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 number		811-23305
AMERICAN CENTURY ETF TRUST
(Exact name of registrant as specified in charter)
4500 MAIN STREET, KANSAS CITY, MISSOURI				64111
(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:	08-31-2022

ITEM 1. REPORTS TO STOCKHOLDERS.

(a)    Provided under separate cover.

Annual Report

August 31, 2022

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)

American Century® Select High Yield ETF (AHYB)

Table of Contents

President’s Letter	2
Diversified Corporate Bond ETF
Performance	3
Portfolio Commentary	4
Fund Characteristics	6
Diversified Municipal Bond ETF
Performance	7
Portfolio Commentary	8
Fund Characteristics	10
Emerging Markets Bond ETF
Performance	11
Portfolio Commentary	12
Fund Characteristics	14
Multisector Income ETF
Performance	15
Portfolio Commentary	16
Fund Characteristics	18
Select High Yield ETF
Performance	19
Portfolio Commentary	20
Fund Characteristics	22
Shareholder Fee Examples	23
Schedules of Investments	25
Statements of Assets and Liabilities	81
Statements of Operations	84
Statements of Changes in Net Assets	87
Notes to Financial Statements	90
Financial Highlights	101
Report of Independent Registered Public Accounting Firm	106
Management	108
Approval of Management and Subadvisory Agreements	110
Liquidity Risk Management Program	118
Additional Information	119

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

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2022. Annual reports

help convey important information about fund returns, including market factors that affected

performance. For additional investment insights, please visit americancenturyetfs.com.

Mounting Market Challenges Hampered Performance

Asset class performance weakened dramatically during the funds’ fiscal year. In late 2021,

generally upbeat economic activity and corporate earnings supported gains for most U.S. and

global stock indices. Returns generally remained positive despite rapidly rising inflation and waning

central bank support—factors that had started to weigh on fixed-income indices.

By early 2022, the market climate shifted quickly. Inflation, which was already at multiyear highs,

rose to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during

the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns

and labor market shortages further aggravated inflation in the U.S. and other developed markets.

Russia’s invasion of Ukraine in February also exacerbated global inflationary pressures.

The Bank of England launched its inflation-fighting campaign in December and continued to lift

rates through period-end. The Federal Reserve responded to surging inflation in March, launching

an aggressive rate-hike campaign and ending its asset purchase program. Policymakers indicated

taming inflation remains their priority, even as the U.S. economy contracted in 2022’s first two

quarters. Facing record-high inflation in the eurozone, the European Central Bank in July embarked

on its first rate-hike effort in 11 years.

The combination of sharply elevated inflation, tighter monetary policy, geopolitical strife and weak

economies triggered sharp market volatility and fueled global recession fears. Against this

backdrop, most U.S. and global stock and bond indices declined sharply for the reporting period.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation,

rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine

complicates an increasingly tense geopolitical backdrop and threatens Europe’s winter energy

supply. We will continue to monitor the broad backdrop and its influence on financial markets.

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,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

2

Performance

Diversified Corporate Bond ETF (KORP)
Total Returns as of August 31, 2022		Average Annual Returns
	1 year	Since Inception	Inception Date
Net Asset Value	-10.30%	1.10%	1/11/2018
Market Price	-10.62%	1.03%	1/11/2018
Bloomberg U.S. Intermediate Corporate Bond Index	-9.71%	1.46%	—

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

Value on August 31, 2022
	Net Asset Value — $10,520
	Bloomberg U.S. Intermediate Corporate Bond Index — $10,694

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 -10.62% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -10.30%. For the same time period, the Bloomberg U.S. Intermediate Corporate Bond Index, the fund’s benchmark index, returned -9.71%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Performance in the corporate bond market downshifted swiftly in early 2022 amid escalating volatility. Inflation, which had steadily climbed through 2021, proved persistent as it soared to multidecade highs. Russia’s invasion of Ukraine in February contributed to the mounting market volatility and risk-off sentiment. In March, the Federal Reserve (Fed) adopted an increasingly aggressive rate-hike campaign that drove Treasury yields sharply higher and credit spreads wider through period-end.

Security Selection, Sector Allocation Detracted from Relative Performance

Against this challenging backdrop, most U.S. bond sectors declined sharply for the 12-month period. Within the fund, security selection and sector allocation detracted from performance versus the index. Security selection among financial institutions was a main detractor, largely due to positions in real estate investment trusts, finance companies and life insurers. An overweight position in finance companies versus the index for much of the reporting period also detracted from returns. Security selection within the transportation and building materials sectors also weighed on relative results.

On a positive note, our selections in the gaming, telecommunications, utilities, railroads and health insurance industries provided a boost to the fund’s relative performance. In addition, our efforts in the second half of the reporting period to lift the portfolio’s overall credit quality aided results. For example, we reduced our overweight to securities with BBB credit ratings in favor of higher-quality bonds. We also focused on more-defensive industries, such as utilities, and moved out of lower-quality finance names into higher-quality banking bonds.

High-Yield Strategy Helped

The fund’s out-of-index exposure to high-yield corporates, which generally fared better than investment-grade corporates for the period, boosted relative results. However, given our more-defensive sentiment and expectations for additional spread widening, we significantly reduced the fund’s high-yield allocation, which started the period at approximately 14%. By period-end, approximately 3% of the portfolio was invested in high-yield corporates, and we more recently hedged that exposure with credit default swaps.

4

Elsewhere, our duration and yield curve positioning had a modestly positive influence on performance for the 12 months. We began the reporting period with a shorter duration than the index. As rates began to rise, we shifted to a close-to-neutral duration in the spring and generally maintained that posture through period-end.

Portfolio Positioning

Although we believe the markets have largely priced in the Fed’s remaining rate hikes, we don’t expect market volatility to quickly subside. The Fed faces a difficult task as it attempts to tame inflation without triggering an extended economic downturn. We believe investors’ responses to this uncertain economic and inflation backdrop will continue to generate volatility.

We are maintaining a nimble and opportunistic approach, while remaining defensive, as we navigate the complex backdrop of elevated inflation, an aggressive Fed and a weak economy. We continue to look for opportunities in which investment-grade issuers are still deleveraging balance sheets and can sustain cash flow and margins. We remain mindful of event risks, including rising leveraged mergers and acquisitions activity, spin-offs and share buybacks that often come at the detriment of bondholders.

High inflation and slowing consumer demand are keeping us more patient in the high-yield arena. Also, the uncertain economic climate is placing a longer timeline on certain rising stars moving into the investment-grade universe. We’re awaiting better entry points but still believe select high-yield holdings should be well positioned once the credit environment improves.

5

Fund Characteristics

AUGUST 31, 2022
Diversified Corporate Bond ETF
Types of Investments in Portfolio	% of net assets
Corporate Bonds	95.3%
U.S. Treasury Securities	2.1%
Municipal Securities	0.3%
Short-Term Investments	4.3%
Other Assets and Liabilities	(2.0)%

6

Performance

Diversified Municipal Bond ETF (TAXF)
Total Returns as of August 31, 2022		Average Annual Returns
	1 year	Since Inception	Inception Date
Net Asset Value	-8.82%	1.97%	9/10/2018
Market Price	-9.04%	1.95%	9/10/2018
S&P National AMT-Free Municipal Bond Index	-8.34%	1.51%	—

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

Value on August 31, 2022
	Net Asset Value — $10,806
	S&P National AMT-Free Municipal Bond Index — $10,613

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: Joseph Gotelli and Alan Kruss

Steven Permut left the portfolio management team April 30, 2022, ahead of his June 30, 2022, retirement from American Century Investments.

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 -9.04% on a market price basis for the 12 months ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -8.82%. For the same time period, the S&P National AMT-Free Municipal Bond Index, the fund’s benchmark index, returned -8.34%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

After ending 2021 with weakening but still positive performance, the broad muni market faced mounting macroeconomic-driven challenges through the rest of the reporting period. Amid surging inflation, hawkish Federal Reserve (Fed) policy, rising interest rates, mounting recession risk and sharp market volatility, the fund and index declined. Additionally, accelerating investor outflows from muni funds as market volatility escalated added to the difficult backdrop.

Security Selection, Sector Allocations Weighed on Results

Security selection was the main driver of the fund’s underperformance versus the index. Selections in the hospital, state general obligation (GO) bond and transportation sectors detracted and overwhelmed positive results in the special tax, local GO bond and charter school sectors.

Our sector allocation decisions also detracted from performance. Out-of-index positions in corporate munis and continuing care retirement communities and an overweight position versus the index in charter schools weighed on performance. Underweight positions in local GO and public power bonds also hindered results. Meanwhile, out-of-index positions in the hospital and tobacco sectors and an underweight in special tax bonds aided relative results, but not enough to offset the detractors.

Anticipating a more challenging economic environment, we began reducing the fund’s exposure to credit risk in late 2021. This effort pushed the fund’s exposure to out-of-index high-yield munis from approximately 17% on August 31, 2021, to approximately 10% a year later.

Duration Strategy Boosted Results

Our duration positioning had a positive influence on relative performance. Given our expectations for rates to rise throughout the period, we maintained a shorter-than-index duration. This positioning aided results as Fed tightening and surging inflation drove rates higher.

8

Portfolio Positioning

Looking ahead, we believe investors’ adjustments to the hawkish Fed, inflation uncertainties and geopolitical unrest will continue to roil fixed-income markets. Yet, we also believe the markets have largely accounted for significant rate increases from the Fed. We believe investor flows into muni funds will remain volatile until total returns stabilize. Eventually, attractive tax-exempt yields and moderating volatility should provide a tailwind to investor demand.

While seeking to manage the anticipated market volatility, we plan to maintain a short to neutral duration posture. Additionally, we plan to focus new positions on higher-quality issuers and sectors. These may include securities in the hospital, gas-prepaid, development district, higher education and retirement community sectors. Prudent security selection will guide our efforts among lower-rated issuers and sectors. As always, fundamental credit research drives our investment decisions.

9

Fund Characteristics

AUGUST 31, 2022
Diversified Municipal Bond ETF
Types of Investments in Portfolio	% of net assets
Municipal Securities	97.2%
Short-Term Investments	2.6%
Other Assets and Liabilities	0.2%
Top Five States and Territories	% of net assets
California	11.0%
New York	10.2%
Texas	8.9%
Florida	7.4%
Illinois	5.5%
Top Five Sectors	% of fund investments
Special Tax	15%
General Obligation (GO) - Local	12%
Water & Sewer	10%
General Obligation (GO) - State	10%
Hospital	10%

10

Performance

Emerging Markets Bond ETF (AEMB)
Total Returns as of August 31, 2022		Average Annual Returns
	1 year	Since Inception	Inception Date
Net Asset Value	-20.60%	-17.19%	6/29/2021
Market Price	-20.99%	-17.56%	6/29/2021
JP Morgan EMBI Global Diversified Index	-20.82%	-17.02%	—

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 June 29, 2021

Value on August 31, 2022
	Net Asset Value — $8,015
	JP Morgan EMBI Global Diversified Index — $8,035

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 Rajat Ahuja

Effective May 13, 2022, Rajat Ahuja joined the fund’s portfolio management team, and Alessandra Alecci left the team.

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, 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 -20.99% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -20.60%. For the same time period, the JP Morgan EMBI Global Diversified Index, the fund’s benchmark index, returned -20.82%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Widespread Turbulence Hampered Results

Mounting market unrest had a material impact on the financial markets and the fund during most of the reporting period. Volatility began brewing in early 2022, as the Federal Reserve (Fed) pivoted to hawkish policy amid surging inflation. Market turbulence escalated in February, as Russia’s invasion of Ukraine triggered a sharp sell-off among global risk assets, including emerging markets bonds.

Soaring inflation, increasingly aggressive central bank tightening, ongoing geopolitical tensions and heightened volatility persisted through period-end. The resulting risk-off spiral weighed on performance across global fixed-income markets.

Managing Riskiest Sovereign Exposure Buffered Losses

Our use of credit default swaps to hedge exposure to Russian sovereign debt helped cushion the market volatility in the wake of Russia’s invasion of Ukraine. However, our corporate exposure in Russia and Ukraine hampered results. We exited our Russian holdings in March, ahead of Russia’s removal from the major emerging markets indices.

We also exited our positions in Ukrainian corporates prior to the invasion. By late spring, we reentered the Ukraine market, purchasing attractively priced sovereign securities on expectations for the war to conclude fairly quickly. Despite the lingering conflict, we continued to hold the securities through August, given their appealing purchase price.

Also, in response to broader non-U.S. risk aversion, we exited positions in select sovereigns at opportune times. For example, we cut exposure to several troubled spots, including Sri Lanka and Lebanon. We also successfully exited an oil and gas corporate holding in Ghana.

12

Portfolio Positioning

In our view, meaningful improvement in emerging markets debt hinges on U.S. inflation and interest rates stabilizing and growth in China improving. If the Fed is unable to manage a soft landing and recession fears escalate, emerging markets debt may continue to struggle as risk appetites further deteriorate. Meanwhile, unless China revises its zero-COVID-19 policy, we expect resulting shutdowns and manufacturing weakness to curb global growth and dampen demand for commodities.

Given these challenges, de-risking remains an overall theme. We expect to reduce the portfolio’s exposure to lower-quality securities, while moving into higher-quality sovereigns and quasi-sovereigns. For example, we are considering investments in Middle Eastern commodity-related securities, which generally are higher-rated bonds.

In addition, Central American sovereigns and corporates remain attractive, including select positions in Panama, Guatemala and the Dominican Republic. We are avoiding potential political hot spots in the region, particularly those facing upcoming elections or other turbulence.

On a sector basis, we continue to modestly overweight the oil and gas and metals and mining sectors, focusing on higher-rated issues. We also favor defensive sectors, such as utilities and telecommunications.

13

Fund Characteristics

AUGUST 31, 2022
Emerging Markets Bond ETF
Types of Investments in Portfolio	% of net assets
Corporate Bonds	48.2%
Sovereign Governments and Agencies	35.4%
U.S. Treasury Securities	5.4%
Preferred Stocks	2.1%
Short-Term Investments	8.2%
Other Assets and Liabilities	0.7%

14

Performance

Multisector Income ETF (MUSI)
Total Returns as of August 31, 2022		Average Annual Returns
	1 year	Since Inception	Inception Date
Net Asset Value	-9.60%	-7.66%	6/29/2021
Market Price	-9.83%	-7.83%	6/29/2021
Bloomberg U.S. Aggregate Bond Index	-11.52%	-9.13%	—

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 June 29, 2021

Value on August 31, 2022
	Net Asset Value — $9,108
	Bloomberg U.S. Aggregate Bond Index — $8,938

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 up to 65% in below investment-grade securities to assist in generating income. The portfolio managers apply fundamental, bottom-up research along with environmental, social and governance factors 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 -9.83% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -9.60%. For the same time period, the Bloomberg U.S. Aggregate Bond Index, the fund’s benchmark index, returned -11.52%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Performance in the fixed-income market downshifted swiftly in early 2022 amid escalating volatility. Inflation, which had steadily climbed through 2021, proved persistent as it soared to multidecade highs. Russia’s invasion of Ukraine in February contributed to the mounting market volatility and risk-off sentiment. In March, the Federal Reserve (Fed) adopted an increasingly aggressive rate-hike campaign that drove Treasury yields sharply higher and credit spreads wider through period-end.

Duration Strategy Aided Relative Results

Against this challenging backdrop, credit-sensitive fixed-income sectors declined sharply for the 12-month period. Within the fund, our efforts to limit exposure to interest rate risk aided performance versus the index. Our shorter-than-benchmark duration was the main driver of the fund’s outperformance. Additionally, we significantly boosted exposure to U.S. Treasury securities from approximately 1% to nearly 19%, which helped curb losses.

Securitized Positioning Provided a Relative Lift to Performance

In terms of sector exposure, our positioning in the securitized sector aided results compared with the index. Overall, we shifted away from securitized securities with BBB credit ratings and into those with A and AA ratings. For example, asset-backed securities offered attractive valuations, in our view, providing an opportunity to add higher-quality securitized exposure to the portfolio. Meanwhile, we reduced exposure to higher-risk collateralized loan obligations.

Among investment-grade corporates, our positions in finance companies, banks and real estate investment trusts (REITs) were notable detractors. We began reducing exposure to aircraft and other leasing companies and REITs in early 2022 amid mounting geopolitical and economic risks. Elsewhere in the investment-grade corporate sector, positions in the chemicals industry aided relative results.

16

High-Yield, Emerging Markets Debt Weighed on Results

Out-of-index positions in high-yield and emerging markets debt securities were among the largest detractors from performance. Consistent with our strategy of reducing overall portfolio risk, we sharply decreased exposure to these allocations during the period. We sharply cut the high-yield corporate allocation, while boosting investment-grade corporate exposure. Exposure to emerging markets debt dropped from 18% to 5%, mostly due to valuation concerns among sovereigns.

High-yield bonds in the banking, gaming, media and entertainment and REITs segments were notable underperformers. Positions in bank loans and high-yield corporates in the pharmaceuticals and consumer products sectors fared better. Additionally, we hedged our high-yield exposure with credit default swaps, which helped lessen the allocation’s losses.

Among emerging markets, holdings in Brazil, Chile and Mexico were among the largest detractors. Brighter spots included select holdings in Peru and Kazakhstan.

Portfolio Positioning

Although we believe the markets have largely priced in the Fed’s remaining rate hikes, we don’t expect market volatility to quickly subside. The Fed faces a difficult task as it attempts to tame inflation without triggering an extended economic downturn. We believe investors’ responses to this uncertain economic and inflation backdrop will continue to generate volatility.

We anticipate further widening in credit spreads. Corporations are facing growing pressure from high inflation, supply chain challenges and rising input costs, which likely will pressure earnings in the near term. These factors along with a hawkish Fed, a weakening economy and persistent geopolitical tensions likely will push spreads wider.

We are maintaining a nimble and opportunistic approach, with an eye toward defense.In addition to our holdings in U.S. Treasuries, we maintain significant liquidity that should provide the flexibility to add risk exposure as near-term market dislocations emerge. High inflation and slowing consumer demand are keeping us more patient in the high-yield arena. We’re awaiting better entry points but still believe select high-yield holdings should be well positioned once the credit environment improves. We do not expect to meaningfully boost the portfolio’s position in emerging markets bonds until global inflation data temper and China’s economy gathers some momentum.

17

Fund Characteristics

AUGUST 31, 2022
Multisector Income ETF
Types of Investments in Portfolio	% of net assets
Corporate Bonds	38.7%
U.S. Treasury Securities	18.4%
Asset-Backed Securities	13.5%
U.S. Government Agency Mortgage-Backed Securities	6.7%
Commercial Mortgage-Backed Securities	5.5%
Collateralized Mortgage Obligations	5.3%
Collateralized Loan Obligations	5.2%
Preferred Stocks	4.2%
Bank Loan Obligations	1.3%
Sovereign Governments and Agencies	1.1%
Short-Term Investments	4.6%
Other Assets and Liabilities	(4.5)%

18

Performance

Select High Yield ETF (AHYB)
Total Returns as of August 31, 2022	Since Inception	Inception Date
Net Asset Value	-10.04%	11/16/2021
Market Price	-10.51%	11/16/2021
ICE BofA U.S. High Yield Constrained (BB-B) Index	-10.12%	—

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 November 16, 2021

Value on August 31, 2022
	Net Asset Value — $8,996
	ICE BofA U.S. High Yield Constrained (BB-B) Index — $8,988

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.

19

Portfolio Commentary

Investment Advisor: American Century Investment Management, Inc.

Subadvisor: Nomura Corporate Research and Asset Management Inc.

Portfolio Managers: David Crall, Amy Yu Chang, Stephen Kotsen, Derek Leung and Rene Casis

Fund Strategy

American Century Select High Yield ETF, sub-advised by Nomura Corporate Research and Asset Management, seeks to deliver high current income and risk-adjusted returns. The fund offers investors an opportunity to capture attractive yield and capital appreciation potential from high-yield corporate bonds with BB and B credit ratings. Bonds with these ratings generally have higher credit-quality characteristics and less relative risk than lower-rated high-yield bonds.

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, credit quality and valuation.

Performance Review

The fund returned -10.51%* on a market price basis for the period from inception on November 16, 2021, through August 31, 2022. On a net asset value (NAV) basis, the fund returned -10.04%. For the same time period, the ICE BofA U.S. High Yield Constrained (BB-B) Index, the fund’s benchmark index, returned -10.12%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Tighter Monetary Policy Negatively Influenced Interest Rates and Risk Appetites

A challenging market backdrop persisted during the reporting period, pressuring high-yield bonds and other risk assets. Rising interest rates largely drove the high-yield sell-off in the first quarter of 2022, while widening credit spreads pressured performance in the second quarter. The market’s focus shifted to gauging how persistently high inflation, geopolitical risks, a vigorous Federal Reserve (Fed) tightening cycle and recession worries affected high-yield issuers’ finances. High-yield bonds rallied in July after an aggressive sell-off in June, but uncertainty about growth and inflation continued to drive elevated market volatility.

Sector Positioning Boosted Performance

We positioned the portfolio to benefit from continued reopening after the pandemic-related economic disruption. Overweight positions versus the index to energy and travel and leisure issuers, such as cruise lines and entertainment, contributed to performance. Underweights to pandemic winners, such as the health care, retail and consumer goods sectors, also added value.

The portfolio’s overweight to basic industry issuers dragged down performance, as investors braced for slower economic activity later in 2022. An underweight position to the automobiles sector also detracted from performance. The industry benefited from pent-up demand for cars, and it largely managed to navigate supply chain challenges.

From a ratings perspective, the fund’s overweight to B-rated bonds added value, but there was little difference in performance between bonds with B and BB credit ratings in the reporting period. The

fund’s small allocation to CCC-rated issuers negatively affected performance. Meanwhile, a modest portfolio underweight to duration provided a performance tailwind in the rising interest rate environment.

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

20

Slower Inflation, Slower Growth Outlook

Looking forward, we continue to believe U.S. inflation will decline in the coming months. Commodity prices have fallen, the semiconductor shortage and other bottlenecks are easing, and housing, technology and other frothy sectors are slowing down.

Accordingly, we are hopeful the U.S. is approaching peak hawkishness from the Fed. The combination of slower inflation and slower growth may enable policymakers to pause their rate-hike campaign in late 2022 or early 2023.

At the same time, we believe the U.S. will experience either slow growth or a mild recession. We believe the economy can avoid worse outcomes if sectors such as energy, travel and automobiles continue to grow. We expect high-yield defaults to stay below historical averages, and we believe the BB and B segments offer attractive return/risk ratios.

21

Fund Characteristics

AUGUST 31, 2022
Select High Yield ETF
Types of Investments in Portfolio	% of net assets
Corporate Bonds	94.8%
Preferred Stocks	0.6%
Short-Term Investments	9.9%
Other Assets and Liabilities	(5.3)%

22

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, 2022 to August 31, 2022.

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.

23

	Beginning Account Value 3/1/22	Ending Account Value 8/31/22	Expenses Paid During Period(1) 3/1/22 - 8/31/22	Annualized Expense Ratio(1)
Diversified Corporate Bond ETF
Actual	$1,000	$935.30	$1.41	0.29%
Hypothetical	$1,000	$1,023.74	$1.48	0.29%
Diversified Municipal Bond ETF
Actual	$1,000	$941.90	$1.42	0.29%
Hypothetical	$1,000	$1,023.74	$1.48	0.29%
Emerging Markets Bond ETF
Actual	$1,000	$879.50	$1.85	0.39%
Hypothetical	$1,000	$1,023.24	$1.99	0.39%
Multisector Income ETF
Actual	$1,000	$940.30	$1.71	0.35%
Hypothetical	$1,000	$1,023.44	$1.79	0.35%
Select High Yield ETF
Actual	$1,000	$924.80	$2.18	0.45%
Hypothetical	$1,000	$1,022.94	$2.29	0.45%

(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.

24

Schedules of Investments

AUGUST 31, 2022

Diversified Corporate Bond ETF
	Principal Amount		Value
CORPORATE BONDS — 95.3%
Aerospace and Defense — 0.8%
Boeing Co., 2.20%, 2/4/26	$	284,000	$	259,996
Raytheon Technologies Corp., 2.25%, 7/1/30	1,000,000		855,617
			1,115,613
Air Freight and Logistics — 0.3%
GXO Logistics, Inc., 2.65%, 7/15/31	492,000		374,172
Airlines — 0.6%
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(1)	245,000		234,191
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27	727,544		693,703
			927,894
Automobiles — 2.4%
General Motors Financial Co., Inc., 5.10%, 1/17/24	750,000		756,776
General Motors Financial Co., Inc., 1.20%, 10/15/24	1,000,000		935,260
General Motors Financial Co., Inc., 3.80%, 4/7/25(2)	400,000		390,172
Toyota Motor Credit Corp., 3.95%, 6/30/25	1,350,000		1,348,922
			3,431,130
Banks — 21.9%
Banco Santander SA, 5.29%, 8/18/27	285,000		279,108
Bank of America Corp., VRN, 3.38%, 4/2/26	145,000		139,975
Bank of America Corp., VRN, 1.32%, 6/19/26	2,250,000		2,047,827
Bank of America Corp., VRN, 2.55%, 2/4/28	1,080,000		979,753
Bank of America Corp., VRN, 4.57%, 4/27/33	2,040,000		1,949,696
Bank of America Corp., VRN, 2.48%, 9/21/36	105,000		81,464
Bank of Ireland Group PLC, VRN, 2.03%, 9/30/27(1)	600,000		517,154
BPCE SA, 4.50%, 3/15/25(1)	692,000		671,705
Canadian Imperial Bank of Commerce, 3.30%, 4/7/25	925,000		901,463
Canadian Imperial Bank of Commerce, 3.95%, 8/4/25	320,000		316,075
Citigroup, Inc., VRN, 3.07%, 2/24/28	1,681,000		1,555,251
Citigroup, Inc., VRN, 3.52%, 10/27/28	1,731,000		1,607,607
Citigroup, Inc., VRN, 3.79%, 3/17/33	135,000		121,460
Discover Bank, 2.45%, 9/12/24	380,000		365,112
Discover Bank, VRN, 4.68%, 8/9/28	775,000		750,093
Fifth Third Bancorp, VRN, 4.06%, 4/25/28(2)	443,000		432,055
First-Citizens Bank & Trust Co., VRN, 3.93%, 6/19/24	515,000		510,159
First-Citizens Bank & Trust Co., VRN, 2.97%, 9/27/25	605,000		578,006
FNB Corp., 5.15%, 8/25/25	334,000		334,331
HSBC Holdings PLC, VRN, 1.16%, 11/22/24	518,000		494,708
HSBC Holdings PLC, VRN, 4.76%, 6/9/28	2,000,000		1,929,792
Huntington Bancshares, Inc., VRN, 4.44%, 8/4/28	875,000		855,657
JPMorgan Chase & Co., VRN, 1.04%, 2/4/27	1,141,000		1,005,167
JPMorgan Chase & Co., VRN, 3.78%, 2/1/28	1,200,000		1,151,325
JPMorgan Chase & Co., VRN, 2.95%, 2/24/28	930,000		863,719
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29	921,000		788,020
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31	940,000		795,968
Mitsubishi UFJ Financial Group, Inc., VRN, 4.79%, 7/18/25	390,000		391,395

25

Diversified Corporate Bond ETF
	Principal Amount		Value
National Australia Bank Ltd., 2.33%, 8/21/30(1)	$	835,000	$	664,056
NatWest Group PLC, VRN, 5.52%, 9/30/28	1,045,000		1,046,319
PNC Financial Services Group, Inc., VRN, 4.63%, 6/6/33	112,000		106,169
Royal Bank of Canada, 3.97%, 7/26/24	725,000		722,990
Societe Generale SA, VRN, 2.23%, 1/21/26(1)	1,070,000		990,036
Synchrony Bank, 5.40%, 8/22/25	1,110,000		1,108,842
Toronto-Dominion Bank, 4.46%, 6/8/32	163,000		159,953
Truist Financial Corp., VRN, 4.12%, 6/6/28	650,000		637,589
UniCredit SpA, 7.83%, 12/4/23(1)	475,000		485,583
UniCredit SpA, VRN, 2.57%, 9/22/26(1)	500,000		437,677
US Bancorp, VRN, 2.49%, 11/3/36	928,000		749,479
Wells Fargo & Co., VRN, 4.54%, 8/15/26	261,000		259,339
Wells Fargo & Co., VRN, 3.35%, 3/2/33	1,945,000		1,699,589
			31,481,666
Beverages — 1.0%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 3.65%, 2/1/26	1,237,000		1,216,458
PepsiCo, Inc., 3.60%, 2/18/28	250,000		245,556
			1,462,014
Biotechnology — 0.9%
AbbVie, Inc., 3.20%, 11/21/29	500,000		457,062
Amgen, Inc., 4.05%, 8/18/29	450,000		438,043
CSL Finance PLC, 3.85%, 4/27/27(1)	416,000		410,471
			1,305,576
Capital Markets — 8.6%
Bain Capital Specialty Finance, Inc., 2.55%, 10/13/26	238,000		201,606
Bank of New York Mellon Corp., VRN, 4.41%, 7/24/26	380,000		381,873
Deutsche Bank AG, VRN, 3.96%, 11/26/25	850,000		815,149
Deutsche Bank AG, VRN, 2.31%, 11/16/27	163,000		138,553
Deutsche Bank AG, VRN, 4.30%, 5/24/28	759,000		694,330
FS KKR Capital Corp., 4.25%, 2/14/25(1)	116,000		110,342
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/25	1,628,000		1,565,230
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27	1,042,000		925,928
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29	1,034,000		968,791
Hercules Capital, Inc., 2.625%, 9/16/26	511,000		430,365
Intercontinental Exchange, Inc., 4.35%, 6/15/29	135,000		133,323
Morgan Stanley, VRN, 1.16%, 10/21/25	533,000		495,054
Morgan Stanley, VRN, 2.63%, 2/18/26	1,026,000		975,672
Morgan Stanley, VRN, 2.70%, 1/22/31	660,000		571,548
Morgan Stanley, VRN, 4.89%, 7/20/33	2,250,000		2,242,270
Owl Rock Capital Corp., 3.40%, 7/15/26	414,000		370,590
OWL Rock Core Income Corp., 3.125%, 9/23/26	251,000		218,608
Owl Rock Technology Finance Corp., 6.75%, 6/30/25(1)	75,000		74,308
State Street Corp., VRN, 4.16%, 8/4/33	362,000		349,904
UBS Group AG, VRN, 4.70%, 8/5/27(1)	259,000		254,362
UBS Group AG, VRN, 4.75%, 5/12/28(1)	73,000		71,650
UBS Group AG, VRN, 2.75%, 2/11/33(1)	430,000		344,891
			12,334,347
Chemicals — 0.4%
Sherwin-Williams Co., 4.25%, 8/8/25	556,000		555,916
Commercial Services and Supplies — 0.7%
Republic Services, Inc., 2.90%, 7/1/26(2)	1,000,000		952,109

26

Diversified Corporate Bond ETF
	Principal Amount		Value
Construction and Engineering — 0.4%
Quanta Services, Inc., 2.35%, 1/15/32	$	650,000	$	514,085
Construction Materials — 0.7%
Eagle Materials, Inc., 2.50%, 7/1/31	911,000		714,180
Martin Marietta Materials, Inc., 2.40%, 7/15/31	290,000		239,333
			953,513
Consumer Finance — 1.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28	229,000		194,815
American Express Co., 3.95%, 8/1/25	702,000		695,911
BOC Aviation USA Corp., 1.625%, 4/29/24(1)	510,000		484,327
Capital One Financial Corp., VRN, 4.99%, 7/24/26	93,000		92,914
			1,467,967
Containers and Packaging — 0.6%
Berry Global, Inc., 0.95%, 2/15/24	518,000		490,738
Sonoco Products Co., 2.25%, 2/1/27	481,000		437,411
			928,149
Diversified Financial Services — 1.7%
Antares Holdings LP, 2.75%, 1/15/27(1)	255,000		211,712
Antares Holdings LP, 3.75%, 7/15/27(1)	405,000		339,211
Corebridge Financial, Inc., 3.65%, 4/5/27(1)	700,000		658,557
Corebridge Financial, Inc., 3.85%, 4/5/29(1)	157,000		144,697
Corebridge Financial, Inc., VRN, 6.875%, 12/15/52(1)	410,000		396,719
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35	700,000		662,679
			2,413,575
Diversified Telecommunication Services — 2.6%
AT&T, Inc., 4.10%, 2/15/28	1,000,000		977,033
AT&T, Inc., 4.35%, 3/1/29	1,085,000		1,059,383
Verizon Communications, Inc., 4.02%, 12/3/29	1,840,000		1,767,221
			3,803,637
Electric Utilities — 4.9%
Duke Energy Carolinas LLC, 2.55%, 4/15/31	1,245,000		1,092,236
Duke Energy Corp., 2.55%, 6/15/31	850,000		710,639
Exelon Corp., 2.75%, 3/15/27(1)	1,040,000		972,571
Jersey Central Power & Light Co., 4.30%, 1/15/26(1)	500,000		491,004
MidAmerican Energy Co., 3.65%, 4/15/29	1,200,000		1,164,700
NextEra Energy Capital Holdings, Inc., 5.00%, 7/15/32(2)	788,000		803,132
NRG Energy, Inc., 2.00%, 12/2/25(1)	538,000		488,572
Public Service Electric and Gas Co., 3.10%, 3/15/32(2)	338,000		309,664
Southern Co. Gas Capital Corp., 1.75%, 1/15/31	719,000		572,132
Vistra Operations Co. LLC, 5.125%, 5/13/25(1)	500,000		498,023
			7,102,673
Electronic Equipment, Instruments and Components — 0.8%
Teledyne Technologies, Inc., 0.95%, 4/1/24	1,233,000		1,166,330
Energy Equipment and Services — 0.2%
Helmerich & Payne, Inc., 2.90%, 9/29/31	400,000		338,464
Entertainment — 1.0%
Magallanes, Inc., 3.79%, 3/15/25(1)	370,000		356,823
Magallanes, Inc., 3.76%, 3/15/27(1)	633,000		591,567
Take-Two Interactive Software, Inc., 3.55%, 4/14/25	520,000		508,123
			1,456,513

27

Diversified Corporate Bond ETF
	Principal Amount		Value
Equity Real Estate Investment Trusts (REITs) — 4.0%
American Tower Corp., 3.65%, 3/15/27	$	135,000	$	128,562
American Tower Corp., 3.95%, 3/15/29	945,000		886,630
Broadstone Net Lease LLC, 2.60%, 9/15/31	359,000		282,850
Camden Property Trust, 4.10%, 10/15/28	500,000		487,916
EPR Properties, 4.75%, 12/15/26	720,000		678,578
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26	1,093,000		1,075,460
Mid-America Apartments LP, 4.20%, 6/15/28	480,000		465,467
National Retail Properties, Inc., 4.30%, 10/15/28	680,000		651,234
Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, 11/15/31	218,000		167,557
VICI Properties LP, 4.375%, 5/15/25	500,000		488,882
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1)	482,000		424,478
			5,737,614
Food and Staples Retailing — 1.3%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 2/15/23(1)(2)	505,000		500,619
Sysco Corp., 3.30%, 7/15/26	1,414,000		1,369,626
			1,870,245
Food Products — 0.3%
Mondelez International, Inc., 2.625%, 3/17/27	475,000		443,268
Gas Utilities — 0.7%
Southern California Gas Co., 2.95%, 4/15/27	990,000		943,803
Health Care Equipment and Supplies — 1.6%
Baxter International, Inc., 2.54%, 2/1/32	600,000		496,256
Becton Dickinson & Co., 4.30%, 8/22/32	112,000		108,883
Cigna Corp., 4.375%, 10/15/28	850,000		837,706
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24	900,000		846,190
			2,289,035
Health Care Providers and Services — 2.9%
Centene Corp., 4.25%, 12/15/27	342,000		325,269
CVS Health Corp., 4.30%, 3/25/28(2)	420,000		415,445
HCA, Inc., 4.125%, 6/15/29	550,000		506,980
Humana, Inc., 3.70%, 3/23/29	1,000,000		945,592
Roche Holdings, Inc., 2.31%, 3/10/27(1)	600,000		559,110
UnitedHealth Group, Inc., 2.30%, 5/15/31	700,000		599,062
Universal Health Services, Inc., 1.65%, 9/1/26(1)	908,000		785,033
			4,136,491
Hotels, Restaurants and Leisure — 0.3%
Marriott International, Inc., 4.625%, 6/15/30	468,000		447,637
Household Durables — 0.3%
Safehold Operating Partnership LP, 2.85%, 1/15/32	468,000		371,033
Insurance — 3.5%
Athene Global Funding, 3.21%, 3/8/27(1)	453,000		412,046
Equitable Financial Life Global Funding, 1.30%, 7/12/26(1)(2)	1,457,000		1,293,877
Hartford Financial Services Group, Inc., 2.80%, 8/19/29	520,000		461,130
Protective Life Global Funding, 1.17%, 7/15/25(1)	1,400,000		1,278,250
RGA Global Funding, 2.70%, 1/18/29(1)	775,000		678,728
Sammons Financial Group, Inc., 4.75%, 4/8/32(1)	182,000		159,994
SBL Holdings, Inc., 5.125%, 11/13/26(1)	782,000		745,966
			5,029,991

28

Diversified Corporate Bond ETF
	Principal Amount		Value
Interactive Media and Services — 0.2%
Meta Platforms, Inc., 3.50%, 8/15/27(1)	$	365,000	$	353,803
IT Services — 1.2%
Fidelity National Information Services, Inc., 4.70%, 7/15/27	500,000		499,138
Global Payments, Inc., 3.75%, 6/1/23	761,000		760,149
International Business Machines Corp., 4.00%, 7/27/25	500,000		499,323
			1,758,610
Machinery — 1.2%
Parker-Hannifin Corp., 4.25%, 9/15/27	1,000,000		990,279
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/28	767,000		744,665
			1,734,944
Media — 1.3%
DISH DBS Corp., 5.25%, 12/1/26(1)	430,000		355,825
Paramount Global, 3.375%, 2/15/28(2)	337,000		315,007
Paramount Global, 4.95%, 1/15/31	440,000		417,193
WPP Finance 2010, 3.75%, 9/19/24	780,000		768,643
			1,856,668
Metals and Mining — 0.5%
Freeport-McMoRan, Inc., 4.625%, 8/1/30(2)	211,000		195,629
Glencore Funding LLC, 2.625%, 9/23/31(1)	413,000		328,754
South32 Treasury Ltd., 4.35%, 4/14/32(1)	275,000		250,600
			774,983
Multi-Utilities — 3.7%
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28(1)	400,000		360,250
Ameren Corp., 1.75%, 3/15/28	750,000		644,161
Ameren Corp., 3.50%, 1/15/31	356,000		325,963
Ameren Illinois Co., 3.85%, 9/1/32	233,000		223,984
Dominion Energy, Inc., 4.35%, 8/15/32	1,000,000		965,449
DTE Energy Co., 2.85%, 10/1/26	650,000		610,982
DTE Energy Co., VRN, 4.22%, 11/1/24	438,000		436,401
NiSource, Inc., 3.49%, 5/15/27	644,000		616,698
WEC Energy Group, Inc., 1.375%, 10/15/27	1,314,000		1,136,240
			5,320,128
Oil, Gas and Consumable Fuels — 6.2%
BP Capital Markets America, Inc., 3.94%, 9/21/28	502,000		490,661
Cenovus Energy, Inc., 2.65%, 1/15/32	300,000		246,467
Continental Resources, Inc., 2.27%, 11/15/26(1)	376,000		332,205
Continental Resources, Inc., 2.875%, 4/1/32(1)	259,000		202,490
Enbridge, Inc., 1.60%, 10/4/26	1,401,000		1,247,167
Energy Transfer LP, 3.60%, 2/1/23	558,000		557,368
Energy Transfer LP, 5.50%, 6/1/27	500,000		505,589
Energy Transfer LP, 5.25%, 4/15/29	946,000		923,665
Hess Corp., 3.50%, 7/15/24(2)	346,000		340,964
HF Sinclair Corp., 2.625%, 10/1/23(1)	425,000		412,473
Sabine Pass Liquefaction LLC, 5.875%, 6/30/26	559,000		574,859
Shell International Finance BV, 2.375%, 11/7/29	1,000,000		883,167
Southwestern Energy Co., 5.375%, 3/15/30	803,000		753,744
Williams Cos., Inc., 4.55%, 6/24/24	1,480,000		1,484,095
			8,954,914
Paper and Forest Products — 0.7%
Georgia-Pacific LLC, 3.60%, 3/1/25(1)	1,000,000		985,179

29

Diversified Corporate Bond ETF
	Principal Amount		Value
Personal Products — 0.3%
GSK Consumer Healthcare Capital UK PLC, 3.125%, 3/24/25(1)	$	481,000	$	463,716
Pharmaceuticals — 2.4%
Merck & Co., Inc., 1.70%, 6/10/27	460,000		417,629
Pfizer, Inc., 1.70%, 5/28/30	400,000		338,705
Royalty Pharma PLC, 1.20%, 9/2/25	1,019,000		927,018
Utah Acquisition Sub, Inc., 3.95%, 6/15/26	690,000		648,767
Viatris, Inc., 1.65%, 6/22/25	600,000		547,278
Zoetis, Inc., 2.00%, 5/15/30	650,000		547,019
			3,426,416
Real Estate Management and Development — 0.2%
Essential Properties LP, 2.95%, 7/15/31	342,000		263,226
Road and Rail — 2.1%
Ashtead Capital, Inc., 5.50%, 8/11/32(1)	100,000		98,239
Canadian National Railway Co., 3.85%, 8/5/32	500,000		484,514
CSX Corp., 4.10%, 11/15/32	400,000		386,844
DAE Funding LLC, 1.55%, 8/1/24(1)	436,000		407,840
DAE Funding LLC, 2.625%, 3/20/25(1)	527,000		494,935
Triton Container International Ltd., 1.15%, 6/7/24(1)	1,225,000		1,143,099
			3,015,471
Semiconductors and Semiconductor Equipment — 2.1%
Broadcom, Inc., 4.00%, 4/15/29(1)	825,000		764,832
Intel Corp., 3.75%, 8/5/27(2)	730,000		717,333
Microchip Technology, Inc., 4.25%, 9/1/25	1,270,000		1,257,096
Qorvo, Inc., 4.375%, 10/15/29	241,000		213,055
			2,952,316
Software — 0.5%
Oracle Corp., 2.95%, 11/15/24	750,000		728,991
Specialty Retail — 1.8%
Dick's Sporting Goods, Inc., 3.15%, 1/15/32	555,000		440,143
Home Depot, Inc., 2.70%, 4/15/25	192,000		187,772
Lowe's Cos., Inc., 3.35%, 4/1/27	1,037,000		1,000,570
Lowe's Cos., Inc., 2.625%, 4/1/31	510,000		437,753
O'Reilly Automotive, Inc., 4.70%, 6/15/32	600,000		594,970
			2,661,208
Technology Hardware, Storage and Peripherals — 1.4%
Apple, Inc., 3.25%, 8/8/29	595,000		569,416
Apple, Inc., 1.70%, 8/5/31	855,000		722,881
Dell International LLC / EMC Corp., 6.02%, 6/15/26	680,000		706,627
			1,998,924
Thrifts and Mortgage Finance — 0.4%
Nationwide Building Society, 4.85%, 7/27/27(1)	516,000		512,712
Trading Companies and Distributors — 0.6%
Aircastle Ltd., 4.125%, 5/1/24	526,000		513,147
Aircastle Ltd., 5.25%, 8/11/25(1)	335,000		322,456
			835,603
Water Utilities — 0.5%
American Water Capital Corp., 4.45%, 6/1/32	750,000		744,979
Wireless Telecommunication Services — 1.6%
Sprint Corp., 7.625%, 2/15/25	830,000		869,432
T-Mobile USA, Inc., 4.75%, 2/1/28	552,000		540,667

30

Diversified Corporate Bond ETF
	Principal Amount/Shares		Value
T-Mobile USA, Inc., 3.375%, 4/15/29	$	980,000	$	884,078
			2,294,177
TOTAL CORPORATE BONDS (Cost $145,508,726)			136,991,428
U.S. TREASURY SECURITIES — 2.1%
U.S. Treasury Notes, 1.875%, 2/28/29	540,000		495,071
U.S. Treasury Notes, 2.875%, 6/15/25	2,500,000		2,458,789
TOTAL U.S. TREASURY SECURITIES (Cost $2,993,680)			2,953,860
MUNICIPAL SECURITIES — 0.3%
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34 (Cost $517,791)	515,000		441,073
SHORT-TERM INVESTMENTS — 4.3%
Money Market Funds — 4.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class	3,338,275		3,338,275
State Street Navigator Securities Lending Government Money Market Portfolio(3)	2,858,788		2,858,788
TOTAL SHORT-TERM INVESTMENTS (Cost $6,197,063)			6,197,063
TOTAL INVESTMENT SECURITIES — 102.0% (Cost $155,217,260)			146,583,424
OTHER ASSETS AND LIABILITIES — (2.0)%			(2,898,675)
TOTAL NET ASSETS — 100.0%			$	143,684,749

FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Notes	51	December 2022	$	5,962,219	$	(10,857)
U.S. Treasury 2-Year Notes	46	December 2022	9,583,094		(4,925)
			$	15,545,313	$	(15,782)

^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 5-Year Notes	65	December 2022	$	7,203,321	$	6,647
U.S. Treasury Long Bonds	4	December 2022	543,375		775
U.S. Treasury 10-Year Ultra Notes	22	December 2022	2,754,125		7,223
			$	10,500,821	$	14,645

^Amount represents value and unrealized appreciation (depreciation).

31

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 High Yield Index Series 38	Buy	(5.00)%	6/20/27	$	2,871,000	$	15,028	$	(8,801)	$	6,227

^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
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 $25,527,718, which represented 17.8% of total net assets.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,774,845. 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 $2,858,788.

See Notes to Financial Statements.

32

AUGUST 31, 2022

Diversified Municipal Bond ETF
	Principal Amount		Value
MUNICIPAL SECURITIES — 97.2%
Alabama — 1.4%
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs Group, Inc.)	$	535,000	$	540,480
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley)	250,000		252,625
Black Belt Energy Gas District Rev., VRN, 4.00%, 7/1/52 (LIQ FAC: Royal Bank of Canada)	415,000		421,383
Black Belt Energy Gas District Rev., VRN, 2.02%, (MUNIPSA plus 0.35%), 10/1/52 (GA: Goldman Sachs Group, Inc.)	500,000		476,405
Black Belt Energy Gas District Rev., VRN, 5.00%, 5/1/53 (GA: Canadian Imperial Bank)	500,000		531,399
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 4/1/49 (GA: Goldman Sachs Group, Inc.)	455,000		460,398
Southeast Energy Authority A Cooperative District Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs & Co.)	1,000,000		1,047,433
			3,730,123
Arizona — 3.9%
Arizona Board of Regents Rev., (Arizona State University), 5.00%, 7/1/36	250,000		283,783
Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/29	160,000		167,053
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), 5.00%, 1/1/25	585,000		617,073
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 1.92%, (MUNIPSA plus 0.25%), 1/1/46	155,000		153,402
Arizona Industrial Development Authority Rev., 3.625%, 5/20/33	190,088		183,862
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/51(1)	250,000		250,727
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 5.50%, 7/1/31(1)	150,000		141,275
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 7.75%, 7/1/50(1)	300,000		319,473
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%, 7/1/51(1)	100,000		90,986
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40(1)	200,000		176,281
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/27 (BAM)	400,000		435,071
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/41(1)	750,000		652,773
Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert Waterworks & Sewer System Rev.), 5.00%, 7/15/27	1,000,000		1,118,559
Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25(1)	325,000		325,160
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32	155,000		159,889
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/41(1)	620,000		526,781
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/27	75,000		77,812
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28	75,000		78,274
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 3.00%, 7/1/31(1)	500,000		439,788
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39(1)	200,000		203,575
Pima County Sewer System Rev., 5.00%, 7/1/30	600,000		676,489

33

Diversified Municipal Bond ETF
	Principal Amount		Value
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30	$	910,000	$	1,019,485
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35	250,000		275,079
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38	755,000		824,502
Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets)	175,000		184,792
Scottsdale GO, 4.00%, 7/1/31	500,000		545,095
State of Arizona COP, 5.00%, 9/1/25(2)	580,000		620,286
State of Arizona COP, 5.00%, 9/1/25	240,000		257,532
			10,804,857
California — 11.0%
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 9/1/30 (BAM)	535,000		601,390
Bay Area Toll Authority Rev., 4.00%, 4/1/29	275,000		291,982
Bay Area Toll Authority Rev., VRN, 2.12%, (MUNIPSA plus 0.45%), 4/1/56	250,000		245,890
California Community Choice Financing Authority Rev., VRN, 2.12%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley)	1,755,000		1,648,237
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/30	500,000		517,654
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(3)	100,000		18,379
California Enterprise Development Authority Rev., (Provident Group-SDSU Properties LLC), 5.00%, 8/1/50	100,000		101,300
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/48	850,000		895,528
California Housing Finance Rev., 4.00%, 3/20/33	383,208		380,069
California Housing Finance Rev., 4.25%, 1/15/35	477,729		479,373
California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), VRN, 2.02%, (MUNIPSA plus 0.35%), 8/1/47	250,000		246,802
California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRN, 2.37%, (MUNIPSA plus 0.70%), 12/1/50	1,000,000		987,402
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/29(1)	50,000		52,686
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/30(1)	110,000		115,905
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/36(1)	175,000		180,859
California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/15/37	475,000		491,238
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.375%, 11/15/28(1)	265,000		242,366
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/25(1)	260,000		265,039
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/26(1)	405,000		413,007
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/34	185,000		190,548
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24	250,000		256,889
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/38(1)	240,000		244,606
California Statewide Communities Development Authority Special Assessment, (San Diego Assessment District No. 18-01), 5.00%, 9/2/29	250,000		275,463

34

Diversified Municipal Bond ETF
	Principal Amount		Value
California Statewide Communities Development Authority Special Tax, (Community Facilities District No. 2015), 4.00%, 9/1/40	$	245,000	$	226,549
City & County of San Francisco COP, 4.00%, 4/1/45	475,000		460,624
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/46(1)	500,000		446,588
CSCDA Community Improvement Authority Rev., (1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57(1)	350,000		258,051
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 12/1/59(1)	750,000		500,973
CSCDA Community Improvement Authority Rev., (Oceanaire Apartments), 4.00%, 9/1/56(1)	300,000		246,190
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57(1)	290,000		218,570
East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/38	700,000		820,281
Eastern Municipal Water District Rev., VRN, 1.77%, (MUNIPSA plus 0.10%), 7/1/46	750,000		743,592
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39	500,000		534,849
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 3.00%, 9/1/25	155,000		150,764
Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/33	250,000		249,259
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/25, Prerefunded at 100% of Par(2)	1,000,000		1,070,222
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45(1)	570,000		564,599
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/31 (AGM)(1)	215,000		226,859
Irvine Special Assessment, (Irvine Reassessment District No. 15-1), 5.00%, 9/2/25	700,000		748,665
Los Angeles Department of Airports Rev., 5.00%, 5/15/45	500,000		543,355
Los Angeles Department of Airports Rev., 5.00%, 5/15/47	905,000		932,721
Metropolitan Water District of Southern California Rev., VRN, 1.81%, (MUNIPSA plus 0.14%), 7/1/37	200,000		199,412
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(1)	100,000		106,402
Mountain View Los Altos Union High School District GO, 4.00%, 8/1/35	1,000,000		1,046,389
Oakland Unified School District/Alameda County GO, 5.00%, 8/1/27	1,020,000		1,113,094
Orange County Airport Rev., 5.00%, 7/1/24	130,000		135,493
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2015-1), 5.25%, 8/15/45	415,000		429,085
Orange County Transportation Authority Rev., 5.00%, 10/15/24	1,715,000		1,810,286
Palomar Health GO, 5.00%, 8/1/27	545,000		588,404
Peralta Community College District GO, 5.00%, 8/1/25	550,000		587,821
Poway Unified School District Special Tax, (Poway Unified School District Community Facilities District No. 16), 4.00%, 9/1/31	315,000		316,326
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/24	1,000,000		1,035,300
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/38	400,000		422,178
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 5.00%, 9/1/35	600,000		642,956
Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.)	630,000		677,207

35

Diversified Municipal Bond ETF
	Principal Amount		Value
State of California GO, 5.00%, 10/1/23	$	725,000	$	746,279
State of California GO, 5.00%, 8/1/34	245,000		265,094
State of California GO, 5.00%, 4/1/35	1,000,000		1,116,222
State of California GO, 5.00%, 4/1/42	250,000		270,181
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/39	280,000		293,039
Tustin Community Facilities District Special Tax, (Tustin Community Facilities District No. 14-1), 5.00%, 9/1/29	150,000		157,155
Woodside Fire Protection District COP, 4.00%, 5/1/41	445,000		450,322
			30,493,968
Colorado — 4.1%
Adams & Weld Counties School District No. 27J Brighton GO, 5.00%, 12/1/23	1,000,000		1,033,077
Board of Governors of Colorado State University System Rev., 4.00%, 3/1/44	1,220,000		1,151,845
Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/40	515,000		488,375
City & County of Denver Airport System Rev., 5.50%, 11/15/42	750,000		822,850
Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/49	100,000		109,274
Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40	500,000		456,782
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23	100,000		100,701
Colorado Health Facilities Authority Rev., (Intermountain Healthcare Obligated Group), VRN, 5.00%, 5/15/62	1,500,000		1,656,227
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39	380,000		360,497
Colorado Health Facilities Authority Rev., (Sisters of Charity of Leavenworth Health System, Inc. Obligated Group), 4.00%, 1/1/38	210,000		207,344
Crystal Valley Metropolitan District No. 2 GO, 4.00%, 12/1/44 (AGM)	500,000		485,382
Denver City & County School District No. 1 GO, 5.00%, 12/1/24	1,500,000		1,587,165
Denver Urban Renewal Authority Tax Allocation, (9th & Colorado Urban Redevelopment Area), 5.25%, 12/1/39(1)	100,000		102,552
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/30	250,000		270,405
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/32	600,000		645,936
Regional Transportation District Rev., (Denver Transit Partners LLC), 4.00%, 7/15/34	500,000		493,438
State of Colorado COP, 6.00%, 12/15/41	615,000		748,926
Vauxmont Metropolitan District GO, 5.00%, 12/15/26 (AGM)	220,000		238,034
Village Metropolitan District GO, 5.00%, 12/1/49	500,000		502,246
			11,461,056
Connecticut — 2.4%
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 3.25%, 1/1/27(1)	450,000		437,383
Connecticut State Health & Educational Facilities Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/45	1,000,000		1,046,156
State of Connecticut GO, 5.00%, 11/15/31	365,000		391,015
State of Connecticut GO, 4.00%, 1/15/34	1,000,000		1,034,233
State of Connecticut GO, 5.00%, 6/15/34	680,000		707,124
State of Connecticut GO, 4.00%, 6/1/36	1,000,000		1,008,286
State of Connecticut Special Tax Rev., 5.00%, 5/1/29	1,145,000		1,307,246
Town of Greenwich GO, 5.00%, 1/15/26	725,000		787,847
			6,719,290

36

Diversified Municipal Bond ETF
	Principal Amount		Value
Delaware — 0.3%
Delaware Transportation Authority Rev., 5.00%, 7/1/24	$	750,000	$	785,535
District of Columbia — 1.5%
District of Columbia GO, 5.00%, 2/1/41	520,000		579,034
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 10/1/26	660,000		725,236
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 7/1/47	750,000		834,107
District of Columbia Rev., (Plenary Infrastructure LLC), 5.00%, 2/28/25	1,000,000		1,038,313
District of Columbia Water & Sewer Authority Rev., 5.00%, 10/1/39	535,000		569,147
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/28	390,000		442,046
			4,187,883
Florida — 7.4%
Alachua County Health Facilities Authority Rev., (Shands Teaching Hospital & Clinics Obligated Group), 5.00%, 12/1/44	350,000		358,974
Broward County Port Facilities Rev., 5.00%, 9/1/40	1,000,000		1,054,661
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/40	925,000		1,014,312
Broward County Water & Sewer Utility Rev., 4.00%, 10/1/45	880,000		853,016
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28	300,000		314,062
Central Florida Expressway Authority Rev., 5.00%, 7/1/28 (AGM)	750,000		848,250
Florida Development Finance Corp. Rev., 3.00%, 7/1/31(1)	260,000		229,730
Florida Development Finance Corp. Rev., 5.00%, 6/15/35	250,000		258,698
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 3.00%, 6/1/23	115,000		113,609
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/24	105,000		103,585
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/25	110,000		107,312
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/26	110,000		106,240
Florida Development Finance Corp. Rev., (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), 5.00%, 6/15/47	800,000		814,493
Fort Pierce Utilities Authority Rev., 5.00%, 10/1/29 (AGM)	1,050,000		1,187,253
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/33	180,000		191,960
Hillsborough County Aviation Authority Rev., 5.00%, 10/1/27	375,000		406,775
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/39(1)	550,000		548,749
Miami-Dade County Aviation Rev., 5.00%, 10/1/38	500,000		518,132
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/35	175,000		178,703
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/44	1,000,000		928,632
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/44	1,390,000		1,489,429
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/30	800,000		885,644
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29	105,000		108,669
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39	375,000		380,608

37

Diversified Municipal Bond ETF
	Principal Amount		Value
Pompano Beach Rev., (John Knox Village of Florida, Inc. Obligated Group), 1.45%, 1/1/27	$	750,000	$	669,369
Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 4.25%, 11/15/26	650,000		611,001
South Florida Water Management District COP, 5.00%, 10/1/36	560,000		599,472
State of Florida GO, 5.00%, 6/1/23	1,700,000		1,734,266
State of Florida Department of Transportation Turnpike System Rev., 5.00%, 7/1/23	600,000		613,082
Tampa Water & Wastewater System Rev., 5.00%, 10/1/41	1,000,000		1,125,151
Village Community Development District No. 14 Special Assessment, 5.50%, 5/1/53	1,000,000		1,042,421
Wildwood Utility Dependent District Rev., 5.00%, 10/1/41 (BAM)	900,000		987,730
			20,383,988
Georgia — 4.0%
Atlanta Airport Passenger Facility Charge Rev., 4.00%, 7/1/40	1,000,000		957,942
Atlanta Water & Wastewater Rev., 4.00%, 11/1/37	1,345,000		1,358,794
Cobb County Kennestone Hospital Authority Rev., (WellStar Health System Obligated Group), 4.00%, 4/1/52	1,000,000		921,226
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 3.625%, 1/1/31(1)	475,000		424,351
Georgia Ports Authority Rev., 5.25%, 7/1/52	500,000		555,377
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 5/1/52 (GA: Citigroup Global Markets)	500,000		498,793
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 7/1/52 (GA: Royal Bank of Canada)	600,000		609,700
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 9/1/52 (GA: Citigroup, Inc.)	1,190,000		1,178,630
Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/52 (GA: Citigroup, Inc.)	1,190,000		1,250,121
Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/44	575,000		532,344
State of Georgia GO, 5.00%, 8/1/23	1,000,000		1,024,351
State of Georgia GO, 5.00%, 7/1/29	1,465,000		1,699,131
			11,010,760
Hawaii — 0.7%
City & County Honolulu Wastewater System Rev., 4.00%, 7/1/32	250,000		257,369
City & County of Honolulu GO, 5.00%, 3/1/29	675,000		774,121
City & County of Honolulu GO, 5.25%, 7/1/44	760,000		876,194
			1,907,684
Idaho — 0.1%
Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), 4.00%, 3/1/46	365,000		341,675
Illinois — 5.5%
Chicago GO, 5.00%, 1/1/26	275,000		290,345
Chicago GO, 5.50%, 1/1/49	100,000		105,393
Chicago Board of Education GO, 5.00%, 12/1/34	280,000		290,993
Chicago Board of Education GO, 5.00%, 12/1/42	60,000		59,693
Chicago O'Hare International Airport Rev., 5.00%, 1/1/26(4)	1,000,000		1,055,912
Chicago Wastewater Transmission Rev., 5.50%, 1/1/30 (AGM-CR)(NATL-RE)	135,000		151,013
Cook County Sales Tax Rev., 5.25%, 11/15/45	725,000		797,155
Illinois Finance Authority Rev., (Carle Foundation Obligated Group), VRN, 5.00%, 8/15/53	525,000		599,618
Illinois Finance Authority Rev., (NorthShore University HealthSystem Obligated Group), 5.00%, 8/15/47	1,000,000		1,064,290

38

Diversified Municipal Bond ETF
	Principal Amount		Value
Illinois Finance Authority Rev., (Presbyterian Homes Obligated Group), VRN, 2.37%, (MUNIPSA plus 0.70%), 5/1/42	$	250,000	$	242,197
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 1/1/33	1,000,000		1,044,525
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/33	1,175,000		1,326,088
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31	465,000		532,059
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37	400,000		421,928
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/46	1,150,000		1,234,048
Joliet Waterworks & Sewerage Rev., 5.00%, 1/1/24	345,000		354,487
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/31 (AGM)	200,000		210,915
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/28	605,000		662,541
Northern Illinois University Rev., 5.00%, 10/1/28 (BAM)	325,000		357,857
Northern Illinois University Rev., 4.00%, 4/1/35 (BAM)	250,000		243,692
Peoria City School District No. 150 GO, 4.00%, 1/1/26	840,000		876,175
State of Illinois GO, 5.00%, 10/1/25	175,000		183,249
State of Illinois GO, 5.00%, 11/1/29	280,000		297,491
State of Illinois GO, 5.00%, 10/1/30	625,000		667,733
State of Illinois GO, 5.00%, 10/1/33	200,000		210,533
State of Illinois GO, 5.50%, 5/1/39	220,000		239,017
State of Illinois GO, 5.50%, 3/1/42	1,250,000		1,373,107
State of Illinois GO, 5.75%, 5/1/45	225,000		245,941
			15,137,995
Indiana — 0.4%
Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.00%, 2/1/26	500,000		534,673
Purdue University Rev., 5.00%, 7/1/26	640,000		668,680
			1,203,353
Iowa — 1.1%
Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/44	500,000		555,592
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48	400,000		375,758
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 2.15%, 5/15/56	500,000		466,934
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/39	850,000		834,305
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/49	645,000		611,439
Iowa Tobacco Settlement Authority Rev., 0.00%, 6/1/65(3)	500,000		61,316
			2,905,344
Kansas — 0.5%
Kansas Development Finance Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/54	700,000		792,428
Prairie Village Tax Allocation, (Prairie Village Meadowbrook Redevelopment District), 3.125%, 4/1/36	130,000		102,714
State of Kansas Department of Transportation Rev., 5.00%, 9/1/29	340,000		363,210
			1,258,352
Kentucky — 1.4%
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/30	370,000		404,291
Kentucky Bond Development Corp. Rev., 5.00%, 9/1/38	250,000		272,079
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.25%, 6/1/41	100,000		102,460

39

Diversified Municipal Bond ETF
	Principal Amount		Value
Kentucky Public Energy Authority Rev., VRN, 4.00%, 4/1/48 (GA: Morgan Stanley)	$	300,000	$	302,313
Kentucky Public Energy Authority Rev., VRN, 4.00%, 1/1/49 (GA: BP Corp. North America, Inc.)	440,000		443,858
Kentucky Public Energy Authority Rev., VRN, 2.73%, 8/1/52 (GA: Morgan Stanley)	1,000,000		939,985
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 4.00%, 11/1/38	500,000		504,958
Kentucky State University COP, 4.00%, 11/1/41 (BAM)	250,000		244,748
Kentucky State University COP, 4.00%, 11/1/46 (BAM)	750,000		717,943
			3,932,635
Louisiana — 0.3%
East Baton Rouge Sewerage Commission Rev., 5.00%, 2/1/25, Prerefunded at 100% of Par(2)	520,000		551,880
Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23	100,000		100,676
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/48 (AGM)	250,000		262,916
			915,472
Maryland — 2.1%
Baltimore Rev., 5.00%, 6/1/51(1)(4)	400,000		403,114
Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27	200,000		200,395
Baltimore County COP, 5.00%, 3/1/28	375,000		422,257
Brunswick Special Tax, 5.00%, 7/1/36	100,000		103,059
Gaithersburg Rev., (Asbury Maryland Obligated Group), 5.125%, 1/1/42	400,000		412,659
Maryland Economic Development Corp. Tax Allocation, (City of Baltimore Port Covington Development District), 4.00%, 9/1/50	1,000,000		852,858
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/51	500,000		453,904
Maryland Stadium Authority Built to Learn Rev., 5.00%, 6/1/25	500,000		531,129
State of Maryland GO, 5.00%, 8/1/27	320,000		358,892
State of Maryland GO, 5.00%, 6/1/31	1,640,000		1,943,864
			5,682,131
Massachusetts — 3.2%
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/43	1,190,000		1,315,179
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/51	1,000,000		1,085,909
Massachusetts GO, 5.00%, 5/1/25	345,000		368,062
Massachusetts GO, 4.00%, 9/1/36	400,000		405,933
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/41	910,000		1,003,027
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles Inc Obligated Group), 5.00%, 10/1/37(1)	150,000		157,647
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 4.00%, 10/1/32(1)	100,000		102,447
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/44	890,000		924,845
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 4.00%, 10/1/45 (AGM)	375,000		354,488
Massachusetts Port Authority Rev., 5.00%, 7/1/41	800,000		861,454
Massachusetts School Building Authority Rev., 5.00%, 8/15/45	730,000		808,701
Massachusetts State College Building Authority Rev., 5.00%, 5/1/31	500,000		582,056
Massachusetts State College Building Authority Rev., 5.00%, 5/1/32	250,000		293,420

40

Diversified Municipal Bond ETF
	Principal Amount		Value
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/32	$	460,000	$	514,051
			8,777,219
Michigan — 1.5%
Detroit GO, 5.00%, 4/1/25	50,000		52,031
Detroit GO, 5.00%, 4/1/36	550,000		568,387
Detroit GO, 5.00%, 4/1/37	250,000		257,396
Detroit Downtown Development Authority Tax Allocation, (Development Area No. 1), 5.00%, 7/1/23 (AGM)	350,000		356,816
Michigan Finance Authority Rev., (BHSH System Obligated Group), 5.00%, 4/15/27	1,335,000		1,476,513
Michigan Finance Authority Rev., (BHSH System Obligated Group), 4.00%, 4/15/42	395,000		382,837
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 5.00%, 6/1/32	500,000		547,905
Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/24, Prerefunded at 100% of Par(1)(2)	100,000		107,016
Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/44(1)	100,000		101,601
Michigan State Hospital Finance Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/24	355,000		374,509
			4,225,011
Minnesota — 0.1%
Minneapolis MN/St Paul Housing & Redevelopment Authority Rev., (Allina Health Obligated Group), 5.00%, 11/15/24	370,000		390,109
Mississippi — 0.2%
State of Mississippi GO, 5.00%, 9/1/26	500,000		549,355
Missouri — 1.1%
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/27	200,000		219,112
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/28	150,000		166,458
Kansas City GO, 5.00%, 2/1/24	625,000		647,183
Kansas City Industrial Development Authority Rev., (Kansas City Airport Rev.), 5.00%, 3/1/46	1,000,000		1,027,283
Kansas City Industrial Development Authority Rev., (Kansas City), 5.00%, 3/1/37	600,000		628,484
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/26	300,000		323,816
			3,012,336
Nebraska — 0.1%
Omaha Public Power District Rev., 5.00%, 2/1/23	200,000		202,201
Nevada — 1.7%
Las Vegas Special Improvement District No. 815 Special Assessment, 4.00%, 12/1/31	250,000		242,994
Las Vegas Special Improvement District No. 815 Special Assessment, 5.00%, 12/1/49	200,000		201,059
Las Vegas Special Improvement District No. 816 Special Assessment, 2.00%, 6/1/23	150,000		148,114
Las Vegas Valley Water District GO, 5.00%, 6/1/38	1,340,000		1,430,654
Sparks Rev., 2.50%, 6/15/24(1)	90,000		87,481
State of Nevada GO, 5.00%, 8/1/30	1,530,000		1,752,312
State of Nevada Highway Improvement Rev., 5.00%, 12/1/28	255,000		277,531
State of Nevada Highway Improvement Rev., 4.00%, 12/1/33	375,000		392,916
Tahoe-Douglas Visitors Authority Rev., 4.00%, 7/1/25	200,000		201,991
			4,735,052

41

Diversified Municipal Bond ETF
	Principal Amount		Value
New Hampshire — 0.6%
New Hampshire Business Finance Authority Rev., 4.125%, 1/20/34	$	288,969	$	282,106
New Hampshire Business Finance Authority Rev., (Springpoint Senior Living Obligated Group), 4.00%, 1/1/27	500,000		500,569
New Hampshire Business Finance Authority Rev., (Waste Management, Inc.), VRN, 2.05%, (MUNIPSA plus 0.38%), 10/1/33 (GA: Waste Management Holdings)	1,000,000		971,983
			1,754,658
New Jersey — 3.4%
New Jersey Economic Development Authority Rev., 5.50%, 12/15/26, Prerefunded at 100% of Par(2)	260,000		292,653
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.50%, 9/1/24 (Ambac)	1,000,000		1,053,155
New Jersey Educational Facilities Authority Rev., (Trustees of Princeton University), 5.00%, 3/1/32	625,000		744,015
New Jersey Transportation Trust Fund Authority Rev., 5.50%, 12/15/22	430,000		433,871
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27	715,000		771,003
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/28	455,000		497,330
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/28	375,000		411,455
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/32	400,000		429,661
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/33	260,000		277,870
New Jersey Transportation Trust Fund Authority Rev., 4.00%, 6/15/38	620,000		599,390
New Jersey Turnpike Authority Rev., 5.00%, 1/1/48	150,000		160,186
Newark Board of Education GO, 5.00%, 7/15/33 (BAM)	900,000		1,019,519
State of New Jersey GO, 4.00%, 6/1/31	690,000		736,905
State of New Jersey GO, 4.00%, 6/1/32	500,000		534,148
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/29	125,000		135,842
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/30	180,000		194,631
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46	280,000		282,204
Tobacco Settlement Financing Corp. Rev., 5.25%, 6/1/46	750,000		785,112
			9,358,950
New Mexico — 0.6%
New Mexico Finance Authority Rev., (New Mexico Finance Authority Public Project Revolving Fund), 5.00%, 6/1/24	1,000,000		1,044,979
New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/23	100,000		99,169
New Mexico Municipal Energy Acquisition Authority Rev., VRN, 5.00%, 11/1/39 (LIQ FAC: Royal Bank of Canada)	500,000		526,110
			1,670,258
New York — 10.2%
Brookhaven Local Development Corp. Rev., (Active Retirement Community, Inc. Obligated Group), 5.25%, 11/1/25	130,000		136,007
Metropolitan Transportation Authority Rev., 5.00%, 2/1/23	350,000		352,795
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33	750,000		796,182
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33	110,000		114,758
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33	560,000		584,224
Metropolitan Transportation Authority Rev., 5.00%, 11/15/38	255,000		265,393

42

Diversified Municipal Bond ETF
	Principal Amount		Value
Metropolitan Transportation Authority Rev., VRN, 2.33%, 11/1/32 (AGM)	$	250,000	$	237,501
Nassau County Interim Finance Authority Rev., 4.00%, 11/15/35	500,000		527,699
New York City GO, 5.00%, 8/1/23	365,000		373,821
New York City GO, 5.00%, 8/1/27	320,000		356,533
New York City GO, 5.25%, 5/1/41	150,000		166,876
New York City GO, 5.00%, 8/1/43	500,000		537,214
New York City GO, 4.00%, 8/1/44	1,000,000		958,092
New York City GO, 4.00%, 9/1/46(4)	250,000		239,080
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/28 (AGM)	300,000		327,456
New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/27	110,000		118,947
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/25	750,000		774,876
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/39	815,000		855,883
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/49	390,000		418,683
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/26(4)	1,000,000		1,097,218
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 2/1/36	200,000		223,883
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.50%, 10/1/37 (GA: Goldman Sachs Group, Inc.)	175,000		200,884
New York Power Authority Rev., 5.00%, 11/15/27 (AGM)	1,000,000		1,125,062
New York State Dormitory Authority Rev., 5.00%, 10/1/28 (BAM)	670,000		758,716
New York State Dormitory Authority Rev., (Fordham University), 5.00%, 7/1/25	710,000		751,694
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/51	550,000		597,674
New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/45	1,000,000		930,879
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37	500,000		495,730
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/40	750,000		728,705
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/26	1,100,000		1,194,774
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/27	815,000		903,655
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/24	500,000		522,963
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/39	850,000		967,999
New York State Thruway Authority Rev., 5.00%, 1/1/27	405,000		416,780
New York State Thruway Authority Rev., 5.00%, 1/1/29	915,000		960,497
New York State Thruway Authority Rev., 4.00%, 1/1/38	700,000		683,360
New York State Thruway Authority Rev., 4.00%, 1/1/45	520,000		491,456
New York State Thruway Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/44	750,000		718,981
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/38	400,000		435,811
New York Transportation Development Corp. Rev., (American Airlines, Inc.), 3.00%, 8/1/31 (GA: American Airlines Group)	130,000		121,316
New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 10/31/46	500,000		435,952

43

Diversified Municipal Bond ETF
	Principal Amount		Value
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/41	$	170,000	$	157,786
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/42	640,000		662,681
New York Transportation Development Corp. Rev., (Laguardia Gateway Partners LLC), 4.00%, 7/1/36 (AGM)	685,000		685,534
Town of Oyster Bay GO, 5.00%, 8/1/25 (AGM)	545,000		583,746
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27	255,000		286,095
Triborough Bridge & Tunnel Authority Rev., (Metropolitan Transportation Authority Payroll Mobility Tax Rev.), VRN, 5.00%, 5/15/50	1,115,000		1,193,639
Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/39	1,000,000		1,119,896
Westchester County Local Development Corp. Rev., (Purchase Senior Learning Community Obligated Group), 2.875%, 7/1/26(1)	455,000		426,654
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39	100,000		99,313
			28,121,353
North Carolina — 1.7%
North Carolina Medical Care Commission Rev., (Forest at Duke, Inc. Obligated Group), 4.00%, 9/1/46	715,000		657,932
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/26	50,000		47,719
State of North Carolina Rev., 5.00%, 5/1/25	315,000		336,562
State of North Carolina Rev., 5.00%, 3/1/33	345,000		383,640
State of North Carolina Rev., (Highway Trust Fund), 5.00%, 5/1/25	1,000,000		1,068,451
Wake County GO, 5.00%, 3/1/26	340,000		369,945
Wake County GO, 5.00%, 2/1/27	1,000,000		1,110,029
Wake County Rev., 5.00%, 3/1/26	750,000		815,267
			4,789,545
Ohio — 2.6%
Allen County Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), 4.00%, 8/1/47	1,000,000		956,938
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48	300,000		268,894
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55	485,000		461,952
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/40	450,000		446,529
Columbus GO, 5.00%, 4/1/32	500,000		562,056
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/42	360,000		367,585
Miami University/Oxford Rev., 5.00%, 9/1/36	570,000		642,149
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/37	170,000		171,065
Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53	100,000		101,414
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/46	500,000		552,925
State of Ohio GO, 5.00%, 5/1/40	660,000		738,072
State of Ohio GO, 5.00%, 6/15/41	275,000		307,179
State of Ohio Rev., (University Hospitals Health System, Inc. Obligated Group), 4.00%, 1/15/39	700,000		678,210
Wright State University Rev., 4.00%, 5/1/23 (BAM)	400,000		404,133
Wright State University Rev., 4.00%, 5/1/24 (BAM)	430,000		440,428
			7,099,529

44

Diversified Municipal Bond ETF
	Principal Amount		Value
Oklahoma — 0.5%
Oklahoma Capitol Improvement Authority Rev., (Oklahoma Department of Transportation), 4.00%, 7/1/38	$	850,000	$	861,333
Oklahoma Water Resources Board Rev., 4.00%, 4/1/37	620,000		631,006
			1,492,339
Oregon — 0.4%
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40	250,000		244,625
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47	100,000		96,656
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/26	35,000		36,115
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/29	50,000		53,226
Oregon Health & Science University Rev., (Obligated Group), 4.00%, 7/1/41	200,000		196,265
State of Oregon GO, 5.00%, 5/1/26	505,000		550,908
			1,177,795
Pennsylvania — 2.7%
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 2/1/28	150,000		138,634
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 11/1/40	300,000		239,086
Commonwealth Financing Authority Rev., 5.00%, 6/1/24	1,625,000		1,684,770
Commonwealth Financing Authority Rev., 5.00%, 6/1/25	290,000		306,238
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/26	15,000		16,020
Delaware County Authority Rev., (Villanova University), 5.00%, 8/1/31	1,200,000		1,267,621
Geisinger Authority Rev., (Geisinger Health System Obligated Group), 5.00%, 2/15/32	150,000		160,481
Pennsylvania GO, 5.00%, 1/1/24	690,000		714,017
Pennsylvania GO, 5.00%, 7/15/29	845,000		967,390
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM)	290,000		326,504
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/39	340,000		350,533
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/45	1,000,000		1,070,416
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/46	300,000		310,634
			7,552,344
South Carolina — 0.4%
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40	100,000		96,726
Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/37	325,000		377,308
Richland County Special Assessment, (Richland County Village at Sandhill Improvement District), 3.75%, 11/1/36(1)	270,000		217,147
South Carolina Jobs-Economic Development Authority Rev., (Bon Secours Mercy Health, Inc.), VRN, 5.00%, 12/1/48	500,000		535,176
			1,226,357
Tennessee — 0.8%
Metropolitan Government Nashville & Davidson County Industrial Development Board Special Assessment, (South Nashville Central Business Improvement District), Capital Appreciation, 0.00%, 6/1/43(1)(3)	4,000,000		1,308,240
Metropolitan Government of Nashville & Davidson County Water & Sewer Rev., 4.00%, 7/1/46	225,000		215,933
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/25	150,000		155,378

45

Diversified Municipal Bond ETF
	Principal Amount	Value
Nashville Metropolitan Development & Housing Agency Tax Allocation, 5.125%, 6/1/36(1)