp.5,994 2,156,641 
Mercury Systems, Inc.(1)
663 33,402 
Moog, Inc., Class A4,236 336,508 
National Presto Industries, Inc.34 2,840 
Northrop Grumman Corp.2,109 775,479 
Park Aerospace Corp.555 8,092 
Parsons Corp.(1)
1,503 53,251 
Raytheon Technologies Corp.28,542 2,419,220 
Spirit AeroSystems Holdings, Inc., Class A7,468 293,044 
Textron, Inc.21,552 1,566,184 
TransDigm Group, Inc.(1)
679 412,472 
Triumph Group, Inc.(1)
14 258 
14,431,303 
Air Freight and Logistics — 0.9%
Air Transport Services Group, Inc.(1)
13,728 376,010 
Atlas Air Worldwide Holdings, Inc.(1)
5,637 412,459 
CH Robinson Worldwide, Inc.6,386 575,123 
Echo Global Logistics, Inc.(1)
540 17,755 
Expeditors International of Washington, Inc.12,584 1,568,470 
FedEx Corp.14,953 3,972,862 
Forward Air Corp.4,239 373,753 
GXO Logistics, Inc.(1)
2,820 230,648 
Hub Group, Inc., Class A(1)
5,646 396,349 
Radiant Logistics, Inc.(1)
2,853 19,543 
United Parcel Service, Inc., Class B25,833 5,053,710 
12,996,682 
Airlines — 0.3%
Alaska Air Group, Inc.(1)
7,000 401,380 
Allegiant Travel Co.(1)
1,935 372,371 
American Airlines Group, Inc.(1)
16,574 330,486 
Delta Air Lines, Inc.(1)
19,742 798,367 
183


Avantis U.S. Equity ETF
SharesValue
Hawaiian Holdings, Inc.(1)
10,047 $203,150 
JetBlue Airways Corp.(1)
28,811 435,910 
Mesa Air Group, Inc.(1)
361 2,881 
SkyWest, Inc.(1)
7,047 328,743 
Southwest Airlines Co.(1)
31,490 1,567,572 
Spirit Airlines, Inc.(1)
10,715 262,839 
United Airlines Holdings, Inc.(1)
9,091 422,822 
5,126,521 
Auto Components — 0.7%
Adient plc(1)
8,057 316,962 
American Axle & Manufacturing Holdings, Inc.(1)
29,978 265,905 
Aptiv plc(1)
11,573 1,761,295 
Autoliv, Inc.9,778 864,277 
BorgWarner, Inc.27,635 1,179,462 
Cooper-Standard Holdings, Inc.(1)
1,463 34,059 
Dana, Inc.17,875 415,773 
Fox Factory Holding Corp.(1)
873 134,154 
Gentex Corp.31,585 972,818 
Gentherm, Inc.(1)
4,870 417,943 
Goodyear Tire & Rubber Co. (The)(1)
43,855 694,663 
LCI Industries2,836 401,748 
Lear Corp.6,258 1,000,905 
Modine Manufacturing Co.(1)
7,884 98,077 
Motorcar Parts of America, Inc.(1)
346 6,858 
Patrick Industries, Inc.4,341 354,269 
Standard Motor Products, Inc.871 37,357 
Stoneridge, Inc.(1)
1,367 31,851 
Tenneco, Inc., Class A(1)
17,472 272,563 
Veoneer, Inc.(1)
2,873 102,853 
Visteon Corp.(1)
3,004 317,463 
XPEL, Inc.(1)
682 51,818 
9,733,073 
Automobiles — 1.1%
Fisker, Inc.(1)
3,082 42,994 
Ford Motor Co.(1)
254,698 3,318,715 
General Motors Co.(1)
76,998 3,773,672 
Harley-Davidson, Inc.19,175 757,988 
Tesla, Inc.(1)
11,048 8,128,234 
Thor Industries, Inc.3,730 423,094 
Winnebago Industries, Inc.4,792 333,619 
16,778,316 
Banks — 6.0%
1st Source Corp.879 41,313 
Allegiance Bancshares, Inc.623 23,157 
Altabancorp887 36,828 
Amalgamated Financial Corp.571 8,879 
Amerant Bancorp, Inc.(1)
1,415 37,597 
American National Bankshares, Inc.278 9,502 
Ameris Bancorp7,629 375,652 
Arrow Financial Corp.1,057 38,950 
Associated Banc-Corp.16,067 331,302 
184


Avantis U.S. Equity ETF
SharesValue
Atlantic Capital Bancshares, Inc.(1)
2,432 $58,927 
Atlantic Union Bankshares Corp.5,242 193,954 
Banc of California, Inc.2,598 46,686 
BancFirst Corp.1,781 100,733 
Bancorp, Inc. (The)(1)
12,692 312,985 
BancorpSouth Bank11,646 341,577 
Bank First Corp.497 35,287 
Bank of America Corp.186,601 7,790,592 
Bank of Commerce Holdings180 2,567 
Bank of Hawaii Corp.4,123 345,549 
Bank of Marin Bancorp359 12,996 
Bank OZK10,174 431,683 
BankUnited, Inc.9,638 405,085 
Banner Corp.2,289 130,931 
Bar Harbor Bankshares1,022 28,003 
Baycom Corp.(1)
25 433 
BCB Bancorp, Inc.604 8,981 
Berkshire Hills Bancorp, Inc.5,801 148,680 
BOK Financial Corp.1,259 110,855 
Brookline Bancorp, Inc.8,679 129,925 
Bryn Mawr Bank Corp.623 25,418 
Business First Bancshares, Inc.1,651 39,492 
Byline Bancorp, Inc.820 20,172 
Cadence BanCorp17,788 382,620 
Camden National Corp.1,661 77,519 
Capital City Bank Group, Inc.1,070 24,813 
Capstar Financial Holdings, Inc.1,345 28,299 
Carter Bankshares, Inc.(1)
2,725 33,218 
Cathay General Bancorp8,311 330,612 
CBTX, Inc.322 8,765 
Central Pacific Financial Corp.3,426 86,712 
Central Valley Community Bancorp21 457 
Century Bancorp, Inc., Class A286 32,698 
CIT Group, Inc.13,111 726,612 
Citigroup, Inc.77,729 5,589,492 
Citizens & Northern Corp.329 8,255 
Citizens Financial Group, Inc.25,740 1,127,155 
City Holding Co.1,033 80,471 
Civista Bancshares, Inc.355 8,350 
CNB Financial Corp.1,454 35,739 
Codorus Valley Bancorp, Inc.16 354 
Columbia Banking System, Inc.3,929 142,858 
Comerica, Inc.12,361 913,601 
Commerce Bancshares, Inc.6,984 493,908 
Community Bank System, Inc.4,415 326,710 
Community Bankers Trust Corp.896 10,044 
Community Trust Bancorp, Inc.1,699 70,780 
ConnectOne Bancorp, Inc.4,432 126,800 
CrossFirst Bankshares, Inc.(1)
2,277 30,102 
Cullen/Frost Bankers, Inc.3,425 391,203 
Customers Bancorp, Inc.(1)
5,066 209,783 
185


Avantis U.S. Equity ETF
SharesValue
CVB Financial Corp.8,950 $182,222 
Dime Community Bancshares, Inc.1,862 61,446 
Eagle Bancorp, Inc.6,036 348,277 
East West Bancorp, Inc.13,877 1,017,739 
Eastern Bankshares, Inc.23,892 472,584 
Enterprise Bancorp, Inc.600 20,250 
Enterprise Financial Services Corp.2,201 98,847 
Equity Bancshares, Inc., Class A(1)
1,664 53,381 
F.N.B. Corp.45,195 527,878 
Farmers National Banc Corp.2,115 32,994 
FB Financial Corp.1,963 80,856 
Fifth Third Bancorp51,367 1,996,122 
Financial Institutions, Inc.2,042 64,854 
First BanCorp29,598 376,783 
First Bancorp, Inc. (The)582 17,280 
First Bancorp/Southern Pines NC1,575 65,772 
First Bancshares, Inc. (The)623 25,244 
First Busey Corp.5,613 133,028 
First Business Financial Services, Inc.299 8,474 
First Citizens BancShares, Inc., Class A598 536,825 
First Commonwealth Financial Corp.6,824 92,260 
First Community Bankshares, Inc.683 21,337 
First Financial Bancorp13,952 328,011 
First Financial Bankshares, Inc.7,916 376,960 
First Financial Corp.792 32,021 
First Foundation, Inc.4,981 119,693 
First Hawaiian, Inc.11,744 327,775 
First Horizon Corp.36,394 596,498 
First Internet Bancorp768 22,825 
First Interstate BancSystem, Inc., Class A2,547 112,221 
First Merchants Corp.7,921 325,949 
First Mid Bancshares, Inc.1,142 46,708 
First Midwest Bancorp, Inc.15,918 298,144 
First of Long Island Corp. (The)2,483 52,640 
First Republic Bank6,918 1,376,267 
Flushing Financial Corp.3,722 85,345 
Fulton Financial Corp.21,150 335,227 
German American Bancorp, Inc.1,612 60,224 
Glacier Bancorp, Inc.6,746 359,292 
Great Southern Bancorp, Inc.840 45,755 
Great Western Bancorp, Inc.7,116 220,311 
Guaranty Bancshares, Inc.311 10,674 
Hancock Whitney Corp.8,265 379,859 
Hanmi Financial Corp.2,991 57,666 
HarborOne Bancorp, Inc.5,601 79,142 
Heartland Financial USA, Inc.6,158 289,611 
Heritage Commerce Corp.2,471 27,848 
Heritage Financial Corp.887 22,574 
Hilltop Holdings, Inc.10,656 356,656 
Home BancShares, Inc.12,881 285,314 
HomeTrust Bancshares, Inc.894 24,871 
186


Avantis U.S. Equity ETF
SharesValue
Hope Bancorp, Inc.20,438 $281,840 
Horizon Bancorp, Inc.2,959 52,818 
Howard Bancorp, Inc.(1)
542 10,786 
Huntington Bancshares, Inc.129,359 2,008,945 
Independent Bank Corp. (Massachusetts)3,174 243,446 
Independent Bank Corp. (Michigan)2,095 43,869 
Independent Bank Group, Inc.1,224 86,206 
International Bancshares Corp.7,768 325,324 
Investar Holding Corp.168 3,778 
Investors Bancorp, Inc.26,027 372,446 
JPMorgan Chase & Co.84,166 13,462,352 
KeyCorp68,809 1,398,199 
Lakeland Bancorp, Inc.5,132 86,628 
Lakeland Financial Corp.1,878 124,718 
Live Oak Bancshares, Inc.5,394 330,167 
M&T Bank Corp.6,274 878,423 
Macatawa Bank Corp.2,744 22,528 
MainStreet Bancshares, Inc.(1)
72 1,681 
Mercantile Bank Corp.1,223 38,158 
Metrocity Bankshares, Inc.700 14,497 
Metropolitan Bank Holding Corp.(1)
827 64,754 
Midland States Bancorp, Inc.1,619 40,961 
MidWestOne Financial Group, Inc.888 26,072 
MVB Financial Corp.1,299 51,362 
National Bank Holdings Corp., Class A2,932 109,950 
NBT Bancorp, Inc.4,026 144,372 
Nicolet Bankshares, Inc.(1)
707 54,022 
Northeast Bank351 11,492 
Northrim BanCorp, Inc.279 11,710 
OceanFirst Financial Corp.3,729 79,279 
OFG Bancorp6,181 147,170 
Old National Bancorp.13,144 218,979 
Old Second Bancorp, Inc.2,211 26,001 
Origin Bancorp, Inc.2,564 105,509 
Orrstown Financial Services, Inc.338 8,065 
Pacific Premier Bancorp, Inc.3,742 149,530 
PacWest Bancorp8,658 368,398 
Park National Corp.2,238 262,383 
Parke Bancorp, Inc.565 11,594 
PCB Bancorp.57 1,084 
Peapack-Gladstone Financial Corp.887 29,546 
People's United Financial, Inc.27,423 450,560 
Peoples Bancorp, Inc.1,977 61,761 
Pinnacle Financial Partners, Inc.4,247 411,619 
PNC Financial Services Group, Inc. (The)15,409 2,944,660 
Popular, Inc.8,867 673,360 
Preferred Bank1,921 122,733 
Premier Financial Bancorp, Inc.117 2,107 
Primis Financial Corp.823 12,337 
Prosperity Bancshares, Inc.4,685 327,388 
QCR Holdings, Inc.1,267 65,821 
187


Avantis U.S. Equity ETF
SharesValue
RBB Bancorp626 $16,113 
Regions Financial Corp.56,365 1,151,537 
Reliant Bancorp, Inc.1,698 49,242 
Renasant Corp.5,325 186,907 
Republic Bancorp, Inc., Class A973 48,776 
S&T Bancorp, Inc.2,422 72,176 
Sandy Spring Bancorp, Inc.6,327 275,667 
Seacoast Banking Corp. of Florida7,978 254,817 
ServisFirst Bancshares, Inc.6,022 442,135 
Sierra Bancorp887 22,548 
Signature Bank4,317 1,119,528 
Silvergate Capital Corp., Class A(1)
736 83,153 
Simmons First National Corp., Class A8,863 257,470 
SmartFinancial, Inc.343 8,568 
South Plains Financial, Inc.543 12,598 
South State Corp.4,506 309,021 
Southern First Bancshares, Inc.(1)
624 31,812 
Southside Bancshares, Inc.2,254 84,953 
Spirit of Texas Bancshares, Inc.1,277 30,201 
Sterling Bancorp15,455 353,765 
Stock Yards Bancorp, Inc.1,211 62,463 
Summit Financial Group, Inc.540 12,928 
SVB Financial Group(1)
4,603 2,575,378 
Synovus Financial Corp.14,376 619,606 
Texas Capital Bancshares, Inc.(1)
5,540 376,665 
Tompkins Financial Corp.841 66,935 
Towne Bank10,904 332,245 
TriCo Bancshares1,651 65,297 
TriState Capital Holdings, Inc.(1)
1,158 23,403 
Triumph Bancorp, Inc.(1)
3,716 305,530 
Truist Financial Corp.47,859 2,730,835 
Trustmark Corp.9,728 307,599 
U.S. Bancorp49,686 2,851,480 
UMB Financial Corp.5,203 476,491 
Umpqua Holdings Corp.25,633 499,074 
United Bankshares, Inc.8,066 293,038 
United Community Banks, Inc.10,602 319,862 
United Security Bancshares415 3,403 
Univest Financial Corp.3,381 91,557 
Valley National Bancorp34,826 454,131 
Veritex Holdings, Inc.2,267 81,453 
Washington Trust Bancorp, Inc.1,879 100,076 
Webster Financial Corp.8,785 443,818 
Wells Fargo & Co.131,471 6,008,225 
WesBanco, Inc.9,213 313,242 
West BanCorp, Inc.1,287 39,369 
Westamerica Bancorporation1,591 90,273 
Western Alliance Bancorp9,707 947,015 
Wintrust Financial Corp.5,654 423,145 
Zions Bancorp N.A.15,839 917,078 
89,237,144 
188


Avantis U.S. Equity ETF
SharesValue
Beverages — 0.9%
Boston Beer Co., Inc. (The), Class A(1)
618 $352,390 
Brown-Forman Corp., Class A630 41,706 
Brown-Forman Corp., Class B14,147 993,402 
Coca-Cola Co. (The)84,661 4,767,261 
Coca-Cola Consolidated, Inc.801 325,334 
Constellation Brands, Inc., Class A2,471 521,727 
Keurig Dr Pepper, Inc.8,592 306,477 
MGP Ingredients, Inc.387 25,271 
Molson Coors Beverage Co., Class B11,829 562,232 
Monster Beverage Corp.(1)
13,185 1,286,461 
National Beverage Corp.2,534 117,958 
NewAge, Inc.(1)
63 111 
PepsiCo, Inc.30,460 4,763,639 
14,063,969 
Biotechnology — 2.9%
AbbVie, Inc.33,812 4,083,813 
ACADIA Pharmaceuticals, Inc.(1)
1,279 22,395 
Acceleron Pharma, Inc.(1)
694 92,913 
ADMA Biologics, Inc.(1)(2)
40 54 
Affimed NV(1)
14,457 101,777 
Agenus, Inc.(1)
60 370 
Agios Pharmaceuticals, Inc.(1)
224 10,008 
Akebia Therapeutics, Inc.(1)
108 318 
Albireo Pharma, Inc.(1)
663 20,255 
Alector, Inc.(1)
1,608 43,464 
Alkermes plc(1)
4,382 136,981 
Allogene Therapeutics, Inc.(1)
572 13,642 
Alnylam Pharmaceuticals, Inc.(1)
2,766 557,155 
Amgen, Inc.14,755 3,327,695 
Amicus Therapeutics, Inc.(1)
2,123 24,181 
AnaptysBio, Inc.(1)
898 22,998 
Anika Therapeutics, Inc.(1)
359 15,484 
Arcus Biosciences, Inc.(1)
10,022 292,342 
Arena Pharmaceuticals, Inc.(1)
7,539 398,964 
Arrowhead Pharmaceuticals, Inc.(1)
10,462 702,209 
Atara Biotherapeutics, Inc.(1)
1,522 22,800 
Atreca, Inc., Class A(1)(2)
18 106 
Avid Bioservices, Inc.(1)
3,446 83,531 
Avrobio, Inc.(1)
33 
BioCryst Pharmaceuticals, Inc.(1)
3,582 57,025 
Biogen, Inc.(1)
10,350 3,507,719 
Biohaven Pharmaceutical Holding Co. Ltd.(1)
3,044 399,495 
BioMarin Pharmaceutical, Inc.(1)
5,113 430,566 
Bluebird Bio, Inc.(1)
784 14,347 
Blueprint Medicines Corp.(1)
5,172 482,392 
Bridgebio Pharma, Inc.(1)
3,027 151,683 
Catalyst Pharmaceuticals, Inc.(1)
5,493 30,266 
Celldex Therapeutics, Inc.(1)
1,173 61,758 
Chimerix, Inc.(1)
2,857 20,285 
Coherus Biosciences, Inc.(1)
5,511 88,066 
189


Avantis U.S. Equity ETF
SharesValue
CRISPR Therapeutics AG(1)
1,990 $248,651 
Cyclerion Therapeutics, Inc.(1)
21 
CytomX Therapeutics, Inc.(1)
46 
Deciphera Pharmaceuticals, Inc.(1)
704 22,176 
Denali Therapeutics, Inc.(1)
4,126 219,503 
Dicerna Pharmaceuticals, Inc.(1)
9,941 204,586 
Dyne Therapeutics, Inc.(1)
1,005 17,015 
Eagle Pharmaceuticals, Inc.(1)
711 37,946 
Editas Medicine, Inc.(1)
28 1,781 
Eiger BioPharmaceuticals, Inc.(1)
16 
Emergent BioSolutions, Inc.(1)
5,711 360,250 
Enanta Pharmaceuticals, Inc.(1)
286 16,359 
Exact Sciences Corp.(1)
3,096 323,161 
Exelixis, Inc.(1)
21,551 413,133 
Fate Therapeutics, Inc.(1)
1,489 109,069 
FibroGen, Inc.(1)
666 7,746 
G1 Therapeutics, Inc.(1)(2)
236 3,568 
Generation Bio Co.(1)
1,257 31,425 
Gilead Sciences, Inc.70,115 5,102,970 
Global Blood Therapeutics, Inc.(1)
993 28,489 
Gossamer Bio, Inc.(1)
1,921 19,095 
Halozyme Therapeutics, Inc.(1)
18 756 
Harpoon Therapeutics, Inc.(1)
2,704 25,634 
Heron Therapeutics, Inc.(1)
2,175 25,382 
Horizon Therapeutics plc(1)
9,191 993,455 
ImmunityBio, Inc.(1)
1,604 18,254 
ImmunoGen, Inc.(1)
12,461 75,389 
Incyte Corp.(1)
4,530 346,500 
Intellia Therapeutics, Inc.(1)
1,904 305,649 
Invitae Corp.(1)(2)
4,509 133,602 
Ionis Pharmaceuticals, Inc.(1)
5,223 207,667 
Iovance Biotherapeutics, Inc.(1)
1,259 30,304 
Ironwood Pharmaceuticals, Inc.(1)
29,250 383,175 
Krystal Biotech, Inc.(1)
396 22,944 
Kura Oncology, Inc.(1)
1,376 25,401 
Kymera Therapeutics, Inc.(1)
1,397 86,810 
Ligand Pharmaceuticals, Inc.(1)
1,347 178,208 
MacroGenics, Inc.(1)
1,527 36,052 
Madrigal Pharmaceuticals, Inc.(1)
122 10,096 
MEI Pharma, Inc.(1)
13,904 38,931 
Mirati Therapeutics, Inc.(1)
1,201 203,846 
Mirum Pharmaceuticals, Inc.(1)
582 9,458 
Moderna, Inc.(1)
23,105 8,703,422 
Myriad Genetics, Inc.(1)
10,624 380,127 
Natera, Inc.(1)
2,924 346,289 
Neurocrine Biosciences, Inc.(1)
3,824 364,045 
Novavax, Inc.(1)
634 151,234 
Nurix Therapeutics, Inc.(1)
586 18,863 
OPKO Health, Inc.(1)(2)
6,740 26,016 
ORIC Pharmaceuticals, Inc.(1)(2)
5,225 115,420 
Passage Bio, Inc.(1)
1,340 16,107 
190


Avantis U.S. Equity ETF
SharesValue
PDL BioPharma, Inc.(1)
1,937 $4,784 
Protagonist Therapeutics, Inc.(1)
866 42,001 
Prothena Corp. plc(1)
804 53,965 
Radius Health, Inc.(1)
432 5,988 
Regeneron Pharmaceuticals, Inc.(1)
3,808 2,564,307 
REGENXBIO, Inc.(1)
1,188 38,372 
Repare Therapeutics, Inc.(1)
772 26,248 
Replimune Group, Inc.(1)
704 22,359 
Sage Therapeutics, Inc.(1)
7,415 342,647 
Sangamo Therapeutics, Inc.(1)
25,129 249,028 
Sarepta Therapeutics, Inc.(1)
127 9,921 
Seagen, Inc.(1)
2,615 438,274 
Solid Biosciences, Inc.(1)
Spectrum Pharmaceuticals, Inc.(1)
184 432 
Sutro Biopharma, Inc.(1)
1,196 25,977 
Syndax Pharmaceuticals, Inc.(1)
77 1,347 
TCR2 Therapeutics, Inc.(1)
34 
Translate Bio, Inc.(1)
17,025 636,735 
Travere Therapeutics, Inc.(1)
1,906 41,608 
Turning Point Therapeutics, Inc.(1)
1,921 147,955 
Ultragenyx Pharmaceutical, Inc.(1)
2,355 226,763 
United Therapeutics Corp.(1)
4,136 888,744 
Vanda Pharmaceuticals, Inc.(1)
2,213 37,046 
Vaxcyte, Inc.(1)
928 24,341 
VBI Vaccines, Inc.(1)(2)
4,135 14,927 
Veracyte, Inc.(1)
1,365 65,670 
Vericel Corp.(1)(2)
433 
Vertex Pharmaceuticals, Inc.(1)
7,390 1,480,143 
Viking Therapeutics, Inc.(1)(2)
734 4,852 
Xencor, Inc.(1)
4,492 152,144 
Xenon Pharmaceuticals, Inc.(1)
1,433 25,292 
Zentalis Pharmaceuticals, Inc.(1)
659 44,937 
Zymeworks, Inc.(1)
481 15,868 
43,296,282 
Building Products — 0.9%
AAON, Inc.5,532 376,784 
Advanced Drainage Systems, Inc.5,400 616,410 
Allegion plc3,602 518,652 
Alpha Pro Tech Ltd.(1)(2)
26 210 
AO Smith Corp.12,183 885,948 
Apogee Enterprises, Inc.2,713 116,605 
Armstrong Flooring, Inc.(1)
157 553 
Armstrong World Industries, Inc.5,906 613,811 
Builders FirstSource, Inc.(1)
21,555 1,148,666 
Carlisle Cos., Inc.3,992 841,274 
Carrier Global Corp.8,706 501,466 
CSW Industrials, Inc.835 110,880 
Fortune Brands Home & Security, Inc.4,245 413,336 
Gibraltar Industries, Inc.(1)
2,525 188,516 
Insteel Industries, Inc.949 35,113 
JELD-WEN Holding, Inc.(1)
13,070 359,948 
191


Avantis U.S. Equity ETF
SharesValue
Johnson Controls International plc18,561 $1,388,363 
Lennox International, Inc.140 46,925 
Masco Corp.6,546 397,473 
Masonite International Corp.(1)
3,501 419,000 
Owens Corning12,304 1,175,647 
PGT Innovations, Inc.(1)
2,735 58,064 
Quanex Building Products Corp.4,300 101,308 
Simpson Manufacturing Co., Inc.4,453 503,857 
Trane Technologies plc4,597 912,504 
Trex Co., Inc.(1)
13,056 1,433,026 
UFP Industries, Inc.7,324 549,886 
13,714,225 
Capital Markets — 4.3%
Affiliated Managers Group, Inc.1,787 303,987 
Ameriprise Financial, Inc.10,911 2,977,721 
Apollo Global Management, Inc.14,664 876,614 
Ares Management Corp., Class A1,378 106,354 
Artisan Partners Asset Management, Inc., Class A9,153 475,590 
Assetmark Financial Holdings, Inc.(1)
84 2,257 
B. Riley Financial, Inc.5,073 332,484 
Bank of New York Mellon Corp. (The)36,528 2,017,076 
BGC Partners, Inc., Class A20,278 104,432 
BlackRock, Inc.3,098 2,922,312 
Blackstone, Inc.7,181 902,867 
Brightsphere Investment Group, Inc.13,083 355,727 
Carlyle Group, Inc. (The)22,162 1,094,360 
Cboe Global Markets, Inc.3,460 436,479 
Charles Schwab Corp. (The)57,167 4,164,616 
CME Group, Inc.9,610 1,938,529 
Cohen & Steers, Inc.3,640 319,264 
Cowen, Inc., Class A3,935 141,817 
Diamond Hill Investment Group, Inc.264 48,320 
Evercore, Inc., Class A5,125 715,655 
FactSet Research Systems, Inc.1,243 472,613 
Federated Hermes, Inc.11,889 402,205 
Franklin Resources, Inc.11,341 367,902 
Freedom Holding Corp.(1)(2)
2,200 141,746 
Goldman Sachs Group, Inc. (The)16,283 6,733,183 
Hamilton Lane, Inc., Class A3,653 314,414 
Houlihan Lokey, Inc.5,083 458,487 
Interactive Brokers Group, Inc., Class A2,573 166,319 
Intercontinental Exchange, Inc.10,660 1,274,190 
Invesco Ltd.31,033 785,756 
Janus Henderson Group plc23,812 1,032,488 
Jefferies Financial Group, Inc.24,765 915,314 
KKR & Co., Inc.42,677 2,743,704 
Lazard Ltd., Class A14,507 687,632 
LPL Financial Holdings, Inc.3,177 469,719 
MarketAxess Holdings, Inc.829 394,538 
Moelis & Co., Class A9,309 576,693 
Moody's Corp.6,119 2,329,932 
192


Avantis U.S. Equity ETF
SharesValue
Morgan Stanley70,866 $7,400,536 
Morningstar, Inc.389 104,248 
MSCI, Inc.1,405 891,585 
Nasdaq, Inc.1,255 245,704 
Northern Trust Corp.13,316 1,578,212 
Open Lending Corp., Class A(1)
9,886 365,485 
Oppenheimer Holdings, Inc., Class A876 40,813 
Piper Sandler Cos.3,068 438,479 
Pzena Investment Management, Inc., Class A14 153 
Raymond James Financial, Inc.10,006 1,399,839 
S&P Global, Inc.7,526 3,340,189 
Safeguard Scientifics, Inc.(1)
16 
SEI Investments Co.13,576 852,709 
State Street Corp.16,261 1,510,809 
StepStone Group, Inc., Class A815 39,014 
Stifel Financial Corp.10,161 702,125 
StoneX Group, Inc.(1)
1,731 120,633 
T. Rowe Price Group, Inc.16,065 3,596,472 
Victory Capital Holdings, Inc., Class A1,496 52,405 
Virtu Financial, Inc., Class A12,952 317,065 
Virtus Investment Partners, Inc.1,167 364,921 
WisdomTree Investments, Inc.6,525 41,173 
63,905,881 
Chemicals — 2.4%
AdvanSix, Inc.(1)
2,589 94,498 
Air Products and Chemicals, Inc.7,492 2,019,169 
Albemarle Corp.7,576 1,793,542 
American Vanguard Corp.862 13,214 
Amyris, Inc.(1)
1,887 28,399 
Ashland Global Holdings, Inc.4,534 413,093 
Avient Corp.8,306 432,660 
Axalta Coating Systems Ltd.(1)
12,414 379,124 
Balchem Corp.337 47,322 
Cabot Corp.7,939 423,943 
Celanese Corp.10,068 1,596,785 
CF Industries Holdings, Inc.9,696 440,392 
Chase Corp.413 47,289 
Chemours Co. (The)25,212 844,854 
Corteva, Inc.41,286 1,815,345 
Dow, Inc.45,815 2,881,763 
DuPont de Nemours, Inc.24,476 1,811,714 
Eastman Chemical Co.8,504 962,313 
Ecolab, Inc.4,321 973,781 
Ecovyst, Inc.974 12,672 
Element Solutions, Inc.3,291 74,804 
Ferro Corp.(1)
18,373 382,158 
FMC Corp.10,490 982,179 
FutureFuel Corp.154 1,234 
GCP Applied Technologies, Inc.(1)
3,963 94,478 
H.B. Fuller Co.359 24,258 
Hawkins, Inc.1,414 53,562 
193


Avantis U.S. Equity ETF
SharesValue
Huntsman Corp.13,803 $364,813 
Ingevity Corp.(1)
5,437 437,080 
Innospec, Inc.3,678 344,261 
International Flavors & Fragrances, Inc.601 91,051 
Koppers Holdings, Inc.(1)
1,049 34,512 
Kraton Corp.(1)
8,972 377,901 
Kronos Worldwide, Inc.1,141 15,107 
Linde plc11,250 3,539,137 
Livent Corp.(1)
21,978 546,593 
LyondellBasell Industries NV, Class A19,820 1,988,937 
Minerals Technologies, Inc.4,792 376,843 
Mosaic Co. (The)37,548 1,208,295 
NewMarket Corp.1,074 375,610 
Olin Corp.15,566 775,809 
Orion Engineered Carbons SA(1)
7,408 130,899 
PPG Industries, Inc.5,928 945,812 
Quaker Chemical Corp.78 20,211 
Rayonier Advanced Materials, Inc.(1)
3,390 23,933 
RPM International, Inc.4,312 354,834 
Scotts Miracle-Gro Co. (The)2,813 441,163 
Sensient Technologies Corp.5,189 450,665 
Sherwin-Williams Co. (The)5,631 1,709,966 
Stepan Co.2,850 335,046 
Trecora Resources(1)
63 529 
Tredegar Corp.1,185 15,737 
Trinseo SA6,291 326,692 
Tronox Holdings plc, Class A19,592 413,979 
Valvoline, Inc.2,582 77,873 
Westlake Chemical Corp.3,787 330,794 
WR Grace & Co.(1)
5,915 411,921 
35,110,548 
Commercial Services and Supplies — 0.7%
ABM Industries, Inc.625 30,950 
ACCO Brands Corp.1,154 10,813 
ADT, Inc.1,632 13,970 
Brady Corp., Class A3,849 205,267 
Brink's Co. (The)4,946 386,579 
Casella Waste Systems, Inc., Class A(1)
2,051 151,753 
Cimpress plc(1)
2,925 277,817 
Cintas Corp.2,011 795,893 
Clean Harbors, Inc.(1)
5,962 611,820 
Copart, Inc.(1)
13,419 1,936,630 
CoreCivic, Inc.(1)
10,992 106,842 
Covanta Holding Corp.3,415 68,471 
Deluxe Corp.359 13,768 
Ennis, Inc.2,164 42,003 
Healthcare Services Group, Inc.11,754 307,485 
Heritage-Crystal Clean, Inc.(1)
689 20,353 
Herman Miller, Inc.10,273 431,774 
HNI Corp.8,394 318,049 
IAA, Inc.(1)
5,253 279,039 
194


Avantis U.S. Equity ETF
SharesValue
Interface, Inc.2,632 $37,848 
KAR Auction Services, Inc.(1)
15,577 263,407 
Kimball International, Inc., Class B2,800 34,916 
MSA Safety, Inc.949 154,535 
Pitney Bowes, Inc.2,999 22,403 
Quad/Graphics, Inc.(1)
825 3,416 
Republic Services, Inc.1,024 127,109 
Rollins, Inc.9,387 365,342 
Steelcase, Inc., Class A8,097 114,087 
Stericycle, Inc.(1)
86 5,986 
Team, Inc.(1)
25 112 
Tetra Tech, Inc.1,871 269,125 
UniFirst Corp.1,689 386,899 
US Ecology, Inc.(1)
251 
Viad Corp.(1)
163 7,040 
Vidler Water Resouces, Inc.(1)
558 8,309 
VSE Corp.354 17,696 
Waste Connections, Inc.4,773 616,719 
Waste Management, Inc.13,864 2,150,445 
10,594,921 
Communications Equipment — 0.6%
ADTRAN, Inc.1,030 21,280 
Arista Networks, Inc.(1)
2,100 776,013 
Cambium Networks Corp.(1)
910 34,098 
Ciena Corp.(1)
11,437 653,396 
Cisco Systems, Inc.67,172 3,964,491 
CommScope Holding Co., Inc.(1)
14,686 232,039 
Comtech Telecommunications Corp.887 22,636 
Digi International, Inc.(1)
1,076 23,651 
EchoStar Corp., Class A(1)
2,795 75,465 
Extreme Networks, Inc.(1)
4,953 53,641 
F5 Networks, Inc.(1)
2,197 447,243 
Infinera Corp.(1)
7,255 61,450 
Inseego Corp.(1)(2)
471 3,956 
Juniper Networks, Inc.5,189 150,377 
Lumentum Holdings, Inc.(1)
6,802 589,325 
Motorola Solutions, Inc.2,426 592,478 
NETGEAR, Inc.(1)
2,159 77,141 
NetScout Systems, Inc.(1)
1,432 39,265 
Plantronics, Inc.(1)
750 22,335 
Ribbon Communications, Inc.(1)
2,970 19,394 
Ubiquiti, Inc.95 30,909 
ViaSat, Inc.(1)
9,482 489,651 
Viavi Solutions, Inc.(1)
9,475 154,348 
8,534,582 
Construction and Engineering — 0.4%
AECOM(1)
831 54,480 
Ameresco, Inc., Class A(1)
1,812 125,300 
Arcosa, Inc.5,981 303,954 
Argan, Inc.1,138 52,689 
Comfort Systems USA, Inc.5,629 427,691 
195


Avantis U.S. Equity ETF
SharesValue
Construction Partners, Inc., Class A(1)
2,751 $92,076 
Dycom Industries, Inc.(1)
4,893 368,590 
EMCOR Group, Inc.5,372 652,698 
Fluor Corp.(1)
20,642 343,896 
Great Lakes Dredge & Dock Corp.(1)
6,828 103,171 
HC2 Holdings, Inc.(1)
1,669 6,309 
IES Holdings, Inc.(1)
864 42,250 
MasTec, Inc.(1)
7,978 729,508 
Matrix Service Co.(1)
1,679 18,939 
MYR Group, Inc.(1)
4,167 433,410 
Northwest Pipe Co.(1)
287 7,439 
Orion Group Holdings, Inc.(1)
43 
Primoris Services Corp.11,900 305,830 
Quanta Services, Inc.14,167 1,446,451 
Sterling Construction Co., Inc.(1)
613 14,136 
Tutor Perini Corp.(1)
2,982 43,000 
Valmont Industries, Inc.2,423 602,988 
WillScot Mobile Mini Holdings Corp.(1)
3,948 116,861 
6,291,709 
Construction Materials — 0.2%
Eagle Materials, Inc.5,102 800,198 
Forterra, Inc.(1)
872 20,091 
Martin Marietta Materials, Inc.2,756 1,050,725 
Summit Materials, Inc., Class A(1)
4,739 159,562 
Vulcan Materials Co.4,469 830,921 
2,861,497 
Consumer Finance — 1.7%
Ally Financial, Inc.39,992 2,115,577 
American Express Co.31,934 5,299,767 
Atlanticus Holdings Corp.(1)
921 59,128 
Capital One Financial Corp.27,710 4,599,029 
Credit Acceptance Corp.(1)
901 522,292 
Discover Financial Services27,389 3,511,818 
Elevate Credit, Inc.(1)
1,123 3,942 
Encore Capital Group, Inc.(1)
4,317 212,439 
Enova International, Inc.(1)
9,326 307,571 
EZCORP, Inc., Class A(1)
5,523 38,053 
FirstCash, Inc.5,574 477,636 
Green Dot Corp., Class A(1)
8,386 438,085 
LendingClub Corp.(1)
4,527 140,609 
Navient Corp.29,517 685,089 
Nelnet, Inc., Class A3,809 308,072 
OneMain Holdings, Inc.11,266 651,513 
PRA Group, Inc.(1)
2,068 86,856 
PROG Holdings, Inc.9,038 427,678 
Regional Management Corp.1,045 62,104 
Santander Consumer USA Holdings, Inc.14,410 601,329 
SLM Corp.56,977 1,068,319 
Synchrony Financial50,578 2,516,255 
Upstart Holdings, Inc.(1)
1,365 312,749 
World Acceptance Corp.(1)
502 95,315 
24,541,225 
196


Avantis U.S. Equity ETF
SharesValue
Containers and Packaging — 0.7%
Amcor plc29,566 $379,923 
AptarGroup, Inc.5,165 696,242 
Ardagh Group SA68 1,786 
Avery Dennison Corp.5,813 1,310,192 
Ball Corp.6,874 659,629 
Berry Global Group, Inc.(1)
7,214 484,564 
Crown Holdings, Inc.4,774 524,138 
Graphic Packaging Holding Co.21,212 435,270 
Greif, Inc., Class A613 38,815 
Greif, Inc., Class B16 984 
International Paper Co.30,111 1,809,370 
Myers Industries, Inc.2,626 59,873 
O-I Glass, Inc.(1)
5,433 82,201 
Packaging Corp. of America9,676 1,467,849 
Sealed Air Corp.3,389 206,831 
Silgan Holdings, Inc.1,564 66,361 
Sonoco Products Co.9,355 610,882 
UFP Technologies, Inc.(1)
85 5,949 
WestRock Co.22,877 1,190,519 
10,031,378 
Distributors — 0.3%
Core-Mark Holding Co., Inc.6,525 300,150 
Funko, Inc., Class A(1)
3,089 61,595 
Genuine Parts Co.14,836 1,812,811 
LKQ Corp.(1)
15,964 841,143 
Pool Corp.3,445 1,702,863 
Weyco Group, Inc.41 942 
4,719,504 
Diversified Consumer Services — 0.1%
2U, Inc.(1)
2,196 81,318 
Adtalem Global Education, Inc.(1)
1,701 62,937 
American Public Education, Inc.(1)
271 7,127 
Bright Horizons Family Solutions, Inc.(1)
1,403 204,501 
Chegg, Inc.(1)
912 75,897 
frontdoor, Inc.(1)
4,824 210,423 
Graham Holdings Co., Class B61 37,625 
Grand Canyon Education, Inc.(1)
3,505 312,436 
H&R Block, Inc.2,127 54,558 
Houghton Mifflin Harcourt Co.(1)
3,378 45,502 
Laureate Education, Inc., Class A(1)
6,954 110,777 
OneSpaWorld Holdings Ltd.(1)
1,679 17,629 
Perdoceo Education Corp.(1)
5,644 61,971 
Service Corp. International7,075 444,027 
Strategic Education, Inc.353 27,633 
Stride, Inc.(1)
865 29,618 
Terminix Global Holdings, Inc.(1)
623 25,935 
Universal Technical Institute, Inc.(1)
863 6,015 
WW International, Inc.(1)
292 6,322 
1,822,251 
197


Avantis U.S. Equity ETF
SharesValue
Diversified Financial Services — 0.7%
Alerus Financial Corp.981 $29,293 
Berkshire Hathaway, Inc., Class B(1)
27,845 7,957,266 
Cannae Holdings, Inc.(1)
3,555 113,475 
Equitable Holdings, Inc.50,779 1,574,657 
Marlin Business Services Corp.132 2,937 
Voya Financial, Inc.8,418 547,001 
10,224,629 
Diversified Telecommunication Services — 0.9%
AT&T, Inc.157,069 4,306,832 
ATN International, Inc.811 36,973 
Cogent Communications Holdings, Inc.1,026 74,467 
Consolidated Communications Holdings, Inc.(1)
2,677 24,816 
IDT Corp., Class B(1)
2,490 108,265 
Iridium Communications, Inc.(1)
13,841 616,063 
Lumen Technologies, Inc.30,612 376,528 
ORBCOMM, Inc.(1)
3,086 35,458 
Verizon Communications, Inc.151,995 8,359,725 
13,939,127 
Electric Utilities — 1.5%
ALLETE, Inc.2,335 157,426 
Alliant Energy Corp.10,171 618,295 
American Electric Power Co., Inc.21,237 1,902,198 
Avangrid, Inc.914 49,950 
Duke Energy Corp.11,215 1,173,762 
Edison International20,521 1,186,935 
Entergy Corp.13,294 1,470,449 
Evergy, Inc.11,650 797,442 
Eversource Energy6,833 619,958 
Exelon Corp.46,633 2,285,950 
FirstEnergy Corp.20,082 780,587 
Hawaiian Electric Industries, Inc.10,044 437,918 
IDACORP, Inc.3,954 416,554 
MGE Energy, Inc.359 28,914 
NextEra Energy, Inc.21,473 1,803,517 
NRG Energy, Inc.7,180 327,911 
OGE Energy Corp.11,766 416,634 
Otter Tail Corp.3,719 204,062 
PG&E Corp.(1)
43,018 394,475 
Pinnacle West Capital Corp.8,493 653,112 
PNM Resources, Inc.2,216 109,692 
Portland General Electric Co.8,694 446,437 
PPL Corp.31,349 920,093 
Southern Co. (The)36,147 2,375,942 
Via Renewables, Inc.22 
Xcel Energy, Inc.29,065 1,998,219 
21,576,454 
Electrical Equipment — 0.7%
Acuity Brands, Inc.3,299 608,765 
Allied Motion Technologies, Inc.102 3,525 
AMETEK, Inc.5,811 790,122 
198


Avantis U.S. Equity ETF
SharesValue
Array Technologies, Inc.(1)
12,473 $237,860 
Atkore, Inc.(1)
7,953 737,800 
AZZ, Inc.5,296 283,601 
Bloom Energy Corp., Class A(1)
1,598 34,229 
Eaton Corp. plc10,509 1,769,295 
Emerson Electric Co.12,759 1,346,075 
Encore Wire Corp.816 69,368 
Generac Holdings, Inc.(1)
2,045 893,624 
GrafTech International Ltd.82 908 
Hubbell, Inc.1,649 339,875 
LSI Industries, Inc.1,121 9,304 
nVent Electric plc2,448 84,113 
Orion Energy Systems, Inc.(1)
1,979 9,004 
Plug Power, Inc.(1)
568 14,802 
Powell Industries, Inc.159 4,023 
Regal Beloit Corp.2,896 432,720 
Rockwell Automation, Inc.5,623 1,830,005 
Sensata Technologies Holding plc(1)
1,907 112,856 
Stem, Inc.(1)
3,048 76,170 
Sunrun, Inc.(1)
7,169 317,228 
Thermon Group Holdings, Inc.(1)
17 
TPI Composites, Inc.(1)
7,922 287,648 
10,292,937 
Electronic Equipment, Instruments and Components — 1.4%
Advanced Energy Industries, Inc.5,326 480,299 
Amphenol Corp., Class A8,294 635,569 
Arlo Technologies, Inc.(1)
2,485 15,407 
Arrow Electronics, Inc.(1)
9,216 1,117,164 
Avnet, Inc.10,083 407,958 
Badger Meter, Inc.4,046 433,286 
Bel Fuse, Inc., Class B249 3,516 
Belden, Inc.515 29,484 
Benchmark Electronics, Inc.6,471 174,911 
CDW Corp.5,310 1,065,239 
Cognex Corp.4,676 414,387 
Coherent, Inc.(1)
1,729 436,866 
Corning, Inc.59,095 2,363,209 
CTS Corp.2,160 75,773 
Daktronics, Inc.(1)
2,726 16,601 
ePlus, Inc.(1)
2,479 268,277 
Fabrinet(1)
1,832 188,733 
FARO Technologies, Inc.(1)
666 45,914 
Flex Ltd.(1)
43,446 807,227 
II-VI, Inc.(1)
3,839 241,780 
Insight Enterprises, Inc.(1)
5,312 546,552 
IPG Photonics Corp.(1)
1,840 314,051 
Itron, Inc.(1)
95 7,981 
Jabil, Inc.19,547 1,207,614 
Keysight Technologies, Inc.(1)
8,286 1,486,343 
Kimball Electronics, Inc.(1)
3,614 87,350 
Knowles Corp.(1)
3,643 72,860 
199


Avantis U.S. Equity ETF
SharesValue
Littelfuse, Inc.235 $67,069 
Methode Electronics, Inc.1,899 88,436 
National Instruments Corp.8,367 349,908 
Novanta, Inc.(1)
598 91,626 
OSI Systems, Inc.(1)
3,222 318,785 
PC Connection, Inc.305 14,765 
Plexus Corp.(1)
4,188 384,584 
Rogers Corp.(1)
2,116 449,460 
Sanmina Corp.(1)
9,575 378,021 
ScanSource, Inc.(1)
3,147 111,970 
SYNNEX Corp.6,803 864,457 
TE Connectivity Ltd.12,666 1,902,686 
Teledyne Technologies, Inc.(1)
1,436 665,414 
Trimble, Inc.(1)
4,197 395,441 
TTM Technologies, Inc.(1)
5,957 83,398 
Vishay Intertechnology, Inc.17,162 377,049 
Vishay Precision Group, Inc.(1)
537 20,068 
Vontier Corp.2,234 81,251 
Zebra Technologies Corp., Class A(1)
1,059 621,813 
20,210,552 
Energy Equipment and Services — 0.5%
Archrock, Inc.39,354 302,239 
Aspen Aerogels, Inc.(1)
593 25,944 
Baker Hughes Co.20,680 471,090 
Bristow Group, Inc.(1)
2,144 67,665 
Cactus, Inc., Class A11,060 414,861 
ChampionX Corp.(1)
9,642 224,948 
Core Laboratories NV433 11,933 
DMC Global, Inc.(1)
932 37,438 
Dril-Quip, Inc.(1)
1,287 31,274 
Exterran Corp.(1)
72 286 
Frank's International NV(1)
11,701 33,699 
Geospace Technologies Corp.(1)
157 1,531 
Halliburton Co.100,644 2,010,867 
Helix Energy Solutions Group, Inc.(1)
10,604 39,871 
Helmerich & Payne, Inc.10,438 280,991 
Liberty Oilfield Services, Inc., Class A(1)
4,616 47,176 
Nabors Industries Ltd.(1)
910 76,749 
National Energy Services Reunited Corp.(1)
1,433 16,265 
NexTier Oilfield Solutions, Inc.(1)
12,299 44,276 
NOV, Inc.(1)
57,390 755,826 
Oceaneering International, Inc.(1)
24,714 303,982 
Oil States International, Inc.(1)
1,200 7,032 
Patterson-UTI Energy, Inc.37,406 290,271 
ProPetro Holding Corp.(1)
14,793 114,498 
RPC, Inc.(1)
1,677 6,423 
Schlumberger NV23,823 667,997 
SEACOR Marine Holdings, Inc.(1)
320 1,373 
Select Energy Services, Inc., Class A(1)
3,771 20,175 
Solaris Oilfield Infrastructure, Inc., Class A2,207 16,398 
TechnipFMC plc(1)
60,053 398,151 
200


Avantis U.S. Equity ETF
SharesValue
Tidewater, Inc.(1)
2,743 $31,544 
Transocean Ltd.(1)
51,879 184,689 
US Silica Holdings, Inc.(1)
615 5,400 
6,942,862 
Entertainment — 1.0%
Activision Blizzard, Inc.15,488 1,275,746 
AMC Entertainment Holdings, Inc., Class A(1)(2)
5,725 269,819 
Cinemark Holdings, Inc.(1)
1,173 20,915 
Electronic Arts, Inc.10,089 1,465,024 
IMAX Corp.(1)
1,784 28,027 
Liberty Media Corp.-Liberty Braves, Class C(1)
2,527 65,323 
Liberty Media Corp.-Liberty Formula One, Class C(1)
7,716 389,967 
Live Nation Entertainment, Inc.(1)
1,947 168,805 
Madison Square Garden Entertainment Corp.(1)
2,564 205,607 
Madison Square Garden Sports Corp.(1)
361 65,261 
Marcus Corp. (The)(1)(2)
292 4,555 
Netflix, Inc.(1)
9,773 5,562,694 
Playtika Holding Corp.(1)
3,017 79,619 
Roku, Inc.(1)
903 318,217 
Take-Two Interactive Software, Inc.(1)
5,349 862,366 
Walt Disney Co. (The)(1)
19,552 3,544,778 
World Wrestling Entertainment, Inc., Class A6,741 351,273 
Zynga, Inc., Class A(1)
28,234 249,871 
14,927,867 
Food and Staples Retailing — 1.6%
Andersons, Inc. (The)2,054 62,401 
BJ's Wholesale Club Holdings, Inc.(1)
4,432 251,117 
Casey's General Stores, Inc.4,594 939,749 
Chefs' Warehouse, Inc. (The)(1)
1,216 36,760 
Costco Wholesale Corp.17,651 8,039,854 
HF Foods Group, Inc.(1)(2)
111 653 
Ingles Markets, Inc., Class A1,869 126,886 
Kroger Co. (The)70,325 3,237,060 
Natural Grocers by Vitamin Cottage, Inc.989 11,957 
Performance Food Group Co.(1)
17,993 903,608 
PriceSmart, Inc.4,118 348,424 
SpartanNash Co.3,046 65,489 
Sprouts Farmers Market, Inc.(1)
17,814 443,569 
Sysco Corp.18,868 1,502,836 
United Natural Foods, Inc.(1)
11,495 423,016 
US Foods Holding Corp.(1)
2,116 71,944 
Village Super Market, Inc., Class A991 22,188 
Walgreens Boots Alliance, Inc.34,140 1,732,605 
Walmart, Inc.37,185 5,507,098 
Weis Markets, Inc.1,511 86,051 
23,813,265 
Food Products — 1.1%
Archer-Daniels-Midland Co.20,816 1,248,960 
B&G Foods, Inc.(2)
12,287 373,033 
Beyond Meat, Inc.(1)(2)
19 2,273 
Bunge Ltd.14,857 1,124,824 
201


Avantis U.S. Equity ETF
SharesValue
Cal-Maine Foods, Inc.424 $15,332 
Calavo Growers, Inc.780 36,598 
Campbell Soup Co.8,577 357,918 
Conagra Brands, Inc.2,867 94,955 
Darling Ingredients, Inc.(1)
14,969 1,115,191 
Flowers Foods, Inc.19,870 479,463 
Fresh Del Monte Produce, Inc.1,634 53,726 
Freshpet, Inc.(1)
703 90,082 
General Mills, Inc.9,718 561,798 
Hain Celestial Group, Inc. (The)(1)
5,783 216,342 
Hershey Co. (The)9,216 1,637,683 
Hormel Foods Corp.9,156 416,964 
Hostess Brands, Inc.(1)
6,804 108,592 
Ingredion, Inc.7,893 693,479 
J&J Snack Foods Corp.363 59,445 
J.M. Smucker Co. (The)7,133 882,138 
John B Sanfilippo & Son, Inc.680 57,793 
Kellogg Co.6,378 402,707 
Kraft Heinz Co. (The)15,046 541,506 
Lamb Weston Holdings, Inc.12,336 803,690 
Lancaster Colony Corp.805 142,678 
Landec Corp.(1)
593 6,422 
McCormick & Co., Inc.3,265 281,737 
Mondelez International, Inc., Class A27,688 1,718,594 
Pilgrim's Pride Corp.(1)
4,831 134,495 
Post Holdings, Inc.(1)
581 65,020 
Sanderson Farms, Inc.1,501 294,947 
Seaboard Corp.38,291 
Seneca Foods Corp., Class A(1)
279 13,663 
Simply Good Foods Co. (The)(1)
3,548 126,380 
Tootsie Roll Industries, Inc.653 20,667 
TreeHouse Foods, Inc.(1)
90 3,372 
Tyson Foods, Inc., Class A20,942 1,644,366 
Whole Earth Brands, Inc.(1)
608 7,624 
15,872,748 
Gas Utilities — 0.1%
Atmos Energy Corp.4,180 407,592 
Chesapeake Utilities Corp.362 47,313 
National Fuel Gas Co.6,639 343,967 
New Jersey Resources Corp.2,781 103,843 
Northwest Natural Holding Co.1,053 54,177 
ONE Gas, Inc.2,453 176,174 
South Jersey Industries, Inc.56 1,389 
Southwest Gas Holdings, Inc.(1)
5,018 352,816 
Spire, Inc.13 867 
Star Group LP1,182 12,978 
UGI Corp.7,796 361,033 
1,862,149 
Health Care Equipment and Supplies — 2.4%
Abbott Laboratories25,386 3,208,029 
ABIOMED, Inc.(1)
1,231 448,035 
202


Avantis U.S. Equity ETF
SharesValue
Accuray, Inc.(1)
4,566 $18,584 
Align Technology, Inc.(1)
2,968 2,104,312 
AngioDynamics, Inc.(1)
1,618 45,789 
Apyx Medical Corp.(1)
320 3,779 
Atrion Corp.38 26,374 
Avanos Medical, Inc.(1)
2,767 91,311 
Axogen, Inc.(1)
1,972 33,642 
Baxter International, Inc.21,969 1,674,477 
Becton Dickinson and Co.3,270 823,059 
Boston Scientific Corp.(1)
23,421 1,057,458 
Cardiovascular Systems, Inc.(1)
154 5,512 
Cooper Cos., Inc. (The)1,466 660,741 
CryoLife, Inc.(1)
224 5,878 
Danaher Corp.7,173 2,325,200 
DENTSPLY SIRONA, Inc.6,352 391,918 
DexCom, Inc.(1)
1,163 615,715 
Edwards Lifesciences Corp.(1)
16,365 1,917,651 
FONAR Corp.(1)
103 1,797 
Glaukos Corp.(1)
1,204 71,795 
Globus Medical, Inc., Class A(1)
1,997 162,955 
Haemonetics Corp.(1)
4,484 281,371 
Hill-Rom Holdings, Inc.516 75,119 
Hologic, Inc.(1)
9,682 766,330 
ICU Medical, Inc.(1)
1,816 362,020 
IDEXX Laboratories, Inc.(1)
5,143 3,465,148 
Inogen, Inc.(1)
571 33,798 
Insulet Corp.(1)
1,431 426,166 
Integer Holdings Corp.(1)
3,188 314,943 
Integra LifeSciences Holdings Corp.(1)
1,192 89,674 
Intuitive Surgical, Inc.(1)
2,436 2,566,472 
Lantheus Holdings, Inc.(1)
12,914 340,542 
LENSAR, Inc.(1)
146 1,297 
LivaNova plc(1)
6,548 541,454 
Masimo Corp.(1)
1,772 481,169 
Medtronic plc22,414 2,991,821 
Meridian Bioscience, Inc.(1)
10,746 217,499 
Merit Medical Systems, Inc.(1)
5,695 408,730 
Natus Medical, Inc.(1)
2,335 61,924 
Neogen Corp.(1)
1,414 61,905 
Nevro Corp.(1)
309 37,698 
Novocure Ltd.(1)
390 52,342 
NuVasive, Inc.(1)
7,103 441,380 
OraSure Technologies, Inc.(1)
2,352 25,754 
Orthofix Medical, Inc.(1)
1,659 70,342 
Penumbra, Inc.(1)
403 110,805 
Quidel Corp.(1)
2,680 345,586 
ResMed, Inc.4,146 1,204,537 
Shockwave Medical, Inc.(1)
21 4,498 
Sientra, Inc.(1)
37 
STERIS plc2,031 436,685 
Stryker Corp.4,861 1,346,983 
203


Avantis U.S. Equity ETF
SharesValue
Surmodics, Inc.(1)
815 $48,957 
Tandem Diabetes Care, Inc.(1)
115 12,900 
Teleflex, Inc.401 158,579 
TransMedics Group, Inc.(1)
689 22,517 
Varex Imaging Corp.(1)
889 25,932 
West Pharmaceutical Services, Inc.3,439 1,553,121 
Zimmer Biomet Holdings, Inc.4,940 743,223 
35,823,269 
Health Care Providers and Services — 2.1%
Acadia Healthcare Co., Inc.(1)
1,595 105,461 
AdaptHealth Corp.(1)
2,565 61,663 
Addus HomeCare Corp.(1)
668 60,067 
Amedisys, Inc.(1)
594 108,969 
AmerisourceBergen Corp.3,562 435,312 
AMN Healthcare Services, Inc.(1)
1,315 149,279 
Anthem, Inc.13,131 4,925,832 
Apollo Medical Holdings, Inc.(1)
1,878 142,559 
Brookdale Senior Living, Inc.(1)
53,749 392,368 
Cardinal Health, Inc.9,050 475,034 
Centene Corp.(1)
31,315 1,972,219 
Chemed Corp.795 378,976 
Cigna Corp.7,131 1,509,276 
Community Health Systems, Inc.(1)
727 8,949 
CorVel Corp.(1)
513 84,548 
Cross Country Healthcare, Inc.(1)
6,762 147,073 
CVS Health Corp.13,419 1,159,267 
DaVita, Inc.(1)
1,076 140,709 
Encompass Health Corp.1,182 92,728 
Ensign Group, Inc. (The)7,908 645,846 
Fulgent Genetics, Inc.(1)(2)
3,815 348,081 
Guardant Health, Inc.(1)
944 120,143 
Hanger, Inc.(1)
1,519 36,274 
HCA Healthcare, Inc.5,689 1,439,203 
HealthEquity, Inc.(1)
620 39,785 
Henry Schein, Inc.(1)
5,758 435,247 
Humana, Inc.7,842 3,179,304 
InfuSystem Holdings, Inc.(1)
1,134 16,160 
Joint Corp. (The)(1)
894 91,340 
Laboratory Corp. of America Holdings(1)
3,504 1,063,044 
LHC Group, Inc.(1)
131 24,466 
Magellan Health, Inc.(1)
1,562 147,796 
McKesson Corp.3,461 706,529 
ModivCare, Inc.(1)
2,814 555,090 
Molina Healthcare, Inc.(1)
6,316 1,697,551 
National HealthCare Corp.1,182 87,291 
National Research Corp.715 38,610 
Owens & Minor, Inc.12,591 469,392 
Patterson Cos., Inc.11,425 350,062 
Pennant Group, Inc. (The)(1)
1,262 38,579 
Premier, Inc., Class A9,940 369,569 
Privia Health Group, Inc.(1)
1,694 50,498 
204


Avantis U.S. Equity ETF
SharesValue
Quest Diagnostics, Inc.2,819 $430,828 
R1 RCM, Inc.(1)
10,993 216,782 
RadNet, Inc.(1)
2,262 71,049 
Select Medical Holdings Corp.311 
Tenet Healthcare Corp.(1)
5,167 389,333 
Tivity Health, Inc.(1)
3,479 80,887 
Triple-S Management Corp., Class B(1)
1,289 45,760 
UnitedHealth Group, Inc.12,561 5,228,767 
Universal Health Services, Inc., Class B7,559 1,177,390 
31,941,256 
Health Care Technology — 0.3%
Allscripts Healthcare Solutions, Inc.(1)
6,357 97,643 
Cerner Corp.23,773 1,815,068 
Change Healthcare, Inc.(1)
15,624 341,072 
Evolent Health, Inc., Class A(1)
14,875 365,330 
HealthStream, Inc.(1)
887 26,956 
Multiplan Corp.(1)(2)
6,694 40,164 
NextGen Healthcare, Inc.(1)
3,134 47,825 
Omnicell, Inc.(1)
996 154,649 
Teladoc Health, Inc.(1)
2,121 306,315 
Veeva Systems, Inc., Class A(1)
2,816 934,856 
Vocera Communications, Inc.(1)
790 38,307 
4,168,185 
Hotels, Restaurants and Leisure — 1.6%
Accel Entertainment, Inc.(1)
1,137 13,098 
Aramark6,018 209,366 
BJ's Restaurants, Inc.(1)
2,004 85,691 
Bloomin' Brands, Inc.(1)
7,572 202,854 
Booking Holdings, Inc.(1)
946 2,175,488 
Boyd Gaming Corp.(1)
5,923 363,495 
Brinker International, Inc.(1)
634 33,773 
Caesars Entertainment, Inc.(1)
5,773 586,710 
Carnival Corp.(1)
18,916 456,632 
Carrols Restaurant Group, Inc.62 257 
Century Casinos, Inc.(1)
53 
Cheesecake Factory, Inc. (The)(1)
7,751 361,584 
Chipotle Mexican Grill, Inc.(1)
748 1,423,691 
Choice Hotels International, Inc.338 40,344 
Churchill Downs, Inc.1,766 371,743 
Chuy's Holdings, Inc.(1)
1,418 45,745 
Cracker Barrel Old Country Store, Inc.3,026 434,473 
Darden Restaurants, Inc.10,948 1,649,316 
Dave & Buster's Entertainment, Inc.(1)
623 23,313 
Denny's Corp.(1)
1,151 19,038 
Dine Brands Global, Inc.(1)
32 2,647 
Domino's Pizza, Inc.816 421,782 
Expedia Group, Inc.(1)
1,338 193,341 
Fiesta Restaurant Group, Inc.(1)
492 5,909 
Golden Entertainment, Inc.(1)
1,525 72,773 
Hilton Grand Vacations, Inc.(1)
13,984 610,961 
Hilton Worldwide Holdings, Inc.(1)
4,168 520,417 
205


Avantis U.S. Equity ETF
SharesValue
Hyatt Hotels Corp., Class A(1)
2,316 $170,434 
J Alexander's Holdings, Inc.(1)
14 195 
Jack in the Box, Inc.263 27,868 
Las Vegas Sands Corp.(1)
8,435 376,285 
Lindblad Expeditions Holdings, Inc.(1)
902 13,268 
Marriott International, Inc., Class A(1)
8,278 1,118,689 
Marriott Vacations Worldwide Corp.(1)
359 53,688 
McDonald's Corp.9,829 2,333,994 
MGM Resorts International16,168 689,080 
Monarch Casino & Resort, Inc.(1)
1,678 106,335 
Noodles & Co.(1)
6,097 76,761 
Norwegian Cruise Line Holdings Ltd.(1)
16,879 436,153 
Papa John's International, Inc.352 44,891 
Penn National Gaming, Inc.(1)
10,657 864,283 
Planet Fitness, Inc., Class A(1)
1,071 87,072 
Playa Hotels & Resorts NV(1)
3,791 27,712 
RCI Hospitality Holdings, Inc.272 17,574 
Red Robin Gourmet Burgers, Inc.(1)
318 7,785 
Red Rock Resorts, Inc., Class A(1)
11,450 535,975 
Royal Caribbean Cruises Ltd.(1)
6,640 549,327 
Ruth's Hospitality Group, Inc.(1)
1,648 33,768 
Scientific Games Corp., Class A(1)
1,646 119,088 
SeaWorld Entertainment, Inc.(1)
7,795 383,436 
Six Flags Entertainment Corp.(1)
1,091 46,084 
Starbucks Corp.18,228 2,141,608 
Texas Roadhouse, Inc.6,407 608,665 
Travel + Leisure Co.4,401 240,999 
Vail Resorts, Inc.(1)
945 288,083 
Wendy's Co. (The)15,458 355,843 
Wingstop, Inc.350 60,176 
Wyndham Hotels & Resorts, Inc.359 26,099 
Wynn Resorts Ltd.(1)
7,364 748,845 
Yum! Brands, Inc.4,801 629,075 
23,543,632 
Household Durables — 1.3%
Beazer Homes USA, Inc.(1)
3,612 67,581 
Cavco Industries, Inc.(1)
1,377 351,823 
Century Communities, Inc.5,855 410,435 
D.R. Horton, Inc.18,116 1,732,252 
Ethan Allen Interiors, Inc.2,011 48,304 
Garmin Ltd.5,631 982,215 
GoPro, Inc., Class A(1)
15,269 152,232 
Green Brick Partners, Inc.(1)
819 20,467 
Helen of Troy Ltd.(1)
2,016 482,207 
Hooker Furniture Corp.186 5,796 
Installed Building Products, Inc.1,966 244,138 
iRobot Corp.(1)
3,050 247,416 
KB Home8,817 379,396 
La-Z-Boy, Inc.8,913 312,044 
Legacy Housing Corp.(1)
63 1,235 
Leggett & Platt, Inc.1,259 60,923 
206


Avantis U.S. Equity ETF
SharesValue
Lennar Corp., Class A17,345 $1,861,292 
LGI Homes, Inc.(1)
969 155,360 
Lifetime Brands, Inc.86 1,578 
Lovesac Co. (The)(1)
1,725 97,566 
M.D.C. Holdings, Inc.2,186 114,219 
M/I Homes, Inc.(1)
5,991 385,760 
Meritage Homes Corp.(1)
5,015 559,373 
Mohawk Industries, Inc.(1)
7,197 1,423,279 
Newell Brands, Inc.40,425 1,027,199 
NVR, Inc.(1)
252 1,305,345 
PulteGroup, Inc.26,974 1,452,820 
Purple Innovation, Inc.(1)
12,202 297,729 
Skyline Champion Corp.(1)
2,715 170,285 
Sonos, Inc.(1)
17,618 699,963 
Taylor Morrison Home Corp.(1)
13,538 380,282 
Tempur Sealy International, Inc.11,705 523,213 
Toll Brothers, Inc.14,261 913,560 
TopBuild Corp.(1)
95 20,785 
Tri Pointe Homes, Inc.(1)
18,869 448,516 
Universal Electronics, Inc.(1)
924 46,680 
Whirlpool Corp.6,535 1,447,699 
18,830,967 
Household Products — 0.7%
Central Garden & Pet Co.(1)
35 1,612 
Central Garden & Pet Co., Class A(1)
7,608 317,025 
Church & Dwight Co., Inc.6,950 581,437 
Clorox Co. (The)5,368 902,092 
Colgate-Palmolive Co.21,247 1,656,204 
Energizer Holdings, Inc.1,736 68,294 
Kimberly-Clark Corp.7,050 971,561 
Procter & Gamble Co. (The)39,235 5,586,672 
Reynolds Consumer Products, Inc.433 12,245 
Spectrum Brands Holdings, Inc.753 58,779 
WD-40 Co.624 149,529 
10,305,450 
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The)70,902 1,692,431 
Clearway Energy, Inc., Class A1,679 49,933 
Clearway Energy, Inc., Class C2,204 69,184 
NextEra Energy Partners LP5,127 409,801 
Ormat Technologies, Inc.4,340 308,704 
Sunnova Energy International, Inc.(1)
2,986 108,093 
Vistra Corp.52,272 997,873 
3,636,019 
Industrial Conglomerates — 0.5%
3M Co.9,953 1,938,247 
General Electric Co.14,403 1,518,220 
Honeywell International, Inc.13,522 3,135,887 
Raven Industries, Inc.(1)
673 39,270 
Roper Technologies, Inc.916 442,684 
7,074,308 
207


Avantis U.S. Equity ETF
SharesValue
Insurance — 3.3%
Aflac, Inc.36,091 $2,045,638 
Alleghany Corp.(1)
655 443,232 
Allstate Corp. (The)22,720 3,073,562 
Ambac Financial Group, Inc.(1)
1,415 19,937 
American Equity Investment Life Holding Co.12,703 402,558 
American Financial Group, Inc.8,346 1,151,247 
American International Group, Inc.57,159 3,118,595 
American National Group, Inc.279 53,708 
AMERISAFE, Inc.1,550 89,202 
Aon plc, Class A5,711 1,638,257 
Arch Capital Group Ltd.(1)
21,196 871,156 
Argo Group International Holdings Ltd.2,939 155,473 
Arthur J. Gallagher & Co.3,413 490,175 
Assurant, Inc.4,081 694,219 
Assured Guaranty Ltd.7,047 351,363 
Athene Holding Ltd., Class A(1)
11,509 770,758 
Axis Capital Holdings Ltd.10,083 515,947 
Brighthouse Financial, Inc.(1)
8,817 431,680 
Brown & Brown, Inc.1,242 72,098 
Chubb Ltd.11,858 2,180,923 
Cincinnati Financial Corp.7,178 885,765 
Citizens, Inc.(1)(2)
1,152 6,877 
CNA Financial Corp.359 15,922 
CNO Financial Group, Inc.15,864 388,033 
Crawford & Co., Class A1,312 13,081 
eHealth, Inc.(1)
1,199 46,341 
Employers Holdings, Inc.1,505 61,961 
Enstar Group Ltd.(1)
546 125,946 
Erie Indemnity Co., Class A1,318 233,405 
Everest Re Group Ltd.1,874 496,423 
Fidelity National Financial, Inc.30,721 1,500,106 
First American Financial Corp.13,633 961,535 
Genworth Financial, Inc., Class A(1)
87,141 326,779 
Globe Life, Inc.8,140 782,010 
Goosehead Insurance, Inc., Class A197 28,916 
Greenlight Capital Re Ltd., A Shares(1)
856 7,216 
Hallmark Financial Services, Inc.(1)
320 1,203 
Hanover Insurance Group, Inc. (The)3,226 455,866 
Hartford Financial Services Group, Inc. (The)36,659 2,464,218 
HCI Group, Inc.(2)
444 49,577 
Horace Mann Educators Corp.8,698 356,618 
James River Group Holdings Ltd.1,650 60,704 
Kemper Corp.5,608 384,709 
Kinsale Capital Group, Inc.652 118,566 
Lincoln National Corp.11,043 758,102 
Loews Corp.12,293 686,810 
Markel Corp.(1)
357 453,479 
Marsh & McLennan Cos., Inc.6,942 1,091,282 
MBIA, Inc.(1)
2,999 33,559 
Mercury General Corp.2,829 168,920 
208


Avantis U.S. Equity ETF
SharesValue
MetLife, Inc.33,847 $2,098,514 
National Western Life Group, Inc., Class A184 40,785 
Old Republic International Corp.24,938 648,388 
Palomar Holdings, Inc.(1)
273 24,515 
Primerica, Inc.4,788 732,277 
Principal Financial Group, Inc.18,620 1,244,002 
ProAssurance Corp.3,055 77,903 
Progressive Corp. (The)36,852 3,550,322 
Prudential Financial, Inc.25,252 2,673,682 
Reinsurance Group of America, Inc.4,038 467,681 
RenaissanceRe Holdings Ltd.2,349 368,159 
RLI Corp.1,392 152,048 
Safety Insurance Group, Inc.2,141 174,085 
Selective Insurance Group, Inc.5,566 465,151 
SiriusPoint Ltd.(1)
5,795 56,849 
State Auto Financial Corp.630 31,865 
Stewart Information Services Corp.5,966 375,560 
Tiptree, Inc.3,002 30,350 
Travelers Cos., Inc. (The)18,427 2,942,976 
Trupanion, Inc.(1)
231 21,155 
United Fire Group, Inc.593 15,394 
Universal Insurance Holdings, Inc.1,959 27,896 
Unum Group15,837 421,581 
White Mountains Insurance Group Ltd.284 318,310 
Willis Towers Watson plc1,473 325,121 
WR Berkley Corp.7,031 529,505 
49,347,731 
Interactive Media and Services — 4.4%
Alphabet, Inc., Class A(1)
6,803 19,687,542 
Alphabet, Inc., Class C(1)
6,511 18,942,062 
Bumble, Inc., Class A(1)
780 42,510 
Cargurus, Inc.(1)
7,144 217,035 
Cars.com, Inc.(1)
5,488 69,807 
Facebook, Inc., Class A(1)
57,136 21,676,256 
fuboTV, Inc.(1)(2)
1,897 55,298 
IAC/InterActiveCorp(1)
2,198 290,246 
Match Group, Inc.(1)
4,110 564,878 
QuinStreet, Inc.(1)
915 16,388 
Snap, Inc., Class A(1)
14,753 1,122,851 
TripAdvisor, Inc.(1)
1,254 43,890 
TrueCar, Inc.(1)
50 210 
Twitter, Inc.(1)
20,127 1,298,191 
Vimeo, Inc.(1)
3,737 142,454 
Yelp, Inc.(1)
2,985 114,952 
Zillow Group, Inc., Class A(1)
2,595 248,082 
Zillow Group, Inc., Class C(1)
3,056 292,673 
64,825,325 
Internet and Direct Marketing Retail — 3.1%
1-800-Flowers.com, Inc., Class A(1)
3,292 104,554 
Amazon.com, Inc.(1)
11,756 40,802,607 
CarParts.com, Inc.(1)
1,162 20,068 
209


Avantis U.S. Equity ETF
SharesValue
DoorDash, Inc., Class A(1)
2,040 $390,456 
eBay, Inc.21,620 1,659,119 
Etsy, Inc.(1)
2,873 621,315 
Liquidity Services, Inc.(1)
3,598 87,791 
MercadoLibre, Inc.(1)
560 1,045,772 
PetMed Express, Inc.(2)
1,769 48,718 
Quotient Technology, Inc.(1)
1,026 7,449 
Revolve Group, Inc.(1)
5,937 341,140 
Shutterstock, Inc.3,568 411,248 
Stamps.com, Inc.(1)
1,574 517,688 
Wayfair, Inc., Class A(1)(2)
1,391 390,523 
46,448,448 
IT Services — 4.0%
Accenture plc, Class A21,581 7,263,301 
Akamai Technologies, Inc.(1)
8,503 962,965 
Alliance Data Systems Corp.7,871 772,224 
Amdocs Ltd.8,497 654,524 
Automatic Data Processing, Inc.14,356 3,000,978 
Broadridge Financial Solutions, Inc.5,496 946,521 
Cass Information Systems, Inc.681 30,699 
Cognizant Technology Solutions Corp., Class A28,425 2,169,112 
Computer Task Group, Inc.(1)
51 439 
Concentrix Corp.(1)
4,400 762,916 
CSG Systems International, Inc.7,798 375,942 
DXC Technology Co.(1)
34,070 1,251,050 
EPAM Systems, Inc.(1)
2,029 1,283,971 
Euronet Worldwide, Inc.(1)
3,313 441,391 
EVERTEC, Inc.1,587 73,399 
Evo Payments, Inc., Class A(1)
655 16,663 
ExlService Holdings, Inc.(1)
1,280 157,619 
Fidelity National Information Services, Inc.7,815 998,523 
Fiserv, Inc.(1)
6,309 743,137 
FleetCor Technologies, Inc.(1)
1,754 461,793 
Gartner, Inc.(1)
2,860 882,996 
Genpact Ltd.2,746 142,462 
Global Payments, Inc.4,350 707,484 
GoDaddy, Inc., Class A(1)
3,712 272,127 
Hackett Group, Inc. (The)732 14,347 
International Business Machines Corp.18,123 2,543,382 
International Money Express, Inc.(1)
112 2,043 
Jack Henry & Associates, Inc.2,903 512,031 
LiveRamp Holdings, Inc.(1)
1,189 58,261 
Mastercard, Inc., Class A19,244 6,662,850 
MAXIMUS, Inc.4,273 372,136 
MongoDB, Inc.(1)
478 187,295 
Okta, Inc.(1)
1,121 295,496 
Paychex, Inc.13,530 1,548,779 
PayPal Holdings, Inc.(1)
39,454 11,388,792 
Perficient, Inc.(1)
190 22,652 
Sabre Corp.(1)
3,404 38,227 
Shift4 Payments, Inc., Class A(1)
302 25,884 
210


Avantis U.S. Equity ETF
SharesValue
Square, Inc., Class A(1)
7,386 $1,979,965 
Switch, Inc., Class A1,943 48,206 
TTEC Holdings, Inc.2,362 249,096 
Tucows, Inc., Class A(1)(2)
85 6,299 
Twilio, Inc., Class A(1)
1,880 671,085 
Unisys Corp.(1)
1,184 28,665 
VeriSign, Inc.(1)
1,849 399,865 
Visa, Inc., Class A29,362 6,726,834 
Western Union Co. (The)20,910 452,492 
WEX, Inc.(1)
721 132,354 
58,739,272 
Leisure Products — 0.4%
Acushnet Holdings Corp.2,681 133,943 
American Outdoor Brands, Inc.(1)
141 3,924 
Brunswick Corp.10,372 1,004,736 
Callaway Golf Co.(1)
2,653 74,443 
Clarus Corp.304 8,235 
Hasbro, Inc.4,618 453,996 
Johnson Outdoors, Inc., Class A466 53,492 
Malibu Boats, Inc., Class A(1)
4,549 325,709 
Marine Products Corp.28 
MasterCraft Boat Holdings, Inc.(1)
2,140 53,372 
Mattel, Inc.(1)
4,681 99,939 
Nautilus, Inc.(1)
2,801 31,931 
Peloton Interactive, Inc., Class A(1)
6,096 610,758 
Polaris, Inc.8,247 987,661 
Smith & Wesson Brands, Inc.5,985 144,418 
Sturm Ruger & Co., Inc.3,700 289,303 
Vista Outdoor, Inc.(1)
11,558 472,144 
YETI Holdings, Inc.(1)
10,081 1,001,447 
5,749,479 
Life Sciences Tools and Services — 0.9%
Adaptive Biotechnologies Corp.(1)
1,563 56,768 
Agilent Technologies, Inc.5,756 1,010,005 
Bio-Rad Laboratories, Inc., Class A(1)
716 576,251 
Bio-Techne Corp.823 410,792 
Bruker Corp.8,051 710,984 
Charles River Laboratories International, Inc.(1)
1,381 612,971 
ICON plc(1)
262 67,012 
Illumina, Inc.(1)
3,248 1,484,856 
IQVIA Holdings, Inc.(1)
1,959 508,811 
Medpace Holdings, Inc.(1)
107 19,511 
Mettler-Toledo International, Inc.(1)
1,197 1,858,738 
NeoGenomics, Inc.(1)
920 44,730 
PerkinElmer, Inc.837 154,678 
Repligen Corp.(1)
1,637 463,238 
Syneos Health, Inc.(1)
359 33,308 
Thermo Fisher Scientific, Inc.6,102 3,386,305 
Waters Corp.(1)
4,657 1,928,091 
13,327,049 
211


Avantis U.S. Equity ETF
SharesValue
Machinery — 2.8%
AGCO Corp.6,694 $921,228 
Alamo Group, Inc.1,554 240,885 
Albany International Corp., Class A4,374 342,615 
Allison Transmission Holdings, Inc.2,835 104,838 
Altra Industrial Motion Corp.2,197 128,656 
Astec Industries, Inc.4,422 270,361 
Barnes Group, Inc.1,900 90,573 
Caterpillar, Inc.27,671 5,834,984 
CIRCOR International, Inc.(1)
1,274 45,545 
Colfax Corp.(1)
3,951 190,320 
Columbus McKinnon Corp.2,152 99,100 
Commercial Vehicle Group, Inc.(1)
1,612 16,942 
Crane Co.673 68,491 
Cummins, Inc.11,093 2,617,726 
Deere & Co.17,746 6,708,520 
Desktop Metal, Inc., Class A(1)
2,419 20,078 
Donaldson Co., Inc.12,290 832,647 
Douglas Dynamics, Inc.2,123 84,368 
Dover Corp.2,723 474,782 
Energy Recovery, Inc.(1)
2,481 50,687 
Enerpac Tool Group Corp.1,596 40,155 
EnPro Industries, Inc.4,092 349,907 
ESCO Technologies, Inc.694 62,543 
Federal Signal Corp.6,449 262,023 
Flowserve Corp.9,425 366,350 
Fortive Corp.1,030 76,086 
Franklin Electric Co., Inc.4,304 365,754 
Gorman-Rupp Co. (The)1,072 37,595 
Graco, Inc.15,130 1,186,495 
Greenbrier Cos., Inc. (The)7,973 351,609 
Helios Technologies, Inc.671 54,767 
Hyster-Yale Materials Handling, Inc.921 53,980 
IDEX Corp.1,538 344,512 
Illinois Tool Works, Inc.9,481 2,207,746 
Ingersoll Rand, Inc.(1)
8,931 473,522 
ITT, Inc.6,307 603,391 
John Bean Technologies Corp.670 97,746 
Kennametal, Inc.10,162 377,823 
Lincoln Electric Holdings, Inc.6,175 862,092 
Lindsay Corp.342 56,344 
Lydall, Inc.(1)
1,817 112,618 
Manitowoc Co., Inc. (The)(1)
63 1,528 
Mayville Engineering Co., Inc.(1)
45 
Meritor, Inc.(1)
2,387 56,620 
Middleby Corp. (The)(1)
631 115,435 
Miller Industries, Inc.912 33,945 
Mueller Industries, Inc.8,247 367,899 
Mueller Water Products, Inc., Class A24,795 412,093 
Nordson Corp.493 117,630 
Oshkosh Corp.7,100 813,518 
212


Avantis U.S. Equity ETF
SharesValue
Otis Worldwide Corp.4,326 $398,944 
PACCAR, Inc.25,106 2,055,428 
Park-Ohio Holdings Corp.324 8,353 
Parker-Hannifin Corp.2,748 815,249 
Pentair plc1,695 130,786 
Proto Labs, Inc.(1)
1,532 113,613 
RBC Bearings, Inc.(1)
1,626 376,451 
REV Group, Inc.828 13,463 
Rexnord Corp.1,076 65,378 
Shyft Group, Inc. (The)8,821 388,212 
Snap-on, Inc.4,956 1,114,852 
SPX Corp.(1)
766 47,860 
SPX FLOW, Inc.5,537 445,895 
Standex International Corp.661 65,598 
Stanley Black & Decker, Inc.2,126 410,892 
Tennant Co.1,469 108,677 
Terex Corp.10,248 523,160 
Timken Co. (The)7,260 533,900 
Titan International, Inc.(1)
5,036 41,849 
Toro Co. (The)10,724 1,178,997 
TriMas Corp.(1)
10,191 327,233 
Trinity Industries, Inc.12,679 368,071 
Wabash National Corp.5,383 83,652 
Watts Water Technologies, Inc., Class A2,959 507,676 
Welbilt, Inc.(1)
4,037 94,466 
Westinghouse Air Brake Technologies Corp.8,308 745,975 
Woodward, Inc.3,474 420,146 
Xylem, Inc.3,459 471,496 
41,261,389 
Marine
Costamare, Inc.6,175 88,796 
Eneti, Inc.127 2,352 
Genco Shipping & Trading Ltd.117 
Kirby Corp.(1)
1,510 80,921 
Matson, Inc.6,775 536,377 
708,563 
Media — 1.2%
Altice USA, Inc., Class A(1)
14,240 390,746 
AMC Networks, Inc., Class A(1)
5,573 264,885 
Boston Omaha Corp., Class A(1)
566 20,235 
Cable One, Inc.275 577,387 
Charter Communications, Inc., Class A(1)
1,887 1,541,037 
Comcast Corp., Class A110,519 6,706,293 
Discovery, Inc., Class A(1)(2)
887 25,581 
Discovery, Inc., Class C(1)
8,530 235,343 
DISH Network Corp., Class A(1)
19,252 839,195 
Entercom Communications Corp.(1)
9,930 35,252 
Entravision Communications Corp., Class A7,224 50,351 
Fox Corp., Class A35,068 1,312,946 
Fox Corp., Class B16,212 561,422 
Gannett Co., Inc.(1)
4,740 30,099 
213


Avantis U.S. Equity ETF
SharesValue
Gray Television, Inc.16,750 $380,895 
Interpublic Group of Cos., Inc. (The)3,397 126,470 
John Wiley & Sons, Inc., Class A174 
Liberty Broadband Corp., Class A(1)
95 17,648 
Liberty Broadband Corp., Class C(1)
6,986 1,336,562 
Liberty Media Corp.-Liberty SiriusXM, Class C(1)
7,755 382,709 
Liberty Media Corp.-Liberty SiriusXM, Class A(1)
3,263 161,518 
Magnite, Inc.(1)
1,187 34,447 
Meredith Corp.(1)
1,212 52,128 
New York Times Co. (The), Class A10,307 523,389 
News Corp., Class A23,741 533,460 
News Corp., Class B11,328 249,556 
Nexstar Media Group, Inc., Class A625 93,594 
Omnicom Group, Inc.6,306 461,725 
Scholastic Corp.670 22,271 
Sinclair Broadcast Group, Inc., Class A1,003 30,100 
Sirius XM Holdings, Inc.(2)
14,281 89,542 
TechTarget, Inc.(1)
461 38,991 
TEGNA, Inc.24 425 
ViacomCBS, Inc., Class B14,201 588,631 
WideOpenWest, Inc.(1)
1,457 30,918 
17,745,925 
Metals and Mining — 1.1%
Alcoa Corp.(1)
28,531 1,265,921 
Allegheny Technologies, Inc.(1)
20,152 359,915 
Alpha Metallurgical Resources, Inc.(1)
21 821 
Arconic Corp.(1)
14,255 491,655 
Carpenter Technology Corp.6,598 220,043 
Century Aluminum Co.(1)
4,487 57,523 
Cleveland-Cliffs, Inc.(1)(2)
37,726 885,429 
Coeur Mining, Inc.(1)
40,654 286,611 
Commercial Metals Co.18,636 607,906 
Compass Minerals International, Inc.5,054 338,264 
Fortitude Gold Corp.744 5,580 
Freeport-McMoRan, Inc.59,352 2,159,819 
Haynes International, Inc.333 13,070 
Hecla Mining Co.19,460 119,679 
Kaiser Aluminum Corp.3,074 388,123 
Materion Corp.1,093 79,822 
MP Materials Corp.(1)
1,992 66,871 
Newmont Corp.30,925 1,793,341 
Nucor Corp.22,261 2,617,003 
Olympic Steel, Inc.157 4,280 
Reliance Steel & Aluminum Co.7,002 1,050,580 
Royal Gold, Inc.3,499 389,544 
Ryerson Holding Corp.312 7,223 
Schnitzer Steel Industries, Inc., Class A1,714 81,089 
Steel Dynamics, Inc.24,242 1,636,093 
SunCoke Energy, Inc.5,564 38,670 
United States Steel Corp.19,968 534,144 
Warrior Met Coal, Inc.15,290 342,343 
214


Avantis U.S. Equity ETF
SharesValue
Worthington Industries, Inc.5,186 $300,529 
16,141,891 
Multi-Utilities — 0.6%
Ameren Corp.16,106 1,412,818 
Avista Corp.6,106 255,536 
CenterPoint Energy, Inc.23,397 587,031 
CMS Energy Corp.13,320 854,212 
Consolidated Edison, Inc.12,729 960,403 
Dominion Energy, Inc.7,676 597,500 
DTE Energy Co.5,105 614,336 
MDU Resources Group, Inc.11,160 359,017 
NiSource, Inc.21,636 533,327 
NorthWestern Corp.972 61,819 
Public Service Enterprise Group, Inc.21,510 1,375,349 
Sempra Energy7,619 1,008,451 
Unitil Corp.963 47,765 
WEC Energy Group, Inc.3,895 368,000 
9,035,564 
Multiline Retail — 1.0%
Big Lots, Inc.6,147 299,113 
Dillard's, Inc., Class A419 79,803 
Dollar General Corp.10,599 2,362,623 
Dollar Tree, Inc.(1)
17,705 1,603,010 
Kohl's Corp.20,998 1,205,285 
Macy's, Inc.(1)
49,474 1,107,723 
Nordstrom, Inc.(1)
11,774 336,854 
Ollie's Bargain Outlet Holdings, Inc.(1)
865 62,609 
Target Corp.29,512 7,288,874 
14,345,894 
Oil, Gas and Consumable Fuels — 3.7%
Alto Ingredients, Inc.(1)
4,759 24,223 
Antero Midstream Corp.42,949 412,740 
Antero Resources Corp.(1)
36,776 504,567 
APA Corp.41,933 816,855 
Arch Resources, Inc.(1)
471 35,650 
Berry Corp.9,626 57,756 
Bonanza Creek Energy, Inc.1,153 44,829 
Brigham Minerals, Inc., Class A848 16,214 
Cabot Oil & Gas Corp.45,384 721,152 
Callon Petroleum Co.(1)
8,552 292,222 
Centennial Resource Development, Inc., Class A(1)
13,518 68,942 
Cheniere Energy, Inc.(1)
5,257 459,777 
Chevron Corp.62,354 6,033,997 
Cimarex Energy Co.16,142 1,036,639 
Clean Energy Fuels Corp.(1)
15,332 121,583 
CNX Resources Corp.(1)
17,947 203,878 
Comstock Resources, Inc.(1)
4,475 26,447 
ConocoPhillips71,391 3,964,342 
CONSOL Energy, Inc.(1)
3,432 78,353 
Continental Resources, Inc.6,283 246,796 
CVR Energy, Inc.1,829 26,338 
215


Avantis U.S. Equity ETF
SharesValue
Delek US Holdings, Inc.(1)
14,526 $248,540 
Devon Energy Corp.87,975 2,599,661 
DHT Holdings, Inc.19,428 107,437 
Diamondback Energy, Inc.20,427 1,575,739 
Dorian LPG Ltd.1,331 17,596 
DTE Midstream LLC(1)
2,620 121,751 
EnLink Midstream LLC(1)
71,424 384,975 
EOG Resources, Inc.33,606 2,269,077 
EQT Corp.(1)
31,373 575,067 
Equitrans Midstream Corp.57,284 500,089 
Evolution Petroleum Corp.477 1,989 
Exxon Mobil Corp.147,022 8,015,639 
Goodrich Petroleum Corp.(1)
68 1,105 
Green Plains, Inc.(1)
10,640 373,464 
Hess Corp.17,944 1,233,650 
HollyFrontier Corp.11,162 360,867 
International Seaways, Inc.3,697 63,588 
Kinder Morgan, Inc.52,539 854,810 
Kosmos Energy Ltd.(1)
99,671 235,224 
Magnolia Oil & Gas Corp., Class A12,769 200,218 
Marathon Oil Corp.87,249 1,025,176 
Marathon Petroleum Corp.21,721 1,287,404 
Matador Resources Co.19,927 572,901 
Murphy Oil Corp.23,752 504,968 
NextDecade Corp.(1)(2)
153 508 
Nordic American Tankers Ltd.10,910 25,857 
Occidental Petroleum Corp.90,484 2,324,534 
ONEOK, Inc.32,650 1,714,778 
Overseas Shipholding Group, Inc., Class A(1)
2,165 5,672 
Ovintiv, Inc.34,312 935,345 
Par Pacific Holdings, Inc.(1)
5,396 88,980 
PBF Energy, Inc., Class A(1)
5,070 52,728 
PDC Energy, Inc.17,333 723,653 
Penn Virginia Corp.(1)
324 6,707 
Phillips 6614,157 1,006,421 
PHX Minerals, Inc.28 71 
Pioneer Natural Resources Co.14,536 2,175,603 
Plains GP Holdings LP, Class A(1)
10,773 105,144 
Range Resources Corp.(1)
41,113 601,072 
Rattler Midstream LP2,616 28,514 
Renewable Energy Group, Inc.(1)
7,534 364,796 
REX American Resources Corp.(1)
312 26,445 
Scorpio Tankers, Inc.4,575 74,161 
SFL Corp. Ltd.8,434 67,725 
SM Energy Co.21,653 413,572 
Southwestern Energy Co.(1)
121,901 554,650 
Talos Energy, Inc.(1)
2,063 25,581 
Targa Resources Corp.33,437 1,468,553 
Teekay Corp.(1)(2)
317 960 
Teekay Tankers Ltd., Class A(1)
69 
Valero Energy Corp.23,384 1,550,593 
216


Avantis U.S. Equity ETF
SharesValue
Whiting Petroleum Corp.(1)
6,675 $313,391 
Williams Cos., Inc. (The)57,762 1,426,144 
World Fuel Services Corp.10,937 353,921 
54,760,383 
Paper and Forest Products — 0.1%
Clearwater Paper Corp.(1)
1,341 43,569 
Domtar Corp.(1)
8,660 474,828 
Glatfelter Corp.2,820 44,556 
Louisiana-Pacific Corp.15,267 968,539 
Mercer International, Inc.2,253 25,639 
Neenah, Inc.1,420 71,554 
Schweitzer-Mauduit International, Inc.3,022 115,652 
Verso Corp., Class A1,888 35,966 
1,780,303 
Personal Products — 0.3%
Beauty Health Co. (The)(1)(2)
2,852 73,325 
Coty, Inc., Class A(1)
3,823 37,351 
Edgewell Personal Care Co.8,725 369,067 
Estee Lauder Cos., Inc. (The), Class A8,313 2,830,493 
Herbalife Nutrition Ltd.(1)
1,285 65,972 
Inter Parfums, Inc.664 48,167 
Lifevantage Corp.(1)
15 117 
Medifast, Inc.1,830 417,057 
Nature's Sunshine Products, Inc.34 
Nu Skin Enterprises, Inc., Class A8,006 405,264 
USANA Health Sciences, Inc.(1)
1,942 188,432 
4,435,279 
Pharmaceuticals — 3.1%
Aclaris Therapeutics, Inc.(1)
1,322 21,430 
Amneal Pharmaceuticals, Inc.(1)
2,725 15,369 
Amphastar Pharmaceuticals, Inc.(1)
606 11,914 
ANI Pharmaceuticals, Inc.(1)
281 8,523 
Antares Pharma, Inc.(1)
5,956 23,467 
Arvinas, Inc.(1)
1,491 128,539 
AstraZeneca plc, ADR16,803 979,279 
Athira Pharma, Inc.(1)
1,640 17,368 
Bristol-Myers Squibb Co.83,842 5,605,676 
Catalent, Inc.(1)
9,147 1,193,135 
Collegium Pharmaceutical, Inc.(1)
3,267 67,071 
Corcept Therapeutics, Inc.(1)
14,783 314,582 
Durect Corp.(1)
Elanco Animal Health, Inc.(1)
22,601 754,421 
Eli Lilly & Co.24,945 6,443,044 
Endo International plc(1)
30 69 
Innoviva, Inc.(1)
5,972 91,133 
Intra-Cellular Therapies, Inc.(1)
8,243 273,667 
Jazz Pharmaceuticals plc(1)
5,018 660,921 
Johnson & Johnson85,536 14,808,848 
Merck & Co., Inc.62,804 4,791,317 
Nektar Therapeutics(1)
3,725 57,663 
NGM Biopharmaceuticals, Inc.(1)
548 11,963 
217


Avantis U.S. Equity ETF
SharesValue
Omeros Corp.(1)(2)
1,879 $30,628 
Organon & Co.7,166 242,856 
Perrigo Co. plc9,692 396,887 
Pfizer, Inc.108,296 4,989,197 
Phibro Animal Health Corp., Class A1,151 27,958 
Pliant Therapeutics, Inc.(1)(2)
1,175 21,432 
Prestige Consumer Healthcare, Inc.(1)
7,878 452,118 
Revance Therapeutics, Inc.(1)
818 21,906 
SIGA Technologies, Inc.(1)
4,063 26,531 
Strongbridge Biopharma plc(1)
1,036 2,331 
Supernus Pharmaceuticals, Inc.(1)
10,292 283,339 
Verrica Pharmaceuticals, Inc.(1)(2)
22 
Viatris, Inc.23,798 348,165 
Zoetis, Inc.15,676 3,206,682 
46,329,455 
Professional Services — 0.6%
Acacia Research Corp.(1)
1,942 11,827 
ASGN, Inc.(1)
448 50,261 
Barrett Business Services, Inc.276 21,390 
BGSF, Inc.92 
Booz Allen Hamilton Holding Corp.5,928 485,562 
CACI International, Inc., Class A(1)
168 43,267 
CoStar Group, Inc.(1)
5,903 500,220 
CRA International, Inc.544 50,587 
Equifax, Inc.3,426 932,763 
Exponent, Inc.3,827 447,376 
Franklin Covey Co.(1)
476 20,692 
FTI Consulting, Inc.(1)
706 98,635 
Heidrick & Struggles International, Inc.2,548 110,125 
IHS Markit Ltd.4,111 495,787 
Insperity, Inc.3,432 378,687 
Jacobs Engineering Group, Inc.3,077 415,272 
KBR, Inc.10,207 397,461 
Kelly Services, Inc., Class A1,273 24,747 
Kforce, Inc.2,908 169,885 
Korn Ferry7,992 564,954 
Leidos Holdings, Inc.3,138 307,869 
ManpowerGroup, Inc.6,193 751,954 
ManTech International Corp., Class A336 26,601 
Nielsen Holdings plc4,378 93,952 
Resources Connection, Inc.2,132 33,686 
Robert Half International, Inc.12,877 1,331,482 
Science Applications International Corp.784 66,036 
TransUnion4,008 487,092 
TriNet Group, Inc.(1)
3,881 357,362 
TrueBlue, Inc.(1)
4,523 123,614 
Verisk Analytics, Inc.3,729 752,363 
9,551,601 
Real Estate Management and Development — 0.4%
CBRE Group, Inc., Class A(1)
26,158 2,519,016 
Cushman & Wakefield plc(1)
1,415 25,668 
218


Avantis U.S. Equity ETF
SharesValue
eXp World Holdings, Inc.792 $36,313 
Forestar Group, Inc.(1)
314 6,528 
FRP Holdings, Inc.(1)
270 15,579 
Howard Hughes Corp. (The)(1)
3,568 323,011 
Jones Lang LaSalle, Inc.(1)
5,879 1,425,246 
Kennedy-Wilson Holdings, Inc.2,767 60,846 
Marcus & Millichap, Inc.(1)
1,231 48,280 
Newmark Group, Inc., Class A9,346 127,293 
Opendoor Technologies, Inc.(1)(2)
5,632 99,855 
RE/MAX Holdings, Inc., Class A1,453 48,661 
Realogy Holdings Corp.(1)
1,500 26,325 
Redfin Corp.(1)
6,770 328,819 
RMR Group, Inc. (The), Class A571 26,460 
St. Joe Co. (The)4,456 206,179 
Tejon Ranch Co.(1)
586 11,263 
5,335,342 
Road and Rail — 1.8%
AMERCO741 489,912 
ArcBest Corp.4,849 323,574 
Avis Budget Group, Inc.(1)
997 90,478 
CSX Corp.143,162 4,657,060 
Daseke, Inc.(1)
1,429 13,504 
Heartland Express, Inc.2,844 47,722 
J.B. Hunt Transport Services, Inc.9,071 1,609,195 
Kansas City Southern8,524 2,392,431 
Knight-Swift Transportation Holdings, Inc.9,642 500,709 
Landstar System, Inc.4,195 704,886 
Lyft, Inc., Class A(1)
6,008 286,041 
Marten Transport Ltd.4,850 75,612 
Norfolk Southern Corp.14,060 3,564,772 
Old Dominion Freight Line, Inc.8,795 2,539,292 
Ryder System, Inc.8,266 657,064 
Saia, Inc.(1)
3,462 831,330 
Schneider National, Inc., Class B2,992 67,440 
Uber Technologies, Inc.(1)
10,020 392,183 
Union Pacific Corp.30,007 6,506,718 
Universal Logistics Holdings, Inc.10 219 
US Xpress Enterprises, Inc., Class A(1)
1,956 17,095 
Werner Enterprises, Inc.8,037 379,025 
XPO Logistics, Inc.(1)
2,821 245,173 
26,391,435 
Semiconductors and Semiconductor Equipment — 4.9%
Advanced Micro Devices, Inc.(1)
25,808 2,857,462 
Alpha & Omega Semiconductor Ltd.(1)
1,104 32,071 
Ambarella, Inc.(1)
454 47,021 
Amkor Technology, Inc.15,892 436,553 
Analog Devices, Inc.16,356 2,665,269 
Applied Materials, Inc.47,888 6,471,105 
Axcelis Technologies, Inc.(1)
1,448 71,980 
AXT, Inc.(1)
1,647 15,334 
Broadcom, Inc.6,477 3,220,429 
219


Avantis U.S. Equity ETF
SharesValue
Brooks Automation, Inc.3,613 $306,960 
CEVA, Inc.(1)
973 46,947 
Cirrus Logic, Inc.(1)
4,619 386,472 
CMC Materials, Inc.2,179 288,979 
Cohu, Inc.(1)
9,074 323,760 
Cree, Inc.(1)
3,826 325,133 
Diodes, Inc.(1)
4,995 483,666 
Enphase Energy, Inc.(1)
3,561 618,653 
Entegris, Inc.4,993 599,859 
First Solar, Inc.(1)
4,953 465,582 
FormFactor, Inc.(1)
7,626 296,499 
Intel Corp.140,298 7,584,510 
KLA Corp.5,573 1,894,597 
Kulicke & Soffa Industries, Inc.6,219 436,512 
Lam Research Corp.7,876 4,763,562 
Lattice Semiconductor Corp.(1)
6,693 415,769 
MagnaChip Semiconductor Corp.(1)
5,171 94,371 
Marvell Technology, Inc.18,132 1,109,497 
Microchip Technology, Inc.3,779 594,663 
Micron Technology, Inc.(1)
61,286 4,516,778 
MKS Instruments, Inc.2,128 313,199 
Monolithic Power Systems, Inc.968 479,092 
NeoPhotonics Corp.(1)
5,273 49,250 
NVIDIA Corp.43,412 9,717,776 
ON Semiconductor Corp.(1)
26,268 1,165,249 
Onto Innovation, Inc.(1)
2,556 189,476 
PDF Solutions, Inc.(1)
909 20,471 
Photronics, Inc.(1)
2,735 41,216 
Power Integrations, Inc.1,553 168,718 
Qorvo, Inc.(1)
7,771 1,461,181 
QUALCOMM, Inc.24,156 3,543,444 
Rambus, Inc.(1)
5,062 120,476 
Semtech Corp.(1)
1,219 85,232 
Silicon Laboratories, Inc.(1)
912 143,749 
SiTime Corp.(1)
270 57,467 
Skyworks Solutions, Inc.11,588 2,125,935 
SMART Global Holdings, Inc.(1)
2,089 101,233 
SolarEdge Technologies, Inc.(1)
2,632 762,701 
SunPower Corp.(1)
1,049 22,606 
Synaptics, Inc.(1)
3,545 672,770 
Teradyne, Inc.16,502 2,004,003 
Texas Instruments, Inc.30,838 5,887,283 
Ultra Clean Holdings, Inc.(1)
7,150 330,616 
Universal Display Corp.1,696 353,769 
Veeco Instruments, Inc.(1)
2,097 47,791 
Xilinx, Inc.(1)
10,799 1,680,216 
72,914,912 
Software — 6.7%
A10 Networks, Inc.(1)
6,450 89,590 
ACI Worldwide, Inc.(1)
9,039 291,327 
Adobe, Inc.(1)
7,884 5,232,611 
220


Avantis U.S. Equity ETF
SharesValue
Agilysys, Inc.(1)
461 $26,199 
Alarm.com Holdings, Inc.(1)
3,166 266,989 
Alteryx, Inc., Class A(1)
364 26,925 
American Software, Inc., Class A1,149 29,150 
Anaplan, Inc.(1)
859 51,523 
ANSYS, Inc.(1)
1,392 508,581 
Appfolio, Inc., Class A(1)
95 11,219 
Aspen Technology, Inc.(1)
5,824 754,208 
Autodesk, Inc.(1)
7,427 2,303,038 
Avalara, Inc.(1)
771 138,549 
Avaya Holdings Corp.(1)
10,292 207,590 
Bentley Systems, Inc., Class B533 34,373 
Bill.com Holdings, Inc.(1)
2,338 641,524 
Black Knight, Inc.(1)
2,473 187,132 
Blackbaud, Inc.(1)
4,935 343,920 
Blackline, Inc.(1)
427 46,586 
Bottomline Technologies de, Inc.(1)
1,044 44,130 
Cadence Design Systems, Inc.(1)
8,533 1,394,975 
CDK Global, Inc.1,659 69,014 
Cerence, Inc.(1)
759 
Ceridian HCM Holding, Inc.(1)
359 40,334 
ChannelAdvisor Corp.(1)
1,237 31,692 
Citrix Systems, Inc.4,300 442,341 
Cloudera, Inc.(1)
4,406 70,188 
CommVault Systems, Inc.(1)
1,923 155,705 
Cornerstone OnDemand, Inc.(1)
623 35,698 
Coupa Software, Inc.(1)
312 76,381 
Crowdstrike Holdings, Inc., Class A(1)
3,248 912,688 
Datadog, Inc., Class A(1)
2,183 300,817 
Digital Turbine, Inc.(1)
4,312 252,036 
DocuSign, Inc.(1)
1,567 464,208 
Dolby Laboratories, Inc., Class A3,965 392,971 
Domo, Inc., Class B(1)
505 45,197 
Dropbox, Inc., Class A(1)
6,038 191,465 
Dynatrace, Inc.(1)
790 54,297 
Fair Isaac Corp.(1)
997 458,361 
Five9, Inc.(1)
645 102,058 
Fortinet, Inc.(1)
10,348 3,261,069 
Guidewire Software, Inc.(1)
1,607 190,365 
HubSpot, Inc.(1)
889 608,494 
Intelligent Systems Corp.(1)(2)
509 19,642 
InterDigital, Inc.5,016 361,704 
Intuit, Inc.6,372 3,607,253 
j2 Global, Inc.(1)
728 100,246 
Manhattan Associates, Inc.(1)
6,226 1,014,776 
Microsoft Corp.180,784 54,575,074 
MicroStrategy, Inc., Class A(1)(2)
182 126,363 
Mimecast Ltd.(1)
1,135 79,234 
Mitek Systems, Inc.(1)
2,349 52,547 
nCino, Inc.(1)
436 27,036 
NCR Corp.(1)
9,141 388,310 
221


Avantis U.S. Equity ETF
SharesValue
New Relic, Inc.(1)
433 $34,627 
NortonLifeLock, Inc.30,382 806,946 
Nuance Communications, Inc.(1)
1,820 100,191 
Nutanix, Inc., Class A(1)
3,061 112,981 
Oracle Corp. (New York)41,566 3,704,778 
Palantir Technologies, Inc., Class A(1)
13,965 367,838 
Palo Alto Networks, Inc.(1)
2,008 925,768 
Paycom Software, Inc.(1)
3,382 1,653,460 
Paylocity Holding Corp.(1)
1,546 416,183 
Pegasystems, Inc.300 41,289 
Progress Software Corp.753 35,060 
Proofpoint, Inc.(1)
418 73,526 
PTC, Inc.(1)
2,009 264,505 
Q2 Holdings, Inc.(1)
359 31,624 
QAD, Inc., Class A609 52,989 
Qualys, Inc.(1)
3,470 407,309 
RingCentral, Inc., Class A(1)
368 92,832 
Riot Blockchain, Inc.(1)(2)
1,967 73,408 
SailPoint Technologies Holdings, Inc.(1)
1,585 74,273 
salesforce.com, Inc.(1)
10,166 2,696,735 
ServiceNow, Inc.(1)
3,636 2,340,275 
ShotSpotter, Inc.(1)
288 11,471 
Smartsheet, Inc., Class A(1)
1,615 128,506 
Splunk, Inc.(1)
909 138,959 
Sprout Social, Inc., Class A(1)
354 43,046 
SPS Commerce, Inc.(1)
1,344 182,152 
SS&C Technologies Holdings, Inc.2,435 184,232 
Synopsys, Inc.(1)
2,146 712,987 
Teradata Corp.(1)
7,034 384,689 
Trade Desk, Inc. (The), Class A(1)
3,771 301,869 
Tyler Technologies, Inc.(1)
885 429,844 
Verint Systems, Inc.(1)
509 22,722 
VirnetX Holding Corp.(1)(2)
8,145 36,571 
VMware, Inc., Class A(1)(2)
1,353 201,421 
Vonage Holdings Corp.(1)
2,471 34,841 
Workday, Inc., Class A(1)
1,733 473,386 
Xperi Holding Corp.1,415 30,239 
Zendesk, Inc.(1)
1,301 160,804 
Zoom Video Communications, Inc., Class A(1)
4,082 1,181,739 
Zscaler, Inc.(1)
406 113,006 
100,217,543 
Specialty Retail — 3.5%
Aaron's Co., Inc. (The)5,344 141,723 
Abercrombie & Fitch Co., Class A(1)
11,663 417,069 
Academy Sports & Outdoors, Inc.(1)
10,141 448,942 
Advance Auto Parts, Inc.6,957 1,411,227 
America's Car-Mart, Inc.(1)
77 9,958 
American Eagle Outfitters, Inc.11,188 341,458 
Asbury Automotive Group, Inc.(1)
3,223 600,252 
AutoNation, Inc.(1)
10,085 1,100,173 
AutoZone, Inc.(1)
455 704,863 
222


Avantis U.S. Equity ETF
SharesValue
Bath & Body Works, Inc.6,080 $410,278 
Bed Bath & Beyond, Inc.(1)
13,052 359,452 
Best Buy Co., Inc.19,469 2,268,333 
Big 5 Sporting Goods Corp.(2)
3,756 104,417 
Boot Barn Holdings, Inc.(1)
4,269 381,136 
Buckle, Inc. (The)7,879 305,154 
Burlington Stores, Inc.(1)
3,997 1,197,062 
Caleres, Inc.7,602 186,933 
Camping World Holdings, Inc., Class A704 28,118 
CarMax, Inc.(1)
16,955 2,122,936 
Carvana Co.(1)
99 32,478 
Cato Corp. (The), Class A1,679 28,980 
Chico's FAS, Inc.(1)
1,444 7,465 
Children's Place, Inc. (The)(1)
663 57,575 
Citi Trends, Inc.(1)
1,443 124,300 
Conn's, Inc.(1)
549 13,505 
Container Store Group, Inc. (The)(1)
4,628 53,685 
Designer Brands, Inc., Class A(1)
1,955 28,348 
Dick's Sporting Goods, Inc.(2)
8,809 1,240,395 
Five Below, Inc.(1)
2,935 624,597 
Floor & Decor Holdings, Inc., Class A(1)
4,844 597,265 
Foot Locker, Inc.15,636 886,405 
GameStop Corp., Class A(1)
294 64,163 
Gap, Inc. (The)34,013 909,167 
Genesco, Inc.(1)
1,415 87,772 
Group 1 Automotive, Inc.2,732 451,982 
Guess?, Inc.5,597 135,391 
Haverty Furniture Cos., Inc.1,877 66,878 
Hibbett, Inc.3,604 344,867 
Home Depot, Inc. (The)19,598 6,392,476 
Kirkland's, Inc.(1)(2)
2,095 40,056 
Lithia Motors, Inc.3,355 1,111,512 
Lowe's Cos., Inc.32,339 6,593,599 
Lumber Liquidators Holdings, Inc.(1)
2,757 57,511 
MarineMax, Inc.(1)
5,137 249,761 
Monro, Inc.363 20,658 
Murphy USA, Inc.3,786 587,890 
O'Reilly Automotive, Inc.(1)
3,049 1,811,350 
ODP Corp. (The)(1)
9,095 429,011 
Party City Holdco, Inc.(1)
3,637 24,768 
Penske Automotive Group, Inc.5,356 481,665 
Rent-A-Center, Inc.8,032 506,659 
RH(1)
760 532,509 
Ross Stores, Inc.24,209 2,866,346 
Sally Beauty Holdings, Inc.(1)
4,689 87,169 
Shoe Carnival, Inc.1,326 50,759 
Signet Jewelers Ltd.9,457 748,994 
Sleep Number Corp.(1)
388 35,894 
Sonic Automotive, Inc., Class A2,082 105,224 
Sportsman's Warehouse Holdings, Inc.(1)
3,818 67,731 
Tilly's, Inc., Class A1,364 21,237 
223


Avantis U.S. Equity ETF
SharesValue
TJX Cos., Inc. (The)50,591 $3,678,978 
Tractor Supply Co.11,378 2,210,177 
TravelCenters of America, Inc.(1)
802 33,660 
Ulta Beauty, Inc.(1)
5,598 2,168,161 
Urban Outfitters, Inc.(1)
10,612 350,408 
Victoria's Secret & Co.(1)
1,966 130,346 
Williams-Sonoma, Inc.10,421 1,945,601 
Zumiez, Inc.(1)
5,581 224,300 
51,859,112 
Technology Hardware, Storage and Peripherals — 4.4%
3D Systems Corp.(1)
12,310 374,716 
Apple, Inc.395,849 60,101,754 
Contra Zagg, Inc.(1)
— 
Dell Technologies, Inc., Class C(1)
4,184 407,773 
Diebold Nixdorf, Inc.(1)
1,421 15,460 
Hewlett Packard Enterprise Co.24,190 373,977 
HP, Inc.21,654 643,990 
NetApp, Inc.9,293 826,427 
Pure Storage, Inc., Class A(1)
2,152 55,586 
Seagate Technology Holdings plc19,026 1,666,487 
Stratasys Ltd.(1)
1,151 24,240 
Super Micro Computer, Inc.(1)
8,470 309,494 
Turtle Beach Corp.(1)
2,111 59,974 
Western Digital Corp.(1)
4,850 306,520 
Xerox Holdings Corp.20,017 450,583 
65,616,981 
Textiles, Apparel and Luxury Goods — 1.4%
Capri Holdings Ltd.(1)
20,529 1,160,094 
Carter's, Inc.5,627 576,092 
Columbia Sportswear Co.2,649 270,224 
Crocs, Inc.(1)
10,701 1,528,317 
Deckers Outdoor Corp.(1)
3,574 1,495,540 
Fossil Group, Inc.(1)
3,467 46,458 
G-III Apparel Group Ltd.(1)
11,685 361,417 
Hanesbrands, Inc.21,785 406,944 
Kontoor Brands, Inc.34 1,835 
Levi Strauss & Co., Class A10,464 274,261 
lululemon athletica, Inc.(1)
5,473 2,190,130 
Movado Group, Inc.1,968 71,124 
NIKE, Inc., Class B41,205 6,788,112 
Oxford Industries, Inc.3,475 313,793 
PVH Corp.(1)
5,029 526,989 
Ralph Lauren Corp.3,789 440,017 
Rocky Brands, Inc.280 13,910 
Skechers USA, Inc., Class A(1)
11,383 574,045 
Steven Madden Ltd.9,828 397,739 
Tapestry, Inc.(1)
37,862 1,526,596 
Under Armour, Inc., Class A(1)
15,528 359,318 
Under Armour, Inc., Class C(1)
4,619 92,657 
Unifi, Inc.(1)
1,684 39,136 
Vera Bradley, Inc.(1)
320 3,667 
224


Avantis U.S. Equity ETF
SharesValue
VF Corp.22,716 $1,737,093 
Vince Holding Corp.(1)
46 311 
Wolverine World Wide, Inc.10,090 361,827 
21,557,646 
Thrifts and Mortgage Finance — 0.4%
Axos Financial, Inc.(1)
8,393 406,893 
Bridgewater Bancshares, Inc.(1)
882 14,421 
Columbia Financial, Inc.(1)
2,651 47,798 
Essent Group Ltd.9,899 466,045 
Federal Agricultural Mortgage Corp., Class C1,262 123,550 
Flagstar Bancorp, Inc.8,600 425,356 
FS Bancorp, Inc.826 28,224 
Hingham Institution For Savings (The)168 54,516 
Home Bancorp, Inc.278 10,403 
HomeStreet, Inc.2,025 82,721 
Kearny Financial Corp.2,963 37,600 
Merchants Bancorp1,812 66,446 
Meridian Bancorp, Inc.5,672 117,864 
Meta Financial Group, Inc.6,726 330,852 
MGIC Investment Corp.36,161 552,179 
Mr. Cooper Group, Inc.(1)
11,390 442,843 
New York Community Bancorp, Inc.34,531 432,328 
NMI Holdings, Inc., Class A(1)
15,214 343,380 
Northfield Bancorp, Inc.1,679 28,375 
Northwest Bancshares, Inc.6,735 87,690 
OP Bancorp18 181 
PCSB Financial Corp.361 6,581 
PennyMac Financial Services, Inc.5,959 396,571 
Premier Financial Corp.4,894 148,778 
Provident Financial Services, Inc.6,261 138,180 
Radian Group, Inc.22,093 522,058 
Southern Missouri Bancorp, Inc.727 32,802 
Sterling Bancorp, Inc.(1)
16 
Territorial Bancorp, Inc.279 7,056 
TFS Financial Corp.1,679 33,563 
Timberland Bancorp, Inc.557 16,175 
TrustCo Bank Corp. NY1,414 45,375 
Walker & Dunlop, Inc.4,451 494,284 
Washington Federal, Inc.10,300 342,990 
Waterstone Financial, Inc.2,066 41,899 
Western New England Bancorp, Inc.90 772 
WSFS Financial Corp.7,262 329,767 
6,656,532 
Trading Companies and Distributors — 0.7%
Air Lease Corp.14,652 582,270 
Applied Industrial Technologies, Inc.4,863 431,883 
Boise Cascade Co.7,036 407,033 
CAI International, Inc.1,028 57,537 
DXP Enterprises, Inc.(1)
1,016 30,460 
Fastenal Co.41,167 2,299,177 
GATX Corp.4,569 418,886 
225


Avantis U.S. Equity ETF
SharesValue
Global Industrial Co.1,507 $58,004 
GMS, Inc.(1)
2,424 119,770 
H&E Equipment Services, Inc.5,773 196,571 
Herc Holdings, Inc.(1)
4,361 573,253 
Lawson Products, Inc.(1)
346 18,252 
McGrath RentCorp4,609 321,616 
MRC Global, Inc.(1)
7,681 62,984 
MSC Industrial Direct Co., Inc., Class A4,493 378,356 
NOW, Inc.(1)
16,431 126,190 
Rush Enterprises, Inc., Class A7,714 340,187 
Rush Enterprises, Inc., Class B100 4,239 
SiteOne Landscape Supply, Inc.(1)
3,694 739,169 
Textainer Group Holdings Ltd.(1)
8,839 293,632 
Titan Machinery, Inc.(1)
1,859 53,390 
Triton International Ltd.9,149 500,633 
United Rentals, Inc.(1)
2,199 775,477 
Univar Solutions, Inc.(1)
914 21,580 
Veritiv Corp.(1)
2,362 211,801 
W.W. Grainger, Inc.3,902 1,692,297 
Watsco, Inc.1,418 394,800 
WESCO International, Inc.(1)
176 20,596 
11,130,043 
Transportation Infrastructure
Macquarie Infrastructure Corp.10,827 431,456 
Water Utilities — 0.1%
American States Water Co.2,209 203,692 
American Water Works Co., Inc.3,463 631,132 
Artesian Resources Corp., Class A269 10,601 
California Water Service Group776 49,315 
Essential Utilities, Inc.7,996 396,841 
Global Water Resources, Inc.140 
1,291,721 
Wireless Telecommunication Services — 0.2%
Shenandoah Telecommunications Co.8,267 246,605 
T-Mobile US, Inc.(1)
20,970 2,873,310 
Telephone and Data Systems, Inc.15,476 314,472 
United States Cellular Corp.(1)
1,452 46,391 
3,480,778 
TOTAL COMMON STOCKS
(Cost $1,170,382,156)
1,484,193,739 
TEMPORARY CASH INVESTMENTS — 0.1%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $1,404,189)
1,404,189 1,404,189 
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio
(Cost $2,487,745)
2,487,745 2,487,745 
TOTAL INVESTMENT SECURITIES — 100.1%
(Cost $1,174,274,090)

1,488,085,673 
OTHER ASSETS AND LIABILITIES — (0.1)%

(1,628,086)
TOTAL NET ASSETS — 100.0%

$1,486,457,587 
226


NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,601,416. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,697,764, which includes securities collateral of $1,210,019.


See Notes to Financial Statements.
227


AUGUST 31, 2021
Avantis U.S. Small Cap Value ETF
SharesValue
COMMON STOCKS — 99.8%


Aerospace and Defense — 0.2%
AAR Corp.(1)
2,940 $99,519 
Hexcel Corp.(1)
46,871 2,658,054 
2,757,573 
Air Freight and Logistics — 0.7%
Air Transport Services Group, Inc.(1)
99,593 2,727,852 
Atlas Air Worldwide Holdings, Inc.(1)
60,433 4,421,883 
Hub Group, Inc., Class A(1)
59,531 4,179,076 
11,328,811 
Airlines — 0.1%
Mesa Air Group, Inc.(1)
60,042 479,135 
SkyWest, Inc.(1)
23,004 1,073,137 
Spirit Airlines, Inc.(1)
4,794 117,597 
1,669,869 
Auto Components — 1.8%
American Axle & Manufacturing Holdings, Inc.(1)
217,640 1,930,467 
Cooper-Standard Holdings, Inc.(1)
6,946 161,703 
Dana, Inc.338,632 7,876,580 
Dorman Products, Inc.(1)
16,161 1,516,871 
Gentherm, Inc.(1)
20,461 1,755,963 
Goodyear Tire & Rubber Co. (The)(1)
773,378 12,250,307 
Modine Manufacturing Co.(1)
127,147 1,581,709 
Motorcar Parts of America, Inc.(1)
30,251 599,575 
Standard Motor Products, Inc.20,636 885,078 
Visteon Corp.(1)
189 19,974 
28,578,227 
Automobiles — 0.1%
Harley-Davidson, Inc.22,307 881,796 
Winnebago Industries, Inc.8,220 572,276 
1,454,072 
Banks — 15.6%
1st Source Corp.16,737 786,639 
ACNB Corp.15,001 432,179 
Altabancorp36,789 1,527,479 
Amalgamated Financial Corp.32,797 509,993 
Amerant Bancorp, Inc.(1)
45,353 1,205,029 
Ameris Bancorp91,292 4,495,218 
Arrow Financial Corp.28,354 1,044,845 
Associated Banc-Corp.246,596 5,084,810 
Atlantic Capital Bancshares, Inc.(1)
4,722 114,414 
BancFirst Corp.32,879 1,859,636 
Bancorp, Inc. (The)(1)
130,525 3,218,747 
BancorpSouth Bank29,046 851,919 
Bank First Corp.5,102 362,242 
Bank of Commerce Holdings38,542 549,609 
Bank of Hawaii Corp.69,870 5,855,805 
Bank OZK47,712 2,024,420 
BankFinancial Corp.25,683 297,923 
BankUnited, Inc.179,213 7,532,322 
228


Avantis U.S. Small Cap Value ETF
SharesValue
Bankwell Financial Group, Inc.10,774 $324,190 
Banner Corp.56,602 3,237,634 
BCB Bancorp, Inc.33,147 492,896 
Brookline Bancorp, Inc.32,927 492,917 
Bryn Mawr Bank Corp.13,967 569,854 
Byline Bancorp, Inc.52,204 1,284,218 
Cadence BanCorp176,817 3,803,334 
Camden National Corp.7,127 332,617 
Cathay General Bancorp139,842 5,562,915 
CB Financial Services, Inc.8,549 198,337 
Central Pacific Financial Corp.66,693 1,688,000 
Central Valley Community Bancorp24,862 540,500 
CIT Group, Inc.161,375 8,943,402 
City Holding Co.23,075 1,797,543 
CNB Financial Corp.33,222 816,597 
Codorus Valley Bancorp, Inc.20,322 450,132 
Community Bankers Trust Corp.48,056 538,708 
Community Trust Bancorp, Inc.17,711 737,840 
ConnectOne Bancorp, Inc.60,673 1,735,855 
County Bancorp, Inc.10,610 385,567 
Customers Bancorp, Inc.(1)
62,186 2,575,122 
Dime Community Bancshares, Inc.26,069 860,277 
Eagle Bancorp, Inc.63,202 3,646,755 
Enterprise Financial Services Corp.12,971 582,528 
F.N.B. Corp.502,084 5,864,341 
Farmers National Banc Corp.56,081 874,864 
Financial Institutions, Inc.34,115 1,083,492 
First BanCorp355,450 4,524,879 
First Bancorp, Inc. (The)8,616 255,809 
First Bancorp/Southern Pines NC23,128 965,825 
First Bancshares, Inc. (The)3,461 140,240 
First Busey Corp.56,945 1,349,597 
First Business Financial Services, Inc.16,064 455,254 
First Citizens BancShares, Inc., Class A1,584 1,421,957 
First Community Bankshares, Inc.2,540 79,350 
First Financial Corp.13,443 543,500 
First Foundation, Inc.79,484 1,910,001 
First Internet Bancorp18,058 536,684 
First Mid Bancshares, Inc.26,113 1,068,022 
First of Long Island Corp. (The)45,191 958,049 
First United Corp.14,906 274,569 
Flushing Financial Corp.19,486 446,814 
Franklin Financial Services Corp.8,544 270,930 
Great Southern Bancorp, Inc.28,562 1,555,772 
Hanmi Financial Corp.70,612 1,361,399 
HarborOne Bancorp, Inc.53,701 758,795 
Hawthorn Bancshares, Inc.12,227 279,509 
Heartland Financial USA, Inc.28,676 1,348,632 
Hilltop Holdings, Inc.158,264 5,297,096 
HomeTrust Bancshares, Inc.13,430 373,623 
Hope Bancorp, Inc.181,477 2,502,568 
229


Avantis U.S. Small Cap Value ETF
SharesValue
Horizon Bancorp, Inc.34,445 $614,843 
Independent Bank Corp. (Michigan)49,454 1,035,567 
International Bancshares Corp.114,621 4,800,327 
Investors Bancorp, Inc.232,988 3,334,058 
Lakeland Bancorp, Inc.97,895 1,652,468 
Lakeland Financial Corp.40,730 2,704,879 
Macatawa Bank Corp.63,000 517,230 
Mackinac Financial Corp.19,194 406,145 
Mercantile Bank Corp.35,841 1,118,239 
Metropolitan Bank Holding Corp.(1)
10,610 830,763 
Midland States Bancorp, Inc.52,565 1,329,895 
MidWestOne Financial Group, Inc.29,744 873,284 
MVB Financial Corp.32,782 1,296,200 
National Bank Holdings Corp., Class A35,361 1,326,038 
NBT Bancorp, Inc.10,899 390,838 
Nicolet Bankshares, Inc.(1)
8,096 618,615 
Northeast Bank21,023 688,293 
Northrim BanCorp, Inc.12,906 541,665 
OFG Bancorp101,331 2,412,691 
Old Second Bancorp, Inc.70,025 823,494 
Origin Bancorp, Inc.11,033 454,008 
Orrstown Financial Services, Inc.22,311 532,340 
PacWest Bancorp93,740 3,988,637 
Park National Corp.683 80,075 
Parke Bancorp, Inc.22,631 464,388 
PCB Bancorp.29,047 552,474 
Peapack-Gladstone Financial Corp.36,874 1,228,273 
Peoples Bancorp, Inc.6,360 198,686 
Popular, Inc.101,399 7,700,240 
Preferred Bank34,697 2,216,791 
Premier Financial Bancorp, Inc.25,683 462,551 
Primis Financial Corp.44,235 663,083 
QCR Holdings, Inc.29,395 1,527,070 
RBB Bancorp34,462 887,052 
Red River Bancshares, Inc.1,124 56,380 
Republic Bancorp, Inc., Class A25,393 1,272,951 
Sandy Spring Bancorp, Inc.4,200 182,994 
ServisFirst Bancshares, Inc.103,398 7,591,481 
Sierra Bancorp30,973 787,334 
Simmons First National Corp., Class A107,155 3,112,853 
SmartFinancial, Inc.22,356 558,453 
Southern First Bancshares, Inc.(1)
14,978 763,578 
Southside Bancshares, Inc.13,383 504,405 
Stock Yards Bancorp, Inc.39,212 2,022,555 
Summit Financial Group, Inc.23,754 568,671 
Synovus Financial Corp.188,788 8,136,763 
Texas Capital Bancshares, Inc.(1)
64,123 4,359,723 
Tompkins Financial Corp.5,125 407,899 
Towne Bank22,336 680,578 
TriState Capital Holdings, Inc.(1)
54,500 1,101,445 
Triumph Bancorp, Inc.(1)
20,279 1,667,339 
230


Avantis U.S. Small Cap Value ETF
SharesValue
Trustmark Corp.103,667 $3,277,951 
UMB Financial Corp.61,411 5,624,019 
Umpqua Holdings Corp.416,150 8,102,440 
United Community Banks, Inc.127,336 3,841,727 
United Security Bancshares34,700 284,540 
Unity Bancorp, Inc.16,065 367,085 
Univest Financial Corp.20,381 551,917 
Valley National Bancorp415,473 5,417,768 
Washington Trust Bancorp, Inc.29,691 1,581,343 
Webster Financial Corp.65,631 3,315,678 
West BanCorp, Inc.33,097 1,012,437 
Western Alliance Bancorp79,467 7,752,801 
Wintrust Financial Corp.89,636 6,708,358 
245,737,204 
Beverages — 0.1%
Coca-Cola Consolidated, Inc.4,680 1,900,829 
Biotechnology — 0.9%
Alpine Immune Sciences, Inc.(1)
86 
Catalyst Pharmaceuticals, Inc.(1)
126,473 696,866 
Coherus Biosciences, Inc.(1)
76 1,214 
Eagle Pharmaceuticals, Inc.(1)
3,382 180,497 
Emergent BioSolutions, Inc.(1)
38,287 2,415,144 
Ironwood Pharmaceuticals, Inc.(1)
36,046 472,203 
Ovid therapeutics, Inc.(1)
22,392 79,044 
Sage Therapeutics, Inc.(1)
62,069 2,868,208 
Sangamo Therapeutics, Inc.(1)
83,560 828,080 
Translate Bio, Inc.(1)
150,266 5,619,948 
uniQure NV(1)
13,000 377,000 
13,538,290 
Building Products — 0.8%
Apogee Enterprises, Inc.53,391 2,294,745 
Armstrong Flooring, Inc.(1)
20,489 72,121 
Insteel Industries, Inc.14,338 530,506 
Masonite International Corp.(1)
51,827 6,202,656 
Quanex Building Products Corp.74,399 1,752,841 
UFP Industries, Inc.31,478 2,363,368 
13,216,237 
Capital Markets — 2.4%
B. Riley Financial, Inc.34,439 2,257,132 
Brightsphere Investment Group, Inc.50,637 1,376,820 
Cowen, Inc., Class A54,774 1,974,055 
Diamond Hill Investment Group, Inc.6,366 1,165,169 
Evercore, Inc., Class A61,442 8,579,761 
Janus Henderson Group plc147,054 6,376,261 
Moelis & Co., Class A1,134 70,251 
Oppenheimer Holdings, Inc., Class A18,122 844,304 
Piper Sandler Cos.30,766 4,397,077 
Stifel Financial Corp.135,471 9,361,046 
StoneX Group, Inc.(1)
8,655 603,167 
Victory Capital Holdings, Inc., Class A2,443 85,578 
Virtus Investment Partners, Inc.4,034 1,261,432 
38,352,053 
231


Avantis U.S. Small Cap Value ETF
SharesValue
Chemicals — 2.4%
AdvanSix, Inc.(1)
45,133 $1,647,354 
AgroFresh Solutions, Inc.(1)
52,308 108,278 
American Vanguard Corp.18,364 281,520 
Avient Corp.911 47,454 
Cabot Corp.107,887 5,761,166 
Chemours Co. (The)287,455 9,632,617 
Ecovyst, Inc.65,158 847,706 
Ferro Corp.(1)
89,129 1,853,883 
FutureFuel Corp.31,893 255,463 
Hawkins, Inc.46,898 1,776,496 
Intrepid Potash, Inc.(1)
7,636 236,792 
Kraton Corp.(1)
67,197 2,830,338 
Kronos Worldwide, Inc.1,161 15,372 
NewMarket Corp.3,028 1,058,982 
Orion Engineered Carbons SA(1)
56,223 993,460 
Rayonier Advanced Materials, Inc.(1)
190,075 1,341,930 
Sensient Technologies Corp.3,193 277,312 
Stepan Co.45,024 5,293,021 
Tredegar Corp.52,207 693,309 
Trinseo SA8,115 421,412 
Tronox Holdings plc, Class A135,730 2,867,975 
38,241,840 
Commercial Services and Supplies — 1.3%
Clean Harbors, Inc.(1)
46,573 4,779,321 
CoreCivic, Inc.(1)
240,096 2,333,733 
Ennis, Inc.47,668 925,236 
Healthcare Services Group, Inc.113,874 2,978,944 
Herman Miller, Inc.13,906 584,469 
HNI Corp.80,414 3,046,887 
Interface, Inc.48,772 701,341 
Kimball International, Inc., Class B88,404 1,102,398 
Quad/Graphics, Inc.(1)
55,361 229,195 
Steelcase, Inc., Class A69,501 979,269 
UniFirst Corp.11,704 2,681,035 
20,341,828 
Communications Equipment — 0.6%
Aviat Networks, Inc.(1)
9,091 322,185 
EchoStar Corp., Class A(1)
59,756 1,613,412 
EMCORE Corp.(1)
52,438 392,236 
NETGEAR, Inc.(1)
40,222 1,437,132 
ViaSat, Inc.(1)
100,146 5,171,540 
8,936,505 
Construction and Engineering — 1.4%
Ameresco, Inc., Class A(1)
13,201 912,849 
Arcosa, Inc.7,898 401,376 
Argan, Inc.14,902 689,963 
Construction Partners, Inc., Class A(1)
46,712 1,563,451 
Dycom Industries, Inc.(1)
52,574 3,960,399 
EMCOR Group, Inc.11,365 1,380,848 
Granite Construction, Inc.45,066 1,826,976 
232


Avantis U.S. Small Cap Value ETF
SharesValue
Great Lakes Dredge & Dock Corp.(1)
33,539 $506,774 
MasTec, Inc.(1)
43,747 4,000,226 
MYR Group, Inc.(1)
35,772 3,720,646 
Northwest Pipe Co.(1)
13,296 344,632 
Primoris Services Corp.80,452 2,067,616 
Sterling Construction Co., Inc.(1)
4,283 98,766 
Tutor Perini Corp.(1)
56,867 820,022 
Valmont Industries, Inc.157 39,071 
22,333,615 
Construction Materials — 0.7%
Eagle Materials, Inc.66,092 10,365,869 
Consumer Finance — 2.9%
Elevate Credit, Inc.(1)
80,800 283,608 
Encore Capital Group, Inc.(1)
42,400 2,086,504 
Enova International, Inc.(1)
63,665 2,099,672 
Green Dot Corp., Class A(1)
80,485 4,204,536 
Navient Corp.450,853 10,464,298 
Nelnet, Inc., Class A39,665 3,208,105 
OneMain Holdings, Inc.46,356 2,680,768 
PRA Group, Inc.(1)
47,203 1,982,526 
PROG Holdings, Inc.138,840 6,569,909 
Regional Management Corp.21,045 1,250,704 
SLM Corp.493,697 9,256,819 
World Acceptance Corp.(1)
4,328 821,757 
44,909,206 
Containers and Packaging
Myers Industries, Inc.68 
Distributors — 0.2%
Core-Mark Holding Co., Inc.77,260 3,553,960 
Diversified Consumer Services — 0.2%
American Public Education, Inc.(1)
19,870 522,581 
Laureate Education, Inc., Class A(1)
60,902 970,169 
Perdoceo Education Corp.(1)
154,455 1,695,916 
Universal Technical Institute, Inc.(1)
5,373 37,450 
3,226,116 
Diversified Financial Services
Alerus Financial Corp.18,925 565,101 
Diversified Telecommunication Services — 0.7%
ATN International, Inc.1,710 77,959 
IDT Corp., Class B(1)
41,681 1,812,290 
Iridium Communications, Inc.(1)
208,642 9,286,655 
11,176,904 
Electrical Equipment — 0.7%
Atkore, Inc.(1)
64,717 6,003,796 
Encore Wire Corp.36,812 3,129,388 
EnerSys1,156 97,786 
LSI Industries, Inc.56,597 469,755 
Powell Industries, Inc.18,274 462,332 
TPI Composites, Inc.(1)
8,085 293,567 
10,456,624 
233


Avantis U.S. Small Cap Value ETF
SharesValue
Electronic Equipment, Instruments and Components — 3.6%
Avnet, Inc.167,203 $6,765,033 
Bel Fuse, Inc., Class B9,566 135,072 
Benchmark Electronics, Inc.52,676 1,423,832 
CTS Corp.1,591 55,812 
Daktronics, Inc.(1)
25,697 156,495 
ePlus, Inc.(1)
18,724 2,026,311 
Insight Enterprises, Inc.(1)
65,918 6,782,303 
Jabil, Inc.134,475 8,307,866 
Kimball Electronics, Inc.(1)
32,909 795,411 
Methode Electronics, Inc.37,174 1,731,193 
Plexus Corp.(1)
56,442 5,183,069 
Sanmina Corp.(1)
142,121 5,610,937 
ScanSource, Inc.(1)
44,506 1,583,523 
SYNNEX Corp.72,893 9,262,514 
TTM Technologies, Inc.(1)
7,090 99,260 
Vishay Intertechnology, Inc.299,750 6,585,508 
56,504,139 
Energy Equipment and Services — 2.3%
Archrock, Inc.403,522 3,099,049 
Bristow Group, Inc.(1)
4,000 126,240 
Cactus, Inc., Class A17,915 671,992 
DMC Global, Inc.(1)
5,147 206,755 
Dril-Quip, Inc.(1)
23,520 571,536 
Exterran Corp.(1)
90,795 360,456 
Helix Energy Solutions Group, Inc.(1)
303,342 1,140,566 
Helmerich & Payne, Inc.186,494 5,020,418 
Liberty Oilfield Services, Inc., Class A(1)
1,480 15,126 
Nabors Industries Ltd.(1)
20,942 1,766,248 
National Energy Services Reunited Corp.(1)
44,788 508,344 
Newpark Resources, Inc.(1)
87,126 228,270 
NexTier Oilfield Solutions, Inc.(1)
52,320 188,352 
NOV, Inc.(1)
578,170 7,614,499 
Oceaneering International, Inc.(1)
241,305 2,968,051 
Oil States International, Inc.(1)
15,464 90,619 
Patterson-UTI Energy, Inc.461,862 3,584,049 
ProPetro Holding Corp.(1)
137,351 1,063,097 
RPC, Inc.(1)
75,923 290,785 
Select Energy Services, Inc., Class A(1)
134,652 720,388 
Solaris Oilfield Infrastructure, Inc., Class A265 1,969 
TechnipFMC plc(1)
158,798 1,052,831 
TETRA Technologies Inc(1)
261,542 847,396 
Transocean Ltd.(1)
843,597 3,003,205 
US Silica Holdings, Inc.(1)
145,656 1,278,860 
36,419,101 
Entertainment — 0.2%
World Wrestling Entertainment, Inc., Class A62,486 3,256,145 
Food and Staples Retailing — 1.6%
Andersons, Inc. (The)17,769 539,822 
Ingles Markets, Inc., Class A51,082 3,467,957 
Natural Grocers by Vitamin Cottage, Inc.27,887 337,154 
234


Avantis U.S. Small Cap Value ETF
SharesValue
PriceSmart, Inc.43,453 $3,676,558 
SpartanNash Co.98,570 2,119,255 
Sprouts Farmers Market, Inc.(1)
256,323 6,382,443 
United Natural Foods, Inc.(1)
149,368 5,496,743 
Village Super Market, Inc., Class A23,539 527,038 
Weis Markets, Inc.37,003 2,107,321 
24,654,291 
Food Products — 1.1%
Flowers Foods, Inc.194,269 4,687,711 
Fresh Del Monte Produce, Inc.42,930 1,411,539 
Hostess Brands, Inc.(1)
23,446 374,198 
John B Sanfilippo & Son, Inc.22,467 1,909,470 
Mission Produce, Inc.(1)
19,211 398,436 
Pilgrim's Pride Corp.(1)
72,732 2,024,859 
Sanderson Farms, Inc.27,007 5,306,876 
Seaboard Corp.38,291 
Seneca Foods Corp., Class A(1)
12,762 624,955 
16,776,335 
Health Care Equipment and Supplies — 0.5%
FONAR Corp.(1)
12,762 222,697 
Glaukos Corp.(1)
4,728 281,931 
ICU Medical, Inc.(1)
1,140 227,259 
Meridian Bioscience, Inc.(1)
22,041 446,110 
NuVasive, Inc.(1)
26,448 1,643,479 
Orthofix Medical, Inc.(1)
19,049 807,677 
Quidel Corp.(1)
27,188 3,505,892 
7,135,045 
Health Care Providers and Services — 1.7%
Brookdale Senior Living, Inc.(1)
535,729 3,910,822 
Ensign Group, Inc. (The)90,219 7,368,186 
Fulgent Genetics, Inc.(1)(2)
36,832 3,360,552 
Magellan Health, Inc.(1)
21,117 1,998,090 
ModivCare, Inc.(1)
4,737 934,420 
National HealthCare Corp.13,308 982,796 
Owens & Minor, Inc.133,171 4,964,615 
Patterson Cos., Inc.64,689 1,982,071 
Triple-S Management Corp., Class B(1)
13,189 468,209 
25,969,761 
Hotels, Restaurants and Leisure — 0.7%
BJ's Restaurants, Inc.(1)
128 
Bluegreen Vacations Holding Corp.(1)
1,080 24,721 
Carrols Restaurant Group, Inc.44,547 184,870 
Century Casinos, Inc.(1)
25,571 341,884 
Cheesecake Factory, Inc. (The)(1)
280 
Chuy's Holdings, Inc.(1)
30,074 970,187 
Cracker Barrel Old Country Store, Inc.46,657 6,699,012 
Golden Entertainment, Inc.(1)
348 16,607 
Hilton Grand Vacations, Inc.(1)
28,120 1,228,563 
J Alexander's Holdings, Inc.(1)
9,763 135,901 
Monarch Casino & Resort, Inc.(1)
16,980 1,076,023 
ONE Group Hospitality, Inc. (The)(1)
14,209 158,430 
235


Avantis U.S. Small Cap Value ETF
SharesValue
RCI Hospitality Holdings, Inc.$194 
10,836,800 
Household Durables — 3.0%
Bassett Furniture Industries, Inc.10,921 234,692 
Beazer Homes USA, Inc.(1)
88,654 1,658,716 
Cavco Industries, Inc.(1)
1,088 277,984 
Century Communities, Inc.75,958 5,324,656 
Ethan Allen Interiors, Inc.60,042 1,442,209 
Hamilton Beach Brands Holding Co., Class A10,099 171,683 
Hooker Furniture Corp.8,481 264,268 
iRobot Corp.(1)
14,095 1,143,386 
KB Home15,738 677,206 
La-Z-Boy, Inc.110,715 3,876,132 
Legacy Housing Corp.(1)
12,762 250,135 
LGI Homes, Inc.(1)
24,398 3,911,731 
M/I Homes, Inc.(1)
69,122 4,450,766 
Meritage Homes Corp.(1)
71,186 7,940,087 
Sonos, Inc.(1)
89,910 3,572,124 
Taylor Morrison Home Corp.(1)
95,963 2,695,601 
Tri Pointe Homes, Inc.(1)
300,814 7,150,349 
Universal Electronics, Inc.(1)
31,928 1,613,003 
VOXX International Corp.(1)
1,430 14,972 
46,669,700 
Household Products — 0.1%
Central Garden & Pet Co.(1)
11,078 510,142 
Central Garden & Pet Co., Class A(1)
42,118 1,755,057 
2,265,199 
Independent Power and Renewable Electricity Producers — 0.1%
Ormat Technologies, Inc.22,340 1,589,044 
Insurance — 4.4%
Ambac Financial Group, Inc.(1)
2,922 41,171 
American Equity Investment Life Holding Co.179,348 5,683,538 
American National Group, Inc.3,207 617,348 
AMERISAFE, Inc.31,488 1,812,134 
Axis Capital Holdings Ltd.122,061 6,245,861 
Brighthouse Financial, Inc.(1)
147,148 7,204,366 
CNO Financial Group, Inc.272,728 6,670,927 
Crawford & Co., Class A31,715 316,199 
Employers Holdings, Inc.46,224 1,903,042 
Genworth Financial, Inc., Class A(1)
911,229 3,417,109 
Hanover Insurance Group, Inc. (The)47,268 6,679,441 
HCI Group, Inc.(2)
7,520 839,683 
Horace Mann Educators Corp.44,140 1,809,740 
James River Group Holdings Ltd.853 31,382 
Mercury General Corp.44,015 2,628,136 
National Western Life Group, Inc., Class A1,110 246,043 
Safety Insurance Group, Inc.18,482 1,502,771 
Selective Insurance Group, Inc.84,292 7,044,282 
SiriusPoint Ltd.(1)
121,743 1,194,299 
Stewart Information Services Corp.44,236 2,784,656 
Unum Group247,371 6,585,016 
236


Avantis U.S. Small Cap Value ETF
SharesValue
White Mountains Insurance Group Ltd.3,174 $3,557,451 
68,814,595 
Interactive Media and Services — 0.1%
Cars.com, Inc.(1)
141,976 1,805,935 
Internet and Direct Marketing Retail — 0.1%
1-800-Flowers.com, Inc., Class A(1)
46,860 1,488,274 
Duluth Holdings, Inc., Class B(1)
4,953 77,069 
PetMed Express, Inc.(2)
10,810 297,707 
1,863,050 
IT Services — 0.5%
Alliance Data Systems Corp.81,218 7,968,298 
BM Technologies, Inc.(1)
5,371 52,314 
Computer Task Group, Inc.(1)
6,492 55,831 
8,076,443 
Leisure Products — 1.0%
Acushnet Holdings Corp.23,453 1,171,712 
Johnson Outdoors, Inc., Class A2,118 243,125 
Malibu Boats, Inc., Class A(1)
40,662 2,911,399 
Nautilus, Inc.(1)
36,808 419,611 
Smith & Wesson Brands, Inc.116,350 2,807,525 
Sturm Ruger & Co., Inc.33,429 2,613,814 
Vista Outdoor, Inc.(1)
142,102 5,804,867 
15,972,053 
Machinery — 3.7%
Alamo Group, Inc.1,210 187,562 
Albany International Corp., Class A61,722 4,834,684 
Astec Industries, Inc.54,307 3,320,330 
Commercial Vehicle Group, Inc.(1)
85,088 894,275 
EnPro Industries, Inc.39,206 3,352,505 
Greenbrier Cos., Inc. (The)73,900 3,258,990 
Hyster-Yale Materials Handling, Inc.454 26,609 
Kennametal, Inc.158,276 5,884,702 
Lydall, Inc.(1)
38,152 2,364,661 
Mayville Engineering Co., Inc.(1)
170 2,536 
Miller Industries, Inc.23,539 876,121 
Mueller Industries, Inc.114,119 5,090,849 
Mueller Water Products, Inc., Class A164,743 2,738,029 
Park-Ohio Holdings Corp.18,278 471,207 
Shyft Group, Inc. (The)65,007 2,860,958 
Terex Corp.118,175 6,032,834 
Timken Co. (The)104,619 7,693,681 
TriMas Corp.(1)
17,287 555,085 
Trinity Industries, Inc.197,394 5,730,348 
Wabash National Corp.102,052 1,585,888 
57,761,854 
Marine — 0.7%
Costamare, Inc.126,142 1,813,922 
Eagle Bulk Shipping, Inc.(1)
11,898 587,642 
Eneti, Inc.9,180 170,014 
Genco Shipping & Trading Ltd.25,656 500,035 
Matson, Inc.93,946 7,437,705 
237


Avantis U.S. Small Cap Value ETF
SharesValue
Pangaea Logistics Solutions Ltd.40,240 $197,176 
10,706,494 
Media — 0.4%
Cumulus Media, Inc., Class A(1)
34,700 409,807 
Entercom Communications Corp.(1)
294,138 1,044,190 
Entravision Communications Corp., Class A133,586 931,094 
Gray Television, Inc.158,519 3,604,722 
5,989,813 
Metals and Mining — 3.1%
Alcoa Corp.(1)
308,621 13,693,514 
Allegheny Technologies, Inc.(1)
251,751 4,496,273 
Alpha Metallurgical Resources, Inc.(1)
24,788 969,459 
Arconic Corp.(1)
146,479 5,052,061 
Carpenter Technology Corp.94,909 3,165,215 
Century Aluminum Co.(1)
18,511 237,311 
Coeur Mining, Inc.(1)
369,755 2,606,773 
Commercial Metals Co.271,657 8,861,451 
Haynes International, Inc.13,291 521,672 
Hecla Mining Co.46,434 285,569 
Kaiser Aluminum Corp.10,587 1,336,714 
Materion Corp.219 
Olympic Steel, Inc.15,978 435,560 
Schnitzer Steel Industries, Inc., Class A65,793 3,112,667 
SunCoke Energy, Inc.256,127 1,780,082 
TimkenSteel Corp.(1)
74,963 1,025,494 
United States Steel Corp.33 883 
Warrior Met Coal, Inc.64,784 1,450,514 
Worthington Industries, Inc.4,821 279,377 
49,310,808 
Multiline Retail — 1.9%
Big Lots, Inc.93,489 4,549,175 
Dillard's, Inc., Class A20,323 3,870,719 
Kohl's Corp.118,927 6,826,410 
Macy's, Inc.(1)
619,060 13,860,753 
29,107,057 
Oil, Gas and Consumable Fuels — 9.6%
Alto Ingredients, Inc.(1)
42,713 217,409 
Antero Midstream Corp.401,634 3,859,703 
Antero Resources Corp.(1)
552,554 7,581,041 
Arch Resources, Inc.(1)
29,158 2,206,969 
Berry Corp.190,076 1,140,456 
Bonanza Creek Energy, Inc.63,995 2,488,126 
Brigham Minerals, Inc., Class A39,875 762,410 
Callon Petroleum Co.(1)
109,299 3,734,747 
Centennial Resource Development, Inc., Class A(1)
335,635 1,711,738 
Cimarex Energy Co.188,833 12,126,855 
Clean Energy Fuels Corp.(1)
24 
CNX Resources Corp.(1)
402,596 4,573,491 
Comstock Resources, Inc.(1)
162,676 961,415 
CONSOL Energy, Inc.(1)
64,330 1,468,654 
DHT Holdings, Inc.306,612 1,695,564 
238


Avantis U.S. Small Cap Value ETF
SharesValue
Dorian LPG Ltd.42,855 $566,543 
Earthstone Energy, Inc., Class A(1)
25,530 211,133 
EnLink Midstream LLC(1)
650,297 3,505,101 
EQT Corp.(1)
466,914 8,558,534 
Equitrans Midstream Corp.585,036 5,107,364 
Evolution Petroleum Corp.45,301 188,905 
Goodrich Petroleum Corp.(1)
26,755 434,769 
Green Plains, Inc.(1)
1,649 57,880 
International Seaways, Inc.62,879 1,081,519 
Kosmos Energy Ltd.(1)
852,996 2,013,071 
Marathon Oil Corp.624,957 7,343,245 
Matador Resources Co.293,708 8,444,105 
Murphy Oil Corp.309,544 6,580,905 
NACCO Industries, Inc., Class A9,538 237,592 
Nordic American Tankers Ltd.293,082 694,604 
Overseas Shipholding Group, Inc., Class A(1)
115,003 301,308 
Ovintiv, Inc.56,758 1,547,223 
Par Pacific Holdings, Inc.(1)
31,097 512,789 
PBF Energy, Inc., Class A(1)
169,036 1,757,974 
PDC Energy, Inc.245,492 10,249,291 
Penn Virginia Corp.(1)
42,380 877,266 
Range Resources Corp.(1)
612,344 8,952,469 
Renewable Energy Group, Inc.(1)
89,188 4,318,483 
Ring Energy, Inc.(1)(2)
40,372 96,893 
Scorpio Tankers, Inc.111,592 1,808,906 
SFL Corp. Ltd.207,892 1,669,373 
SilverBow Resources, Inc.(1)
11,690 213,693 
SM Energy Co.353,321 6,748,431 
Southwestern Energy Co.(1)
1,524,243 6,935,306 
Talos Energy, Inc.(1)
78,698 975,855 
Targa Resources Corp.88,786 3,899,481 
Teekay Corp.(1)(2)
42,023 127,330 
Teekay Tankers Ltd., Class A(1)
46,874 536,707 
Whiting Petroleum Corp.(1)
111,864 5,252,015 
World Fuel Services Corp.151,251 4,894,482 
151,229,147 
Paper and Forest Products — 1.5%
Clearwater Paper Corp.(1)
10,106 328,344 
Domtar Corp.(1)
124,733 6,839,110 
Glatfelter Corp.28,188 445,370 
Louisiana-Pacific Corp.183,208 11,622,715 
Mercer International, Inc.99,645 1,133,960 
Neenah, Inc.17,453 879,457 
Schweitzer-Mauduit International, Inc.25,921 991,997 
Verso Corp., Class A87,576 1,668,323 
23,909,276 
Personal Products — 0.5%
Lifevantage Corp.(1)
24,611 191,228 
Medifast, Inc.184 41,934 
Nature's Sunshine Products, Inc.5,798 99,262 
Nu Skin Enterprises, Inc., Class A116,170 5,880,525 
239


Avantis U.S. Small Cap Value ETF
SharesValue
USANA Health Sciences, Inc.(1)
21,243 $2,061,208 
8,274,157 
Pharmaceuticals — 1.1%
Amphastar Pharmaceuticals, Inc.(1)
32,743 643,727 
ANI Pharmaceuticals, Inc.(1)
3,358 101,848 
Atea Pharmaceuticals, Inc.(1)
55,257 1,642,238 
BioDelivery Sciences International, Inc.(1)
127,433 491,891 
Collegium Pharmaceutical, Inc.(1)
49,465 1,015,517 
Corcept Therapeutics, Inc.(1)
19,036 405,086 
Innoviva, Inc.(1)
144,973 2,212,288 
Lannett Co., Inc.(1)
112,899 397,405 
Perrigo Co. plc53,238 2,180,096 
Phibro Animal Health Corp., Class A11,252 273,311 
Prestige Consumer Healthcare, Inc.(1)
81,951 4,703,168 
Supernus Pharmaceuticals, Inc.(1)
97,106 2,673,328 
16,739,903 
Professional Services — 0.6%
BGSF, Inc.1,150 15,111 
CRA International, Inc.4,316 401,345 
Heidrick & Struggles International, Inc.14,008 605,426 
Kelly Services, Inc., Class A30,947 601,610 
Kforce, Inc.48,404 2,827,762 
Korn Ferry45,089 3,187,341 
TrueBlue, Inc.(1)
39,304 1,074,178 
8,712,773 
Real Estate Management and Development — 0.2%
Forestar Group, Inc.(1)
16,216 337,131 
Marcus & Millichap, Inc.(1)
31,543 1,237,116 
RE/MAX Holdings, Inc., Class A46,681 1,563,347 
RMR Group, Inc. (The), Class A15,769 730,735 
3,868,329 
Road and Rail — 2.3%
ArcBest Corp.72,195 4,817,572 
Heartland Express, Inc.24,178 405,707 
Landstar System, Inc.2,496 419,403 
Marten Transport Ltd.161,555 2,518,642 
Ryder System, Inc.127,393 10,126,470 
Saia, Inc.(1)
44,293 10,636,078 
Schneider National, Inc., Class B68,957 1,554,291 
US Xpress Enterprises, Inc., Class A(1)
34,700 303,278 
Werner Enterprises, Inc.111,955 5,279,798 
36,061,239 
Semiconductors and Semiconductor Equipment — 1.0%
Alpha & Omega Semiconductor Ltd.(1)
39,521 1,148,085 
Amkor Technology, Inc.180,050 4,945,973 
Cohu, Inc.(1)
20,674 737,648 
MagnaChip Semiconductor Corp.(1)
44,649 814,844 
NeoPhotonics Corp.(1)
21 196 
Photronics, Inc.(1)
139,669 2,104,812 
SMART Global Holdings, Inc.(1)
34,725 1,682,774 
Synaptics, Inc.(1)
5,756 1,092,374 
240


Avantis U.S. Small Cap Value ETF
SharesValue
Ultra Clean Holdings, Inc.(1)
77,290 $3,573,890 
16,100,596 
Software — 0.3%
InterDigital, Inc.59,030 4,256,653 
VirnetX Holding Corp.(1)(2)
60 270 
4,256,923 
Specialty Retail — 7.7%
Aaron's Co., Inc. (The)89,354 2,369,668 
Abercrombie & Fitch Co., Class A(1)
183,422 6,559,171 
Academy Sports & Outdoors, Inc.(1)
56,078 2,482,573 
American Eagle Outfitters, Inc.133,376 4,070,636 
Asbury Automotive Group, Inc.(1)
17,609 3,279,500 
AutoNation, Inc.(1)
113,001 12,327,279 
Barnes & Noble Education, Inc.(1)
10,505 85,721 
Bed Bath & Beyond, Inc.(1)
99,753 2,747,198 
Big 5 Sporting Goods Corp.(2)
70,593 1,962,485 
Buckle, Inc. (The)75,432 2,921,481 
Caleres, Inc.103,134 2,536,065 
Citi Trends, Inc.(1)
23,539 2,027,650 
Conn's, Inc.(1)
30,173 742,256 
Container Store Group, Inc. (The)(1)
36,059 418,284 
Dick's Sporting Goods, Inc.(2)
109,150 15,369,412 
Foot Locker, Inc.175,799 9,966,045 
Genesco, Inc.(1)
1,324 82,128 
Group 1 Automotive, Inc.26,029 4,306,238 
Guess?, Inc.74,326 1,797,946 
Haverty Furniture Cos., Inc.28,089 1,000,811 
Hibbett, Inc.47,744 4,568,623 
Kirkland's, Inc.(1)(2)
37,196 711,188 
Lazydays Holdings, Inc.(1)
5,992 147,223 
Lumber Liquidators Holdings, Inc.(1)
61,840 1,289,982 
MarineMax, Inc.(1)
57,834 2,811,889 
Murphy USA, Inc.52,978 8,226,424 
ODP Corp. (The)(1)
61,593 2,905,342 
Shoe Carnival, Inc.31,754 1,215,543 
Signet Jewelers Ltd.142,744 11,305,325 
Sonic Automotive, Inc., Class A48,448 2,448,562 
Sportsman's Warehouse Holdings, Inc.(1)
101,941 1,808,433 
Tilly's, Inc., Class A43,685 680,175 
TravelCenters of America, Inc.(1)
9,538 400,310 
Urban Outfitters, Inc.(1)
123,187 4,067,635 
Zumiez, Inc.(1)
49,464 1,987,958 
121,627,159 
Technology Hardware, Storage and Peripherals — 0.2%
Super Micro Computer, Inc.(1)
40,401 1,476,252 
Turtle Beach Corp.(1)
31,892 906,052 
2,382,304 
Textiles, Apparel and Luxury Goods — 1.0%
Capri Holdings Ltd.(1)
27,281 1,541,649 
Carter's, Inc.77,825 7,967,724 
Culp, Inc.23,539 310,009 
241


Avantis U.S. Small Cap Value ETF
SharesValue
Delta Apparel, Inc.(1)
696 $21,054 
Fossil Group, Inc.(1)
84,005 1,125,667 
G-III Apparel Group Ltd.(1)
76,736 2,373,444 
Lakeland Industries, Inc.(1)
5,675 135,462 
Movado Group, Inc.29,822 1,077,767 
Oxford Industries, Inc.8,571 773,961 
Rocky Brands, Inc.149 
Steven Madden Ltd.221 8,944 
Superior Group of Cos., Inc.3,408 81,247 
Unifi, Inc.(1)
8,892 206,650 
Vera Bradley, Inc.(1)
2,365 27,103 
15,650,830 
Thrifts and Mortgage Finance — 4.7%
Axos Financial, Inc.(1)
118,167 5,728,736 
Bridgewater Bancshares, Inc.(1)
46,974 768,025 
Essent Group Ltd.106,956 5,035,488 
Federal Agricultural Mortgage Corp., Class C23,521 2,302,706 
Flagstar Bancorp, Inc.110,122 5,446,634 
FS Bancorp, Inc.19,160 654,697 
Hingham Institution For Savings (The)3,246 1,053,327 
Home Bancorp, Inc.13,928 521,186 
HomeStreet, Inc.53,483 2,184,780 
Luther Burbank Corp.31,245 405,248 
Merchants Bancorp33,025 1,211,027 
Meridian Bancorp, Inc.57,607 1,197,073 
Meta Financial Group, Inc.44,573 2,192,546 
MGIC Investment Corp.577,718 8,821,754 
Mr. Cooper Group, Inc.(1)
147,717 5,743,237 
NMI Holdings, Inc., Class A(1)
155,770 3,515,729 
Northfield Bancorp, Inc.27,143 458,717 
OP Bancorp29,047 292,503 
PennyMac Financial Services, Inc.98,964 6,586,054 
Premier Financial Corp.32,041 974,046 
Provident Financial Services, Inc.41,756 921,555 
Radian Group, Inc.288,650 6,820,799 
Riverview Bancorp, Inc.49,788 365,444 
Severn Bancorp, Inc.23,089 287,458 
Southern Missouri Bancorp, Inc.15,110 681,763 
Sterling Bancorp, Inc.(1)
12,509 66,423 
Territorial Bancorp, Inc.15,978 404,084 
TrustCo Bank Corp. NY38,754 1,243,616 
Walker & Dunlop, Inc.26,836 2,980,138 
Washington Federal, Inc.124,613 4,149,613 
Waterstone Financial, Inc.49,220 998,182 
74,012,588 
Trading Companies and Distributors — 3.7%
Air Lease Corp.214,797 8,536,033 
Applied Industrial Technologies, Inc.22,934 2,036,769 
Boise Cascade Co.97,138 5,619,433 
CAI International, Inc.28,403 1,589,716 
GATX Corp.78,145 7,164,334 
242


Avantis U.S. Small Cap Value ETF
SharesValue
Global Industrial Co.16,913 $650,981 
H&E Equipment Services, Inc.69,903 2,380,197 
Herc Holdings, Inc.(1)
60,632 7,970,076 
McGrath RentCorp59,037 4,119,602 
NOW, Inc.(1)
207,068 1,590,282 
Rush Enterprises, Inc., Class A47,149 2,079,271 
Rush Enterprises, Inc., Class B3,486 147,772 
Textainer Group Holdings Ltd.(1)
82,370 2,736,331 
Titan Machinery, Inc.(1)
17,374 498,981 
Triton International Ltd.143,185 7,835,083 
Veritiv Corp.(1)
29,047 2,604,645 
57,559,506 
Transportation Infrastructure — 0.2%
Macquarie Infrastructure Corp.96,885 3,860,867 
Wireless Telecommunication Services — 0.6%
Shenandoah Telecommunications Co.105,354 3,142,710 
Telephone and Data Systems, Inc.239,937 4,875,520 
United States Cellular Corp.(1)
30,700 980,865 
8,999,095 
TOTAL COMMON STOCKS
(Cost $1,297,956,003)
1,567,369,155 
TEMPORARY CASH INVESTMENTS — 0.5%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $6,690,414)
6,690,414 6,690,414 
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio
(Cost $13,123,659)
13,123,659 13,123,659 
TOTAL INVESTMENT SECURITIES — 101.1%
(Cost $1,317,770,076)

1,587,183,228 
OTHER ASSETS AND LIABILITIES — (1.1)%

(17,040,092)
TOTAL NET ASSETS — 100.0%

$1,570,143,136 

NOTES TO SCHEDULE OF INVESTMENTS
Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $15,165,926. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $15,517,683, which includes securities collateral of $2,394,024.


See Notes to Financial Statements.
243


Statements of Assets and Liabilities
AUGUST 31, 2021
Avantis Emerging Markets Equity ETFAvantis International Equity ETF
Assets
Investment securities, at value (cost of $733,969,399 and $816,753,656, respectively) — including $23,942,215 and $40,015,963, respectively of securities on loan$866,569,681 $994,407,891 
Investment made with cash collateral received for securities on loan, at value (cost of $9,475,077 and $12,323,860, respectively)9,475,077 12,323,860 
Total investment securities, at value (cost of $743,444,476 and $829,077,516, respectively)876,044,758 1,006,731,751 
Cash5,209 2,799,125 
Foreign currency holdings, at value (cost of $494,300 and $212,578, respectively)496,232 212,453 
Receivable for investments sold
605
3,174,235 
Receivable for capital shares sold3,339,120 3,217,900 
Dividends and interest receivable1,937,351 2,898,306 
Securities lending receivable38,144 29,263 
881,861,419 1,019,063,033 
Liabilities
Payable for collateral received for securities on loan9,475,077 12,323,860 
Payable for investments purchased3,978,562 5,789,495 
Payable for capital shares redeemed— 3,217,900 
Accrued management fees231,384 188,073 
Accrued foreign taxes3,349,881 — 
17,034,904 21,519,328 
Net Assets$864,826,515 $997,543,705 
Shares outstanding (unlimited number of shares authorized)
12,950,000
15,500,000
Net Asset Value Per Share$66.78 $64.36 
Net Assets Consist of:
Capital paid in$736,106,022 $819,781,645 
Distributable earnings128,720,493 177,762,060 
$864,826,515 $997,543,705 


See Notes to Financial Statements.
244


AUGUST 31, 2021
Avantis International Small Cap Value ETFAvantis U.S. Equity ETF
Assets
Investment securities, at value (cost of $933,858,864 and $1,171,786,345, respectively) — including $40,546,925 and $3,601,416, respectively of securities on loan
$1,054,078,214 $1,485,597,928 
Investment made with cash collateral received for securities on loan, at value (cost of $12,532,435 and $2,487,745, respectively)
12,532,435 2,487,745 
Total investment securities, at value (cost of $946,391,299 and $1,174,274,090, respectively)
1,066,610,649 1,488,085,673 
Cash
1,160,378 — 
Foreign currency holdings, at value (cost of $102,152 and $—, respectively)
102,128 — 
Receivable for investments sold
6,024,798 1,702,050 
Dividends and interest receivable
2,504,960 1,854,286 
Securities lending receivable
62,534 1,968 
1,076,465,447 1,491,643,977 
Liabilities
Payable for collateral received for securities on loan12,532,435 2,487,745 
Payable for investments purchased967,250 2,515,577 
Payable for capital shares redeemed5,947,659 — 
Accrued management fees315,276 183,068 
19,762,620 5,186,390 
Net Assets$1,056,702,827 $1,486,457,587 
Shares outstanding (unlimited number of shares authorized)
15,990,000
19,350,000
Net Asset Value Per Share$66.09 $76.82 
Net Assets Consist of:
Capital paid in$941,159,721 $1,170,685,574 
Distributable earnings115,543,106 315,772,013 
$1,056,702,827 $1,486,457,587 


See Notes to Financial Statements.
245


AUGUST 31, 2021
Avantis U.S. Small Cap Value ETF
Assets
Investment securities, at value (cost of $1,304,646,417) — including $15,165,926 of securities on loan$1,574,059,569 
Investment made with cash collateral received for securities on loan, at value
(cost of $13,123,659)
13,123,659 
Total investment securities, at value (cost of $1,317,770,076)1,587,183,228 
Receivable for capital shares sold6,043,800 
Dividends and interest receivable1,465,940 
Securities lending receivable3,552 
1,594,696,520 
Liabilities
Payable for collateral received for securities on loan13,123,659 
Payable for investments purchased11,108,715 
Accrued management fees321,010 
24,553,384 
Net Assets$1,570,143,136 
Shares outstanding (unlimited number of shares authorized)
20,800,000
Net Asset Value Per Share$75.49 
Net Assets Consist of:
Capital paid in$1,305,740,027 
Distributable earnings264,403,109 
$1,570,143,136 


See Notes to Financial Statements.
246


Statements of Operations
YEAR ENDED AUGUST 31, 2021
Avantis Emerging Markets Equity ETFAvantis International Equity ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $2,031,372 and $1,642,168, respectively)$15,104,729 $17,013,346 
Securities lending, net227,531 263,805 
Interest420 439 
15,332,680 17,277,590 
Expenses:
Management fees1,890,706 1,451,556 
Other expenses2,598 1,159 
1,893,304 1,452,715 
Net investment income (loss)13,439,376 15,824,875 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (net of foreign tax expenses paid (refunded) of $36,187 and $—, respectively) (Note 4)(3,187,750)(957,075)
Futures contract transactions48,353 — 
Foreign currency translation transactions(320,179)(115,546)
(3,459,576)(1,072,621)
Change in net unrealized appreciation (depreciation) on:
Investments (includes (increase) decrease in accrued foreign taxes of $(3,182,430) and $—, respectively)100,131,218 131,603,629 
Translation of assets and liabilities in foreign currencies11,027 (16,347)
100,142,245 131,587,282 
Net realized and unrealized gain (loss)96,682,669 130,514,661 
Net Increase (Decrease) in Net Assets Resulting from Operations$110,122,045 $146,339,536 


See Notes to Financial Statements.
247


YEAR ENDED AUGUST 31, 2021
Avantis International Small Cap Value ETFAvantis U.S. Equity ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $1,431,156 and $2,311, respectively)$15,495,150 $13,232,521 
Securities lending, net349,475 25,260 
Interest
381
181
15,845,006 13,257,962 
Expenses:
Management fees2,087,838 1,316,876 
Other expenses2,216 
107
2,090,054 1,316,983 
Net investment income (loss)13,754,952 11,940,979 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (Note 4)30,308,321 7,906,935 
Futures contract transactions41,937 — 
Foreign currency translation transactions32,245 — 
30,382,503 7,906,935 
Change in net unrealized appreciation (depreciation) on:
Investments104,176,243 243,650,591 
Translation of assets and liabilities in foreign currencies(9,988)— 
104,166,255 243,650,591 
Net realized and unrealized gain (loss)134,548,758 251,557,526 
Net Increase (Decrease) in Net Assets Resulting from Operations$148,303,710 $263,498,505 


See Notes to Financial Statements.
248


YEAR ENDED AUGUST 31, 2021
Avantis U.S. Small Cap Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $21,826)$17,083,897 
Securities lending, net92,091 
Interest
234
17,176,222 
Expenses:
Management fees2,181,290 
Other expenses
30
2,181,320 
Net investment income (loss)14,994,902
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (Note 4)88,689,568 
Change in net unrealized appreciation (depreciation) on investments222,948,763 
Net realized and unrealized gain (loss)311,638,331 
Net Increase (Decrease) in Net Assets Resulting from Operations$326,633,233 


See Notes to Financial Statements.
249


Statements of Changes in Net Assets
YEAR ENDED AUGUST 31, 2021 AND PERIOD ENDED AUGUST 31, 2020
Avantis Emerging Markets Equity ETFAvantis International Equity ETF
Increase (Decrease) in Net AssetsAugust 31, 2021
August 31, 2020(1)
August 31, 2021
August 31, 2020(2)
Operations
Net investment income (loss)$13,439,376 $3,773,523 $15,824,875 $4,235,713 
Net realized gain (loss)(3,459,576)(1,716,996)(1,072,621)(1,137,603)
Change in net unrealized appreciation (depreciation)100,142,245 29,119,192 131,587,282 46,069,818 
Net increase (decrease) in net assets resulting from operations110,122,045 31,175,719 146,339,536 49,167,928 
Distributions to Shareholders
From earnings
(9,558,420)
(1,873,420)
(14,039,130)
(2,697,051)
Capital Share Transactions
Proceeds from shares sold521,084,968 216,108,720 529,082,577 294,837,715 
Payments for shares redeemed(2,598,710)— (5,592,990)— 
Other capital330,894 34,719 409,617 35,503 
Net increase (decrease) in net assets from capital share transactions518,817,152 216,143,439 523,899,204 294,873,218 
Net increase (decrease) in net assets619,380,777 245,445,738 656,199,610 341,344,095 
Net Assets
Beginning of period245,445,738 — 341,344,095 — 
End of period$864,826,515 $245,445,738 $997,543,705 $341,344,095 
Transactions in Shares of the Funds
Sold8,300,000 4,700,000 8,800,000 6,800,000 
Redeemed(50,000)— (100,000)— 
Net increase (decrease) in shares of the funds8,250,000 4,700,000 8,700,000 — 
(1)September 17, 2019 (fund inception) through August 31, 2020.
(2)September 24, 2019 (fund inception) through August 31, 2020.


See Notes to Financial Statements.
250


YEAR ENDED AUGUST 31, 2021 AND PERIOD ENDED AUGUST 31, 2020
Avantis International Small Cap Value ETFAvantis U.S.
Equity ETF
Increase (Decrease) in Net AssetsAugust 31, 2021
August 31, 2020(1)
August 31, 2021
August 31, 2020(1)
Operations
Net investment income (loss)$13,754,952 $1,786,182 $11,940,979 $3,862,339 
Net realized gain (loss)30,382,503 (1,179,477)7,906,935 239,819 
Change in net unrealized appreciation (depreciation)104,166,255 16,051,402 243,650,591 70,160,992 
Net increase (decrease) in net assets resulting from operations148,303,710 16,658,107 263,498,505 74,263,150 
Distributions to Shareholders
From earnings(12,987,087)(1,180,237)(9,363,483)(2,641,471)
Capital Share Transactions
Proceeds from shares sold737,021,098 259,283,555 819,649,560 367,410,828 
Payments for shares redeemed(90,624,702)— (23,425,992)(2,933,510)
Other capital165,125 63,258 — — 
Net increase (decrease) in net assets from capital share transactions646,561,521 259,346,813 796,223,568 364,477,318 
Net increase (decrease) in net assets781,878,144 274,824,683 1,050,358,590 436,098,997 
Net Assets
Beginning of period274,824,683 — 436,098,997 — 
End of period$1,056,702,827 $274,824,683 $1,486,457,587 $436,098,997 
Transactions in Shares of the Funds
Sold11,760,000 5,700,000 11,940,000 7,830,000 
Redeemed(1,470,000)— (360,000)(60,000)
Net increase (decrease) in shares of the funds10,290,000 5,700,000 11,580,000 7,770,000 
(1)September 24, 2019 (fund inception) through August 31, 2020.


See Notes to Financial Statements.
251


YEAR ENDED AUGUST 31, 2021 AND PERIOD ENDED AUGUST 31, 2020
Avantis U.S. Small Cap Value ETF
Increase (Decrease) in Net AssetsAugust 31, 2021
August 31, 2020(1)
Operations
Net investment income (loss)$14,994,902 $2,375,586 
Net realized gain (loss)88,689,568 (3,749,254)
Change in net unrealized appreciation (depreciation)222,948,763 46,464,389 
Net increase (decrease) in net assets resulting from operations326,633,233 45,090,721 
Distributions to Shareholders
From earnings(10,315,324)(1,392,826)
Capital Share Transactions
Proceeds from shares sold1,112,455,368 311,600,590 
Payments for shares redeemed(213,928,626)— 
Net increase (decrease) in net assets from capital share transactions898,526,742 311,600,590 
Net increase (decrease) in net assets1,214,844,651 355,298,485 
Net Assets
Beginning of period355,298,485 — 
End of period$1,570,143,136 $355,298,485 
Transactions in Shares of the Funds
Sold16,280,000 7,900,000 
Redeemed(3,380,000)— 
Net increase (decrease) in shares of the funds12,900,000 7,900,000 
(1)September 24, 2019 (fund inception) through August 31, 2020.


See Notes to Financial Statements.
252


Notes to Financial Statements
 
AUGUST 31, 2021

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Emerging Markets Equity ETF, Avantis International Equity ETF, Avantis International Small Cap Value ETF, Avantis U.S. Equity ETF and Avantis U.S. Small Cap Value ETF (collectively, the funds) are five funds in a series issued by the trust. Each of the funds’ investment objective is to seek long-term capital appreciation. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis Emerging Markets Equity ETF incepted on September 17, 2019. Avantis International Equity ETF, Avantis International Small Cap Value ETF, Avantis U.S. Equity ETF and Avantis U.S. Small Cap Value ETF incepted on September 24, 2019.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Fixed income securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.


253


If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The funds record the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The funds may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

254


Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly for Avantis U.S. Equity ETF and Avantis U.S. Small Cap Value ETF, and semiannually for Avantis Emerging Markets Equity ETF, Avantis International Equity ETF and Avantis International Small Cap Value ETF. Distributions from net realized gains, if any, are generally declared and paid annually for all funds. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.


255


The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2021.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
Overnight and
Continuous
<30 daysBetween
30 & 90 days
>90 daysTotal
Avantis Emerging Markets Equity ETF
Common Stocks$9,475,077 — — — $9,475,077 
Gross amount of recognized liabilities for securities lending transactions$9,475,077 
Avantis International Equity ETF
Common Stocks$12,320,032 — — — $12,320,032 
Rights2,094 — — — 2,094 
Warrants1,734 — — — 1,734 
Total Borrowings$12,323,860 — — — $12,323,860 
Gross amount of recognized liabilities for securities lending transactions$12,323,860 
Avantis International Small Cap Value ETF
Common Stocks$12,488,749 — — — $12,488,749 
Warrants43,686 — — — 43,686 
Total Borrowings$12,532,435 — — — $12,532,435 
Gross amount of recognized liabilities for securities lending transactions$12,532,435 
Avantis U.S. Equity ETF
Common Stocks$2,487,745 — — — $2,487,745 
Gross amount of recognized liabilities for securities lending transactions$2,487,745 
Avantis U.S. Small Cap Value ETF
Common Stocks$13,123,659 — — — $13,123,659 
Gross amount of recognized liabilities for securities lending transactions$13,123,659 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, the percentage of the shares of each fund as follows:
Avantis Emerging Markets Equity ETF6%
Avantis International Equity ETF7%
Avantis U.S. Equity ETF10%

256


Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears.

The annual management fee for each fund is as follows:
Annual Management Fee
Avantis Emerging Markets Equity ETF0.33%
Avantis International Equity ETF0.23%
Avantis International Small Cap Value ETF0.36%
Avantis U.S. Equity ETF0.15%
Avantis U.S. Small Cap Value ETF0.25%

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2021 were as follows:
Avantis Emerging Markets Equity ETFAvantis International Equity ETFAvantis International Small Cap Value ETFAvantis U.S. Equity ETFAvantis U.S. Small Cap Value ETF
Purchases$432,532,428$450,381,551$325,867,656$74,851,976$344,968,104
Sales$30,207,794$46,374,446$119,983,972$35,378,645$193,329,244

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2021 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Avantis Emerging Markets Equity ETF$121,536,802$2,557,006$1,338,959
Avantis International Equity ETF$127,823,013$5,455,974$2,592,692
Avantis International Small Cap Value ETF$533,198,641$89,148,160$36,094,686
Avantis U.S. Equity ETF$778,526,843$18,785,614$9,019,404
Avantis U.S. Small Cap Value ETF$958,234,070$201,627,811$93,948,314
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

5. Capital Share Transactions

Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.


257


6. Fair Value Measurements

The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Avantis Emerging Markets Equity ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks
Brazil$24,284,385 $25,354,373 — 
Chile1,181,539 3,806,468 — 
China62,675,989 201,623,796 — 
Colombia603,690 1,002,306 — 
India12,851,655 102,786,077 — 
Indonesia1,128,907 11,403,719 — 
Mexico6,585,880 12,378,334 — 
Peru1,634,681 — — 
Philippines235,450 6,267,838 — 
Russia849,096 22,357,810 — 
South Africa4,690,543 31,395,350 — 
South Korea9,758,707 116,364,177 — 
Taiwan30,681,235 117,863,508 — 
Turkey225,543 4,399,174 — 
Other Countries— 51,324,692 — 
Rights— 50,127 — 
Warrants— 3,253 — 
Corporate Bonds— 1,674 — 
Temporary Cash Investments799,705 — — 
Temporary Cash Investments - Securities Lending Collateral9,475,077 — — 
$167,662,082 $708,382,676 — 

258


Avantis International Equity ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks
Australia$7,015,997 $58,018,838 — 
Belgium1,603,140 7,584,498 — 
Canada132,447 96,831,041 — 
Denmark8,141,905 15,646,518 — 
Finland996,089 9,912,478 — 
France12,770,164 78,964,438 — 
Germany4,478,693 73,739,978 — 
Hong Kong428,125 25,650,779 — 
Israel1,900,347 6,477,553 — 
Italy1,150,031 21,780,849 — 
Japan17,862,868 192,147,166 — 
Netherlands16,965,243 23,789,379 — 
Norway791,191 7,325,893 — 
Singapore1,265,993 8,908,196 — 
Spain5,265,317 15,628,259 — 
Sweden1,626,323 38,076,394 — 
Switzerland11,987,480 72,202,544 — 
United Kingdom48,904,732 84,188,847 — 
Other Countries— 14,235,606 — 
Warrants— 9,781 — 
Rights— 2,771 — 
Temporary Cash Investments - Securities Lending Collateral12,323,860 — — 
$155,609,945 $851,121,806 — 

Avantis International Small Cap Value ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$11,248,980 $1,042,729,370 — 
Warrants— 93,622 — 
Rights— 6,242 — 
Temporary Cash Investments - Securities Lending Collateral12,532,435 — — 
$23,781,415 $1,042,829,234 — 

Avantis U.S. Equity ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$1,484,193,739 — — 
Temporary Cash Investments1,404,189 — — 
Temporary Cash Investments - Securities Lending Collateral2,487,745 — — 
$1,488,085,673 — — 

259


Avantis U.S. Small Cap Value ETF
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$1,567,369,155 — — 
Temporary Cash Investments6,690,414 — — 
Temporary Cash Investments - Securities Lending Collateral13,123,659 — — 
$1,587,183,228 — — 

7. Derivative Instruments

Equity Price Risk — The funds are subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the period, the funds participated in equity price risk derivative instruments for temporary investment purposes.

At period end, the funds did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2021
Net Realized Gain (Loss)Change in Net Unrealized Appreciation (Depreciation)
Fund / Type of Risk ExposureLocation on Statement of OperationsValueLocation on Statement of OperationsValue
Avantis Emerging Markets Equity ETF
Equity Price RiskNet realized gain (loss) on futures contract transactions$48,353 Change in net unrealized appreciation (depreciation) on futures contracts— 
Avantis International Small Cap Value ETF
Equity Price RiskNet realized gain (loss) on futures contract transactions$41,937 Change in net unrealized appreciation (depreciation) on futures contracts— 

8. Risk Factors

The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
260


Avantis International Small Cap Value ETF and Avantis U.S. Small Cap Value ETF invest in common stocks of small companies. Because of this, the funds may be subject to greater risk and market fluctuations than funds investing in larger, more established companies.

9. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2021 and period ended August 31, 2020 were as follows:

2021
2020

Distributions Paid From:
Distributions Paid From:

Ordinary Income
Long-term Capital Gains
Ordinary Income
Long-term Capital Gains
Avantis Emerging Markets Equity ETF
$9,558,420 — 
$        1,873,420(1)
— 
Avantis International Equity ETF
$14,039,130 — 
$        2,697,051(2)
— 
Avantis International Small Cap Value ETF
$12,987,087 — 
$        1,180,237(2)
— 
Avantis U.S. Equity ETF
$9,363,483 — 
$        2,641,471(2)
— 
Avantis U.S. Small Cap Value ETF
$10,315,324 — 
$        1,392,826(2)
— 
(1)September 17, 2019 (fund inception) through August 31, 2020.
(2)September 24, 2019 (fund inception) through August 31, 2020.

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

The reclassifications, which are primarily due to in kind transactions, were as follows:

Avantis Emerging Markets Equity ETFAvantis International Equity ETFAvantis International Small Cap Value ETFAvantis U.S. Equity ETFAvantis U.S. Small Cap Value ETF
Capital paid in$1,145,744 $1,009,223 $35,251,387 $9,151,317 $95,612,695 
Distributable earnings$(1,145,744)$(1,009,223)$(35,251,387)$(9,151,317)$(95,612,695)






















261


As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Avantis Emerging Markets Equity ETFAvantis International Equity ETFAvantis International Small Cap Value ETFAvantis U.S. Equity ETFAvantis U.S. Small Cap Value ETF
Federal tax cost of investments$746,629,827 $831,310,142 $952,064,175 $1,174,163,520 $1,317,742,583 
Gross tax appreciation of investments$170,190,287 $185,354,444 $143,966,251 $322,454,311 $286,155,058 
Gross tax depreciation of investments(40,775,356)(9,932,835)(29,419,777)(8,532,158)(16,714,413)
Net tax appreciation (depreciation) of investments129,414,931 175,421,609 114,546,474 313,922,153 269,440,645 
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies (3,338,845)6,487 (251)— — 
Net tax appreciation (depreciation) $126,076,086 $175,428,096 $114,546,223 $313,922,153 $269,440,645 
Undistributed ordinary income$8,816,908 $6,483,654 $7,528,757 $3,525,106 $3,906,880 
Accumulated short-term capital losses$(5,131,240)$(3,053,566)$(6,421,355)$(1,343,095)$(8,944,416)
Accumulated long-term capital losses$(1,041,261)$(1,096,124)$(110,519)$(332,151)— 

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization to ordinary income for tax purposes of unrealized gains on investments in passive
foreign investment companies, return of capital dividends received and tax deferral of losses on wash sales.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized
capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an
unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue
Code limitations.
262


Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of: 
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other
Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis Emerging Markets Equity ETF
2021$52.221.5114.1015.61(1.09)0.04$66.7830.08%0.33%2.34%5%$864,827 
2020(4)
$50.001.351.402.75(0.54)0.01$52.225.57%
0.33%(5)
2.95%(5)
8%$245,446 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 17, 2019 (fund inception) through August 31, 2020.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of: 
Net Asset
Value, Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other
Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis International Equity ETF
2021$50.201.5013.8615.36(1.24)0.04$64.3630.86%0.23%2.51%7%$997,544 
2020(4)
$50.001.12(0.38)0.74(0.55)0.01$50.201.52%
0.23%(5)
2.57%(5)
8%$341,344 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 24, 2019 (fund inception) through August 31, 2020.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of: 
Net Asset
Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment Income
Other
Capital(1)
Net Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis International Small Cap Value ETF
2021$48.211.4517.6919.14(1.28)0.02$66.0939.98%0.36%2.37%21%$1,056,703 
2020(4)
$50.000.93(2.25)(1.32)(0.50)0.03$48.21(2.58)%
0.36%(5)
2.20%(5)
32%$274,825 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 24, 2019 (fund inception) through August 31, 2020.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of: 
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis U.S. Equity ETF
2021$56.130.9320.5421.47(0.78)$76.8238.56%0.15%1.36%4%$1,486,458 
2020(4)
$50.000.825.846.66(0.53)$56.1313.50%
0.15%(5)
1.76%(5)
3%$436,099 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 24, 2019 (fund inception) through August 31, 2020.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of: 
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
Net
Realized and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net Investment IncomeNet Asset Value, End of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net Assets,
End of
Period
(in thousands)
Avantis U.S. Small Cap Value ETF
2021$44.971.1630.2431.40(0.88)$75.4970.34%0.25%1.72%22%$1,570,143 
2020(4)
$50.000.72(5.30)(4.58)(0.45)$44.97(9.09)%
0.25%(5)
1.87%(5)
20%$355,298 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 24, 2019 (fund inception) through August 31, 2020.
(5)Annualized.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century ETF Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis® Emerging Markets Equity ETF, Avantis® International Equity ETF, Avantis® International Small Cap Value ETF, Avantis® U.S. Equity ETF, and Avantis® U.S. Small Cap Value ETF (the “Funds”), five of the funds constituting the American Century ETF Trust, as of August 31, 2021, the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended August 31, 2021, and the period from September 24, 2019 (fund inception) through August 31, 2020 (as to Avantis® Emerging Markets Equity ETF, for the year ended August 31, 2021, and the period from September 17, 2019 (fund inception) through August 31, 2020); and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2021, and the results of their operations for the year then ended, the changes in their net assets and the financial highlights for the year ended August 31, 2021, and the period from September 24, 2019 (fund inception) through August 31, 2020 (as to Avantis® Emerging Markets Equity ETF, for the year ended August 31, 2021, and the period from September 17, 2019 (fund inception) through August 31, 2020), in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Kansas City, Missouri
October 18, 2021

We have served as the auditor of one or more American Century investment companies since 1997.
268


Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire by December 31st of the year in which they reach their 75th birthday.
Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Ronald J. Gilson, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)31None
Ronald J. Gilson
(1946)
TrusteeSince 2017Charles J. Meyers Professor of Law and Business, Emeritus (since 2018), Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)69None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired; Consultant regarding ETF and mutual fund matters (2015 to 2016); Principal and Senior Counsel, The Vanguard Group (investment management)(1998 to 2014)31None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired103None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries141None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
269


Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2017Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and
Vice President since
2021
General Counsel and Senior Vice President, ACC (2021 to present); Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)
Vice President
since 2019
Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)
Vice President since 2017Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)
Vice President since 2017Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)
Vice President since 2017Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)
Secretary since 2019Attorney, ACS (2003 to present)
270


Approval of Management Agreement

At a meeting held on June 3, 2021, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s trustees (the “Trustees”), including a majority of the independent Trustees, each year.

Prior to its consideration of the management agreement, the Trustees requested and reviewed extensive data and information compiled by the Advisor and certain independent providers of evaluation data concerning the Funds and the services provided to each Fund by the Advisor. This review was in addition to the oversight and evaluation undertaken by the Board and its Audit Committee on a continual basis and the information received was supplemental to the extensive information that the Board and its Audit Committee receive and consider throughout the year.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to each Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;
the wide range of other programs and services provided and to be provided to each Fund and its shareholders on a routine and non-routine basis;
the investment performance of each Fund, including data comparing each Fund's performance to appropriate benchmarks and/or a peer group of other funds with similar investment objectives and strategies;
the cost of owning each Fund compared to the cost of owning similar funds;
the compliance policies, procedures, and regulatory experience of the Advisor and the Funds’ service providers;
the Advisor’s strategic plans, COVID-19 pandemic response, vendor management practices, and social justice initiatives;
the Advisor’s business continuity plans and cyber security practices;
financial data showing the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the overall profitability of the Advisor;
information regarding payments to intermediaries by the Advisor;
possible economies of scale associated with the Advisor’s management of each Fund; and
possible collateral benefits to the Advisor from the management of the Funds.

The independent Trustees met separately in private session to discuss the renewal and to review and discuss the information provided in response to their request. The independent Trustees also held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.




271


Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:

constructing and designing each Fund
portfolio research and security selection
initial capitalization/funding
securities trading
Fund administration
custody of Fund assets
daily valuation of each Fund’s portfolio
liquidity monitoring and management
risk management, including cyber security
shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
legal services (except the independent Trustees’ counsel)
regulatory and portfolio compliance
financial reporting
marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

Investment Management Services. The nature of the investment management services provided to the Funds is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board provides oversight of the investment performance process. It regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any efforts being undertaken to improve performance. The performance for Avantis U.S. Small Cap Value ETF was above its benchmark for the one-year and since inception periods reviewed by the Board. The performance for Avantis International Equity ETF was at its benchmark for the since inception period and below its benchmark for the one-year period reviewed by the Board. The performance for Avantis Emerging Markets Equity ETF, Avantis International Small Cap Value ETF, and Avantis U.S. Equity ETF was below each Fund's respective benchmark for the one-year and since inception periods
272


reviewed by the Board. The Board found the investment management services provided by the Advisor to the Funds to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Funds, its profitability in managing each Fund (pre- and post-distribution), its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Funds.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to the Funds and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders additional content and services.

Comparison to Other Funds’ Fees. The management agreement provides that each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of Avantis International Equity ETF and Avantis International Small Cap Value ETF was below the median of the total expense ratios of their respective peer expense universe and was within the range of their respective peer expense group. The unified fee charged to shareholders of Avantis Emerging Markets Equity ETF and Avantis U.S. Equity ETF was below the median of the total expense ratios of their respective peer expense universe and was the lowest of their respective peer expense group. The unified fee charged to shareholders of Avantis U.S. Small Cap Value ETF was the
273


lowest of the total expense ratios of its peer expense universe and was the lowest of its peer expense group. The Board concluded that the management fee paid by each Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to funds or other advisory clients managed similarly to the Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Funds. The Board analyzed this information and concluded that the fees charged and services provided to the Funds were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments could include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Funds. They concluded that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Funds’ operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in each Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to each Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the management fee is fair and reasonable in light of the services provided and that the investment management agreement between the Funds and the Advisor should be renewed.
274


Liquidity Risk Management Program

The Funds have adopted a liquidity risk management program (the “program”). The Funds' Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by those members of the ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Funds' liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Funds. This risk is managed by monitoring the degree of liquidity of the Funds' investments, limiting the amount of the Funds' illiquid investments, and utilizing various risk management tools and facilities available to the Funds for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of the Funds' investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2020 through December 31, 2020. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.

275


Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

 
Proxy Voting Policies
 
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.


Quarterly Portfolio Disclosure
 
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.











276


Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2021.

For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2021 as qualified for the corporate dividends received deduction.

Avantis Emerging Markets Equity ETFAvantis International Equity ETFAvantis International Small Cap Value ETFAvantis U.S. Equity ETFAvantis U.S. Small Cap Value ETF
$41,170$18,311$104,804$9,492,460$11,782,885

For the fiscal year ended August 31, 2021, the funds intend to pass through to shareholders the following foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

Foreign Tax CreditForeign Source Income
AmountPer
Outstanding
Share
AmountPer
Outstanding
Share
Avantis Emerging Markets Equity ETF$1,943,980$0.1501$17,094,931$1.3201
Avantis International Equity ETF$1,307,049$0.0843$18,637,202$1.2024
Avantis International Small Cap Value ETF$1,211,034$0.0757$16,821,502$1.0520
Avantis U.S. Equity ETF
Avantis U.S. Small Cap Value ETF

The funds utilized the following earnings and profits distributed to shareholders on redemption of shares as part of the dividend paid deduction (tax equalization).

Avantis Emerging Markets Equity ETFAvantis International Equity ETFAvantis International Small Cap Value ETFAvantis U.S. Equity ETFAvantis U.S. Small Cap Value ETF
$1,625,606$128,977$1,467,561
277


Notes







278






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Contact Usavantisinvestors.com
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies1-833-928-2684
Telecommunications Relay Service for the Deaf711
American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2021 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-96954 2110




ai_lockupxblkxrgb002.jpg
Annual Report
August 31, 2021
Avantis® Core Fixed Income ETF (AVIG)
Avantis® Core Municipal Fixed Income ETF (AVMU)
Avantis® Short-Term Fixed Income ETF (AVSF)











































Table of Contents

Chairman’s Letter
Avantis Core Fixed Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis Core Municipal Fixed Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis Short-Term Fixed Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
Additional Information











Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.



Chairman's Letter
image12a.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit avantisinvestors.com.

Bond Returns Were Mixed

While high-quality securities struggled, credit-sensitive bonds generally advanced against a backdrop of economic and earnings gains and ongoing central bank and federal government support. These influences helped sustain investor confidence despite ongoing challenges from COVID-19 and the inconsistent lifting of virus-related restrictions.

In general, data on U.S. manufacturing, employment, housing and corporate earnings remained upbeat. Additionally, COVID-19 vaccine availability also helped promote investor optimism.

The benchmark 10-year U.S. Treasury yield spiked to a period high 1.75% in late March. However, beginning in April, longer-maturity yields headed lower—a trend that generally continued through the end of the period despite a sharp uptick in inflation. The emergence of COVID-19’s delta variant prompted a reassessment of rosy growth outlooks, sending Treasury yields lower. In addition, slightly hawkish language from the Federal Reserve (Fed) contributed to growth concerns.

The annual U.S. headline inflation rate soared to a 13-year high, but the Fed insisted temporary supply chain disruptions and other transient factors were at play. The Fed left interest rates unchanged but hinted it may start hiking rates in 2023, sooner than its previous timetable of 2024.

Overall, Treasury yields ended the period higher. Treasury returns generally declined, dragging down the broad U.S. investment-grade bond market. However, credit-sensitive securities, including corporate bonds and municipal securities, delivered gains.

Several Factors Shaping Market Dynamics

The return to pre-pandemic life is progressing, albeit somewhat cautiously due to the spread of the delta variant. As the economy and markets respond to this fluid backdrop, investors will face opportunities and ongoing challenges. Economic growth, inflation, the virus’s trajectory, supply chain normalization, and fiscal and monetary policy likely will sway market dynamics.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,
image48a16.jpg
Jonathan Thomas
Chairman
Avantis Investors

2


Performance
Avantis Core Fixed Income ETF (AVIG)
Total Returns as of August 31, 2021
Since InceptionInception Date
Net Asset Value0.15%10/13/2020
Market Price0.24%10/13/2020
Bloomberg Barclays U.S. Aggregate Bond Index-0.09%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made October 13, 2020
chart-f0a18246357f434a87a.jpg
Value on August 31, 2021
Net Asset Value — $10,015
Bloomberg Barclays U.S. Aggregate Bond Index — $9,991
Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.







Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Core Fixed Income ETF seeks to maximize total returns by investing primarily in investment-grade debt obligations across sectors, maturities and issuers.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the period from the fund’s inception on October 13, 2020, through August 31, 2021, Avantis Core Fixed Income ETF returned 0.24%* on a market price basis. On a net asset value (NAV) basis, the fund returned 0.15%. NAV and market price returns reflect fees and operating expenses, while the index return does not.

For the same time period, the fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index, which returned -0.09%. The index is an unmanaged index generally representative of the performance of the broad U.S. taxable investment-grade bond market.

The fund’s outperformance versus the index was largely due to the fund’s overweight to corporate bonds. These securities generally outperformed the broad bond market during the period. In addition, the fund’s overweight position versus the index in the five- to 10-year portion of the yield curve aided results. This positioning helped offset the negative effects of underweighting the longer end of the yield curve.


















*Total returns for periods less than one year are not annualized.
4


Fund Characteristics

AUGUST 31, 2021
Avantis Core Fixed Income ETF
Types of Investments in Portfolio% of net assets
Corporate Bonds62.3%
U.S. Treasury Securities30.3%
U.S. Government Agency Mortgage-Backed Securities20.0%
U.S. Government Agency Securities2.1%
Sovereign Governments and Agencies0.1%
Temporary Cash Investments4.4%
Other Assets and Liabilities(19.2)%

5


Performance
Avantis Core Municipal Fixed Income ETF (AVMU)
Total Returns as of August 31, 2021
Since InceptionInception Date
Net Asset Value0.93%12/8/2020
Market Price0.99%12/8/2020
S&P National AMT-Free Municipal Bond Index1.85%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made December 8, 2020
chart-af6bf00e54d44f8bbdb.jpg
Value on August 31, 2021
Net Asset Value — $10,093
S&P National AMT-Free Municipal Bond Index — $10,185
Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.







Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
6


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Core Municipal Fixed Income ETF seeks to generate current income exempt from federal income tax by investing primarily in municipal securities.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the period from the fund’s inception on December 8, 2020, through August 31, 2021, Avantis Core Municipal Fixed Income ETF returned 0.99%* on a market price basis. On a net asset value (NAV) basis, the fund returned 0.93%. NAV and market price returns reflect fees and operating expenses, while the index return does not.

For the same time period, the fund underperformed the S&P National AMT-Free Municipal Bond Index, which returned 1.85%. The index is a broad, comprehensive, market value-weighted index designed to measure the performance of the investment-grade tax-exempt U.S. municipal bond market.

Most of the fund’s underperformance versus the index occurred early in the period, when the fund’s quality composition was notably higher than that of the index. Specifically, the fund’s underweight position versus the index in securities with BBB credit ratings detracted from results. Additionally, the fund’s underweight position to longer-maturity municipal bonds detracted from results.













*Total returns for periods less than one year are not annualized.
7


Fund Characteristics

AUGUST 31, 2021
Avantis Core Municipal Fixed Income ETF
Types of Investments in Portfolio% of net assets
Municipal Securities99.2%
Temporary Cash Investments0.1%
Other Assets and Liabilities0.7%
Top Five States and Territories% of net assets
California16.4%
New York12.1%
Texas7.4%
Florida5.0%
New Jersey4.9%
Top Five Sectors% of fund investments
Special Tax23%
General Obligation (GO) - Local15%
General Obligation (GO) - State14%
Public Power8%
Toll Facilities7%

8


Performance
Avantis Short-Term Fixed Income ETF (AVSF)
Total Returns as of August 31, 2021
Since InceptionInception Date
Net Asset Value0.33%10/13/2020
Market Price0.41%10/13/2020
Bloomberg Barclays U.S. Aggregate Government/Credit 1-5 Year Index0.31%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made October 13, 2020
chart-6f9df50c7eca4b1cbaf.jpg
Value on August 31, 2021
Net Asset Value — $10,033
Bloomberg Barclays U.S. Aggregate Government/Credit 1-5 Year Index — $10,031
Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
9


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Short-Term Fixed Income ETF seeks to maximize total returns by investing primarily in shorter-maturity investment-grade debt obligations across sectors, maturities and issuers.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the period from the fund’s inception on October 13, 2020, through August 31, 2021, Avantis Short-Term Fixed Income ETF returned 0.41%* on a market price basis. On a net asset value (NAV) basis, the fund returned 0.33%. NAV and market price returns reflect fees and operating expenses, while the index return does not.

For the same time period, the fund outperformed the Bloomberg Barclays U.S. Aggregate Government/Credit 1-5 Year Index, which returned 0.31%. The index is an unmanaged index generally representative of the performance of U.S. Treasury, government agency and corporate bonds with maturities between one and five years.

The fund’s outperformance versus the index was largely due to the fund’s overweight position versus the index in corporate bonds, which generally outperformed for the period. In addition, an underweight position to U.S. Treasury securities, which underperformed for the period, aided the fund’s relative results.




















*Total returns for periods less than one year are not annualized.

10


Fund Characteristics

AUGUST 31, 2021
Avantis Short-Term Fixed Income ETF
Types of Investments in Portfolio% of net assets
Corporate Bonds54.4%
U.S. Treasury Securities and Equivalents39.8%
U.S. Government Agency Securities4.8%
Sovereign Governments and Agencies0.2%
Other Assets and Liabilities0.8%

11


Shareholder Fee Examples

Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2021 to August 31, 2021.

Actual Expenses

The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then 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 under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the 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 and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table 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 table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
3/1/21
Ending
Account Value
8/31/21
Expenses Paid
During Period(1)
3/1/21 - 8/31/21
Annualized
Expense Ratio(1)
Avantis Core Fixed Income ETF
Actual$1,000$1,017.00$0.760.15%
Hypothetical$1,000$1,024.45$0.770.15%
Avantis Core Municipal Fixed Income ETF
Actual$1,000$1,022.10$0.760.15%
Hypothetical$1,000$1,024.45$0.770.15%
Avantis Short-Term Fixed Income ETF
Actual$1,000$1,003.40$0.760.15%
Hypothetical$1,000$1,024.45$0.770.15%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
12


Schedules of Investments

AUGUST 31, 2021
Avantis Core Fixed Income ETF
Principal AmountValue
CORPORATE BONDS — 62.3%


Aerospace and Defense — 2.2%
Boeing Co. (The), 2.80%, 3/1/27$25,000 $26,068 
Boeing Co. (The), 2.95%, 2/1/30150,000 154,319 
Boeing Co. (The), 5.15%, 5/1/30125,000 148,025 
General Dynamics Corp., 3.625%, 4/1/30207,000 235,844 
Huntington Ingalls Industries, Inc., 3.48%, 12/1/27100,000 108,972 
Lockheed Martin Corp., 3.55%, 1/15/26260,000 287,632 
Northrop Grumman Corp., 3.25%, 1/15/2870,000 76,550 
Precision Castparts Corp., 3.25%, 6/15/25170,000 184,588 
Raytheon Technologies Corp., 3.50%, 3/15/2750,000 55,301 
Textron, Inc., 4.00%, 3/15/2650,000 55,701 
Textron, Inc., 2.45%, 3/15/31170,000 172,732 
1,505,732 
Airlines — 0.3%
Southwest Airlines Co., 5.125%, 6/15/27102,000 119,337 
Southwest Airlines Co., 2.625%, 2/10/3061,000 62,224 
181,561 
Auto Components — 0.3%
BorgWarner, Inc., 2.65%, 7/1/27180,000 191,487 
Automobiles — 1.4%
American Honda Finance Corp., MTN, 1.00%, 9/10/25100,000 100,243 
American Honda Finance Corp., MTN, 2.35%, 1/8/27330,000 347,966 
General Motors Co., 4.20%, 10/1/27150,000 168,087 
General Motors Financial Co., Inc., 5.10%, 1/17/2444,000 48,178 
Toyota Motor Credit Corp., MTN, 2.15%, 2/13/3050,000 51,654 
Toyota Motor Credit Corp., MTN, 3.375%, 4/1/30150,000 168,878 
Toyota Motor Credit Corp., MTN, 1.65%, 1/10/3163,000 62,577 
947,583 
Banks — 6.1%
African Development Bank, 0.75%, 4/3/23110,000 110,976 
Asian Development Bank, MTN, 0.375%, 9/3/25100,000 98,904 
Asian Development Bank, MTN, 2.375%, 8/10/2740,000 43,199 
Asian Infrastructure Investment Bank (The), 0.25%, 9/29/23150,000 149,846 
Asian Infrastructure Investment Bank (The), 0.50%, 5/28/25125,000 124,511 
Bank of Montreal, MTN, 3.30%, 2/5/2470,000 74,670 
Bank of Nova Scotia (The), 3.40%, 2/11/24163,000 173,979 
Citizens Financial Group, Inc., 2.50%, 2/6/30200,000 206,264 
Council Of Europe Development Bank, 0.25%, 10/20/2325,000 24,970 
Council Of Europe Development Bank, 2.50%, 2/27/2420,000 21,065 
European Bank for Reconstruction & Development, MTN, 2.125%, 3/7/2225,000 25,259 
European Investment Bank, 0.625%, 7/25/25120,000 120,063 
European Investment Bank, 4.875%, 2/15/3630,000 42,135 
European Investment Bank, MTN, 3.125%, 12/14/23100,000 106,470 
Fifth Third Bancorp, 3.65%, 1/25/24235,000 251,575 
Inter-American Development Bank, 3.00%, 10/4/23100,000 105,672 
13


Avantis Core Fixed Income ETF
Principal AmountValue
Inter-American Development Bank, 2.00%, 7/23/26$200,000 $211,218 
Inter-American Development Bank, 2.375%, 7/7/27255,000 275,323 
Inter-American Development Bank, MTN, 1.125%, 1/13/31100,000 98,286 
International Bank for Reconstruction & Development, 1.75%, 4/19/2350,000 51,265 
International Bank for Reconstruction & Development, 0.75%, 11/24/27125,000 122,973 
International Bank for Reconstruction & Development, 0.875%, 5/14/30105,000 101,675 
International Finance Corp., MTN, 2.875%, 7/31/2350,000 52,551 
Kreditanstalt fuer Wiederaufbau, 2.125%, 6/15/2250,000 50,812 
Kreditanstalt fuer Wiederaufbau, 2.00%, 5/2/2550,000 52,577 
Landwirtschaftliche Rentenbank, 2.00%, 1/13/25165,000 172,999 
Oesterreichische Kontrollbank AG, MTN, 2.875%, 3/13/2375,000 78,105 
PNC Financial Services Group, Inc. (The), 3.15%, 5/19/27175,000 192,511 
Santander Holdings USA, Inc., 3.45%, 6/2/25110,000 118,145 
Santander Holdings USA, Inc., 4.40%, 7/13/27160,000 180,762 
Sumitomo Mitsui Financial Group, Inc., 3.94%, 10/16/2350,000 53,704 
Toronto-Dominion Bank (The), MTN, 0.75%, 1/6/26150,000 148,655 
US Bancorp, MTN, 3.95%, 11/17/25160,000 180,220 
US Bancorp, MTN, 1.375%, 7/22/3050,000 48,453 
Wells Fargo & Co., MTN, 3.55%, 9/29/25185,000 203,051 
Westpac Banking Corp., 3.40%, 1/25/28165,000 185,212 
4,258,055 
Beverages — 2.2%
Anheuser-Busch InBev Worldwide, Inc., 4.00%, 4/13/28125,000 142,374 
Anheuser-Busch InBev Worldwide, Inc., 8.20%, 1/15/3975,000 126,342 
Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/4075,000 90,086 
Coca-Cola Co. (The), 3.45%, 3/25/3010,000 11,352 
Coca-Cola Co. (The), 1.375%, 3/15/3135,000 33,734 
Keurig Dr Pepper, Inc., 2.55%, 9/15/2660,000 63,828 
Keurig Dr Pepper, Inc., 3.20%, 5/1/30200,000 218,081 
Molson Coors Beverage Co., 3.00%, 7/15/26245,000 263,335 
PepsiCo, Inc., 3.00%, 10/15/27395,000 436,562 
PepsiCo, Inc., 1.625%, 5/1/3070,000 69,827 
PepsiCo, Inc., 1.40%, 2/25/3151,000 50,025 
1,505,546 
Biotechnology — 0.5%
AbbVie, Inc., 3.20%, 11/21/2950,000 54,690 
AbbVie, Inc., 4.50%, 5/14/35235,000 286,155 
340,845 
Capital Markets — 2.6%
Ameriprise Financial, Inc., 2.875%, 9/15/26225,000 242,621 
BlackRock, Inc., 3.25%, 4/30/29170,000 189,608 
Brookfield Finance, Inc., 3.90%, 1/25/28285,000 320,709 
Charles Schwab Corp. (The), 3.20%, 3/2/2750,000 54,929 
Charles Schwab Corp. (The), 1.65%, 3/11/31175,000 171,406 
Franklin Resources, Inc., 1.60%, 10/30/30344,000 332,920 
Lazard Group LLC, 4.375%, 3/11/29250,000 287,440 
S&P Global, Inc., 2.95%, 1/22/2775,000 81,297 
TD Ameritrade Holding Corp., 2.75%, 10/1/29116,000 123,789 
1,804,719 
14


Avantis Core Fixed Income ETF
Principal AmountValue
Chemicals — 2.3%
Air Products and Chemicals, Inc., 1.50%, 10/15/25$120,000 $123,130 
Eastman Chemical Co., 3.80%, 3/15/25200,000 218,058 
EI du Pont de Nemours and Co., 2.30%, 7/15/30150,000 155,233 
Linde, Inc., 3.20%, 1/30/2680,000 87,348 
Mosaic Co. (The), 4.05%, 11/15/2725,000 28,336 
Mosaic Co. (The), 5.45%, 11/15/33200,000 253,880 
Nutrien Ltd., 2.95%, 5/13/30150,000 160,132 
PPG Industries, Inc., 1.20%, 3/15/26200,000 200,289 
RPM International, Inc., 4.55%, 3/1/29156,000 180,717 
Westlake Chemical Corp., 3.60%, 8/15/26120,000 132,548 
Westlake Chemical Corp., 3.375%, 6/15/3050,000 54,442 
1,594,113 
Commercial Services and Supplies — 0.1%
Waste Management, Inc., 1.15%, 3/15/2850,000 48,747 
Construction and Engineering — 0.3%
Quanta Services, Inc., 2.90%, 10/1/30225,000 236,538 
Consumer Finance — 0.5%
Synchrony Financial, 3.95%, 12/1/2770,000 78,089 
Synchrony Financial, 5.15%, 3/19/29210,000 248,939 
327,028 
Containers and Packaging — 0.2%
WRKCo, Inc., 4.90%, 3/15/29100,000 120,033 
Diversified Financial Services — 0.4%
Equitable Holdings, Inc., 4.35%, 4/20/28100,000 114,941 
National Rural Utilities Cooperative Finance Corp., 3.70%, 3/15/29150,000 169,529 
284,470 
Diversified Telecommunication Services — 1.1%
AT&T, Inc., 6.15%, 9/15/34246,000 332,686 
Telefonica Europe BV, 8.25%, 9/15/30140,000 206,292 
Verizon Communications, Inc., 5.25%, 3/16/37165,000 218,930 
757,908 
Electric Utilities — 4.3%
Berkshire Hathaway Energy Co., 4.05%, 4/15/25120,000 132,664 
Berkshire Hathaway Energy Co., 3.25%, 4/15/2850,000 55,057 
DTE Electric Co., 2.25%, 3/1/3050,000 51,774 
DTE Electric Co., Series C, 2.625%, 3/1/31110,000 116,582 
Duke Energy Carolinas LLC, Series A, 6.00%, 12/1/28100,000 128,161 
Duke Energy Ohio, Inc., 2.125%, 6/1/30210,000 213,002 
Entergy Arkansas LLC, 4.00%, 6/1/2853,000 60,763 
Entergy Louisiana LLC, 2.40%, 10/1/26150,000 158,001 
Entergy Louisiana LLC, 3.05%, 6/1/31105,000 114,612 
Florida Power & Light Co., 3.125%, 12/1/2565,000 70,549 
Florida Power & Light Co., 5.25%, 2/1/41115,000 160,738 
IPALCO Enterprises, Inc., 4.25%, 5/1/30319,000 363,090 
PacifiCorp, 2.70%, 9/15/3090,000 95,540 
PPL Electric Utilities Corp., 6.25%, 5/15/39230,000 342,722 
Public Service Electric and Gas Co., MTN, 3.00%, 5/15/27160,000 174,341 
Puget Energy, Inc., 4.10%, 6/15/30235,000 263,842 
Southwestern Electric Power Co., Series M, 4.10%, 9/15/28100,000 114,142 
Union Electric Co., 2.95%, 3/15/30112,000 122,071 
15


Avantis Core Fixed Income ETF
Principal AmountValue
Wisconsin Power and Light Co., 3.00%, 7/1/29$215,000 $234,243 
2,971,894 
Electronic Equipment, Instruments and Components — 1.3%
Flex Ltd., 3.75%, 2/1/2650,000 54,611 
Flex Ltd., 4.875%, 5/12/30190,000 221,340 
Jabil, Inc., 3.00%, 1/15/31300,000 309,254 
Trimble, Inc., 4.90%, 6/15/28203,000 237,021 
Tyco Electronics Group SA, 3.125%, 8/15/27100,000 109,333 
931,559 
Energy Equipment and Services — 0.6%
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/27100,000 110,365 
Schlumberger Investment SA, 2.65%, 6/26/30309,000 324,778 
435,143 
Entertainment — 0.1%
Walt Disney Co. (The), 2.00%, 9/1/2970,000 71,400 
Equity Real Estate Investment Trusts (REITs) — 5.0%
American Campus Communities Operating Partnership LP, 3.875%, 1/30/31160,000 179,673 
American Homes 4 Rent LP, 4.25%, 2/15/28234,000 268,181 
American Tower Corp., 3.60%, 1/15/28210,000 231,367 
AvalonBay Communities, Inc., MTN, 3.20%, 1/15/2890,000 98,597 
Boston Properties LP, 3.25%, 1/30/31275,000 296,493 
Brixmor Operating Partnership LP, 3.65%, 6/15/24163,000 174,889 
Brixmor Operating Partnership LP, 3.90%, 3/15/27145,000 160,338 
Camden Property Trust, 2.80%, 5/15/3065,000 69,375 
Corporate Office Properties LP, 2.25%, 3/15/26269,000 277,645 
Digital Realty Trust LP, 3.60%, 7/1/29350,000 389,215 
Highwoods Realty LP, 4.125%, 3/15/28105,000 118,372 
Highwoods Realty LP, 2.60%, 2/1/31110,000 112,404 
Prologis LP, 3.25%, 10/1/26300,000 329,141 
Public Storage, 1.85%, 5/1/28100,000 102,298 
Public Storage, 2.30%, 5/1/31150,000 154,601 
Realty Income Corp., 3.65%, 1/15/28160,000 180,013 
Ventas Realty LP, 3.00%, 1/15/3020,000 21,113 
Ventas Realty LP, 4.75%, 11/15/30260,000 310,273 
3,473,988 
Food and Staples Retailing — 0.5%
Walgreens Boots Alliance, Inc., 3.45%, 6/1/268,000 8,740 
Walgreens Boots Alliance, Inc., 3.20%, 4/15/3075,000 81,020 
Walmart, Inc., 3.70%, 6/26/28253,000 289,085 
378,845 
Food Products — 1.6%
Archer-Daniels-Midland Co., 3.25%, 3/27/30475,000 529,265 
Bunge Ltd. Finance Corp., 3.25%, 8/15/26120,000 130,080 
Campbell Soup Co., 4.15%, 3/15/28105,000 119,720 
General Mills, Inc., 3.20%, 2/10/2775,000 81,854 
General Mills, Inc., 4.20%, 4/17/2825,000 28,822 
Ingredion, Inc., 2.90%, 6/1/30175,000 185,108 
1,074,849 
Gas Utilities — 0.3%
National Fuel Gas Co., 5.50%, 1/15/2645,000 52,011 
16


Avantis Core Fixed Income ETF
Principal AmountValue
Southern California Gas Co., 2.55%, 2/1/30$174,000 $181,810 
233,821 
Health Care Equipment and Supplies — 0.5%
Edwards Lifesciences Corp., 4.30%, 6/15/2842,000 48,741 
Zimmer Biomet Holdings, Inc., 3.55%, 3/20/30270,000 298,967 
347,708 
Health Care Providers and Services — 1.8%
Cigna Corp., 3.20%, 3/15/40300,000 316,170 
CVS Health Corp., 1.875%, 2/28/31188,000 184,316 
HCA, Inc., 4.50%, 2/15/2725,000 28,350 
HCA, Inc., 4.125%, 6/15/29310,000 351,005 
UnitedHealth Group, Inc., 3.45%, 1/15/27340,000 377,811 
1,257,652 
Hotels, Restaurants and Leisure — 0.5%
Expedia Group, Inc., 3.25%, 2/15/30150,000 155,654 
Hyatt Hotels Corp., 4.85%, 3/15/2660,000 66,976 
Starbucks Corp., 4.00%, 11/15/28125,000 144,360 
366,990 
Household Durables — 0.2%
Whirlpool Corp., 4.00%, 3/1/24139,000 150,262 
Industrial Conglomerates — 0.2%
3M Co., MTN, 5.70%, 3/15/3730,000 42,072 
Roper Technologies, Inc., 1.40%, 9/15/27120,000 119,646 
161,718 
Insurance — 0.9%
Brighthouse Financial, Inc., 3.70%, 6/22/27162,000 177,830 
Chubb INA Holdings, Inc., 1.375%, 9/15/30210,000 201,603 
MetLife, Inc., 3.60%, 11/13/25210,000 231,852 
611,285 
Interactive Media and Services — 0.1%
Alphabet, Inc., 0.80%, 8/15/2780,000 78,227 
Internet and Direct Marketing Retail — 0.3%
Amazon.com, Inc., 5.20%, 12/3/25200,000 234,255 
IT Services — 1.2%
DXC Technology Co., 4.75%, 4/15/27107,000 122,736 
International Business Machines Corp., 1.95%, 5/15/30184,000 184,718 
Leidos, Inc., 4.375%, 5/15/30150,000 172,268 
Visa, Inc., 2.75%, 9/15/2790,000 97,927 
Western Union Co. (The), 6.20%, 11/17/36224,000 280,677 
858,326 
Leisure Products — 0.5%
Hasbro, Inc., 3.50%, 9/15/27286,000 314,395 
Machinery — 1.9%
ABB Finance USA, Inc., 3.80%, 4/3/28106,000 121,401 
Caterpillar Financial Services Corp., MTN, 3.65%, 12/7/23140,000 150,450 
Caterpillar Financial Services Corp., MTN, 1.10%, 9/14/2750,000 49,898 
John Deere Capital Corp., MTN, 3.05%, 1/6/28418,000 460,858 
Kennametal, Inc., 4.625%, 6/15/28108,000 122,793 
Oshkosh Corp., 4.60%, 5/15/28106,000 122,518 
Parker-Hannifin Corp., MTN, 4.20%, 11/21/34275,000 322,938 
1,350,856 
17


Avantis Core Fixed Income ETF
Principal AmountValue
Media — 0.9%
Comcast Corp., 2.65%, 2/1/30$125,000 $131,592 
Comcast Corp., 4.25%, 10/15/30100,000 118,106 
Comcast Corp., 3.25%, 11/1/3925,000 27,220 
Interpublic Group of Cos., Inc. (The), 4.75%, 3/30/30150,000 179,613 
ViacomCBS, Inc., 4.95%, 1/15/31120,000 145,187 
601,718 
Metals and Mining — 1.0%
Kinross Gold Corp., 4.50%, 7/15/2795,000 109,228 
Newmont Corp., 3.70%, 3/15/23200,000 208,005 
Steel Dynamics, Inc., 3.25%, 1/15/31340,000 369,426 
686,659 
Multi-Utilities — 0.1%
San Diego Gas & Electric Co., 1.70%, 10/1/3062,000 60,374 
Multiline Retail — 0.2%
Dollar Tree, Inc., 4.20%, 5/15/2875,000 85,431 
Target Corp., 2.65%, 9/15/3070,000 75,657 
161,088 
Oil, Gas and Consumable Fuels — 5.8%
BP Capital Markets America, Inc., 3.22%, 11/28/23100,000 105,703 
BP Capital Markets America, Inc., 3.63%, 4/6/30110,000 124,352 
BP Capital Markets plc, 3.28%, 9/19/2790,000 99,373 
Burlington Resources LLC, 7.40%, 12/1/3130,000 44,433 
Canadian Natural Resources Ltd., 2.95%, 7/15/30313,000 327,035 
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27104,000 121,032 
Chevron Corp., 1.55%, 5/11/25120,000 123,109 
Chevron USA, Inc., 3.85%, 1/15/28218,000 247,780 
Cimarex Energy Co., 3.90%, 5/15/27141,000 155,810 
Cimarex Energy Co., 4.375%, 3/15/2968,000 77,370 
Enbridge, Inc., 3.125%, 11/15/29170,000 182,458 
Enterprise Products Operating LLC, 3.35%, 3/15/23100,000 103,680 
Enterprise Products Operating LLC, 3.70%, 2/15/2630,000 33,177 
Equinor ASA, 3.70%, 3/1/2470,000 75,475 
Equinor ASA, 2.875%, 4/6/2575,000 80,099 
Exxon Mobil Corp., 2.44%, 8/16/29140,000 147,208 
Exxon Mobil Corp., 2.61%, 10/15/30160,000 169,507 
Kinder Morgan, Inc., 5.30%, 12/1/34280,000 347,044 
Marathon Petroleum Corp., 4.70%, 5/1/2540,000 44,814 
MPLX LP, 2.65%, 8/15/3049,000 49,789 
Phillips 66, 3.90%, 3/15/28190,000 213,588 
Pioneer Natural Resources Co., 1.90%, 8/15/30100,000 96,591 
Shell International Finance BV, 3.25%, 5/11/25130,000 140,893 
Shell International Finance BV, 2.50%, 9/12/26185,000 197,036 
TotalEnergies Capital International SA, 2.43%, 1/10/25147,000 154,426 
TotalEnergies Capital International SA, 2.99%, 6/29/4186,000 89,253 
TransCanada PipeLines Ltd., 4.25%, 5/15/2890,000 103,437 
Valero Energy Corp., 6.625%, 6/15/37175,000 239,325 
Valero Energy Partners LP, 4.50%, 3/15/2893,000 105,368 
Williams Cos., Inc. (The), 4.00%, 9/15/2530,000 33,145 
4,032,310 
18


Avantis Core Fixed Income ETF
Principal AmountValue
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co., 3.25%, 2/27/27$179,000 $198,347 
Bristol-Myers Squibb Co., 3.45%, 11/15/27150,000 168,079 
Bristol-Myers Squibb Co., 1.45%, 11/13/30176,000 171,433 
Eli Lilly & Co., 3.375%, 3/15/29215,000 242,303 
Johnson & Johnson, 0.55%, 9/1/2540,000 39,668 
Johnson & Johnson, 2.90%, 1/15/28190,000 207,603 
Merck & Co., Inc., 0.75%, 2/24/26120,000 119,540 
Merck & Co., Inc., 3.40%, 3/7/2950,000 56,226 
Mylan, Inc., 4.55%, 4/15/28202,000 233,177 
Novartis Capital Corp., 3.10%, 5/17/27285,000 312,672 
Novartis Capital Corp., 2.20%, 8/14/30125,000 130,165 
Royalty Pharma plc, 2.20%, 9/2/30200,000 198,449 
Sanofi, 3.625%, 6/19/28308,000 352,323 
2,429,985 
Road and Rail — 0.2%
Norfolk Southern Corp., 3.15%, 6/1/27125,000 135,227 
Semiconductors and Semiconductor Equipment — 2.7%
Broadcom, Inc., 4.11%, 9/15/28135,000 151,446 
Broadcom, Inc., 2.60%, 2/15/33(1)
175,000 173,459 
Intel Corp., 4.60%, 3/25/40348,000 442,024 
Lam Research Corp., 3.75%, 3/15/2650,000 55,908 
Marvell Technology, Inc., 2.95%, 4/15/31(1)
275,000 286,652 
Micron Technology, Inc., 4.19%, 2/15/2775,000 85,385 
NVIDIA Corp., 2.85%, 4/1/30150,000 162,537 
NXP BV / NXP Funding LLC, 5.55%, 12/1/28(1)
240,000 294,423 
QUALCOMM, Inc., 3.25%, 5/20/27210,000 232,028 
1,883,862 
Software — 1.4%
Adobe, Inc., 2.30%, 2/1/30108,000 112,774 
Autodesk, Inc., 2.85%, 1/15/30200,000 212,833 
Microsoft Corp., 2.875%, 2/6/24150,000 158,342 
Oracle Corp., 3.25%, 5/15/30220,000 239,678 
VMware, Inc., 4.70%, 5/15/30200,000 239,194 
962,821 
Specialty Retail — 1.4%
AutoNation, Inc., 3.80%, 11/15/2766,000 73,013 
AutoNation, Inc., 4.75%, 6/1/30190,000 224,323 
Home Depot, Inc. (The), 2.80%, 9/14/27110,000 119,786 
Home Depot, Inc. (The), 2.95%, 6/15/29225,000 246,573 
Home Depot, Inc. (The), 3.30%, 4/15/40175,000 194,144 
O'Reilly Automotive, Inc., 4.35%, 6/1/2875,000 87,263 
TJX Cos., Inc. (The), 1.15%, 5/15/2850,000 48,856 
993,958 
Technology Hardware, Storage and Peripherals — 1.6%
Apple, Inc., 3.25%, 2/23/26290,000 317,728 
Apple, Inc., 3.20%, 5/11/27120,000 132,933 
Apple, Inc., 2.20%, 9/11/2930,000 31,332 
Hewlett Packard Enterprise Co., 6.20%, 10/15/35254,000 345,402 
HP, Inc., 3.40%, 6/17/30260,000 278,733 
1,106,128 
19


Avantis Core Fixed Income ETF
Principal AmountValue
Trading Companies and Distributors — 0.5%
Air Lease Corp., 3.625%, 12/1/27$313,000 $339,340 
Transportation Infrastructure — 0.4%
FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 8/20/35256,509 258,091 
Wireless Telecommunication Services — 0.3%
T-Mobile USA, Inc., 3.75%, 4/15/27210,000 232,731 
TOTAL CORPORATE BONDS
(Cost $42,907,055)
43,291,830 
U.S. TREASURY SECURITIES — 30.3%


U.S. Treasury Bills, 0.05%, 10/5/21(2)
300,000 299,992 
U.S. Treasury Bills, 0.05%, 10/14/21(2)
250,000 249,990 
U.S. Treasury Bills, 0.05%, 10/26/21(2)
500,000 499,962 
U.S. Treasury Bills, 0.05%, 11/4/21(2)
1,200,000 1,199,909 
U.S. Treasury Bills, 0.05%, 11/12/21(2)
600,000 599,937 
U.S. Treasury Bills, 0.07%, 11/18/21(2)
500,000 499,954 
U.S. Treasury Bills, 0.06%, 11/26/21(2)
400,000 399,958 
U.S. Treasury Bonds, 1.125%, 8/15/40636,000 564,798 
U.S. Treasury Bonds, 4.75%, 2/15/41228,600 343,382 
U.S. Treasury Bonds, 2.25%, 5/15/41145,000 155,195 
U.S. Treasury Bonds, 2.875%, 8/15/451,102,700 1,311,739 
U.S. Treasury Bonds, 3.00%, 11/15/45491,700 598,241 
U.S. Treasury Bonds, 2.50%, 2/15/46487,000 544,013 
U.S. Treasury Notes, 2.00%, 10/31/211,037,500 1,040,811 
U.S. Treasury Notes, 1.375%, 10/15/221,026,000 1,040,749 
U.S. Treasury Notes, 2.875%, 9/30/232,059,900 2,173,194 
U.S. Treasury Notes, 0.125%, 12/15/23257,500 256,705 
U.S. Treasury Notes, 1.375%, 1/31/25176,000 181,242 
U.S. Treasury Notes, 2.75%, 8/31/252,413,900 2,617,856 
U.S. Treasury Notes, 2.625%, 1/31/26543,000 588,837 
U.S. Treasury Notes, 0.50%, 8/31/271,382,200 1,347,159 
U.S. Treasury Notes, 0.375%, 9/30/27(3)
2,519,100 2,433,687 
U.S. Treasury Notes, 0.50%, 10/31/27860,000 836,014 
U.S. Treasury Notes, 0.625%, 8/15/301,326,900 1,256,927 
TOTAL U.S. TREASURY SECURITIES
(Cost $21,072,460)
21,040,251 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 20.0%
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 20.0%
GNMA, 2.00%, TBA400,000 408,328 
GNMA, 3.00%, TBA300,000 312,633 
GNMA, 3.00%, TBA1,000,000 1,045,508 
GNMA, 3.00%, TBA900,000 939,410 
UMBS, 1.50%, TBA400,000 405,154 
UMBS, 1.50%, TBA850,000 863,668 
UMBS, 1.50%, TBA950,000 964,237 
UMBS, 2.00%, TBA1,200,000 1,241,796 
UMBS, 2.00%, TBA400,000 413,307 
UMBS, 2.00%, TBA800,000 811,031 
UMBS, 2.00%, TBA1,000,000 1,011,837 
UMBS, 2.00%, TBA400,000 404,167 
UMBS, 2.50%, TBA550,000 571,269 
UMBS, 2.50%, TBA350,000 362,852 
20


Avantis Core Fixed Income ETF
Principal AmountValue
UMBS, 3.00%, TBA$2,000,000 $2,092,266 
UMBS, 3.00%, TBA2,000,000 2,091,250 
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $13,906,348)
13,938,713 
U.S. GOVERNMENT AGENCY SECURITIES — 2.1%


FHLB, 2.75%, 12/13/2415,000 16,127 
FHLMC, 0.30%, 9/28/23100,000 100,020 
FHLMC, 1.50%, 2/12/2570,000 72,414 
FHLMC, 0.375%, 7/21/25125,000 123,983 
FHLMC, 0.375%, 9/23/25180,000 178,180 
FNMA, 2.50%, 2/5/2430,000 31,621 
FNMA, 0.625%, 4/22/2525,000 25,076 
FNMA, 0.50%, 6/17/2550,000 49,890 
FNMA, 1.875%, 9/24/26336,000 354,001 
FNMA, 6.25%, 5/15/2950,000 68,431 
FNMA, 7.25%, 5/15/3020,000 29,749 
FNMA, 5.625%, 7/15/3795,000 146,777 
Tennessee Valley Authority, 0.75%, 5/15/2550,000 50,484 
Tennessee Valley Authority, 7.125%, 5/1/3020,000 29,359 
Tennessee Valley Authority, 5.88%, 4/1/3690,000 134,474 
Tennessee Valley Authority, Series A, 2.875%, 2/1/2760,000 66,203 
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $1,471,897)
1,476,789 
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.1%


Canada — 0.1%
Export Development Canada, 2.625%, 2/21/24
(Cost $105,557)
100,000 105,495 
TEMPORARY CASH INVESTMENTS — 4.4%


Banco Santander SA, 0.09%, 9/3/21(1)(2)
400,000 399,998 
BPCE SA, 0.13%, 9/1/21(1)(2)
1,125,000 1,124,998 
First Abu Dhabi Bank PJSC, 0.11%, 10/29/21(1)(2)
625,000 624,913 
National Bank of Canada, 0.18%, 9/24/21(1)(2)
480,000 479,974 
Sumitomo Mitsui Trust Bank Ltd., 0.17%, 9/1/21(1)(2)
400,000 399,999 
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $3,029,832)
3,029,882 
TOTAL INVESTMENT SECURITIES — 119.2%
(Cost $82,493,149)

82,882,960 
OTHER ASSETS AND LIABILITIES — (19.2)%

(13,349,094)
TOTAL NET ASSETS — 100.0%

$69,533,866 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized Appreciation
(Depreciation)^
U.S. Treasury 10-Year Notes4December 2021$533,813 $992 

^Amount represents value and unrealized appreciation (depreciation).

21


CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity
Type
Fixed Rate
Received
(Paid)
Quarterly
Termination
Date
Notional
Amount
Premiums Paid (Received)Unrealized
Appreciation
(Depreciation)
Value^
Markit CDX North America Investment Grade Index Series 36Sell1.00%6/20/26$1,200,000 $28,837 $4,047 $32,884 

The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

NOTES TO SCHEDULE OF INVESTMENTS
CDX-Credit Derivatives Indexes
FHLB-Federal Home Loan Bank
FHLMC-Federal Home Loan Mortgage Corporation
FNMA-Federal National Mortgage Association
GNMA-Government National Mortgage Association
MTN-Medium Term Note
TBA-To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
UMBS-Uniform Mortgage-Backed Securities
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $3,784,416, which represented 5.4% of total net assets.
(2)The rate indicated is the yield to maturity at purchase.
(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $35,792.


See Notes to Financial Statements.
22


AUGUST 31, 2021
Avantis Core Municipal Fixed Income ETF
Principal AmountValue
MUNICIPAL SECURITIES — 99.2%


Alabama — 2.5%
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/24$100,000 $114,296 
Alabama Federal Aid Highway Finance Authority Rev., 4.00%, 6/1/3750,000 58,684 
Alabama Public School and College Authority Rev., 5.00%, 11/1/37200,000 263,566 
Alabama Public School and College Authority Rev., 4.00%, 11/1/40200,000 241,995 
678,541 
Arizona — 2.5%
Arizona Transportation Board Rev., 5.00%, 7/1/2450,000 56,797 
Mesa Utility System Rev., 4.00%, 7/1/3415,000 18,427 
Phoenix GO, 5.00%, 7/1/2585,000 100,187 
Pima County Sewer System Rev., 5.00%, 7/1/2425,000 28,376 
Pima County Sewer System Rev., 5.00%, 7/1/2535,000 41,166 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/3130,000 36,670 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/3160,000 75,361 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/3965,000 80,077 
Scottsdale Municipal Property Corp. Rev., 5.00%, 7/1/3050,000 64,225 
State of Arizona COP, 5.00%, 10/1/25(1)
125,000 148,529 
State of Arizona COP, 5.00%, 10/1/29(1)
10,000 13,252 
State of Arizona Lottery Rev., 5.00%, 7/1/29(1)
30,000 39,518 
702,585 
California — 16.4%
California State Public Works Board Rev., 5.00%, 11/1/2925,000 27,531 
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/2540,000 46,851 
California State University Rev., 5.00%, 11/1/2625,000 29,855 
California State University Rev., 5.00%, 11/1/36200,000 239,686 
Chino Basin Regional Financing Authority Rev., (Inland Empire Utilities Agency), 4.00%, 11/1/2525,000 28,552 
Coast Community College District GO, 5.00%, 8/15/25, Prerefunded at 100% of Par(1)
75,000 89,036 
Coast Community College District GO, Capital Appreciation, 0.00%, 8/1/27 (AGM)(2)
50,000 47,615 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/30135,000 158,263 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/3330,000 37,219 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/3530,000 37,076 
Los Angeles Community College District GO, 5.00%, 8/1/2325,000 27,337 
Los Angeles County Metropolitan Transportation Authority Rev., 5.00%, 7/1/3760,000 74,334 
Los Angeles Department of Airports Rev., 4.00%, 5/15/3910,000 12,054 
Los Angeles Department of Airports Rev., 5.00%, 5/15/39200,000 258,916 
Los Angeles Department of Airports Rev., 4.00%, 5/15/4075,000 90,210 
Los Angeles Department of Airports Rev., 5.00%, 5/15/4040,000 51,678 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/2425,000 28,421 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/2445,000 47,912 
23


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/25$25,000 $29,451 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/2750,000 56,767 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/3450,000 57,405 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/4075,000 97,825 
Los Angeles Unified School District GO, 3.00%, 7/1/3545,000 50,501 
Los Angeles Unified School District GO, 3.00%, 7/1/45150,000 161,972 
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/2480,000 92,157 
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/3160,000 73,159 
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/26 (AGM)120,000 141,413 
Perris Union High School District GO, 4.00%, 9/1/43 (AGM)50,000 59,655 
Riverside County Public Financing Authority Rev., (Riverside County), 4.125%, 11/1/4010,000 11,007 
Sacramento City Financing Authority Rev., (Sacramento), 5.25%, 12/1/30 (Ambac)100,000 130,099 
Sacramento Municipal Utility District Rev., 5.00%, 8/15/2325,000 27,368 
Sacramento Municipal Utility District Rev., 5.00%, 8/15/3950,000 64,346 
San Diego Community College District GO, 5.00%, 8/1/2830,000 36,675 
San Diego Community College District GO, 5.00%, 8/1/2930,000 36,544 
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility Rev.), 5.00%, 5/15/2935,000 42,391 
San Diego Unified School District GO, 5.00%, 7/1/2675,000 88,432 
San Diego Unified School District GO, 5.25%, 7/1/28 (AGM)35,000 45,716 
San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/30(2)
40,000 36,211 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/3220,000 25,787 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/3540,000 51,193 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/2425,000 28,773 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/3425,000 30,483 
San Francisco Public Utilities Commission Water Rev., 4.00%, 11/1/3510,000 11,151 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/3635,000 40,730 
San Jose Financing Authority Rev., (San Jose), 5.00%, 6/1/23, Prerefunded at 100% of Par(1)
45,000 48,798 
State of California GO, 5.00%, 9/1/2630,000 36,804 
State of California GO, 5.00%, 8/1/285,000 6,267 
State of California GO, 5.00%, 4/1/3020,000 26,092 
State of California GO, 5.00%, 4/1/305,000 6,702 
State of California GO, 5.00%, 10/1/3115,000 19,764 
State of California GO, 5.25%, 8/1/32 (AGM)230,000 324,314 
State of California GO, 4.00%, 9/1/3360,000 69,547 
State of California GO, 5.00%, 3/1/3570,000 91,509 
State of California GO, 3.00%, 10/1/35250,000 281,829 
State of California GO, 4.00%, 3/1/36145,000 176,688 
State of California GO, 4.00%, 11/1/3650,000 61,734 
24


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
State of California GO, 3.00%, 10/1/37$90,000 $99,744 
State of California Department of Water Resources Rev., 5.00%, 12/1/24, Prerefunded at 100% of Par(1)
145,000 167,772 
State of California Department of Water Resources Rev., 5.00%, 6/1/23, Prerefunded at 100% of Par(1)
25,000 27,133 
University of California Rev., 5.00%, 5/15/3450,000 63,296 
University of California Rev., 5.00%, 5/15/3665,000 80,361 
University of California Rev., 5.00%, 5/15/3830,000 37,692 
University of California Rev., 5.00%, 5/15/3830,000 39,159 
4,524,962 
Colorado — 2.9%
City & County of Denver GO, 5.00%, 8/1/30325,000 439,246 
City & County of Denver Airport System Rev., 5.00%, 11/15/2350,000 55,301 
City & County of Denver Airport System Rev., 5.00%, 11/15/2430,000 34,548 
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/24 (NATL)(2)
55,000 54,146 
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/30 (NATL)(2)
80,000 69,885 
Regional Transportation District Sales Tax Rev., 5.00%, 11/1/2830,000 38,835 
State of Colorado COP, 5.00%, 12/15/3250,000 66,766 
State of Colorado COP, 4.00%, 12/15/3740,000 48,722 
807,449 
Connecticut — 2.1%
Connecticut State Health & Educational Facilities Authority Rev., (Quinnipiac University), 4.125%, 7/1/4175,000 81,977 
State of Connecticut GO, 5.00%, 10/15/2225,000 26,375 
State of Connecticut GO, 5.00%, 5/15/2430,000 33,910 
State of Connecticut GO, 5.00%, 4/15/2525,000 29,255 
State of Connecticut GO, 5.00%, 1/15/2635,000 41,989 
State of Connecticut GO, 5.00%, 11/15/3130,000 35,361 
State of Connecticut GO, 3.00%, 1/15/3220,000 22,713 
State of Connecticut Special Tax Rev., 5.00%, 8/1/3125,000 29,308 
State of Connecticut Special Tax Rev., 5.00%, 5/1/3775,000 97,466 
State of Connecticut Special Tax Rev., 3.125%, 5/1/4075,000 82,971 
University of Connecticut Rev., 4.00%, 4/15/3895,000 109,516 
590,841 
District of Columbia — 4.2%
District of Columbia GO, 5.00%, 6/1/2835,000 37,868 
District of Columbia GO, 5.00%, 10/15/30100,000 130,334 
District of Columbia GO, 5.00%, 6/1/3140,000 45,107 
District of Columbia GO, 5.00%, 6/1/3360,000 67,484 
District of Columbia Rev., (District of Columbia Income Tax Rev.), 4.00%, 3/1/37360,000 432,447 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/3210,000 12,054 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/3325,000 30,067 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/34100,000 120,232 
District of Columbia Rev., (Income Tax Revenue), 5.00%, 3/1/38100,000 130,037 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/1/3725,000 30,542 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/3785,000 110,948 
1,147,120 
25


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
Florida — 5.0%
Broward County Airport System Rev., 5.00%, 10/1/22, Prerefunded at 100% of Par(1)
$50,000 $52,640 
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/3815,000 19,375 
Central Florida Expressway Authority Rev., 4.00%, 7/1/3110,000 11,488 
Central Florida Expressway Authority Rev., 3.25%, 7/1/3620,000 21,773 
Central Florida Expressway Authority Rev., 4.00%, 7/1/3795,000 107,122 
Hillsborough County School Board COP, 5.00%, 7/1/22, Prerefunded at 100% of Par(1)
30,000 31,220 
Hillsborough County School Board COP, 5.00%, 7/1/26105,000 122,797 
Miami-Dade County GO, 4.00%, 7/1/3350,000 54,998 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/23, Prerefunded at 100% of Par(1)
80,000 88,057 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/2310,000 10,994 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/2450,000 57,231 
Miami-Dade County Water & Sewer System Rev., 3.125%, 10/1/3925,000 27,374 
Orange County Convention Center/Orlando Rev., 5.00%, 10/1/2480,000 91,303 
Orange County School Board COP, 5.00%, 8/1/3490,000 108,032 
Palm Beach County School District COP, 5.00%, 8/1/29130,000 165,436 
School Board of Miami-Dade County COP, 5.00%, 2/1/2560,000 69,285 
School Board of Miami-Dade County COP, 5.00%, 2/1/2780,000 95,380 
School Board of Miami-Dade County COP, 5.00%, 5/1/3060,000 69,538 
School District of Broward County COP, 5.00%, 7/1/2225,000 26,022 
School District of Broward County COP, 5.00%, 7/1/3225,000 32,847 
State of Florida Department of Transportation Turnpike System Rev., 2.875%, 7/1/2540,000 40,859 
Tampa Bay Water Rev., 5.50%, 10/1/24 (NATL)55,000 63,852 
1,367,623 
Georgia — 4.4%
Atlanta Department of Aviation Rev., 5.00%, 7/1/2710,000 12,532 
Atlanta Water & Wastewater Rev., 5.75%, 11/1/30 (AGM)10,000 14,151 
Atlanta Water & Wastewater Rev., 5.00%, 11/1/4015,000 17,385 
DeKalb County Water & Sewerage Rev., 5.25%, 10/1/32 (AGM)75,000 92,393 
Fulton County Water & Sewerage Rev., 3.00%, 1/1/40150,000 164,904 
Georgia State Road & Tollway Authority Rev., 5.00%, 6/1/3080,000 106,963 
Metropolitan Atlanta Rapid Transit Authority Rev., 5.00%, 7/1/3380,000 96,470 
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/3745,000 49,464 
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/39260,000 284,005 
Private Colleges & Universities Authority Rev., (Emory University), 5.00%, 9/1/2920,000 26,385 
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/38250,000 304,035 
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/3950,000 60,645 
1,229,332 
Hawaii — 1.8%
City & County Honolulu Wastewater System Rev., 3.00%, 7/1/4190,000 95,400 
City & County of Honolulu GO, 5.00%, 3/1/2545,000 52,390 
City & County of Honolulu GO, 5.00%, 9/1/30185,000 236,786 
City & County of Honolulu GO, 5.00%, 3/1/3145,000 59,546 
State of Hawaii GO, 5.00%, 1/1/3635,000 43,258 
State of Hawaii GO, 4.00%, 5/1/3610,000 11,572 
498,952 
26


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
Illinois — 3.9%
Chicago GO, 5.75%, 1/1/33$60,000 $74,110 
Chicago O'Hare International Airport Rev., 5.25%, 1/1/295,000 5,328 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/3020,000 22,955 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/325,000 5,735 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/3225,000 29,513 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/3425,000 29,477 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/3590,000 108,987 
Cook County Sales Tax Rev., 4.00%, 11/15/40105,000 124,461 
Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/4025,000 28,407 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 7/1/3890,000 109,075 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/2820,000 25,332 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/3025,000 33,099 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/3130,000 39,236 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/4175,000 89,227 
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/25100,000 119,062 
Sales Tax Securitization Corp. Rev., 5.50%, 1/1/3210,000 13,021 
Springfield Electric Rev., 4.00%, 3/1/40 (AGM)20,000 21,439 
State of Illinois GO, 5.00%, 3/1/3440,000 51,449 
State of Illinois GO, 5.00%, 5/1/3535,000 38,564 
State of Illinois GO, 4.00%, 11/1/3820,000 23,015 
State of Illinois GO, 5.50%, 5/1/3915,000 19,332 
State of Illinois GO, 5.00%, 2/1/2640,000 47,305 
State of Illinois Rev., 5.00%, 6/15/2615,000 16,177 
1,074,306 
Kentucky — 0.2%
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 5.00%, 11/1/2550,000 59,209 
Louisiana — 0.5%
East Baton Rouge Sewerage Commission Rev., 5.00%, 2/1/25, Prerefunded at 100% of Par(1)
35,000 40,661 
State of Louisiana GO, 5.00%, 8/1/2775,000 91,206 
131,867 
Maryland — 2.0%
Montgomery County GO, 5.00%, 11/1/2435,000 40,294 
Prince County George's GO, 5.00%, 7/15/31100,000 127,615 
State of Maryland GO, 5.00%, 3/15/2345,000 48,393 
State of Maryland GO, 5.00%, 3/15/2525,000 29,176 
State of Maryland GO, 5.00%, 3/15/2925,000 32,816 
State of Maryland GO, 5.00%, 8/1/3015,000 20,288 
State of Maryland GO, 5.00%, 3/15/3125,000 30,932 
State of Maryland GO, 3.25%, 3/15/3225,000 27,945 
State of Maryland GO, 5.00%, 8/1/3535,000 46,533 
State of Maryland Department of Transportation Rev., 5.00%, 11/1/2355,000 60,808 
State of Maryland Department of Transportation Rev., 2.125%, 10/1/3170,000 73,938 
538,738 
Massachusetts — 4.2%
Massachusetts GO, 5.25%, 8/1/225,000 5,238 
Massachusetts GO, 5.50%, 8/1/30 (Ambac)150,000 208,521 
27


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
Massachusetts GO, 5.00%, 9/1/30$10,000 $13,131 
Massachusetts GO, 3.00%, 7/1/35100,000 113,374 
Massachusetts GO, 5.00%, 11/1/4575,000 97,032 
Massachusetts GO, 5.00%, 11/1/5075,000 96,489 
Massachusetts Development Finance Agency Rev., (Northeastern University), 5.00%, 3/1/3975,000 83,340 
Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), 5.00%, 10/15/2910,000 13,366 
Massachusetts School Building Authority Rev., 5.00%, 11/15/3325,000 30,341 
Massachusetts School Building Authority Rev., 5.00%, 8/15/3760,000 70,405 
Massachusetts Transportation Fund Rev., 5.00%, 6/1/25150,000 176,339 
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/33155,000 195,973 
Massachusetts Water Resources Authority Rev., 5.00%, 8/1/2360,000 65,608 
1,169,157 
Michigan — 0.8%
Michigan Finance Authority Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.00%, 7/1/26 (AGM)25,000 28,414 
Michigan State Building Authority Rev., 5.00%, 4/15/3030,000 35,528 
Michigan State Building Authority Rev., 5.00%, 10/15/3010,000 12,122 
State of Michigan Rev., 5.00%, 3/15/2225,000 25,643 
State of Michigan Trunk Line Rev., 5.00%, 11/15/2975,000 99,798 
University of Michigan Rev., 5.00%, 4/1/4020,000 23,706 
225,211 
Minnesota — 1.2%
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/2730,000 36,927 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/2825,000 30,558 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/3020,000 24,379 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/31100,000 121,356 
State of Minnesota GO, 5.00%, 8/1/23105,000 114,814 
328,034 
Mississippi — 0.1%
State of Mississippi GO, 5.00%, 10/1/3425,000 31,106 
Missouri — 0.3%
Missouri Joint Municipal Electric Utility Commission Rev., 5.00%, 12/1/4025,000 29,721 
Springfield School District No. R-12 GO, 3.00%, 3/1/3920,000 21,829 
St. Louis Airport Rev., 5.50%, 7/1/28 (NATL)25,000 32,818 
84,368 
Nebraska — 0.1%
Omaha Public Power District Rev., 5.00%, 2/1/3130,000 38,717 
Nevada — 2.2%
Clark County Passenger Facility Charge Rev., 5.00%, 7/1/22120,000 124,842 
Clark County Passenger Facility Charge Rev., 5.00%, 7/1/3315,000 19,361 
Clark County School District GO, 5.00%, 6/15/2615,000 17,847 
Clark County School District GO, 5.00%, 6/15/27125,000 148,372 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/2550,000 59,764 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/2645,000 54,557 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/2750,000 60,487 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/31105,000 129,382 
614,612 
28


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
New Jersey — 4.9%
Garden State Preservation Trust Rev., 5.25%, 11/1/21 (AGM)$35,000 $35,294 
Garden State Preservation Trust Rev., 5.75%, 11/1/28 (AGM)25,000 31,053 
Garden State Preservation Trust Rev., Capital Appreciation, 0.00%, 11/1/28 (AGM)(2)
5,000 4,493 
Hudson County Improvement Authority Rev., (Hudson County), 4.00%, 10/1/46100,000 118,857 
Hudson County Improvement Authority Rev., (Hudson County), 4.00%, 10/1/51150,000 177,524 
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/2530,000 34,241 
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/2725,000 29,649 
New Jersey Economic Development Authority Rev., (Rutgers The State University of New Jersey), 5.00%, 6/15/23, Prerefunded at 100% of Par(1)
100,000 108,572 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.25%, 6/15/2635,000 39,781 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.375%, 6/15/2725,000 28,401 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.50%, 6/15/2920,000 24,778 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/3525,000 28,978 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/3620,000 23,147 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.00%, 6/15/3725,000 28,242 
New Jersey Educational Facilities Authority Rev., (Montclair State University, Inc.), 5.00%, 7/1/3920,000 22,235 
New Jersey Educational Facilities Authority Rev., (State of New Jersey), 5.00%, 9/1/3655,000 65,279 
New Jersey Higher Education Student Assistance Authority Rev., 2.375%, 12/1/2915,000 15,735 
New Jersey Transportation Trust Fund Authority Rev., 4.00%, 6/15/2720,000 20,589 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/275,000 5,999 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/2735,000 43,835 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/2725,000 31,310 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/3025,000 29,732 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/3820,000 20,746 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3115,000 18,893 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3120,000 25,191 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3210,000 12,577 
New Jersey Turnpike Authority Rev., 4.00%, 1/1/3425,000 29,396 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3425,000 30,403 
New Jersey Turnpike Authority Rev., 4.00%, 1/1/3520,000 23,465 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3510,000 12,487 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3610,000 12,449 
New Jersey Turnpike Authority Rev., 3.25%, 1/1/3830,000 32,872 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/4015,000 18,532 
State of New Jersey GO, 5.00%, 6/1/2850,000 63,696 
29


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
State of New Jersey GO, 4.00%, 6/1/31$25,000 $31,252 
State of New Jersey GO, 4.00%, 6/1/3340,000 42,426 
State of New Jersey GO, 4.00%, 6/1/3420,000 22,081 
1,344,190 
New York — 12.1%
Dutchess County Local Development Corp. Rev., (Vassar College), 5.00%, 7/1/4220,000 24,434 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/2825,000 30,856 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/3220,000 24,353 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/37160,000 192,578 
Long Island Power Authority Rev., 5.00%, 9/1/3355,000 70,259 
Long Island Power Authority Rev., 5.00%, 9/1/38100,000 126,649 
Metropolitan Transportation Authority Rev., 4.00%, 11/15/3640,000 45,331 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/44 (AGM)25,000 30,877 
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.00%, 11/15/2435,000 37,005 
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/3325,000 31,412 
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/3525,000 30,575 
Nassau County GO, 5.00%, 10/1/2730,000 37,587 
New York City GO, 5.00%, 8/1/25165,000 187,856 
New York City GO, 5.00%, 8/1/2625,000 30,549 
New York City GO, 5.00%, 8/1/27100,000 125,274 
New York City GO, 5.00%, 8/1/2750,000 54,552 
New York City GO, 5.00%, 8/1/2860,000 64,053 
New York City GO, 5.00%, 8/1/2810,000 12,665 
New York City GO, 5.25%, 10/1/3050,000 62,965 
New York City GO, 5.00%, 12/1/3830,000 37,792 
New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 4.00%, 3/1/45 (AGM)100,000 117,212 
New York City Transitional Finance Authority Building Aid Rev., 5.00%, 7/15/2925,000 31,242 
New York Convention Center Development Corp. Rev., (New York City Hotel Unit Fee Rev.), 5.00%, 11/15/4075,000 87,967 
New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/3650,000 57,411 
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/3910,000 11,954 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/24(1)
60,000 67,137 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3035,000 40,510 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3240,000 53,599 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/3865,000 77,337 
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/235,000 5,437 
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/23, Prerefunded at 100% of Par(1)
50,000 54,451 
New York State Dormitory Authority Rev., (Trustees of Columbia University in the New York City), 5.00%, 10/1/3810,000 12,569 
New York State Thruway Authority Rev., 5.00%, 1/1/2340,000 42,555 
New York State Thruway Authority Rev., 5.00%, 1/1/2640,000 44,429 
New York State Thruway Authority Rev., 5.00%, 1/1/29100,000 115,026 
30


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/23$40,000 $42,997 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/2530,000 33,669 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/2655,000 66,357 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3125,000 31,106 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31110,000 122,888 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3225,000 33,380 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3460,000 66,933 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3525,000 32,915 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3650,000 63,061 
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/3615,000 19,410 
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/2910,000 12,820 
Port Authority of New York & New Jersey Rev., 5.00%, 10/15/315,000 5,908 
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/3315,000 19,806 
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/3540,000 52,413 
Port Authority of New York & New Jersey Rev., 4.00%, 7/15/37100,000 120,521 
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24, Prerefunded at 100% of Par(1)
10,000 11,499 
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24(1)
50,000 57,493 
Suffolk County Water Authority Rev., 3.00%, 6/1/3210,000 10,668 
Suffolk County Water Authority Rev., 3.25%, 6/1/4315,000 16,321 
Triborough Bridge & Tunnel Authority Rev., 4.00%, 11/15/2145,000 45,359 
Triborough Bridge & Tunnel Authority Rev., 5.50%, 11/15/21 (NATL)45,000 45,491 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/2520,000 23,870 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/3725,000 30,735 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/2535,000 38,855 
Utility Debt Securitization Authority Rev., 5.00%, 6/15/2740,000 47,056 
Utility Debt Securitization Authority Rev., 5.00%, 6/15/2825,000 30,385 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/3055,000 60,978 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/3150,000 55,410 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/3650,000 59,255 
3,334,017 
North Carolina — 1.0%
State of North Carolina GO, 5.00%, 6/1/2960,000 79,196 
State of North Carolina Rev., 5.00%, 3/1/3010,000 12,945 
State of North Carolina Rev., 5.00%, 3/1/33115,000 147,126 
Wake County GO, 5.00%, 3/1/2435,000 39,236 
278,503 
Ohio — 1.3%
American Municipal Power, Inc. Rev., 5.00%, 2/15/3390,000 116,615 
Cincinnati City School District GO, 5.25%, 12/1/29 (NATL)15,000 20,122 
Cincinnati City School District GO, 5.25%, 12/1/30 (NATL)30,000 41,127 
Cincinnati City School District GO, 5.25%, 12/1/31 (NATL)5,000 7,011 
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 6/1/2315,000 16,282 
Rickenbacker Port Authority Rev., 5.375%, 1/1/3250,000 65,163 
31


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
State of Ohio GO, 5.00%, 8/1/24$30,000 $34,193 
State of Ohio Rev., 5.00%, 12/15/2355,000 61,085 
361,598 
Oklahoma — 0.8%
Oklahoma Turnpike Authority Rev., 5.00%, 1/1/30175,000 233,013 
Oregon — 1.4%
Multnomah County School District No. 1 Portland GO, 5.00%, 6/15/24 (SCH BD GTY)25,000 28,340 
Oregon State Lottery Rev., 5.00%, 4/1/27 (MORAL OBLG)175,000 203,473 
State of Oregon Department of Transportation Rev., 5.00%, 11/15/2330,000 33,202 
State of Oregon Department of Transportation Rev., 5.00%, 11/15/24, Prerefunded at 100% of Par(1)
65,000 74,978 
Washington & Multnomah Counties School District No. 48J Beaverton GO, 5.00%, 6/15/24, Prerefunded at 100% of Par (SCH BD GTY)(1)
35,000 39,707 
379,700 
Pennsylvania — 3.1%
Delaware Valley Regional Finance Authority Rev., 5.50%, 8/1/28 (Ambac)25,000 32,539 
Delaware Valley Regional Finance Authority Rev., 5.75%, 7/1/3225,000 36,310 
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 5.00%, 9/1/33175,000 221,450 
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 4.00%, 9/1/34100,000 117,655 
Pennsylvania GO, 5.00%, 4/1/23, Prerefunded at 100% of Par(1)
25,000 26,922 
Pennsylvania GO, 4.00%, 7/1/2325,000 26,779 
Pennsylvania GO, 5.00%, 1/1/2425,000 27,793 
Pennsylvania GO, 5.00%, 1/1/285,000 6,153 
Pennsylvania GO, 3.00%, 9/15/3680,000 86,496 
Pennsylvania GO, 3.00%, 5/1/3825,000 27,797 
Pennsylvania GO, 2.00%, 5/1/3930,000 29,490 
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM)30,000 38,047 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/2330,000 33,257 
Philadelphia GO, 4.00%, 8/1/3520,000 22,283 
Philadelphia Gas Works Co Rev., 5.00%, 8/1/50 (AGM)100,000 124,729 
857,700 
Rhode Island — 0.1%
Rhode Island Commerce Corp. Rev., 5.00%, 6/15/2325,000 27,150 
South Carolina — 1.6%
Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/23, Prerefunded at 100% of Par(1)
30,000 33,227 
South Carolina Public Service Authority Rev., 5.00%, 12/1/2650,000 57,269 
South Carolina Public Service Authority Rev., 5.00%, 12/1/3045,000 51,071 
South Carolina Public Service Authority Rev., 5.00%, 12/1/3070,000 83,582 
South Carolina Public Service Authority Rev., 5.00%, 12/1/3640,000 40,480 
South Carolina Public Service Authority Rev., 3.00%, 12/1/4150,000 54,023 
South Carolina Public Service Authority Rev., 4.00%, 12/1/4260,000 70,706 
South Carolina Transportation Infrastructure Bank Rev., 5.00%, 10/1/2140,000 40,156 
430,514 
32


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
Tennessee — 0.3%
Memphis GO, 5.00%, 5/1/23$25,000 $27,009 
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 1/1/2650,000 59,931 
86,940 
Texas — 7.4%
Austin GO, 2.95%, 9/1/2725,000 27,412 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/2210,000 10,470 
Board of Regents of the University of Texas System Rev., 5.375%, 8/15/2350,000 55,132 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/2435,000 39,899 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/2430,000 34,199 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/2625,000 30,531 
Central Texas Turnpike System Rev., 5.00%, 8/15/3990,000 115,639 
Cypress-Fairbanks Independent School District GO, 5.00%, 2/15/24 (PSF-GTD)80,000 89,453 
Dallas GO, 5.00%, 2/15/2360,000 64,263 
Dallas GO, 5.00%, 2/15/2730,000 33,419 
Dallas Area Rapid Transit Rev., 5.00%, 12/1/2935,000 46,259 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/3215,000 20,007 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/3365,000 86,389 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/3350,000 66,453 
Dallas Independent School District GO, 5.00%, 8/15/24 (PSF-GTD)35,000 39,943 
Dallas Independent School District GO, 5.00%, 8/15/24, Prerefunded at 100% of Par (PSF-GTD)(1)
40,000 45,675 
Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/2780,000 94,870 
Houston GO, 5.00%, 3/1/2475,000 84,038 
Houston GO, 5.00%, 3/1/2835,000 44,445 
Houston Independent School District GO, 5.00%, 2/15/27 (PSF-GTD)55,000 65,974 
Lower Colorado River Authority Rev., (LCRA Transmission Services Corp.), 4.00%, 5/15/3920,000 20,452 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/23(1)
15,000 15,973 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/2320,000 21,289 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/2810,000 11,850 
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/3620,000 23,752 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/3825,000 31,385 
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/3830,000 34,707 
North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/30 (AGC)(2)
100,000 89,571 
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/2675,000 90,072 
State of Texas GO, 4.00%, 4/1/24, Prerefunded at 100% of Par(1)
50,000 54,956 
State of Texas GO, 5.00%, 4/1/24, Prerefunded at 100% of Par(1)
60,000 67,492 
State of Texas GO, 5.00%, 10/1/2840,000 47,596 
State of Texas GO, 5.00%, 10/1/3055,000 68,931 
State of Texas GO, 5.00%, 10/1/33100,000 124,651 
33


Avantis Core Municipal Fixed Income ETF
Principal AmountValue
Texas Transportation Commission State Highway Fund Rev., 5.00%, 4/1/24$5,000 $5,622 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/2945,000 53,494 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/4075,000 88,516 
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/2825,000 31,484 
University of Texas System Rev., 5.00%, 8/15/3050,000 67,373 
2,043,636 
Utah — 1.6%
State of Utah GO, 5.00%, 7/1/28125,000 161,478 
State of Utah GO, 5.00%, 7/1/2940,000 52,130 
Utah Transit Authority Rev., 5.00%, 6/15/25, Prerefunded at 100% of Par(1)
30,000 35,341 
Utah Transit Authority Rev., 5.00%, 6/15/25110,000 129,403 
Utah Transit Authority Rev., 5.25%, 6/15/32 (AGM)40,000 54,898 
433,250 
Virginia — 2.6%
Hampton Roads Transportation Accountability Commission Rev., 5.00%, 7/1/2225,000 26,011 
Richmond Public Utility Rev., 5.00%, 1/15/2825,000 29,956 
Virginia College Building Authority Rev., 5.00%, 2/1/3075,000 94,573 
Virginia College Building Authority Rev., 5.00%, 2/1/3170,000 85,529 
Virginia College Building Authority Rev., 4.00%, 2/1/3340,000 44,169 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/2450,000 56,444 
Virginia Commonwealth Transportation Board Rev., 5.00%, 3/15/2525,000 29,128 
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/2650,000 61,272 
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/2760,000 75,652 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/3210,000 12,508 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/3350,000 62,455 
Virginia Public Building Authority Rev., 5.00%, 8/1/27100,000 125,671 
Virginia Small Business Financing Authority Rev., (Hampton University), 4.00%, 10/1/3820,000 21,802 
725,170 
Washington — 3.7%
Central Puget Sound Regional Transit Authority Rev., 5.00%, 11/1/3250,000 59,163 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2335,000 38,111 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2525,000 29,498 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2765,000 81,331 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2725,000 28,269 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2820,000 24,998 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/3025,000 32,061 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/3115,000 16,907 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/3250,000 58,745 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/3550,000 66,092 
34


Avantis Core Municipal Fixed Income ETF
Principal Amount/SharesValue
State of Washington GO, 4.00%, 7/1/26$50,000 $55,165 
State of Washington GO, 5.00%, 8/1/2850,000 61,043 
State of Washington GO, 5.00%, 8/1/3125,000 31,175 
State of Washington GO, 5.00%, 8/1/32255,000 317,238 
State of Washington GO, 5.00%, 2/1/4040,000 51,301 
State of Washington GO, 5.00%, 2/1/4125,000 31,982 
State of Washington Rev., 5.00%, 9/1/2335,000 38,382 
University of Washington Rev., 4.00%, 6/1/3710,000 11,125 
1,032,586 
TOTAL MUNICIPAL SECURITIES
(Cost $27,306,981)
27,410,697 
TEMPORARY CASH INVESTMENTS — 0.1%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $32,492)
32,492 32,492 
TOTAL INVESTMENT SECURITIES — 99.3%
(Cost $27,339,473)

27,443,189 
OTHER ASSETS AND LIABILITIES — 0.7%

193,656 
TOTAL NET ASSETS — 100.0%

$27,636,845 

NOTES TO SCHEDULE OF INVESTMENTS
AGC-Assured Guaranty Corporation
AGM-Assured Guaranty Municipal Corporation
COP-Certificates of Participation
GO-General Obligation
MORAL OBLG-Moral Obligation Bond
NATL-National Public Finance Guarantee Corporation
PSF-GTD-Permanent School Fund Guaranteed
SCH BD GTY-School Bond Guaranty
(1)Escrowed to maturity in U.S. government securities or state and local government securities.
(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.


See Notes to Financial Statements.
35


AUGUST 31, 2021
Avantis Short-Term Fixed Income ETF
Principal
Amount
Value
CORPORATE BONDS — 54.4%


Aerospace and Defense — 1.3%
Boeing Co. (The), 2.20%, 2/4/26$145,000 $145,595 
General Dynamics Corp., 3.50%, 5/15/2556,000 61,232 
Huntington Ingalls Industries, Inc., 3.84%, 5/1/2548,000 52,357 
Lockheed Martin Corp., 3.55%, 1/15/26145,000 160,410 
419,594 
Automobiles — 0.9%
American Honda Finance Corp., MTN, 1.00%, 9/10/25179,000 179,436 
General Motors Financial Co., Inc., 4.25%, 5/15/2345,000 47,719 
General Motors Financial Co., Inc., 5.25%, 3/1/2665,000 74,871 
302,026 
Banks — 16.0%
African Development Bank, 3.00%, 9/20/23156,000 164,732 
African Development Bank, MTN, 1.625%, 9/16/2256,000 56,867 
Asian Development Bank, MTN, 1.75%, 9/13/22106,000 107,827 
Asian Development Bank, MTN, 0.25%, 10/6/23139,000 138,969 
Asian Development Bank, MTN, 0.375%, 9/3/25299,000 295,721 
Asian Infrastructure Investment Bank (The), 0.25%, 9/29/23234,000 233,760 
Bank of America Corp., MTN, 3.875%, 8/1/25138,000 153,202 
Bank of Montreal, MTN, 1.85%, 5/1/25146,000 150,972 
Bank of Nova Scotia (The), 1.30%, 6/11/25194,000 196,343 
Canadian Imperial Bank of Commerce, 2.25%, 1/28/25146,000 152,563 
Citigroup, Inc., 3.30%, 4/27/2588,000 95,468 
Council Of Europe Development Bank, 0.25%, 6/10/2324,000 23,992 
Council Of Europe Development Bank, 1.375%, 2/27/2564,000 65,763 
European Bank for Reconstruction & Development, MTN, 0.25%, 7/10/2340,000 40,010 
European Investment Bank, 2.00%, 12/15/2256,000 57,355 
European Investment Bank, 1.375%, 5/15/2340,000 40,813 
European Investment Bank, 0.25%, 9/15/23100,000 100,046 
European Investment Bank, MTN, 2.875%, 8/15/2396,000 100,964 
European Investment Bank, MTN, 3.125%, 12/14/23166,000 176,741 
Huntington Bancshares, Inc., 4.00%, 5/15/2594,000 104,074 
Inter-American Development Bank, 3.00%, 10/4/2356,000 59,176 
Inter-American Development Bank, 0.25%, 11/15/2332,000 31,979 
Inter-American Development Bank, 2.125%, 1/15/25304,000 320,001 
Inter-American Development Bank, 0.625%, 7/15/25104,000 103,992 
International Bank for Reconstruction & Development, 0.375%, 7/28/25207,000 204,964 
International Bank for Reconstruction & Development, 0.50%, 10/28/25234,000 232,356 
International Finance Corp., MTN, 2.875%, 7/31/23152,000 159,754 
JPMorgan Chase & Co., 3.90%, 7/15/2588,000 96,976 
Kreditanstalt fuer Wiederaufbau, 2.125%, 6/15/2225,000 25,406 
Kreditanstalt fuer Wiederaufbau, 2.375%, 12/29/22150,000 154,466 
Kreditanstalt fuer Wiederaufbau, 0.25%, 3/8/24250,000 249,340 
Landwirtschaftliche Rentenbank, 2.00%, 1/13/25160,000 167,756 
Oesterreichische Kontrollbank AG, MTN, 2.875%, 3/13/2350,000 52,070 
Regions Financial Corp., 2.25%, 5/18/25146,000 152,502 
36


Avantis Short-Term Fixed Income ETF
Principal
Amount
Value
Royal Bank of Canada, MTN, 2.55%, 7/16/24$256,000 $269,972 
Santander Holdings USA, Inc., 4.50%, 7/17/25113,000 125,333 
Wells Fargo & Co., MTN, 3.55%, 9/29/25163,000 178,904 
Westpac Banking Corp., 2.85%, 5/13/26150,000 162,661 
5,203,790 
Beverages — 0.2%
Constellation Brands, Inc., 4.40%, 11/15/2565,000 73,247 
Biotechnology — 0.5%
AbbVie, Inc., 2.90%, 11/6/2263,000 64,851 
AbbVie, Inc., 3.20%, 5/14/2685,000 92,322 
157,173 
Capital Markets — 2.2%
Charles Schwab Corp. (The), 3.85%, 5/21/25138,000 152,495 
CME Group, Inc., 3.00%, 9/15/22146,000 150,196 
Goldman Sachs Group, Inc. (The), 3.75%, 5/22/25148,000 161,331 
Janus Capital Group, Inc., 4.875%, 8/1/25130,000 146,662 
Lazard Group LLC, 3.75%, 2/13/25113,000 122,727 
733,411 
Chemicals — 0.7%
EI du Pont de Nemours and Co., 1.70%, 7/15/25116,000 119,233 
Mosaic Co. (The), 4.25%, 11/15/2390,000 96,341 
215,574 
Consumer Finance — 1.4%
Capital One Financial Corp., 4.25%, 4/30/25138,000 153,888 
Discover Financial Services, 4.50%, 1/30/26137,000 154,747 
Synchrony Financial, 4.50%, 7/23/25138,000 153,621 
462,256 
Containers and Packaging — 0.1%
Packaging Corp. of America, 3.65%, 9/15/2417,000 18,334 
Electric Utilities — 0.9%
Berkshire Hathaway Energy Co., 4.05%, 4/15/25148,000 163,619 
Duke Energy Progress LLC, 3.25%, 8/15/25132,000 143,538 
307,157 
Electronic Equipment, Instruments and Components — 1.3%
Avnet, Inc., 4.625%, 4/15/26135,000 151,499 
Flex Ltd., 3.75%, 2/1/2663,000 68,809 
Keysight Technologies, Inc., 4.55%, 10/30/2448,000 53,198 
SYNNEX Corp., 1.75%, 8/9/26(1)
150,000 149,393 
422,899 
Entertainment — 0.5%
TWDC Enterprises 18 Corp., MTN, 3.15%, 9/17/25148,000 160,949 
Equity Real Estate Investment Trusts (REITs) — 4.8%
Alexandria Real Estate Equities, Inc., 3.45%, 4/30/2588,000 95,572 
Brixmor Operating Partnership LP, 3.25%, 9/15/23134,000 140,520 
CC Holdings GS V LLC / Crown Castle GS III Corp., 3.85%, 4/15/2348,000 50,562 
Corporate Office Properties LP, 5.00%, 7/1/2575,000 84,488 
Crown Castle International Corp., 4.45%, 2/15/26100,000 112,603 
CubeSmart LP, 4.375%, 12/15/2388,000 94,807 
Digital Realty Trust LP, 4.75%, 10/1/25138,000 156,774 
ERP Operating LP, 3.375%, 6/1/2590,000 97,580 
37


Avantis Short-Term Fixed Income ETF
Principal
Amount
Value
Host Hotels & Resorts LP, 4.50%, 2/1/26$150,000 $165,674 
Kimco Realty Corp., 3.30%, 2/1/2588,000 94,584 
Omega Healthcare Investors, Inc., 4.95%, 4/1/24150,000 163,514 
Simon Property Group LP, 3.50%, 9/1/25138,000 150,625 
WP Carey, Inc., 4.00%, 2/1/25138,000 150,444 
1,557,747 
Food and Staples Retailing — 0.2%
Costco Wholesale Corp., 2.75%, 5/18/2456,000 59,277 
Food Products — 0.9%
Bunge Ltd. Finance Corp., 4.35%, 3/15/2486,000 93,279 
Bunge Ltd. Finance Corp., 1.63%, 8/17/2559,000 59,959 
Hershey Co. (The), 2.05%, 11/15/24123,000 128,596 
281,834 
Gas Utilities — 0.2%
National Fuel Gas Co., 5.50%, 1/15/2645,000 52,011 
Health Care Providers and Services — 3.5%
Aetna, Inc., 3.50%, 11/15/2490,000 97,064 
Cardinal Health, Inc., 3.50%, 11/15/24137,000 147,270 
Cigna Corp., 3.05%, 11/30/2238,000 39,194 
CommonSpirit Health, 2.76%, 10/1/24148,000 155,888 
CVS Health Corp., 2.875%, 6/1/2670,000 75,139 
HCA, Inc., 5.00%, 3/15/24138,000 151,834 
Humana, Inc., 4.50%, 4/1/25128,000 142,857 
Laboratory Corp. of America Holdings, 3.60%, 2/1/25100,000 107,682 
UnitedHealth Group, Inc., 3.75%, 7/15/25190,000 211,084 
1,128,012 
Hotels, Restaurants and Leisure — 0.5%
Hyatt Hotels Corp., 4.85%, 3/15/2665,000 72,557 
Starbucks Corp., 3.80%, 8/15/2593,000 102,720 
175,277 
Household Durables — 0.2%
DR Horton, Inc., 4.75%, 2/15/2370,000 73,464 
Household Products — 0.2%
Colgate-Palmolive Co., MTN, 3.25%, 3/15/2452,000 55,645 
Insurance — 1.6%
American International Group, Inc., 3.75%, 7/10/25113,000 123,964 
First American Financial Corp., 4.60%, 11/15/24100,000 110,458 
Loews Corp., 2.625%, 5/15/2396,000 99,184 
MetLife, Inc., 4.37%, 9/15/23100,000 107,997 
Principal Financial Group, Inc., 3.40%, 5/15/2588,000 95,121 
536,724 
Internet and Direct Marketing Retail — 0.4%
Amazon.com, Inc., 2.80%, 8/22/24118,000 125,675 
IT Services — 0.4%
Western Union Co. (The), 2.85%, 1/10/25121,000 127,556 
Machinery — 0.9%
Caterpillar Financial Services Corp., MTN, 3.30%, 6/9/2415,000 16,178 
Caterpillar Financial Services Corp., MTN, 1.45%, 5/15/2548,000 49,151 
Cummins, Inc., 3.65%, 10/1/2356,000 59,421 
Illinois Tool Works, Inc., 3.50%, 3/1/2456,000 59,764 
38


Avantis Short-Term Fixed Income ETF
Principal
Amount
Value
John Deere Capital Corp., MTN, 3.45%, 1/10/24$92,000 $98,426 
282,940 
Media — 0.4%
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/2232,000 35,543 
Comcast Corp., 3.375%, 8/15/2581,000 88,297 
123,840 
Metals and Mining — 1.0%
BHP Billiton Finance USA Ltd., 3.85%, 9/30/2345,000 48,274 
Kinross Gold Corp., 5.95%, 3/15/2456,000 62,310 
Rio Tinto Finance USA Ltd., 3.75%, 6/15/2564,000 70,566 
Steel Dynamics, Inc., 2.40%, 6/15/25156,000 162,728 
343,878 
Multi-Utilities — 0.3%
Dominion Energy, Inc., 2.75%, 9/15/2298,000 99,788 
Multiline Retail — 0.5%
Dollar Tree, Inc., 4.00%, 5/15/25138,000 151,615 
Oil, Gas and Consumable Fuels — 5.5%
Canadian Natural Resources Ltd., 2.05%, 7/15/2548,000 49,404 
Enbridge, Inc., 2.50%, 1/15/2596,000 100,656 
Energy Transfer LP, 4.75%, 1/15/26113,000 126,752 
Enterprise Products Operating LLC, 3.35%, 3/15/23146,000 151,373 
Equinor ASA, 2.45%, 1/17/2366,000 67,970 
Equinor ASA, 3.70%, 3/1/24116,000 125,073 
Equinor ASA, 2.875%, 4/6/2596,000 102,526 
Exxon Mobil Corp., 2.71%, 3/6/25221,000 235,192 
Phillips 66 Partners LP, 2.45%, 12/15/24148,000 153,991 
Pioneer Natural Resources Co., 4.45%, 1/15/2685,000 95,429 
Shell International Finance BV, 3.25%, 5/11/25188,000 203,754 
TotalEnergies Capital Canada Ltd., 2.75%, 7/15/23131,000 136,988 
TransCanada PipeLines Ltd., 2.50%, 8/1/2296,000 97,946 
Valero Energy Corp., 2.85%, 4/15/2548,000 50,678 
Williams Cos., Inc. (The), 4.00%, 9/15/2588,000 97,227 
1,794,959 
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The), 2.00%, 12/1/2448,000 50,220 
Pharmaceuticals — 1.4%
Bristol-Myers Squibb Co., 3.55%, 8/15/2296,000 99,074 
GlaxoSmithKline Capital, Inc., 3.625%, 5/15/2524,000 26,380 
Novartis Capital Corp., 1.75%, 2/14/2538,000 39,272 
Novartis Capital Corp., 3.00%, 11/20/25161,000 174,346 
Royalty Pharma plc, 1.20%, 9/2/25104,000 103,780 
442,852 
Road and Rail — 0.5%
Ryder System, Inc., MTN, 2.50%, 9/1/2448,000 50,333 
Ryder System, Inc., MTN, 3.35%, 9/1/2599,000 107,051 
157,384 
Semiconductors and Semiconductor Equipment — 1.7%
Broadcom, Inc., 4.70%, 4/15/25138,000 154,451 
Microchip Technology, Inc., 4.33%, 6/1/2364,000 67,868 
Micron Technology, Inc., 4.64%, 2/6/2498,000 106,575 
39


Avantis Short-Term Fixed Income ETF
Principal
Amount
Value
Micron Technology, Inc., 4.98%, 2/6/26$45,000 $51,808 
NXP BV / NXP Funding LLC, 4.875%, 3/1/24(1)
56,000 61,336 
QUALCOMM, Inc., 3.00%, 5/20/2296,000 97,912 
539,950 
Software — 1.6%
Intuit, Inc., 0.95%, 7/15/2556,000 56,252 
Microsoft Corp., 2.875%, 2/6/24212,000 223,790 
Oracle Corp., 2.40%, 9/15/2340,000 41,453 
Oracle Corp., 2.95%, 5/15/25106,000 112,861 
VMware, Inc., 4.50%, 5/15/2588,000 98,258 
532,614 
Specialty Retail — 0.6%
Home Depot, Inc. (The), 3.75%, 2/15/2488,000 94,467 
Ross Stores, Inc., 4.60%, 4/15/2588,000 98,812 
193,279 
Technology Hardware, Storage and Peripherals — 0.5%
Apple, Inc., 3.00%, 2/9/2497,000 102,620 
Hewlett Packard Enterprise Co., 4.90%, 10/15/2548,000 54,702 
157,322 
Trading Companies and Distributors — 0.5%
Air Lease Corp., MTN, 2.875%, 1/15/26145,000 152,539 
TOTAL CORPORATE BONDS
(Cost $17,663,789)
17,672,812 
U.S. TREASURY SECURITIES AND EQUIVALENTS — 39.8%


Israel Government AID Bond, 5.50%, 9/18/2332,000 35,395 
U.S. Treasury Bonds, 8.00%, 11/15/21408,500 415,124 
U.S. Treasury Notes, 1.875%, 9/30/22724,100 737,971 
U.S. Treasury Notes, 1.375%, 10/15/22726,900 737,349 
U.S. Treasury Notes, 1.625%, 11/15/221,446,000 1,472,519 
U.S. Treasury Notes, 0.125%, 10/15/231,500,000 1,496,719 
U.S. Treasury Notes, 2.75%, 11/15/23426,000 449,463 
U.S. Treasury Notes, 2.375%, 2/29/24750,000 788,848 
U.S. Treasury Notes, 2.00%, 5/31/241,194,700 1,248,672 
U.S. Treasury Notes, 0.25%, 6/15/241,380,000 1,375,795 
U.S. Treasury Notes, 0.375%, 7/15/24750,000 749,971 
U.S. Treasury Notes, 1.50%, 11/30/24720,000 744,413 
U.S. Treasury Notes, 3.00%, 9/30/25571,100 625,734 
U.S. Treasury Notes, 0.25%, 10/31/25338,500 332,920 
U.S. Treasury Notes, 0.375%, 11/30/25645,200 637,412 
U.S. Treasury Notes, 0.75%, 5/31/261,102,000 1,102,387 
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS
(Cost $12,947,115)
12,950,692 
U.S. GOVERNMENT AGENCY SECURITIES — 4.8%


Federal Farm Credit Banks Funding Corp., 0.125%, 5/10/23100,000 99,916 
FHLB, 0.125%, 6/2/23100,000 99,939 
FHLB, 2.75%, 12/13/24120,000 129,012 
FHLB, 0.375%, 9/4/25160,000 158,387 
FHLMC, 0.125%, 10/16/23104,000 103,797 
FHLMC, 0.25%, 11/6/2354,000 54,013 
FHLMC, 1.50%, 2/12/25104,000 107,586 
40


Avantis Short-Term Fixed Income ETF
Principal
Amount
Value
FHLMC, 0.375%, 7/21/25$75,000 $74,390 
FHLMC, 0.375%, 9/23/2560,000 59,393 
FNMA, 2.375%, 1/19/2316,000 16,495 
FNMA, 0.25%, 7/10/23152,000 152,173 
FNMA, 2.625%, 9/6/24250,000 266,790 
FNMA, 0.625%, 4/22/25125,000 125,381 
FNMA, 0.50%, 11/7/25104,000 103,391 
Tennessee Valley Authority, 0.75%, 5/15/2525,000 25,242 
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $1,577,993)
1,575,905 
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2%


Canada — 0.2%
Export Development Canada, 2.625%, 2/21/24
(Cost $52,714)
50,000 52,747 
TOTAL INVESTMENT SECURITIES — 99.2%
(Cost $32,241,611)

32,252,156 
OTHER ASSETS AND LIABILITIES — 0.8%

246,777 
TOTAL NET ASSETS — 100.0%

$32,498,933 

NOTES TO SCHEDULE OF INVESTMENTS
AID-Agency for International Development
Equivalent-Security whose payments are secured by the U.S. Treasury
FHLB-Federal Home Loan Bank
FHLMC-Federal Home Loan Mortgage Corporation
FNMA-Federal National Mortgage Association
MTN-Medium Term Note
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $210,729, which represented 0.6% of total net assets.


See Notes to Financial Statements.
41


Statements of Assets and Liabilities
AUGUST 31, 2021
Avantis Core Fixed Income ETFAvantis Core Municipal Fixed Income ETF
Assets
Investment securities, at value (cost of $82,493,149 and $27,339,473, respectively)$82,882,960 $27,443,189 
Cash181,512 — 
Receivable for investments sold6,331,400 — 
Receivable for variation margin on swap agreements
31
— 
Interest receivable451,018 273,441 
89,846,921 27,716,630 
Liabilities
Payable for investments purchased20,304,518 76,259 
Payable for variation margin on futures contracts
313
— 
Accrued management fees8,224 3,526 
20,313,055 79,785 
Net Assets$69,533,866 $27,636,845 
Shares outstanding (unlimited number of shares authorized)1,400,000 550,000 
Net Asset Value Per Share$49.67 $50.25 
Net Assets Consist of:
Capital paid in$69,117,157 $27,519,898 
Distributable earnings416,709 116,947 
$69,533,866 $27,636,845 


See Notes to Financial Statements.
42


AUGUST 31, 2021
Avantis Short-Term Fixed Income ETF
Assets
Investment securities, at value (cost of $32,241,611)$32,252,156 
Cash114,365 
Interest receivable188,960 
32,555,481 
Liabilities
Payable for investments purchased52,411 
Accrued management fees4,137 
56,548 
Net Assets$32,498,933 
Shares outstanding (unlimited number of shares authorized)650,000 
Net Asset Value Per Share$50.00 
Net Assets Consist of:
Capital paid in$32,475,614 
Distributable earnings23,319 
$32,498,933 


See Notes to Financial Statements.
43


Statements of Operations
FOR THE PERIOD ENDED AUGUST 31, 2021
Avantis Core Fixed Income ETF(1)
Avantis Core Municipal Fixed Income ETF(2)
Investment Income (Loss)
Income:
Interest$427,518 $152,002 
Expenses:
Management fees48,568 26,820 
Other expenses— 
48,576 26,820 
Net investment income (loss)378,942 125,182 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(45,834)(5,086)
Futures contract transactions(2,443)— 
Swap agreement transactions1,044 — 
(47,233)(5,086)
Change in net unrealized appreciation (depreciation) on:
Investments389,811 103,716 
Futures contracts
992
— 
Swap agreements4,047 — 
394,850 103,716 
Net realized and unrealized gain (loss)347,617 98,630 
Net Increase (Decrease) in Net Assets Resulting from Operations$726,559 $223,812 

(1)October 13, 2020 (fund inception) through August 31, 2021.
(2)December 8, 2020 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
44


FOR THE PERIOD ENDED AUGUST 31, 2021
Avantis Short-Term Fixed Income ETF(1)
Investment Income (Loss)
Income:
Interest$110,445 
Expenses:
Management fees29,965 
Net investment income (loss)80,480 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions5,514 
Change in net unrealized appreciation (depreciation) on investments10,545 
Net realized and unrealized gain (loss)16,059 
Net Increase (Decrease) in Net Assets Resulting from Operations$96,539 

(1)October 13, 2020 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
45


Statements of Changes in Net Assets
PERIOD ENDED AUGUST 31, 2021
Avantis Core Fixed Income ETF(1)
Avantis Core Municipal Fixed Income ETF(2)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)$378,942 $125,182 
Net realized gain (loss)(47,233)(5,086)
Change in net unrealized appreciation (depreciation)394,850 103,716 
Net increase (decrease) in net assets resulting from operations726,559 223,812 
Distributions to Shareholders
From earnings(309,850)(106,865)
Capital Share Transactions
Proceeds from shares sold69,116,150 27,507,410 
Other capital1,007 12,488 
Net increase (decrease) in net assets from capital share transactions69,117,157 27,519,898 
Net increase (decrease) in net assets69,533,866 27,636,845 
Net Assets
End of period$69,533,866 $27,636,845 
Transactions in Shares of the Funds
Sold1,400,000 550,000 
(1)October 13, 2020 (fund inception) through August 31, 2021.
(2)December 8, 2020 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
46


PERIOD ENDED AUGUST 31, 2021
Avantis Short-Term Fixed Income ETF(1)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)$80,480 
Net realized gain (loss)5,514 
Change in net unrealized appreciation (depreciation)10,545 
Net increase (decrease) in net assets resulting from operations96,539 
Distributions to Shareholders
From earnings(73,220)
Capital Share Transactions
Proceeds from shares sold32,473,925 
Other capital1,689 
Net increase (decrease) in net assets from capital share transactions32,475,614 
Net increase (decrease) in net assets32,498,933 
Net Assets
End of period$32,498,933 
Transactions in Shares of the Funds
Sold650,000 
(1)October 13, 2020 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
47


Notes to Financial Statements

AUGUST 31, 2021

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Core Fixed Income ETF, Avantis Core Municipal Fixed Income ETF and Avantis Short-Term Fixed Income ETF (collectively, the funds) are three funds in a series issued by the trust. The investment objective for Avantis Core Fixed Income ETF and Avantis Short-Term Fixed Income ETF is to seek to maximize total return. Avantis Core Municipal Fixed Income ETF’s investment objective is to seek current income that is exempt from federal income tax. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis Core Fixed Income ETF and Avantis Short-Term Fixed Income ETF incepted on October 13, 2020. Avantis Core Municipal Fixed Income ETF incepted on December 8, 2020.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Commercial paper is valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers.

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.

If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

48


The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

Forward Commitments — The funds may engage in securities transactions on a forward commitment basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment. The funds may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the funds may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as “TBA roll” transactions and are accounted for as purchases and sales. The funds will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears.

49


The annual management fee for each fund is as follows:
Annual Management Fee
Avantis Core Fixed Income ETF0.15%
Avantis Core Municipal Fixed Income ETF0.15%
Avantis Short-Term Fixed Income ETF0.15%

Interfund Transactions — The funds may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2021 were as follows:
Avantis Core Fixed Income ETF(1)
Avantis Core Municipal Fixed Income ETF(2)
Avantis Short-Term Fixed Income ETF(1)
Purchases of U.S. Treasury and Government Agency obligations$83,063,182$1,199,328$8,969,179
Purchases of other investment securities$6,463,677$11,438,106$6,258,132
Total Purchases$89,526,859$12,637,434$15,227,311
Sales of U.S. Treasury and Government Agency obligations$69,803,897$1,200,297$5,737,265
Sales of other investment securities$5,847,090$2,194,197$5,440,881
Total Sales$75,650,987$3,394,494$11,178,146
(1)October 13, 2020 (fund inception) through August 31, 2021.
(2)December 8, 2020 (fund inception) through August 31, 2021.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2021 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Avantis Core Fixed Income ETF(1)
$61,872,322
Avantis Core Municipal Fixed Income ETF(2)
$18,985,133
Avantis Short-Term Fixed Income ETF(1)
$29,359,715
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)October 13, 2020 (fund inception) through August 31, 2021.
(2)December 8, 2020 (fund inception) through August 31, 2021.

5. Capital Share Transactions

Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.

50


6. Fair Value Measurements

The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.

Avantis Core Fixed Income ETF
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $43,291,830 — 
U.S. Treasury Securities— 21,040,251 — 
U.S. Government Agency Mortgage-Backed Securities— 13,938,713 — 
U.S. Government Agency Securities— 1,476,789 — 
Sovereign Governments and Agencies— 105,495 — 
Temporary Cash Investments— 3,029,882 — 
— $82,882,960 — 
Other Financial Instruments
Futures Contracts$992 — — 
Swap Agreements— $32,884 — 
$992 $32,884 — 

Avantis Core Municipal Fixed Income ETF
Level 1Level 2Level 3
Assets
Investment Securities
Municipal Securities— $27,410,697 — 
Temporary Cash Investments$32,492 — — 
$32,492 $27,410,697 — 

Avantis Short-Term Fixed Income ETF
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $17,672,812 — 
U.S. Treasury Securities and Equivalents— 12,950,692 — 
U.S. Government Agency Securities— 1,575,905 — 
Sovereign Governments and Agencies— 52,747 — 
— $32,252,156 — 
51


7. Derivative Instruments

Credit Risk — The funds are subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.

The fund's average notional amount to credit risk derivative instruments held during the period was as follows:
Avantis Core Fixed Income ETF$750,000

Interest Rate Risk — The funds are subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.

The fund's average notional exposure to interest rate risk derivative instruments held during the period was as follows:
Futures Contracts Purchased
Avantis Core Fixed Income ETF$401,359

52


Value of Derivative Instruments as of August 31, 2021

Asset Derivatives
Liability Derivatives
Fund / Type of Risk Exposure
Location on Statement of Assets and Liabilities
Value
Location on Statement of Assets and Liabilities
Value
Avantis Core Fixed Income ETF
Credit Risk
Receivable for variation margin on swap agreements*
$31 
Payable for variation margin on swap agreements*
— 
Interest Rate Risk
Receivable for variation margin on futures contracts*
— 
Payable for variation margin on futures contracts*
$313 


$31 

$313 
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the period from October 13, 2020 (fund inception) through August 31, 2021

Net Realized Gain (Loss)
Change in Net Unrealized Appreciation (Depreciation)
Fund / Type of Risk Exposure
Location on Statement of Operations
Value
Location on Statement of Operations
Value
Avantis Core Fixed Income ETF
Credit Risk
Net realized gain (loss) on swap agreement transactions
$1,044 
Change in net unrealized appreciation (depreciation) on swap agreements
$4,047 
Interest Rate Risk
Net realized gain (loss) on futures contract transactions
(2,443)
Change in net unrealized appreciation (depreciation) on futures contracts
992 


$(1,399)

$5,039 

8. Risk Factors

The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the funds.

A fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

53


9. Federal Tax Information

The tax character of distributions paid during the period ended August 31, 2021 were as follows:
2021
Distributions Paid From:
Exempt IncomeOrdinary IncomeLong-term Capital Gains
Avantis Core Fixed Income ETF(1)
— $309,850 — 
Avantis Core Municipal Fixed Income ETF(2)
$106,865 — — 
Avantis Short-Term Fixed Income ETF(1)
— $73,220 — 
(1)October 13, 2020 (fund inception) through August 31, 2021.
(2)December 8, 2020 (fund inception) through August 31, 2021.

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Avantis Core Fixed Income ETF
Avantis Core Municipal Fixed Income ETF
Avantis Short-Term Fixed Income ETF
Federal tax cost of investments$82,496,821 $27,339,473 $32,241,611 
Gross tax appreciation of investments$487,684 $145,165 $42,047 
Gross tax depreciation of investments(101,545)(41,449)(31,502)
Net tax appreciation (depreciation) of investments386,139 103,716 10,545 
Net tax appreciation (depreciation) on derivatives1,664 — — 
Net tax appreciation (depreciation)$387,803 $103,716 $10,545 
Undistributed ordinary income$74,816 — $14,293 
Undistributed exempt income— $18,317 — 
Accumulated short-term capital losses$(45,039)$(5,086)$(1,519)
Accumulated long-term capital losses$(871)— — 

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Avantis Core Municipal Fixed Income ETF and Avantis Short-Term Fixed Income ETF.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
54


Financial Highlights
For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From Net
Investment
Income
Other Capital(1)
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net
Assets,
End of
Period
(in thousands)
Avantis Core Fixed Income ETF
2021(4)
$50.000.51(0.43)0.08(0.41)
0.00(5)
$49.670.15%
0.15%(6)
1.17%(6)
185%$69,534 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)October 13, 2020 (fund inception) through August 31, 2021.
(5)Per-share amount was less than $0.005.
(6)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From Net
Investment
Income
Other Capital(1)
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net
Assets,
End of
Period
(in thousands)
Avantis Core Municipal Fixed Income ETF
2021(4)
$50.000.260.170.43(0.21)0.03$50.250.93%
0.15%(5)
0.70%(5)
14%$27,637 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)December 8, 2020 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From Net
Investment
Income
Other Capital(1)
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
Net
Assets,
End of
Period
(in thousands)
Avantis Short-Term Fixed Income ETF
2021(4)
$50.000.18(0.02)0.16(0.16)
0.00(5)
$50.000.33%
0.15%(6)
0.40%(6)
49%$32,499 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)October 13, 2020 (fund inception) through August 31, 2021.
(5)Per-share amount was less than $0.005.
(6)Annualized.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century ETF Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis® Core Fixed Income ETF, Avantis® Core Municipal Fixed Income ETF, and Avantis® Short-Term Fixed Income ETF (the “Funds”), three of the funds constituting the American Century ETF Trust, as of August 31, 2021, the related statements of operations, the statements of changes in net assets and the financial highlights for the period from October 13, 2020 (fund inception) through August 31, 2021 (as to Avantis® Core Municipal Fixed Income ETF, for the period from December 8, 2020 (fund inception) through August 31, 2021); and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2021, and the results of their operations, the changes in their net assets, and the financial highlights for the period from October 13, 2020 (fund inception) through August 31, 2021 (as to Avantis® Core Municipal Fixed Income ETF, for the period from December 8, 2020 (fund inception) through August 31, 2021), in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Kansas City, Missouri
October 18, 2021

We have served as the auditor of one or more American Century investment companies since 1997.
58


Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire by December 31st of the year in which they reach their 75th birthday.
Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Ronald J. Gilson, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)31None
Ronald J. Gilson
(1946)
TrusteeSince 2017Charles J. Meyers Professor of Law and Business, Emeritus (since 2018), Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)69None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired; Consultant regarding ETF and mutual fund matters (2015 to 2016); Principal and Senior Counsel, The Vanguard Group (investment management)(1998 to 2014)31None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired103None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries141None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
59


Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2017Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and
Vice President since
2021
General Counsel and Senior Vice President, ACC (2021 to present); Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)
Vice President
since 2019
Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)
Vice President since 2017Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)
Vice President since 2017Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)
Vice President since 2017Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)
Secretary since 2019Attorney, ACS (2003 to present)


60


Approval of Management Agreement

At a meeting held on June 3, 2021, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s trustees (the “Trustees”), including a majority of the independent Trustees, each year.

Prior to its consideration of the management agreement, the Trustees requested and reviewed extensive data and information compiled by the Advisor and certain independent providers of evaluation data concerning the Funds and the services provided to each Fund by the Advisor. This review was in addition to the oversight and evaluation undertaken by the Board and its Audit Committee on a continual basis and the information received was supplemental to the extensive information that the Board and its Audit Committee receive and consider throughout the year.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to each Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;
the wide range of other programs and services provided and to be provided to each Fund and its shareholders on a routine and non-routine basis;
the investment performance of each Fund, including data comparing each Fund's performance to appropriate benchmarks and/or a peer group of other funds with similar investment objectives and strategies;
the cost of owning each Fund compared to the cost of owning similar funds;
the compliance policies, procedures, and regulatory experience of the Advisor and the Funds’ service providers;
the Advisor’s strategic plans, COVID-19 pandemic response, vendor management practices, and social justice initiatives;
the Advisor’s business continuity plans and cyber security practices;
financial data showing the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the overall profitability of the Advisor;
information regarding payments to intermediaries by the Advisor;
possible economies of scale associated with the Advisor’s management of each Fund; and
possible collateral benefits to the Advisor from the management of the Funds.

The independent Trustees met separately in private session to discuss the renewal and to review and discuss the information provided in response to their request. The independent Trustees also held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.




61


Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:

constructing and designing each Fund
portfolio research and security selection
initial capitalization/funding
securities trading
Fund administration
custody of Fund assets
daily valuation of each Fund’s portfolio
liquidity monitoring and management
risk management, including cyber security
shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
legal services (except the independent Trustees’ counsel)
regulatory and portfolio compliance
financial reporting
marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

Investment Management Services. The nature of the investment management services provided to the Funds is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board provides oversight of the investment performance process. It regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any efforts being undertaken to improve performance. The Board found the investment management services provided by the Advisor to the Funds to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational
62


efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Funds, its profitability in managing each Fund (pre- and post-distribution), its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Funds.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to the Funds and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders additional content and services.

Comparison to Other Funds’ Fees. The management agreement provides that each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of each Fund was the lowest of the total expense ratios of their respective peer expense universe and was the lowest of their respective peer expense group. The Board concluded that the management fee paid by each Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to funds or other advisory clients managed similarly to the Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Funds. The Board analyzed this information and concluded that the fees charged and services provided to the Funds were reasonable by comparison.

63


Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments could include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Funds. They concluded that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Funds’ operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in each Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to each Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the management fee is fair and reasonable in light of the services provided and that the investment management agreement between the Funds and the Advisor should be renewed.

64


Liquidity Risk Management Program

The Funds have adopted a liquidity risk management program (the “program”). The Funds' Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by those members of the ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Funds' liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Funds. This risk is managed by monitoring the degree of liquidity of the Funds' investments, limiting the amount of the Funds' illiquid investments, and utilizing various risk management tools and facilities available to the Funds for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of the Funds' investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2020 through December 31, 2020. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.

65


Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

 
Proxy Voting Policies
 
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.


Quarterly Portfolio Disclosure
 
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.








66


Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

Avantis Core Municipal Fixed Income ETF designates $106,865 as exempt interest dividends for the fiscal year ended August 31, 2021.

For nonresident alien shareholders, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions as qualified interest income for the fiscal year ended August 31, 2021.

Avantis Core Fixed Income ETF
Avantis Core Municipal Fixed Income ETF
Avantis Short-Term Fixed Income ETF
$274,171$60,506



67


Notes
68






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Contact Usavantisinvestors.com
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies1-833-928-2684
Telecommunications Relay Service for the Deaf711
American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2021 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-96956 2110




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Annual Report
August 31, 2021
Avantis® Emerging Markets Equity Fund
Institutional Class (AVEEX)
G Class (AVENX)
Avantis® International Equity Fund
Institutional Class (AVDEX)
G Class (AVDNX)
Avantis® International Small Cap Value Fund
Institutional Class (AVDVX)
G Class (AVANX)
Avantis® U.S. Equity Fund
Institutional Class (AVUSX)
G Class (AVUNX)
Avantis® U.S. Small Cap Value Fund
Institutional Class (AVUVX)
G Class (AVCNX)




























Table of Contents

Chairman’s Letter
Avantis Emerging Markets Equity Fund
Performance
Portfolio Commentary
Fund Characteristics
Avantis International Equity Fund
Performance
Portfolio Commentary
Fund Characteristics
Avantis International Small Cap Value Fund
Performance
Portfolio Commentary
Fund Characteristics
Avantis U.S. Equity Fund
Performance
Portfolio Commentary
Fund Characteristics
Avantis U.S. Small Cap Value Fund
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
Additional Information



Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.



Chairman's Letter

image12a.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit avantisinvestors.com.
Upbeat Backdrop Bolstered Stocks

Global equities rallied for the 12-month period, benefiting from ongoing central bank and federal government support. These programs helped sustain investor confidence and bolster the economic landscape, despite ongoing challenges from COVID-19 and the inconsistent lifting of virus-related restrictions.

In general, data on U.S. manufacturing, employment, housing and corporate earnings remained upbeat during the period. Additionally, expanding COVID-19 vaccine availability and two federal coronavirus aid packages also helped promote investor optimism. Outside the U.S., economies recovered but at a slower pace. Virus outbreaks and slower vaccine rollouts led to lingering lockdowns in some regions.

Against this backdrop, inflation rose, but central banks remained supportive. In the U.S., where annual consumer inflation hit a 13-year high, the Federal Reserve (Fed) insisted temporary supply chain disruptions and other transient factors were at play. The Fed left interest rates unchanged but hinted it may start hiking rates in 2023, sooner than its previous timetable of 2024.

Despite ongoing pandemic-related challenges, including the emergence of the delta variant of COVID-19, stocks remained in favor and delivered strong 12-month returns. The U.S. generally outperformed other developed markets and emerging markets, as the S&P 500 Index returned more than 31%. Value stocks generally outperformed growth stocks, while small caps significantly outpaced large caps. Similar trends prevailed in non-U.S. equity markets.

Several Factors Shaping Market Dynamics

The return to pre-pandemic life is progressing, albeit somewhat cautiously due to the spread of the delta variant. As the economy and markets respond to this fluid backdrop, investors will face opportunities and ongoing challenges. Economic growth, inflation, the virus’s trajectory, supply chain normalization, and fiscal and monetary policy likely will sway market dynamics.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,
image48a16.jpg
Jonathan Thomas
Chairman
Avantis Investors
2


Performance
Avantis Emerging Markets Equity Fund
Total Returns as of August 31, 2021Average Annual Returns
Ticker Symbol1 yearSince InceptionInception Date
Institutional ClassAVEEX31.29%19.28%12/4/2019
MSCI Emerging Markets IMI Index23.47%17.97%
G ClassAVENX1.67%1/20/2021
Fund returns would have been lower if a portion of the fees had not been waived. Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Class
$10,000 investment made December 4, 2019
Performance for other share classes will vary due to differences in fee structure.
chart-3341d14459c241ffbe5.jpg
    
Value on August 31, 2021
Institutional Class — $13,597
MSCI Emerging Markets IMI Index — $13,336
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.33%0.33%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.




Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis Emerging Markets Equity seeks long-term capital appreciation by investing in a diverse group of companies related to emerging markets across market sectors, industry groups, countries and market capitalizations.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities of companies related to emerging markets countries.

The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2021, Avantis Emerging Markets Equity returned 31.29%*. For the same time period, the fund’s benchmark, the MSCI Emerging Markets IMI Index, returned 23.47%. Fund returns reflect fees and operating expenses, while the index return does not.

The MSCI Emerging Markets IMI Index is an unmanaged index generally representative of the performance of emerging markets stocks across capitalization categories. The fund’s outperformance versus the index was largely due to the fund’s emphasis on companies with higher levels of profitability and lower prices relative to their book values. These value-oriented companies generally outperformed companies with growth characteristics, including lower levels of profitability and higher prices relative to their book values.

For example, value stocks (as measured by the MSCI Emerging Markets IMI Value Index) returned 31.21% for the period. Growth stocks (as measured by the MSCI Emerging Markets IMI Growth Index) lagged their value-style counterparts, returning 16.50%.


















*All fund returns referenced in this commentary are for Institutional Class shares. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 3 for returns for all share classes.
4


Fund Characteristics
AUGUST 31, 2021
Avantis Emerging Markets Equity Fund
Types of Investments in Portfolio% of net assets
Common Stocks99.2%
Rights
—*
Warrants
—*
Corporate Bonds
—*
Temporary Cash Investments1.1%
Temporary Cash Investments - Securities Lending Collateral1.3%
Other Assets and Liabilities(1.6)%
*Category is less than 0.05% of total net assets.
Top Five Countries% of net assets
China30.0%
Taiwan16.8%
South Korea14.6%
India13.3%
Brazil5.8%

5


Performance
Avantis International Equity Fund
Total Returns as of August 31, 2021Average Annual Returns
Ticker Symbol1 yearSince InceptionInception Date
Institutional ClassAVDEX30.11%14.90%12/4/2019
MSCI World ex-USA IMI Index27.53%14.53%
G ClassAVDNX10.31%1/20/2021
Fund returns would have been lower if a portion of the fees had not been waived. Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Class
$10,000 investment made December 4, 2019
Performance for other share classes will vary due to differences in fee structure.
chart-ad197ec736e649f6806.jpg
    
Value on August 31, 2021
Institutional Class — $12,739
MSCI World ex-USA IMI Index — $12,666
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.23%0.23%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.




Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
6


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis International Equity seeks long-term capital appreciation by investing in a diverse group of non-U.S. companies across countries, market sectors, industry groups and market capitalizations.

The fund seeks securities of companies that it expects to have higher returns. It places an emphasis on the security weights of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities.

The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2021, Avantis International Equity returned 30.11%*. For the same time period, the fund’s benchmark, the MSCI World ex-USA IMI Index, returned 27.53%. Fund returns reflect fees and operating expenses, while the index return does not.

The MSCI World ex-USA IMI Index is an unmanaged index generally representative of the performance of non-U.S. developed markets stocks across capitalization categories. The fund’s outperformance versus the index was largely due to the fund’s emphasis on companies with higher levels of profitability and lower prices relative to their book values, or more value-oriented companies. These companies generally outperformed companies with lower levels of profitability and higher prices relative to their book value, or growth-oriented companies.

For example, value stocks (as measured by the MSCI World ex-USA IMI Value Index) returned 29.42% for the reporting period. These securities outperformed growth stocks, which returned 25.31% (as measured by the MSCI World ex-USA IMI Growth Index).


















*All fund returns referenced in this commentary are for Institutional Class shares. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 6 for returns for all share classes.

7


Fund Characteristics
AUGUST 31, 2021
Avantis International Equity Fund
Types of Investments in Portfolio% of net assets
Common Stocks98.2%
Rights
—*
Temporary Cash Investments1.1%
Temporary Cash Investments - Securities Lending Collateral2.6%
Other Assets and Liabilities(1.9)%
*Category is less than 0.05% of total net assets.
Top Five Countries% of net assets
Japan21.0%
United Kingdom13.1%
Canada9.5%
France9.1%
Switzerland8.1%

8


Performance
Avantis International Small Cap Value Fund
Total Returns as of August 31, 2021Average
Annual Returns
Ticker Symbol1 yearSince InceptionInception Date
Institutional ClassAVDVX38.73%16.15%12/4/2019
MSCI World ex-USA Small Cap Index33.13%18.70%
G ClassAVANX12.91%1/20/2021
Fund returns would have been lower if a portion of the fees had not been waived. Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Class
$10,000 investment made December 4, 2019
Performance for other share classes will vary due to differences in fee structure.
chart-5b6fae9311a543f4b69.jpg
    
Value on August 31, 2021
Institutional Class — $12,980
MSCI World ex-USA Small Cap Index — $13,482
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.36%0.36%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.





Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
9


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis International Small Cap Value seeks long-term capital appreciation by investing in a diverse group of non-U.S. small-capitalization (small-cap) value companies across countries, market sectors and industry groups.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the portfolio will invest at least 80% of its assets in securities of small-cap companies.

The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2021, Avantis International Small Cap Value returned 38.73%*. For the same time period, the fund’s benchmark, the MSCI World ex-USA Small Cap Index, returned 33.13%. Fund returns reflect fees and operating expenses, while the index return does not.

The MSCI World ex-USA Small Cap Index is an unmanaged index generally representative of the performance of non-U.S. developed markets small-cap stocks. The fund’s outperformance versus the index was largely due to the fund’s emphasis on small-cap companies with higher levels of profitability and lower prices relative to their book values. These companies generally outperformed companies with lower levels of profitability and higher prices relative to their book values.

For example, small-cap value stocks (as measured by the MSCI World ex-USA Small Cap Value Index) returned 36.28% for the reporting period. Small-cap growth stocks (as measured by the MSCI World ex-USA Small Cap Growth Index) lagged their value-style peers, returning 29.85%.

Meanwhile, the exclusion of real estate investment trusts (REITs) in the fund aided results. REITs were significant underperformers for the reporting period.















*All fund returns referenced in this commentary are for Institutional Class shares. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 9 for returns for all share classes.
10


Fund Characteristics
AUGUST 31, 2021
Avantis International Small Cap Value Fund
Types of Investments in Portfolio% of net assets
Common Stocks98.7%
Warrants—*
Temporary Cash Investments1.1%
Temporary Cash Investments - Securities Lending Collateral1.2%
Other Assets and Liabilities(1.0)%
*Category is less than 0.05% of total net assets.
Top Five Countries% of net assets
Japan24.7%
United Kingdom16.1%
Canada8.4%
Australia7.9%
Sweden7.2%

11


Performance
Avantis U.S. Equity Fund
Total Returns as of August 31, 2021Average Annual Returns
Ticker Symbol1 yearSince InceptionInception Date
Institutional ClassAVUSX38.03%26.66%12/4/2019
Russell 3000 Index33.04%26.72%
G ClassAVUNX16.80%1/20/2021
Fund returns would have been lower if a portion of the fees had not been waived. Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Class
$10,000 investment made December 4, 2019
Performance for other share classes will vary due to differences in fee structure.
chart-77ec2a9c2a0b4c05bb6.jpg
    
Value on August 31, 2021
Institutional Class — $15,096
Russell 3000 Index — $15,108
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.15%0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.




Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
12


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis U.S. Equity seeks long-term capital appreciation by investing in a diverse group of U.S. companies across market sectors, industry groups and market capitalizations.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities of U.S. companies.

The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2021, Avantis U.S. Equity returned 38.03%*. For the same time period, the fund’s benchmark, the Russell 3000 Index, returned 33.04%. Fund returns reflect fees and operating expenses, while the index return does not.

The Russell 3000 Index is an unmanaged index generally representative of the performance of the broad U.S. stock market, including all capitalization categories. The fund’s outperformance versus the index was largely due to the fund’s emphasis on mid- and small-cap companies, which generally outperformed mega-cap companies during the period.

For example, small- and mid-cap stocks (Russell 2000 and Russell Midcap indices) returned 47.08% and 41.24%, respectively. Large-cap stocks (Russell 1000 Index) returned 32.25% for the period, underperforming their small- and mid-cap peers.




















*All fund returns referenced in this commentary are for Institutional Class shares. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 12 for returns for all share classes.

13


Fund Characteristics
AUGUST 31, 2021
Avantis U.S. Equity Fund
Types of Investments in Portfolio% of net assets
Common Stocks99.2%
Temporary Cash Investments0.5%
Temporary Cash Investments - Securities Lending Collateral0.3%
Other Assets and Liabilities
—*
*Category is less than 0.05% of total net assets.
Top Five Industries% of net assets
Software6.8%
Banks5.9%
Interactive Media and Services4.7%
Semiconductors and Semiconductor Equipment4.6%
Capital Markets4.4%

14


Performance
Avantis U.S. Small Cap Value Fund
Total Returns as of August 31, 2021Average
Annual Returns
Ticker Symbol1 yearSince InceptionInception Date
Institutional ClassAVUVX69.57%27.80%12/4/2019
Russell 2000 Value Index59.49%19.76%
G ClassAVCNX18.72%1/20/2021
Fund returns would have been lower if a portion of the fees had not been waived. Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Growth of $10,000 Over Life of Class
$10,000 investment made December 4, 2019
Performance for other share classes will vary due to differences in fee structure.
chart-e57c439f7ee04fc28ac.jpg
    
Value on August 31, 2021
Institutional Class — $15,334
Russell 2000 Value Index — $13,691
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.25%0.25%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.




Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
15


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis U.S. Small Cap Value seeks long-term capital appreciation by investing in a diverse group of U.S. small-capitalization (small-cap) companies across market sectors and industry groups.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in securities of small-cap companies located in the U.S.

The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2021, Avantis U.S. Small Cap Value returned 69.57%*. For the same time period, the fund’s benchmark, the Russell 2000 Value Index, returned 59.49%. Fund returns reflect fees and operating expenses, while the index return does not.

The fund’s outperformance was largely due to the portfolio’s overweight versus the index in companies with the highest profitability and book-to-market characteristics. Excluding real estate investment trusts (REITs) also aided the fund’s relative results, as REITs underperformed for the reporting period.




















*All fund returns referenced in this commentary are for Institutional Class shares. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 15 for returns for all share classes.

16


Fund Characteristics
AUGUST 31, 2021
Avantis U.S. Small Cap Value Fund
Types of Investments in Portfolio% of net assets
Common Stocks99.4%
Corporate Bonds
—*
Temporary Cash Investments1.4%
Temporary Cash Investments - Securities Lending Collateral0.6%
Other Assets and Liabilities(1.4)%
*Category is less than 0.05% of total net assets.
Top Five Industries% of net assets
Banks14.5%
Oil, Gas and Consumable Fuels8.3%
Specialty Retail8.2%
Trading Companies and Distributors4.5%
Insurance4.4%

17


Shareholder Fee Examples

Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2021 to August 31, 2021.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the class you own. Then 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 under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class's. The hypothetical account values and expenses may not be used to estimate the 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 and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table 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 table is useful in comparing ongoing 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.
18


Beginning
Account Value
3/1/21
Ending
Account Value
8/31/21
Expenses Paid
During Period(1)
3/1/21 - 8/31/21
Annualized
Expense Ratio(1)
Avantis Emerging Markets Equity Fund
Actual
Institutional Class$1,000$1,041.30$1.700.33%
G Class$1,000$1,042.90$0.00
0.00%(2)
Hypothetical
Institutional Class$1,000$1,023.54$1.680.33%
G Class$1,000$1,025.21$0.00
0.00%(2)
Avantis International Equity Fund
Actual
Institutional Class$1,000$1,111.00$1.220.23%
G Class$1,000$1,111.90$0.00
0.00%(2)
Hypothetical
Institutional Class$1,000$1,024.05$1.170.23%
G Class$1,000$1,025.21$0.00
0.00%(2)
Avantis International Small Cap Value Fund
Actual
Institutional Class$1,000$1,116.50$1.920.36%
G Class$1,000$1,117.20$0.00
0.00%(2)
Hypothetical
Institutional Class$1,000$1,023.39$1.840.36%
G Class$1,000$1,025.21$0.00
0.00%(2)
Avantis U.S. Equity Fund
Actual
Institutional Class$1,000$1,161.00$0.820.15%
G Class$1,000$1,161.60$0.00
0.00%(2)
Hypothetical
Institutional Class$1,000$1,024.45$0.770.15%
G Class$1,000$1,025.21$0.00
0.00%(2)
Avantis U.S. Small Cap Value Fund
Actual
Institutional Class$1,000$1,120.90$1.340.25%
G Class$1,000$1,122.40$0.00
0.00%(2)
Hypothetical
Institutional Class$1,000$1,023.95$1.280.25%
G Class$1,000$1,025.21$0.00
0.00%(2)
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Other expenses did not exceed 0.005%.
19


Schedules of Investments

AUGUST 31, 2021
Avantis Emerging Markets Equity Fund
SharesValue
COMMON STOCKS — 99.2%


Brazil — 5.8%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA(1)
2,800 $4,338 
AES Brasil Energia SA9,500 28,293 
Aliansce Sonae Shopping Centers SA4,600 22,569 
Alpargatas SA, Preference Shares(1)
3,300 38,388 
Ambev SA, ADR42,032 137,024 
Americanas SA(1)
2,537 20,352 
Anima Holding SA(1)
600 1,136 
Arezzo Industria e Comercio SA900 15,623 
Atacadao SA9,500 33,217 
Azul SA, ADR(1)(2)
821 18,054 
B3 SA - Brasil Bolsa Balcao40,800 110,230 
Banco ABC Brasil SA, Preference Shares3,900 12,686 
Banco BMG SA, Preference Shares4,900 3,904 
Banco Bradesco SA15,036 57,692 
Banco Bradesco SA, ADR47,458 212,612 
Banco BTG Pactual SA11,600 63,779 
Banco BTG Pactual SA712 2,417 
Banco do Brasil SA15,860 92,968 
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares8,800 21,137 
Banco Inter SA1,500 19,570 
Banco Inter SA, Preference Shares6,900 29,250 
Banco Mercantil do Brasil SA, Preference Shares400 1,529 
Banco Pan SA, Preference Shares4,400 15,921 
Banco Santander Brasil SA, ADR(2)
6,130 49,347 
BB Seguridade Participacoes SA5,300 19,444 
BR Malls Participacoes SA(1)
31,000 54,317 
BR Properties SA8,200 13,194 
BrasilAgro - Co. Brasileira de Propriedades Agricolas2,800 15,032 
Braskem SA, ADR(1)(2)
1,253 31,789 
BRF SA, ADR(1)(2)
22,557 102,183 
C&A Modas Ltda(1)
4,900 8,481 
Camil Alimentos SA3,100 5,749 
CCR SA23,400 55,527 
Centrais Eletricas Brasileiras SA, ADR1,464 10,760 
Centrais Eletricas Brasileiras SA, Class B Preference Shares1,200 8,784 
Cia Brasileira de Distribuicao, ADR(2)
9,143 50,561 
Cia de Locacao das Americas10,400 50,001 
Cia de Saneamento Basico do Estado de Sao Paulo, ADR2,823 19,535 
Cia de Saneamento de Minas Gerais-COPASA5,000 13,538 
Cia de Saneamento do Parana1,800 6,732 
Cia de Saneamento do Parana, Preference Shares12,800 9,704 
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares400 1,909 
Cia Energetica de Minas Gerais, ADR22,269 56,786 
20


Avantis Emerging Markets Equity Fund
SharesValue
Cia Energetica de Sao Paulo, Class B Preference Shares3,500 $15,839 
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares1,500 16,352 
Cia Hering5,100 36,592 
Cia Paranaense de Energia, ADR3,382 21,307 
Cia Siderurgica Nacional SA, ADR17,891 120,585 
Cielo SA50,500 28,030 
Cogna Educacao(1)
5,800 3,645 
Construtora Tenda SA4,800 18,919 
Cosan SA7,144 30,506 
CPFL Energia SA3,700 20,823 
Cristal Pigmentos do Brasil SA, Preference Shares200 4,137 
CVC Brasil Operadora e Agencia de Viagens SA(1)
3,300 13,626 
CVC Brasil Operadora e Agencia de Viagens SA(1)
514 2,096 
Cyrela Brazil Realty SA Empreendimentos e Participacoes14,800 57,960 
Dexco SA9,100 36,430 
Direcional Engenharia SA2,300 5,649 
Dommo Energia SA(1)
1,400 233 
EcoRodovias Infraestrutura e Logistica SA(1)
10,900 20,911 
EDP - Energias do Brasil SA8,700 31,076 
Embraer SA, ADR(1)
4,841 86,848 
Enauta Participacoes SA5,900 15,666 
Energisa SA1,700 14,673 
Eneva SA(1)
16,400 49,954 
Engie Brasil Energia SA4,800 35,034 
Equatorial Energia SA10,200 50,104 
Eternit SA(1)
2,988 11,291 
Eucatex SA Industria e Comercio, Preference Shares3,000 5,732 
Even Construtora e Incorporadora SA7,000 11,399 
Ez Tec Empreendimentos e Participacoes SA1,600 8,342 
Fleury SA3,200 14,648 
Fras-Le SA1,000 3,036 
Gafisa SA(1)
10,749 6,444 
Gerdau SA, ADR20,720 112,302 
Gol Linhas Aereas Inteligentes SA, ADR(1)(2)
748 5,827 
Gol Linhas Aereas Inteligentes SA, Preference Shares(1)
2,495 9,578 
GPC Participacoes SA3,600 9,051 
Grazziotin SA, Preference Shares200 1,630 
Grendene SA11,100 22,841 
Grupo Mateus SA(1)
4,100 5,741 
Grupo SBF SA(1)
1,700 11,362 
Guararapes Confeccoes SA4,800 14,388 
Hapvida Participacoes e Investimentos SA13,800 39,178 
Helbor Empreendimentos SA720 1,021 
Hypera SA5,800 39,640 
Iguatemi Empresa de Shopping Centers SA1,300 8,649 
Industrias Romi SA1,850 7,807 
Instituto Hermes Pardini SA1,400 6,969 
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira1,000 5,603 
Iochpe Maxion SA(1)
2,900 8,676 
Irani Papel e Embalagem SA5,300 7,195 
IRB Brasil Resseguros S/A26,014 26,815 
21


Avantis Emerging Markets Equity Fund
SharesValue
Itau Unibanco Holding SA, ADR50,535 $299,673 
JBS SA18,900 111,080 
Jereissati Participacoes SA1,300 7,356 
JHSF Participacoes SA10,100 13,009 
Kepler Weber SA200 1,850 
Klabin SA(1)
20,800 105,875 
Lavvi Empreendimentos Imobiliarios Ltda5,200 6,426 
Light SA10,600 28,331 
Localiza Rent a Car SA6,580 70,715 
Locaweb Servicos de Internet SA
7,200 34,184 
LOG Commercial Properties e Participacoes SA500 2,659 
Log-in Logistica Intermodal SA(1)
1,900 5,894 
Lojas Americanas SA, Preference Shares9,099 10,365 
Lojas Quero Quero S/A6,400 24,098 
Lojas Renner SA12,700 92,890 
LPS Brasil Consultoria de Imoveis SA(1)
6,100 4,978 
M Dias Branco SA3,200 19,791 
Magazine Luiza SA10,400 36,565 
Mahle-Metal Leve SA1,600 12,377 
Marcopolo SA, Preference Shares14,900 7,982 
Marfrig Global Foods SA15,100 60,099 
Marisa Lojas SA(1)
9,500 12,218 
Meliuz SA800 6,281 
Metalurgica Gerdau SA, Preference Shares1,900 4,740 
Mills Estruturas e Servicos de Engenharia SA8,549 12,416 
Minerva SA13,200 21,035 
Mitre Realty Empreendimentos E Participacoes LTDA2,600 4,727 
Movida Participacoes SA3,700 13,274 
MPM Corporeos SA2,100 7,282 
MRV Engenharia e Participacoes SA14,400 38,153 
Multiplan Empreendimentos Imobiliarios SA6,000 24,565 
Natura & Co. Holding SA(1)
7,778 77,633 
Notre Dame Intermedica Participacoes SA3,400 52,261 
Odontoprev SA7,500 18,537 
Omega Geracao SA(1)
3,800 24,332 
Paranapanema SA(1)
200 517 
Petro Rio SA(1)
25,500 94,340 
Petrobras Distribuidora SA32,100 167,242 
Petroleo Brasileiro SA, ADR27,105 293,818 
Petroleo Brasileiro SA, ADR Preference Shares34,685 364,539 
Porto Seguro SA1,900 20,882 
Portobello SA4,200 11,900 
Positivo Tecnologia SA2,800 7,787 
Profarma Distribuidora de Produtos Farmaceuticos SA(1)
1,200 1,372 
Qualicorp Consultoria e Corretora de Seguros SA5,900 24,110 
Raia Drogasil SA12,300 60,801 
Randon SA Implementos e Participacoes, Preference Shares8,700 19,332 
Rede D'Or Sao Luiz SA1,500 20,097 
Rumo SA(1)
14,000 50,441 
Santos Brasil Participacoes SA(1)
6,400 9,704 
Sao Carlos Empreendimentos e Participacoes SA100 754 
22


Avantis Emerging Markets Equity Fund
SharesValue
Sao Martinho SA8,000 $49,756 
Sendas Distribuidora SA, ADR(2)
5,280 86,539 
Ser Educacional SA2,100 5,316 
SIMPAR SA10,400 29,767 
SLC Agricola SA1,600 12,603 
StoneCo Ltd.(1)
19 884 
StoneCo Ltd., A Shares(1)
1,010 47,005 
Sul America SA14,873 83,989 
Suzano SA, ADR(1)(2)
10,834 126,108 
Taurus Armas SA, Preference Shares(1)
3,200 13,968 
Tegma Gestao Logistica SA400 1,382 
Telefonica Brasil SA, ADR2,403 20,329 
TIM SA, ADR2,416 28,750 
TOTVS SA7,000 53,081 
Transmissora Alianca de Energia Eletrica SA7,600 55,984 
Trisul SA300 443 
Tupy SA2,300 9,870 
Ultrapar Participacoes SA, ADR20,277 56,776 
Unipar Carbocloro SA, Preference Shares2,600 46,064 
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares18,800 67,226 
Vale SA, ADR45,403 865,835 
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA(1)
600 1,047 
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA(1)
2,400 7,101 
Via S/A(1)
4,800 9,654 
Vivara Participacoes SA800 5,106 
Vulcabras Azaleia SA(1)
600 1,093 
WEG SA8,600 59,043 
Wiz Solucoes e Corretagem de Seguros SA4,600 12,544 
YDUQS Participacoes SA8,400 42,172 
6,908,944 
Chile — 0.6%
AES Andes SA194,445 26,009 
Aguas Andinas SA, A Shares106,125 23,629 
Banco de Chile577,826 56,465 
Banco de Credito e Inversiones SA1,090 47,216 
Banco Santander Chile, ADR2,315 48,731 
Besalco SA2,057 744 
CAP SA4,006 56,944 
Cencosud SA17,126 32,734 
Cencosud Shopping SA6,154 8,939 
Cia Cervecerias Unidas SA, ADR1,576 31,977 
Cia Sud Americana de Vapores SA569,019 43,266 
Colbun SA243,180 39,595 
Embotelladora Andina SA, Class B Preference Shares13,739 32,439 
Empresa Nacional de Telecomunicaciones SA3,422 16,933 
Empresas CMPC SA16,536 36,733 
Empresas COPEC SA3,197 29,456 
Enel Americas SA, ADR3,382 23,606 
Enel Chile SA313,182 16,148 
23


Avantis Emerging Markets Equity Fund
SharesValue
Engie Energia Chile SA14,725 $10,123 
Falabella SA6,732 26,664 
Grupo Security SA30,991 5,566 
Inversiones Aguas Metropolitanas SA7,601 4,581 
Itau CorpBanca Chile SA(1)
3,424,545 9,537 
Latam Airlines Group SA, ADR(1)
802 1,821 
Parque Arauco SA(1)
4,457 5,357 
Ripley Corp. SA(1)
3,501 790 
Salfacorp SA2,048 1,019 
Sociedad Quimica y Minera de Chile SA, ADR915 47,717 
SONDA SA(1)
16,560 8,870 
Vina Concha y Toro SA7,229 12,378 
705,987 
China — 30.0%
21Vianet Group, Inc., ADR(1)
2,296 45,438 
360 DigiTech, Inc., ADR(1)
5,389 122,869 
361 Degrees International Ltd.(1)
40,000 19,093 
3SBio, Inc.(1)
42,500 47,346 
51job, Inc., ADR(1)
559 42,931 
A-Living Smart City Services Co. Ltd.10,000 39,743 
AAC Technologies Holdings, Inc.(2)
36,000 199,572 
Agile Group Holdings Ltd.60,000 68,807 
Agricultural Bank of China Ltd., H Shares361,000 121,021 
Air China Ltd., H Shares(1)
28,000 18,779 
Ajisen China Holdings Ltd.4,000 683 
Alibaba Group Holding Ltd., ADR(1)
10,378 1,733,022 
Alibaba Health Information Technology Ltd.(1)
16,000 26,409 
Alibaba Pictures Group Ltd.(1)
160,000 17,053 
Aluminum Corp. of China Ltd., H Shares(1)
148,000 107,396 
Angang Steel Co. Ltd., H Shares(2)
4,000 3,056 
Anhui Conch Cement Co. Ltd., H Shares19,000 102,802 
Anhui Expressway Co. Ltd., H Shares18,000 11,021 
ANTA Sports Products Ltd.16,000 328,654 
Aoyuan Healthy Life Group Co. Ltd.(1)(2)
14,000 7,907 
Ascentage Pharma Group International(1)(2)
1,100 5,468 
Asia Cement China Holdings Corp.23,500 17,320 
Ausnutria Dairy Corp. Ltd.(1)(2)
31,000 30,179 
Autohome, Inc., ADR1,686 74,622 
BAIC Motor Corp. Ltd., H Shares47,000 17,158 
Baidu, Inc., ADR(1)
3,972 623,683 
BAIOO Family Interactive Ltd.(2)
74,000 7,965 
Bank of China Ltd., H Shares1,258,000 440,845 
Bank of Chongqing Co. Ltd., H Shares27,000 15,715 
Bank of Communications Co. Ltd., H Shares204,000 117,158 
BBMG Corp., H Shares5,000 899 
BC Technology Group Ltd.(1)(2)
3,500 6,709 
BeiGene Ltd., ADR(1)
383 118,079 
Beijing Capital International Airport Co. Ltd., H Shares(1)
58,000 34,916 
Beijing Capital Land Ltd., H Shares(1)
118,000 41,681 
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares(1)
5,000 12,586 
Beijing Enterprises Clean Energy Group Ltd.(1)
1,000,000 11,533 
24


Avantis Emerging Markets Equity Fund
SharesValue
Beijing Enterprises Holdings Ltd.13,500 $46,459 
Beijing Enterprises Urban Resources Group Ltd.(1)
96,000 9,854 
Beijing Enterprises Water Group Ltd.(1)
60,000 24,746 
Beijing North Star Co. Ltd., H Shares4,000 684 
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(2)
9,000 12,410 
Bilibili, Inc., ADR(1)
551 44,207 
Binjiang Service Group Co. Ltd.3,000 8,638 
BOC Aviation Ltd.8,500 63,722 
Bosideng International Holdings Ltd.134,000 109,392 
Bright Scholar Education Holdings Ltd., ADR109 366 
Burning Rock Biotech Ltd., ADR(1)
365 6,800 
BYD Co. Ltd., H Shares13,000 437,048 
BYD Electronic International Co. Ltd.(2)
21,500 98,350 
C&D International Investment Group Ltd.(1)
11,000 22,560 
C&D Property Management Group Co. Ltd.(1)
19,000 10,361 
CA Cultural Technology Group Ltd.(1)(2)
4,000 1,411 
Cabbeen Fashion Ltd.11,000 4,821 
Canaan, Inc., ADR(1)(2)
2,134 20,060 
Canadian Solar, Inc.(1)
1,067 39,447 
CanSino Biologics, Inc., H Shares(1)(2)
400 15,808 
Canvest Environmental Protection Group Co. Ltd.32,000 17,770 
Cathay Media And Education Group, Inc.12,000 4,811 
Central China Management Co. Ltd.(2)
18,000 3,978 
Central China New Life Ltd.(2)
5,000 3,603 
Central China Real Estate Ltd.(2)
18,000 4,390 
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(1)
2,700 3,988 
Chaowei Power Holdings Ltd.36,000 11,153 
Cheetah Mobile, Inc., ADR(1)(2)
309 627 
China Aircraft Leasing Group Holdings Ltd.1,000 706 
China Aoyuan Group Ltd.13,000 7,772 
China Automotive Systems, Inc.(1)(2)
741 2,616 
China Beststudy Education Group(1)
17,000 1,137 
China BlueChemical Ltd., H Shares98,000 30,367 
China Bohai Bank Co. Ltd., H Shares70,000 28,338 
China Cinda Asset Management Co. Ltd., H Shares236,000 41,857 
China CITIC Bank Corp. Ltd., H Shares165,000 75,855 
China Coal Energy Co. Ltd., H Shares13,000 9,272 
China Communications Services Corp. Ltd., H Shares82,000 43,575 
China Conch Venture Holdings Ltd.25,500 104,367 
China Construction Bank Corp., H Shares1,368,000 985,723 
China Datang Corp. Renewable Power Co. Ltd., H Shares74,000 21,505 
China Dongxiang Group Co. Ltd.210,000 24,830 
China East Education Holdings Ltd.(1)
18,000 19,313 
China Eastern Airlines Corp. Ltd., H Shares(1)
14,000 5,361 
China Education Group Holdings Ltd.33,000 62,391 
China Energy Development Holdings Ltd.(1)
48,000 666 
China Everbright Bank Co. Ltd., H Shares87,000 31,183 
China Everbright Environment Group Ltd.144,000 99,557 
China Everbright Greentech Ltd.(2)
31,000 10,631 
China Everbright Ltd.50,000 62,747 
China Evergrande Group(2)
42,000 23,569 
25


Avantis Emerging Markets Equity Fund
SharesValue
China Feihe Ltd.78,000 $140,948 
China First Capital Group Ltd.(1)
5,600 187 
China Foods Ltd.32,000 10,762 
China Galaxy Securities Co. Ltd., H Shares115,000 64,556 
China Gas Holdings Ltd.11,600 33,578 
China Glass Holdings Ltd.(1)
44,000 24,056 
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A48,000 38,300 
China Harmony Auto Holding Ltd.31,500 17,750 
China High Speed Transmission Equipment Group Co. Ltd.(1)
14,000 10,127 
China Hongqiao Group Ltd.73,000 108,275 
China Huarong Asset Management Co. Ltd., H Shares(1)
330,000 28,428 
China International Capital Corp. Ltd., H Shares42,000 97,661 
China Isotope & Radiation Corp.(2)
2,200 6,845 
China Kepei Education Group Ltd.(2)
26,000 15,408 
China Lesso Group Holdings Ltd.42,000 89,895 
China Life Insurance Co. Ltd., ADR(2)
17,023 143,163 
China Lilang Ltd.24,000 14,975 
China Literature Ltd.(1)(2)
3,200 26,917 
China Logistics Property Holdings Co. Ltd.(1)(2)
22,000 11,335 
China Longyuan Power Group Corp. Ltd., H Shares154,000 313,875 
China Maple Leaf Educational Systems Ltd.(1)(2)
42,000 8,469 
China Medical System Holdings Ltd.73,000 143,282 
China Meidong Auto Holdings Ltd.20,000 100,317 
China Mengniu Dairy Co. Ltd.(1)
72,000 433,063 
China Merchants Bank Co. Ltd., H Shares58,500 482,485 
China Merchants Land Ltd.(1)
40,000 5,244 
China Merchants Port Holdings Co. Ltd.42,756 71,930 
China Minsheng Banking Corp. Ltd., H Shares(2)
131,500 54,918 
China Modern Dairy Holdings Ltd.(2)
139,000 27,845 
China Molybdenum Co. Ltd., H Shares102,000 79,577 
China National Building Material Co. Ltd., H Shares152,000 207,571 
China New Higher Education Group Ltd.(2)
55,000 29,584 
China Oil & Gas Group Ltd.(1)
40,000 2,163 
China Oriental Group Co. Ltd.26,000 9,608 
China Pacific Insurance Group Co. Ltd., H Shares49,200 138,664 
China Petroleum & Chemical Corp., ADR(2)
4,752 228,049 
China Pioneer Pharma Holdings Ltd.22,000 4,493 
China Power International Development Ltd.195,000 78,742 
China Railway Group Ltd., H Shares72,000 34,483 
China Railway Signal & Communication Corp. Ltd., H Shares31,000 11,221 
China Rare Earth Holdings Ltd.(1)(2)
68,000 7,775 
China Reinsurance Group Corp., H Shares43,000 4,474 
China Renaissance Holdings Ltd.(1)
10,200 25,689 
China Resources Beer Holdings Co. Ltd.20,000 164,468 
China Resources Cement Holdings Ltd.92,000 90,205 
China Resources Gas Group Ltd.20,000 121,238 
China Resources Land Ltd.90,000 334,289 
China Resources Medical Holdings Co. Ltd.39,000 34,365 
China Resources Mixc Lifestyle Services Ltd.3,800 19,943 
China Resources Pharmaceutical Group Ltd.64,500 33,544 
China Resources Power Holdings Co. Ltd.76,000 186,757 
26


Avantis Emerging Markets Equity Fund
SharesValue
China Sanjiang Fine Chemicals Co. Ltd.48,000 $19,162 
China SCE Group Holdings Ltd.54,000 21,627 
China Shengmu Organic Milk Ltd.(1)
55,000 4,246 
China Shenhua Energy Co. Ltd., H Shares67,000 148,158 
China Shineway Pharmaceutical Group Ltd.16,000 17,302 
China South City Holdings Ltd.148,000 13,692 
China Southern Airlines Co. Ltd., H Shares(1)(2)
18,000 10,469 
China Sunshine Paper Holdings Co. Ltd.(1)
7,000 1,734 
China Suntien Green Energy Corp. Ltd., H Shares103,000 65,243 
China Taiping Insurance Holdings Co. Ltd.67,800 99,062 
China Tian Lun Gas Holdings Ltd.(2)
9,500 9,738 
China Tobacco International HK Co. Ltd.(2)
3,000 5,979 
China Tower Corp. Ltd., H Shares1,296,000 169,992 
China Traditional Chinese Medicine Holdings Co. Ltd.(1)
110,000 52,357 
China Travel International Investment Hong Kong Ltd.(1)
60,000 8,394 
China Vanke Co. Ltd., H Shares37,300 100,641 
China Water Affairs Group Ltd.24,000 23,937 
China Xinhua Education Group Ltd.17,000 3,867 
China XLX Fertiliser Ltd.27,000 20,033 
China Yongda Automobiles Services Holdings Ltd.52,500 87,969 
China Yuchai International Ltd.512 7,296 
China Yuhua Education Corp. Ltd.64,000 34,199 
China ZhengTong Auto Services Holdings Ltd.(1)
80,000 12,825 
China Zhongwang Holdings Ltd.(1)(2)
86,400 18,663 
Chongqing Rural Commercial Bank Co. Ltd., H Shares90,000 34,429 
CIFI Ever Sunshine Services Group Ltd.20,000 41,315 
CIFI Holdings Group Co. Ltd.88,000 59,156 
CIMC Enric Holdings Ltd.12,000 17,628 
CITIC Ltd.74,000 91,940 
CITIC Securities Co. Ltd., H Shares58,500 148,167 
CMGE Technology Group Ltd.(1)(2)
60,000 26,925 
COFCO Joycome Foods Ltd.(2)
57,000 16,852 
Cogobuy Group(1)(2)
23,000 8,736 
Colour Life Services Group Co. Ltd.(1)(2)
2,000 690 
Concord New Energy Group Ltd.350,000 35,027 
Consun Pharmaceutical Group Ltd.29,000 13,644 
Coolpad Group Ltd.(1)
372,000 13,114 
COSCO SHIPPING Energy Transportation Co. Ltd., Class H20,000 7,800 
COSCO SHIPPING Holdings Co. Ltd., Class H(1)(2)
115,049 217,142 
COSCO SHIPPING International Hong Kong Co. Ltd.(2)
16,000 5,345 
COSCO SHIPPING Ports Ltd.43,929 36,531 
Country Garden Holdings Co. Ltd.114,123 126,140 
Country Garden Services Holdings Co. Ltd.23,000 175,506 
CPMC Holdings Ltd.28,000 16,745 
Crazy Sports Group Ltd.(1)(2)
124,000 8,151 
CSPC Pharmaceutical Group Ltd.313,200 397,326 
CStone Pharmaceuticals(1)
4,500 7,596 
Dada Nexus Ltd., ADR(1)
226 5,352 
DaFa Properties Group Ltd.2,000 1,724 
Dali Foods Group Co. Ltd.80,000 44,810 
Daqo New Energy Corp., ADR(1)
2,018 123,724 
27


Avantis Emerging Markets Equity Fund
SharesValue
Datang International Power Generation Co. Ltd., H Shares6,000 $1,033 
Dawnrays Pharmaceutical Holdings Ltd.7,000 1,442 
Dexin China Holdings Co. Ltd.(1)
5,000 1,827 
DiDi Global, Inc., ADR(1)(2)
1,643 13,505 
Differ Group Holding Co. Ltd.(1)
192,000 66,480 
Digital China Holdings Ltd.27,000 16,838 
Dongfeng Motor Group Co. Ltd., Class H82,000 89,789 
Dongyue Group Ltd.(2)
57,000 196,069 
DouYu International Holdings Ltd., ADR(1)
1,695 7,255 
Duiba Group Ltd.(1)
16,000 4,409 
E-House China Enterprise Holdings Ltd.48,000 13,581 
Edvantage Group Holdings Ltd.(2)
14,000 9,957 
ENN Energy Holdings Ltd.13,300 263,176 
Essex Bio-technology Ltd.(2)
21,000 17,705 
Fanhua, Inc., ADR(2)
2,119 30,344 
Fantasia Holdings Group Co. Ltd.(1)(2)
48,000 4,372 
FIH Mobile Ltd.(1)(2)
126,000 18,781 
FinVolution Group, ADR7,304 44,481 
First Tractor Co. Ltd., H Shares(2)
12,000 6,478 
Flat Glass Group Co. Ltd., H Shares4,000 23,380 
Fosun International Ltd.67,000 84,748 
Fountain SET Holdings Ltd.6,000 1,043 
FriendTimes, Inc.28,000 5,110 
Fu Shou Yuan International Group Ltd.47,000 42,395 
Fufeng Group Ltd.(1)
69,000 26,301 
Fuyao Glass Industry Group Co. Ltd., H Shares15,200 93,538 
Ganfeng Lithium Co. Ltd., H Shares1,600 36,863 
GCL-Poly Energy Holdings Ltd.(1)
555,000 79,238 
GDS Holdings Ltd., ADR(1)
1,596 93,334 
Geely Automobile Holdings Ltd.115,000 416,786 
Gemdale Properties & Investment Corp. Ltd.316,000 35,438 
Genertec Universal Medical Group Co. Ltd.42,500 34,577 
GF Securities Co. Ltd., H Shares28,000 49,757 
Global Cord Blood Corp.(1)(2)
2,020 9,999 
Glory Sun Financial Group Ltd.(1)
140,000 4,174 
Goodbaby International Holdings Ltd.(1)
58,000 9,603 
Great Wall Motor Co. Ltd., H Shares85,500 394,354 
Greatview Aseptic Packaging Co. Ltd.30,000 12,339 
Greenland Hong Kong Holdings Ltd.22,000 6,105 
Greentown China Holdings Ltd.(2)
16,000 24,543 
Greentown Management Holdings Co. Ltd.22,000 10,650 
Guangdong Investment Ltd.44,000 61,106 
Guangzhou Automobile Group Co. Ltd., H Shares44,000 44,300 
Guangzhou R&F Properties Co. Ltd., H Shares88,000 75,030 
Guorui Properties Ltd.(1)
29,000 1,229 
Guotai Junan Securities Co. Ltd., H Shares(1)
4,400 6,149 
Haichang Ocean Park Holdings Ltd.(1)
83,000 14,085 
Haidilao International Holding Ltd.(2)
8,000 32,649 
Haier Smart Home Co. Ltd., H Shares34,800 131,092 
Hainan Meilan International Airport Co. Ltd., H Shares(1)
7,000 22,049 
Haitian International Holdings Ltd.24,000 91,765 
28


Avantis Emerging Markets Equity Fund
SharesValue
Haitong Securities Co. Ltd., H Shares36,400 $33,631 
Hangzhou Tigermed Consulting Co. Ltd., H Shares1,100 19,517 
Hansoh Pharmaceutical Group Co. Ltd.16,000 43,625 
Harbin Electric Co. Ltd., H Shares4,000 1,316 
Hebei Construction Group Corp. Ltd., H Shares3,000 917 
Hello Group, Inc., ADR7,060 92,768 
Hengan International Group Co. Ltd.28,000 162,150 
Hi Sun Technology China Ltd.(1)
57,000 9,635 
Hisense Home Appliances Group Co. Ltd., H Shares16,000 18,784 
Hollysys Automation Technologies Ltd.3,109 61,092 
Homeland Interactive Technology Ltd.(1)(2)
24,000 7,787 
Hope Education Group Co. Ltd.118,000 20,059 
Hopson Development Holdings Ltd.24,000 93,497 
Hua Hong Semiconductor Ltd.(1)(2)
9,000 52,967 
Hua Medicine(1)
8,500 5,016 
Huabao International Holdings Ltd.(2)
29,000 69,357 
Huadian Power International Corp. Ltd., H Shares30,000 10,181 
Huaneng Power International, Inc., H Shares98,000 47,404 
Huatai Securities Co. Ltd., H Shares51,400 73,729 
Huaxi Holdings Co. Ltd.4,000 1,286 
Huazhong In-Vehicle Holdings Co. Ltd.(2)
40,000 21,535 
Huazhu Group Ltd., ADR(1)
5,798 279,985 
Huijing Holdings Co. Ltd.(2)
26,000 6,528 
HUYA, Inc., ADR(1)
1,399 14,955 
I-Mab, ADR(1)
310 21,985 
iDreamSky Technology Holdings Ltd.(1)
9,600 5,822 
IMAX China Holding, Inc.4,700 6,834 
Industrial & Commercial Bank of China Ltd., H Shares755,000 420,440 
Inke Ltd.(1)
38,000 8,800 
Innovent Biologics, Inc.(1)
4,000 32,299 
International Alliance Financial Leasing Co. Ltd.(1)
24,000 7,874 
iQIYI, Inc., ADR(1)(2)
6,898 62,496 
JD Health International, Inc.(1)(2)
1,750 16,373 
JD.com, Inc., ADR(1)
8,848 695,099 
JH Educational Technology, Inc.(1)
14,000 3,928 
JHBP CY Holdings Ltd.(1)
2,500 3,511 
Jiangsu Expressway Co. Ltd., H Shares44,000 45,643 
Jiangxi Copper Co. Ltd., H Shares22,000 44,515 
Jiayuan International Group Ltd.52,000 20,657 
Jinchuan Group International Resources Co. Ltd.(2)
172,000 30,624 
Jingrui Holdings Ltd.(1)
6,000 1,955 
Jinke Smart Services Group Co. Ltd., H Shares900 5,788 
JinkoSolar Holding Co. Ltd., ADR(1)(2)
1,076 52,939 
Jinxin Fertility Group Ltd.(1)
26,000 41,315 
JNBY Design Ltd.11,500 27,278 
JOYY, Inc., ADR959 60,705 
Jutal Offshore Oil Services Ltd.46,000 5,560 
Kaisa Group Holdings Ltd.(1)
76,571 25,488 
Kaisa Prosperity Holdings Ltd.(1)
3,750 11,824 
Kandi Technologies Group, Inc.(1)(2)
639 3,208 
Kangji Medical Holdings Ltd.(2)
7,500 10,504 
29


Avantis Emerging Markets Equity Fund
SharesValue
Kasen International Holdings Ltd.(1)
37,000 $3,799 
KE Holdings, Inc., ADR(1)
1,641 29,686 
Kingboard Holdings Ltd.29,000 142,591 
Kingboard Laminates Holdings Ltd.32,500 63,910 
Kingdee International Software Group Co. Ltd.(1)
29,000 105,600 
Kingsoft Corp. Ltd.12,000 48,137 
Kuaishou Technology(1)(2)
1,600 17,458 
Kunlun Energy Co. Ltd.122,000 129,032 
KWG Group Holdings Ltd.61,500 64,747 
KWG Living Group Holdings Ltd.45,500 38,171 
Lee & Man Chemical Co. Ltd.4,000 3,084 
Lee & Man Paper Manufacturing Ltd.55,000 48,271 
Lee's Pharmaceutical Holdings Ltd.(2)
11,000 5,705 
Lenovo Group Ltd.130,000 143,394 
LexinFintech Holdings Ltd., ADR(1)
6,546 45,560 
Li Auto, Inc., ADR(1)
3,391 104,646 
Li Ning Co. Ltd.59,500 797,881 
Lifetech Scientific Corp.(1)
70,000 37,833 
LightInTheBox Holding Co. Ltd., ADR(1)(2)
2,012 2,736 
Logan Group Co. Ltd.30,000 35,759 
Longfor Group Holdings Ltd.43,500 188,238 
Lonking Holdings Ltd.94,000 29,469 
Lufax Holding Ltd., ADR(1)
2,836 24,588 
Luokung Technology Corp.(1)
3,718 5,837 
Luoyang Glass Co. Ltd., H Shares(1)
6,000 10,694 
Luye Pharma Group Ltd.(1)(2)
75,000 39,919 
LVGEM China Real Estate Investment Co. Ltd.(1)
34,000 7,905 
Maanshan Iron & Steel Co. Ltd., H Shares4,000 2,286 
Maoyan Entertainment(1)(2)
11,000 14,492 
Meitu, Inc.(1)
51,500 12,312 
Meituan, Class B(1)
13,600 434,854 
Metallurgical Corp. of China Ltd., H Shares5,000 1,989 
Midea Real Estate Holding Ltd.(2)
12,600 24,968 
Minsheng Education Group Co. Ltd.(1)
34,000 5,318 
Minth Group Ltd.14,000 58,104 
MMG Ltd.(1)
112,000 53,944 
Mulsanne Group Holding Ltd.(1)(2)
12,500 9,689 
Nam Tai Property, Inc.(1)(2)
124 3,218 
NetDragon Websoft Holdings Ltd.14,000 31,301 
NetEase, Inc., ADR7,040 685,837 
New China Life Insurance Co. Ltd., H Shares25,700 75,654 
New Oriental Education & Technology Group, Inc., ADR(1)
13,569 30,666 
Newborn Town, Inc.(1)(2)
8,000 5,016 
Nexteer Automotive Group Ltd.41,000 46,174 
Nine Dragons Paper Holdings Ltd.70,000 95,628 
NIO, Inc., ADR(1)
6,261 246,120 
NiSun International Enterprise Development Group Co. Ltd.(1)(2)
338 3,238 
Niu Technologies, ADR(1)(2)
1,256 33,774 
Noah Holdings Ltd., ADR(1)
1,661 64,746 
Nongfu Spring Co. Ltd., H Shares(2)
3,800 20,109 
Ocumension Therapeutics(1)(2)
1,500 3,671 
30


Avantis Emerging Markets Equity Fund
SharesValue
Pacific Millennium Packaging Group Corp.2,000 $1,602 
Pacific Online Ltd.6,000 1,219 
PAX Global Technology Ltd.49,000 60,581 
People's Insurance Co. Group of China Ltd. (The), H Shares124,000 38,251 
PetroChina Co. Ltd., ADR(2)
4,449 194,021 
Pharmaron Beijing Co. Ltd., H Shares1,100 24,406 
PICC Property & Casualty Co. Ltd., H Shares240,000 216,987 
Pinduoduo, Inc., ADR(1)
1,796 179,636 
Ping An Healthcare and Technology Co. Ltd.(1)(2)
5,200 38,431 
Ping An Insurance Group Co. of China Ltd., H Shares95,506 739,510 
Poly Property Group Co. Ltd.120,000 31,752 
Poly Property Services Co. Ltd.(2)
2,200 13,448 
Postal Savings Bank of China Co. Ltd., H Shares175,000 126,074 
Pou Sheng International Holdings Ltd.(1)
90,000 18,196 
Powerlong Commercial Management Holdings Ltd.8,500 23,567 
Powerlong Real Estate Holdings Ltd.31,000 25,184 
Prinx Chengshan Holdings Ltd.(2)
6,000 5,946 
PW Medtech Group Ltd.7,000 1,169 
Q Technology Group Co. Ltd.18,000 31,601 
Qingling Motors Co. Ltd., H Shares6,000 1,547 
Qudian, Inc., ADR(1)(2)
12,033 20,456 
Radiance Holdings Group Co. Ltd.(1)
9,000 5,443 
Redco Properties Group Ltd.22,000 7,499 
Redsun Properties Group Ltd.51,000 17,731 
Road King Infrastructure Ltd.5,000 5,680 
Ronshine China Holdings Ltd.(1)(2)
11,000 5,941 
Sany Heavy Equipment International Holdings Co. Ltd.50,000 64,252 
Scholar Education Group(2)
5,000 1,313 
Seazen Group Ltd.(1)
100,000 88,569 
Shandong Gold Mining Co. Ltd., H Shares(2)
13,250 21,411 
Shandong Molong Petroleum Machinery Co. Ltd., H Shares(1)
12,800 7,944 
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares60,000 98,726 
Shanghai Electric Group Co. Ltd., H Shares40,000 11,359 
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares(2)
3,500 22,453 
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares(1)
4,000 12,391 
Shanghai Haohai Biological Technology Co. Ltd., H Shares200 1,699 
Shanghai Industrial Holdings Ltd.18,000 27,971 
Shanghai Industrial Urban Development Group Ltd.1,600 132 
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares30,200 59,912 
Sheng Ye Capital Ltd.(2)
16,500 20,970 
Shenzhen Expressway Co. Ltd., H Shares18,000 17,267 
Shenzhen International Holdings Ltd.21,500 28,056 
Shenzhen Investment Ltd.152,000 45,117 
Shenzhou International Group Holdings Ltd.14,000 303,466 
Shimao Group Holdings Ltd.20,000 41,326 
Shimao Services Holdings Ltd.5,000 11,715 
Shoucheng Holdings Ltd.33,200 7,135 
Shougang Fushan Resources Group Ltd.62,000 19,901 
Shui On Land Ltd.(1)
249,000 40,638 
Sihuan Pharmaceutical Holdings Group Ltd.(2)
105,000 31,183 
Silver Grant International Holdings Group Ltd.(1)
8,000 619 
31


Avantis Emerging Markets Equity Fund
SharesValue
Sino Biopharmaceutical Ltd.321,500 $268,895 
Sino-Ocean Group Holding Ltd.169,000 34,696 
Sinopec Engineering Group Co. Ltd., H Shares44,000 23,314 
Sinopec Kantons Holdings Ltd.30,000 11,093 
Sinopec Shanghai Petrochemical Co. Ltd., ADR(2)
365 7,880 
Sinopharm Group Co. Ltd., H Shares28,800 74,117 
Sinosoft Technology Group Ltd.22,000 3,136 
Sinotrans Ltd., H Shares4,000 1,629 
Sinotruk Hong Kong Ltd.28,000 55,167 
Skyfame Realty Holdings Ltd.46,000 5,501 
Skyworth Group Ltd.(1)
40,487 12,649 
So-Young International, Inc., ADR(1)(2)
363 2,124 
Sogou, Inc., ADR(1)(2)
1,368 12,079 
SOHO China Ltd.(1)(2)
54,500 22,375 
Sohu.com Ltd., ADR(1)
1,060 24,804 
Sparkle Roll Group Ltd.(1)
136,000 2,973 
SSY Group Ltd.54,000 33,506 
Sun King Technology Group Ltd.(1)(2)
42,000 24,003 
Sunac China Holdings Ltd.101,000 258,238 
Sunac Services Holdings Ltd.(1)
15,386 40,084 
Sunny Optical Technology Group Co. Ltd.17,300 523,525 
Suoxinda Holdings Ltd.(1)
8,000 6,912 
TCL Electronics Holdings Ltd.(1)
38,000 20,131 
Tencent Holdings Ltd.41,900 2,587,861 
Tencent Music Entertainment Group, ADR(1)
3,456 30,551 
Tian Ge Interactive Holdings Ltd.(1)
5,000 637 
Tiangong International Co. Ltd.(2)
44,000 28,950 
Tianjin Port Development Holdings Ltd.12,000 985 
Tianli Education International Holdings Ltd.(1)
68,000 17,579 
Tianneng Power International Ltd.(2)
38,000 50,857 
Times China Holdings Ltd.11,000 11,366 
Tingyi Cayman Islands Holding Corp.92,000 163,829 
Tong Ren Tang Technologies Co. Ltd., H Shares25,000 18,623 
Tongcheng-Elong Holdings Ltd.(1)
14,800 34,502 
Tongda Group Holdings Ltd.(1)(2)
170,000 5,465 
Topsports International Holdings Ltd.52,000 68,563 
Towngas China Co. Ltd.(1)
27,000 19,649 
TravelSky Technology Ltd., H Shares13,000 24,352 
Trigiant Group Ltd.(1)
6,000 531 
Trip.com Group Ltd., ADR(1)
5,409 164,920 
Tsingtao Brewery Co. Ltd., H Shares14,000 114,554 
Uni-President China Holdings Ltd.59,000 55,764 
United Strength Power Holdings Ltd.2,000 2,349 
Up Fintech Holding Ltd., ADR(1)(2)
818 11,272 
Uxin Ltd., ADR(1)(2)
1,379 4,923 
Vinda International Holdings Ltd.(2)
17,000 50,107 
Viomi Technology Co. Ltd., ADR(1)(2)
993 5,044 
Vipshop Holdings Ltd., ADR(1)
18,018 266,486 
Want Want China Holdings Ltd.194,000 131,834 
Wasion Holdings Ltd.28,000 9,163 
Weibo Corp., ADR(1)
2,134 107,810 
32


Avantis Emerging Markets Equity Fund
SharesValue
Weichai Power Co. Ltd., H Shares61,000 $153,924 
Weiqiao Textile Co., H Shares25,500 9,433 
West China Cement Ltd.94,000 14,991 
Wharf Holdings Ltd. (The)48,000 162,003 
Wisdom Education International Holdings Co. Ltd.(2)
40,000 8,032 
Wuling Motors Holdings Ltd.(2)
60,000 11,667 
WuXi AppTec Co. Ltd., H Shares2,207 44,014 
Wuxi Biologics Cayman, Inc.(1)
21,500 332,862 
XD, Inc.(1)
5,000 26,541 
Xiabuxiabu Catering Management China Holdings Co. Ltd.(1)
21,000 18,556 
Xiamen International Port Co. Ltd., H Shares8,000 885 
Xin Point Holdings Ltd.12,000 5,192 
Xingda International Holdings Ltd.30,896 6,978 
Xinhua Winshare Publishing and Media Co. Ltd., H Shares16,000 11,232 
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares9,000 17,254 
Xinyi Energy Holdings Ltd.56,000 34,251 
Xinyi Solar Holdings Ltd.124,541 301,412 
XPeng, Inc., ADR(1)(2)
2,523 107,228 
XTEP International Holdings Ltd.(2)
83,500 142,390 
Xunlei Ltd., ADR(1)(2)
887 3,317 
Yadea Group Holdings Ltd.46,000 81,849 
Yanzhou Coal Mining Co. Ltd., H Shares80,000 139,450 
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(2)
8,800 6,100 
Yidu Tech, Inc.(1)
1,600 7,041 
Yihai International Holding Ltd.(1)(2)
8,000 43,280 
Yincheng International Holding Co. Ltd.(2)
4,000 1,587 
Youdao, Inc., ADR(1)(2)
285 3,605 
YuanShengTai Dairy Farm Ltd.(1)
41,000 1,874 
Yuexiu Property Co. Ltd.44,800 41,995 
Yuexiu Transport Infrastructure Ltd.54,000 31,845 
Yum China Holdings, Inc.11,200 689,472 
Yuzhou Group Holdings Co. Ltd.(2)
46,373 8,938 
Zengame Technology Holding Ltd.48,000 7,728 
Zepp Health Corp., ADR(1)(2)
940 10,227 
Zhaojin Mining Industry Co. Ltd., H Shares15,500 12,660 
Zhejiang Expressway Co. Ltd., H Shares60,000 52,615 
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares(2)
6,400 8,030 
Zhenro Properties Group Ltd.(2)
71,000 41,445 
Zhenro Services Group Ltd.12,000 7,704 
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1)(2)
2,200 10,727 
Zhongliang Holdings Group Co. Ltd.(2)
34,000 20,084 
Zhongsheng Group Holdings Ltd.19,500 163,039 
Zhou Hei Ya International Holdings Co. Ltd.(1)(2)
32,500 33,451 
Zhuguang Holdings Group Co. Ltd.(2)
66,000 14,595 
Zijin Mining Group Co. Ltd., H Shares120,000 169,797 
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H14,800 14,103 
ZTO Express Cayman, Inc., ADR7,927 223,621 
35,648,494 
Colombia — 0.2%
Banco Davivienda SA, Preference Shares3,823 33,066 
Bancolombia SA2,522 20,789 
33


Avantis Emerging Markets Equity Fund
SharesValue
Bancolombia SA, ADR1,118 $37,173 
Cementos Argos SA12,288 19,235 
Corp. Financiera Colombiana SA(1)
3,119 23,634 
Ecopetrol SA, ADR(2)
2,594 36,212 
Grupo Argos SA6,893 20,007 
Grupo Aval Acciones y Valores SA, Preference Shares3,792 1,127 
Interconexion Electrica SA ESP10,304 62,057 
253,300 
Czech Republic — 0.2%
CEZ AS2,792 88,009 
Komercni banka AS(1)
1,832 70,442 
Moneta Money Bank AS(1)
7,240 29,396 
187,847 
Egypt — 0.1%
Commercial International Bank Egypt S.A.E., GDR(1)
36,536 106,184 
Greece — 0.4%
Alpha Services and Holdings SA(1)
68,380 94,796 
Athens Water Supply & Sewage Co. SA574 5,666 
Attica Bank SA(1)
2,201 343 
Ellaktor SA(1)
4,161 7,623 
Eurobank Ergasias Services and Holdings SA(1)
43,758 41,700 
Fourlis Holdings SA(1)
301 1,594 
GEK Terna Holding Real Estate Construction SA(1)
2,775 31,913 
Hellenic Exchanges - Athens Stock Exchange SA1,076 4,986 
Hellenic Petroleum SA215 1,535 
Hellenic Telecommunications Organization SA2,778 54,685 
JUMBO SA2,807 44,089 
Motor Oil Hellas Corinth Refineries SA(1)
2,389 39,477 
Mytilineos SA1,153 21,646 
National Bank of Greece SA(1)
15,560 47,040 
Piraeus Financial Holdings SA(1)
6,781 11,441 
Public Power Corp. SA(1)
2,100 24,875 
Terna Energy SA969 13,857 
Titan Cement International SA(1)
452 8,485 
Viohalco SA450 2,516 
458,267 
Hong Kong
Brilliance China Automotive Holdings Ltd.(1)
60,000 23,188 
Hungary — 0.3%
Magyar Telekom Telecommunications plc10,305 15,024 
MOL Hungarian Oil & Gas plc13,156 107,866 
OTP Bank Nyrt(1)
2,491 150,436 
Richter Gedeon Nyrt2,106 63,123 
336,449 
India — 13.3%
3M India Ltd.(1)
18 6,007 
Aarti Drugs Ltd.1,000 8,431 
Aarti Industries Ltd.4,454 57,112 
ACC Ltd.1,934 63,816 
Adani Enterprises Ltd.2,527 54,889 
Adani Green Energy Ltd.(1)
1,411 20,604 
34


Avantis Emerging Markets Equity Fund
SharesValue
Adani Ports & Special Economic Zone Ltd.7,573 $77,356 
Adani Power Ltd.(1)
15,009 20,171 
Adani Total Gas Ltd.5,496 109,091 
Adani Transmission Ltd.(1)
2,093 45,206 
Aditya Birla Capital Ltd.(1)
10,997 16,187 
AIA Engineering Ltd.587 16,238 
Ajanta Pharma Ltd.170 5,183 
Akzo Nobel India Ltd.222 6,719 
Alembic Ltd.2,801 4,008 
Alembic Pharmaceuticals Ltd.2,681 27,551 
Alkyl Amines Chemicals545 31,903 
Allcargo Logistics Ltd.2,673 7,952 
Amara Raja Batteries Ltd.2,568 24,559 
Ambuja Cements Ltd.12,321 70,914 
Apar Industries Ltd.1,193 10,714 
APL Apollo Tubes Ltd.(1)
2,686 61,015 
Apollo Hospitals Enterprise Ltd.1,499 101,880 
Apollo Tyres Ltd.12,842 37,359 
Arvind Ltd.(1)
8,116 10,039 
Ashok Leyland Ltd.5,779 9,687 
Ashoka Buildcon Ltd.(1)
5,427 7,410 
Asian Paints Ltd.2,505 109,735 
Aster DM Healthcare Ltd.(1)
2,223 6,511 
Astral Ltd.974 27,167 
AstraZeneca Pharma India Ltd.87 3,702 
Atul Ltd.395 49,344 
AU Small Finance Bank Ltd.(1)
1,099 16,977 
Aurobindo Pharma Ltd.5,705 56,751 
Avanti Feeds Ltd.2,167 16,668 
Avenue Supermarts Ltd.(1)
481 26,026 
Axis Bank Ltd., GDR(1)
3,747 207,185 
Bajaj Auto Ltd.1,052 53,626 
Bajaj Consumer Care Ltd.4,232 14,224 
Bajaj Electricals Ltd.(1)
2,160 35,866 
Bajaj Finance Ltd.1,547 158,921 
Bajaj Finserv Ltd.254 59,492 
Bajaj Hindusthan Sugar Ltd.(1)
46,281 9,209 
Balkrishna Industries Ltd.2,349 73,710 
Balrampur Chini Mills Ltd.8,310 41,921 
Bandhan Bank Ltd.17,175 66,897 
BASF India Ltd.481 23,583 
Bata India Ltd.1,352 32,776 
Bayer CropScience Ltd.144 10,927 
Berger Paints India Ltd.1,983 22,271 
Bhansali Engineering Polymers Ltd.2,839 7,132 
Bharat Electronics Ltd.8,283 21,132 
Bharat Forge Ltd.5,344 56,013 
Bharat Heavy Electricals Ltd.(1)
16,350 11,736 
Bharat Petroleum Corp. Ltd.13,411 86,411 
Bharat Rasayan Ltd.54 9,480 
Bharti Airtel Ltd.(1)
26,351 239,112 
35


Avantis Emerging Markets Equity Fund
SharesValue
Biocon Ltd.(1)
5,175 $25,403 
Birla Corp. Ltd.(1)
1,175 21,746 
Birlasoft Ltd.11,057 63,054 
Blue Dart Express Ltd.129 10,341 
Blue Star Ltd.2,183 23,130 
Bombay Burmah Trading Co.1,082 17,596 
Borosil Renewables Ltd.(1)
1,727 6,951 
Bosch Ltd.97 18,393 
Brigade Enterprises Ltd.5,282 24,165 
Britannia Industries Ltd.1,087 59,408 
BSE Ltd.576 9,440 
Can Fin Homes Ltd.1,008 7,865 
Canara Bank(1)
5,192 11,277 
Capacit'e Infraprojects Ltd.(1)
3,479 7,094 
Capri Global Capital Ltd.800 5,570 
Carborundum Universal Ltd.4,191 47,564 
Care Ratings Ltd.1,529 14,161 
Castrol India Ltd.12,451 22,826 
CCL Products India Ltd.1,635 9,012 
Ceat Ltd.1,095 19,142 
Central Depository Services India Ltd.1,383 22,474 
Century Plyboards India Ltd.3,085 16,996 
Century Textiles & Industries Ltd.2,492 26,477 
Cera Sanitaryware Ltd.105 6,383 
CESC Ltd.1,483 16,318 
CG Power & Industrial Solutions Ltd.(1)
22,490 26,359 
Chambal Fertilizers and Chemicals Ltd.4,955 21,756 
Cholamandalam Financial Holdings Ltd.962 9,010 
Cholamandalam Investment and Finance Co. Ltd.10,431 79,014 
Cipla Ltd.7,774 100,827 
City Union Bank Ltd.11,557 23,999 
Coal India Ltd.19,124 38,149 
Cochin Shipyard Ltd.945 4,598 
Coforge Ltd.586 41,755 
Colgate-Palmolive India Ltd.2,070 47,953 
Computer Age Management Services Ltd.187 9,762 
Container Corp. of India Ltd.8,549 79,372 
Coromandel International Ltd.3,000 32,550 
Cosmo Films Ltd.943 17,126 
CreditAccess Grameen Ltd.(1)
1,710 16,406 
CRISIL Ltd.173 6,468 
Crompton Greaves Consumer Electricals Ltd.5,001 32,369 
CSB Bank Ltd.(1)
2,166 8,803 
Cummins India Ltd.4,689 64,105 
Cyient Ltd.4,369 58,442 
Dabur India Ltd.4,712 40,078 
Dalmia Bharat Ltd.(1)
2,955 88,825 
Dalmia Bharat Sugar & Industries Ltd.(1)
1,638 9,675 
DCB Bank Ltd.(1)
7,572 9,535 
DCM Shriram Ltd.3,063 37,284 
Deepak Nitrite Ltd.2,699 84,262 
36


Avantis Emerging Markets Equity Fund
SharesValue
Delta Corp. Ltd.3,208 $7,944 
Dhani Services Ltd.(1)
4,561 12,429 
Dilip Buildcon Ltd.1,435 9,980 
Dish TV India Ltd.(1)
40,713 7,016 
Divi's Laboratories Ltd.499 35,330 
Dixon Technologies India Ltd.(1)
770 43,783 
DLF Ltd.9,125 39,957 
Dr Lal PathLabs Ltd.340 18,825 
Dr Reddy's Laboratories Ltd., ADR1,238 79,492 
Dwarikesh Sugar Industries Ltd.7,500 7,230 
eClerx Services Ltd.985 30,479 
Edelweiss Financial Services Ltd.15,782 17,531 
Eicher Motors Ltd.580 21,235 
EID Parry India Ltd.(1)
2,444 13,497 
Emami Ltd.4,095 33,436 
Endurance Technologies Ltd.938 21,329 
Engineers India Ltd.11,169 11,162 
EPL Ltd.3,140 9,991 
Equitas Holdings Ltd.6,013 9,693 
Eris Lifesciences Ltd.765 7,648 
Escorts Ltd.1,448 26,639 
Exide Industries Ltd.14,677 32,346 
FDC Ltd.(1)
1,453 6,869 
Federal Bank Ltd.39,757 44,102 
Fine Organic Industries Ltd.202 7,853 
Finolex Cables Ltd.4,004 25,506 
Force Motors Ltd.351 6,517 
Fortis Healthcare Ltd.(1)
5,887 23,357 
Future Lifestyle Fashions Ltd.(1)
1,257 859 
GAIL India Ltd.13,719 27,374 
Galaxy Surfactants Ltd.260 11,217 
GHCL Ltd.1,717 8,717 
Gillette India Ltd.152 12,114 
Glenmark Pharmaceuticals Ltd.7,097 51,482 
Globus Spirits Ltd.926 12,577 
GMR Infrastructure Ltd.(1)
15,059 5,978 
Godawari Power and Ispat Ltd.740 11,704 
Godrej Consumer Products Ltd.(1)
1,224 18,408 
Godrej Industries Ltd.(1)
830 6,339 
Godrej Properties Ltd.(1)
672 13,685 
Gokaldas Exports Ltd.(1)
4,153 10,691 
Granules India Ltd.4,707 21,323 
Graphite India Ltd.1,876 16,391 
Grasim Industries Ltd.6,093 124,912 
Great Eastern Shipping Co. Ltd. (The)5,941 29,237 
Greaves Cotton Ltd.5,350 9,948 
Greenply Industries Ltd.3,388 8,292 
Gujarat Alkalies & Chemicals Ltd.1,841 11,448 
Gujarat Ambuja Exports Ltd.2,194 5,491 
Gujarat Fluorochemicals Ltd.(1)
757 18,232 
Gujarat Gas Ltd.4,001 39,534 
37


Avantis Emerging Markets Equity Fund
SharesValue
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.2,250 $10,223 
Gujarat Pipavav Port Ltd.11,395 15,853 
Gujarat State Petronet Ltd.8,813 42,252 
Happiest Minds Technologies Ltd.520 10,149 
Havells India Ltd.1,048 18,179 
HBL Power Systems Ltd.15,215 10,491 
HCL Technologies Ltd.18,615 300,955 
HDFC Asset Management Co. Ltd.651 27,354 
HDFC Life Insurance Co. Ltd.2,238 21,968 
HEG Ltd.507 15,582 
HeidelbergCement India Ltd.3,441 12,453 
Hero MotoCorp Ltd.2,885 108,124 
HFCL Ltd.(1)
28,396 26,359 
HG Infra Engineering Ltd.1,319 10,097 
Hikal Ltd.2,164 18,713 
HIL Ltd.97 7,525 
Himatsingka Seide Ltd.1,947 6,664 
Hindalco Industries Ltd.32,613 208,585 
Hinduja Global Solutions Ltd.354 13,307 
Hindustan Oil Exploration Co. Ltd.(1)
4,116 9,329 
Hindustan Petroleum Corp. Ltd.16,896 61,590 
Hindustan Unilever Ltd.5,983 222,828 
Housing Development Finance Corp. Ltd.9,037 345,177 
HSIL Ltd.3,207 9,590 
ICICI Bank Ltd., ADR10,795 211,798 
ICICI Lombard General Insurance Co. Ltd.836 18,234 
ICICI Prudential Life Insurance Co. Ltd.1,107 9,981 
ICICI Securities Ltd.1,089 10,744 
IDFC First Bank Ltd.(1)
44,778 26,277 
IDFC Ltd.(1)
37,557 25,814 
IFB Industries Ltd.(1)
268 3,362 
IFCI Ltd.(1)
32,831 5,153 
IIFL Finance Ltd.7,853 30,318 
IIFL Securities Ltd.5,318 6,778 
India Cements Ltd. (The)5,655 12,647 
Indiabulls Housing Finance Ltd.10,177 31,155 
Indiabulls Real Estate Ltd.(1)
5,663 10,556 
IndiaMart InterMesh Ltd.217 23,273 
Indian Bank3,251 5,552 
Indian Energy Exchange Ltd.2,436 16,812 
Indian Hotels Co. Ltd. (The)7,143 13,703 
Indian Oil Corp. Ltd.26,628 40,352 
Indian Railway Catering & Tourism Corp. Ltd.431 16,222 
Indo Count Industries Ltd.3,348 10,737 
Indraprastha Gas Ltd.1,402 10,463 
Indus Towers Ltd.8,585 25,271 
Info Edge India Ltd.1,068 90,201 
Infosys Ltd., ADR29,713 707,764 
Inox Leisure Ltd.(1)
3,720 15,738 
Inox Wind Ltd.(1)
5,788 8,457 
Intellect Design Arena Ltd.(1)
2,778 24,728 
38


Avantis Emerging Markets Equity Fund
SharesValue
InterGlobe Aviation Ltd.(1)
1,748 $45,568 
IOL Chemicals and Pharmaceuticals Ltd.943 7,202 
IRB Infrastructure Developers Ltd.(1)
9,082 20,484 
J Kumar Infraprojects Ltd.3,364 9,242 
Jagran Prakashan Ltd.(1)
9,956 7,698 
Jaiprakash Associates Ltd.(1)
47,432 5,129 
Jammu & Kashmir Bank Ltd. (The)(1)
15,605 7,521 
JB Chemicals & Pharmaceuticals Ltd.959 22,345 
Jindal Poly Films Ltd.790 10,542 
Jindal Saw Ltd.8,035 12,942 
Jindal Stainless Hisar Ltd.(1)
2,893 11,220 
Jindal Stainless Ltd.(1)
5,231 10,750 
Jindal Steel & Power Ltd.(1)
11,702 60,206 
JK Cement Ltd.990 44,333 
JK Lakshmi Cement Ltd.2,586 25,074 
JK Paper Ltd.2,723 9,099 
JK Tyre & Industries Ltd.14,652 29,067 
JM Financial Ltd.20,259 25,574 
JSW Energy Ltd.10,448 37,803 
JSW Steel Ltd.20,919 196,460 
Jubilant Foodworks Ltd.1,438 78,516 
Jubilant Ingrevia Ltd.2,179 22,207 
Jubilant Pharmova Ltd.2,179 19,766 
Just Dial Ltd.(1)
979 12,733 
Jyothy Labs Ltd.4,782 10,582 
Kajaria Ceramics Ltd.1,642 26,411 
Kalpataru Power Transmission Ltd.3,140 17,664 
Karnataka Bank Ltd. (The)4,895 4,127 
Karur Vysya Bank Ltd. (The)21,540 12,936 
Kaveri Seed Co. Ltd.951 7,519 
KEC International Ltd.3,912 22,801 
KEI Industries Ltd.948 9,881 
Kirloskar Ferrous Industries Ltd.3,735 12,453 
Kirloskar Oil Engines Ltd.3,353 9,995 
KNR Constructions Ltd.(1)
7,057 32,070 
Kolte-Patil Developers Ltd.(1)
1,397 4,599 
Kotak Mahindra Bank Ltd.2,990 71,651 
KPIT Technologies Ltd.8,667 39,839 
KPR Mill Ltd.1,094 26,518 
KRBL Ltd.(1)
2,143 7,191 
L&T Finance Holdings Ltd.(1)
24,350 27,708 
L&T Technology Services Ltd.301 16,129 
Larsen & Toubro Infotech Ltd.1,219 88,572 
Larsen & Toubro Ltd.7,688 175,644 
Laurus Labs Ltd.6,295 57,385 
LIC Housing Finance Ltd.12,884 70,789 
Linde India Ltd.348 10,903 
LT Foods Ltd.7,047 6,476 
Lupin Ltd.2,335 30,583 
Mahanagar Gas Ltd.1,830 28,707 
Mahindra & Mahindra Financial Services Ltd.14,900 32,621 
39


Avantis Emerging Markets Equity Fund
SharesValue
Mahindra & Mahindra Ltd.14,524 $157,378 
Mahindra Lifespace Developers Ltd.(1)
996 10,377 
Mahindra Logistics Ltd.1,306 13,696 
Majesco Ltd.376 420 
Manali Petrochemicals Ltd.9,199 11,150 
Manappuram Finance Ltd.22,100 48,424 
Marico Ltd.9,275 69,128 
Marksans Pharma Ltd.7,598 7,363 
Maruti Suzuki India Ltd.669 62,591 
Matrimony.com Ltd.690 9,621 
Mayur Uniquoters Ltd.698 4,493 
Meghmani Finechem Ltd.(1)
423 3,477 
Meghmani Organics Ltd.(1)
4,499 7,000 
Metropolis Healthcare Ltd.546 21,105 
Minda Corp. Ltd.3,029 4,956 
Minda Industries Ltd.2,212 21,567 
Mindtree Ltd.1,344 66,673 
MOIL Ltd.2,822 6,428 
Motherson Sumi Systems Ltd.(1)
33,006 98,527 
Motilal Oswal Financial Services Ltd.1,873 20,859 
Mphasis Ltd.(1)
1,587 62,922 
MRF Ltd.37 40,346 
MSTC Ltd.1,029 3,695 
Multi Commodity Exchange of India Ltd.1,228 25,489 
Muthoot Finance Ltd.3,236 66,990 
Narayana Hrudayalaya Ltd.(1)
2,447 18,081 
Natco Pharma Ltd.1,718 22,226 
National Aluminium Co. Ltd.28,611 35,435 
Nava Bharat Ventures Ltd.5,922 8,813 
NBCC India Ltd.27,199 16,484 
NCC Ltd.21,138 22,888 
NESCO Ltd.711 5,569 
Nestle India Ltd.317 84,416 
Nippon Life India Asset Management Ltd.3,384 19,625 
NOCIL Ltd.1,719 6,501 
NTPC Ltd.68,154 107,990 
Oberoi Realty Ltd.(1)
3,604 34,733 
Oil & Natural Gas Corp. Ltd.38,689 63,684 
Oil India Ltd.8,053 20,025 
OnMobile Global Ltd.3,493 5,459 
Oracle Financial Services Software Ltd.137 8,808 
Orient Cement Ltd.10,302 21,354 
Orient Electric Ltd.3,194 14,434 
Page Industries Ltd.123 52,975 
Persistent Systems Ltd.1,079 48,981 
Petronet LNG Ltd.17,048 53,088 
Phillips Carbon Black Ltd.2,127 7,091 
Phoenix Mills Ltd. (The)(1)
640 7,552 
PI Industries Ltd.456 21,181 
Pidilite Industries Ltd.1,318 41,123 
Piramal Enterprises Ltd.2,865 102,059 
40


Avantis Emerging Markets Equity Fund
SharesValue
PNB Housing Finance Ltd.(1)
3,232 $29,023 
PNC Infratech Ltd.(1)
5,583 23,981 
Poly Medicure Ltd.(1)
932 12,167 
Polycab India Ltd.446 12,615 
Polyplex Corp. Ltd.473 9,814 
Power Finance Corp. Ltd.10,140 17,889 
Power Grid Corp. of India Ltd.41,093 98,550 
Praj Industries Ltd.3,475 15,784 
Prestige Estates Projects Ltd.(1)
5,300 25,559 
Pricol Ltd.(1)
4,351 5,200 
Prism Johnson Ltd.(1)
6,392 11,286 
Procter & Gamble Health Ltd.56 4,170 
PTC India Ltd.7,749 10,945 
PVR Ltd.(1)
736 13,328 
Quess Corp. Ltd.2,432 28,158 
Radico Khaitan Ltd.(1)
1,230 14,693 
Rain Industries Ltd.2,672 8,238 
Rajesh Exports Ltd.1,625 13,033 
Rallis India Ltd.2,331 8,989 
Ramco Cements Ltd. (The)2,048 28,258 
Rashtriya Chemicals & Fertilizers Ltd.7,086 6,985 
RBL Bank Ltd.(1)
5,920 13,369 
REC Ltd.25,131 52,132 
Redington India Ltd.32,377 68,261 
Relaxo Footwears Ltd.466 7,597 
Reliance Industries Ltd., GDR9,836 608,360 
Repco Home Finance Ltd.1,964 8,051 
Sanofi India Ltd.158 19,491 
Saregama India Ltd.198 8,821 
SBI Cards & Payment Services Ltd.(1)
978 15,258 
SBI Life Insurance Co. Ltd.1,236 20,134 
Schaeffler India Ltd.175 17,384 
Sharda Cropchem Ltd.930 4,016 
Shipping Corp. of India Ltd.5,563 8,035 
Shoppers Stop Ltd.(1)
1,341 4,411 
Shree Cement Ltd.170 65,731 
Shriram Transport Finance Co. Ltd.9,252 170,856 
Siemens Ltd.1,247 38,750 
Sobha Ltd.1,143 9,743 
Sonata Software Ltd.3,446 39,337 
South Indian Bank Ltd. (The)(1)
51,265 6,894 
Spandana Sphoorty Financial Ltd.(1)
887 7,635 
SRF Ltd.670 92,925 
Star Cement Ltd.(1)
7,215 10,484 
State Bank of India, GDR2,337 136,135 
Sterling & Wilson Solar Ltd.(1)
1,546 6,581 
Sterlite Technologies Ltd.6,111 21,627 
Strides Pharma Science Ltd.2,601 21,802 
Subex Ltd.6,461 4,580 
Sudarshan Chemical Industries1,564 14,108 
Sumitomo Chemical India Ltd.963 5,601 
41


Avantis Emerging Markets Equity Fund
SharesValue
Sun Pharmaceutical Industries Ltd.11,080 $120,338 
Sundaram Finance Ltd.691 24,612 
Sundram Fasteners Ltd.2,633 28,651 
Sunteck Realty Ltd.990 4,940 
Suprajit Engineering Ltd.1,379 6,103 
Supreme Industries Ltd.1,264 37,812 
Supreme Petrochem Ltd.1,178 10,671 
Surya Roshni Ltd.797 5,764 
Syngene International Ltd.(1)
1,687 14,789 
Tamil Nadu Newsprint & Papers Ltd.3,992 7,361 
Tanla Platforms Ltd.2,527 30,744 
Tata Chemicals Ltd.8,877 102,458 
Tata Communications Ltd.1,845 35,792 
Tata Consultancy Services Ltd.8,370 433,285 
Tata Consumer Products Ltd.2,763 32,694 
Tata Elxsi Ltd.543 35,465 
Tata Motors Ltd., ADR(1)(2)
7,445 146,518 
Tata Power Co. Ltd. (The)24,630 43,423 
Tata Steel BSL Ltd.(1)
12,597 16,244 
Tata Steel Long Products Ltd.679 8,525 
Tata Steel Ltd.18,775 371,645 
TCI Express Ltd.457 9,132 
Tech Mahindra Ltd.5,751 113,789 
Tejas Networks Ltd.(1)
1,973 9,914 
Thyrocare Technologies Ltd.472 8,375 
Tide Water Oil Co. India Ltd.360 8,790 
Time Technoplast Ltd.5,081 5,195 
Timken India Ltd.782 17,784 
Titan Co. Ltd.2,021 53,092 
Torrent Pharmaceuticals Ltd.288 12,241 
Torrent Power Ltd.960 6,322 
Trident Ltd.68,002 19,171 
Triveni Engineering & Industries Ltd.(1)
6,923 16,405 
Tube Investments of India Ltd.2,051 38,273 
Uflex Ltd.943 6,169 
Ujjivan Financial Services Ltd.1,463 3,071 
UltraTech Cement Ltd.914 97,915 
Union Bank of India(1)
17,616 8,522 
United Spirits Ltd.(1)
4,169 40,742 
UPL Ltd.5,649 57,185 
UTI Asset Management Co. Ltd.572 9,352 
V-Guard Industries Ltd.2,008 6,688 
VA Tech Wabag Ltd.(1)
2,681 12,305 
Vaibhav Global Ltd.1,025 10,146 
Vakrangee Ltd.31,841 17,017 
Vardhman Textiles Ltd.(1)
838 21,108 
Varroc Engineering Ltd.(1)
1,399 5,489 
Varun Beverages Ltd.876 10,156 
Vedanta Ltd., ADR13,156 216,548 
Venky's India Ltd.238 9,420 
Vinati Organics Ltd.714 17,565 
42


Avantis Emerging Markets Equity Fund
SharesValue
VIP Industries Ltd.(1)
1,621 $10,326 
Vodafone Idea Ltd.(1)
232,783 19,403 
Voltas Ltd.1,275 17,363 
VRL Logistics Ltd.2,302 9,948 
Welspun Corp. Ltd.6,439 10,460 
Welspun India Ltd.12,451 21,598 
Westlife Development Ltd.(1)
808 6,082 
Wipro Ltd., ADR14,154 132,198 
Wockhardt Ltd.(1)
1,407 7,799 
Yes Bank Ltd.(1)
105,873 15,650 
Zee Entertainment Enterprises Ltd.13,683 32,108 
Zensar Technologies Ltd.2,425 14,921 
15,879,170 
Indonesia — 1.5%
Ace Hardware Indonesia Tbk PT107,700 10,473 
Adaro Energy Tbk PT603,500 53,272 
Adhi Karya Persero Tbk PT(1)
82,400 4,244 
Adi Sarana Armada Tbk PT(1)
73,600 13,612 
Agung Podomoro Land Tbk PT(1)
80,200 692 
AKR Corporindo Tbk PT102,100 27,806 
Alam Sutera Realty Tbk PT(1)
534,300 6,063 
Aneka Tambang Tbk161,800 27,093 
Astra Agro Lestari Tbk PT13,500 7,990 
Astra International Tbk PT288,000 105,435 
Bank BTPN Syariah Tbk PT29,000 5,688 
Bank Bukopin Tbk PT(1)
524,600 17,426 
Bank Central Asia Tbk PT72,500 166,417 
Bank China Construction Bank Indonesia Tbk PT(1)
357,900 3,334 
Bank Mandiri Persero Tbk PT231,200 98,836 
Bank Negara Indonesia Persero Tbk PT128,200 48,442 
Bank Pan Indonesia Tbk PT(1)
16,900 930 
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT85,800 7,423 
Bank Pembangunan Daerah Jawa Timur Tbk PT113,500 5,687 
Bank Rakyat Indonesia Persero Tbk PT339,800 93,447 
Bank Syariah Indonesia Tbk PT(1)
61,200 9,525 
Bank Tabungan Negara Persero Tbk PT(1)
143,100 14,068 
Barito Pacific Tbk PT133,300 9,944 
Buana Lintas Lautan Tbk PT(1)
553,700 10,009 
Bukit Asam Tbk PT93,000 13,753 
Bumi Serpong Damai Tbk PT(1)
228,300 15,359 
Buyung Poetra Sembada PT68,000 911 
Charoen Pokphand Indonesia Tbk PT88,900 39,848 
Ciputra Development Tbk PT246,300 15,090 
Delta Dunia Makmur Tbk PT(1)
222,900 4,498 
Elnusa Tbk PT183,200 3,334 
Erajaya Swasembada Tbk PT362,500 15,339 
Gajah Tunggal Tbk PT82,900 4,475 
Global Mediacom Tbk PT(1)
53,600 1,061 
Harum Energy Tbk PT16,200 5,503 
Indah Kiat Pulp & Paper Tbk PT62,800 34,754 
Indo Tambangraya Megah Tbk PT15,400 17,265 
43


Avantis Emerging Markets Equity Fund
SharesValue
Indocement Tunggal Prakarsa Tbk PT40,100 $31,597 
Indofood CBP Sukses Makmur Tbk PT(1)
13,800 8,155 
Indofood Sukses Makmur Tbk PT(1)
70,800 30,627 
Indosat Tbk PT(1)
74,500 33,041 
Industri Jamu Dan Farmasi Sido Muncul Tbk PT100,600 5,606 
Japfa Comfeed Indonesia Tbk PT274,200 34,711 
Kalbe Farma Tbk PT321,300 30,283 
Kresna Graha Investama Tbk PT(1)
28,000 341 
Link Net Tbk PT36,300 10,307 
Lippo Karawaci Tbk PT(1)
765,000 7,124 
Malindo Feedmill Tbk PT(1)
13,400 699 
Medco Energi Internasional Tbk PT(1)
283,340 9,427 
Media Nusantara Citra Tbk PT(1)
116,000 7,114 
Merdeka Copper Gold Tbk PT(1)
106,600 21,065 
Mitra Adiperkasa Tbk PT(1)
265,800 13,785 
Mitra Keluarga Karyasehat Tbk PT29,600 4,833 
Pabrik Kertas Tjiwi Kimia Tbk PT25,700 13,597 
Pakuwon Jati Tbk PT(1)
287,300 9,210 
Panin Financial Tbk PT(1)
427,000 5,592 
Perusahaan Gas Negara Tbk PT(1)
112,800 8,174 
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT65,700 5,043 
PP Persero Tbk PT(1)
159,800 10,121 
Puradelta Lestari Tbk PT105,100 1,383 
Rimo International Lestari Tbk PT(1)
329,900 1,157 
Salim Ivomas Pratama Tbk PT(1)
44,700 1,341 
Sarana Menara Nusantara Tbk PT505,900 47,521 
Selamat Sempurna Tbk PT68,200 6,790 
Semen Indonesia Persero Tbk PT92,300 59,775 
Siloam International Hospitals Tbk PT2,000 1,150 
Smartfren Telecom Tbk PT(1)
3,336,600 31,328 
Sri Rejeki Isman Tbk PT(1)
54,600 559 
Summarecon Agung Tbk PT(1)
454,058 25,268 
Surya Citra Media Tbk PT(1)
114,900 16,341 
Surya Esa Perkasa Tbk PT(1)
52,700 1,211 
Surya Semesta Internusa Tbk PT(1)
20,600 704 
Telekomunikasi Indonesia Persero Tbk PT, ADR(2)
6,035 143,573 
Timah Tbk PT(1)
178,800 19,105 
Tower Bersama Infrastructure Tbk PT253,700 55,637 
Tunas Baru Lampung Tbk PT24,900 1,387 
Unilever Indonesia Tbk PT69,500 19,734 
United Tractors Tbk PT31,000 43,575 
Waskita Beton Precast Tbk PT(1)
48,300 454 
Waskita Karya Persero Tbk PT(1)
158,700 9,282 
Wijaya Karya Persero Tbk PT(1)
60,800 4,000 
XL Axiata Tbk PT75,700 14,155 
1,724,928 
Malaysia — 1.7%
7-Eleven Malaysia Holdings Bhd, Class B3,000 1,099 
Aeon Co. M Bhd34,400 11,930 
AEON Credit Service M Bhd500 1,451 
AirAsia Group Bhd(1)
8,300 1,847 
44


Avantis Emerging Markets Equity Fund
SharesValue
Alliance Bank Malaysia Bhd34,700 $21,377 
AMMB Holdings Bhd34,700 25,303 
Ann Joo Resources Bhd(1)
16,600 10,192 
Astro Malaysia Holdings Bhd23,800 6,185 
ATA IMS Bhd14,300 9,323 
Axiata Group Bhd24,800 24,709 
Berjaya Corp. Bhd(1)
18,096 1,110 
Berjaya Sports Toto Bhd7,474 3,560 
Bermaz Auto Bhd17,800 6,986 
Bumi Armada Bhd(1)
144,000 15,549 
Bursa Malaysia Bhd9,300 16,810 
Cahya Mata Sarawak Bhd32,700 9,927 
Careplus Group Bhd13,500 5,576 
Carlsberg Brewery Malaysia Bhd2,500 13,474 
CIMB Group Holdings Bhd63,100 74,545 
Coastal Contracts Bhd(1)
3,400 622 
Comfort Glove Bhd6,800 2,940 
CSC Steel Holdings Bhd18,100 6,176 
Cypark Resources Bhd(1)
15,400 3,447 
D&O Green Technologies Bhd25,100 31,539 
Dagang NeXchange Bhd(1)
15,500 2,752 
Datasonic Group Bhd28,200 3,291 
Dayang Enterprise Holdings Bhd(1)
17,100 4,557 
Dialog Group Bhd31,500 20,153 
DiGi.Com Bhd35,100 37,096 
DRB-Hicom Bhd29,900 12,026 
Dufu Technology Corp. Bhd2,800 2,859 
Eco World Development Group Bhd20,700 3,536 
Econpile Holdings Bhd(1)
5,500 550 
Ekovest Bhd9,600 925 
Focus Dynamics Group Bhd(1)
55,800 669 
Formosa Prosonic Industries Bhd6,200 5,746 
Fraser & Neave Holdings Bhd900 6,043 
Frontken Corp. Bhd14,400 11,799 
Gamuda Bhd(1)
65,800 47,667 
Genting Bhd25,100 30,500 
Genting Malaysia Bhd34,300 24,516 
Genting Plantations Bhd6,300 11,684 
Globetronics Technology Bhd12,200 6,118 
Hai-O Enterprise Bhd2,076 1,020 
HAP Seng Consolidated Bhd4,400 8,995 
Hartalega Holdings Bhd10,700 18,989 
Heineken Malaysia Bhd2,600 14,285 
Hengyuan Refining Co. Bhd5,300 5,251 
Hextar Global Bhd42,240 12,415 
Hiap Teck Venture Bhd65,900 9,204 
Hibiscus Petroleum Bhd38,500 6,143 
Hong Leong Bank Bhd4,800 22,154 
Hong Leong Financial Group Bhd3,700 16,228 
Hong Leong Industries Bhd400 893 
IHH Healthcare Bhd4,300 6,616 
45


Avantis Emerging Markets Equity Fund
SharesValue
IJM Corp. Bhd134,700 $60,935 
Inari Amertron Bhd51,900 43,091 
IOI Corp. Bhd7,800 7,736 
IOI Properties Group Bhd41,800 12,854 
JAKS Resources Bhd(1)
11,180 1,373 
Jaya Tiasa Holdings Bhd(1)
28,000 4,396 
Kossan Rubber Industries33,200 24,762 
KPJ Healthcare Bhd33,800 8,128 
KSL Holdings Bhd(1)
5,500 854 
Kuala Lumpur Kepong Bhd5,100 26,202 
Land & General Bhd(1)
29,900 864 
LBS Bina Group Bhd8,961 938 
Leong Hup International Bhd5,600 919 
Lii Hen Industries Bhd1,400 1,041 
Lotte Chemical Titan Holding Bhd20,000 12,322 
Luxchem Corp. Bhd20,900 3,721 
Mah Sing Group Bhd51,600 10,223 
Malakoff Corp. Bhd6,800 1,441 
Malayan Banking Bhd34,635 69,969 
Malayan Flour Mills Bhd26,300 4,935 
Malaysia Airports Holdings Bhd(1)
27,900 44,505 
Malaysia Building Society Bhd54,500 8,388 
Malaysia Marine and Heavy Engineering Holdings Bhd(1)
4,700 439 
Malaysian Pacific Industries Bhd2,600 27,668 
Malaysian Resources Corp. Bhd9,900 942 
Matrix Concepts Holdings Bhd12,200 6,105 
Maxis Bhd22,900 25,829 
Media Prima Bhd(1)
58,500 7,371 
Mega First Corp. Bhd4,200 3,591 
MISC Bhd16,500 28,629 
MKH Bhd2,900 922 
MMC Corp. Bhd15,400 6,822 
Muhibbah Engineering M Bhd2,000 446 
My EG Services Bhd52,200 23,392 
Naim Holdings Bhd4,300 653 
Nestle Malaysia Bhd800 25,927 
OCK Group Bhd(1)
7,100 813 
OSK Holdings Bhd6,600 1,414 
Padini Holdings Bhd12,900 9,705 
Paramount Corp. Bhd3,400 638 
Perak Transit Bhd5,566 811 
PESTECH International Bhd11,600 2,674 
Petronas Chemicals Group Bhd15,600 31,136 
Petronas Dagangan Bhd3,800 18,286 
Petronas Gas Bhd8,200 33,153 
Poh Huat Resources Holdings Bhd2,800 956 
PPB Group Bhd1,800 8,023 
Press Metal Aluminium Holdings Bhd23,800 30,930 
Public Bank Bhd150,400 151,271 
QL Resources Bhd9,050 12,099 
Ranhill Utilities Bhd3,774 608 
46


Avantis Emerging Markets Equity Fund
SharesValue
RHB Bank Bhd31,514 $42,410 
Sam Engineering & Equipment M Bhd600 2,152 
Sapura Energy Bhd(1)
43,200 1,288 
Sarawak Oil Palms Bhd1,400 1,260 
Scientex Bhd22,400 24,151 
Serba Dinamik Holdings Bhd4,000 404 
Sime Darby Bhd66,700 37,834 
Sime Darby Plantation Bhd18,200 17,647 
Sime Darby Property Bhd33,900 5,009 
SP Setia Bhd Group(1)
60,300 16,862 
Sunway Bhd27,600 11,808 
Sunway Construction Group Bhd11,200 4,536 
Supermax Corp. Bhd36,936 29,297 
Syarikat Takaful Malaysia Keluarga Bhd1,400 1,510 
Ta Ann Holdings Bhd1,700 1,131 
Telekom Malaysia Bhd25,800 37,992 
Tenaga Nasional Bhd38,800 97,642 
Thong Guan Industries Bhd2,400 1,578 
TIME dotCom Bhd19,800 21,944 
Tiong NAM Logistics Holdings26,900 5,491 
Top Glove Corp. Bhd66,800 64,271 
Tropicana Corp. Bhd(1)
4,807 1,137 
Uchi Technologies Bhd7,500 5,684 
UEM Sunrise Bhd(1)
6,800 606 
UMW Holdings Bhd5,900 4,490 
Unisem M Bhd13,300 27,606 
UWC Bhd6,400 8,519 
Velesto Energy Bhd(1)
250,600 8,988 
ViTrox Corp. Bhd2,000 9,035 
Vizione Holdings Bhd(1)
5,100 171 
VS Industry Bhd66,800 23,209 
Wah Seong Corp. Bhd(1)
16,200 2,605 
WCT Holdings Bhd(1)
7,446 967 
Westports Holdings Bhd11,600 12,265 
Yinson Holdings Bhd33,000 38,878 
YTL Corp. Bhd(1)
27,796 4,516 
2,046,100 
Mexico — 2.2%
Alfa SAB de CV, Series A66,800 46,897 
Alpek SAB de CV26,890 31,611 
Alsea SAB de CV(1)
4,700 9,195 
America Movil SAB de CV, Class L ADR17,284 338,075 
Arca Continental SAB de CV5,600 36,072 
Banco del Bajio SA40,992 78,131 
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, ADR4,307 25,110 
Becle SAB de CV4,400 11,285 
Bolsa Mexicana de Valores SAB de CV7,200 14,949 
Cemex SAB de CV, ADR(1)
9,300 76,260 
Coca-Cola Femsa SAB de CV7,230 41,913 
Consorcio ARA SAB de CV(2)
4,900 1,098 
47


Avantis Emerging Markets Equity Fund
SharesValue
Controladora Nemak SAB de CV(1)
66,800 $10,144 
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1)
2,081 41,350 
Corp. Inmobiliaria Vesta SAB de CV17,700 32,925 
Credito Real SAB de CV SOFOM ER(1)
1,900 1,446 
El Puerto de Liverpool SAB de CV, Class C1600 2,666 
Fomento Economico Mexicano SAB de CV, ADR1,451 125,816 
GCC SAB de CV11,000 88,454 
Genomma Lab Internacional SAB de CV, Class B(1)
38,200 36,842 
Gentera SAB de CV(1)
33,900 18,635 
Gruma SAB de CV, B Shares3,075 35,031 
Grupo Aeromexico SAB de CV(1)
6,856 1,939 
Grupo Aeroportuario del Centro Norte SAB de CV, ADR(1)
376 18,150 
Grupo Aeroportuario del Pacifico SAB de CV, ADR(1)(2)
336 39,114 
Grupo Aeroportuario del Sureste SAB de CV, ADR(1)
232 41,477 
Grupo Bimbo SAB de CV, Series A21,200 53,538 
Grupo Carso SAB de CV8,000 27,333 
Grupo Comercial Chedraui SA de CV1,300 2,033 
Grupo Financiero Banorte SAB de CV40,996 270,605 
Grupo Financiero Inbursa SAB de CV(1)
20,800 19,988 
Grupo GICSA SAB de CV(1)
8,000 1,239 
Grupo Industrial Saltillo SAB de CV1,800 2,598 
Grupo Mexico SAB de CV, Series B39,894 184,970 
Grupo Rotoplas SAB de CV(1)
1,846 3,057 
Grupo Televisa SAB, ADR19,718 258,897 
Grupo Traxion SAB de CV(1)
1,500 2,823 
Hoteles City Express SAB de CV(1)
1,300 443 
Industrias Bachoco SAB de CV700 2,545 
Industrias Penoles SAB de CV(1)
1,920 27,065 
Kimberly-Clark de Mexico SAB de CV, A Shares30,200 53,591 
La Comer SAB de CV2,600 4,724 
Megacable Holdings SAB de CV24,100 84,021 
Nemak SAB de CV(1)
29,400 9,427 
Orbia Advance Corp. SAB de CV27,500 78,581 
Promotora y Operadora de Infraestructura SAB de CV4,330 32,339 
Qualitas Controladora SAB de CV6,900 32,645 
Regional SAB de CV17,290 105,940 
Unifin Financiera SAB de CV(1)
723 1,026 
Wal-Mart de Mexico SAB de CV37,497 133,062 
2,597,075 
Netherlands — 0.2%
Prosus NV(1)
2,590 226,554 
Peru — 0.2%
Cia de Minas Buenaventura SAA, ADR(1)
5,531 41,482 
Credicorp Ltd.(1)
712 75,921 
Intercorp Financial Services, Inc.1,730 39,115 
Southern Copper Corp.1,096 68,599 
225,117 
Philippines — 0.7%
Aboitiz Equity Ventures, Inc.16,600 14,316 
Aboitiz Power Corp.12,100 6,812 
Alliance Global Group, Inc.166,000 34,361 
48


Avantis Emerging Markets Equity Fund
SharesValue
Ayala Corp.1,490 $23,686 
Ayala Land, Inc.53,200 36,062 
Ayalaland Logistics Holdings Corp.(1)
17,000 1,629 
Bank of the Philippine Islands27,840 46,596 
BDO Unibank, Inc.28,400 62,797 
Cebu Air, Inc.(1)
6,390 5,645 
Century Pacific Food, Inc.41,200 21,174 
Chelsea Logistics and Infrastructure Holdings Corp.(1)
9,200 472 
Cosco Capital, Inc.51,700 5,177 
DMCI Holdings, Inc.131,100 16,656 
DoubleDragon Properties Corp.2,700 542 
East West Banking Corp.(1)
5,400 1,004 
EEI Corp.(1)
5,000 818 
Filinvest Land, Inc.41,000 931 
First Gen Corp.22,300 12,685 
Ginebra San Miguel, Inc.1,300 2,740 
Global Ferronickel Holdings, Inc.171,000 7,269 
Globe Telecom, Inc.615 33,666 
GT Capital Holdings, Inc.2,920 31,652 
Integrated Micro-Electronics, Inc.(1)
6,600 1,149 
International Container Terminal Services, Inc.17,210 64,407 
JG Summit Holdings, Inc.30,713 40,079 
Jollibee Foods Corp.5,280 21,412 
Manila Electric Co.1,270 7,196 
Manila Water Co., Inc.(1)
2,800 1,022 
Max's Group, Inc.(1)
4,100 546 
Megaworld Corp.408,000 23,108 
Metro Pacific Investments Corp.373,000 28,844 
Metropolitan Bank & Trust Co.60,120 54,599 
Nickel Asia Corp.85,000 9,645 
Petron Corp.(1)
75,000 4,567 
Pilipinas Shell Petroleum Corp.(1)
1,600 590 
PLDT, Inc., ADR(2)
1,215 35,296 
Puregold Price Club, Inc.18,000 15,088 
Robinsons Land Corp.91,300 30,185 
Robinsons Retail Holdings, Inc.3,940 4,038 
Security Bank Corp.8,160 18,553 
Semirara Mining & Power Corp.25,000 8,528 
SM Investments Corp.1,335 26,986 
SM Prime Holdings, Inc.49,200 33,564 
Universal Robina Corp.10,470 31,682 
Vista Land & Lifescapes, Inc.62,800 4,504 
Wilcon Depot, Inc.17,100 8,589 
840,867 
Poland — 1.1%
Alior Bank SA(1)
3,036 34,633 
Allegro.eu SA(1)
1,485 27,555 
AmRest Holdings SE(1)
2,830 23,194 
Asseco Poland SA1,398 30,632 
Bank Millennium SA(1)
39,467 68,056 
Bank Polska Kasa Opieki SA(1)
3,369 94,210 
49


Avantis Emerging Markets Equity Fund
SharesValue
CCC SA(1)
861 $27,564 
CD Projekt SA620 27,535 
Ciech SA2,368 29,060 
Cyfrowy Polsat SA4,067 38,845 
Dino Polska SA(1)
962 81,543 
Enea SA(1)
4,731 12,276 
Eurocash SA2,586 8,035 
Famur SA(1)
6,958 4,290 
Grupa Azoty SA(1)
3,462 26,487 
Grupa Lotos SA2,860 43,472 
Jastrzebska Spolka Weglowa SA(1)
2,700 28,450 
KGHM Polska Miedz SA2,108 98,185 
KRUK SA388 32,098 
LPP SA16 58,380 
Lubelski Wegiel Bogdanka SA(1)
109 729 
mBank SA(1)
675 65,336 
Mercator Medical SA(1)
146 6,880 
Neuca SA24 5,858 
Orange Polska SA(1)
14,128 30,524 
PGE Polska Grupa Energetyczna SA(1)
7,153 18,833 
PKP Cargo SA(1)
196 918 
PlayWay SA39 4,446 
Polski Koncern Naftowy ORLEN SA6,898 133,742 
Polskie Gornictwo Naftowe i Gazownictwo SA30,500 50,163 
Powszechna Kasa Oszczednosci Bank Polski SA(1)
8,650 94,952 
Powszechny Zaklad Ubezpieczen SA(1)
5,424 57,481 
Santander Bank Polska SA(1)
596 47,032 
Tauron Polska Energia SA(1)
17,464 16,545 
TEN Square Games SA170 22,790 
Warsaw Stock Exchange783 8,850 
1,359,579 
Russia — 2.6%
Gazprom PJSC, ADR52,664 436,637 
Globaltrans Investment plc, GDR14,183 116,647 
LUKOIL PJSC, ADR7,879 667,343 
Magnit PJSC, GDR5,867 89,300 
Mail.ru Group Ltd., GDR(1)
87 1,751 
MMC Norilsk Nickel PJSC, ADR8,189 269,457 
Mobile TeleSystems PJSC, ADR5,197 48,748 
Novatek PJSC, GDR574 136,046 
Novolipetsk Steel PJSC, GDR3,066 102,391 
O'Key Group SA, GDR1,578 1,041 
PhosAgro PJSC, GDR6,871 135,224 
Ros Agro plc, GDR125 2,005 
Rosneft Oil Co. PJSC, GDR21,110 152,237 
Sberbank of Russia PJSC, ADR (London)28,462 508,300 
Severstal PAO, GDR6,837 158,678 
Tatneft PJSC, ADR2,224 88,547 
VTB Bank PJSC, GDR126,541 176,127 
X5 Retail Group NV, GDR812 26,904 
3,117,383 
50


Avantis Emerging Markets Equity Fund
SharesValue
South Africa — 4.1%
Absa Group Ltd.(1)
16,455 $178,205 
Adcock Ingram Holdings Ltd.305 974 
Advtech Ltd.12,737 14,902 
AECI Ltd.5,378 37,898 
African Rainbow Minerals Ltd.2,061 36,730 
Afrimat Ltd.756 3,075 
Alexander Forbes Group Holdings Ltd.4,775 1,312 
Anglo American Platinum Ltd.425 48,205 
AngloGold Ashanti Ltd., ADR3,220 54,998 
Aspen Pharmacare Holdings Ltd.(1)
7,251 97,771 
Astral Foods Ltd.1,498 15,151 
AVI Ltd.8,059 42,201 
Balwin Properties Ltd.4,197 1,083 
Barloworld Ltd.13,589 101,058 
Bid Corp. Ltd.(1)
2,417 53,120 
Bidvest Group Ltd. (The)5,166 72,841 
Blue Label Telecoms Ltd.(1)
5,048 2,037 
Brait plc(1)
4,194 852 
Capitec Bank Holdings Ltd.881 115,299 
Cashbuild Ltd.488 9,548 
City Lodge Hotels Ltd.(1)
2,646 715 
Clicks Group Ltd.4,742 98,918 
Coronation Fund Managers Ltd.5,900 21,044 
Curro Holdings Ltd.(1)
896 711 
DataTec Ltd.6,090 12,591 
Dis-Chem Pharmacies Ltd.10,080 21,605 
Discovery Ltd.(1)
8,239 73,154 
Distell Group Holdings Ltd.(1)
1,448 17,925 
DRDGOLD Ltd.20,138 19,663 
EOH Holdings Ltd.(1)
1,194 465 
EPP NV(1)
3,537 2,838 
Exxaro Resources Ltd.4,035 51,255 
Famous Brands Ltd.(1)
293 1,140 
FirstRand Ltd.51,534 219,386 
Foschini Group Ltd. (The)(1)
12,120 124,699 
Gold Fields Ltd., ADR12,979 123,041 
Harmony Gold Mining Co. Ltd., ADR8,375 31,658 
Impala Platinum Holdings Ltd.11,502 176,219 
Investec Ltd.11,930 50,888 
KAP Industrial Holdings Ltd.(1)
44,978 14,237 
Kumba Iron Ore Ltd.679 30,493 
Lewis Group Ltd.508 1,493 
Liberty Holdings Ltd.(1)
2,210 14,334 
Life Healthcare Group Holdings Ltd.(1)
32,255 54,833 
Massmart Holdings Ltd.(1)
2,982 12,122 
Metair Investments Ltd.1,914 3,675 
MiX Telematics Ltd., ADR(2)
83 1,090 
Momentum Metropolitan Holdings34,030 46,268 
Motus Holdings Ltd.5,780 36,891 
Mpact Ltd.965 1,926 
51


Avantis Emerging Markets Equity Fund
SharesValue
Mr Price Group Ltd.6,006 $89,939 
MTN Group Ltd.(1)
32,380 297,207 
MultiChoice Group12,816 101,467 
Murray & Roberts Holdings Ltd.(1)
1,453 1,030 
Nampak Ltd.(1)
4,076 854 
Naspers Ltd., N Shares844 145,623 
Nedbank Group Ltd.(1)
9,341 119,037 
NEPI Rockcastle plc8,450 60,858 
Netcare Ltd.(1)
24,526 28,458 
Ninety One Ltd.573 1,979 
Northam Platinum Ltd.(1)
5,393 74,307 
Oceana Group Ltd.464 2,124 
Old Mutual Ltd.149,100 157,622 
Omnia Holdings Ltd.6,402 23,718 
Pepkor Holdings Ltd.(1)
8,240 13,098 
Pick n Pay Stores Ltd.10,172 40,910 
PPC Ltd.(1)
125,428 30,537 
Rand Merchant Investment Holdings Ltd.22,456 48,859 
Raubex Group Ltd.1,373 2,789 
Reinet Investments SCA5,799 112,355 
Remgro Ltd.10,860 90,272 
Reunert Ltd.3,156 11,298 
RFG Holdings Ltd.1,040 888 
RMB Holdings Ltd.8,812 894 
Royal Bafokeng Platinum Ltd.10,169 61,740 
Sanlam Ltd.18,422 81,617 
Santam Ltd.(1)
817 13,991 
Sappi Ltd.(1)
35,732 108,266 
Sasol Ltd., ADR(1)(2)
11,666 179,306 
Shoprite Holdings Ltd.9,573 120,988 
Sibanye Stillwater Ltd., ADR(2)
7,239 118,792 
SPAR Group Ltd. (The)3,471 49,537 
Standard Bank Group Ltd.16,630 169,857 
Steinhoff International Holdings NV(1)
35,801 8,119 
Sun International Ltd.(1)
488 610 
Super Group Ltd.(1)
5,448 12,126 
Telkom SA SOC Ltd.(1)
11,276 29,675 
Thungela Resources Ltd.(1)
2,210 9,364 
Tiger Brands Ltd.4,347 55,676 
Transaction Capital Ltd.4,056 10,598 
Trencor Ltd.1,689 515 
Truworths International Ltd.19,786 91,066 
Tsogo Sun Gaming Ltd.(1)
3,616 2,416 
Tsogo Sun Hotels Ltd.(1)
3,866 833 
Vodacom Group Ltd.8,287 81,846 
Wilson Bayly Holmes-Ovcon Ltd.(1)
1,556 12,834 
Woolworths Holdings Ltd.(1)
20,019 87,309 
Zeder Investments Ltd.8,750 1,894 
4,917,635 
South Korea — 14.6%
Advanced Process Systems Corp.608 15,108 
52


Avantis Emerging Markets Equity Fund
SharesValue
Aekyung Industrial Co. Ltd.349 $7,328 
AfreecaTV Co. Ltd.167 22,029 
Ahnlab, Inc.82 4,758 
Alteogen, Inc.(1)
180 13,162 
Amorepacific Corp.286 56,017 
AMOREPACIFIC Group58 2,886 
Aprogen Medicines, Inc.(1)
437 767 
Aprogen pharmaceuticals, Inc.(1)
1,383 1,345 
AptaBio Therapeutics, Inc.(1)
182 9,071 
Asiana Airlines, Inc.(1)
365 7,446 
BGF Co. Ltd.616 3,360 
BGF retail Co. Ltd.319 49,026 
BH Co. Ltd.157 2,887 
Binggrae Co. Ltd.162 7,980 
Bioneer Corp.(1)
1,129 73,441 
BNK Financial Group, Inc.5,193 34,654 
Boditech Med, Inc.309 5,017 
Boryung Pharmaceutical Co. Ltd.285 4,056 
Bukwang Pharmaceutical Co. Ltd.513 9,577 
Byucksan Corp.2,612 8,990 
Cafe24 Corp.(1)
224 7,343 
Cellid Co. Ltd.(1)
65 6,926 
Celltrion Healthcare Co. Ltd.(1)
270 28,709 
Celltrion Pharm, Inc.(1)
70 10,410 
Celltrion, Inc.(1)
395 99,551 
Chabiotech Co. Ltd.(1)
516 10,616 
Cheil Worldwide, Inc.2,198 43,720 
Chong Kun Dang Pharmaceutical Corp.84 9,324 
Chongkundang Holdings Corp.42 3,327 
Chunbo Co. Ltd.75 15,604 
CJ CGV Co. Ltd.(1)
377 9,843 
CJ CheilJedang Corp.230 89,935 
CJ Corp.344 30,048 
CJ ENM Co. Ltd.277 36,483 
CJ Logistics Corp.(1)
239 35,216 
CMG Pharmaceutical Co. Ltd.(1)
803 3,109 
Com2uSCorp114 10,128 
Cosmax, Inc.(1)
390 43,761 
CosmoAM&T Co. Ltd.(1)
253 9,355 
COSON Co. Ltd.(1)
1,078 2,445 
Coway Co. Ltd.914 61,627 
COWELL FASHION Co. Ltd.866 6,305 
Creative & Innovative System(1)
493 5,818 
CrystalGenomics, Inc.(1)
1,166 7,723 
CS Wind Corp.558 38,312 
Cuckoo Homesys Co. Ltd.402 14,544 
Daea TI Co. Ltd.824 4,546 
Daeduck Electronics Co. Ltd.688 10,933 
Daesang Corp.1,157 25,160 
Daewoo Engineering & Construction Co. Ltd.(1)
4,616 29,194 
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(1)
196 4,726 
53


Avantis Emerging Markets Equity Fund
SharesValue
Daewoong Co. Ltd.322 $10,068 
Daishin Securities Co. Ltd.665 10,986 
Daou Data Corp.1,324 15,996 
Daou Technology, Inc.1,290 28,910 
Dawonsys Co. Ltd.644 11,639 
DB Financial Investment Co. Ltd.1,678 9,740 
DB HiTek Co. Ltd.1,977 101,483 
DB Insurance Co. Ltd.2,188 110,625 
Dentium Co. Ltd.478 35,824 
Devsisters Co. Ltd.(1)
99 6,643 
DGB Financial Group, Inc.2,793 21,861 
Digital Power Communications Co. Ltd.700 8,727 
DIO Corp.(1)
222 9,265 
DL E&C Co. Ltd.(1)
275 33,371 
DL Holdings Co. Ltd.439 27,301 
Dong-A Socio Holdings Co. Ltd.122 12,074 
Dong-A ST Co. Ltd.58 3,846 
Dongjin Semichem Co. Ltd.597 13,589 
DongKook Pharmaceutical Co. Ltd.415 8,789 
Dongkuk Steel Mill Co. Ltd.2,359 41,189 
Dongsuh Cos., Inc.282 7,030 
Dongwha Enterprise Co. Ltd.(1)
82 5,191 
Dongwon Development Co. Ltd.641 3,328 
Dongwon F&B Co. Ltd.93 16,627 
Dongwon Industries Co. Ltd.66 13,883 
Doosan Heavy Industries & Construction Co. Ltd.(1)
1,557 27,994 
Doosan Infracore Co. Ltd.(1)
500 5,081 
DoubleUGames Co. Ltd.96 5,233 
Douzone Bizon Co. Ltd.210 15,412 
Duk San Neolux Co. Ltd.(1)
162 10,030 
E-MART, Inc.671 103,384 
Echo Marketing, Inc.366 6,968 
Ecopro BM Co. Ltd.118 32,499 
Ecopro Co. Ltd.166 15,900 
Ecopro HN Co. Ltd.(1)
136 13,941 
ENF Technology Co. Ltd.240 6,754 
Eo Technics Co. Ltd.17 1,762 
Eugene Corp.3,001 13,637 
Eugene Investment & Securities Co. Ltd.4,439 15,253 
F&F Co. Ltd. / New(1)
180 112,107 
F&F Holdings Co. Ltd.27 1,022 
Fila Holdings Corp.1,257 48,577 
Foosung Co. Ltd.(1)
845 10,348 
Genexine, Inc.(1)
81 5,196 
GOLFZON Co. Ltd.158 19,294 
Grand Korea Leisure Co. Ltd.(1)
242 3,252 
Green Cross Corp.41 13,583 
GS Engineering & Construction Corp.3,030 116,617 
GS Holdings Corp.2,022 73,958 
GS Retail Co. Ltd.1,479 43,672 
HAESUNG DS Co. Ltd.210 7,353 
54


Avantis Emerging Markets Equity Fund
SharesValue
Halla Holdings Corp.152 $6,056 
Hana Financial Group, Inc.9,418 364,702 
Hana Tour Service, Inc.(1)
48 3,200 
Hanall Biopharma Co. Ltd.(1)
410 8,428 
Handsome Co. Ltd.193 6,754 
Hanil Cement Co. Ltd.73 14,838 
Hanjin Heavy Industries & Construction Co. Ltd.(1)
2,594 19,722 
Hanjin Kal Corp.(1)
187 10,617 
Hanjin Transportation Co. Ltd.337 11,373 
Hankook Shell Oil Co. Ltd.40 9,285 
Hankook Tire & Technology Co. Ltd.1,919 76,989 
Hanmi Pharm Co. Ltd.25 6,654 
Hanon Systems2,506 35,496 
Hansae Co. Ltd.542 9,623 
Hansol Chemical Co. Ltd.139 34,733 
Hansol Paper Co. Ltd.1,067 16,073 
Hansol Technics Co. Ltd.(1)
1,045 6,599 
Hanssem Co. Ltd.121 12,080 
Hanwha Aerospace Co. Ltd.1,438 62,938 
Hanwha Corp.1,543 46,181 
Hanwha General Insurance Co. Ltd.(1)
2,607 9,605 
Hanwha Investment & Securities Co. Ltd.(1)
7,287 30,704 
Hanwha Life Insurance Co. Ltd.14,326 41,144 
Hanwha Solutions Corp.(1)
2,001 70,090 
Hanwha Systems Co. Ltd.2,295 38,968 
Harim Holdings Co. Ltd.1,765 15,648 
HDC Holdings Co. Ltd.769 7,773 
HDC Hyundai Development Co-Engineering & Construction, E Shares852 21,901 
Helixmith Co. Ltd.(1)
112 2,527 
Hite Jinro Co. Ltd.1,188 34,110 
HLB Life Science Co. Ltd.(1)
478 6,116 
HLB, Inc.(1)
112 5,355 
HMM Co. Ltd.(1)
9,756 352,567 
Hotel Shilla Co. Ltd.319 24,642 
HS Industries Co. Ltd.1,315 8,036 
Huchems Fine Chemical Corp.426 9,804 
Hugel, Inc.(1)
45 7,548 
Humax Co. Ltd.(1)
1,601 7,378 
Humedix Co. Ltd.254 7,334 
Huons Co. Ltd.118 5,816 
Huons Global Co. Ltd.135 7,766 
Hwaseung Enterprise Co. Ltd.315 4,256 
HYBE Co. Ltd.(1)
105 26,147 
Hyosung Advanced Materials Corp.(1)
118 62,819 
Hyosung Chemical Corp.(1)
118 39,157 
Hyosung Corp.128 13,211 
Hyosung Heavy Industries Corp.(1)
224 15,799 
Hyosung TNC Corp.143 95,502 
Hyundai Autoever Corp.90 9,047 
Hyundai Construction Equipment Co. Ltd.(1)
678 28,718 
55


Avantis Emerging Markets Equity Fund
SharesValue
Hyundai Corp.337 $5,281 
Hyundai Department Store Co. Ltd.269 18,702 
Hyundai Electric & Energy System Co. Ltd.(1)
1,021 21,887 
Hyundai Elevator Co. Ltd.412 17,804 
Hyundai Engineering & Construction Co. Ltd.2,544 121,441 
Hyundai Glovis Co. Ltd.496 82,743 
Hyundai Greenfood Co. Ltd.883 7,545 
Hyundai Heavy Industries Holdings Co. Ltd.1,270 71,354 
Hyundai Home Shopping Network Corp.257 16,314 
Hyundai Livart Furniture Co. Ltd.429 6,646 
Hyundai Marine & Fire Insurance Co. Ltd.2,984 65,822 
Hyundai Mipo Dockyard Co. Ltd.(1)
294 19,281 
Hyundai Mobis Co. Ltd.551 131,525 
Hyundai Motor Co.1,516 277,005 
Hyundai Steel Co.1,866 81,742 
Hyundai Wia Corp.339 26,685 
i-SENS, Inc.272 7,593 
ICD Co. Ltd.599 7,260 
Iljin Diamond Co. Ltd.93 4,199 
Iljin Materials Co. Ltd.112 7,283 
Ilyang Pharmaceutical Co. Ltd.116 3,447 
iMarketKorea, Inc.1,209 12,591 
Industrial Bank of Korea5,983 53,024 
Innocean Worldwide, Inc.385 19,411 
Innox Advanced Materials Co. Ltd.(1)
164 12,550 
Inscobee, Inc.(1)
756 2,769 
Insun ENT Co. Ltd.(1)
1,650 17,174 
Interflex Co. Ltd.(1)
276 3,359 
Interpark Corp.1,000 8,223 
INTOPS Co. Ltd.746 16,953 
IS Dongseo Co. Ltd.141 6,143 
JB Financial Group Co. Ltd.3,642 25,985 
Jeil Pharmaceutical Co. Ltd.24 822 
Jeju Air Co. Ltd.(1)
154 3,028 
Jusung Engineering Co. Ltd.(1)
892 9,202 
JW Holdings Corp.388 1,380 
JW Pharmaceutical Corp.307 7,180 
JYP Entertainment Corp.645 23,650 
Kakao Corp.2,206 294,348 
Kangwon Land, Inc.(1)
1,149 27,412 
KB Financial Group, Inc., ADR9,490 431,890 
KC Co. Ltd.435 9,074 
KC Tech Co. Ltd.493 11,270 
KCC Corp.80 24,768 
KCC Glass Corp.16 1,025 
KEPCO Engineering & Construction Co., Inc.229 9,162 
KEPCO Plant Service & Engineering Co. Ltd.604 19,566 
KG Dongbu Steel Co. Ltd.279 3,696 
Kginicis Co. Ltd.423 6,880 
KH Feelux Co. Ltd.(1)
311 879 
Kia Corp.5,636 412,291 
56


Avantis Emerging Markets Equity Fund
SharesValue
KISCO Corp.1,358 $11,682 
KIWOOM Securities Co. Ltd.596 60,451 
KMW Co. Ltd.(1)
276 10,117 
Koentec Co. Ltd.632 4,860 
Koh Young Technology, Inc.700 13,592 
Kolmar BNH Co. Ltd.169 5,827 
Kolmar Korea Co. Ltd.104 4,319 
Kolmar Korea Holdings Co. Ltd.244 5,141 
Kolon Industries, Inc.560 41,900 
Komipharm International Co. Ltd.(1)
185 1,759 
KONA I Co. Ltd.(1)
776 22,814 
Korea Aerospace Industries Ltd.3,129 88,408 
Korea Electric Power Corp., ADR5,606 57,910 
Korea Electric Terminal Co. Ltd.273 19,436 
Korea Gas Corp.(1)
430 13,399 
Korea Investment Holdings Co. Ltd.1,676 137,249 
Korea Line Corp.(1)
9,315 23,594 
Korea Petrochemical Ind Co. Ltd.128 25,473 
Korea Real Estate Investment & Trust Co. Ltd.3,951 7,996 
Korea Shipbuilding & Offshore Engineering Co. Ltd.(1)
148 15,079 
Korea United Pharm, Inc.247 11,163 
Korea Zinc Co. Ltd.42 19,236 
Korean Air Lines Co. Ltd.(1)
3,127 84,239 
Korean Reinsurance Co.1,523 12,372 
KT Skylife Co. Ltd.1,686 15,015 
KTB Investment & Securities Co. Ltd.4,274 27,043 
Kumho Petrochemical Co. Ltd.765 127,902 
Kumho Tire Co., Inc.(1)
3,469 17,656 
Kwang Dong Pharmaceutical Co. Ltd.671 4,794 
Kyobo Securities Co. Ltd.138 1,012 
Kyung Dong Navien Co. Ltd.141 8,155 
L&C Bio Co. Ltd.147 4,517 
LEENO Industrial, Inc.117 17,941 
LegoChem Biosciences, Inc.(1)
200 9,295 
LF Corp.1,000 15,838 
LG Chem Ltd.440 286,707 
LG Corp.733 60,122 
LG Display Co. Ltd., ADR(1)(2)
13,838 121,913 
LG Electronics, Inc.2,747 335,496 
LG HelloVision Co. Ltd.1,238 8,307 
LG Household & Health Care Ltd.57 71,809 
LG Innotek Co. Ltd.525 97,043 
LG Uplus Corp.7,009 84,803 
LIG Nex1 Co. Ltd.595 26,659 
Lock&Lock Co. Ltd.(1)
304 3,154 
Lotte Chemical Corp.69 14,840 
Lotte Chilsung Beverage Co. Ltd.222 27,744 
Lotte Confectionery Co. Ltd.107 12,771 
Lotte Corp.231 7,062 
LOTTE Fine Chemical Co. Ltd.516 31,117 
Lotte Food Co. Ltd.21 7,600 
57


Avantis Emerging Markets Equity Fund
SharesValue
LOTTE Himart Co. Ltd.116 $3,129 
Lotte Shopping Co. Ltd.207 19,154 
LS Corp.813 46,581 
LS Electric Co. Ltd.313 18,465 
Lutronic Corp.(1)
1,474 23,512 
LVMC Holdings(1)
986 2,975 
LX Hausys Ltd.346 26,242 
LX Holdings Corp.(1)
355 3,014 
LX INTERNATIONAL Corp.1,786 42,644 
LX Semicon Co. Ltd.162 16,086 
Maeil Dairies Co. Ltd.165 10,369 
Mando Corp.(1)
1,602 83,592 
Mcnex Co. Ltd.325 12,041 
MegaStudyEdu Co. Ltd.526 34,519 
Meritz Financial Group, Inc.2,277 56,343 
Meritz Fire & Marine Insurance Co. Ltd.2,368 54,123 
Meritz Securities Co. Ltd.14,162 65,326 
Mirae Asset Life Insurance Co. Ltd.2,237 8,332 
Mirae Asset Securities Co. Ltd.8,956 67,910 
Miwon Commercial Co. Ltd.26 4,572 
Naturecell Co. Ltd.(1)
342 6,700 
NAVER Corp.723 273,754 
NCSoft Corp.141 80,188 
Neowiz(1)
562 14,033 
NEPES Corp.(1)
475 14,566 
Netmarble Corp.181 20,094 
Nexen Tire Corp.1,809 13,059 
NH Investment & Securities Co. Ltd.5,621 64,046 
NHN Corp.(1)
231 14,040 
NHN KCP Corp.(1)
328 13,670 
NICE Holdings Co. Ltd.890 13,842 
NICE Information Service Co. Ltd.733 13,389 
NongShim Co. Ltd.22 5,661 
OCI Co. Ltd.(1)
255 27,853 
OliX Pharmaceuticals, Inc.(1)
206 8,316 
OptoElectronics Solutions Co. Ltd.81 2,702 
Orion Corp./Republic of Korea201 21,899 
Orion Holdings Corp.494 6,787 
Osstem Implant Co. Ltd.576 79,459 
Ottogi Corp.20 8,916 
Pan Ocean Co. Ltd.6,203 44,293 
Paradise Co. Ltd.(1)
437 6,393 
Park Systems Corp.72 7,532 
Partron Co. Ltd.1,065 9,141 
Pearl Abyss Corp.(1)
642 52,182 
PI Advanced Materials Co. Ltd.430 21,752 
Poongsan Corp.487 14,845 
POSCO, ADR6,681 477,023 
POSCO Chemical Co. Ltd.184 24,584 
Posco ICT Co. Ltd.844 5,322 
Posco International Corp.2,436 47,632 
58


Avantis Emerging Markets Equity Fund
SharesValue
Pulmuone Co. Ltd.627 $9,445 
S-1 Corp.175 12,389 
S-Oil Corp.1,611 131,547 
Samchully Co. Ltd.65 4,910 
Samjin Pharmaceutical Co. Ltd.249 5,769 
Samsung Biologics Co. Ltd.(1)
49 40,730 
Samsung C&T Corp.669 76,529 
Samsung Card Co. Ltd.448 13,161 
Samsung Electro-Mechanics Co. Ltd.1,433 227,400 
Samsung Electronics Co. Ltd., GDR1,889 3,084,232 
Samsung Engineering Co. Ltd.(1)
5,201 99,931 
Samsung Fire & Marine Insurance Co. Ltd.978 190,368 
Samsung Heavy Industries Co. Ltd.(1)
3,345 18,134 
Samsung Life Insurance Co. Ltd.734 47,062 
Samsung Pharmaceutical Co. Ltd.(1)
723 4,528 
Samsung SDI Co. Ltd.270 184,028 
Samsung SDS Co. Ltd.305 45,273 
Samsung Securities Co. Ltd.2,350 99,924 
Samwha Capacitor Co. Ltd.200 10,798 
Samyang Corp.176 9,767 
Samyang Foods Co. Ltd.102 7,320 
Samyang Holdings Corp.195 17,731 
Sangsangin Co. Ltd.(1)
878 6,185 
Seah Besteel Corp.390 9,809 
SeAH Steel Corp.101 9,597 
SeAH Steel Holdings Corp.160 17,713 
Sebang Global Battery Co. Ltd.158 11,381 
Seegene, Inc.428 24,241 
Seobu T&D496 3,785 
Seoul Semiconductor Co. Ltd.725 10,282 
Seoul Viosys Co. Ltd.377 5,367 
SFA Engineering Corp.247 8,238 
SFA Semicon Co. Ltd.(1)
2,124 12,627 
Shin Poong Pharmaceutical Co. Ltd.78 4,739 
Shinhan Financial Group Co. Ltd., ADR(2)
4,840 160,930 
Shinsegae International, Inc.26 4,426 
Shinsegae, Inc.371 85,821 
Shinsung E&G Co. Ltd.(1)
2,421 4,806 
Shinyoung Securities Co. Ltd.132 7,161 
SIMMTECH Co. Ltd.1,438 37,900 
SK Biopharmaceuticals Co. Ltd.(1)
52 5,616 
SK Chemicals Co. Ltd.169 39,244 
SK D&D Co. Ltd.398 13,200 
SK Discovery Co. Ltd.345 14,227 
SK Gas Ltd.126 12,956 
SK Hynix, Inc.6,442 589,832 
SK Innovation Co. Ltd.(1)
1,062 227,663 
SK Materials Co. Ltd.73 25,403 
SK Networks Co. Ltd.7,113 34,066 
SK Securities Co. Ltd.8,304 6,578 
SK Telecom Co. Ltd., ADR6,901 198,680 
59


Avantis Emerging Markets Equity Fund
SharesValue
SK, Inc.387 $87,679 
SKC Co. Ltd.96 13,140 
SL Corp.252 5,962 
SM Entertainment Co. Ltd.(1)
366 21,725 
SNT Motiv Co. Ltd.434 20,360 
SOLUM Co. Ltd.(1)
448 11,005 
Songwon Industrial Co. Ltd.1,219 18,966 
Soulbrain Co. Ltd.82 19,980 
Soulbrain Holdings Co., Ltd.(1)
101 2,973 
SPC Samlip Co. Ltd.100 7,023 
Studio Dragon Corp.(1)
147 11,007 
Taeyoung Engineering & Construction Co. Ltd.1,144 12,015 
TES Co. Ltd.187 4,444 
Tesna, Inc.498 22,043 
TK Corp.771 8,290 
Tokai Carbon Korea Co. Ltd.90 13,142 
Tongyang Life Insurance Co. Ltd.3,039 14,157 
Tongyang, Inc.3,527 5,299 
Toptec Co. Ltd.247 2,253 
TY Holdings Co. Ltd.(1)
394 10,426 
Unid Co. Ltd.398 45,580 
UniTest, Inc.(1)
329 7,009 
Value Added Technology Co. Ltd.445 16,184 
Vaxcell-Bio Therapeutics Co. Ltd.(1)
86 5,833 
Vieworks Co. Ltd.33 1,255 
Webzen, Inc.(1)
493 11,517 
Winix, Inc.383 6,837 
WiSoL Co. Ltd.935 9,850 
Wonik Holdings Co. Ltd.(1)
908 4,430 
WONIK IPS Co. Ltd.1,371 53,364 
Wonik Materials Co. Ltd.174 5,342 
Wonik QnC Corp.(1)
299 7,307 
Woongjin Thinkbig Co. Ltd.2,317 7,437 
Woori Financial Group, Inc.9,729 94,127 
Woori Technology Investment Co. Ltd.(1)
659 4,510 
Youngone Corp.1,080 38,708 
Youngone Holdings Co. Ltd.191 7,573 
Yuanta Securities Korea Co. Ltd.5,691 21,496 
Yuhan Corp.300 16,144 
Zinus, Inc.81 5,822 
17,372,147 
Taiwan — 16.8%
Abico Avy Co. Ltd.6,020 5,468 
Ability Enterprise Co. Ltd.(1)
2,000 1,096 
AcBel Polytech, Inc.2,000 1,933 
Accton Technology Corp.1,000 10,131 
Acer, Inc.60,000 54,454 
ACES Electronic Co. Ltd.7,000 13,109 
Acter Group Corp. Ltd.2,000 13,588 
ADATA Technology Co. Ltd.9,000 28,310 
Advanced Analog Technology, Inc.2,000 6,380 
60


Avantis Emerging Markets Equity Fund
SharesValue
Advanced International Multitech Co. Ltd.5,000 $13,935 
Advanced Power Electronics Corp.3,000 12,002 
Advantech Co. Ltd.6,099 84,919 
AGV Products Corp.(1)
14,000 5,435 
Airmate Cayman International Co. Ltd.1,020 896 
Airtac International Group1,000 30,439 
Alchip Technologies Ltd.2,000 50,271 
Alcor Micro Corp.(1)
4,000 7,317 
Allis Electric Co. Ltd.2,205 1,935 
Alltek Technology Corp.7,000 7,929 
Alltop Technology Co. Ltd.1,500 10,139 
Alpha Networks, Inc.5,773 5,396 
Altek Corp.7,000 8,800 
Ampire Co. Ltd.2,000 1,681 
AMPOC Far-East Co. Ltd.2,000 2,832 
AmTRAN Technology Co. Ltd.(1)
28,000 17,078 
Anpec Electronics Corp.3,000 16,953 
Apacer Technology, Inc.1,000 1,583 
APAQ Technology Co. Ltd.3,000 5,794 
APCB, Inc.2,000 1,872 
Apex International Co. Ltd.4,000 8,939 
Arcadyan Technology Corp.7,000 23,314 
Ardentec Corp.17,000 43,852 
Argosy Research, Inc.2,155 7,777 
ASE Technology Holding Co. Ltd., ADR34,287 317,840 
Asia Cement Corp.38,000 61,511 
Asia Optical Co., Inc.(1)
2,000 6,024 
Asia Pacific Telecom Co. Ltd.(1)
28,621 8,593 
Asia Polymer Corp.10,150 13,734 
Asia Vital Components Co. Ltd.11,000 27,489 
ASROCK, Inc.2,000 10,154 
Asustek Computer, Inc.13,000 151,759 
Aten International Co. Ltd.2,000 5,927 
AU Optronics Corp.221,800 139,843 
Audix Corp.1,000 1,965 
AURAS Technology Co. Ltd.3,000 18,602 
Avermedia Technologies11,000 11,396 
Bank of Kaohsiung Co. Ltd.4,180 1,741 
Basso Industry Corp.3,000 5,086 
BenQ Materials Corp.7,000 9,899 
BES Engineering Corp.48,000 15,507 
Bin Chuan Enterprise Co. Ltd.2,000 1,847 
Bizlink Holding, Inc.4,000 32,737 
Brighton-Best International Taiwan, Inc.15,000 21,793 
C Sun Manufacturing Ltd.7,140 12,893 
Capital Securities Corp.63,000 35,926 
Career Technology MFG. Co. Ltd.(1)
23,020 22,157 
Catcher Technology Co. Ltd.17,000 102,247 
Cathay Financial Holding Co. Ltd.96,000 206,168 
Cayman Engley Industrial Co. Ltd.(1)
2,000 5,013 
Celxpert Energy Corp.3,000 4,292 
61


Avantis Emerging Markets Equity Fund
SharesValue
Central Reinsurance Co. Ltd.10,000 $10,115 
Century Iron & Steel Industrial Co. Ltd.2,000 8,044 
Chailease Holding Co. Ltd.1,092 10,476 
Chain Chon Industrial Co. Ltd.(1)
9,000 8,188 
ChainQui Construction Development Co. Ltd.2,200 1,464 
Champion Building Materials Co. Ltd.(1)
25,000 10,158 
Chang Hwa Commercial Bank Ltd.20,482 12,186 
Chang Wah Technology Co. Ltd.1,000 4,100 
Channel Well Technology Co. Ltd.2,000 3,127 
Charoen Pokphand Enterprise3,000 8,636 
CHC Healthcare Group1,000 1,229 
Chen Full International Co. Ltd.4,000 5,577 
Cheng Loong Corp.23,000 29,839 
Cheng Mei Materials Technology Corp.(1)
27,000 11,072 
Cheng Shin Rubber Industry Co. Ltd.47,000 63,102 
Cheng Uei Precision Industry Co. Ltd.15,000 20,696 
Chia Chang Co. Ltd.5,000 8,829 
Chia Hsin Cement Corp.2,000 1,609 
Chicony Electronics Co. Ltd.18,000 50,905 
Chicony Power Technology Co. Ltd.4,000 9,896 
Chilisin Electronics Corp.9,000 29,696 
Chin-Poon Industrial Co. Ltd.13,000 15,182 
China Airlines Ltd.(1)
45,000 27,862 
China Bills Finance Corp.26,000 15,192 
China Chemical & Pharmaceutical Co. Ltd.2,000 1,677 
China Development Financial Holding Corp.353,000 180,405 
China General Plastics Corp.14,100 20,012 
China Life Insurance Co. Ltd.54,520 56,736 
China Man-Made Fiber Corp.(1)
25,000 9,322 
China Metal Products1,000 1,187 
China Motor Corp.8,000 19,641 
China Petrochemical Development Corp.(1)
65,000 30,168 
China Steel Chemical Corp.2,000 7,816 
China Steel Corp.206,000 282,975 
Chinese Maritime Transport Ltd.7,000 19,336 
Ching Feng Home Fashions Co. Ltd.(1)
1,000 762 
Chipbond Technology Corp.23,000 63,704 
ChipMOS Technologies, Inc.25,000 52,838 
Chlitina Holding Ltd.3,000 21,531 
Chong Hong Construction Co. Ltd.(1)
2,000 5,747 
Chroma ATE, Inc.1,000 6,469 
Chung Hung Steel Corp.32,000 53,885 
Chung Hwa Pulp Corp.(1)
19,000 16,785 
Chung-Hsin Electric & Machinery Manufacturing Corp.8,000 14,110 
Chunghwa Telecom Co. Ltd., ADR(2)
4,465 182,395 
Cleanaway Co. Ltd.2,000 12,269 
Clevo Co.8,000 8,462 
CMC Magnetics Corp.(1)
38,000 13,677 
Co-Tech Development Corp.1,000 2,613 
Compal Electronics, Inc.138,000 113,882 
Compeq Manufacturing Co. Ltd.36,000 52,999 
62


Avantis Emerging Markets Equity Fund
SharesValue
Concord International Securities Co. Ltd.13,000 $7,374 
Concord Securities Co. Ltd.4,028 1,830 
Concraft Holding Co. Ltd.3,000 7,064 
Continental Holdings Corp.16,000 13,623 
Contrel Technology Co. Ltd.13,000 10,499 
Coremax Corp.3,272 14,328 
Coretronic Corp.12,000 24,190 
CTBC Financial Holding Co. Ltd.242,000 200,578 
CTCI Corp.23,000 29,908 
CviLux Corp.4,000 6,034 
CyberTAN Technology, Inc.6,000 3,954 
DA CIN Construction Co. Ltd.6,000 6,557 
Darfon Electronics Corp.12,000 19,151 
Darwin Precisions Corp.(1)
23,000 9,844 
Daxin Materials Corp.2,000 6,466 
Delta Electronics, Inc.10,000 97,409 
Depo Auto Parts Ind Co. Ltd.3,000 6,204 
Dimerco Express Corp.3,240 12,789 
Dyaco International, Inc.1,000 2,504 
Dynamic Electronics Co. Ltd.14,274 11,850 
Dynapack International Technology Corp.3,000 10,062 
E Ink Holdings, Inc.1,000 2,809 
E-LIFE MALL Corp.1,000 3,081 
E.Sun Financial Holding Co. Ltd.57,076 54,713 
Eastern Media International Corp.15,000 18,328 
Eclat Textile Co. Ltd.1,000 20,079 
Edom Technology Co. Ltd.9,000 12,176 
eGalax_eMPIA Technology, Inc.2,060 6,307 
Egis Technology, Inc.2,000 8,607 
Elan Microelectronics Corp.8,000 45,322 
Elite Advanced Laser Corp.8,000 15,949 
Elite Material Co. Ltd.7,000 58,950 
Elite Semiconductor Microelectronics Technology, Inc.5,000 25,171 
Elitegroup Computer Systems Co. Ltd.(1)
3,000 2,678 
ENNOSTAR, Inc.(1)
5,325 14,819 
Eson Precision Ind Co. Ltd.1,000 2,090 
Eternal Materials Co. Ltd.18,000 23,850 
Eva Airways Corp.24,000 16,554 
Evergreen International Storage & Transport Corp.21,000 25,328 
Evergreen Marine Corp. Taiwan Ltd.84,000 410,049 
Everlight Chemical Industrial Corp.11,000 7,523 
Everlight Electronics Co. Ltd.17,000 33,897 
Excellence Opto, Inc.2,000 1,734 
Excelliance Mos Corp.2,000 14,613 
Excelsior Medical Co. Ltd.3,000 6,046 
Far Eastern Department Stores Ltd.15,000 11,703 
Far Eastern International Bank59,742 23,699 
Far Eastern New Century Corp.65,000 70,373 
Far EasTone Telecommunications Co. Ltd.26,000 57,844 
Faraday Technology Corp.7,000 24,913 
Farglory F T Z Investment Holding Co. Ltd.2,000 2,829 
63


Avantis Emerging Markets Equity Fund
SharesValue
Farglory Land Development Co. Ltd.2,000 $4,596 
Federal Corp.(1)
9,000 9,115 
Feng Hsin Steel Co. Ltd.12,000 34,217 
Feng TAY Enterprise Co. Ltd.1,200 9,340 
Firich Enterprises Co. Ltd.(1)
9,000 10,150 
First Financial Holding Co. Ltd.36,410 30,071 
First Hi-Tec Enterprise Co. Ltd.5,000 12,498 
First Steamship Co. Ltd.28,350 16,584 
FIT Holding Co. Ltd.9,000 10,361 
Fitipower Integrated Technology, Inc.5,451 44,848 
Fittech Co. Ltd.(1)
2,000 13,651 
FLEXium Interconnect, Inc.(1)
12,000 50,082 
Flytech Technology Co. Ltd.2,000 4,624 
FocalTech Systems Co. Ltd.8,900 61,192 
Forcecon Tech Co. Ltd.3,284 9,482 
Formosa Advanced Technologies Co. Ltd.5,000 6,923 
Formosa Chemicals & Fibre Corp.31,000 93,904 
Formosa International Hotels Corp.(1)
1,000 5,319 
Formosa Optical Technology Co. Ltd.1,000 2,284 
Formosa Petrochemical Corp.4,000 14,101 
Formosa Plastics Corp.11,000 40,616 
Formosa Sumco Technology Corp.2,000 13,362 
Formosa Taffeta Co. Ltd.15,000 16,881 
Formosan Rubber Group, Inc.13,000 10,359 
Formosan Union Chemical11,000 7,699 
Founding Construction & Development Co. Ltd.2,000 1,226 
Foxconn Technology Co. Ltd.29,000 69,162 
Foxsemicon Integrated Technology, Inc.2,000 15,541 
Franbo Lines Corp.(1)
10,698 13,000 
FSP Technology, Inc.5,000 7,132 
Fubon Financial Holding Co. Ltd.104,000 318,556 
Fulgent Sun International Holding Co. Ltd.3,042 9,596 
Full Wang International Development Co. Ltd.2,000 1,433 
Fulltech Fiber Glass Corp.(1)
14,000 9,229 
Fusheng Precision Co. Ltd.2,000 13,078 
G Shank Enterprise Co. Ltd.9,000 19,121 
Gamania Digital Entertainment Co. Ltd.4,000 8,523 
Gemtek Technology Corp.8,000 7,623 
General Interface Solution Holding Ltd.10,000 38,613 
Generalplus Technology, Inc.4,000 10,759 
Genesys Logic, Inc.1,000 4,690 
Genius Electronic Optical Co. Ltd.2,000 34,809 
Getac Technology Corp.12,000 22,615 
Giant Manufacturing Co. Ltd.6,000 72,516 
Gigabyte Technology Co. Ltd.16,000 50,468 
Ginko International Co. Ltd.2,100 15,859 
Global Brands Manufacture Ltd.10,000 12,034 
Global Lighting Technologies, Inc.5,000 15,158 
Global Mixed Mode Technology, Inc.2,000 18,825 
Global PMX Co. Ltd.1,000 5,503 
Global Unichip Corp.3,000 46,620 
64


Avantis Emerging Markets Equity Fund
SharesValue
Globalwafers Co. Ltd.2,000 $62,500 
Globe Union Industrial Corp.2,000 1,148 
Gloria Material Technology Corp.2,000 1,957 
GMI Technology, Inc.(1)
7,700 6,445 
Gold Circuit Electronics Ltd.15,000 39,636 
Goldsun Building Materials Co. Ltd.24,990 20,228 
Gourmet Master Co. Ltd.3,000 15,846 
Grand Fortune Securities Co. Ltd.9,391 4,795 
Grand Pacific Petrochemical31,000 33,949 
Grape King Bio Ltd.3,000 17,635 
Great Tree Pharmacy Co. Ltd.2,594 25,889 
Great Wall Enterprise Co. Ltd.16,480 32,189 
Greatek Electronics, Inc.10,000 32,288 
GTM Holdings Corp.2,000 1,780 
Hannstar Board Corp.10,301 15,534 
HannStar Display Corp.94,000 54,339 
HannsTouch Solution, Inc.22,000 8,940 
Harvatek Corp.11,000 11,038 
Heran Co. Ltd.2,000 8,572 
Highlight Tech Corp.2,000 2,960 
Highwealth Construction Corp.1,100 1,913 
Hiroca Holdings Ltd.4,000 7,782 
Hitron Technology, Inc.3,000 2,071 
Hiwin Technologies Corp.2,061 24,140 
Ho Tung Chemical Corp.45,000 17,101 
Hocheng Corp.13,000 5,384 
Hold-Key Electric Wire & Cable Co. Ltd.(1)
9,000 4,522 
Holiday Entertainment Co. Ltd.1,000 2,218 
Holtek Semiconductor, Inc.7,000 32,311 
Holy Stone Enterprise Co. Ltd.7,000 30,470 
Hon Hai Precision Industry Co. Ltd.126,000 503,157 
Hong Pu Real Estate Development Co. Ltd.2,000 1,546 
Hong YI Fiber Industry Co.2,000 1,708 
Horizon Securities Co. Ltd.18,000 12,932 
Hota Industrial Manufacturing Co. Ltd.2,147 7,411 
Hotai Finance Co. Ltd.2,000 6,171 
Hotai Motor Co. Ltd.1,000 20,977 
Hotron Precision Electronic Industrial Co. Ltd.3,000 7,305 
Hsing TA Cement Co.2,000 1,550 
HTC Corp.(1)
9,000 11,523 
Hu Lane Associate, Inc.4,025 17,033 
Hua Nan Financial Holdings Co. Ltd.26,400 19,893 
Huaku Development Co. Ltd.9,000 28,586 
Huang Hsiang Construction Corp.1,000 1,398 
Hung Ching Development & Construction Co. Ltd.2,000 2,103 
Hung Sheng Construction Ltd.16,920 12,669 
Hycon Technology Corp.2,000 10,853 
I-Chiun Precision Industry Co. Ltd.(1)
7,554 13,522 
I-Sheng Electric Wire & Cable Co. Ltd.1,000 1,517 
IBF Financial Holdings Co. Ltd.47,426 27,430 
Ichia Technologies, Inc.16,000 9,986 
65


Avantis Emerging Markets Equity Fund
SharesValue
IEI Integration Corp.3,000 $5,023 
Innodisk Corp.2,020 16,863 
Innolux Corp.279,000 172,815 
Inpaq Technology Co. Ltd.(1)
5,000 10,303 
Integrated Service Technology, Inc.5,000 9,354 
International CSRC Investment Holdings Co.21,000 17,696 
International Games System Co. Ltd.2,000 47,812 
Inventec Corp.31,000 27,119 
ITE Technology, Inc.4,000 16,234 
ITEQ Corp.3,000 14,266 
Jess-Link Products Co. Ltd.4,000 5,055 
Jih Lin Technology Co. Ltd.2,000 8,533 
K Laser Technology, Inc.2,000 1,740 
Kaimei Electronic Corp.(1)
3,000 10,851 
Kenda Rubber Industrial Co. Ltd.17,040 20,449 
Kenmec Mechanical Engineering Co. Ltd.(1)
2,000 1,956 
Kindom Development Co. Ltd.15,400 23,576 
King Yuan Electronics Co. Ltd.37,000 60,644 
King's Town Bank Co. Ltd.27,000 42,720 
Kinik Co.4,000 10,209 
Kinpo Electronics22,000 10,014 
Kinsus Interconnect Technology Corp.10,000 72,162 
KMC Kuei Meng International, Inc.2,000 15,206 
KNH Enterprise Co. Ltd.4,000 3,324 
KS Terminals, Inc.1,000 3,460 
Kung Long Batteries Industrial Co. Ltd.2,000 9,990 
Kung Sing Engineering Corp.(1)
4,000 1,454 
Kuo Toong International Co. Ltd.13,000 11,813 
Kuo Yang Construction Co. Ltd.4,545 4,646 
L&K Engineering Co. Ltd.5,000 5,415 
Lanner Electronics, Inc.3,000 5,487 
Largan Precision Co. Ltd.1,000 96,416 
Leadtek Research, Inc.(1)
4,000 9,042 
Lealea Enterprise Co. Ltd.(1)
23,000 9,296 
Lelon Electronics Corp.2,000 5,162 
Lemtech Holdings Co. Ltd.2,000 12,347 
Li Peng Enterprise Co. Ltd.(1)
34,000 13,225 
Lian HWA Food Corp.4,400 11,286 
Lien Hwa Industrial Holdings Corp.1,160 2,199 
Lingsen Precision Industries Ltd.(1)
15,000 16,443 
Lite-On Technology Corp.55,000 121,276 
Long Da Construction & Development Corp.2,000 1,450 
Longchen Paper & Packaging Co. Ltd.27,591 27,946 
Lotes Co. Ltd.2,000 38,878 
Lucky Cement Corp.9,000 3,947 
Lumax International Corp. Ltd.1,000 2,535 
Lung Yen Life Service Corp.3,000 5,080 
Macauto Industrial Co. Ltd.2,000 6,259 
Machvision, Inc.2,000 18,549 
Macronix International Co. Ltd.56,000 81,025 
Marketech International Corp.3,000 12,519 
66


Avantis Emerging Markets Equity Fund
SharesValue
Materials Analysis Technology, Inc.3,000 $16,506 
MediaTek, Inc.7,000 226,991 
Mega Financial Holding Co. Ltd.84,000 99,350 
Meiloon Industrial Co.2,000 2,025 
Mercuries & Associates Holding Ltd.10,400 8,528 
Mercuries Life Insurance Co. Ltd.(1)
46,818 15,668 
Merida Industry Co. Ltd.4,000 45,995 
Merry Electronics Co. Ltd.3,000 10,409 
Micro-Star International Co. Ltd.12,000 56,302 
Mitac Holdings Corp.25,840 25,990 
Mobiletron Electronics Co. Ltd.(1)
1,000 1,836 
momo.com, Inc.1,300 80,652 
MOSA Industrial Corp.8,000 13,293 
MPI Corp.4,000 21,254 
Namchow Holdings Co. Ltd.5,000 8,787 
Nan Liu Enterprise Co. Ltd.1,000 4,646 
Nan Pao Resins Chemical Co. Ltd.1,000 5,043 
Nan Ren Lake Leisure Amusement Co. Ltd.2,000 1,224 
Nan Ya Plastics Corp.22,000 71,094 
Nan Ya Printed Circuit Board Corp.5,000 75,664 
Nantex Industry Co. Ltd.11,000 42,616 
Nanya Technology Corp.25,000 59,614 
Nichidenbo Corp.7,000 12,846 
Nien Made Enterprise Co. Ltd.4,000 59,639 
Nishoku Technology, Inc.2,000 6,396 
Novatek Microelectronics Corp.7,000 112,963 
Nyquest Technology Co. Ltd.2,000 11,088 
O-Bank Co. Ltd.21,000 5,670 
O-TA Precision Industry Co. Ltd.3,000 17,175 
Ocean Plastics Co. Ltd.9,000 10,757 
OptoTech Corp.15,000 18,810 
Orient Semiconductor Electronics Ltd.27,000 27,598 
Oriental Union Chemical Corp.(1)
2,000 1,572 
Pacific Hospital Supply Co. Ltd.3,000 7,810 
PADAUK Technology Co. Ltd.2,200 13,173 
Paiho Shih Holdings Corp.7,000 9,805 
Pan Jit International, Inc.9,000 35,077 
Pan-International Industrial Corp.21,000 29,732 
Parade Technologies Ltd.1,000 62,926 
PChome Online, Inc.3,000 11,665 
Pegatron Corp.27,000 63,053 
Pegavision Corp.2,000 43,109 
PharmaEngine, Inc.3,000 6,669 
Phihong Technology Co. Ltd.(1)
14,000 18,121 
Phison Electronics Corp.2,000 30,652 
Pixart Imaging, Inc.4,000 23,190 
Plotech Co. Ltd.2,000 1,836 
Pou Chen Corp.60,000 71,265 
Power Wind Health Industry, Inc.1,050 5,374 
Powertech Technology, Inc.20,000 81,050 
Poya International Co. Ltd.1,000 18,176 
67


Avantis Emerging Markets Equity Fund
SharesValue
President Chain Store Corp.10,000 $102,966 
President Securities Corp.30,451 25,819 
Prince Housing & Development Corp.29,000 14,332 
Promate Electronic Co. Ltd.9,000 12,605 
Prosperity Dielectrics Co. Ltd.3,000 6,500 
Qisda Corp.59,000 63,123 
Qualipoly Chemical Corp.4,000 5,555 
Quang Viet Enterprise Co. Ltd.1,000 4,071 
Quanta Computer, Inc.32,000 90,498 
Quanta Storage, Inc.5,000 6,666 
Radiant Opto-Electronics Corp.13,000 46,372 
Radium Life Tech Co. Ltd.21,000 8,018 
Realtek Semiconductor Corp.11,000 219,238 
Rechi Precision Co. Ltd.12,000 8,537 
Rexon Industrial Corp. Ltd.4,000 10,193 
Rich Development Co. Ltd.21,000 6,996 
Ritek Corp.(1)
16,000 5,573 
Roo Hsing Co. Ltd.(1)
3,000 863 
Ruentex Development Co. Ltd.22,000 54,942 
Ruentex Engineering & Construction Co.5,480 23,572 
Ruentex Industries Ltd.8,000 32,022 
Ruentex Materials Co. Ltd.1,000 1,326 
Sampo Corp.(1)
9,000 10,060 
San Fang Chemical Industry Co. Ltd.2,000 1,559 
San Far Property Ltd.(1)
2,206 1,314 
San Shing Fastech Corp.(1)
3,000 6,286 
Sanyang Motor Co. Ltd.12,000 11,820 
SCI Pharmtech, Inc.1,200 3,689 
SDI Corp.1,000 5,244 
Sea Sonic Electronics Co. Ltd.2,000 6,902 
Sensortek Technology Corp.1,000 26,562 
Shan-Loong Transportation Co. Ltd.2,000 2,553 
Shanghai Commercial & Savings Bank Ltd. (The)76,000 123,347 
Sheng Yu Steel Co. Ltd.2,000 3,197 
ShenMao Technology, Inc.2,000 3,432 
Shin Foong Specialty & Applied Materials Co. Ltd.1,000 7,741 
Shin Kong Financial Holding Co. Ltd.274,852 94,176 
Shin Zu Shing Co. Ltd.3,123 11,939 
Shining Building Business Co. Ltd.(1)
22,000 9,708 
Shinkong Insurance Co. Ltd.5,000 7,895 
Shinkong Synthetic Fibers Corp.16,000 11,372 
Shiny Chemical Industrial Co. Ltd.2,222 10,263 
ShunSin Technology Holding Ltd.2,000 6,801 
Shuttle, Inc.(1)
12,000 4,615 
Sigurd Microelectronics Corp.17,000 39,771 
Silicon Integrated Systems Corp.21,600 19,953 
Silicon Optronics, Inc.2,000 12,654 
Simplo Technology Co. Ltd.4,000 45,483 
Sincere Navigation Corp.12,000 17,459 
Sino-American Silicon Products, Inc.7,000 48,487 
Sinon Corp.10,000 8,260 
68


Avantis Emerging Markets Equity Fund
SharesValue
SinoPac Financial Holdings Co. Ltd.212,000 $108,862 
Sinyi Realty, Inc.6,000 6,738 
Sirtec International Co. Ltd.1,000 949 
Sitronix Technology Corp.6,000 63,700 
Siward Crystal Technology Co. Ltd.2,000 2,502 
Soft-World International Corp.2,000 6,962 
Solar Applied Materials Technology Corp.12,547 22,423 
Sonix Technology Co. Ltd.6,000 19,537 
Sporton International, Inc.1,050 8,704 
St Shine Optical Co. Ltd.1,000 12,179 
Standard Foods Corp.6,000 11,296 
Star Comgistic Capital Co. Ltd.4,000 3,428 
Stark Technology, Inc.3,000 7,386 
Sunjuice Holdings Co. Ltd.1,000 15,137 
Sunny Friend Environmental Technology Co. Ltd.2,000 14,823 
Sunonwealth Electric Machine Industry Co. Ltd.1,000 1,401 
Supreme Electronics Co. Ltd.7,739 12,220 
Sweeten Real Estate Development Co. Ltd.2,160 1,927 
Symtek Automation Asia Co. Ltd.2,000 8,027 
Syncmold Enterprise Corp.6,000 15,173 
Synnex Technology International Corp.23,000 44,612 
Systex Corp.4,000 12,339 
T3EX Global Holdings Corp.2,000 12,939 
TA Chen Stainless Pipe(1)
11,000 20,011 
Ta Ya Electric Wire & Cable(1)
16,000 15,293 
TA-I Technology Co. Ltd.3,000 6,972 
Tah Hsin Industrial Corp.3,000 6,901 
Tai-Saw Technology Co. Ltd.(1)
2,000 2,457 
Taichung Commercial Bank Co. Ltd.81,713 34,609 
TaiDoc Technology Corp.1,000 7,505 
Taiflex Scientific Co. Ltd.4,000 6,914 
Tainan Spinning Co. Ltd.33,000 27,686 
Tainergy Tech Co. Ltd.(1)
5,000 6,518 
Taishin Financial Holding Co. Ltd.236,642 165,111 
Taisun Enterprise Co. Ltd.(1)
2,000 2,096 
Taita Chemical Co. Ltd.8,090 13,160 
Taiwan Business Bank145,150 50,719 
Taiwan Cement Corp.59,150 103,275 
Taiwan Cogeneration Corp.7,000 9,501 
Taiwan Cooperative Financial Holding Co. Ltd.82,050 66,106 
Taiwan FamilyMart Co. Ltd.1,000 9,410 
Taiwan Fertilizer Co. Ltd.14,000 28,490 
Taiwan Fire & Marine Insurance Co. Ltd.2,000 1,443 
Taiwan FU Hsing Industrial Co. Ltd.4,000 6,037 
Taiwan Glass Industry Corp.42,000 54,220 
Taiwan High Speed Rail Corp.25,000 27,232 
Taiwan Hon Chuan Enterprise Co. Ltd.8,000 21,548 
Taiwan Hopax Chemicals Manufacturing Co. Ltd.2,000 4,317 
Taiwan Land Development Corp.(1)
21,000 4,504 
Taiwan Mask Corp.8,000 25,610 
Taiwan Mobile Co. Ltd.21,000 76,531 
69


Avantis Emerging Markets Equity Fund
SharesValue
Taiwan Navigation Co. Ltd.11,000 $19,921 
Taiwan Paiho Ltd.10,000 30,277 
Taiwan PCB Techvest Co. Ltd.10,000 16,605 
Taiwan Sakura Corp.4,000 10,385 
Taiwan Secom Co. Ltd.7,000 24,884 
Taiwan Semiconductor Co. Ltd.8,000 21,151 
Taiwan Semiconductor Manufacturing Co. Ltd., ADR32,376 3,853,068 
Taiwan Shin Kong Security Co. Ltd.1,010 1,377 
Taiwan Styrene Monomer2,000 1,618 
Taiwan Surface Mounting Technology Corp.4,000 14,885 
Taiwan TEA Corp.(1)
2,000 1,451 
Taiwan Union Technology Corp.9,000 35,622 
Taiyen Biotech Co. Ltd.(1)
6,000 7,133 
Tatung Co. Ltd.(1)
2,000 2,197 
TCI Co. Ltd.2,000 19,433 
Te Chang Construction Co. Ltd.1,000 1,075 
Teco Electric and Machinery Co. Ltd.46,000 51,750 
Tera Autotech Corp.1,081 814 
Test Research, Inc.9,000 18,334 
Test Rite International Co. Ltd.2,000 1,765 
Tex-Ray Industrial Co. Ltd.(1)
12,000 6,574 
Thinking Electronic Industrial Co. Ltd.2,000 13,957 
Thye Ming Industrial Co. Ltd.1,000 1,251 
Ton Yi Industrial Corp.20,000 9,956 
Tong Yang Industry Co. Ltd.8,000 9,942 
Tong-Tai Machine & Tool Co. Ltd.(1)
2,000 1,245 
Topco Scientific Co. Ltd.4,000 19,093 
Topoint Technology Co. Ltd.7,000 10,365 
TPK Holding Co. Ltd.14,000 19,854 
Transcend Information, Inc.3,000 7,498 
Tripod Technology Corp.11,000 45,388 
Tsann Kuen Enterprise Co. Ltd.2,000 3,147 
TSC Auto ID Technology Co. Ltd.1,000 7,765 
TSRC Corp.14,000 15,616 
Ttet Union Corp.2,000 11,358 
TTY Biopharm Co. Ltd.1,000 2,887 
Tung Ho Steel Enterprise Corp.31,000 49,531 
TXC Corp.2,000 8,204 
TYC Brother Industrial Co. Ltd.10,000 7,169 
Tyntek Corp.3,000 2,633 
TZE Shin International Co. Ltd.(1)
9,000 10,539 
U-Ming Marine Transport Corp.12,000 30,021 
Ultra Chip, Inc.(1)
3,000 16,648 
Uni-President Enterprises Corp.72,000 187,653 
Unimicron Technology Corp.30,000 158,993 
Union Bank of Taiwan(1)
39,470 17,435 
Union Insurance Co. Ltd.2,100 1,507 
Unitech Printed Circuit Board Corp.(1)
12,000 8,668 
United Integrated Services Co. Ltd.6,000 42,997 
United Microelectronics Corp.181,000 410,133 
United Renewable Energy Co. Ltd.(1)
5,909 4,516 
70


Avantis Emerging Markets Equity Fund
SharesValue
Univacco Technology, Inc.2,000 $1,550 
Universal Cement Corp.15,000 11,260 
Unizyx Holding Corp.(1)
16,000 14,574 
UPC Technology Corp.28,000 24,655 
USI Corp.25,000 29,577 
Utechzone Co. Ltd.3,000 6,281 
Vanguard International Semiconductor Corp.20,000 106,383 
Ventec International Group Co. Ltd.2,000 10,861 
Visual Photonics Epitaxy Co. Ltd.3,000 13,699 
Voltronic Power Technology Corp.1,000 44,635 
Wafer Works Corp.8,000 20,180 
Wah Lee Industrial Corp.5,000 15,969 
Walsin Lihwa Corp.77,000 74,462 
Walsin Technology Corp.(1)
3,000 19,450 
Walton Advanced Engineering, Inc.(1)
12,000 8,679 
Wan Hai Lines Ltd.19,000 170,000 
Wei Chuan Foods Corp.9,000 6,760 
Weikeng Industrial Co. Ltd.15,000 12,802 
Well Shin Technology Co. Ltd.5,000 8,645 
Weltrend Semiconductor2,000 5,183 
Win Semiconductors Corp.5,000 59,338 
Winbond Electronics Corp.65,000 68,891 
Winstek Semiconductor Co. Ltd.2,000 2,445 
Wisdom Marine Lines Co. Ltd.13,047 42,162 
Wistron Corp.43,000 42,469 
Wistron Information Technology & Services Corp.2,000 6,531 
Wistron NeWeb Corp.13,000 33,849 
Wiwynn Corp.1,000 34,911 
Wowprime Corp.4,000 20,983 
WPG Holdings Ltd.46,000 80,241 
WT Microelectronics Co. Ltd.13,000 28,084 
WUS Printed Circuit Co. Ltd.1,800 1,812 
XinTec, Inc.6,000 31,142 
Xxentria Technology Materials Corp.1,000 2,537 
Yageo Corp.(1)
1,000 17,216 
Yang Ming Marine Transport Corp.(1)
54,000 258,661 
YC INOX Co. Ltd.(1)
14,000 18,743 
YCC Parts Manufacturing Co. Ltd.1,000 1,301 
Yea Shin International Development Co. Ltd.5,000 3,597 
Yem Chio Co. Ltd.13,000 8,292 
Yen Sun Technology Corp.4,000 4,238 
YFY, Inc.46,000 59,287 
Yi Jinn Industrial Co. Ltd.7,000 4,303 
Yieh Phui Enterprise Co. Ltd.(1)
27,000 31,712 
Yonyu Plastics Co. Ltd.1,000 1,228 
Young Fast Optoelectronics Co. Ltd.(1)
4,000 4,179 
Youngtek Electronics Corp.4,000 12,591 
Yuanta Financial Holding Co. Ltd.212,600 191,515 
Yulon Finance Corp.5,865 35,144 
Yulon Motor Co. Ltd.15,357 20,913 
YungShin Global Holding Corp.1,000 1,518 
71


Avantis Emerging Markets Equity Fund
SharesValue
Yungtay Engineering Co. Ltd.1,000 $2,128 
Zeng Hsing Industrial Co. Ltd.2,000 10,951 
Zenitron Corp.2,000 2,025 
Zero One Technology Co. Ltd.2,000 3,161 
Zhen Ding Technology Holding Ltd.10,000 35,740 
Zig Sheng Industrial Co. Ltd.22,000 15,983 
Zinwell Corp.(1)
6,000 3,864 
ZongTai Real Estate Development Co. Ltd.6,000 8,382 
20,014,815 
Thailand — 2.1%
AAPICO Hitech PCL, NVDR10,890 7,562 
Advanced Info Service PCL, NVDR12,900 75,219 
AEON Thana Sinsap Thailand PCL, NVDR2,800 17,177 
Airports of Thailand PCL, NVDR23,300 46,036 
Amanah Leasing PCL, NVDR9,200 1,625 
Amata Corp. PCL, NVDR23,700 13,814 
AP Thailand PCL, NVDR100,600 26,199 
Asia Aviation PCL, NVDR(1)
63,700 5,492 
Asia Plus Group Holdings PCL, NVDR101,400 10,943 
Asia Sermkij Leasing PCL, NVDR1,800 2,120 
Asset World Corp. PCL, NVDR(1)
33,500 4,500 
B Grimm Power PCL, NVDR9,700 13,909 
Bangchak Corp. PCL, NVDR58,000 48,529 
Bangkok Airways PCL, NVDR(1)
31,300 11,550 
Bangkok Aviation Fuel Services PCL, NVDR(1)
1,000 845 
Bangkok Bank PCL, NVDR9,600 33,900 
Bangkok Chain Hospital PCL, NVDR5,900 4,115 
Bangkok Dusit Medical Services PCL, NVDR79,600 57,741 
Bangkok Expressway & Metro PCL, NVDR51,700 13,868 
Bangkok Land PCL, NVDR196,000 6,565 
Bangkok Life Assurance PCL, NVDR14,300 12,192 
Banpu PCL, NVDR120,700 41,181 
Banpu Power PCL, NVDR9,700 5,744 
BCPG PCL, NVDR8,700 3,992 
BEC World PCL, NVDR(1)
36,800 15,047 
Berli Jucker PCL, NVDR1,000 1,124 
BTS Group Holdings PCL, NVDR37,600 10,963 
Bumrungrad Hospital PCL, NVDR4,200 17,311 
Cal-Comp Electronics Thailand PCL, NVDR108,125 9,858 
Carabao Group PCL, NVDR3,100 13,460 
Central Pattana PCL, NVDR27,200 45,278 
Central Plaza Hotel PCL, NVDR(1)
1,900 1,958 
Central Retail Corp. PCL, NVDR16,541 17,550 
CH Karnchang PCL, NVDR50,000 30,841 
Charoen Pokphand Foods PCL, NVDR70,400 58,985 
Chularat Hospital PCL, NVDR101,800 11,676 
CK Power PCL, NVDR6,000 1,041 
Com7 PCL, NVDR9,500 20,511 
CP ALL PCL, NVDR20,400 41,127 
Delta Electronics Thailand PCL, NVDR1,500 27,161 
Demco PCL, NVDR(1)
54,700 8,455 
72


Avantis Emerging Markets Equity Fund
SharesValue
Dhipaya Insurance PCL, NVDR5,900 $5,172 
Diamond Building Products PCL, NVDR5,000 1,125 
Dohome PCL, NVDR3,791 2,970 
Dynasty Ceramic PCL, NVDR84,500 8,070 
Eastern Polymer Group PCL, NVDR42,400 16,564 
Eastern Water Resources Development and Management PCL, NVDR2,900 917 
Ekachai Medical Care PCL, NVDR4,700 1,159 
Electricity Generating PCL, NVDR1,600 8,978 
Energy Absolute PCL, NVDR22,100 44,870 
Erawan Group PCL (The), NVDR(1)
15,660 1,466 
Esso Thailand PCL, NVDR(1)
4,400 1,076 
GFPT PCL, NVDR16,100 6,187 
Global Power Synergy PCL, NVDR6,000 15,484 
Gulf Energy Development PCL, NVDR16,300 21,099 
Gunkul Engineering PCL, NVDR152,900 22,465 
Haad Thip PCL, NVDR1,400 1,605 
Hana Microelectronics PCL, NVDR10,400 22,732 
Home Product Center PCL, NVDR41,300 18,299 
Ichitan Group PCL, NVDR5,600 2,103 
Indorama Ventures PCL, NVDR44,300 60,049 
IRPC PCL, NVDR414,800 51,100 
Italian-Thai Development PCL, NVDR(1)
149,800 11,237 
Jasmine International PCL, NVDR218,300 19,758 
JMT Network Services PCL, NVDR7,000 9,921 
JWD Infologistics PCL, NVDR30,600 15,731 
KCE Electronics PCL, NVDR18,300 43,389 
KGI Securities Thailand PCL, NVDR47,000 9,467 
Kiatnakin Phatra Bank PCL, NVDR7,000 12,204 
Krung Thai Bank PCL, NVDR56,800 19,703 
Krungthai Card PCL, NVDR10,800 22,178 
Land & Houses PCL, NVDR58,500 14,779 
LPN Development PCL, NVDR37,300 5,839 
Major Cineplex Group PCL, NVDR(1)
17,300 11,213 
MBK PCL, NVDR(1)
22,800 10,039 
MC Group PCL, NVDR4,300 1,234 
MCS Steel PCL, NVDR16,600 7,825 
Mega Lifesciences PCL, NVDR7,500 11,390 
Minor International PCL, NVDR(1)
13,500 13,711 
MK Restaurants Group PCL, NVDR600 995 
Muangthai Capital PCL, NVDR13,500 27,083 
Noble Development PCL, NVDR40,800 8,285 
Nusasiri PCL, NVDR(1)
94,600 1,231 
Osotspa PCL, NVDR4,000 4,526 
Plan B Media PCL, NVDR62,700 12,028 
Polyplex Thailand PCL, NVDR13,000 10,482 
Precious Shipping PCL, NVDR21,700 15,520 
Premier Marketing PCL, NVDR3,900 1,282 
Prima Marine PCL, NVDR39,800 8,637 
Property Perfect PCL, NVDR40,700 582 
Pruksa Holding PCL, NVDR16,600 6,796 
73


Avantis Emerging Markets Equity Fund
SharesValue
PTG Energy PCL, NVDR19,400 $11,001 
PTT Exploration & Production PCL, NVDR21,100 72,817 
PTT Global Chemical PCL, NVDR40,700 80,711 
PTT PCL, NVDR108,600 128,619 
Quality Houses PCL, NVDR341,000 23,494 
Raimon Land PCL, NVDR(1)
40,600 1,172 
Rajthanee Hospital PCL, NVDR10,300 10,619 
Ratch Group PCL, NVDR13,500 19,782 
Ratchthani Leasing PCL, NVDR58,350 8,030 
Regional Container Lines PCL, NVDR31,100 57,327 
Rojana Industrial Park PCL, NVDR6,800 1,413 
RS PCL, NVDR(1)
10,700 6,634 
S 11 Group PCL, NVDR4,200 925 
Sansiri PCL, NVDR675,100 26,760 
SEAFCO PCL, NVDR5,200 768 
Sermsang Power Corp. Co. Ltd., NVDR32,120 12,951 
Siam Cement PCL (The), NVDR6,500 86,654 
Siam Commercial Bank PCL (The), NVDR10,200 33,650 
Siam Future Development PCL, NVDR5,800 2,139 
Siam Global House PCL, NVDR18,555 12,482 
Siamgas & Petrochemicals PCL, NVDR27,100 9,660 
Singha Estate PCL, NVDR(1)
20,100 1,334 
Sino-Thai Engineering & Construction PCL, NVDR17,200 7,141 
SNC Former PCL, NVDR2,800 1,164 
Somboon Advance Technology PCL, NVDR2,000 1,302 
SPCG PCL, NVDR13,200 7,411 
Sri Trang Agro-Industry PCL, NVDR22,400 26,393 
Srisawad Corp. PCL, NVDR25,500 56,703 
Srisawad Finance PCL, NVDR4,400 4,976 
Srivichai Vejvivat PCL, NVDR25,600 8,814 
Star Petroleum Refining PCL, NVDR(1)
18,400 5,012 
STP & I PCL, NVDR(1)
7,300 1,023 
Supalai PCL, NVDR17,300 11,115 
Super Energy Corp. PCL, NVDR129,100 3,883 
Susco PCL, NVDR10,600 1,111 
Synnex Thailand PCL, NVDR11,700 9,338 
Taokaenoi Food & Marketing PCL, NVDR16,200 3,738 
Thai Airways International PCL, NVDR(1)
6,800 700 
Thai Oil PCL, NVDR17,300 26,624 
Thai Union Group PCL, NVDR97,200 60,002 
Thaicom PCL, NVDR14,300 4,434 
Thaifoods Group PCL, NVDR70,100 10,133 
Thanachart Capital PCL, NVDR10,700 12,185 
Thonburi Healthcare Group PCL, NVDR11,800 11,438 
Thoresen Thai Agencies PCL, NVDR68,300 35,122 
Tipco Asphalt PCL, NVDR11,200 6,425 
Tisco Financial Group PCL, NVDR8,700 25,346 
TMBThanachart Bank PCL, NVDR219,700 7,282 
TOA Paint Thailand PCL, NVDR6,900 7,327 
Total Access Communication PCL, NVDR15,400 17,670 
TPI Polene PCL, NVDR156,800 8,753 
74


Avantis Emerging Markets Equity Fund
SharesValue
TPI Polene Power PCL, NVDR54,800 $7,479 
TQM Corp. PCL, NVDR700 2,540 
True Corp. PCL, NVDR386,900 39,851 
TTW PCL, NVDR14,400 5,316 
U City PCL, NVDR(1)
30,800 1,052 
U City PCL, NVDR(1)
92,400 2,985 
Unique Engineering & Construction PCL, NVDR(1)
4,000 819 
Univanich Palm Oil PCL, NVDR5,800 1,348 
VGI PCL, NVDR22,200 4,331 
Vinythai PCL, NVDR1,500 1,757 
WHA Corp. PCL, NVDR60,400 6,105 
Workpoint Entertainment PCL, NVDR14,600 10,137 
WP Energy PCL, NVDR5,900 1,016 
Zen Corp. Group PCL, NVDR2,200 867 
2,524,829 
Turkey — 0.5%
AG Anadolu Grubu Holding AS1,279 3,705 
Akbank T.A.S.51,968 36,885 
Aksa Akrilik Kimya Sanayii AS3,764 8,831 
Aksa Enerji Uretim AS(1)
7,931 13,735 
Aksigorta AS4,966 4,534 
Alarko Holding AS3,317 3,547 
Anadolu Anonim Turk Sigorta Sirketi5,534 4,219 
Anadolu Efes Biracilik Ve Malt Sanayii AS3,095 8,167 
Arcelik AS470 1,818 
Aselsan Elektronik Sanayi Ve Ticaret AS2,862 5,473 
Bagfas Bandirma Gubre Fabrikalari AS(1)
1,255 2,768 
Baticim Bati Anadolu Cimento Sanayii AS(1)
2,996 4,494 
Bera Holding AS(1)
2,301 2,708 
BIM Birlesik Magazalar AS3,770 32,535 
Cemtas Celik Makina Sanayi Ve Ticaret AS729 1,188 
Cimsa Cimento Sanayi VE Ticaret AS(1)
1,448 4,460 
Coca-Cola Icecek AS1,377 14,507 
Dogan Sirketler Grubu Holding AS15,748 4,869 
EGE Endustri VE Ticaret AS21 3,111 
Eregli Demir ve Celik Fabrikalari TAS12,763 28,871 
Ford Otomotiv Sanayi AS453 9,360 
Gubre Fabrikalari TAS(1)
783 4,874 
Haci Omer Sabanci Holding AS22,953 28,954 
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1)
856 1,274 
Is Finansal Kiralama AS(1)
5,787 2,074 
Is Yatirim Menkul Degerler AS1,327 2,433 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1)
15,130 14,164 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A(1)
6,824 5,630 
Kartonsan Karton Sanayi ve Ticaret AS321 1,912 
KOC Holding AS11,622 32,191 
Koza Altin Isletmeleri AS(1)
720 8,954 
Koza Anadolu Metal Madencilik Isletmeleri AS(1)
4,008 7,661 
Logo Yazilim Sanayi Ve Ticaret AS1,020 4,858 
Mavi Giyim Sanayi Ve Ticaret AS, B Shares783 5,360 
Migros Ticaret AS(1)
1,055 4,418 
75


Avantis Emerging Markets Equity Fund
SharesValue
MLP Saglik Hizmetleri AS(1)
1,967 $6,002 
NET Holding AS(1)
2,629 1,521 
Nuh Cimento Sanayi AS462 1,952 
Pegasus Hava Tasimaciligi AS(1)
1,470 12,485 
Petkim Petrokimya Holding AS(1)
10,810 8,057 
Sasa Polyester Sanayi AS(1)
2,292 7,589 
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.1,189 1,304 
Sok Marketler Ticaret AS3,147 4,655 
TAV Havalimanlari Holding AS(1)
4,174 11,753 
Tekfen Holding AS4,089 7,266 
Tofas Turk Otomobil Fabrikasi AS4,881 24,646 
Turk Hava Yollari AO(1)
16,368 24,997 
Turk Traktor ve Ziraat Makineleri AS343 7,089 
Turkcell Iletisim Hizmetleri AS, ADR(2)
6,379 31,831 
Turkiye Garanti Bankasi AS30,699 36,413 
Turkiye Halk Bankasi AS(1)
8,002 4,570 
Turkiye Is Bankasi AS, C Shares30,117 20,849 
Turkiye Petrol Rafinerileri AS(1)
2,010 24,539 
Turkiye Sigorta AS4,436 2,607 
Turkiye Sinai Kalkinma Bankasi AS29,795 4,724 
Turkiye Sise ve Cam Fabrikalari AS17,915 19,180 
Turkiye Vakiflar Bankasi TAO, D Shares(1)
11,240 4,862 
Vestel Elektronik Sanayi ve Ticaret AS1,746 6,015 
Yapi ve Kredi Bankasi AS66,629 21,117 
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS2,668 4,561 
Yesil Yapi Endustrisi AS(1)
21,886 2,976 
Zorlu Enerji Elektrik Uretim AS(1)
5,103 963 
629,065 
TOTAL COMMON STOCKS
(Cost $97,300,618)
118,103,924 
RIGHTS


China
Tongda Group Holdings Ltd.(1)
85,000 109 
Greece
Attica Bank SA(1)
2,201 26 
Thailand
Banpu Public Co.(1)
29,466 5,485 
TOTAL RIGHTS
(Cost $3,813)
5,620 
WARRANTS


Malaysia
Perak Transit Bhd(1)
1,391 52 
Vizione Holdings Bhd(1)
2,040 17 
69 
Thailand
BTS Group Holdings PCL No. 6, NVDR(1)
1,880 59 
BTS Group Holdings PCL No. 7, NVDR(1)
3,760 142 
BTS Group Holdings PCL No. 8, NVDR(1)
7,520 269 
Erawan Group PCL (The), NVDR(1)
1,243 43 
Minor International PCL, NVDR(1)
466 76 
589 
TOTAL WARRANTS
(Cost $—)
658 
76


Shares/Principal AmountValue
CORPORATE BONDS


India
Britannia Industries Ltd., 5.50%, 6/3/24 (Acquired 5/25/21, Cost $433)(3) (Cost $433)
INR31,523 $435 
TEMPORARY CASH INVESTMENTS — 1.1%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $1,341,732)
1,341,732 1,341,732 
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(4) — 1.3%
State Street Navigator Securities Lending Government Money Market Portfolio
(Cost $1,558,199)
1,558,199 1,558,199 
TOTAL INVESTMENT SECURITIES — 101.6%
(Cost $100,204,795)

121,010,568 
OTHER ASSETS AND LIABILITIES — (1.6)%

(1,955,679)
TOTAL NET ASSETS — 100.0%

$119,054,889 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized Appreciation
(Depreciation)^
S&P 500 E-Mini4September 2021$904,100 $61,341 
^Amount represents value and unrealized appreciation (depreciation).

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)  
Information Technology19.7%
Financials18.2%
Consumer Discretionary13.5%
Materials11.1%
Industrials8.3%
Communication Services8.1%
Consumer Staples6.0%
Energy5.3%
Health Care3.5%
Utilities3.0%
Real Estate2.5%
Temporary Cash Investments1.1%
Temporary Cash Investments - Securities Lending Collateral1.3%
Other Assets and Liabilities(1.6)%

77


NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
GDR-Global Depositary Receipt
INR-Indian Rupee
NVDR-Non-Voting Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $4,396,673. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $435, which represented less than 0.05% of total net assets.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $4,570,245, which includes securities collateral of $3,012,046.


See Notes to Financial Statements.
78


AUGUST 31, 2021
Avantis International Equity Fund
SharesValue
COMMON STOCKS — 98.2%


Australia — 6.6%
Adairs Ltd.(1)
1,603 $4,685 
Adbri Ltd.5,681 14,191 
Afterpay Ltd.(2)
244 23,734 
AGL Energy Ltd.1,701 8,003 
Alkane Resources Ltd.(1)(2)
2,522 1,805 
Alliance Aviation Services Ltd.(2)
1,918 5,615 
ALS Ltd.829 7,691 
Altium Ltd.249 5,421 
Alumina Ltd.4,089 5,284 
AMP Ltd.36,465 29,240 
Ampol Ltd.692 13,897 
Ansell Ltd.204 5,351 
APA Group2,570 17,209 
Appen Ltd.277 2,167 
ARB Corp. Ltd.367 13,831 
Ardent Leisure Group Ltd.(2)
1,272 1,382 
Aristocrat Leisure Ltd.1,247 41,389 
ASX Ltd.368 23,553 
Atlas Arteria Ltd.1,021 5,100 
Atlassian Corp. plc, Class A(2)
229 84,057 
Aurelia Metals Ltd.17,744 4,604 
Aurizon Holdings Ltd.15,384 42,325 
AusNet Services Ltd.9,877 13,950 
Austal Ltd.4,451 6,341 
Australia & New Zealand Banking Group Ltd.11,542 233,612 
Australian Agricultural Co. Ltd.(2)
2,182 2,217 
Australian Ethical Investment Ltd.409 3,190 
Australian Finance Group Ltd.704 1,557 
Australian Pharmaceutical Industries Ltd.6,282 6,174 
Australian Strategic Materials Ltd.(1)(2)
504 4,289 
Bank of Queensland Ltd.4,841 33,343 
Beach Energy Ltd.17,546 13,368 
Bega Cheese Ltd.4,198 17,039 
Bendigo & Adelaide Bank Ltd.3,565 26,030 
BHP Group Ltd., ADR(1)
3,791 250,737 
Blackmores Ltd.116 8,440 
BlueScope Steel Ltd.4,223 77,206 
Brambles Ltd.8,677 76,698 
Breville Group Ltd.604 14,147 
Brickworks Ltd.607 10,655 
carsales.com Ltd.1,859 33,937 
Cedar Woods Properties Ltd.198 943 
Challenger Ltd.3,358 15,773 
Champion Iron Ltd.(2)
4,546 19,441 
Class Ltd.662 944 
Cleanaway Waste Management Ltd.4,316 8,330 
Cochlear Ltd.118 20,043 
Codan Ltd.230 2,522 
79


Avantis International Equity Fund
SharesValue
Coles Group Ltd.7,298 $96,313 
Collins Foods Ltd.144 1,294 
Commonwealth Bank of Australia4,230 308,207 
Computershare Ltd.641 7,703 
Coronado Global Resources, Inc.(2)
9,431 7,611 
Costa Group Holdings Ltd.578 1,327 
Credit Corp. Group Ltd.200 4,480 
Crown Resorts Ltd.(2)
1,349 9,150 
CSL Ltd.775 176,268 
CSR Ltd.4,888 19,405 
Data#3 Ltd.932 3,636 
Deterra Royalties Ltd.3,894 12,325 
Dicker Data Ltd.(1)
234 2,171 
Domino's Pizza Enterprises Ltd.338 38,626 
Downer EDI Ltd.3,856 18,235 
Eagers Automotive Ltd.1,100 13,100 
Eclipx Group Ltd.(2)
5,402 9,918 
Elders Ltd.290 2,585 
Emeco Holdings Ltd.(2)
5,966 4,927 
EML Payments Ltd.(2)
3,800 11,401 
Endeavour Group Ltd.(2)
5,570 29,746 
Evolution Mining Ltd.13,895 39,646 
Flight Centre Travel Group Ltd.(1)(2)
361 4,306 
Fortescue Metals Group Ltd.7,775 118,532 
Genworth Mortgage Insurance Australia Ltd.1,713 2,770 
Gold Road Resources Ltd.13,654 12,848 
GrainCorp Ltd., A Shares3,047 14,068 
Grange Resources Ltd.15,468 6,994 
GUD Holdings Ltd.684 5,249 
GWA Group Ltd.2,433 4,999 
Harvey Norman Holdings Ltd.5,521 21,637 
HT&E Ltd.1,854 2,413 
Humm Group Ltd.(1)(2)
743 517 
IDP Education Ltd.1,098 23,053 
IGO Ltd.5,101 35,640 
Iluka Resources Ltd.3,894 28,238 
Imdex Ltd.5,249 9,082 
Incitec Pivot Ltd.6,650 13,055 
Infomedia Ltd.4,782 6,093 
Inghams Group Ltd.(1)
3,906 11,779 
Insurance Australia Group Ltd.3,293 12,574 
Integrated Research Ltd.1,922 2,693 
InvoCare Ltd.1,729 15,469 
IOOF Holdings Ltd.255 884 
IPH Ltd.175 1,198 
IRESS Ltd.114 1,226 
James Hardie Industries plc2,080 80,171 
JB Hi-Fi Ltd.(1)
1,381 46,154 
Johns Lyng Group Ltd.704 2,993 
Jumbo Interactive Ltd.617 6,895 
Jupiter Mines Ltd.22,840 4,250 
80


Avantis International Equity Fund
SharesValue
Karoon Energy Ltd.(1)(2)
1,342 $1,197 
Kogan.com Ltd.(1)
842 6,984 
Lendlease Corp. Ltd.1,169 10,158 
Lovisa Holdings Ltd.719 10,308 
Lynas Rare Earths Ltd.(2)
5,893 29,392 
Macmahon Holdings Ltd.6,093 1,045 
Macquarie Group Ltd.945 114,695 
Magellan Financial Group Ltd.644 20,310 
Mayne Pharma Group Ltd.(2)
42,422 8,968 
McMillan Shakespeare Ltd.968 8,803 
Medibank Pvt Ltd.9,294 24,079 
Metcash Ltd.9,942 29,562 
Mineral Resources Ltd.1,750 69,614 
Monadelphous Group Ltd.839 6,485 
Money3 Corp. Ltd.3,577 9,274 
Mount Gibson Iron Ltd.15,532 6,900 
Myer Holdings Ltd.(2)
2,116 831 
MyState Ltd.613 2,399 
National Australia Bank Ltd.10,095 203,527 
Netwealth Group Ltd.1,149 13,050 
New Energy Solar2,331 1,413 
New Hope Corp. Ltd.(1)
4,936 7,419 
Newcrest Mining Ltd.4,900 88,468 
NEXTDC Ltd.(2)
771 7,440 
nib holdings Ltd.3,090 15,237 
Nick Scali Ltd.1,075 9,713 
Nine Entertainment Co. Holdings Ltd.9,409 18,725 
Northern Star Resources Ltd.2,841 20,211 
NRW Holdings Ltd.5,096 7,032 
Nufarm Ltd.(2)
3,201 10,422 
Oil Search Ltd.11,011 29,837 
Omni Bridgeway Ltd.656 1,956 
Orica Ltd.1,649 15,777 
Origin Energy Ltd.5,239 16,934 
Orocobre Ltd.(2)
5,630 37,408 
Orora Ltd.7,725 19,183 
OZ Minerals Ltd.2,164 36,980 
Pacific Current Group Ltd.220 996 
Paladin Energy Ltd.(2)
44,959 16,627 
Peet Ltd.1,161 1,013 
Pendal Group Ltd.904 5,688 
Perenti Global Ltd.7,641 4,857 
Perpetual Ltd.305 9,388 
Perseus Mining Ltd.(2)
23,044 26,010 
Pilbara Minerals Ltd.(2)
28,029 45,217 
Platinum Asset Management Ltd.2,221 6,434 
Premier Investments Ltd.925 19,158 
Pro Medicus Ltd.(1)
76 3,494 
PWR Holdings Ltd.302 1,876 
Qantas Airways Ltd.(2)
2,914 10,790 
QBE Insurance Group Ltd.3,979 34,240 
81


Avantis International Equity Fund
SharesValue
Qube Holdings Ltd.2,698 $6,203 
Ramelius Resources Ltd.15,930 17,881 
Ramsay Health Care Ltd.461 23,148 
REA Group Ltd.143 16,004 
Red 5 Ltd.(2)
29,625 4,547 
Reece Ltd.610 9,283 
Regis Resources Ltd.8,289 14,934 
Reliance Worldwide Corp. Ltd.3,953 16,843 
Resimac Group Ltd.2,359 4,186 
Resolute Mining Ltd.(1)(2)
13,533 4,594 
Rio Tinto Ltd.977 79,494 
Sandfire Resources Ltd.3,399 16,014 
Santos Ltd.12,002 52,609 
SeaLink Travel Group Ltd.288 1,892 
SEEK Ltd.519 12,294 
Select Harvests Ltd.1,691 10,734 
Senex Energy Ltd.2,725 6,311 
Seven Group Holdings Ltd.(1)
77 1,189 
Sigma Healthcare Ltd.13,377 6,306 
Silver Lake Resources Ltd.(2)
16,247 16,293 
Sims Ltd.1,174 12,900 
SmartGroup Corp. Ltd.213 1,242 
Sonic Healthcare Ltd.474 15,006 
South32 Ltd.29,240 66,639 
Southern Cross Media Group Ltd.(2)
4,053 6,594 
Spark Infrastructure Group8,055 16,573 
St. Barbara Ltd.9,225 10,631 
Star Entertainment Grp Ltd. (The)(2)
4,164 12,344 
Suncorp Group Ltd.5,632 51,246 
Super Retail Group Ltd.1,871 16,769 
Sydney Airport(2)
1,688 9,799 
Tassal Group Ltd.2,716 7,096 
Technology One Ltd.1,557 11,213 
Telstra Corp. Ltd.21,084 59,110 
TPG Telecom Ltd.(1)
527 2,368 
Transurban Group8,754 90,606 
Treasury Wine Estates Ltd.5,591 51,495 
Tuas Ltd.(2)
517 321 
United Malt Grp Ltd.889 2,923 
Viva Energy Group Ltd.6,243 9,705 
Washington H Soul Pattinson & Co. Ltd.(1)
499 13,011 
Wesfarmers Ltd.3,934 171,823 
West African Resources Ltd.(2)
15,935 12,331 
Western Areas Ltd.3,767 8,452 
Westgold Resources Ltd.(2)
4,361 5,629 
Westpac Banking Corp., ADR(1)
9,887 186,370 
Whitehaven Coal Ltd.(2)
7,479 13,728 
WiseTech Global Ltd.66 2,320 
Woodside Petroleum Ltd.4,408 62,331 
Woolworths Group Ltd.6,164 187,632 
82


Avantis International Equity Fund
SharesValue
Worley Ltd.123 $935 
Xero Ltd.(2)
136 15,042 
5,137,781 
Austria — 0.3%
Addiko Bank AG63 1,056 
ANDRITZ AG132 7,595 
AT&S Austria Technologie & Systemtechnik AG321 13,932 
BAWAG Group AG(2)
235 14,084 
DO & CO. AG(2)
67 5,307 
Erste Group Bank AG582 23,239 
EVN AG389 10,361 
IMMOFINANZ AG(2)
530 13,495 
Lenzing AG(2)
88 11,637 
Oesterreichische Post AG141 6,466 
OMV AG275 15,232 
Porr AG(2)
59 1,184 
Raiffeisen Bank International AG434 10,406 
S IMMO AG41 1,010 
Schoeller-Bleckmann Oilfield Equipment AG(2)
122 4,566 
Semperit AG Holding239 9,598 
Telekom Austria AG(2)
1,177 10,456 
UNIQA Insurance Group AG655 6,082 
Verbund AG155 16,979 
Vienna Insurance Group AG Wiener Versicherung Gruppe237 6,865 
voestalpine AG461 20,927 
Wienerberger AG313 12,281 
222,758 
Belgium — 0.9%
Ackermans & van Haaren NV141 25,948 
Ageas SA/NV935 46,725 
AGFA-Gevaert NV(2)
2,777 14,149 
Anheuser-Busch InBev SA, ADR(1)
1,402 85,872 
Argenx SE, ADR(2)
55 18,206 
Barco NV429 10,525 
Bekaert SA521 24,804 
bpost SA(2)
1,137 10,990 
Cie d'Entreprises CFE92 10,576 
D'ieteren Group122 19,064 
Deceuninck NV1,645 7,862 
Econocom Group SA2,474 10,490 
Elia Group SA104 13,062 
Etablissements Franz Colruyt NV369 20,656 
Euronav NV(1)
2,736 22,222 
EVS Broadcast Equipment SA45 1,065 
Fagron492 10,305 
Galapagos NV, ADR(1)(2)
169 9,940 
Gimv NV128 8,324 
Greenyard NV(2)
440 4,898 
Ion Beam Applications379 7,535 
KBC Group NV794 66,728 
Kinepolis Group NV(2)
101 5,564 
83


Avantis International Equity Fund
SharesValue
Melexis NV238 $28,137 
Ontex Group NV(2)
466 5,197 
Proximus SADP1,117 21,900 
Recticel SA513 9,015 
Solvay SA537 70,288 
Telenet Group Holding NV98 3,729 
Tessenderlo Group SA(2)
202 8,372 
UCB SA337 38,556 
Umicore SA979 64,420 
VGP NV25 5,967 
711,091 
Canada — 9.5%
AcuityAds Holdings, Inc.(1)(2)
500 4,082 
Advantage Energy Ltd.(1)(2)
600 2,497 
Aecon Group, Inc.960 15,682 
Agnico Eagle Mines Ltd.1,800 103,579 
Air Canada(2)
400 7,771 
Alamos Gold, Inc., Class A2,100 16,578 
Alaris Equity Partners Income100 1,480 
Algonquin Power & Utilities Corp.1,900 29,502 
Alimentation Couche-Tard, Inc., B Shares2,300 92,937 
AltaGas Ltd.(1)
700 14,021 
Altius Minerals Corp.500 6,456 
ARC Resources Ltd.(1)
3,588 25,623 
Argonaut Gold, Inc.(2)
700 1,748 
Aritzia, Inc.(2)
600 19,608 
Atco Ltd., Class I600 20,188 
Atrium Mortgage Investment Corp.(1)
100 1,148 
AutoCanada, Inc.(1)(2)
400 15,221 
B2Gold Corp.8,400 32,491 
Badger Infrastructure Solutions Ltd.(1)
400 10,932 
Bank of Montreal2,417 240,541 
Bank of Nova Scotia (The)2,800 173,440 
Barrick Gold Corp., (Toronto)5,700 114,574 
Bausch Health Cos., Inc.(2)
920 26,806 
Baytex Energy Corp.(2)
12,350 21,340 
BCE, Inc.400 20,862 
Birchcliff Energy Ltd.(1)
3,300 14,203 
Bird Construction, Inc.(1)
300 2,349 
BlackBerry Ltd.(1)(2)
1,700 19,376 
Bombardier, Inc., B Shares(2)
7,100 10,355 
Boyd Group Services, Inc.99 19,326 
Brookfield Asset Management Reinsurance Partners Ltd., A Shares(2)
11 672 
Brookfield Asset Management, Inc., Class A2,250 125,175 
Brookfield Infrastructure Corp., Class A(1)
71 4,516 
BRP, Inc.100 8,379 
CAE, Inc.(2)
1,300 37,537 
Calibre Mining Corp.(2)
2,700 3,574 
Cameco Corp.1,800 33,256 
Canaccord Genuity Group, Inc.1,200 14,334 
84


Avantis International Equity Fund
SharesValue
Canacol Energy Ltd.(1)
2,100 $5,526 
Canada Goose Holdings, Inc.(2)
300 11,509 
Canadian Imperial Bank of Commerce1,800 207,072 
Canadian National Railway Co.1,400 164,673 
Canadian Natural Resources Ltd.4,900 162,149 
Canadian Pacific Railway Ltd.1,500 103,067 
Canadian Tire Corp. Ltd., Class A(1)
500 76,091 
Canadian Utilities Ltd., A Shares(1)
1,000 28,304 
Canadian Western Bank800 23,449 
Canfor Corp.(2)
500 10,732 
Capital Power Corp.(1)
1,200 41,270 
Capstone Mining Corp.(2)
5,000 21,995 
Cascades, Inc.800 9,943 
CCL Industries, Inc., Class B400 22,834 
Celestica, Inc.(2)
1,700 16,129 
Cenovus Energy, Inc.6,238 51,767 
Centerra Gold, Inc.1,900 14,201 
CES Energy Solutions Corp.(2)
4,300 5,146 
CGI, Inc.(2)
700 62,562 
Chorus Aviation, Inc.(1)(2)
1,800 5,949 
CI Financial Corp.800 15,529 
Cogeco Communications, Inc.100 9,195 
Cogeco, Inc.100 7,236 
Colliers International Group, Inc. (Toronto)100 13,926 
Computer Modelling Group Ltd.200 618 
Converge Technology Solutions Corp.(2)
600 5,693 
Corus Entertainment, Inc., B Shares(1)
2,600 12,880 
Crescent Point Energy Corp.8,000 28,724 
Descartes Systems Group, Inc. (The)(2)
200 15,679 
Dollarama, Inc.1,000 45,599 
Doman Building Materials Group Ltd.1,000 5,263 
Dorel Industries, Inc., Class B(2)
500 4,855 
DREAM Unlimited Corp., Class A400 8,595 
Dundee Precious Metals, Inc.1,390 8,560 
ECN Capital Corp.300 2,437 
Eldorado Gold Corp. (Toronto)(2)
1,200 10,520 
Element Fleet Management Corp.3,700 40,793 
Emera, Inc.1,200 56,650 
Empire Co. Ltd., Class A1,200 38,806 
Enbridge, Inc.2,700 106,254 
Endeavour Mining plc1,938 47,357 
Enerflex Ltd.1,000 6,079 
Enerplus Corp.(1)
3,758 22,221 
Enghouse Systems Ltd.300 14,512 
Equinox Gold Corp.(1)(2)
1,293 9,306 
Equitable Group, Inc.200 24,284 
ERO Copper Corp.(2)
600 11,366 
Evertz Technologies Ltd.400 4,185 
Exchange Income Corp.300 10,394 
Exco Technologies Ltd.200 1,612 
Extendicare, Inc.(1)
1,100 7,097 
85


Avantis International Equity Fund
SharesValue
Fairfax Financial Holdings Ltd.100 $44,265 
Finning International, Inc.1,800 46,853 
First Majestic Silver Corp.(1)
900 11,592 
First Mining Gold Corp.(1)(2)
9,000 2,497 
First National Financial Corp.100 3,671 
First Quantum Minerals Ltd.4,200 87,485 
FirstService Corp.100 18,572 
Fortis, Inc.1,300 59,557 
Fortuna Silver Mines, Inc.(2)
3,699 16,243 
Franco-Nevada Corp.400 58,352 
Freehold Royalties Ltd.(1)
1,300 9,748 
Galiano Gold, Inc.(1)(2)
1,100 994 
George Weston Ltd.300 32,339 
Gibson Energy, Inc.(1)
1,000 18,040 
Gildan Activewear, Inc.1,500 57,663 
goeasy Ltd.(1)
200 31,036 
Gran Colombia Gold Corp.300 1,163 
Great-West Lifeco, Inc.(1)
700 21,655 
Hardwoods Distribution, Inc.100 3,013 
Heroux-Devtek, Inc.(1)(2)
600 9,012 
High Liner Foods, Inc.200 2,100 
Home Capital Group, Inc.(2)
600 18,809 
Hudbay Minerals, Inc.2,400 14,686 
Hydro One Ltd.1,500 37,332 
i-80 Gold Corp.(2)
800 1,731 
iA Financial Corp., Inc.400 22,180 
IAMGOLD Corp.(2)
5,900 14,029 
IGM Financial, Inc.200 7,294 
Imperial Oil Ltd.800 21,172 
Intact Financial Corp.300 40,858 
Inter Pipeline Ltd.3,500 55,483 
Interfor Corp.1,000 21,234 
International Petroleum Corp.(1)(2)
2,000 8,735 
Intertape Polymer Group, Inc.900 21,943 
Ivanhoe Mines Ltd., Class A(2)
2,400 19,365 
Karora Resources, Inc.(2)
1,900 4,909 
Keyera Corp.(1)
2,000 48,159 
Kinross Gold Corp.9,800 58,956 
Kirkland Lake Gold Ltd.1,830 72,974 
Knight Therapeutics, Inc.(2)
1,000 4,256 
Labrador Iron Ore Royalty Corp.(1)
500 17,449 
Largo Resources Ltd.(2)
700 9,660 
Laurentian Bank of Canada300 10,103 
LifeWorks, Inc.(1)
300 8,320 
Linamar Corp.500 28,328 
Loblaw Cos. Ltd.1,200 84,546 
Lundin Mining Corp.4,300 34,764 
Magna International, Inc.1,600 126,349 
Major Drilling Group International, Inc.(2)
300 1,898 
Manulife Financial Corp.7,100 138,269 
Maple Leaf Foods, Inc.400 8,725 
86


Avantis International Equity Fund
SharesValue
Martinrea International, Inc.1,100 $10,532 
MEG Energy Corp.(2)
3,100 19,755 
Methanex Corp.700 25,655 
Metro, Inc.800 40,753 
MTY Food Group, Inc.(1)
200 10,892 
Mullen Group Ltd.1,400 14,703 
National Bank of Canada1,900 150,807 
New Gold, Inc. (Toronto)(2)
8,300 10,000 
North American Construction Group Ltd.700 10,015 
North West Co., Inc. (The)700 19,868 
Northland Power, Inc.1,180 39,039 
Novagold Resources, Inc.(2)
392 2,834 
Nutrien Ltd.1,400 85,111 
NuVista Energy Ltd.(1)(2)
1,000 2,869 
OceanaGold Corp.(2)
3,700 6,921 
Onex Corp.900 63,060 
Open Text Corp.900 49,371 
Osisko Gold Royalties Ltd. (Toronto)900 10,993 
Osisko Mining, Inc.(2)
1,400 3,285 
Pan American Silver Corp.(1)
770 19,994 
Paramount Resources Ltd., A Shares1,000 10,724 
Parex Resources, Inc.(2)
1,700 26,194 
Parkland Corp.600 17,915 
Pason Systems, Inc.1,100 7,158 
Pembina Pipeline Corp.(1)
1,400 42,666 
Peyto Exploration & Development Corp.3,100 16,463 
Pizza Pizza Royalty Corp.(1)
200 1,780 
Pollard Banknote Ltd.200 7,311 
Power Corp. of Canada605 20,879 
PrairieSky Royalty Ltd.(1)
1,200 13,164 
Precision Drilling Corp.(1)(2)
300 9,742 
Pretium Resources, Inc.(2)
1,350 13,686 
Primo Water Corp.700 12,439 
Quarterhill, Inc.800 1,712 
Quebecor, Inc., Class B(1)
500 12,476 
Real Matters, Inc.(2)
650 5,976 
Resolute Forest Products, Inc.500 6,123 
Restaurant Brands International, Inc.600 38,550 
Richelieu Hardware Ltd.400 14,426 
Ritchie Bros Auctioneers, Inc.400 25,062 
Rogers Communications, Inc., Class B1,600 81,519 
Royal Bank of Canada3,483 357,783 
Russel Metals, Inc.(1)
1,000 27,187 
Sabina Gold & Silver Corp.(2)
3,500 4,466 
Sandstorm Gold Ltd.(2)
800 5,085 
Saputo, Inc.900 25,317 
Secure Energy Services, Inc.2,000 6,705 
Shaw Communications, Inc., B Shares2,900 85,346 
ShawCor Ltd.(2)
2,500 9,848 
Shopify, Inc., Class A(2)
100 152,704 
Sienna Senior Living, Inc.(1)
100 1,265 
87


Avantis International Equity Fund
SharesValue
Silvercorp Metals, Inc.(1)
800 $3,519 
Sleep Country Canada Holdings, Inc.200 5,385 
SNC-Lavalin Group, Inc.(1)
100 2,708 
Spin Master Corp.(2)
400 15,307 
SSR Mining, Inc.1,409 23,542 
Stantec, Inc.400 19,305 
Stella-Jones, Inc.500 17,097 
Sun Life Financial, Inc.1,200 61,786 
Suncor Energy, Inc.6,066 113,276 
SunOpta, Inc.(2)
900 8,467 
Superior Plus Corp.(1)
1,400 16,467 
Tamarack Valley Energy Ltd.(1)(2)
4,700 9,015 
Taseko Mines Ltd.(2)
3,500 6,214 
TC Energy Corp.1,800 85,459 
Teck Resources Ltd., Class B2,400 54,120 
TELUS Corp.1,700 39,170 
TFI International, Inc.500 56,493 
Thomson Reuters Corp.200 23,369 
Timbercreek Financial Corp.700 5,410 
TMX Group Ltd.100 11,001 
Torex Gold Resources, Inc.(2)
1,060 11,846 
Toromont Industries Ltd.400 33,632 
Toronto-Dominion Bank (The)4,390 285,081 
Tourmaline Oil Corp.2,700 72,205 
TransAlta Corp.3,000 29,390 
TransAlta Renewables, Inc.(1)
500 7,783 
Transcontinental, Inc., Class A960 18,581 
Treasury Metals, Inc.(2)
300 207 
Trican Well Service Ltd.(1)(2)
3,500 6,908 
Tricon Residential, Inc.1,030 13,095 
Turquoise Hill Resources Ltd.(2)
1,100 16,496 
Uni-Select, Inc.(2)
800 11,166 
Vermilion Energy, Inc.(2)
2,233 14,903 
Viemed Healthcare, Inc.(2)
200 1,281 
Viemed Healthcare, Inc. (Toronto)(2)
474 3,038 
Wajax Corp.500 9,460 
Wesdome Gold Mines Ltd.(2)
700 6,885 
West Fraser Timber Co. Ltd.572 44,168 
Westshore Terminals Investment Corp.600 10,686 
Wheaton Precious Metals Corp.800 36,054 
Whitecap Resources, Inc.(1)
6,996 29,999 
Winpak Ltd.200 6,785 
WSP Global, Inc.200 26,113 
Yamana Gold, Inc.6,700 29,580 
7,411,698 
Denmark — 2.4%
ALK-Abello A/S(2)
23 11,242 
Alm Brand A/S379 2,986 
Ambu A/S, B Shares369 11,670 
AP Moller - Maersk A/S, A Shares11 29,809 
AP Moller - Maersk A/S, B Shares21 59,824 
88


Avantis International Equity Fund
SharesValue
Bang & Olufsen A/S(2)
1,614 $8,511 
Bavarian Nordic A/S(2)
415 20,350 
Carlsberg A/S, B Shares147 25,676 
Chemometec A/S95 15,092 
Chr Hansen Holding A/S205 18,908 
Coloplast A/S, B Shares286 49,552 
D/S Norden A/S305 7,914 
Danske Bank A/S2,915 48,915 
Demant A/S(2)
172 9,756 
Dfds A/S(2)
208 11,900 
Drilling Co. of 1972 A/S (The)(2)
360 13,215 
DSV Panalpina A/S412 104,945 
FLSmidth & Co. A/S362 13,123 
Genmab A/S, ADR(2)
2,786 132,029 
GN Store Nord AS283 21,303 
H Lundbeck A/S204 6,032 
H+H International A/S, B Shares(2)
331 12,371 
ISS A/S(2)
46 1,059 
Jyske Bank A/S(2)
415 18,116 
Netcompany Group A/S132 17,063 
Nilfisk Holding A/S(2)
257 9,542 
NKT A/S(2)
296 13,332 
NNIT A/S254 5,710 
Novo Nordisk A/S, ADR4,919 491,752 
Novozymes A/S, B Shares850 68,712 
Orsted AS577 91,734 
Pandora A/S903 108,237 
Per Aarsleff Holding A/S208 9,811 
Ringkjoebing Landbobank A/S119 14,128 
Rockwool International A/S, B Shares68 35,974 
Royal Unibrew A/S310 40,048 
Schouw & Co. A/S57 6,182 
SimCorp A/S158 21,551 
Solar A/S, B Shares136 14,923 
SP Group A/S96 5,614 
Spar Nord Bank A/S1,749 20,153 
Sydbank AS934 27,337 
Topdanmark AS245 12,897 
TORM plc(2)
105 813 
Tryg A/S1,089 26,964 
Vestas Wind Systems A/S3,545 143,044 
1,839,819 
Finland — 1.1%
Aktia Bank Oyj500 7,165 
Altia Oyj(1)
360 4,564 
CapMan Oyj, B Shares696 2,581 
Cargotec Oyj, B Shares258 14,329 
Caverion OYJ704 6,540 
Citycon Oyj126 1,122 
Elisa Oyj344 22,047 
Finnair Oyj(1)(2)
3,004 2,347 
89


Avantis International Equity Fund
SharesValue
Fortum Oyj1,244 $37,811 
HKScan Oyj, A Shares1,333 3,283 
Huhtamaki Oyj287 15,333 
Kemira Oyj742 12,530 
Kesko Oyj, B Shares1,529 63,269 
Kojamo Oyj408 9,935 
Kone Oyj, B Shares576 47,797 
Konecranes Oyj267 12,096 
Marimekko Oyj28 2,515 
Metsa Board Oyj1,277 13,361 
Metso Outotec Oyj2,567 27,450 
Neles Oyj508 7,859 
Neste Oyj420 25,583 
Nokia Oyj, ADR(2)
13,133 78,273 
Nokian Renkaat Oyj973 37,083 
Oriola Oyj, B Shares441 1,004 
Orion Oyj, Class B698 28,471 
Outokumpu Oyj(2)
4,900 34,023 
QT Group Oyj(2)
78 14,353 
Sampo Oyj, A Shares772 39,893 
Sanoma Oyj490 9,000 
Stora Enso Oyj, R Shares2,551 50,049 
TietoEVRY Oyj97 3,455 
Tokmanni Group Corp.974 28,100 
UPM-Kymmene Oyj2,370 96,550 
Uponor Oyj617 19,898 
Valmet Oyj808 32,425 
Wartsila Oyj Abp1,458 20,683 
YIT Oyj1,099 6,658 
839,435 
France — 9.1%
ABC arbitrage396 3,389 
Accor SA(2)
406 14,001 
Aeroports de Paris(2)
165 19,431 
Air France-KLM(1)(2)
2,011 9,396 
Air Liquide SA999 179,063 
Airbus SE(2)
1,448 198,081 
AKWEL46 1,261 
Albioma SA255 11,290 
ALD SA1,038 14,619 
Alstom SA945 40,629 
Alten SA263 43,383 
Amundi SA177 16,752 
APERAM SA467 28,651 
ArcelorMittal SA(1)
4,963 166,012 
Arkema SA834 110,843 
Atari SA(1)(2)
5,671 2,962 
Atos SE526 27,347 
Aubay27 1,575 
AXA SA6,355 178,534 
Beneteau SA(2)
88 1,360 
90


Avantis International Equity Fund
SharesValue
Bigben Interactive(1)
62 $1,098 
BioMerieux136 16,657 
BNP Paribas SA3,723 235,851 
Bollore SA241 1,428 
Bonduelle SCA188 5,089 
Bouygues SA1,215 50,877 
Bureau Veritas SA2,025 67,301 
Capgemini SE326 73,281 
Carrefour SA4,928 98,107 
Casino Guichard Perrachon SA(2)
140 4,067 
Cellectis SA, ADR(2)
316 4,544 
CGG SA(2)
5,929 4,588 
Chargeurs SA243 6,752 
Cie de Saint-Gobain3,066 222,263 
Cie des Alpes(2)
64 1,026 
Cie Generale des Etablissements Michelin SCA1,228 198,808 
Cie Plastic Omnium SA611 18,435 
Claranova SADIR(2)
583 4,989 
CNP Assurances1,478 25,325 
Coface SA(2)
947 11,652 
Credit Agricole SA3,543 51,139 
Danone SA629 45,933 
Dassault Aviation SA17 19,192 
Dassault Systemes SE740 42,266 
Derichebourg SA(2)
1,448 17,139 
Edenred445 25,240 
Eiffage SA787 81,886 
Electricite de France SA2,597 35,220 
Elis SA(2)
536 9,499 
Engie SA2,395 34,320 
Eramet SA(2)
180 14,641 
EssilorLuxottica SA387 76,042 
Etablissements Maurel et Prom SA(2)
1,540 3,850 
Eurazeo SE417 42,898 
Eurofins Scientific SE385 54,628 
Euronext NV633 73,456 
Eutelsat Communications SA2,032 23,503 
Faurecia SE1,440 69,567 
Fnac Darty SA114 7,766 
Focus Home Interactive SA(2)
53 3,610 
Gaztransport Et Technigaz SA238 19,853 
Getlink SE1,718 27,674 
Hermes International87 128,047 
ID Logistics Group(2)
24 9,049 
Iliad SA169 36,342 
Imerys SA381 17,667 
Infotel SA51 3,248 
Innate Pharma SA(1)(2)
719 2,679 
Interparfums SA139 9,887 
Ipsen SA576 57,615 
Jacquet Metals SACA231 5,485 
91


Avantis International Equity Fund
SharesValue
JCDecaux SA(2)
633 $17,660 
Kaufman & Broad SA197 9,175 
Kering SA344 274,003 
L'Oreal SA402 188,594 
La Francaise des Jeux SAEM944 48,851 
Lagardere SA(2)
505 13,971 
Legrand SA515 59,088 
LISI253 8,365 
LNA Sante SA142 9,429 
LVMH Moet Hennessy Louis Vuitton SE636 471,155 
Maisons du Monde SA672 15,519 
Manitou BF SA243 8,753 
Mersen SA230 8,973 
Metropole Television SA374 7,964 
MGI Digital Graphic Technology(2)
17 747 
Neoen SA(1)(2)
122 5,221 
Nexans SA441 44,205 
Nexity SA126 6,507 
Orange SA, ADR5,372 61,080 
Orpea SA451 56,853 
Pernod Ricard SA498 104,833 
Pharmagest Interactive37 4,219 
Publicis Groupe SA982 64,468 
Quadient SA622 17,664 
Remy Cointreau SA109 21,465 
Renault SA(2)
1,312 48,838 
Rexel SA(2)
1,737 36,362 
Rubis SCA317 12,297 
Safran SA646 81,038 
Sanofi, ADR3,567 184,699 
Sartorius Stedim Biotech97 58,837 
Schneider Electric SE674 120,421 
SCOR SE762 23,386 
SEB SA263 41,399 
SES SA3,489 29,118 
Societe BIC SA346 23,035 
Societe Generale SA4,813 151,485 
Sodexo SA(2)
246 20,384 
SOITEC(2)
72 17,245 
Solutions 30 SE(1)(2)
872 9,563 
Sopra Steria Group SACA72 14,667 
SPIE SA545 12,936 
STMicroelectronics NV, (New York)(1)
5,945 264,136 
Suez SA1,666 38,659 
Technicolor SA(2)
2,087 7,377 
Teleperformance359 158,816 
Television Francaise 1741 7,438 
Thales SA576 58,503 
TotalEnergies SE, ADR7,883 349,138 
Trigano SA115 23,962 
Ubisoft Entertainment SA(2)
864 54,883 
92


Avantis International Equity Fund
SharesValue
Valeo SA2,413 $68,873 
Valneva SE(1)(2)
932 23,074 
Veolia Environnement SA3,520 120,797 
Verallia SA391 14,252 
Vicat SA157 7,824 
Vilmorin & Cie SA141 9,126 
Vinci SA2,129 228,424 
Virbac SA55 23,276 
Vivendi SE(1)
1,018 38,777 
Worldline SA(2)
151 13,445 
X-Fab Silicon Foundries SE(2)
839 8,854 
7,104,164 
Germany — 7.7%
2G Energy AG35 3,704 
Aareal Bank AG477 12,607 
Adesso SE58 12,584 
adidas AG655 232,361 
ADLER Group SA223 5,924 
ADVA Optical Networking SE(2)
742 12,298 
AIXTRON SE204 5,887 
Allgeier SE105 3,236 
Allianz SE911 213,868 
Amadeus Fire AG60 12,331 
Aroundtown SA7,517 57,600 
AURELIUS Equity Opportunities SE & Co. KGaA228 7,259 
Aurubis AG280 23,797 
BASF SE2,361 182,645 
Bayer AG2,290 127,395 
Bayerische Motoren Werke AG1,483 140,765 
Bayerische Motoren Werke AG, Preference Shares292 24,446 
BayWa AG138 5,998 
Bechtle AG696 50,324 
Befesa SA137 11,111 
Beiersdorf AG339 41,142 
Bertrandt AG99 5,637 
Bijou Brigitte AG(2)
20 553 
Bilfinger SE352 12,349 
Borussia Dortmund GmbH & Co. KGaA(2)
725 5,397 
Brenntag SE1,086 109,597 
CANCOM SE186 12,248 
Carl Zeiss Meditec AG103 22,759 
CECONOMY AG(2)
1,715 8,038 
Cewe Stiftung & Co. KGAA64 9,555 
Commerzbank AG(2)
7,440 46,563 
CompuGroup Medical SE & Co. KgaA156 14,558 
Continental AG(2)
772 103,747 
Covestro AG1,532 99,285 
CropEnergies AG109 1,317 
CTS Eventim AG & Co. KGaA(2)
300 19,356 
Daimler AG3,360 283,432 
Delivery Hero SE(2)
171 24,817 
93


Avantis International Equity Fund
SharesValue
Dermapharm Holding SE119 $11,049 
Deutsche Bank AG(2)
11,737 144,952 
Deutsche Beteiligungs AG23 1,005 
Deutsche Boerse AG594 102,439 
Deutsche EuroShop AG569 13,154 
Deutsche Lufthansa AG(1)(2)
1,070 10,719 
Deutsche Pfandbriefbank AG1,385 15,865 
Deutsche Post AG3,423 240,668 
Deutsche Telekom AG9,621 204,574 
Deutsche Wohnen SE1,437 89,199 
Deutz AG(2)
1,338 12,219 
Dialog Semiconductor plc(2)
611 48,639 
DIC Asset AG312 5,726 
Draegerwerk AG & Co. KGaA78 6,625 
Draegerwerk AG & Co. KGaA, Preference Shares119 10,050 
Duerr AG433 21,331 
E.ON SE9,423 124,323 
Eckert & Ziegler Strahlen- und Medizintechnik AG152 22,169 
Elmos Semiconductor SE32 1,436 
ElringKlinger AG(2)
121 1,970 
Encavis AG683 12,431 
Energiekontor AG43 2,919 
Evonik Industries AG964 32,549 
flatexDEGIRO AG(2)
259 26,911 
Fraport AG Frankfurt Airport Services Worldwide(2)
157 10,153 
Freenet AG282 6,965 
Fresenius Medical Care AG & Co. KGaA, ADR522 20,139 
Fresenius SE & Co. KGaA368 19,134 
FUCHS PETROLUB SE, Preference Shares475 24,053 
GEA Group AG1,023 47,219 
Gerresheimer AG174 18,484 
Grand City Properties SA684 18,754 
GRENKE AG122 5,430 
Hamburger Hafen und Logistik AG305 6,724 
Hannover Rueck SE160 29,444 
HeidelbergCement AG627 54,378 
Heidelberger Druckmaschinen AG(2)
3,633 10,087 
HelloFresh SE(2)
584 63,053 
Henkel AG & Co. KGaA179 16,111 
Henkel AG & Co. KGaA, Preference Shares419 40,938 
HOCHTIEF AG61 4,879 
Hornbach Baumarkt AG49 1,960 
Hornbach Holding AG & Co. KGaA153 16,367 
HUGO BOSS AG732 40,871 
Hypoport SE(2)
22 15,204 
Indus Holding AG184 7,424 
Infineon Technologies AG2,725 116,024 
Instone Real Estate Group AG230 7,305 
Jenoptik AG456 16,480 
JOST Werke AG169 11,028 
Jungheinrich AG, Preference Shares672 36,292 
94


Avantis International Equity Fund
SharesValue
K+S AG(2)
2,114 $30,135 
KION Group AG468 50,079 
Kloeckner & Co. SE(2)
1,094 14,771 
Knorr-Bremse AG308 36,983 
Krones AG193 19,565 
KSB SE & Co. KGaA, Preference Shares15 6,670 
KWS Saat SE & Co. KGaA122 10,217 
Lang & Schwarz AG(2)
47 4,192 
Lanxess AG325 23,690 
LEG Immobilien SE537 85,656 
Leifheit AG188 
Leoni AG(2)
416 8,171 
LPKF Laser & Electronics AG302 7,649 
Merck KGaA230 54,647 
MLP SE192 1,747 
MTU Aero Engines AG147 33,736 
Muenchener Rueckversicherungs-Gesellschaft AG343 100,111 
Nagarro SE(2)
105 18,846 
Nemetschek SE312 30,579 
New Work SE30 8,699 
Norma Group SE326 16,447 
OHB SE22 1,014 
PATRIZIA AG274 6,716 
Pfeiffer Vacuum Technology AG35 7,335 
Porsche Automobil Holding SE, Preference Shares660 66,771 
ProSiebenSat.1 Media SE1,049 20,027 
publity AG(2)
24 524 
Puma SE446 54,151 
QIAGEN NV(2)
69 3,852 
Rational AG21 24,033 
Rheinmetall AG448 43,811 
RTL Group SA(2)
47 2,921 
RWE AG1,329 51,894 
S&T AG507 11,641 
SAF-Holland SE(2)
676 9,636 
Salzgitter AG(2)
583 21,976 
SAP SE, ADR1,014 152,242 
Sartorius AG, Preference Shares110 72,469 
Schaltbau Holding AG(2)
104 6,760 
Scout24 AG365 30,687 
SGL Carbon SE(2)
809 8,982 
Siemens AG859 142,504 
Siemens Energy AG(2)
1,280 37,147 
Siemens Healthineers AG277 19,264 
Siltronic AG222 36,683 
Sixt SE(2)
155 20,833 
Sixt SE, Preference Shares193 15,169 
SMA Solar Technology AG128 6,130 
Software AG355 17,990 
Stabilus SA292 22,972 
STO SE & Co. KGaA, Preference Shares45 10,429 
95


Avantis International Equity Fund
SharesValue
STRATEC SE14 $2,317 
Stroeer SE & Co. KGaA187 15,400 
Suedzucker AG252 4,300 
SUESS MicroTec SE(2)
143 4,179 
Symrise AG301 42,835 
TAG Immobilien AG1,051 35,593 
Takkt AG294 4,898 
TeamViewer AG(2)
861 28,686 
Technotrans SE128 4,749 
Telefonica Deutschland Holding AG9,369 26,300 
thyssenkrupp AG(2)
2,529 28,180 
Traffic Systems SE40 2,129 
UmweltBank AG228 5,322 
Uniper SE1,851 73,490 
United Internet AG397 17,159 
va-Q-tec AG(2)
106 3,273 
Varta AG146 23,293 
VERBIO Vereinigte BioEnergie AG229 13,897 
Villeroy & Boch AG, Preference Shares155 4,229 
Volkswagen AG113 37,809 
Volkswagen AG, Preference Shares599 142,475 
Vonovia SE1,405 94,853 
Wacker Chemie AG203 35,819 
Wacker Neuson SE447 13,540 
Washtec AG108 7,591 
Westwing Group AG(2)
246 11,893 
Wuestenrot & Wuerttembergische AG218 4,797 
Zalando SE(2)
392 43,463 
zooplus AG(2)
82 38,543 
6,054,665 
Hong Kong — 2.5%
AIA Group Ltd.18,068 215,745 
ASM Pacific Technology Ltd.2,000 23,774 
Atlas Corp.648 9,726 
Bank of East Asia Ltd. (The)12,000 20,128 
BOC Hong Kong Holdings Ltd.12,500 37,827 
Bright Smart Securities & Commodities Group Ltd.14,000 2,842 
Budweiser Brewing Co. APAC Ltd.4,600 11,494 
C-Mer Eye Care Holdings Ltd.4,000 4,022 
Cafe de Coral Holdings Ltd.4,000 7,281 
China Strategic Holdings Ltd.(2)
230,000 1,950 
Chinese Estates Holdings Ltd.7,500 2,724 
Chow Sang Sang Holdings International Ltd.5,000 7,606 
Chow Tai Fook Jewellery Group Ltd.5,200 10,520 
CK Asset Holdings Ltd.13,906 90,557 
CK Hutchison Holdings Ltd.8,500 61,966 
CK Infrastructure Holdings Ltd.2,500 15,158 
CLP Holdings Ltd.7,500 74,969 
Comba Telecom Systems Holdings Ltd.(1)
18,000 4,299 
Dah Sing Banking Group Ltd.800 769 
Dah Sing Financial Holdings Ltd.3,200 9,955 
96


Avantis International Equity Fund
SharesValue
Dairy Farm International Holdings Ltd.2,300 $8,112 
Esprit Holdings Ltd.(1)(2)
5,100 524 
ESR Cayman Ltd.(2)
2,000 6,093 
Fairwood Holdings Ltd.2,000 4,463 
Far East Consortium International Ltd.15,000 5,438 
First Pacific Co. Ltd.24,000 8,948 
Fullshare Holdings Ltd.(1)(2)
167,500 2,260 
Futu Holdings Ltd., ADR(1)(2)
51 4,855 
Galaxy Entertainment Group Ltd.(2)
4,000 25,646 
Giordano International Ltd.4,000 852 
Guotai Junan International Holdings Ltd.40,000 7,031 
Haitong International Securities Group Ltd.31,000 8,954 
Hang Lung Group Ltd.9,000 22,446 
Hang Lung Properties Ltd.11,000 26,416 
Hang Seng Bank Ltd.3,300 58,995 
Health & Happiness H&H International Holdings Ltd.1,500 4,294 
Henderson Land Development Co. Ltd.8,000 36,195 
HK Electric Investments & HK Electric Investments Ltd.8,000 7,957 
HKT Trust & HKT Ltd.5,000 6,818 
Hong Kong & China Gas Co. Ltd.13,332 21,435 
Hong Kong Exchanges & Clearing Ltd.3,100 195,840 
Hongkong & Shanghai Hotels Ltd. (The)(2)
1,000 897 
Hongkong Land Holdings Ltd.8,500 35,665 
Huayi Tencent Entertainment Co. Ltd.(1)(2)
100,000 2,605 
Hutchison Telecommunications Hong Kong Holdings Ltd.20,000 3,159 
Hysan Development Co. Ltd.5,000 17,841 
IGG, Inc.6,000 5,731 
Jardine Matheson Holdings Ltd.600 32,538 
Johnson Electric Holdings Ltd.4,000 9,161 
K Wah International Holdings Ltd.11,000 4,823 
Kerry Logistics Network Ltd.7,000 22,244 
Kerry Properties Ltd.4,500 15,310 
Lai Sun Development Co. Ltd.(2)
3,600 2,372 
Lifestyle International Holdings Ltd.(2)
5,000 3,175 
Luk Fook Holdings International Ltd.5,000 13,882 
Man Wah Holdings Ltd.16,800 31,391 
Melco Resorts & Entertainment Ltd., ADR(2)
529 7,279 
MGM China Holdings Ltd.(1)(2)
800 802 
MTR Corp. Ltd.3,000 16,889 
New World Development Co. Ltd.8,000 37,629 
NWS Holdings Ltd.18,000 17,454 
Oriental Watch Holdings(1)
2,828 1,477 
Pacific Basin Shipping Ltd.56,000 30,510 
Pacific Century Premium Developments Ltd.(2)
2,268 187 
Pacific Textiles Holdings Ltd.12,000 6,401 
PCCW Ltd.9,024 4,706 
Perfect Medical Health Management Ltd.7,000 5,888 
Power Assets Holdings Ltd.4,500 28,242 
Realord Group Holdings Ltd.(2)
6,000 8,257 
Sands China Ltd.(2)
3,600 11,565 
Shun Tak Holdings Ltd.(2)
16,000 4,585 
97


Avantis International Equity Fund
SharesValue
Sino Land Co. Ltd.19,055 $28,063 
SITC International Holdings Co. Ltd.13,000 56,629 
SJM Holdings Ltd.(2)
14,000 12,183 
SmarTone Telecommunications Holdings Ltd.1,500 845 
Sun Hung Kai & Co. Ltd.10,000 5,476 
Sun Hung Kai Properties Ltd.4,000 56,416 
SUNeVision Holdings Ltd.2,000 2,120 
Swire Pacific Ltd., Class A5,000 33,849 
Swire Properties Ltd.5,800 15,676 
Techtronic Industries Co. Ltd.3,000 66,397 
Texhong Textile Group Ltd.4,000 6,097 
Texwinca Holdings Ltd.4,000 864 
Truly International Holdings Ltd.(1)(2)
24,000 9,011 
United Laboratories International Holdings Ltd. (The)10,000 6,752 
Value Partners Group Ltd.10,000 5,456 
Vitasoy International Holdings Ltd.(1)
6,000 15,470 
VSTECS Holdings Ltd.8,000 7,525 
VTech Holdings Ltd.1,000 9,713 
WH Group Ltd.(1)
76,000 65,920 
Wharf Real Estate Investment Co. Ltd.12,000 59,426 
Wynn Macau Ltd.(2)
7,600 8,563 
Xinyi Glass Holdings Ltd.10,000 42,022 
Yue Yuen Industrial Holdings Ltd.(2)
6,500 13,182 
1,987,204 
Ireland — 0.6%
AIB Group plc(1)(2)
4,433 13,320 
Bank of Ireland Group plc(2)
9,613 60,171 
Cairn Homes plc(2)
7,836 10,538 
CRH plc2,482 131,486 
Dalata Hotel Group plc(2)
1,290 5,756 
FBD Holdings plc(2)
510 4,631 
Glanbia plc1,900 33,921 
Glenveagh Properties plc(2)
8,853 11,324 
Kerry Group plc, A Shares350 51,338 
Kingspan Group plc419 47,848 
Origin Enterprises plc1,105 4,360 
Smurfit Kappa Group plc2,067 118,468 
493,161 
Israel — 0.8%
AFI Properties Ltd.(2)
174 8,882 
Airport City Ltd.(2)
284 5,201 
Alony Hetz Properties & Investments Ltd.537 7,917 
Amot Investments Ltd.717 5,089 
Ashtrom Group Ltd.80 1,746 
AudioCodes Ltd.183 5,728 
Azrieli Group Ltd.70 6,544 
Bank Hapoalim BM3,177 27,330 
Bank Leumi Le-Israel BM5,495 45,395 
Bezeq The Israeli Telecommunication Corp. Ltd.(2)
5,510 6,547 
Caesarstone Ltd.67 871 
Camtek Ltd.(2)
100 4,128 
98


Avantis International Equity Fund
SharesValue
Cellcom Israel Ltd.(2)
759 $2,862 
Check Point Software Technologies Ltd.(2)
280 35,176 
Clal Insurance Enterprises Holdings Ltd.(2)
524 10,997 
Cognyte Software Ltd.(2)
134 3,682 
CyberArk Software Ltd.(2)
90 15,115 
Danel Adir Yeoshua Ltd.47 9,521 
Delek Automotive Systems Ltd.536 7,112 
Elbit Systems Ltd.111 16,148 
Elco Ltd.83 5,076 
Electra Consumer Products 1970 Ltd.158 8,776 
Electra Ltd.11 6,575 
Energix-Renewable Energies Ltd.935 3,865 
Equital Ltd.(2)
35 969 
Fattal Holdings 1998 Ltd.(2)
45 4,092 
FIBI Holdings Ltd.(2)
173 7,164 
First International Bank of Israel Ltd.212 7,663 
Fiverr International Ltd.(1)(2)
21 3,770 
FMS Enterprises Migun Ltd.27 892 
Fox Wizel Ltd.130 17,229 
Gav-Yam Lands Corp. Ltd.714 8,026 
Gazit-Globe Ltd.640 4,632 
Harel Insurance Investments & Financial Services Ltd.895 8,791 
Hilan Ltd.26 1,470 
ICL Group Ltd.3,029 21,436 
IDI Insurance Co. Ltd.30 1,076 
Inmode Ltd.(2)
118 15,444 
Inrom Construction Industries Ltd.1,146 5,653 
Isracard Ltd.1,770 7,343 
Israel Corp. Ltd. (The)(2)
34 10,322 
Israel Discount Bank Ltd., A Shares(2)
4,926 25,444 
Ituran Location and Control Ltd.393 10,253 
Kamada Ltd.(2)
533 2,857 
Kornit Digital Ltd.(2)
68 8,865 
Matrix IT Ltd.212 5,787 
Maytronics Ltd.330 7,568 
Mediterranean Towers Ltd.327 1,019 
Melisron Ltd.(2)
16 1,293 
Menora Mivtachim Holdings Ltd.69 1,528 
Migdal Insurance & Financial Holdings Ltd.(2)
3,642 5,136 
Mivne Real Estate KD Ltd.2,451 8,292 
Mizrahi Tefahot Bank Ltd.525 17,465 
Nice Ltd., ADR(2)
97 28,198 
Novolog Ltd.5,599 5,074 
Oil Refineries Ltd.(2)
45,199 9,858 
Partner Communications Co. Ltd.(2)
1,319 6,252 
Paz Oil Co. Ltd.(2)
83 8,357 
Perion Network Ltd.(2)
476 9,976 
Phoenix Holdings Ltd. (The)1,064 11,361 
Radware Ltd.(2)
185 6,342 
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.98 6,875 
Sapiens International Corp. NV45 1,293 
99


Avantis International Equity Fund
SharesValue
Shapir Engineering and Industry Ltd.867 $6,919 
Shikun & Binui Ltd.(2)
1,741 10,154 
Shufersal Ltd.1,530 12,615 
Strauss Group Ltd.234 6,764 
Summit Real Estate Holdings Ltd.(2)
420 6,620 
Taro Pharmaceutical Industries Ltd.(2)
51 3,459 
Tel Aviv Stock Exchange Ltd.917 5,016 
Teva Pharmaceutical Industries Ltd., ADR(2)
2,223 20,941 
Tower Semiconductor Ltd.(2)
396 11,672 
Wix.com Ltd.(2)
66 14,657 
664,165 
Italy — 2.2%
A2A SpA13,621 29,925 
ACEA SpA668 15,952 
Amplifon SpA364 19,040 
Anima Holding SpA197 1,016 
Arnoldo Mondadori Editore SpA(2)
2,193 4,842 
Ascopiave SpA1,761 7,433 
Assicurazioni Generali SpA1,084 22,115 
Atlantia SpA(2)
854 15,997 
Autogrill SpA(2)
1,705 12,785 
Azimut Holding SpA969 27,217 
Banca Generali SpA(2)
427 18,989 
Banca IFIS SpA69 1,198 
Banca Mediolanum SpA1,280 13,289 
Banca Monte dei Paschi di Siena SpA(1)(2)
639 851 
Banca Popolare di Sondrio SCPA3,766 17,139 
Banco BPM SpA13,681 45,371 
BFF Bank SpA1,044 9,538 
Biesse SpA(2)
223 8,003 
BPER Banca4,382 9,540 
Brembo SpA747 10,800 
Brunello Cucinelli SpA(2)
330 19,460 
Buzzi Unicem SpA568 15,079 
Carel Industries SpA333 9,571 
Cementir Holding NV699 7,917 
Cerved Group SpA(2)
735 8,574 
CIR SpA-Compagnie Industriali(2)
10,844 6,249 
CNH Industrial NV4,648 76,835 
Credito Emiliano SpA173 1,160 
Danieli & C Officine Meccaniche SpA239 6,965 
Danieli & C Officine Meccaniche SpA, Preference Shares502 9,540 
Davide Campari-Milano NV589 8,146 
De' Longhi SpA573 25,932 
DiaSorin SpA42 9,582 
doValue SpA489 6,117 
Enav SpA(2)
848 3,700 
Enel SpA12,556 114,391 
Eni SpA, ADR(1)
5,092 125,161 
ERG SpA342 10,081 
Esprinet SpA190 3,631 
100


Avantis International Equity Fund
SharesValue
Falck Renewables SpA779 $6,427 
Ferrari NV313 67,896 
Fila SpA454 5,539 
FinecoBank Banca Fineco SpA(2)
1,755 32,331 
Gruppo MutuiOnline SpA307 18,532 
Hera SpA4,203 18,171 
Infrastrutture Wireless Italiane SpA103 1,225 
Interpump Group SpA205 14,570 
Intesa Sanpaolo SpA35,250 99,752 
Iren SpA6,949 21,481 
Italgas SpA5,175 34,308 
Leonardo SpA(2)
3,127 25,462 
Maire Tecnimont SpA(1)
2,273 8,859 
Mediaset SpA524 1,635 
Mediobanca Banca di Credito Finanziario SpA(2)
1,880 22,162 
Moncler SpA821 52,569 
Nexi SpA(2)
501 10,443 
OVS SpA(2)
682 1,390 
Piaggio & C SpA2,541 9,629 
Poste Italiane SpA2,554 34,627 
Prysmian SpA1,027 38,667 
RAI Way SpA862 5,241 
Recordati Industria Chimica e Farmaceutica SpA372 24,411 
Reno de Medici SpA4,439 7,542 
Reply SpA152 30,656 
Retelit SpA1,752 6,087 
Safilo Group SpA(2)
4,165 8,123 
Saipem SpA(1)(2)
6,199 14,689 
Salcef SpA384 8,247 
Salvatore Ferragamo SpA(1)(2)
392 8,007 
Sanlorenzo SpA/Ameglia180 5,989 
Sesa SpA(2)
103 20,547 
Snam SpA6,797 40,188 
Societa Cattolica Di Assicurazione SpA(2)
967 8,023 
Stellantis NV4,799 95,999 
Technogym SpA1,602 18,938 
Telecom Italia SpA/Milano49,767 22,548 
Telecom Italia SpA/Milano, Preference Shares37,591 18,161 
Tenaris SA, ADR967 19,456 
Terna - Rete Elettrica Nazionale4,694 37,130 
Tinexta Spa269 12,454 
UniCredit SpA3,770 47,008 
Unieuro SpA231 6,036 
Unipol Gruppo SpA1,764 10,462 
1,760,748 
Japan — 21.0%
77 Bank Ltd. (The)500 5,668 
A&D Co. Ltd.200 2,032 
ABC-Mart, Inc.100 5,346 
Acom Co. Ltd.1,400 5,411 
Adastria Co. Ltd.300 4,900 
101


Avantis International Equity Fund
SharesValue
ADEKA Corp.800 $17,464 
Advantest Corp.500 43,076 
Aeon Co. Ltd.1,700 45,004 
Aeon Delight Co. Ltd.200 6,471 
AEON Financial Service Co. Ltd.600 7,062 
Aeon Mall Co. Ltd.700 10,660 
AGC, Inc.1,200 57,970 
Ai Holdings Corp.100 2,028 
Aica Kogyo Co. Ltd.200 6,700 
Aida Engineering Ltd.200 1,933 
Aiful Corp.500 1,595 
Ain Holdings, Inc.100 6,724 
Air Water, Inc.1,200 19,334 
Aisan Industry Co. Ltd.200 1,537 
Aisin Corp.800 30,537 
Ajinomoto Co., Inc.2,400 70,743 
Akatsuki, Inc.100 2,930 
Alconix Corp.100 1,445 
Alfresa Holdings Corp.300 4,747 
Alpen Co. Ltd.400 12,598 
Alps Alpine Co. Ltd.1,600 16,762 
Altech Corp.300 5,256 
Amada Co. Ltd.900 9,123 
Amano Corp.400 10,154 
ANA Holdings, Inc.(2)
100 2,370 
Anritsu Corp.700 12,134 
AOKI Holdings, Inc.100 569 
Aoyama Trading Co. Ltd.(2)
100 585 
Aozora Bank Ltd.1,000 23,444 
Arata Corp.200 8,105 
Arcland Sakamoto Co. Ltd.400 5,570 
Arcs Co. Ltd.500 10,164 
Argo Graphics, Inc.100 2,977 
Arisawa Manufacturing Co. Ltd.200 1,664 
ARTERIA Networks Corp.100 1,629 
Artnature, Inc.200 1,288 
ArtSpark Holdings, Inc.900 7,001 
Aruhi Corp.200 2,433 
Asahi Co. Ltd.300 3,641 
Asahi Diamond Industrial Co. Ltd.200 942 
Asahi Group Holdings Ltd.700 32,539 
Asahi Intecc Co. Ltd.200 6,051 
Asahi Kasei Corp.5,800 59,798 
Asanuma Corp.100 4,060 
Asia Pile Holdings Corp.200 873 
Asics Corp.1,600 33,912 
ASKUL Corp.400 6,253 
Astellas Pharma, Inc.6,700 112,894 
Atom Corp.200 1,434 
Autobacs Seven Co. Ltd.500 6,965 
Awa Bank Ltd. (The)300 5,967 
102


Avantis International Equity Fund
SharesValue
Axial Retailing, Inc.100 $3,611 
Azbil Corp.100 4,336 
Bandai Namco Holdings, Inc.500 34,680 
Bando Chemical Industries Ltd.200 1,677 
Bank of Iwate Ltd. (The)200 3,102 
Bank of Kyoto Ltd. (The)300 13,271 
Bank of Nagoya Ltd. (The)200 4,827 
Bank of Okinawa Ltd. (The)100 2,484 
Bank of the Ryukyus Ltd.100 729 
BayCurrent Consulting, Inc.100 49,604 
Beenos, Inc.300 8,425 
Belc Co. Ltd.100 5,250 
Belluna Co. Ltd.800 5,979 
Benefit One, Inc.400 16,045 
Benesse Holdings, Inc.500 10,801 
BeNext-Yumeshin Group Co.126 1,371 
Bic Camera, Inc.400 3,887 
BML, Inc.200 8,078 
Br Holdings Corp.700 3,292 
Bridgestone Corp.1,800 82,861 
Broadleaf Co. Ltd.200 953 
Brother Industries Ltd.1,600 32,835 
Bunka Shutter Co. Ltd.700 7,413 
Calbee, Inc.300 7,434 
Canon, Inc., ADR(1)
1,941 46,215 
Capcom Co. Ltd.800 22,279 
Carenet, Inc.200 11,582 
Casio Computer Co. Ltd.700 10,811 
Cawachi Ltd.200 4,173 
Central Glass Co. Ltd.400 8,070 
Central Japan Railway Co.200 29,274 
Change, Inc.(2)
400 8,934 
Chiba Bank Ltd. (The)2,800 17,480 
Chilled & Frozen Logistics Holdings Co. Ltd.100 1,592 
Chubu Electric Power Co., Inc.1,700 20,557 
Chubu Shiryo Co. Ltd.400 4,087 
Chudenko Corp.200 4,154 
Chugai Pharmaceutical Co. Ltd.900 35,166 
Chugoku Bank Ltd. (The)800 6,448 
Chugoku Electric Power Co., Inc. (The)300 2,799 
Citizen Watch Co. Ltd.2,200 9,616 
CKD Corp.400 8,364 
Cleanup Corp.200 1,037 
CMK Corp.(2)
200 763 
Coca-Cola Bottlers Japan Holdings, Inc.600 8,374 
COLOPL, Inc.600 4,535 
Colowide Co. Ltd.100 1,593 
Computer Engineering & Consulting Ltd.300 4,245 
COMSYS Holdings Corp.500 13,438 
Comture Corp.200 5,432 
Concordia Financial Group Ltd.6,100 23,651 
103


Avantis International Equity Fund
SharesValue
Cosmo Energy Holdings Co. Ltd.700 $13,889 
Cosmos Pharmaceutical Corp.200 35,417 
Create Restaurants Holdings, Inc.(2)
200 1,505 
Create SD Holdings Co. Ltd.200 7,055 
Credit Saison Co. Ltd.1,700 19,337 
CTI Engineering Co. Ltd.200 4,479 
CyberAgent, Inc.2,000 36,612 
Cybozu, Inc.200 4,579 
Dai Nippon Printing Co. Ltd.1,200 28,512 
Dai-Dan Co. Ltd.200 4,912 
Dai-ichi Life Holdings, Inc.4,000 79,149 
Daibiru Corp.100 1,318 
Daicel Corp.2,400 19,317 
Daido Metal Co. Ltd.200 1,066 
Daido Steel Co. Ltd.200 9,126 
Daifuku Co. Ltd.100 8,826 
Daihen Corp.200 8,708 
Daiho Corp.100 3,627 
Daiichi Jitsugyo Co. Ltd.200 8,559 
Daiichi Kigenso Kagaku-Kogyo Co. Ltd.200 2,983 
Daiichi Sankyo Co. Ltd.2,200 52,255 
Daiki Aluminium Industry Co. Ltd.200 2,698 
Daikin Industries Ltd.400 99,819 
Daikokutenbussan Co. Ltd.200 12,608 
Daikyonishikawa Corp.200 1,209 
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.400 9,216 
Daio Paper Corp.800 14,984 
Daiseki Co. Ltd.360 14,564 
Daishi Hokuetsu Financial Group, Inc.300 7,384 
Daito Pharmaceutical Co. Ltd.200 6,558 
Daito Trust Construction Co. Ltd.500 54,913 
Daiwa House Industry Co. Ltd.2,100 64,037 
Daiwa Securities Group, Inc.9,400 53,176 
Daiwabo Holdings Co. Ltd.1,000 19,000 
DCM Holdings Co. Ltd.1,000 9,643 
DeNA Co. Ltd.400 7,043 
Denka Co. Ltd.600 21,030 
Denso Corp.1,000 69,993 
Dentsu Group, Inc.300 11,152 
Denyo Co. Ltd.200 3,727 
Dexerials Corp.600 11,718 
DIC Corp.600 17,258 
Digital Arts, Inc.100 7,921 
Digital Holdings, Inc.400 6,132 
Dip Corp.300 9,533 
Disco Corp.100 29,050 
DMG Mori Co. Ltd.700 12,489 
Doshisha Co. Ltd.400 6,372 
Doutor Nichires Holdings Co. Ltd.300 4,464 
Dowa Holdings Co. Ltd.500 21,957 
DTS Corp.300 6,968 
104


Avantis International Equity Fund
SharesValue
Duskin Co. Ltd.100 $2,398 
DyDo Group Holdings, Inc.200 10,210 
Eagle Industry Co. Ltd.200 2,270 
Earth Corp.100 5,917 
East Japan Railway Co.900 60,493 
Ebara Corp.800 39,766 
Ebara Jitsugyo Co. Ltd.300 6,843 
EDION Corp.700 6,801 
Ehime Bank Ltd. (The)100 711 
Eiken Chemical Co. Ltd.200 3,897 
Eisai Co. Ltd.300 24,741 
Eizo Corp.200 7,723 
Elecom Co. Ltd.200 3,236 
Electric Power Development Co. Ltd.1,600 23,902 
en Japan, Inc.100 3,378 
ENEOS Holdings, Inc.15,900 61,452 
Enigmo, Inc.600 7,922 
ESPEC Corp.200 3,986 
Exedy Corp.100 1,513 
Ezaki Glico Co. Ltd.100 3,783 
F.C.C. Co. Ltd.300 4,195 
Fancl Corp.300 10,149 
FANUC Corp.200 43,572 
Fast Retailing Co. Ltd.100 65,868 
Ferrotec Holdings Corp.500 14,665 
Financial Products Group Co. Ltd.1,000 6,182 
Food & Life Cos. Ltd.400 17,169 
Foster Electric Co. Ltd.100 789 
FP Corp.300 11,488 
France Bed Holdings Co. Ltd.200 1,681 
Freee KK(2)
100 8,087 
Fudo Tetra Corp.100 1,584 
Fuji Co. Ltd.100 1,787 
Fuji Corp./Aichi400 10,355 
Fuji Electric Co. Ltd.300 12,978 
Fuji Kyuko Co. Ltd.200 8,206 
Fuji Oil Holdings, Inc.400 9,042 
Fuji Seal International, Inc.300 6,740 
Fuji Soft, Inc.200 10,367 
Fujibo Holdings, Inc.100 3,853 
Fujicco Co. Ltd.200 3,453 
FUJIFILM Holdings Corp.1,100 90,521 
Fujikura Ltd.(2)
2,200 12,667 
Fujimi, Inc.200 11,147 
Fujimori Kogyo Co. Ltd.200 8,326 
Fujitec Co. Ltd.100 2,460 
Fujitsu General Ltd.400 9,985 
Fujitsu Ltd.700 128,861 
Fukuda Corp.200 9,141 
Fukui Computer Holdings, Inc.100 3,956 
Fukuoka Financial Group, Inc.800 14,770 
105


Avantis International Equity Fund
SharesValue
Fukushima Galilei Co. Ltd.200 $8,811 
Fukuyama Transporting Co. Ltd.200 8,409 
FULLCAST Holdings Co. Ltd.300 5,775 
Funai Soken Holdings, Inc.200 4,930 
Furukawa Co. Ltd.300 3,375 
Furukawa Electric Co. Ltd.300 6,448 
Furuno Electric Co. Ltd.100 993 
Fuso Chemical Co. Ltd.200 8,225 
Futaba Industrial Co. Ltd.200 882 
Future Corp.300 6,677 
Fuyo General Lease Co. Ltd.200 13,809 
G-7 Holdings, Inc.100 3,611 
G-Tekt Corp.100 1,346 
Genky DrugStores Co. Ltd.200 9,348 
Geo Holdings Corp.500 5,405 
GLOBERIDE, Inc.200 13,419 
Glory Ltd.300 6,242 
GMO Financial Holdings, Inc.200 1,488 
GMO Internet, Inc.400 10,405 
GMO Payment Gateway, Inc.100 13,120 
GNI Group Ltd.(2)
100 1,410 
Goldcrest Co. Ltd.100 1,532 
Goldwin, Inc.200 12,227 
Grace Technology, Inc.200 2,217 
GS Yuasa Corp.800 18,744 
GungHo Online Entertainment, Inc.400 7,770 
Gunma Bank Ltd. (The)3,000 9,673 
Gunze Ltd.100 4,049 
H-One Co. Ltd.200 1,302 
H.U. Group Holdings, Inc.600 17,707 
H2O Retailing Corp.1,000 7,851 
Hachijuni Bank Ltd. (The)2,900 9,987 
Hakuhodo DY Holdings, Inc.400 6,307 
Halows Co. Ltd.200 5,436 
Hamakyorex Co. Ltd.200 5,954 
Hamamatsu Photonics KK100 5,828 
Hankyu Hanshin Holdings, Inc.400 11,970 
Hanwa Co. Ltd.500 14,993 
Happinet Corp.600 7,930 
Haseko Corp.700 9,681 
Hazama Ando Corp.1,100 8,205 
Heiwa Corp.300 5,471 
Heiwa Real Estate Co. Ltd.300 11,616 
Heiwado Co. Ltd.400 7,953 
Hikari Tsushin, Inc.100 17,498 
Hino Motors Ltd.1,500 12,980 
Hirata Corp.100 6,135 
Hirogin Holdings, Inc.1,500 8,628 
Hirose Electric Co. Ltd.100 16,649 
HIS Co. Ltd.(2)
300 6,957 
Hisamitsu Pharmaceutical Co., Inc.200 8,015 
106


Avantis International Equity Fund
SharesValue
Hitachi Construction Machinery Co. Ltd.700 $20,054 
Hitachi Ltd.3,400 187,906 
Hitachi Metals Ltd.(2)
400 7,721 
Hitachi Transport System Ltd.500 20,923 
Hitachi Zosen Corp.1,900 13,745 
Hogy Medical Co. Ltd.100 3,127 
Hokkaido Electric Power Co., Inc.1,300 6,086 
Hokko Chemical Industry Co. Ltd.200 1,894 
Hokkoku Bank Ltd. (The)100 1,917 
Hokuetsu Corp.1,200 6,591 
Hokuetsu Industries Co. Ltd.100 972 
Hokuhoku Financial Group, Inc.1,100 8,431 
Hokuriku Electric Power Co.1,300 7,032 
Hokuto Corp.200 3,624 
Honda Motor Co. Ltd., ADR5,463 165,310 
Honeys Holdings Co. Ltd.100 1,030 
Hoosiers Holdings200 1,202 
Horiba Ltd.200 14,293 
Hoshizaki Corp.100 9,388 
Hosiden Corp.800 6,581 
Hosokawa Micron Corp.100 5,978 
House Foods Group, Inc.200 6,421 
Hoya Corp.584 94,307 
Hulic Co. Ltd.1,400 16,422 
Hyakugo Bank Ltd. (The)2,000 5,885 
Hyakujushi Bank Ltd. (The)200 2,893 
I-Net Corp./Kanagawa100 1,296 
I-PEX, Inc.200 3,598 
Ibiden Co. Ltd.700 37,664 
Ichibanya Co. Ltd.100 4,315 
Ichigo, Inc.600 1,857 
Ichikoh Industries Ltd.200 1,232 
Ichinen Holdings Co. Ltd.100 1,126 
Icom, Inc.200 4,470 
Idec Corp.300 6,218 
Idemitsu Kosan Co. Ltd.1,400 33,531 
IDOM, Inc.900 7,648 
IHI Corp.(2)
400 8,894 
Iida Group Holdings Co. Ltd.1,100 27,926 
Iino Kaiun Kaisha Ltd.400 1,910 
Inaba Denki Sangyo Co. Ltd.100 2,449 
Inabata & Co. Ltd.400 6,119 
Inageya Co. Ltd.300 3,937 
Ines Corp.100 1,435 
Infocom Corp.200 4,484 
Infomart Corp.200 1,783 
Information Services International-Dentsu Ltd.400 15,603 
INPEX Corp.6,400 43,974 
Intage Holdings, Inc.600 8,299 
Inter Action Corp.200 4,974 
Internet Initiative Japan, Inc.600 20,886 
107


Avantis International Equity Fund
SharesValue
IR Japan Holdings Ltd.100 $11,937 
Iseki & Co. Ltd.(2)
500 7,178 
Isetan Mitsukoshi Holdings Ltd.1,200 8,037 
Ishihara Sangyo Kaisha Ltd.900 9,286 
Isuzu Motors Ltd.3,200 40,452 
Ito En Ltd.200 12,656 
ITOCHU Corp.3,900 117,316 
Itochu Enex Co. Ltd.600 5,379 
Itochu Techno-Solutions Corp.500 15,449 
Itoham Yonekyu Holdings, Inc.900 6,076 
IwaiCosmo Holdings, Inc.100 1,251 
Iwatani Corp.300 16,546 
Iyo Bank Ltd. (The)2,000 10,703 
Izumi Co. Ltd.300 9,760 
J Front Retailing Co. Ltd.1,600 13,808 
JAC Recruitment Co. Ltd.300 4,870 
Jaccs Co. Ltd.500 12,498 
JAFCO Group Co. Ltd.300 18,118 
Japan Airlines Co. Ltd.(2)
200 4,261 
Japan Airport Terminal Co. Ltd.(2)
200 9,079 
Japan Asia Group Ltd.600 5,262 
Japan Aviation Electronics Industry Ltd.600 8,769 
Japan Exchange Group, Inc.1,900 45,249 
Japan Investment Adviser Co. Ltd.400 5,129 
Japan Lifeline Co. Ltd.600 7,207 
Japan Material Co. Ltd.500 5,716 
Japan Petroleum Exploration Co. Ltd.100 1,720 
Japan Post Bank Co. Ltd.700 6,121 
Japan Post Holdings Co. Ltd.(2)
6,400 55,006 
Japan Post Insurance Co. Ltd.1,000 18,160 
Japan Pulp & Paper Co. Ltd.200 6,805 
Japan Securities Finance Co. Ltd.700 5,286 
Japan Steel Works Ltd. (The)200 4,723 
Japan Wool Textile Co. Ltd. (The)700 6,539 
JCR Pharmaceuticals Co. Ltd.200 5,273 
JCU Corp.200 7,557 
JDC Corp.200 1,046 
JFE Holdings, Inc.3,500 56,770 
JGC Holdings Corp.1,700 14,261 
JINS Holdings, Inc.100 6,523 
Joshin Denki Co. Ltd.300 6,864 
JSR Corp.400 13,860 
JTEKT Corp.1,700 15,371 
Juki Corp.1,000 6,979 
Juroku Bank Ltd. (The)200 4,222 
Justsystems Corp.200 11,787 
JVCKenwood Corp.4,600 8,698 
K's Holdings Corp.1,600 17,489 
Kadokawa Corp.200 9,172 
Kaga Electronics Co. Ltd.100 2,632 
Kagome Co. Ltd.800 21,283 
108


Avantis International Equity Fund
SharesValue
Kajima Corp.2,800 $36,177 
Kakaku.com, Inc.500 15,557 
Kaken Pharmaceutical Co. Ltd.200 9,035 
Kameda Seika Co. Ltd.100 4,237 
Kamei Corp.100 1,067 
Kamigumi Co. Ltd.900 19,427 
Kanamoto Co. Ltd.300 6,855 
Kandenko Co. Ltd.900 7,733 
Kaneka Corp.500 20,693 
Kanematsu Corp.900 11,574 
Kanematsu Electronics Ltd.200 6,982 
Kansai Electric Power Co., Inc. (The)2,900 29,143 
Kansai Paint Co. Ltd.300 7,770 
Kanto Denka Kogyo Co. Ltd.200 1,946 
Kao Corp.900 54,366 
Kasai Kogyo Co. Ltd.(2)
200 706 
Katitas Co. Ltd.200 6,643 
Kato Sangyo Co. Ltd.100 3,058 
Kawasaki Heavy Industries Ltd.(2)
700 14,890 
Kawasaki Kisen Kaisha Ltd.(2)
600 29,963 
KDDI Corp.5,000 152,827 
KeePer Technical Laboratory Co. Ltd.300 9,833 
Keihan Holdings Co. Ltd.100 2,870 
Keihanshin Building Co. Ltd.300 4,172 
Keikyu Corp.300 3,657 
Keio Corp.200 10,762 
Keisei Electric Railway Co. Ltd.100 3,076 
KEIWA, Inc.200 8,678 
Keiyo Bank Ltd. (The)200 808 
Kewpie Corp.600 14,774 
Keyence Corp.100 60,033 
KFC Holdings Japan Ltd.100 2,713 
KH Neochem Co. Ltd.400 10,898 
Ki-Star Real Estate Co. Ltd.100 4,619 
Kikkoman Corp.300 22,523 
Kinden Corp.400 6,772 
Kintetsu Group Holdings Co. Ltd.(2)
100 3,416 
Kintetsu World Express, Inc.500 12,131 
Kirin Holdings Co. Ltd.1,700 30,798 
Kissei Pharmaceutical Co. Ltd.400 8,807 
Kitanotatsujin Corp.200 931 
Kito Corp.100 1,508 
Kitz Corp.900 6,662 
Kiyo Bank Ltd. (The)500 7,131 
KLab, Inc.(2)
500 2,974 
Koa Corp.500 7,181 
Koatsu Gas Kogyo Co. Ltd.200 1,356 
Kobe Bussan Co. Ltd.400 15,560 
Kobe Steel Ltd.3,400 21,616 
Koei Tecmo Holdings Co. Ltd.260 11,095 
Kohnan Shoji Co. Ltd.300 9,891 
109


Avantis International Equity Fund
SharesValue
Koito Manufacturing Co. Ltd.500 $30,585 
Kokuyo Co. Ltd.500 8,748 
Komatsu Ltd.2,600 63,239 
Komeri Co. Ltd.300 6,879 
Komori Corp.100 770 
Konami Holdings Corp.500 31,651 
Konica Minolta, Inc.4,500 22,838 
Konishi Co. Ltd.400 6,097 
Konoike Transport Co. Ltd.400 4,978 
Koshidaka Holdings Co. Ltd.100 510 
Kotobuki Spirits Co. Ltd.100 6,622 
Kubota Corp.2,500 51,654 
Kumagai Gumi Co. Ltd.400 9,768 
Kura Sushi, Inc.400 15,676 
Kurabo Industries Ltd.200 3,539 
Kuraray Co. Ltd.2,700 25,381 
Kureha Corp.300 20,451 
Kurita Water Industries Ltd.600 28,141 
Kusuri no Aoki Holdings Co. Ltd.200 14,020 
KYB Corp.300 8,469 
Kyocera Corp.400 24,867 
Kyokuto Kaihatsu Kogyo Co. Ltd.400 6,003 
Kyokuyo Co. Ltd.200 5,479 
Kyowa Exeo Corp.700 17,566 
Kyowa Kirin Co. Ltd.1,500 49,081 
Kyudenko Corp.300 10,787 
Kyushu Electric Power Co., Inc.2,500 19,097 
Kyushu Financial Group, Inc.2,500 9,698 
Kyushu Railway Co.(2)
300 6,789 
Lasertec Corp.200 43,502 
Lawson, Inc.300 14,429 
LEC, Inc.400 4,021 
Life Corp.200 7,900 
Lintec Corp.200 4,529 
Lion Corp.600 10,210 
Lixil Corp.1,400 40,742 
M&A Capital Partners Co. Ltd.(2)
100 4,851 
M3, Inc.800 53,654 
Mabuchi Motor Co. Ltd.100 3,497 
Macnica Fuji Electronics Holdings, Inc.400 9,622 
Maeda Corp.1,800 13,252 
Maeda Kosen Co. Ltd.100 2,997 
Maeda Road Construction Co. Ltd.300 5,034 
Makino Milling Machine Co. Ltd.100 3,723 
Makita Corp.800 45,957 
Mani, Inc.200 3,954 
Marubeni Corp.5,800 46,147 
Marudai Food Co. Ltd.200 3,232 
Maruha Nichiro Corp.400 9,231 
Marui Group Co. Ltd.1,100 19,568 
Maruichi Steel Tube Ltd.200 4,917 
110


Avantis International Equity Fund
SharesValue
Maruwa Co. Ltd.100 $9,656 
Maruwa Unyu Kikan Co. Ltd.400 5,296 
Maruzen Showa Unyu Co. Ltd.200 6,182 
Matsumotokiyoshi Holdings Co. Ltd.100 4,625 
Maxell Holdings Ltd.(2)
700 8,229 
Mazda Motor Corp.(2)
1,800 15,625 
McDonald's Holdings Co. Japan Ltd.300 14,310 
MCJ Co. Ltd.900 10,028 
Mebuki Financial Group, Inc.7,000 15,644 
Medipal Holdings Corp.1,500 28,674 
MedPeer, Inc.(2)
200 7,722 
Megachips Corp.200 6,107 
Megmilk Snow Brand Co. Ltd.400 8,384 
Meidensha Corp.400 8,929 
MEIJI Holdings Co. Ltd.200 12,300 
Meiko Electronics Co. Ltd.400 10,012 
Meisei Industrial Co. Ltd.200 1,358 
Meitec Corp.200 11,654 
Melco Holdings, Inc.200 9,438 
Menicon Co. Ltd.100 8,194 
Mercari, Inc.(2)
300 14,803 
METAWATER Co. Ltd.200 3,455 
Micronics Japan Co. Ltd.100 1,307 
Mie Kotsu Group Holdings, Inc.200 910 
Milbon Co. Ltd.100 6,214 
Mimasu Semiconductor Industry Co. Ltd.100 2,126 
MINEBEA MITSUMI, Inc.1,600 41,133 
Ministop Co. Ltd.100 1,291 
Mirait Holdings Corp.1,000 19,893 
Miroku Jyoho Service Co. Ltd.200 2,992 
MISUMI Group, Inc.600 23,801 
Mitsuba Corp.(2)
200 1,196 
Mitsubishi Chemical Holdings Corp.5,200 45,656 
Mitsubishi Corp.2,600 78,240 
Mitsubishi Electric Corp.4,000 54,684 
Mitsubishi Estate Co. Ltd.4,300 67,322 
Mitsubishi Gas Chemical Co., Inc.700 13,190 
Mitsubishi HC Capital, Inc.4,830 25,865 
Mitsubishi Heavy Industries Ltd.1,800 47,554 
Mitsubishi Kakoki Kaisha Ltd.200 4,456 
Mitsubishi Logisnext Co. Ltd.400 3,511 
Mitsubishi Logistics Corp.200 5,693 
Mitsubishi Materials Corp.1,000 20,499 
Mitsubishi Motors Corp.(2)
600 1,531 
Mitsubishi UFJ Financial Group, Inc., ADR(1)
31,580 172,111 
Mitsuboshi Belting Ltd.100 1,828 
Mitsui & Co. Ltd.3,100 68,372 
Mitsui Chemicals, Inc.1,100 37,975 
Mitsui DM Sugar Holdings Co. Ltd.100 1,759 
Mitsui E&S Holdings Co. Ltd.(2)
200 838 
Mitsui Fudosan Co. Ltd.2,500 57,370 
111


Avantis International Equity Fund
SharesValue
Mitsui High-Tec, Inc.300 $17,205 
Mitsui Matsushima Holdings Co. Ltd.100 1,197 
Mitsui Mining & Smelting Co. Ltd.700 21,231 
Mitsui OSK Lines Ltd.1,000 77,077 
Mitsui-Soko Holdings Co. Ltd.300 7,302 
Mitsuuroko Group Holdings Co. Ltd.400 4,716 
Miura Co. Ltd.200 8,979 
Mixi, Inc.300 6,890 
Mizuho Financial Group, Inc., ADR(1)
40,914 113,741 
Mizuho Leasing Co. Ltd.300 9,584 
Mizuno Corp.100 2,376 
Mochida Pharmaceutical Co. Ltd.100 3,330 
Modec, Inc.100 1,474 
Monex Group, Inc.2,000 10,641 
MonotaRO Co. Ltd.800 17,730 
Morinaga & Co. Ltd.200 7,014 
Morinaga Milk Industry Co. Ltd.300 18,930 
Moriroku Holdings Co. Ltd.400 7,704 
Morita Holdings Corp.600 8,428 
MrMax Holdings Ltd.400 2,297 
MS&AD Insurance Group Holdings, Inc.1,400 45,316 
Murata Manufacturing Co. Ltd.1,200 98,925 
Musashi Seimitsu Industry Co. Ltd.600 10,567 
Musashino Bank Ltd. (The)400 6,536 
Nabtesco Corp.300 11,864 
Nachi-Fujikoshi Corp.200 7,815 
Nagaileben Co. Ltd.200 4,642 
Nagase & Co. Ltd.1,100 18,143 
Nagoya Railroad Co. Ltd.(2)
500 8,791 
Nankai Electric Railway Co. Ltd.600 12,876 
Nanto Bank Ltd. (The)100 1,829 
NEC Corp.1,200 62,980 
NEC Networks & System Integration Corp.800 15,250 
NET One Systems Co. Ltd.600 19,009 
Nexon Co. Ltd.1,200 21,886 
Nextage Co. Ltd.900 17,891 
NGK Insulators Ltd.1,500 24,868 
NGK Spark Plug Co. Ltd.1,200 18,445 
NH Foods Ltd.600 23,282 
NHK Spring Co. Ltd.1,000 7,173 
Nichi-iko Pharmaceutical Co. Ltd.400 3,095 
Nichias Corp.400 10,609 
Nichicon Corp.100 992 
Nichiha Corp.300 8,827 
Nichirei Corp.800 20,397 
Nichireki Co. Ltd.100 1,169 
Nidec Corp.423 48,319 
Nifco, Inc.800 25,262 
Nihon Dempa Kogyo Co. Ltd.(2)
200 1,594 
Nihon Flush Co. Ltd.400 4,607 
Nihon House Holdings Co. Ltd.300 1,155 
112


Avantis International Equity Fund
SharesValue
Nihon Kohden Corp.200 $6,712 
Nihon M&A Center, Inc.1,000 29,820 
Nihon Nohyaku Co. Ltd.200 988 
Nihon Parkerizing Co. Ltd.100 1,044 
Nihon Plast Co. Ltd.200 1,148 
Nihon Unisys Ltd.600 16,304 
Nikkon Holdings Co. Ltd.500 10,435 
Nikon Corp.600 6,306 
Nintendo Co. Ltd.300 144,132 
Nippn Corp.700 10,287 
Nippo Corp.500 14,692 
Nippon Carbon Co. Ltd.100 3,769 
Nippon Commercial Development Co. Ltd.300 4,607 
Nippon Denko Co. Ltd.2,400 7,145 
Nippon Densetsu Kogyo Co. Ltd.100 1,692 
Nippon Electric Glass Co. Ltd.800 17,070 
Nippon Express Co. Ltd.500 33,998 
Nippon Gas Co. Ltd.600 8,517 
Nippon Kayaku Co. Ltd.700 7,745 
Nippon Koei Co. Ltd.200 5,634 
Nippon Light Metal Holdings Co. Ltd.560 9,817 
Nippon Paint Holdings Co. Ltd.500 6,210 
Nippon Paper Industries Co. Ltd.900 10,014 
Nippon Parking Development Co. Ltd.3,300 5,005 
Nippon Road Co. Ltd. (The)200 15,099 
Nippon Sanso Holdings Corp.100 2,423 
Nippon Seiki Co. Ltd.400 4,459 
Nippon Sheet Glass Co. Ltd.(2)
1,300 6,734 
Nippon Shokubai Co. Ltd.200 10,601 
Nippon Signal Co. Ltd.100 842 
Nippon Soda Co. Ltd.100 3,198 
Nippon Steel Corp.3,900 79,709 
Nippon Steel Trading Corp.200 9,137 
Nippon Suisan Kaisha Ltd.2,800 15,432 
Nippon Telegraph & Telephone Corp.3,300 87,921 
Nippon Yakin Kogyo Co. Ltd.200 4,889 
Nippon Yusen KK1,400 112,581 
Nipro Corp.1,300 15,121 
Nishi-Nippon Financial Holdings, Inc.900 5,680 
Nishi-Nippon Railroad Co. Ltd.100 2,470 
Nishimatsu Construction Co. Ltd.300 9,453 
Nishimatsuya Chain Co. Ltd.800 9,614 
Nishio Rent All Co. Ltd.300 7,958 
Nissan Chemical Corp.400 22,427 
Nissan Motor Co. Ltd.(2)
10,800 56,658 
Nissei ASB Machine Co. Ltd.200 7,689 
Nissha Co. Ltd.700 11,299 
Nisshin Group Holdings Co. Ltd.200 913 
Nisshin Oillio Group Ltd. (The)300 8,342 
Nisshin Seifun Group, Inc.400 6,568 
Nisshinbo Holdings, Inc.1,400 11,618 
113


Avantis International Equity Fund
SharesValue
Nissin Electric Co. Ltd.500 $5,679 
Nissin Foods Holdings Co. Ltd.300 23,355 
Nitori Holdings Co. Ltd.200 37,421 
Nittetsu Mining Co. Ltd.200 12,118 
Nitto Denko Corp.800 60,689 
Nitto Kogyo Corp.400 6,295 
Nittoc Construction Co. Ltd.200 1,315 
Nittoku Co. Ltd.200 7,009 
Noevir Holdings Co. Ltd.100 5,307 
NOF Corp.200 11,062 
Nojima Corp.500 12,310 
NOK Corp.1,200 14,716 
Nomura Co. Ltd.100 820 
Nomura Micro Science Co. Ltd.200 8,806 
Noritake Co. Ltd./Nagoya Japan100 3,859 
Noritsu Koki Co. Ltd.300 6,488 
Noritz Corp.300 5,168 
North Pacific Bank Ltd.3,000 6,919 
NS Solutions Corp.200 6,774 
NS United Kaiun Kaisha Ltd.400 13,269 
NSK Ltd.2,500 17,540 
NTN Corp.(2)
4,600 10,523 
NTT Data Corp.2,300 41,393 
Obara Group, Inc.200 7,037 
Obayashi Corp.3,500 28,799 
Obic Co. Ltd.100 18,987 
Odakyu Electric Railway Co. Ltd.700 16,310 
Ogaki Kyoritsu Bank Ltd. (The)400 7,106 
Oiles Corp.400 5,900 
Oisix ra daichi, Inc.(2)
300 10,152 
Oji Holdings Corp.6,600 34,550 
Okamoto Machine Tool Works Ltd.200 9,518 
Okamura Corp.400 6,153 
Okasan Securities Group, Inc.1,000 3,707 
Oki Electric Industry Co. Ltd.1,000 8,971 
Okinawa Electric Power Co., Inc. (The)315 4,094 
Okumura Corp.500 13,710 
Okura Industrial Co. Ltd.400 8,201 
Okuwa Co. Ltd.100 1,010 
Olympus Corp.2,700 56,734 
Omron Corp.200 18,845 
Ono Pharmaceutical Co. Ltd.800 19,208 
Onward Holdings Co. Ltd.1,000 2,625 
Open House Co. Ltd.600 29,145 
Optim Corp.(2)
200 4,046 
Optorun Co. Ltd.100 2,054 
Oracle Corp. (Tokyo)100 8,207 
Organo Corp.100 5,773 
Orient Corp.3,800 5,176 
Oriental Land Co. Ltd.200 30,259 
Oriental Shiraishi Corp.(2)
1,400 3,483 
114


Avantis International Equity Fund
SharesValue
ORIX Corp., ADR(1)
1,391 $130,323 
Osaka Gas Co. Ltd.800 14,996 
Osaka Organic Chemical Industry Ltd.200 7,038 
Osaka Soda Co. Ltd.200 4,847 
OSG Corp.100 1,795 
Otsuka Corp.400 20,707 
Otsuka Holdings Co. Ltd.800 34,044 
Outsourcing, Inc.1,100 18,752 
Pacific Industrial Co. Ltd.700 7,992 
Pack Corp. (The)100 2,673 
PAL GROUP Holdings Co. Ltd.600 9,123 
PALTAC Corp.200 8,705 
Pan Pacific International Holdings Corp.1,400 26,633 
Panasonic Corp.4,200 50,211 
Paramount Bed Holdings Co. Ltd.400 7,727 
Park24 Co. Ltd.(2)
500 9,645 
Pasona Group, Inc.400 9,687 
Penta-Ocean Construction Co. Ltd.3,000 19,041 
PeptiDream, Inc.(2)
300 10,571 
Persol Holdings Co. Ltd.600 14,007 
Pharma Foods International Co. Ltd.300 8,158 
Pigeon Corp.300 8,690 
Pilot Corp.300 11,547 
Piolax, Inc.100 1,386 
Plenus Co. Ltd.200 3,664 
Pola Orbis Holdings, Inc.300 6,545 
Poletowin Pitcrew Holdings, Inc.100 998 
Premium Group Co. Ltd.200 6,249 
Press Kogyo Co. Ltd.300 943 
Prestige International, Inc.600 4,108 
Prima Meat Packers Ltd.200 5,418 
PS Mitsubishi Construction Co. Ltd.200 1,178 
Raccoon Holdings, Inc.300 6,163 
Raito Kogyo Co. Ltd.500 8,734 
Raiznext Corp.700 7,047 
Rakuten Group, Inc.2,100 21,966 
Recruit Holdings Co. Ltd.1,900 111,876 
Relia, Inc.500 5,417 
Relo Group, Inc.700 15,652 
Renesas Electronics Corp.(2)
1,700 18,203 
Rengo Co. Ltd.1,700 13,858 
Resona Holdings, Inc.12,984 50,211 
Resorttrust, Inc.800 13,840 
Ricoh Co. Ltd.5,500 55,964 
Ricoh Leasing Co. Ltd.200 6,634 
Riken Vitamin Co. Ltd.500 8,282 
Rinnai Corp.100 10,750 
Riso Kyoiku Co. Ltd.1,600 5,796 
Rohm Co. Ltd.200 19,227 
Rohto Pharmaceutical Co. Ltd.300 9,429 
Roland DG Corp.300 7,793 
115


Avantis International Equity Fund
SharesValue
Rorze Corp.100 $7,863 
RS Technologies Co. Ltd.200 11,326 
Ryobi Ltd.100 1,183 
Ryohin Keikaku Co. Ltd.500 10,706 
Ryosan Co. Ltd.200 4,047 
S Foods, Inc.200 5,761 
S-Pool, Inc.200 1,739 
Saizeriya Co. Ltd.200 4,538 
Sakai Moving Service Co. Ltd.100 4,416 
Sakata INX Corp.900 9,332 
Sakata Seed Corp.200 6,538 
Sakura Internet, Inc.200 1,134 
Sala Corp.200 1,101 
San-A Co. Ltd.100 3,679 
San-Ai Oil Co. Ltd.700 8,727 
San-In Godo Bank Ltd. (The)800 4,164 
Sanei Architecture Planning Co. Ltd.100 1,709 
Sangetsu Corp.300 4,386 
Sanken Electric Co. Ltd.(2)
200 9,842 
Sanki Engineering Co. Ltd.100 1,358 
Sankyo Co. Ltd.200 5,093 
Sankyo Tateyama, Inc.100 684 
Sankyu, Inc.500 23,268 
Sanoh Industrial Co. Ltd.100 1,017 
Santen Pharmaceutical Co. Ltd.1,700 25,419 
Sanwa Holdings Corp.1,700 22,577 
Sanyo Chemical Industries Ltd.100 5,347 
Sanyo Denki Co. Ltd.200 13,044 
Sapporo Holdings Ltd.600 12,945 
Sato Holdings Corp.500 12,238 
Sawada Holdings Co. Ltd.200 1,823 
Sawai Group Holdings Co. Ltd.300 13,558 
SB Technology Corp.200 5,659 
SBI Holdings, Inc.1,900 46,031 
SBS Holdings, Inc.400 14,379 
SCREEN Holdings Co. Ltd.300 25,616 
SCSK Corp.300 18,938 
Secom Co. Ltd.500 37,916 
Sega Sammy Holdings, Inc.500 6,744 
Seibu Holdings, Inc.(2)
500 6,020 
Seikitokyu Kogyo Co. Ltd.200 1,530 
Seiko Epson Corp.2,400 44,699 
Seiko Holdings Corp.100 1,985 
Seino Holdings Co. Ltd.900 11,085 
Seiren Co. Ltd.400 6,952 
Sekisui Chemical Co. Ltd.1,100 18,826 
Sekisui House Ltd.2,500 49,808 
Sekisui Jushi Corp.100 1,986 
Senko Group Holdings Co. Ltd.700 6,153 
Senshu Electric Co. Ltd.200 7,861 
Senshu Ikeda Holdings, Inc.2,000 3,051 
116


Avantis International Equity Fund
SharesValue
Septeni Holdings Co. Ltd.1,000 $3,683 
Seria Co. Ltd.300 10,947 
Seven & i Holdings Co. Ltd.3,100 135,273 
Seven Bank Ltd.2,400 5,474 
SG Holdings Co. Ltd.1,500 40,721 
Sharp Corp.2,100 27,701 
Shibaura Machine Co. Ltd.200 4,770 
Shibuya Corp.100 2,832 
SHIFT, Inc.(2)
100 22,798 
Shiga Bank Ltd. (The)300 5,123 
Shikoku Bank Ltd. (The)200 1,325 
Shikoku Chemicals Corp.100 1,252 
Shikoku Electric Power Co., Inc.900 6,311 
Shimadzu Corp.600 26,884 
Shimamura Co. Ltd.100 8,814 
Shimano, Inc.100 29,346 
Shimizu Corp.1,300 9,329 
Shin Nippon Air Technologies Co. Ltd.200 4,319 
Shin-Etsu Chemical Co. Ltd.500 82,584 
Shin-Etsu Polymer Co. Ltd.200 1,760 
Shinmaywa Industries Ltd.500 4,177 
Shinnihon Corp.200 1,566 
Shinoken Group Co. Ltd.100 1,012 
Shinsei Bank Ltd.1,000 12,398 
Shionogi & Co. Ltd.600 37,698 
Ship Healthcare Holdings, Inc.1,000 25,406 
Shiseido Co. Ltd.1,000 66,279 
Shizuoka Bank Ltd. (The)2,400 18,801 
Shoei Co. Ltd.200 8,777 
Showa Denko KK400 8,889 
Showa Sangyo Co. Ltd.200 5,121 
Siix Corp.300 3,490 
Sinanen Holdings Co. Ltd.200 6,351 
Sinfonia Technology Co. Ltd.300 3,256 
Sinko Industries Ltd.200 3,969 
Sintokogio Ltd.200 1,415 
SKY Perfect JSAT Holdings, Inc.1,200 4,449 
Skylark Holdings Co. Ltd.(2)
500 7,175 
SMC Corp.53 33,912 
SMS Co. Ltd.300 10,605 
Snow Peak, Inc.200 10,168 
Sodick Co. Ltd.200 1,626 
Softbank Corp.5,500 73,606 
SoftBank Group Corp.1,700 95,801 
Sohgo Security Services Co. Ltd.300 13,590 
Sojitz Corp.3,000 8,808 
Solasto Corp.100 1,371 
Sompo Holdings, Inc.1,500 65,937 
Sony Group Corp., ADR3,333 344,832 
Sotetsu Holdings, Inc.600 12,051 
Square Enix Holdings Co. Ltd.400 23,254 
117


Avantis International Equity Fund
SharesValue
St. Marc Holdings Co. Ltd.300 $4,109 
Stanley Electric Co. Ltd.500 12,478 
Star Micronics Co. Ltd.500 7,147 
Starts Corp., Inc.400 10,395 
Starzen Co. Ltd.200 4,071 
Stella Chemifa Corp.200 5,175 
Strike Co. Ltd.100 3,698 
Subaru Corp.3,900 72,180 
Sugi Holdings Co. Ltd.200 15,399 
SUMCO Corp.2,100 44,211 
Sumida Corp.700 8,334 
Sumitomo Chemical Co. Ltd.10,900 55,259 
Sumitomo Corp.4,000 56,371 
Sumitomo Dainippon Pharma Co., Ltd.800 14,360 
Sumitomo Densetsu Co. Ltd.100 2,002 
Sumitomo Electric Industries Ltd.3,700 49,416 
Sumitomo Forestry Co. Ltd.1,100 21,465 
Sumitomo Heavy Industries Ltd.700 18,312 
Sumitomo Metal Mining Co. Ltd.900 34,489 
Sumitomo Mitsui Construction Co. Ltd.300 1,302 
Sumitomo Mitsui Financial Group, Inc., ADR19,066 131,555 
Sumitomo Mitsui Trust Holdings, Inc.1,800 58,794 
Sumitomo Osaka Cement Co. Ltd.300 8,143 
Sumitomo Realty & Development Co. Ltd.1,500 48,427 
Sumitomo Riko Co. Ltd.200 1,272 
Sumitomo Rubber Industries Ltd.1,400 16,771 
Sumitomo Seika Chemicals Co. Ltd.200 6,402 
Sumitomo Warehouse Co. Ltd. (The)500 8,126 
Sun Frontier Fudousan Co. Ltd.500 5,188 
Sundrug Co. Ltd.300 9,929 
Suntory Beverage & Food Ltd.500 20,042 
Suruga Bank Ltd.1,300 4,273 
Suzuken Co. Ltd.200 5,944 
Suzuki Motor Corp.1,400 60,495 
SWCC Showa Holdings Co. Ltd.200 4,160 
Sysmex Corp.400 45,459 
Systena Corp.500 10,154 
T Hasegawa Co. Ltd.200 5,072 
T&D Holdings, Inc.2,700 32,861 
T-Gaia Corp.100 1,787 
Tadano Ltd.200 2,176 
Taihei Dengyo Kaisha Ltd.100 2,447 
Taiheiyo Cement Corp.1,000 22,903 
Taikisha Ltd.200 6,432 
Taiko Pharmaceutical Co. Ltd.600 5,020 
Taisei Corp.700 21,900 
Taisho Pharmaceutical Holdings Co. Ltd.100 5,833 
Taiyo Holdings Co. Ltd.100 5,421 
Taiyo Yuden Co. Ltd.900 50,875 
Takamatsu Construction Group Co. Ltd.100 1,892 
Takara Bio, Inc.300 8,672 
118


Avantis International Equity Fund
SharesValue
Takara Holdings, Inc.900 $11,664 
Takara Leben Co. Ltd.1,500 4,363 
Takara Standard Co. Ltd.100 1,509 
Takasago International Corp.400 10,515 
Takashimaya Co. Ltd.1,900 18,942 
Takeda Pharmaceutical Co. Ltd., ADR(1)
3,998 66,327 
Takeei Corp.700 10,644 
Takeuchi Manufacturing Co. Ltd.400 9,629 
Takuma Co. Ltd.500 7,535 
Tama Home Co. Ltd.500 11,215 
Tamron Co. Ltd.200 4,790 
Tamura Corp.200 1,344 
Tanseisha Co. Ltd.800 6,375 
Tatsuta Electric Wire and Cable Co. Ltd.200 960 
TDK Corp.600 62,887 
TechMatrix Corp.400 7,172 
TechnoPro Holdings, Inc.300 8,030 
Teijin Ltd.1,400 20,136 
Teikoku Electric Manufacturing Co. Ltd.400 4,745 
Teikoku Sen-I Co. Ltd.200 3,625 
Terumo Corp.800 33,385 
THK Co. Ltd.500 11,576 
TIS, Inc.900 25,407 
TKC Corp.200 6,839 
Toa Corp. (Tokyo)300 6,278 
Toagosei Co. Ltd.700 7,998 
Tobu Railway Co. Ltd.300 7,821 
TOC Co. Ltd.200 1,182 
Tocalo Co. Ltd.600 7,271 
Toda Corp.1,300 9,490 
Toho Bank Ltd. (The)500 981 
Toho Co. Ltd.300 12,997 
Toho Gas Co. Ltd.100 4,662 
Toho Holdings Co. Ltd.300 5,207 
Toho Titanium Co. Ltd.600 6,220 
Toho Zinc Co. Ltd.200 3,689 
Tohoku Electric Power Co., Inc.2,400 18,372 
Tokai Carbon Co. Ltd.1,600 21,216 
Tokai Corp/Gifu200 4,290 
TOKAI Holdings Corp.900 7,498 
Tokai Rika Co. Ltd.500 7,274 
Tokai Tokyo Financial Holdings, Inc.1,400 5,060 
Token Corp.100 9,520 
Tokio Marine Holdings, Inc.1,600 78,287 
Tokushu Tokai Paper Co. Ltd.100 4,067 
Tokuyama Corp.500 9,984 
Tokyo Century Corp.300 17,155 
Tokyo Electric Power Co. Holdings, Inc.(2)
6,500 17,073 
Tokyo Electron Ltd.200 85,669 
Tokyo Gas Co. Ltd.400 7,689 
Tokyo Ohka Kogyo Co. Ltd.300 18,774 
119


Avantis International Equity Fund
SharesValue
Tokyo Seimitsu Co. Ltd.200 $8,736 
Tokyo Steel Manufacturing Co. Ltd.900 9,721 
Tokyo Tatemono Co. Ltd.1,400 21,460 
Tokyotokeiba Co. Ltd.200 7,664 
Tokyu Construction Co. Ltd.200 1,363 
Tokyu Corp.1,500 20,626 
Tokyu Fudosan Holdings Corp.5,600 32,399 
TOMONY Holdings, Inc.1,400 4,106 
Tomy Co. Ltd.1,400 13,732 
Toppan Forms Co. Ltd.100 937 
Toppan, Inc.1,500 25,751 
Topre Corp.500 6,086 
Toray Industries, Inc.8,700 58,662 
Toridoll Holdings Corp.200 4,222 
Torii Pharmaceutical Co. Ltd.100 2,642 
Tosei Corp.500 5,279 
Toshiba Corp.300 13,012 
Toshiba TEC Corp.200 8,556 
Tosoh Corp.1,800 32,671 
Totetsu Kogyo Co. Ltd.300 6,698 
TOTO Ltd.500 27,212 
Towa Bank Ltd. (The)200 910 
Towa Corp.500 12,345 
Towa Pharmaceutical Co. Ltd.100 2,681 
Toyo Construction Co. Ltd.700 3,583 
Toyo Engineering Corp.(2)
1,000 8,083 
Toyo Gosei Co. Ltd.100 13,766 
Toyo Ink SC Holdings Co. Ltd.200 3,676 
Toyo Kanetsu KK200 4,512 
Toyo Seikan Group Holdings Ltd.1,000 13,923 
Toyo Suisan Kaisha Ltd.200 8,289 
Toyo Tire Corp.900 15,987 
Toyobo Co. Ltd.900 11,146 
Toyoda Gosei Co. Ltd.500 10,633 
Toyota Boshoku Corp.600 11,282 
Toyota Industries Corp.600 50,658 
Toyota Motor Corp., ADR(1)
1,397 243,399 
Toyota Tsusho Corp.400 17,687 
TPR Co. Ltd.200 2,700 
Trancom Co. Ltd.100 7,593 
Transcosmos, Inc.200 6,246 
Trend Micro, Inc.800 43,823 
Tri Chemical Laboratories, Inc.400 12,706 
TS Tech Co. Ltd.600 8,127 
Tsubakimoto Chain Co.400 12,330 
Tsugami Corp.500 7,093 
Tsukishima Kikai Co. Ltd.500 5,253 
Tsumura & Co.200 6,877 
Tsuruha Holdings, Inc.200 25,111 
UACJ Corp.(2)
500 12,407 
Ube Industries Ltd.900 18,160 
120


Avantis International Equity Fund
SharesValue
Uchida Yoko Co. Ltd.200 $9,458 
Ulvac, Inc.200 10,773 
Unicharm Corp.700 31,208 
Unipres Corp.100 829 
United Super Markets Holdings, Inc.900 8,946 
Universal Entertainment Corp.(2)
100 2,212 
Ushio, Inc.500 9,034 
USS Co. Ltd.400 6,609 
UT Group Co. Ltd.200 5,481 
V Technology Co. Ltd.200 8,227 
Valor Holdings Co. Ltd.300 6,698 
Valqua Ltd.400 7,762 
ValueCommerce Co. Ltd.200 8,170 
Vital KSK Holdings, Inc.400 2,954 
VT Holdings Co. Ltd.300 1,468 
Wacoal Holdings Corp.200 4,203 
Wacom Co. Ltd.1,800 11,720 
Wakita & Co. Ltd.600 5,526 
Welcia Holdings Co. Ltd.400 14,106 
West Japan Railway Co.400 21,847 
Wowow, Inc.200 4,346 
Xebio Holdings Co. Ltd.800 8,026 
Yahagi Construction Co. Ltd.400 2,667 
Yakult Honsha Co. Ltd.200 11,532 
YAKUODO Holdings Co. Ltd.200 4,517 
YAMABIKO Corp.500 5,749 
Yamada Holdings Co. Ltd.1,700 7,293 
Yamaguchi Financial Group, Inc.1,300 7,581 
Yamaha Corp.500 29,481 
Yamaha Motor Co. Ltd.2,300 58,516 
Yamaichi Electronics Co. Ltd.100 1,501 
Yamato Corp.200 1,396 
Yamato Holdings Co. Ltd.900 22,881 
Yamato Kogyo Co. Ltd.200 7,553 
Yamazaki Baking Co. Ltd.700 11,479 
Yamazen Corp.200 1,990 
Yaoko Co. Ltd.200 12,977 
Yaskawa Electric Corp.500 24,405 
Yellow Hat Ltd.500 8,848 
Yodogawa Steel Works Ltd.200 4,513 
Yokogawa Bridge Holdings Corp.500 10,172 
Yokogawa Electric Corp.1,200 18,772 
Yokohama Reito Co. Ltd.700 5,714 
Yokohama Rubber Co. Ltd. (The)1,500 25,585 
Yokowo Co. Ltd.200 4,840 
Yorozu Corp.100 1,082 
Yotai Refractories Co. Ltd.200 2,316 
Yuasa Trading Co. Ltd.100 2,700 
Yurtec Corp.200 1,262 
Z Holdings Corp.7,600 49,417 
Zenkoku Hosho Co. Ltd.500 23,784 
121


Avantis International Equity Fund
SharesValue
Zensho Holdings Co. Ltd.600 $14,856 
Zeon Corp.200 2,651 
ZERIA Pharmaceutical Co. Ltd.200 3,930 
ZOZO, Inc.400 15,254 
16,402,835 
Netherlands — 3.9%
Aalberts NV850 53,079 
ABN AMRO Bank NV, CVA(2)
3,400 47,368 
Accell Group NV(2)
376 17,932 
Adyen NV(2)
65 210,085 
Aegon NV(1)
15,894 77,881 
AerCap Holdings NV(2)
1,367 73,722 
Akzo Nobel NV886 109,190 
AMG Advanced Metallurgical Group NV381 13,480 
Arcadis NV530 26,243 
ASM International NV183 71,003 
ASML Holding NV, NY Shares845 703,919 
ASR Nederland NV1,455 66,486 
B&S Group Sarl176 1,818 
Basic-Fit NV(1)(2)
704 32,877 
BE Semiconductor Industries NV577 52,505 
Boskalis Westminster945 31,108 
Coca-Cola Europacific Partners plc1,390 80,259 
Corbion NV582 31,320 
Flow Traders404 16,464 
ForFarmers NV632 3,321 
Fugro NV(2)
932 9,244 
Heijmans NV, CVA462 6,635 
Heineken Holding NV62 5,751 
Heineken NV371 40,633 
IMCD NV81 15,955 
ING Groep NV, ADR(1)
17,995 247,971 
InPost SA(2)
415 8,115 
Just Eat Takeaway.com NV(2)
258 23,377 
Kendrion NV45 1,281 
Koninklijke Ahold Delhaize NV6,641 224,050 
Koninklijke BAM Groep NV(2)
6,219 20,543 
Koninklijke DSM NV759 161,589 
Koninklijke KPN NV29,204 93,551 
Koninklijke Philips NV1,795 82,803 
Koninklijke Vopak NV513 22,218 
Nedap N.V.19 1,364 
NN Group NV2,052 106,443 
OCI NV(2)
955 23,289 
Pharming Group NV(1)(2)
6,312 6,788 
PostNL NV7,561 39,566 
Prosus NV(2)
468 41,425 
Randstad NV242 17,822 
SBM Offshore NV1,193 21,712 
SIF Holding NV255 4,874 
Signify NV428 23,978 
122


Avantis International Equity Fund
SharesValue
Sligro Food Group NV(2)
298 $8,406 
TKH Group NV, CVA493 30,213 
TomTom NV(2)
753 6,028 
Van Lanschot Kempen NV419 12,113 
Wolters Kluwer NV401 46,115 
3,073,912 
New Zealand — 0.3%
a2 Milk Co. Ltd. (The)(1)(2)
1,826 7,773 
Air New Zealand Ltd.(2)
4,184 4,453 
Arvida Group Ltd.960 1,407 
Auckland International Airport Ltd.(2)
3,613 18,356 
Chorus Ltd.2,721 13,474 
Contact Energy Ltd.1,579 9,063 
Fisher & Paykel Healthcare Corp. Ltd.718 16,757 
Fletcher Building Ltd.5,977 31,534 
Genesis Energy Ltd.552 1,319 
Hallenstein Glasson Holdings Ltd.237 1,213 
Infratil Ltd.2,076 10,943 
Kathmandu Holdings Ltd.4,584 4,392 
Mercury NZ Ltd.1,963 9,203 
Meridian Energy Ltd.2,645 9,769 
NZX Ltd.2,074 2,688 
Oceania Healthcare Ltd.10,328 11,448 
Pushpay Holdings Ltd.(1)(2)
6,208 7,750 
Ryman Healthcare Ltd.830 9,064 
Sanford Ltd.(2)
585 1,830 
Scales Corp. Ltd.162 572 
SKYCITY Entertainment Group Ltd.(2)
4,175 9,581 
Spark New Zealand Ltd.7,379 25,337 
Summerset Group Holdings Ltd.1,675 17,847 
Synlait Milk Ltd.(1)(2)
167 389 
Z Energy Ltd.5,301 13,103 
239,265 
Norway — 0.8%
ABG Sundal Collier Holding ASA7,195 7,699 
Adevinta ASA(2)
508 10,224 
Aker BP ASA462 12,035 
Atea ASA(2)
431 8,785 
Austevoll Seafood ASA108 1,387 
Avance Gas Holding Ltd.187 937 
Bakkafrost P/F34 2,988 
Bank Norwegian ASA1,247 14,746 
Bonheur ASA230 8,570 
Borregaard ASA682 17,838 
Bouvet ASA260 1,913 
BW Energy Ltd.(2)
49 157 
BW LPG Ltd.1,378 7,337 
BW Offshore Ltd.1,603 4,976 
Crayon Group Holding ASA(2)
407 7,814 
DNB Bank ASA1,959 41,348 
DNO ASA(2)
6,539 5,930 
123


Avantis International Equity Fund
SharesValue
Entra ASA613 $13,883 
Equinor ASA, ADR(1)
3,339 70,753 
Europris ASA1,242 8,776 
Fjordkraft Holding ASA637 3,940 
Frontline Ltd.857 6,188 
Gjensidige Forsikring ASA310 7,247 
Golden Ocean Group Ltd.1,164 13,224 
Grieg Seafood ASA(2)
515 5,127 
Kahoot! ASA(2)
1,016 6,908 
Kitron ASA2,712 5,970 
Kongsberg Gruppen ASA294 8,198 
Leroy Seafood Group ASA712 6,283 
Mowi ASA1,218 32,625 
NEL ASA(1)(2)
2,746 4,510 
Nordic Semiconductor ASA(2)
634 20,625 
Norsk Hydro ASA6,378 44,029 
Odfjell Drilling Ltd.(2)
354 791 
Orkla ASA1,053 9,406 
PGS ASA(2)
8,947 4,420 
Protector Forsikring ASA387 4,360 
Salmar ASA167 11,194 
Sbanken ASA858 10,042 
Scatec ASA510 10,535 
Schibsted ASA, B Shares235 10,919 
Schibsted ASA, Class A204 10,884 
SpareBank 1 Nord Norge924 9,305 
Sparebank 1 Oestlandet104 1,493 
SpareBank 1 SMN767 11,005 
SpareBank 1 SR-Bank ASA624 8,416 
Sparebanken More30 1,336 
Sparebanken Vest955 9,826 
Stolt-Nielsen Ltd.82 1,022 
Storebrand ASA2,239 19,880 
Subsea 7 SA1,267 9,639 
Telenor ASA952 16,678 
TGS ASA612 6,779 
TOMRA Systems ASA354 21,756 
Veidekke ASA669 8,589 
Yara International ASA(1)
445 22,349 
633,594 
Portugal — 0.2%
Banco Comercial Portugues SA, R Shares(1)(2)
47,877 7,406 
CTT-Correios de Portugal SA1,350 7,325 
EDP - Energias de Portugal SA7,330 40,238 
Galp Energia SGPS SA3,562 36,435 
Jeronimo Martins SGPS SA584 12,371 
NOS SGPS SA979 4,127 
REN - Redes Energeticas Nacionais SGPS SA6,650 19,477 
Sonae SGPS SA1,952 2,126 
129,505 
124


Avantis International Equity Fund
SharesValue
Singapore — 1.1%
AEM Holdings Ltd.(1)
4,500 $13,834 
CapitaLand Ltd.15,400 45,691 
Chip Eng Seng Corp. Ltd.900 291 
City Developments Ltd.1,600 8,119 
ComfortDelGro Corp. Ltd.25,800 31,004 
DBS Group Holdings Ltd.4,952 109,801 
Far East Orchard Ltd.3,900 3,097 
First Resources Ltd.5,300 5,786 
Frencken Group Ltd.6,300 10,992 
Fu Yu Corp. Ltd.17,800 3,836 
Golden Agri-Resources Ltd.74,900 12,780 
GuocoLand Ltd.800 975 
Hour Glass Ltd. (The)1,700 1,803 
Hutchison Port Holdings Trust, U Shares74,900 15,294 
Japfa Ltd.10,400 5,490 
Jardine Cycle & Carriage Ltd.500 7,209 
Keppel Corp. Ltd.9,400 36,238 
Keppel Infrastructure Trust10,900 4,378 
Mandarin Oriental International Ltd.(2)
3,400 7,027 
NetLink NBN Trust1,500 1,081 
OUE Ltd.1,000 1,033 
Oversea-Chinese Banking Corp. Ltd.12,124 102,598 
QAF Ltd.5,200 3,576 
Raffles Medical Group Ltd.9,500 9,959 
SATS Ltd.(2)
2,200 6,642 
Sea Ltd., ADR(2)
185 62,589 
Sembcorp Industries Ltd.8,900 12,740 
Sembcorp Marine Ltd.(1)(2)
52,007 3,273 
Sheng Siong Group Ltd.5,700 6,403 
Singapore Airlines Ltd.(2)
4,100 15,370 
Singapore Exchange Ltd.4,800 35,231 
Singapore Post Ltd.4,500 2,190 
Singapore Press Holdings Ltd.13,100 18,880 
Singapore Technologies Engineering Ltd.12,900 36,125 
Singapore Telecommunications Ltd.14,400 24,790 
StarHub Ltd.4,500 4,075 
UMS Holdings Ltd.5,900 7,611 
United Overseas Bank Ltd.2,700 51,114 
UOL Group Ltd.2,900 15,050 
Venture Corp. Ltd.1,100 15,635 
Wilmar International Ltd.7,100 21,804 
Wing Tai Holdings Ltd.4,300 5,816 
Yangzijiang Shipbuilding Holdings Ltd.32,800 39,942 
Yanlord Land Group Ltd.8,800 7,771 
834,943 
Spain — 2.1%
Acciona SA265 43,084 
Acerinox SA1,664 22,679 
ACS Actividades de Construccion y Servicios SA1,273 34,366 
Aena SME SA(2)
182 29,097 
125


Avantis International Equity Fund
SharesValue
Almirall SA764 $12,977 
Amadeus IT Group SA(2)
556 33,959 
Applus Services SA1,497 14,598 
Atresmedia Corp. de Medios de Comunicacion SA(2)
1,279 5,601 
Banco Bilbao Vizcaya Argentaria SA, ADR(2)
27,319 178,666 
Banco de Sabadell SA(2)
47,077 33,561 
Banco Santander SA, ADR(1)(2)
50,847 187,625 
Bankinter SA4,444 26,008 
CaixaBank SA21,361 66,357 
Cellnex Telecom SA751 51,405 
Cia de Distribucion Integral Logista Holdings SA(1)
542 11,767 
CIE Automotive SA454 13,057 
Construcciones y Auxiliar de Ferrocarriles SA(2)
289 12,402 
Ebro Foods SA(1)
526 10,563 
Enagas SA1,589 36,170 
Ence Energia y Celulosa SA(2)
1,443 4,303 
Endesa SA1,543 37,097 
Ercros SA(2)
385 1,517 
Faes Farma SA2,832 11,065 
Ferrovial SA513 14,856 
Fluidra SA166 6,777 
Fomento de Construcciones y Contratas SA484 6,186 
Gestamp Automocion SA(2)
1,752 8,149 
Global Dominion Access SA1,242 6,599 
Grifols SA808 19,753 
Grupo Catalana Occidente SA464 17,573 
Iberdrola SA11,002 136,331 
Indra Sistemas SA(2)
424 4,574 
Industria de Diseno Textil SA2,325 79,425 
Laboratorios Farmaceuticos Rovi SA73 4,567 
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros2,702 5,710 
Mapfre SA11,653 25,146 
Mediaset Espana Comunicacion SA(2)
2,011 12,268 
Melia Hotels International SA(2)
1,566 10,953 
Miquel y Costas & Miquel SA58 1,157 
Naturgy Energy Group SA(1)
2,073 53,323 
Neinor Homes SA(2)
540 7,706 
Pharma Mar SA128 11,028 
Prosegur Cash SA(1)
3,818 3,689 
Prosegur Cia de Seguridad SA2,790 9,083 
Red Electrica Corp. SA1,955 38,990 
Repsol SA7,958 91,319 
Sacyr SA3,307 8,170 
Siemens Gamesa Renewable Energy SA(2)
615 18,236 
Solarpack Corp. Tecnologica SA(2)
199 6,176 
Talgo SA(2)
319 1,739 
Tecnicas Reunidas SA(1)(2)
508 4,888 
Telefonica SA, ADR13,542 67,033 
Unicaja Banco SA20,803 19,193 
126


Avantis International Equity Fund
SharesValue
Viscofan SA433 $30,586 
Zardoya Otis SA1,487 9,814 
1,618,921 
Sweden — 3.9%
AAK AB999 23,900 
AcadeMedia AB673 6,123 
AddTech AB, B Shares(1)
1,286 26,995 
AFRY AB464 15,586 
Alfa Laval AB822 33,377 
Alimak Group AB274 4,845 
Amasten Fastighets AB(2)
1,158 1,508 
Ambea AB451 3,456 
Annehem Fastigheter AB, B Shares(2)
151 719 
Arjo AB, B Shares2,424 31,097 
Assa Abloy AB, B Shares1,730 55,361 
Atlas Copco AB, A Shares1,521 104,565 
Atlas Copco AB, B Shares846 48,993 
Atrium Ljungberg AB, B Shares56 1,379 
Avanza Bank Holding AB1,053 40,561 
Axfood AB660 17,460 
Beijer Ref AB1,152 26,443 
Bilia AB, A Shares790 15,874 
BillerudKorsnas AB1,065 23,343 
BioArctic AB(2)
99 1,731 
BioGaia AB, B Shares118 6,909 
Biotage AB622 17,400 
Boliden AB1,788 62,425 
Bonava AB, B Shares824 8,756 
Bravida Holding AB855 13,582 
Bure Equity AB775 36,178 
Byggmax Group AB602 5,338 
Castellum AB997 29,069 
Catena AB162 10,470 
Catena Media plc(1)(2)
1,233 6,416 
Cibus Nordic Real Estate AB262 6,827 
Clas Ohlson AB, B Shares(1)(2)
579 6,890 
Cloetta AB, B Shares1,689 5,845 
Coor Service Management Holding AB784 7,954 
Corem Property Group AB4,128 12,281 
Dios Fastigheter AB1,235 14,555 
Dometic Group AB104 1,650 
Electrolux AB, Series B1,180 29,985 
Electrolux Professional AB, B Shares(2)
395 3,088 
Elekta AB, B Shares(1)
625 7,836 
Embracer Group AB(2)
598 13,613 
Eolus Vind AB, B Shares(1)
472 9,605 
Epiroc AB, A Shares2,631 57,735 
Epiroc AB, B Shares1,825 34,684 
EQT AB716 36,544 
Essity AB, B Shares2,321 74,499 
Evolution AB379 61,190 
127


Avantis International Equity Fund
SharesValue
Fabege AB797 $14,474 
Fastighets AB Balder, B Shares(2)
263 18,822 
Ferronordic AB267 7,576 
Fingerprint Cards AB, B Shares(2)
1,176 3,783 
Fortnox AB374 21,555 
G5 Entertainment AB(1)
124 6,356 
Getinge AB, B Shares1,746 71,664 
Granges AB1,135 14,137 
H & M Hennes & Mauritz AB, B Shares(2)
1,966 39,478 
Hexagon AB, B Shares4,158 72,103 
Hexatronic Group AB584 17,674 
Hexpol AB938 12,085 
HMS Networks AB126 6,589 
Hoist Finance AB(2)
1,730 6,871 
Holmen AB, B Shares412 20,938 
Hufvudstaden AB, A Shares383 6,964 
Husqvarna AB, B Shares2,710 36,405 
ICA Gruppen AB408 20,298 
Indutrade AB951 31,432 
Intrum AB284 8,490 
Investment AB Latour, B Shares184 6,411 
INVISIO AB463 9,665 
Inwido AB628 12,317 
JM AB688 26,654 
Karo Pharma AB(2)
252 1,562 
KNOW IT AB207 8,028 
Kopparbergs Bryggeri AB, B Shares454 8,938 
Kungsleden AB767 11,507 
Lifco AB, B Shares785 23,238 
Lime Technologies AB(1)
93 4,312 
Lindab International AB778 21,962 
Loomis AB736 22,852 
Lundin Energy AB263 8,037 
Maha Energy AB(1)(2)
2,600 3,581 
Mekonomen AB(2)
513 9,645 
Millicom International Cellular SA, SDR(2)
791 29,934 
MIPS AB195 21,741 
Munters Group AB204 1,878 
Mycronic AB537 16,585 
NCC AB, B Shares607 10,869 
New Wave Group AB, B Shares(2)
566 8,936 
Nibe Industrier AB, B Shares4,052 56,478 
Nobia AB1,165 9,453 
Nobina AB994 9,119 
Nolato AB, B Shares2,030 23,477 
Nordea Bank Abp8,000 93,960 
Nordic Entertainment Group AB, B Shares(2)
422 24,515 
Nordic Waterproofing Holding AB311 7,797 
Nordnet AB publ451 8,175 
NP3 Fastigheter AB89 2,289 
Nyfosa AB1,109 17,130 
128


Avantis International Equity Fund
SharesValue
Pandox AB(2)
470 $7,797 
Paradox Interactive AB279 5,180 
Peab AB, Class B1,849 22,134 
Proact IT Group AB345 3,043 
RaySearch Laboratories AB(1)(2)
89 730 
Rejlers AB(2)
199 3,708 
Resurs Holding AB903 4,610 
Saab AB, B Shares285 8,507 
Sagax AB, B Shares273 10,183 
Samhallsbyggnadsbolaget i Norden AB2,935 16,748 
Sandvik AB3,212 81,967 
SAS AB(2)
6,440 1,439 
Scandi Standard AB736 5,040 
Scandic Hotels Group AB(1)(2)
200 785 
Securitas AB, B Shares1,129 18,781 
Sinch AB(2)
660 14,838 
Skandinaviska Enskilda Banken AB, A Shares5,123 68,709 
Skanska AB, B Shares1,986 57,252 
SKF AB, B Shares2,033 51,922 
SkiStar AB(2)
525 11,084 
SolTech Energy Sweden AB(2)
1,074 3,039 
Spotify Technology SA(2)
155 36,323 
SSAB AB, A Shares(2)
1,528 8,342 
SSAB AB, B Shares(2)
4,117 19,646 
Stillfront Group AB(2)
1,580 10,533 
Svenska Cellulosa AB SCA, B Shares1,510 26,687 
Svenska Handelsbanken AB, A Shares5,552 62,386 
Sweco AB, B Shares168 2,947 
Swedbank AB, A Shares3,961 76,358 
Swedish Orphan Biovitrum AB(2)
1,017 22,183 
Tele2 AB, B Shares267 4,008 
Telefonaktiebolaget LM Ericsson, ADR10,992 129,925 
Telia Co. AB6,210 26,699 
Tethys Oil AB639 3,761 
Thule Group AB297 16,226 
Trelleborg AB, B Shares1,551 37,760 
Troax Group AB287 11,814 
Vitec Software Group AB, B Shares386 22,329 
Vitrolife AB318 19,592 
Volvo AB, A Shares413 9,581 
Volvo AB, B Shares3,617 81,899 
Wallenstam AB, B Shares557 9,543 
Wihlborgs Fastigheter AB591 14,386 
3,073,803 
Switzerland — 8.1%
ABB Ltd., ADR2,007 74,239 
Adecco Group AG859 47,784 
Alcon, Inc.1,305 107,478 
Allreal Holding AG84 17,683 
ALSO Holding AG(2)
84 27,036 
Aluflexpack AG(2)
154 5,886 
129


Avantis International Equity Fund
SharesValue
ams AG(2)
2,550 $51,881 
APG SGA SA(2)
972 
Arbonia AG654 13,575 
Aryzta AG(2)
998 1,393 
Ascom Holding AG(2)
361 5,734 
Autoneum Holding AG(2)
35 6,696 
Bachem Holding AG, Class B36 26,364 
Baloise Holding AG326 51,985 
Banque Cantonale Vaudoise176 14,924 
Barry Callebaut AG32 81,521 
Belimo Holding AG51 26,595 
Bell Food Group AG17 5,291 
Bellevue Group AG89 4,395 
BKW AG65 7,539 
Bobst Group SA(2)
90 8,284 
Bossard Holding AG, Class A40 13,454 
Bucher Industries AG52 26,309 
Burckhardt Compression Holding AG42 16,599 
Burkhalter Holding AG46 3,323 
Bystronic AG14 19,685 
Cembra Money Bank AG180 13,157 
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate58,821 
Cie Financiere Richemont SA1,939 214,010 
Clariant AG(2)
1,128 23,739 
Coltene Holding AG(2)
73 10,532 
Comet Holding AG69 26,189 
COSMO Pharmaceuticals NV(2)
51 4,666 
Credit Suisse Group AG, ADR(1)
15,194 160,601 
Daetwyler Holding AG76 27,151 
DKSH Holding AG215 16,768 
dormakaba Holding AG36 25,982 
Dufry AG(2)
372 20,058 
EFG International AG(2)
847 6,681 
Emmi AG23 26,553 
EMS-Chemie Holding AG27 29,256 
Evolva Holding SA(2)
11,416 2,162 
Flughafen Zurich AG(2)
162 26,934 
Forbo Holding AG10 21,406 
Fundamenta Real Estate AG318 6,839 
Galenica AG134 10,497 
GAM Holding AG(2)
1,797 3,441 
Geberit AG130 108,564 
Georg Fischer AG31 50,870 
Givaudan SA14 70,238 
Gurit Holding AG12,398 
Helvetia Holding AG354 40,543 
Holcim Ltd.(2)
2,775 158,124 
Huber + Suhner AG125 11,214 
Implenia AG(2)
101 2,329 
Ina Invest Holding AG(2)
20 406 
Inficon Holding AG14 17,562 
130


Avantis International Equity Fund
SharesValue
Interroll Holding AG$35,554 
Intershop Holding AG4,741 
Julius Baer Group Ltd.1,511 103,131 
Kardex Holding AG96 25,671 
Komax Holding AG(2)
34 9,622 
Kuehne + Nagel International AG323 118,046 
Landis+Gyr Group AG(2)
94 7,188 
LEM Holding SA15,467 
Leonteq AG78 5,236 
Liechtensteinische Landesbank AG79 4,645 
Logitech International SA1,700 174,063 
Lonza Group AG75 63,429 
Medacta Group SA(2)
74 11,567 
Medartis Holding AG(2)
54 7,471 
Metall Zug AG, B Shares9,484 
Mobilezone Holding AG498 7,025 
Mobimo Holding AG(2)
39 13,754 
Nestle SA3,643 460,070 
Novartis AG, ADR4,729 436,912 
OC Oerlikon Corp. AG1,203 13,421 
Orior AG86 8,825 
Partners Group Holding AG117 207,441 
Peach Property Group AG94 6,673 
PSP Swiss Property AG342 45,874 
Rieter Holding AG(2)
34 8,164 
Roche Holding AG2,001 803,511 
Roche Holding AG, Bearer Shares96 42,974 
Schindler Holding AG74 23,066 
Schindler Holding AG, Bearer Participation Certificate151 48,762 
Schweiter Technologies AG10 15,348 
Sensirion Holding AG(2)
193 24,220 
SFS Group AG137 19,562 
SGS SA31 97,428 
Siegfried Holding AG(2)
35 33,786 
SIG Combibloc Group AG(2)
1,084 33,184 
Sika AG252 90,797 
Softwareone Holding AG(2)
836 23,685 
Sonova Holding AG123 47,400 
St Galler Kantonalbank AG21 9,769 
Stadler Rail AG46 1,993 
Straumann Holding AG35 67,628 
Sulzer AG220 33,158 
Swatch Group AG (The)374 20,571 
Swatch Group AG (The), Bearer Shares183 51,634 
Swiss Life Holding AG184 95,906 
Swiss Prime Site AG520 55,643 
Swiss Re AG1,362 125,225 
Swisscom AG185 108,583 
Swissquote Group Holding SA123 23,221 
Tecan Group AG81 49,420 
Temenos AG442 70,128 
131


Avantis International Equity Fund
SharesValue
u-blox Holding AG(2)
60 $4,305 
UBS Group AG(2)
14,885 247,984 
V-ZUG Holding AG(2)
38 6,065 
Valiant Holding AG140 14,113 
Valora Holding AG(2)
44 9,021 
VAT Group AG94 39,372 
Vetropack Holding AG50 3,415 
Vifor Pharma AG318 45,279 
Vontobel Holding AG191 17,882 
VP Bank AG24 2,694 
VZ Holding AG90 8,527 
Ypsomed Holding AG1,281 
Zehnder Group AG116 12,542 
Zurich Insurance Group AG426 186,925 
6,293,797 
United Kingdom — 13.1%
3i Group plc5,076 93,353 
Aberdeen plc3,591 13,120 
Admiral Group plc1,412 70,157 
AG Barr plc(2)
685 5,250 
AJ Bell plc2,395 14,155 
Anglo American plc3,647 154,033 
Anglo Asian Mining plc529 961 
Antofagasta plc1,802 36,097 
AO World plc(2)
4,668 14,847 
Ashmore Group plc1,623 8,920 
Ashtead Group plc2,810 219,666 
ASOS plc(2)
30 1,600 
Associated British Foods plc593 16,169 
Aston Martin Lagonda Global Holdings plc(2)
38 1,048 
AstraZeneca plc, ADR7,120 414,954 
Augean plc(2)
2,489 11,466 
Auto Trader Group plc4,685 40,514 
Avast plc411 3,380 
Avation plc(2)
285 375 
AVEVA Group plc241 13,713 
Aviva plc22,185 123,307 
B&M European Value Retail SA6,001 46,181 
BAE Systems plc2,704 21,125 
Balfour Beatty plc1,849 7,269 
Bank of Georgia Group plc(2)
478 10,976 
Barclays plc, ADR(1)
20,970 214,942 
Barratt Developments plc5,700 57,978 
Beazley plc(2)
2,177 11,709 
Bellway plc1,071 51,905 
Berkeley Group Holdings plc235 15,610 
BHP Group plc, ADR(1)
2,693 168,690 
Biffa plc(2)
4,089 21,968 
Bioventix plc97 5,626 
Bloomsbury Publishing plc1,593 7,748 
Bodycote plc2,224 29,522 
132


Avantis International Equity Fund
SharesValue
boohoo Group plc(2)
5,993 $23,345 
BP plc, ADR7,781 190,323 
Brewin Dolphin Holdings plc1,438 7,872 
Britvic plc3,501 46,975 
BT Group plc(2)
77,068 180,154 
Bunzl plc1,040 37,683 
Burberry Group plc2,572 65,858 
Burford Capital Ltd.2,226 27,674 
Cairn Energy plc5,659 14,990 
Capita plc(2)
2,336 1,572 
Carnival plc, ADR(1)(2)
380 8,352 
Centamin plc15,784 21,578 
Central Asia Metals plc2,002 6,891 
Centrica plc(2)
51,956 37,128 
Cerillion plc701 7,875 
Chemring Group plc1,059 4,846 
Clinigen Group plc497 4,278 
Clipper Logistics plc1,166 13,096 
Close Brothers Group plc1,535 32,526 
CMC Markets plc1,424 8,194 
Coats Group plc14,652 15,383 
Coca-Cola HBC AG(2)
930 33,661 
Compass Group plc(2)
1,753 36,217 
Computacenter plc643 26,011 
ContourGlobal plc2,246 5,993 
ConvaTec Group plc3,280 10,164 
Countryside Properties plc(2)
390 3,018 
Cranswick plc252 13,761 
Crest Nicholson Holdings plc(2)
4,562 26,306 
Croda International plc419 52,744 
CVS Group plc(2)
810 27,696 
Daily Mail & General Trust plc954 14,515 
DCC plc226 19,211 
De La Rue plc(2)
2,261 5,489 
Dechra Pharmaceuticals plc30 2,160 
Devro plc2,672 8,213 
Diageo plc, ADR1,040 199,794 
Diploma plc266 11,221 
Direct Line Insurance Group plc6,931 29,426 
Diversified Energy Co. plc6,380 9,800 
Dixons Carphone plc686 1,318 
Domino's Pizza Group plc1,387 7,847 
Dr. Martens plc(2)
804 4,688 
Drax Group plc5,526 31,512 
DS Smith plc4,136 25,168 
Dunelm Group plc1,103 19,495 
easyJet plc(2)
699 7,653 
Eckoh plc1,273 1,033 
Electrocomponents plc1,903 27,848 
EMIS Group plc656 12,457 
Ergomed plc(2)
532 10,681 
133


Avantis International Equity Fund
SharesValue
Essentra plc981 $3,914 
Evraz plc4,911 39,947 
Experian plc2,057 90,734 
Ferguson plc1,114 161,016 
Ferrexpo plc4,115 21,567 
Firstgroup plc(2)
6,121 7,598 
Forterra plc2,009 8,727 
Frasers Group plc(2)
2,273 20,924 
Fresnillo plc497 5,844 
Frontier Developments plc(2)
65 2,518 
Games Workshop Group plc365 58,076 
Gamma Communications plc370 11,708 
Gateley Holdings plc451 1,311 
Genus plc152 12,403 
Georgia Capital plc(2)
584 5,001 
GlaxoSmithKline plc, ADR(1)
6,627 269,984 
Glencore plc(2)
24,871 112,112 
Go-Ahead Group plc (The)(2)
672 8,709 
Golar LNG Ltd.(2)
1,158 13,027 
Grafton Group plc2,008 38,587 
Grainger plc4,141 18,219 
Greggs plc(2)
938 39,128 
Gulf Keystone Petroleum Ltd.636 1,381 
Gym Group plc (The)(2)
298 1,166 
Halfords Group plc3,874 19,388 
Halma plc1,280 52,859 
Harbour Energy plc(2)
151 742 
Hargreaves Lansdown plc2,120 44,027 
Hays plc(2)
11,502 25,180 
Headlam Group plc1,141 8,108 
Helical plc1,145 7,476 
Hikma Pharmaceuticals plc744 25,969 
Hill & Smith Holdings plc879 22,399 
Hiscox Ltd.476 6,014 
Hochschild Mining plc4,168 8,656 
HomeServe plc887 11,420 
Hotel Chocolat Group plc(2)
183 941 
Howden Joinery Group plc4,660 60,617 
HSBC Holdings plc, ADR(1)
10,927 288,910 
Hunting plc2,569 7,407 
Ibstock plc3,125 10,295 
IG Group Holdings plc2,376 30,596 
IMI plc2,241 56,196 
Impax Asset Management Group plc566 9,195 
Inchcape plc3,685 46,605 
Indivior plc(2)
10,399 27,799 
Informa plc(2)
300 2,192 
IntegraFin Holdings plc2,862 22,812 
InterContinental Hotels Group plc(2)
322 20,574 
Intermediate Capital Group plc607 18,355 
International Personal Finance plc(2)
4,374 8,904 
134


Avantis International Equity Fund
SharesValue
Intertek Group plc842 $61,051 
Investec plc7,414 31,188 
IP Group plc10,506 18,346 
ITV plc(2)
12,599 20,080 
IWG plc(2)
7,707 31,672 
J D Wetherspoon plc(2)
378 5,781 
J Sainsbury plc16,249 67,914 
Jadestone Energy plc2,676 2,800 
JD Sports Fashion plc3,019 41,923 
JET2 plc(1)(2)
1,045 16,605 
John Laing Group plc1,980 10,912 
Johnson Matthey plc2,250 90,965 
Jubilee Metals Group plc(2)
28,078 6,756 
Judges Scientific plc96 9,642 
Jupiter Fund Management plc1,426 5,231 
Just Group plc(2)
13,695 17,575 
K3 Capital Group plc1,453 7,263 
Kainos Group plc1,078 29,075 
Keller Group plc1,301 17,884 
Kingfisher plc17,026 81,981 
Knights Group Holdings plc(2)
237 1,339 
Lancashire Holdings Ltd.652 5,600 
Legal & General Group plc15,432 57,324 
Liberty Global plc, Class A(2)
467 13,422 
Liberty Global plc, Class C(2)
1,056 30,603 
Liontrust Asset Management plc522 16,879 
Lloyds Banking Group plc, ADR77,227 181,483 
London Stock Exchange Group plc245 26,838 
Lookers plc(2)
1,152 1,058 
Luxfer Holdings plc635 13,557 
M&G plc20,091 56,911 
Man Group plc6,998 20,790 
Marks & Spencer Group plc(2)
21,613 53,425 
Marshalls plc1,051 11,691 
Marston's plc(2)
6,983 8,307 
McBride plc(2)
3,696 3,990 
Mediclinic International plc(2)
2,606 11,230 
Meggitt plc(2)
3,447 39,343 
Micro Focus International plc, ADR162 978 
Mitchells & Butlers plc(1)(2)
2,602 10,532 
Mitie Group plc(2)
1,968 2,050 
Mondi plc2,319 63,969 
Moneysupermarket.com Group plc4,312 15,036 
Morgan Advanced Materials plc3,279 18,103 
Morgan Sindall Group plc493 17,416 
Mortgage Advice Bureau Holdings Ltd.524 10,387 
Motorpoint group plc(2)
1,442 6,709 
Naked Wines plc(2)
964 11,156 
National Grid plc, ADR1,972 127,963 
Natwest Group plc, ADR13,113 76,580 
Network International Holdings plc(2)
2,214 11,933 
135


Avantis International Equity Fund
SharesValue
Next plc885 $96,245 
Ninety One plc541 1,898 
Norcros plc2,404 9,860 
Ocado Group plc(2)
886 24,556 
On the Beach Group plc(2)
178 863 
OSB Group plc2,623 18,402 
Pagegroup plc(2)
4,975 43,168 
Pan African Resources plc(1)
11,404 2,667 
Paragon Banking Group plc2,054 15,874 
PayPoint plc948 9,248 
Pearson plc, ADR1,762 18,660 
Pennon Group plc1,112 19,101 
Persimmon plc1,177 47,635 
Petrofac Ltd.(1)(2)
2,622 3,798 
Petropavlovsk plc(1)(2)
26,205 7,580 
Phoenix Group Holdings plc5,470 46,869 
Photo-Me International plc(2)
8,776 8,389 
Playtech plc(2)
3,187 17,930 
Plus500 Ltd.1,313 26,993 
Premier Foods plc10,225 17,019 
Provident Financial plc(2)
3,676 18,020 
Prudential plc, ADR(1)
1,491 62,100 
PZ Cussons plc2,000 6,633 
QinetiQ Group plc4,323 20,538 
Quilter plc16,741 34,796 
Rathbone Brothers plc322 9,054 
Reach plc5,624 31,649 
Reckitt Benckiser Group plc1,715 130,925 
Redde Northgate plc3,835 23,026 
Redrow plc2,353 22,993 
RELX plc, ADR(1)
4,538 136,866 
Renewi plc(2)
877 6,602 
Renishaw plc107 7,948 
Rentokil Initial plc4,062 32,449 
Restore plc(2)
170 1,098 
Rhi Magnesita NV334 17,639 
Rightmove plc5,889 56,816 
Rio Tinto plc, ADR(1)
3,736 280,462 
Rolls-Royce Holdings plc(2)
12,153 19,166 
Rotork plc3,859 17,715 
Royal Dutch Shell plc, Class A ADR5,995 238,361 
Royal Dutch Shell plc, Class B ADR5,418 213,307 
Royal Mail plc8,658 58,967 
RPS Group plc(2)
912 1,402 
RWS Holdings plc566 5,055 
Sabre Insurance Group plc263 799 
Saga plc(2)
108 530 
Sage Group plc (The)1,165 11,898 
Savills plc1,492 28,035 
Schroders plc450 23,396 
Senior plc(2)
6,285 15,309 
136


Avantis International Equity Fund
SharesValue
Serco Group plc3,080 $5,648 
Serica Energy plc3,636 7,882 
Severn Trent plc497 18,883 
Shanta Gold Ltd.16,512 2,973 
SIG plc(2)
916 667 
Sirius Real Estate Ltd.6,667 11,455 
Smart Metering Systems plc512 6,788 
Smith & Nephew plc, ADR856 32,819 
Smiths Group plc906 17,981 
Softcat plc957 27,818 
Spectris plc435 23,576 
Speedy Hire plc6,740 6,420 
Spirax-Sarco Engineering plc254 56,326 
Spire Healthcare Group plc(2)
642 2,076 
Spirent Communications plc3,163 12,954 
SSE plc2,148 48,253 
SSP Group plc(2)
3,100 11,634 
St. James's Place plc4,354 96,418 
Stagecoach Group plc(2)
3,838 3,789 
Standard Chartered plc (London)12,389 77,259 
SThree plc2,722 19,521 
Stock Spirits Group plc1,858 10,054 
Strix Group plc2,672 13,769 
Studio Retail Group plc(2)
420 1,644 
Superdry plc(2)
1,215 5,790 
Synthomer plc2,700 19,883 
Tate & Lyle plc3,540 34,381 
Tatton Asset Management plc821 5,811 
Taylor Wimpey plc13,697 34,479 
TBC Bank Group plc482 9,394 
Ted Baker plc(2)
3,255 6,872 
Telecom Plus plc530 7,512 
Telit Communications plc(2)
1,507 4,745 
Tesco plc21,918 76,946 
TI Fluid Systems plc1,823 7,658 
Topps Tiles plc(2)
1,038 1,054 
TP Icap Group plc4,487 12,550 
Trainline plc(2)
174 875 
Travis Perkins plc(2)
892 22,099 
Treatt plc501 7,303 
TUI AG(2)
1,949 8,478 
Tullow Oil plc(1)(2)
13,780 8,457 
Ultra Electronics Holdings plc39 1,720 
Unilever plc, ADR4,245 236,362 
United Utilities Group plc4,817 70,051 
Vertu Motors plc(2)
1,944 1,444 
Vesuvius plc1,468 11,345 
Victrex plc494 18,023 
Virgin Money UK plc(2)
16,432 48,013 
Vistry Group plc958 15,956 
Vodafone Group plc, ADR(1)
12,095 206,462 
137


Avantis International Equity Fund
SharesValue
Vp plc87 $1,159 
Watkin Jones plc3,373 11,035 
Weir Group plc (The)(2)
1,376 33,113 
WH Smith plc(2)
794 17,846 
Whitbread plc(2)
334 14,749 
Wickes Group plc(2)
3,918 12,931 
WM Morrison Supermarkets plc13,386 53,244 
WPP plc, ADR(1)
174 11,815 
Yellow Cake plc(2)
1,065 3,875 
10,198,856 
TOTAL COMMON STOCKS
(Cost $56,165,580)
76,726,120 
RIGHTS


Hong Kong
Lai Sun Development Co. Ltd.(2)
1,800 391 
Singapore
Sembcorp Marine Ltd.(1)(2)
78,010 174 
Sweden
SolTech Energy Sweden AB(2)
1,074 87 
TOTAL RIGHTS
(Cost $2,282)
652 
TEMPORARY CASH INVESTMENTS — 1.1%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $872,933)
872,933 872,933 
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 2.6%
State Street Navigator Securities Lending Government Money Market Portfolio
(Cost $1,997,239)
1,997,239 1,997,239 
TOTAL INVESTMENT SECURITIES — 101.9%
(Cost $59,038,034)

79,596,944 
OTHER ASSETS AND LIABILITIES — (1.9)%

(1,518,437)
TOTAL NET ASSETS — 100.0%

$78,078,507 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized Appreciation
(Depreciation)^
S&P 500 E-Mini3September 2021$678,075 $42,580 
^Amount represents value and unrealized appreciation (depreciation).

138


MARKET SECTOR DIVERSIFICATION
(as a % of net assets)  
 
Financials19.2%
Industrials17.7%
Consumer Discretionary12.4%
Materials10.7%
Health Care8.2%
Information Technology7.7%
Consumer Staples6.8%
Communication Services4.6%
Utilities4.4%
Energy4.0%
Real Estate2.5%
Temporary Cash Investments1.1%
Temporary Cash Investments - Securities Lending Collateral2.6%
Other Assets and Liabilities(1.9)%

NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
CVA-Certificaten Van Aandelen
SDR-Swedish Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $4,817,386. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $5,001,670, which includes securities collateral of $3,004,431.


See Notes to Financial Statements.

139


AUGUST 31, 2021
Avantis International Small Cap Value Fund
SharesValue
COMMON STOCKS — 98.7%


Australia — 7.9%
Adairs Ltd.(1)
10,087 $29,482 
Adbri Ltd.41,613 103,947 
Aeris Resources Ltd.(2)
389,885 52,753 
Alkane Resources Ltd.(2)
84,644 60,582 
Alliance Aviation Services Ltd.(2)
9,551 27,961 
Aurelia Metals Ltd.238,102 61,784 
Austal Ltd.45,202 64,395 
Australian Agricultural Co. Ltd.(2)
6,913 7,025 
Australian Finance Group Ltd.27,184 60,110 
Australian Pharmaceutical Industries Ltd.79,385 78,020 
Bank of Queensland Ltd.50,470 347,619 
Beach Energy Ltd.256,312 195,278 
Bega Cheese Ltd.10,686 43,373 
Bendigo & Adelaide Bank Ltd.70,589 515,404 
Brickworks Ltd.8,725 153,162 
Byron Energy Ltd.(2)
7,834 685 
Calix Ltd.(2)
13,271 37,442 
Champion Iron Ltd.(2)
59,052 252,541 
Class Ltd.1,392 1,986 
Coronado Global Resources, Inc.(2)
116,275 93,842 
CSR Ltd.83,819 332,760 
Dacian Gold Ltd.(1)(2)
57,096 10,004 
Eclipx Group Ltd.(2)
56,845 104,367 
Emeco Holdings Ltd.(2)
64,744 53,471 
EML Payments Ltd.(2)
32,108 96,337 
Fleetwood Ltd.1,403 2,684 
Gold Road Resources Ltd.156,399 147,168 
GrainCorp Ltd., A Shares37,994 175,415 
Grange Resources Ltd.110,167 49,816 
GWA Group Ltd.25,919 53,251 
HT&E Ltd.9,466 12,321 
Humm Group Ltd.(1)(2)
37,131 25,830 
IGO Ltd.77,513 541,570 
Iluka Resources Ltd.68,372 495,807 
Imdex Ltd.58,198 100,700 
Inghams Group Ltd.(1)
41,993 126,635 
InvoCare Ltd.(1)
21,108 188,855 
JB Hi-Fi Ltd.1,944 64,963 
Lovisa Holdings Ltd.6,765 96,986 
MACA Ltd.43,040 26,678 
Macmahon Holdings Ltd.111,757 19,159 
Mayne Pharma Group Ltd.(2)
223,000 47,141 
McMillan Shakespeare Ltd.10,378 94,382 
McPherson's Ltd.1,589 1,257 
Medusa Mining Ltd.4,832 2,966 
Metcash Ltd.155,480 462,307 
Money3 Corp. Ltd.24,174 62,678 
Mount Gibson Iron Ltd.98,675 43,838 
140


Avantis International Small Cap Value Fund
SharesValue
Myer Holdings Ltd.(2)
139,425 $54,722 
MyState Ltd.7,500 29,348 
New Hope Corp. Ltd.(1)
51,118 76,836 
nib holdings Ltd.70,975 349,973 
Nick Scali Ltd.8,261 74,638 
Nine Entertainment Co. Holdings Ltd.191,474 381,057 
NRW Holdings Ltd.62,917 86,815 
Nufarm Ltd.(2)
49,556 161,345 
OFX Group Ltd.16,524 19,929 
Orica Ltd.39,595 378,831 
Orocobre Ltd.(2)
28,521 189,506 
Pacific Current Group Ltd.868 3,931 
Perenti Global Ltd.81,676 51,920 
Perseus Mining Ltd.(2)
240,013 270,904 
Platinum Asset Management Ltd.40,670 117,810 
Premier Investments Ltd.14,646 303,334 
Ramelius Resources Ltd.156,444 175,605 
Red 5 Ltd.(2)
143,361 22,003 
Regis Resources Ltd.92,834 167,251 
Reject Shop Ltd. (The)(2)
3,585 16,225 
Resimac Group Ltd.17,203 30,526 
Resolute Mining Ltd.(1)(2)
93,431 31,718 
Sandfire Resources Ltd.39,242 184,889 
Select Harvests Ltd.17,626 111,888 
Senex Energy Ltd.30,092 69,692 
Sigma Healthcare Ltd.49,483 23,325 
Silver Lake Resources Ltd.(2)
156,002 156,442 
Sims Ltd.28,982 318,452 
Southern Cross Media Group Ltd.(2)
43,579 70,897 
St. Barbara Ltd.91,563 105,516 
Super Retail Group Ltd.23,884 214,058 
Tassal Group Ltd.30,862 80,631 
Viva Energy Group Ltd.52,733 81,980 
West African Resources Ltd.(2)
160,833 124,456 
Western Areas Ltd.51,148 114,755 
Westgold Resources Ltd.(2)
49,045 63,306 
10,341,251 
Austria — 0.9%
FACC AG(2)
3,060 31,912 
IMMOFINANZ AG(2)
993 25,284 
POLYTEC Holding AG6,121 63,417 
Porr AG(2)
2,116 42,466 
Semperit AG Holding6,911 277,539 
UNIQA Insurance Group AG75,599 701,943 
1,142,561 
Belgium — 1.5%
AGFA-Gevaert NV(2)
26,738 136,233 
Bekaert SA13,095 623,444 
bpost SA(2)
14,882 143,844 
Cie d'Entreprises CFE689 79,205 
Deceuninck NV9,248 44,198 
141


Avantis International Small Cap Value Fund
SharesValue
Euronav NV(1)
72,790 $591,214 
Ion Beam Applications6,058 120,437 
Jensen-Group NV250 8,888 
Tessenderlo Group SA(2)
4,461 184,883 
1,932,346 
Canada — 8.4%
5N Plus, Inc.(1)(2)
8,700 19,722 
Advantage Energy Ltd.(1)(2)
10,200 42,444 
Aecon Group, Inc.5,600 91,480 
AirBoss of America Corp.(1)
1,600 52,338 
Alaris Equity Partners Income1,400 20,717 
Algoma Central Corp.200 2,646 
Apollo Healthcare Corp.(2)
4,800 8,370 
Argonaut Gold, Inc.(2)
34,000 84,889 
AutoCanada, Inc.(1)(2)
3,160 120,249 
B2Gold Corp.85,400 330,323 
Badger Infrastructure Solutions Ltd.(1)
1,900 51,926 
Baytex Energy Corp.(2)
87,900 151,882 
Birchcliff Energy Ltd.(1)
23,415 100,776 
Bird Construction, Inc.(1)
4,000 31,324 
Calibre Mining Corp.(2)
24,200 32,033 
Canaccord Genuity Group, Inc.11,400 136,169 
Canacol Energy Ltd.(1)
15,500 40,788 
Canadian Western Bank9,100 266,728 
Canfor Corp.(2)
7,500 160,980 
Capital Power Corp.(1)
14,100 484,920 
Capstone Mining Corp.(2)
41,300 181,679 
Cardinal Energy Ltd.(2)
8,000 21,305 
Cascades, Inc.10,800 134,224 
Celestica, Inc.(2)
9,600 91,081 
Centerra Gold, Inc.21,900 163,688 
CES Energy Solutions Corp.(2)
26,800 32,075 
China Gold International Resources Corp. Ltd.(1)
2,500 7,569 
Chorus Aviation, Inc.(1)(2)
5,931 19,603 
Copper Mountain Mining Corp.(1)(2)
21,000 54,262 
Corus Entertainment, Inc., B Shares(1)
23,366 115,751 
Crescent Point Energy Corp.85,418 306,696 
Dorel Industries, Inc., Class B(2)
3,777 36,673 
DREAM Unlimited Corp., Class A2,350 50,496 
Dundee Precious Metals, Inc.17,200 105,928 
Eldorado Gold Corp. (Toronto)(2)
16,200 142,014 
Endeavour Mining plc8,800 215,039 
Enerflex Ltd.9,300 56,538 
Enerplus Corp.(1)
28,900 170,883 
Equitable Group, Inc.1,350 163,917 
ERO Copper Corp.(2)
3,500 66,302 
Evertz Technologies Ltd.1,700 17,786 
Exchange Income Corp.600 20,787 
Extendicare, Inc.5,700 36,776 
Finning International, Inc.15,520 403,976 
First National Financial Corp.1,700 62,413 
142


Avantis International Small Cap Value Fund
SharesValue
Fortuna Silver Mines, Inc.(2)
6,792 $29,824 
Freehold Royalties Ltd.(1)
7,600 56,986 
Frontera Energy Corp.(2)
2,200 12,119 
Galiano Gold, Inc.(1)(2)
6,066 5,481 
goeasy Ltd.(1)
1,394 216,318 
Gran Colombia Gold Corp.7,900 30,619 
Great Panther Mining Ltd.(1)(2)
19,500 10,201 
Heroux-Devtek, Inc.(2)
2,600 39,052 
Home Capital Group, Inc.(2)
5,600 175,548 
IAMGOLD Corp.(2)
37,500 89,169 
Interfor Corp.8,330 176,880 
International Petroleum Corp.(1)(2)
11,100 48,477 
Intertape Polymer Group, Inc.2,600 63,390 
Jaguar Mining, Inc.3,200 11,540 
Karora Resources, Inc.(2)
10,789 27,878 
Kelt Exploration Ltd.(1)(2)
6,000 15,932 
Laurentian Bank of Canada4,700 158,287 
Linamar Corp.5,600 317,273 
Lundin Mining Corp.15,200 122,887 
Magellan Aerospace Corp.200 1,671 
Major Drilling Group International, Inc.(2)
8,800 55,660 
Martinrea International, Inc.9,060 86,747 
Methanex Corp.2,600 95,291 
Mullen Group Ltd.7,698 80,845 
New Gold, Inc. (Toronto)(2)
58,300 70,238 
North American Construction Group Ltd.3,549 50,774 
North West Co., Inc. (The)2,000 56,767 
NuVista Energy Ltd.(1)(2)
16,487 47,305 
Obsidian Energy Ltd.(1)(2)
9,400 25,034 
OceanaGold Corp.(2)
41,400 77,441 
Onex Corp.3,900 273,261 
Paramount Resources Ltd., A Shares6,300 67,562 
Parex Resources, Inc.(2)
13,800 212,636 
Peyto Exploration & Development Corp.17,600 93,465 
Polaris Infrastructure, Inc.(1)
1,300 19,207 
Precision Drilling Corp.(1)(2)
1,610 52,282 
Pretium Resources, Inc.(2)
16,300 165,242 
Real Matters, Inc.(2)
7,600 69,877 
Resolute Forest Products, Inc.7,600 93,069 
Russel Metals, Inc.6,182 168,068 
Secure Energy Services, Inc.18,046 60,504 
ShawCor Ltd.(2)
8,600 33,878 
Sierra Metals, Inc.(1)(2)
6,600 14,752 
Spin Master Corp.(2)
2,800 107,149 
Stelco Holdings, Inc.2,900 113,205 
SunOpta, Inc.(2)
3,700 34,811 
Tamarack Valley Energy Ltd.(1)(2)
41,000 78,643 
Taseko Mines Ltd.(2)
22,300 39,593 
Torex Gold Resources, Inc.(2)
7,300 81,584 
Tourmaline Oil Corp.19,100 510,787 
Trican Well Service Ltd.(1)(2)
22,900 45,196 
143


Avantis International Small Cap Value Fund
SharesValue
Turquoise Hill Resources Ltd.(2)
5,930 $88,928 
Uni-Select, Inc.(2)
3,000 41,874 
Vermilion Energy, Inc.(2)
21,700 144,821 
Wajax Corp.2,275 43,042 
West Fraser Timber Co. Ltd.6,630 511,944 
Western Forest Products, Inc.48,200 82,138 
Whitecap Resources, Inc.(1)
78,424 336,285 
Yamana Gold, Inc.64,000 282,551 
11,030,153 
Denmark — 1.6%
Bavarian Nordic A/S(2)
5,617 275,436 
Brodrene Hartmann A/S(2)
40 2,703 
Chemometec A/S824 130,906 
D/S Norden A/S3,337 86,583 
Danske Andelskassers Bank A/S(2)
754 1,298 
Dfds A/S(2)
5,166 295,544 
Drilling Co. of 1972 A/S (The)(2)
3,387 124,326 
FLSmidth & Co. A/S1,923 69,712 
H+H International A/S, B Shares(2)
2,504 93,587 
Jyske Bank A/S(2)
7,712 336,660 
NNIT A/S1,386 31,158 
North Media A/S675 13,964 
Per Aarsleff Holding A/S1,588 74,902 
Ringkjoebing Landbobank A/S756 89,756 
Schouw & Co. A/S1,459 158,249 
Solar A/S, B Shares812 89,099 
Spar Nord Bank A/S6,492 74,803 
Sydbank AS3,654 106,946 
TORM plc(2)
3,666 28,374 
2,084,006 
Finland — 1.6%
Altia Oyj(1)
1,656 20,993 
Aspo Oyj1,402 18,492 
Atria Oyj936 12,670 
HKScan Oyj, A Shares3,016 7,429 
Huhtamaki Oyj4,534 242,226 
Kemira Oyj14,699 248,222 
Marimekko Oyj408 36,649 
Neles Oyj11,853 183,363 
Outokumpu Oyj(2)
50,610 351,409 
Sanoma Oyj7,934 145,720 
Suominen Oyj(1)
858 5,048 
Tokmanni Group Corp.4,731 136,488 
Uponor Oyj7,949 256,352 
Valmet Oyj11,541 463,143 
Verkkokauppa.com Oyj4,196 42,355 
2,170,559 
France — 3.1%
AKWEL113 3,097 
Albioma SA408 18,065 
ALD SA14,709 207,161 
144


Avantis International Small Cap Value Fund
SharesValue
APERAM SA1,255 $76,996 
Biosynex(1)
768 21,315 
Boiron SA41 2,034 
Bonduelle SCA2,002 54,194 
Catana Group(2)
2,606 18,246 
Chargeurs SA1,882 52,293 
Derichebourg SA(2)
15,178 179,652 
Eramet SA(2)
1,741 141,606 
Etablissements Maurel et Prom SA(2)
10,051 25,126 
Eurobio Scientific SA(1)(2)
1,077 24,014 
Eutelsat Communications SA25,410 293,903 
FIGEAC-AERO(1)(2)
125 777 
Focus Home Interactive SA(2)
483 32,895 
Gaztransport Et Technigaz SA2,198 183,349 
Groupe Crit(1)
26 2,059 
Groupe LDLC589 45,510 
Guerbet63 2,568 
Imerys SA307 14,235 
Jacquet Metals SACA893 21,203 
JCDecaux SA(2)
2,704 75,437 
LISI1,886 62,360 
LNA Sante SA306 20,318 
Maisons du Monde SA6,484 149,739 
Manitou BF SA557 20,063 
Mersen SA2,119 82,667 
Metropole Television SA3,415 72,721 
Nexans SA3,604 361,257 
Nexity SA4,739 244,729 
ReWorld Media SA(2)
3,699 18,003 
SES SA54,578 455,494 
Societe BIC SA2,630 175,095 
Solutions 30 SE(1)(2)
4,669 51,202 
Synergie SE286 12,339 
Television Francaise 16,971 69,976 
Trigano SA973 202,743 
Valeo SA2,789 79,605 
Valneva SE(1)(2)
9,019 223,288 
Verallia SA3,515 128,123 
Vicat SA1,081 53,868 
Vilmorin & Cie SA697 45,112 
Xilam Animation SA(2)
33 1,438 
4,025,875 
Germany — 4.8%
7C Solarparken AG5,130 23,194 
Adesso SE112 24,300 
ADVA Optical Networking SE(2)
5,917 98,070 
Allgeier SE622 19,168 
AlzChem Group AG231 6,792 
Aumann AG(2)
772 15,861 
AURELIUS Equity Opportunities SE & Co. KGaA3,171 100,958 
Aurubis AG2,940 249,868 
145


Avantis International Small Cap Value Fund
SharesValue
Baader Bank AG2,427 $21,481 
Bauer AG(2)
749 10,538 
Bertrandt AG560 31,889 
Bilfinger SE3,017 105,843 
Centrotec SE423 11,687 
Cewe Stiftung & Co. KGAA687 102,565 
CropEnergies AG1,640 19,821 
Deutsche Beteiligungs AG1,500 65,575 
Deutsche EuroShop AG3,954 91,409 
Deutsche Pfandbriefbank AG3,517 40,286 
Deutz AG(2)
10,089 92,138 
Draegerwerk AG & Co. KGaA316 26,839 
Draegerwerk AG & Co. KGaA, Preference Shares857 72,376 
Duerr AG5,057 249,123 
Einhell Germany AG, Preference Shares98 20,189 
Elmos Semiconductor SE1,147 51,464 
ElringKlinger AG(2)
4,056 66,039 
Encavis AG4,553 82,865 
flatexDEGIRO AG(2)
234 24,313 
Freenet AG8,411 207,752 
Gesco AG(2)
473 14,399 
Hamburger Hafen und Logistik AG3,068 67,634 
Hornbach Baumarkt AG975 39,010 
Hornbach Holding AG & Co. KGaA1,117 119,490 
HUGO BOSS AG7,319 408,656 
Ibu-Tec Advanced Materials AG(2)
176 9,580 
JOST Werke AG1,322 86,265 
Jungheinrich AG, Preference Shares5,786 312,476 
K+S AG(2)
31,826 453,674 
Kloeckner & Co. SE(2)
15,225 205,567 
Krones AG1,186 120,230 
KSB SE & Co. KGaA500 
KSB SE & Co. KGaA, Preference Shares69 30,681 
KWS Saat SE & Co. KGaA206 17,251 
Lang & Schwarz AG(2)
448 39,959 
Leoni AG(2)
3,260 64,032 
Manz AG(2)
804 52,846 
Multitude SE(2)
1,131 6,478 
Nagarro SE(2)
622 111,642 
Rheinmetall AG5,564 544,115 
SAF-Holland SE(2)
6,634 94,560 
Salzgitter AG(2)
4,103 154,664 
Schaltbau Holding AG(2)
69 4,485 
SGL Carbon SE(2)
5,827 64,694 
Siltronic AG1,622 268,014 
Sixt SE(2)
1,304 175,263 
Sixt SE, Preference Shares1,600 125,753 
Stabilus SA264 20,769 
Steico SE140 19,934 
STO SE & Co. KGaA, Preference Shares327 75,787 
Suedzucker AG1,534 26,177 
146


Avantis International Small Cap Value Fund
SharesValue
SUESS MicroTec SE(2)
1,868 $54,596 
TAG Immobilien AG4,260 144,267 
Villeroy & Boch AG, Preference Shares1,357 37,027 
Wacker Chemie AG1,735 306,141 
Wacker Neuson SE3,334 100,991 
Wuestenrot & Wuerttembergische AG1,952 42,949 
6,352,959 
Hong Kong — 1.8%
Analogue Holdings Ltd.12,000 2,856 
BOCOM International Holdings Co. Ltd.92,000 21,304 
Bright Smart Securities & Commodities Group Ltd.120,000 24,359 
Cafe de Coral Holdings Ltd.26,000 47,330 
China Strategic Holdings Ltd.(2)
4,425,000 37,514 
Chow Sang Sang Holdings International Ltd.68,000 103,442 
CMBC Capital Holdings Ltd.(1)
2,420,000 33,294 
Crystal International Group Ltd.15,500 6,323 
CSI Properties Ltd.350,000 11,131 
Dah Sing Financial Holdings Ltd.15,600 48,532 
Dickson Concepts International Ltd.25,000 14,149 
Eagle Nice International Holdings Ltd.6,000 3,750 
Fullshare Holdings Ltd.(1)(2)
2,015,000 27,190 
Guotai Junan International Holdings Ltd.590,000 103,709 
Haitong International Securities Group Ltd.552,000 159,447 
Hang Lung Group Ltd.9,000 22,446 
International Housewares Retail Co. Ltd.10,000 3,635 
IRC Ltd.(2)
124,000 4,674 
Johnson Electric Holdings Ltd.39,000 89,316 
K Wah International Holdings Ltd.220,000 96,468 
Karrie International Holdings Ltd.96,000 19,752 
Lifestyle International Holdings Ltd.(2)
43,000 27,302 
LK Technology Holdings Ltd.77,500 259,904 
Minmetals Land Ltd.4,000 395 
Pacific Basin Shipping Ltd.571,000 311,097 
Pacific Century Premium Developments Ltd.(2)
47,000 3,870 
PC Partner Group Ltd.36,000 30,853 
Realord Group Holdings Ltd.(2)
20,000 27,524 
Sa Sa International Holdings Ltd.(2)
212,000 45,877 
Shun Tak Holdings Ltd.(2)
208,000 59,604 
SmarTone Telecommunications Holdings Ltd.69,000 38,874 
Solargiga Energy Holdings Ltd.(2)
480,000 30,439 
Sun Hung Kai & Co. Ltd.54,000 29,569 
Tai Hing Group Holdings Ltd.50,000 10,223 
Ten Pao Group Holdings Ltd.80,000 23,714 
Texhong Textile Group Ltd.69,000 105,166 
Texwinca Holdings Ltd.26,000 5,615 
Truly International Holdings Ltd.(2)
218,000 81,854 
United Laboratories International Holdings Ltd. (The)156,000 105,334 
VSTECS Holdings Ltd.108,000 101,582 
VTech Holdings Ltd.25,000 242,833 
2,422,250 
Ireland — 0.5%
FBD Holdings plc(2)
2,442 22,174 
147


Avantis International Small Cap Value Fund
SharesValue
Glanbia plc3,824 $68,270 
Glenveagh Properties plc(2)
409,329 523,588 
Permanent TSB Group Holdings plc(2)
4,574 7,543 
Uniphar plc(2)
16,717 78,267 
699,842 
Israel — 2.5%
Adgar Investment and Development Ltd.786 1,595 
Airport City Ltd.(2)
2,279 41,740 
Arad Investment & Industrial Development Ltd.163 17,376 
Ashtrom Group Ltd.3,572 77,958 
Aspen Group Ltd.664 1,507 
Azorim-Investment Development & Construction Co. Ltd.(2)
8,901 36,165 
Caesarstone Ltd.2,445 31,785 
Camtek Ltd.(2)
1,975 81,520 
Carasso Motors Ltd.2,263 11,314 
Cellcom Israel Ltd.(2)
10,293 38,807 
Ceragon Networks Ltd.(1)(2)
10,462 42,266 
Clal Insurance Enterprises Holdings Ltd.(2)
12,488 262,077 
Delta Galil Industries Ltd.1,864 96,517 
Dor Alon Energy in Israel 1988 Ltd.81 2,430 
Equital Ltd.(2)
2,082 57,659 
Fattal Holdings 1998 Ltd.(2)
266 24,186 
FIBI Holdings Ltd.(2)
2,863 118,553 
First International Bank of Israel Ltd.4,077 147,375 
Fox Wizel Ltd.963 127,629 
Gazit-Globe Ltd.6,618 47,893 
Hadera Paper Ltd.120 9,260 
Harel Insurance Investments & Financial Services Ltd.21,374 209,949 
IDI Insurance Co. Ltd.228 8,176 
Inrom Construction Industries Ltd.6,953 34,297 
Isracard Ltd.31,889 132,328 
Israel Corp. Ltd. (The)(2)
613 186,095 
Israel Land Development - Urban Renewal Ltd.937 11,975 
Isras Investment Co. Ltd.182 39,706 
Ituran Location and Control Ltd.908 23,690 
Mehadrin Ltd.(2)
300 
Melisron Ltd.(2)
1,144 92,426 
Menora Mivtachim Holdings Ltd.4,745 105,112 
Migdal Insurance & Financial Holdings Ltd.(2)
69,310 97,737 
Mizrahi Tefahot Bank Ltd.17 
Naphtha Israel Petroleum Corp. Ltd.(2)
2,351 10,787 
Norstar Holdings, Inc.1,581 11,299 
Oil Refineries Ltd.(2)
354,376 77,292 
Partner Communications Co. Ltd.(2)
20,043 94,999 
Paz Oil Co. Ltd.(2)
1,648 165,940 
Perion Network Ltd.(2)
1,361 28,523 
Phoenix Holdings Ltd. (The)28,062 299,626 
Property & Building Corp. Ltd.(2)
116 15,719 
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.92 6,455 
Scope Metals Group Ltd.69 2,918 
Shufersal Ltd.18,184 149,928 
148


Avantis International Small Cap Value Fund
SharesValue
Summit Real Estate Holdings Ltd.(2)
5,021 $79,138 
Tadiran Group Ltd.102 13,294 
Tamar Petroleum Ltd.732 1,019 
Taro Pharmaceutical Industries Ltd.(2)
1,193 80,909 
Tower Semiconductor Ltd.(2)
2,114 62,312 
Victory Supermarket Chain Ltd.265 5,528 
3,323,106 
Italy — 2.7%
Aeffe SpA(2)
1,917 4,177 
Aquafil SpA(2)
5,565 47,624 
Arnoldo Mondadori Editore SpA(2)
14,602 32,239 
Banca IFIS SpA5,863 101,758 
Banca Popolare di Sondrio SCPA50,242 228,645 
Banca Sistema SpA(1)(2)
15,777 43,526 
BFF Bank SpA34,764 317,619 
Biesse SpA(2)
3,329 119,463 
Cairo Communication SpA(1)
6,551 14,580 
Credito Emiliano SpA24,074 161,372 
d'Amico International Shipping SA(2)
82,680 9,523 
Danieli & C Officine Meccaniche SpA4,040 117,735 
Danieli & C Officine Meccaniche SpA, Preference Shares12,650 240,406 
Digital Bros SpA(1)
1,476 46,588 
Digital Value SpA(2)
957 107,764 
doValue SpA9,543 119,365 
Emak SpA11,086 25,227 
Enav SpA(2)
33,981 148,284 
Fila SpA3,200 39,040 
Gefran SpA300 3,647 
Geox SpA(1)(2)
10,679 14,178 
Maire Tecnimont SpA(1)
31,914 124,386 
OVS SpA(2)
32,245 65,739 
RAI Way SpA19,877 120,857 
Reno de Medici SpA55,586 94,440 
Sabaf SpA181 5,343 
Safilo Group SpA(1)(2)
39,820 77,661 
Saipem SpA(1)(2)
70,707 167,544 
Salcef SpA1,000 21,476 
Servizi Italia SpA(2)
1,623 4,133 
Sesa SpA(2)
1,289 257,136 
Societa Cattolica Di Assicurazione SpA(2)
50,485 418,886 
Societa Sportiva Lazio SpA(2)
1,527 2,208 
Webuild SpA(1)
73,873 197,448 
3,500,017 
Japan — 24.7%
77 Bank Ltd. (The)4,800 54,411 
A&D Co. Ltd.200 2,032 
Adastria Co. Ltd.2,700 44,103 
ADEKA Corp.11,400 248,867 
AEON Financial Service Co. Ltd.16,000 188,319 
Aeon Mall Co. Ltd.12,200 185,795 
AFC-HD AMS Life Science Co. Ltd.1,100 11,499 
149


Avantis International Small Cap Value Fund
SharesValue
Ahresty Corp.3,200 $12,745 
Aichi Steel Corp.1,200 30,604 
Air Water, Inc.700 11,278 
Airport Facilities Co. Ltd.400 2,135 
Aisan Industry Co. Ltd.5,400 41,507 
Ajis Co. Ltd.200 6,085 
Akatsuki, Inc.800 23,440 
Alinco, Inc.200 1,857 
Alleanza Holdings Co. Ltd.1,200 14,749 
Allied Telesis Holdings KK(2)
4,200 3,965 
Alpen Co. Ltd.2,000 62,989 
Alps Alpine Co. Ltd.20,500 214,759 
AOKI Holdings, Inc.3,100 17,624 
Aozora Bank Ltd.10,100 236,789 
Applied Co. Ltd.200 4,560 
Arakawa Chemical Industries Ltd.1,500 17,187 
Arata Corp.1,500 60,789 
Arcland Sakamoto Co. Ltd.3,800 52,914 
Arcs Co. Ltd.5,300 107,743 
Arealink Co. Ltd.200 2,561 
Asahi Co. Ltd.1,700 20,630 
Asahi Holdings, Inc.9,300 187,787 
Asia Pile Holdings Corp.800 3,494 
ASKA Pharmaceutical Holdings Co. Ltd.2,100 19,379 
Aucnet, Inc.1,700 32,187 
Awa Bank Ltd. (The)2,100 41,770 
Axial Retailing, Inc.1,500 54,166 
Bando Chemical Industries Ltd.1,300 10,900 
Bank of the Ryukyus Ltd.2,300 16,768 
Belluna Co. Ltd.5,800 43,346 
Bic Camera, Inc.8,500 82,592 
Bunka Shutter Co. Ltd.6,000 63,536 
Carlit Holdings Co. Ltd.1,800 14,347 
Carta Holdings, Inc.1,400 26,978 
Cawachi Ltd.1,600 33,384 
Central Glass Co. Ltd.1,800 36,313 
Chiba Kogyo Bank Ltd. (The)4,000 10,532 
Chilled & Frozen Logistics Holdings Co. Ltd.500 7,959 
Chubu Shiryo Co. Ltd.1,600 16,349 
Chugai Mining Co. Ltd.(2)
21,100 6,133 
CI Takiron Corp.5,400 30,802 
CMIC Holdings Co. Ltd.100 1,340 
Cosmo Energy Holdings Co. Ltd.9,500 188,495 
Credit Saison Co. Ltd.22,000 250,240 
CROOZ, Inc.(2)
600 7,313 
CTI Engineering Co. Ltd.500 11,198 
Daicel Corp.38,600 310,681 
Daido Metal Co. Ltd.3,000 15,986 
Daihen Corp.2,200 95,788 
Daiichi Kigenso Kagaku-Kogyo Co. Ltd.3,300 49,218 
Daiki Aluminium Industry Co. Ltd.2,900 39,126 
150


Avantis International Small Cap Value Fund
SharesValue
Daikokutenbussan Co. Ltd.500 $31,520 
Daikyonishikawa Corp.4,500 27,200 
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.1,000 23,040 
Daio Paper Corp.8,100 151,715 
Daishi Hokuetsu Financial Group, Inc.2,700 66,458 
Daito Chemix Corp.1,100 13,065 
Daito Pharmaceutical Co. Ltd.300 9,837 
Daitron Co. Ltd.100 2,031 
Daiwabo Holdings Co. Ltd.15,000 285,000 
DCM Holdings Co. Ltd.5,800 55,928 
Denka Co. Ltd.8,000 280,402 
Diamond Electric Holdings Co. Ltd.800 18,309 
DIC Corp.11,500 330,780 
Digital Holdings, Inc.2,200 33,727 
Eagle Industry Co. Ltd.2,800 31,787 
Earth Corp.1,300 76,916 
Ebara Corp.11,300 561,689 
Ebara Jitsugyo Co. Ltd.1,200 27,372 
Eco's Co. Ltd.100 1,770 
EDION Corp.12,400 120,476 
EF-ON, Inc.2,000 15,439 
Ehime Bank Ltd. (The)1,800 12,790 
EJ Holdings, Inc.1,100 12,588 
Electric Power Development Co. Ltd.23,900 357,031 
Enomoto Co. Ltd.700 10,042 
Exedy Corp.2,600 39,339 
F.C.C. Co. Ltd.4,700 65,715 
Feed One Co. Ltd.1,900 13,124 
Ferrotec Holdings Corp.6,200 181,848 
FIDEA Holdings Co. Ltd.16,200 18,549 
Financial Products Group Co. Ltd.8,300 51,309 
FJ Next Co. Ltd.1,700 15,876 
France Bed Holdings Co. Ltd.3,100 26,053 
Freebit Co. Ltd.1,200 9,051 
Fudo Tetra Corp.2,000 31,673 
Fuji Co. Ltd.1,800 32,161 
Fuji Corp. Ltd.3,300 20,570 
Fuji Corp/Miyagi800 8,450 
Fuji Oil Co. Ltd.8,100 18,890 
Fuji Oil Holdings, Inc.4,700 106,249 
Fuji Pharma Co. Ltd.1,500 15,734 
Fuji Seal International, Inc.4,300 96,599 
Fujibo Holdings, Inc.1,000 38,531 
Fujikura Ltd.(2)
32,400 186,548 
Fukuda Corp.200 9,140 
Fukuoka Financial Group, Inc.12,600 232,628 
Fumakilla Ltd.600 7,326 
Furukawa Battery Co. Ltd. (The)1,100 16,123 
Furuno Electric Co. Ltd.2,300 22,831 
Furyu Corp.200 2,826 
Futaba Industrial Co. Ltd.10,000 44,122 
151


Avantis International Small Cap Value Fund
SharesValue
Fuyo General Lease Co. Ltd.2,400 $165,705 
G-7 Holdings, Inc.800 28,888 
G-Tekt Corp.2,800 37,678 
Gecoss Corp.400 3,230 
Genky DrugStores Co. Ltd.900 42,067 
Geo Holdings Corp.4,400 47,566 
Geomatec Co. Ltd.(2)
900 6,728 
GLOBERIDE, Inc.1,000 67,093 
GMO Financial Holdings, Inc.3,900 29,020 
Godo Steel Ltd.1,000 13,662 
Goldcrest Co. Ltd.2,400 36,767 
Golf Digest Online, Inc.700 9,069 
GS Yuasa Corp.7,200 168,692 
GSI Creos Corp.1,000 9,488 
GungHo Online Entertainment, Inc.3,500 67,991 
Gunma Bank Ltd. (The)32,200 103,825 
H-One Co. Ltd.2,700 17,574 
H.U. Group Holdings, Inc.6,200 182,973 
H2O Retailing Corp.13,300 104,412 
Hagihara Industries, Inc.400 5,471 
Hagiwara Electric Holdings Co. Ltd.800 16,571 
Halows Co. Ltd.600 16,307 
Hamakyorex Co. Ltd.1,600 47,635 
Hanwa Co. Ltd.5,300 158,928 
Happinet Corp.1,500 19,825 
Heiwado Co. Ltd.1,100 21,871 
Hinokiya Group Co. Ltd.500 10,495 
Hirogin Holdings, Inc.18,600 106,985 
Hitachi Zosen Corp.19,300 139,615 
Hokkoku Bank Ltd. (The)1,800 34,499 
Hokuetsu Corp.10,400 57,123 
Hokuhoku Financial Group, Inc.11,000 84,312 
Hokuto Corp.2,200 39,862 
Hoosiers Holdings3,200 19,237 
Hosiden Corp.6,200 51,003 
Hyakugo Bank Ltd. (The)18,300 53,843 
I-Net Corp./Kanagawa200 2,592 
I-PEX, Inc.2,000 35,977 
Ichikoh Industries Ltd.3,500 21,554 
Ichinen Holdings Co. Ltd.1,300 14,642 
IDOM, Inc.8,000 67,986 
IHI Corp.(2)
11,400 253,465 
Iino Kaiun Kaisha Ltd.9,100 43,442 
Inabata & Co. Ltd.4,800 73,427 
Innotech Corp.900 11,394 
Internet Initiative Japan, Inc.7,700 268,039 
Iseki & Co. Ltd.(2)
1,500 21,533 
Ishihara Sangyo Kaisha Ltd.6,200 63,967 
Itochu Enex Co. Ltd.8,400 75,305 
Itochu-Shokuhin Co. Ltd.100 4,810 
Itoham Yonekyu Holdings, Inc.13,700 92,492 
152


Avantis International Small Cap Value Fund
SharesValue
IwaiCosmo Holdings, Inc.2,100 $26,271 
Iwasaki Electric Co. Ltd.200 3,714 
Iwatani Corp.1,300 71,700 
J Front Retailing Co. Ltd.36,700 316,723 
Jaccs Co. Ltd.3,400 84,986 
JAFCO Group Co. Ltd.4,200 253,657 
Janome Sewing Machine Co. Ltd.2,700 16,995 
Japan Asia Group Ltd.3,300 28,944 
Japan Aviation Electronics Industry Ltd.6,400 93,540 
Japan Investment Adviser Co. Ltd.2,500 32,057 
Japan Petroleum Exploration Co. Ltd.4,100 70,534 
Japan Transcity Corp.2,000 10,723 
JBCC Holdings, Inc.900 12,691 
JFE Holdings, Inc.5,000 81,099 
Joshin Denki Co. Ltd.1,900 43,470 
JSP Corp.1,200 17,664 
JTEKT Corp.27,400 247,749 
Juroku Bank Ltd. (The)3,200 67,546 
JVCKenwood Corp.34,700 65,610 
K's Holdings Corp.16,600 181,450 
Kaga Electronics Co. Ltd.2,500 65,791 
Kamei Corp.1,400 14,935 
Kanamoto Co. Ltd.3,900 89,119 
Kandenko Co. Ltd.700 6,014 
Kaneka Corp.6,200 256,596 
Kanematsu Corp.9,000 115,744 
Kanto Denka Kogyo Co. Ltd.6,300 61,303 
Kato Sangyo Co. Ltd.900 27,525 
Kawai Musical Instruments Manufacturing Co. Ltd.800 27,165 
Keiyo Co. Ltd.3,200 23,258 
KFC Holdings Japan Ltd.1,400 37,984 
Kimura Chemical Plants Co. Ltd.1,900 12,772 
Kintetsu World Express, Inc.700 16,984 
Kito Corp.900 13,574 
Kitz Corp.8,700 64,404 
Kiyo Bank Ltd. (The)5,700 81,298 
Kobe Steel Ltd.56,300 357,938 
Koei Chemical Co. Ltd.200 4,861 
Kohnan Shoji Co. Ltd.3,700 121,983 
Kojima Co. Ltd.4,200 24,856 
Komehyo Holdings Co. Ltd.1,300 18,805 
Komeri Co. Ltd.4,200 96,307 
Konica Minolta, Inc.70,500 357,795 
Konoike Transport Co. Ltd.1,200 14,934 
Konoshima Chemical Co. Ltd.700 16,258 
Kumagai Gumi Co. Ltd.3,000 73,257 
Kurabo Industries Ltd.1,300 23,006 
Kuraray Co. Ltd.35,400 332,768 
Kureha Corp.2,300 156,790 
Kurimoto Ltd.800 11,981 
Kuriyama Holdings Corp.200 1,583 
153


Avantis International Small Cap Value Fund
SharesValue
KYB Corp.3,000 $84,688 
Kyoei Steel Ltd.3,200 42,532 
Kyokuyo Co. Ltd.1,000 27,397 
Kyosan Electric Manufacturing Co. Ltd.3,000 12,860 
Lawson, Inc.500 24,048 
Life Corp.1,800 71,101 
Macnica Fuji Electronics Holdings, Inc.8,100 194,849 
Maeda Corp.14,700 108,225 
Maeda Road Construction Co. Ltd.3,000 50,342 
Maruha Nichiro Corp.4,900 113,076 
Maruzen Showa Unyu Co. Ltd.1,200 37,093 
Maxell Holdings Ltd.(2)
5,700 67,011 
MCJ Co. Ltd.10,600 118,113 
Mebuki Financial Group, Inc.82,700 184,818 
Medius Holdings Co. Ltd.800 6,642 
Meidensha Corp.3,600 80,360 
Meiko Electronics Co. Ltd.3,400 85,098 
Meiwa Estate Co. Ltd.1,200 6,538 
Mie Kotsu Group Holdings, Inc.700 3,187 
Mimasu Semiconductor Industry Co. Ltd.2,200 46,770 
Ministop Co. Ltd.1,500 19,364 
Mirait Holdings Corp.8,500 169,090 
Mito Securities Co. Ltd.4,100 11,320 
Mitsuba Corp.(2)
5,300 31,695 
Mitsubishi HC Capital, Inc.31,950 171,091 
Mitsubishi Materials Corp.13,700 280,835 
Mitsubishi Steel Manufacturing Co. Ltd.(2)
2,000 22,916 
Mitsui Matsushima Holdings Co. Ltd.200 2,393 
Mitsui Mining & Smelting Co. Ltd.7,200 218,374 
Mitsui OSK Lines Ltd.11,800 909,503 
Mitsui-Soko Holdings Co. Ltd.2,600 63,283 
Miyaji Engineering Group, Inc.800 19,300 
Miyazaki Bank Ltd. (The)1,500 28,114 
Mizuho Leasing Co. Ltd.3,600 115,004 
Modec, Inc.100 1,474 
Monex Group, Inc.16,500 87,791 
MrMax Holdings Ltd.3,200 18,380 
Musashi Seimitsu Industry Co. Ltd.5,800 102,144 
Musashino Bank Ltd. (The)3,300 53,923 
Nachi-Fujikoshi Corp.1,500 58,614 
Nafco Co. Ltd.1,900 31,398 
Nagase & Co. Ltd.7,200 118,754 
Naigai Tec Corp.300 7,481 
Nanto Bank Ltd. (The)3,100 56,714 
Nasu Denki Tekko Co. Ltd.100 9,953 
NEC Capital Solutions Ltd.1,000 19,270 
NEC Networks & System Integration Corp.900 17,156 
New Art Holdings Co. Ltd.1,500 15,024 
NGK Spark Plug Co. Ltd.16,700 256,695 
Nichireki Co. Ltd.2,400 28,047 
Nihon Chouzai Co. Ltd.200 3,149 
154


Avantis International Small Cap Value Fund
SharesValue
Nihon Dempa Kogyo Co. Ltd.(2)
3,000 $23,910 
Nihon Dengi Co. Ltd.100 3,480 
Nihon Flush Co. Ltd.400 4,607 
Nihon House Holdings Co. Ltd.3,100 11,939 
Nikkon Holdings Co. Ltd.5,700 118,960 
Nippo Corp.6,200 182,186 
Nippon Avionics Co. Ltd.(2)
300 7,700 
Nippon Chemi-Con Corp.(2)
1,900 37,306 
Nippon Chemical Industrial Co. Ltd.1,100 33,219 
Nippon Coke & Engineering Co. Ltd.15,300 17,509 
Nippon Commercial Development Co. Ltd.1,400 21,499 
Nippon Concrete Industries Co. Ltd.4,300 11,826 
Nippon Denko Co. Ltd.13,200 39,296 
Nippon Electric Glass Co. Ltd.10,600 226,171 
Nippon Kayaku Co. Ltd.11,000 121,709 
Nippon Kodoshi Corp.600 17,842 
Nippon Koei Co. Ltd.800 22,537 
Nippon Light Metal Holdings Co. Ltd.8,100 141,994 
Nippon Paper Industries Co. Ltd.12,400 137,976 
Nippon Suisan Kaisha Ltd.39,700 218,807 
Nippon Yakin Kogyo Co. Ltd.2,500 61,110 
Nippon Yusen KK12,100 973,020 
Nipro Corp.19,000 221,000 
Nishi-Nippon Financial Holdings, Inc.12,800 80,779 
Nishikawa Rubber Co. Ltd.200 2,991 
Nishimatsuya Chain Co. Ltd.3,800 45,664 
Nishio Rent All Co. Ltd.2,400 63,668 
Nissei ASB Machine Co. Ltd.900 34,602 
Nissha Co. Ltd.6,100 98,460 
Nissin Electric Co. Ltd.5,400 61,335 
Nittetsu Mining Co. Ltd.700 42,412 
Nitto Kogyo Corp.2,800 44,068 
Nojima Corp.2,800 68,938 
NOK Corp.10,000 122,636 
Nomura Micro Science Co. Ltd.600 26,418 
North Pacific Bank Ltd.23,200 53,507 
NS United Kaiun Kaisha Ltd.400 13,269 
NTN Corp.(2)
7,300 16,699 
Ogaki Kyoritsu Bank Ltd. (The)3,000 53,298 
Oita Bank Ltd. (The)700 11,670 
Oji Holdings Corp.11,900 62,294 
Okamoto Machine Tool Works Ltd.500 23,794 
Okamura Corp.6,100 93,830 
Oki Electric Industry Co. Ltd.11,200 100,471 
Okumura Corp.1,200 32,903 
Okura Industrial Co. Ltd.900 18,452 
Okuwa Co. Ltd.2,200 22,223 
Olympic Group Corp.500 3,450 
Orient Corp.56,400 76,829 
Oriental Shiraishi Corp.(2)
7,500 18,658 
Osaka Steel Co. Ltd.1,600 17,892 
155


Avantis International Small Cap Value Fund
SharesValue
Pacific Industrial Co. Ltd.6,000 $68,500 
Pasona Group, Inc.2,600 62,966 
Pressance Corp.2,200 34,510 
Proto Corp.1,800 24,229 
PS Mitsubishi Construction Co. Ltd.1,700 10,015 
Raiznext Corp.700 7,047 
Relia, Inc.3,500 37,921 
Rengo Co. Ltd.26,800 218,467 
Restar Holdings Corp.2,300 40,210 
Ricoh Leasing Co. Ltd.1,800 59,706 
Riken Corp.1,100 26,371 
Riken Technos Corp.1,900 9,940 
Riken Vitamin Co. Ltd.2,100 34,784 
Roland DG Corp.2,200 57,146 
Ryobi Ltd.2,500 29,569 
Sakai Chemical Industry Co. Ltd.1,200 23,224 
Sakura Internet, Inc.300 1,700 
Sala Corp.3,300 18,165 
San Holdings, Inc.400 5,177 
San-In Godo Bank Ltd. (The)12,500 65,061 
Sanei Architecture Planning Co. Ltd.800 13,675 
Sanix, Inc.(2)
1,600 4,808 
Sankyo Frontier Co. Ltd.200 9,157 
Sankyu, Inc.5,700 265,259 
Sanoh Industrial Co. Ltd.2,500 25,426 
Sanwa Holdings Corp.21,000 278,896 
Sanyo Chemical Industries Ltd.1,300 69,516 
Sawada Holdings Co. Ltd.3,100 28,256 
SBS Holdings, Inc.1,700 61,113 
SEC Carbon Ltd.100 5,409 
Seed Co. Ltd.1,600 10,066 
Seikitokyu Kogyo Co. Ltd.1,800 13,770 
Seiko Epson Corp.4,500 83,811 
Sekisui Kasei Co. Ltd.2,100 11,384 
SEMITEC Corp.200 15,415 
Senko Group Holdings Co. Ltd.12,500 109,878 
Senshu Ikeda Holdings, Inc.17,200 26,242 
Seven Bank Ltd.77,600 176,990 
Shibaura Mechatronics Corp.100 6,005 
Shibusawa Warehouse Co. Ltd. (The)100 1,972 
Shikoku Bank Ltd. (The)2,100 13,916 
Shin Nippon Biomedical Laboratories Ltd.1,000 7,718 
Shin-Keisei Electric Railway Co. Ltd.200 3,894 
Shin-Nihon Tatemono Co. Ltd.3,200 11,750 
Shinagawa Refractories Co. Ltd.500 18,042 
Shinnihon Corp.400 3,133 
Shinoken Group Co. Ltd.3,500 35,410 
Shinsei Bank Ltd.13,200 163,648 
Siix Corp.3,700 43,038 
SK-Electronics Co. Ltd.100 847 
SKY Perfect JSAT Holdings, Inc.19,600 72,668 
156


Avantis International Small Cap Value Fund
SharesValue
Soken Chemical & Engineering Co. Ltd.800 $15,291 
Space Value Holdings Co. Ltd.(2)
2,300 17,477 
St-Care Holding Corp.1,900 16,302 
Star Mica Holdings Co. Ltd.300 3,790 
Starts Corp., Inc.4,100 106,546 
Starzen Co. Ltd.1,600 32,567 
Stella Chemifa Corp.1,200 31,047 
Studio Alice Co. Ltd.400 8,161 
Subaru Enterprise Co. Ltd.100 7,249 
Sumida Corp.5,100 60,716 
Sumitomo Bakelite Co. Ltd.5,300 228,478 
Sumitomo Heavy Industries Ltd.10,400 272,060 
Sumitomo Mitsui Construction Co. Ltd.8,400 36,449 
Sumitomo Osaka Cement Co. Ltd.4,400 119,432 
Sumitomo Riko Co. Ltd.6,000 38,153 
Sumitomo Rubber Industries Ltd.22,800 273,133 
Sumitomo Seika Chemicals Co. Ltd.900 28,810 
Sumitomo Warehouse Co. Ltd. (The)4,900 79,631 
Sun Frontier Fudousan Co. Ltd.4,900 50,843 
Suruga Bank Ltd.19,000 62,451 
Suzuki Co. Ltd.1,300 9,979 
SWCC Showa Holdings Co. Ltd.2,900 60,316 
T RAD Co. Ltd.(2)
600 17,027 
T-Gaia Corp.1,200 21,445 
Tachikawa Corp.400 4,648 
Taihei Dengyo Kaisha Ltd.1,400 34,261 
Taiheiyo Cement Corp.17,700 405,378 
Taiho Kogyo Co. Ltd.1,500 11,543 
Taiyo Yuden Co. Ltd.1,400 79,139 
Takamiya Co. Ltd.1,000 4,361 
Takaoka Toko Co. Ltd.1,400 19,036 
Takara Leben Co. Ltd.13,500 39,271 
Takasago International Corp.1,300 34,174 
Takashimaya Co. Ltd.21,700 216,332 
Takasho Co. Ltd.1,000 9,090 
Takeei Corp.2,600 39,536 
Tama Home Co. Ltd.1,200 26,916 
Tamron Co. Ltd.1,000 23,951 
Taoka Chemical Co. Ltd.100 10,187 
Teijin Ltd.23,200 333,683 
Tera Probe, Inc.(2)
500 7,531 
Toa Corp. (Tokyo)1,900 39,761 
TOA ROAD Corp.200 8,342 
Toda Corp.100 730 
Toenec Corp.100 3,358 
Toho Zinc Co. Ltd.1,400 25,821 
TOKAI Holdings Corp.8,600 71,647 
Tokuyama Corp.6,900 137,785 
Tokyo Tatemono Co. Ltd.21,100 323,431 
Tokyo Tekko Co. Ltd.1,600 22,633 
Tokyu Fudosan Holdings Corp.56,000 323,989 
157


Avantis International Small Cap Value Fund
SharesValue
Tomoku Co. Ltd.500 $8,669 
TOMONY Holdings, Inc.900 2,640 
Tomy Co. Ltd.8,500 83,373 
Tonami Holdings Co. Ltd.300 12,984 
Topre Corp.5,200 63,290 
Topy Industries Ltd.1,000 10,767 
Tosei Corp.5,200 54,900 
Tosho Co. Ltd.500 7,610 
Towa Bank Ltd. (The)3,200 14,567 
Towa Corp.1,400 34,566 
Toyo Construction Co. Ltd.6,800 34,809 
Toyo Engineering Corp.(2)
5,200 42,033 
Toyo Ink SC Holdings Co. Ltd.4,800 88,234 
Toyo Seikan Group Holdings Ltd.20,600 286,812 
Toyo Tanso Co. Ltd.1,100 27,546 
Toyo Tire Corp.14,900 264,681 
Toyobo Co. Ltd.12,000 148,619 
Toyoda Gosei Co. Ltd.8,100 172,255 
Toyota Boshoku Corp.6,100 114,702 
TPR Co. Ltd.2,400 32,402 
Traders Holdings Co. Ltd.1,500 4,521 
Transcosmos, Inc.1,000 31,231 
TS Tech Co. Ltd.11,300 153,060 
Tsubakimoto Chain Co.2,300 70,900 
Tsukuba Bank Ltd.6,900 10,970 
UACJ Corp.(2)
5,400 133,993 
Ube Industries Ltd.14,500 292,576 
Uchida Yoko Co. Ltd.1,300 61,476 
Ueki Corp.400 5,395 
United Super Markets Holdings, Inc.6,300 62,621 
UNITED, Inc.1,500 22,670 
Unitika Ltd.(2)
6,000 19,001 
V Technology Co. Ltd.1,000 41,135 
Valor Holdings Co. Ltd.4,100 91,536 
Vertex Corp.1,000 27,559 
Wacom Co. Ltd.1,100 7,162 
Wakita & Co. Ltd.3,800 34,995 
Warabeya Nichiyo Holdings Co. Ltd.1,800 39,388 
Willplus Holdings Corp.900 8,066 
World Holdings Co. Ltd.900 21,257 
Xebio Holdings Co. Ltd.2,700 27,087 
YAMABIKO Corp.4,700 54,040 
Yamaguchi Financial Group, Inc.15,200 88,637 
Yashima Denki Co. Ltd.500 4,503 
Yellow Hat Ltd.5,000 88,480 
Yodogawa Steel Works Ltd.2,100 47,390 
Yokohama Reito Co. Ltd.4,400 35,917 
Yokohama Rubber Co. Ltd. (The)18,300 312,136 
Yorozu Corp.1,600 17,319 
Yotai Refractories Co. Ltd.800 9,263 
32,478,826 
158


Avantis International Small Cap Value Fund
SharesValue
Netherlands — 2.3%
Accell Group NV(2)
2,761 $131,674 
AerCap Holdings NV(2)
14,084 759,550 
AMG Advanced Metallurgical Group NV3,635 128,604 
ASR Nederland NV12,897 589,326 
Basic-Fit NV(1)(2)
4,176 195,017 
Boskalis Westminster9,284 305,617 
Brunel International NV2,542 33,594 
Flow Traders2,262 92,184 
ForFarmers NV2,391 12,565 
Heijmans NV, CVA3,157 45,338 
Koninklijke BAM Groep NV(2)
35,529 117,363 
Nedap N.V.63 4,524 
Pharming Group NV(1)(2)
14,429 15,517 
PostNL NV58,821 307,804 
SIF Holding NV899 17,183 
TKH Group NV, CVA4,208 257,884 
3,013,744 
New Zealand — 0.8%
Air New Zealand Ltd.(2)
116,302 123,766 
Arvida Group Ltd.21,000 30,771 
Kathmandu Holdings Ltd.3,356 3,216 
New Zealand Refining Co. Ltd. (The)(2)
5,917 3,840 
Oceania Healthcare Ltd.496,636 550,489 
PGG Wrightson Ltd.3,178 8,587 
SKYCITY Entertainment Group Ltd.(2)
43,155 99,032 
Synlait Milk Ltd.(1)(2)
2,707 6,311 
Tourism Holdings Ltd.(2)
730 1,243 
Warehouse Group Ltd. (The)4,116 10,756 
Z Energy Ltd.83,608 206,660 
1,044,671 
Norway — 2.1%
ABG Sundal Collier Holding ASA106,475 113,937 
Aker Offshore Wind AS(2)
4,035 2,274 
Aker Solutions ASA(2)
39,671 73,365 
Avance Gas Holding Ltd.9,963 49,923 
BW Energy Ltd.(2)
6,704 21,520 
BW LPG Ltd.7,243 38,566 
BW Offshore Ltd.17,932 55,669 
DNO ASA(2)
149,189 135,299 
FLEX LNG Ltd.13,168 197,778 
Frontline Ltd.37,607 271,523 
Hafnia Ltd.19,975 37,508 
Hunter Group ASA(2)
64,018 19,721 
Kid ASA4,498 66,416 
Klaveness Combination Carriers ASA899 4,992 
Komplett Bank ASA2,201 2,172 
Norske Skog ASA(2)
12,428 46,432 
Norwegian Energy Co. ASA(2)
2,000 31,699 
Ocean Yield ASA(1)
11,565 41,992 
Odfjell Drilling Ltd.(2)
38,648 86,391 
159


Avantis International Small Cap Value Fund
SharesValue
PGS ASA(2)
132,512 $65,465 
Protector Forsikring ASA15,146 170,639 
SpareBank 1 Nord Norge28,395 285,960 
SpareBank 1 Sorost-Norge1,293 7,498 
Sparebanken More267 11,888 
Sparebanken Vest1,609 16,555 
Stolt-Nielsen Ltd.4,558 56,812 
Subsea 7 SA68,853 523,810 
TGS ASA3,732 41,337 
Veidekke ASA15,948 204,743 
Wallenius Wilhelmsen ASA(2)
31,730 125,604 
2,807,488 
Portugal — 0.2%
CTT-Correios de Portugal SA36,092 195,831 
Ibersol SGPS SA(2)
101 694 
Sonae SGPS SA53,840 58,625 
255,150 
Singapore — 1.6%
BRC Asia Ltd.5,500 6,131 
Centurion Corp. Ltd.(2)
10,500 2,611 
China Sunsine Chemical Holdings Ltd.27,500 10,010 
Food Empire Holdings Ltd.7,400 4,232 
Fu Yu Corp. Ltd.20,700 4,461 
GKE Corp. Ltd.(2)
228,600 22,023 
Golden Agri-Resources Ltd.2,197,700 374,983 
Hong Fok Corp. Ltd.81,600 48,193 
Hong Leong Asia Ltd.61,300 38,456 
Hour Glass Ltd. (The)(1)
10,500 11,133 
Hutchison Port Holdings Trust, U Shares1,935,600 395,240 
InnoTek Ltd.(1)
30,500 18,217 
ISDN Holdings Ltd.39,700 18,701 
Japfa Ltd.138,500 73,108 
Medtecs International Corp. Ltd.18,400 7,444 
OUE Ltd.37,000 38,203 
Sing Holdings Ltd.11,800 3,353 
Singapore Press Holdings Ltd.438,600 632,121 
Tuan Sing Holdings Ltd.409,500 151,778 
Yanlord Land Group Ltd.332,100 293,265 
Ying Li International Real Estate Ltd.(2)
4,700 277 
2,153,940 
Spain — 1.7%
Acerinox SA28,026 381,966 
Almirall SA6,842 116,217 
Banco de Sabadell SA(2)
546,001 389,247 
Bankinter SA14,346 83,959 
Construcciones y Auxiliar de Ferrocarriles SA(2)
3,233 138,738 
Deoleo SA(1)(2)
20,503 8,876 
Ercros SA(2)
21,359 84,136 
Gestamp Automocion SA(2)
39,788 185,058 
Mediaset Espana Comunicacion SA(2)
21,551 131,467 
Melia Hotels International SA(2)
16,346 114,332 
160


Avantis International Small Cap Value Fund
SharesValue
Miquel y Costas & Miquel SA1,397 $27,866 
Neinor Homes SA(2)
2,448 34,935 
Obrascon Huarte Lain SA(2)
35,550 25,971 
Pharma Mar SA1,912 164,730 
Prosegur Cia de Seguridad SA28,778 93,684 
Sacyr SA14 34 
Tubacex SA(1)(2)
5,000 8,758 
Unicaja Banco SA132,213 121,983 
Zardoya Otis SA24,059 158,786 
2,270,743 
Sweden — 7.2%
Annehem Fastigheter AB, B Shares(2)
455 2,165 
AQ Group AB(2)
739 28,944 
Arise AB(2)
2,112 10,101 
Arjo AB, B Shares5,571 71,468 
Avanza Bank Holding AB1,097 42,256 
Bilia AB, A Shares17,104 343,676 
Biotage AB10,293 287,941 
Bonava AB, B Shares20,091 213,497 
Boozt AB(2)
10,821 220,741 
Bredband2 i Skandinavien AB21,892 6,392 
Bulten AB2,640 28,100 
Bure Equity AB13,786 643,542 
Byggmax Group AB16,198 143,626 
Catena Media plc(1)(2)
12,784 66,523 
Cavotec SA(2)
1,100 2,971 
Cibus Nordic Real Estate AB6,277 163,569 
Clas Ohlson AB, B Shares(1)(2)
6,352 75,588 
Collector AB(1)(2)
18,091 82,008 
Corem Property Group AB80,542 239,618 
Dios Fastigheter AB17,498 206,215 
Elanders AB, B Shares400 7,481 
Electrolux Professional AB, B Shares(2)
39,870 311,655 
Eolus Vind AB, B Shares(1)
3,712 75,540 
Ferronordic AB1,600 45,399 
G5 Entertainment AB899 46,082 
Granges AB26,042 324,371 
Haldex AB(2)
691 3,986 
Hexatronic Group AB6,916 209,303 
Hoist Finance AB(2)
4,417 17,543 
JM AB7,806 302,411 
Kopparbergs Bryggeri AB, B Shares2,008 39,533 
Kungsleden AB31,539 473,149 
Loomis AB18,761 582,503 
Maha Energy AB(1)(2)
17,201 23,691 
Mekonomen AB(2)
9,458 177,823 
Millicom International Cellular SA, SDR(2)
13,815 522,800 
Mycronic AB14,579 450,255 
NCC AB, B Shares15,124 270,805 
New Wave Group AB, B Shares(2)
13,289 209,818 
Nobia AB22,383 181,627 
161


Avantis International Small Cap Value Fund
SharesValue
Nobina AB18,777 $172,253 
Nolato AB, B Shares29,842 345,119 
Nordic Entertainment Group AB, B Shares(2)
4,736 275,127 
Note AB(2)
2,410 38,328 
Nyfosa AB5,726 88,444 
Orexo AB(1)(2)
3,770 15,941 
Pandox AB(2)
15,506 257,241 
Paradox Interactive AB4,317 80,149 
Peab AB, Class B38,725 463,565 
RaySearch Laboratories AB(1)(2)
3,561 29,227 
Resurs Holding AB29,273 149,448 
Saab AB, B Shares2,075 61,934 
Scandi Standard AB7,357 50,379 
Semcon AB398 5,664 
SkiStar AB(2)
11,719 247,409 
Stendorren Fastigheter AB(2)
1,094 34,120 
Tethys Oil AB4,907 28,879 
TF Bank AB180 3,809 
9,501,752 
Switzerland — 4.7%
ALSO Holding AG(2)
1,278 411,329 
Arbonia AG13,485 279,915 
Autoneum Holding AG(2)
847 162,045 
Bell Food Group AG478 148,764 
Bellevue Group AG642 31,705 
Bobst Group SA(2)
1,531 140,913 
Bossard Holding AG, Class A1,201 403,955 
Bucher Industries AG1,065 538,830 
Burckhardt Compression Holding AG758 299,568 
Burkhalter Holding AG341 24,633 
Bystronic AG125 175,755 
Coltene Holding AG(2)
486 70,121 
EFG International AG(2)
25,607 201,998 
Feintool International Holding AG(2)
177 12,814 
Forbo Holding AG228 488,060 
GAM Holding AG(2)
32,581 62,388 
Gurit Holding AG75 154,974 
Leonteq AG2,711 181,985 
Liechtensteinische Landesbank AG1,372 80,662 
OC Oerlikon Corp. AG51,117 570,286 
Orior AG1,385 142,119 
Phoenix Mecano AG43 22,260 
Sensirion Holding AG(2)
2,492 312,722 
Softwareone Holding AG(2)
1,545 43,771 
St Galler Kantonalbank AG601 279,588 
Swiss Steel Holding AG(2)
42,644 20,058 
Swissquote Group Holding SA1,305 246,365 
V-ZUG Holding AG(2)
325 51,870 
Valiant Holding AG3,533 356,140 
Valora Holding AG(2)
261 53,512 
Zehnder Group AG2,617 282,947 
6,252,052 
162


Avantis International Small Cap Value Fund
SharesValue
United Kingdom — 16.1%
AG Barr plc(2)
8,644 $66,250 
Anglo Asian Mining plc5,959 10,823 
Anglo Pacific Group plc7,591 14,084 
AO World plc(2)
20,185 64,199 
Argentex Group plc696 926 
ASOS plc(2)
6,350 338,771 
Atalaya Mining plc(2)
4,387 19,309 
Bank of Georgia Group plc(2)
4,856 111,509 
Bellway plc1,338 64,845 
Biffa plc(2)
28,021 150,542 
Bodycote plc19,497 258,811 
Brewin Dolphin Holdings plc40,296 220,582 
Britvic plc26,979 361,990 
Burford Capital Ltd.19,349 240,548 
Cairn Energy plc46,683 123,656 
Centamin plc129,917 177,611 
Central Asia Metals plc22,764 78,354 
Close Brothers Group plc20,231 428,685 
CMC Markets plc15,800 90,920 
Coats Group plc125,034 131,273 
Computacenter plc8,146 329,526 
ContourGlobal plc16,408 43,778 
Crest Nicholson Holdings plc(2)
40,145 231,490 
Daily Mail & General Trust plc53 806 
De La Rue plc(2)
16,138 39,176 
Devro plc13,264 40,768 
DFS Furniture plc(2)
8,140 30,305 
Direct Line Insurance Group plc111,088 471,639 
Diversified Energy Co. plc47,100 72,350 
Draper Esprit plc(2)
21,180 316,234 
Drax Group plc55,231 314,957 
Dunelm Group plc7,065 124,873 
Eckoh plc2,370 1,923 
Esken Ltd.(1)(2)
32,071 6,142 
Evraz plc28,357 230,662 
Ferrexpo plc48,113 252,168 
Frasers Group plc(2)
25,373 233,572 
Games Workshop Group plc267 42,483 
Genel Energy plc15,129 28,065 
Georgia Capital plc(2)
3,896 33,365 
Go-Ahead Group plc (The)(2)
5,271 68,308 
Golar LNG Ltd.(2)
9,624 108,270 
Greggs plc(2)
10,587 441,632 
Gulf Keystone Petroleum Ltd.24,211 52,581 
Gym Group plc (The)(2)
4,025 15,743 
Halfords Group plc21,023 105,211 
Hays plc(2)
158,660 347,334 
Hill & Smith Holdings plc10,982 279,843 
Hochschild Mining plc18,689 38,811 
Howden Joinery Group plc79,660 1,036,208 
163


Avantis International Small Cap Value Fund
SharesValue
Hunting plc13,843 $39,911 
IG Group Holdings plc37,121 478,019 
Inchcape plc44,581 563,826 
Indivior plc(2)
74,717 199,736 
IntegraFin Holdings plc28,521 227,328 
International Personal Finance plc(2)
32,615 66,390 
Investec plc63,009 265,054 
IP Group plc98,266 171,594 
IWG plc(2)
4,252 17,474 
J Sainsbury plc186,386 779,019 
Jadestone Energy plc3,089 3,232 
Johnson Matthey plc22,489 909,203 
Jubilee Metals Group plc(2)
198,165 47,683 
Just Group plc(2)
136,195 174,780 
Keller Group plc8,827 121,337 
Luxfer Holdings plc2,514 53,674 
M&G plc378,906 1,073,308 
Marks & Spencer Group plc(2)
226,537 559,975 
Marston's plc(2)
44,031 52,382 
McBride plc(2)
1,428 1,541 
Mitchells & Butlers plc(2)
16,470 66,667 
Morgan Sindall Group plc4,499 158,933 
Motorpoint group plc(2)
61 284 
N Brown Group plc(1)(2)
12,509 9,202 
Naked Wines plc(2)
5,268 60,962 
OSB Group plc24,245 170,092 
Pagegroup plc(2)
47,378 411,098 
Pan African Resources plc(1)
75,333 17,615 
Paragon Banking Group plc24,292 187,738 
PayPoint plc2,766 26,983 
Petropavlovsk plc(1)(2)
52,560 15,204 
Phoenix Group Holdings plc7,560 64,777 
Photo-Me International plc(2)
12,371 11,826 
Playtech plc(2)
25,114 141,290 
Plus500 Ltd.13,049 268,266 
Provident Financial plc(2)
40,761 199,818 
PZ Cussons plc23,588 78,234 
QinetiQ Group plc48,000 228,042 
Quilter plc280,922 583,896 
Rathbone Brothers plc5,959 167,555 
Reach plc40,420 227,462 
Redde Northgate plc29,533 177,320 
Rhi Magnesita NV3,368 177,871 
Royal Mail plc93,916 639,638 
Secure Trust Bank plc121 2,120 
Senior plc(2)
47,232 115,050 
Serica Energy plc5,537 12,002 
Shanta Gold Ltd.106,592 19,189 
Speedy Hire plc33,225 31,647 
Spire Healthcare Group plc(2)
29,420 95,145 
St. James's Place plc9,449 209,246 
164


Avantis International Small Cap Value Fund
SharesValue
SThree plc15,533 $111,397 
Superdry plc(2)
8,840 42,124 
Tate & Lyle plc49,064 476,515 
TBC Bank Group plc4,137 80,633 
Ted Baker plc(2)
8,340 17,607 
Telit Communications plc(2)
11,099 34,944 
TI Fluid Systems plc30,162 126,697 
TP Icap Group plc1,502 4,201 
Tremor International Ltd.(2)
946 9,610 
Vertu Motors plc(2)
3,181 2,362 
Victoria plc(2)
9,131 140,016 
Victrex plc8,487 309,632 
Virgin Money UK plc(2)
105,165 307,283 
Vp plc235 3,130 
Watkin Jones plc21,513 70,384 
Weir Group plc (The)(2)
4,379 105,381 
Wickes Group plc(2)
28,357 93,591 
WM Morrison Supermarkets plc143,691 571,540 
Xaar plc(2)
5,274 16,383 
21,195,979 
TOTAL COMMON STOCKS
(Cost $107,783,779)
129,999,270 
WARRANTS


Italy
Webuild SpA(1)(2)
(Cost $—)
6,684 17,852 
TEMPORARY CASH INVESTMENTS — 1.1%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $1,394,096)
1,394,096 1,394,096 
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio
(Cost $1,604,022)
1,604,022 1,604,022 
TOTAL INVESTMENT SECURITIES — 101.0%
(Cost $110,781,897)

133,015,240 
OTHER ASSETS AND LIABILITIES — (1.0)%

(1,306,417)
TOTAL NET ASSETS — 100.0%

$131,708,823 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized Appreciation
(Depreciation)^
Russell 2000 E-Mini Index7
September 2021
$794,920 $(20,853)
^Amount represents value and unrealized appreciation (depreciation).

165


MARKET SECTOR DIVERSIFICATION
(as a % of net assets)  
 
Industrials22.3%
Financials18.3%
Materials17.8%
Consumer Discretionary13.6%
Energy5.9%
Information Technology5.0%
Consumer Staples4.9%
Communication Services3.9%
Real Estate3.3%
Health Care2.7%
Utilities1.0%
Temporary Cash Investments1.1%
Temporary Cash Investments - Securities Lending Collateral1.2%
Other Assets and Liabilities(1.0)%

NOTES TO SCHEDULE OF INVESTMENTS
CVA-Certificaten Van Aandelen
SDR-Swedish Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $4,485,166. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $4,803,535, which includes securities collateral of $3,199,513.


See Notes to Financial Statements.

166


AUGUST 31, 2021
Avantis U.S. Equity Fund
SharesValue
COMMON STOCKS — 99.2%
Aerospace and Defense — 1.1%
AAR Corp.(1)
296 $10,020 
Aerojet Rocketdyne Holdings, Inc.361 14,989 
AeroVironment, Inc.(1)
151 15,456 
Astronics Corp.(1)
327 4,369 
Axon Enterprise, Inc.(1)
257 46,741 
Boeing Co. (The)(1)
1,151 252,644 
BWX Technologies, Inc.1,774 101,881 
Curtiss-Wright Corp.281 34,220 
Ducommun, Inc.(1)
89 4,690 
General Dynamics Corp.503 100,756 
HEICO Corp.159 20,164 
HEICO Corp., Class A238 27,189 
Hexcel Corp.(1)
906 51,379 
Howmet Aerospace, Inc.1,262 40,068 
Huntington Ingalls Industries, Inc.493 100,656 
Kaman Corp.359 14,030 
L3Harris Technologies, Inc.550 128,155 
Lockheed Martin Corp.930 334,614 
Maxar Technologies, Inc.218 6,930 
Mercury Systems, Inc.(1)
91 4,585 
Moog, Inc., Class A161 12,790 
National Presto Industries, Inc.103 8,605 
Northrop Grumman Corp.305 112,148 
Parsons Corp.(1)
30 1,063 
Raytheon Technologies Corp.6,610 560,264 
Spirit AeroSystems Holdings, Inc., Class A307 12,047 
Textron, Inc.2,628 190,977 
TransDigm Group, Inc.(1)
130 78,971 
Triumph Group, Inc.(1)
528 9,747 
Virgin Galactic Holdings, Inc.(1)
601 16,293 
2,316,441 
Air Freight and Logistics — 0.9%
Air Transport Services Group, Inc.(1)
735 20,132 
Atlas Air Worldwide Holdings, Inc.(1)
786 57,512 
CH Robinson Worldwide, Inc.502 45,210 
Echo Global Logistics, Inc.(1)
155 5,096 
Expeditors International of Washington, Inc.2,803 349,366 
FedEx Corp.2,182 579,735 
Forward Air Corp.234 20,632 
GXO Logistics, Inc.(1)
246 20,120 
Hub Group, Inc., Class A(1)
438 30,748 
United Parcel Service, Inc., Class B4,025 787,411 
1,915,962 
Airlines — 0.2%
Alaska Air Group, Inc.(1)
549 31,480 
Allegiant Travel Co.(1)
133 25,594 
American Airlines Group, Inc.(1)
2,286 45,583 
Delta Air Lines, Inc.(1)
1,199 48,487 
167


Avantis U.S. Equity Fund
SharesValue
Hawaiian Holdings, Inc.(1)
262 $5,298 
JetBlue Airways Corp.(1)
2,703 40,896 
Mesa Air Group, Inc.(1)
522 4,166 
SkyWest, Inc.(1)
708 33,028 
Southwest Airlines Co.(1)
2,520 125,446 
Spirit Airlines, Inc.(1)
1,038 25,462 
United Airlines Holdings, Inc.(1)
677 31,487 
416,927 
Auto Components — 0.5%
Adient plc(1)
136 5,350 
American Axle & Manufacturing Holdings, Inc.(1)
3,118 27,657 
Aptiv plc(1)
1,247 189,781 
Autoliv, Inc.1,547 136,739 
BorgWarner, Inc.2,320 99,018 
Cooper-Standard Holdings, Inc.(1)
132 3,073 
Dana, Inc.2,357 54,824 
Dorman Products, Inc.(1)
353 33,133 
Fox Factory Holding Corp.(1)
305 46,869 
Gentex Corp.1,939 59,721 
Gentherm, Inc.(1)
349 29,951 
Goodyear Tire & Rubber Co. (The)(1)
7,108 112,591 
LCI Industries203 28,757 
Lear Corp.599 95,804 
Luminar Technologies, Inc.(1)(2)
346 6,013 
Modine Manufacturing Co.(1)
860 10,698 
Motorcar Parts of America, Inc.(1)
233 4,618 
Patrick Industries, Inc.244 19,913 
Standard Motor Products, Inc.341 14,626 
Stoneridge, Inc.(1)
176 4,101 
Superior Industries International, Inc.(1)
846 6,243 
Tenneco, Inc., Class A(1)
101 1,576 
Veoneer, Inc.(1)
559 20,012 
Visteon Corp.(1)
323 34,135 
XPEL, Inc.(1)
189 14,360 
1,059,563 
Automobiles — 0.8%
Fisker, Inc.(1)
273 3,808 
Ford Motor Co.(1)
28,717 374,183 
General Motors Co.(1)
9,665 473,682 
Harley-Davidson, Inc.2,895 114,439 
Tesla, Inc.(1)
927 682,012 
Thor Industries, Inc.299 33,916 
Winnebago Industries, Inc.487 33,905 
Workhorse Group, Inc.(1)(2)
232 2,276 
1,718,221 
Banks — 5.9%
1st Source Corp.134 6,298 
Allegiance Bancshares, Inc.162 6,022 
Altabancorp166 6,892 
Amerant Bancorp, Inc.(1)
45 1,196 
American National Bankshares, Inc.144 4,922 
168


Avantis U.S. Equity Fund
SharesValue
Ameris Bancorp1,087 $53,524 
Arrow Financial Corp.170 6,265 
Associated Banc-Corp.1,841 37,961 
Atlantic Capital Bancshares, Inc.(1)
200 4,846 
Atlantic Union Bankshares Corp.945 34,965 
Banc of California, Inc.324 5,822 
BancFirst Corp.224 12,669 
Bancorp, Inc. (The)(1)
1,185 29,222 
BancorpSouth Bank1,288 37,777 
Bank First Corp.58 4,118 
Bank of America Corp.25,750 1,075,062 
Bank of Hawaii Corp.498 41,737 
Bank of Marin Bancorp143 5,177 
Bank OZK1,258 53,377 
BankUnited, Inc.1,473 61,910 
Banner Corp.397 22,708 
Bar Harbor Bankshares129 3,535 
Berkshire Hills Bancorp, Inc.845 21,657 
BOK Financial Corp.439 38,654 
Brookline Bancorp, Inc.1,675 25,075 
Bryn Mawr Bank Corp.141 5,753 
Business First Bancshares, Inc.209 4,999 
Byline Bancorp, Inc.231 5,683 
Cadence BanCorp1,756 37,772 
Cambridge Bancorp61 5,230 
Camden National Corp.147 6,860 
Capital City Bank Group, Inc.175 4,058 
Capstar Financial Holdings, Inc.296 6,228 
Carter Bankshares, Inc.(1)
362 4,413 
Cathay General Bancorp1,003 39,899 
CBTX, Inc.179 4,872 
Central Pacific Financial Corp.228 5,771 
CIT Group, Inc.1,873 103,802 
Citigroup, Inc.12,570 903,909 
Citizens & Northern Corp.211 5,294 
Citizens Financial Group, Inc.4,241 185,713 
City Holding Co.124 9,660 
Civista Bancshares, Inc.218 5,127 
CNB Financial Corp.228 5,604 
Columbia Banking System, Inc.440 15,998 
Comerica, Inc.1,861 137,547 
Commerce Bancshares, Inc.1,107 78,287 
Community Bank System, Inc.480 35,520 
Community Trust Bancorp, Inc.148 6,166 
ConnectOne Bancorp, Inc.823 23,546 
CrossFirst Bankshares, Inc.(1)
269 3,556 
Cullen/Frost Bankers, Inc.555 63,392 
Customers Bancorp, Inc.(1)
891 36,896 
CVB Financial Corp.1,619 32,963 
Dime Community Bancshares, Inc.217 7,161 
Eagle Bancorp, Inc.613 35,370 
169


Avantis U.S. Equity Fund
SharesValue
East West Bancorp, Inc.1,482 $108,690 
Eastern Bankshares, Inc.1,829 36,178 
Enterprise Bancorp, Inc.150 5,063 
Enterprise Financial Services Corp.559 25,105 
Equity Bancshares, Inc., Class A(1)
171 5,486 
F.N.B. Corp.4,167 48,671 
Farmers National Banc Corp.306 4,774 
FB Financial Corp.620 25,538 
Fifth Third Bancorp6,766 262,927 
Financial Institutions, Inc.188 5,971 
First BanCorp3,833 48,794 
First Bancorp, Inc. (The)69 2,049 
First Bancorp/Southern Pines NC284 11,860 
First Bancshares, Inc. (The)178 7,213 
First Busey Corp.1,056 25,027 
First Citizens BancShares, Inc., Class A92 82,588 
First Commonwealth Financial Corp.774 10,464 
First Community Bankshares, Inc.170 5,311 
First Financial Bancorp1,572 36,958 
First Financial Bankshares, Inc.1,294 61,620 
First Financial Corp.130 5,256 
First Foundation, Inc.506 12,159 
First Hawaiian, Inc.1,405 39,214 
First Horizon Corp.4,560 74,738 
First Internet Bancorp133 3,953 
First Interstate BancSystem, Inc., Class A610 26,877 
First Merchants Corp.739 30,410 
First Mid Bancshares, Inc.109 4,458 
First Midwest Bancorp, Inc.852 15,958 
First of Long Island Corp. (The)279 5,915 
First Republic Bank1,128 224,404 
Flushing Financial Corp.297 6,810 
Fulton Financial Corp.1,921 30,448 
German American Bancorp, Inc.143 5,342 
Glacier Bancorp, Inc.1,079 57,468 
Great Southern Bancorp, Inc.99 5,393 
Great Western Bancorp, Inc.910 28,174 
Hancock Whitney Corp.930 42,743 
Hanmi Financial Corp.324 6,247 
HarborOne Bancorp, Inc.694 9,806 
Heartland Financial USA, Inc.638 30,005 
Heritage Commerce Corp.563 6,345 
Heritage Financial Corp.241 6,133 
Hilltop Holdings, Inc.1,443 48,297 
Home BancShares, Inc.1,659 36,747 
HomeTrust Bancshares, Inc.196 5,453 
Hope Bancorp, Inc.1,952 26,918 
Horizon Bancorp, Inc.324 5,783 
Huntington Bancshares, Inc.9,691 150,501 
Independent Bank Corp. (Massachusetts)393 30,143 
Independent Bank Corp. (Michigan)245 5,130 
170


Avantis U.S. Equity Fund
SharesValue
Independent Bank Group, Inc.478 $33,666 
International Bancshares Corp.838 35,095 
Investors Bancorp, Inc.3,994 57,154 
JPMorgan Chase & Co.12,746 2,038,723 
KeyCorp9,178 186,497 
Lakeland Bancorp, Inc.390 6,583 
Lakeland Financial Corp.202 13,415 
Live Oak Bancshares, Inc.418 25,586 
M&T Bank Corp.1,143 160,031 
Macatawa Bank Corp.489 4,015 
Mercantile Bank Corp.179 5,585 
Metropolitan Bank Holding Corp.(1)
100 7,830 
Midland States Bancorp, Inc.233 5,895 
MidWestOne Financial Group, Inc.190 5,578 
MVB Financial Corp.145 5,733 
National Bank Holdings Corp., Class A285 10,687 
NBT Bancorp, Inc.697 24,994 
Nicolet Bankshares, Inc.(1)
75 5,731 
Northrim BanCorp, Inc.88 3,693 
OceanFirst Financial Corp.474 10,077 
OFG Bancorp585 13,929 
Old National Bancorp.2,075 34,569 
Old Second Bancorp, Inc.455 5,351 
Origin Bancorp, Inc.543 22,344 
Pacific Premier Bancorp, Inc.937 37,443 
PacWest Bancorp1,609 68,463 
Park National Corp.230 26,965 
Parke Bancorp, Inc.239 4,904 
Peapack-Gladstone Financial Corp.200 6,662 
People's United Financial, Inc.4,678 76,860 
Peoples Bancorp, Inc.172 5,373 
Pinnacle Financial Partners, Inc.712 69,007 
PNC Financial Services Group, Inc. (The)2,186 417,745 
Popular, Inc.1,396 106,012 
Preferred Bank160 10,222 
Primis Financial Corp.314 4,707 
Prosperity Bancshares, Inc.794 55,485 
QCR Holdings, Inc.102 5,299 
RBB Bancorp230 5,920 
Regions Financial Corp.8,913 182,093 
Reliant Bancorp, Inc.200 5,800 
Renasant Corp.405 14,215 
Republic Bancorp, Inc., Class A141 7,068 
S&T Bancorp, Inc.253 7,539 
Sandy Spring Bancorp, Inc.753 32,808 
Seacoast Banking Corp. of Florida465 14,852 
ServisFirst Bancshares, Inc.779 57,194 
Sierra Bancorp218 5,542 
Signature Bank596 154,561 
Silvergate Capital Corp., Class A(1)
116 13,106 
Simmons First National Corp., Class A1,486 43,168 
171


Avantis U.S. Equity Fund
SharesValue
SmartFinancial, Inc.229 $5,720 
South State Corp.618 42,382 
Southern First Bancshares, Inc.(1)
100 5,098 
Southside Bancshares, Inc.640 24,122 
Spirit of Texas Bancshares, Inc.210 4,967 
Sterling Bancorp2,046 46,833 
Stock Yards Bancorp, Inc.339 17,486 
Summit Financial Group, Inc.196 4,692 
SVB Financial Group(1)
615 344,092 
Synovus Financial Corp.2,349 101,242 
Texas Capital Bancshares, Inc.(1)
608 41,338 
Tompkins Financial Corp.301 23,957 
Towne Bank1,053 32,085 
TriCo Bancshares216 8,543 
TriState Capital Holdings, Inc.(1)
265 5,356 
Triumph Bancorp, Inc.(1)
405 33,299 
Truist Financial Corp.7,318 417,565 
Trustmark Corp.1,001 31,652 
U.S. Bancorp7,226 414,700 
UMB Financial Corp.745 68,227 
Umpqua Holdings Corp.3,640 70,871 
United Bankshares, Inc.1,184 43,015 
United Community Banks, Inc.1,112 33,549 
Univest Financial Corp.237 6,418 
Valley National Bancorp5,354 69,816 
Veritex Holdings, Inc.751 26,983 
Washington Trust Bancorp, Inc.148 7,882 
Webster Financial Corp.1,033 52,187 
Wells Fargo & Co.20,304 927,893 
WesBanco, Inc.441 14,994 
West BanCorp, Inc.181 5,537 
Westamerica Bancorporation156 8,851 
Western Alliance Bancorp1,281 124,974 
Wintrust Financial Corp.925 69,227 
Zions Bancorp N.A.2,213 128,133 
12,661,415 
Beverages — 0.9%
Boston Beer Co., Inc. (The), Class A(1)
75 42,766 
Brown-Forman Corp., Class A198 13,108 
Brown-Forman Corp., Class B1,630 114,458 
Coca-Cola Co. (The)13,542 762,550 
Coca-Cola Consolidated, Inc.123 49,958 
Constellation Brands, Inc., Class A59 12,457 
Keurig Dr Pepper, Inc.2,240 79,901 
MGP Ingredients, Inc.401 26,185 
Molson Coors Beverage Co., Class B1,996 94,870 
Monster Beverage Corp.(1)
1,766 172,309 
National Beverage Corp.619 28,814 
PepsiCo, Inc.4,041 631,972 
2,029,348 
172


Avantis U.S. Equity Fund
SharesValue
Biotechnology — 2.9%
AbbVie, Inc.5,902 $712,844 
ACADIA Pharmaceuticals, Inc.(1)
198 3,467 
Acceleron Pharma, Inc.(1)
257 34,407 
Adverum Biotechnologies, Inc.(1)
241 586 
Affimed NV(1)
1,762 12,404 
Agios Pharmaceuticals, Inc.(1)
619 27,657 
Akebia Therapeutics, Inc.(1)
228 670 
Albireo Pharma, Inc.(1)
120 3,666 
Alector, Inc.(1)
467 12,623 
Alkermes plc(1)
743 23,226 
Allakos, Inc.(1)
54 4,815 
Allogene Therapeutics, Inc.(1)
125 2,981 
Alnylam Pharmaceuticals, Inc.(1)
187 37,667 
Altimmune, Inc.(1)(2)
125 1,874 
ALX Oncology Holdings, Inc.(1)
72 5,040 
Amgen, Inc.2,133 481,055 
Amicus Therapeutics, Inc.(1)
341 3,884 
AnaptysBio, Inc.(1)
151 3,867 
Anika Therapeutics, Inc.(1)
17 733 
Arcturus Therapeutics Holdings, Inc.(1)(2)
69 3,782 
Arcus Biosciences, Inc.(1)
309 9,014 
Arcutis Biotherapeutics, Inc.(1)
166 3,514 
Ardelyx, Inc.(1)
348 491 
Arena Pharmaceuticals, Inc.(1)
478 25,296 
Arrowhead Pharmaceuticals, Inc.(1)
684 45,910 
Assembly Biosciences, Inc.(1)
133 505 
Atara Biotherapeutics, Inc.(1)
193 2,891 
Avid Bioservices, Inc.(1)
621 15,053 
Beam Therapeutics, Inc.(1)
102 11,314 
BioCryst Pharmaceuticals, Inc.(1)
946 15,060 
Biogen, Inc.(1)
1,538 521,244 
Biohaven Pharmaceutical Holding Co. Ltd.(1)
200 26,248 
BioMarin Pharmaceutical, Inc.(1)
941 79,242 
Bluebird Bio, Inc.(1)
123 2,251 
Blueprint Medicines Corp.(1)
435 40,572 
Bridgebio Pharma, Inc.(1)
204 10,222 
Calithera Biosciences, Inc.(1)
173 424 
Catalyst Pharmaceuticals, Inc.(1)
713 3,929 
Celldex Therapeutics, Inc.(1)
295 15,532 
Cerevel Therapeutics Holdings, Inc.(1)
214 6,775 
Chimerix, Inc.(1)
557 3,955 
Coherus Biosciences, Inc.(1)
404 6,456 
Cortexyme, Inc.(1)
256 24,653 
CRISPR Therapeutics AG(1)
149 18,618 
Cullinan Oncology, Inc.(1)(2)
506 14,279 
CureVac NV(1)
137 9,019 
Deciphera Pharmaceuticals, Inc.(1)
82 2,583 
Denali Therapeutics, Inc.(1)
843 44,848 
DermTech, Inc.(1)
291 10,825 
Dicerna Pharmaceuticals, Inc.(1)
1,004 20,662 
173


Avantis U.S. Equity Fund
SharesValue
Eagle Pharmaceuticals, Inc.(1)
139 $7,418 
Editas Medicine, Inc.(1)
376 23,910 
Emergent BioSolutions, Inc.(1)
527 33,243 
Enanta Pharmaceuticals, Inc.(1)
47 2,688 
Exact Sciences Corp.(1)
321 33,506 
Exelixis, Inc.(1)
1,258 24,116 
Fate Therapeutics, Inc.(1)
134 9,816 
FibroGen, Inc.(1)
118 1,372 
Frequency Therapeutics, Inc.(1)(2)
165 1,274 
G1 Therapeutics, Inc.(1)(2)
166 2,510 
Generation Bio Co.(1)
153 3,825 
Geron Corp.(1)(2)
2,825 4,096 
Gilead Sciences, Inc.10,537 766,883 
Global Blood Therapeutics, Inc.(1)
101 2,898 
Gossamer Bio, Inc.(1)
39 388 
Halozyme Therapeutics, Inc.(1)
1,123 47,155 
Harpoon Therapeutics, Inc.(1)
487 4,617 
Heron Therapeutics, Inc.(1)
189 2,206 
Horizon Therapeutics plc(1)
1,247 134,788 
Ideaya Biosciences, Inc.(1)
273 6,416 
ImmunoGen, Inc.(1)
508 3,073 
Incyte Corp.(1)
841 64,328 
Inovio Pharmaceuticals, Inc.(1)
1,873 16,183 
Intellia Therapeutics, Inc.(1)
244 39,169 
Invitae Corp.(1)(2)
264 7,822 
Ionis Pharmaceuticals, Inc.(1)
359 14,274 
Iovance Biotherapeutics, Inc.(1)
278 6,691 
Ironwood Pharmaceuticals, Inc.(1)
2,131 27,916 
iTeos Therapeutics, Inc.(1)
127 3,600 
IVERIC bio, Inc.(1)
1,061 11,215 
Keros Therapeutics, Inc.(1)
47 1,581 
Kiniksa Pharmaceuticals Ltd., Class A(1)
232 2,919 
Kodiak Sciences, Inc.(1)
87 8,194 
Krystal Biotech, Inc.(1)
58 3,361 
Kymera Therapeutics, Inc.(1)
153 9,507 
Ligand Pharmaceuticals, Inc.(1)
127 16,802 
MacroGenics, Inc.(1)
152 3,589 
Madrigal Pharmaceuticals, Inc.(1)
28 2,317 
Mirati Therapeutics, Inc.(1)
141 23,932 
Moderna, Inc.(1)
3,551 1,337,626 
Myriad Genetics, Inc.(1)
416 14,884 
Natera, Inc.(1)
164 19,423 
Neurocrine Biosciences, Inc.(1)
563 53,598 
Nkarta, Inc.(1)
93 3,008 
Novavax, Inc.(1)
450 107,343 
Nurix Therapeutics, Inc.(1)
137 4,410 
OPKO Health, Inc.(1)(2)
1,613 6,226 
Passage Bio, Inc.(1)
253 3,041 
PDL BioPharma, Inc.(1)
752 1,857 
Protagonist Therapeutics, Inc.(1)
357 17,314 
Prothena Corp. plc(1)
243 16,310 
174


Avantis U.S. Equity Fund
SharesValue
Regeneron Pharmaceuticals, Inc.(1)
592 $398,653 
REGENXBIO, Inc.(1)
230 7,429 
Relay Therapeutics, Inc.(1)(2)
247 7,911 
Repare Therapeutics, Inc.(1)
136 4,624 
Replimune Group, Inc.(1)
131 4,161 
REVOLUTION Medicines, Inc.(1)
430 12,509 
Rhythm Pharmaceuticals, Inc.(1)
119 1,548 
Sage Therapeutics, Inc.(1)
651 30,083 
Sangamo Therapeutics, Inc.(1)
1,575 15,608 
Sarepta Therapeutics, Inc.(1)
291 22,733 
Seagen, Inc.(1)
371 62,180 
Spectrum Pharmaceuticals, Inc.(1)
83 195 
SpringWorks Therapeutics, Inc.(1)
56 4,206 
Stoke Therapeutics, Inc.(1)(2)
72 1,885 
Sutro Biopharma, Inc.(1)
160 3,475 
TCR2 Therapeutics, Inc.(1)
110 1,845 
TG Therapeutics, Inc.(1)
186 5,035 
Translate Bio, Inc.(1)
1,056 39,494 
Travere Therapeutics, Inc.(1)
176 3,842 
Turning Point Therapeutics, Inc.(1)
116 8,934 
Twist Bioscience Corp.(1)
62 7,019 
Ultragenyx Pharmaceutical, Inc.(1)
172 16,562 
United Therapeutics Corp.(1)
516 110,878 
Vanda Pharmaceuticals, Inc.(1)
982 16,439 
Vaxart, Inc.(1)
1,500 13,425 
VBI Vaccines, Inc.(1)(2)
770 2,780 
Vertex Pharmaceuticals, Inc.(1)
594 118,972 
Viking Therapeutics, Inc.(1)(2)
399 2,637 
Vir Biotechnology, Inc.(1)
247 12,730 
Voyager Therapeutics, Inc.(1)
243 792 
Xencor, Inc.(1)
293 9,924 
Xenon Pharmaceuticals, Inc.(1)
253 4,465 
ZIOPHARM Oncology, Inc.(1)(2)
600 978 
Zymeworks, Inc.(1)
83 2,738 
6,289,960 
Building Products — 0.8%
AAON, Inc.427 29,083 
Advanced Drainage Systems, Inc.403 46,002 
Allegion plc646 93,018 
American Woodmark Corp.(1)
493 
AO Smith Corp.1,822 132,496 
Apogee Enterprises, Inc.686 29,484 
Armstrong World Industries, Inc.518 53,836 
AZEK Co., Inc. (The)(1)
127 5,396 
Builders FirstSource, Inc.(1)
1,190 63,415 
Carlisle Cos., Inc.502 105,792 
Carrier Global Corp.1,382 79,603 
Cornerstone Building Brands, Inc.(1)
599 9,955 
CSW Industrials, Inc.63 8,366 
Fortune Brands Home & Security, Inc.646 62,901 
Gibraltar Industries, Inc.(1)
251 18,740 
175


Avantis U.S. Equity Fund
SharesValue
Griffon Corp.547 $13,237 
Insteel Industries, Inc.667 24,679 
JELD-WEN Holding, Inc.(1)
1,516 41,751 
Johnson Controls International plc1,462 109,358 
Lennox International, Inc.105 35,194 
Masco Corp.888 53,919 
Masonite International Corp.(1)
527 63,071 
Owens Corning1,860 177,723 
PGT Innovations, Inc.(1)
395 8,386 
Quanex Building Products Corp.489 11,521 
Resideo Technologies, Inc.(1)
227 7,318 
Simpson Manufacturing Co., Inc.541 61,214 
Trane Technologies plc863 171,306 
Trex Co., Inc.(1)
764 83,857 
UFP Industries, Inc.478 35,888 
1,637,002 
Capital Markets — 4.4%
Affiliated Managers Group, Inc.86 14,629 
Ameriprise Financial, Inc.1,489 406,363 
Apollo Global Management, Inc.2,846 170,134 
Ares Management Corp., Class A473 36,506 
Artisan Partners Asset Management, Inc., Class A1,287 66,873 
B. Riley Financial, Inc.474 31,066 
Bank of New York Mellon Corp. (The)5,518 304,704 
BGC Partners, Inc., Class A5,615 28,917 
BlackRock, Inc.514 484,851 
Blackstone, Inc.6,284 790,087 
Brightsphere Investment Group, Inc.1,432 38,936 
Carlyle Group, Inc. (The)3,699 182,657 
Cboe Global Markets, Inc.427 53,866 
Charles Schwab Corp. (The)5,516 401,841 
CME Group, Inc.1,431 288,661 
Cohen & Steers, Inc.447 39,206 
Cowen, Inc., Class A748 26,958 
Diamond Hill Investment Group, Inc.26 4,759 
Evercore, Inc., Class A678 94,676 
FactSet Research Systems, Inc.184 69,960 
Federated Hermes, Inc.1,488 50,339 
Focus Financial Partners, Inc., Class A(1)
113 5,862 
Franklin Resources, Inc.2,260 73,314 
Freedom Holding Corp.(1)(2)
248 15,979 
Goldman Sachs Group, Inc. (The)2,696 1,114,823 
Hamilton Lane, Inc., Class A248 21,345 
Houlihan Lokey, Inc.912 82,262 
Interactive Brokers Group, Inc., Class A187 12,088 
Intercontinental Exchange, Inc.629 75,184 
Invesco Ltd.4,357 110,319 
Janus Henderson Group plc2,874 124,617 
Jefferies Financial Group, Inc.3,508 129,656 
KKR & Co., Inc.6,594 423,928 
Lazard Ltd., Class A1,687 79,964 
176


Avantis U.S. Equity Fund
SharesValue
LPL Financial Holdings, Inc.448 $66,237 
MarketAxess Holdings, Inc.79 37,598 
Moelis & Co., Class A1,237 76,632 
Moody's Corp.754 287,101 
Morgan Stanley8,607 898,829 
Morningstar, Inc.108 28,943 
MSCI, Inc.183 116,128 
Nasdaq, Inc.235 46,008 
Northern Trust Corp.1,993 236,210 
Open Lending Corp., Class A(1)
1,504 55,603 
Oppenheimer Holdings, Inc., Class A123 5,731 
Piper Sandler Cos.415 59,312 
Raymond James Financial, Inc.1,253 175,295 
S&P Global, Inc.960 426,067 
SEI Investments Co.1,963 123,296 
State Street Corp.2,457 228,280 
Stifel Financial Corp.1,255 86,720 
StoneX Group, Inc.(1)
103 7,178 
T. Rowe Price Group, Inc.2,275 509,304 
Tradeweb Markets, Inc., Class A424 36,892 
Victory Capital Holdings, Inc., Class A185 6,481 
Virtu Financial, Inc., Class A2,024 49,548 
Virtus Investment Partners, Inc.93 29,081 
WisdomTree Investments, Inc.863 5,446 
9,453,250 
Chemicals — 2.1%
AdvanSix, Inc.(1)
810 29,565 
Air Products and Chemicals, Inc.1,311 353,328 
Albemarle Corp.582 137,783 
American Vanguard Corp.263 4,032 
Amyris, Inc.(1)
1,037 15,607 
Ashland Global Holdings, Inc.677 61,681 
Avient Corp.608 31,671 
Axalta Coating Systems Ltd.(1)
1,496 45,688 
Balchem Corp.144 20,221 
Cabot Corp.1,331 71,075 
Celanese Corp.1,097 173,984 
CF Industries Holdings, Inc.1,342 60,954 
Chase Corp.49 5,611 
Chemours Co. (The)3,885 130,186 
Corteva, Inc.3,363 147,871 
Dow, Inc.5,163 324,753 
DuPont de Nemours, Inc.2,343 173,429 
Eastman Chemical Co.1,031 116,668 
Ecolab, Inc.531 119,666 
Ecovyst, Inc.578 7,520 
Ferro Corp.(1)
881 18,325 
FMC Corp.1,180 110,483 
FutureFuel Corp.321 2,571 
GCP Applied Technologies, Inc.(1)
467 11,133 
H.B. Fuller Co.20 1,351 
177


Avantis U.S. Equity Fund
SharesValue
Hawkins, Inc.200 $7,576 
Huntsman Corp.1,053 27,831 
Ingevity Corp.(1)
819 65,839 
Innospec, Inc.174 16,286 
International Flavors & Fragrances, Inc.868 131,502 
Intrepid Potash, Inc.(1)
162 5,024 
Koppers Holdings, Inc.(1)
221 7,271 
Kraton Corp.(1)
499 21,018 
Kronos Worldwide, Inc.305 4,038 
Linde plc1,783 560,914 
Livent Corp.(1)
812 20,194 
LyondellBasell Industries NV, Class A3,117 312,791 
Minerals Technologies, Inc.413 32,478 
Mosaic Co. (The)5,000 160,900 
NewMarket Corp.96 33,574 
Olin Corp.606 30,203 
Orion Engineered Carbons SA(1)
1,567 27,689 
PPG Industries, Inc.980 156,359 
Quaker Chemical Corp.63 16,325 
Rayonier Advanced Materials, Inc.(1)
569 4,017 
RPM International, Inc.949 78,093 
Scotts Miracle-Gro Co. (The)313 49,088 
Sensient Technologies Corp.532 46,204 
Sherwin-Williams Co. (The)935 283,931 
Stepan Co.231 27,156 
Tredegar Corp.322 4,276 
Trinseo SA576 29,912 
Tronox Holdings plc, Class A1,947 41,140 
Valvoline, Inc.818 24,671 
Westlake Chemical Corp.434 37,910 
WR Grace & Co.
406 28,274 
4,467,640 
Commercial Services and Supplies — 0.7%
ACCO Brands Corp.111 1,040 
ADT, Inc.111 950 
Brady Corp., Class A638 34,024 
Brink's Co. (The)478 37,360 
Casella Waste Systems, Inc., Class A(1)
621 45,948 
Cimpress plc(1)
760 
Cintas Corp.305 120,710 
Civeo Corp.(1)
270 6,383 
Clean Harbors, Inc.(1)
960 98,515 
Copart, Inc.(1)
1,874 270,456 
CoreCivic, Inc.(1)
3,366 32,717 
Covanta Holding Corp.1,518 30,436 
Deluxe Corp.156 5,983 
Ennis, Inc.205 3,979 
Healthcare Services Group, Inc.1,523 39,842 
Heritage-Crystal Clean, Inc.(1)
176 5,199 
Herman Miller, Inc.1,559 65,525 
HNI Corp.1,019 38,610 
178


Avantis U.S. Equity Fund
SharesValue
IAA, Inc.(1)
694 $36,865 
Interface, Inc.1,955 28,113 
KAR Auction Services, Inc.(1)
64 1,082 
Kimball International, Inc., Class B412 5,138 
MSA Safety, Inc.191 31,102 
Pitney Bowes, Inc.1,109 8,284 
Republic Services, Inc.429 53,252 
Rollins, Inc.843 32,809 
Steelcase, Inc., Class A935 13,174 
Stericycle, Inc.(1)
75 5,220 
Team, Inc.(1)
460 2,061 
Tetra Tech, Inc.56 8,055 
UniFirst Corp.194 44,440 
US Ecology, Inc.(1)
196 7,027 
VSE Corp.101 5,049 
Waste Connections, Inc.654 84,503 
Waste Management, Inc.1,454 225,530 
1,430,141 
Communications Equipment — 0.6%
ADTRAN, Inc.351 7,252 
Arista Networks, Inc.(1)
352 130,074 
Aviat Networks, Inc.(1)
332 11,766 
Cambium Networks Corp.(1)
125 4,684 
Ciena Corp.(1)
1,547 88,380 
Cisco Systems, Inc.8,982 530,118 
CommScope Holding Co., Inc.(1)
2,063 32,595 
Comtech Telecommunications Corp.175 4,466 
Digi International, Inc.(1)
208 4,572 
EchoStar Corp., Class A(1)
780 21,060 
EMCORE Corp.(1)
812 6,074 
Extreme Networks, Inc.(1)
2,001 21,671 
F5 Networks, Inc.(1)
259 52,725 
Juniper Networks, Inc.1,550 44,919 
Lumentum Holdings, Inc.(1)
453 39,248 
Motorola Solutions, Inc.426 104,038 
NETGEAR, Inc.(1)
326 11,648 
NetScout Systems, Inc.(1)
301 8,253 
Plantronics, Inc.(1)
112 3,335 
Ribbon Communications, Inc.(1)
594 3,879 
Ubiquiti, Inc.16 5,206 
ViaSat, Inc.(1)
1,590 82,107 
Viavi Solutions, Inc.(1)
2,191 35,691 
1,253,761 
Construction and Engineering — 0.4%
AECOM(1)
294 19,275 
Ameresco, Inc., Class A(1)
240 16,596 
API Group Corp.(1)
1,739 40,327 
Arcosa, Inc.359 18,244 
Argan, Inc.194 8,982 
Comfort Systems USA, Inc.847 64,355 
Construction Partners, Inc., Class A(1)
394 13,187 
179


Avantis U.S. Equity Fund
SharesValue
Dycom Industries, Inc.(1)
410 $30,885 
EMCOR Group, Inc.1,105 134,258 
Fluor Corp.(1)
1,268 21,125 
Granite Construction, Inc.723 29,311 
Great Lakes Dredge & Dock Corp.(1)
920 13,901 
IES Holdings, Inc.(1)
104 5,086 
MasTec, Inc.(1)
1,182 108,082 
Matrix Service Co.(1)
11 
MYR Group, Inc.(1)
451 46,909 
Northwest Pipe Co.(1)
29 752 
Primoris Services Corp.679 17,450 
Quanta Services, Inc.904 92,298 
Sterling Construction Co., Inc.(1)
761 17,549 
Tutor Perini Corp.(1)
360 5,191 
Valmont Industries, Inc.236 58,731 
WillScot Mobile Mini Holdings Corp.(1)
1,493 44,193 
806,698 
Construction Materials — 0.2%
Eagle Materials, Inc.835 130,961 
Forterra, Inc.(1)
187 4,309 
Martin Marietta Materials, Inc.428 163,175 
Summit Materials, Inc., Class A(1)
654 22,020 
United States Lime & Minerals, Inc.34 4,967 
Vulcan Materials Co.657 122,156 
447,588 
Consumer Finance — 1.8%
Ally Financial, Inc.6,634 350,939 
American Express Co.5,187 860,835 
Atlanticus Holdings Corp.(1)
173 11,107 
Capital One Financial Corp.4,379 726,783 
Credit Acceptance Corp.(1)(2)
174 100,864 
Discover Financial Services3,913 501,725 
Encore Capital Group, Inc.(1)
839 41,287 
Enova International, Inc.(1)
991 32,683 
EZCORP, Inc., Class A(1)
1,486 10,239 
FirstCash, Inc.493 42,245 
Green Dot Corp., Class A(1)
604 31,553 
LendingClub Corp.(1)
672 20,872 
Navient Corp.4,560 105,838 
Nelnet, Inc., Class A372 30,087 
OneMain Holdings, Inc.1,742 100,740 
Oportun Financial Corp.(1)
218 5,505 
PRA Group, Inc.(1)
898 37,716 
PROG Holdings, Inc.1,289 60,995 
Regional Management Corp.159 9,449 
Santander Consumer USA Holdings, Inc.1,281 53,456 
SLM Corp.7,648 143,400 
Synchrony Financial7,478 372,030 
Upstart Holdings, Inc.(1)
782 179,172 
World Acceptance Corp.(1)
67 12,721 
3,842,241 
180


Avantis U.S. Equity Fund
SharesValue
Containers and Packaging — 0.6%
Amcor plc4,875 $62,644 
AptarGroup, Inc.741 99,887 
Avery Dennison Corp.871 196,315 
Ball Corp.633 60,743 
Berry Global Group, Inc.(1)
760 51,049 
Crown Holdings, Inc.534 58,628 
Graphic Packaging Holding Co.1,956 40,137 
Greif, Inc., Class A102 6,459 
International Paper Co.2,439 146,560 
Myers Industries, Inc.444 10,123 
O-I Glass, Inc.(1)
556 8,412 
Packaging Corp. of America1,065 161,560 
Sealed Air Corp.1,333 81,353 
Silgan Holdings, Inc.152 6,449 
Sonoco Products Co.1,252 81,756 
UFP Technologies, Inc.(1)
50 3,499 
WestRock Co.2,747 142,954 
1,218,528 
Distributors — 0.3%
Core-Mark Holding Co., Inc.379 17,434 
Funko, Inc., Class A(1)
360 7,178 
Genuine Parts Co.2,632 321,604 
LKQ Corp.(1)
3,516 185,258 
Pool Corp.343 169,545 
701,019 
Diversified Consumer Services — 0.2%
2U, Inc.(1)
215 7,961 
Adtalem Global Education, Inc.(1)
365 13,505 
American Public Education, Inc.(1)
77 2,025 
Bright Horizons Family Solutions, Inc.(1)
43 6,268 
Chegg, Inc.(1)
238 19,806 
Coursera, Inc.(1)
386 14,849 
frontdoor, Inc.(1)
115 5,016 
Graham Holdings Co., Class B49 30,224 
Grand Canyon Education, Inc.(1)
508 45,283 
H&R Block, Inc.979 25,111 
Houghton Mifflin Harcourt Co.(1)
2,044 27,533 
Laureate Education, Inc., Class A(1)
769 12,250 
OneSpaWorld Holdings Ltd.(1)
449 4,715 
Perdoceo Education Corp.(1)
764 8,389 
Service Corp. International1,057 66,337 
Strategic Education, Inc.64 5,010 
Stride, Inc.(1)
597 20,441 
Terminix Global Holdings, Inc.(1)
304 12,656 
WW International, Inc.(1)
204 4,417 
331,796 
Diversified Financial Services — 0.7%
Alerus Financial Corp.142 4,240 
Berkshire Hathaway, Inc., Class B(1)
4,161 1,189,089 
Cannae Holdings, Inc.(1)
514 16,407 
181


Avantis U.S. Equity Fund
SharesValue
Equitable Holdings, Inc.7,324 $227,117 
Voya Financial, Inc.1,275 82,850 
1,519,703 
Diversified Telecommunication Services — 1.0%
Anterix, Inc.(1)
60 3,541 
AT&T, Inc.26,215 718,815 
ATN International, Inc.49 2,234 
Bandwidth, Inc., Class A(1)
39 4,013 
Cogent Communications Holdings, Inc.206 14,952 
Consolidated Communications Holdings, Inc.(1)
479 4,440 
IDT Corp., Class B(1)
668 29,045 
Iridium Communications, Inc.(1)
1,167 51,943 
Lumen Technologies, Inc.5,309 65,301 
ORBCOMM, Inc.(1)
455 5,228 
Verizon Communications, Inc.21,165 1,164,075 
2,063,587 
Electric Utilities — 1.4%
ALLETE, Inc.479 32,294 
Alliant Energy Corp.1,027 62,431 
American Electric Power Co., Inc.2,936 262,977 
Avangrid, Inc.381 20,822 
Duke Energy Corp.2,313 242,079 
Edison International3,765 217,768 
Entergy Corp.1,880 207,947 
Evergy, Inc.1,513 103,565 
Eversource Energy260 23,590 
Exelon Corp.6,979 342,111 
FirstEnergy Corp.3,302 128,349 
Hawaiian Electric Industries, Inc.1,574 68,626 
IDACORP, Inc.341 35,924 
MGE Energy, Inc.62 4,993 
NextEra Energy, Inc.2,077 174,447 
NRG Energy, Inc.1,009 46,081 
OGE Energy Corp.2,015 71,351 
Otter Tail Corp.316 17,339 
PG&E Corp.(1)
10,374 95,130 
Pinnacle West Capital Corp.1,165 89,588 
PNM Resources, Inc.273 13,513 
Portland General Electric Co.1,159 59,515 
PPL Corp.3,240 95,094 
Southern Co. (The)5,674 372,952 
Xcel Energy, Inc.3,716 255,475 
3,043,961 
Electrical Equipment — 0.7%
Acuity Brands, Inc.620 114,409 
Allied Motion Technologies, Inc.103 3,560 
AMETEK, Inc.981 133,387 
Array Technologies, Inc.(1)
950 18,117 
Atkore, Inc.(1)
1,233 114,385 
AZZ, Inc.233 12,477 
Bloom Energy Corp., Class A(1)
158 3,384 
182


Avantis U.S. Equity Fund
SharesValue
Eaton Corp. plc815 $137,213 
Emerson Electric Co.1,993 210,262 
Encore Wire Corp.301 25,588 
EnerSys620 52,446 
FuelCell Energy, Inc.(1)
189 1,179 
Generac Holdings, Inc.(1)
400 174,792 
GrafTech International Ltd.435 4,815 
Hubbell, Inc.215 44,314 
nVent Electric plc1,051 36,112 
Plug Power, Inc.(1)
594 15,480 
Regal Beloit Corp.253 37,803 
Rockwell Automation, Inc.548 178,347 
Sensata Technologies Holding plc(1)
509 30,123 
Shoals Technologies Group, Inc., Class A(1)
232 7,556 
Stem, Inc.(1)
278 6,947 
Sunrun, Inc.(1)
517 22,877 
TPI Composites, Inc.(1)
537 19,498 
Vertiv Holdings Co.3,377 95,130 
1,500,201 
Electronic Equipment, Instruments and Components — 1.3%
Advanced Energy Industries, Inc.413 37,244 
Amphenol Corp., Class A1,227 94,025 
Arrow Electronics, Inc.(1)
865 104,855 
Avnet, Inc.1,229 49,725 
Badger Meter, Inc.255 27,308 
Bel Fuse, Inc., Class B256 3,615 
Belden, Inc.19 1,088 
Benchmark Electronics, Inc.796 21,516 
CDW Corp.870 174,531 
Cognex Corp.593 52,552 
Coherent, Inc.(1)
245 61,904 
Corning, Inc.8,562 342,394 
CTS Corp.352 12,348 
Daktronics, Inc.(1)
760 4,628 
ePlus, Inc.(1)
232 25,107 
Fabrinet(1)
365 37,602 
FARO Technologies, Inc.(1)
88 6,067 
Flex Ltd.(1)
2,702 50,203 
II-VI, Inc.(1)
731 46,038 
Insight Enterprises, Inc.(1)
830 85,399 
IPG Photonics Corp.(1)
157 26,797 
Itron, Inc.(1)
11 924 
Jabil, Inc.2,796 172,737 
Keysight Technologies, Inc.(1)
1,196 214,538 
Kimball Electronics, Inc.(1)
409 9,886 
Knowles Corp.(1)
1,027 20,540 
Littelfuse, Inc.115 32,821 
Methode Electronics, Inc.308 14,344 
Napco Security Technologies, Inc.(1)
150 5,869 
National Instruments Corp.570 23,837 
nLight, Inc.(1)
132 3,645 
183


Avantis U.S. Equity Fund
SharesValue
Novanta, Inc.(1)
75 $11,491 
OSI Systems, Inc.(1)
313 30,968 
PC Connection, Inc.108 5,228 
Plexus Corp.(1)
496 45,548 
Rogers Corp.(1)
227 48,217 
Sanmina Corp.(1)
1,020 40,270 
ScanSource, Inc.(1)
877 31,204 
SYNNEX Corp.1,012 128,595 
TE Connectivity Ltd.1,671 251,018 
Teledyne Technologies, Inc.(1)
182 84,335 
Trimble, Inc.(1)
495 46,639 
TTM Technologies, Inc.(1)
1,470 20,580 
Vishay Intertechnology, Inc.2,095 46,027 
Vishay Precision Group, Inc.(1)
149 5,568 
Vontier Corp.1,380 50,191 
Zebra Technologies Corp., Class A(1)
193 113,324 
2,723,290 
Energy Equipment and Services — 0.4%
Archrock, Inc.2,242 17,219 
Baker Hughes Co.4,105 93,512 
Bristow Group, Inc.(1)
379 11,961 
Cactus, Inc., Class A582 21,831 
ChampionX Corp.(1)
1,599 37,305 
Core Laboratories NV695 19,154 
DMC Global, Inc.(1)
184 7,391 
Dril-Quip, Inc.(1)
252 6,124 
Exterran Corp.(1)
201 798 
Frank's International NV(1)
1,136 3,272 
Halliburton Co.11,931 238,381 
Helix Energy Solutions Group, Inc.(1)
983 3,696 
Helmerich & Payne, Inc.1,318 35,481 
Liberty Oilfield Services, Inc., Class A(1)
478 4,885 
Nabors Industries Ltd.(1)
261 22,013 
National Energy Services Reunited Corp.(1)
409 4,642 
Newpark Resources, Inc.(1)
1,250 3,275 
NexTier Oilfield Solutions, Inc.(1)
1,824 6,566 
NOV, Inc.(1)
6,336 83,445 
Oceaneering International, Inc.(1)
2,741 33,714 
Oil States International, Inc.(1)
607 3,557 
Patterson-UTI Energy, Inc.3,711 28,797 
ProPetro Holding Corp.(1)
1,308 10,124 
RPC, Inc.(1)
699 2,677 
Schlumberger NV2,535 71,082 
Select Energy Services, Inc., Class A(1)
634 3,392 
TechnipFMC plc(1)
5,104 33,840 
TETRA Technologies Inc(1)
3,876 12,558 
Tidewater, Inc.(1)
322 3,703 
Transocean Ltd.(1)(2)
8,536 30,388 
US Silica Holdings, Inc.(1)
1,771 15,549 
870,332 
184


Avantis U.S. Equity Fund
SharesValue
Entertainment — 0.9%
Activision Blizzard, Inc.2,725 $224,458 
AMC Entertainment Holdings, Inc., Class A(1)
1,738 81,912 
Electronic Arts, Inc.1,461 212,152 
IMAX Corp.(1)
262 4,116 
Liberty Media Corp.-Liberty Braves, Class C(1)
183 4,731 
Liberty Media Corp.-Liberty Formula One, Class A(1)
123 5,620 
Liberty Media Corp.-Liberty Formula One, Class C(1)
1,160 58,626 
Live Nation Entertainment, Inc.(1)
402 34,853 
Madison Square Garden Entertainment Corp.(1)
112 8,981 
Madison Square Garden Sports Corp.(1)
28 5,062 
Marcus Corp. (The)(1)(2)
226 3,526 
Netflix, Inc.(1)
1,004 571,467 
Playtika Holding Corp.(1)
284 7,495 
Roku, Inc.(1)
126 44,402 
Take-Two Interactive Software, Inc.(1)
986 158,963 
Walt Disney Co. (The)(1)
2,590 469,567 
World Wrestling Entertainment, Inc., Class A1,026 53,465 
Zynga, Inc., Class A(1)
2,372 20,992 
1,970,388 
Food and Staples Retailing — 1.7%
Albertsons Cos., Inc., Class A1,327 40,288 
Andersons, Inc. (The)298 9,053 
BJ's Wholesale Club Holdings, Inc.(1)
1,277 72,355 
Casey's General Stores, Inc.680 139,101 
Chefs' Warehouse, Inc. (The)(1)
158 4,776 
Costco Wholesale Corp.2,875 1,309,534 
Grocery Outlet Holding Corp.(1)
68 1,770 
Ingles Markets, Inc., Class A457 31,026 
Kroger Co. (The)10,020 461,221 
Natural Grocers by Vitamin Cottage, Inc.165 1,995 
Performance Food Group Co.(1)
1,490 74,828 
PriceSmart, Inc.302 25,552 
SpartanNash Co.1,193 25,649 
Sprouts Farmers Market, Inc.(1)
3,011 74,974 
Sysco Corp.2,421 192,833 
United Natural Foods, Inc.(1)
1,558 57,334 
US Foods Holding Corp.(1)
249 8,466 
Village Super Market, Inc., Class A118 2,642 
Walgreens Boots Alliance, Inc.5,294 268,670 
Walmart, Inc.5,481 811,736 
Weis Markets, Inc.245 13,953 
3,627,756 
Food Products — 1.1%
Archer-Daniels-Midland Co.3,334 200,040 
B&G Foods, Inc.(2)
1,239 37,616 
Beyond Meat, Inc.(1)(2)
73 8,734 
Bunge Ltd.523 39,596 
Cal-Maine Foods, Inc.224 8,100 
Calavo Growers, Inc.128 6,006 
Campbell Soup Co.650 27,125 
185


Avantis U.S. Equity Fund
SharesValue
Conagra Brands, Inc.997 $33,021 
Darling Ingredients, Inc.(1)
1,233 91,858 
Flowers Foods, Inc.3,752 90,536 
Fresh Del Monte Produce, Inc.779 25,614 
Freshpet, Inc.(1)
113 14,480 
General Mills, Inc.1,563 90,357 
Hain Celestial Group, Inc. (The)(1)
811 30,340 
Hershey Co. (The)861 153,000 
Hormel Foods Corp.1,791 81,562 
Hostess Brands, Inc.(1)
1,767 28,201 
Ingredion, Inc.1,205 105,871 
J&J Snack Foods Corp.148 24,236 
J.M. Smucker Co. (The)1,157 143,086 
John B Sanfilippo & Son, Inc.282 23,967 
Kellogg Co.805 50,828 
Kraft Heinz Co. (The)4,054 145,903 
Lamb Weston Holdings, Inc.1,496 97,464 
Lancaster Colony Corp.177 31,371 
McCormick & Co., Inc.345 29,770 
Mission Produce, Inc.(1)
437 9,063 
Mondelez International, Inc., Class A4,639 287,943 
Pilgrim's Pride Corp.(1)
487 13,558 
Post Holdings, Inc.(1)
93 10,408 
Sanderson Farms, Inc.289 56,789 
Seaboard Corp.12,764 
Seneca Foods Corp., Class A(1)
72 3,526 
Simply Good Foods Co. (The)(1)
794 28,282 
TreeHouse Foods, Inc.(1)
20 749 
Tyson Foods, Inc., Class A3,643 286,048 
Whole Earth Brands, Inc.(1)
405 5,079 
2,332,891 
Gas Utilities — 0.2%
Atmos Energy Corp.756 73,718 
Chesapeake Utilities Corp.179 23,395 
National Fuel Gas Co.1,212 62,794 
New Jersey Resources Corp.1,239 46,264 
Northwest Natural Holding Co.240 12,348 
ONE Gas, Inc.647 46,467 
South Jersey Industries, Inc.1,641 40,713 
Southwest Gas Holdings, Inc.(1)
351 24,679 
UGI Corp.1,180 54,646 
385,024 
Health Care Equipment and Supplies — 2.4%
Abbott Laboratories4,574 578,016 
ABIOMED, Inc.(1)
155 56,414 
Accuray, Inc.(1)
892 3,630 
Align Technology, Inc.(1)
289 204,901 
AngioDynamics, Inc.(1)
214 6,056 
Asensus Surgical, Inc.(1)(2)
792 1,742 
Atrion Corp.5,553 
Avanos Medical, Inc.(1)
244 8,052 
186


Avantis U.S. Equity Fund
SharesValue
Baxter International, Inc.2,734 $208,386 
Becton Dickinson and Co.509 128,115 
Boston Scientific Corp.(1)
4,800 216,720 
Cardiovascular Systems, Inc.(1)
88 3,150 
CONMED Corp.43 5,648 
Cooper Cos., Inc. (The)272 122,593 
CryoPort, Inc.(1)(2)
304 19,325 
Danaher Corp.1,120 363,059 
DENTSPLY SIRONA, Inc.1,048 64,662 
DexCom, Inc.(1)
220 116,472 
Edwards Lifesciences Corp.(1)
2,275 266,585 
Envista Holdings Corp.(1)
574 24,562 
Glaukos Corp.(1)
840 50,089 
Globus Medical, Inc., Class A(1)
588 47,981 
Haemonetics Corp.(1)
373 23,406 
Hill-Rom Holdings, Inc.272 39,598 
Hologic, Inc.(1)
2,023 160,120 
ICU Medical, Inc.(1)
128 25,517 
IDEXX Laboratories, Inc.(1)
495 333,511 
Inogen, Inc.(1)
174 10,299 
Insulet Corp.(1)
103 30,674 
Integer Holdings Corp.(1)
295 29,143 
Integra LifeSciences Holdings Corp.(1)
318 23,923 
Intuitive Surgical, Inc.(1)
344 362,425 
Lantheus Holdings, Inc.(1)
836 22,045 
LENSAR, Inc.(1)
57 506 
LivaNova plc(1)
65 5,375 
Masimo Corp.(1)
145 39,373 
Medtronic plc2,881 384,556 
Meridian Bioscience, Inc.(1)
713 14,431 
Merit Medical Systems, Inc.(1)
721 51,746 
Natus Medical, Inc.(1)
189 5,012 
Nevro Corp.(1)
37 4,514 
Novocure Ltd.(1)
198 26,574 
NuVasive, Inc.(1)
617 38,340 
OraSure Technologies, Inc.(1)
275 3,011 
Ortho Clinical Diagnostics Holdings plc(1)
248 5,069 
Orthofix Medical, Inc.(1)
268 11,363 
OrthoPediatrics Corp.(1)
107 7,501 
Outset Medical, Inc.(1)
154 7,591 
Penumbra, Inc.(1)
120 32,994 
Quidel Corp.(1)
420 54,159 
ResMed, Inc.454 131,901 
Shockwave Medical, Inc.(1)
98 20,993 
STAAR Surgical Co.(1)
175 27,032 
STERIS plc326 70,093 
Stryker Corp.743 205,885 
Surmodics, Inc.(1)
92 5,526 
Tandem Diabetes Care, Inc.(1)
206 23,107 
Teleflex, Inc.102 40,337 
TransMedics Group, Inc.(1)
159 5,196 
187


Avantis U.S. Equity Fund
SharesValue
Utah Medical Products, Inc.36 $3,190 
Varex Imaging Corp.(1)
224 6,534 
ViewRay, Inc.(1)
1,573 9,501 
West Pharmaceutical Services, Inc.413 186,519 
Zimmer Biomet Holdings, Inc.577 86,810 
5,077,111 
Health Care Providers and Services — 2.2%
1Life Healthcare, Inc.(1)
162 3,971 
Acadia Healthcare Co., Inc.(1)
340 22,481 
AdaptHealth Corp.(1)
281 6,755 
Addus HomeCare Corp.(1)
73 6,564 
Amedisys, Inc.(1)
56 10,273 
AmerisourceBergen Corp.396 48,395 
AMN Healthcare Services, Inc.(1)
88 9,990 
Anthem, Inc.1,989 746,134 
Apollo Medical Holdings, Inc.(1)
519 39,397 
Brookdale Senior Living, Inc.(1)
5,183 37,836 
Cardinal Health, Inc.1,596 83,774 
Castle Biosciences, Inc.(1)
150 11,509 
Centene Corp.(1)
4,509 283,977 
Chemed Corp.106 50,530 
Cigna Corp.645 136,514 
Community Health Systems, Inc.(1)
542 6,672 
CorVel Corp.(1)
135 22,249 
Covetrus, Inc.(1)
193 4,360 
Cross Country Healthcare, Inc.(1)
560 12,180 
CVS Health Corp.2,179 188,244 
DaVita, Inc.(1)
172 22,492 
Encompass Health Corp.151 11,846 
Ensign Group, Inc. (The)885 72,278 
Fulgent Genetics, Inc.(1)(2)
365 33,303 
Guardant Health, Inc.(1)
210 26,727 
Hanger, Inc.(1)
173 4,131 
HCA Healthcare, Inc.1,258 318,249 
HealthEquity, Inc.(1)
87 5,583 
Henry Schein, Inc.(1)
618 46,715 
Humana, Inc.1,244 504,342 
InfuSystem Holdings, Inc.(1)
278 3,962 
Joint Corp. (The)(1)
114 11,647 
Laboratory Corp. of America Holdings(1)
1,043 316,425 
LHC Group, Inc.(1)
107 19,983 
Magellan Health, Inc.(1)
155 14,666 
McKesson Corp.392 80,023 
MEDNAX, Inc.(1)
181 5,812 
ModivCare, Inc.(1)
191 37,677 
Molina Healthcare, Inc.(1)
1,002 269,308 
National HealthCare Corp.133 9,822 
National Research Corp.202 10,908 
Oak Street Health, Inc.(1)
233 10,888 
Owens & Minor, Inc.1,880 70,086 
Patterson Cos., Inc.1,171 35,879 
188


Avantis U.S. Equity Fund
SharesValue
Pennant Group, Inc. (The)(1)
123 $3,760 
Premier, Inc., Class A824 30,636 
Privia Health Group, Inc.(1)
226 6,737 
Quest Diagnostics, Inc.393 60,062 
R1 RCM, Inc.(1)
691 13,627 
RadNet, Inc.(1)
227 7,130 
Select Medical Holdings Corp.625 21,606 
Tenet Healthcare Corp.(1)
485 36,545 
Tivity Health, Inc.(1)
601 13,973 
Triple-S Management Corp., Class B(1)
157 5,574 
UnitedHealth Group, Inc.1,832 762,607 
Universal Health Services, Inc., Class B846 131,773 
4,768,587 
Health Care Technology — 0.3%
Allscripts Healthcare Solutions, Inc.(1)
1,356 20,828 
American Well Corp., Class A(1)
232 2,485 
Cerner Corp.4,039 308,378 
Change Healthcare, Inc.(1)
1,093 23,860 
Evolent Health, Inc., Class A(1)
770 18,911 
HealthStream, Inc.(1)
242 7,355 
Multiplan Corp.(1)(2)
1,051 6,306 
NextGen Healthcare, Inc.(1)
281 4,288 
Omnicell, Inc.(1)
204 31,675 
Schrodinger, Inc.(1)
93 5,551 
Teladoc Health, Inc.(1)
179 25,851 
Veeva Systems, Inc., Class A(1)
314 104,242 
559,730 
Hotels, Restaurants and Leisure — 1.5%
Airbnb, Inc., Class A(1)
187 28,983 
Aramark268 9,324 
BJ's Restaurants, Inc.(1)
123 5,260 
Bloomin' Brands, Inc.(1)
1,045 27,996 
Booking Holdings, Inc.(1)
63 144,879 
Boyd Gaming Corp.(1)
495 30,378 
Brinker International, Inc.(1)
97 5,167 
Caesars Entertainment, Inc.(1)
510 51,831 
Carnival Corp.(1)
6,046 145,950 
Century Casinos, Inc.(1)
466 6,230 
Cheesecake Factory, Inc. (The)(1)
793 36,993 
Chipotle Mexican Grill, Inc.(1)
100 190,333 
Choice Hotels International, Inc.418 49,893 
Churchill Downs, Inc.96 20,208 
Chuy's Holdings, Inc.(1)
150 4,839 
Cracker Barrel Old Country Store, Inc.491 70,498 
Darden Restaurants, Inc.1,456 219,346 
Dine Brands Global, Inc.(1)
76 6,287 
Domino's Pizza, Inc.107 55,307 
DraftKings, Inc., Class A(1)
808 47,906 
Everi Holdings, Inc.(1)
1,037 23,592 
Expedia Group, Inc.(1)
170 24,565 
Fiesta Restaurant Group, Inc.(1)
301 3,615 
189


Avantis U.S. Equity Fund
SharesValue
GAN Ltd.(1)(2)
132 $2,257 
Golden Entertainment, Inc.(1)
375 17,895 
Hilton Grand Vacations, Inc.(1)
2,206 96,380 
Hilton Worldwide Holdings, Inc.(1)
672 83,906 
Hyatt Hotels Corp., Class A(1)
336 24,726 
International Game Technology plc(1)
277 5,953 
Jack in the Box, Inc.49 5,192 
Las Vegas Sands Corp.(1)
669 29,844 
Marriott International, Inc., Class A(1)
1,346 181,898 
Marriott Vacations Worldwide Corp.(1)
43 6,431 
McDonald's Corp.1,418 336,718 
MGM Resorts International2,404 102,459 
Monarch Casino & Resort, Inc.(1)
303 19,201 
Noodles & Co.(1)
696 8,763 
Norwegian Cruise Line Holdings Ltd.(1)
4,367 112,843 
ONE Group Hospitality, Inc. (The)(1)(2)
584 6,512 
Papa John's International, Inc.102 13,008 
Penn National Gaming, Inc.(1)
779 63,177 
Planet Fitness, Inc., Class A(1)
164 13,333 
Playa Hotels & Resorts NV(1)
945 6,908 
RCI Hospitality Holdings, Inc.74 4,781 
Red Robin Gourmet Burgers, Inc.(1)
134 3,280 
Red Rock Resorts, Inc., Class A(1)
643 30,099 
Royal Caribbean Cruises Ltd.(1)
1,210 100,103 
Ruth's Hospitality Group, Inc.(1)
332 6,803 
Scientific Games Corp., Class A(1)
443 32,051 
SeaWorld Entertainment, Inc.(1)
273 13,429 
Shake Shack, Inc., Class A(1)
95 8,241 
Six Flags Entertainment Corp.(1)
148 6,252 
Starbucks Corp.2,286 268,582 
Texas Roadhouse, Inc.974 92,530 
Travel + Leisure Co.327 17,907 
Vail Resorts, Inc.(1)
48 14,633 
Wendy's Co. (The)1,021 23,503 
Wingstop, Inc.96 16,505 
Wyndham Hotels & Resorts, Inc.230 16,721 
Wynn Resorts Ltd.(1)
211 21,457 
Yum! Brands, Inc.728 95,390 
3,119,051 
Household Durables — 1.4%
Bassett Furniture Industries, Inc.229 4,921 
Beazer Homes USA, Inc.(1)
466 8,719 
Cavco Industries, Inc.(1)
76 19,418 
Century Communities, Inc.837 58,674 
D.R. Horton, Inc.3,025 289,250 
Ethan Allen Interiors, Inc.462 11,097 
Garmin Ltd.1,077 187,861 
GoPro, Inc., Class A(1)
859 8,564 
Green Brick Partners, Inc.(1)
236 5,898 
Helen of Troy Ltd.(1)
205 49,034 
Hooker Furniture Corp.146 4,549 
190


Avantis U.S. Equity Fund
SharesValue
Installed Building Products, Inc.133 $16,516 
iRobot Corp.(1)
286 23,200 
KB Home1,011 43,503 
La-Z-Boy, Inc.995 34,835 
Leggett & Platt, Inc.589 28,502 
Lennar Corp., Class A3,249 348,650 
Lennar Corp., Class B255 22,318 
LGI Homes, Inc.(1)
457 73,271 
Lifetime Brands, Inc.361 6,624 
Lovesac Co. (The)(1)
217 12,274 
M.D.C. Holdings, Inc.636 33,231 
M/I Homes, Inc.(1)
727 46,812 
Meritage Homes Corp.(1)
629 70,159 
Mohawk Industries, Inc.(1)
835 165,130 
Newell Brands, Inc.2,307 58,621 
NVR, Inc.(1)
52 269,357 
PulteGroup, Inc.4,554 245,278 
Purple Innovation, Inc.(1)
621 15,152 
Skyline Champion Corp.(1)
841 52,748 
Sonos, Inc.(1)
2,784 110,608 
Taylor Morrison Home Corp.(1)
2,565 72,051 
Tempur Sealy International, Inc.2,080 92,976 
Toll Brothers, Inc.2,310 147,979 
TopBuild Corp.(1)
38 8,314 
Tri Pointe Homes, Inc.(1)
2,842 67,554 
Tupperware Brands Corp.(1)
158 3,771 
Universal Electronics, Inc.(1)
86 4,345 
VOXX International Corp.(1)
219 2,293 
Whirlpool Corp.1,096 242,797 
2,966,854 
Household Products — 0.7%
Central Garden & Pet Co.(1)
81 3,730 
Central Garden & Pet Co., Class A(1)
351 14,626 
Church & Dwight Co., Inc.1,230 102,902 
Clorox Co. (The)583 97,973 
Colgate-Palmolive Co.4,113 320,608 
Energizer Holdings, Inc.489 19,237 
Kimberly-Clark Corp.1,921 264,733 
Procter & Gamble Co. (The)5,115 728,325 
Reynolds Consumer Products, Inc.84 2,376 
Spectrum Brands Holdings, Inc.77 6,011 
WD-40 Co.68 16,295 
1,576,816 
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The)8,631 206,022 
Brookfield Renewable Corp., Class A231 10,120 
Clearway Energy, Inc., Class A132 3,926 
Clearway Energy, Inc., Class C561 17,610 
NextEra Energy Partners LP307 24,539 
Ormat Technologies, Inc.363 25,820 
Sunnova Energy International, Inc.(1)
262 9,484 
191


Avantis U.S. Equity Fund
SharesValue
Vistra Corp.4,700 $89,723 
387,244 
Industrial Conglomerates — 0.5%
3M Co.2,108 410,512 
General Electric Co.2,162 227,896 
Honeywell International, Inc.1,574 365,026 
Raven Industries, Inc.(1)
212 12,370 
Roper Technologies, Inc.159 76,842 
1,092,646 
Insurance — 3.5%
Aflac, Inc.5,979 338,890 
Alleghany Corp.(1)
127 85,940 
Allstate Corp. (The)3,506 474,292 
Ambac Financial Group, Inc.(1)
329 4,636 
American Equity Investment Life Holding Co.1,169 37,046 
American Financial Group, Inc.1,239 170,908 
American International Group, Inc.8,203 447,556 
American National Group, Inc.138 26,565 
AMERISAFE, Inc.181 10,416 
Aon plc, Class A880 252,437 
Arch Capital Group Ltd.(1)
3,804 156,344 
Argo Group International Holdings Ltd.256 13,542 
Arthur J. Gallagher & Co.786 112,885 
Assurant, Inc.510 86,756 
Assured Guaranty Ltd.892 44,475 
Athene Holding Ltd., Class A(1)
1,402 93,892 
Axis Capital Holdings Ltd.1,408 72,047 
Brighthouse Financial, Inc.(1)
1,313 64,284 
Brown & Brown, Inc.497 28,851 
Chubb Ltd.2,142 393,957 
Cincinnati Financial Corp.1,340 165,356 
CNA Financial Corp.141 6,253 
CNO Financial Group, Inc.2,253 55,108 
eHealth, Inc.(1)
98 3,788 
Employers Holdings, Inc.581 23,920 
Enstar Group Ltd.(1)
140 32,294 
Erie Indemnity Co., Class A141 24,970 
Everest Re Group Ltd.365 96,688 
Fidelity National Financial, Inc.4,654 227,255 
First American Financial Corp.2,074 146,279 
Genworth Financial, Inc., Class A(1)
7,258 27,217 
Globe Life, Inc.1,012 97,223 
Goosehead Insurance, Inc., Class A43 6,311 
Hanover Insurance Group, Inc. (The)409 57,796 
Hartford Financial Services Group, Inc. (The)5,003 336,302 
HCI Group, Inc.(2)
212 23,672 
Horace Mann Educators Corp.265 10,865 
James River Group Holdings Ltd.157 5,776 
Kemper Corp.377 25,862 
Kinsale Capital Group, Inc.61 11,093 
Lemonade, Inc.(1)(2)
164 12,388 
192


Avantis U.S. Equity Fund
SharesValue
Lincoln National Corp.1,815 $124,600 
Loews Corp.1,898 106,041 
Markel Corp.(1)
100 127,025 
Marsh & McLennan Cos., Inc.798 125,446 
MBIA, Inc.(1)
105 1,175 
Mercury General Corp.537 32,064 
MetLife, Inc.5,852 362,824 
National Western Life Group, Inc., Class A28 6,206 
Old Republic International Corp.4,802 124,852 
Palomar Holdings, Inc.(1)
85 7,633 
Primerica, Inc.760 116,234 
Principal Financial Group, Inc.2,779 185,665 
ProAssurance Corp.419 10,684 
Progressive Corp. (The)4,020 387,287 
Prudential Financial, Inc.4,141 438,449 
Reinsurance Group of America, Inc.640 74,125 
RenaissanceRe Holdings Ltd.309 48,430 
RLI Corp.341 37,247 
Safety Insurance Group, Inc.177 14,392 
Selective Insurance Group, Inc.870 72,706 
SelectQuote, Inc.(1)
403 3,849 
SiriusPoint Ltd.(1)
1,818 17,835 
Stewart Information Services Corp.688 43,310 
Travelers Cos., Inc. (The)2,904 463,798 
Trupanion, Inc.(1)
151 13,829 
United Fire Group, Inc.160 4,154 
Unum Group1,996 53,133 
White Mountains Insurance Group Ltd.47 52,678 
Willis Towers Watson plc277 61,139 
WR Berkley Corp.1,186 89,318 
7,518,263 
Interactive Media and Services — 4.7%
Alphabet, Inc., Class A(1)
1,110 3,212,284 
Alphabet, Inc., Class C(1)
1,019 2,964,516 
Angi, Inc.(1)
184 1,958 
Bumble, Inc., Class A(1)
288 15,696 
Cargurus, Inc.(1)
779 23,666 
Cars.com, Inc.(1)
2,053 26,114 
Facebook, Inc., Class A(1)
8,265 3,135,576 
fuboTV, Inc.(1)(2)
235 6,850 
IAC/InterActiveCorp(1)
477 62,988 
Match Group, Inc.(1)
538 73,943 
Pinterest, Inc., Class A(1)
1,092 60,682 
Snap, Inc., Class A(1)
1,801 137,074 
TripAdvisor, Inc.(1)
227 7,945 
TrueCar, Inc.(1)
1,846 7,753 
Twitter, Inc.(1)
2,614 168,603 
Vimeo, Inc.(1)
508 19,365 
Yelp, Inc.(1)
692 26,649 
Zillow Group, Inc., Class A(1)
82 7,839 
Zillow Group, Inc., Class C(1)
295 28,252 
193


Avantis U.S. Equity Fund
SharesValue
ZoomInfo Technologies, Inc., Class A(1)
115 $7,497 
9,995,250 
Internet and Direct Marketing Retail — 3.6%
1-800-Flowers.com, Inc., Class A(1)
849 26,964 
Amazon.com, Inc.(1)
1,952 6,774,982 
Chewy, Inc., Class A(1)
120 10,574 
DoorDash, Inc., Class A(1)
376 71,966 
eBay, Inc.3,096 237,587 
Etsy, Inc.(1)
638 137,974 
Groupon, Inc.(1)
368 9,115 
Lands' End, Inc.(1)
165 5,585 
Liquidity Services, Inc.(1)
577 14,079 
MercadoLibre, Inc.(1)
46 85,903 
PetMed Express, Inc.(2)
282 7,766 
Quotient Technology, Inc.(1)
315 2,287 
Qurate Retail, Inc., Series A824 9,089 
Revolve Group, Inc.(1)
675 38,786 
Shutterstock, Inc.480 55,325 
Stamps.com, Inc.(1)
158 51,966 
Stitch Fix, Inc., Class A(1)
127 5,323 
Wayfair, Inc., Class A(1)(2)
187 52,500 
7,597,771 
IT Services — 4.0%
Accenture plc, Class A3,425 1,152,718 
Akamai Technologies, Inc.(1)
1,509 170,894 
Alliance Data Systems Corp.1,206 118,321 
Amdocs Ltd.532 40,980 
Automatic Data Processing, Inc.2,885 603,080 
BM Technologies, Inc.(1)
51 497 
Broadridge Financial Solutions, Inc.600 103,332 
Cass Information Systems, Inc.122 5,500 
Cloudflare, Inc., Class A(1)
440 53,126 
Cognizant Technology Solutions Corp., Class A2,450 186,959 
Concentrix Corp.(1)
302 52,364 
CSG Systems International, Inc.715 34,470 
DXC Technology Co.(1)
3,278 120,368 
EPAM Systems, Inc.(1)
294 186,046 
Euronet Worldwide, Inc.(1)
413 55,024 
EVERTEC, Inc.633 29,276 
ExlService Holdings, Inc.(1)
336 41,375 
Fastly, Inc., Class A(1)(2)
177 7,717 
Fidelity National Information Services, Inc.850 108,604 
Fiserv, Inc.(1)
739 87,047 
FleetCor Technologies, Inc.(1)
209 55,026 
Gartner, Inc.(1)
547 168,881 
Genpact Ltd.791 41,037 
Global Payments, Inc.532 86,524 
GoDaddy, Inc., Class A(1)
435 31,890 
Hackett Group, Inc. (The)243 4,763 
International Business Machines Corp.2,608 366,007 
International Money Express, Inc.(1)
272 4,961 
194


Avantis U.S. Equity Fund
SharesValue
Jack Henry & Associates, Inc.694 $122,408 
LiveRamp Holdings, Inc.(1)
277 13,573 
Mastercard, Inc., Class A2,732 945,900 
MAXIMUS, Inc.765 66,624 
MongoDB, Inc.(1)
160 62,693 
Okta, Inc.(1)
117 30,841 
Paychex, Inc.1,660 190,020 
PayPal Holdings, Inc.(1)
5,400 1,558,764 
Perficient, Inc.(1)
80 9,538 
Sabre Corp.(1)
745 8,366 
Shift4 Payments, Inc., Class A(1)
62 5,314 
Snowflake, Inc., Class A(1)
326 99,218 
Square, Inc., Class A(1)
1,169 313,374 
Switch, Inc., Class A1,413 35,057 
TTEC Holdings, Inc.119 12,550 
Tucows, Inc., Class A(1)(2)
51 3,780 
Twilio, Inc., Class A(1)
264 94,237 
Unisys Corp.(1)
191 4,624 
VeriSign, Inc.(1)
256 55,363 
Visa, Inc., Class A4,222 967,260 
Western Union Co. (The)3,196 69,161 
WEX, Inc.(1)
80 14,686 
8,600,138 
Leisure Products — 0.4%
Acushnet Holdings Corp.680 33,973 
American Outdoor Brands, Inc.(1)
305 8,488 
Brunswick Corp.1,444 139,880 
Callaway Golf Co.(1)
1,223 34,317 
Clarus Corp.253 6,854 
Hasbro, Inc.261 25,659 
Johnson Outdoors, Inc., Class A43 4,936 
Malibu Boats, Inc., Class A(1)
482 34,511 
MasterCraft Boat Holdings, Inc.(1)
188 4,689 
Mattel, Inc.(1)
2,007 42,849 
Nautilus, Inc.(1)
588 6,703 
Peloton Interactive, Inc., Class A(1)
878 87,967 
Polaris, Inc.1,056 126,466 
Smith & Wesson Brands, Inc.898 21,669 
Sturm Ruger & Co., Inc.425 33,231 
Vista Outdoor, Inc.(1)
1,527 62,378 
YETI Holdings, Inc.(1)
1,255 124,672 
799,242 
Life Sciences Tools and Services — 1.1%
10X Genomics, Inc., Class A(1)
131 23,046 
Adaptive Biotechnologies Corp.(1)
381 13,838 
Agilent Technologies, Inc.687 120,548 
Avantor, Inc.(1)
1,448 57,109 
Berkeley Lights, Inc.(1)
64 2,276 
Bio-Rad Laboratories, Inc., Class A(1)
103 82,897 
Bio-Techne Corp.138 68,881 
Bionano Genomics, Inc.(1)(2)
2,464 14,365 
195


Avantis U.S. Equity Fund
SharesValue
Bruker Corp.1,514 $133,701 
Charles River Laboratories International, Inc.(1)
183 81,226 
Codexis, Inc.(1)
180 4,864 
Fluidigm Corp.(1)(2)
380 2,740 
ICON plc(1)
52 13,300 
Illumina, Inc.(1)
482 220,351 
IQVIA Holdings, Inc.(1)
507 131,683 
Maravai LifeSciences Holdings, Inc., Class A(1)
824 48,764 
Medpace Holdings, Inc.(1)
162 29,541 
Mettler-Toledo International, Inc.(1)
177 274,851 
NeoGenomics, Inc.(1)
104 5,057 
Pacific Biosciences of California, Inc.(1)
506 15,843 
PerkinElmer, Inc.308 56,918 
PPD, Inc.(1)
517 23,942 
Quanterix Corp.(1)
262 13,375 
Repligen Corp.(1)
77 21,789 
Sotera Health Co.(1)
203 4,965 
Syneos Health, Inc.(1)
186 17,257 
Thermo Fisher Scientific, Inc.946 524,983 
Waters Corp.(1)
589 243,858 
2,251,968 
Machinery — 2.6%
AGCO Corp.1,087 149,593 
Alamo Group, Inc.139 21,546 
Albany International Corp., Class A595 46,606 
Allison Transmission Holdings, Inc.745 27,550 
Altra Industrial Motion Corp.245 14,347 
Astec Industries, Inc.209 12,778 
Barnes Group, Inc.262 12,490 
Caterpillar, Inc.3,776 796,245 
Chart Industries, Inc.(1)
201 37,864 
CIRCOR International, Inc.(1)
209 7,472 
Colfax Corp.(1)
673 32,418 
Columbus McKinnon Corp.233 10,730 
Commercial Vehicle Group, Inc.(1)
534 5,612 
Crane Co.98 9,974 
Cummins, Inc.1,579 372,612 
Deere & Co.2,231 843,385 
Donaldson Co., Inc.1,728 117,072 
Douglas Dynamics, Inc.207 8,226 
Dover Corp.338 58,934 
Energy Recovery, Inc.(1)
341 6,967 
Enerpac Tool Group Corp.189 4,755 
EnPro Industries, Inc.349 29,843 
ESCO Technologies, Inc.117 10,544 
Evoqua Water Technologies Corp.(1)
726 28,256 
Federal Signal Corp.688 27,954 
Flowserve Corp.1,089 42,329 
Fortive Corp.1,006 74,313 
Franklin Electric Co., Inc.361 30,678 
Gorman-Rupp Co. (The)133 4,664 
196


Avantis U.S. Equity Fund
SharesValue
Graco, Inc.1,195 $93,712 
Greenbrier Cos., Inc. (The)795 35,060 
Helios Technologies, Inc.242 19,752 
Hillenbrand, Inc.485 22,514 
Hyster-Yale Materials Handling, Inc.139 8,147 
Ideanomics, Inc.(1)(2)
1,009 2,533 
IDEX Corp.266 59,584 
Illinois Tool Works, Inc.1,171 272,679 
Ingersoll Rand, Inc.(1)
1,864 98,829 
ITT, Inc.938 89,739 
John Bean Technologies Corp.284 41,433 
Kadant, Inc.50 10,456 
Kennametal, Inc.521 19,371 
Lincoln Electric Holdings, Inc.871 121,600 
Lindsay Corp.97 15,981 
Lydall, Inc.(1)
301 18,656 
Manitowoc Co., Inc. (The)(1)
304 7,372 
Meritor, Inc.(1)
244 5,788 
Middleby Corp. (The)(1)
205 37,503 
Miller Industries, Inc.151 5,620 
Mueller Industries, Inc.655 29,220 
Mueller Water Products, Inc., Class A2,715 45,123 
Nikola Corp.(1)(2)
218 2,274 
NN, Inc.(1)
691 3,759 
Nordson Corp.167 39,846 
Oshkosh Corp.1,161 133,027 
Otis Worldwide Corp.1,122 103,471 
PACCAR, Inc.3,414 279,504 
Park-Ohio Holdings Corp.125 3,223 
Parker-Hannifin Corp.321 95,231 
Pentair plc444 34,259 
Proto Labs, Inc.(1)
71 5,265 
RBC Bearings, Inc.(1)
213 49,314 
REV Group, Inc.628 10,211 
Rexnord Corp.160 9,722 
Shyft Group, Inc. (The)429 18,880 
Snap-on, Inc.977 219,776 
SPX Corp.(1)
349 21,806 
SPX FLOW, Inc.478 38,493 
Standex International Corp.117 11,611 
Stanley Black & Decker, Inc.381 73,636 
Tennant Co.387 28,630 
Terex Corp.1,466 74,839 
Timken Co. (The)830 61,038 
Titan International, Inc.(1)
669 5,559 
Toro Co. (The)1,580 173,705 
TriMas Corp.(1)
434 13,936 
Trinity Industries, Inc.1,464 42,500 
Wabash National Corp.397 6,169 
Watts Water Technologies, Inc., Class A249 42,721 
Welbilt, Inc.(1)
90 2,106 
197


Avantis U.S. Equity Fund
SharesValue
Westinghouse Air Brake Technologies Corp.608 $54,592 
Woodward, Inc.308 37,250 
Xylem, Inc.387 52,752 
5,655,534 
Marine — 0.1%
Costamare, Inc.645 9,275 
Eagle Bulk Shipping, Inc.(1)
245 12,100 
Genco Shipping & Trading Ltd.847 16,508 
Kirby Corp.(1)
735 39,389 
Matson, Inc.605 47,898 
125,170 
Media — 1.2%
Altice USA, Inc., Class A(1)
842 23,104 
AMC Networks, Inc., Class A(1)
325 15,447 
Boston Omaha Corp., Class A(1)
127 4,540 
Cable One, Inc.49 102,880 
Charter Communications, Inc., Class A(1)
283 231,115 
Comcast Corp., Class A17,047 1,034,412 
Discovery, Inc., Class A(1)(2)
173 4,989 
Discovery, Inc., Class C(1)
342 9,436 
DISH Network Corp., Class A(1)
3,611 157,404 
Entercom Communications Corp.(1)
1,031 3,660 
Entravision Communications Corp., Class A946 6,594 
Fox Corp., Class A5,126 191,917 
Fox Corp., Class B2,394 82,904 
Gannett Co., Inc.(1)
920 5,842 
Gray Television, Inc.1,992 45,298 
Interpublic Group of Cos., Inc. (The)2,027 75,465 
John Wiley & Sons, Inc., Class A69 4,009 
Liberty Broadband Corp., Class A(1)
92 17,091 
Liberty Broadband Corp., Class C(1)
779 149,038 
Liberty Media Corp.-Liberty SiriusXM, Class C(1)
297 14,657 
Liberty Media Corp.-Liberty SiriusXM, Class A(1)
173 8,564 
Magnite, Inc.(1)
291 8,445 
Meredith Corp.(1)
451 19,398 
New York Times Co. (The), Class A894 45,397 
News Corp., Class A4,508 101,295 
News Corp., Class B1,406 30,974 
Nexstar Media Group, Inc., Class A252 37,737 
Omnicom Group, Inc.1,098 80,396 
Scholastic Corp.189 6,282 
Sinclair Broadcast Group, Inc., Class A134 4,021 
Sirius XM Holdings, Inc.(2)
2,311 14,490 
TechTarget, Inc.(1)
102 8,627 
TEGNA, Inc.439 7,779 
ViacomCBS, Inc., Class B2,960 122,692 
2,675,899 
Metals and Mining — 1.2%
Alcoa Corp.(1)
4,206 186,620 
Allegheny Technologies, Inc.(1)
3,016 53,866 
Alpha Metallurgical Resources, Inc.(1)
332 12,985 
198


Avantis U.S. Equity Fund
SharesValue
Arconic Corp.(1)
2,288 $78,913 
Carpenter Technology Corp.1,064 35,484 
Century Aluminum Co.(1)
451 5,782 
Cleveland-Cliffs, Inc.(1)
2,702 63,416 
Coeur Mining, Inc.(1)
4,989 35,172 
Commercial Metals Co.2,972 96,947 
Compass Minerals International, Inc.653 43,705 
Freeport-McMoRan, Inc.13,752 500,435 
Haynes International, Inc.157 6,162 
Hecla Mining Co.6,628 40,762 
Kaiser Aluminum Corp.210 26,515 
Materion Corp.178 12,999 
MP Materials Corp.(1)
219 7,352 
Newmont Corp.6,625 384,184 
Nucor Corp.3,873 455,310 
Olympic Steel, Inc.164 4,471 
Reliance Steel & Aluminum Co.985 147,789 
Royal Gold, Inc.687 76,484 
Ryerson Holding Corp.321 7,431 
Schnitzer Steel Industries, Inc., Class A541 25,595 
Steel Dynamics, Inc.3,037 204,967 
SunCoke Energy, Inc.1,673 11,627 
TimkenSteel Corp.(1)
1,264 17,292 
United States Steel Corp.2,144 57,352 
Warrior Met Coal, Inc.588 13,165 
Worthington Industries, Inc.425 24,629 
2,637,411 
Multi-Utilities — 0.7%
Ameren Corp.1,029 90,264 
Avista Corp.859 35,949 
CenterPoint Energy, Inc.4,617 115,840 
CMS Energy Corp.2,654 170,201 
Consolidated Edison, Inc.2,219 167,423 
Dominion Energy, Inc.3,376 262,788 
DTE Energy Co.1,034 124,432 
MDU Resources Group, Inc.2,399 77,176 
NiSource, Inc.4,367 107,647 
NorthWestern Corp.285 18,126 
Public Service Enterprise Group, Inc.3,253 207,997 
Sempra Energy1,002 132,625 
Unitil Corp.117 5,803 
WEC Energy Group, Inc.273 25,793 
1,542,064 
Multiline Retail — 0.8%
Big Lots, Inc.932 45,351 
Dillard's, Inc., Class A145 27,617 
Dollar General Corp.807 179,888 
Dollar Tree, Inc.(1)
1,845 167,046 
Kohl's Corp.2,339 134,259 
Macy's, Inc.(1)
7,534 168,686 
Ollie's Bargain Outlet Holdings, Inc.(1)
379 27,432 
199


Avantis U.S. Equity Fund
SharesValue
Target Corp.4,216 $1,041,268 
1,791,547 
Oil, Gas and Consumable Fuels — 3.7%
Alto Ingredients, Inc.(1)(2)
755 3,843 
Antero Midstream Corp.5,821 55,940 
Antero Resources Corp.(1)
3,696 50,709 
APA Corp.1,396 27,194 
Arch Resources, Inc.(1)
99 7,493 
Berry Corp.885 5,310 
Bonanza Creek Energy, Inc.539 20,956 
Brigham Minerals, Inc., Class A554 10,592 
Cabot Oil & Gas Corp.4,060 64,513 
California Resources Corp.(1)
518 17,731 
Callon Petroleum Co.(1)
1,091 37,279 
Centennial Resource Development, Inc., Class A(1)
1,493 7,614 
Cheniere Energy, Inc.(1)
1,998 174,745 
Chesapeake Energy Corp.196 10,939 
Chevron Corp.9,832 951,443 
Cimarex Energy Co.2,318 148,862 
Clean Energy Fuels Corp.(1)
931 7,383 
CNX Resources Corp.(1)
2,879 32,705 
Comstock Resources, Inc.(1)
789 4,663 
ConocoPhillips8,621 478,724 
CONSOL Energy, Inc.(1)
374 8,538 
Continental Resources, Inc.551 21,643 
CVR Energy, Inc.183 2,635 
Delek US Holdings, Inc.(1)
270 4,620 
Denbury, Inc.(1)
126 8,862 
Devon Energy Corp.7,537 222,718 
DHT Holdings, Inc.4,534 25,073 
Diamondback Energy, Inc.2,520 194,393 
Dorian LPG Ltd.391 5,169 
DTE Midstream LLC(1)
224 10,409 
EnLink Midstream LLC(1)
6,004 32,362 
EOG Resources, Inc.5,566 375,816 
EQT Corp.(1)
3,836 70,314 
Equitrans Midstream Corp.8,106 70,765 
Exxon Mobil Corp.26,213 1,429,133 
Gevo, Inc.(1)(2)
907 5,651 
Green Plains, Inc.(1)
419 14,707 
Hess Corp.2,378 163,488 
HollyFrontier Corp.936 30,261 
International Seaways, Inc.562 9,666 
Kinder Morgan, Inc.13,951 226,983 
Kosmos Energy Ltd.(1)
11,648 27,489 
Laredo Petroleum, Inc.(1)
149 8,050 
Magnolia Oil & Gas Corp., Class A2,031 31,846 
Marathon Oil Corp.9,657 113,470 
Marathon Petroleum Corp.6,759 400,606 
Matador Resources Co.2,422 69,633 
Murphy Oil Corp.2,405 51,130 
200


Avantis U.S. Equity Fund
SharesValue
Nordic American Tankers Ltd.931 $2,206 
Occidental Petroleum Corp.9,538 245,031 
ONEOK, Inc.5,367 281,875 
Ovintiv, Inc.3,415 93,093 
Par Pacific Holdings, Inc.(1)
624 10,290 
PBF Energy, Inc., Class A(1)
2,117 22,017 
PDC Energy, Inc.2,458 102,622 
Peabody Energy Corp.(1)
1,451 23,187 
Penn Virginia Corp.(1)
244 5,051 
Phillips 663,155 224,289 
Pioneer Natural Resources Co.1,392 208,341 
Plains GP Holdings LP, Class A(1)
2,478 24,185 
Range Resources Corp.(1)
5,793 84,694 
Rattler Midstream LP462 5,036 
Renewable Energy Group, Inc.(1)
662 32,054 
REX American Resources Corp.(1)
45 3,814 
Scorpio Tankers, Inc.628 10,180 
SFL Corp. Ltd.1,184 9,508 
SM Energy Co.3,190 60,929 
Southwestern Energy Co.(1)
17,782 80,908 
Talos Energy, Inc.(1)
1,408 17,459 
Targa Resources Corp.2,846 124,996 
Teekay Tankers Ltd., Class A(1)
1,161 13,293 
Tellurian, Inc.(1)
1,061 3,385 
Valero Energy Corp.3,012 199,726 
Viper Energy Partners LP290 5,371 
Whiting Petroleum Corp.(1)
1,074 50,424 
Williams Cos., Inc. (The)9,130 225,420 
World Fuel Services Corp.1,316 42,586 
7,966,038 
Paper and Forest Products — 0.1%
Clearwater Paper Corp.(1)
228 7,408 
Domtar Corp.(1)
656 35,969 
Glatfelter Corp.366 5,783 
Louisiana-Pacific Corp.2,487 157,775 
Mercer International, Inc.1,193 13,576 
Neenah, Inc.237 11,943 
Schweitzer-Mauduit International, Inc.342 13,088 
Verso Corp., Class A1,063 20,250 
265,792 
Personal Products — 0.3%
Beauty Health Co. (The)(1)
788 20,260 
BellRing Brands, Inc., Class A(1)
86 2,904 
Coty, Inc., Class A(1)
226 2,208 
Edgewell Personal Care Co.654 27,664 
elf Beauty, Inc.(1)
178 5,509 
Estee Lauder Cos., Inc. (The), Class A1,096 373,177 
Herbalife Nutrition Ltd.(1)
446 22,898 
Inter Parfums, Inc.293 21,254 
Medifast, Inc.286 65,179 
Nu Skin Enterprises, Inc., Class A1,030 52,139 
201


Avantis U.S. Equity Fund
SharesValue
USANA Health Sciences, Inc.(1)
309 $29,982 
623,174 
Pharmaceuticals — 3.1%
Aclaris Therapeutics, Inc.(1)
217 3,518 
Amneal Pharmaceuticals, Inc.(1)
658 3,711 
Amphastar Pharmaceuticals, Inc.(1)
912 17,930 
Antares Pharma, Inc.(1)
1,247 4,913 
Arvinas, Inc.(1)
187 16,121 
AstraZeneca plc, ADR3,301 192,382 
Atea Pharmaceuticals, Inc.(1)
432 12,839 
Athira Pharma, Inc.(1)
282 2,986 
BioDelivery Sciences International, Inc.(1)
1,250 4,825 
Bristol-Myers Squibb Co.12,397 828,863 
Catalent, Inc.(1)
395 51,524 
Collegium Pharmaceutical, Inc.(1)
1,077 22,111 
Corcept Therapeutics, Inc.(1)
1,017 21,642 
Elanco Animal Health, Inc.(1)
2,049 68,396 
Eli Lilly & Co.3,708 957,739 
Endo International plc(1)
569 1,303 
Innoviva, Inc.(1)
877 13,383 
Intra-Cellular Therapies, Inc.(1)
378 12,550 
Jazz Pharmaceuticals plc(1)
639 84,163 
Johnson & Johnson12,546 2,172,089 
Lannett Co., Inc.(1)
110 387 
Merck & Co., Inc.7,905 603,072 
Nektar Therapeutics(1)
1,106 17,121 
Ocular Therapeutix, Inc.(1)
278 2,936 
Omeros Corp.(1)(2)
262 4,271 
Organon & Co.914 30,975 
Perrigo Co. plc1,973 80,794 
Pfizer, Inc.16,690 768,908 
Phibro Animal Health Corp., Class A349 8,477 
Pliant Therapeutics, Inc.(1)
173 3,156 
Prestige Consumer Healthcare, Inc.(1)
858 49,241 
Reata Pharmaceuticals, Inc., Class A(1)
107 
Revance Therapeutics, Inc.(1)
61 1,634 
Royalty Pharma plc, Class A982 37,954 
Supernus Pharmaceuticals, Inc.(1)
1,246 34,302 
Theravance Biopharma, Inc.(1)
88 730 
Viatris, Inc.2,171 31,762 
Zoetis, Inc.1,986 406,256 
Zogenix, Inc.(1)
21 311 
6,575,382 
Professional Services — 0.5%
ASGN, Inc.(1)
52 5,834 
Barrett Business Services, Inc.83 6,433 
Booz Allen Hamilton Holding Corp.372 30,471 
CACI International, Inc., Class A(1)
73 18,800 
CBIZ, Inc.(1)
150 5,117 
Clarivate plc(1)
432 10,882 
CoStar Group, Inc.(1)
906 76,774 
202


Avantis U.S. Equity Fund
SharesValue
CRA International, Inc.224 $20,830 
Dun & Bradstreet Holdings, Inc.(1)
380 6,965 
Equifax, Inc.363 98,830 
Exponent, Inc.301 35,187 
Franklin Covey Co.(1)
178 7,738 
FTI Consulting, Inc.(1)
60 8,383 
Heidrick & Struggles International, Inc.632 27,315 
ICF International, Inc.43 4,027 
IHS Markit Ltd.623 75,134 
Insperity, Inc.307 33,874 
Jacobs Engineering Group, Inc.227 30,636 
KBR, Inc.416 16,199 
Kelly Services, Inc., Class A331 6,435 
Kforce, Inc.640 37,389 
Korn Ferry873 61,712 
Leidos Holdings, Inc.263 25,803 
ManpowerGroup, Inc.462 56,096 
ManTech International Corp., Class A101 7,996 
Nielsen Holdings plc1,070 22,962 
Resources Connection, Inc.350 5,530 
Robert Half International, Inc.2,258 233,477 
Science Applications International Corp.73 6,149 
TransUnion474 57,605 
TriNet Group, Inc.(1)
406 37,385 
TrueBlue, Inc.(1)
728 19,896 
Upwork, Inc.(1)
127 5,678 
Verisk Analytics, Inc.222 44,791 
1,148,333 
Real Estate Management and Development — 0.3%
CBRE Group, Inc., Class A(1)
3,938 379,229 
Cushman & Wakefield plc(1)
257 4,662 
eXp World Holdings, Inc.176 8,070 
FRP Holdings, Inc.(1)
20 1,154 
Howard Hughes Corp. (The)(1)
414 37,480 
Jones Lang LaSalle, Inc.(1)
540 130,912 
Kennedy-Wilson Holdings, Inc.473 10,401 
Marcus & Millichap, Inc.(1)
133 5,216 
Newmark Group, Inc., Class A1,695 23,086 
Opendoor Technologies, Inc.(1)(2)
448 7,943 
RE/MAX Holdings, Inc., Class A151 5,057 
Realogy Holdings Corp.(1)
297 5,212 
Redfin Corp.(1)
809 39,293 
St. Joe Co. (The)509 23,552 
681,267 
Road and Rail — 1.7%
AMERCO123 81,321 
ArcBest Corp.609 40,639 
Avis Budget Group, Inc.(1)
174 15,790 
Covenant Logistics Group, Inc.(1)
158 3,849 
CSX Corp.19,199 624,543 
Heartland Express, Inc.810 13,592 
203


Avantis U.S. Equity Fund
SharesValue
J.B. Hunt Transport Services, Inc.1,284 $227,782 
Kansas City Southern1,453 407,814 
Knight-Swift Transportation Holdings, Inc.1,857 96,434 
Landstar System, Inc.493 82,839 
Lyft, Inc., Class A(1)
638 30,375 
Marten Transport Ltd.1,066 16,619 
Norfolk Southern Corp.1,819 461,189 
Old Dominion Freight Line, Inc.1,173 338,669 
Ryder System, Inc.1,080 85,849 
Saia, Inc.(1)
462 110,940 
Schneider National, Inc., Class B1,263 28,468 
Uber Technologies, Inc.(1)
1,659 64,933 
Union Pacific Corp.4,188 908,126 
US Xpress Enterprises, Inc., Class A(1)
274 2,395 
Werner Enterprises, Inc.1,271 59,940 
XPO Logistics, Inc.(1)
246 21,380 
3,723,486 
Semiconductors and Semiconductor Equipment — 4.6%
Advanced Micro Devices, Inc.(1)
2,780 307,802 
Allegro MicroSystems, Inc.(1)
210 6,310 
Alpha & Omega Semiconductor Ltd.(1)
236 6,856 
Ambarella, Inc.(1)
132 13,671 
Amkor Technology, Inc.2,343 64,362 
Analog Devices, Inc.2,067 336,824 
Applied Materials, Inc.6,523 881,453 
Axcelis Technologies, Inc.(1)
176 8,749 
AXT, Inc.(1)
469 4,366 
Broadcom, Inc.702 349,041 
Brooks Automation, Inc.458 38,912 
CEVA, Inc.(1)
78 3,764 
Cirrus Logic, Inc.(1)
373 31,209 
CMC Materials, Inc.187 24,800 
Cohu, Inc.(1)
570 20,338 
Cree, Inc.(1)
397 33,737 
Diodes, Inc.(1)
273 26,435 
Enphase Energy, Inc.(1)
379 65,844 
Entegris, Inc.786 94,430 
First Solar, Inc.(1)
530 49,820 
FormFactor, Inc.(1)
513 19,945 
Ichor Holdings Ltd.(1)
351 15,553 
Intel Corp.24,093 1,302,468 
KLA Corp.896 304,604 
Kulicke & Soffa Industries, Inc.761 53,415 
Lam Research Corp.917 554,620 
Lattice Semiconductor Corp.(1)
187 11,616 
MACOM Technology Solutions Holdings, Inc.(1)
105 6,375 
MagnaChip Semiconductor Corp.(1)
601 10,968 
Marvell Technology, Inc.2,197 134,434 
Microchip Technology, Inc.586 92,213 
Micron Technology, Inc.(1)
5,738 422,891 
MKS Instruments, Inc.512 75,356 
204


Avantis U.S. Equity Fund
SharesValue
Monolithic Power Systems, Inc.148 $73,250 
NeoPhotonics Corp.(1)
423 3,951 
NVIDIA Corp.6,532 1,462,188 
NXP Semiconductors NV754 162,208 
ON Semiconductor Corp.(1)
2,911 129,132 
Onto Innovation, Inc.(1)
510 37,806 
PDF Solutions, Inc.(1)
158 3,558 
Photronics, Inc.(1)
776 11,694 
Power Integrations, Inc.223 24,227 
Qorvo, Inc.(1)
780 146,663 
QUALCOMM, Inc.2,414 354,110 
Rambus, Inc.(1)
603 14,351 
Semtech Corp.(1)
194 13,564 
Silicon Laboratories, Inc.(1)
180 28,372 
SiTime Corp.(1)
38 8,088 
Skyworks Solutions, Inc.1,652 303,076 
SMART Global Holdings, Inc.(1)
549 26,605 
SolarEdge Technologies, Inc.(1)
177 51,291 
Synaptics, Inc.(1)
607 115,196 
Teradyne, Inc.1,511 183,496 
Texas Instruments, Inc.5,010 956,459 
Ultra Clean Holdings, Inc.(1)
942 43,558 
Universal Display Corp.143 29,828 
Veeco Instruments, Inc.(1)
245 5,584 
Xilinx, Inc.
1,175 182,818 
9,744,254 
Software — 6.8%
8x8, Inc.(1)
141 3,405 
A10 Networks, Inc.(1)
662 9,195 
ACI Worldwide, Inc.(1)
251 8,090 
Adobe, Inc.(1)
1,008 669,010 
Alarm.com Holdings, Inc.(1)
229 19,312 
Alteryx, Inc., Class A(1)
79 5,844 
American Software, Inc., Class A149 3,780 
Anaplan, Inc.(1)
81 4,858 
ANSYS, Inc.(1)
114 41,651 
Appfolio, Inc., Class A(1)
12 1,417 
Appian Corp.(1)(2)
40 4,288 
Asana, Inc., Class A(1)
238 17,981 
Aspen Technology, Inc.(1)
644 83,398 
Autodesk, Inc.(1)
702 217,683 
Avalara, Inc.(1)
153 27,494 
Avaya Holdings Corp.(1)
936 18,879 
Bentley Systems, Inc., Class B523 33,728 
Bill.com Holdings, Inc.(1)
254 69,695 
Black Knight, Inc.(1)
116 8,778 
Blackbaud, Inc.(1)
48 3,345 
Blackline, Inc.(1)
37 4,037 
Bottomline Technologies de, Inc.(1)
113 4,777 
Box, Inc., Class A(1)
1,329 34,262 
C3.ai, Inc., Class A(1)(2)
297 15,307 
205


Avantis U.S. Equity Fund
SharesValue
Cadence Design Systems, Inc.(1)
943 $154,162 
CDK Global, Inc.695 28,912 
Ceridian HCM Holding, Inc.(1)
129 14,493 
ChannelAdvisor Corp.(1)
197 5,047 
Citrix Systems, Inc.545 56,064 
Cloudera, Inc.(1)
1,066 16,981 
CommVault Systems, Inc.(1)
646 52,307 
Cornerstone OnDemand, Inc.(1)
373 21,373 
Coupa Software, Inc.(1)
59 14,444 
Crowdstrike Holdings, Inc., Class A(1)
580 162,980 
Datadog, Inc., Class A(1)
377 51,951 
Digital Turbine, Inc.(1)
514 30,043 
DocuSign, Inc.(1)
456 135,085 
Dolby Laboratories, Inc., Class A512 50,744 
Domo, Inc., Class B(1)
70 6,265 
Dropbox, Inc., Class A(1)
1,553 49,246 
Duck Creek Technologies, Inc.(1)
204 9,513 
Dynatrace, Inc.(1)
454 31,203 
E2open Parent Holdings, Inc.(1)
920 10,985 
Elastic NV(1)
78 12,445 
Envestnet, Inc.(1)
56 4,473 
Fair Isaac Corp.(1)
220 101,143 
FireEye, Inc.(1)
236 4,293 
Five9, Inc.(1)
84 13,291 
Fortinet, Inc.(1)
1,210 381,319 
Guidewire Software, Inc.(1)
171 20,257 
HubSpot, Inc.(1)
109 74,607 
Intelligent Systems Corp.(1)(2)
134 5,171 
InterDigital, Inc.562 40,526 
Intuit, Inc.807 456,851 
j2 Global, Inc.(1)
209 28,779 
Jamf Holding Corp.(1)
148 5,202 
LivePerson, Inc.(1)
109 6,987 
Manhattan Associates, Inc.(1)
635 103,499 
Marathon Digital Holdings, Inc.(1)(2)
669 27,155 
Microsoft Corp.27,012 8,154,383 
MicroStrategy, Inc., Class A(1)(2)
25 17,358 
Mimecast Ltd.(1)
499 34,835 
Mitek Systems, Inc.(1)
300 6,711 
nCino, Inc.(1)
64 3,969 
NCR Corp.(1)
943 40,059 
New Relic, Inc.(1)
81 6,478 
NortonLifeLock, Inc.2,041 54,209 
Nuance Communications, Inc.(1)
485 26,699 
Nutanix, Inc., Class A(1)
597 22,035 
OneSpan, Inc.(1)
120 2,312 
Oracle Corp. (New York)6,108 544,406 
Palantir Technologies, Inc., Class A(1)
2,894 76,228 
Palo Alto Networks, Inc.(1)
340 156,754 
Paycom Software, Inc.(1)
141 68,935 
Paylocity Holding Corp.(1)
100 26,920 
206


Avantis U.S. Equity Fund
SharesValue
Pegasystems, Inc.43 $5,918 
Progress Software Corp.99 4,609 
Proofpoint, Inc.(1)
137 24,098 
PTC, Inc.(1)
165 21,724 
Q2 Holdings, Inc.(1)
48 4,228 
QAD, Inc., Class A70 6,091 
Qualys, Inc.(1)
281 32,984 
Rapid7, Inc.(1)
98 11,909 
RingCentral, Inc., Class A(1)
74 18,667 
SailPoint Technologies Holdings, Inc.(1)
179 8,388 
salesforce.com, Inc.(1)
1,812 480,669 
ServiceNow, Inc.(1)
420 270,329 
ShotSpotter, Inc.(1)
76 3,027 
Smartsheet, Inc., Class A(1)
255 20,290 
Splunk, Inc.(1)
87 13,300 
Sprout Social, Inc., Class A(1)
65 7,904 
SPS Commerce, Inc.(1)
143 19,381 
SS&C Technologies Holdings, Inc.517 39,116 
Sumo Logic, Inc.(1)
500 10,425 
Synopsys, Inc.(1)
372 123,593 
Teradata Corp.(1)
1,145 62,620 
Trade Desk, Inc. (The), Class A(1)
650 52,032 
Tyler Technologies, Inc.(1)
156 75,769 
Unity Software, Inc.(1)
163 20,660 
Varonis Systems, Inc.(1)
78 5,383 
Verint Systems, Inc.(1)
99 4,419 
VirnetX Holding Corp.(1)(2)
637 2,860 
VMware, Inc., Class A(1)(2)
235 34,984 
Vonage Holdings Corp.(1)
279 3,934 
Workday, Inc., Class A(1)
344 93,967 
Xperi Holding Corp.52 1,111 
Zendesk, Inc.(1)
119 14,708 
Zoom Video Communications, Inc., Class A(1)
605 175,147 
Zscaler, Inc.(1)
134 37,298 
14,451,843 
Specialty Retail — 3.5%
Aaron's Co., Inc. (The)1,139 30,206 
Abercrombie & Fitch Co., Class A(1)
1,633 58,396 
Academy Sports & Outdoors, Inc.(1)
1,630 72,160 
Advance Auto Parts, Inc.976 197,982 
America's Car-Mart, Inc.(1)
39 5,044 
American Eagle Outfitters, Inc.1,503 45,872 
Asbury Automotive Group, Inc.(1)
403 75,055 
AutoNation, Inc.(1)
1,380 150,544 
AutoZone, Inc.(1)
58 89,851 
Bath & Body Works, Inc.773 52,162 
Bed Bath & Beyond, Inc.(1)
1,677 46,185 
Best Buy Co., Inc.2,615 304,674 
Big 5 Sporting Goods Corp.(2)
321 8,924 
Boot Barn Holdings, Inc.(1)
564 50,354 
Buckle, Inc. (The)785 30,403 
207


Avantis U.S. Equity Fund
SharesValue
Burlington Stores, Inc.(1)
543 $162,623 
Caleres, Inc.775 19,057 
Camping World Holdings, Inc., Class A462 18,452 
CarMax, Inc.(1)
1,357 169,910 
Carvana Co.(1)
50 16,403 
Chico's FAS, Inc.(1)
1,173 6,064 
Children's Place, Inc. (The)(1)
66 5,731 
Citi Trends, Inc.(1)
310 26,703 
Conn's, Inc.(1)
242 5,953 
Container Store Group, Inc. (The)(1)
332 3,851 
Designer Brands, Inc., Class A(1)
447 6,482 
Dick's Sporting Goods, Inc.(2)
1,343 189,108 
Express, Inc.(1)
1,177 6,980 
Five Below, Inc.(1)
508 108,108 
Floor & Decor Holdings, Inc., Class A(1)
889 109,614 
Foot Locker, Inc.2,276 129,026 
GameStop Corp., Class A(1)
36 7,857 
Gap, Inc. (The)4,484 119,857 
Genesco, Inc.(1)
115 7,133 
Group 1 Automotive, Inc.361 59,724 
Guess?, Inc.583 14,103 
Haverty Furniture Cos., Inc.552 19,668 
Hibbett, Inc.424 40,573 
Home Depot, Inc. (The)4,051 1,321,355 
Kirkland's, Inc.(1)(2)
193 3,690 
Leslie's, Inc.(1)
228 5,499 
Lithia Motors, Inc.440 145,772 
Lowe's Cos., Inc.4,043 824,327 
Lumber Liquidators Holdings, Inc.(1)
428 8,928 
MarineMax, Inc.(1)
650 31,603 
Monro, Inc.56 3,187 
Murphy USA, Inc.526 81,677 
National Vision Holdings, Inc.(1)
114 6,838 
O'Reilly Automotive, Inc.(1)
198 117,628 
ODP Corp. (The)(1)
983 46,368 
Party City Holdco, Inc.(1)
635 4,324 
Penske Automotive Group, Inc.658 59,174 
Rent-A-Center, Inc.927 58,475 
RH(1)
237 166,059 
Ross Stores, Inc.3,345 396,048 
Sally Beauty Holdings, Inc.(1)
1,334 24,799 
Shoe Carnival, Inc.492 18,834 
Signet Jewelers Ltd.1,334 105,653 
Sleep Number Corp.(1)
59 5,458 
Sonic Automotive, Inc., Class A308 15,566 
Sportsman's Warehouse Holdings, Inc.(1)
796 14,121 
TJX Cos., Inc. (The)6,636 482,570 
Tractor Supply Co.1,723 334,693 
TravelCenters of America, Inc.(1)
267 11,206 
Ulta Beauty, Inc.(1)
724 280,412 
Urban Outfitters, Inc.(1)
974 32,161 
208


Avantis U.S. Equity Fund
SharesValue
Victoria's Secret & Co.(1)
257 $17,039 
Vroom, Inc.(1)(2)
638 17,137 
Williams-Sonoma, Inc.1,550 289,385 
Zumiez, Inc.(1)
354 14,227 
7,415,005 
Technology Hardware, Storage and Peripherals — 4.3%
3D Systems Corp.(1)
827 25,174 
Apple, Inc.56,186 8,530,720 
Avid Technology, Inc.(1)
259 6,685 
Dell Technologies, Inc., Class C(1)
1,199 116,854 
Diebold Nixdorf, Inc.(1)
309 3,362 
Hewlett Packard Enterprise Co.2,654 41,031 
HP, Inc.2,950 87,733 
NetApp, Inc.1,804 160,430 
Pure Storage, Inc., Class A(1)
489 12,631 
Seagate Technology Holdings plc2,059 180,348 
Stratasys Ltd.(1)
65 1,369 
Super Micro Computer, Inc.(1)
285 10,414 
Turtle Beach Corp.(1)
208 5,909 
Western Digital Corp.(1)
552 34,886 
Xerox Holdings Corp.1,431 32,212 
9,249,758 
Textiles, Apparel and Luxury Goods — 1.1%
Capri Holdings Ltd.(1)
1,702 96,180 
Carter's, Inc.753 77,092 
Columbia Sportswear Co.506 51,617 
Crocs, Inc.(1)
1,382 197,377 
Deckers Outdoor Corp.(1)
400 167,380 
Fossil Group, Inc.(1)
764 10,238 
G-III Apparel Group Ltd.(1)
663 20,507 
Hanesbrands, Inc.3,320 62,018 
Kontoor Brands, Inc.786 42,413 
Lakeland Industries, Inc.(1)
124 2,960 
Levi Strauss & Co., Class A1,420 37,218 
lululemon athletica, Inc.(1)
446 178,476 
Movado Group, Inc.210 7,589 
NIKE, Inc., Class B4,036 664,891 
Oxford Industries, Inc.137 12,371 
PVH Corp.(1)
588 61,616 
Ralph Lauren Corp.381 44,245 
Rocky Brands, Inc.110 5,465 
Skechers USA, Inc., Class A(1)
1,348 67,980 
Steven Madden Ltd.698 28,248 
Superior Group of Cos., Inc.178 4,243 
Tapestry, Inc.(1)
5,209 210,027 
Under Armour, Inc., Class A(1)
1,485 34,363 
Under Armour, Inc., Class C(1)
1,539 30,872 
Unifi, Inc.(1)
394 9,157 
VF Corp.2,662 203,563 
Wolverine World Wide, Inc.1,604 57,519 
2,385,625 
209


Avantis U.S. Equity Fund
SharesValue
Thrifts and Mortgage Finance — 0.4%
Axos Financial, Inc.(1)
1,046 $50,710 
Bridgewater Bancshares, Inc.(1)
288 4,709 
Columbia Financial, Inc.(1)
177 3,191 
Essent Group Ltd.1,169 55,037 
Federal Agricultural Mortgage Corp., Class C285 27,901 
Flagstar Bancorp, Inc.1,129 55,840 
FS Bancorp, Inc.140 4,784 
Hingham Institution For Savings (The)16 5,192 
HomeStreet, Inc.260 10,621 
Kearny Financial Corp.427 5,419 
Merchants Bancorp265 9,718 
Meridian Bancorp, Inc.1,095 22,754 
Meta Financial Group, Inc.408 20,070 
MGIC Investment Corp.5,081 77,587 
Mr. Cooper Group, Inc.(1)
1,465 56,959 
New York Community Bancorp, Inc.5,152 64,503 
NMI Holdings, Inc., Class A(1)
1,534 34,622 
Northfield Bancorp, Inc.430 7,267 
Northwest Bancshares, Inc.1,859 24,204 
PennyMac Financial Services, Inc.728 48,448 
Premier Financial Corp.386 11,734 
Provident Financial Services, Inc.1,325 29,243 
Radian Group, Inc.2,198 51,939 
Southern Missouri Bancorp, Inc.113 5,099 
TFS Financial Corp.302 6,037 
TrustCo Bank Corp. NY112 3,594 
Walker & Dunlop, Inc.620 68,851 
Washington Federal, Inc.831 27,672 
Waterstone Financial, Inc.149 3,022 
WSFS Financial Corp.669 30,379 
827,106 
Trading Companies and Distributors — 0.8%
Air Lease Corp.1,746 69,386 
Applied Industrial Technologies, Inc.796 70,693 
Beacon Roofing Supply, Inc.(1)
542 27,902 
BlueLinx Holdings, Inc.(1)
138 7,943 
Boise Cascade Co.921 53,280 
CAI International, Inc.285 15,951 
DXP Enterprises, Inc.(1)
187 5,606 
Fastenal Co.6,557 366,208 
GATX Corp.735 67,385 
Global Industrial Co.259 9,969 
GMS, Inc.(1)
290 14,329 
H&E Equipment Services, Inc.842 28,670 
Herc Holdings, Inc.(1)
658 86,494 
Lawson Products, Inc.(1)
92 4,853 
McGrath RentCorp486 33,913 
MRC Global, Inc.(1)
2,908 23,846 
MSC Industrial Direct Co., Inc., Class A722 60,800 
NOW, Inc.(1)
3,177 24,399 
210


Avantis U.S. Equity Fund
SharesValue
Rush Enterprises, Inc., Class A937 $41,322 
Rush Enterprises, Inc., Class B106 4,493 
SiteOne Landscape Supply, Inc.(1)
260 52,026 
Textainer Group Holdings Ltd.(1)
1,138 37,804 
Titan Machinery, Inc.(1)
397 11,402 
Triton International Ltd.1,214 66,430 
United Rentals, Inc.(1)
292 102,974 
Univar Solutions, Inc.(1)
248 5,855 
Veritiv Corp.(1)
461 41,338 
W.W. Grainger, Inc.698 302,723 
Watsco, Inc.273 76,009 
Willis Lease Finance Corp.(1)
118 4,443 
1,718,446 
Transportation Infrastructure
Macquarie Infrastructure Corp.701 27,935 
Water Utilities
American States Water Co.389 35,870 
American Water Works Co., Inc.125 22,781 
California Water Service Group205 13,028 
Essential Utilities, Inc.134 6,650 
78,329 
Wireless Telecommunication Services — 0.2%
Shenandoah Telecommunications Co.1,063 31,709 
T-Mobile US, Inc.(1)
2,812 385,300 
Telephone and Data Systems, Inc.2,105 42,774 
United States Cellular Corp.(1)
145 4,633 
464,416 
TOTAL COMMON STOCKS
(Cost $175,380,992)
212,119,119 
TEMPORARY CASH INVESTMENTS — 0.5%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $958,568)
958,568 958,568 
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio
(Cost $644,844)
644,844 644,844 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $176,984,404)

213,722,531 
OTHER ASSETS AND LIABILITIES

15,667 
TOTAL NET ASSETS — 100.0%

$213,738,198 

FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized Appreciation
(Depreciation)^
S&P 500 E-Mini3September 2021$678,075 $21,033 
^Amount represents value and unrealized appreciation (depreciation).

211


NOTES TO SCHEDULE OF INVESTMENTS
ADR-American Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $813,537. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $831,831, which includes securities collateral of $186,987.


See Notes to Financial Statements.
212


AUGUST 31, 2021
Avantis U.S. Small Cap Value Fund
SharesValue
COMMON STOCKS — 99.4%


Aerospace and Defense — 0.2%
Hexcel Corp.(1)
11,321 $642,014 
Air Freight and Logistics — 0.7%
Air Transport Services Group, Inc.(1)
6,484 177,597 
Atlas Air Worldwide Holdings, Inc.(1)
14,648 1,071,794 
Hub Group, Inc., Class A(1)
7,048 494,770 
1,744,161 
Airlines — 0.1%
Mesa Air Group, Inc.(1)
4,324 34,506 
SkyWest, Inc.(1)
3,305 154,178 
188,684 
Auto Components — 1.2%
American Axle & Manufacturing Holdings, Inc.(1)
39,609 351,332 
Cooper-Standard Holdings, Inc.(1)
1,677 39,041 
Dana, Inc.51,223 1,191,447 
Gentherm, Inc.(1)
2,944 252,654 
Goodyear Tire & Rubber Co. (The)(1)
56,320 892,109 
Modine Manufacturing Co.(1)
18,270 227,279 
Motorcar Parts of America, Inc.(1)
3,032 60,094 
Standard Motor Products, Inc.237 10,165 
Strattec Security Corp.(1)
45 1,678 
3,025,799 
Automobiles — 0.3%
Harley-Davidson, Inc.2,016 79,692 
Winnebago Industries, Inc.11,446 796,871 
876,563 
Banks — 14.5%
1st Constitution Bancorp116 2,600 
1st Source Corp.3,078 144,666 
ACNB Corp.923 26,592 
Altabancorp3,205 133,072 
Amalgamated Financial Corp.3,591 55,840 
American National Bankshares, Inc.1,409 48,160 
Ameris Bancorp17,256 849,685 
Ames National Corp.1,518 35,536 
Arrow Financial Corp.3,267 120,389 
Associated Banc-Corp.18,057 372,335 
BancFirst Corp.3,290 186,082 
Bancorp, Inc. (The)(1)
14,500 357,570 
BancorpSouth Bank10,024 294,004 
Bank First Corp.423 30,033 
Bank of Commerce Holdings3,887 55,429 
Bank of Hawaii Corp.8,991 753,536 
Bank OZK8,474 359,552 
BankFinancial Corp.377 4,373 
BankUnited, Inc.24,034 1,010,149 
Banner Corp.5,200 297,440 
Bar Harbor Bankshares2,956 80,994 
Baycom Corp.(1)
1,850 32,024 
213


Avantis U.S. Small Cap Value Fund
SharesValue
BCB Bancorp, Inc.3,352 $49,844 
Business First Bancshares, Inc.3,317 79,343 
Byline Bancorp, Inc.4,809 118,301 
C&F Financial Corp.431 23,076 
Cadence BanCorp10,395 223,596 
Camden National Corp.3,412 159,238 
Capital Bancorp, Inc.2,756 65,372 
Capital City Bank Group, Inc.2,809 65,141 
Capstar Financial Holdings, Inc.3,560 74,902 
Cathay General Bancorp12,409 493,630 
CB Financial Services, Inc.235 5,452 
Central Pacific Financial Corp.7,240 183,244 
Central Valley Community Bancorp2,641 57,415 
Century Bancorp, Inc., Class A168 19,207 
Chemung Financial Corp.842 39,136 
CIT Group, Inc.27,324 1,514,296 
City Holding Co.3,653 284,569 
Civista Bancshares, Inc.2,482 58,377 
CNB Financial Corp.3,804 93,502 
Coastal Financial Corp.(1)
250 7,343 
Colony Bankcorp, Inc.416 7,733 
Community Bankers Trust Corp.5,330 59,749 
Community Financial Corp. (The)1,296 46,345 
Community Trust Bancorp, Inc.3,584 149,309 
ConnectOne Bancorp, Inc.9,259 264,900 
County Bancorp, Inc.174 6,323 
Customers Bancorp, Inc.(1)
10,375 429,629 
Dime Community Bancshares, Inc.4,859 160,347 
Eagle Bancorp Montana, Inc.1,752 38,789 
Eagle Bancorp, Inc.8,102 467,485 
Enterprise Bancorp, Inc.1,329 44,854 
Enterprise Financial Services Corp.1,640 73,652 
Equity Bancshares, Inc., Class A(1)
2,793 89,599 
Esquire Financial Holdings, Inc.(1)
1,574 40,924 
Evans Bancorp, Inc.1,322 51,756 
F.N.B. Corp.71,813 838,776 
Farmers National Banc Corp.6,519 101,696 
FB Financial Corp.5,000 205,950 
Financial Institutions, Inc.3,877 123,134 
First BanCorp54,059 688,171 
First Bancorp, Inc. (The)227 6,740 
First Bancorp/Southern Pines NC6,690 279,374 
First Bank/Hamilton NJ4,600 61,272 
First Busey Corp.12,207 289,306 
First Business Financial Services, Inc.977 27,688 
First Citizens BancShares, Inc., Class A234 210,062 
First Community Bankshares, Inc.2,500 78,100 
First Community Corp.85 1,731 
First Financial Corp.2,780 112,395 
First Foundation, Inc.9,961 239,363 
First Guaranty Bancshares, Inc.242 4,593 
214


Avantis U.S. Small Cap Value Fund
SharesValue
First Internet Bancorp2,597 $77,183 
First Mid Bancshares, Inc.2,956 120,900 
First of Long Island Corp. (The)5,675 120,310 
First Savings Financial Group, Inc.461 40,116 
First United Corp.279 5,139 
First Western Financial, Inc.(1)
900 24,354 
Flushing Financial Corp.7,696 176,469 
FNCB Bancorp, Inc.206 1,613 
Franklin Financial Services Corp.146 4,630 
Fulton Financial Corp.12,071 191,325 
FVCBankcorp, Inc.(1)
598 11,828 
Great Southern Bancorp, Inc.2,864 156,002 
Great Western Bancorp, Inc.13,477 417,248 
Hancock Whitney Corp.3,989 183,334 
Hanmi Financial Corp.6,566 126,593 
HarborOne Bancorp, Inc.11,000 155,430 
Hawthorn Bancshares, Inc.762 17,419 
HBT Financial, Inc.2,201 35,986 
Heartland Financial USA, Inc.6,701 315,148 
Hilltop Holdings, Inc.18,784 628,701 
HomeTrust Bancshares, Inc.2,923 81,318 
Hope Bancorp, Inc.27,250 375,778 
Horizon Bancorp, Inc.10,432 186,211 
Howard Bancorp, Inc.(1)
1,034 20,577 
Independent Bank Corp. (Michigan)5,710 119,567 
International Bancshares Corp.14,177 593,733 
Investar Holding Corp.2,251 50,625 
Investors Bancorp, Inc.53,952 772,053 
Lakeland Bancorp, Inc.11,156 188,313 
Lakeland Financial Corp.3,035 201,554 
Landmark Bancorp, Inc.186 5,149 
LCNB Corp.1,807 31,586 
Level One Bancorp, Inc.984 26,411 
Limestone Bancorp, Inc.(1)
58 1,003 
Live Oak Bancshares, Inc.1,367 83,674 
Macatawa Bank Corp.7,793 63,981 
Mackinac Financial Corp.2,412 51,038 
Mercantile Bank Corp.3,782 117,998 
Meridian Corp.1,533 44,902 
Metrocity Bankshares, Inc.3,750 77,663 
Metropolitan Bank Holding Corp.(1)
2,044 160,045 
Mid Penn Bancorp, Inc.1,366 36,322 
Midland States Bancorp, Inc.4,977 125,918 
MidWestOne Financial Group, Inc.3,723 109,307 
MVB Financial Corp.2,840 112,294 
National Bank Holdings Corp., Class A8,652 324,450 
National Bankshares, Inc.300 11,088 
NBT Bancorp, Inc.4,500 161,370 
Nicolet Bankshares, Inc.(1)
1,026 78,397 
Northeast Bank1,928 63,123 
Northrim BanCorp, Inc.1,797 75,420 
215


Avantis U.S. Small Cap Value Fund
SharesValue
Oak Valley Bancorp775 $13,524 
OFG Bancorp12,174 289,863 
Old National Bancorp.22,463 374,234 
Old Second Bancorp, Inc.7,020 82,555 
Origin Bancorp, Inc.1,200 49,380 
Orrstown Financial Services, Inc.2,704 64,517 
PacWest Bancorp22,516 958,056 
Park National Corp.900 105,516 
Parke Bancorp, Inc.2,104 43,174 
PCB Bancorp.1,436 27,313 
Peapack-Gladstone Financial Corp.4,207 140,135 
Peoples Bancorp of North Carolina, Inc.588 16,582 
Peoples Bancorp, Inc.3,466 108,278 
Plumas Bancorp(2)
642 20,711 
Popular, Inc.17,270 1,311,484 
Preferred Bank3,735 238,629 
Premier Financial Bancorp, Inc.2,792 50,284 
Primis Financial Corp.5,304 79,507 
QCR Holdings, Inc.3,687 191,540 
RBB Bancorp3,757 96,705 
Red River Bancshares, Inc.185 9,280 
Republic Bancorp, Inc., Class A3,166 158,712 
Salisbury Bancorp, Inc.31 1,588 
Sandy Spring Bancorp, Inc.12,100 527,197 
SB Financial Group, Inc.128 2,339 
ServisFirst Bancshares, Inc.7,912 580,899 
Shore Bancshares, Inc.1,790 31,683 
Sierra Bancorp3,475 88,335 
Simmons First National Corp., Class A22,259 646,624 
SmartFinancial, Inc.2,267 56,630 
South Plains Financial, Inc.2,649 61,457 
Southern First Bancshares, Inc.(1)
1,448 73,819 
Spirit of Texas Bancshares, Inc.3,243 76,697 
Sterling Bancorp23,118 529,171 
Stock Yards Bancorp, Inc.3,157 162,838 
Summit Financial Group, Inc.1,425 34,115 
Synovus Financial Corp.16,965 731,192 
Texas Capital Bancshares, Inc.(1)
8,799 598,244 
Tompkins Financial Corp.2,874 228,742 
Towne Bank10,400 316,888 
TriState Capital Holdings, Inc.(1)
6,084 122,958 
Triumph Bancorp, Inc.(1)
1,205 99,075 
Trustmark Corp.14,273 451,312 
UMB Financial Corp.11,332 1,037,785 
Umpqua Holdings Corp.55,111 1,073,011 
Union Bankshares, Inc.156 5,171 
United Community Banks, Inc.8,536 257,531 
United Security Bancshares700 5,740 
Unity Bancorp, Inc.1,160 26,506 
Univest Financial Corp.6,988 189,235 
Valley National Bancorp101,424 1,322,569 
216


Avantis U.S. Small Cap Value Fund
SharesValue
Washington Trust Bancorp, Inc.3,750 $199,725 
Webster Financial Corp.21,273 1,074,712 
West BanCorp, Inc.3,824 116,976 
Western Alliance Bancorp2,356 229,851 
Wintrust Financial Corp.13,907 1,040,800 
37,656,780 
Beverages — 0.4%
Coca-Cola Consolidated, Inc.1,854 753,021 
MGP Ingredients, Inc.3,028 197,728 
950,749 
Biotechnology — 0.5%
Catalyst Pharmaceuticals, Inc.(1)
30,006 165,333 
Eagle Pharmaceuticals, Inc.(1)
3,062 163,419 
Emergent BioSolutions, Inc.(1)
1,928 121,618 
Ovid therapeutics, Inc.(1)(2)
14,703 51,902 
Translate Bio, Inc.(1)
18,746 701,100 
1,203,372 
Building Products — 0.9%
Apogee Enterprises, Inc.6,089 261,705 
Insteel Industries, Inc.7,487 277,019 
JELD-WEN Holding, Inc.(1)
1,875 51,638 
Masonite International Corp.(1)
8,133 973,357 
Quanex Building Products Corp.14,314 337,238 
UFP Industries, Inc.4,524 339,662 
2,240,619 
Capital Markets — 2.3%
B. Riley Financial, Inc.4,921 322,522 
Brightsphere Investment Group, Inc.14,502 394,309 
Cowen, Inc., Class A8,775 316,251 
Diamond Hill Investment Group, Inc.855 156,491 
Evercore, Inc., Class A9,900 1,382,436 
Freedom Holding Corp.(1)(2)
3,947 254,305 
GAMCO Investors, Inc., Class A544 14,857 
Hennessy Advisors, Inc.490 4,998 
Janus Henderson Group plc16,383 710,367 
Moelis & Co., Class A3,931 243,525 
Oppenheimer Holdings, Inc., Class A2,286 106,505 
Piper Sandler Cos.4,536 648,285 
Stifel Financial Corp.16,908 1,168,343 
StoneX Group, Inc.(1)
1,290 89,900 
Victory Capital Holdings, Inc., Class A4,007 140,365 
Virtus Investment Partners, Inc.218 68,169 
6,021,628 
Chemicals — 2.6%
AdvanSix, Inc.(1)
12,393 452,345 
American Vanguard Corp.10,505 161,042 
Cabot Corp.23,302 1,244,327 
Chemours Co. (The)70,808 2,372,776 
Ecovyst, Inc.4,635 60,301 
Ferro Corp.(1)
13,228 275,142 
Hawkins, Inc.4,636 175,612 
217


Avantis U.S. Small Cap Value Fund
SharesValue
Kraton Corp.(1)
12,225 $514,917 
Kronos Worldwide, Inc.4,662 61,725 
Orion Engineered Carbons SA(1)
5,932 104,818 
Rayonier Advanced Materials, Inc.(1)
1,478 10,435 
Sensient Technologies Corp.532 46,204 
Stepan Co.5,121 602,025 
Trecora Resources(1)
3,178 26,695 
Tronox Holdings plc, Class A30,588 646,324 
6,754,688 
Commercial Services and Supplies — 1.6%
Civeo Corp.(1)
3,267 77,232 
Clean Harbors, Inc.(1)
13,158 1,350,274 
CoreCivic, Inc.(1)
39,260 381,607 
Ennis, Inc.4,672 90,683 
Healthcare Services Group, Inc.15,655 409,535 
Herman Miller, Inc.5,138 215,950 
HNI Corp.9,929 376,210 
Interface, Inc.23,294 334,968 
Kimball International, Inc., Class B4,561 56,876 
Steelcase, Inc., Class A9,990 140,759 
Team, Inc.(1)
40 
UniFirst Corp.2,804 642,312 
4,076,446 
Communications Equipment — 0.8%
Aviat Networks, Inc.(1)
3,892 137,933 
EchoStar Corp., Class A(1)
2,208 59,616 
NETGEAR, Inc.(1)
10,921 390,207 
ViaSat, Inc.(1)
29,019 1,498,541 
2,086,297 
Construction and Engineering — 1.6%
Ameresco, Inc., Class A(1)
1,983 137,125 
Arcosa, Inc.1,139 57,884 
Argan, Inc.2,690 124,547 
Dycom Industries, Inc.(1)
9,410 708,855 
EMCOR Group, Inc.266 32,319 
Granite Construction, Inc.18,386 745,368 
Great Lakes Dredge & Dock Corp.(1)
4,820 72,830 
MasTec, Inc.(1)
7,809 714,055 
MYR Group, Inc.(1)
8,417 875,452 
Northwest Pipe Co.(1)
1,947 50,466 
Orion Group Holdings, Inc.(1)
2,241 12,169 
Primoris Services Corp.11,796 303,157 
Sterling Construction Co., Inc.(1)
4,992 115,116 
Tutor Perini Corp.(1)
11,534 166,320 
4,115,663 
Construction Materials — 0.4%
Eagle Materials, Inc.6,338 994,052 
United States Lime & Minerals, Inc.69 10,080 
1,004,132 
Consumer Finance — 2.6%
Atlanticus Holdings Corp.(1)
2,510 161,142 
218


Avantis U.S. Small Cap Value Fund
SharesValue
Elevate Credit, Inc.(1)
7,243 $25,423 
Encore Capital Group, Inc.(1)
10,052 494,659 
Enova International, Inc.(1)
10,674 352,029 
EZCORP, Inc., Class A(1)
8,933 61,548 
Green Dot Corp., Class A(1)
9,306 486,146 
Navient Corp.55,897 1,297,369 
Nelnet, Inc., Class A4,308 348,431 
OneMain Holdings, Inc.14,192 820,723 
PRA Group, Inc.(1)
10,971 460,782 
Regional Management Corp.2,426 144,177 
SLM Corp.93,457 1,752,319 
World Acceptance Corp.(1)
1,348 255,945 
6,660,693 
Containers and Packaging
Myers Industries, Inc.166 3,785 
Distributors — 0.2%
Core-Mark Holding Co., Inc.11,707 538,522 
Funko, Inc., Class A(1)
2,882 57,467 
595,989 
Diversified Consumer Services — 0.2%
American Public Education, Inc.(1)
4,308 113,300 
Grand Canyon Education, Inc.(1)
2,046 182,381 
Laureate Education, Inc., Class A(1)
6,828 108,770 
Lincoln Educational Services Corp.(1)
3,686 23,627 
Perdoceo Education Corp.(1)
10,752 118,057 
Universal Technical Institute, Inc.(1)
4,000 27,880 
574,015 
Diversified Financial Services — 0.1%
Alerus Financial Corp.2,974 88,803 
Marlin Business Services Corp.2,875 63,969 
152,772 
Diversified Telecommunication Services — 0.6%
ATN International, Inc.899 40,985 
IDT Corp., Class B(1)
11,848 515,151 
Iridium Communications, Inc.(1)
25,633 1,140,925 
1,697,061 
Electrical Equipment — 0.6%
Atkore, Inc.(1)
11,872 1,101,365 
Encore Wire Corp.3,449 293,200 
Powell Industries, Inc.1,181 29,879 
Preformed Line Products Co.32 2,244 
TPI Composites, Inc.(1)
5,049 183,329 
1,610,017 
Electronic Equipment, Instruments and Components — 3.7%
Avnet, Inc.29,632 1,198,911 
Bel Fuse, Inc., Class B1,891 26,701 
Benchmark Electronics, Inc.3,815 103,119 
Daktronics, Inc.(1)
10,964 66,771 
ePlus, Inc.(1)
5,705 617,395 
Insight Enterprises, Inc.(1)
15,620 1,607,142 
Kimball Electronics, Inc.(1)
8,061 194,834 
219


Avantis U.S. Small Cap Value Fund
SharesValue
Methode Electronics, Inc.1,653 $76,980 
Plexus Corp.(1)
11,979 1,100,032 
Sanmina Corp.(1)
25,246 996,712 
ScanSource, Inc.(1)
12,058 429,024 
SYNNEX Corp.13,377 1,699,815 
Vishay Intertechnology, Inc.56,711 1,245,941 
Vishay Precision Group, Inc.(1)
4,881 182,403 
9,545,780 
Energy Equipment and Services — 2.3%
Archrock, Inc.24,778 190,295 
Cactus, Inc., Class A3,708 139,087 
DMC Global, Inc.(1)
1,151 46,236 
Geospace Technologies Corp.(1)
1,658 16,166 
Helmerich & Payne, Inc.25,283 680,618 
Nabors Industries Ltd.(1)
1,096 92,437 
National Energy Services Reunited Corp.(1)
6,596 74,865 
Natural Gas Services Group, Inc.(1)
3,161 30,504 
Newpark Resources, Inc.(1)
10,553 27,649 
NexTier Oilfield Solutions, Inc.(1)
19,357 69,685 
NOV, Inc.(1)
169,361 2,230,484 
Oceaneering International, Inc.(1)
51,766 636,722 
Oil States International, Inc.(1)
6,690 39,203 
Patterson-UTI Energy, Inc.53,148 412,428 
ProPetro Holding Corp.(1)
11,735 90,829 
RPC, Inc.(1)
10,610 40,636 
Select Energy Services, Inc., Class A(1)
18,851 100,853 
TechnipFMC plc(1)
35,662 236,439 
Transocean Ltd.(1)(2)
206,443 734,937 
US Silica Holdings, Inc.(1)
10,930 95,965 
5,986,038 
Food and Staples Retailing — 1.4%
Andersons, Inc. (The)3,049 92,629 
HF Foods Group, Inc.(1)(2)
4,000 23,520 
Ingles Markets, Inc., Class A6,459 438,501 
Natural Grocers by Vitamin Cottage, Inc.2,534 30,636 
PriceSmart, Inc.6,006 508,168 
SpartanNash Co.11,543 248,174 
Sprouts Farmers Market, Inc.(1)
31,602 786,890 
United Natural Foods, Inc.(1)
29,531 1,086,741 
Village Super Market, Inc., Class A2,044 45,765 
Weis Markets, Inc.6,844 389,766 
3,650,790 
Food Products — 1.8%
Flowers Foods, Inc.61,210 1,476,997 
Fresh Del Monte Produce, Inc.16,780 551,726 
John B Sanfilippo & Son, Inc.2,257 191,823 
Mission Produce, Inc.(1)
4,066 84,329 
Pilgrim's Pride Corp.(1)
12,579 350,199 
Sanderson Farms, Inc.9,318 1,830,987 
Seneca Foods Corp., Class A(1)
2,081 101,907 
4,587,968 
220


Avantis U.S. Small Cap Value Fund
SharesValue
Health Care Equipment and Supplies — 1.0%
FONAR Corp.(1)
475 $8,289 
Glaukos Corp.(1)
8,853 527,904 
Meridian Bioscience, Inc.(1)
9,202 186,249 
Orthofix Medical, Inc.(1)
7,966 337,758 
Quidel Corp.(1)
11,122 1,434,182 
2,494,382 
Health Care Providers and Services — 1.9%
Brookdale Senior Living, Inc.(1)
56,304 411,019 
Ensign Group, Inc. (The)16,348 1,335,141 
Fulgent Genetics, Inc.(1)(2)
5,315 484,941 
Magellan Health, Inc.(1)
5,001 473,195 
ModivCare, Inc.(1)
684 134,926 
National HealthCare Corp.2,979 219,999 
Owens & Minor, Inc.35,400 1,319,712 
Patterson Cos., Inc.15,682 480,496 
Triple-S Management Corp., Class B(1)
1,851 65,711 
4,925,140 
Hotels, Restaurants and Leisure — 0.5%
Carrols Restaurant Group, Inc.3,216 13,346 
Chuy's Holdings, Inc.(1)
2,374 76,585 
Cracker Barrel Old Country Store, Inc.5,801 832,908 
Hilton Grand Vacations, Inc.(1)
2,545 111,191 
Monarch Casino & Resort, Inc.(1)
3,782 239,665 
ONE Group Hospitality, Inc. (The)(1)
7,193 80,202 
RCI Hospitality Holdings, Inc.511 33,016 
1,386,913 
Household Durables — 3.0%
Bassett Furniture Industries, Inc.2,642 56,776 
Beazer Homes USA, Inc.(1)
11,698 218,869 
Cavco Industries, Inc.(1)
1,489 380,439 
Century Communities, Inc.9,458 663,006 
Ethan Allen Interiors, Inc.5,082 122,070 
Hooker Furniture Corp.3,218 100,273 
iRobot Corp.(1)
2,126 172,461 
La-Z-Boy, Inc.10,278 359,833 
Legacy Housing Corp.(1)
861 16,876 
LGI Homes, Inc.(1)
6,122 981,540 
Lifetime Brands, Inc.3,851 70,666 
Lovesac Co. (The)(1)
1,583 89,534 
M/I Homes, Inc.(1)
11,535 742,739 
Meritage Homes Corp.(1)
13,519 1,507,909 
New Home Co., Inc. (The)(1)
211 1,893 
Sonos, Inc.(1)
10,877 432,143 
Taylor Morrison Home Corp.(1)
34,388 965,959 
Tri Pointe Homes, Inc.(1)
40,374 959,690 
Universal Electronics, Inc.(1)
1,834 92,654 
7,935,330 
Household Products — 0.2%
Central Garden & Pet Co.(1)
2,352 108,310 
Central Garden & Pet Co., Class A(1)
9,693 403,907 
221


Avantis U.S. Small Cap Value Fund
SharesValue
Ocean Bio-Chem, Inc.261 $2,540 
Oil-Dri Corp. of America1,321 47,133 
561,890 
Independent Power and Renewable Electricity Producers — 0.3%
Ormat Technologies, Inc.11,101 789,614 
Insurance — 4.4%
American Equity Investment Life Holding Co.24,965 791,141 
American National Group, Inc.1,671 321,668 
AMERISAFE, Inc.3,786 217,884 
Axis Capital Holdings Ltd.23,790 1,217,334 
Brighthouse Financial, Inc.(1)
20,358 996,728 
CNO Financial Group, Inc.35,969 879,802 
Crawford & Co., Class A1,407 14,028 
Donegal Group, Inc., Class A3,433 51,701 
Employers Holdings, Inc.6,455 265,752 
Genworth Financial, Inc., Class A(1)
94,966 356,123 
Hanover Insurance Group, Inc. (The)9,524 1,345,836 
HCI Group, Inc.(2)
1,390 155,207 
Horace Mann Educators Corp.9,301 381,341 
Investors Title Co.100 19,186 
Mercury General Corp.6,971 416,238 
NI Holdings, Inc.(1)
1,243 24,263 
Safety Insurance Group, Inc.3,620 294,342 
Selective Insurance Group, Inc.11,552 965,401 
SiriusPoint Ltd.(1)
28,701 281,557 
Stewart Information Services Corp.7,259 456,954 
Tiptree, Inc.6,709 67,828 
Unum Group35,628 948,417 
White Mountains Insurance Group Ltd.813 911,219 
11,379,950 
Internet and Direct Marketing Retail — 0.2%
1-800-Flowers.com, Inc., Class A(1)
5,435 172,616 
Duluth Holdings, Inc., Class B(1)
2,282 35,508 
Lands' End, Inc.(1)
5,925 200,561 
PetMed Express, Inc.861 23,712 
432,397 
IT Services — 0.5%
Alliance Data Systems Corp.11,697 1,147,593 
BM Technologies, Inc.(1)
268 2,610 
Computer Task Group, Inc.(1)
4,019 34,563 
Innodata, Inc.(1)
154 1,272 
1,186,038 
Leisure Products — 1.0%
Acushnet Holdings Corp.6,252 312,350 
Johnson Outdoors, Inc., Class A21 2,410 
Malibu Boats, Inc., Class A(1)
4,163 298,071 
MasterCraft Boat Holdings, Inc.(1)
386 9,627 
Smith & Wesson Brands, Inc.21,688 523,331 
Sturm Ruger & Co., Inc.6,698 523,717 
Vista Outdoor, Inc.(1)
22,845 933,218 
2,602,724 
222


Avantis U.S. Small Cap Value Fund
SharesValue
Machinery — 3.5%
Alamo Group, Inc.2,030 $314,670 
Albany International Corp., Class A10,959 858,419 
Astec Industries, Inc.5,215 318,845 
Commercial Vehicle Group, Inc.(1)
10,619 111,606 
EnPro Industries, Inc.5,418 463,293 
Greenbrier Cos., Inc. (The)13,450 593,145 
Hyster-Yale Materials Handling, Inc.2,621 153,617 
Kennametal, Inc.13,611 506,057 
L.B. Foster Co., Class A(1)
1,249 21,295 
Lydall, Inc.(1)
5,481 339,712 
Mayville Engineering Co., Inc.(1)
1,461 21,798 
Miller Industries, Inc.2,093 77,902 
Mueller Industries, Inc.14,377 641,358 
Mueller Water Products, Inc., Class A68,725 1,142,210 
Park-Ohio Holdings Corp.1,257 32,405 
Shyft Group, Inc. (The)8,892 391,337 
Terex Corp.22,850 1,166,493 
Timken Co. (The)10,474 770,258 
Titan International, Inc.(1)
13,430 111,603 
TriMas Corp.(1)
3,636 116,752 
Trinity Industries, Inc.24,376 707,635 
Wabash National Corp.9,413 146,278 
9,006,688 
Marine — 0.5%
Costamare, Inc.18,233 262,190 
Eagle Bulk Shipping, Inc.(1)
2,384 117,746 
Matson, Inc.13,251 1,049,082 
1,429,018 
Media — 0.4%
Cumulus Media, Inc., Class A(1)
3,804 44,925 
Entercom Communications Corp.(1)
21,089 74,866 
Entravision Communications Corp., Class A30,218 210,619 
Gray Television, Inc.36,417 828,123 
1,158,533 
Metals and Mining — 3.6%
Alcoa Corp.(1)
59,145 2,624,264 
Allegheny Technologies, Inc.(1)
32,957 588,612 
Alpha Metallurgical Resources, Inc.(1)
9,300 363,723 
Arconic Corp.(1)
49,756 1,716,084 
Carpenter Technology Corp.20,320 677,672 
Commercial Metals Co.54,921 1,791,523 
Haynes International, Inc.4,625 181,531 
Kaiser Aluminum Corp.1,522 192,168 
Olympic Steel, Inc.5,063 138,017 
Ryerson Holding Corp.3,000 69,450 
Schnitzer Steel Industries, Inc., Class A5,134 242,890 
SunCoke Energy, Inc.42,909 298,218 
Synalloy Corp.(1)
850 9,902 
TimkenSteel Corp.(1)
22,578 308,867 
Warrior Met Coal, Inc.13,599 304,482 
9,507,403 
223


Avantis U.S. Small Cap Value Fund
SharesValue
Multiline Retail — 1.6%
Big Lots, Inc.14,276 $694,670 
Dillard's, Inc., Class A2,544 484,530 
Kohl's Corp.17,187 986,534 
Macy's, Inc.(1)
94,123 2,107,414 
4,273,148 
Oil, Gas and Consumable Fuels — 8.3%
Antero Midstream Corp.87,957 845,267 
Antero Resources Corp.(1)
81,396 1,116,753 
Arch Resources, Inc.(1)
3,436 260,071 
Ardmore Shipping Corp.(1)
3,480 12,145 
Berry Corp.8,355 50,130 
Bonanza Creek Energy, Inc.14,727 572,586 
Brigham Minerals, Inc., Class A7,212 137,893 
Callon Petroleum Co.(1)
10,200 348,534 
Centennial Resource Development, Inc., Class A(1)
46,351 236,390 
Cimarex Energy Co.26,856 1,724,692 
CNX Resources Corp.(1)
15,616 177,398 
Comstock Resources, Inc.(1)
23,040 136,166 
CONSOL Energy, Inc.(1)
15,938 363,865 
DHT Holdings, Inc.13,671 75,601 
Dorian LPG Ltd.8,972 118,610 
EnLink Midstream LLC(1)
137,612 741,729 
EQT Corp.(1)
64,348 1,179,499 
Equitrans Midstream Corp.170,050 1,484,536 
Goodrich Petroleum Corp.(1)
2,477 40,251 
International Seaways, Inc.10,652 183,214 
Marathon Oil Corp.90,423 1,062,470 
Matador Resources Co.56,699 1,630,096 
Murphy Oil Corp.52,277 1,111,409 
Overseas Shipholding Group, Inc., Class A(1)
20,289 53,157 
Par Pacific Holdings, Inc.(1)
4,654 76,744 
PBF Energy, Inc., Class A(1)
3,649 37,950 
PDC Energy, Inc.54,063 2,257,130 
Penn Virginia Corp.(1)
2,053 42,497 
PHX Minerals, Inc.100 253 
Range Resources Corp.(1)
88,344 1,291,589 
Renewable Energy Group, Inc.(1)
6,145 297,541 
SandRidge Energy, Inc.(1)
10,443 92,943 
Scorpio Tankers, Inc.8,766 142,097 
SFL Corp. Ltd.11,884 95,429 
SilverBow Resources, Inc.(1)
2,092 38,242 
SM Energy Co.36,694 700,855 
Southwestern Energy Co.(1)
171,832 781,836 
Talos Energy, Inc.(1)
3,442 42,681 
Targa Resources Corp.12,925 567,666 
Teekay Corp.(1)(2)
25,357 76,832 
Teekay Tankers Ltd., Class A(1)
8,343 95,527 
Whiting Petroleum Corp.(1)
13,349 626,736 
World Fuel Services Corp.23,558 762,337 
21,689,347 
224


Avantis U.S. Small Cap Value Fund
SharesValue
Paper and Forest Products — 1.5%
Clearwater Paper Corp.(1)
5,876 $190,911 
Domtar Corp.(1)
14,998 822,340 
Glatfelter Corp.15,286 241,519 
Louisiana-Pacific Corp.32,421 2,056,788 
Mercer International, Inc.19,001 216,231 
Neenah, Inc.1,966 99,067 
Verso Corp., Class A15,650 298,133 
3,924,989 
Personal Products — 0.5%
Nature's Sunshine Products, Inc.2,382 40,780 
Nu Skin Enterprises, Inc., Class A15,856 802,631 
USANA Health Sciences, Inc.(1)
5,134 498,152 
1,341,563 
Pharmaceuticals — 1.4%
Amphastar Pharmaceuticals, Inc.(1)
9,698 190,663 
ANI Pharmaceuticals, Inc.(1)
1,570 47,618 
Atea Pharmaceuticals, Inc.(1)(2)
10,531 312,981 
BioDelivery Sciences International, Inc.(1)
9,673 37,338 
Collegium Pharmaceutical, Inc.(1)
12,035 247,079 
Innoviva, Inc.(1)
34,691 529,385 
Perrigo Co. plc17,711 725,265 
Phibro Animal Health Corp., Class A2,972 72,190 
Prestige Consumer Healthcare, Inc.(1)
12,462 715,194 
SIGA Technologies, Inc.(1)
10,000 65,300 
Supernus Pharmaceuticals, Inc.(1)
22,704 625,041 
3,568,054 
Professional Services — 0.9%
Barrett Business Services, Inc.634 49,135 
CRA International, Inc.2,512 233,591 
GP Strategies Corp.(1)
1,962 40,574 
Heidrick & Struggles International, Inc.7,891 341,049 
Hill International, Inc.(1)
9,201 23,002 
Kelly Services, Inc., Class A7,404 143,934 
Kforce, Inc.4,885 285,382 
Korn Ferry13,395 946,893 
TrueBlue, Inc.(1)
13,740 375,514 
2,439,074 
Real Estate Management and Development — 0.2%
Marcus & Millichap, Inc.(1)
10,234 401,378 
RE/MAX Holdings, Inc., Class A3,825 128,099 
529,477 
Road and Rail — 2.3%
ArcBest Corp.10,769 718,615 
Covenant Logistics Group, Inc.(1)
2,198 53,543 
Heartland Express, Inc.19,812 332,445 
Marten Transport Ltd.7,703 120,090 
PAM Transportation Services, Inc.(1)
100 3,497 
Ryder System, Inc.24,792 1,970,716 
Saia, Inc.(1)
5,869 1,409,323 
Schneider National, Inc., Class B13,198 297,483 
225


Avantis U.S. Small Cap Value Fund
SharesValue
US Xpress Enterprises, Inc., Class A(1)
5,048 $44,120 
USA Truck, Inc.(1)
137 1,987 
Werner Enterprises, Inc.21,067 993,520 
5,945,339 
Semiconductors and Semiconductor Equipment — 0.9%
Alpha & Omega Semiconductor Ltd.(1)
6,229 180,953 
Amkor Technology, Inc.23,954 658,016 
Cohu, Inc.(1)
3,130 111,678 
MagnaChip Semiconductor Corp.(1)
9,789 178,649 
NeoPhotonics Corp.(1)
1,068 9,975 
Photronics, Inc.(1)
25,669 386,832 
SMART Global Holdings, Inc.(1)
9,254 448,449 
Ultra Clean Holdings, Inc.(1)
10,155 469,567 
2,444,119 
Software — 0.3%
InterDigital, Inc.12,747 919,186 
Specialty Retail — 8.2%
Aaron's Co., Inc. (The)11,708 310,496 
Abercrombie & Fitch Co., Class A(1)
29,333 1,048,948 
Academy Sports & Outdoors, Inc.(1)
25,173 1,114,409 
American Eagle Outfitters, Inc.60,061 1,833,062 
Asbury Automotive Group, Inc.(1)
3,736 695,793 
AutoNation, Inc.(1)
11,121 1,213,190 
Bed Bath & Beyond, Inc.(1)
37,941 1,044,895 
Big 5 Sporting Goods Corp.(2)
10,404 289,231 
Buckle, Inc. (The)11,425 442,490 
Build-A-Bear Workshop, Inc.(1)
6,830 127,311 
Caleres, Inc.16,544 406,817 
Chico's FAS, Inc.(1)
56,054 289,799 
Citi Trends, Inc.(1)
2,795 240,761 
Conn's, Inc.(1)
4,741 116,629 
Dick's Sporting Goods, Inc.(2)
7,201 1,013,973 
Foot Locker, Inc.25,386 1,439,132 
Genesco, Inc.(1)
6,786 420,936 
Group 1 Automotive, Inc.6,445 1,066,261 
Guess?, Inc.11,461 277,242 
Haverty Furniture Cos., Inc.5,397 192,295 
Hibbett, Inc.7,288 697,389 
Kirkland's, Inc.(1)(2)
3,934 75,218 
Lazydays Holdings, Inc.(1)
2,951 72,506 
MarineMax, Inc.(1)
7,483 363,823 
Murphy USA, Inc.5,905 916,928 
ODP Corp. (The)(1)
14,436 680,946 
Penske Automotive Group, Inc.7,433 668,450 
Shoe Carnival, Inc.7,866 301,111 
Signet Jewelers Ltd.23,758 1,881,634 
Sonic Automotive, Inc., Class A8,591 434,189 
Sportsman's Warehouse Holdings, Inc.(1)
11,692 207,416 
Tilly's, Inc., Class A11,039 171,877 
TravelCenters of America, Inc.(1)
4,830 202,715 
Urban Outfitters, Inc.(1)
21,311 703,689 
226


Avantis U.S. Small Cap Value Fund
SharesValue
Zumiez, Inc.(1)
8,607 $345,915 
21,307,476 
Technology Hardware, Storage and Peripherals — 0.2%
Super Micro Computer, Inc.(1)
6,077 222,053 
Turtle Beach Corp.(1)
6,604 187,620 
409,673 
Textiles, Apparel and Luxury Goods — 1.3%
Capri Holdings Ltd.(1)
4,003 226,210 
Carter's, Inc.14,803 1,515,531 
Crown Crafts, Inc.151 1,131 
Culp, Inc.167 2,199 
Delta Apparel, Inc.(1)
1,000 30,250 
Fossil Group, Inc.(1)
15,558 208,477 
G-III Apparel Group Ltd.(1)
15,558 481,209 
Movado Group, Inc.6,794 245,535 
Oxford Industries, Inc.6,702 605,191 
Superior Group of Cos., Inc.233 5,555 
Unifi, Inc.(1)
4,426 102,860 
Vera Bradley, Inc.(1)
5,863 67,190 
3,491,338 
Thrifts and Mortgage Finance — 4.3%
Axos Financial, Inc.(1)
16,026 776,941 
Bridgewater Bancshares, Inc.(1)
5,299 86,639 
Essent Group Ltd.27,035 1,272,808 
Federal Agricultural Mortgage Corp., Class C2,718 266,092 
Flagstar Bancorp, Inc.15,488 766,036 
FS Bancorp, Inc.2,126 72,645 
Greene County Bancorp, Inc.134 4,208 
Hingham Institution For Savings (The)363 117,794 
Home Bancorp, Inc.1,338 50,068 
HomeStreet, Inc.6,164 251,799 
Luther Burbank Corp.2,236 29,001 
Merchants Bancorp5,603 205,462 
Meridian Bancorp, Inc.12,850 267,023 
Meta Financial Group, Inc.10,015 492,638 
MGIC Investment Corp.85,781 1,309,876 
Mr. Cooper Group, Inc.(1)
27,973 1,087,590 
NMI Holdings, Inc., Class A(1)
21,167 477,739 
OP Bancorp1,343 13,524 
PennyMac Financial Services, Inc.13,369 889,707 
Premier Financial Corp.8,191 249,006 
Radian Group, Inc.44,438 1,050,070 
Riverview Bancorp, Inc.2,994 21,976 
Severn Bancorp, Inc.129 1,606 
Southern Missouri Bancorp, Inc.2,022 91,233 
Territorial Bancorp, Inc.886 22,407 
Timberland Bancorp, Inc.1,932 56,105 
TrustCo Bank Corp. NY3,035 97,393 
Walker & Dunlop, Inc.4,000 444,200 
Washington Federal, Inc.15,510 516,483 
227


Avantis U.S. Small Cap Value Fund
Shares/Principal AmountValue
Waterstone Financial, Inc.5,837 $118,374 
11,106,443 
Trading Companies and Distributors — 4.5%
Air Lease Corp.40,303 1,601,641 
Applied Industrial Technologies, Inc.9,129 810,747 
BlueLinx Holdings, Inc.(1)
3,368 193,862 
Boise Cascade Co.9,871 571,037 
CAI International, Inc.9,745 545,428 
GATX Corp.13,100 1,201,008 
Global Industrial Co.2,247 86,487 
H&E Equipment Services, Inc.8,636 294,056 
Herc Holdings, Inc.(1)
10,003 1,314,894 
Lawson Products, Inc.(1)
1,100 58,025 
McGrath RentCorp9,375 654,188 
MRC Global, Inc.(1)
13,887 113,873 
NOW, Inc.(1)
16,746 128,609 
Rush Enterprises, Inc., Class A18,814 829,698 
Rush Enterprises, Inc., Class B3,256 138,022 
Textainer Group Holdings Ltd.(1)
22,020 731,504 
Titan Machinery, Inc.(1)
10,728 308,108 
Triton International Ltd.24,617 1,347,042 
Veritiv Corp.(1)
8,356 749,283 
11,677,512 
Transportation Infrastructure — 0.2%
Macquarie Infrastructure Corp.16,426 654,576 
Wireless Telecommunication Services — 0.2%
Telephone and Data Systems, Inc.18,371 373,299 
United States Cellular Corp.(1)
6,875 219,656 
592,955 
TOTAL COMMON STOCKS
(Cost $185,632,326)
258,762,792 
CORPORATE BONDS


Capital Markets
GAMCO Investors, Inc., 4.00%, 6/15/23
(Cost $1,000)
$1,000 1,000 
TEMPORARY CASH INVESTMENTS — 1.4%


State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $3,642,711)
3,642,711 3,642,711 
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $1,555,184)
1,555,184 1,555,184 
TOTAL INVESTMENT SECURITIES — 101.4%
(Cost $190,831,221)

263,961,687 
OTHER ASSETS AND LIABILITIES — (1.4)%

(3,605,353)
TOTAL NET ASSETS — 100.0%

$260,356,334 


228


FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized Appreciation
(Depreciation)^
Russell 2000 E-Mini Index9September 2021$1,022,040 $47,667 
^Amount represents value and unrealized appreciation (depreciation).

NOTES TO SCHEDULE OF INVESTMENTS
Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,553,778. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,617,396, which includes securities collateral of $1,062,212.


See Notes to Financial Statements.
229


Statements of Assets and Liabilities
AUGUST 31, 2021
Avantis Emerging Markets Equity FundAvantis International Equity
Fund
Assets
Investment securities, at value (cost of $98,646,596 and $57,040,795, respectively) — including $4,396,673 and $4,817,386, respectively of securities on loan$119,452,369 $77,599,705 
Investment made with cash collateral received for securities on loan, at value (cost of $1,558,199 and $1,997,239, respectively)1,558,199 1,997,239 
Total investment securities, at value (cost of $100,204,795 and $59,038,034, respectively)121,010,568 79,596,944 
Cash— 391 
Foreign currency holdings, at value (cost of $192,908 and $28,248, respectively)193,224 28,334 
Deposits with broker for futures contracts46,000 34,500 
Receivable for investments sold243 — 
Receivable for capital shares sold35,535 229,654 
Dividends and interest receivable261,769 223,079 
Securities lending receivable4,773 3,282 
121,552,112 80,116,184 
Liabilities
Payable for collateral received for securities on loan1,558,199 1,997,239 
Payable for investments purchased257,869 — 
Payable for capital shares redeemed87,989 24,966 
Payable for variation margin on futures contracts940 705 
Accrued management fees32,093 14,767 
Accrued foreign taxes560,133 — 
2,497,223 2,037,677 
Net Assets$119,054,889 $78,078,507 
Net Assets Consist of:
Capital paid in$97,805,053 $55,626,985 
Distributable earnings21,249,836 22,451,522 
$119,054,889 $78,078,507 

Fund/ClassNet AssetsShares OutstandingNet Asset Value Per Share
Avantis Emerging Markets Equity Fund
Institutional Class$118,866,3248,906,898$13.35
G Class$188,56514,095$13.38
Avantis International Equity Fund
Institutional Class$77,422,4036,190,483$12.51
G Class$656,10452,396$12.52


See Notes to Financial Statements.
230


AUGUST 31, 2021
Avantis International Small Cap Value FundAvantis U.S. Equity Fund
Assets
Investment securities, at value (cost of $109,177,875 and $176,339,560, respectively) — including $4,485,166 and $813,537, respectively of securities on loan$131,411,218 $213,077,687 
Investment made with cash collateral received for securities on loan, at value (cost of $1,604,022 and $644,844, respectively)1,604,022 644,844 
Total investment securities, at value (cost of $110,781,897 and $176,984,404, respectively)133,015,240 213,722,531 
Foreign currency holdings, at value (cost of $10,276 and $—, respectively)10,274 — 
Deposits with broker for futures contracts45,500 34,500 
Receivable for investments sold338,268 9,563 
Receivable for capital shares sold26,260 462,229 
Receivable for variation margin on futures contracts1,610 — 
Dividends and interest receivable288,617 281,689 
Securities lending receivable8,271 430 
133,734,040 214,510,942 
Liabilities
Payable for collateral received for securities on loan1,604,022 644,844 
Payable for investments purchased293,874 — 
Payable for capital shares redeemed88,135 100,719 
Payable for variation margin on futures contracts— 705 
Accrued management fees39,186 26,476 
2,025,217 772,744 
Net Assets$131,708,823 $213,738,198 
Net Assets Consist of:
Capital paid in$105,012,234 $175,292,825 
Distributable earnings26,696,589 38,445,373 
$131,708,823 $213,738,198 

Fund/ClassNet AssetsShares OutstandingNet Asset Value Per Share
Avantis International Small Cap Value Fund
Institutional Class$131,702,33410,332,275$12.75
G Class$6,489508$12.77
Avantis U.S. Equity Fund
Institutional Class$212,074,75914,208,718$14.93
G Class$1,663,439111,299$14.95


See Notes to Financial Statements.
231


AUGUST 31, 2021
Avantis U.S. Small Cap Value Fund
Assets
Investment securities, at value (cost of $189,276,037) — including $2,553,778 of securities on loan$262,406,503 
Investment made with cash collateral received for securities on loan, at value
(cost of $1,555,184)
1,555,184 
Total investment securities, at value (cost of $190,831,221)263,961,687 
Deposits with broker for futures contracts58,500 
Receivable for capital shares sold208,781 
Receivable for variation margin on futures contracts2,070 
Dividends and interest receivable225,407 
Securities lending receivable3,352 
264,459,797 
Liabilities
Payable for collateral received for securities on loan1,555,184 
Payable for investments purchased2,363,939 
Payable for capital shares redeemed134,902 
Accrued management fees49,438 
4,103,463 
Net Assets$260,356,334 
Net Assets Consist of:
Capital paid in$170,842,171 
Distributable earnings89,514,163 
$260,356,334 

Fund/ClassNet AssetsShares OutstandingNet Asset Value Per Share
Avantis U.S. Small Cap Value Fund
Institutional Class$260,195,64517,122,331$15.20
G Class$160,68910,557$15.22


See Notes to Financial Statements.
232


Statements of Operations
YEAR ENDED AUGUST 31, 2021
Avantis Emerging Markets Equity FundAvantis International Equity
Fund
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $297,656 and $168,034, respectively)$2,222,754 $1,599,223 
Securities lending, net37,498 30,785 
Interest438 247 
2,260,690 1,630,255 
Expenses:
Management fees284,576 145,201 
Other expenses582 145 
285,158 145,346 
Fees waived - G Class(178)(422)
284,980 144,924 
Net investment income (loss)1,975,710 1,485,331 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (net of foreign tax expenses paid (refunded) of $6,761 and $—, respectively)(501,581)784,270 
Futures contract transactions100,223 110,141 
Foreign currency translation transactions(42,414)(3,829)
(443,772)890,582 
Change in net unrealized appreciation (depreciation) on:
Investments (includes (increase) decrease in accrued foreign taxes of $(470,230) and $—, respectively)15,104,649 13,407,368 
Futures contracts40,467 4,500 
Translation of assets and liabilities in foreign currencies517 (1,301)
15,145,633 13,410,567 
Net realized and unrealized gain (loss)14,701,861 14,301,149 
Net Increase (Decrease) in Net Assets Resulting from Operations$16,677,571 $15,786,480 


See Notes to Financial Statements.
233


YEAR ENDED AUGUST 31, 2021
Avantis International Small Cap Value FundAvantis U.S. Equity Fund
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $219,643 and $400, respectively)$2,230,272 $1,496,541 
Securities lending, net69,188 4,398 
Interest402 460 
2,299,862 1,501,399 
Expenses:
Management fees307,739 148,054 
Other expenses1,645 534 
309,384 148,588 
Fees waived - G Class(13)(696)
309,371 147,892 
Net investment income (loss)1,990,491 1,353,507 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions3,030,633 337,424 
Futures contract transactions256,924 456,775 
Foreign currency translation transactions6,326 — 
3,293,883 794,199 
Change in net unrealized appreciation (depreciation) on:
Investments18,388,214 27,199,517 
Futures contracts(43,168)(25,185)
Translation of assets and liabilities in foreign currencies(1,235)— 
18,343,811 27,174,332 
Net realized and unrealized gain (loss)21,637,694 27,968,531 
Net Increase (Decrease) in Net Assets Resulting from Operations$23,628,185 $29,322,038 
 

See Notes to Financial Statements.
234


YEAR ENDED AUGUST 31, 2021
Avantis U.S. Small Cap Value Fund
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $4,502)$3,536,817 
Securities lending, net34,619 
Interest480 
3,571,916 
Expenses:
Management fees433,626 
Other expenses1,201 
434,827 
Fees waived - G Class(119)
434,708 
Net investment income (loss)3,137,208 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions14,439,192 
Futures contract transactions895,118 
15,334,310 
Change in net unrealized appreciation (depreciation) on:
Investments60,192,386 
Futures contracts11,721 
60,204,107 
Net realized and unrealized gain (loss)75,538,417 
Net Increase (Decrease) in Net Assets Resulting from Operations$78,675,625 


See Notes to Financial Statements.
235


Statements of Changes in Net Assets
YEAR ENDED AUGUST 31, 2021 AND PERIOD ENDED AUGUST 31, 2020
Avantis Emerging Markets Equity FundAvantis International Equity Fund
Increase (Decrease) in Net AssetsAugust 31, 2021
August 31, 2020(1)
August 31, 2021
August 31, 2020(1)
Operations
Net investment income (loss)$1,975,710 $588,603 $1,485,331 $559,710 
Net realized gain (loss)(443,772)(179,974)890,582 (66,781)
Change in net unrealized appreciation (depreciation)15,145,633 5,161,889 13,410,567 7,191,599 
Net increase (decrease) in net assets resulting from operations16,677,571 5,570,518 15,786,480 7,684,528 
Distributions to Shareholders
From earnings:
Institutional Class(961,367)(36,886)(945,667)(14,040)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)66,800,095 31,004,958 12,339,585 43,227,621 
Net increase (decrease) in net assets82,516,299 36,538,590 27,180,398 50,898,109 
Net Assets
Beginning of period36,538,590 — 50,898,109 — 
End of period$119,054,889 $36,538,590 $78,078,507 $50,898,109 
(1)December 4, 2019 (fund inception) through August 31, 2020.


See Notes to Financial Statements.
236


YEAR ENDED AUGUST 31, 2021 AND PERIOD ENDED AUGUST 31, 2020
Avantis International Small Cap Value FundAvantis U.S. Equity Fund
Increase (Decrease) in Net AssetsAugust 31, 2021
August 31, 2020(1)
August 31, 2021
August 31, 2020(1)
Operations
Net investment income (loss)$1,990,491 $288,284 $1,353,507 $326,458 
Net realized gain (loss)3,293,883 (162,081)794,199 (111,281)
Change in net unrealized appreciation (depreciation)18,343,811 3,868,874 27,174,332 9,584,828 
Net increase (decrease) in net assets resulting from operations23,628,185 3,995,077 29,322,038 9,800,005 
Distributions to Shareholders
From earnings:
Institutional Class(742,081)(34,502)(550,258)(15,804)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)66,559,222 38,302,922 133,435,192 41,747,025 
Net increase (decrease) in net assets89,445,326 42,263,497 162,206,972 51,531,226 
Net Assets
Beginning of period42,263,497 — 51,531,226 — 
End of period$131,708,823 $42,263,497 $213,738,198 $51,531,226 
(1)December 4, 2019 (fund inception) through August 31, 2020.


See Notes to Financial Statements.
237


YEAR ENDED AUGUST 31, 2021 AND PERIOD ENDED AUGUST 31, 2020
Avantis U.S. Small
Cap Value Fund
Increase (Decrease) in Net AssetsAugust 31, 2021
August 31, 2020(1)
Operations
Net investment income (loss)$3,137,208 $451,796 
Net realized gain (loss)15,334,310 (455,170)
Change in net unrealized appreciation (depreciation)60,204,107 12,974,026 
Net increase (decrease) in net assets resulting from operations78,675,625 12,970,652 
Distributions to Shareholders
From earnings:
Institutional Class(948,448)(9,656)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)103,291,530 66,376,631 
Net increase (decrease) in net assets181,018,707 79,337,627 
Net Assets
Beginning of period79,337,627 — 
End of period$260,356,334 $79,337,627 
(1)December 4, 2019 (fund inception) through August 31, 2020.


See Notes to Financial Statements.
238


Notes to Financial Statements

AUGUST 31, 2021

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Emerging Markets Equity Fund, Avantis International Equity Fund, Avantis International Small Cap Value Fund, Avantis U.S. Equity Fund and Avantis U.S. Small Cap Value Fund (collectively, the funds) are five funds in a series issued by the trust. Each of the funds' investment objective is to seek long-term capital appreciation. The funds offer the Institutional Class and G Class. The Institutional Class of each fund commenced sale on December 4, 2019, the funds' inception date. The G Class of each fund commenced sale on January 20, 2021.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Fixed income securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.

If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
239


The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The funds record the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The funds may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of each fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the funds are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

240


Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2021.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
Overnight and
Continuous
<30 days
Between
30 & 90 days
>90 days
Total
Avantis Emerging Markets Equity Fund
Common Stocks$1,558,199 — — — $1,558,199 
Gross amount of recognized liabilities for securities lending transactions$1,558,199 
Avantis International Equity Fund
Common Stocks$1,997,106 — — — $1,997,106 
Rights133 — — — 133 
Total Borrowings
$1,997,239 — — — $1,997,239 
Gross amount of recognized liabilities for securities lending transactions$1,997,239 
Avantis International Small Cap Value Fund
Common Stocks$1,587,204 — — — $1,587,204 
Rights16,818 — — — 16,818 
Total Borrowings
$1,604,022 — — — $1,604,022 
Gross amount of recognized liabilities for securities lending transactions$1,604,022 
Avantis U.S. Equity Fund
Common Stocks$644,844 — — — $644,844 
Gross amount of recognized liabilities for securities lending transactions$644,844 
Avantis U.S. Small Cap Value Fund
Common Stocks$1,555,184 — — — $1,555,184 
Gross amount of recognized liabilities for securities lending transactions$1,555,184 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

241


3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the funds' distributor, American Century Investment Services, Inc., and the trust’s transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The investment advisor agreed to waive each fund's G Class management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.

For the period ended August 31, 2021, the annual management fee for the Institutional Class and the effective annual management fee before and after waiver for G Class for each fund are as follows:
Effective Annual Management Fee
Institutional ClassG Class Before WaiverG Class After Waiver
Avantis Emerging Markets Equity Fund0.33%0.33%0.00%
Avantis International Equity Fund0.23%0.23%0.00%
Avantis International Small Cap Value Fund0.36%0.36%0.00%
Avantis U.S. Equity Fund0.15%0.15%0.00%
Avantis U.S. Small Cap Value Fund0.25%0.25%0.00%

Interfund Transactions — The funds may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended August 31, 2021 were as follows:
Avantis Emerging Markets Equity FundAvantis International Equity FundAvantis International Small Cap Value FundAvantis U.S. Equity FundAvantis U.S. Small Cap Value Fund
Purchases $74,458,525$20,604,006$95,923,843$137,140,797$172,131,539
Sales$7,492,841$7,973,265$28,267,418$3,198,850$63,091,966

242


5. Capital Share Transactions

Transactions in shares of the funds were as follows (unlimited number of shares authorized):
Year ended
August 31, 2021(1)
Period ended
August 31, 2020(2)
SharesAmountSharesAmount
Avantis Emerging Markets Equity Fund
Institutional Class
Sold7,036,283 $85,129,263 3,922,272 $34,601,945 
Issued in reinvestment of distributions
82,168 961,367 3,471 36,886 
Redeemed(1,750,431)(19,477,229)(386,865)(3,633,873)
5,368,020 66,613,401 3,538,878 31,004,958 
G ClassN/A
Sold15,109 200,031 
Redeemed(1,014)(13,337)
14,095 186,694 
Net increase (decrease)5,382,115 $66,800,095 3,538,878 $31,004,958 
Avantis International Equity Fund
Institutional Class
Sold2,528,683 $28,162,838 5,642,579 $47,235,391 
Issued in reinvestment of distributions
88,298 945,667 1,363 14,040 
Redeemed(1,631,782)(17,402,937)(438,658)(4,021,810)
985,199 11,705,568 5,205,284 43,227,621 
G ClassN/A
Sold56,777 687,665 
Redeemed(4,381)(53,648)
52,396 634,017 
Net increase (decrease)1,037,595 $12,339,585 5,205,284 $43,227,621 
Avantis International Small Cap Value Fund
Institutional Class
Sold7,205,043 $81,466,015 4,850,159 $40,974,725 
Issued in reinvestment of distributions
70,473 742,081 3,321 34,502 
Redeemed(1,478,397)(15,654,623)(318,324)(2,706,305)
5,797,119 66,553,473 4,535,156 38,302,922 
G ClassN/A
Sold508 5,749 
Net increase (decrease)5,797,627 $66,559,222 4,535,156 $38,302,922 
Avantis U.S. Equity Fund
Institutional Class
Sold12,039,286 $163,599,924 5,307,267 $47,661,440 
Issued in reinvestment of distributions
45,855 550,258 1,534 15,804 
Redeemed(2,596,029)(32,277,485)(589,195)(5,930,219)
9,489,112 131,872,697 4,719,606 41,747,025 
G ClassN/A
Sold120,988 1,701,468 
Redeemed(9,689)(138,973)
111,299 1,562,495 
Net increase (decrease)9,600,411 $133,435,192 4,719,606 $41,747,025 
243


Year ended
August 31, 2021(1)
Period ended
August 31, 2020(2)
SharesAmountSharesAmount
Avantis U.S. Small Cap Fund
Institutional Class
Sold12,018,509 $150,648,156 9,720,837 $73,544,735 
Issued in reinvestment of distributions
83,637 948,448 922 9,656 
Redeemed(3,763,099)(48,461,598)(938,475)(7,177,760)
8,339,047 103,135,006 8,783,284 66,376,631 
G ClassN/A
Sold11,337 168,264 
Redeemed(780)(11,740)
10,557 156,524 
Net increase (decrease)8,349,604 $103,291,530 8,783,284 $66,376,631 
(1)January 20, 2021 (commencement of sale) through February 28, 2021 for the G Class.
(2)December 4, 2019 (fund inception) through August 31, 2020.

6. Fair Value Measurements

The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.


244


The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Avantis Emerging Markets Equity Fund
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks
Brazil$3,224,892 $3,684,052 — 
Chile153,852 552,135 — 
China8,276,629 27,371,865 — 
Colombia73,385 179,915 — 
India1,494,318 14,384,852 — 
Indonesia143,573 1,581,355 — 
Mexico964,249 1,632,826 — 
Peru225,117 — — 
Philippines35,296 805,571 — 
Russia48,748 3,068,635 — 
South Africa508,885 4,408,750 — 
South Korea1,448,346 15,923,801 — 
Taiwan4,353,303 15,661,512 — 
Turkey31,831 597,234 — 
Other Countries— 7,268,997 — 
Rights— 5,620 — 
Warrants— 658 — 
Corporate Bonds— 435 — 
Temporary Cash Investments1,341,732 — — 
Temporary Cash Investments - Securities Lending Collateral1,558,199 — — 
$23,882,355 $97,128,213 — 
Other Financial Instruments
Futures Contracts$61,341 — — 

245


Avantis International Equity Fund
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks
Australia$521,164 $4,616,617 — 
Belgium114,018 597,073 — 
Canada10,388 7,401,310 — 
Denmark623,781 1,216,038 — 
Finland78,273 761,162 — 
France1,029,609 6,074,555 — 
Germany321,185 5,733,480 — 
Hong Kong21,860 1,965,344 — 
Israel172,501 491,664 — 
Italy144,617 1,616,131 — 
Japan1,413,813 14,989,022 — 
Netherlands1,266,555 1,807,357 — 
Norway76,941 556,653 — 
Singapore62,589 772,354 — 
Spain433,324 1,185,597 — 
Sweden166,248 2,907,555 — 
Switzerland919,736 5,374,061 — 
United Kingdom3,650,776 6,548,080 — 
Other Countries— 1,084,689 — 
Rights— 652 — 
Temporary Cash Investments872,933 — — 
Temporary Cash Investments - Securities Lending Collateral1,997,239 — — 
$13,897,550 $65,699,394 — 
Other Financial Instruments
Futures Contracts$42,580 — — 

Avantis International Small Cap Value Fund
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$1,371,667 $128,627,603 — 
Warrants— 17,852 — 
Temporary Cash Investments1,394,096 — — 
Temporary Cash Investments - Securities Lending Collateral1,604,022 — — 
$4,369,785 $128,645,455 — 
Liabilities
Other Financial Instruments
Futures Contracts$20,853 — — 

246


Avantis U.S. Equity Fund
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$212,119,119 — — 
Temporary Cash Investments958,568 — — 
Temporary Cash Investments - Securities Lending Collateral644,844 — — 
$213,722,531 — — 
Other Financial Instruments
Futures Contracts$21,033 — — 

Avantis U.S. Small Cap Value Fund
Level 1Level 2Level 3
Assets
Investment Securities
Common Stocks$258,762,792 — — 
Corporate Bonds— $1,000 — 
Temporary Cash Investments3,642,711 — — 
Temporary Cash Investments - Securities Lending Collateral1,555,184 — — 
$263,960,687 $1,000 — 
Other Financial Instruments
Futures Contracts$47,667 — — 

7. Derivative Instruments

Equity Price Risk — The funds are subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.

The funds' average notional exposure to equity price risk derivative instruments held during the period were as follows:
Futures Contracts Purchased
Avantis Emerging Markets Equity Fund$740,675
Avantis International Equity Fund$508,085
Avantis International Small Cap Value Fund$680,985
Avantis U.S. Equity Fund$614,841
Avantis U.S. Small Cap Value Fund$752,054

247


Value of Derivative Instruments as of August 31, 2021
Asset DerivativesLiability Derivatives
Fund / Type of Risk ExposureLocation on Statement of Assets and LiabilitiesValueLocation on Statement of Assets and LiabilitiesValue
Avantis Emerging Markets Equity Fund
Equity Price RiskReceivable for variation margin on futures contracts*— Payable for variation margin on futures contracts*$940 

Avantis International Equity Fund
Equity Price RiskReceivable for variation margin on futures contracts*— Payable for variation margin on futures contracts*$705 

Avantis International Small Cap Value Fund
Equity Price RiskReceivable for variation margin on futures contracts*$1,610 Payable for variation margin on futures contracts*— 

Avantis U.S. Equity Fund
Equity Price RiskReceivable for variation margin on futures contracts*— Payable for variation margin on futures contracts*$705 

Avantis U.S. Small Cap Value Fund
Equity Price RiskReceivable for variation margin on futures contracts*$2,070 Payable for variation margin on futures contracts*— 

*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended August 31, 2021
Net Realized Gain (Loss)Change in Net Unrealized Appreciation (Depreciation)
Fund / Type of Risk ExposureLocation on Statement of OperationsValueLocation on Statement of OperationsValue
Avantis Emerging Markets Equity Fund
Equity Price RiskNet realized gain (loss) on futures contract transactions$100,223 Change in net unrealized appreciation (depreciation) on futures contracts$40,467 

Avantis International Equity Fund
Equity Price RiskNet realized gain (loss) on futures contract transactions$110,141 Change in net unrealized appreciation (depreciation) on futures contracts$4,500 

Avantis International Small Cap Value Fund
Equity Price RiskNet realized gain (loss) on futures contract transactions$256,924 Change in net unrealized appreciation (depreciation) on futures contracts$(43,168)

Avantis U.S. Equity Fund
Equity Price RiskNet realized gain (loss) on futures contract transactions$456,775 Change in net unrealized appreciation (depreciation) on futures contracts$(25,185)

Avantis U.S. Small Cap Value Fund
Equity Price RiskNet realized gain (loss) on futures contract transactions$895,118 Change in net unrealized appreciation (depreciation) on futures contracts$11,721 

248


8. Risk Factors

The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

Avantis International Small Cap Value Fund and Avantis U.S. Small Cap Value Fund invest in common stocks of small companies. Because of this, the funds may be subject to greater risk and market fluctuations than funds investing in larger, more established companies.

9. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2021 and period December 4, 2019 (funds inception) through August 31, 2020 were as follows:
2021
2020

Distributions Paid From:
Distributions Paid From:

Ordinary Income
Long-term Capital Gains
Ordinary Income
Long-term Capital Gains
Avantis Emerging Markets Equity Fund$961,367 — $36,886 — 
Avantis International Equity Fund$945,667 — $14,040 — 
Avantis International Small Cap Value Fund$742,081 — $34,502 — 
Avantis U.S. Equity Fund$410,184 $140,074 $15,804 — 
Avantis U.S. Small Cap Value Fund$923,459 $24,989 $9,656 — 

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.




















249


As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Avantis Emerging Markets Equity FundAvantis International Equity FundAvantis International Small Cap Value FundAvantis U.S. Equity FundAvantis U.S. Small Cap Value Fund
Federal tax cost of investments$100,816,999 $59,422,158 $111,850,031 $177,199,193 $191,365,353 
Gross tax appreciation of investments$26,000,636 $21,118,817 $24,349,567 $38,025,332 $73,135,460 
Gross tax depreciation of investments(5,807,067)(944,031)(3,184,358)(1,501,994)(539,126)
Net tax appreciation (depreciation) of investments20,193,569 20,174,786 21,165,209 36,523,338 72,596,334 
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies (559,593)676 195 — — 
Net tax appreciation (depreciation) $19,633,976 $20,175,462 $21,165,404 $36,523,338 $72,596,334 
Undistributed ordinary income$2,024,274 $1,637,773 $4,866,832 $1,479,947 $12,086,759 
Accumulated long-term capital gains— $638,287 $664,353 $442,088 $4,831,070 
Accumulated short-term capital losses$(408,414)— — — — 

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.









250


Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net
Investment
Income
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
Avantis Emerging Markets Equity Fund
Institutional Class
2021$10.320.292.933.22(0.19)$13.3531.29%0.33%0.33%2.29%2.29%9%$118,866 
2020(3)
$10.000.230.120.35(0.03)$10.323.57%
0.33%(4)
0.33%(4)
3.26%(4)
3.26%(4)
4%$36,539 
G Class
2021(5)
$13.160.31(0.09)0.22$13.381.67%
0.00%(4)(6)
0.33%(4)
3.75%(4)
3.42%(4)
9%(7)
$189 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)December 4, 2019 (fund inception) through August 31, 2020.
(4)Annualized.
(5)January 20, 2021 (commencement of sale) through August 31, 2021.
(6)Ratio was less than 0.005%.
(7)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net
Investment
Income
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
Avantis International Equity Fund
Institutional Class
2021$9.780.272.642.91(0.18)$12.5130.11%0.23%0.23%2.35%2.35%13%$77,422 
2020(3)
$10.000.17(0.38)(0.21)(0.01)$9.78(2.10)%
0.23%(4)
0.23%(4)
2.54%(4)
2.54%(4)
2%$50,898 
G Class
2021(5)
$11.350.210.961.17$12.5210.31%
0.00%(4)(6)
0.23%(4)
2.79%(4)
2.56%(4)
13%(7)
$656 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)December 4, 2019 (fund inception) through August 31, 2020.
(4)Annualized.
(5)January 20, 2021 (commencement of sale) through August 31, 2021.
(6)Ratio was less than 0.005%.
(7)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.


See Notes to Financial Statements.




For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions From Net
Investment
Income
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
Avantis International Small Cap Value Fund
Institutional Class
2021$9.320.273.313.58(0.15)$12.7538.73%0.36%0.36%2.33%2.33%34%$131,702 
2020(3)
$10.000.14(0.78)(0.64)(0.04)$9.32(6.43)%
0.36%(4)
0.36%(4)
2.18%(4)
2.18%(4)
12%$42,263 
G Class
2021(5)
$11.310.211.251.46$12.7712.91%
0.00%(4)(6)
0.36%(4)
2.82%(4)
2.46%(4)
34%(7)
$6 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)December 4, 2019 (fund inception) through August 31, 2020.
(4)Annualized.
(5)January 20, 2021 (commencement of sale) through August 31, 2021.
(6)Ratio was less than 0.005%.
(7)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Distributions From:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
 Net
Investment
Income
Net
Realized
Gains
Total
Distributions
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
Avantis U.S. Equity Fund
Institutional Class
2021$10.920.183.954.13(0.09)(0.03)(0.12)$14.9338.03%0.15%0.15%1.37%1.37%3%$212,075 
2020(3)
$10.000.120.820.94(0.02)(0.02)$10.929.37%
0.15%(4)
0.15%(4)
1.62%(4)
1.62%(4)
3%$51,531 
G Class
2021(5)
$12.800.142.012.15$14.9516.80%
0.00%(4)(6)
0.15%(4)
1.55%(4)
1.40%(4)
3%(7)
$1,663 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)December 4, 2019 (fund inception) through August 31, 2020.
(4)Annualized.
(5)January 20, 2021 (commencement of sale) through August 31, 2021.
(6)Ratio was less than 0.005%.
(7)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share DataRatios and Supplemental Data
Income From Investment Operations:Distributions From:Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
 Net
Investment
Income
Net
Realized
Gains
Total
Distributions
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net
Assets,
End of
Period
(in thousands)
Avantis U.S. Small Cap Value Fund
Institutional Class
2021$9.030.246.016.25(0.08)
(3)
(0.08)$15.2069.57%0.25%0.25%1.81%1.81%37%$260,196 
2020(4)
$10.000.11(1.07)(0.96)(0.01)(0.01)$9.03(9.57)%
0.25%(5)
0.25%(5)
1.89%(5)
1.89%(5)
4%$79,338 
G Class
2021(6)
$12.820.182.222.40$15.2218.72%
0.00%(5)(7)
0.25%(5)
2.00%(5)
1.75%(5)
37%(8)
$161 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Per-share amount was less than $0.005.
(4)December 4, 2019 (fund inception) through August 31, 2020.
(5)Annualized.
(6)January 20, 2021 (commencement of sale) through August 31, 2021.
(7)Ratio was less than 0.005%.
(8)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.


See Notes to Financial Statements.




Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century ETF Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis® Emerging Markets Equity Fund, Avantis® International Equity Fund, Avantis® International Small Cap Value Fund, Avantis® U.S. Equity Fund, and Avantis® U.S. Small Cap Value Fund (the “Funds”), five of the funds constituting the American Century ETF Trust, as of August 31, 2021, the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended August 31, 2021, and the period from December 4, 2019 (fund inception) through August 31, 2020; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2021, and the results of their operations for the year then ended, the changes in their net assets and the financial highlights for the year ended August 31, 2021, and the period from December 4, 2019 (fund inception) through August 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.


DELOITTE & TOUCHE LLP

Kansas City, Missouri
October 18, 2021

We have served as the auditor of one or more American Century investment companies since 1997.
256


Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire by December 31st of the year in which they reach their 75th birthday.
Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Ronald J. Gilson, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)31None
Ronald J. Gilson
(1946)
TrusteeSince 2017Charles J. Meyers Professor of Law and Business, Emeritus (since 2018), Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)69None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired; Consultant regarding ETF and mutual fund matters (2015 to 2016); Principal and Senior Counsel, The Vanguard Group (investment management)(1998 to 2014)31None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired103None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries141None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
257


Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2017Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and
Vice President since
2021
General Counsel and Senior Vice President, ACC (2021 to present); Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)
Vice President
since 2019
Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)
Vice President since 2017Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)
Vice President since 2017Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)
Vice President since 2017Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)
Secretary since 2019Attorney, ACS (2003 to present)


258


Approval of Management Agreement

At a meeting held on June 3, 2021, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s trustees (the “Trustees”), including a majority of the independent Trustees, each year.

Prior to its consideration of the management agreement, the Trustees requested and reviewed extensive data and information compiled by the Advisor and certain independent providers of evaluation data concerning the Funds and the services provided to each Fund by the Advisor. This review was in addition to the oversight and evaluation undertaken by the Board and its Audit Committee on a continual basis and the information received was supplemental to the extensive information that the Board and its Audit Committee receive and consider throughout the year.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to each Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;
the wide range of other programs and services provided and to be provided to each Fund and its shareholders on a routine and non-routine basis;
the investment performance of each Fund, including data comparing each Fund's performance to appropriate benchmarks and/or a peer group of other funds with similar investment objectives and strategies;
the cost of owning each Fund compared to the cost of owning similar funds;
the compliance policies, procedures, and regulatory experience of the Advisor and the Funds’ service providers;
the Advisor’s strategic plans, COVID-19 pandemic response, vendor management practices, and social justice initiatives;
the Advisor’s business continuity plans and cyber security practices;
financial data showing the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the overall profitability of the Advisor;
information regarding payments to intermediaries by the Advisor;
possible economies of scale associated with the Advisor’s management of each Fund; and
possible collateral benefits to the Advisor from the management of the Funds.

The independent Trustees met separately in private session to discuss the renewal and to review and discuss the information provided in response to their request. The independent Trustees also held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.




259


Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:

constructing and designing each Fund
portfolio research and security selection
initial capitalization/funding
securities trading
Fund administration
custody of Fund assets
daily valuation of each Fund’s portfolio
liquidity monitoring and management
risk management, including cyber security
shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
legal services (except the independent Trustees’ counsel)
regulatory and portfolio compliance
financial reporting
marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

Investment Management Services. The nature of the investment management services provided to the Funds is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board provides oversight of the investment performance process. It regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any efforts being undertaken to improve performance. The performance for Avantis International Equity Fund and Avantis U.S. Small Cap Value Fund was above each Fund’s respective benchmark for the one-year and since inception periods reviewed by the Board. The performance for Avantis Emerging Markets Equity Fund, Avantis International Small Cap Value Fund, and Avantis U.S. Equity Fund was below each Fund's respective benchmark for the one-year and since inception periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Funds to be satisfactory and consistent with the management agreement.
260



Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Funds, its profitability in managing each Fund (pre- and post-distribution), its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Funds.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to the Funds and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders additional content and services.

Comparison to Other Funds’ Fees. The management agreement provides that each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of each Fund was the lowest of the total expense ratios of their respective peer expense universe and was the lowest of their respective peer expense group. The Board concluded that the management fee paid by each Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to funds or other advisory clients managed similarly
261


to the Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Funds. The Board analyzed this information and concluded that the fees charged and services provided to the Funds were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments could include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Funds. They concluded that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Funds’ operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in each Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to each Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the management fee is fair and reasonable in light of the services provided and that the investment management agreement between the Funds and the Advisor should be renewed.

262


Liquidity Risk Management Program

The Funds have adopted a liquidity risk management program (the “program”). The Funds' Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by those members of the ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Funds' liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Funds. This risk is managed by monitoring the degree of liquidity of the Funds' investments, limiting the amount of the Funds' illiquid investments, and utilizing various risk management tools and facilities available to the Funds for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of the Funds' investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2020 through December 31, 2020. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.

263


Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

 
Proxy Voting Policies
 
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.


Quarterly Portfolio Disclosure
 
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.




264


Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

The funds hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2021.

For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2021 as qualified for the corporate dividends received deduction.

Avantis Emerging Markets Equity FundAvantis International Equity FundAvantis International Small Cap Value FundAvantis U.S. Equity FundAvantis U.S. Small Cap Value Fund
$6,741$16,064$496,494$1,771,484

The funds hereby designate the following, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended August 31, 2021.

Avantis Emerging Markets Equity FundAvantis International Equity FundAvantis International Small Cap Value FundAvantis U.S. Equity FundAvantis U.S. Small Cap Value Fund
$15,011$17,283$164,367$350,974

The funds hereby designate the following as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended August 31, 2021.

Avantis Emerging Markets Equity FundAvantis International Equity FundAvantis International Small Cap Value FundAvantis U.S. Equity FundAvantis U.S. Small Cap Value Fund
$4,470$59,677$16,420$653,971

The funds hereby utilized earnings and profits distributed to shareholders on redemption of shares as part of the dividend paid deduction (tax equalization) for the fiscal year ended August 31, 2021.

Avantis Emerging Markets Equity FundAvantis International Equity FundAvantis International Small Cap Value FundAvantis U.S. Equity FundAvantis U.S. Small Cap Value Fund
$59,779$151,573$110,608$1,174,010

For the fiscal year ended August 31, 2021, the funds intend to pass through to shareholders the following foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

Foreign Tax CreditForeign Source Income
AmountPer
Outstanding
Share
AmountPer
Outstanding
Share
Avantis Emerging Markets Equity Fund$289,978$0.0325$2,513,603$0.2818
Avantis International Equity Fund$133,794$0.0214$1,765,784$0.2828
Avantis International Small Cap Value Fund$181,761$0.0176$2,433,851$0.2355
Avantis U.S. Equity Fund
Avantis U.S. Small Cap Value Fund
265


Notes











































266


Notes












267


Notes
268






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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2021 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-96958 2110







ai_lockupxblkxrgb002.jpg
Annual Report
August 31, 2021
Avantis® Core Fixed Income Fund
Institutional Class (AVIGX)
G Class (AVBNX)
Avantis® Core Municipal Fixed Income Fund
Institutional Class (AVMUX)
G Class (AVFNX)
Avantis® Short-Term Fixed Income Fund
Institutional Class (AVSFX)
G Class (AVGNX)






























Table of Contents

Chairman’s Letter
Avantis Core Fixed Income Fund
Performance
Portfolio Commentary
Fund Characteristics
Avantis Core Municipal Fixed Income Fund
Performance
Portfolio Commentary
Fund Characteristics
Avantis Short-Term Fixed Income Fund
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Additional Information














Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.



Chairman's Letter

image12a.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the approximately six-month period ended August 31, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit avantisinvestors.com.

Bonds Delivered Gains

U.S. bonds generally advanced against a backdrop of mostly positive economic news and ongoing central bank and federal government support. Data on U.S. manufacturing, employment, housing and corporate earnings generally remained upbeat. Additionally, COVID-19 vaccine availability also helped promote investor optimism. These influences helped sustain investor confidence despite ongoing challenges from COVID-19 and the inconsistent lifting of virus-related restrictions.

After starting the period at 1.38%, the benchmark 10-year U.S. Treasury yield spiked to 1.75% in late March before falling to 1.31% by August 31. This downward move occurred despite a sharp uptick in inflation. The emergence of COVID-19’s delta variant prompted a reassessment of rosy growth outlooks, pushing Treasury yields lower. In addition, slightly hawkish language from the Federal Reserve (Fed) fueled growth concerns.

The annual U.S. headline inflation rate soared to a 13-year high, but the Fed insisted temporary supply chain disruptions and other transient factors were at play. The Fed left interest rates unchanged but hinted it may start hiking rates in 2023, sooner than its previous timetable of 2024.

Overall, Treasuries delivered gains for the period. The broad U.S. investment-grade bond market advanced, led by rallying corporate bonds. Municipal bonds also posted robust gains and broadly outperformed Treasuries.

Several Factors Shaping Market Dynamics

The return to pre-pandemic life is progressing, albeit somewhat cautiously due to the spread of the delta variant. As the economy and markets respond to this fluid backdrop, investors will face opportunities and ongoing challenges. Economic growth, inflation, the virus’s trajectory, supply chain normalization, and fiscal and monetary policy likely will sway market dynamics.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,
image48a16.jpg
Jonathan Thomas
Chairman
Avantis Investors
2


Performance
Avantis Core Fixed Income Fund
Total Returns as of August 31, 2021 
 Ticker SymbolSince InceptionInception Date
Institutional ClassAVIGX1.56%2/24/2021
Bloomberg Barclays U.S. Aggregate Bond Index1.54%
G ClassAVBNX1.64%2/24/2021
Fund returns would have been lower if a portion of the fees had not been waived.

Growth of $10,000 Over Life of Class
$10,000 investment made February 24, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-caa71cd80f0b4a49ba2.jpg

Value on August 31, 2021
Institutional Class — $10,156
Bloomberg Barclays U.S. Aggregate Bond Index — $10,154
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.15%0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.







Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Core Fixed Income seeks to maximize total returns by investing primarily in investment-grade debt obligations across sectors, maturities and issuers.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

Performance Review

For the period from the fund’s inception on February 24, 2021, through August 31, 2021, Avantis Core Fixed Income returned 1.56%*. For the same time period, the fund slightly outperformed the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 1.54%. The fund’s return reflects fees and operating expenses, while the index return does not.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index generally representative of the performance of the broad U.S. taxable investment-grade bond market. The fund’s outperformance versus the index was largely due to the fund’s allocations to corporate bonds. These securities generally outperformed the broad bond market during the period.































*All fund returns referenced in this commentary are for Institutional Class shares. Total returns for periods less than one year are not annualized. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 3 for returns for all share classes.
4


Fund Characteristics

AUGUST 31, 2021
Avantis Core Fixed Income Fund
Types of Investments in Portfolio% of net assets
Corporate Bonds62.2%
U.S. Treasury Securities and Equivalents31.4%
U.S. Government Agency Mortgage-Backed Securities19.9%
Commercial Paper2.7%
U.S. Government Agency Securities1.8%
Sovereign Governments and Agencies0.3%
Temporary Cash Investments1.4%
Other Assets and Liabilities(19.7)%
5


Performance
Avantis Core Municipal Fixed Income Fund
Total Returns as of August 31, 2021 
 Ticker SymbolSince InceptionInception Date
Institutional ClassAVMUX2.17%2/24/2021
S&P National AMT-Free Municipal Bond Index2.25%
G GlassAVFNX2.25%2/24/2021
Fund returns would have been lower if a portion of the fees had not been waived.

Growth of $10,000 Over Life of Class
$10,000 investment made February 24, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-b3a215e438284bf8917.jpg

Value on August 31, 2021
Institutional Class — $10,217
S&P National AMT-Free Municipal Bond Index — $10,225
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.15%0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.







Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
6


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Core Municipal Fixed Income seeks to generate current income exempt from federal income tax by investing primarily in municipal securities.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.
Performance Review

For the period from the fund’s inception on February 24, 2021, through August 31, 2021, Avantis Core Municipal Fixed Income returned 2.17%*. For the same time period, the fund modestly underperformed the S&P National AMT-Free Municipal Bond Index, which returned 2.25%. The fund’s return reflects fees and operating expenses, while the index return does not.

The S&P National AMT-Free Municipal Bond Index is a broad, comprehensive, market value-weighted index designed to measure the performance of the investment-grade tax-exempt U.S. municipal bond market. Most of the fund’s underperformance versus the index occurred early in the period, when the fund’s quality composition was notably higher than that of the index. Specifically, the fund’s underweight position versus the index in securities with BBB credit ratings detracted from results.

Conversely, the fund’s positioning along the yield curve aided relative results. Our preference for intermediate-maturity securities contributed to results, as these securities generally outperformed longer-maturity municipals.






















*All fund returns referenced in this commentary are for Institutional Class shares. Total returns for periods less than one year are not annualized. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 6 for returns for all share classes.
7


Fund Characteristics

AUGUST 31, 2021
Avantis Core Municipal Fixed Income Fund
Types of Investments in Portfolio% of net assets
Municipal Securities99.0%
Temporary Cash Investments0.2%
Other Assets and Liabilities0.8%
Top Five States and Territories% of net assets
California14.5%
New York13.9%
Florida6.2%
Texas6.0%
Illinois5.0%
 
Top Five Sectors% of fund investments
Special Tax24%
General Obligation (GO) - State18%
General Obligation (GO) - Local14%
Public Power9%
Water & Sewer6%
8


Performance
Avantis Short-Term Fixed Income Fund
Total Returns as of August 31, 2021 
 Ticker SymbolSince InceptionInception Date
Institutional ClassAVSFX0.21%2/24/2021
Bloomberg Barclays U.S. Aggregate Government/Credit 1-5 Year Index0.19%
G ClassAVGNX0.29%2/24/2021
Fund returns would have been lower if a portion of the fees had not been waived.

Growth of $10,000 Over Life of Class
$10,000 investment made February 24, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-fcb73572341f401eb08.jpg

Value on August 31, 2021
Institutional Class — $10,021
Bloomberg Barclays U.S. Aggregate Government/Credit 1-5 Year Index — $10,019
Total Annual Fund Operating Expenses
Institutional ClassG Class
0.15%0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
9


Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Short-Term Fixed Income seeks to maximize total returns by investing primarily in shorter-maturity investment-grade debt obligations across sectors, maturities and issuers.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

Performance Review

For the period from the fund’s inception on February 24, 2021, through August 31, 2021, Avantis Short-Term Fixed Income returned 0.21%*. For the same time period, the fund modestly outperformed the Bloomberg Barclays U.S. Aggregate Government/Credit 1-5 Year Index, which returned 0.19%. The fund’s return reflects fees and operating expenses, while the index return does not.

The Bloomberg Barclays U.S. Aggregate Government/Credit 1-5 Year Index is an unmanaged index generally representative of the performance of U.S. Treasury, government agency and corporate bonds with maturities between one and five years. The fund’s outperformance versus the index was largely due to the fund’s overweight position versus the index in corporate bonds, which generally outperformed for the period. In addition, an underweight position to U.S. Treasury securities, which underperformed for the period, also aided the fund’s relative results.

























*All fund returns referenced in this commentary are for Institutional Class shares. Total returns for periods less than one year are not annualized. Performance for other share classes will vary due to differences in fee structure; when Institutional Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 9 for returns for all share classes.
10


Fund Characteristics

AUGUST 31, 2021
Avantis Short-Term Fixed Income Fund
Types of Investments in Portfolio% of net assets
Corporate Bonds53.4%
U.S. Treasury Securities and Equivalents40.5%
U.S. Government Agency Securities4.1%
Sovereign Governments and Agencies0.5%
Temporary Cash Investments1.4%
Other Assets and Liabilities0.1%
11


Shareholder Fee Examples

Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2021 to August 31, 2021.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then 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 under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the 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 and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table 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 table is useful in comparing ongoing 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.
12


Beginning
Account Value
3/1/21
Ending
Account Value
8/31/21
Expenses Paid
During Period(1)
3/1/21 - 8/31/21
Annualized
Expense Ratio(1)
Avantis Core Fixed Income Fund
Actual
Institutional Class$1,000$1,017.50$0.760.15%
G Class$1,000$1,018.20$0.00
0.00%(2)
Hypothetical
Institutional Class$1,000$1,024.45$0.770.15%
G Class$1,000$1,025.21$0.00
0.00%(2)
Avantis Core Municipal Fixed Income Fund
Actual
Institutional Class$1,000$1,021.60$0.760.15%
G Class$1,000$1,022.40$0.000.00%
Hypothetical
Institutional Class$1,000$1,024.45$0.770.15%
G Class$1,000$1,025.21$0.000.00%
Avantis Short-Term Fixed Income Fund
Actual
Institutional Class$1,000$1,004.10$0.760.15%
G Class$1,000$1,004.80$0.000.00%
Hypothetical
Institutional Class$1,000$1,024.45$0.770.15%
G Class$1,000$1,025.21$0.000.00%
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Other expenses, which include trustees' fees and expenses, did not exceed 0.005%.
13


Schedules of Investments

AUGUST 31, 2021
Avantis Core Fixed Income Fund
Principal AmountValue
CORPORATE BONDS — 62.2%


Aerospace and Defense — 2.8%
Boeing Co. (The), 6.125%, 2/15/33$20,000 $25,716 
Boeing Co. (The), 6.625%, 2/15/3845,000 61,143 
General Dynamics Corp., 3.625%, 4/1/3064,000 72,918 
Huntington Ingalls Industries, Inc., 3.48%, 12/1/2730,000 32,692 
Lockheed Martin Corp., 3.55%, 1/15/2697,000 107,309 
Northrop Grumman Corp., 3.25%, 1/15/2842,000 45,930 
Precision Castparts Corp., 3.25%, 6/15/2542,000 45,604 
Textron, Inc., 4.00%, 3/15/2630,000 33,420 
Textron, Inc., 2.45%, 3/15/3142,000 42,675 
467,407 
Airlines — 0.4%
Southwest Airlines Co., 5.125%, 6/15/2732,000 37,439 
Southwest Airlines Co., 2.625%, 2/10/3037,000 37,742 
75,181 
Auto Components — 0.3%
BorgWarner, Inc., 2.65%, 7/1/2748,000 51,063 
Automobiles — 1.5%
American Honda Finance Corp., MTN, 1.00%, 9/10/2560,000 60,146 
American Honda Finance Corp., MTN, 2.35%, 1/8/2748,000 50,613 
General Motors Co., 5.15%, 4/1/3840,000 48,316 
General Motors Financial Co., Inc., 5.10%, 1/17/2427,000 29,564 
Toyota Motor Credit Corp., MTN, 3.375%, 4/1/3030,000 33,776 
Toyota Motor Credit Corp., MTN, 1.65%, 1/10/3138,000 37,745 
260,160 
Banks — 5.8%
Asian Development Bank, MTN, 0.25%, 10/6/2325,000 24,994 
Asian Development Bank, MTN, 0.375%, 9/3/2550,000 49,452 
Asian Development Bank, MTN, 2.75%, 1/19/2850,000 55,426 
Bank of Nova Scotia (The), 3.40%, 2/11/2468,000 72,580 
Council Of Europe Development Bank, 0.25%, 10/20/2350,000 49,939 
Council Of Europe Development Bank, 2.50%, 2/27/2425,000 26,332 
Fifth Third Bancorp, 3.65%, 1/25/2466,000 70,655 
Inter-American Development Bank, 2.625%, 1/16/2450,000 52,694 
Inter-American Development Bank, 3.125%, 9/18/2860,000 68,057 
International Bank for Reconstruction & Development, 0.50%, 10/28/2575,000 74,473 
International Bank for Reconstruction & Development, 0.75%, 11/24/2760,000 59,027 
Santander Holdings USA, Inc., 3.45%, 6/2/2536,000 38,666 
Santander Holdings USA, Inc., 4.40%, 7/13/2736,000 40,672 
Sumitomo Mitsui Financial Group, Inc., 3.94%, 10/16/2330,000 32,222 
US Bancorp, MTN, 3.95%, 11/17/2597,000 109,258 
Wells Fargo & Co., MTN, 3.55%, 9/29/2566,000 72,440 
Westpac Banking Corp., 2.85%, 5/13/2670,000 75,909 
972,796 
14


Avantis Core Fixed Income Fund
Principal AmountValue
Beverages — 1.1%
Molson Coors Beverage Co., 3.00%, 7/15/26$73,000 $78,463 
PepsiCo, Inc., 3.00%, 10/15/2773,000 80,681 
PepsiCo, Inc., 1.40%, 2/25/3131,000 30,407 
189,551 
Biotechnology — 0.7%
AbbVie, Inc., 4.50%, 5/14/3536,000 43,837 
Biogen, Inc., 2.25%, 5/1/3078,000 79,264 
123,101 
Building Products — 0.4%
Owens Corning, 7.00%, 12/1/3650,000 73,146 
Capital Markets — 1.7%
BlackRock, Inc., 3.25%, 4/30/2912,000 13,384 
Brookfield Finance, Inc., 3.90%, 1/25/2866,000 74,269 
Charles Schwab Corp. (The), 3.20%, 3/2/2730,000 32,958 
Franklin Resources, Inc., 1.60%, 10/30/3057,000 55,164 
Jefferies Group LLC, 6.25%, 1/15/3640,000 54,262 
TD Ameritrade Holding Corp., 2.75%, 10/1/2955,000 58,693 
288,730 
Chemicals — 2.3%
Air Products and Chemicals, Inc., 1.50%, 10/15/2573,000 74,904 
EI du Pont de Nemours and Co., 2.30%, 7/15/3030,000 31,047 
Linde, Inc., 3.20%, 1/30/2648,000 52,409 
Mosaic Co. (The), 5.45%, 11/15/3360,000 76,164 
RPM International, Inc., 4.55%, 3/1/2964,000 74,140 
Westlake Chemical Corp., 3.60%, 8/15/2642,000 46,392 
Westlake Chemical Corp., 3.375%, 6/15/3030,000 32,665 
387,721 
Construction and Engineering — 0.2%
Quanta Services, Inc., 2.90%, 10/1/3030,000 31,538 
Consumer Finance — 0.5%
Synchrony Financial, 5.15%, 3/19/2966,000 78,238 
Diversified Financial Services — 0.2%
Equitable Holdings, Inc., 4.35%, 4/20/2830,000 34,482 
Diversified Telecommunication Services — 0.7%
AT&T, Inc., 6.15%, 9/15/3456,000 75,734 
Telefonica Europe BV, 8.25%, 9/15/3024,000 35,364 
111,098 
Electric Utilities — 4.0%
Berkshire Hathaway Energy Co., 4.05%, 4/15/2512,000 13,267 
DTE Electric Co., Series C, 2.625%, 3/1/3166,000 69,949 
Duke Energy Carolinas LLC, Series A, 6.00%, 12/1/2830,000 38,448 
Duke Energy Ohio, Inc., 2.125%, 6/1/3036,000 36,515 
Edison International, 4.95%, 4/15/2570,000 77,661 
Entergy Arkansas LLC, 4.00%, 6/1/2832,000 36,687 
Entergy Louisiana LLC, 3.05%, 6/1/3133,000 36,021 
IPALCO Enterprises, Inc., 4.25%, 5/1/3057,000 64,878 
PacifiCorp, 2.70%, 9/15/3054,000 57,324 
PPL Electric Utilities Corp., 6.25%, 5/15/3918,000 26,822 
Public Service Electric and Gas Co., MTN, 3.00%, 5/15/2736,000 39,227 
Puget Energy, Inc., 4.10%, 6/15/3066,000 74,100 
15


Avantis Core Fixed Income Fund
Principal AmountValue
Union Electric Co., 2.95%, 3/15/30$68,000 $74,114 
Wisconsin Power and Light Co., 3.00%, 7/1/2924,000 26,148 
671,161 
Electronic Equipment, Instruments and Components — 1.0%
Flex Ltd., 3.75%, 2/1/2630,000 32,766 
Flex Ltd., 4.875%, 5/12/3024,000 27,959 
Jabil, Inc., 3.00%, 1/15/3130,000 30,925 
Trimble, Inc., 4.90%, 6/15/2862,000 72,391 
164,041 
Energy Equipment and Services — 0.6%
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2730,000 33,109 
Schlumberger Investment SA, 2.65%, 6/26/3066,000 69,370 
102,479 
Entertainment — 0.5%
Walt Disney Co. (The), 2.00%, 9/1/2942,000 42,840 
Walt Disney Co. (The), 6.15%, 2/15/4130,000 44,752 
87,592 
Equity Real Estate Investment Trusts (REITs) — 5.2%
American Campus Communities Operating Partnership LP, 3.875%, 1/30/3166,000 74,115 
American Homes 4 Rent LP, 4.25%, 2/15/2866,000 75,641 
American Tower Corp., 3.60%, 1/15/2866,000 72,715 
AvalonBay Communities, Inc., MTN, 3.20%, 1/15/2824,000 26,293 
AvalonBay Communities, Inc., MTN, 3.30%, 6/1/2975,000 82,690 
Brixmor Operating Partnership LP, 3.65%, 6/15/2469,000 74,033 
Corporate Office Properties LP, 2.25%, 3/15/2672,000 74,314 
Highwoods Realty LP, 4.125%, 3/15/2833,000 37,203 
Highwoods Realty LP, 2.60%, 2/1/3136,000 36,787 
Kilroy Realty LP, 2.50%, 11/15/3279,000 79,517 
Prologis LP, 2.25%, 4/15/3075,000 77,354 
Realty Income Corp., 3.65%, 1/15/2836,000 40,503 
Simon Property Group LP, 6.75%, 2/1/4030,000 45,355 
Ventas Realty LP, 4.75%, 11/15/3066,000 78,761 
875,281 
Food and Staples Retailing — 0.4%
Walgreens Boots Alliance, Inc., 3.45%, 6/1/265,000 5,463 
Walgreens Boots Alliance, Inc., 3.20%, 4/15/3030,000 32,408 
Walmart, Inc., 3.70%, 6/26/2832,000 36,564 
74,435 
Food Products — 1.3%
Archer-Daniels-Midland Co., 3.25%, 3/27/3066,000 73,540 
Bunge Ltd. Finance Corp., 3.25%, 8/15/2673,000 79,132 
Campbell Soup Co., 4.15%, 3/15/2864,000 72,972 
225,644 
Gas Utilities — 0.8%
National Fuel Gas Co., 5.50%, 1/15/2645,000 52,011 
National Fuel Gas Co., 4.75%, 9/1/2835,000 39,716 
Southern California Gas Co., 2.55%, 2/1/3035,000 36,571 
128,298 
Health Care Equipment and Supplies — 0.7%
Edwards Lifesciences Corp., 4.30%, 6/15/2826,000 30,173 
16


Avantis Core Fixed Income Fund
Principal AmountValue
Medtronic, Inc., 4.375%, 3/15/35$30,000 $37,706 
Zimmer Biomet Holdings, Inc., 3.55%, 3/20/3042,000 46,506 
114,385 
Health Care Providers and Services — 1.3%
Cardinal Health, Inc., 3.08%, 6/15/2430,000 31,777 
CVS Health Corp., 1.875%, 2/28/3153,000 51,961 
HCA, Inc., 4.125%, 6/15/2966,000 74,730 
UnitedHealth Group, Inc., 3.45%, 1/15/2724,000 26,669 
UnitedHealth Group, Inc., 4.625%, 7/15/3524,000 30,565 
215,702 
Hotels, Restaurants and Leisure — 0.5%
Hyatt Hotels Corp., 4.85%, 3/15/2675,000 83,720 
Household Durables — 0.4%
Whirlpool Corp., 4.00%, 3/1/2454,000 58,375 
Industrial Conglomerates — 0.8%
3M Co., MTN, 5.70%, 3/15/3718,000 25,243 
Honeywell International, Inc., 5.70%, 3/15/3624,000 33,143 
Roper Technologies, Inc., 1.40%, 9/15/2773,000 72,785 
131,171 
Insurance — 1.3%
Brighthouse Financial, Inc., 3.70%, 6/22/2768,000 74,645 
Chubb INA Holdings, Inc., 1.375%, 9/15/3036,000 34,561 
MetLife, Inc., 3.60%, 11/13/2597,000 107,093 
216,299 
Interactive Media and Services — 0.3%
Alphabet, Inc., 0.80%, 8/15/2748,000 46,936 
Internet and Direct Marketing Retail — 0.7%
Amazon.com, Inc., 5.20%, 12/3/2530,000 35,138 
Amazon.com, Inc., 3.875%, 8/22/3765,000 77,658 
112,796 
IT Services — 2.1%
DXC Technology Co., 4.75%, 4/15/2765,000 74,559 
International Business Machines Corp., 1.95%, 5/15/30111,000 111,433 
Visa, Inc., 2.75%, 9/15/2796,000 104,455 
Visa, Inc., 1.10%, 2/15/3130,000 28,545 
Western Union Co. (The), 6.20%, 11/17/3630,000 37,591 
356,583 
Leisure Products — 0.4%
Hasbro, Inc., 3.50%, 9/15/2767,000 73,652 
Machinery — 2.3%
ABB Finance USA, Inc., 3.80%, 4/3/2864,000 73,299 
Caterpillar Financial Services Corp., MTN, 3.65%, 12/7/2324,000 25,791 
Caterpillar Financial Services Corp., MTN, 1.10%, 9/14/2730,000 29,939 
John Deere Capital Corp., MTN, 3.05%, 1/6/28102,000 112,458 
Kennametal, Inc., 4.625%, 6/15/2865,000 73,903 
Oshkosh Corp., 4.60%, 5/15/2864,000 73,973 
389,363 
Media — 0.7%
Comcast Corp., 4.25%, 10/15/3060,000 70,864 
ViacomCBS, Inc., 4.95%, 1/15/3142,000 50,815 
121,679 
17


Avantis Core Fixed Income Fund
Principal AmountValue
Metals and Mining — 0.6%
Kinross Gold Corp., 4.50%, 7/15/27$42,000 $48,290 
Steel Dynamics, Inc., 3.25%, 1/15/3154,000 58,674 
106,964 
Multi-Utilities — 0.2%
San Diego Gas & Electric Co., 1.70%, 10/1/3037,000 36,030 
Multiline Retail — 0.5%
Dollar Tree, Inc., 4.20%, 5/15/2830,000 34,172 
Target Corp., 2.65%, 9/15/3042,000 45,394 
79,566 
Oil, Gas and Consumable Fuels — 6.5%
BP Capital Markets America, Inc., 3.63%, 4/6/30100,000 113,047 
Burlington Resources LLC, 7.40%, 12/1/3118,000 26,660 
Canadian Natural Resources Ltd., 2.95%, 7/15/3029,000 30,300 
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/2763,000 73,318 
Chevron Corp., 1.55%, 5/11/2542,000 43,088 
Chevron USA, Inc., 3.85%, 1/15/2826,000 29,552 
Cimarex Energy Co., 3.90%, 5/15/2740,000 44,202 
Cimarex Energy Co., 4.375%, 3/15/2926,000 29,583 
Enbridge, Inc., 3.125%, 11/15/2942,000 45,078 
Enterprise Products Operating LLC, 3.70%, 2/15/2618,000 19,906 
Equinor ASA, 2.875%, 4/6/2544,000 46,991 
Equinor ASA, 1.75%, 1/22/2670,000 72,089 
Exxon Mobil Corp., 2.44%, 8/16/2954,000 56,780 
Exxon Mobil Corp., 2.61%, 10/15/3036,000 38,139 
Kinder Morgan, Inc., 5.30%, 12/1/3418,000 22,310 
Marathon Petroleum Corp., 4.70%, 5/1/2524,000 26,888 
MPLX LP, 2.65%, 8/15/3030,000 30,483 
ONEOK, Inc., 6.35%, 1/15/3135,000 45,129 
Phillips 66, 3.90%, 3/15/2824,000 26,980 
Pioneer Natural Resources Co., 1.90%, 8/15/3030,000 28,977 
Shell International Finance BV, 3.25%, 5/11/2518,000 19,508 
Shell International Finance BV, 2.50%, 9/12/2666,000 70,294 
Shell International Finance BV, 4.125%, 5/11/3512,000 14,318 
TotalEnergies Capital International SA, 2.99%, 6/29/4122,000 22,832 
TransCanada PipeLines Ltd., 4.25%, 5/15/2824,000 27,583 
Valero Energy Corp., 6.625%, 6/15/3730,000 41,027 
Valero Energy Partners LP, 4.50%, 3/15/2826,000 29,458 
Williams Cos., Inc. (The), 4.00%, 9/15/2518,000 19,887 
1,094,407 
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), 1.95%, 3/15/3157,000 57,823 
Pharmaceuticals — 4.0%
Bristol-Myers Squibb Co., 3.25%, 2/27/2733,000 36,567 
Bristol-Myers Squibb Co., 1.45%, 11/13/3046,000 44,806 
Bristol-Myers Squibb Co., 4.125%, 6/15/3935,000 42,664 
Eli Lilly & Co., 3.375%, 3/15/2939,000 43,953 
GlaxoSmithKline Capital, Inc., 6.375%, 5/15/3836,000 54,303 
Johnson & Johnson, 0.55%, 9/1/2524,000 23,801 
Johnson & Johnson, 2.90%, 1/15/2854,000 59,003 
Merck & Co., Inc., 0.75%, 2/24/2642,000 41,839 
18


Avantis Core Fixed Income Fund
Principal AmountValue
Mylan, Inc., 4.55%, 4/15/28$61,000 $70,415 
Novartis Capital Corp., 3.10%, 5/17/2766,000 72,408 
Novartis Capital Corp., 2.20%, 8/14/3036,000 37,487 
Royalty Pharma plc, 2.20%, 9/2/3073,000 72,434 
Sanofi, 3.625%, 6/19/2865,000 74,354 
674,034 
Semiconductors and Semiconductor Equipment — 2.0%
Broadcom, Inc., 4.11%, 9/15/2866,000 74,041 
Broadcom, Inc., 3.42%, 4/15/33(1)
75,000 79,661 
Intel Corp., 4.60%, 3/25/4058,000 73,671 
NXP BV / NXP Funding LLC, 5.55%, 12/1/28(1)
24,000 29,442 
QUALCOMM, Inc., 3.25%, 5/20/2766,000 72,923 
329,738 
Software — 0.6%
Adobe, Inc., 2.30%, 2/1/3035,000 36,547 
VMware, Inc., 4.70%, 5/15/3060,000 71,758 
108,305 
Specialty Retail — 1.0%
AutoNation, Inc., 3.80%, 11/15/2740,000 44,250 
AutoNation, Inc., 4.75%, 6/1/3024,000 28,336 
Home Depot, Inc. (The), 2.80%, 9/14/2766,000 71,872 
TJX Cos., Inc. (The), 1.15%, 5/15/2830,000 29,313 
173,771 
Technology Hardware, Storage and Peripherals — 1.4%
Apple, Inc., 3.25%, 2/23/2624,000 26,295 
Apple, Inc., 3.20%, 5/11/2712,000 13,293 
Apple, Inc., 2.20%, 9/11/2918,000 18,799 
Apple, Inc., 1.65%, 5/11/3048,000 47,845 
Hewlett Packard Enterprise Co., 6.20%, 10/15/3557,000 77,511 
HP, Inc., 3.40%, 6/17/3042,000 45,026 
228,769 
Trading Companies and Distributors — 0.4%
Air Lease Corp., 3.625%, 12/1/2769,000 74,807 
Transportation Infrastructure — 0.4%
FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 8/20/3569,097 69,523 
Wireless Telecommunication Services — 0.4%
T-Mobile USA, Inc., 3.75%, 4/15/2766,000 73,144 
TOTAL CORPORATE BONDS
(Cost $10,408,221)
10,500,685 
U.S. TREASURY SECURITIES AND EQUIVALENTS — 31.4%


Israel Government AID Bond, 5.50%, 9/18/2325,000 27,653 
U.S. Treasury Bills, 0.05%, 10/5/21(2)
100,000 99,997 
U.S. Treasury Bills, 0.05%, 10/14/21(2)
250,000 249,990 
U.S. Treasury Bills, 0.07%, 11/18/21(2)
350,000 349,968 
U.S. Treasury Bonds, 7.625%, 2/15/25340,000 423,327 
U.S. Treasury Bonds, 5.50%, 8/15/28120,000 156,023 
U.S. Treasury Bonds, 5.375%, 2/15/31110,000 150,906 
U.S. Treasury Bonds, 2.25%, 5/15/41125,000 133,789 
U.S. Treasury Bonds, 3.125%, 11/15/41130,000 159,052 
U.S. Treasury Bonds, 3.375%, 5/15/44180,000 230,323 
19


Avantis Core Fixed Income Fund
Principal AmountValue
U.S. Treasury Bonds, 2.875%, 8/15/45(3)
$285,000 $339,028 
U.S. Treasury Cash Management Bills, 0.06%, 11/1/21(2)
350,000 349,969 
U.S. Treasury Notes, 1.875%, 7/31/22430,000 437,091 
U.S. Treasury Notes, 0.125%, 2/15/24150,000 149,414 
U.S. Treasury Notes, 2.125%, 3/31/24280,000 293,059 
U.S. Treasury Notes, 0.375%, 8/15/24150,000 149,894 
U.S. Treasury Notes, 0.375%, 1/31/26635,000 626,120 
U.S. Treasury Notes, 0.625%, 7/31/2625,000 24,830 
U.S. Treasury Notes, 1.50%, 8/15/26190,000 196,720 
U.S. Treasury Notes, 0.625%, 11/30/27300,000 293,590 
U.S. Treasury Notes, 0.75%, 1/31/28225,000 221,458 
U.S. Treasury Notes, 0.875%, 11/15/30240,000 231,966 
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS
(Cost $5,261,919)
5,294,167 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 19.9%
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 19.9%
GNMA, 2.00%, TBA100,000 102,082 
GNMA, 3.00%, TBA75,000 78,158 
GNMA, 3.00%, TBA250,000 261,377 
GNMA, 3.00%, TBA225,000 234,853 
UMBS, 1.50%, TBA250,000 254,020 
UMBS, 1.50%, TBA200,000 202,997 
UMBS, 1.50%, TBA100,000 101,288 
UMBS, 2.00%, TBA250,000 258,708 
UMBS, 2.00%, TBA100,000 103,327 
UMBS, 2.00%, TBA175,000 177,413 
UMBS, 2.00%, TBA250,000 252,959 
UMBS, 2.00%, TBA75,000 75,781 
UMBS, 2.50%, TBA125,000 129,834 
UMBS, 2.50%, TBA75,000 77,754 
UMBS, 3.00%, TBA500,000 523,066 
UMBS, 3.00%, TBA500,000 522,813 
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $3,347,717)
3,356,430 
COMMERCIAL PAPER(2) — 2.7%


Banco Santander SA, 0.09%, 9/3/21(1)
(Cost $449,998)
450,000 449,997 
U.S. GOVERNMENT AGENCY SECURITIES — 1.8%


FHLB, 2.00%, 9/9/2225,000 25,494 
FHLB, 0.375%, 9/4/2550,000 49,496 
FNMA, 0.25%, 5/22/23150,000 150,243 
Tennessee Valley Authority, 0.75%, 5/15/2575,000 75,727 
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $300,018)
300,960 
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.3%


Canada — 0.3%
Export Development Canada, 2.625%, 2/21/24
(Cost $52,714)
50,000 52,747 
20


Avantis Core Fixed Income Fund
SharesValue
TEMPORARY CASH INVESTMENTS — 1.4%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $240,325)
240,325 $240,325 
TOTAL INVESTMENT SECURITIES — 119.7%
(Cost $20,060,912)

20,195,311 
OTHER ASSETS AND LIABILITIES — (19.7)%

(3,328,860)
TOTAL NET ASSETS — 100.0%

$16,866,451 


FUTURES CONTRACTS PURCHASED
Reference EntityContractsExpiration DateNotional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 10-Year Notes
1
December 2021$133,453 $248 
^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity
Type
Fixed Rate
Received
(Paid)
Quarterly
Termination
Date
Notional
Amount
Premiums Paid (Received)Unrealized
Appreciation
(Depreciation)
Value^
Markit CDX North America Investment Grade Index Series 36Sell1.00%6/20/26$325,000 $7,978 $933 $8,911 

‡The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

21


NOTES TO SCHEDULE OF INVESTMENTS
AID-Agency for International Development
CDX-Credit Derivatives Indexes
Equivalent-Security whose payments are secured by the U.S.Treasury
FHLB-Federal Home Loan Bank
FNMA-Federal National Mortgage Association
GNMA-Government National Mortgage Association
MTN-Medium Term Note
TBA-To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
UMBS-Uniform Mortgage-Backed Securities
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $559,100, which represented 3.3% of total net assets.
(2)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.
(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $11,885.


See Notes to Financial Statements.
22


AUGUST 31, 2021
Avantis Core Municipal Fixed Income Fund
Principal AmountValue
MUNICIPAL SECURITIES — 99.0%


Alabama — 3.5%
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/24$10,000 $11,430 
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/3610,000 12,087 
Alabama Federal Aid Highway Finance Authority Rev., 4.00%, 6/1/3725,000 29,342 
Alabama Public School and College Authority Rev., 5.00%, 11/1/37220,000 289,923 
Alabama Public School and College Authority Rev., 4.00%, 11/1/40100,000 120,998 
State of Alabama GO, 5.00%, 8/1/2760,000 72,867 
536,647 
Arizona — 2.8%
Mesa Utility System Rev., 4.00%, 7/1/3415,000 18,427 
Pima County Sewer System Rev., 5.00%, 7/1/2520,000 23,523 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/3065,000 81,835 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/3155,000 69,081 
Scottsdale Municipal Property Corp. Rev., 5.00%, 7/1/3030,000 38,535 
State of Arizona COP, 5.00%, 10/1/25(1)
10,000 11,882 
State of Arizona COP, 5.00%, 10/1/27(1)
140,000 176,536 
State of Arizona Lottery Rev., 5.00%, 7/1/27(1)
10,000 12,530 
432,349 
California — 14.5%
California Infrastructure & Economic Development Bank Rev., 5.00%, 10/1/2830,000 37,257 
California State Public Works Board Rev., 5.00%, 11/1/2915,000 16,518 
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/2525,000 29,282 
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/2750,000 58,424 
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/2830,000 35,043 
California State University Rev., 5.00%, 11/1/2610,000 11,942 
California State University Rev., 4.00%, 11/1/3450,000 57,261 
California State University Rev., 5.00%, 11/1/3725,000 29,570 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/3010,000 11,723 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/3320,000 24,813 
Los Angeles Department of Airports Rev., 5.00%, 5/15/3195,000 125,185 
Los Angeles Department of Airports Rev., 5.00%, 5/15/3895,000 123,109 
Los Angeles Department of Water & Power Rev., 5.00%, 7/1/28105,000 135,642 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/2820,000 23,077 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/3415,000 17,222 
Los Angeles Unified School District GO, 5.00%, 7/1/2925,000 31,606 
Los Angeles Unified School District GO, 3.00%, 7/1/3590,000 101,002 
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/3140,000 48,772 
Port of Los Angeles Rev., 5.00%, 8/1/2625,000 30,453 
23


Avantis Core Municipal Fixed Income Fund
Principal AmountValue
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility Rev.), 5.00%, 5/15/29$25,000 $30,280 
San Diego Unified School District GO, 5.25%, 7/1/28 (AGM)25,000 32,654 
San Diego Unified School District GO, 5.00%, 7/1/2920,000 24,332 
San Diego Unified School District GO, 4.00%, 7/1/3240,000 46,060 
San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/30(2)
15,000 13,579 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/3510,000 12,798 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/3710,000 12,726 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/2950,000 61,365 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/3415,000 18,290 
San Jose Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/3410,000 12,239 
Southern California Public Power Authority Rev., 5.00%, 7/1/3010,000 11,055 
State of California GO, 5.00%, 9/1/2620,000 24,536 
State of California GO, 5.00%, 11/1/2740,000 50,721 
State of California GO, 5.00%, 8/1/2930,000 36,463 
State of California GO, 5.00%, 8/1/3040,000 51,280 
State of California GO, 5.25%, 8/1/32 (AGM)10,000 14,101 
State of California GO, 4.00%, 9/1/3370,000 81,138 
State of California GO, 5.00%, 9/1/3540,000 48,454 
State of California GO, 3.00%, 10/1/35165,000 186,007 
State of California GO, 4.00%, 3/1/36110,000 134,039 
State of California GO, 3.00%, 10/1/3750,000 55,413 
State of California Department of Water Resources Rev., 5.00%, 12/1/26, Prerefunded at 100% of Par(1)
50,000 61,872 
State of California Department of Water Resources Rev., 5.00%, 12/1/2925,000 30,801 
State of California Department of Water Resources Rev., 5.00%, 12/1/3425,000 33,754 
University of California Rev., 5.00%, 5/15/2740,000 46,949 
University of California Rev., 5.00%, 5/15/3250,000 62,185 
University of California Rev., 5.00%, 5/15/3225,000 31,781 
University of California Rev., 5.00%, 5/15/3650,000 61,816 
2,234,589 
Colorado — 1.3%
City & County of Denver GO, 5.00%, 8/1/2725,000 31,467 
City & County of Denver Airport System Rev., 4.00%, 11/15/3125,000 26,142 
Regional Transportation District COP, 5.00%, 6/1/3975,000 80,244 
Regional Transportation District Sales Tax Rev., 5.00%, 11/1/2820,000 25,890 
State of Colorado COP, 5.00%, 12/15/2925,000 32,229 
State of Colorado COP, 4.00%, 12/15/3710,000 12,181 
208,153 
Connecticut — 2.0%
State of Connecticut GO, 5.00%, 11/15/2660,000 71,416 
State of Connecticut GO, 5.00%, 6/15/2825,000 32,048 
State of Connecticut GO, 5.00%, 1/15/3125,000 32,912 
State of Connecticut, Special Tax Rev., 5.00%, 8/1/2620,000 23,566 
State of Connecticut, Special Tax Rev., 5.00%, 9/1/2720,000 22,814 
State of Connecticut, Special Tax Rev., 5.00%, 1/1/2840,000 50,693 
24


Avantis Core Municipal Fixed Income Fund
Principal AmountValue
State of Connecticut, Special Tax Rev., 5.00%, 1/1/31$10,000 $12,511 
University of Connecticut Rev., 4.00%, 4/15/3850,000 57,640 
303,600 
District of Columbia — 1.5%
District of Columbia GO, 5.00%, 10/15/2710,000 12,624 
District of Columbia GO, 5.00%, 6/1/3125,000 28,192 
District of Columbia GO, 5.00%, 6/1/3335,000 39,366 
District of Columbia GO, 5.00%, 10/15/3450,000 64,431 
District of Columbia GO, 5.00%, 10/15/3630,000 38,559 
District of Columbia GO, 4.00%, 6/1/375,000 5,830 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/3435,000 42,081 
231,083 
Florida — 6.2%
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/3815,000 19,375 
Cape Coral Water & Sewer Rev., 5.00%, 10/1/3910,000 12,291 
Central Florida Expressway Authority Rev., 4.00%, 7/1/315,000 5,744 
Central Florida Expressway Authority Rev., 4.00%, 7/1/3770,000 78,932 
Central Florida Expressway Authority Rev., 4.00%, 7/1/3815,000 16,889 
Florida Department of Management Services COP, 5.00%, 11/1/2850,000 64,604 
Florida Municipal Power Agency Rev., 5.00%, 10/1/2790,000 109,741 
Hillsborough County School Board COP, 5.00%, 7/1/2645,000 52,627 
Hillsborough County School Board COP, 5.00%, 7/1/2930,000 38,959 
Miami-Dade County Aviation Rev., 5.00%, 10/1/2850,000 60,552 
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/2510,000 11,323 
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/2775,000 84,581 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/2415,000 17,169 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/3020,000 23,664 
Orange County School Board COP, 5.00%, 8/1/3460,000 72,021 
Palm Beach County School District COP, 5.00%, 8/1/2835,000 44,818 
Palm Beach County School District COP, 5.00%, 8/1/2915,000 19,089 
School Board of Miami-Dade County COP, 5.00%, 2/1/2540,000 46,190 
School Board of Miami-Dade County COP, 5.00%, 5/1/2670,000 81,515 
School District of Broward County COP, 5.00%, 7/1/2575,000 87,681 
947,765 
Georgia — 0.9%
Atlanta Water & Wastewater Rev., 5.00%, 11/1/3125,000 29,052 
Georgia State Road & Tollway Authority Rev., 5.00%, 6/1/2910,000 13,120 
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/3710,000 10,992 
State of Georgia GO, 5.00%, 7/1/2865,000 84,069 
137,233 
Hawaii — 2.2%
City & County of Honolulu GO, 5.00%, 3/1/2530,000 34,927 
City & County of Honolulu GO, 5.00%, 3/1/2880,000 102,054 
City & County of Honolulu GO, 5.00%, 9/1/2965,000 83,334 
State of Hawaii GO, 5.00%, 1/1/2835,000 44,381 
State of Hawaii GO, 5.00%, 10/1/2825,000 30,593 
State of Hawaii GO, 5.00%, 10/1/3030,000 37,517 
332,806 
Idaho — 0.1%
Idaho Housing & Finance Association Rev., 5.00%, 7/15/2620,000 24,232 
25


Avantis Core Municipal Fixed Income Fund
Principal AmountValue
Illinois — 5.0%
Chicago GO, 5.75%, 1/1/33$25,000 $30,879 
Chicago Midway International Airport Rev., 5.00%, 1/1/4135,000 41,064 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/3050,000 59,163 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/3120,000 22,948 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/3215,000 17,708 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/3825,000 30,104 
Cook County GO, 5.00%, 11/15/3120,000 24,035 
Cook County Sales Tax Rev., 4.00%, 11/15/4045,000 53,341 
Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/4075,000 85,222 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/3015,000 19,859 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/3030,000 39,719 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/4140,000 47,587 
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/2995,000 116,822 
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/3025,000 30,699 
State of Illinois GO, 4.00%, 10/1/3210,000 11,894 
State of Illinois GO, 5.00%, 3/1/3435,000 45,018 
State of Illinois GO, 4.25%, 12/1/3735,000 39,836 
State of Illinois GO, 4.00%, 11/1/3825,000 28,769 
State of Illinois Rev., 5.00%, 6/15/2620,000 21,569 
766,236 
Indiana — 1.1%
Indiana Finance Authority Rev., (Indiana Department of Transportation), 5.00%, 6/1/28105,000 129,021 
Indiana Finance Authority Rev., (Indiana Finance Authority State Revolving Fund), 5.00%, 2/1/3710,000 12,763 
Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.25%, 2/1/3710,000 11,754 
Indiana Municipal Power Agency Rev., 5.00%, 1/1/3510,000 12,021 
165,559 
Kansas — 0.6%
State of Kansas Department of Transportation Rev., 5.00%, 9/1/2650,000 59,243 
State of Kansas Department of Transportation Rev., 5.00%, 9/1/2725,000 29,524 
88,767 
Kentucky — 1.5%
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 5.00%, 11/1/2690,000 109,994 
Kentucky Turnpike Authority Rev., (Kentucky Transportation Cabinet), 5.00%, 7/1/27100,000 120,349 
230,343 
Louisiana — 0.7%
State of Louisiana GO, 5.00%, 8/1/2750,000 60,804 
State of Louisiana GO, 5.00%, 8/1/2835,000 42,468 
103,272 
Maryland — 3.1%
State of Maryland GO, 5.00%, 3/15/2515,000 17,506 
State of Maryland GO, 5.00%, 3/15/2710,000 12,461 
State of Maryland GO, 5.00%, 8/1/28175,000 226,269 
State of Maryland GO, 5.00%, 3/15/2915,000 19,689 
State of Maryland GO, 5.00%, 3/15/3045,000 57,049 
State of Maryland GO, 5.00%, 3/15/3195,000 123,304 
26


Avantis Core Municipal Fixed Income Fund
Principal AmountValue
State of Maryland GO, 5.00%, 3/15/31$15,000 $18,559 
474,837 
Massachusetts — 3.9%
Massachusetts GO, 5.00%, 7/1/2725,000 31,395 
Massachusetts GO, 5.00%, 11/1/2735,000 44,356 
Massachusetts GO, 5.00%, 3/1/2820,000 25,572 
Massachusetts GO, 5.00%, 1/1/3035,000 45,282 
Massachusetts GO, 5.00%, 9/1/3030,000 39,395 
Massachusetts GO, 5.00%, 1/1/3160,000 77,271 
Massachusetts GO, 3.00%, 7/1/3515,000 17,006 
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/28110,000 141,422 
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/2945,000 59,230 
Massachusetts School Building Authority Rev., 5.00%, 8/15/3740,000 46,937 
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/2730,000 36,891 
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/3125,000 31,871 
596,628 
Michigan — 1.9%
Great Lakes Water Authority Sewage Disposal System Rev., 5.00%, 7/1/2945,000 58,753 
Great Lakes Water Authority Sewage Disposal System Rev., 5.00%, 7/1/3040,000 48,366 
Michigan Finance Authority Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.00%, 7/1/26 (AGM)30,000 34,096 
Michigan State Building Authority Rev., 5.00%, 4/15/3020,000 23,685 
State of Michigan Rev., 5.00%, 3/15/27100,000 124,295 
289,195 
Minnesota — 0.7%
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/2655,000 65,793 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/2715,000 18,464 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/2825,000 30,558 
114,815 
Mississippi — 0.8%
State of Mississippi GO, 5.00%, 10/1/2775,000 94,732 
State of Mississippi GO, 5.00%, 10/1/3425,000 31,106 
125,838 
Nevada — 2.7%
Clark County School District GO, 5.00%, 6/15/2565,000 76,117 
Clark County School District GO, 5.00%, 6/15/2725,000 29,674 
Las Vegas Valley Water District GO, 5.00%, 6/1/3985,000 96,683 
State of Nevada GO, 5.00%, 4/1/2720,000 23,262 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/2615,000 18,186 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/2735,000 42,341 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/2870,000 84,646 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/3135,000 43,127 
414,036 
New Jersey — 3.4%
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/2775,000 88,947 
27


Avantis Core Municipal Fixed Income Fund
Principal AmountValue
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.25%, 6/15/26$70,000 $79,562 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.00%, 6/15/3715,000 16,945 
New Jersey Educational Facilities Authority Rev., (State of New Jersey), 5.00%, 9/1/3660,000 71,213 
New Jersey Transportation Trust Fund Authority Rev., 4.00%, 6/15/3740,000 46,232 
New Jersey Transportation Trust Fund Authority Rev., Series 2010 D, 5.00%, 12/15/2425,000 28,767 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3245,000 56,597 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3320,000 24,352 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/3410,000 12,161 
New Jersey Turnpike Authority Rev., 3.25%, 1/1/3820,000 21,914 
State of New Jersey GO, 5.00%, 6/1/2730,000 34,948 
State of New Jersey GO, 5.00%, 6/1/2835,000 44,588 
526,226 
New York — 13.9%
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/2420,000 22,321 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/2815,000 18,514 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/3215,000 18,265 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/37105,000 126,379 
Long Island Power Authority Rev., 5.00%, 9/1/2920,000 25,783 
Metropolitan Transportation Authority Rev., (Dedicated Tax Fund), 5.25%, 11/15/2725,000 30,855 
Metropolitan Transportation Authority Rev., (Dedicated Tax Fund), 5.25%, 11/15/2950,000 61,294 
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/3315,000 18,847 
Nassau County GO, 5.00%, 10/1/2795,000 119,026 
New York City GO, 5.00%, 8/1/2615,000 18,329 
New York City GO, 5.00%, 8/1/2760,000 75,164 
New York City GO, 5.00%, 8/1/2875,000 80,066 
New York City GO, 5.00%, 12/1/3325,000 30,554 
New York City GO, 4.00%, 10/1/39115,000 136,458 
New York City GO, 4.00%, 3/1/4220,000 23,508 
New York City Transitional Finance Authority Building Aid Rev., 5.00%, 7/15/3050,000 62,327 
New York City Transitional Finance Authority Building Aid Rev., 4.00%, 7/15/3625,000 28,990 
New York Convention Center Development Corp. Rev., (New York City Hotel Unit Fee Rev.), 5.00%, 11/15/4025,000 29,322 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3260,000 80,398 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3225,000 32,234 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3220,000 25,541 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/3420,000 24,447 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3915,000 18,916 
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/2650,000 60,061 
New York State Thruway Authority Rev., 5.00%, 1/1/2325,000 26,597 
New York State Thruway Authority Rev., 5.00%, 1/1/2840,000 46,025 
28


Avantis Core Municipal Fixed Income Fund
Principal AmountValue
New York State Thruway Authority Rev., 5.00%, 1/1/32$10,000 $11,449 
New York State Thruway Authority Rev., 3.50%, 1/1/3725,000 28,092 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/2650,000 60,325 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/2635,000 42,227 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3115,000 18,663 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3230,000 40,056 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3440,000 44,622 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/3710,000 11,909 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/3735,000 42,047 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3945,000 55,472 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3930,000 37,588 
Port Authority of New York & New Jersey Rev., 5.00%, 10/15/3415,000 17,703 
Port Authority of New York & New Jersey Rev., 4.00%, 7/15/3765,000 78,339 
Port Authority of New York & New Jersey Rev., 4.00%, 9/1/3720,000 23,774 
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24(1)
65,000 74,741 
Suffolk County Water Authority Rev., 3.00%, 6/1/3210,000 10,668 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/2515,000 17,902 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/2945,000 59,879 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/3040,000 54,364 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/3815,000 18,419 
Utility Debt Securitization Authority Rev., 5.00%, 6/15/2515,000 16,298 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/2525,000 27,754 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/2610,000 11,563 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/3550,000 59,349 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/3635,000 41,479 
2,144,903 
North Carolina — 0.9%
State of North Carolina Rev., 5.00%, 3/1/2715,000 17,346 
State of North Carolina Rev., 5.00%, 3/1/2720,000 24,819 
State of North Carolina Rev., 5.00%, 3/1/2945,000 58,519 
State of North Carolina Rev., 5.00%, 3/1/3330,000 38,381 
139,065 
Ohio — 1.3%
Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/2930,000 39,640 
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 6/1/2915,000 19,598 
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 6/1/3315,000 19,971 
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/3820,000 26,039 
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/3930,000 39,277 
State of Ohio Rev., 5.00%, 12/15/2330,000 33,319 
State of Ohio Rev., 5.00%, 12/15/2520,000 23,937 
201,781 
29


Avantis Core Municipal Fixed Income Fund
Principal AmountValue
Oklahoma — 1.8%
Grand River Dam Authority Rev., 5.00%, 6/1/27$100,000 $123,236 
Tulsa Public Facilities Authority Rev., (Tulsa), 5.00%, 6/1/25130,000 152,190 
275,426 
Oregon — 0.4%
Multnomah County GO, 5.00%, 6/15/2920,000 26,351 
Oregon State Lottery Rev., 5.00%, 4/1/2735,000 40,694 
67,045 
Pennsylvania — 3.0%
Delaware Valley Regional Finance Authority Rev., 5.50%, 8/1/28 (Ambac)20,000 26,031 
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 5.00%, 9/1/3370,000 88,580 
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 4.00%, 9/1/34130,000 152,952 
Pennsylvania GO, 5.00%, 7/15/2775,000 93,892 
Pennsylvania GO, 5.00%, 7/15/2935,000 46,013 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/2320,000 22,172 
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/3910,000 11,509 
Philadelphia Water & Wastewater Rev., 5.00%, 7/1/24, Prerefunded at 100% of Par(1)
15,000 17,022 
458,171 
South Carolina — 1.0%
South Carolina Public Service Authority Rev., 5.00%, 12/1/3075,000 89,553 
South Carolina Public Service Authority Rev., 5.00%, 12/1/3010,000 11,349 
South Carolina Public Service Authority Rev., 4.00%, 12/1/4240,000 47,137 
148,039 
Tennessee — 1.2%
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 1/1/2610,000 11,986 
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 7/1/2725,000 31,363 
Metropolitan Government of Nashville & Davidson County GO, 4.00%, 7/1/28125,000 148,695 
192,044 
Texas — 6.0%
Central Texas Turnpike System Rev., 5.00%, 8/15/3720,000 22,459 
Dallas Area Rapid Transit Rev., 5.00%, 12/1/2915,000 19,825 
Dallas County Utility & Reclamation District GO, 5.00%, 2/15/2885,000 106,172 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/3250,000 66,689 
Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/2745,000 53,364 
Houston GO, 5.00%, 3/1/2820,000 24,680 
Houston GO, 5.00%, 3/1/2825,000 31,746 
Houston GO, 5.00%, 3/1/3030,000 38,811 
Houston Combined Utility System Rev., 5.00%, 11/15/3375,000 100,304 
North Texas Tollway Authority Rev., 5.00%, 1/1/3350,000 57,280 
North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/30 (AGC)(2)
65,000 58,221 
Port Authority of Houston of Harris County Texas GO, 3.00%, 10/1/3950,000 56,049 
San Antonio Electric & Gas Systems Rev., 3.125%, 2/1/2820,000 22,133 
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/3045,000 54,572 
Texas State University System Rev., 5.00%, 3/15/3180,000 97,860 
30


Avantis Core Municipal Fixed Income Fund
Principal AmountValue
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/29$20,000 $25,295 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/3630,000 36,512 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/3725,000 29,497 
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/2815,000 18,890 
920,359 
Utah — 0.2%
Utah Transit Authority Rev., 5.25%, 6/15/32 (AGM)25,000 34,311 
Virginia — 3.2%
Richmond Public Utility Rev., 5.00%, 1/15/2820,000 23,965 
Virginia College Building Authority Rev., 5.00%, 2/1/3020,000 25,219 
Virginia College Building Authority Rev., 5.00%, 2/1/30185,000 239,196 
Virginia Commonwealth Transportation Board Rev., 5.00%, 3/15/2515,000 17,477 
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/2635,000 42,890 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/2720,000 24,988 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/2925,000 31,483 
Virginia Public Building Authority Rev., 5.00%, 8/1/2765,000 81,686 
486,904 
Washington — 4.3%
Central Puget Sound Regional Transit Authority Rev., 5.00%, 11/1/3235,000 41,414 
Central Puget Sound Regional Transit Authority Rev., 5.00%, 11/1/3525,000 29,525 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2510,000 11,799 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2765,000 81,331 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2755,000 68,818 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2840,000 51,365 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/2810,000 12,499 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/3020,000 25,649 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/3335,000 44,453 
State of Washington GO, 5.00%, 8/1/2740,000 50,321 
State of Washington GO, 5.00%, 7/1/2920,000 23,048 
State of Washington GO, 5.00%, 7/1/2910,000 11,948 
State of Washington GO, 5.00%, 7/1/32145,000 172,835 
State of Washington GO, 5.00%, 8/1/3210,000 12,171 
State of Washington Rev., 5.00%, 9/1/2325,000 27,416 
664,592 
Wisconsin — 1.4%
State of Wisconsin GO, 5.00%, 5/1/2710,000 11,472 
State of Wisconsin GO, 5.00%, 11/1/2925,000 31,024 
State of Wisconsin Rev., 5.00%, 5/1/27125,000 155,455 
31


Avantis Core Municipal Fixed Income Fund
Principal Amount/SharesValue
Wisconsin Department of Transportation Rev., 5.00%, 7/1/27$15,000 $18,837 
216,788 
TOTAL MUNICIPAL SECURITIES
(Cost $14,973,824)
15,233,637 
TEMPORARY CASH INVESTMENTS — 0.2%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $24,773)
24,773 24,773 
TOTAL INVESTMENT SECURITIES — 99.2%
(Cost $14,998,597)

15,258,410 
OTHER ASSETS AND LIABILITIES — 0.8%

122,039 
TOTAL NET ASSETS — 100.0%

$15,380,449 

NOTES TO SCHEDULE OF INVESTMENTS
AGC-Assured Guaranty Corporation
AGM-Assured Guaranty Municipal Corporation
COP-Certificates of Participation
GO-General Obligation
(1)Escrowed to maturity in U.S. government securities or state and local government securities.
(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.


See Notes to Financial Statements.
32


AUGUST 31, 2021
Avantis Short-Term Fixed Income Fund
Principal AmountValue
CORPORATE BONDS — 53.4%


Aerospace and Defense — 1.1%
Boeing Co. (The), 2.20%, 2/4/26$75,000 $75,308 
General Dynamics Corp., 3.50%, 5/15/2542,000 45,924 
Huntington Ingalls Industries, Inc., 3.84%, 5/1/2536,000 39,268 
160,500 
Automobiles — 1.0%
American Honda Finance Corp., MTN, 1.00%, 9/10/2578,000 78,190 
General Motors Financial Co., Inc., 4.25%, 5/15/2320,000 21,208 
General Motors Financial Co., Inc., 5.25%, 3/1/2645,000 51,834 
151,232 
Banks — 15.3%
African Development Bank, 0.50%, 4/22/2250,000 50,116 
Asian Development Bank, MTN, 0.625%, 4/7/2250,000 50,161 
Asian Development Bank, MTN, 0.25%, 7/14/23100,000 100,017 
Asian Development Bank, MTN, 0.375%, 9/3/25125,000 123,629 
Bank of America Corp., MTN, 3.875%, 8/1/2566,000 73,271 
Bank of Montreal, MTN, 1.85%, 5/1/2572,000 74,452 
Bank of Nova Scotia (The), 1.30%, 6/11/25108,000 109,304 
Canadian Imperial Bank of Commerce, 2.25%, 1/28/2572,000 75,237 
Citigroup, Inc., 3.30%, 4/27/2566,000 71,601 
Council Of Europe Development Bank, 0.25%, 10/20/2375,000 74,909 
Council Of Europe Development Bank, 2.50%, 2/27/2425,000 26,332 
European Bank for Reconstruction & Development, MTN, 0.25%, 7/10/2350,000 50,012 
European Bank for Reconstruction & Development, MTN, 1.50%, 2/13/25140,000 144,511 
European Investment Bank, 0.25%, 9/15/23150,000 150,070 
Inter-American Development Bank, 2.625%, 1/16/24150,000 158,082 
Inter-American Development Bank, 3.00%, 2/21/24140,000 149,086 
International Bank for Reconstruction & Development, 0.50%, 10/28/25100,000 99,297 
JPMorgan Chase & Co., 3.90%, 7/15/2566,000 72,732 
Kreditanstalt fuer Wiederaufbau, 2.125%, 6/15/22100,000 101,624 
Kreditanstalt fuer Wiederaufbau, 2.375%, 12/29/22100,000 102,978 
Kreditanstalt fuer Wiederaufbau, 0.25%, 3/8/24100,000 99,736 
Oesterreichische Kontrollbank AG, MTN, 2.875%, 3/13/23100,000 104,140 
Regions Financial Corp., 2.25%, 5/18/2572,000 75,206 
Royal Bank of Canada, MTN, 2.55%, 7/16/2442,000 44,292 
Santander Holdings USA, Inc., 4.50%, 7/17/2566,000 73,203 
Wells Fargo & Co., MTN, 3.55%, 9/29/2536,000 39,513 
2,293,511 
Biotechnology — 0.2%
AbbVie, Inc., 2.90%, 11/6/2229,000 29,852 
Capital Markets — 2.6%
Brookfield Finance, Inc., 4.00%, 4/1/2466,000 71,238 
Charles Schwab Corp. (The), 3.85%, 5/21/2566,000 72,932 
CME Group, Inc., 3.00%, 9/15/2272,000 74,070 
Goldman Sachs Group, Inc. (The), 3.75%, 5/22/2566,000 71,945 
Janus Capital Group, Inc., 4.875%, 8/1/2530,000 33,845 
Lazard Group LLC, 3.75%, 2/13/2566,000 71,681 
395,711 
33


Avantis Short-Term Fixed Income Fund
Principal AmountValue
Chemicals — 0.2%
Mosaic Co. (The), 4.25%, 11/15/23$30,000 $32,114 
Consumer Finance — 1.5%
Capital One Financial Corp., 4.25%, 4/30/2566,000 73,598 
Discover Financial Services, 4.50%, 1/30/2665,000 73,420 
Synchrony Financial, 4.50%, 7/23/2566,000 73,471 
220,489 
Containers and Packaging — 0.1%
Packaging Corp. of America, 3.65%, 9/15/2413,000 14,020 
Electric Utilities — 0.7%
Berkshire Hathaway Energy Co., 4.05%, 4/15/2536,000 39,799 
Duke Energy Progress LLC, 3.25%, 8/15/2524,000 26,098 
Edison International, 4.95%, 4/15/2530,000 33,283 
99,180 
Electronic Equipment, Instruments and Components — 1.1%
Flex Ltd., 3.75%, 2/1/2647,000 51,334 
Keysight Technologies, Inc., 4.55%, 10/30/2436,000 39,899 
SYNNEX Corp., 1.75%, 8/9/26(1)
75,000 74,696 
165,929 
Entertainment — 0.3%
TWDC Enterprises 18 Corp., MTN, 3.15%, 9/17/2536,000 39,150 
Equity Real Estate Investment Trusts (REITs) — 4.9%
Alexandria Real Estate Equities, Inc., 3.45%, 4/30/2566,000 71,679 
Boston Properties LP, 3.20%, 1/15/2566,000 70,515 
Brixmor Operating Partnership LP, 3.25%, 9/15/2363,000 66,066 
CC Holdings GS V LLC / Crown Castle GS III Corp., 3.85%, 4/15/2336,000 37,921 
Corporate Office Properties LP, 5.00%, 7/1/2535,000 39,428 
CubeSmart LP, 4.375%, 12/15/2366,000 71,105 
Digital Realty Trust LP, 4.75%, 10/1/2566,000 74,979 
Host Hotels & Resorts LP, 4.50%, 2/1/2675,000 82,837 
Kimco Realty Corp., 3.30%, 2/1/2566,000 70,938 
Omega Healthcare Investors, Inc., 4.95%, 4/1/2475,000 81,757 
WP Carey, Inc., 4.00%, 2/1/2566,000 71,951 
739,176 
Food and Staples Retailing — 0.6%
Costco Wholesale Corp., 2.75%, 5/18/2442,000 44,458 
Sysco Corp., 3.30%, 7/15/2645,000 48,990 
93,448 
Food Products — 1.0%
Bunge Ltd. Finance Corp., 4.35%, 3/15/2427,000 29,285 
Bunge Ltd. Finance Corp., 1.63%, 8/17/2529,000 29,471 
Hershey Co. (The), 2.05%, 11/15/2436,000 37,638 
Tyson Foods, Inc., 4.00%, 3/1/2645,000 50,233 
146,627 
Gas Utilities — 0.3%
National Fuel Gas Co., 5.50%, 1/15/2645,000 52,011 
Health Care Providers and Services — 1.9%
Cardinal Health, Inc., 3.50%, 11/15/2469,000 74,173 
Cigna Corp., 3.05%, 11/30/2229,000 29,911 
CommonSpirit Health, 2.76%, 10/1/2436,000 37,919 
HCA, Inc., 5.00%, 3/15/2466,000 72,616 
34


Avantis Short-Term Fixed Income Fund
Principal AmountValue
Humana, Inc., 4.50%, 4/1/25$66,000 $73,660 
288,279 
Hotels, Restaurants and Leisure — 0.3%
Hyatt Hotels Corp., 4.85%, 3/15/2645,000 50,232 
Household Durables — 0.2%
DR Horton, Inc., 4.75%, 2/15/2330,000 31,484 
Household Products — 0.1%
Colgate-Palmolive Co., MTN, 3.25%, 3/15/2420,000 21,402 
Insurance — 2.2%
American International Group, Inc., 3.75%, 7/10/2566,000 72,404 
First American Financial Corp., 4.60%, 11/15/2450,000 55,229 
Loews Corp., 2.625%, 5/15/2372,000 74,388 
MetLife, Inc., 4.37%, 9/15/2350,000 53,998 
Principal Financial Group, Inc., 3.40%, 5/15/2566,000 71,341 
327,360 
IT Services — 1.0%
DXC Technology Co., 4.25%, 4/15/2470,000 75,536 
Western Union Co. (The), 2.85%, 1/10/2572,000 75,901 
151,437 
Machinery — 1.3%
Caterpillar Financial Services Corp., MTN, 1.45%, 5/15/2536,000 36,863 
Cummins, Inc., 3.65%, 10/1/2342,000 44,566 
Illinois Tool Works, Inc., 3.50%, 3/1/2442,000 44,823 
John Deere Capital Corp., MTN, 3.45%, 1/10/2469,000 73,819 
200,071 
Media — 0.5%
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/2224,000 26,657 
Comcast Corp., 3.375%, 8/15/2542,000 45,784 
72,441 
Metals and Mining — 1.2%
BHP Billiton Finance USA Ltd., 3.85%, 9/30/2334,000 36,474 
Kinross Gold Corp., 5.95%, 3/15/2442,000 46,732 
Rio Tinto Finance USA Ltd., 3.75%, 6/15/2548,000 52,925 
Steel Dynamics, Inc., 2.40%, 6/15/2542,000 43,811 
179,942 
Multi-Utilities — 0.2%
Dominion Energy, Inc., 2.75%, 9/15/2236,000 36,657 
Multiline Retail — 0.5%
Dollar Tree, Inc., 4.00%, 5/15/2566,000 72,512 
Oil, Gas and Consumable Fuels — 5.3%
Canadian Natural Resources Ltd., 2.05%, 7/15/2536,000 37,053 
Enbridge, Inc., 2.50%, 1/15/2572,000 75,492 
Energy Transfer LP, 3.90%, 7/15/2670,000 76,893 
Enterprise Products Operating LLC, 3.35%, 3/15/2372,000 74,650 
Equinor ASA, 2.875%, 4/6/2535,000 37,379 
Equinor ASA, 1.75%, 1/22/2640,000 41,194 
Exxon Mobil Corp., 2.71%, 3/6/2572,000 76,624 
Phillips 66 Partners LP, 2.45%, 12/15/2436,000 37,457 
Shell International Finance BV, 3.25%, 5/11/2566,000 71,530 
TotalEnergies Capital Canada Ltd., 2.75%, 7/15/2372,000 75,291 
TransCanada PipeLines Ltd., 2.50%, 8/1/2272,000 73,459 
35


Avantis Short-Term Fixed Income Fund
Principal AmountValue
Valero Energy Corp., 2.85%, 4/15/25$36,000 $38,009 
Williams Cos., Inc. (The), 4.00%, 9/15/2566,000 72,920 
787,951 
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), 2.00%, 12/1/2436,000 37,665 
Pharmaceuticals — 1.5%
Bristol-Myers Squibb Co., 3.55%, 8/15/2272,000 74,306 
GlaxoSmithKline Capital, Inc., 3.625%, 5/15/2518,000 19,785 
Novartis Capital Corp., 1.75%, 2/14/2529,000 29,971 
Novartis Capital Corp., 3.00%, 11/20/2527,000 29,238 
Royalty Pharma plc, 1.20%, 9/2/2578,000 77,835 
231,135 
Road and Rail — 0.4%
Ryder System, Inc., MTN, 2.50%, 9/1/2436,000 37,750 
Ryder System, Inc., MTN, 3.35%, 9/1/2518,000 19,464 
57,214 
Semiconductors and Semiconductor Equipment — 1.9%
Broadcom, Inc., 4.70%, 4/15/2566,000 73,868 
Microchip Technology, Inc., 4.33%, 6/1/2348,000 50,901 
Micron Technology, Inc., 4.64%, 2/6/2436,000 39,150 
NXP BV / NXP Funding LLC, 4.875%, 3/1/24(1)
42,000 46,002 
QUALCOMM, Inc., 3.00%, 5/20/2272,000 73,434 
283,355 
Software — 1.7%
Intuit, Inc., 0.95%, 7/15/2542,000 42,189 
Microsoft Corp., 2.875%, 2/6/2484,000 88,672 
Oracle Corp., 2.95%, 5/15/2542,000 44,718 
VMware, Inc., 4.50%, 5/15/2566,000 73,693 
249,272 
Specialty Retail — 1.0%
Home Depot, Inc. (The), 3.75%, 2/15/2466,000 70,850 
Ross Stores, Inc., 4.60%, 4/15/2566,000 74,109 
144,959 
Technology Hardware, Storage and Peripherals — 0.5%
Apple, Inc., 3.00%, 2/9/2435,000 37,028 
Hewlett Packard Enterprise Co., 4.90%, 10/15/2536,000 41,027 
78,055 
Trading Companies and Distributors — 0.5%
Air Lease Corp., MTN, 2.875%, 1/15/2671,000 74,692 
TOTAL CORPORATE BONDS
(Cost $8,012,551)
8,009,065 
U.S. TREASURY SECURITIES AND EQUIVALENTS — 40.5%


Israel Government AID Bond, 5.50%, 9/18/23100,000 110,611 
U.S. Treasury Notes, 0.125%, 6/30/22495,000 495,214 
U.S. Treasury Notes, 0.125%, 9/30/22450,000 450,200 
U.S. Treasury Notes, 2.75%, 2/15/24350,000 371,123 
U.S. Treasury Notes, 2.125%, 2/29/24350,000 365,996 
U.S. Treasury Notes, 2.375%, 2/29/24700,000 736,258 
U.S. Treasury Notes, 0.375%, 4/15/24350,000 350,403 
U.S. Treasury Notes, 0.25%, 6/15/24400,000 398,781 
U.S. Treasury Notes, 0.375%, 7/15/24450,000 449,983 
36


Avantis Short-Term Fixed Income Fund
Principal Amount/SharesValue
U.S. Treasury Notes, 0.375%, 8/15/24$740,000 $739,480 
U.S. Treasury Notes, 0.25%, 7/31/25375,000 369,946 
U.S. Treasury Notes, 0.375%, 11/30/25150,000 148,190 
U.S. Treasury Notes, 0.375%, 1/31/26340,000 335,245 
U.S. Treasury Notes, 1.625%, 2/15/26360,000 374,667 
U.S. Treasury Notes, 0.625%, 7/31/26390,000 387,349 
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS
(Cost $6,081,038)
6,083,446 
U.S. GOVERNMENT AGENCY SECURITIES — 4.1%


FHLB, 2.00%, 9/9/2275,000 76,482 
FHLB, 0.375%, 9/4/2550,000 49,496 
FHLMC, 0.30%, 9/28/2310,000 10,002 
FHLMC, 0.25%, 11/6/23200,000 200,049 
FNMA, 0.25%, 5/22/23150,000 150,243 
FNMA, 0.625%, 4/22/2550,000 50,152 
Tennessee Valley Authority, 0.75%, 5/15/2575,000 75,727 
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $610,893)
612,151 
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.5%


Canada — 0.5%
Export Development Canada, 1.375%, 2/24/2350,000 50,876 
Export Development Canada, 2.75%, 3/15/2325,000 25,979 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $76,814)
76,855 
TEMPORARY CASH INVESTMENTS — 1.4%


State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $210,493)
210,493 210,493 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $14,991,789)

14,992,010 
OTHER ASSETS AND LIABILITIES — 0.1%

13,194 
TOTAL NET ASSETS — 100.0%

$15,005,204 

NOTES TO SCHEDULE OF INVESTMENTS
AID-Agency for International Development
Equivalent-Security whose payments are secured by the U.S. Treasury
FHLB-Federal Home Loan Bank
FHLMC-Federal Home Loan Mortgage Corporation
FNMA-Federal National Mortgage Association
MTN-Medium Term Note
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $120,698, which represented 0.8% of total net assets.


See Notes to Financial Statements.

37


Statements of Assets and Liabilities
AUGUST 31, 2021
Avantis Core Fixed Income FundAvantis Core Municipal Fixed Income Fund
Assets
Investment securities, at value (cost of $20,060,912 and $14,998,597, respectively)$20,195,311 $15,258,410 
Receivable for investments sold1,598,596 — 
Receivable for capital shares sold1,767 — 
Receivable for variation margin on swap agreements— 
Interest receivable105,532 161,999 
21,901,214 15,420,409 
Liabilities
Payable for investments purchased5,032,209 38,129 
Payable for capital shares redeemed
691
— 
Payable for variation margin on futures contracts
78
— 
Accrued management fees1,785 1,831 
5,034,763 39,960 
Net Assets$16,866,451 $15,380,449 
Net Assets Consist of:
Capital paid in$16,709,456 $15,120,756 
Distributable earnings156,995 259,693 
$16,866,451 $15,380,449 

Fund/ClassNet AssetsShares OutstandingNet Asset Value Per Share
Avantis Core Fixed Income Fund
Institutional Class$13,973,2101,385,068$10.09
G Class$2,893,241286,792$10.09
Avantis Core Municipal Fixed Income Fund
Institutional Class$14,357,6961,411,370$10.17
G Class$1,022,753100,537$10.17


See Notes to Financial Statements.
38


AUGUST 31, 2021
Avantis Short-Term Fixed Income Fund
Assets
Investment securities, at value (cost of $14,991,789)$14,992,010 
Interest receivable67,383 
15,059,393 
Liabilities
Payable for investments purchased52,411 
Payable for capital shares redeemed
Accrued management fees1,771 
54,189 
Net Assets$15,005,204 
Net Assets Consist of:
Capital paid in$15,010,091 
Distributable earnings(4,887)
$15,005,204 

Fund/ClassNet AssetsShares OutstandingNet Asset Value Per Share
Avantis Short-Term Fixed Income Fund
Institutional Class$13,914,2011,391,896$10.00
G Class$1,091,003109,139$10.00


See Notes to Financial Statements.
39


Statements of Operations
FOR THE PERIOD ENDED AUGUST 31, 2021
Avantis Core Fixed Income Fund(1)
Avantis Core Municipal Fixed Income Fund(1)
Investment Income (Loss)
Income:
Interest$115,840 $81,758 
Expenses:
Management fees12,288 11,776 
Trustees' fees and expenses— 
Other expenses— 
12,294 11,776 
Fees waived - G Class(1,524)(784)
10,770 10,992 
Net investment income (loss)105,070 70,766 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions22,285 (120)
Futures contract transactions(678)— 
Swap agreement transactions739 — 
22,346 (120)
Change in net unrealized appreciation (depreciation) on:
Investments134,399 259,813 
Futures contracts248 — 
Swap agreements933 — 
135,580 259,813 
Net realized and unrealized gain (loss)157,926 259,693 
Net Increase (Decrease) in Net Assets Resulting from Operations$262,996 $330,459 
(1)February 24, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
40


FOR THE PERIOD ENDED AUGUST 31, 2021
Avantis Short-Term Fixed Income Fund(1)
Investment Income (Loss)
Income:
Interest$43,664 
Expenses:
Management fees11,573 
Fees waived - G Class(805)
10,768 
Net investment income (loss)32,896 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions(5,108)
Change in net unrealized appreciation (depreciation) on investments221 
Net realized and unrealized gain (loss)(4,887)
Net Increase (Decrease) in Net Assets Resulting from Operations$28,009 
(1)February 24, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
41


Statements of Changes in Net Assets
PERIOD ENDED AUGUST 31, 2021
Avantis Core Fixed Income Fund(1)
Avantis Core Municipal Fixed Income Fund(1)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)$105,070 $70,766 
Net realized gain (loss)22,346 (120)
Change in net unrealized appreciation (depreciation)135,580 259,813 
Net increase (decrease) in net assets resulting from operations262,996 330,459 
Distributions to Shareholders
From earnings:
Institutional Class(91,575)(65,321)
G Class(14,426)(5,445)
Decrease in net assets from distributions(106,001)(70,766)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)16,709,456 15,120,756 
Net increase (decrease) in net assets16,866,451 15,380,449 
Net Assets
End of period$16,866,451 $15,380,449 
(1)February 24, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
42


PERIOD ENDED AUGUST 31, 2021
Avantis Short-Term Fixed Income Fund(1)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)$32,896 
Net realized gain (loss)(5,108)
Change in net unrealized appreciation (depreciation)
221
Net increase (decrease) in net assets resulting from operations28,009 
Distributions to Shareholders
From earnings:
Institutional Class(29,858)
G Class(3,038)
Decrease in net assets from distributions(32,896)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)15,010,091 
Net increase (decrease) in net assets15,005,204 
Net Assets
End of period$15,005,204 
(1)February 24, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
43


Notes to Financial Statements

AUGUST 31, 2021

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Core Fixed Income Fund, Avantis Core Municipal Fixed Income Fund and Avantis Short-Term Fixed Income Fund (collectively, the funds) are three funds in a series issued by the trust. The investment objective for Avantis Core Fixed Income Fund and Avantis Short-Term Fixed Income Fund is to seek to maximize total return. Avantis Core Municipal Fixed Income Fund’s investment objective is to seek current income that is exempt from federal income tax. The funds offer the Institutional Class and G Class. All classes of the funds commenced sale on February 24, 2021, the funds’ inception date.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Commercial paper is valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers.

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.
If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
44


The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.
Forward Commitments — The funds may engage in securities transactions on a forward commitment basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment. The funds may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the funds may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as “TBA roll” transactions and are accounted for as purchases and sales. The funds will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of each fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the funds are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
45


3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the funds' distributor, American Century Investment Services, Inc., and the trust’s transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM owns 80%, 100% and 99% of the shares of the Avantis Core Fixed Income Fund, Avantis Core Municipal Fixed Income Fund and Avantis Short-Term Fixed Income Fund, respectively. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 11% of the shares of the Avantis Core Fixed Income Fund. Related parties do not invest in the funds for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The investment advisor agreed to waive each fund's G Class management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.

For the period ended August 31, 2021, the annual management fee for the Institutional Class and the effective annual management fee before and after waiver for G Class for each fund are as follows:
Effective Annual Management Fee
Institutional ClassG Class Before WaiverG Class After Waiver
Avantis Core Fixed Income Fund0.15%0.15%0.00%
Avantis Core Municipal Fixed Income Fund0.15%0.15%0.00%
Avantis Short-Term Fixed Income Fund0.15%0.15%0.00%

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period February 24, 2021 (fund inception) through August 31, 2021 were as follows:
Avantis Core Fixed Income Fund
Avantis Core Municipal Fixed Income Fund
Avantis Short-Term Fixed Income Fund
Purchases of U.S. Treasury and Government Agency obligations$26,405,820 — $9,858,667 
Purchases of other investment securities$10,790,533 $15,485,782 $9,136,670 
Total Purchases$37,196,353 $15,485,782 $18,995,337 
Sales of U.S. Treasury and Government Agency obligations$18,537,955 — $3,129,777 
Sales of other investment securities$274,244 $305,109 $967,295 
Total Sales$18,812,199 $305,109 $4,097,072 

46


5. Capital Share Transactions

Transactions in shares of the funds were as follows (unlimited number of shares authorized):
Period ended
August 31, 2021(1)
SharesAmount
Avantis Core Fixed Income Fund
Institutional Class
Sold1,551,182 $15,497,766 
Issued in reinvestment of distributions9,172 91,575 
Redeemed(175,286)(1,740,476)
1,385,068 13,848,865 
G Class
Sold302,966 3,022,315 
Issued in reinvestment of distributions1,441 14,426 
Redeemed(17,615)(176,150)
286,792 2,860,591 
Net increase (decrease)1,671,860 $16,709,456 
Avantis Core Municipal Fixed Income Fund
Institutional Class
Sold1,404,925 $14,049,990 
Issued in reinvestment of distributions6,445 65,321 
1,411,370 14,115,311 
G Class
Sold100,000 1,000,000 
Issued in reinvestment of distributions537 5,445 
100,537 1,005,445 
Net increase (decrease)1,511,907 $15,120,756 
Avantis Short-Term Fixed Income Fund
Institutional Class
Sold1,421,448 $14,214,166 
Issued in reinvestment of distributions2,990 29,858 
Redeemed(32,542)(325,176)
1,391,896 13,918,848 
G Class
Sold109,983 1,099,661 
Issued in reinvestment of distributions304 3,038 
Redeemed(1,148)(11,456)
109,139 1,091,243 
Net increase (decrease)1,501,035 $15,010,091 

(1)February 24, 2021 (fund inception) through August 31, 2021.


47


6. Fair Value Measurements

The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Avantis Core Fixed Income Fund
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $10,500,685 — 
U.S. Treasury Securities and Equivalents— 5,294,167 — 
U.S. Government Agency Mortgage-Backed Securities— 3,356,430 — 
Commercial Paper— 449,997 — 
U.S. Government Agency Securities— 300,960 — 
Sovereign Governments and Agencies— 52,747 — 
Temporary Cash Investments$240,325 — — 
$240,325 $19,954,986 — 
Other Financial Instruments
Futures Contracts$248 — — 
Swap Agreements— $8,911 — 
$248 $8,911 — 

Avantis Core Municipal Fixed Income Fund
Level 1Level 2Level 3
Assets
Investment Securities
Municipal Securities— $15,233,637 — 
Temporary Cash Investments$24,773 — — 
$24,773 $15,233,637 — 

48


Avantis Short-Term Fixed Income Fund
Level 1Level 2Level 3
Assets
Investment Securities
Corporate Bonds— $8,009,065 — 
U.S. Treasury Securities and Equivalents— 6,083,446 — 
U.S. Government Agency Securities— 612,151 — 
Sovereign Governments and Agencies— 76,855 — 
Temporary Cash Investments$210,493 — — 
$210,493 $14,781,517 — 

7. Derivative Instruments

Credit Risk — The funds are subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.
The fund's average notional amount to credit risk derivative instruments held during the period was as follows:
Avantis Core Fixed Income Fund$357,143

Interest Rate Risk — The funds are subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.
The fund's average notional exposure to interest rate risk derivative instruments held during the period was as follows:
Futures Contracts Purchased
Avantis Core Fixed Income Fund$133,453

49


Value of Derivative Instruments as of August 31, 2021
Asset DerivativesLiability Derivatives
Fund / Type of Risk ExposureLocation on Statement of Assets and LiabilitiesValueLocation on Statement of Assets and LiabilitiesValue
Avantis Core Fixed Income Fund
Credit RiskReceivable for variation margin on swap agreements*$
Payable for variation margin on swap agreements*
— 
Interest Rate RiskReceivable for variation margin on futures contracts*— 
Payable for variation margin on futures contracts*
$78 
$$78 
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the period February 24, 2021 (fund inception) through August 31, 2021
Net Realized Gain (Loss)Change in Net Unrealized
Appreciation (Depreciation)
Fund / Type of Risk ExposureLocation on Statement of OperationsValueLocation on Statement of OperationsValue
Avantis Core Fixed Income Fund
Credit Risk
Net realized gain (loss) on swap agreement transactions
$739 Change in net unrealized appreciation (depreciation) on swap agreements$933 
Interest Rate Risk
Net realized gain (loss) on futures contract transactions
(678)Change in net unrealized appreciation (depreciation) on futures contracts248 
$61 $1,181 

8. Risk Factors

The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the funds.
A fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.
9. Federal Tax Information

The tax character of distributions paid during the period February 24, 2021 (fund inception) through August 31, 2021 were as follows:
2021
Distributions Paid From:
Exempt IncomeOrdinary IncomeLong-term Capital Gains
Avantis Core Fixed Income Fund— $106,001 — 
Avantis Core Municipal Fixed Income Fund$70,766 — — 
Avantis Short-Term Fixed Income Fund— $32,896 — 



50


The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Avantis Core Fixed Income Fund
Avantis Core Municipal Fixed Income Fund
Avantis Short-Term Fixed Income Fund
Federal tax cost of investments$20,061,603 $14,999,219 $14,991,789 
Gross tax appreciation of investments$144,847 $259,285 $12,632 
Gross tax depreciation of investments(11,139)(94)(12,411)
Net tax appreciation (depreciation) of investments133,708 259,191 221 
Net tax appreciation (depreciation) on derivatives283 — — 
Net tax appreciation (depreciation)$133,991 $259,191 $221 
Undistributed ordinary income$23,004 $502 — 
Accumulated short-term capital losses— — $(5,108)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Avantis Short-Term Fixed Income Fund.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
51


Financial Highlights
For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:Ratio to Average Net Assets of:
 Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized and Unrealized
Gain (Loss)
Total From Investment OperationsDistributions From Net
Investment
Income
Net
Asset Value,
End of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net Assets,
End of Period
(in thousands)
Avantis Core Fixed Income Fund
Institutional Class
2021(3)
$10.000.060.100.16(0.07)$10.091.56%
0.15%(4)
0.15%(4)
1.26%(4)
1.26%(4)
113%$13,973 
G Class
2021(3)
$10.000.070.090.16(0.07)$10.091.64%
0.00%(4)(5)
0.15%(4)
1.41%(4)
1.26%(4)
113%$2,893 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)February 24, 2021 (fund inception) through August 31, 2021.
(4)Annualized.
(5)Ratio was less than 0.005%.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations: Ratio to Average Net Assets of:
 Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized and Unrealized
Gain (Loss)
Total From Investment OperationsDistributions From Net
Investment
Income
Net
Asset Value,
End of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net Assets,
End of Period
(in thousands)
Avantis Core Municipal Fixed Income Fund
Institutional Class
2021(3)
$10.000.050.170.22(0.05)$10.172.17%
0.15%(4)
0.15%(4)
0.89%(4)
0.89%(4)
2%$14,358 
G Class
2021(3)
$10.000.050.170.22(0.05)$10.172.25%
0.00%(4)
0.15%(4)
1.04%(4)
0.89%(4)
2%$1,023 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)February 24, 2021 (fund inception) through August 31, 2021.
(4)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share DataRatios and Supplemental Data
  Income From Investment Operations:  Ratio to Average Net Assets of:
 Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized and Unrealized
Gain (Loss)
Total From Investment OperationsDistributions From Net
Investment
Income
Net
Asset Value,
End of Period
Total
Return(2)
Operating
Expenses
Operating
Expenses
(before
expense
waiver)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate
Net Assets,
End of Period
(in thousands)
Avantis Short-Term Fixed Income Fund
Institutional Class
2021(3)
$10.000.02
(4)
0.02(0.02)$10.000.21%
0.15%(5)
0.15%(5)
0.42%(5)
0.42%(5)
29%$13,914 
G Class
2021(3)
$10.000.03
(4)
0.03(0.03)$10.000.29%
0.00%(5)
0.15%(5)
0.57%(5)
0.42%(5)
29%$1,091 
Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)February 24, 2021 (fund inception) through August 31, 2021.
(4)Per-share amount was less than $0.005.
(5)Annualized.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century ETF Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis® Core Fixed Income Fund, Avantis® Core Municipal Fixed Income Fund, and Avantis® Short-Term Fixed Income Fund (the “Funds”), three of the funds constituting the American Century ETF Trust, as of August 31, 2021, the related statements of operations, the statements of changes in net assets and the financial highlights for the period from February 24, 2021 (fund inception) through August 31, 2021, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2021, and the results of their operations, the changes in their net assets, and the financial highlights for the period from February 24, 2021 (fund inception) through August 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Kansas City, Missouri
October 18, 2021

We have served as the auditor of one or more American Century investment companies since 1997.
55


Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire by December 31st of the year in which they reach their 75th birthday.
Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Ronald J. Gilson, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)
Trustee and Chairman of the BoardSince 2017 (Chairman since 2019)Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)31None
Ronald J. Gilson
(1946)
TrusteeSince 2017Charles J. Meyers Professor of Law and Business, Emeritus (since 2018), Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)69None
Barry A. Mendelson
(1958)
TrusteeSince 2017Retired; Consultant regarding ETF and mutual fund matters (2015 to 2016); Principal and Senior Counsel, The Vanguard Group (investment management)(1998 to 2014)31None
Stephen E. Yates
(1948)
TrusteeSince 2017Retired103None
Interested Trustees
Jonathan S. Thomas
(1963)
TrusteeSince 2017President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries141None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
56


Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)
Chief Financial Officer and Treasurer since 2018Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)
Chief Compliance Officer and Vice President since 2017Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)
General Counsel and
Vice President since
2021
General Counsel and Senior Vice President, ACC (2021 to present); Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)
Vice President
since 2019
Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)
Vice President since 2017Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)
Vice President since 2017Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)
Vice President since 2017Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)
Secretary since 2019Attorney, ACS (2003 to present)


57


Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

 
Proxy Voting Policies
 
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.


Quarterly Portfolio Disclosure
 
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.





58


Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

Avantis Core Municipal Fixed Income Fund designates $70,766 as exempt interest dividends for the fiscal year ended August 31, 2021.

For nonresident alien shareholders, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions as qualified interest income for the fiscal year ended August 31, 2021.

Avantis Core Fixed Income Fund
Avantis Core Municipal Fixed Income Fund
Avantis Short-Term Fixed Income Fund
$94,804$26,591










59


Notes
60






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Contact Usavantisinvestors.com
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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2021 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-96960 2110




(b) None.

ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a Code of Ethics for Senior Financial Officers that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer, and persons performing similar functions.

(b) No response required.

(c) None.

(d) None.

(e) Not applicable.

(f) The registrant’s Code of Ethics for Senior Financial Officers was filed as Exhibit 13(a)(1) to American Century ETF Trust’s Annual Certified Shareholder Report on Form N-CSR, File No. 811-23305, on October 25, 2018, and is incorporated herein by reference.


ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) The registrant's board has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) Barry A. Mendelson, Ronald J. Gilson, Reginald M. Browne and Stephen E. Yates are the registrant's designated audit committee financial experts. They are "independent" as defined in Item 3 of Form N-CSR.

(a)(3) Not applicable.


(b) No response required.

(c) No response required.

(d) No response required.


ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

FY 2020: $307,330
FY 2021: $582,975







(b) Audit-Related Fees.

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were as follows:

For services rendered to the registrant:

FY 2020: $0
FY 2021: $0
Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2020: $0
FY 2021: $0

(c) Tax Fees.

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were as follows:

For services rendered to the registrant:

FY 2020: $0
FY 2021: $0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2020: $0
FY 2021: $0
(d) All Other Fees.

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were as follows:

For services rendered to the registrant:

FY 2020: $0
FY 2021: $0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2020: $0
FY 2021: $0





(e)(1) In accordance with paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X, before the accountant is engaged by the registrant to render audit or non-audit services, the engagement is approved by the registrant’s audit committee. Pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the registrant’s audit committee also pre-approves its accountant’s engagements for non-audit services with the registrant’s investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) All services described in each of paragraphs (b) through (d) of this Item were pre-approved before the engagement by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X. Consequently, none of such services were required to be approved by the audit committee pursuant to paragraph (c)(7)(i)(C).

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than 50%.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:

FY 2020: $0
FY 2021: $2,832,126

(h) The registrant’s investment adviser and accountant have notified the registrant’s audit committee of all non-audit services that were rendered by the registrant’s accountant to the registrant’s investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The notification provided to the registrant’s audit committee included sufficient details regarding such services to allow the registrant’s audit committee to consider the continuing independence of its principal accountant.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee members are Barry A. Mendelson, Ronald J. Gilson, Stephen E. Yates and Reginald Browne.

(b) Not applicable.


ITEM 6. INVESTMENTS.

(a) The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form.

(b) Not applicable.


ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.




ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.


ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.


ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.


ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.


ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.


ITEM 13. EXHIBITS.

(a)(1) Registrant’s Code of Ethics for Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, was filed as Exhibit 13(a)(1) to American Century ETF Trust’s Certified Shareholder Report on Form N-CSR, File No. 811-21591, on File No. 811-23305, on October 25, 2018.

(a)(2) Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX-99.906CERT.





SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Registrant:American Century ETF Trust 
    
    
By:/s/ Patrick Bannigan 
 Name:Patrick Bannigan
 
 Title:President 
    
Date:October 27, 2021 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:/s/ Patrick Bannigan 
 Name:Patrick Bannigan 
 Title:President 
  (principal executive officer) 
    
    
Date:October 27, 2021
 
 
By:/s/ R. Wes Campbell 
 Name:R. Wes Campbell
 
 Title:Treasurer and Chief Financial Officer 
  (principal financial officer) 
    
Date:October 27, 2021